Opening Bell Daily🔔

The industry-leading data newsletter documenting the story of the stock market for serious investors. Also on Bloomberg Terminals.👇

[Phil Rosen @philrosenn]

I asked @sonalibasak for her highest-conviction call in markets right now and her answer surprised me.

Rather than naming a specific stock or sector, she called out the Treasury market because long-term interest rates impact asset prices across the board.

[Phil Rosen @philrosenn]

AI stocks get the attention but financials and industrials now look cheap relative to the technology sector.

Big banks are huge beneficiaries of the AI infrastructure buildout, given that these firms handle the financing of all these deals.

@sonalibasak explains.

[Phil Rosen @philrosenn]

Private markets are flashing red flags that public market investors should be paying attention to right now.

I sat down with @sonalibasak to unpack the SpaceX and the record IPO wave, software markdowns in private funds, valuations concerns in AI, everyone being overweight tech, and the cheapest sector in the stock market today.

Sonali has the unique vantage point as someone who works across private and public markets at @icapitalnetwork.

I learned a lot in this conversation and you will too.

TIMESTAMPS:

0:00 - Private markets' hidden signal
2:27 - AI up, software down
3:33 - Software loan squeeze
6:32 - SpaceX, OpenAI, Anthropic
9:12 - Snowflake vs Databricks
15:13 - Hyperscaler cash flows
18:13 - Everyone is overweight AI
21:52 - Financials look cheap
29:35 - Highest-conviction call

[Phil Rosen @philrosenn]

Jensen Huang said Marvell $MRVL is the next trillion-dollar company.

That comment sent the stock up 30% and added $56 billion in market cap in 1 day.

Marvell is responsible for the optical materials and custom silicon. The company makes the stuff that allows thousands of GPUs inside a hyperscale data center move data around and train AI models.

Large segments of the AI trade would collapse without Marvell’s technology.

If Nvidia is the engine for AI, Marvell is building the highways and connections.

Marvell is becoming an increasingly critical piece of the infrastructure buildout.

That's why we added this stock to our Best Ideas Club 6 months ago.

+252% since we sent it to members in January.

We publish high-conviction stocks just like Marvell every single week.

Join us: https://t.co/bZG0cLZf51

[Phil Rosen @philrosenn]

The S&P 500 averages +0.22% in June on average dating back to 1950.

4th weakest month of the year.

Stocks are already +0.47% in the first 2 days of the month and hovering at record highs.

[Phil Rosen @philrosenn]

Teradyne $TER is up 83% this year.

It's capturing more revenue from AI and robotics every quarter and it's one of the smaller winners of the AI trade.

With investors still piling into $NVDA $MU, Teradyne is still relatively unknown.

@LouBasenese explains.

[Phil Rosen @philrosenn]

AI keeps pushing markets higher but a handful of under-the-radar stocks will still outperform by a landslide.

I sat down with @LouBasenese to discuss his highest conviction investment ideas right now across biotech and energy, how SpaceX is fueling a bubble in space stocks, and the catalyst for the next rally in equities.

Lou brings several unique and contrarian ideas to this conversation you won't find anywhere else.

TIMESTAMPS:

0:00 - SpaceX IPO
3:08 - Space stocks hype cycle
5:18 - AI transforms biotech
7:31 - Biotech exposure
9:14 - GLP-1 boom
12:24 - Small-cap biotech
14:50 - Energy refiners
17:25 - Teradyne
19:13 - Barbell Investing
19:56 - Follow Lou

[Phil Rosen @philrosenn]

Berkshire Hathaway buys another $10 billion in Alphabet $GOOG to raise its stake to $26 billion.

Warren Buffett never would have guessed that Berkshire's 4th-largest holding would be a $4.5 trillion AI company just one year after he retires.

Insane.

[Phil Rosen @philrosenn]

This bull market has lasted 1,326 days, which is more than 600 days shorter than the historical average since 1949.

