Good morning everybody. Welcome back to another episode of the market open. It is Tuesday, November 11th, 8:46 a.m. We are live. Thank you everybody for being here. Uh we've got a lot to talk about today.

We had Nebius earnings this morning which quite frankly Nebas crushed it. So we'll talk a little bit more about what we got going on with Nebius. We got the shutdown coming to an end which is very important. The Senate officially passed their procedural vote. It now goes to the House as that gets voted on. Hopefully later today we're going to get some updates in terms of this shutdown coming to an end and potentially the government officially reopening.

Uh you got a bunch of different macro stuff to talk about. We are getting a little bit more data now that the government is getting ready to be open particularly around ADP private payroll. So we'll talk about that. We did get a couple of pieces of macro data yesterday that will be important to dissect uh and we will go from there.

SoftBank sold their Nvidia stake this morning which is pretty crazy. Uh $5.8 billion stake. The story with SoftBank is if they held on to their position that they sold in 2019 they would have a $250 billion stake. Masasan obviously seeing more opportunities in OpenAI ARM and some of these other companies potentially Marvel. There was a rumor last week Soft Bank wants to take them private.

So, um you do have them exiting their Nvidia stake and they said it wasn't really about their conviction in Nvidia. It was just better opportunities that are out there. So, we'll talk about that, analyze it, and we'll kind of see the implications of it as well.

Um and then we have a red premarket. Now, the red premarket, in my opinion, is not based on any specific headline. Uh and I kind of saw it went red when the futures flipped red yesterday at around 12 a.m. Eastern. I think it's just because we had a crazy day yesterday. We had the best day since April for Nvidia. Nvidia was up 6% in a day. That hasn't happened since April. So quite incredible to see Nvidia get that type of momentum.

The broader S&P 500 was up one and a half percent. I mean it is normal for the market to take a little bit of a breather on a day like this. 679 on the S&P down about 0.25%. So we'll see when the market opens if this selloff intensifies. Not really that much of a selloff in the pre-market, but nonetheless, I do think it's consolidating some of the gains that we are getting from yesterday. And that's some of the stuff we got going on in the pre-markets.

First of all, before we get started, it is Veterans Day in the United States. So, want to wish a happy Veterans Day to anyone who has served uh for our country. Uh it is, you know, one of those things where as I've gotten older, I've started to realize just how special America is and how much myself and so many Americans take freedom for granted.

And uh, you know, as you get older, you start to recognize, you know, what have you contributed to society? And outside of paying taxes, I've never defended my country or put my life on the line for my country. It is an incredibly incredibly uh honorable thing to do and very very grateful to those who have served in the US Army, military, navy, air force. If you've you know put your life on the line for this country, I am deeply appreciative of that.

Uh having said that, Veterans Day means that uh the bond market is closed and the stock market is open. So you might not see as much volume given credit markets are going to be closed today and a lot of different banks are closed today. So we will see a market open. We just might not see the type of volume we saw yesterday. And that could also potentially influence some of the behavior um in the stock market as well.

Yeah, for all the vets in the chat, thank you. Thank you. Thank you. Thank you for your service. I mean, there's thank you is not enough to say, but uh it's the least we could say on a day like this. So deeply, deeply appreciative and thank you. The older I get, the more I realize how important it is to not forget that the only reason I'm able to talk freely on a platform like YouTube that was developed in this country is because we have free speech. But one of the reasons we have free speech is because people fought and died to protect that speech. So deeply deeply appreciative to those who served our country.

Okay, let's get into it. Uh Nebius, let's start off with this. Well, first off, let me say the uh the obvious for those that just saw my tweet that I posted 40 minutes ago. And the reason I posted it 40 minutes ago is because I did something 40 minutes ago, which is I bought Nabius. I'm in. I am in officially. Nate can stop texting me every day now. I am officially in. I'm in the stock.

I'm in the Nate. Look, those earnings were pretty damn good. Quite frankly, I forgot Nebas had earnings this morning. I woke up, I looked at my phone, I saw the numbers, then I saw the stock. It was red. I'm like, wait a second. These numbers look too good for this stock to be read.

Revenue of 146 million. Adjusted EBIDA beat expectations. They are targeting 7 to9 billion of ARR in 2026. That means the stock at this valuation is trying to get three times revenue. It's pretty damn cheap from that perspective.

When you also think of the margin profile extending or inflecting going into 2026 as they continue to increase the ability for them to actually make a profit on this type of revenue growth. Their contracted power for 2026 went from 1 gawatt to 2.5 gawatts. And in the end of 2025, they were scheduled for 220 megawws. They are now targeting 800 to one gawatt by the end of 2026. Not just contracted power, but connected power, which is like actually what allows them to be able to scale their data center operations.

One of the biggest things from the press release and from what Roman said on Twitter, um, who is the co-founder of Nebus, is that we sold all we had and we're going to build much more. aka this was not a demand problem for them which is what we're seeing as as a trend for these neoclouds. This was more so a question of hey whatever we had we gave to the market and we got you know compensated for that but if we had more we would have even given more reminds me of kind of how Amazon was talking about AWS compute and how they just need more data center capacity to be able to even sell more of AWS.

