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RiskReversal Pod

Sam Altman’s MisAI-lignment of OpenAI’s Financial Reality with Gene Munster

RiskReversal Pod

RiskReversal Media

Business News, News, Investing, Business

4.7836 Ratings

🗓️ 8 April 2026

⏱️ 38 minutes

🧾️ Download transcript

Summary

Dan Nathan and Gene Munster of Deepwater Asset Management discuss tech stocks heading into Q1 earnings, focusing on why Google and Broadcom outperformed on news of an Anthropic compute deal using Google TPUs and Broadcom, which they view as validating accelerating AI demand. They explore investor anxiety around AI hardware multiples and hyperscaler CapEx, noting street expectations for calendar 2027 spending growth and how that affects Nvidia and Broadcom sentiment, while arguing AI remains early despite massive costs. Munster outlines Deepwater’s view that premium “high-end” tokens may not commoditize as quickly as costs fall, citing their machine-driven Intelligent Alpha (GPT) ETF. They explain why they don’t own Microsoft, pointing to seat-growth concerns and disappointment with Copilot, and discuss Apple’s need for an AI narrative shift, including privacy-focused personalized AI. Munster previews his SpaceX views, saying it doesn’t need to go public but IPOs can broaden access and lower capital costs, and they consider whether a SpaceX listing impacts Tesla positioning. Show Notes Read Ben Thompson's Stratechery OpenAI CEO and CFO Diverge on IPO Timing (The Information) Gene's Piece on SpaceX (X) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Transcript

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0:00.0

When will M&A activity pick up? Will this year mark the return of IPOs? Listen to strategic alternatives,

0:07.2

a podcast from RBC Capital Markets, to get insights on these questions and more. Explore the trends in

0:14.0

market forces impacting deal flow and find out how companies, investors are shifting their strategies

0:19.3

to drive growth and unlock value.

0:21.7

Listen and subscribe to Strategic Alternatives Today, available wherever you get your podcasts.

0:27.7

Guy, I'm sure you're already up to speed on all things current.

0:31.1

Of course I am.

0:31.7

Their app makes managing your money saving even building credit super easy, Dan.

0:36.2

They have a new feature called paycheck advance you can get up

0:39.3

to 500 bucks before payday when you switch your paycheck and qualify now that i didn't know so now

0:45.0

when you sign up and you set up direct deposit you unlock so much more and it's super easy to get

0:50.8

started just go to current dot com slash okay that's okay a why go to current.com slash okay. That's okay-a-y. That's current.

0:55.9

com slash okay. Current is a financial technology company, not a bank. Banking services provided by

1:02.7

Choice Financial Group member FDIC and Cross River Bank member FDIC. Paycheck Advance is offered by

1:09.0

Finco Advance LLC, a financial technology company,

1:12.3

not a bank. Eligibility and available amounts may vary and are subject to change at any time.

1:17.4

For full terms and conditions, visit current.com or call 888-851-1172 for more information.

1:45.3

Welcome to OK Computer. I'm Dan Nathan. That is Gene Munster. He is the managing partner at Deepwater Asset Management. Gene, welcome back to the podcast. Hi, Dan. All right, you and I, if you're viewing this, if you're watching it on the YouTube, you and I kind of look like twins here. It's fine. You know, we did not color coordinate, but it looks great.

1:47.9

I appreciate you digging my fit because I dig your fit too.

1:48.1

Okay.

1:48.8

I love it.

1:49.7

Right back at you. I always love your office here because there's something near and dear to my heart right over your right shoulder.

...

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