RiskReversal Media, Released on 4/24/26

Dan Nathan and Peter Boockvar discuss a narrow, under-the-hood stock market rally driven largely by AI beneficiaries—especially semiconductors and data-center hardware—while hyperscalers lag as they turn asset-heavy and free cash flow falls. They note extreme momentum in semis (record RSI/long winning streak) and debate catalysts for a reversal, including hyperscaler CapEx guidance, potential demand destruction from higher component costs, and front-loaded ordering tied to war-driven supply fears. The conversation broadens to geopolitics: war-related commodity impacts, Strait of Hormuz risks, and U.S.-China leverage via rare-earth magnets critical to defense production, with expectations Trump’s China trip may be pragmatic. They touch on defense stocks’ vulnerability to drones, Fed-chair transition expectations toward Warsh, early earnings takeaways (banks steady, homebuilders fragile), and focus on upcoming hyperscaler results for ads and CapEx.

0:00 – Intro
2:30 – The Semi Trade
14:30 – China
27:35 – Fed Speak
29:45 – Earnings Season

Peter Boockvar is the Chief Investment Officer of One Point BFG Wealth Partners and Editor of The Boock Report newsletter.

  china, economy, investing, peter boockvar, stock market, stocks, Trump