So they sold out of all their available capacity 19% adjusted EIA margins 355% year-over-year group revenue growth and they've also secured about 4.3 billion in convertible notes in an equity offering as of September 2025.

Now the other reason I was really excited to finally buy the dip on Nebas. Remember I did a deep dive on the stock when it was at 130. So obviously I was getting interested in it but uh one of the reasons I said I didn't want to buy it in my Substack when I published it about a week ago. First of all the stock was at 130. Kind of wanted a better opportunity.

Uh, second of all is like I was just kind of confused about can they actually get more of these hyperscalers to um, you know, sign on to their business. Can they actually get another Microsoft type of deal? Well, they got Meta. They got Meta today. $3 billion deal over five years with Meta. It's not as big as the Microsoft deal, but for me, and maybe it was just like a nitpicky thing I had, I wanted to know, is this legit? Can they actually get more deals or are they just promising deals and saying, "Hey, we're going to get more hyperscalers, but it's never going to come through."

Based on what I saw today, they are getting more deals. And it looks like given the capacity that they have and how they're building that capacity going into 2026, it looks like they're going to get a lot more. It looks like they're going to get a lot more. So from that perspective, I mean, when you're trading at three times 2026 forward guidance, when you're raising guidance at the level that they're raising, when you're beating on earnings, and most importantly, when they're actually establishing a more holistic view of data centers, because there's a lot of other things that go into Nebius, like this new token factory, which I don't know exactly all the different implications of it, but that is very suh synergistic with what they're doing with the overall data center offering, not to mention they're staking Click House. I mean, there's a lot of parts of the thesis.

Again, I'll link my deep dive for those that want to read it. So, I've understood Nebius, I would say, better than I have in the past. Ever since I've done the deep dive, I just, you know, didn't feel at 130 after that big of a run, it was worth the the opportunity to jump in. Seeing it red in the pre-market today after those earnings. I mean, I didn't buy immediately when I saw it was red, but then I'm looking at the earnings and I'm looking at the stock and I'm just like, wait a second. Okay, maybe this is a maybe this is like some better of an opportunity.

And why is the stock down today? There could be a bunch of reasons. Maybe some more dilution. Maybe the entire market's red. I mean, there could be a variety of reasons, but those earnings should not be a reason why the stock is red. Same thing with Robin Hood falling to 120 after earnings. Like, that made no sense. But I understood Robin Hood, which is why I could confidently say that made no sense. For those that understand Nebius, you probably could confidently say that makes no sense. For me, I need to do a little bit more digging. At the end, I concluded um it probably makes no sense.

So, I'm in. I thought it was an incredible quarter. I am now part of of this journey. I will try to do a lot more research on Nebius. Did not obviously establish a full position. So, I'll be looking to buy on more dips and seeing kind of how the story plays out. But this stock was at 130 last week, then it fell to 104, then it went back to 130. So, I do think the volatility in the stock is something people do have to be prepared for if they're in it.

I am still not fully fully fully excited about the broader neo cloud thesis. I've been pretty transparent on my thoughts there that I just think Nvidia and having exposure to that might be the best way to play the overall data center space. However, I like growth and when you see this type of growth and you see the types of contracts again, they also got cursor which is one of the fastest growing startups to uh 100 million ARR, which is an AI coding assistant.

Uh when you see that type of growth and you see the type of management that's being able to steward that growth, by the way, the other thing I'll say is I really like management. I've been doing a little bit more due diligence. I didn't put this on the substack, but doing a little bit more due diligence on Roman and the team and just trying to understand, can I trust these guys with my capital? I feel like I could trust these guys a lot more than the Cororeweave CEO, which look, Cororeweave had a good earnings. That stock got downgraded across the board today, down 8.5%. Uh we'll talk more about it, but kind of the key story is that they're increasing their debt load and the street's not happy about that.

But just listening to Roman on the call versus the Core guy, I just feels like there's a little bit of a difference. Not to mention the valuation on Nebus feels way more attractive than on Core, especially because they just don't have the same type of debt profile. So that's why I'm in Nebus and um that's what we got and I will do a lot more due diligence and give you guys more research on this but I'm in it's let's call it a starter position. Let's call it hey stocks red after good earnings and we'll see if it continues to develop over time and that's what we got on Nebus.

Now I know there's a lot of different implications of what does this mean for INE and all these other stocks. Again I have not done super big deep dives on the Bitcoin mining HPC facilities. I will say at its core from the analysis I've done on Nebius, it is just nice to have a more diversified player that didn't uh that wasn't a Bitcoin miner at one point and then transition because there's just a little bit more of a holistic offering. Not to say the Bitcoin miners are bad. Just to say that I think there's a different type of moat that a company like Nebus has.

