Imran Khan Isn't Worried About Nvidia's "Circular" Deals

This episode is sponsored by Fidelity Investments and the all-new Fidelity Trader+ platform. Try Fidelity’s most powerful trading experience yet: https://www.fidelity.com/investing/trading-platforms Fidelity Investments and Risk Reversal are not affiliated. Views, opinions, products, services, and strategies discussed are not endorsed or promoted by Fidelity Investments. Fidelity products or services discussed are offered by Fidelity Brokerage Services LLC, Member NYSE, SIPC. The trademarks and service marks appearing herein are the property of their respective owners. Dan Nathan sits down with Imran Khan, CIO and founder of Proem Asset Management, to break down one of the wildest weeks in tech earnings. They dig into Nvidia's latest quarter and why the stock keeps trading well below the market multiple despite the growth — and make the bull case for why that's about to change. From there: the increasingly circular web of financing between Nvidia, OpenAI, Microsoft, and CoreWeave, why OpenAI is building a chip to compete with its own biggest investor, and what Imran learned on a recent trip to South Korea about the memory market (Micron, SK Hynix, and the trade that's already up huge). They also unpack Salesforce's surprise post-earnings pop after Marc Benioff and Anthropic's Dario Amodei sat down with Jim Cramer, and close out with the question everyone's asking: are we in an AI bubble, and if so, who's left holding the bag? Articles Referenced - https://www.wsj.com/business/media/would-there-be-an-ai-revolution-if-there-were-no-nvidia-6d06e548 - https://www.wsj.com/tech/ai/nvidias-279-billion-supply-chain-gamble-cbe316d2 - https://www.wsj.com/tech/ai/nvidia-has-become-a-banker-to-the-ai-boom-putting-it-on-dangerous-ground-94c03545 - https://www.bloomberg.com/news/articles/2026-08-25/openai-claims-its-new-chips-can-outperform-nvidia-processors-in-tests Timecodes 0:00 - Intro 2:05 - Nvidia Earnings 18:35 - Compute Asset Class 26:05 - Taiwan Semi 28:35 - Micron & Memory 40:20 - Salesforce & SaaS 49:50 - Bubbles & Balance Sheets — FOLLOW US Instagram: https://www.instagram.com/riskreversalmedia/ Twitter: https://x.com/riskreversal LinkedIn: https://www.linkedin.com/company/riskreversalmedia #investing #stocks #stockmarket The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.