市场概览与反弹

Hello everybody. Welcome back to the channel. We are back on another market close. 大家好，欢迎回到本频道。我们又回到了市场收盘节目。

Anyway, uh, dip buyers came back with a vengeance, folks. Dip buyers came back with a vengeance. 无论如何，各位，抄底者们卷土重来了，而且是带着报复性情绪归来。

Markets are green. We have added $800 billion dollars of market cap today. 800 billion of market cap, 663 on the S&P (Standard & Poor's 500: 美国500家市值最大的上市公司股票指数). We got all the way up to 664.6. 市场一片大好。今天我们的市值（Market Cap: 公司总股本乘以当前股价得出的总价值）增加了8000亿美元。S&P 500指数增加了8000亿美元市值，达到664.6点。

We got a lot of different headlines and different things to talk about. 我们有很多不同的头条新闻和事情要谈。

But I mean the kind of punchline here is we are getting into earnings tomorrow. 但我想，这里的关键点是，我们明天将进入财报季。

We'll do a bit of a preview on what we've got going on with bank earnings because I think it's going to set up really what happens with overall stock market earnings going into Q3. 我们将对银行财报进行一些预览，因为我认为它将真正决定第三季度整体股市财报的表现。

市场表现与热门板块

As you can see on the screen, Google up 3%, SoFi up 4%, AMD up half a percent, Nvidia up 2.4, four hoodie 1.1, Palantir up 1%. 正如你在屏幕上看到的，谷歌上涨3%，SoFi上涨4%，AMD上涨0.5%，英伟达上涨2.4%，Hoodie上涨1.1%，Palantir上涨1%。

Tesla nice little 5% move 435 right there on Tesla. Tesla got to 437 at one point. 特斯拉表现不错，上涨5%，目前股价435美元。特斯拉一度达到437美元。

Apple is green, SMCI is green, Ethereum and Bitcoin which were pretty weak when I left at the market open. 苹果股价上涨，SMCI股价上涨，以太坊和比特币在我离场开盘时表现相当疲软。

Bitcoin was almost below 114. Ethereum was actually almost below 4,000. Nice rebound. Those two are green on the day. 比特币几乎跌破114美元，以太坊实际上也几乎跌破4000美元。现在它们都出现了不错的反弹，当天收涨。

Your energy names like Ollo that is up 18% on the day. Centress Energy LEU that is up 10% on the day. 能源股方面，像Ollo当天上涨18%。Centress Energy LEU当天上涨10%。

Bloom Energy got a $5 billion deal with Brookfield 27% on the day. Pretty damn incredible across the board. Bloom Energy与Brookfield达成了一项50亿美元的交易，当天上涨27%。整体表现相当惊人。

Even Quantum making a move. D-Wave 40.46. That's up 22%. Regetti got above 50. 53 right there up 20%. 甚至量子计算（Quantum Computing: 利用量子力学原理进行计算的新型计算范式）概念股也有所行动。D-Wave上涨22%，达到40.46美元。Regetti突破50美元，达到53美元，上涨20%。

As you can see, the dip buyers came back and they started to essentially buy as much as they could based on the decline that we got last week. 正如你所看到的，抄底者们回来了，他们基本上根据上周的跌幅尽可能地买入。

I mean, there were a lot of dip buyers on Friday, but today you're seeing pretty much across the board. 我的意思是，周五有很多抄底者，但今天你看到的是几乎所有板块都在上涨。

Micro Strategies up 3% as look at that. 9151. It hit 92. That's an all-time high. Micro Strategies上涨3%，达到9151美元，一度触及92美元，创下历史新高。

A lot of these names continue to get buyers to pile in. Maybe institutional, maybe retail, maybe a mix of both. 许多这些股票持续吸引买家涌入，可能是机构投资者，可能是散户，也可能是两者的结合。

But I think the core argument here is that the China Trump situation probably was not the top of the market. 但我认为这里的核心论点是，中美特朗普局势可能不是市场的顶部。

And eventually, we're going to find out if we ever can get back above 673. 最终，我们将看到我们是否能再次突破673点。

But I think most analysts that have their $7,000 price target continue to have their $7 $7,000 price target. 但我认为大多数持有7000美元目标价的分析师仍然维持他们的7000美元目标价。

It doesn't seem like that's necessarily going to be going away anytime soon. 这似乎不会在短期内消失。

Yeah, it's the most hated V-shaped rally 2.0 No, and it's not a full Vshape yet. 是的，这是最受争议的V型反弹2.0版。不，它还不是完全的V型反弹。

We got to get back to alltime highs, but it's a pretty close one as you're seeing on the S&P 500 right there up 1.53% on the day. 我们必须回到历史新高，但它已经非常接近了，正如你在S&P 500指数上看到的，当天上涨了1.53%。

OpenAI与Broadcom的合作推动AI生态系统

Now, the biggest deal of the day, and we'll talk more about this after the bell right here was Broadcom. 今天最大的交易，我们将在收盘后详细讨论的，是博通（Broadcom）。

Broadcom up 10% on the day. OpenAI signed a 10 gigawatt deal with Broadcom. 博通当天上涨10%。OpenAI（一家人工智能研究和部署公司）与博通签署了一项10吉瓦的协议。

They put out an entire podcast with both of the companies actually talking about the substance of the deal. 他们发布了一个完整的播客，两家公司在其中讨论了这笔交易的实质内容。

But once again, it continues to lead the argument for how entrenched OpenAI is in this entire ecosystem. 但这再次证明了OpenAI在这个整个生态系统中是多么根深蒂固。

$100 billion dollar deal with Nvidia, six gawatt deal with AMD, $300 billion deal with Oracle, and now about a $300 billion deal with Broadcom for custom ASIC (Application-Specific Integrated Circuit: 专用集成电路，为特定应用而设计) chips, which is quite incredible. 与英伟达达成了1000亿美元的交易，与AMD达成了6吉瓦的交易，与甲骨文达成了3000亿美元的交易，现在又与博通达成了约3000亿美元的定制ASIC芯片交易，这相当惊人。

That deal kind of sparked the rally, I think, in all the data center plays. 我认为，这项交易点燃了所有数据中心相关股票的反弹。

So, I that's up 7% on the day. Bit farms, is that above $5? That is well above $5. Look at that. 28% on the day. 所以，我当天上涨了7%。Bitfarms股价是否超过5美元？它远超5美元，看，当天上涨了28%。

CleanSpark, Marathon, all those names. I mean, if OpenAI is signing these gigawatt, multi-gigawatt deals with multiple companies, Sam Altman saying he wants to get up to 30 gigawatts in the next five years. CleanSpark、Marathon，所有这些公司。我的意思是，如果OpenAI正在与多家公司签署这些吉瓦级、多吉瓦级的协议，山姆·阿尔特曼表示他希望在未来五年内达到30吉瓦。

I mean, yeah, you're going to get a lot of the Bitcoin miners that are turning into data centers essentially to catch a bid. 我的意思是，是的，你将看到许多比特币矿商正在转变为数据中心，本质上是为了获得投资。

Even Cipher, Cipher got that Google investment a month ago. Look at Cipher up 20% on the day. Terra Wolf as well, not doing too bad. 甚至Cipher，Cipher在一个月前获得了谷歌的投资。看，Cipher当天上涨20%。TerraWolf也表现不错。

And then that's not even to mention the most important sector of the day that was running ever since that China news is rare earth minerals and metals 95.83. 83 on MP. 更不用说当天最重要的板块——稀土矿物和金属，自中国新闻发布以来一直表现强劲，MP股价上涨了83%，达到95.83美元。

US AR also getting a big boost, up 17.9%. TMC, the metals company, that one got a massive boost. That's up 17%. US AR也获得了大幅提振，上涨17.9%。金属公司TMC也获得了巨大提振，上涨17%。

And then you had TMQ, the company that Trump will be taking a stake in that is up another 11%. 然后是TMQ，特朗普将入股的公司，又上涨了11%。

I mean, this is just this is just incredible to witness the rerating of these companies in real time. 我的意思是，实时见证这些公司的重新估值简直令人难以置信。

And if you believe that this data center stuff is not slowing down anytime soon, which none of the evidence that at least I'm seeing is a reason for it to slow down, then it looks like these companies are going to continue catching a bid. 如果你认为数据中心业务短期内不会放缓，而我目前看到的证据也没有任何理由表明它会放缓，那么这些公司似乎将继续受到追捧。

Navitas right there, that's up 4.8% of the day. 135.88 is what you have on Navitas. Navitas当天上涨4.8%，股价为135.88美元。

个人投资与市场展望

Now, I did buy a little bit more of Amazon today. 今天我确实又买入了一些亚马逊股票。

I don't know, dude. I I just feel like Amazon, again, there's we've gone through the thesis plenty of times on why I think it's undervalued, why I think it should run towards the end of the year. 我不知道，伙计。我只是觉得亚马逊，我们已经多次讨论过为什么我认为它被低估了，为什么它应该在年底前上涨。

So, bought a little bit more Amazon, I think, at 220. I bought in at 222. 所以，我又买入了一些亚马逊，我认为是在220美元买入的。我是在222美元买入的。

It's not that big of a difference in terms of the entry price right there, but I think they're going to have a strong Q3 and I think AWS is going to surprise to the upside and as long as that plays out, I think Amazon does okay. 入场价格的差异并不大，但我认为他们第三季度会表现强劲，而且我相信AWS（Amazon Web Services: 亚马逊云计算服务）将带来超预期的好消息，只要情况如此，我认为亚马逊会表现不错。

So, I bought a little bit more Amazon, bought a little bit more grab today as well. 所以，我今天又买入了一些亚马逊，也买入了一些Grab。

Google, right, they're up 3%. But across the board, you're just seeing a lot of these names rebound from where they were on Friday at the lows on Friday, which is very nice to see. 谷歌上涨3%。但总体而言，你看到许多这些股票从周五的低点反弹，这非常令人欣慰。

CrowdStrike as well, 508. That is up 2.95% on the day. CrowdStrike也表现不错，股价508美元，当天上涨2.95%。

Again, Olo massive move up 18%. I know the company doesn't have revenue, but it's in the hottest sector in the market, which is energy. 再说一遍，Olo大幅上涨18%。我知道这家公司没有营收，但它处于市场最热门的板块——能源。

Every chart that we look at every day shows how much we're going to need more and more data centers, or how we're going to need more and more energy to fuel the data centers, and how we're going to need more and more electricity to just naturally make sure the price doesn't spike up for the average person in America that is using electricity in their home because of those data centers. 我们每天查看的每张图表都显示，我们将需要越来越多的数据中心，或者说，我们将需要越来越多的能源来为数据中心供电，以及我们将需要越来越多的电力来确保美国普通家庭用户不会因为这些数据中心而面临电价飙升。

And nuclear is going to probably play a role. And as a result, I think got low is getting more of this momentum. 核能可能会发挥作用。因此，我认为Olo正在获得更多的这种势头。

Powi, this one got a deal with Nvidia this morning that's up 23%. We talked about that in the morning when it was up 10%. Powi，今天早上与英伟达达成了一项协议，上涨了23%。我们早上讨论过，当时它上涨了10%。

So, another 14% since we talked about it. $2.4 billion market cap. Small company, but again, as we see this energy ecosystem continuing to thrive, you have companies like Powi, which aren't really, you know, talk about companies. 所以，自我们讨论以来又上涨了14%。市值24亿美元。一家小公司，但随着我们看到能源生态系统持续繁荣，像Powi这样的公司，它们并不是那种经常被谈论的公司。

Average volume is 748,000 shares, was 6.3 million shares today. So, 6x the volume simply because of the partnership with Nvidia. 平均交易量是74.8万股，今天达到了630万股。因此，仅仅因为与英伟达的合作，交易量就增加了6倍。

And it doesn't look like that is slowing down. SMR, New Scale Power, that's up another 15% on the day. 而且这似乎没有放缓的迹象。SMR，新尺度电力，当天又上涨了15%。

And then Nanuclear Energy, NE, that one is up 18% on the day. BMR also didn't do too bad. 然后是Nanuclear Energy (NE)，当天上涨18%。BMR也表现不错。

I mean, now that Ethereum got above 4200, there you go. We're at 56. We're at 53 when the market open was ending. 我的意思是，现在以太坊突破了4200美元，看，我们现在是56美元。市场开盘结束时是53美元。

So, it's nice to see that one gap up a little bit above 56. Again, it got to 47 on Friday night. 所以很高兴看到它跳空高开，略高于56美元。再说一次，周五晚上它曾达到47美元。

So, if anyone bought that dip, not too bad. Uh, but you are seeing crypto do okay. 所以如果有人抄底了，还不错。但你确实看到加密货币表现尚可。

And you are seeing the data center plays continue to get some love. 而且你看到数据中心概念股继续受到追捧。

银行财报与市场泡沫讨论

Did you buy shares or calls of Amazon? Just shares. Not buying any calls at this time. just shares. 你买的是亚马逊的股票还是看涨期权？只是股票。目前不买任何看涨期权，只买股票。

KRE (SPDR S&P Regional Banking ETF: 追踪美国区域性银行股票表现的交易所交易基金) is something I'm looking at as well. KRE也是我关注的。

Again, the banks are going to start to report and we'll talk more about the banks after the bell, but KRE is barely up here to date. 再说一遍，银行将开始公布财报，我们将在收盘后更多地讨论银行，但KRE迄今为止几乎没有上涨。

