Speaker · Updated
Brian Kelly: latest market views
BKCM LLC
Summary
Brian Kelly is the founder and CEO of BKCM LLC, a digital-asset investment firm, author of 'The Bitcoin Big Bang', and a longtime CNBC crypto contributor who is also associated with Bracket 22.
Chorus has 19 views from Brian Kelly across 2 episodes on CNBC Fast Money since November 5, 2026. Their latest calls: bullish on Bitcoin, Cerebras Systems, Figure AI and Okta; bearish on NVIDIA.
Where they stand
Their latest bullish or bearish call on each company.
- BitcoinBullish ·
- Cerebras SystemsBullish ·
- Figure AIBullish ·
- NVIDIABearish ·
- OktaBullish ·
- AccentureBullish ·
- Alibaba Group HoldingBullish ·
- Circle Internet GroupBullish ·
- Palantir TechnologiesBullish ·
What they talk about most
- AI infrastructure & data centers · 4
- Bitcoin · 2
- Stablecoins & crypto policy · 2
- Circle Internet Group · 2
- Cerebras Systems · 1
- Figure AI · 1
- NVIDIA · 1
- Okta · 1
- US Treasuries & yields · 1
- Accenture · 1
- Alibaba Group Holding · 1
- Palantir Technologies · 1
The latest views
Newest first. Every quote is checked against the episode's transcript.
NVIDIABearish
Anthropic's AMD chip work threatens Nvidia's lead as AI redesigns how it operates.
Kelly points to Anthropic's announcement that Claude taught itself to use AMD chips over Nvidia's. He argues this will create an acceleration effect, with more intelligence per chip as AI redesigns how it operates. That threatens Nvidia's lead, even though the stock is already down a lot.
“Anthropic announced that Claude had taught itself how to use AMD chips over NVIDIA. So, I mean, when you're talking about this acceleration effect... I think NVIDIA's lead was certainly threatened.”at 10:40
CNBC Fast Money: Nvidia Fallout, AI Financing Risk and Apple’s Safe-Haven Surge 11/12/26 ·
OktaBullish
Okta benefits from exponential growth in onboarding AI agents at companies.
Kelly describes Okta as a company that onboards new employees and gives them credentials. He says it now has exponential growth onboarding AI agents at many companies. He sees the agentic economy as an exponential growth curve that is just beginning, and says Okta is a better play than worrying about chip share.
“...like Okta, O K T A, right? This is a company that basically onboards new employees... But now they've got exponential growth onboarding agents at all these companies.”at 13:06
CNBC Fast Money: Nvidia Fallout, AI Financing Risk and Apple’s Safe-Haven Surge 11/12/26 ·
Two-year and ten-year yields likely rise further on global growth and inflation pressure.
Kelly says the two-year rate looks like it wants to go much higher, and the ten-year rate will go higher too. He points to global growth, including stronger UK GDP attributed to AI. He adds the inflation factor, citing oil and the dollar. Together these support higher rates.
“Anyway, back to the two year rates. They actually look to me like they do want to go much, much higher here. Even the ten year rate goes higher.”at 23:07
CNBC Fast Money: Nvidia Fallout, AI Financing Risk and Apple’s Safe-Haven Surge 11/12/26 ·
Cerebras SystemsBullish
Inference demand will grow far faster than other data center uses, making Cerebras an attractive play.
Kelly argues inference will grow a lot more than the rest of data center demand, and the hyperscalers are already buying it. He prefers going down the stack to chips like Cerebras and Cisco rather than training-chip names. He acknowledges that valuation caught up with the stock during the tech selloff.
“I mean, inference is going to grow a lot more. We talked about the hyperscalers. I think this is one way to do it.”at 27:27
CNBC Fast Money: Nvidia Fallout, AI Financing Risk and Apple’s Safe-Haven Surge 11/12/26 ·
AI infrastructure & data centers
Data center build costs are rising from community demands and banks pulling back on loans.
Kelly expects the cost of building data centers to rise. Politicians will require more community benefits, possibly including more solar. Lenders, which he refers to as banks, are likely pulling back on many of their loans. He also mentions the possibility of a too-big-to-fail bailout for AI companies, but says he is not claiming that is happening. Higher costs are a problem for AI growth, which he says depends on this buildout.
“So the cost to build these things are going to go up, which is going to be a problem.”at 40:38
CNBC Fast Money: Nvidia Fallout, AI Financing Risk and Apple’s Safe-Haven Surge 11/12/26 ·
BitcoinBullish
Bitcoin may bounce from around $67,000 after a selloff that Master news accelerated.