But again, the whole point of investing in the space is that if you're an IN from 20, I don't think it's going back to 20. You know, now it's at 60. Like they've only leased out about 12% of their capacity. they have another 88% left that they can give out to the markets. And there's a lot of different verticals that I think these companies are going into. I just wanted to pick a name that I thought had a reasonable valuation and was putting up reasonable growth. And based on what I saw in earnings, I think that's what we got on Nebas.

So there you go. Nebas crushed earnings. Congrats to everyone here. I know the stock's not super super pumping. It is up 4% which is nice. Maybe it goes down 4% as soon as the market opens, but I do think it was a quarter that was worth at least getting into. That's what we got on NBS.

Made a couple other buys yesterday and then we'll get into SoFi and some of these other headlines with Nvidia and um and SoftBank. Uh I bought Meta yesterday, folks. I bought Meta. So, why did I buy Meta? Quick TLDDR.

The reason I bought Meta, very simple. Uh I don't think I'm going to get the best price that I want on Meta. So, couple things. I know last week we talked about my friend who's long meta and basically said, "Hey, you might want to wait a little bit before you sort of nibble at the dip because obviously the Zuck spending on capex is not going to be um interpreted well by the street." I think he's right about that.

And quite frankly, I think we might get an even better dip. I bought at 632 last night. But then I started asking myself after going through the numbers, okay, he's probably right that Zup is spending carelessly on capex and there's no plan for the ROI. He's also probably right that waiting and getting some, you know, due diligence from the management on terms of where the trajectory is going going into Q1 of 2026 would be like appropriate to do.

But A, we're in a bull market. B, rates are coming down. C, Meta's already down 15% from the highs. For a MAG 7 to go down what, 30% from the highs, it's possible, but there's got to be a massive narrative rerating. And I don't know if that's going to take place. Like I I think it could take place. And if it does take place, I would be a lot more excited to buy Meta anywhere below 600.

But if it doesn't, by the way, Meta was at 600 on freaking Friday when the world was collapsing. So, the last time we got Meta to actually go down to such an extent was when the entire market was taking a dump and then the market rebounded and now Meta is back to 630. So, 624 in the pre-markets. I do think it's worth setting up a DCA. You know, I I wouldn't buy everything that you wanted to buy of MET at 630, but I think starting at 630 is not crazy.

because at some point if it gets below 600, great. That's a buy the dip. That's when I think it really becomes a generational opportunity. If not, it's like, are you gonna wait until it gets to 500? And maybe that happens, but if it doesn't, then you're, you know, fading a company trading at 19 times forward earnings, which is one of the most important advertising companies in the world.

So, look, we'll see what happens. Maybe this is too early. If not, then, uh, you know, maybe this is a good dip buying opportunity. But I do think as we get towards the end of the year and things start to shape up, I don't know if Meta gives us that easy opportunity down into the 570s. Maybe in 2026 if the entire market corrects, but right now, I think it might be harder.

Yes, the Meta chief AI scientist is stepping down. Uh I kind of don't hate that this guy was like really annoying from from what I understand and he was treated as a meme by a lot of the AI community. They also basically replaced him with Alexander Wang when they bought out his company five months ago. Like like Yan Yan Lun was supposed to be like the core guy and then Alexander Wang became the core guy.

I still have my concerns on what the hell is going on with meta and AI. Like I don't know why they're spending all this money. I don't know why the hell they gave 15 billion dollars to scale AI. That feels like a waste of money. Quite really there's a lot of competitors to scale AI that are doing way more revenue than I don't know if Alexander Wang is the biggest AI name in the market if they did pay 15 billion for him. So I have my concerns.

But then you look at Instagram reels doing $50 billion a year and it's like okay it went from zero to 50 billion in three and a half years. It's like all right. So like it's really hard to bet against sucks. It just really is. And so even with those concerns, I think it's worth taking a an opportunity on the dip. So that's what we got with Meta.

And uh that's what we got with Nebius. New positions in the portfol, but you know, I bought at 659, so I guess you can say at DC8, Nebius is officially in new position.

Um SoftBank and Nvidia. Okay, so let's talk about this news. I don't think this is that big of a deal, but nonetheless, it is a headline that is crossing over the news this morning. Soft Bank sold their entire stake in Nvidia for 5.83 billion. Again, SoftBank, if they held on to Nvidia back in um in 2019 when they sold the original position that they had, or at least a good chunk of it, they would have had a $250 billion stake in Nvidia.

And I think that annoys um that annoys Masasan a lot. But nonetheless, like money to fund all their other bets and they got to get the money from somewhere. Uh Nvidia, you know, probably one day is going to be worth more than what it is today. But, you know, maybe it's a $10 trillion company. Okay. Is Masan going to hold for a double? Probably not.