This is the regional banking fund ETF (Exchange Traded Fund: 交易所交易基金，追踪指数的基金，可在交易所买卖). XLF is up like 9%. 这是区域银行基金ETF。XLF上涨了大约9%。

So, I mean, if you want to be selective with certain parts of these banks, whether it's a JP Morgan, Goldman Sachs, Cityroup, they have run a lot this year. 所以，我的意思是，如果你想对这些银行的某些部分进行选择性投资，无论是摩根大通、高盛还是花旗集团，它们今年都上涨了很多。

So, you know, it wouldn't surprise me if they kind of take a breather tomorrow and don't actually perform. 所以，你知道，如果它们明天稍作喘息，没有实际表现，我也不会感到惊讶。

But the actual earnings growth, I'm looking forward to be pretty good. 但我期待实际的盈利增长会相当不错。

And I and I think that gets us into the conversation of what to expect from earnings growth. 我认为这让我们进入了关于盈利增长预期的讨论。

The banks are set to report tomorrow if the financials can give us a good start to earnings and we see double digit earnings growth throughout most sectors in Q3, which is pretty much what is expected from every analyst that I've been reading in terms of their the reports this morning going into the bank earnings, then I think we're going to continue to see an argument for multiple expansion and money coming off the sidelines. 银行定于明天公布财报，如果金融业能为我们带来一个良好的财报开局，并且我们看到第三季度大多数行业都实现两位数的盈利增长（这与我今天早上阅读的所有分析师报告中对银行财报的预期基本一致），那么我认为我们将继续看到估值倍数扩张和资金从场外观望中流入市场的论据。

Now, the push back to this argument is, well, what about the froth in the market? 现在，对这个论点的一个反驳是，那么市场中的泡沫怎么办？

And I think you have to acknowledge that there is froth. 我认为你必须承认确实存在泡沫。

But if Nvidia was frothy and not putting up the earnings growth, there would be an argument. 但如果英伟达有泡沫而没有实现盈利增长，那就会有争议。

If JP Morgan was frothy and not putting up the ear earnings growth, there would be an argument for, hey, this is too much. 如果摩根大通有泡沫而没有实现盈利增长，那就会有争议说，嘿，这太多了。

There's a structural problem in the economy. Oaklo being frothy, which I think most people can agree, yes, it's probably a bit frothy. 经济存在结构性问题。Olo泡沫化，我认为大多数人都会同意，是的，它可能有点泡沫。

$25 billion company with no revenue isn't that big of a deal because if 25 billion goes to zero, again, it's whatever, right? 一家市值250亿美元但没有营收的公司并不是什么大问题，因为如果250亿美元归零，那也没什么，对吧？

It's not it's not a $4 trillion company going to zero. 它不是一家市值4万亿美元的公司归零。

And second of all, a lot of the companies that are perceived as frothy and might legitimately be frothy, they're in a sector that's getting a ton of excitement and opportunities and potentially the ability to get revenues. 其次，许多被认为是泡沫化且可能确实有泡沫的公司，它们所处的行业正获得大量关注、机遇以及潜在的营收能力。

I mean, even for the people that feel that quantum is incredibly um frothy. 我的意思是，即使对于那些认为量子计算领域泡沫严重的人来说。

JP Morgan today announced a $1.5 trillion investment and they announced that part of their investment is going to go to quantum companies. 摩根大通今天宣布了一项1.5万亿美元的投资，并宣布其中一部分将投向量子计算公司。

So when you have narratives like that going around, even if you think there is some broader froth, I don't know if it's enough to say that is a top to the market or the market's in a bubble and as a result, you're seeing the dip buyers come out and they are continuing to buy. 所以当有这样的叙事流传时，即使你认为存在一些更广泛的泡沫，我不知道这是否足以说明市场已经见顶或处于泡沫之中。因此，你看到抄底者出现并持续买入。

S&P 500 right there up 1.62% on the day. S&P 500指数当天上涨1.62%。

消费市场与地缘政治影响

What do you think about Dominoes? I don't know much about Dominoes, but Papa John's got a buyout offer today from Apollo at 60 bucks a share. Stocks at 45. It's up 10%. 你觉得达美乐（Domino's）怎么样？我对达美乐了解不多，但棒约翰（Papa John's）今天收到了阿波罗（Apollo）每股60美元的收购要约。目前股价45美元，上涨10%。

So obviously the market's not really thinking the buyout is going to go through, but they are kind of thinking there's a chance for it to go through because it's up 9%. 所以显然市场并不认为收购一定会成功，但他们确实认为有成功的机会，因为它上涨了9%。

So if Apollo ends up actually taking Papa John's private, then you know, you might see Papa John's get bought it at 60 bucks. 因此，如果阿波罗最终真的将棒约翰私有化，那么你可能会看到棒约翰以60美元的价格被收购。

But that was the offer that came out today. That's what caused the spike. I think got it up to 50 bucks 95 at one point. Now it's down to 4565. 但那是今天公布的报价，正是它导致了股价飙升。我认为一度达到了50.95美元。现在跌回了45.65美元。

But Domino earnings are going to be important because we're going to have to see how is the consumer doing. 但达美乐的财报将很重要，因为我们需要看看消费者的表现如何。

And pizza is one sign of seeing how the consumer is ultimately playing out. 而披萨是观察消费者最终表现的一个迹象。

Here is what Beimo said. This is one of my favorite analysts on their call on where the market's going, their kind of thoughts on the China selloff and then we will get into this market close. 这是Beimo所说的。这是我最喜欢的分析师之一，他们讨论了市场走向，以及对中国股市抛售的看法，然后我们将进入今天的市场收盘。

Beimo: That just that just came to me. But I think it was oh no, here we go again with respect to the tariffs and we knew that China was kind of the remaining story. Beimo：这只是刚刚想到的。但我想，又是关于关税的问题，我们知道中国是剩下的故事。

We also know as investors that there's been so much emphasis not just on AI Mike but also with respect to Nvidia Broadcom and some of the big leaders in that. 作为投资者，我们也知道，不仅在人工智能领域，而且在英伟达、博通以及该领域的一些主要领导者身上，都投入了大量的关注。

So of course we took some air out of the out of the wind there and the sales in terms of of the ship that is the bull market. 所以，当然，我们从牛市这艘船的风帆中泄了一些气，销售额也因此受到影响。

You know when we talk about markets they're rarely linear for long. 你知道，当我们谈论市场时，它很少能长时间保持线性增长。

This has been a very exciting bull market the cyclical bull market that started in October of 2022. 这是一个非常令人兴奋的牛市，这个周期性牛市始于2022年10月。

We actually started to talk about that cyclical bull in November of 2022 and kind of people thought we were too early on that. 我们实际上在2022年11月就开始谈论那个周期性牛市了，当时人们觉得我们说得太早了。

But look look what look what's happened. But I do I do think that what's happened here today is a logical kind of recovery from oops I'm going to overreact again. 但看看发生了什么。但我确实认为今天发生的事情是一种合乎逻辑的复苏，从“噢，我又过度反应了”的状态中恢复过来。

And I think we're in one of those markets that until we get into earnest heavier earning side of things, which we ultimately think are going to be the leading us kind of out of this, I think you're going to continue to see more volatility. 而且我认为我们正处于这样一个市场中：在我们真正进入更强劲的盈利周期之前（我们最终认为这将引导我们走出困境），我认为你将继续看到更多的波动性。

Plus, it's Columbus Day, so there's some people that are off. 另外，今天是哥伦布日，所以有些人放假。

Yeah. And of course, bond market is closed. 是的。当然，债券市场也休市了。

So again, we don't have as much volume as you would have on a typical day where the entire market was open. 所以，再次强调，我们没有像平常整个市场开放时那样多的交易量。

But the same argument from Beimo that's been calling for 7,000 on the S&P for a while. 但Beimo的论点与之前一样，他已经呼吁S&P指数达到7000点一段时间了。

And and very similar to Morgan Stanley, JP Morgan, Goldman Sachs. 这与摩根士丹利、摩根大通、高盛的观点非常相似。

By the way, the JP Morgan trading desk today said, "Buy the dip." So, they said, "Hey, this is a nothing burger that happened on on uh on Friday." 顺便说一句，摩根大通的交易部门今天表示：“逢低买入。”所以，他们说：“嘿，周五发生的事情根本不值一提。”

And that's kind of unanimously across the board from what I've been reading this morning. 根据我今天早上阅读到的信息，这几乎是普遍的共识。

All of them are saying this China thing was a nothing burger. Trump is using leverage, yada yada. 所有人都说中国的事情不值一提。特朗普正在利用杠杆等等。

It's like he's trying to negotiate like it's not something they should be that concerned about. 这就像他在试图谈判，好像这不是他们应该特别担心的事情。

In fact, JP Morgan said the top three stocks that were bought by retail investors on Friday's 3% draw down, and we're going to get a lot more data on how much retail actually bought on Friday in the coming days. 事实上，摩根大通表示，周五3%的回调中，散户投资者买入最多的三只股票是——我们将在未来几天获得更多关于散户周五实际买入量的数据。

Nvidia, Meta, and Hood. Nvidia, Meta, and Hood. I didn't expect to see Hood up there, quite frankly. 英伟达、Meta和Hood。英伟达、Meta和Hood。坦白说，我没想到Hood会榜上有名。

Nvidia and Meta make sense, but I guess people took advantage of of buying Hood as well. 英伟达和Meta很合理，但我猜人们也趁机买入了Hood。

So, those were the three names that were bought heavily by retail investors. 所以，这三只股票被散户投资者大量买入。

And you know, there was a lot of other names that we saw in the chat on Friday, but again, it became a buying opportunity and we haven't had a full recovery to say that we're out of the blue in terms of or out of the woods, I should say, in terms of all the issues that we dealt with on Friday because, you know, it still created a a meaningful draw down. 而且你知道，周五我们在聊天中看到了许多其他股票，但再次强调，它变成了买入机会，我们还没有完全恢复到可以说我们已经摆脱困境，我的意思是，摆脱了周五我们处理的所有问题，因为，你知道，它仍然造成了有意义的回调。

But another 800 billion in market cap being added today is not bad and it definitely is a sign that hopefully we should be on a a path for a recovery. 但今天又增加了8000亿美元的市值，这还不错，而且这绝对是一个迹象，表明我们有望走上复苏之路。

And right there, 188.35, you got Circle that was up 3.6 6% app 111 this was at 570 in the morning 590 that's up three and a half% nphase up 1.5 and then Microsoft up half a percent on the day as well and then Tesla right there 436 that is also green we are 2% away from alltime highs that is correct 2% away and you know given the market action today it doesn't feel like it's going to be crazy to necessarily get back there if earnings growth is going to be good and that's the big thing we have 40 seconds until the market closes we got earnings growth We got a lot. 就在那里，188.35，Circle上涨3.66%，Applovin 111在早上570美元，现在590美元，上涨3.5%，Enphase上涨1.5%，微软当天也上涨0.5%，特斯拉就在那里436美元，也上涨了，我们距离历史新高只有2%的距离，没错，只差2%。你知道，考虑到今天的市场表现，如果盈利增长良好，那么回到历史新高似乎并非不可思议，这才是大问题。我们还有40秒市场就要收盘了，我们有盈利增长，我们有很多。

Well, we have earnings coming up. I think we're going to have really good earnings growth. 嗯，我们即将迎来财报季。我认为我们将会有非常好的盈利增长。

And as long as that earnings growth is not bad, dude. Like again, it's it's really not that hard to to make the argument for why people are buying stocks today. 只要盈利增长不差，伙计。就像我说的，今天人们为什么买股票，这个论点真的不难理解。

If you've got a good earning cycle that's coming up and the banks are going to help prove that tomorrow, you're probably going to get more money coming into the ecosystem. 如果你即将迎来一个良好的盈利周期，并且银行明天将有助于证明这一点，那么你可能会看到更多的资金流入这个生态系统。

AMD right there 216 at 37. We got about 20 seconds until the market closes. AMD就在那里，216股，37美元。离市场收盘还有大约20秒。

Tesla 435. Broadcom was the real story of the day. We'll talk more about them on the close and what's going on with OpenAI. 特斯拉435美元。博通是今天真正的亮点。我们将在收盘时更多地讨论它们以及OpenAI的情况。

But OpenAI continues to prove that they are one of the most important companies in AI and as a result Oracle, Broadcom, AMD, Nvidia, all of them are starting to depend a lot on what OpenAI can do. 但OpenAI继续证明他们是人工智能领域最重要的公司之一，因此甲骨文、博通、AMD、英伟达，所有这些公司都开始在很大程度上依赖OpenAI的能力。

市场收盘与后续展望

Monday, October 13th, 4 p.m. Banker for everybody for being here. The stock market is now closed. 10月13日星期一，下午4点。感谢大家的参与。股市现已收盘。

All right, we are done for the day. The Monday after the selloff on Friday. 好了，我们今天的工作完成了。这是周五抛售后的第一个周一。

I mean, there were some people saying it would be a black Monday. Thankfully, it didn't end up being the craziest Black Monday, but it is it is nice to see a bit of a rebound right here. 我的意思是，有些人说这将是一个黑色星期一。值得庆幸的是，它并没有成为最疯狂的黑色星期一，但很高兴看到这里出现了一些反弹。

