The Wall Street Skinny

TWSS x CNBC's Dan Nathan & Guy Adami: "He Said She Said" | SaaSpocolyspe + Elon Musk's SpaceX / xAI Merger

Send us a textKristen and Jen are joined by Guy Adami and Dan Nathan of CNBC's Fast Money for the fifth installment of "He Said, She Said." The conversation kicks off with the so-called "SaaS Apocalypse" — the brutal selloff across software stocks — and unpacks how the market narrative shifted in just one week from "when will AI spending pay off?" to "what happens when AI destroys your core business?" The group debates whether the repricing is justified or overdone, digs into the credit market spillover with $17.7 billion in SaaS-related loans hitting distressed levels, and discusses what it all means for private credit exposure.From there, the panel takes on Bitcoin's collapse to $60,000 — roughly half its all-time high — and asks whether the "digital gold" thesis is officially dead now that crypto fell apart while precious metals hit records. They also break down the equity rotation into financials and energy, the irony of banks rallying on AI-driven deal flow while AI-adjacent companies crater, and what enterprise adoption of AI could mean for the hyperscalers longer term.The episode wraps with a look at Elon Musk's latest consolidation play, SpaceX acquiring xAI ahead of a rumored mega-IPO, and a macro check-in covering weak seasonals, a deteriorating jobs picture, rising 10-year yields, and the historical pattern of markets testing every new Fed chair.For a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HERE Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

Private Infrastructure Investing 101 feat. Billionaire Founder / CEO: Mike Dorrell of Stonepeak

Send us a textIn this Infrastructure 101 episode, we sit down with Mike Dorrell, co-founder, chairman, and CEO of Stonepeak, to unpack how infrastructure investing evolved from a niche corner of finance into one of the most important asset classes shaping the global economy. We walk through the origins of modern infrastructure investing --- from Macquarie’s early toll road and airport deals in Australia to the rise of private capital stepping in where governments once dominated --- and explain why infrastructure sits at the intersection of private equity, private credit, and project finance. Along the way, we break down what makes these assets unique: high barriers to entry, essential services, regulated cash flows, and long-duration returns.The conversation digs into the technical mechanics behind infrastructure deals, including project finance structures, equity versus credit exposure, the role of regulation and tax policy, and why governments are both critical partners and key sources of risk. We explore how infrastructure investors analyze energy markets, power pricing, traffic patterns, and permitting risk, and why changes in “the rules of the road” can make or break long-term investments. From municipal bonds to privatized airports, toll roads, utilities, and power plants, this episode connects the financial structures to the real-world systems people rely on every day.We also tackle the biggest theme driving headlines today: the AI data center boom. Mike explains why AI is accelerating massive investment across digital infrastructure and energy, what it means for power grids and electricity prices, and how investors distinguish between contracted, de-risked data centers and far more speculative builds. Woven throughout is Mike’s personal story --- from growing up in rural Australia to helping build a global infrastructure platform --- and a candid discussion of what it takes to build durable businesses, invest through cycles, and think long term about both capital and legacy.For a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HERE Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

Industry S4E5 Eyes Without a Face: The Thing Was Nothing

Send us a textSternTao goes to AccraFor a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HERE Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

TWSS x CNBC's Dan Nathan & Guy Adami: "He Said She Said" | Dollar Collapses, Hedge Funds and Gambling vs. Investing

Send us a textJen Saarbach & Kristen Kelly join the guys to discuss the decline in the US dollar, market sentiment and Gen Z's proclivity for gambling.For a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HERE Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.

Industry S4E4 "1000 Yoots, 1 Marilyn" | The "Leap of Faith" / Most Disturbing Episode Yet

Send us a textPerhaps the most painful and disturbing episode of Industry yet, this episode asks uncomfortable questions about the way easy access --- whether it be to high finance, drugs, or illicit content online --- reduces human experience to abstraction in a way that causes us all to be disassociated from our own lives. We see shifts in power in the C-suite at Tender that transform our triangles of love and control. Yasmin's position becomes nominally elevated, and she advocates for Hayley's promotion, but is ultimately left wondering who's manipulating whom in their relationship. And while she thought she was at the head of the love triangle with Hayley and Henry, we start to suspect that the real love triangle exists instead between the Mucks and Whitney, with Whitney at the helm. Whitney has also figured out how to maneuver Henry into effectively doing his bidding, helping him successfully navigate the launch of Tender's new app. Also, Pierpoint is back, and we get into the finer points of convertible bond issuance vs. "cocos". Finally, we see the paths of Jim Dycker and Rishi take a dark turn and ultimately collide. An off-the-cuff remark made by Dycker in the opening seconds about philosopher Soren Kierkegaard comes home to roost as these characters confront dark truths about themselves, culminating in a "leap of faith" that leaves us all hanging on the edge of our seats.For a 14 day FREE Trial of Macabacus, click HEREShop our Self Paced Courses: Investment Banking & Private Equity Fundamentals HEREFixed Income Sales & Trading HERE Wealthfront.com/wss. This is a paid endorsement for Wealthfront. May not reflect others’ experiences. Similar outcomes not guaranteed. Wealthfront Brokerage is not a bank. Rate subject to change. Promo terms apply. If eligible for the boosted rate of 4.15% offered in connection with this promo, the boosted rate is also subject to change if base rate decreases during the 3 month promo period.The Cash Account, which is not a deposit account, is offered by Wealthfront Brokerage LLC ("Wealthfront Brokerage"), Member FINRA/SIPC. Wealthfront Brokerage is not a bank. The Annual Percentage Yield ("APY") on cash deposits as of 11/7/25, is representative, requires no minimum, and may change at any time. The APY reflects the weighted average of deposit balances at participating Program Banks, which are not allocated equally. Wealthfront Brokerage sweeps cash balances to Program Banks, where they earn the variable APY. Sources HERE.