He just opened his own modern merchant

bank along with several Wall Street

veterans. Yorkville I & Co. partner and

senior managing partner Dan eye's here.

Did I get all that right, dude?

>> Dude, that's

>> You seem like the same guy to me, man.

Like it's good.

>> I'm I'm the [laughter] same guy.

>> You're the same guy.

>> Exactly.

>> How's it feel like you have your own

name on the building now? I mean, it's

pretty cool.

>> Look, me and you have known each other

for decades. And and look, for me, from

a Wall Street perspective, it's like

this was the evolution and the next step

in my career. Because I wanted to do

something to really build what I believe

in when talking about modern merchant

bank, Yorkville I's, that could

transform Wall Street. Because I see the

gaps. And when we when we talk about AI,

energy, infrastructure, it's to build a

one-stop-shop bank. And that's something

I'm just so excited about. And

especially, you know, I get a lot of

questions like my role. I'm still be

covering tech stocks, the same, you

know, a lot of the the names that we're

very familiar with. But this is really

to sort of build something ground

>> the millions of and millions and

millions of people in your audience that

have followed your work for many years.

They may not be familiar with a merchant

bank. Like, what is that? And how will

this

be different than what you were doing

before?

>> Yeah, and if you go back to like Robbie

Stevens, Thomas Weisel,

>> Yeah, Thomas Weisel.

>> the some of the early days of Jefferies

with Handler, like what he did. Look, a

merchant bank is basically, okay, you

have research, you have banking, you

have trading, but you actually have

capital that you could ultimately

alongside you have partners, whether

it's investing, whether it's ultimately

skin in the game as well. And I think

the the reason merchant bank is so

important, private companies, public

companies, okay, it's very easy to say

you should do X, Y, and Z, whether

that's on as a banker or an analyst.

This is to really have a company that

has all those, you know, all those skill

sets that companies from private to

public could come to us

and ultimately take them through that

journey. And we're, you know, we've

already done a number of hires. We have

many more, you know, interested in

coming in. Because look, this is

something where I I I really truly

believe there's it's seen around the

corner where I think there's a huge gap.

>> So, all new firms of this kind they

launch with bull calls. Are you have you

initiated coverage on any names and like

what are some of the biggest things

you're going to you're going to come out

of the gate with?

>> Yeah, again when I initiate I'll be

right here.

>> I appreciate [laughter] that. You better

be.

>> I am look

the fourth industrial revolution as I've

talked about

I could argue if I felt like we are in

the seventh, eighth inning I don't even

know maybe that I would have done this,

right? It speaks to my view third inning

one out, man on first.

And you know, that's something that fits

into so many of my themes whether it's

on AI, infrastructure, cybersecurity,

software. Look at what Apple's done,

right? He I mean if you go back to the

haters,

you know, they look at Apple and they're

like oh they're out of the AI game, but

you know, I don't know the price target

right now, but just look at that stock

today, okay?

>> Yeah.

>> So, it just speaks to my view there's so

many opportunity I think investors are

still underestimating the scale and

scope of this broad theme.

>> All right, let's talk some stocks. I

imagine you have a little more leeway

now than what you did in your prior

firm. SpaceX below its IPO price. What

do you think?

>> I mean look, we've talked about it if

you go back to look at Amazon on the

IPO. Look at Facebook on the IPO. If you

look at these with the lockups and

especially with this and a lot of the

indexing over the course of months

there's going to be a lot of volatility,

but I think investors that are looking

at SpaceX they're saying okay, what

could this be over the next two, three,

four, five years? And it's hard to say

fourth industrial revolution without

SpaceX, but any company like a SpaceX

the valuation support is not there.

>> I mean do you think a SpaceX goes the

way you mentioned Meta goes the way of

then Facebook where the stock was I mean

from the time of the IPO for maybe 18

months after it was it was dead money.

It went straight down. Could that happen

with SpaceX?

>> But Zuckerberg pre-jiu-jitsu, okay, even

though he wasn't as as jacked as he is

today.

>> jacked.

>> He is pretty jacked.

>> Almost as much as me.

>> Yeah, almost almost. I'd actually I'd

put you above him.

>> [laughter]

>> But that could be another show.

>> high T.

>> That could be a whole 'nother show.

Okay. So, but the reality is like when

you look at what Zuck did and you know,

what the team, they had execute. I mean

that the reality is when these companies

go public, whether it's what SK did last

week, whether it's SpaceX, whether it's

Anthropic, OpenAI, look, the the golden

path there, you have to execute. And if

you execute, everything else works

itself out. But that's that's the risk

and reward for any of this.

>> Is that that Is this the moment in

SpaceX where

if you sell it here, 5 years from now,

you're like, what the hell was I

thinking?