And this rebound being stronger than what some market participants expected. 而且这次反弹比一些市场参与者预期的要强劲。

S&P 500 close of the day 1.52% up basically getting 50% of that 3% draw down that we had on Friday. S&P 500指数收盘上涨1.52%，基本上收复了我们周五3%跌幅的50%。

And that's where we get the close. Robin Hood 140.70. We actually have a news update on Robin Hood that we'll talk about in a second. 这就是收盘情况。Robinhood股价140.70美元。我们稍后将讨论Robinhood的一则新闻更新。

We have a quote from one of their VPs of products. So, we'll talk about that in a bit. 我们有一段来自他们产品副总裁的引述。所以，我们稍后会谈到这个。

Palantir right there ended up about 1% on the day. Tesla 5 and a half percent. Not too bad for Tessie. Palantir当天收盘上涨约1%。特斯拉上涨5.5%。对特斯拉来说还不错。

Nvidia up 2.89%. Nvidia did break 190 at one point today. AMD up half a percent. 英伟达上涨2.89%。英伟达今天一度突破190美元。AMD上涨0.5%。

AMD seemed like it was down based on that Broadcom deal. I really don't think that's a reason for AMD to be down. AMD似乎因为博通的交易而下跌。我真的不认为那是AMD下跌的理由。

I mean, it's not like OpenAI is not working with AMD. So, it was kind of weird that it had that reaction, but AMD was down a little bit from the pre-market. 我的意思是，OpenAI并非不与AMD合作。所以它出现这种反应有点奇怪，但AMD在盘前确实有所下跌。

SoFi 4% on the day. Google up 3%. Grab up 1%. Reddit up 2.5. SoFi当天上涨4%。谷歌上涨3%。Grab上涨1%。Reddit上涨2.5%。

Amazon at 1.69 69 at 220 on the day. Meta 1.4 that was at 690 on Friday. Now at 715. 亚马逊当天上涨1.69%，股价220美元。Meta上涨1.4%，周五是690美元，现在是715美元。

Salesforce at 258 or 248. PayPal continually. Salesforce股价258或248美元。PayPal持续。

It's PayPal, dude. I I It's freaking PayPal. 68.90 on PayPal that was down about 1%. ELF 2.3%. 是PayPal，伙计。我，是该死的PayPal。PayPal股价68.90美元，下跌约1%。ELF上涨2.3%。

Apple was up 1%. SMCI was up 3%. Ethereum trying to break 4,300. Bitcoin 115.8. 苹果上涨1%。SMCI上涨3%。以太坊试图突破4300美元。比特币115.8美元。

Apploven that's up three and a half. Uber was up 1% on the day. Applovin上涨3.5%。Uber当天上涨1%。

Rockab I think closed at 68. Rock 11, never mind. 6542. Still a nice little rebound up 1.8% on the day. Rockab我认为收盘68美元。Rock 11，算了。6542美元。当天仍有不错的反弹，上涨1.8%。

Navitas got the $135 close. Not too bad. Navitas收盘135美元。还不错。

Coreweave I think actually had a little bit of a dip. No, it recovered. It was dipping in the morning now back to 141. Coreweave我认为实际上略有下跌。不，它恢复了。早上曾下跌，现在回到了141美元。

Fell all the way to 137 which is not too bad. I Bit Farms, Cipher, all of them up 7 to 8% on the day. 一路跌到137美元，还不错。Bit Farms、Cipher，它们当天都上涨了7%到8%。

Many of them up even 20% like Cipher. There you go. Up 20.1%. That was green. 其中许多甚至上涨了20%，比如Cipher。看，上涨20.1%。它收涨了。

Quantum massive massive day across the board. D-Wave hitting all-time highs up 22% on the day. 量子计算板块全面大涨。D-Wave创下历史新高，当天上涨22%。

Oracle as well. Did we get above 300? We are 307 up 5% on the day. Great day for Oracle. 甲骨文也一样。我们突破300美元了吗？我们现在是307美元，当天上涨5%。对甲骨文来说是美好的一天。

Looks like that Broadcom deal was super bullish for Oracle as well. Catching some of that momentum. 看来博通的交易对甲骨文也极其利好，它也获得了部分上涨势头。

And then Broadcom right there up 9.8%. Big Bear got a partnership this morning. 然后博通就在那里，上涨9.8%。Big Bear今天早上达成了一项合作。

And that helped them get some green. That touched 920 at one point. 22% on Big Bear. 这帮助他们实现了一些上涨。一度触及920美元。Big Bear上涨22%。

I mean, it shows you the appetite on some of these names is pretty damn strong. 我的意思是，这表明市场对其中一些股票的兴趣相当强烈。

That's green again. This thing was below five a couple months ago. 那又涨了。这东西几个月前还低于5美元。

So big bear with that partnership this morning 8.85. That one continues to be green. 所以Big Bear今天早上与该伙伴关系合作，股价8.85美元。它继续上涨。

I guess the most important argument one could argue is not even Broadcom Open AAI but rather gold. 我想，最重要的论点，甚至不是博通与OpenAI，而是黄金。

Gold surpassed an all-time high again. 4125 up 3% on the day. And silver did the same thing at $503. 黄金再次突破历史新高。达到4125美元，当天上涨3%。白银也一样，达到503美元。

I mean gold and silver are both up 70%. Gold up 55. Silver is up like 68%. 我的意思是，黄金和白银都上涨了70%。黄金上涨55%，白银上涨了大约68%。

It's really incredible. It's really, really, really, really incredible to see. 这真是令人难以置信。看到这样的情况真是令人惊叹。

But I think this is also a function of that broader argument that says, hey, cash is not the place where you want to be. 但我认为这也反映了更广泛的观点，即，嘿，现金不是你想要停留的地方。

And if cash is not the place where you want to be, you're going to start to see a lot of diversified assets continue to catch a bid. 如果现金不是你想停留的地方，你就会开始看到许多多元化资产继续受到追捧。

So, pretty incredible to end out the Friday after one of the worst sell-offs we've seen in the past six months. 所以，在过去六个月中最糟糕的抛售之一之后，以如此惊人的表现结束周五，真是令人难以置信。

AS gets the $90 close. Congratulations to those that are in AS. This is a big one. AS收盘90美元。恭喜那些持有AS股票的人。这是一个大涨。

It basically was about to get the $90 close on Friday and then the whole Trump thing happened. 它基本上在周五就要收盘90美元了，然后特朗普的事情发生了。

So, this one rebounding a real proper Vshape down from the low 80s back up to 90. 所以，这只股票从80多美元的低点反弹，回到了90美元，呈现出真正的V型反弹。

And as John says right there in the chat, 7.4 trillion is still in money market funds, which inevitably probably some of it comes out. 正如约翰在聊天中说的那样，仍有7.4万亿美元在货币市场基金中，其中一部分不可避免地可能会流出。

EOS Energy (EOS Energy Enterprises Inc.: 一家储能解决方案公司), another big energy name that was up 24% on the day. EOS Energy，另一个重要的能源股，当天上涨了24%。

I mean, I think today was just one of those days for energy. 我的意思是，我认为今天对能源行业来说就是这样的一天。

And the reason I think the energy names took off outside of Bloom Energy because they had a specific reason with their Brookfield deal is that OpenAI partnership with Broadcom. 我认为能源股（除了Bloom Energy，因为它与Brookfield有特定交易）之所以大涨，是因为OpenAI与博通的合作。

I mean, when Sam Altman is talking about the numbers that he's talking about, I think the entire market is thinking, how is this possible without more power? 我的意思是，当山姆·阿尔特曼谈论他所说的那些数字时，我认为整个市场都在想，如果没有更多的电力，这怎么可能实现？

And as a result, these names end up getting a lot of love. 因此，这些股票最终受到了很多追捧。

This is a clip of Sam Altman as we head into some of the headlines now as the market is closed um talking about how much energy and how much demand we're ultimately going to need. 这是山姆·阿尔特曼的一段视频，在市场收盘后，我们将看到一些头条新闻，他谈到了我们最终将需要多少能源和多少需求。

Sam Altman: Think about how much more the world would like to do than they get to do right now. Think about how much more the world would like to do than they get to do right now. 山姆·阿尔特曼：想想世界现在想做而未能做到的事情还有多少。想想世界现在想做而未能做到的事情还有多少。

If we had 30 gigawatt today with today's quality of models, I think you would still saturate that relatively quickly in terms of what people would do, especially with the lower cost we'll be able to do with this. 如果我们今天拥有30吉瓦的电力，并结合现有模型的质量，我认为人们很快就会用尽这些资源，尤其是考虑到未来成本会降低。

But the thing if we had 30 gawatts of energy that we could deploy on data centers, Sam Alman is saying that still wouldn't be enough. 但是，如果我们有30吉瓦的能源可以部署在数据中心，山姆·阿尔特曼说那仍然不够。

I mean that's the level that open AI is thinking at and maybe they're being too hyperbolic or maybe they're really underestimating it but that is why I think your ciphers your INS your ters your bit farms are really catching a bit 我的意思是，这就是OpenAI思考的层面，也许他们过于夸张，或者他们真的低估了它，但这正是为什么我认为Cipher、INS、Ters和Bit Farms真的受到了追捧。

Sam Altman: we have learned again and again is let's say we can push GPT6 to feel like you know 30 IQ points past GPT5 something something big the and that it can work on problems not for a few hours but for a few days weeks months whatever the amount and while we do that we bring the cost per token down the amount of economic value and sort of surplus demand that happens each time we've been able to do that goes up a crazy amount so you can see to pick a I think well-known example at this point when chat GBT could write a little bit of code people actually used it for that it would like very painfully paste in their code and wait and they would say do this for me and paste it back in and whatever and models you know couldn't do much but they could do a few 山姆·阿尔特曼：我们一次又一次地学到的是，假设我们可以将GPT-6的智商提升到比GPT-5高30点，这会是一个巨大的飞跃，并且它能够处理问题，不是几个小时，而是几天、几周、几个月，无论时间多长。在做到这一点时，我们降低了每个Token（Token: 文本处理中的基本单位，可以是单词、子词或字符）的成本，每次我们能够做到这一点，所产生的经济价值和过剩需求都会疯狂增长。所以你可以看到，举一个我认为现在众所周知的例子，当ChatGPT可以编写一点代码时，人们确实用它来做这件事，它会非常痛苦地粘贴他们的代码然后等待，他们会说帮我做这个，然后粘贴回去，等等。模型当时做不了太多，但能做一些。

The models got better. The UI the UX got better. Now we have codecs. Codeex is growing unbelievably fast and can now do like a few hours of work at a higher level of kind of capability. 模型变得更好了。UI（User Interface: 用户界面）和UX（User Experience: 用户体验）也更好了。现在我们有了Codeex。Codeex的增长速度令人难以置信，现在能够以更高的能力水平完成几个小时的工作。

And when that's possible, the the demand increase is crazy. Maybe the next version of codecs can do like a few days of work at kind of one of the best engineer you know level or maybe that takes a few more versions. 当这成为可能时，需求增长是惊人的。也许下一版Codeex可以完成几天的工作，达到顶尖工程师的水平，或者可能需要再迭代几个版本。

Whatever it'll get there. Think how much demand there will just be for that and then do it for every knowledge work industry. 无论如何，它会实现的。想想仅仅这方面会有多大的需求，然后将其应用于每个知识工作行业。

人工智能多垂直领域的需求

Okay. So I know his voice is a little hard to to listen to but the point is he's saying hey we have multiple verticals that are going to have levels of demand that we can't even imagine and as a result 30 gawatts of energy wouldn't be enough because just the coding version of chatbt which right now I think anthropic is kind of the undisputed winner in terms of being the best model that can uh actually output meaningful code uh chach is or openi is saying codeex which is our version of that is growing exponentially then they have sora then they have the actual chatbt product. 好的。我知道他的声音有点难听，但重点是他说，嘿，我们有多个垂直领域将产生我们甚至无法想象的需求水平，因此30吉瓦的能源是不够的，因为仅仅是ChatGPT的编码版本（目前我认为Anthropic在作为能够实际输出有意义代码的最佳模型方面是无可争议的赢家），OpenAI正在说Codeex，这是他们的版本，正在呈指数级增长。然后他们有Sora，然后他们有实际的ChatGPT产品。

Then they have all their enterprise API calls. I mean you have all these different verticals and now multiply that by XAI by Gemini by anthropic by all the large language model companies. 然后他们有所有的企业API（Application Programming Interface: 应用程序编程接口）调用。我的意思是，你有所有这些不同的垂直领域，现在再乘以XAI、Gemini、Anthropic以及所有大型语言模型公司。

I mean you just have a massive amount of comp. And then you you think about the humanoid robotics companies that are going to need to train their chips to be able to be good for the humanoid robots. 我的意思是，你只是拥有海量的竞争。然后你再想想那些人形机器人公司，它们需要训练它们的芯片，使其能够很好地适用于人形机器人。

And if you have billions of robots walking the earth one day like it just really does feel like this is the narrative that is overtaking the market. 如果有一天地球上有数十亿机器人行走，感觉这确实是正在主导市场的叙事。

And even though a lot of these data center companies don't have the revenue, they don't have the facilities or they don't have the ability to execute on the facilities as quickly as some people may think, they're getting the premium. 尽管许多数据中心公司没有营收，没有设施，或者没有能力像某些人想象的那样快速地建设设施，但它们正在获得溢价。

