I just went LIVE on Top Trades in the middle of what feels like peak AI panic.

Software is imploding. Defensive stocks are ripping. Bitcoin is wobbling.

And Nvidia is about to report earnings with the entire market watching.

So the big question we tackled: Is this the end of the AI trade… or just another mid-cycle shakeout?

Here’s what I told them.

Nvidia: “I’m Still Here”

This might be the least dramatic Nvidia earnings event in years.

The market isn’t focused on compute right now. It’s focused on the losers of AI.

But the fundamentals haven’t cracked.

Nvidia still trades around 24x forward earnings – a multiple you’d expect for a mature consumer brand, not the backbone of global AI infrastructure.

Hyperscalers are still spending.

Supply is still constrained.

I expect another beat-and-raise quarter from Nvidia.

On the show, I predicted NVDA to hit $205 post-earnings.

A shot in the dark, but with all the negative sentiment already baked in, I believe a move to the upside is more likely.

We’ll see. Nvidia earnings get released at 4:20 p.m. ET today.

The Real Bubble Isn’t AI – It’s “Safety”

Everyone keeps yelling “AI bubble.”

But look at where money has actually gone.

Walmart. Coke. Staples. Defensives.

Many of these so-called “safe” names now trade at richer valuations than Nvidia despite growing far slower.

Meanwhile, the Mag 7 – the most profitable, strongest balance sheet companies on Earth – are being treated like excess.

That’s narrative-driven rotation.

When fear spikes, capital crowds into safety.

When safety gets expensive and growth gets discounted, distortions form.

Right now, I see more valuation risk in crowded defensives than in elite AI infrastructure.

Uber: Robotaxis Are Misunderstood

There’s a persistent belief that autonomous vehicles will kill Uber.

I think they strengthen it.

Uber doesn’t need to own cars.

It runs a marketplace. It benefits from more supply and more demand.

Autonomous vehicles are expensive assets.

If they sit idle, they lose money.

Plugging into Uber’s network maximizes utilization.

• More supply → faster matches
• Faster matches → more rides
• More rides → Uber takes a cut

Uber doesn’t have a demand problem.

It has a supply constraint.

Autonomous vehicles solve that.

That’s why I’ve been buying shares on weakness.

Bitcoin: This Isn’t the End

Bitcoin is trading more correlated to tech than ever.

That’s not surprising.

Institutions now own it.

When funds go risk-off, they sell tech and Bitcoin together.

That means in the short term Bitcoin will be volatile and emotion-driven.

In the long term? The pattern hasn’t changed.

For 15 years, Bitcoin has been the outlier asset that survives brutal drawdowns and eventually makes new highs.

It can absolutely fall further.

That’s normal.

But I don’t believe this is the cycle where it suddenly becomes irrelevant.

Not when we’ve finally got a pro-crypto government, exponential stablecoin growth, and entire industries being built around the crypto ecosystem.

I’ll add to my Bitcoin stash one of these days…

If you want the full back-and-forth – including the Nvidia valuation breakdown, insider buying discussion, AMD debate, software panic, and crypto outlook – watch the full interview here.