Dan Niles: Why He's Holding More Cash Than He Has in Years

While most of the market keeps chasing the AI trade higher, Dan Niles is doing the opposite. He's sitting on his largest cash position in years, and he explains exactly why. He joins Gav to lay out why he thinks the second half of 2026 gets tougher, why he sees AI capex as a game of musical chairs that someone eventually gets caught in, what the Fed is getting wrong by cutting into a strong market, and where he still sees opportunity even while playing defense. ▶ Follow Dan Niles: Twitter: @DanielTNiles ▶ Follow WOLF Financial: X: https://x.com/WOLF_Financial X: https://x.com/TheETFTracker This content is for informational purposes only and does not constitute investment advice. The views expressed by guests are their own and do not necessarily reflect those of WOLF Financial. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. 00:00 Intro 00:35 Why he's holding his highest cash position in years 02:10 The case for a rockier second half of 2026 04:30 AI capex as a game of musical chairs 07:00 Why the returns on AI spending aren't there yet 09:30 What the Fed is getting wrong 12:00 Where he still sees opportunity 15:00 Memory and the names he still likes 18:00 How he's positioning into year-end