Rebels Edge · Tue, Apr 28, 2026

OpenAI SHOCK Hits Oracle & AMD | AI Stocks Drop, Bitcoin Buzz Returns

Summary

The hosts discuss technology-stock weakness framed around OpenAI concerns, rising oil prices, and a major earnings week, alongside renewed enthusiasm at a Bitcoin conference. They question AMD’s valuation, review sharp declines in ERAS, Corning, and Rambus, and identify potential buying opportunities conditional on further pullbacks or bullish options activity.

Bitcoin trades near $76,000 as conference attendees emphasize tokenizing real-world assets; the hosts remain cautiously optimistic about crypto’s growth.
Oil above $100 raises inflation concerns, while the Nasdaq falls roughly 300 points and the VIX retreats from around 19.5 to 18.6.
Pete views AMD’s cited P/E near 124 as excessive and discusses puts or choosing less expensive stocks instead.
ERAS drops roughly 50% following disclosure of a trial participant’s death; the hosts note the patient reportedly declined supportive care.
Corning’s modest guidance shortfall contrasts with strong year-over-year growth. Pete wants bullish unusual options activity as confirmation, while John favors another 5–8% pullback.
Rambus falls roughly 25% after earnings and Baird’s downgrade to neutral; the hosts watch for bullish options activity before considering an opportunity.
The hosts disclose paid promotional and advisory relationships with Zsquared, and John says he owns shares and has not sold any.

ORCL AMD NVDA META AMZN GOOGL AAPL SMH ERAS RVMD GLW RMBS

Full transcript

Welcome back to the Rebels Edge. We'll discuss a little open AI and the implications that are hitting a bunch of software stocks right now. Anybody involved in AI is feeling a little bit of a pinch, in particular Oracle, and we'll break it down for you on today's Rebels Edge.
>> [music] [music] >> Here we go. Bang.
>> [laughter] >> That was not a good bang.
>> That was not A GOOD BANG.
BANG. There you go.
I'm out here I'm out here, Pete, staring at the uh Paris Casino across with the uh Statue of Liberty. Not the Statue of Liberty, sorry, the uh Eiffel Tower. I think uh Eiffel may have worked on both. I'm not positive of that, but uh then we've
got Planet Hollywood right across from me here, Pete. I'm over here at Bellagio and uh it's Bitcoin 2026, and there are some 40,000 people here.
Um you'd think we were back to the go-go days of uh crypto, Pete. There's so many people here. Mhm.
What do they think of When you talk to people, John, you're seeing the whole Bitcoin world out there. Just real quick, I'll ask you. It's been in this range, 65,000 to 75,000. Yes, it's gotten above that, but it's come right back down. It's sitting at 76,000.
Uh a lot of people talking about that or are they talking about the fact that it's just not uh the the same Bitcoin that it's been at least in the last multiple years.
>> [laughter] >> That's for sure.
Yeah, well, people like Michael Saylor and others have been buying in, and uh if you want to call it supporting the cryptocurrency, Bitcoin, um I I think that's what they're doing, Pete. Uh a lot of people here are focused on RWA,
real-world assets, and uh basically tokenizing things, real-world assets, which could be anything from art to you know, titles and buildings and homes and all kinds of things. Um and they're pretty bulled up about that right now.
Almost as bulled up about it as they were about the uh NFTs, the non-fungible tokens.
Uh in other words, one of one sort of things.
Um I think there's still some really good potential here, but uh um it is still, as I said to some friends this weekend, pimple on the butt of an elephant. Uh by that, I mean, you know, so what is the entire crypto market, Pete? Is it $2 trillion even or
something like that? The entirety of all the cryptos. And that's not even half of Nvidia.
I mean, so you know, if you're comparing crypto to uh you know, traditional finance, it is the pimple on the butt of an elephant.
Doesn't mean that that pimple couldn't grow.
>> [laughter] >> We've seen that in high school.
Yeah, and anybody who's got a kid going through puberty knows how that works.
But uh yeah, I I would think they they continue to grow, Pete, and there is a lot of focus on Solana, Ethereum, Bitcoin, you know, the big three.
