All right. Hello everybody. Welcome back to another episode of the market close. I am sorry I am late. It has been a wild crazy day. But we are live and we've got a lot to talk about. We got some earnings coming up after the bell. There's going to be some very important earnings. We got CRM, we have Snowflake, and we have Path. So, in the next 15 minutes, I'll put the which one outperforms poll in the chat.

We are going to see which one of these companies outperform CRM, Snowflake, and UiPath. Very important companies in the SAS space. UiPath being the smallest out of these three. and we're gonna see what numbers that they put up. Outside of the earnings picture today, we had a bunch of things happen that just were super random on the day.

Starting off with that Microsoft headline, Tesla, by the way, pumping. We'll talk about Tesla in a second. Microsoft down about 2% on the day. Microsoft was down 3%. The information put out an article that said Microsoft's AI sales are slowing down. In co-pilot, the market kind of cared, then the market didn't care, and Microsoft came out that said then they basically said, "Hey, this is not exactly true." And now Microsoft is down about 1.87% on the day.

So, that kind of started off the day. We were green in the pre-markets and then we went red. Nvidia breaking below 180. You do have a pretty bullish Nvidia headline that we'll talk about in a second. Uh Amcor just a massive day up 7.86% 4385. The S&P 500. Wow. 684 high of day on the S&P. Didn't even see that. That's up half a percent. And then Google's at 320. I did buy more Nvidia.

I bought it at 180. It's at 17964. So my timing is phenomenal. Uh the reason I bought it is just because I'm like everything was pumping today across the entire market and Nvidia's red the names that are derivative of Nvidia like an amcore. There is no AMCore without Nvidia is up 8% on the day and Nvidia's red. I mean it's kind of laughable at this point what's happening and how scared the market is of this AI bubble and how they're discounting Nvidia. But nonetheless that seems to be what is happening.

UNH is up 5% on the day. Oscar is up 1.72%. Robin Hood we got a big update on them that's up 6.5. And then Palanteer that is up 3% on the day. like Nebia should not be up and Nvidia is down. It's it's really not making a lot of sense to me, but I do think the market is a bit scared of what's going on with Nvidia.

So, what happened with Nvidia? There were two major headlines that are important. Let me show you the one that just broke 30 minutes ago. A lot of reports came out saying that Jensen was with Mike Johnson in his office in DC. Uh, and now we probably know why. Bloomberg, Nvidia is poised for a major lobbying win after lawmakers excluded a proposal from the upcoming defense bill that would have restricted sales of advanced AI chips to China and other US adversaries.

Essentially, it seems like Jensen was in DC today speaking to um the politicians and Bloomberg sources are saying that it looks like he's going to make sure that there is not a part of the new AI act that is coming through called the Gain Act, which would force Nvidia and AMD to prioritize US customers before selling to embargoed countries. This is actually really bullish for AMD as well because you don't want AMD to not be able to sell it to China. That would be a massive revenue source for them and AMD's up on the day. But Nvidia's red, which again is just weird.

It's not making a lot of sense to me given the entire market is doing well. It is healthy to see the S&P 500 um like less than half a percent away from all-time highs. Even though the most important stock in the S&P 8% of the waiting is uh red, it means we're broadening, but it also is not making a lot of sense, which is why I ended up buying today.

The second bigger bigger headline uh is Nvidia had Jensen on Joe Rogan and I think this was really cool. Yes, Jensen also will be speaking in 10 minutes at a tech conference. So, we'll probably get some quotes from Jensen over the coming hour. But, uh we got a lot of quotes from Jensen on this one. Two and a half hours with Mr. Joe Rogan. I did not expect this to drop during the middle of the day, but it did. There were some really good clips from it.

Here's the one clip I want to show everybody, and then we'll go through more of them later. We also had the Dealbook conference that happened with the New York Times and we got a bunch of clips from that. But here's Jensen talking about the first time someone ever wanted to buy his supercomputer chip. And ironically, it was Mr. Elon Musk.

>> When I announced this thing, nobody in the world wanted it. I had no purchase orders. Not not one. Nobody wanted to buy it. Nobody wanted to be part of it except for Elon. He goes, he was at the event and we were doing a fireside chat about the future of self-driving cars and he goes, "You know what? I have a company that could really use this." >> >> I said, "Wow, my first customer." And so, so I was pretty excited about it. >> >> And he goes, "Uh, yeah. Uh, we have this company. It's a nonprofit company." >> >> and all the blood drained out of my face. [laughter] I just spent a few billion dollars building this thing cost $300,000 and you know the chances of a nonprofit being able to pay for this thing is approximately zero. And he goes, you know, this is a it's an AI company and uh it's a nonprofit and and uh we could really use one of these supercomputers. And so I I picked it up. I built the first one for ourselves. We're using it inside the company. I boxed one up. I drove it up to San Francisco and I delivered to Elon in 2016 and uh I walk up to the second floor where they were all kind of in a room this smaller than your place here and and uh uh that place turned out to be open AI. >> >> >> It's not really uh nonprofit anymore though, is it? >> >> >> They're not they're not nonprofit anymore. Yeah. >> >> >> Weird how that works.

