What a day. What a day, folks. I don't know if we have had a more exciting day in the stock market, particularly for AI. We've definitely had some crazy days this year, but when it comes to AI updates, what a day. What a day, ladies and gentlemen.

The most valuable company on the planet, Nvidia. $200. Not only did it break 200, it was 198 when Tanner and I finished our GTC stream. It's at 203. Well, it hit 203. Right now, it's at 201. I mean, my goodness, dude.

There's a lot to analyze, a lot to talk about today. We got a bunch to get into. And so, we will get into all that. Not to mention, we got a bunch of earnings. So, in the next 15 minutes, we will have a ton of earnings to look through, all the results on those earnings. And then after those earnings, we'll get into more of what happened today.

You got Palantir right here back to 190. Tesla up 1.63%. Robinhood touched 148 right now at 147. SoFi nice recovery fell all the way to 28 right back to 31.50. So getting a $31 close which looks like will happen in the next 10 minutes is definitely going to be productive. AMD slightly flat on the day.

And then you got the S&P 500 that did hit 688.91 obviously being helped by Nvidia. Apple also hit 4 trillion at one point. It's losing 4 trillion now. It was at 4 trillion about two hours ago. 269 right here. And then Microsoft is holding 4 trillion. Microsoft started off the day by saying they officially have a 27% stake in OpenAI. That's a $135 billion equity stake. And that kind of started a bunch of the announcements that we got today. Kind of capping it off with Nvidia basically making the moves that everyone was waiting for Nvidia to officially make. That was said today.

Now, why is Nvidia up? There's a lot to analyze, a lot to go through. We're going to talk about what's happening with Nvidia. The number one thing for everyone to remember, and yes, we will watch the Karp Jensen interview. I want to watch the full interview, but we're going to get through earnings. And so after earnings, I'll play the entire clip. It's about 11 minutes. You guys can watch it. If you really want to watch it right now, it's on my Twitter. Twitter's in the description. So, if you want to leave the stream right now, go watch the interview first. It's on Twitter. But we will watch it all together after earnings.

Nvidia guided, I don't want to say formally guided, but Jensen said it on stage, so I guess the street is taking it in as formal of a way as you can imagine. $500 billion dollars of revenue over not the next six quarters apparently it's over the next five quarters which really changes things and I think when that clarification was announced that is when the stock really started getting a move when he said 500 billion it went from 193 to 196 and then over the past hour when it was clarified that he meant five quarters we bumped up to 200.

By the way that is excluding China revenue. Jensen said it would be very nice to get China revenue but my forecast of 500 billion over the next five quarters has nothing to do with China revenue. On top of that, the other thing that's really important about this is Jensen basically said the trajectory for us to be able to get to this revenue growth is sustainable. And the street has them at 380 billion. So you're talking about a $120 billion increase in what the street was expecting over the next five quarters. And as a result, you got Nvidia right here pumping 5%. Nvidia has added 250 billion market cap to its overall valuation today.

What Jensen said on China was quote, "A return to China would be a huge bonus for Nvidia. I assume the China market will remain at zero for now. I'm confident Trump will reach a good deal with China. The US needs a lot more energy to sustain industry growth. The AI sector is not in a bubble. It represents a $500 billion opportunity over the next five quarters."

So, I mean, look, should we be trimming our positions? You know, Tanner asked that question a couple hours ago. I mean, I don't want to sound super euphoric, right? And I get that all of us sound super excited right now because we're all bowled up and we got all these big announcements, but I mean, if this is a $500 billion opportunity and the street has them at 380. I think Nvidia is going higher.

Nvidia, remember, Nvidia is still one of the more undervalued tech companies that's out there when you look at them on a forward earnings basis. If Nvidia was trading at anywhere near its actual valuation, I think Tanner has them around 245 to 250. You could say, "Oh, that's an appropriate valuation for Nvidia and it wouldn't be more expensive than or as cheap as Walmart or or Costco." I don't know about the forward projections right now. I have to look at them, but Walmart and Costco as of yesterday were still more expensive than Nvidia, which is insanity given they're not growing at those levels.