So, I actually think logically it makes sense for them to sell the stake. It's just if they held on from 2019, you know, they would have had a better stake. And so I think they think if they can put this money into something else that could compound in a much more aggressive way that'd be a better use of that capital at the moment

>> about AI valuations and they worry is it a bad sign that Soft Bank are actually selling after Nvidia stake >> that's a big question here. Yeah Masoshi Sun decided that he's going to sell off all of his uh shareholdings in Nvidia at this point and and take the $5.8 billion that he made from that stake. Now, we just got the conference call from the company in Tokyo just a few minutes ago. And there, the CFO said that that's actually not the case. It's not because they have any uh questions about Nvidia or Nvidia's growth prospects.

Instead, what they really need is they need that money to be able to make their own investments. They want to invest in AI in a number of different areas. They're partners with Open AI, of course, in the United States with his Stargate venture where they plan on investing a hundred billion, maybe $500 billion. We've also heard plans about an Arizona manufacturing uh facility where they want to invest hundreds more billion dollars. So

>> So they need the money. They need the money to put into different places and it looks like they're getting more into these data center infrastructure investments. Speaking of data centers and get again going for the bullcase for Iran, Nebius, all those companies. Microsoft today said they're going to do 10 billion of data center investments for AI infrastructure in Portugal. And Google today said they're going to do 5.8 8 billion of data center and infrastructure investments in Germany.

I mean over and over again you're seeing I know we had a little bit of a hiccup last week on this sort of AI capex trade and Oracle is now back to levels that it was at in September. And I think it's fair to be skeptical. We had Michael Bur yesterday basically say everything's a bubble and expect something big on November 25th. I don't know what he's coming out with if it's a book if it's more analysis or what we're going to see what it what happens.

But you know, Michael Bur is concerned about depreciating assets and what that means for overstating earnings and like those are all concerns that are worthwhile to discuss. At its core, you cannot deny the amount of investment that is going into these data centers from these hyperscalers and these hyperscalers are going to need the neoclouds to help them facilitate all the transactions on these data centers. I think SoftBank understands that and that's why they're getting excited to invest in these data centers.

On top of that, SoftBank just put in $35 billion into OpenAI. They need that money from somewhere and I know they're raising debt to be able to finance their investment in OpenAI. That's how confident they are that OpenAI is going to work out. But they also need like liquidity. And so I mean look again if Nvidia can go to 10 trillion that'd be amazing but it's going to take time for that to happen.

And the question is do they hold on to that stake for a double if OpenAI can potentially quadruple over the same time. And so I don't think it's bearish. I think it's just something they have to do. And if you are managing that much money, you know, you probably would want to navigate by doing the same thing and taking some profits. But that's what we got on Soft Bank.

Yes, AMD will have a big analyst conference later today at 1 p.m. as well. I will not be streaming that. I think Jose will be streaming that and so uh we'll get some updates from from what AMD says later today and we will keep going from there.

So, Navius earnings crushed it. Uh bought the dip on Meta last night for myself and SoftBank selling their Nvidia stake again. Nvidia having one of the best days they've had since April. 6% move on Nvidia. That's why I think we're right in the pre-markets. I think honestly we just need a little bit of a breather and you got Nvidia taking a bit of a breather right there down about 2%. Google as well that is down about half a percent in the pre-market.

Okay, real quick let's talk Grab updates and then we'll get into SoFi. So the story is getting very very juicy on Grab. I don't want to spend too much time on it. I'll make a longer Twitter post later tonight. I'm also making a video on my Grab update on earnings that'll probably be out tomorrow.

The TLDDR is that yesterday we talked about rumors about Grab and Goto potentially getting ready for an acquisition. There was a actual state official from the Indonesian president office saying that they want grab and go to merge. Not the go-to part of the fintech, not the fintech part of GoTo, but rather the uh ride hailing and delivery part, which would be very accretive to margins because right now they're in a price war, and that's why the margins kind of suck on both companies.

Obviously, Goto has not really returned well for shareholders. Grab is starting to return for shareholders. Grab is much more of a dominant business around Southeast Asia. Last night at 10 pm, Bloomberg comes out with a post. Speaking of SoftBank, which has a stake in both of these companies, a pretty heavy stake. I think it's almost 10% of each one. SoftBank joins Move to ou the go-to CEO, paving way for Grab Deal.

I mean, this is freaking this is becoming like a like a a Netflix uh show in regards to kind of how ruthless corporate capitalism is done. Several GOTU shareholders signed a memo to the board requesting an extraordinary general meeting on December 17th, 2025. People familiar with the matter said asking to not be identified. The backers, which includes some of Goto's co-founders, are proposing a vote on matters inclus including replacing the CEO who oversaw a more than 40% decline in his tenure, aka the stock was down 40% over the past five years.

Uh, Wuho is also perceived as opposing a takeover by Grab, the people said. So basically you have a bunch of shareholders that are significant executives or significant stakeholders in the company signing a memo including SoftBank to get rid of the CEO because of two things. A the CEO has not been able to get shareholder returns because um uh you know the stock is down 40% and look Grab has not been the best performing stock since the Spack days either. But Grab's numbers are going like this even if the stock is flat. Go's numbers are going kind of like this and the stock is just going down. There's just like no trust in the business.