So, I thought that clip was very interesting and the fact that uh you know you had Elon be the first person to buy that's a supercomputer for what is now open eye which Elon is not a part of was pretty interesting. But yeah, we got a video right here as well. I did not see this but Jensen he absolutely there's it's a not a rumor anymore. He was at DC. Here's a little bit of his uh commentary in Washington today. Trump's also live making an announcement. I have no idea what this announcement is. I'll try to find out in a second, but he's making some announcement live right now.

>> And have the world built on American technology. >> >> >> Any concerns about your chips going to China? >> >> >> Uh, of course there is. And uh we have to ensure that United States has the best technology at all times. Uh but that United States uh technology industry can continue to serve the world and and win markets around the world. >> >> >> There are a number of sorry there are a number of China hawks who are we have lots of competition from a lot of different places. There are a number of China hawks. >> >> >> There are a number of China hawks who are very concerned that if their chips are being able to go to China and other countries, that's really going to compromise US security. What's your message to them? >> >> >> We have to ensure national security. Remember, China makes plenty of chips and their military has plenty of ample chips and chines chips to uh to to build whatever they need. We need to ensure America can continue to win the technology leadership position around the world. Act 200 from both chambers versions of the NDAA. >> >> >> I'm sorry. >> >> >> The uh Gain AI act, how do you feel that both versions have been stripped from the NDAA? Now, >> >> >> uh I think that's that's wise because the gain AI act uh is even uh more uh uh detrimental to the United States than the AI diffusion act. >> >> >> Does there need to be some degree though of protection on advanced chips that Nvidia and others produce? Maybe not something as extreme as the gain AI act, but something within that vein. >> >> We support export control and we believe that United States should have the best technology all the time. >> >> >> Do you think there should be federal uh regulations on AI or would you prefer state byst state? Uh obviously that's the the president wants to see federal regulations as opposed to individual states. What what's your take on >> >> >> statebystate AI regulation would would drag this industry into a halt.

Okay. So some of the same stuff that Jensen has been saying for a while. We'll get some more thoughts on that in a bit. Uh AMD at 217, Nvidia still selling off right here. Meta now selling off as well. Wow. Don't know what the headline is on Meta, but that's down 1%. We're going to get earnings in a bit for Salesforce Path and Snowflake. 63950 on Meta. That's down 1%. Amcor 44. New highs of day, new highs for the year. That's up 8.2%. S&P still holding on, but you have a little bit of a red close. Amazon 232, that one's still red.

Robin did hit 134, pounder 176, pounder going green and Nvidia going red. Usually that hasn't happened for the past couple of weeks, but I guess the market is feeling something about Nvidia. Tesla's up today based on that robotics news that we might have robotic zar um like an AI and cryptozar and that's why Tesla's getting the benefit of that. Amazon not getting the benefit of that today, but Tesla right there at 445. AMD is green and then Meta, not sure why that's selling off, but I'll try to get the headline for that in a second.

So, you had Jensen on Capitol Hill today said a bunch of different things. The Joe Rogan podcast not really making a difference for the stock today, and neither is this Bloomberg headline about the gain act being in Nvidia's favor. Now, we don't know if Nvidia is going to be able to sell into China, but the news and the headline that we got today definitely makes it more likely that Nvidia is going to be able to get that China revenue, which is bullish, but it seems like the market doesn't care that much about it.

Um, the other big headline we had today on Robin Hood, again, this company just continues to make me so unbelievably proud. It's it's hard to even put into words. 1.4 billion of transfers during their math promotion just for Tesla stock. This is when two weeks ago Vlad said, "Hey, if you have some Tesla, we'll give you 2% to come to Robin." The average account size was $500,000.

I mean, the company is just becoming a platform for anyone, whether you have $5 or $500 million to come to the platform. And uh 1.4 4 billion in net deposits, which is 16% of the entire net deposits they had last time in Q3 coming into Robin Hood uh in basically less than a month. So very very exciting for Robin Hood. That was also good. That probably allowed Robin Hood to get a bit more momentum and that's why that stock is up on the day.

I don't think there was a Google TPU headline. Some people are saying that could be the reason why Nvidia is down. I did not see anything like that today. But Nvidia is getting a dump right here. 17935 dump being 1% is not really a dump but nonetheless that is down on the day. Crowd Strike that's up 1% that reversed that was at 504 now that's at 522. Broadcom was down 2% on the day now that's at 330 or 380.