Um but there are obviously dozens and dozens of others that uh people hold hold.
Um and their chance to shine is here or at Consensus, which is coming up in Miami later.
So uh this is a a pretty big deal, though. There's a lot of people, and uh uh it's not a cheap ticket, either. I mean, I think it's 1,600 bucks for the big bigger ticket, not the whale ticket, but the bigger ticket than just the general admission ticket. But >> Yeah. All right, let's talk a little bit
about uh gold. It's going down, Pete, and uh inflationary pressures going up. How do we know that? Well, because we're watching um the uh price of oil, crude oil, move higher. And that's inflationary. That's one of the signs. We'd like to see that
back down, and maybe we will soon.
Um but thus far, Iran hasn't really been willing to negotiate very much, Pete.
We'll see how long and how patient the president will be.
Yeah, well, I I think that's a good way place to start. I mean, the price of oil certainly getting back up and over 100 is something that um you know, does affect the markets pretty quickly and the reactions. It's not necessarily just the energy stocks, of course. It's just a little bit of everything, and we see that, and we also
see what's going on in technology today.
We've also got all of these um incredible companies. We've got a big earnings week with many of them, Meta and Amazon and Google and Apple. I mean, this this is a pretty pretty big week, John, so it should be interesting, and I think people are kind of trying to figure things out, and that's why there's, you know, one of the reasons, and the other obviously has to do with
what's going on with AI and everything else, but you're seeing the Nasdaq taking a little pretty good size hit today. It It It took a hit. It rallied back, and now it's going back down once again, and I right now, as we speak, down about 300 on the Nasdaq. That's a pretty decent drop, at least for the day, and that's I
think there's a lot of reasons for it right now. There's There's no doubt about that.
Yep, and we'll cover that in just a sec uh because of Open AI and Sam Scam Altman, >> [laughter] >> as Elon Musk likes to call him, Scam Altman.
>> [laughter] >> Um Pete, what do you got as far as VIX?
Well, you know, it's interesting, John, because you see the VIX, you see what was going on earlier in the morning, and and we popped. And and here we are basically exactly back to where we started in the premarket and the start of the market. You've got the Nasdaq down about 300 points. You've got the Dow up just a little bit, but call it 50 points or something like that. Pretty
much identical to where we were, and we popped all the way up to call it 1950.
Well, where are we right now? 1860. So, uh people are starting to get a little bit more I I'd hate to use the word comfortable, but they they've definitely come back. That VIX has dropped, and despite the fact that we are seeing the Nasdaq, you know, get back down to the lows of the of the even the premarkets or whatever, down call it 280, 300
points, whatever it is at this moment.
But 18 and 1/2 seems to be something that may it makes a lot of sense, John.
It doesn't always have to make sense, but it does make sense where it is right now. As a matter of fact, again, if we go underneath 18, if the Nasdaq even moves just a little bit off of those lows where it is, there's a good chance that I think we see this thing maybe break through 18. But but as of right now, we're sitting at about 1860.
And uh
right? So, I don't know. It I could say that it looks pretty close to about what what I would expect, which is there's a couple of different names out there um or acronyms. I don't I don't know. What do you think? Do you like Do you like SPCX? I mean, it it sort of makes some
sense, right?
Yep, SPC and then X. Mhm. Um and you look at the chart, and some of the others have made comebacks, Pete. Mhm.
But it's it's really
>> Are you kidding me? Uh, uh yes, people are excited about things that are going on in this world and the in the software world and all the rest of it, but you know, you take over and you and you see the SMH today down about 3% and that that probably makes some sense, but you look over at at something like AMD and you start looking a little
bit closer at it.
Um, the fact that it's PE price to earnings is now a hundred plus 124.
That's pretty extraordinary. That's pretty high. Makes it it makes you kind of look at it, John, and say, "Do I need to buy some puts in here? Do I >> [laughter] >> Do I need to figure out, you know, is this you know, because it was down there at at a pretty tolerable level. Um, it's not right now and I think that's something that I'd be a little bit
concerned about if I was looking at at AMD right now as something I might want to have a piece of. Or if I already had a piece of it, would I still hold on to it? And the answer for me would be no, because I think there's other names out there that you could be involved with where the PEs are a little bit more tolerable. So, it'll be interesting to
see how the rest of the market reacts to this.
