RiskReversal Pod · Nov 6, 2026 · 56m · 49m saved
With Jenny Just, Co-Founder of PEAK6 · Matt Hulsizer, Co-Founder of PEAK6
Photo via peak6.com
Nvidia fell 9.5% and the SOXX semiconductor index closed down about 12% in a single session this week, part of a two-day rotation that left the index down 33% to 40% from its June highs. While hosts Dan Nathan and Guy Adami called that swing a crash on RiskReversal Pod, Jenny Just and Matt Hulsizer, co-founders of PEAK6, spent the back half of the same episode describing a financial system built to spread risk-taking around rather than concentrate it.
"We were doing prediction markets in-house, with our traders, fifteen years ago — before it had a name." — Matt Hulsizer
Jenny and Matt built PEAK6 out of an options-trading desk at O'Connor & Associates and later founded what became Apex Fintech Solutions, which now serves roughly 42 million brokerage accounts.
The full interview is covered here so you can skip it. 56 minutes of audio, 7 minutes of reading.
Here are the 7 takeaways that matter.
Key Takeaways
A two-day AI-stock sell-off left the SOXX down 33-40% from its June highs
Nvidia fell 9.5% and Guy called it a market crash
Anthropic's IPO chatter has slid from a floated $2 trillion toward roughly $80 billion in targeted raise size
Elon Musk lost roughly $500 billion in combined market cap after spending $500 million on the midterms
PEAK6 ran prediction markets in-house 15 years before they had a name
Options only trade in 100-share lots, which locks small investors out of basic hedges
All-male founding teams get 88% of VC funding versus 2% for all-women teams, a Morgan Stanley study found
1. A Two-Day AI Crash
Dan Nathan and Guy Adami opened the show from the Apex Innovation Summit in Austin by walking through a violent two-day reversal that followed the midterm elections. A Wednesday rally, with the Nasdaq up 1.4% on relief that a Democratic sweep reduced the odds of a constitutional crisis, gave way to what Guy called a "blood bath" on Thursday, led by AI-linked names. Nvidia dropped 9.5% on the day, and the SOXX semiconductor index closed down roughly 12%, leaving it 33% to 40% below its June highs.
Guy says the Thursday selloff was a genuine market crash
"Yesterday, Thursday, I rarely use the word, but that was a market crash." — Guy Adami
The stress showed up away from equities too. Insuring $10 million of CoreWeave's bonds against default would have cost roughly $1.3 million that day, and bank stocks swung hard — JPMorgan moved from $360 to $337 intraday. Dan and Guy said pod shops and leveraged ETFs selling into the drop made the moves sharper than the underlying news warranted.
