In short: Weiss's bonus final trade. FTAI "announced a large buy back. The stock has been trashed."
In short: Steve Weiss's final trade, and the one name he argues is being mispriced by a story rather than by numbers: "FTAI. Data center debate is misplaced with this stock. It's very cheap." Earlier in the hour he gives the same name the fuller treatment inside the data-center-backlash segment: it is the holding that "had great news and the stock is hanging around here. Yesterday it had a good day, but it got down to 184. On what? On just what you're talking about, data center debate." The complaint is that a backlash aimed at the physical build-out is being applied to a company whose exposure to it he considers misread — the same distinction he draws when he names Caterpillar and GE Vernova as genuinely in the crosshairs and "much more volatile" than the Mag 7. Identification caveat: the auto-transcript drops the company name entirely from the "poster child… got down to 184" line (it renders only "which I own is the poster child"); the reading here rests on his own final trade in the same episode and on his standing position in the name (re-bought 2026-JUL-10 on the pivot from aircraft-engine leasing into data-center power generation). Treat the 184 attribution as inferred, not certain; the final trade itself is verbatim.
FTAI's original business is aircraft engines — leasing them and refurbishing them — and it has been pushing into generating power for data centres. That second part is why Weiss thinks it is being mispriced.
His claim is narrow and testable: the political backlash against data centres is real and is hurting the companies that build and power them, but it is being applied to this stock indiscriminately, when the company's actual exposure does not warrant it. "Data center debate is misplaced with this stock. It's very cheap." Earlier in the hour he describes the same holding as having had good news and still trading down to 184 on nothing but the debate.
One caveat travels with the earlier reference: the automatic transcript drops the company's name from that sentence entirely, so tying the "184" line to FTAI is an inference from his own final trade in the same episode and his known position in the name. The final trade itself is verbatim; the earlier attribution is probable, not certain.
In short: Crossroads Capital: bought because of the attack. "FTAI entered the book eighteen months ago as a special situation, as a short seller campaign had marked the stock into the low $80s. However, it has since graduated to 'emerging compounder'." The business: "the leading independent MRO franchise for the CFM56, the most widely-flown engine on earth," which "manufactures 'green time'… by tearing down older engines and rebuilding them with proprietary PMA parts… into modules that swap in days rather than months." Q1: adjusted EBITDA $325.6M, Aerospace Products revenue more than doubled, 270 CFM56 modules refurbished, +96% YoY. Q2 cut Aviation Leasing guidance $575M → $475M as part of the asset-light shift, with a 2027 target of $2.3B introduced and a third consecutive dividend raise. The validation: a multi-year materials agreement with CFM International — "about as clear a signal as you can get that the company's economics don't threaten the incumbent enough to provoke a response." And the new leg, FTAI Power: the Mod-1 (a CFM56 converted to burn gas for 25MW of dispatchable power) exists because "'time-to-power' is the key constraint for data centers facing multi-year turbine backlogs," and on July 22 the J&F JV signed a five-year master supply agreement with "a leading international cloud service provider" carrying an initial order of $1.465 billion — "this is a floor, not the ceiling."
FTAI overhauls jet engines — specifically the CFM56, the most common engine on commercial aircraft. Crossroads bought it eighteen months ago precisely because a short-seller campaign had crushed the shares, and they now describe it as having graduated from a special situation into a genuine compounder.
The business works by buying old engines, stripping them, and rebuilding them into swappable modules using its own replacement parts. Because airlines can exchange a module in days rather than wait months for a full overhaul, FTAI sells speed in a market where a grounded aircraft earns nothing. It is also shifting from owning aircraft to managing other people's money against them, which needs less of its own capital.
Two events during the quarter matter most. The engine's original manufacturer signed a multi-year materials agreement with FTAI — a competitor it might have been expected to squeeze — which Crossroads reads as proof the incumbent does not feel threatened enough to retaliate. And a joint venture signed a five-year supply deal with a large cloud provider, with an opening order of $1.465 billion for mobile generators built from converted jet engines. Data centres wait years for new turbines; a jet engine that already exists can deliver power now.
Full passage: premium transcript (PDF).
In short: Weiss re-bought it (had traded it 40s→110, back in the 90s, sold out in May) on the pivot from aircraft-engine leasing/maintenance into power generation — "aircraft engines are being used to power data centers." ~17× EBITDA (cheap vs GEV), teens PE on '27, an under-followed "orphan stock," part of the AI trade. Down on the recent add but "pretty good upside"; "not going to ride this down."
FTAI used to be a fairly boring business — leasing and maintaining aircraft engines. Steve Weiss re-bought it because it has quietly transformed into a power-generation company: it turns out jet engines can be repurposed to generate electricity, and that electricity is in huge demand to power AI data centers. So an old aviation name is now part of the AI-power story.
His case is that it's cheap and overlooked: it trades around 17× EBITDA (a measure of cash earnings) — much cheaper than a comparable power name like GE Vernova — and would be in the teens on a normal earnings basis using 2027 estimates. He calls it an "orphan stock" because few analysts follow it. He's down on his recent purchase but sees good upside and won't panic-sell it lower.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.