Well, uh, let's talk a little bit about ERAS, Pete. Mainly because yeah, uh, open AI's an interesting story and all and Scam Altman free the Scam Altman or whatever Elon loves to call him, but um,
cuz they've got that trial going on.
That'll be interesting. But ERAS, Pete, this is like a precision oncology or uh, they they look at cancer causing mutations. And there was a lot of hope for them, but uh, the revolution machine or revolution medicines rather, that you
and I spoke of in the last 30 days that just exploded to the upside, it did that because their uh, phase one, phase two, uh, even into phase three trials were going so swimmingly. This one not going so well,
Pete. They're down almost 50% at uh, mid-market today and uh, I think a lot of people that were betting earlier in the year when it was a $3 stock and it went to 20 are kind of licking their wounds today.
Yeah, they they certainly are, especially if they've held on and they haven't taken off some of it, John, along the way up. When you get a great hit like that, yeah, it sounds sexy and everything else to hold on to it. Yeah, I held on to this thing all the way, but you know what? At some point in time, if some negativity comes out, which is exactly what we're seeing here. They
were they were doing one of their tests.
It was through phase one and one of the folks out there that that was part of it was unfortunately disclosed that they had a fatality in this patient. And you know what? People all they've got to do is hear that, John, and they're out. And and that's exactly what we're seeing. I mean, they're running for the doors unfortunately because, you know, quite
frankly, the guy died after refusing to have some supportive care. And and so, you kind of got to wonder about that. So, are they cooked? I don't think they're cooked, but for right now they certainly are down 50%, 51%. I was just taking a a quick look, but you know what? When you're talking about pancreatic cancer
and some of these awful things that are out there and you and I both have have had a father who was in that whole field and and doing a lot of different things and transplants and everything. Um, it's it's very uh, it's it's one of those things where this is difficult. This is this is as complicated as it gets in the medical world. I mean, it's it's crazy
town and these guys were trying to do something that would be much better for treating this, but unfortunately um, I think I could almost just say absolutely this one patient is the reason why this stock is getting slammed.
Yeah, it's true. Uh, and hopefully they can drag themselves back up, Pete, and uh, get this to a level where uh, the FDA says it's safer and they can continue their testing, but for now, um, it's pretty damn big hit. But it's still triple where it was like I say in
January.
All right, Corning.
GLW. So, they were hit pretty good in the pre today, Pete. Their sales and guidance 4.6 billion versus 4.67 billion. That last number in there, the third digit, 6.7, you know, .67, um,
I don't know that that's the reason you slammed this stock that hard, Pete.
Because uh, sales guidance, uh, again, nobody's got a a perfect prediction model for this. So, you're just giving them a range and the fact that they came in, you know, on on multi billions of dollars, the fact that you came up just this much shy of what the
street had been looking for, I don't know if this is deserved. What do you think here? I am 100% in agreement with you and no, John and I don't talk about this stuff beforehand. We we we literally come in with our own ideas on all of these different stocks and what we think is probably part of the issue, good or bad. But yeah, John, I looked at
that and I'm like, okay, wait a minute now. When I first looked at it, I said, "This is This is why they're selling it?" Because it is. Because how about some of these other numbers, John? The core earnings, they beat they were up 30% year over year on the core earnings.
Uh, revenue, year over year, up 14%. That seems like a pretty nice number as well. Core sales were up 18% year over year. So, you start going through all of that and you say, uh, that looks pretty good. This one looks pretty good. That one looks pretty good.
Um, or maybe better than pretty good.
And then all of a sudden you you miss by that third digit that you were talking about. I understand that's still a substan- substantial amount of money, but let's be honest. I mean, these were estimates that were put out there and this is what they put up. And I I think this means that this is probably an
opportunity. I would love, John, I would love to see somebody come in here with a decent size order and start buying some calls in this stock because that would be a great clue that, you know what?
They shouldn't have flushed it, but somebody else who's very large out there can come in and start that whole thing up. That could make this very, very interesting, but you know what? They've been in a an exciting spot, you know, for the last year or more, absolutely, some of these names in the in this field. And I I still look at these
numbers and just I'm amazed that they hit it as hard as they did because it was down what? About eight or 10%?