Microsoft right there, that's up 2%. Palo Alto, that's up 74%. Then Crowd Strike is also up right here 3% all-time high. So from that perspective, I don't think Nvidia is a sell. I don't think AMD is a sell. I don't think Broadcom's a sell. I think all these semiconductors are moving with each other. Also, we got rate cuts coming tomorrow. Broadcom, look at that. All-time highs at 374. That one's moving as well. And if you got rate cuts coming along with a potential meltup, I mean, there is a world where this thing really gets exciting, then I just don't think it's the easiest sell at these levels. 5 trillion is going to be at 204. We're at 4.901 trillion on Nvidia and we are not at 5 trillion yet.

Now, why are the data center plays selling off? Honestly, I don't really know. I mean, look, they had a bit of a pump in the morning. One could argue and maybe someone has a better reason than I have, but my sort of logical reason here is that people are selling some of these plays to to pile into Nvidia. I mean, Grab was at freaking 620 in the morning. Now it's at 593. Reddit was at 220, now it's at 214. Google was at 270, now 26. I mean, you got a lot of names that are just selling off potentially because people are rotating and they just want more liquidity to be able to buy things like an Nvidia.

Or any of the companies that Nvidia mentioned, which by the way, you got the Crowdstrike mentioned, you got the Uber mentioned, you got the Nebius Core mentioned, even though those are more data center place and that's why they're more volatile today. And you finally got the Palantir mentioned. We are going to be talking about that after these earnings. Palantir 189.75. Jensen and Karp finally were seen together for the first time in a couple years actually talking about their new partnership. There they are together right there on CNBC. We're going to listen to that later. But it is really cool to see that happening.

And I kind of think Jensen was like Santa Claus today and he kind of helped talk about every single company that could benefit in the overall AI stack and that's why you see Nvidia getting some momentum. I mean if we close above 200 that would be bullish. Yes, we're not at 203. Maybe we don't close at 201. If we can just get even like a 198 199 close, I think would be amazing. But it looks like the street has some momentum to close above 200. There were a million shares waiting to be sold at 200. So, tons of buying pressure coming in. 262 million shares of volume today. 158 million is the average. So, you got a lot more people coming in today.

Broccoli said red going into FOMC may be a good thing. I agree. You don't want to be all bowled up before FOMC. want a little bit of a pullback so that FOMC gives you some room to run and then tomorrow we are going to get FOMC which is going to be important.

All right, so what earnings do we have? We'll talk a lot more about AI and all the announcements of AI as we get into the earnings. So earnings will probably be from like 4 to 4:20. We should get all the numbers and then we'll get back to AI bookings today. Visa, Nphase, Mandelus, Seagate, Bloom Energy, EA Cheesecake, and then a few more companies. Let me know in the chat if anyone owns any of the names that you're seeing right here on the screen.

Why else do people think data centers are dumping? Because I mean, again, my reason is probably not the best that people are selling to buy more Nvidia because technically data center plays if you're excited for Nvidia, right? So, I don't know. I mean, you could also chalk it up to ALGO. I know people hate hearing that response, but a lot of them ran together. They might be just getting sold off together, which is not that crazy. Again, all of these stocks are up a lot this year. So, you know, every time they get sold off, it's just important to remember they are up a ton. And there's always going to be people that potentially want to take some profits, especially if they see a little bit of the downside action.

NEO, the robot company, they are officially selling robots today for $20,000. That was another big piece of news, which is another catalyst for Nvidia because at the end of the day, robots are going to be powered with these chips. Here is the video that they put out today showing that these robots are officially for sale.

More humanoid robots. Obviously, this is the revolution a lot of people have been waiting for. I wonder how productive it's going to be in the home. Can it actually do a ton of stuff? Uh, can it actually, you know, wash the dishes and do the laundry? If so, and if it's actually 20,000 early access or $500 a month, if it actually is legit, I mean, one could argue what the hell is going on with Tesla? What the hell is going on with Figure? What's going on with Apptronik, right?

All these guys are talking about this humanoid robot revolution. Brett Adcock, CEO of Figure, was at GTC today. If this Neo company, which I don't know much about, but if they're launching these robots and they're like legit, I don't know. Now granted, I think Brett and Tesla are going for industrial use cases like an Amazon and Walmart, etc., not just like only being in the home. At least that's what they publicly said. That's one of the core things they want to focus on. I don't know if that NEO thing is going to be able to work inside of an Amazon factory, but it is heating up. It is absolutely heating up.