Salesforce is up 2%. Path is up 4% and then you have Snowflake which is up 60% for the year. That is up 2.38%. On the poll in the chat 41% of you say Snowflake will outperform. I have no dog in this race. Have no idea which one it's going to be. So, we'll see in the coming uh next 10 minutes which one outperforms and we'll go from there.

The other only headline that could be affecting the macro outside of the ADP payroll numbers we got this morning which was negative 32,000 versus 40,000 expected. actually good for getting a rate cut because it means the labor market is weakening is there's this Bloomberg report that some people are not happy if Kevin Hassid would become the Fed chair and the reason for that which it's kind of obvious but nonetheless some people are upset that he's not really independent from Trump.

um and [laughter] so you have bond investors telling Bloomberg uh yeah we think Trump is going to be super tight with Hasset and we'd rather want someone like Christopher Waller or Rick Reer Now, I don't know if Trump's going to try to appease the bond market by getting someone who's less independent because he really wants these rates to come down. So, maybe it's not Kevin Hassid for that reason, but given how much he wants the rates to come down, I think it might end up being Kevin Hassid.

So, every political administration gets to pick their own people that they want to be in positions of power. Those are never fully neutral decisions and there's always some bias there. question is going to be how the market reacts to Hasset if he is announced as the next uh as the next fetch here. 683 82 on the S&P. We got 32% on the day. That is not bad to see. Although you have some of the bigger names in the S&P taking a hit.

Broader markets. Apploving is up on the day. Verizon's up. Intel's up. Aera's up. U Micro Strategy is up. Bitcoin got a big move today after falling in the morning on that Microsoft report. Now basically back to 93,000. This thing was at 83,000 three days ago. So, it is nice to see it getting a little bit more momentum right here as we get into the close for the day.

All right, let's get into it. We got three big earnings. Let's see how this all plays out. Thank you everybody for being here. Wednesday, December 3rd, 4 p.m. The stock market is now closed.

All right, we are done for the day. S&P got that green close. We were read in the morning after the Microsoft report. If you didn't hear the Microsoft news again, it was a headline that said Microsoft is lowering their sales target. Microsoft came out that said that's not true. Nonetheless, still affected the market throughout the day. We did get a recovery on the S&P 500 68383. That's up 0.34%. Nvidia ended red on the day down 1%. Meta got sold off right into the close by about 1.16%.

Tesla got a big move up 4%. AMD was up 1%. Nebas did get a green close at 256. By the way, Kramer said to sell Iran and buy Crowdstrike. Iran's up 7%. So, of course, sometimes you just got to use the signal. And I right there back up 7% after falling 15% yesterday. Rocket Lab 6.75%.

Not bad for the Lab of Rockets, that one got some love. And then AS. So, the Space names getting some love. that was up 8% on the day. Palanteer as well got to that 176 level and we closed above 176 which was also nice to see for Palanteer on the day at 176. All right, so let's see. Let me know in the chat if you own any of these names again. Salesforce, which is already pumping, Snowflake and Path.

Those are the three companies. Salesforce up 6%. Salesforce is up 6%. Let's see what we can get on their numbers. I don't think the numbers are going to be amazing, but I do think the stock being down 30% is probably oversold. They're still a company doing 40 billion in revenue, down 30% for the year, so there's got to be something that the market will like from Salesforce. Also, by the way, the Trump announcement right now is about the auto industry and rolling back those regulations. We talked about that in the morning. So, we'll get a clip in a second of what Trump had to say. But, uh, the announcement that's live right now is about the auto industry and rolling back regulations to increase and authorize manufacturing production.

Salesforce numbers, they missed on revenue. They beat on EPS. Missed on revenue, beat on EPS or Salesforce.

14% beat on EPS though. That's a big one. 14% beat on EPS 325 versus 286. Revenue is up 9% year-over-year. EPS is up 35% year-over-year. Revenue, it's a very small miss. 10.25 versus 10.27. So revenue is inconsequential.

That's a big beat. 14% for a company of their size is legit. That's very legit. I mean, that's a massive one. 7% on the day. This is exactly what the street wanted to see. Now the question is, is this a tax thing, accounting thing? Is it agent force leading to more initiatives of AI for margin enhancement? Are they laying off people so they get to get the onetime margin increase? I mean, 14%. I did not expect that big of a beat.

When's the last time Salesfor beat by 14% on EPS, too? So, that's something that definitely deserves a pump and we're gonna see how much the street likes it. That's up eight% on the day. Don't have snowflake or path yet. do have five below which is like a dollar store. Uh that's up 1.3%. They beat by 6% on revenue 1.03 billion versus 983 million. And then revenue is up 23% year-over-year. They beat revenue uh revenue by 6%. EPS they beat by 162%.