Something like that on numbers that if you really look at the numbers that they're putting up there year over year, that sounds to me like a stock that should be up 10%. So, this is a 20% swing and like I said, I'd love to see some unusual options come in here buying some calls. That would be the trigger.
Yep, I would agree and I would say that I think the reason that they're getting hit is we talk about it and we talked about it last week, Pete, at our conference at Cboe Global Markets.
Again, thank you to them. That was great facility and great time ringing the opening bell on TV and all, but um, I think in the case of this one, Pete, the stock was 50 bucks this time last year. 50.
It was 175 a day ago. So, am I shocked that it's back down into the 150s? It's still triple where it was a year ago.
So, I think it just is an excuse for people they tend to sell what they have the biggest winners in.
And so, if you're somebody who is a disciplined trader and you decide, you know what? I'm going to sell that because I think the uh, trees don't grow to the sky. It's got to have a pullback sometime and you've already tripled your money in the stock and then you get I guess an excuse, I'll
call it, so that you can take some profits, some money off the table here.
I don't blame them for doing that, but I'm right there with you. If this thing fell back down another, you know, 5 to 8%, I'd love to jump on it because I think GLW is doing a lot of things right. Just listen to those numbers Pete just rattled off.
All right, one last one, Pete, Rambus.
Um, so, Rambus fell hard in the pre-market. First quarter results and they got their ratings cut by Baird. Um, they downgraded Rambus, which makes memory interface chips, in case you guys hadn't been following that. They downgraded him to neutral from
outperform. So, it's not taking them to a sell, but again, you have an excuse to take some money off the table in the case of Rambus and some people have been doing just that.
It's been accelerating throughout the day cuz I think it's at the low of the day now, Pete, down some 25%.
Um, I I think this is one again that we're going to have to be talking about as far as okay, down 25%, do you like it?
Yeah, it's interesting, John. I mean, last week this thing was trading what?
161? Something like that. I mean, maybe it was a little bit long. Maybe it was 10 days ago. Whatever it was. And now it's trading what? 106? So, they're getting hammered. There's no doubt about it.
You know, and the DRAM shortage, that's that's part of an issue. That's part of this whole thing as well. And you just wonder and Baird, I think with their price target, they left their price target at 120. So, um, they were a little bit below, now they're a little bit above where the stock is cuz it's had so much movement, but interesting to
see how this thing goes in this cut this downgrade that they gave them. It wasn't like painful. They just went to neutral.
So, you know, it's not it's not something they said, "Hey, this is a sell." But, nonetheless, I mean, Rambus had a hell heck of a run, and now on this pullback, it's another one where it makes you wonder is there a reason to maybe start thinking about this one as something to look at if if any options come in there,
John. And I keep saying the options because we never know about stocks until long afterwards, but with the options, we do see when those come piling in and they start buying some out of the money calls or whatever it might be. I I'd be very very interested and probably be watching this one pretty closely. So, we'll see, and I think Baird's done a
good job of how they've manipulated around a little bit or whatever, but um and sticking with their price target, uh it looks like that was the right move for them based upon what we've seen over the last, you know, couple of weeks that's been going on in the stock even before the earnings itself.
Yep, I agree.
Well, um let's take a look at some sports. Uh don't have a clip for you today because I was flying yesterday and just didn't get it done. So, it's my fault. But, Pete has nonetheless a couple of sports.
Uh they'd be headlines on any other channel, I guess, Pete. So, you might as well cover the NFL first and tell us what you think about which team did the best job. Yeah, I and what what we mean by this, John, is and and and you may disagree or maybe you agree, but I I like to look at it it's like you you can
say who had the best draft. Okay, we've already talked about it, you and I.
I I decided it was the Las Vegas Raiders. I I think they did everything that they needed to do to be a better team because they stunk and they had a lot of issues all over the place, and they've covered a lot up a lot of those things. Did a nice job in free agency.
