Gene Munster Believes It's Different This Time

**Guy Adami** (0:00)
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**Dan Nathan** (1:06)
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All right, welcome to a very special edition of the Risk Reversal Podcast. Because I have two of my favorite market prognosticators on this. That would be my co-partner here in crime. That's Guy Christopher Adami. Guy, how are you?

**Guy Adami** (1:48)
I'm well. How are you? All right.

**Dan Nathan** (1:50)
I have a guy that you know. You've known him for a very long time. He's been coming on CNBC's Fast Money for over 10 years. This would be Gene Munster.
He is the managing partner at Deepwater Asset Management. He's also been a massive, massive contributor to our podcast over the last five years. Gene, welcome back to the podcast.

**Gene Munster** (2:08)
You know, I say it every time. It's a thrill to be here and I appreciate you having me along for your magic carpet.

**Guy Adami** (2:14)
When do you announce the ownership of a Minnesota sports franchise?

**Gene Munster** (2:19)
Sounds like somebody's leaked some news to you.

**Guy Adami** (2:22)
Nobody leaked anything to me, Joe. I'm just curious.

**Dan Nathan** (2:25)
Wait, is that all that SpaceX money there? You've been talking about this for years. He's been a huge SpaceX bull, by the way. Okay, just want to be clear about that. So are you and Elon going to buy like the Vikings or something like that?

**Gene Munster** (2:38)
Well, all I can say is this, is two things. Number one is that Minnesota hasn't had a championship team. I'm 55 years old since I was born. Actually, two twins teams have. But for the most part, we're basically owned my lifetime.
That's number one. And number two, I don't even have a chance to even consider buying a team here. I would need many, many SpaceXes before I get there. That'd be fun. I think there's still a lot left in the AI trade. But for now, we're just going to observe these teams.

**Guy Adami** (3:04)
Noted. They'd be fortunate to have you as part of an ownership group regardless of the sports franchise. It is great to see you, Gene, by the way.

**Gene Munster** (3:12)
Great to see you, Guy.

**Dan Nathan** (3:13)
So by the way, this is special because you're here, obviously, Gene. This is going to be the last podcast that Guy and I do in this Current Studio. We've been in...

**Guy Adami** (3:23)
Current Studio and Current Studio.

**Dan Nathan** (3:25)
Correct.

**Guy Adami** (3:25)
The Current, Current Studio.

**Dan Nathan** (3:27)
We've been over here for, I think, three years plus. And our great friends and sponsor of the pod, Current, that'd be Stuart Sopp, CEO, co-founder, and obviously Trevor Marshall. They've done a bunch of pods with us. They're moving.
And you know who's just engulfing this whole building?

**Guy Adami** (3:43)
Palantir.

**Dan Nathan** (3:44)
It's Palantir.
And they're engulfing the building as Palantir is down nearly 50% from its all-time highs earlier this year. So maybe we'll talk a little bit about that. We got to talk about SpaceX. I know you've had a little quiet period. We're recording this Thursday into the close. And man, there is a crazy split screen going on right now. Apple is down nearly 5%. It was down 6.5% earlier. All the hyperscalers are getting smacked. But we have Micron up 20% after its blowout quarter in guidance. So Gene, let's start with Micron here a little bit. Because you have wavered a little bit, I want to say, in some of the hyperscalers. When I say wavered, you've gotten increasingly less bullish in them. I want to talk about what that trajectory has been for you. But you've also been a staunch bull on the semi-trade, which is something that I can speak for Guy right here. He and I have been sceptical of the memory and the storage in this last gasp of semis. So give us the 411 on Micron and what you think it means for, let's say, the broader semis in storage and memory.