Theme · Markets
Nasdaq: what the voices are saying
Where the voices stand
BullishLatest views: 1 bullish, 0 neutral, 0 bearish. Counted only where Nasdaq was the subject of the claim; 6 passing mentions not counted.
The read
Voices lean constructive on the Nasdaq as a tech bull market, though some flag overbought conditions and drawdown risk.
Raoul Pal argued that debasement lifts asset prices around 8% a year or more, and that Bitcoin, the Nasdaq and the S&P are among the few assets to have cleared that hurdle.[1][2] Raoul Pal said technology is in a bull market and wins at almost every time horizon, but the Nasdaq signal has been take-profits after it became dramatically overbought, so it is not yet the time to add.[3] Raoul Pal also described crypto as very cheap versus the Nasdaq, having hit two standard deviations oversold on the ratio, and said he had reallocated some tech into crypto.[4] Scott Melker's guests Gracy Chen and Arjun Sethi tied the Nasdaq mainly to market structure: Chen warned that mega IPOs such as SpaceX, Anthropic and OpenAI could dump a huge amount of stock supply on the market, while Sethi said Kraken is working with Nasdaq on issuer-sponsored tokenized shares.[5][6]
Where they disagree
Raoul Pal sees a risk-on expansion where tech keeps compounding, while on Scott Melker's panel Dave said the stock market could easily see a 20% drawdown after the election and Mike advised getting out of risk assets.[4][7]
Sources (7)
- Raoul Pal: The Everything Code: Debt, Demographics and Liquidity (Ch. 1) (Oct 26, 2026) · watch
- Raoul Pal: Raoul Pal: Four Frameworks, One Code (Oct 25, 2026) · watch
- Raoul Pal: Raoul Pal: My Entire Macro Framework, Explained (Oct 22, 2026) · watch
- Raoul Pal: The Secret to Long-Term Investing with Raoul Pal (Oct 15, 2026) · watch
- Scott Melker: Bitcoin Could Swing 30% Either Way In The Next Two Months | Gracy Chen (Oct 24, 2026) · watch
- Scott Melker: Crypto Is About To Change How You Buy Stocks Forever | Arjun Sethi (Oct 18, 2026) · watch
- Scott Melker: Bitcoin And Gold Are Both LOSING In 2026 - Why? (Oct 26, 2026) · watch
Each voice's latest take
| Voice | Stance | What they said | When |
|---|---|---|---|
| Raoul Pal | Very bullish | The Exponential Age tech trade is working, with a June 2022 Nasdaq call up 151% at its best point, and the Exponential Age index is above 40,000 times its January 2020 level. | 4 days ago |
Every mention
- Only technology and crypto have consistently outrun the printer, with Bitcoin, the Nasdaq and the S&P clearing the debasement hurdle.
“Only two things have outrun the printer with any consistency, technology and crypto.”
- Peter warns that volatility-suppression strategies could unwind quickly and cause an ugly rapid downturn.
“if it breaks it gets really ugly very quickly”
- Asset prices grow with debasement at roughly 8% a year, and only Bitcoin and the Nasdaq/S&P tech giants have consistently cleared that hurdle.
“Only two things have outrun the printer with any consistency, technology and crypto.”
- The Exponential Age tech trade is working, with a June 2022 Nasdaq call up 151% at its best point, and the Exponential Age index is above 40,000 times its January 2020 level.
- Tokenization of real-world assets, including NYSE and Nasdaq moves, is a major growth area for crypto.
- Technology is in a bull market and wins at almost every time horizon.
“Now we're in a technology bull market, so technology wins at almost every level.”
- The Nasdaq signal has been take-profits as it became dramatically overbought, so it is not yet the time to add.
“because it got dramatically overbought. It's starting to come down from its overboughtness.”
- Kraken is working with Nasdaq on issuer-sponsored tokenized shares and is targeting something next year.
“we're working with, you know, Nasdaq and, you know, targeting something for next year”
- Technology and crypto will outperform the debasement of currency because they are in secular uptrends driven by adoption.
“technology and crypto outperform the debasement of currency and that we're in secular uptrends due to adoption”
- Crypto is very cheap versus Nasdaq, having hit two standard deviations oversold on the ratio, so he has reallocated some tech into crypto.
“So crypto is very cheap versus NASDAQ. Both are in secular uptrends.”
- Asset returns track ISM year-on-year changes, so an expanding business cycle supports rising markets broadly.
Frequently asked questions
Are investors bullish or bearish on Nasdaq?
On balance the voices Read on Risk follows are bullish on Nasdaq: of their latest views, 1 bullish, 0 neutral and 0 bearish (as of Oct 29, 2026).
What does Raoul Pal think about Nasdaq?
The Exponential Age tech trade is working, with a June 2022 Nasdaq call up 151% at its best point, and the Exponential Age index is above 40,000 times its January 2020 level. (Very bullish, Oct 25, 2026.)
Often discussed alongside
Read on Risk summarises what other people said in public videos and podcasts. Summaries are generated by AI and checked by code against the transcript, but can still be wrong; follow the source links before relying on anything. This is not investment advice and nothing here is a recommendation to buy or sell. Disclaimer ·How this works