We were honored to ring in a year of growth at the @NYSE. Thank you to the clients, investors, and partners who made it possible.

U.S. net equity issuance hit $150 billion last quarter, the highest on record

Token prices are down -90% in six months. 1% of enterprises account for 85% of OpenAI and Anthropic spend. Hedgeye Global Technology Analyst Felix Wang joins $HEFT Portfolio Manager R. Patrick Kent @RPKInvestor to discuss the AI trade’s financing problem. 0:00 Welcome @HedgeyeTech, Credit Spreads Widening and Small Caps Down 10% 2:50 Hyperscale CapEx Is the Key Indicator for AI Direction 4:04 Token Volumes Up 30 to 40% Month Over Month, Token Prices Down 90% in Six Months 6:31 1% of Enterprises Account for 80 to 85% of OpenAI and Anthropic Spend 9:31 Over 1,000 Models and Dario’s Pacing Argument Is Imagination 12:31 Freeze the Models Today, 99% of Productivity Gains Still Come From Implementation 15:48 No More Large-Scale AI IPOs This Year, Anthropic Will Need a 30 to 50% Cut 18:43 ARR Became Annualized Run Rate, and Overall Spend Is Slowing 24:11 The Memory Bear Case, Get Around the Memory Wall Instead of Solving It 29:37 China Is 30% of Memory Demand, CXMT and YMTC at Parity With the Cartel 33:32 Nvidia’s Rubin Timeline Is Slipping One to Two Quarters 37:34 Jensen Named Working Capital as the Problem, and the Market Sold Off 40:41 NeoClouds Don’t Turn Profitable Until Late 2028, If the Contracts Hold

“They are the first ones to blow up, no doubt about it, in my whole coverage space, because they are so levered up.” Global Tech Sector Head Felix Wang @HedgeyeTech on the neoclouds, from the latest Protect the Pile with $HEFT PM R. Patrick Kent @RPKInvestor. Read the full recap 👇 app.hedgeye.com/insights/188…

Keith McCullough: The AI bubble is already bursting, and the worst may still be ahead. I spoke with Hedgeye founder Keith McCullough as markets took another beating, and even he was caught off guard. He had invested in Brazil ahead of the election. Lula won, Brazilian stocks plunged, and Keith took a painful loss. But his bigger concern is America. He believes the AI bubble is already collapsing beneath the surface, with some of the most speculative stocks down roughly 75% from their peaks. Meanwhile, oil remains above $100, inflation is accelerating, and another war with Iran could leave the Federal Reserve unable to rescue markets. Keith thinks U.S economic growth could fall from nearly 4% to just 1% within nine months. Ordinary families are already struggling with prices, job insecurity and the cost of war. Now the wealth created by the AI boom could start disappearing, too. And Keith fears that if Washington responds by bailing out wealthy investors again, the public backlash could be enormous. @KeithMcCullough

Grateful to be at the @FOXexchange Family Forum today. Neil Howe's (@HoweGeneration) session, "The Fourth Turning Is Here," is a powerful look at what comes next for America and the next generation. Thank you to the FOX team for bringing together such thoughtful people and conversations. #FOXFamilyForum

Combined hyperscaler free cash flow has flipped negative, falling to about -$1.6 billion.

Buy Treasury bond, repo it, short future against it, buy more bonds, repeat ad infinitum... or at least until you are levered 30:1. All works great unless repo rates jump. See 2020-2021 for examples of this.

HAM FOR LUNCH | @HedgeyeAM Join Hedgeye CEO @KeithMcCullough and 3 portfolio managers for a candid conversation on where they're seeing opportunity and risk in today's markets. 📅 Tuesday, October 20 at 11:00 AM ET Click for FREE access, Live or On-Demand:

What a day… cnbc.com/video/2026/10/16/op…

We’ll be posting this again next week too.

The NYSE welcomes @HedgeyeAM to highlight its NYSE-Listed funds! $HBIT | $HECA | $HEFT | $HGRO nitter.siddz.com/i/broadcasts/1vJpPNmke…

🔔 Hedgeye Asset Management @HedgeyeAM rings the opening bell

Amazing morning with the @Hedgeye @HedgeyeAM teams at the New York Stock Exchange.

Big things happening @NYSE this morning! @HedgeyeAM

The HAM is BACK! Inside the Portfolio: Where We're Finding Opportunity Now @HedgeyeAM CIO John McNamara and Portfolio Managers Sam Rahman @Hedgeye_HGRO and R. Patrick Kent @Hedgeye_HELS join Hedgeye CEO @KeithMcCullough to close out the Summit. *** Thursday, October 8 | 1:00pm ET | Watch live or on-demand. Complimentary access: tinyurl.com/yvh7udmc

RT @dlacalle_IA: Spain's housing crisis is a direct consequence of socialist interventionism, burdens to supply, legal insecurity and infla…

Our guest lineup is stacked🔥 Jim Rickards | @RealJimRickards Jim Bianco | @biancoresearch David McAlvany | @DavidMcAlvany Dan Rasmussen | @verdadcap Jurrien Timmer | @TimmerFidelity Dave Collum | @DavidBCollum Danielle DiMartino Booth | @DiMartinoBooth Leyla Kunimoto | @LeylaKuni John McNamara | @HedgeyeAM CIO Sam Rahman | @Hedgeye_HGRO R. Patrick Kent | @Hedgeye_HELS David Salem | @dsaleminvestor Brooks Cutright | @Hedgeye_ADDS Get free online access: tinyurl.com/yvh7udmc

Great political discussion with the one and only JT @HedgeyeDC! One of the best in the biz Midterms special! The Election Risks Markets Can’t Ignore | Protect the Pile Episode 28 piped.video/mzQuQ-A8FC4?si=rzQ0… via @YouTube

My key takeaway from today's superb AI-focused Early Look by @Hedgeye_HELS: "The very technology these companies are spending fortunes to monopolize has an emergent property that dissolves the walls they spent decades building. The open-source community, energized precisely because the incumbents are trying to lock them out, is innovating around the walls rather than through them." Regardless of who writes them, Early Looks @Hedgeye have been must-reads for me for many years and remain so. Well done, RPK.