But, as far as a draft goes, I think the Cleveland Browns absolutely blew it away across the board from compared to everybody else, John. They had a heck of a lot of picks, but they did what they needed to do. Now, this is a team that had terrible offense. And what do I mean by that? Well, they gave up 51 sacks last year, so the offensive line, not so
good.
Um they had three different quarterbacks out there that when you look at their QBR, not very impressive. Uh here's where they stood at the end of last year, 2025 year for football.
They were in the bottom three for total yards, bottom two for passing yards, bottom five for rushing yards, and bottom two for points scored. That's their offense. So, that sounds pretty awful, right? I mean, they're at the very bottom in just about every category that you wanted to look at. Um so, what did they do in the draft? Well, their
very first pick was an offensive lineman out of Utah that everybody loved, Faatu Faano. And I loved him, too. I he did a great job. Um a good football player. I actually saw him play a couple of games.
I like Utah.
Uh then all of a sudden they said, "All right, well, we're going to get a wide receiver from Texas A&M, Keshawn not so bad." They get another wide receiver, Boston from uh University of Washington.
Then they went back to the offensive line and went for Florida. So, they got two offensive tackles in this. Oh, the next pick, a center. So, they got two tackles. Now, they got a center. They got two wide receivers. Let's pick up a tight end. They did that from Cincinnati. They got a quarterback who I absolutely love. Now, I know he needs to
get controlled and everything else, but that kid, Taylen Green, John, from Arkansas, who's 6'6", 4.36 40-yard dash, uh 11-ft broad jump, an athletic freak is what the guy is. 6'6", 2 and a quarter. I think that kid under the right coaching
who can really let him know how to view the field in the best way and let him run if he has to cuz this kid's got the legs to be able to get past anybody. Um I think he's another great pick. Oh, and by the way, they grabbed a second tight end as well late in the in the draft from BYU. So, they got two tackles, a
center, couple of wide receivers, couple of tight ends, and a damn good quarterback. Now, I peeled off a couple of their other picks, but I would say that the Cleveland Browns did everything that they can do in the draft to make themselves a hell of a lot better for this year. What do you think?
Well, uh I don't disagree with that, and a lot of people thought they had the best draft. A lot of people.
Um which is shocking because usually they just load the team with a bunch of crappy quarterbacks or something looking for one. Whoever assesses quarterback talent there is not good at their job.
But, the the this year's draft does look, Pete, like they addressed what they needed to. So, we'll see. And if Deion's son can actually, you know, be a team player instead of just showing up at the Pro Bowl and, you know,
playing grab-ass or whatever.
Let's see. Let's see. I mean, the kid is talented. I watched him play at Colorado, saw a lot of games there when my daughter was in school there. Um but, time will tell with that pick, Shedeur.
Um and it was a fifth rounder, so let's not get all worked up about how bad it was cuz they got him in the fifth round.
He was initially projected to be a first rounder until he basically ruined his own stock by talking to people and not being very respectful. Um I would say, Pete, both New York teams the Jets got Bailey, Yep. big rush guy,
you know, an edge rush specialist, and uh the Giants got uh Ar'vell Reese. Mhm.
And everybody says he's the second coming of Micah Parsons, um which would be a pretty big compliment. And uh I I think he is uh just I think both those guys are huge players. Mhm. So, whoever is against in those, you know, AFC or
NFC East, if you're against those guys, you're not happy that they just got two great edge rushers, one on the AFC side, one on the NFC side. And then they did pretty well throughout the rest of the draft, too, Pete. So, I like both the New York teams. Um again, like Pete said, we don't talk about this ahead of
time. So, when he said I'm going to say it's Cleveland after uh the Raiders yesterday, I'm going to put the New York drafts right up there. And one of the reasons, quite frankly, is John Harbaugh because he got what he needed, and he's going to continue to get what he needs in free agency. Watch
that team. I don't think Philadelphia or Dallas want to see the Giants get this much better this quick. Yeah, I agree with you 100%. I everything that the Giants have done from free agency to the the the draft itself, and uh obviously having him as their coach, John
Harbaugh, um I think the Giants they're a much different team than they've been.
Does it mean they're going to absolutely go right to the Super Bowl? I don't think so, but I tell you what, got a good quarterback. They got him last year, but they got a good quarterback.