Street wanted 26 cents. They came in with 68 cents for five below. Another retailer stock basically think of them as like a dollar store adjacent. Why are they beating EPS by almost 175%. If the consumer is that weak, like the consumer that's probably making under 40,000 a year is shopping at five below, they're beating EPS by triple digits. That's just weird. It's really questioning this consumer is weak narrative. It's not just like a fancy brand like like uh Abberrombi or Urban or Urban Outfitters from from last week.

Salesforce still up 8%. Don't have Snowflake. Don't have Path yet. Don't have Snowflake. don't have path yet. Let's see if we can get some update on those numbers. But Salesforce is up again. Salesforce beat by 14% on EPS. That's a big one. And revenue is in line with expectations.

We got some quotes from Beni off. Let's get to this and see what he had to say. >> >> >> Thank you. Well, talking about blue chip names in the Dow, Salesforce earnings are out. Sema Modi has the numbers for us. Hi, Sema. Morgan, a very strong beat on Salesforce's bottom line. Adjusted earnings of $3.25 versus the $286 estimate. Revenue came in line. Also key is the current remaining performing obligations of 29.4 billion. That is up 11% year-over-year and higher than Wall Street estimates. CEO Mark Benoff on the in the press release says its backlog is signaling a powerful pipeline of future revenue. He adds that agent force and data 360 are momentum drivers. So speaking of agent force, the company's AI agent platform. There's been a lot of discussion around this accounts in production. That means clients that are transitioning from pilot phase to deploying AI agents has increased 70% quarter over quarter. Now that is up from 60% in the previous quarter. They also add that 50% of agent force and data 360 customers are coming back and expanding their partnership. that is up from 40% last quarter. Also worth noting annual recurring revenue for Asian Force and Data 360 reaching $1.4 billion, up 114% year-over-year. So all of this is fueling confidence clearly from management because the company is raising its guidance for the fourth quarter and the year. The stock is responding up 9% here in overtime.

>> It looks like this is a legit beat from Salesforce. They're saying their AI product is leading to more and more customer adoption and retention. which means Agent Force is becoming legit potentially and the market likes it.

Snowflake on the other hand, double beat but down 7%.

Double beat but down 7%. Snowflake 35 cents versus 31 cents expected. That's a beat by 13%. Revenue 1.21 billion versus 1.18 billion. That's a beat by 3%. Revenue is up 29% year-over-year. EPS is up 75% year-over-year. Street does not like it. Not sure why.

Um, I'll try to see if we can get some guidance update from them and if they're beating on these types of levels and and Salesforce is putting up these numbers. You you you wouldn't think they are like reducing guidance. The stock was up 60% going into it. Maybe it was just priced uh aggressively, but that's weird. Snowflake down 7% continues to fall. Salesforce up.

Salesforce not holding that 7% move to the upside. Salesforce starting to see it come down a little bit. At least it's holding 4%. Last quarter. Salesforce reversed as well. It wasn't as aggressive as like a 10% to like negative 10%, but it did have a reversal. So, we got to watch out for that one and see. UiPath still don't have their numbers. Five Below, that's up 2%. Snowflake still down six.

I could see Snowflake reversing pretty quick as well. Not sure what the knee-jerk reaction is to get that one down. Salesforce is up 3% on the day. Um, Snowflake did not miss on revenue. Salesforce did, but they missed by like 0.01%. So, that would not be something the street cares about.

C3 AI, I didn't know they had earnings today, but they did. They also have a beat on EPS by 24%. They lost 25 cents or 25. Yeah, lost 25 cents versus losing 33 cents expected. Uh revenue 75 million versus 74 million. Revenue is down 20% year-over-year. EPS is down 317% year-over-year. That's ugly. Uh but they did beat expectations on the top and the bottom. C3 AI is down 4.7% on the day.

This was a company that had a really good 2024 because people saw AI in the ticker and this one got pumped up. uh they have not been able to live up to those results by any sense of the imagination. I mean $75 million in 90 days in the hottest sector in the world which is AI. I mean it's it's it's just not real growth at all. So C3 right there did get a move to 1588 after hours but now it's down 3%. Snowflake still down seven. Salesforce still holding up to 4% right now.

All right. So the next one is path. The next one is path. That's the one we got to see if Path can put up some numbers. I know a lot of people are getting excited about Path and just even if they're taking it as a trade today.

Um, so we're going to see if Path can put up some numbers. Let me know in the chat if anyone bought Salesforce right before the print because you are doing well as this one is up. What do I think of Path? I have no idea. I genuinely have no clue. We are going to find out today if they can put up the results to kind of keep more of this of this momentum.