Neo is not a Chinese company I think. I don't think they're Chinese. There's a bunch of humanoid robot companies that are Chinese. No, no, it's from 1x Technologies. It's Norwegian. This company is Norwegian. Yeah. Founded in Norway in 2014. Okay. So, this one is not a Chinese company, but they do have a robot that officially is out there.

And this was one of the best GTCs I've ever seen. I think I've watched three of them over the past year. This was the best one due to the scale of partnerships that they announced. Another big partnership that Jensen talked about was the DOE. So they now have seven new supercomputers they're going to be building with the Department of Energy. Same thing that AMD announced yesterday. It was a $1 billion partnership. Jensen announced that they're going to be investing even more with the DOE. So, it just looks like a lot more partnerships, a lot more growth trajectory that's baked into Nvidia and a ton of different companies that they're going to be working with to develop this entire AI ecosystem.

All right, we are done for the day. Here we go. Nvidia, she gets the $200 close. She gets the $200 close. 201.20 for Nvidia. Absolutely incredible to see. Robin gets the 146 close. Palantir gets 189. Tesla, not sure why Tesla ran today, but Tesla did run up 1.8% 460. So, not too bad.

All right, earnings. Let's get into it. What do we got? What do we have? Even if you don't own these names, we're looking for beats on the top and the bottom. More importantly, the top. More importantly, the top. If we can, or sorry, the bottom, the EPS. If we can beat on EPS, that means margins are increasing, and that is better for companies.

Bookings beats on the top and the bottom 4% and 3% 4% on EPS, 3% on revenue. EPS is up 19% year-over-year. Revenue is up 13% year-over-year. That is why bookings is getting a bit of a move right there. Co-Star. This is CSGP. It looks like they have a beat on the top and the bottom is a $33 billion company beat by 21% on EPS. CSGP Co-star is an American provider of information analytics and marketing services to the commercial property industry. That stock up after hours 4%. Enphase is dumping. That is a real dump. Enphase is down 7%, 9% now after hours. Beat by 36% on EPS, 90 versus 66. Beat by 11% on revenue, 410 versus 369. Really? They're going to dump it on a double beat. Bloom Energy, ticker symbol BE. Wow, a double beat. 50% EPS 15 cents versus 10 cents. EPS is up, 1600% year-over-year. Revenue 519 versus 428 beat by 21%. EA, we have a This is our first miss. Uh EA did have a little bit of a beat. EPS 54% beat. 54 cents a share versus 35 cents expected. Revenue very slight miss by 3%. I think the streak can overlook that revenue miss, but the EPS beat is the story. We got Seagate 2.60 versus 2.40. That's another beat on the bottom line and then a beat on the top line. 2.6 versus 2.55 billion in revenue. EPS is up 65% year-over-year. Visa 2.98 versus 2.97. That's a beat by 1 cent. And then 10.72 versus 10.62. That's a beat by 1%. Revenue is up 12% year-over-year. EPS is up 10% year-over-year. Visa is down 1%. Mandles is down. This is the company that owns Oreo. They beat on the top of the bottom. 73 cents versus 71 cents expected. We got cheesecake. EPS 68 cents revenue missed. even though revenue is still up 5% year-over-year.

You're just not seeing a trend in companies not beating by EPS and you're getting some of that momentum. The EPS beats, I mean, very few companies are not beating by EPS. And that's what matters, I would say, more than revenue. Revenue is more a function of demand. EPS is more so a function of internal efficiencies. A lot of these companies are proving that they deserve capital as they're beating on EPS, which is very, very, very nice to see.