Not to mention the corruption case that the go-to founders were involved in earlier this year where they were stealing money from the government that was supposed to be going to Google notebooks for underserved children in the region and they started pocketing the money for themselves. I mean just like disgusting uh use of of of corporate ties to the government and as a result you've got a lot of people from a brand perspective that are just not fans of goto. That CEO apparently is opposed to a Grab takeover.

So you've got a lot of shareholders that are voting to get rid of the CEO and to potentially introduce the opportunity for Grab to take over given the CEO is, you know, afraid of the company taking over. Obviously, he's opposed to that taking place. So now there's going to be an extraordinary general meeting on December 17th, 2025. I don't know if the CEO is going to be ousted. I don't know if Grab's officially going to enter into a binding agreement to acquire them.

All I know is that if Grab gets them for hopefully two billion or less, I would not want to pay more than two billion for the ride hailing and delivery part of the business. I don't think it's worth more than two billion. Um, we are going to definitely accelerate revenue and GMV growth into 2026. Now, again, you can't guarantee that's going to happen. That can't be the core investing thesis, but we've had rumors over the past 12 months that this acquisition and this merger will take place.

This is the most significant update for uh SoftBank which has a big stake in both companies to now say we need to call a meeting and see you know if we can get something done because obviously SoftBank is annoyed that their stake has been uh diluted and you know not really returned that well over the past couple years. It makes sense that they would want to get them to work together. So I like it. It would be good for grabb obviously strong for shareholders.

You know maybe that explains some of the darkpool orders we've had and the billion shares of volume we had in September. Maybe a lot of the institutions knew that this was going to happen and they were a little bit early to the story. But if this is happening, it's a complete narrative rerating and this is the most significant development we've seen over the past seven months that it seems like it's going to happen. It's just a question now. And if the CEO remains a CEO and uh if he's gone and and SoftBank puts in a new CEO, does that new CEO work with shareholders to make an acquisition happen with Grab? But we're going to see how that plays out.

So that's what we got with Grab and that's why that stock is up in the pre-markets.

China is considering a plan to keep rare earth magnet materials from reaching US military users by blocking exports to military link firms while speeding approvals for civilian companies. So we've seen China start to capitulate to a lot of the United States demands over the past couple of weeks. Obviously we have that deal with the Chinese, at least a framework for a deal in terms of being able to export rare earth minerals and metals. I can understand if the Chinese don't want that stuff to go to the United States military. I don't think the United States would be that happy about that.

So that's one thing that I think we have to keep in check. But over the past couple of days, you've had the US take down our tariffs on China, particularly on fentinel. You've had China get rid of the export controls. Maybe there's certain types of export controls they're not getting rid of. But it is at least a healthy form of dialogue and action that we're seeing with China and the US. And you know, that's not a bad thing to at least see the tariffs start to go away from both sides. But if the Wall Street Journal is correct on that, then that might be a new development in regards to how rare earth magnets are going to be going to the US military.

Uh, no. No. On CNBC, here's what he had to say. SoFi is officially bringing back crypto on its platform. Joining us right now first on CNBC is SoFi CEO Anthony Notto in town. It's nice to see you, sir, in person.

>> Yeah, this morning for you. It is a very big deal. Uh, it's a big day and a big milestone. uh reverses the course of time. Um it does. We've wanted to be a one-stop shop for all your financial services needs. And one of the holes we've had for the last two years was in cryptocurrency, the ability to buy, sell, and hold crypto. Uh we were not allowed to do that as a bank. It was not permissible. But in March of this year, the OC came out with an interpretive letter that it's now permissible for banks like SoFi to offer cryptocurrencies. So this morning we're launching as the only national bank, the first and only national bank, the opportunity to buy, sell, and hold cryptocurrencies like Bitcoin, Ethereum, and Solano.

>> Uh we'll expand well beyond three. It'll be a pretty broad assortment. We try to differentiate on being fast, having broad selection, great prices, ease of use. So we'll try to give members, SoFi members, as much selection as they would like. And what's the difference between going through you and going through Coinbase or going through Robin Hood or somebody else?

>> Yeah, there's a couple of really big differences. First, we're a nationally chartered bank, which means we have the infrastructure, the processes, the financial conditions that provides the safeguards that a consumer would expect from a bank. Um, which is going to allow us to scale responsibly. Uh, the second thing is because we are a one-stop shop, you can do all your banking, checking and savings at SoFi, your borrowing and your investing, and now crypto.

And one of the unique things about that is when you come to SoFi and fund your crypto investments, you'll fund them in a SoFi checking and savings account. That checking and savings accounts deposits earn interest. >> Say that again. You're going to fund it with crypto. >> You're going to fund your checking account. >> You're going to fund your checking account with cash. Okay? >> And then when you buy >> Bitcoin or Solano or Ethereum, the money will come straight out of your checking savings account. So when you're not putting cash to work, it's not sitting in an account that earns no interest and it's not sitting in an account that's not insured. So the money will sit in an FDIC insured account up to $2 million is what we offer and when you buy it will instantly withdraw from that account and sending it to the marketplace.

