Remy Blaire is joined by Nic Roberts-Huntley, the CEO and Co-Founder of Blueprint Finance. Nic explains that the recent price action in Bitcoin can be attributed to a substantial amount of ETF outflows over the past month, which has created significant structured selling pressure. He mentions that long-term holders are beginning to divest their positions, a trend that, while healthy in the long run, contributes to the current market dynamics.

As the conversation broadens to encompass the overall crypto market, Remy and Nic discuss how Ethereum is also experiencing a notable decline, with ETH down around 10%. Nic points out a resilience in the altcoin market, particularly in BTC pairs, due to less structured sell pressure from ETF outflows. He emphasizes the importance of rebalancing and reorientation as the financial year comes to a close, which often impacts risk assets like cryptocurrencies.

The discussion then shifts to the recent earnings report from NVIDIA and its implications for the risk landscape. Despite a strong performance from NVIDIA, concerns about a potential AI bubble have emerged, drawing capital away from digital assets. Nic shares his perspective that the AI sector, being capital-intensive, will continue to attract investment, which may affect the flow of capital into cryptocurrencies.

Remy and Nic also explore the regulatory landscape for cryptocurrencies, especially following the recent government shutdown. Nic reflects on the progress made in 2025 regarding regulatory clarity around securities and commodities, particularly with stablecoin legislation. He expresses hope for further clarity and frameworks in 2026 that extend beyond stablecoins and ETFs, allowing for a more comprehensive understanding of digital assets as an investment class.

Remy Blaire welcomes Melissa Otto, the Head of Visible Alpha Research at S&P Global Market Intelligence, to discuss NVIDIA’s recent earnings report and its implications for the company’s future.

Melissa provides her insights on the earnings report, noting that while the numbers were strong, there was a lack of clarity regarding the margins for NVIDIA’s data center business moving forward. This uncertainty may have contributed to the stock’s volatility. She emphasizes the importance of understanding the profitability of NVIDIA’s next-generation chips, particularly Blackwell and Rubin, as the market anticipates a gross margin increase in the data center segment from 74% this year to 76.3% in 2026.

The conversation shifts to the sustainability of these projected margins, especially in light of increasing competition and rising costs associated with AI build-outs. Melissa references comments from NVIDIA’s CEO, Jensen Huang, indicating that demand remains strong, but the profitability of that demand is still uncertain.

As they explore NVIDIA’s valuation, Remy and Melissa discuss the wide range of earnings estimates for the upcoming year. Melissa suggests that actual earnings could vary significantly based on the company’s margin performance in the next quarter.

Towards the end of the episode, they touch on the broader implications of the nearly $400 billion expected in AI capital expenditures this year. Melissa expresses uncertainty about whether this level of investment is justified or if the industry risks overbuilding, likening the current situation to an arms race among cloud service providers.

Finally, they examine NVIDIA’s current price-to-earnings (PE) ratio, which stands just below 45, and discuss what to expect as they approach 2026. Melissa emphasizes the need for more clarity on profitability and earnings growth to provide a clearer picture of NVIDIA’s valuation trajectory.

“Everyone’s fear was that we had new Palantir head earnings that came out. They were stellar and the stock went down 8%.” – 01:14

Remy Blaire discusses the current dynamics of the U.S. stock market with Peter Tuchman, Senior Floor Trader at TradeMas. The segment opens with a focus on the positive movement in U.S. stock futures, which have risen following comments from New York Fed President John Williams, who advocates for a potential rate cut in December. The probability of this rate cut is noted to be above 70%, generating interest among investors.

Remy and Peter reflect on the previous day’s market activity, where major stock averages initially rallied due to strong earnings from NVIDIA and favorable jobs data. However, the momentum quickly dissipated, leading to a significant sell-off by the end of the trading day. The delayed September jobs report reveals that the U.S. added 119,000 jobs—more than double the expectations—though the unemployment rate increased to 4.4%. NVIDIA’s record quarterly sales of $57 billion and Walmart’s raised financial outlook contribute to the initial optimism in the market.

Peter shares his insights on the volatility observed in the market, particularly highlighting the unexpected drop in Palantir’s stock, which fell 8% despite reporting stellar earnings. He explains the classic Wall Street adage of “buy the rumor, sell the news,” emphasizing how market behavior can often defy expectations. The conversation shifts to the ongoing debate about the AI sector, with Peter dismissing claims that it is a bubble, citing substantial investments from major tech companies like Microsoft, Google, and Oracle.

As the discussion progresses, Remy and Peter analyze the recent volatility in the cryptocurrency market, particularly Bitcoin, which has fallen below $81,000. Peter explains that this decline is linked to high leverage in crypto brokerage firms and significant margin calls that forced traders to liquidate positions in stocks like NVIDIA and Palantir to cover their losses.

Looking ahead to the upcoming holiday-shortened week, Remy and Peter highlight the MSCI global index rebalance scheduled for Monday, which is expected to bring increased trading volume and market rotation. Peter expresses optimism about the potential for the Dow to reach 50,000 and the S&P to hit 7,000 if the Fed proceeds with a rate cut.