Um, Snowflake, we're getting some more numbers. Free cash flow 113 million. RPO is up 37% year-over-year 7.8 billion. They now have 750 customers in the Forbes Global 2000. Guidance for 1.2 billion next quarter. Fiscal year 4.5 billion. Everything I'm looking at on Snowflake is good. I don't know why that's down. Path is up 2%.

Little bit of a move. Little bit of a move. No numbers yet, but a little bit of some green. I see a couple people say they're in path for earnings. Oh, now it's down. Nope, now it's up. Nope, now it's down. Down 1.2. It was just up 2.3. Now it's flat. The market's confused on this one. No, now it's back up two. Now it's down 027. Either the results are really good and no one believes it or the results are bad but not that bad or we might just end up getting a flat. I think the implied move is 7% on path, right?

7% on path. Um path is out. Okay, let me see. Let's see if we can get the numbers on path. By the way, Meta got Apple's top designer. Allan Dy, who is the head of Apple's UI design since 2015, has left to Meta, which was another headline this morning. Apple also hit all-time highs. Um, but Meta continues to take these people. All right, so PATH double beat

16 cents versus 15 cents EPS. That's up 45% year-over-year. That's a beat by 7%. Revenue 411 versus 392, that's a beat by 5%. revenue is up 16% year-over-year. EPS is up 45% year-over-year.

Um, objectively speaking, it's not that impressive from an earnings perspective. I don't know anything about the company, but you know, when you're talking about a big big move, you might want to see a bigger a bigger beat. Now, then again, maybe the street is still going to be okay with it, but I think the street's trying to figure out how much they like it now. Now it's up 5% 5.4.

They beat by 1 cent on EPS and they beat by a couple million on revenue. I mean it's good. Question is how good is the streak going to think it is? 7% you have that move on path. Salesforce still down or sorry snowflake still down 5%. And Salesforce not holding on to that 8% move.

UiPath now 6.3%. All right. Streets seem to like it. It's holding on to the move again. Small beat, but enough of a beat to get this. The stock was only up 15% year to date as well. So, it's not like it's been a crazy year for the stock. Question now is, can it officially hold up? There are the numbers for PATH. 7% on EPS, 5% on revenue. I mean, revenue. So, revenue is up 16% year-over-year. Again, that's, you know, it's not really amazing growth, but again, the stock was dead for the past two years. So, any level of growth maybe is what gets this read a bit more excited.

Is this PATH's first gap profitable quarter? Is that I mean, let's go to their website. If Well, that changes everything. If if this is actually their first profitable quarter. No, no, that's a big that's not just a 7% beat on EPS then. That's a massive uh paradigm shift in in terms of the trajectory of their earnings if this is actually their first profitable quarter.

Uh pulling up their website here right now. Let's pull this. Yeah, this is their first Wow, $13 million of profit. I mean, that there you go. That's probably why it's actually pumping. Forget the the EPS beat. They turned to a profit. There you go. Revenue of 411 million, ARR of 1.7 billion, EPS of 13 million for the first time in the company's history.

CEO says, "I'm pleased with the third quarter of results, delivering AR of 1.7 billion, a testament to our focus, consistent execution, and the momentum we're seeing as customers scale agentic automation across the enterprise. Enterprises are accelerating their AI and automation strategies, and they're looking for a unified platform rather than standalone tools. Our ability to bring deterministic automation, agentic automation, and orchestration together in one trusted governance system is a true differentiator. It's delivering meaningful outcomes for customers and positions us well as we close out the year.

Their first profitable quarter at 13 million with revenue up 16% year-over-year. CFO says we deliver strong third quarter results exceeding guidance across the board and achieving our first gap profitable quarter. The progress we made in strengthening and operating rhythm and execution is showing up in our results and we feel well positioned as we head into the end of the year.

UiPath making a move higher, almost 13% on the day as that one continues to pump. Wow. Okay. Congrats if you're in it. Congrats if you are in it. And if you are uh if you are trading it, maybe this is the time to sell. if you're trading it after hours, but maybe the trade just turned into an investment. If you think the numbers are that good, 15% now for path as that one moves higher.

Very, very nice to see it get this type of momentum on a good result. And again, profitability should be rewarded in the stock market. I mean, so many times we reward companies that don't put up any earnings, but they have a fun narrative. It's nice to see a stock get a move if it actually puts up the numbers.

Oh, let's look at Karp. So Karp was also at the conference. Had a bunch of different things that Karp had to say. Uh we haven't gotten any crazy pounder headlines. Again, they had earnings about a month ago. So since then haven't seen too much but here are a couple clips from Karp at the dealbook conference.