>> I don't. And a couple of reasons for that. We're the only digital one-stop shop. They do not offer the breath of products that we offer across borrowing, saving, investing, protecting, um, and and and spending. So, we have the ability to not just buy cryptocurrency, but we're now providing the ability to send payments internationally via uh the Lightning Network, which is a crypto uh network, and we'll add others to that.

>> They'll have to answer why. I fundamentally believe that we put the member at the center of that what we do. We focus on these things that are activities to do with your money, not products. And so the SoFi money account is an account that you can use for international remittance, you could use for self-s served wires, you can now use for crypto buying, you could use for paying friends via email, Enzel. And so the whole idea is to leverage technology to make moving your money as easy as possible, but also doing all the other things you need to do to get your money right.

>> The first thing is we've asked our members what they want and 60% of them have said they would like to invest in crypto, but they want to do it from a regulated entity like a bank and that's what we are. And so that's one differentiation. The second is it is a highly risky asset. It should be a very very small piece of a total portfolio and and people should dollar cost average into it and make sure they stay very diversified because it is risky and is volatile. You could lose all of your money and we want to make sure that our members understand that.

>> Yes, we do. I have about 3% of my investable assets in cryptocurrency. >> Mostly in Bitcoin or what's the >> mostly in Bitcoin >> and we were

>> no to to crypto bro 3% of his net worth in Bitcoin. I mean or not net worth but investable assets. I mean that's that that I mean that's pretty significant coming from him as a CEO of a company that wants to officially offer crypto to everybody.

>> Early I was not super early. I we've done perfectly fine. we have exposure to because one I believe we're investing in a technology not in a currency. Um the analogy I use with people is imagine if in 1990 you could have bought a piece of the worldwide web through some coin called the worldwide webcoin. It's very similar to that. These are networks. They're communication networks used for payments and other applications. What do you make? We were

>> it is just so cool to see these high-profile CEOs make these type of analogies. I mean, like, I know the Bitcoin price action has not really been the best over the past couple of months, but like some of the smartest people in the world just are convicted that this is going to matter and over the long term, you know, they kind of don't care. They just want to have exposure to the asset.

that might have been used for that big big picture we believe blockchain and cryptocurrencies are a super cycle technology super cycle just like AI and it will be pervasive across all the financial system stable coins is one example that will fundamentally change payments. SoFi will launch SoFi USD uh hopefully in January. That'll be backed dollar fordoll by by reserves. Because we are a bank, we'll actually put the dollars in our Fed bank account. So we'll have no liquidity risk, no credit risk, and earn Fed funds. That's a really attractive um vehicle for people to use digital currency for and that will compete with other digital currencies.

>> Yeah, I actually worry quite significantly about stable coins from operators that are not banks. Where are the reserves sitting? Is there duration risk for those reserves? Is there credit risk for those reserves? Are those reserves bankruptcy remote? SoFi, the answer to that is zero credit risk, zero liquidity risk, and working on bankruptcy remote. That's three elements that you have to think about with whatever stable coin you use. Just because it's back dollar for dollar doesn't mean those dollars will be there when you try to liquidate, just like a money market fund that breaks a buck.

>> all right there. And those are his thoughts on SoFi. Now look, I think it is very impressive for SoFi to officially have crypto coming back to the platform. I think earlier this year, right around February, March is when the OC came out and said that banks are going to be allowed to trade cryptogrand. And you know, I don't know how many people thought they were going to be able to do it in about eight, nine months, but it seems like they did what they had to do. They got the job done. And obviously the Trump administration from a deregulatory perspective also made it easier for them to get on board with this and they got it done.

So crypto will be coming back to SoFi. Tanner yesterday said on our Tech Bros podcast that SoFi is going to be charging 1% as a fee on uh their crypto. So it's less than Coinbase. It's a bit more than Robin Hood. So it's kind of in the middle right there. And they're probably not looking to undercut Robin Hood. They're probably just looking to charge a standard 1% fee. And you know, we're going to have to see what the crypto volumes look like on the invest platform over time.

The one thing I will say is that this is not bearish. So right there, $3043. It was up 9% yesterday. Uh when you have more offerings on the platform, especially offerings for assets that people really care about, obviously like cryptocurrencies, Bitcoin, Ethereum, Salana, I mean, people are going to want to trade it. And if people start trading it on SoFi, if you already have all your banking and financial assets on the platform, you might start buying some stocks, you might start trading some options. that's not their core business, but at its at its core, if you have all that integrated in the ecosystem, that's definitely bullish.

So, I think it's good for SoFi to do this. I think a lot of people have been waiting for this. The real real hardcore SoFi power users that use the invest platform as well and the banking probably wanted this option. I mean, you might get some assets leaving companies like Robin Hood to go to SoFi now that they finally offer crypto.