>> Well, first of all, I'm delighted to be on the stage with what many people I believe to be one of the great entrepreneurs of of my lifetime and a patriot. Um and it means a lot to me to be here. Um so we we have a product called Ontology. You could think of it as a essentially a digital representative of your enterprise including security model which essentially takes the disabilities that have large language models and allows you to move decision-making to the front line with people without people depending on how you're doing it. um in the context of Lowe's and and other enterprises allows you to essentially automate decision- making like how would your supply chain work how would it work if it changed uh how do you get the cheapest good to the right place given that there may be disruption but in general what's very very special I believe about our our partnership is we're going to be able to move 2x and I think in the future even faster so you get a much much faster and actually because you can control it in a more granular way much faster much cheaper and then the macro thing that I'm actually most excited about which for our country is because of that you can do manufacturing in America you can make the workers stronger and better and you have more competition because you can use open weight models open source models you can use you can use any hyperscaler you can decide not to use a hyperscaler this is much much better for America much better for workers much better for industry it's cheaper it's faster and obviously they have one of the world's top tech teams and we work very well with them.

>> First of all, it's amazing to think that the Palantir ontology platform has achieved all of this and they're the fastest enterprise growing platform in the world. Um in a lot of ways it gives enterprises what we all want which is intelligence and and the ability to make good decisions fast. and and now we're going to supercharge it with Nvidia's accelerated computing for the first time. And so Nvidia's CUDA accelerated computing is going to get integrated. We're going to be able to put uh Nvidia's AI libraries on top of that and open source model that that we're working on together in into the ontology platform and you'll run it in the cloud any cloud or you run it on prem or even a private cloud. And so, as you know, Nvidia runs everywhere. And so, you could buy a server from HP or Dell. Uh, you could be in another country and you want to set up your own private cloud. We got no trouble with that. And and so, it doesn't matter. We run everywhere. And Palantir runs everywhere.

>> Uh you know it's interesting when you say humans don't have to be in the loop that doesn't inherently mean there aren't cases where humans need to be in the loop. For example, 40 years ago, we had 40x more manufacturing jobs than we have now. So it's like you can make more manufacturing jobs which are humans, working-class humans. You can build things you couldn't build in the past. And those humans become more and more valuable than they were in the past. In the defense context, you have situations where humans have to be in the loop. Offense situations where humans shouldn't be in the loop like defense. Our collaboration makes all those use cases better for workers, for manufacturing, for defense, for offense. >> Whenever a business is more productive, whenever they can move faster, their business grows, they hire more people. And so, so I think this this idea that that AI uh is going to take jobs is going to change everyone's job. That's for sure. But I think it's going to make companies more productive. We're more productive today because of AI. We're hiring more people.

>> Look, look at what President Trump is doing. The first thing he my first phone call, my first meeting with them, it's manufacturing in America. Move manufacturing back to United States. It creates tons of jobs. If we could move manufacturing the core technology, we have better security, national security. We have create more jobs. Second, because we're talking about the AI industrial revolution, all of these AI factories creates a ton of jobs. And so we're we're really he's really in the job creation mode bringing manufacturing back to United States. >> AI is is is exceedingly good for working-class workers. Now you could argue is it good for consultants and people that that's a very different debate. But you're going to see remanufacturing. >> Everybody knows how to use an AI because AI is smart. And so AI is the first technology that has closed the technology divide. Everybody who didn't know how to program computers in the past, they know exactly how to program a computer now. It's called AI.

>> well you know I think the the the important thing to take away is that that we need to win developers all over the world and there are so many open source developers in China I think it's a it's a mistake not to have them build on American tech so that's number one number two we all agree um that that we want America to win the only questions what's our strategy in doing so and and one of one of the best frameworks that I I uh I've heard uh is is David Sacks talking about imagine five years from now where do we want suppose American technology was around the world where do we want American technology market share to be do you want it to be 80% or you want it to be 20%. and and he believes and I as I believe that that um uh we want the world to be built on American tech standards. We want the same thing that happened in the in the good old days when when we first started wireless technology and it's no longer built on American standards and we really want to go back to those days and AI is ours to lose just as Alex was talking about earlier. We have the chips, we have the infrastructure, we have the technology, we have the models, we have the people. This is ours and we have and we will have the power. that this is ours to lose and we just got to get on top of it and make it happen.

>> And the important thing is is China is out of Nvidia's forecast. If anything happens, >> you said zero, right? >> At zero. And if if the president pulls pulls out a miracle and it'll just be a bonus for the country.

