The Exchange OpenAI Optimism, Microsoft's AI Malaise, and Bitcoin $38K? 2/9/26
Feb 9, 2026
Anastasia Amoroso, private markets strategist at Partners Group, on how investors separate vulnerable software from durable AI-enabled leaders. Pippa Stevens, CNBC markets reporter, on rallies in gold, silver, lithium and uranium and retail buying trends. Gil Luria, tech research head at DA Davidson, on OpenAI momentum and why Oracle and Microsoft may benefit from rising AI compute demand.
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Episode notes
Prioritize Adoption Over Near‑Term Cash Flow
- Ben Reitzes recommends Microsoft get Copilot in more hands now and invest heavily even if near-term free cash flow weakens.
- He suggests spending to build capacity and improve product adoption before monetizing aggressively.
Oracle As The Direct OpenAI Compute Play
- Gil Luria views Oracle as a direct play on OpenAI because Oracle pledged to build dedicated compute for AI clients.
- If OpenAI secures funding, Oracle's committed capacity should get paid for, resolving investor concerns.
Bitcoin Acts Like A High‑Liquidity Tech Stock
- Barry Bannister argues Bitcoin behaves like a speculative, liquidity‑driven tech asset rather than digital gold.
- He links Bitcoin's drops to weaker expectations for Fed cuts and a retreat in the dollar‑liquidity narrative.