Um, but it is kind of funny. So bringing crypto, Robin Hood is bringing banking. So it's like both of these guys are going into different perspectives to try to compete with each other and you know consumers are going to figure out which product they ultimately want to use long term. So that's what we got on SoFi very bullish as crypto has now come to the platform.

Uh earnings yesterday. So, what companies crushed it? Well, Rocket Lab is one of the uh companies that crushed it. Rocket Lab, right? They're up 7% in the pre-markets. They are three cents away from profitability, which is very exciting for a company like Rocket Lab. They are getting close to being profitable. They also beat on revenue. So, I think if you are a Rocket Lab shareholder, you were definitely happy with those earnings yesterday.

Big Bear AI, they are also up in the pre-markets. Again, they are growing negative 20% year-over-year, but the street doesn't seem to care about that too much because they beat by 57% on EPS, beat by 4% on revenue. Uh, they are uh continuing to guide for 140 million, which would be down about 30% year-over-year in terms of the fiscal year guide. So they have not upgraded their guidance. They did acquire a company yesterday. They paid $250 million for a company doing 25 million in revenue, 100,000 customers and governmental agencies. So maybe that could increase that revenue guide going into 2026. But overall perception is reality in the stock market.

And the perception was that Big Bear AI would do way worse than expected. And they beat by a hefty margin, beating EPS by 57%. That's why that stock is green.

Coreweave, let's talk about that real quick. What is going on with Cororeweave? I can only conclude given they beat by 57% on EPS negative 22 cents versus 51 expected and then 1.36 versus 1.28 billion again revenues up triple digits EPS is up 88% year-over-year.

My only conclusion after listening to the call yesterday and some of you guys were with me listening to the call is that the debt profile that they are guiding for even if they say they're guiding for increased debt via demandbased debt. So they're trying to, you know, soften the blow that they're increasing debt because they're saying it's from demand, which is like a reasonable argument is just becoming a little aggressive for the street. They lowered their fiscal year 2026 revenue guidance that got the street upset.

And they lowered their adjusted EBA guidance. Now that's not that big of a deal. And it's definitely not a sign of demand is going down. But if you're lowering guidance and you're increasing debt, even if you know they might be lowering guidance just to be able to beat and raise going to 2026, I think that's why the street's a little upset.

Also, the the the the the real like kicker for why their stock got hit is because there was something that is going to delay one of their clients setting up uh a data center. I'll see if I can get the exact quote. And that is causing a little bit more pain. JP Morgan downgraded them to 110 from 135. You had a couple other firms downgrade them into the 100s. I don't know if it needed to be that aggressive of a downgrade, but nonetheless, that's what happened today.

Here's the quote. We are affected by a temporary delay by a thirdparty data center developer who is beyond behind schedule. They did say that uh that delay is not going to decrease the margin profile on the customer and that um it's within like 5% of what they already guided for. So it's not like a substantial delay that should be hurting the company. But I think the street's just annoyed that all these companies are taking on debt and core is the next one to take on a massive amount of debt and increase that debt load.

And maybe that debt load is becoming a bit too substantial even though they doubled their revenue backlog to 55 billion which is net bullish data centers AI in general because there's so much demand. It's just core as an operating business even though they're 20 cents away from profitability is something that the street is struggling with to deal to analyze with just given the the the level of debt that they're taking on debt to equity ratio you know at this point now well over 300%.

So, uh, Trump tweeted last night about the Supreme Court decision. Again, I've been telling you guys from what I've been reading, it it it is not confirmed that the Supreme Court is going to go his way. And, uh, we got about 40 seconds till the market opens. You know, Trump was pretty upset last night and he basically went off on how people need to understand more about tariffs. Uh, he said the US Supreme Court was given the wrong numbers. the unwind in the event of a negative decision on tariffs would be including investment b and return of funds in excess of three trillion.

It would be not possible to ever make up for that kind of drubbing that would truly become an insurmountable national security event and devastating to the future of our country possibly non sustainable. So obviously Trump is trying to warn the Supreme Court saying hey if you guys get rid of the tariffs it's going to be a $3 trillion windfall for the United States. And that's why you have Bent as well explaining why the tariffs you know are something that we do need to care about more going into the long term.

Uh, one thing I saw today from the ADP private payrolls is that in October you had private payrolls falling to 11,000 a week on an average over the past four weeks, which is obviously not good. 11,000 jobs a week is like not significant growth, which feeds the argument that the labor market has having some issues. The uh Fed probabilities now show a 67.4% chance for a rate cut in December. Again, I don't see a world where the rate cut doesn't happen.

All right, folks. There you go. We got about 10 seconds until the market opens. Thank you everybody for being here. It is Tuesday, November 11th, 9:30 a.m. The stock market is now open.