They've got a lot of pieces to the puzzle, and they've been putting this thing together. Uh they're going to be a heck of a lot more competitive than they've been. There's that that part I can go with. Now, the Jets, I just unfortunately, you know, J E T S, Jets Jets Jets. Yeah, I get it. Uh but they just always seem to fumble the ball. I don't know what the
But, so, we'll see. I think that they've got some good players. Can they get it done? And obviously, um you know, the head coach is a is a heck of a coach, but for whatever reason, there's something about the Jets that make it difficult. Real quick, John, I got this one. NCAA college football, Brenden Sorsby. Now, this kid out of Cincinnati,
he actually originally was at Indiana, then he went to Cincinnati, and then he was the number one guy. Everybody would say, "From a quarterback perspective, who is the guy this year in the in the portal?" Well, it would be him. And he's he's big, he's strong, he's you know, projected to be a first rounder, maybe even in the top 10, let's just say for next year.
Well, unfortunately, the kid's got a gambling issue, as it turns out. And that is something that the NFL, the NCAA, none of them like anything about that. So, he already, John, has has put himself into an an addiction spot to try to get away from what he's
been doing for the last few years, I guess. And, you know, sorry to sorry to hear that. I mean, the kid the kid is probably like any other kid, just a great kid who unfortunately got himself caught up in the wrong thing, but he's done thousands, not like a couple
of trades here or or bets here or there.
It said thousands of online bets on all different sports.
So, it just makes you kind of feel bad for the kid because here's a guy that everybody put on this, you know, pedestal, and he's up there, and he's looking around, and he's doing his thing, and now all of a sudden this comes out. It's going to be rough for Texas Tech because now what do they do about a quarterback position? And this kid's going to be sitting out for
however long, and that's maybe something that's up for the NCAA. I don't know, but it's it's a tough one for the NCAA and next year's NFL if if he can't get this thing figured out.
The Texas Tech paid him over 5 million, Pete, in NIL money.
Um so, that's one of the highest paid quarterbacks in history of NIL.
Shedeur Sanders and Arch Manning are probably in that category, too, but for him to get 5 mil and then potentially not get 5 mil because of maybe sanctions or penalties or whatever the NCAA ends up doing. Um and or you know, uh you
know, it could go beyond the college football. It could go, you know, beyond the NFL. It could go to some sort of criminal investigation cuz he was doing the Pete Rose. He was betting on teams that he was on the team.
I believe he was doing some on Indiana, Pete. And I'm not saying he was betting against his team, but we all know that Pete Rose didn't make it into the Hall of Fame because even though no one ever proved that he was betting against his team, um, they still don't want you betting on your own team.
Um, so yeah, it's it it'll play out and we'll see. We won't judge him too hard now, but I think his agent or his family, whoever put him in the addiction facility, that was a good move. Yeah. 45 touchdowns and 18 rushing touchdowns.
The kid The kid knows how to get into the end zone. So, let's hope for his sake that he can get through this whole thing, you know, not skate too bad and and he can get back to football and not bet it. So, that that would be our wish.
So, hopefully he can do that, but unfortunately, things are a little bit jumbled right now for Texas Tech because they thought they had their man and you know, who knows how they're going to be treated and how the NCAA is going to rule on this whole thing.
Yeah.
Well, like I say, I'm out here at Bitcoin 2026, folks. I'll be ringing the closing bell on Wall Street tomorrow.
So, luckily Pete left a little extra gas in the jet, so I'll be able to get from here to New York, Pete, and ring the closing bell on the Nasdaq for Zsquared, a company that Pete and I are both advisors to that company. So, that'll be fun.
Then we got another one next week. I mean, so many of the companies we're working with right now, Pete, are ringing the bells at these exchanges.
Not just ringing the bell from the stock jumping up because the stock did jump yesterday. Zsqr is the symbol, by the way, folks. And yes, we are paid to help promote that stock, but I own a bunch of it. Haven't sold a share.
Bang. All right. See you tomorrow, folks, at 1:00 p.m. Eastern time.
>> [music]

Transcript from the show's YouTube captions; automatic captions may contain errors. Educational content, not investment advice.