Dan Nathan & Guy Adami: Goldilocks Has Arrived At The Thanksgiving Table

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Nov 26, 2025

Danny Moses, a seasoned trader and host, joins Dan Nathan and Guy Adami to explore the latest market trends. They discuss the potential 'Goldilocks' scenario with easing rates and the resilience it may bring. The group analyzes the volatility within 'The Magnificent Seven' tech stocks, Nvidia's struggles, and rising competition from AI chip makers like Google. They dive into healthcare's resurgence, the impact of geopolitical tensions on chip production, and the nuanced dynamics in the private credit market. The conversation also touches on Bitcoin's recent challenges and wraps up with some light-hearted NFL picks.

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ADVICE

Reallocate As AI Supply Diversifies

Reallocate from concentrated mega-cap exposure into cheaper, related names like Google or AMD as competition rises.
Avoid overpaying for single-supplier dominance when alternatives gain traction.

INSIGHT

OpenAI Funding Is A Systemic Overhang

OpenAI's capital needs are far larger than commonly assumed, creating hidden tail risks across public and private markets.
Private companies and funds financing AI could force public market reverberations if marks move lower.

INSIGHT

Hardware Margins Face Inevitable Compression

Hardware chip gross margins cannot stay at 70% indefinitely as commoditization and competition arrive.
A gross-margin miss at a dominant supplier could trigger a dramatic re-rating of that stock.

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Dan Nathan and Guy Adami welcome Danny Moses to discuss various market trends and investment strategies. The discussion spans topics such as AI's impact on the market, the performance of key sectors like healthcare, energy, and technology, and the challenges posed by economic indicators and geopolitical factors. They delve into the volatility and potential reshuffling within 'The Magnificent Seven' tech stocks and the implications for the broader market. The episode also highlights the private credit market's sketchy valuations, the Federal Reserve's position on potential rate cuts, and the dynamics within the cryptocurrencies market, including Bitcoin and its associated treasury companies. Finally, they touch on their favorite NFL picks for the week's slate.

Show Notes

On The Tape Feed (⁠Apple⁠ | ⁠YouTube⁠)
WAWD (⁠Substack⁠)
Comparing The Top AI Chips: Nvidia GPUs, Google TPUs, AWS Trainium (⁠YouTube⁠)
Google Further Encroaches on Nvidia’s Turf With New AI Chip Push (⁠The Information⁠)
OpenAI needs to raise at least $207bn by 2030 so it can continue to lose money, HSBC estimates (⁠FT⁠)
Private Credit’s Sketchy Marks Get Warning Shot From Wall Street’s Top Cop (⁠Bloomberg⁠)

ABOUT THE SHOW

For decades, Danny has seen it all on Wall Street and has built his reputation on integrity, curiosity and skepticism that he will bring with him each week. Having traded through the Great Financial Crisis and being featured in "The Big Short" is only part of the experiences Danny wants to share with the listener. This weekly podcast cuts through market noise, offering entertaining and informative discussions with expert guests giving their views of the financial world and the human side of it. Whether you're a seasoned investor or just getting started, On The Tape provides something for all listeners.

Follow Danny on X: @dmoses34

The financial opinions expressed are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on this content.

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