And the best ones are getting a really good premium like Iran because they've shown a lot of capacity to to actually execute because the demand is there. 最好的公司正在获得非常高的溢价，比如Iran，因为它们展现了强大的执行能力，因为需求就在那里。

And if the demand is there, it's likely not slowing down anytime soon. 如果需求存在，它很可能不会在短期内放缓。

Uh, speaking of OpenAI, this is what Oracle CEOs had to say today when they were questioned on if the money would be there uh, from OpenAI because the reason their stock went from 230 to 300 is primarily because of that OpenAI deal. 说到OpenAI，这是今天甲骨文首席执行官们在被问及OpenAI是否会提供资金时所说的，因为他们的股票从230美元涨到300美元，主要就是因为那笔OpenAI的交易。

Here's what they had to say. 以下是他们所说的。

Oracle CEO: It's a bet on the success of AI. Obviously, we have a great relationship with Open AI, but there are many different customers that are all going to need this type of infrastructure for many, many years to come. 甲骨文首席执行官：这是对人工智能成功的一次押注。显然，我们与OpenAI有着良好的合作关系，但未来许多年，还有许多不同的客户将需要这类基础设施。

Meaning what though? I mean, they're I mean, they're supposed to pay you as much as 60 billion a year starting in not too long. They're going to be good for that money, I would assume. 那是什么意思呢？我的意思是，他们应该在不久的将来每年支付你高达600亿美元。我猜他们会兑现这笔钱。

Oracle CEO: Of course. No, I I think any look, that's this is exactly Mike's point. If you look at the financials, if you look at the results, if you look at the growth, if if you look at the the products that were able to build with this technology, this is unlike anything that's happened before. 甲骨文首席执行官：当然。不，我认为任何……看，这正是迈克尔的观点。如果你看财务报表，看业绩，看增长，如果你看我们能够用这项技术构建的产品，这与以往任何情况都不同。

These are not uh typical ways that companies have been founded and grow. 这些不是公司成立和成长的典型方式。

I mean, just look at their their, you know, f the rate at which they've grown to, you know, almost a billion users. 我的意思是，看看他们增长的速度，你知道，几乎达到了十亿用户。

That's just unheard of. 这简直闻所未闻。

Yeah. And all of this is unheard of, frankly. The numbers that we're talking about are unheard of as well. 是的。坦白说，所有这些都是闻所未闻的。我们谈论的数字也是闻所未闻的。

Oracle CEO: And I think that's what people are struggling with is they go, "Okay, is this unheard of in a bad way or is this unheard of in a good way?" 甲骨文首席执行官：我认为这就是人们纠结的地方，他们会问：“这闻所未闻是坏事还是好事？”

And we think it's unheard of in a very good way. 而我们认为，这是以一种非常好的方式闻所未闻。

Um, you know, I wanted to follow up on that then. 嗯，你知道，我想接着问一下。

So, again, you got the Oracle CEOs saying, "Dude, of course, that's their exact wording. Of course, they're good for that money. They are expecting to make sure that open eyes of openai is going to be able to pay for this stuff and you know as long as openai is good for that money and there's an ROI (Return on Investment: 投资回报率) and you hear the Oracle CEO saying look at their growth we expect that growth to continue that's how I think this momentum around the broader AI trade continues by the way Palantir looks like they just confirmed earnings on November 3rd Monday November 3rd I know Pounder has been relatively quiet over the past couple months I mean the biggest catalyst is going to be earnings there hasn't too much beside that. 所以，再次强调，甲骨文首席执行官们说：“伙计，当然，这是他们确切的措辞。当然，他们会兑现这笔钱。他们期望确保OpenAI能够支付这些费用，而且你知道，只要OpenAI有能力支付这笔钱并且有投资回报，你就会听到甲骨文首席执行官说，看看他们的增长，我们预计这种增长将持续下去。”这就是我认为围绕更广泛的人工智能交易的这种势头得以持续的方式。顺便说一句，Palantir似乎刚刚确认在11月3日星期一公布财报。我知道Palantir在过去几个月里相对安静，我的意思是最大的催化剂将是财报，除此之外没有太多。

Uh, but I think the numbers will probably talk for themselves. I mean, I'm expecting at least 50% revenue growth. 嗯，但我认为这些数字可能会说明一切。我的意思是，我预计至少有50%的营收增长。

We basically got 48.5% revenue growth last quarter. 我们上个季度基本上实现了48.5%的营收增长。

So, looks like November 3rd, we have Palantir and then Hoodie on November 5th. Hoodie on November 5th. 所以，看起来11月3日是Palantir的财报日，然后11月5日是Hoodie的财报日。

So, that first week of Monday or that first week of November, it's going to be a pretty big week. It's going to be a pretty pretty big week. 所以，11月的第一个周一或者说11月的第一个星期，将会是非常重要的一周。

能源投资机遇与风险

Amit, are you going to do a deep dive on energy? Yes, I've already started a lot of research on energy. 阿米特，你打算深入研究能源吗？是的，我已经开始对能源进行了大量研究。

I'm compiling a lot of sources trying to understand what are the best opportunities. 我正在整理大量资料，试图了解最佳的投资机会是什么。

Steve has been doing some research on this as well. I mean, really with energy, it comes down to are are you going to bet on like a rerating on Exxon Mobile or Chevron or are you going to go to the EOS E of the world or the Bloom Energies of the world or the Oakloss of the world or the Centric Energies of the world? 史蒂夫也一直在做这方面的研究。我的意思是，在能源领域，关键在于你是要押注埃克森美孚或雪佛龙等公司的重新估值，还是选择像EOS Energy、Bloom Energy、Olo或Centric Energy这样的公司？

Like I think and obviously you could pick both, but like what is kind of the best route logically going into 2026 if one is bullish on energy? 我认为，显然你可以两者都选，但如果一个人看好能源，那么从逻辑上讲，进入2026年，最佳途径是什么？

I don't have the answer to that question yet, but I have started the research for it. 我还没有那个问题的答案，但我已经开始研究了。

I'm leaning towards the latter versus the former. 我倾向于后者而非前者。

I mean, I think Chevron and Exxon will matter, but some of these other companies and just like the battery technology solutions in some of these company like they're they're able to move faster and quite frankly, their market caps are smaller. 我的意思是，我认为雪佛龙和埃克森美孚很重要，但其他一些公司，比如一些公司中的电池技术解决方案，它们能够更快地发展，坦率地说，它们的市值更小。

So, any catalyst is able to move the stock faster and so I think a lot of those names continue to get some excitement. 因此，任何催化剂都能更快地推动股价，所以我认为许多这些股票继续受到关注。

But yeah, I have started working on that and hopefully I'll be able to put out their research very soon. 但是的，我已开始着手研究，希望很快能发布他们的研究报告。

Bit mine right here 56.85 85 closes above 56 for the day. Not too bad. Bitmine就在这里，56.85美元，收盘价高于56美元。还不错。

That's up a little bit more after hours as well. And that's getting some green along with some of the energy names that are still moving after hours. 盘后也略有上涨。这与一些盘后仍在上涨的能源股一起带来了绿色。

S&P 500,002% for the day. CEG is a bigger one. S&P 500指数当天上涨0.002%。CEG是更大的一个。

I mean, that stock is Constellation Energy. They signed a big deal with Meta. They were up 3% on the day. 我的意思是，那只股票是Constellation Energy。他们与Meta签署了一项大协议。当天上涨了3%。

See even CEG there was no catalyst for CG to go up today but you know just the entire sector went up based on that Broadcom deal 57% year-to-date. 你看，即使是CEG，今天也没有什么特别的催化剂使其上涨，但你知道，整个板块都因为与博通的交易而上涨，今年迄今上涨了57%。

So the other question is which is important like is is are the like and this is a very important question are these stocks so richly valued that deciding to take a bet on these energy names could end up being you know not the best bet. 所以另一个重要的问题是，这些股票是否估值过高，以至于押注这些能源股可能不是最好的选择。

Like maybe, you know, these were good bets 5 months ago and now it's getting a bit aggressive. 比如，你知道，这些股票在5个月前是很好的押注，但现在变得有些激进。

I mean, even the rare earth mineral stocks, take a look at this graphic right here. They're all up at least 350%. 我的意思是，即使是稀土矿业股，看看这张图表。它们都至少上涨了350%。

On the year, most of these rare earth names that we've been like just exploring on the channel as we've been seeing their names pop up. 今年以来，我们一直在频道中探讨的这些稀土股，随着它们的名字不断出现。

They don't have any revenue. they are getting a premium on the perception that the decoupling of the United States and China supply chain specifically around rare earth minerals and metals is going to be enough to provide all that demand which is not a horrible thesis and same thing for from an energy perspective a lot of those companies that don't have revenue eventually the assumption is that data centers are going to need so much energy that they should be getting a premium and we should pull forward that growth but none of it's there yet and so it's one of those things in the deep dive which is like hey do you feel comfortable taking a risk at these valuations 它们没有任何营收。它们之所以获得溢价，是因为人们认为中美供应链脱钩，特别是在稀土矿物和金属领域，将足以满足所有需求，这并非一个糟糕的论点。从能源角度来看，许多没有营收的公司，最终的假设是数据中心将需要如此多的能源，以至于它们应该获得溢价，我们应该提前实现这种增长，但目前这些都还没有实现。因此，在深入探讨中，这就像是，嘿，你是否愿意在这些估值下承担风险？

And I don't know yet. I don't know. There's got to be some more work to be done to see if that is the case. 我还不确定。我不知道。还需要做更多的工作才能确定是否是这种情况。

But I think over the coming years, it doesn't seem unlikely that we're not going to need energy and we're not going to need rare earth metals and all the other things that have been starting to get some excitement. 但我认为在未来几年里，我们不太可能不需要能源、稀土金属以及所有其他开始受到关注的事物。

I mean, are there any stocks currently with any good entry points to get into or is it all too high? 我的意思是，目前还有哪些股票有好的入场点，还是都太高了？

I mean, look, the the draw down from Friday definitely made a lot of things more exciting. 我的意思是，你看，周五的回调确实让很多事情变得更加令人兴奋。

I think grab below six is exciting. I think Amazon still at 220 is exciting. 我认为Grab跌破6美元是令人兴奋的。我认为亚马逊仍在220美元是令人兴奋的。

I mean, even Meta was at 800. It's not like Meta is the cheapest, but Meta is also not back at 800 like it was two months ago, right? 我的意思是，即使Meta也曾达到800美元。Meta并非最便宜的，但它也没有像两个月前那样回到800美元，对吧？

Obviously, PayPal if you want to take the risk there, but that's relatively depressed. 显然，如果你想承担风险，PayPal是一个选择，但它的股价相对低迷。

Um, I mean, there are definitely opportunities now. 嗯，我的意思是，现在肯定有机会。

You know, Apploven, are you willing to deal with the SEC (Securities and Exchange Commission: 美国证券交易委员会) probe? 你知道，Applovin，你愿意应对SEC的调查吗？

This is down from 750. It is an opportunity. You just have to be able to assess the risk. 这支股票从750美元跌下来。这是一个机会。你只需要能够评估风险。

I don't think Ramad's like the best opportunity in the world down from 150. 我不认为Ramad是世界上最好的机会，它从150美元跌下来。

But nonetheless, it's not at 153 anymore. So that is also potentially an opportunity. 但无论如何，它不再是153美元了。所以那也可能是一个机会。

But realistically, I think a lot of these names come down to do you have a trajectory where you can see the earnings growth over the next five years. 但实际上，我认为很多这些股票都归结于你是否有一个轨迹，能够看到未来五年的盈利增长。

If that's the case, a lot of the market probably is not as expensive as people would say it is. 如果是这样，那么市场上的很多股票可能并没有人们所说的那么贵。

In fact, someone who disagrees with the market being super super bubbish is none other than Howard Mark. 事实上，不同意市场超级泡沫化的人正是霍华德·马克斯（Howard Mark）。

So for those that missed it today, he said three main things. Number one, he said, "I don't see many in the market right now." 所以对于那些今天错过的人，他说了三件主要的事情。第一，他说：“我目前在市场上没有看到太多。”

Yeah. UNH, that's another uh stock that's probably undervalued. 是的。UNH，那是另一只可能被低估的股票。

S&P is expensive, but the quality of companies are much better, and I'd struggle to call the market a bubble right now. S&P指数很高，但公司的质量好得多，我现在很难说市场是泡沫。

I mean, I did not expect Howard Marks to be this bullish. 我的意思是，我没想到霍华德·马克斯会如此看涨。

And I'm not saying he's like gung-ho, buy the S&P, buy AI stocks because he doesn't have any exposure to them. 我并不是说他像个狂热分子，叫大家买S&P、买AI股票，因为他并没有持有这些股票。

But dude, a month ago, if you listen to his Bloomberg interview, he definitely sounded way more cautious than he sounded this morning on CNBC. 但伙计，一个月前，如果你听他接受彭博社采访，他听起来肯定比今天早上在CNBC上谨慎得多。

And I don't know what changed in the past month. 我不知道过去一个月发生了什么变化。

maybe he just saw a little bit more of the uh actual progress of some of these AI companies and he kind of concluded you can't say that this is mania euphoria if the earnings growth is there. 也许他只是看到了更多这些人工智能公司的实际进展，他得出结论，如果盈利增长存在，你就不能说这是狂热的兴奋。

