Last Call is a monthly market briefing for investors who want perspective, not headlines. Each episode, Matt Zeigler and Jack Forehand look back on what actually mattered in markets over the past month, then look ahead to what they’re watching next. Along the way, they’re joined by leading thinkers across macro, options and positioning, narratives, research, technology, ETF flows, and policy. No hot takes - just clear thinking about what’s changing and why it matters.
Last Call | A Different Kind of Market Wrap
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6 episodes
Updated Daily
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Podcast Overview
Last Call is a monthly market briefing for investors who want perspective, not headlines. Each episode, Matt Zeigler and Jack Forehand look back on what actually mattered in markets over the past month, then look ahead to what they’re watching next. Along the way, they’re joined by leading thinkers across macro, options and positioning, narratives, research, technology, ETF flows, and policy. No hot takes - just clear thinking about what’s changing and why it matters.
Language
🇺🇲
Publishing Since
1/31/2026
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Recent Episodes
July 3, 2026
Labor Market Cracks, Wild Fed Credibility Data and Semis Running Out of Pie | Last Call
<p>In this episode of Last Call, we look back at June 2026 and break down the biggest market stories shaping investors’ outlook for the second half of the year. Matt Zeigler and Jack Forehand are joined by Andy Constan, Ben Hunt, Brent Kochuba and Eric Pachman to discuss the SpaceX IPO, AI and semiconductor cyclicality, Fed credibility, options flows, labor market quality, crack spreads and inflation risk.</p><p>Main topics covered</p><ul><li><p>Why the SpaceX IPO became the biggest market story of the month</p></li><li><p>How index flows, ETF buying and hedge fund positioning shaped SpaceX trading</p></li><li><p>Andy Constan on why future earnings growth may be oversubscribed across AI stocks</p></li><li><p>Why AI spending is benefiting semiconductors, memory and chip equipment companies</p></li><li><p>The Fab Five companies behind semiconductor capacity and why they matter</p></li><li><p>Ben Hunt on Fed credibility, market narratives, gold, the dollar and trust</p></li><li><p>Brent Kochuba on options flows, correlation risk and volatility spasms in tech stocks</p></li><li><p>Why short-term options volume may signal excess speculation in QQQ and AI stocks</p></li><li><p>How SpaceX options trading changed after the first wave of retail excitement</p></li><li><p>Eric Pachman on why headline job growth may hide weakness in wages and job quality</p></li><li><p>Why crack spreads, refining constraints and oil logistics may matter more for inflation than crude prices alone</p></li><li><p>What investors should watch next in AI, semiconductors, memory, innovation and market cycles</p></li></ul><p>Timestamps</p><p>00:00 Intro<br />01:02 Matt and Jack introduce Last Call and the June market review<br />03:05 Why SpaceX dominated the month and how the IPO traded after opening<br />07:33 Andy Constan on Fab Five Freddy eating the semis<br />10:35 Why future earnings growth may be oversubscribed across the stock market<br />13:35 How AI compute spending flows through chips, fabs and semiconductor equipment<br />17:45 Are parts of the semiconductor market showing signs of an earnings bubble?<br />20:12 Ben Hunt on the Fed credibility chart that surprised him<br />23:50 Why Fed credibility, Sell America, gold and the dollar are connected<br />29:48 Brent Kochuba on options flows behind AI stocks, semis and SpaceX<br />33:36 Why semiconductor volatility may be warning of a short-term reset<br />38:46 What SpaceX options trading says after the initial surge<br />42:12 Eric Pachman on jobs, wages and what the Fed may be missing<br />48:24 Why crack spreads matter for oil, refining, gas prices and inflation<br />55:28 What to watch next in AI, semiconductors, memory demand and market cycles<br />59:01 Why efficiency, competition and cyclical thinking matter for AI investors<br />01:03:02 Matt and Jack close the episode</p><p><br /></p><p></p>
May 30, 2026
The AI Trade Has a Problem | Ben Hunt, Brent Kochuba and Aahan Menon on What Could Derail It