All right, wake your ass up. Let's get into it. Coreweave down 9% on the day. goes red. Navius up 1.682%. I think it got to a lows of 108 in the pre-market right now at 111. That's up 1.34 slightly green. Coreweave is getting hit 9% right there. Dualingo down 1%. Grabby Grab gets a 5% move. Uh I think that 5% move is obviously based on this rumor that they could be acquiring Goto. So you got to see if that is sustainable.

But it is getting a bit of a move right there at 620 on Grab. CleanSpark down 5%. They diluted by 1.15 billion yesterday. That's why CleanSpark is down. They're using 420 million of the 1.15 billion to buy back their stock, which it always confuses me when companies dilute to then buy back their stock. But nonetheless, that's what Clean Spark is doing. That's why that stock is down 5%.

Open Door, uh, the CEO said he and his family are buying a million dollars worth of stock today. Quite literally, the CEO yesterday tweeted that he and his family are buying a million dollars worth of stock. JP Morgan upgraded them to $8. So, I think you put two of those catalysts together. That's why that stock is back to eight and that's green.

And honestly, I think the red is kind of healthy. Yesterday, I didn't expect% move on the S&P 500, but we got it. I also didn't expect a 6% move on Nvidia, but we also got that. So, I mean, I I kind of think it's okay for the market to take a breather a day after a massive move, especially because the week before it was a massive move down. So, you know, you probably want to have this consolidate.

DA Davidson says underperformed. They have a $36 price target. We reiterate our underperform rating and $36 price target following the three Q earnings that were highlighted by another quart of deteriorating profitability, significant downward revisions to to fullyear capex revenue and profit guidance. We continue believe this business is not worth scaling. Wow, that's a pretty ugly downgrade from Gil Lauria at DA Davidson.

JP Morgan says, "We continue to see tremendous long-term opportunity on the negative side. the new variable supply chain pressures escalating to a point that they are impacting one specific thirdparty data center which is running behind and that shifts some of Cororeweave's Q4 revenue. This means that they are not only major hyperscalers being forced to issue capacity constrained revenue guidance but the phenomenon is also spreading to Coree which has historically set one of the highest bars for orchestration and delivers timely deployment of modern AI data centers. This doesn't seem that bearish. They're kind of just annoyed that Q4 revenue is going down because of the delay on the third party data center developer. they downgraded them from 135 to 110, but that's not seeming to be like upset with the thesis.

I love Tom. I don't know if we're doing 9,000, bro. I don't know. It was like 9 to 12,000 by January. I mean, maybe maybe it'd be a bit aggressive. This was his interview yesterday with Tom Nash talking about crypto and there have been a lot of OGs, uh, original Bitcoiners that are selling above 100,000, but it is still an underallocated asset class.

So, I think Bitcoin actually potentially can get to the high 100,000s, you know, maybe even 200,000 by the end of the year. I think it's a big ask, but to me, um, what's more obvious is Ethereum, uh, can have a huge move into your end because even Kathy Wood wrote about it. She thinks stable coins have been cannibalizing demand for Bitcoin and and gold and tokenized gold is cannibalizing demand for Bitcoin. But stable coins and tokenized gold run on smart contract blockchains like Ethereum and Wall Street is building and Larry Frink wants to tokenize everything on Wall on on on the blockchain. That means Ethereum is where people are starting to raise their growth expectations. And if you're raising your growth expectations, then your your your discount to the future is going up. So I I think that there's a bigger move in Ethereum. And Mark Newton, our head of technical strategy, thinks we're going to be like 9 to 12,000 by January. I think that's about right. I think Ethereum just 3,600 more than doubles between now and year end.

All right, that's it for me, folks. S&P lose a 680. Very choppy price action back and forth. Uh again, we had a really good day on Monday. Not crazy to see Tuesday kind of give back some of those gains. And if we're up one and a half and we're giving back.3, I think that's all right. I'll be back for the close. We got Oaklo. We'll see if we do TT and um then we'll keep going from there. Tomorrow we have a bunch more earnings and Nvidia is the next big catalyst going into next week.

So that's what we got. Again, this labor market thing is the most important thing I think we all have to be paying attention to. But outside of the labor market, rate cuts coming up hopefully in December. The probabilities of that are really important. And then you got Nvidia. If you can get a good you can get a decent Nvidia trade even with declining rate cuts when the shutdown opens we'll get more labor market data and uh you know then be able to conceptualize what's going on with the labor market in the face of more rate cuts if deliverant thing going into the end of next year

that's what we got all right thank you everybody appreciate it Siege thank you for a channel member appreciate it man thank you for being here uh C Harris thanks for the super chat when do you think Android will IPO I have no idea I would imagine 27 Harlucky did say in a couple years probably not 26 but if they do IPO in 27 we know Mr. Douggee who has a stake in Andro will be very happy. So, probably closer in in another couple of years.

All right. Thank you all. Appreciate it. Hopefully everyone has a uh apotheioisclipptic day.

That was so bad. So bad. I want to say hope everyone's having a divine day or whatever the hell that word meant. But I'm just gonna leave. All right. Thank you everybody. Love you all. See you guys on the market close. Bye everybody.