Rigatoni Capital Podcast

It is Merger Monday in the utility sector. NextEra Energy just announced a $66.8 billion all-stock deal to acquire Dominion Energy, the largest power sector acquisition ever recorded. The combined company will create the world's largest regulated electric utility, serving roughly 10 million customers across Florida, Virginia, North Carolina, and South Carolina with 110 gigawatts of power gener...

The Q1 2026 13F filings keep trickling in and a clear theme is emerging. Super investors are quietly picking at software stocks that have been beaten up by AI disruption fears. Microsoft and Intuit are showing up in multiple filings, and there is broad based institutional interest accumulating in Salesforce, Workday, and ServiceNow as well. This morning I walk through what the 13Fs are showing, wh...

If you had invested $50,000 in SOXL around Liberation Day lows of around $9 per share just 13 months ago, your position would be worth over $1 million today with the 3x Bull ETF now trading above $180. This morning I walk through that trade, why it is a legitimate example of professional buy the dipping at its finest, and why there is absolutely no shame in making that kind of money on a leveraged...

April PPI just dropped this morning and it is hotter than expected across the board. Final demand rose 1.4% month over month, the largest monthly gain since March 2022, and up 6% year over year, the biggest annual increase since December 2022. The consensus estimate was 0.5%. Core PPI accelerated 1% against a 0.4% estimate. Energy is driving a big piece of it but the data shows price pressure is n...

Semiconductors are pulling back this morning and I could not be happier about it. After a 17-day historic winning streak and a 40% gain in the Philadelphia Semiconductor Index, a breather was not just expected, it was necessary. It is quite possible that the sector was already pricing in 2028 earnings at the peak of that run. This morning I step back and talk about the right way to get invested in...

We are witnessing something that has never happened before in the history of the semiconductor index. The Philadelphia Semiconductor Index went up 17 consecutive trading days starting March 31, the longest streak in its 32-year history, gaining 40% in that window. The Nasdaq 100 is up over 15% since late March. This morning I reflect on why this moment will go down in financial history for decades...

Software earnings week is officially in the books and long term investors who held through the volatility should be feeling good right now. AI is not disrupting these software companies, it is the layer that when used correctly is driving extraordinary productivity gains inside them. Paul Tudor Jones is also reportedly adding to his AI stock positions, which is worth noting. This morning I go over...

I am calling it this morning. The AI disruption fear narrative is over. Software earnings have been nothing short of extraordinary this season. AppLovin just reported revenue up 59% year over year to $1.84 billion with net income up 109% and free cash flow of $1.3 billion. Palantir posted its fastest revenue growth rate as a public company. Atlassian jumped 29% on its print. Datadog, Axon, all del...

TransDigm just reported another strong quarter, with revenue up 18.3% year over year to $2.54 billion, EBITDA margins holding at 52.6%, and full year guidance raised again. This morning I cover my latest Substack post on the company and make the case for why TransDigm is the ultimate picks and shovels play for any cyclical uptick in Boeing and Airbus aircraft production. Whether commercial air tra...

Palantir reported last night and the numbers were historic. Revenue grew 85% year over year to $1.63 billion, beating expectations of $1.54 billion. US revenue crossed 100% growth for the first time, up 104% year over year. Net income quadrupled to $871 million. The Rule of 40 score hit 145%, a level matched only by Nvidia, Micron, and SK Hynix. Full year guidance was raised to 71% growth, 10 poin...

This morning I revisit two posts from the weekend. First, Apple's Services business hitting a record $30.98 billion last quarter and why the $100 billion share buyback authorization matters even more when you realize the hyperscalers are spending hundreds of billions on CapEx and simply cannot compete with what Apple is doing with their cash right now. Apple is returning capital while everyone...

Apple reported last night and the numbers were exceptional across the board. Services revenue hit a record $30.98 billion, ahead of estimates, and up from $26.6 billion a year ago. Greater China surged, iPhone delivered strong results despite some supply constraints on advanced processor chips, and the company authorized a fresh $100 billion share buyback. Apple historically deploys these authoriz...

