The Long & Short

NVIDIA has fallen 25% amid uncertainty over its leadership and fresh questions over where its chips end up. Is this the moment to buy, or is there further to fall?

In this episode of The Long & Short, Rich McDonald in London and Piers Buckworth in New York unpack the NVIDIA sell-off, from a worst-case stress test of the numbers to how each of them is approaching a trade, ahead of a big week for NVIDIA earnings and the Anthropic IPO.

They also explore why the S&P 493 is now outgrowing the Mag 7, the case for and against gold, whether AI could be the next great disinflationary force, and the latest numbers from the neoclouds.

In this episode:
Why NVIDIA has sold off, and how much bad news is already priced in
Rich's worst-case stress test of NVIDIA's earnings and valuation
When to buy NVIDIA, and a zero-cost options trade for the uncertainty
How the CPI print stopped the market's rally in its tracks
The catalysts to watch next week: NVIDIA earnings and the Anthropic IPO
Can the S&P 500 hit 8,000 by Christmas?
Why the S&P 493 is now outgrowing the Mag 7, and how to invest beyond Big Tech
Gold: a crowded trade or a must-own?
Real yields, the Fed and whether AI could be the new Amazon for inflation
IREN, CoreWeave, Nebius and Oracle: the latest from the neoclouds

📖Chapters:
00:00 – Introduction: NVIDIA in the Spotlight
01:25 – How the NVIDIA Sell-Off Unfolded
04:35 – Singapore, China & the Questions Over NVIDIA's Sales
07:36 – Rich's Worst-Case Stress Test for NVIDIA
09:36 – When to Buy NVIDIA & the Upside Case
14:41 – A Zero-Cost Options Trade on NVIDIA
16:29 – The CPI Print & a Market That Can't Settle
18:34 – A Big Week Ahead: NVIDIA Earnings & the Anthropic IPO
20:08 – Can the S&P 500 Hit 8,000 by Christmas?
23:12 – The S&P 493 Overtakes the Mag 7
26:33 – Beyond the Mag 7: Equal Weight & Free Cash Flow
29:37 – Gold: Crowded Trade or Must-Own?
32:25 – Real Yields, the Fed & Is AI the New Amazon?
36:43 – Neoclouds: IREN, CoreWeave, Nebius & Oracle
41:01 – Apple, Oil, Yields, Bitcoin & the Dollar

📲 Stay connected
Subscribe to The Long & Short for weekly discussions on financial markets, trading opportunities and the forces shaping global investing. You can also find us on Apple Podcasts and Spotify, so please leave us a review!

Rich McDonald:
🌐richonmarkets.com – Market commentary and a Substack newsletter three times a week.
📱 @richonmarkets on all social platforms.

Piers Buckworth:
🌐 apex-trading.co.uk – Trading insights, market analysis and professional trading education.
📱Instagram @apextradingdesk | TikTok & Substack @apexalphatrading | X @ApexTradingDesk | YouTube @ApexTradingChannel

For a longer-term perspective on investing, ETFs and portfolio construction, check out The Art of Investing podcast released every Friday!

Your capital is at risk. 70% of retail investors lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

The midterm results are in, the market has taken them in its stride, and the AI trade has been through a full washout. Is this the clearing event that sets up a bounce, or is there more pain to come?

In this episode of The Long & Short, Rich McDonald joins live from Rome as he and Piers Buckworth unpack what the midterm results mean for markets, why the AI trade has moved from overbought to oversold, and what earnings from Intel, AMD, Apple and Palantir are telling us.

They also explore Marvell's controversial bid for Lumentum, the stocks Piers is watching for a risk-on rally, and which of the big tech names came out of earnings season on top.

In this episode:
What the midterm results mean for markets, and how much was already priced in
Why uncertainty is a killer for markets, and what a clearing event looks like
How hedge fund liquidations have washed out the AI trade
What went wrong at Intel, and whether the sell-off is now an opportunity
Why AMD is winning, and the AMD vs NVIDIA pair trade
Why Apple looks expensive and Palantir is growing into its valuation
The stocks Piers is watching for a risk-on rally, from IREN to ServiceNow
Why consumer names like MGM and Crocs are rallying while AI struggles
Marvell's bid for Lumentum, and why shareholders hated it
The earnings verdict on Meta, Amazon, Google and Microsoft
📖 Chapters:
00:00 – Introduction: Live From Rome
01:12 – The Midterm Results & What the Market Had Priced In
05:40 – Certainty, Clearing Events & What a Lame Duck Means
08:28 – The AI Washout: Hedge Fund Liquidations & Free Cash Flow
10:40 – Intel: What Went Wrong & Is It Now an Opportunity?
15:20 – AMD vs Intel vs NVIDIA
19:04 – Apple: Too Far Ahead of Its Skis?
20:50 – Palantir: Growing Into Its Valuation
24:20 – The Risk-On Basket: IREN, ServiceNow, Meta & Small Caps
26:50 – Could the Nasdaq Fall Another 10%?
28:55 – MGM, Crocs & Why Rotations Matter
30:55 – Marvell & Lumentum: The M&A Deal Shareholders Hate
37:40 – Earnings Verdict: Meta, Amazon, Google & Microsoft

📲 Stay connected
Subscribe to The Long & Short for weekly discussions on financial markets, trading opportunities and the forces shaping global investing.

Rich McDonald:
🌐 richonmarkets.com – Market commentary and newsletters.
📱 @richonmarkets on all social platforms.