I mean, no fund manager, no matter how much of a value investor they are and how much they don't want to pay expensive multiples, can deny earnings growth. 我的意思是，无论基金经理是多么的价值投资者，无论他们多么不想支付昂贵的市盈率，都无法否认盈利增长。

And I think that's why, you know, the market continues to do what it's doing. 我认为这就是为什么，你知道，市场继续其目前的表现。

Definitely not the most bullish, but also, I don't think, the most bearish on what we have in the market. 肯定不是最看涨的，但我也认为不是对市场最看跌的。

UNH, how did that do today? That was at 350. 359. Okay, so that was up 1.2% as well on the day. UNH今天表现如何？它是350美元。359美元。好的，所以当天也上涨了1.2%。

零售投资者的狂热

Let's go to the stock draft. I think Matt's still probably in the lead right here. 让我们看看股票选秀。我想马特可能仍然领先。

Yeah, Matt 46.7. I'm at 41. Steve's at 8.3. Tanner's at 21. Then Chris is at 12% on the day. 是的，马特46.7。我是41。史蒂夫8.3。坦纳21。然后克里斯当天上涨12%。

Do you think we'll ever see April lows again? I think it's possible, but it's going to be really tough to see April lows. 你认为我们还会看到四月低点吗？我认为有可能，但很难看到四月低点。

I mean, April lows, you're talking about Robin Hood going back to 29. 我的意思是，四月低点，你说的是Robinhood回到29美元。

You know, you're talking about Irene going back to $10. No, I was like a $7 during like it it is hard to get those opportunities again. 你知道，你说的是Irene回到10美元。不，我当时是7美元，像那样，很难再有那些机会了。

I think Friday was like a good enough taste of what somewhat of a draw down would look like. 我认为周五已经很好地展示了某种程度的回调会是什么样子。

But then look at what happened today. The dip buyers came back on a day where you know a lot of financial institutions are closed including the credit market and the banks. 但看看今天发生了什么。在许多金融机构，包括信贷市场和银行都休市的情况下，抄底者又回来了。

But still so much money came into the markets today just off the idea that maybe this is one of the best opportunities that we have. 但今天仍有如此多的资金流入市场，仅仅因为一个想法：这可能是一个我们拥有的最佳机会之一。

So I don't think we get April lows again but we might you know see some inevitable dips across the way. 所以我认为我们不会再看到四月低点，但我们可能会在途中看到一些不可避免的回调。

Amcore nice 8% move today. I mean again amcor did not deserve to go to 2850. Amcore今天表现不错，上涨8%。我的意思是，Amcor不应该跌到2850美元。

The stock is relatively cheap in my opinion, trading at 1.15 time sales. 在我看来，这只股票相对便宜，市销率为1.15倍。

So for anyone that got in last week at 28 or 29, you had that opportunity on Friday and it jumped up on relatively little volume, too. 所以对于那些上周在28或29美元入场的人来说，周五你抓住了那个机会，而且它是在相对较小的交易量下上涨的。

I think this was just algorithmic that this one didn't deserve to be down as much as it was down. 我认为这只是算法驱动的，这只股票不应该跌那么多。

And so it made a move higher back to kind of where it was trading at before the draw down. 所以它又涨回了回调之前的交易水平。

And I think that happened to a lot of different stocks today. Like SoFi went from 25 to 27. 我认为今天很多不同的股票都发生了这种情况。比如SoFi从25美元涨到27美元。

I mean, nothing really changed last Friday to bring it down to 25. Nothing really changed today to bring it back to 27. 我的意思是，上周五并没有真正发生什么变化导致它跌到25美元。今天也没有真正发生什么变化导致它回到27美元。

So a lot of these names just kind of rebounded. Same thing with Google. went from 232 to 244, but he created opportunities. 所以很多这些股票都反弹了。谷歌也一样，从232美元涨到244美元，但他创造了机会。

He created opportunities for a ton of different people. Is Tim Cook stepping down? 他为很多人创造了机会。蒂姆·库克要辞职了吗？

I don't think so. That headline would be pretty wild. Tim Cook. 我不认为。那个头条新闻会相当劲爆。蒂姆·库克。

Now, there was a uh there was a report from Bloomberg last week that um one of Apple's VPs, this guy right here, John Turnis, is getting ready to replace Tim Cook. 上周彭博社有一篇报道说，苹果的一位副总裁，就是这位约翰·特尼斯，正准备接替蒂姆·库克。

I don't think they would announce that until the beginning of next year if it does happen. 如果真的发生，我认为他们要到明年年初才会宣布。

If they announced it on the earnings call, that would be kind of crazy. 如果他们在财报电话会议上宣布，那会有点疯狂。

I mean, I think a lot of investors would need some time to be associate or learn how to associate themselves with a new C. 我的意思是，我认为许多投资者需要一些时间来适应或学习如何与新的首席执行官建立联系。

I mean, Apple's an important company. It's 6.2% of the S&P 500. 我的意思是，苹果是一家重要的公司。它占S&P 500指数的6.2%。

So, that would be a big change. So, I feel like they would make that announcement in a different way. 所以，那将是一个巨大的变化。因此，我觉得他们会以不同的方式发布这一声明。

He's You guys are saying he's retiring. I mean, I don't see the headline of him. 你们说他要退休了。我的意思是，我没看到关于他的头条新闻。

I feel like Apple stock would give us a reaction if he's retiring. 我感觉如果他要退休，苹果股票会有反应。

I mean, eventually he is, but probably not today. At least we don't see that news today. 我的意思是，他最终会退休，但可能不是今天。至少我们今天没有看到这个消息。

But we will keep an eye on what goes on with Apple. Apple stock right there at 24750. 但我们会密切关注苹果的情况。苹果股价就在那里，247.50美元。

Um, Bit Farms won't quit, dude. Bit farms, this thing was below $5 in the pre-markets. 嗯，Bit Farms不会放弃，伙计。Bit Farms，这支股票在盘前曾跌破5美元。

was like 450 continuing to move after hours. Now, see, here's the thing. 盘后仍以4.50美元左右的价格继续上涨。现在，你看，问题是这样的。

Like, is this just a sympathy trade with Cipher and Iran? 这只是与Cipher和Iran的同情交易吗？

For all the people that miss Cipher, I ran Terolf, are they just jumping into Bit Farms? 对于所有错过Cipher、Iran、Terawulf的人来说，他们是不是只是跳进了Bitfarms？

Or did Bit Farms announce something that is making the stock go parabolic after hours? 还是Bitfarms宣布了什么消息，导致其股价在盘后呈抛物线上涨？

I mean, I don't see I didn't see a headline all day from Bit Farms. I don't see a headline after hours on Bit Farms. 我的意思是，我没有看到Bitfarms全天的任何头条新闻。盘后也没有看到Bitfarms的头条新闻。

So, what is it? I mean, I think it could be a mixture of both, but just the sheer excitement I think is getting more and more people excited. 那么，这是什么情况？我的意思是，我认为两者兼而有之，但纯粹的兴奋感正在吸引越来越多的人。

A mid to use stock lending feature on Hood. I think I have that enabled. Hood上一个中等的股票借贷功能。我想我启用了那个功能。

It gets you like, you know, 30 40 bucks a month if you loan out your shares to short. 如果你把股票借出去做空，每月能赚30到40美元。

So, I have to check if it's even enabled or not, but it's not uh it's not the biggest feature for me. 所以我得检查一下它是否已启用，但这对我来说不是最重要的功能。

But if you have a lot of shares of a stock, then it, you know, stock lending definitely does add a little bit of yield to your to your shares. 但如果你持有很多股票，那么股票借贷确实能为你的股票增加一点收益。

Wolf right here, are we 18 after hours? Terowolf 1396. Not there yet. Wolf就在这里，我们盘后是18吗？Terawulf 1396。还没到。

Uh I have not looked into NKLR. I know this is the alternative to Oaklo that people are thinking of. 我还没有研究NKLR。我知道这是人们正在考虑的Olo替代品。

This is a this is um this is another nuclear name. NKLR. It was up today just with like just like Oaklo. 这是，嗯，这是另一个核能股。NKLR。今天它上涨了，就像Olo一样。

Isn't this a spa? Yeah, this is a spa company. So, it's up 84%. It It spacked on Thursday. 这不是一家SPAC（Special Purpose Acquisition Company: 特殊目的收购公司，通过IPO募集资金以收购现有公司）公司吗？是的，这是一家SPAC公司。所以它上涨了84%。它是在周四通过SPAC上市的。

And the reason it's up is probably because a lot of people think it's going to spack into some massive nuclear name. 它上涨的原因可能是很多人认为它将通过SPAC合并成为一个大型核能公司。

And that's why that's green. I mean, again, dude, a lot of these names, they're just like they're running for the hell of running with it, which I think deserve some caution, but they're also in sectors that matter, and it's hard to deny that those sectors are going to continue to matter. 这就是为什么它上涨。我的意思是，伙计，很多这些股票，它们只是为了涨而涨，我认为这需要一些谨慎，但它们也处于重要的行业，而且很难否认这些行业将继续重要。

特朗普与中东和平

This was Trump today. He was at uh Egypt announcing the Israel Hamas deal, and here's what he said about World War II. 这是今天的特朗普。他在埃及宣布了以色列-哈马斯协议，他是这样谈论第二次世界大战的。

Donald Trump: Means so much. There was so many people who said the Middle East, and this has been going for many, many decades. 唐纳德·特朗普：意义重大。有很多人说中东，这已经持续了几十年。

I've read it many times that World War III will begin in the Middle East. It's not going to happen. That's not going to happen. 我多次读到，第三次世界大战将在中东爆发。这不会发生。那不会发生。

It was a time that you would have thought it could have, but it's not going to happen. 曾经有一段时间，你可能会认为它会发生，但它不会发生。

There won't be World War II hopefully at all, but it's not going to start in the Middle East. 希望根本不会有第二次世界大战，但它不会在中东爆发。

We're not going to have a World War II if we're smart. Never be a World War II. Means so much. It was so many people who said 如果我们聪明，就不会有第二次世界大战。永远不会有第二次世界大战。意义重大。有那么多人说

it was a pretty long peace summit. You had a bunch of European leaders including the UK prime minister, uh, Italy's president Mcronone was there. 那是一次相当长的和平峰会。有很多欧洲领导人出席，包括英国首相，嗯，意大利总统马克龙也在场。

So you had a bunch of the Europeans that were there. And um, look, Trump is getting the credit from a lot of different parties. 所以有很多欧洲人都在场。而且，你看，特朗普正在获得许多不同方面的赞誉。

I mean, even Time magazine put him on the front cover and said that underneath this president is when you finally got some peace in the Middle East. 我的意思是，甚至《时代》杂志都把他放在封面，说在这位总统的领导下，中东最终获得了一些和平。

So from a market perspective, the question is going to be, hey, do the markets interpret this as positive just because there's going to be less geopolitical instability outside of what's going on with Russia and Ukraine? 所以从市场角度来看，问题将是，嘿，市场是否仅仅因为俄罗斯和乌克兰之外的地缘政治不稳定减少而将其解读为积极因素？

And we're going to see over the coming months, but it's definitely not a bearish thing to see happen in the in the broader markets. 我们将在未来几个月看到，但这绝对不是在更广泛的市场中看到发生的看跌事件。

Um, I think Carney was there. Not sure if Carney was there, but I think I think he was. 嗯，我想卡尼在那里。不确定卡尼是否在那里，但我认为他当时在场。

投资策略与心理

Uh, H O N D. Have I looked into that? No. I've heard of this name. Oh, this is another Spack. Goodness gracious, bro. 嗯，HOND。我研究过那个吗？没有。我听说过这个名字。哦，这是另一个SPAC。天哪，兄弟。

Who put Who's sponsoring HD? That That Spack was up 10% today. When did this one even go live? 谁是HD的赞助商？那个SPAC今天上涨了10%。这个什么时候上市的？

I mean, Tom Lee still has a spack that hasn't officially gone. Oh, this has been live since like January. 我的意思是，汤姆·李仍然有一个尚未正式上市的SPAC。哦，这个自一月以来就已上市。

So, who who's sponsoring HDD? Um, it's Priestback. I have no idea who's a sponsor for that, but whoever is, I mean, see, look, this is so, okay, so one thing that's really important as we get into this time of the year, and you know, some people might like hearing this, some people might not not might not like hearing this, but you don't have to chase everything. 那么，谁是HDD的赞助商？嗯，是Priestback。我不知道谁是它的赞助商，但无论是谁，我的意思是，你看，这太……好的，所以当我们进入一年中的这个时候，有一件非常重要的事情，你知道，有些人可能喜欢听，有些人可能不喜欢听，但你不需要追逐所有东西。

You really don't have to chase anything. I mean, I have not really been into the rare earth metals or the the the super super speculative energy names like an EOS or an Oll or stuff. 你真的不需要追逐任何东西。我的意思是，我并没有真正涉足稀土金属或像EOS或Olo等超级投机性的能源股。

And I'm like, honestly, bro, I'm not really feeling that much FOMO (Fear of Missing Out: 害怕错过，指因担心错过机会而盲目跟风). 而且我老实说，兄弟，我并没有感到太多的FOMO。

because it's been a good year. I kind of don't want to mess it up by getting super excited about Ollo at 171. 因为今年表现不错。我有点不想因为对Olo在171美元时的过度兴奋而搞砸它。