Last night was one of the most remarkable earnings nights in recent memory. Amazon, Meta, Alphabet, and Microsoft reported within hours of each other and the numbers were staggering across the board. Alphabet posted net income of $62.58 billion, up 81% year over year, with Google Cloud growing 63% to $20 billion against estimates of $15.3 billion. AWS grew 28% to $37.59 billion, beating estimates...

Paul Tudor Jones just appeared on the Invest Like the Best podcast with Patrick O'Shaughnessy and it is one of the best investing conversations I have heard in a long time. Jones, one of the greatest macro traders of all time, reflects on 50 years in markets and gets surprisingly honest about the trading versus investing debate. He started on the commodity trading floor during the Hunt Brother...

The Wall Street Journal is reporting this morning that OpenAI missed multiple monthly revenue targets earlier this year and fell short of its goal of reaching one billion weekly active users for ChatGPT. CFO Sarah Friar has reportedly raised internal concerns about whether the company can fund its massive data center commitments if revenue does not accelerate. OpenAI has roughly $600 billion in fu...

This morning I flag some caution around the semiconductor index SOXX, which has run far enough that it is hard to get excited about it from a value investor standpoint. I also dig into a structural problem with the IGV ETF and its 8.5% cap on individual holdings, which prevents true market cap weighting and makes it a sloppier vehicle than most people realize. We also talk about Nvidia's path...

I had the pleasure of sitting down with Marc Rudajev, straight out of London, who writes the Learning. Investing. Thriving newsletter on Substack. Marc spent over 20 years in global markets at Morgan Stanley across London, Hong Kong, and Singapore before making a pivot into teaching mathematics, finance, and economics. He built a finance program at a school in Los Angeles that grew from an informa...

ServiceNow beat on revenue and earnings last night, growing subscription revenue 22% year over year, raising full year guidance, and posting AI-specific commitments on track to hit $1.5 billion for 2026. The stock dropped 14% anyway because the company flagged a 75 basis point headwind from delayed Middle East deals due to the Iran war. This morning I make the case that software earnings are going...

Kevin Warsh had his Senate confirmation hearing yesterday and made his anti-QE stance clear once again, calling for regime change at the Federal Reserve and advocating for reducing the balance sheet. Warsh left the Fed back in 2011 specifically because he objected to quantitative easing and has spent years arguing it should never have become a permanent policy tool. This morning I give my honest t...

I sat down with Nick Ridenour, who writes the Compounding Alpha newsletter on Substack. Nick does deep-dive stock analysis built around a scorecard system covering eight key areas including growth, profitability, balance sheet, and return on capital. What I love about his work is that he traces the history of every company back to its founding before ever touching the numbers. We covered Texas Pac...

Markets have been hitting fresh highs even as the Iran war grinds on, and this morning I ask the question that Bloomberg was asking last week: are investors simply becoming immune to the headlines? This week is also one of the biggest earnings weeks of the quarter with names I personally own all reporting, including UNH, RTX, CB, LRCX, BX, and LMT. I walk through what I am watching in each of thos...

Netflix reported last night and the numbers were genuinely strong. Revenue came in at $12.25 billion, up 16% year over year. This morning I break down what I actually think about the results, where the business is going, and whether the selloff makes sense for long term investors. I also touch on TSM, IGV, and Microsoft. I wish you all a happy and relaxing weekend! Rest up, we have a big earnings...

This morning I cover the Pentagon reportedly approaching automakers about defense manufacturing capacity, which is a direct reversal of the dynamic from the 1993 Last Supper consolidation. The US-China Cold War continues to be the underlying framework for so much of what is happening in markets right now, from tariffs to chip export controls to China's refined rare earth restrictions. We also...

Stocks have been staging a remarkable V-shape recovery and this morning I go through the charts to make sense of what is happening. I also touch on JPMorgan and BlackRock earnings from this week and look ahead to what is shaping up to be a big Thursday with Taiwan Semiconductor and Netflix both reporting. I also want to give a shoutout to Graham Stephan, the YouTube creator and real estate investo...

JPMorgan reported a 13% year over year profit increase this morning, beating expectations with $49.8 billion in revenue. BlackRock beat on both earnings and revenue. Wells Fargo missed slightly on net revenue. I break down what these numbers mean, and as promised recap the Goldman Sach's earnings report. I also touch briefly on Bitcoin and Oracle. Rigatoni Capital is a daily morning podcast fo...