>> What is the biggest problem in this culture? I'll tell you the biggest problem. No one believes the institutions are credible. And why don't they believe they're and I struggle to to believe they're credible too? Because these business leaders make completely stupid decisions and they get bailed out. A year later they're getting huge bonuses and what do the American people get? Nothing. And that's a huge problem. >> >> Like if you make like so I think the real version is like I made a lot of decisions when we began talking annoying each other 10 years ago. Hopefully I'm annoying you as much as 10 years ago. uh it or more uh when when when I made a you know this every decision Palanteer made FDA's >> >> going public building products no one enterprise large data sets going to government acknowledging American superiority being pro meritocracy launching an AI platform calling into question that AI models would actually be able to perform without orchestration every single one uh every single ourtology every single one of those was viewed as stupid. You know what I actually have grown to appreciate about capitalism? All the people who made the right decisions went broke are going out of business or are now have to copy us. >> >> Microsoft launchtology. Everyone wants to do FDES. Everyone basically copies me and Palanteer.

>> You can tell Karp has the passion that he's been having all year when making these arguments. And he is right that a lot of other companies have decided to embrace the aspects of Palunteer that they used to say were not real. Here's the other clip that Palanteer posted from Karp at the conference.

>> In this country, it you have 1% of the country in prison. 1% who were in prison and therefore have no rights. Do you know what happens to you when you go to prison? They take you away from your kids. You know who that happens to? disproportionately workingclass, disproportionately black and Hispanic men and white men in the underclass. >> >> Where are the thousands of articles about them? Nobody cares and they don't care because it does not either serve the ability the the desire to force me to vote for one party, which basically takes away all my power. That's effectually what it does. If I agree to say this is the worst thing in the world, I essentially have given up my vote. My vote is not for you. My vote is for these two issues. The second reason they don't care is because somehow no one has empathy with any of those people because no one none of us really deal with those people. At Palunteer, we are on the side of workingclass Americans. >> >> We support people who go to the military. We save their lives. We bring them home safer. Our AI actually makes workers more wealthy, more valuable. And the 10 to 15 million people that love me despite what's written, half of them made a lot of money on us. And you know what they're like? They're like people like me who think, you know what, we have to do better. Of course, we have to do better.

>> And then this is the other clip of Karp basically saying, hey, the New York Times, you wrote in, you wrote some crappy articles about us. Remember back in June, there was that article about pounding a database. This was Karp's response to it.

>> And I'm a little bit pissed at the New York Times, honestly. since you and the main reason is I believe I believe in your if you're listening I believe in your mission when you write a technically completely illiterate article you lose a lot of credibility if people are technical and that's just a fact that article about us being a surveillance thing you is like where it's all implied what we yeah but the problem is you lose credibility with anyone who goes on the thing and then and that's damaging for our democracy >> >> >> let me ask you this again look left and right the one thing I would say to people in the audience, you know, you you know you a lot of you think I'm right and you know your spouse, your relative, your child, the person at work would be horrified if they knew it. You better speak up because everyone who thinks I'm a ridiculous fascist, they're speaking up. They write about it every day. If you do not speak up, the people who are disagreeing with me or think I'm stupid a lot, I disagree with myself. So you have to speak up and you cannot blame the far-left, far-right idiots when they speak up for their views. Do you speak up for your views? Where do you tell your colleague? I bet you at the New York Times a lot of people read that article about us and were ashamed. >> >> Did you go to your editor and say, "How could you write something that's technically illiterate?" They a guy might be a a fascist, but this is technically illiterate. Let me ask you a different question. Did you or didn't you? Because if I'm the only one speaking up, you're gonna get a world of technical illiteracy on the right, on the left, and in the middle.

>> Alex, help me with this. Um, a lot of people, >> >> >> I mean, look, it was not a good article when it came out. I mean, whether you like Pounder or not, the article was laughable and it it really had no basis in reality to the point where Pounder had to literally invite the editors of the article to come to their office to actually have a demo of their platform before making these types of claims. So, I can understand why Karp's just like, "Dude, you guys are full of [ __ ] You guys have a lot of influence. I'm going to speak up right now and tell you how full of [ __ ] you are and tell the audience that they need to call people out when they're full of shit." And so, I think it makes sense for him to make that argument right here. Pounder 176 on the day, up 3.3%, Salesforce uh or 3.1%. Salesforce up 5.2, Snowflake still down after hours, and then UiPath up 9% on the day.

here's another Jensen clip that I thought was important. Uh this is and and we're going to get a lot more of these clips over the coming days, but this is Jensen talking about more of the world's knowledge getting created by AI

>> and more and more of knowledge in the world will be generated synthetically going forward. You know, until now the knowledge that we've we have are knowledge that we generate and we propagate and we send to each other and we amplify it and we add to it and we modify it. We change it. In the future, in a couple of years, maybe two or three years, 90% of the world's knowledge will likely be generated by AI. >> >> >> That's crazy. >> >> >> I know. But it's just fine. >> >> >> But it's just fine. >> >> >> I know. And the reason for that is this. Let me tell you why. >> >> >> Okay? >> >> >> It's because um what what difference does it make to me that I am learning from a textbook that was generated by a bunch of people I didn't know or written by a book that you know from somebody I don't know uh to uh knowledge generated by AI computers that are assimilating all of this and reynthesizing things. To me, I don't think there's a whole lot of difference. We still have to we still have to fact check it. We still have to make sure that it's you know based on fundamental first principles and we still have to do all of that just like we do today.