>> Uh, I mean, easily, easily that number they gave with the Reuben and uh, Blackwell numbers of uh, half a trillion visibility. I mean, I I still I'm going to rewatch um, the keynote because these keynotes, we hear a lot of great things. Um but to digest them and to kind of put them in perspective of what kind of total addressable market they can hit. Um it takes some time for me. But this $500 billion figure from the keynote was the most important thing um in my opinion that really dropped jumped the stock. It shows that analysts are still very under estimating what this can do in forms of AI chips and this is visibility. Uh this to me I I feel like every time I come here I say I'm not bullish enough. And reasons like this this continues to show me that I'm not bullish enough in the AI market.

>> This was probably one of my favorite GTC's in the wild. Um, maybe because I was coming with low expectations and they kind of uh uh blew it out the waters. Uh, some interesting things that I uh I found I have my notes here. So obviously the number one was like that revenue number. I think that was crucial. Uh the second thing I would say is they they announced some massive supercomputer wins with the United States governments or US agencies. Seven supercomputers is pretty amazing. I saw some crazy 100,000 blackwell GPUs in some of them. Uh so the demand there is wild. Um the third thing that I found pretty interesting and it's they announced what called what is called NVQ link. Uh so it's the ability uh to kind of connect GPUs and QPUs. This is what actually has made Nvidia kind of like a core component or the main player in the AI space is their envy link. If the NVQ link is something similar for the quantum space, I think this could if that market picks up and becomes a massive revenue opportunity that creates that moat there.

>> come to a conclusion. We're not bullish enough. And how about this? There's a world where we hit 7,000 on Friday. There is also a world I can't believe I'm going to freaking say this with conviction, like not trolling. I can't believe I'm going to say it because if I say it, I can't take it back, right? I feel like the words that want to come out of my mouth is I have to raise my end of year target to 7,200 if this week goes well because and here's why. I don't see anything taking this market down if we get out of this week in the green. And here's why. Yay cut in the big five if they smash we're at just under 6,900. You don't have to. You could get two good days and be at 7,000 at this point.

>> I've been trying to blow a hole in my theory about what could possibly take this market down. I'm not The only thing that I can see is if the Fed says, uh, we're shook. We're not cutting. I don't know that you get a real tax loss harvesting because nobody's gonna want to pay taxes on this stuff. How about that?

>> Are you selling any Nvidia? >> No, we I considered. I loosely considered today selling 10% to move it into QXO, but I didn't. >> Why? Why didn't you? >> Because of the damn chart. That's why. And I got a little greedy. >> Well, like dude, put in the chat if anyone's selling Nvidia. I like when you hear what Jensen says and you look at their Ford multiple and you look at the technology that like we're we're we're tech investors. When you see that, you're like, "How do I fade that?" Like, "How do I actually say?" >> Robots aren't even here yet.

>> We're in 1989. I'm not going to stop saying it. I really don't think that we've left for the party yet. >> But it's not just about capex. Think about what needs to happen now. You need a full-on robotic overhaul. You full-blown AI implementation. Think about what that runway is going to look like. Coca-Cola, Walmart, Costco, none of these companies are using robotics in their warehouses. You're going to see a gigantic overhaul going over the next 5 to 10 years that we're truly not ready for or we're not allowing our minds to agree with, but it's happening.

>> Yeah. Look, I think we need UBI. I really do. I hate saying it. Tell me what the alternative is. >> 2035, you now have nobody driving Uber. You have nobody driving Lift. You have nobody driving taxis. And potentially, you have nobody driving all the trucks there doing all the deliveries. Within that eight years, now you have humanoid robotics in the vehicles, trucking mainly to take care of all the deliveries, loading and unloading. So what about all those jobs? What about McDonald's, Wendy's, Burger King? You're telling me that that's not going to be automated? What about stocking shelves at Target? So you're telling me that all these shops are still going to exist in 10 years? And there's no way they're ever coming back once they're replaced? No, absolutely not. It is a scary world to think about. Like jobs at the end of the day provide humans something to do. We've never seen anything like this before. This is dramatically different than the industrial revolution. because what this is doing is quite literally creating intelligence artificially.

>> Like if Amazon's going to lay off 600,000 people, you got to have some Amazon stock. >> How about this? It may be crazy to say this. S&P 10,000 is coming sooner than people think. I'm gonna say it. I'm gonna say it. >> So, you went from 7,000 to 7,200 to 10,000. >> no. 10,000 by 2030.