Open Book with Anthony Scaramucci Jensen Huang Slams AI Layoffs, Markets Go Haywire & the Great Tax Migration
19 snips
Mar 25, 2026 
Michael Novogratz, founder and CEO of Galaxy Digital and former Fortress partner, brings macro, crypto, and markets savvy. They tackle wild market volatility and why stocks stubbornly hold. They debate oil and geopolitical risk, the mass migration of wealth to Florida and Texas, and Jensen Huang’s critique of AI-driven layoffs.
AI Snips
Chapters
Transcript
Episode notes
S&P Resilience Driven By Large Cap Earnings
- The S&P 500 held up unusually well despite big moves in oil and rates.
- Michael Novogratz says U.S. large-cap growth stocks (the earnings machines) insulated the index while other markets like Korea and Japan got hit.
Go Cash Then Trade Intraday During Event Volatility
- When markets have correlated risk unwinds, move to cash and trade intraday oversold/overbought moves.
- Novogratz recommends getting to completely cash and then buying the intraday dips and selling rallies during event-driven volatility.
War Creates A Lasting Energy Repricing
- A structural energy premium may emerge because the Strait of Hormuz proved easier to threaten than markets assumed.
- Novogratz expects Gulf producers to invest in pipelines, islands, or alternate infrastructure to reduce dependency on the strait over years.