>> A lot of good moments from this Jensen interview. It was very natural too. I watched the first 15 minutes of it and um you know the first time Joe met Jensen was at a SpaceX event and then the second time was Jensen and um Trump were together and they they called up Joe because they wanted to talk about the newest chip. So, it was actually pretty funny how they how they connected, but it was very very natural. And I think the podcast itself ended up being ended up being pretty song strong.

Prediction markets. What's going on in the world of prediction markets? So, again, we're getting more and more updates. Some people might have seen this already, but Khi is now partnering with CNN to provide real-time updates on prediction markets, which I think is a pretty big deal because mainstream media tends to get it wrong. Prediction markets have gotten it right way more than they have gotten it wrong.

And so, that one is going to be very important as more and more uh of the ecosystem of the mainstream media partners with prediction markets. On top of that, Fanatics, Michael Rubin, um they launched a prediction market platform. So, Fanatics, which a lot of people know for buying like either for sports betting or like buying hats and jerseys and stuff. They launched a prediction markets in 10 states with 24 to come and they are now entering the race for prediction markets with Kali and Poly Market. Poly Markets app is now number one on the app store that came out yesterday and uh Khi raised at an 11 billion valuation.

So, it continues to seem like more and more of the world is transitioning to these prediction markets as they continue to uh basically realize this might be a better source of truth than a lot of the other sources of truth that we have. And I think they're here to stay, which just means more volume, more growth, better liquidity, better distribution, a lot of other players entering in the space. And so, that should be a tailwind for the overall ecosystem as well.

This was Tom Lee's argument for the six reasons we should get an endofear rally. I'll speed it up a little bit, but it's it's already a pretty quick video. It's about two minutes. So, let's uh let's play that right here.

That's when the Fed began and maybe more importantly quantitative tightening is ending. >> >> Now QT began on April 22nd. That's when the Fed began to shrink its balance sheet and is set to end on December 1, which is today. >> >> The last time there was QT ending was from January 2018 to September 2019. >> >> And if we look back at that period of time, when the Fed ended QT on September 4th, 2019, the S&P embarked on a rally of 17% over 16 trading days. So I think with again the same kind of couple day lag, I think the same effect is going to happen, which is positive. And that's for stocks. >> >> Now on Sunday evening, Eastern time, the Bank of Japan's odds of a hike actually jumped to 61%. That puts some pressure on crypto and futures markets overnight before the Monday session. But keep in mind the Fed is moving in the opposite direction. The odds of a Fed cut in December are now 89%. >> >> And we also have to keep in mind the Fed is soon set to announce a new Fed chair. >> >> Now markets believe it's Kevin Hasset and in fact if you look at Poly Market the odds of Hasset being Fed chair is now stands at 73% which has risen a lot in the last month and the next most likely is no announcement at 17%. So between the two that's 90% of the outcomes which is novish for markets.

So pretty simple argument by Tom Lee essentially um QE is coming shadow Fed is coming earnings are strong market should be good towards the end of the year and you know it's the same narrative we've been talking about for a while but if that is the case then that would not be the the worst thing in the world.

Product is pure technology and in order to use it, you have to create software and applications for various industries above it. You know, if you look at most of the technology companies today, some of it could be in social media roles or something else. our business model is purely technology.

Now the way that that AI works and and uh our technology works is that in the final analysis the technology platform is built in layers and that's one of the reasons why we think of it as a platform. You're standing on top of it. An application or an industry stands on top of that platform. That platform starts with energy on the bottom. One of the reasons why why uh this administration has made such a huge difference right away if it's is this pro- energy growth initiative its attitude about energy is that if we don't have energy we can't enable this new industry to thrive it is absolutely true so layer one is energy layer two are essentially the chips and systems but the chips that's where Nvidia comes in

layer three is a whole bunch of software and we build a whole bunch of software on top of our chips and we're well known for this piece of software called CUDA. But there's hundreds of different pieces of software that we create that enables people to do AI for different fields of science or language or images or whatever it happens to be, robotics and manufacturing and such.