It's like, you know, if it goes to 250, God bless, but like I don't know if I want to take that risk. 这就像，你知道，如果它涨到250美元，那真是天佑，但我不确定我是否想承担那个风险。

So, I already kind of fumbled into Iran at 28. should have should have fomoed way harder at 28. 所以，我已经在28美元的时候笨拙地买入了Iran。当时应该更 FOMO 一点，在28美元的时候更努力地追涨。

But like at 64, I don't know if I'm going to easily be able to FOMO into it. I just don't. 但在64美元，我不知道我是否还能轻易地追涨。我就是不确定。

Even though I think there's a really good fundamental thesis and you have a lot of price targets at that $7,500 range. 尽管我认为有一个非常好的基本面论点，而且有很多目标价都在7500美元区间。

It's just a question of do you buy a stock that's up 6x in five months. And do you need to, right? 这只是一个问题：你会买一只在五个月内上涨了6倍的股票吗？你真的需要吗，对吧？

Like is is your performance so bad towards the end of the year that it needs to, you know, run up by by chasing a lot of these like the question is do you need to chase? 就像你的年终表现是不是差到需要通过追逐很多这些股票来拉升业绩？问题是你需要追逐吗？

And if you don't need to, then you know, maybe you don't. 如果你不需要，那么，你知道，也许你就不追。

And you don't have to feel bad about not chasing either. Bit farms right here trying to run up to six after hours. 而且你不必为不追逐而感到难过。Bit Farms在这里试图在盘后上涨到6美元。

I don't see any headlines after hours, folks. So, Bit Farms, whatever run that's happening on Bit Farms, that looks like retail is just piling in. 各位，盘后我没看到任何头条新闻。所以，Bit Farms的任何涨势，看起来都像是散户在蜂拥而入。

Uh, yeah, I see nothing. I see zero headlines. Absolutely nothing. 嗯，是的，我什么都没看到。我没有看到任何头条新闻。绝对没有。

That that's got to be people chasing Irene, chasing Cipher, chasing Terwolf, and using BitForms. 那一定是人们在追逐Irene、追逐Cipher、追逐Terawolf，然后利用BitForms。

a $5 stock as their proxy to chase. If someone has a headline, let me know. But I do not see it. 把5美元的股票作为他们追逐的替代品。如果有人有头条新闻，请告诉我。但我没有看到。

Sam says, "You don't need to chase these stocks. Maybe a trade but not long term." 山姆说：“你不需要追逐这些股票。也许可以做短线交易，但不是长期持有。”

Yeah, I agree. And also, it's like, look, if you're going to buy Bit Farms right here, like you got to know something about Bit Farms. 是的，我同意。而且，就像，如果你要在这里买Bit Farms，你得对Bit Farms有所了解。

You have to know about their mining facilities and their ability to how many GPUs do they have, all this stuff. 你必须了解他们的挖矿设施，他们有多少GPU（Graphics Processing Unit: 图形处理器），所有这些东西。

I I I'm pretty sure a lot of people are buying it not knowing any of that stuff because it's a sympathy trade because they missed Iran, which is fair, but you just have to be honest with yourself. 我敢肯定很多人买它时对这些一无所知，因为这是一种同情交易，因为他们错过了Iran，这很公平，但你必须对自己诚实。

Like when I bought Iran, I didn't know that much about it, but I saw the Neb's deal and I was like, you know what, Iran probably is going to run and I should have bought a lot more, but I bought it at 28 and I was like, all right, it is what it is. 就像我买Iran的时候，我对它了解不多，但我看到了Neb的交易，我就想，你知道吗，Iran可能会上涨，我当时应该买更多，但我在28美元的时候买了，我就想，好吧，就这样吧。

But I was honest with myself and if it fell, I would also have to be honest with like I, you know, I probably deserve to bag hold if I didn't know that much about it. 但我对自己很诚实，如果它下跌了，我也必须诚实地面对，比如，你知道，如果我对它了解不多，我可能就活该被套牢。

So, I think you're seeing a lot of that excitement right now, definitely after hours with a bunch of these names in the data center space. 所以，我认为你现在看到很多这种兴奋情绪，尤其是在盘后，数据中心领域有很多这样的股票。

And the question is, do you want to participate in that? And do you need to participate in that or do you just freaking buy Amazon, which maybe is going to barely move a couple cents a day, but you'll sleep better at night because it's Amazon. 问题是，你想参与其中吗？你需要参与其中吗？还是你只是买亚马逊，它可能每天只涨几美分，但你会睡得更安稳，因为它是亚马逊。

Robinhood的潜在收购与预测市场

What was the good news? Okay, the hood news is we got a quote from the VP. 有什么好消息？好的，关于Hood的消息是，我们得到了副总裁的一段引述。

Uh, by the way, there were 75.5 million calls on the Mag 7 stocks today. 顺便说一下，今天Mag 7股票的看涨期权交易量达到了7550万份。

So, he had a lot of bullish momentum on MAG7. 所以，他对MAG7有很多看涨的势头。

Uh uh Reuters reported that trading platform Robin Markets is open to potential acquisitions in the fast growing prediction market space. 路透社报道称，交易平台Robin Markets对快速增长的预测市场（Prediction Market: 允许用户押注未来事件结果的市场）领域的潜在收购持开放态度。

Uh one of the vice presidents and general managers of futures at Robinet said, "We as a firm are going to be looking to see if there's an acquisition that's available." Robinet的期货副总裁兼总经理之一表示：“我们公司将寻找是否有可行的收购机会。”

That being said, what we also know is we have really good engineers that build great products here. 话虽如此，我们也知道我们这里有非常优秀的工程师，他们能开发出很棒的产品。

So what we're doing is trying to balance the two. 所以我们正在做的就是努力平衡这两者。

Uh essentially Robin had saying, "Hey, we are interested in getting deeper into the prediction markets." 本质上，Robin的意思是：“嘿，我们有兴趣更深入地进入预测市场。”

Now this is a little confusing to me because they're already partnered with Khi and they didn't invest to my knowledge in Khi's latest funding round. 现在这对我来说有点困惑，因为他们已经与Khi合作，据我所知，他们没有投资Khi的最新一轮融资。

Khi just raised that 5 billion. I don't think they've invested in Poly Market either. Khi刚刚筹集了50亿美元。我也不认为他们投资了Poly Market。

Poly Market just raised that 10 billion. So they must be looking at other prediction market companies that are out there that they want to expand their work with. Poly Market刚刚筹集了100亿美元。所以他们一定正在寻找其他预测市场公司，希望扩大与它们的合作。

And as a result they may be thinking, hey this is a big opportunity just the prediction markets itself which is you know probably going to produce a couple hundred million of revenue for them every year at this point. 因此，他们可能在想，嘿，这本身就是一个巨大的机会，预测市场每年可能会为他们带来数亿美元的收入。

And as a result, they are continuing to go deeper into that. 因此，他们正在继续深入研究。

Um, I'm surprised they don't have an equity stake in Koshi, you know, I mean, like they they account for 25 to 35% of KHI volume. 嗯，我很惊讶他们没有Koshi的股权，我的意思是，他们占KHI交易量的25%到35%。

So, you maybe they do and maybe we just don't know about it. 所以，也许他们有，只是我们不知道。

But it would be interesting to see if they end up partnering with them more deeply or taking an equity stake or even buying them out. 但看看他们是否会更深入地合作，或者持有股权，甚至收购他们，会很有趣。

Although, I don't think Khi would want to be bought out. 虽然，我不认为Khi会想被收购。

So, Robin might be looking at other companies that are out there. 所以，Robin可能正在寻找其他公司。

Prize Pix has a $2.5 billion valuation. Prize Pix, do they do prediction markets? PrizePicks估值25亿美元。PrizePicks，他们做预测市场吗？

I've heard of them many times. I know they do a lot of different types of sports betting. 我听说过他们很多次。我知道他们做很多不同类型的体育博彩。

Yeah, maybe Robin wants to expand completely to sports betting. So maybe it's not just prediction markets, but they want to do a variety of verticals. 是的，也许Robin想完全扩展到体育博彩。所以也许不仅仅是预测市场，他们想做各种垂直领域。

But yeah, exactly. Prize Pix is one of the companies I could see them potentially be more interested in. 但，是的，没错。PrizePicks是我认为他们可能会更感兴趣的公司之一。

Yeah, they do prediction markets. Okay, so that makes sense as well. 是的，他们做预测市场。好的，那也说得通。

黄金圆顶计划与WorldCoin

Bit farms open AI deal coming. Dude, open AI touches your stock just says your name and it goes to the moon. Bitfarms与OpenAI的交易即将到来。伙计，OpenAI只要提到你的股票，它就会一飞冲天。

It's pretty incredible. Amit, is the Golden Dome priced in for Palantir? I don't think so. 这相当不可思议。阿米特，Palantir的“黄金圆顶”计划是否已经计入股价了？我不这么认为。

I think the Golden Dome is something that is not priced in for a lot of the stocks that are associated with it. 我认为“黄金圆顶”计划对于许多与之相关的股票来说，尚未完全计入股价。

SpaceX, Andrew, Rocket Lab, Palantir, but also we don't have much clarity on how much of the I think it's like 68 billion those companies are going to get. SpaceX、Andrew、Rocket Lab、Palantir，但我们对这些公司将获得多少（我认为是680亿美元）也没有太多明确信息。

So no, I would I would say the government growth is very strong and you know we don't have any updates on Golden Dome so I wouldn't say it's fully fully priced in DL thanks for the super chat. 所以不，我会说政府增长非常强劲，而且我们没有任何关于“黄金圆顶”的更新，所以我不会说它已经完全完全计入股价了。DL感谢超级聊天。

Does WorldCoin (Worldcoin: 一个基于生物识别身份验证的加密货币项目) have utility or would you go with the stock buying it? WorldCoin有实际用途吗，还是你会选择购买它的股票？

So again orbs is the treasury that's turning worldcoin into their uh core digital asset. 所以Orbs再次成为将Worldcoin转化为其核心数字资产的金库。

I don't know much about world co. I know that they have 17 million users on the platform. 我对WorldCoin了解不多。我知道他们平台上有1700万用户。

I've never used it. I saw a couple people on Twitter that went to the world coin location and they got the biometric scan. 我从未使用过。我在Twitter上看到几个人去了Worldcoin的地点，进行了生物识别扫描。

I mean um I don't know obviously there's utility of 17 really in South Korea a lot of people are using it more and more and in Japan but the question is does that utility result in like a massive revenue opportunity and maybe it does but I think it's a little too early to tell but if you're bullish on it you know orbs is probably one of the best ways to get exposure or just buying the world coin flat out 我的意思是，嗯，我不知道，显然在韩国有1700万用户，越来越多的人在日本使用它，但问题是这种实用性是否会带来巨大的营收机会，也许会，但我认为现在判断还为时过早，但如果你看好它，你知道，Orbs可能是获得曝光的最佳方式之一，或者直接购买Worldcoin。

Beyond Meat的财务困境

Yeah Beyond Meat. Okay, so this one got hit today. Okay, this one was down like 80%, no 49%. 是的，Beyond Meat。好的，这只股票今天受到了打击。好的，这只股票下跌了大约80%，不，是49%。

Okay, recovered. It was at 50 cents at one point. Um, they they filed not for bankruptcy, but they filed for something else and uh and that's what got the street to be upset. 好的，恢复了。它曾一度达到50美分。嗯，他们不是申请破产，而是申请了其他东西，呃，那就是让华尔街感到不安的原因。

They had like a a debt swap for the convertibles (Convertible Note: 可转换票据，一种在未来可转换为股权的债务工具) that they put out a while ago that they reported this morning. 他们今天早上报告说，他们对之前发行的可转换票据进行了债务置换。

Yeah. So, uh, Beyond shares are tumbling after the company announced early results for its exchange offer of a 0% convertible note due 2027. 是的。所以，嗯，Beyond Meat的股票在公司公布了2027年到期的0%可转换票据的换股要约初步结果后暴跌。

Roughly 96% of the notes were tendered, well above the 85% threshold. That is not good. 大约96%的票据被提交，远高于85%的门槛。这可不是好消息。

In return, Beyond Me will issue 28 million of new 7% convertible notes due in 2030 and about 316 million new shares. 作为回报，Beyond Meat将发行2800万份2030年到期的7%新可转换票据，以及约3.16亿股新股。

So, more dilution, way above their previous threshold. And that's why this stock took a nasty beating today. 所以，更多的稀释，远超他们之前的门槛。这就是为什么这只股票今天遭受了严重的打击。

So, you know, they got to call up Open AI and figure out how they can work together. 所以，你知道，他们得联系OpenAI，看看如何合作。

But until then, you got Beyond Meat down 50%. Next decade, was that down more today? 但在此之前，Beyond Meat下跌了50%。Next Decade，今天跌得更多了吗？

Next decade was down even more, 5%. I have not taken a stake in this. Next Decade跌得更厉害，跌了5%。我没有持有这只股票。

Again, this is this is again, this is the problem with some of these tickers, right? 再说一次，这就是一些股票代码的问题，对吧？

It's like Matt has said over and over again, you buy this and you hold it and you don't worry about it for literally the next decade. 就像马特一遍又一遍地说的那样，你买入这只股票，然后持有它，接下来的十年里你都无需担心。

