steven fiorillo
Big Tech Earnings Preview with Matt and Steve
10/26/2025, 5:57:08 PM
Economic Summary
- Midstream energy infrastructure has a durable moat because permitting, land, and built pipelines make new entry extremely difficult; incumbents like Kinder Morgan (KMI), Enbridge (ENB), and Enterprise Products Partners (EPD) should benefit from stable distributions and limited competition.
- The market is focused on the Fed meeting and potential rate cuts; a lower rate environment would likely boost many companies and risk assets, while no cut or a smaller-than-expected cut could pressure tech and growth names and slow a rally.
- U.S. upstream oil and gas production is at record highs and is expected to keep growing to meet demand from new industries (for example, planned data centers), supporting energy producers and related infrastructure companies (e.g., Chevron CVX, Exxon XOM, Hess HES).
- The alternative-assets space (sports cards, TCGs) is professionalizing: celebrity involvement, institutional-style indexes (e.g., Kevin O'Leary's index/WonderShine), and secondary market price appreciation point to expanding investor interest and possible tokenization.
Bullish
- Pipeline and midstream companies benefit from very high barriers to entry, stable cash flows, and limited new competition.
- Lower interest rates would likely boost valuations across many companies, including tech and cyclical names.
- Sports cards and collectibles are institutionalizing (indexes, celebrity-backed shops), expanding investor demand and tokenization potential.
Bearish
- Speculative names can plunge 70-80% in downturns, risking concentrated portfolios.
- If the Fed doesn't cut rates as expected, tech and risk assets could suffer near-term.
- Alternative asset markets (sports cards) may face illiquidity and valuation opacity despite headline sales.
Bullish tickers
KMIENBEPDCVXXOMHESBTCTOPPSCARDVAULTFANATICSWONDERSHINEAMZNGOOGLMETA
KMI
Bullish
High barriers to entry and existing pipeline footprint support stable distributions and potential re-rating.
Bearish
Exposed to energy cycle and commodity-driven cashflow volatility; regulatory or tariff changes could pressure returns.
ENB
Bullish
Large, entrenched infrastructure with steady fee-based cash flows and limited new competition.
Bearish
Subject to regulatory and cross-border pipeline risks and commodity-related throughput declines.
EPD
Bullish
Extensive midstream assets and contracts enable consistent distributions and defensive cash generation.
Bearish
Commodity demand swings and regulatory shifts could reduce throughput and distribution coverage.
CVX
Bullish
Well-run integrated energy company; market awaits consolidated-quarter results that could validate earnings quality.
Bearish
Oil price weakness or a recession could hurt earnings despite company scale.
XOM
Bullish
Scale and diversification across upstream and downstream support resilience and shareholder returns.
Bearish
Macro demand shocks and lower oil prices would pressure profitability.
HES
Bullish
Management and asset base noted as high quality; seen as a strong E&P business with buyout interest historically.
Bearish
M&A speculation and oil price swings add earnings uncertainty.
BTC
Bullish
Continuing momentum and periodic breakouts attracting attention; seen as pumping in current discussion.
Bearish
High volatility and occasional sharp pullbacks make timing and exposure risky.
TOPPS
Bullish
Strong secondary demand for jumbo boxes and TCG releases has driven rapid price appreciation.
Bearish
Secondary market price spikes may be unsustainable and subject to retail-driven volatility.
CARDVAULT
Bullish
Celebrity-backed retail (Tom Brady) increases mainstream adoption and retail distribution of high-end cards.
Bearish
Private, concentrated ownership and limited public liquidity could make valuations opaque.
FANATICS
Bullish
Large platform and events (Fanatics Fest) are accelerating mainstream and retail engagement in collectibles.
Bearish
Private ownership and aggressive retail expansion carry execution and capital risks.
WONDERSHINE
Bullish
Institutional-style index buying mega-grails, signaling growing institutional interest in sports-card investing.
Bearish
Index valuation methodology opaque; concentrated, one-of-one holdings may be illiquid.
AMZN
Bullish
Major tech name to be monitored in upcoming earnings recap alongside Alphabet and Meta.
Bearish
Sensitive to macro slowdown and discretionary spending weakness.
GOOGL
Bullish
Core tech franchise likely to benefit from easing financial conditions and strong ad/margin recovery.
Bearish
Ad market weakness or Fed-driven volatility could dent near-term performance.
META
Bullish
Large user base and ad platform could rebound strongly if rates ease and ad spend returns.
Bearish
Ad revenue sensitivity and regulatory/privacy risks remain concerns.
People mentioned
MattSteveRobTy WilsonTom BradyKevin O'LearyMichael RubinAmitKenEliAlex RodriguezDerek Jeter