>> But that third layer is called infrastructure. basically software. Now people historically have thought of infrastructure really as cloud but increasingly it's really important to realize that infrastructure includes land power shell because these are and I'll speak about this in a second that this industry >> >> spawn another industry altogether and I'll come back to that but the third layer is basically infrastructure and that infrastructure includes financial services because it takes an enormous amount of capital to do what we do

And historically all of that software the layer above that and this is where people largely focus on when they talk about AI which is the AI models. This is the revolutionary of course Chad GPT uh incredible work that anthropic does with claude and uh Google does with Gemini uh what XAI does with Grock. But the important thing to realize those are four of the one and a half million AI models in the world.

>> AI is not just intelligence that understands English or language, but it's AI that understands >> >> genes, proteins, chemicals, the laws of physics. AI that understands quantum. AI that understands physical articulation, otherwise known as robotics. AI that understands patterns across long sequence of time, financial services,

>> AI that understand longitudinally across multiple modalities, healthcare. And so AI has all of these different reaches and domains. We talk about this one area. We just have to be very careful to understand that AI AC spans basically every form of information across every field of science across every single industry.

One and a half million AIs around the world. On top of that are all the applications and we never should forget that in the final analysis these AI models are technologies but technologies are about enabling application and use whether you're in health.

>> All right. Uh that is what we got for Jensen. I'll leave the link right here in the chat if anyone wants to continue listening to it. Again, a lot of the same stuff that we have heard Jensen say many times, but he is speaking to much broader audiences to learn about what's going on with AI. I did buy more Nvidia today. I mean, I really am confused how the market is getting excited about Nebius and Amcore, which very happy those names did well today, but how is Nvidia stuck and Like it's weird. You don't have a lot of these names without Nvidia.

And so whatever bias the market has against Nvidia being a bubble, Jensen continuing to make the argument for why it's real and then proving it with the numbers, I think is bullish. Now, some of the bears are saying Jensen shouldn't be going on Joe Rogan because he's trying to pump the stock too much. I mean, maybe there's an argument there, but then again, like, should Jensen have responded about Google TPUs? Should they have said anything during Deepseek? I mean like he is a very pro-content oriented CEO. He's embracing independent media. He's embracing social media. And Joe Rogan is not some random podcaster. I mean, that's tens and tens of millions of people that are going to be listening to that that probably have no idea.

I mean, dude, my my sister still had no clue. I was talking over Thanksgiving how chatb works. She didn't know that Nvidia is the reason for chat. I mean, most people have no idea what a GPU is or that a GPU is what's necessary to make AI happen. That's that's the majority of the world. And so the education of that is very important as more people recognize how valuable it is. And so I don't think it's bearish that he's going on these podcasts. I think it's just him getting the the message out there.

For those that missed this headline as well, big update on Robinood 1.4 4 billion which is 16% of their average monthly uh uh deposit rate happened in the month of November just for the 2% match that they gave for Tesla stock. The average account size was $500,000.

So Robin Hood continues to just become as Arie coined back in June of 2023 an asset vortex. And I mean, dude, if the bare case was a year ago that this is a meme stock trading app with people that only have $10,000, this is becoming a platform for people that have 500,000, 5 million, 50 million, 500 million, like a lot of big people in big accounts are uh are joining the platform. So, you're getting a lot more momentum for a company like Hood there.

All right, I think that is it for today. Um, I'll be back on tomorrow's market open. Tomorrow's Thursday. This move this week is moving by super quick. Oh, tomorrow is not we're not going to have a market close tomorrow and you guys will find out why later, but there's going to be no market close. There will be a market open. Uh I'll have a daily recap out in a couple hours.

Um I think that's pretty much it. And then we got Friday. So this was a quick week to start off December and so far it's holding up. Yes, I saw Caper stock cap. Apparently Skrey was short. The thing went up like 500%. um up 371%. Don't know anything about it, but massive massive day based on the drug results that they they put out.

So, there you go. That is it for me. Thank you again everyone for being here. We'll be back tomorrow morning. Most of the headlines today have to do with a lot of the clips we got from this Dealbook Summit. We'll have more of those clips tomorrow morning. Again, Jensen on Joe Rogan. We'll probably get some more coverage on that. Um, but all in all, I think the major headline of the day was this Bloomberg article. Not the Microsoft hit piece that came out this morning, which feels like a lifetime ago, but that was this morning. And they created so much hoopla for no reason, but the Bloomberg article about Nvidia winning a lobbying effort most likely to have a framework to eventually sell into China. That's a big deal. And so hopefully we see if that can continue going forward. And then you have this Fusaka upgrade for ETH which hopefully does well for everybody. All right, that's it for me. Thank everybody. Appreciate it. I will see you guys tomorrow on the market open. Bye everybody. Have a great day.