Steve Sosnick is the chief strategist at Interactive Brokers, where he has spent three decades since the firm's options market-making days. He joins Phil Rosen on Full Signal to discuss the liquidity drain lurking beneath record highs, whether the massive AI capex bet pays off, value stocks crushing growth, his favorite sectors right now, and what the VIX is signaling.
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Timestamps:
0:00 - New highs, new risks
5:26 - Fundamentals vs. exuberance
6:58 - Hyperscalers are back
10:21 - Momentum, FOMO, and technicals
13:10 - ROI on AI capex
17:05 - AI ecosystem trade
19:35 - Value vs. growth stocks
24:06 - Healthcare and industrials
27:57 - VIX isn't a fear gauge
29:27 - Correlation and dispersion
32:36 - Stock picker's market
34:41 - Follow Steve
#podcast #investing #markets #macro #stocks #bitcoin #fed