Bitcoin has sold off sharply, and Master news accelerated the decline toward roughly $67,000. Kelly sees that level as a possible bottom, and he will watch for a bounce there. His view is tactical and near term. He is unsure whether the growth of on-chain finance will benefit the Bitcoin token itself or only related equities.
“it somewhere around maybe the $67,000 level to me looks like, Hey, maybe this thing bounced. That's where I'm going to be looking to see if there's a bounce.”at 42:01
CNBC Fast Money: Nvidia Fallout, AI Financing Risk and Apple’s Safe-Haven Surge 11/12/26 ·
Figure AIBullish
Figure's on-chain HELOC lending and 11% earnings growth make it a bullish fintech name.
Figure takes home equity lines of credit and puts them on chain, which Kelly sees as an early example of finance moving onto blockchain rails. The company reported strong earnings that day, with revenue or earnings up 11%. Kelly expects the company to extrapolate that growth as more assets move on chain.
“And you look at a name like today, like Figr... They basically are taking HELOCs and putting them on chain. They had tremendous earnings today, up 11%, and they're going to extrapolate that.”at 42:04
CNBC Fast Money: Nvidia Fallout, AI Financing Risk and Apple’s Safe-Haven Surge 11/12/26 ·
Finance moving on chain will replumb the financial system into a huge growth curve.
Kelly sees the big trend as finance moving on chain. Lending, securities and other assets will be tokenized, which will rebuild the financial system and let people do things that were not possible before. He calls this a huge growth curve. He is unsure whether the value from this growth flows to tokens like Bitcoin, Ethereum or Solana or to listed equities, which is why he prefers securitized and equity exposure.
“to me, what the big trend here is all of finances coming on chain. You're going to replumb the entire financial system.”at 42:04
CNBC Fast Money: Nvidia Fallout, AI Financing Risk and Apple’s Safe-Haven Surge 11/12/26 ·
Palantir TechnologiesBullish
Palantir, down sharply today, is still a stock he likes as an AI user.
Palantir fell quite a bit today, but Brian still likes it. He puts it in the same group as Accenture: companies that are using intelligence, which is getting cheaper, and transforming their businesses, rather than companies selling the intelligence that sold off.
“I know Palantir was down quite a bit today, but even a Palantir is something that I like. These are all people that are using the intelligence.”at 5:03
CNBC Fast Money: Stocks Drop After Post-Election Rally… And The Future Of The AI Trade 11/5/26 ·
AccentureBullish
Accenture is a buyer's pick: an AI user whose work gets better as intelligence gets cheaper.
Brian wants to be a buyer of intelligence rather than a seller of it. Companies that sell AI are what fell today, but companies like Accenture are using intelligence, which is getting cheaper, and transforming their businesses. He would look at those names for buying after the sell-off.
“if I can use it so I can be somebody like an Accenture... These are all people that are using the intelligence. It's getting cheaper and they're transforming companies.”at 5:03
CNBC Fast Money: Stocks Drop After Post-Election Rally… And The Future Of The AI Trade 11/5/26 ·
AI infrastructure & data centers
Demand for intelligence compute will stay robust, so installed compute stays valuable despite the sell-off.
Brian says hyperscalers rallied yesterday because installed compute would become more valuable, and he still sees that as a trade. Chips are piling up because power and cooling can't be obtained, and some capacity won't come online, but he thinks demand for intelligence compute is going to be robust. He separates the market situation from demand for the underlying product.
“I still think that's a trade... I think the demand for intelligence compute is going to be robust.”at 8:17
CNBC Fast Money: Stocks Drop After Post-Election Rally… And The Future Of The AI Trade 11/5/26 ·
Fed unlikely to hike through 2027 if data center spending slows; falling gold and dollar signal lower rates.
Gold up and the dollar down signal that the market expects lower rates and that the Fed may be done. If data center spending starts to slow, the Fed will not be on a hiking cycle and will not hike two or three times through 2027. Brian says that is what the market is reflecting.
“Maybe the Fed is done here. They're certainly not going to be on a hiking cycle if data center spend starts to slow down. They're not going to be, you know, hiking two, three times through '27.”at 12:28
CNBC Fast Money: Stocks Drop After Post-Election Rally… And The Future Of The AI Trade 11/5/26 ·
AI infrastructure & data centers
Government likely to backstop the AI build-out within about six months, since it is a national security priority.
Brian argues the AI build-out is too important to national security, especially against China, for it to fail. He expects some form of bailout if the sell-off gets really bad, such as the US government buying AI debt or taking shares, as companies already do with individuals. He frames it as a possible trade that could play out within about six months.