But I think all of us are so inundated with the short-term updates on this. 但我认为我们所有人都被这种短期更新淹没了。

Like I don't know why it's down 4%, but if you asked Matt, who kind of got most people thinking about this, I don't think he would care if it's down 4%. 比如我不知道它为什么下跌4%，但如果你问马特，他让大多数人开始思考这个问题，我认为他不会在意它是否下跌4%。

Like it really is a long-term play for some of these people. So I I think people have to be honest with themselves. 对某些人来说，这真的是一项长期投资。所以我认为人们必须对自己诚实。

So, if you're buying next decade, think it's going to go to eight bucks soon, like don't buy it because that that's not the thesis from any of the people you heard it from, which is, hey, you literally have to hold this for a long time. 所以，如果你买Next Decade，想着它很快就会涨到8美元，那就别买，因为你听到的任何人的投资理念都不是这样，他们说的是，嘿，你真的必须长期持有这只股票。

You're not going to get that move. And then, you know, down 4%, you should be buying. 你不会看到那样的波动。然后，你知道，下跌4%的时候，你应该买入。

That should be the if it's if it's truly a decade long hold, it should be something you buy. 如果它真的是十年期持有，那应该是你买入的东西。

NAT gas is tough to own. Yeah. And like, you know, you don't get into a ticker just because it's at six, seven bucks and you think it's going to go up. 天然气很难持有。是的。而且，你知道，你不会仅仅因为一只股票在六七美元就买入，然后认为它会上涨。

Uh, Nat Gas is not an easy industry and NEX is not even producing revenues yet. 天然气不是一个容易的行业，NEX甚至还没有产生营收。

VG is producing revenues and they got their ass sued by BP which is why, you know, they continue to fall. VG正在产生营收，但他们被BP起诉了，这就是为什么，你知道，他们继续下跌。

So, I think, you know, and this is when people are like, oh, Amit, well, you missed this, you missed that. 所以，我想，你知道，这就是人们会说，哦，阿米特，你错过了这个，错过了那个的时候。

It's like, well, I don't understand the sector and I'd rather like Oscar at 12 it was a great buy and, you know, it's at 20 and that's phenomenal, but I don't understand healthcare, so why would I put capital at risk at 12 in a sector that I don't know about that it could have blown up in my face? 这就像，嗯，我不了解这个行业，我宁愿像Oscar在12美元时买入，那是一笔很棒的交易，你知道，现在是20美元，那很惊人，但我不了解医疗保健，那我为什么要在一个我一无所知的行业里，以12美元的价格冒险投资，它可能会在我面前爆炸？

You have to be honest with yourself. Some of this stuff if you just don't know about, you just don't invest in it. 你必须对自己诚实。有些事情如果你根本不了解，就不要投资。

It's really not that that complicated. Like even for Bitmine, dude, I was late on Bitmine. 真的没那么复杂。就像Bitmine，伙计，我买晚了。

I mean, I could have got this thing in the 30s. I got it at ended up getting it at like 45, but it took me a while to understand this. 我的意思是，我本来可以在30多美元的时候买到这东西。我最终以大约45美元的价格买入，但我花了一段时间才理解它。

And I love Tom Lee. I mean, he's, you know, he's an awesome guy. 我喜欢汤姆·李。我的意思是，他是个很棒的人。

He's been on the channel a bunch of times. We've done podcasts together, but I wasn't going to buy it just for the fact that I like Tom Lee. 他上过我们频道好几次了。我们一起做过播客，但我不会仅仅因为喜欢汤姆·李就买它。

Like, it really took me some time to be like, what the hell is he even doing with BitM? 我真的花了一段时间才弄明白，他到底在用BitM做什么？

Like, what is happening here before I even bought it? 在我买它之前，这里到底发生了什么？

So, I just feel like you have to have peace of mind with a lot of these investments in order to to be excited about them. 所以，我只是觉得你必须对很多这些投资保持心平气和，才能对它们感到兴奋。

零售投资者的心态与波动性

Speaking of peace of mind and retail investors, here is Wall Street Journal's Gungjan Banerjee who was on the channel about a year and a half ago and here is what she's reporting on what's going on with retail investors and their psychology or buying the dip. 说到安心和散户投资者，这里是《华尔街日报》的Gunjan Banerjee，她大约一年半前曾上过我们的节目，以下是她关于散户投资者及其抄底心理的报道。

Gunjan Banerjee: It's been a record year for this very popular buy the dip trade. S&P 500 has rebounded around 2% after one day drops of that much this year. Gunjan Banerjee：对于这种非常流行的“逢低买入”交易来说，今年是创纪录的一年。今年，S&P 500指数在单日下跌后反弹了约2%。

That makes it the best year for the buy the drip trade since 2019 and the second best year since the 1980s. 这使得“逢低买入”交易成为自2019年以来最好的一年，也是自1980年代以来第二好的一年。

It's those are incredible stats. I mean, going back to my time, the 1980s and and it's we saw it in deepseat day in January. 这些数据令人难以置信。我的意思是，回到我的时代，1980年代，我们在1月份的深跌日也看到了。

We saw it again with tariff liberation that took a couple days, but the markets came roaring back. 我们再次看到了关税自由化，虽然花了几天时间，但市场强势反弹。

We saw it again from Friday, i.e. today. Who are these people? Do we know why they're buying? 我们周五，也就是今天，又看到了。这些人是谁？我们知道他们为什么买吗？

Gunjan Banerjee: Well, I think they've seen that this trade has worked. You know, as as you mentioned, we have not seen that much volatility this year, but every time we have, people have plowed money into the markets. Gunjan Banerjee：嗯，我想他们已经看到这种交易奏效了。你知道，正如你所提到的，我们今年没有看到那么大的波动性，但每次出现波动时，人们都会把钱投入市场。

And what's really remarkable is that I do think that this recent leg of the rally has been driven by Americans of many different income levels and of many different ages. 真正值得注意的是，我确实认为最近这波反弹是由不同收入水平和不同年龄段的美国人推动的。

As the Journal recently reported, 25 year olds, around a third of them are in the markets today. In 2015, that figure was 6%. 正如《华尔街日报》最近报道的，25岁的年轻人中，大约三分之一现在在市场中。2015年，这个数字是6%。

Was this the story I read and everything kind of gets mushed together on the weekends when I read my Apple News Plus? 这是我读到的故事吗？每当我在周末阅读Apple News Plus时，所有东西都混在一起了。

There's a Sorry, I was referenced the previous segment um about how people aren't buying homes in part because they're buying so much in stocks. 抱歉，我提到了上一个片段，关于人们不买房子的部分原因是因为他们购买了太多的股票。

They're putting their money into the stock market, not the housing market. 他们把钱投进了股市，而不是楼市。

Gunjan Banerjee: And it's worked. Take a look at share prices, right, compared to home prices. Gunjan Banerjee：而且它奏效了。看看股价，对吧，与房价相比。

And I think that's why Americans of all income levels are also putting money into the markets. 我认为这就是为什么所有收入阶层的美国人也都在向市场投入资金。

Income levels between $30,000 and $80,000 a year. More of those Americans are in the market than ever before. 年收入在3万到8万美元之间的人。这些美国人进入市场的数量比以往任何时候都多。

And many of them have entered during this bull market. 他们中的许多人是在这次牛市期间进入市场的。

That is the the true retail investor. That's we want market participation. 那才是真正的散户投资者。我们希望市场参与。

We want everybody to feel that they can access this market. You don't need to be a multi-millionaire. 我们希望每个人都觉得他们可以进入这个市场。你不需要成为一个千万富翁。

Gunjan Banerjee: And they feel but and here's where here's there's always a butt. Gunjan Banerjee：他们感觉到，但这里总有一个“但是”。

when I see leveraged crypto trades, when I see 3x ETFs up or down, you know, I'm not setting up a warning flag, but at the same time, these are instruments where if they work, they're going to work really well. 当我看到杠杆加密货币交易，当我看到3倍ETF（Exchange Traded Fund: 交易所交易基金，追踪指数的基金，可在交易所买卖）上涨或下跌时，你知道，我不是在发出警告信号，但与此同时，这些工具如果奏效，它们会非常有效。

They don't work, there is a lot more risk here, right? Talk to us about leveraged crypto. 如果它们不奏效，这里的风险就大得多，对吧？跟我们谈谈杠杆加密货币。

Gunjan Banerjee: I mean, I think it's leverage across the board. I was shocked to see that leverage ETFs tied to the NASDAQ. Gunjan Banerjee：我的意思是，我认为这是全面的杠杆。我很震惊地看到与纳斯达克挂钩的杠杆ETF。

Nvidia saw some of their biggest inflows on record last week during this volatility and stock investors who entered the markets on Friday are probably taking a look at their accounts and they're pretty happy right now. 英伟达在上周的波动中创下了有史以来最大的一些资金流入，而周五入市的股票投资者现在可能正在查看他们的账户，他们现在应该非常高兴。

Cryptole leveraged traders are still nursing losses. 加密货币杠杆交易者仍在承受损失。

So the so to be clear and if I'm wrong please tell me the leverage here is basically it's not one to one. 所以，澄清一下，如果我错了请告诉我，这里的杠杆基本上不是一对一的。

You buy a share of Nvidia goes up you make some money goes down you lose a little bit of money when you sell. 你买英伟达的股票，它上涨你赚钱，它下跌你卖出时亏一点钱。

These are ex multiples right. 这些都是倍数，对吧。

Gunjan Banerjee: Exactly. This is borrowed money 10x 10x 20x 100x leverage and these trades are Gunjan Banerjee：没错。这是借来的资金，10倍、20倍、100倍的杠杆，这些交易是

100x leverage well that's abroad that's on offshore exchanges but but it does ex but that exists 100倍杠杆，那是在海外，在离岸交易所，但它确实存在。

Gunjan Banerjee: it exists 100 times leverage offshore stuff crypto trades exist Gunjan Banerjee：它确实存在，海外加密货币交易中有100倍杠杆。

and I would bet that US exchanges and brokerages will keep amping up the leverage on Coinbase you can access 10x leverage on Bitcoin and Ethereum that was for the first time over this summer and I think they're going to keep pushing the envelope. 我敢打赌，美国交易所和券商将继续加大Coinbase上的杠杆。今年夏天，你首次可以在Coinbase上使用10倍杠杆交易比特币和以太坊，我认为他们将继续突破极限。

If these crypto assets continue to go up, those people are going to make a lot of money, right? 如果这些加密资产继续上涨，那些人会赚很多钱，对吧？

Gunjan Banerjee: But take a look at what happened on Friday, right? People in these trades can also lose a lot of money, lose everything on days like Friday. Gunjan Banerjee：但看看周五发生了什么，对吧？参与这些交易的人也可能损失惨重，在像周五那样的日子里失去一切。

I called it the get-rich or get wiped out trade. 我称之为“暴富或破产”的交易。

Yeah. Do we know how much of that leverage may contribute to sort of the more volatile declines that we see, right? 是的。我们知道这种杠杆可能在多大程度上导致我们看到的更剧烈的下跌吗？

So the stock market won't go down, you know, a quarter of a percent. It'll go down 3%. 所以股市不会下跌，你知道，四分之一百分点。它会下跌3%。

Gunjan Banerjee: Yep. Gunjan Banerjee：是的。

And then it comes back roaring right back. that ex those extreme movements or at least my perception sitting here of extreme movements has to be tied if it's real to those leveraged trades or no 然后它又强势反弹。那些极端波动，或者至少我坐在这里对极端波动的感知，如果它是真实的，就必须与那些杠杆交易联系起来，否则就不是。

Gunjan Banerjee: look what what I often hear from traders especially the past few years as we've seen the rise of options trades one day options trades leveraged ETFs right a lot of these trades rebalance around the close so a lot of traders do think that that can exacerbate volatility on big up days and big down Is this is this you said offshore I would imagine that there's not just US retail investors buying in. Gunjan Banerjee：你看，我经常从交易员那里听到的是，尤其是在过去几年里，随着期权交易、日内期权交易、杠杆ETF的兴起，很多这些交易在收盘前后进行再平衡，所以很多交易员确实认为这可能会加剧大涨和大跌日的波动性。这是你说的离岸市场，我想象的不仅仅是美国散户投资者在买入。

I've heard a lot about investors in other places like South Korea. This is a global market. Correct. 我听说很多其他地方的投资者，比如韩国。这是一个全球市场。没错。

Gunjan Banerjee: This is a global phenomenon and you will be shocked at how much activity is taking place in these so-called perpetual futures (Perpetual Futures: 一种没有到期日的期货合约) around 68% of Bitcoin volumes. Gunjan Banerjee：这是一种全球现象，你会震惊于这些所谓的永续期货中正在进行的活动量有多大，大约占比特币交易量的68%。

Perpetual future. So again, Robin Hood is also bringing perpetual futures to uh to their platform soon. 永续期货。所以，再次强调，Robinhood也将很快在其平台上线永续期货。

We talked about it in the morning, but perpetual futures just basically let you go long and do the sort of 20, 30, 50x leverage that Gon was talking about. 我们早上讨论过，但永续期货基本上就是让你做多，并进行Gon所说的20倍、30倍、50倍杠杆操作。