>> Look, and I think that look, you're

going to have both sides of that, right?

Like in terms of how investors view it.

I mean, I think it just comes down to to

a name like SpaceX.

They're they're going to be central to

this broader theme that we see in terms

of AI revolution because it's also my

view when it comes to Musk. Like Tesla

I've talked about, you know, the chances

are over 80% we talked about before that

they were going to acquire Tesla. And

this is this is essentially Musk. It A

lot of it is really it's betting on

Musk. It's betting on Musk as much as it

is SpaceX. I think that's what so many

investors are doing.

>> Yeah, outside SpaceX, we are seeing

large sell-offs in Micron and SanDisk.

And on the one hand, Dan, I I get it.

These momentum stocks, we got a little

whiff of a Fed rate hike, those names

are going to probably unwind those

gains. But I look at the fundamentals of

both of these companies, and I it's hard

to make the case that SanDisk is worth

30% less today than it was a month ago.

>> Yeah, I think part of what's happened,

look, the golden child of this AI

revolution, you know, it was the last

few months, It's memory stocks. I mean,

a lot of times if you go to You you

mentioned Cosby 2 years ago, someone

would have to Google it.

>> [laughter]

>> Now Cosby, New York City cab driver you

>> We start our whole day with look at the

Cosby.

>> Dude, cab driver coming here, he's

looking at the Cosby.

So the point is is that it just shows

memory stocks have really been front and

center. So I think you're seeing

basically a maybe a little bit of a

rotation there. But then I'd argue on

the other side Look at where like

Nvidia, what's happening to that stock?

Look at Microsoft. Look at you know, you

you just have Buffett with Alphabet. I

mean, look what's happening in terms of

that name. So I do think that we're

going to continue and we've talked about

it over the years like we're going to go

through these rotations in this AI

revolution as it plays out. But as you

know better than anyone, it comes down

to earning season. You have to show the

monetization piece. Cuz right now it's

just cap backs. You need to monetization

piece as that plays out.

>> Is Palantir still the messy of of AI?

And then

aren't they a when when Palantir reports

soon

isn't that report going to be so strong

that they're going to just destroy the

short sellers? Like Palantir every

single quarter they've reported since

they've gone public has been pretty damn

good at least to me.

>> The Karp's playing a different game.

>> Alex Karp.

>> Okay, and I think it but it's not just

about Karp, Palantirians you know, there

was like it's something where from the

outside I think investors they're

starting to appreciate but I I think if

you for really many years you know, when

that stock was you know, in kindergarten

or junior high school, right? And then

you know, and a lot of the investors

were saying like you know, it deserved

to be there and then all of a sudden

triple digits, you know, you saw what

happened.

I think Palantir it's hard to say that

the AI revolution happens without a name

like Palantir.

>> Sure.

>> Cuz what they're doing on enterprise,

cuz what they're doing on the you know,

obviously on the government side.

But for them it's the same thing. It's

just as stocks go up, expectations get

out there. But for them it's an

execution story. And I I just think

Palantir is still as you think about the

ripple effect, the software piece is

still to come.

>> At this new firm,

theoretically it is going to be where

you're going to get to cover OpenAI and

Anthropic going public, whether it's

later this year or early next year.

Would you launch coverage in advance of

that happening as we as we've seen some

shops do and what are your thoughts on

an OpenAI and Anthropic?

>> Yeah, and I've seen when it comes I mean

I've never done that before, but we got

>> I never did that.

>> Yeah, but but again it's like I

understand I think in this in this new

age I mean we talk about it in the age

of AI. We're going to see like a lot of

things. You and me and you that have

done this for decades, there's going to

be new ways that companies are covering

in terms of the way it's approached.

Look, my view in terms of OpenAI and

Anthropic that it's it's really

foundation of the AI revolution. And I

do believe as these companies ultimately

go public just like SpaceX I actually

think it's better for the market. It's

transparency. I actually think that's

very healthy for the just broader tech.

And but then for them it just comes down

to like who gets out first

what you know relative to the the

different views in terms of what

Anthropic's done with the models

obviously versus OpenAI in terms of what

Altman's done and you look at the Apple

lawsuit and I think that just speaks to

less about the lawsuit but just choose

the arms race.

It's happening across the board. It's

not just two companies, right? You're

going to start seeing a lot of

converging in this AI revolution.

>> Uh it's good to see you. Uh and

really um congrats on your new firm. You

got to give me one of those jackets too.

>> I Look, I I I want to get you a jacket

like this, you know, especially with

your jacket

>> Sign it. I need I need to I need you to

sign it though.

>> And then you wear it with one of your

size t-shirts.

>> And then the glasses. I think that's the

look. And the Corvette.

>> Yours your yeah. Your success is well

deserved and good to see you, man.