“We cannot get behind China... you cannot get behind China. So why wouldn't you give a bailout? ... The US government perhaps maybe buys AI debt. You get shares”at 13:07
CNBC Fast Money: Stocks Drop After Post-Election Rally… And The Future Of The AI Trade 11/5/26 ·
AI infrastructure & data centers
Building a data center in 2027 will cost more than today, with more community spending.
Brian says data centers are going to be more expensive: more has to go to communities, and there is more demand for green power, so it will cost more to build a data center in 2027 than today. He takes the positive view that more spending means more GDP and more economic growth.
“it's going to cost more to build a data center in 'twenty seven than it is today. But if you want to take the positive of that, more spend is more GDP is more economic growth.”at 15:00
CNBC Fast Money: Stocks Drop After Post-Election Rally… And The Future Of The AI Trade 11/5/26 ·
Alibaba Group HoldingBullish
Alibaba is a great trade: cheap valuation, a clear level to trade from, and China's no-new-stock stance.
Brian sees Alibaba as a great trade because there is a clear level to measure against, such as last week's low or the June low. Its business model differs from US players: it gives away its model for free and charges customers to rent server space. Valuations are low, and China has said it won't issue more stock and wants its market to go up, which he calls a macro tailwind.
“No, I think it's a great trade here in Alibaba because you've got something to shoot against... They're giving away the model for free and you've to rent their server space.”at 26:36
CNBC Fast Money: Stocks Drop After Post-Election Rally… And The Future Of The AI Trade 11/5/26 ·
BitcoinBullish
Bitcoin's drop just tracked the Nasdaq, not new sellers; crypto held up well in the downturn.
Bitcoin's beta to the Nasdaq is about one, so the roughly 5% drop matched the Nasdaq's 5% fall. He reads that as market-related selling, not new sellers or concern about what Democrats will do. He is encouraged by how crypto and crypto stocks traded broadly in this downturn.
“Bitcoin today, it's beta the Nasdaq's about one to one, right? So down 5%, Nasdaq down 5%... this was just market related, not new sellers coming in”at 30:00
CNBC Fast Money: Stocks Drop After Post-Election Rally… And The Future Of The AI Trade 11/5/26 ·
Circle Internet GroupBullish
Finance moving onto blockchain rails over three to five years makes stablecoin players like Circle the trade.
Brian's three-to-five-year thesis is that finance is going to come on chain and replumb the entire financial system, probably in a regulated way rather than on Bitcoin rails. Companies like Circle will provide the substrate, which is stablecoins. He sees this replumbing as the trade to own, with crypto-adjacent companies as the vehicle.
“the reason to own crypto now and crypto adjacent and some of the companies is finance is going to come on chain... there are companies like a circle or something like that that are going to have the substrate, which is, the stable coins”at 30:00
CNBC Fast Money: Stocks Drop After Post-Election Rally… And The Future Of The AI Trade 11/5/26 ·
Clarity Act's collapse won't flatten crypto; Democrats may embrace it and banks are warming to stablecoins.
Even with the Clarity Act effectively dead, Brian doesn't think crypto becomes a flat trade. He argues Democrats have an incentive to embrace crypto, since some in the party believe they lost because of it. Banks, including Jamie Dimon, are talking about stablecoins as useful, and crypto is being adopted, which is a headwind for now.
“the Democrats have an incentive to embrace crypto because they lost because of crypto... you're already seeing banks, even a Jamie Dimon... talked about stablecoins being something that might actually be useful”at 31:02
CNBC Fast Money: Stocks Drop After Post-Election Rally… And The Future Of The AI Trade 11/5/26 ·
Circle Internet GroupBullish
Circle is building an ecosystem for the agentic economy, making it a massive trade worth accumulating near current levels.
Beyond the replumbing of the financial system, Circle is building an ecosystem for the agentic economy, where AI agents transact. Kelly runs an operation filled with AI agents (about eight, with sub-agents planned), so he sees the agentic economy as a real trend. He calls it a massive trade and has it on his buy list, wants to see the stock base first, and is not buying tomorrow.
“Circle is building out an ecosystem for the agentic economy. And for a guy who runs an operation filled with AI agents, I think this is just going be a massive trade.”at 36:42
CNBC Fast Money: Stocks Drop After Post-Election Rally… And The Future Of The AI Trade 11/5/26 ·
Shows
- CNBC Fast Money · 2 episodes
Ask your AI what Brian Kelly thinks
Chorus gives Claude, ChatGPT and other assistants every view Brian Kelly has shared on the shows it covers, next to everyone else's. Ask where they stand, what changed, and who disagrees.
Chorus reports what speakers said. It isn't investment advice.