Piers Buckworth:
🌐apex-trading.co.uk – Trading insights, market analysis and professional trading education.
📱Instagram @apextradingdesk | TikTok & Substack @apexalphatrading | X@ApexTradingDesk | YouTube @ApexTradingChannel

For a longer-term perspective on investing, ETFs and portfolio construction, check out The Art of Investing podcast released every Friday!
Your capital is at risk. 70% of retail investors lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Markets are rotating back to risk, but with the Fed, the midterms and Big Tech earnings all landing at once, is this the start of a year-end rally or another false dawn?

In this episode of The Long & Short, Rich McDonald and Piers Buckworth are joined by options specialist Imran Lakha to unpack a huge week for markets, from SK Hynix's blowout results and the Fed to whether AI has become too big to fail.

They also explore how to use options to get paid while you wait for a better entry, why uranium, rare earths and solar are being sold despite strong fundamentals, the first cracks in the refiners, and what the VIX is really telling us ahead of the midterms.

In this episode:
Why the midterms could cap an AI rally in the short term
SK Hynix's blowout results and what they say about AI demand
Why bonds are rallying again, and what to expect from the Fed
Whether AI will push inflation down, and what it means for jobs
Has AI become too big to fail?
IREN, Nebius and how to tell the strong neoclouds from the weak
How selling puts and put spreads can get you a better entry price
Why uranium, rare earths and solar stocks are struggling despite strong fundamentals
Oil refiners, Brent and hedging your winners with risk reversals
What the VIX is (and isn't) telling us ahead of the midterms
Earnings previews for Microsoft, Amazon and Google
📖 Chapters:
00:00 – Introduction: Imran Lakha Joins the Show
02:18 – Midterms, AI Fear & a Big Week for Markets
04:17 – SK Hynix, Memory Stocks & the AI Demand Story
07:47 – Bonds, the Fed & Is AI Deflationary?
12:05 – AI, Jobs & Is the AI Trade Too Big to Fail?
16:11 – IREN, Nebius & Selling Puts for a Better Entry
24:37 – Uranium, Solar, Hydrogen & Rare Earths
32:47 – Oil Refiners, Brent & Hedging With Risk Reversals
37:24 – The VIX, the Midterms & How Options Are Changing Markets
41:22 – Moderna, Cerebras & 0DTE Options
46:57 – Earnings Preview: Microsoft, Amazon & Google

📲 Stay connected
Subscribe to The Long & Short for weekly discussions on financial markets, trading opportunities and the forces shaping global investing.

Imran Lakha:
🌐options-insight.com – Options courses, the A to Z of Options and a membership community for options traders.
📱X @options_insight

Rich McDonald:
🌐 richonmarkets.com – Market commentary and newsletters.
📱 @richonmarkets on all social platforms.

Piers Buckworth:
🌐apex-trading.co.uk – Trading insights, market analysis and professional trading education.
📱Instagram @apextradingdesk | TikTok & Substack @apexalphatrading | X@ApexTradingDesk | YouTube @ApexTradingChannel

For a longer-term perspective on investing, ETFs and portfolio construction, check out The Art of Investing podcast released every Friday!
Your capital is at risk. 70% of retail investors lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

AI demand remains strong, but growing credit concerns, rising bond yields and inflation fears are putting pressure on some of the market's biggest technology names. Is this simply a buying opportunity, or are deeper risks beginning to emerge?
In this episode of The Long & Short, Rich and Piers unpack the AI sell-off, examining the financial pressures facing CoreWeave, NVIDIA's expanding role in AI financing and what upcoming earnings from Meta could mean for the sector.
They also explore Elon Musk's ambitious growth plans, opportunities in short selling, and how oil prices, geopolitical tensions and shifting market sentiment could shape the next big market move.
In this episode:
Why AI stocks are falling despite continued strong demand
The growing credit risks facing CoreWeave and other AI infrastructure providers
How NVIDIA's financing commitments are changing its investment outlook
Elon Musk's ambitious growth plans and potential Tesla merger discussions
What Meta's upcoming earnings could reveal about AI spending
Why Microsoft is regaining investor confidence while Apple looks expensive
The risks of crowded trades and opportunities in short selling
How oil prices, inflation and geopolitical developments could influence markets
Why US Treasuries and defensive positioning remain important
Potential opportunities in undervalued stocks including Pfizer
📖 Chapters:
00:00 – Introduction: Is the AI Trade in Trouble?
02:10 – AI Demand vs Credit Risk: What's Really Driving the Sell-Off?
04:03 – CoreWeave, Nebius & IREN: Understanding AI Infrastructure Debt
13:57 – NVIDIA's Growing Role as an AI Financier
17:16 – Elon Musk, AI Growth & the Tesla Merger Question
25:43 – Meta Earnings: The Next Big Test for AI Spending
30:51 – Microsoft, Apple & the Outlook for Big Tech
35:23 – CrowdStrike, Palantir & Managing Short Positions
38:06 – Oil Refiners, Inflation & Geopolitical Risks
41:43 – Treasuries, Market Rotation & Opportunities in Undervalued Stocks

Stay connected:
Subscribe to The Long & Short for weekly discussions on financial markets, trading opportunities and the forces shaping global investing.
Rich McDonald
🌐richonmarkets.com – Market commentary and newsletters.
📱@richonmarkets on all social platforms.
Piers Buckworth
🌐 apex-trading.co.uk – Trading insights, market analysis and professional trading education.
📱: Instagram @apextradingdesk | TikTok & Substack @apexalphatrading | X @ApexTradingDesk | YouTube @ApexTradingChannel

For a longer-term perspective on investing, ETFs and portfolio construction, check out The Art of Investing podcast released every Friday!
Your capital is at risk. 70% of retail investors lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.