The bears waiting on the sidelines for a crash are fighting history.

[Phil Rosen @philrosenn]

Plug Power $PLUG fell 95% from its peak after investors realized hydrogen energy would take longer to scale than expected.

High interest rates crushed speculative growth stocks in 2022 and 2023. The company was burning cash.

Wall Street moved off the name.

Yet Plug remained one of the leading players in hydrogen fuel cells, hydrogen infrastructure, electrolyzers and green hydrogen production.

Then came AI.

What started as a clean energy play has become an AI disruptor and energy source.

The company has spent years building an end-to-end hydrogen ecosystem that few competitors can match.

Governments continue to subsidize clean energy projects, corporations are pursuing ambitious sustainability goals, and demand for large-scale energy infrastructure is rising.

AI is supercharging the momentum.

Every AI data center needs more and more power.

That's why $PLUG has made a comeback. Investors are looking beyond Plug Power's past struggles and focus on what comes next.

Hydrogen power is suddenly one more alternative for the AI infrastructure buildout.

The stock is up 81% since we added it to our Best Ideas Club portfolio in September 2025.

Unlock our full high-conviction portfolio here: https://t.co/bZG0cLYHft

[Phil Rosen @philrosenn]

The simplest way to invest in the AI boom is to seek out scarcity in the market.

Think back to Economics 101. Find assets where demand outstrips supply.

@APompliano explains.

[Phil Rosen @philrosenn]

Semiconductor stocks rallied 50% in 6 weeks for just the 4th time in history.

The 3 other times all happened during the dot-com bubble.

But @GinaMartinAdams says the earnings strength tells a different story today than 1999.

[Phil Rosen @philrosenn]

The S&P 500 has spent 37 trading days in a row within 3% of an all-time high, which isn't that strong of a run relative to history's great bull markets.

Momentum generates momentum.

[Phil Rosen @philrosenn]

Buying stocks at all-time highs generates stronger returns than buying any other day dating back to 1950.

Legendary investors like Paul Tudor Jones and George Soros understood that momentum begets momentum.

@APompliano explains.

[Phil Rosen @philrosenn]

AI has overtaken traditional macro so much that stagflation signals have done nothing to stop asset prices.

Stocks are at all-time highs despite the Fed’s preferred inflation gauge hitting a 3-year high, economic growth being revised down and jobs showing more weakness.

The latest data represent a classic checklist for stagflation:

- April PCE +3.8% year-over-year
- Q1 GDP revised down to 1.6% from 2.0%
- Jobless claims +215,000, highest in a month
- Personal savings rate -2.6%, lowest since June '22

And yet investors ignored all this to instead focus on AI because it has become more economically significant than traditional macro.

[Phil Rosen @philrosenn]

AI is driving deflationary productivity gains while hyperscalers spend trillions on capex and put pressure on inflation.

Chief market strategist @GinaMartinAdams explains how the companies building deflationary technology are still the ones fueling inflation.

[Phil Rosen @philrosenn]

SpaceX will be the largest IPO in history.

The biggest IPOs since 1999 all dropped 29% on average the first 12 months of trading.

Elon Musk faces off with history once again.

[Phil Rosen @philrosenn]

Hyperscalers spending trillions on AI has a bigger economic impact than inflation shifting by tiny decimal points in a given month.

Investors fixated on traditional economic data are paying attention to the wrong thing.

AI is the macro.

I discuss with @LanceGlinn at @NYSE

[Ryan Detrick, CMT @RyanDetrick]

Another great @ReadOpeningBell from @philrosenn today. Plus, I was in it it ;)

Phil puts out just amazing work every day, definitely subscribe if you haven't yet.

https://t.co/Svm0R6Xw85

[Phil Rosen @philrosenn]

South Korea's stock market is up ~200% in 12 months while the S&P 500 is "only" up 26%.

Almost entirely driven by SK Hynix and Samsung's explosion into $1 trillion companies.