<p>In this episode of Last Call, we break down one of the most confusing market backdrops in years: AI-driven earnings optimism, rising oil and inflation risk, stretched options positioning, and the market impact of a potential SpaceX IPO. Jack Forehand and Matt Zeigler are joined by Aahan Menon, Ben Hunt, and Brent Kochuba to examine what macro data, political narratives, options flows, and index mechanics are saying about where markets could go next.</p><p><br />Topics Covered:</p><ul><li><p>Why markets are looking through war, oil shocks and valuation concerns</p></li><li><p>How earnings estimates are driving sector performance in the AI trade</p></li><li><p>Aahan Menon on growth, inflation, oil prices and macro regime signals</p></li><li><p>Why demand destruction from higher energy prices can take longer than investors expect</p></li><li><p>What a rising growth and rising inflation regime can mean for stocks, commodities and bonds</p></li><li><p>Ben Hunt on World War AI and the collision between AI market optimism and political backlash</p></li><li><p>Why opposition to AI data centers could become a major market and election issue</p></li><li><p>Brent Kochuba on call buying, implied volatility and signs of options market froth</p></li><li><p>Why CORE 1M and skew signals may be warning of a downside spasm</p></li><li><p>How the SpaceX IPO could affect index flows, active managers and mega-cap stocks</p></li></ul><p>Timestamps:<br />00:00 Intro: AI, inflation and options risk in one market<br />05:40 Earnings estimates, AI optimism and why fundamentals still matter<br />10:31 Aahan Menon on a difficult macro backdrop<br />15:29 Why energy shocks and demand destruction take time<br />20:24 Why inflation can persist even if the oil shock eases<br />24:47 Ben Hunt on World War AI and the AI resource build-out<br />30:00 AI CapEx as the pillar holding up market optimism<br />34:00 The political backlash against AI data centers<br />38:00 Why data center opposition matters for markets<br />42:09 Why price action can distort the AI narrative<br />47:48 CORE 1M, stretched call prices and downside spasm risk<br />52:00 Why Nasdaq options are priced for upside crashes<br />56:11 Index rules, human judgment and the SpaceX IPO<br />01:00:34 The free float problem and rebalancing pressure<br />01:05:22 Space data centers, valuation and the size of the AI opportunity</p><p></p>
May 1, 2026
We Asked Four Experts Why Bad News Can't Break This Market — And Whether It Will
<p>This episode of Last Call breaks down one of the most confusing market environments in recent memory: why stocks continue to rise despite war, oil shocks, and growing macro risks. Through conversations with Jim Paulsen, Ben Hunt, Kevin Muir, and Brent Kochuba, we explore the tension between strong earnings, hidden risks in private credit and global growth, and the powerful role of flows and positioning in driving markets higher.</p><p>Topics Covered</p><ul><li><p>Why markets are ignoring war, oil shocks, and geopolitical risk</p></li><li><p>The “supernova” risk in private credit and why it hasn’t hit markets yet</p></li><li><p>How supply-driven inflation differs from 1970s-style demand inflation</p></li><li><p>Why pessimistic sentiment may actually be supporting markets</p></li><li><p>The role of earnings growth and valuation resets in fueling the rally</p></li><li><p>Bull vs bear case for markets based on macro, earnings, and positioning</p></li><li><p>Why free cash flow trends may be more concerning than earnings</p></li><li><p>How options flows and dealer positioning are suppressing volatility</p></li><li><p>The AI capex boom and its impact on market leadership and breadth</p></li><li><p>The growing divide between Mag 7 earnings and the rest of the market</p></li></ul><p>Timestamps</p><p>00:00 Intro and market overview<br />01:37 Why markets are not falling despite negative news<br />03:00 Buy-the-dip behavior and earnings resilience<br />06:11 Ben Hunt on “supernova” risks in private credit<br />08:00 Hidden credit crunch in middle market companies<br />10:24 Why private credit matters for economic growth<br />14:10 Oil supply shocks and global growth risks<br />17:00 Why markets can ignore risks before they appear<br />18:48 Jim Paulsen on market resilience and sentiment<br />20:00 Why pessimism may reduce downside risk<br />22:24 Inflation vs labor force growth framework<br />24:00 Why current inflation is supply-driven, not demand-driven<br />26:00 Potential shift from inflation focus to growth focus<br />29:11 Kevin Muir on bull vs bear market setup<br />31:00 War impact on rates, oil, and positioning<br />33:00 Fed reaction and shifting rate expectations<br />35:00 Why earnings remain the dominant market driver<br />37:00 Why geopolitics often doesn’t move markets<br />40:00 Bear case: weak free cash flow and employment risk<br />44:26 Brent Kochuba on options flows and positioning<br />47:00 Why markets ignore rising rates and oil<br />49:00 Call buying, dispersion, and tech leadership<br />51:00 Energy as both hedge and AI-driven opportunity<br />54:00 Correlation, volatility, and market structure<br />56:00 Dealer positioning and suppressed volatility<br />58:00 Earnings strength and narrow market leadership<br />01:01:00 Free cash flow vs earnings debate<br />01:01:55 AI capex and long-term market implications</p><p></p>
6 total episodes available
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