Speaker · Updated
Dan Greenhaus: latest market views
Solus Alternative Asset Management
Summary
Dan Greenhaus is managing director and chief strategist and economist at Solus Alternative Asset Management, a multi-billion dollar firm focused on distressed and high yield investing, and previously a strategist at Miller Tabak and BTIG.
Chorus has 8 views from Dan Greenhaus across 2 episodes on CNBC Closing Bell since October 22, 2026. Their latest calls: bullish on Meta Platforms.
Where they stand
Their latest bullish or bearish call on each company.
- Meta PlatformsBullish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
AI infrastructure & data centers
Hyperscaler capex is not the AI-trade barometer; GPU rental rates and token demand are better peak indicators.
Capex will not fall at Amazon or other hyperscalers. If hyperscalers cut spending, the demand shift would show up at neoclouds, which are consumers of capex rather than the capex itself. Focusing on capex plans is therefore misleading. GPU rental rates and token demand and utilization will be more indicative of an AI peak over time than any single quarter's capex data.
“I should much more encourage people to focus on GPU rental rates, on token on token demand, token utilization. Things like that, I think, over time, will be more indicative of a peak”at 2:45
AI infrastructure & data centers
Data center political backlash will persist to the 2028 election, keeping AI headline risk alive.
Democrats are expected to take control of the House, and the incoming Speaker and committee heads will make a lot of noise about data centers, which poll badly. Whether or not they take the Senate is largely irrelevant for headlines. This could lift GE Vernova and Vertiv for a couple of quarters, but the narrative is not going away and will run through the 2028 election.
“I don't think that this this headline risk goes away anytime soon. That... It may be enough to get g, Vernova, and Vertiv, etcetera, higher for a couple of quarters, but I don't think that narrative is going away. I think that's with us straight to the the twenty twenty eight election.”at 4:14
AI infrastructure & data centers
CoreWeave's selloff is parent unsecured debt, not secured; neocloud contagion isn't evident yet.
CoreWeave's selloff is in its parent unsecured debt, while its secured debt is doing fine. That is largely true across the neocloud space. The distinction is important even if some equity investors miss it. Neocloud demand matters because it eventually becomes hyperscaler capex. If financing markets tighten for these periphery AI players, that could ripple through the investment theme. That is not visible yet, and it will be watched through earnings season.
“I don't think what's going on with Core Weave is sufficient for a number of reasons. ... the the core weave debt that's selling off is its parent unsecured debt. The the secured debt is doing fine.”at 5:19
Fed will not hike in October but will likely hike in December; it is removing accommodation, not tightening.
He thinks the Fed will remove some accommodation rather than enter a true tightening cycle. Almost surely no hike at the October meeting, and probably one in December. He would bet dollars to donuts on no October hike. After December, the Fed will have to reassess next year. He still disagrees with the policy approach in principle.
“We're we're almost surely not gonna get a hike at the October meeting. We'll probably get one at December, and then we'll have to see what happens thereafter.”at 9:45
Energy stocks are rallying largely on higher oil prices, not AI, with many near 52-week highs.
The energy sector is doing well, and while some of that is AI-related, much of it reflects the higher price of oil. Many energy companies are at or near 52-week highs and generate enormous cash flow. Energy is only about 3% of the market, so he does not argue for an overweight. He says individual investors can still own energy stocks profitably.
“The energy sector is doing really well, and it's not obviously AI... Some of it is AI related, but a lot of it is the higher price of oil.”at 10:17
CoreWeaveUncertain
CoreWeave's unsecured debt is blowing out, but its project debt and demand are fine.
Greenhaus says capital is getting dearer for the more highly levered, speculative parts of the AI build-out, and CoreWeave sits towards that tail with more execution risk. He says CoreWeave has an issue, but the problem is in its unsecured debt, which is blowing out. Its project debt is doing fine and demand is fine, so the stress is contained. He calls CoreWeave a minor character in the story, not the determinant of it.
“CoreWeave has a bit of an issue right now... But even in the case of CoreWeave, it's the unsecured debt that's blowing out. All this project debt is is doing fine.”at 15:54
Meta PlatformsBullish
Meta's modest net debt leaves it unaffected by the capital squeeze, and its capex rose.
Greenhaus reads Meta's comments as a rush for cash, not a crunch. He cites Meta's reported roughly $83 billion in cash and $84 billion in debt, which he says is not much debt, so Meta and Google are essentially unimpacted by the current capital tightening. Meta's capex did not fall; it went up a bit. He expects the other hyperscalers to say something similar when they report.
“Cumulatively, when you put those numbers together, that's not a lot of debt, which is why Meta and Google, etcetera, etcetera are... completely unimpacted by what's going on right now.”at 16:37
As long as the economy keeps growing, the bull market continues despite repeated scares.
Greenhaus points to weekly jobless claims at what he calls the lowest level ever, and to the economy's resilience despite many headwinds that people have called the end. He argues that as long as the economy is growing, the market is in a bull market. He acknowledges that something will eventually end it, but says the repeated scares have not done so and that the market keeps shrugging them off.
“Now, again I think what you're saying is at the end of the day, as long as the economy is growing, we've got a bull market.”at 20:39
Shows
- CNBC Closing Bell · 2 episodes
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