You guys are hilarious in the chat. You guys are genuinely genuinely are genuinely hilarious in the chat. 你们在聊天里真是太搞笑了。你们在聊天里真的是非常非常搞笑。

But uh the point is, look, her argument is retail is continuously engaged in this market. 但重点是，你看，她的论点是散户持续参与这个市场。

They're not going away. They're continuing to buy the dip. The top three stocks that were bought on Friday were Metahood and Nvidia. 他们不会离开。他们继续抄底。周五买入最多的三只股票是Meta、Hood和英伟达。

And um you know the like it's almost the end of the year. Do you take a shot and pile into some of these harder harder retail trades that have continued to gain excitement even if you're not in them or do you add to your normal positions add to something that's relatively cheap and hasn't moved like an Amazon and call it a day? 而且，你知道，现在快到年底了。你是要冒险投入一些持续受到关注的更难的散户交易，即使你没有参与其中，还是增加你的常规持仓，买入一些相对便宜且没有像亚马逊那样大幅上涨的股票，然后收工？

I don't know. It really depends on how much you want to up the risk ante. 我不知道。这真的取决于你想提高多少风险赌注。

But with rates coming down, is it crazy to say IRN breaks through 7580 by the end of the year, especially if they get another deal? 但随着利率下降，说IRN在年底前突破7580美元，尤其是在他们获得另一笔交易的情况下，这是否疯狂？

Like, no, it's not crazy. Cost of capital's coming down, earnings growth is good, and you know, they could announce something overnight that changes the company. 不，这并不疯狂。资本成本正在下降，盈利增长良好，而且，你知道，他们可能会在一夜之间宣布一些改变公司的事情。

It's just, do you want to take the risk? And based on what Gun John's saying, obviously a lot of people are continuing to want to take take that risk. 只是，你愿意承担这个风险吗？根据Gunjan的说法，显然很多人继续愿意承担这个风险。

政府停摆与Navitas的利好消息

Anyway, so those were some of the main headlines. What else do we have after hours? 无论如何，这些都是一些主要的头条新闻。盘后还有什么呢？

Do we have anything else? Oh, a couple things. So, Kali is reporting government shutdown is going to be worse, bro. 我们还有别的吗？哦，有几件事。所以，Kali报道说政府停摆会更糟，兄弟。

Colossi is reporting we are going to have the longest government I mean they're not reporting but the prediction market is saying that we are likely to have the longest government shutdown of all time which would be kind of crazy if that ends up actually happening but uh that is the argument from Kshi and if that's the case then obviously you know it's going to be a little wonky in terms of where we're going to get that government data Navas by the way it's up 18% after hours not sure why what the heck is the headline pushing this stock up. Colossi报道说我们将面临有史以来最长的政府停摆，我的意思是他们不是在报道，而是预测市场在说我们很可能会有史以来最长的政府停摆，如果真的发生那会有点疯狂，但那是Kshi的论点，如果真是这样，那么显然，你知道，我们将从哪里获取政府数据会有点不稳定。顺便说一句，Navas盘后上涨18%，不确定为什么，到底是什么头条新闻推动这只股票上涨。

This stock I think Jose is a fan of. It's in the semiconductor space. Oh, there you go. 这只股票我想Jose是它的粉丝。它在半导体领域。哦，看。

Na'vias supports 800 VDC power architecture for Nvidia's next generation AI factory computing platforms. 纳微（Navitas）支持英伟达下一代AI工厂计算平台（AI Factory Computing Platforms: 专门为大规模人工智能模型训练和推理而设计的高性能计算基础设施）的800伏直流电源架构。

Boom. There you go. This was actually the same headline for power integrations, this 800 VDC power architecture. 砰。看吧。这实际上是Power Integrations的同一个头条新闻，也是关于800伏直流电源架构。

So it looks like Nvidia is working with multiple companies to make sure that the uh architecture they need for the nextgen AI factory computing platforms, Jensen has talked about these AI factories for a while has momentum and looks like Na'vi is playing a role there. 所以看来英伟达正在与多家公司合作，以确保他们下一代AI工厂计算平台所需的架构。Jensen谈论这些AI工厂已经有一段时间了，并且现在有了势头，看来Navitas正在其中发挥作用。

Wow. $12. Take a look at that. 1230 after hours. It was already up 21% during the day. 哇。12美元。看看那个。盘后12.30美元。白天已经上涨了21%。

So I guess someone knew that there was going to be probably some level of collaboration and now you got the official press release after hours. 所以我猜有人知道可能会有一些合作，现在盘后你看到了官方新闻稿。

as that continues to go higher. Kane said, "I I almost sold some of my Na'vias today." 随着它继续走高。凯恩说：“我今天差点卖掉一些纳微的股票。”

Almost. Or did you? If you didn't, then you should be happy. If you almost did, then um you should just be grateful you didn't. 差点。还是你卖了？如果你没卖，那你就该高兴。如果你差点卖了，那你就该庆幸自己没卖。

But goodness, bro. I could understand selling it today, though, right? Because it was up 20%. 但天哪，兄弟。我能理解今天卖掉它，对吧？因为它上涨了20%。

So, you might say, "Hey, I'm going to take some profits." There you go. 所以，你可能会说：“嘿，我要获利了结。”就是这样。

That is green. The top 20 stocks that were trading in the options market today, Nvidia, Tesla, IBIT, AMD, Amazon, Apple, Broadcom, Palantir, Beyond Meat, Marathon, Intel, Open Door, SoFi, Microgy, Regetti, which crossed 50 today, Big Bear AI, EOS, Energy Play, MP, Rare Earth Metals, Ethereum ETF, and then IN. 那是绿色。今天在期权市场交易量前20的股票有：英伟达、特斯拉、IBIT、AMD、亚马逊、苹果、博通、Palantir、Beyond Meat、Marathon、英特尔、Open Door、SoFi、Microgy、Regetti（今天突破50美元）、Big Bear AI、EOS、Energy Play、MP、稀土金属、以太坊ETF，然后是IN。

So, look at that. In the top 20 stocks that were traded today, Marathon Bitcoin miner turn data center play, Regetti Quantum, Micro Strategy Crypto, Big Bear AI, AI, EOSE, Energy, MP Materials Rare Earth, Ethereum, and then you got IN Bitcoin miner turn data center. 所以，看看这个。今天交易量前20的股票中，有Marathon（比特币矿商转型数据中心）、Regetti（量子计算）、Micro Strategy（加密货币）、Big Bear AI（人工智能）、EOSE（能源）、MP Materials（稀土）、以太坊，然后是IN（比特币矿商转型数据中心）。

A lot of these names are not Netflix or um Marll, you know, or or SMCI. 很多这些名字不是Netflix，也不是Marll，你知道，也不是SMCI。

I mean, these are names that are relatively smaller companies, but they're getting a lot more excitement. 我的意思是，这些公司相对较小，但它们正获得更多的关注。

Navitas right there 11.84 84 after hours. Denian says, "My average price on Na'viS is 258." Navitas盘后股价11.84美元。Denian说：“我的Navitas平均成本是258美元。”

Someone says, "I have 5,000 shares at five bucks." I mean, this stock year to date has to be up more than 100% year to date. 有人说：“我有5000股，每股5美元。”我的意思是，这只股票今年迄今肯定上涨了100%以上。

185. Now, it's basically 200 with the after hours move. 185。现在，加上盘后走势，基本上是200。

There's been a lot of good opportunities this entire year. There's been a lot of good opportunities this entire year. 今年一直有很多好机会。今年一直有很多好机会。

And you don't have to mean all of them, but even if you got one or two of them, I mean, last week, Rocket Lab and AS lot of people that are heavy in those names, you've done well. 你不必抓住所有机会，但即使你抓住了一两个，我的意思是，上周，Rocket Lab和AS，很多重仓这些股票的人，都做得很好。

The week before that, AMD, um, obviously the Hood, the Palantirs, like all these names have just really begun to make some Google a month ago, right? 再前一周，AMD，嗯，显然是Hood，Palantir，所有这些股票都开始真正地有所作为。一个月前的谷歌，对吧？

A lot of people were stuck in Google at 150 for nine months until it broke out. 很多人在谷歌150美元的时候被套了九个月，直到它突破。

So I you really I mean Tesla wrecked a lot of portfolios until it finally pivoted at 330 when the whole Elon compensation package started coming out. 所以我真的，我的意思是特斯拉摧毁了很多投资组合，直到它最终在330美元触底反弹，当时伊隆的薪酬方案开始公布。

So it is seeming to be an everything rally across the board. 所以看起来这是一场全面的反弹。

Precious metals are leading it along with these data center plays and as long as we get a meaningful Q3 earnings report hopefully it continues. 贵金属和这些数据中心概念股正在引领市场，只要我们能看到一份有意义的第三季度财报，希望这种势头能持续下去。

Hopefully it continues. Apply digital. Yeah. Did that break 40 today? APLD. 希望它能继续。Apply Digital。是的。今天突破40美元了吗？APLD。

APLD 35. It almost broke 40. 35. Yes. APLD 35。它差点突破40。35。是的。

Google is investing 10 billion in India. We talked about that last week. 谷歌正在印度投资100亿美元。我们上周谈过。

They're also investing 9 billion in South Carolina. Um so I mean they're, you know, Google is getting ready to spend as much money as they possibly can on these data centers and they're obviously trying to do it in a way that continues to increase momentum. 他们还在南卡罗来纳州投资90亿美元。我的意思是，你知道，谷歌正准备尽可能多地投入资金建设这些数据中心，而且他们显然正在尝试以一种持续增加动量的方式进行。

市场波动与牛市前景

Here was Mr. Ryan Dietrich today speaking about navigating October volatility. 这是瑞安·迪特里希先生今天谈论如何应对十月波动性。

Ryan Dietrich: You look just at the last two days. Yes, probably two days now of 1% moves. 瑞安·迪特里希：你看看过去两天。是的，现在大概有两天都是1%的波动。

Just October 13th, a little history for everybody. At 89, the S&P dropped like 6% on the UL LBO (Unilever Leveraged Buyout: 联合利华杠杆收购，指通过大量借贷来收购一家公司，通常以被收购公司资产作抵押) deal that fell apart. 就10月13日而言，给大家讲点历史。在89年，S&P指数因为联合利华杠杆收购交易失败而下跌了约6%。

And then on uh in 2008, this day, October 13th, gained 11%. Mike, I'm not sure why, but there are more 1% moves in October than any other month after the I guess I'll say we've been spoiled with this rally. 然后，在2008年，也就是10月13日这一天，上涨了11%。迈克，我不确定为什么，但10月份的1%波动比其他任何月份都多，我想说我们已经被这次反弹宠坏了。

Maybe some October spookiness and volatility is perfectly normal. 也许十月的一些诡异和波动是完全正常的。

Certainly normal. I guess the question is um did it kind of break the market stride in any notable way? 当然正常。我想问题是，嗯，它有没有以任何显著的方式打乱市场节奏？

I mean, it's essentially, you know, once you've got the people who are in it because you can't get the market down and this is a low volatility grind higher and there's no real use uh in in waiting for a dip to say, "Okay, maybe we're going to get a deeper pullback." 我的意思是，它本质上是，你知道，一旦你让那些已经入场的人，因为你无法让市场下跌，而且这是一个低波动性的缓慢上涨，等待回调然后说：“好吧，也许我们会迎来更深的回调”并没有真正的意义。

Ryan Dietrich: You're right. I love that this guy shared with Paul a little before I came on. 瑞安·迪特里希：你说得对。我喜欢这家伙在我来之前跟保罗分享了一些东西。

He talked about some of the internals that are weakening. You know, I look at things like regional banks, those are lagging big time. 他谈到了一些正在走弱的内部因素。你知道，我看看区域性银行之类的，它们大大落后了。

Housing is lagging big time. Look at high yield credit, right? That's starting to crack. 房地产大大落后了。看看高收益信贷，对吧？那正在开始破裂。

So, by no means are we saying there's this big monster under the bed, but Mike, there are some little things that have me concerned. 所以，我们绝不是说床下有什么大怪物，但迈克，确实有一些小事情让我感到担忧。

And the last one, put to call ratios (Put-Call Ratio: 看跌/看涨期权比率，衡量市场情绪的指标), you know, they're quite optimistic. 最后一个，看跌/看涨期权比率，你知道，它们相当乐观。

And from that contrarian point of view, I just think it makes sense after a 36% rally in 6 weeks, maybe we're due for just some, I guess, a Charlie Brown shirt type of volatility. 从反向操作的角度来看，我认为在6周内上涨36%之后，我们可能需要一些，我想，查理·布朗衬衫式的波动性，这是有道理的。

You know, you mentioned 35% up in 6 months, right? So, I wondered if we were also suffering from a little bit of anniversary itis in the sense of, wow, look at this massive six-month move. 你知道，你提到6个月内上涨了35%，对吧？所以，我想知道我们是否也患上了“周年纪念病”，即“哇，看看这六个月的巨大涨幅”。

Obviously, also just hit the three-year mark of the current bull market, uh, with some great gains, although maybe not, you know, I mean, kind of middle of the pack on on the three-year anniversary, but what can we expect from here uh, as the the bull market matures? 显然，当前的牛市也刚刚达到三年大关，呃，取得了一些不错的收益，尽管可能不是，你知道，我的意思是，在三年周年纪念日上表现中等，但随着牛市的成熟，我们能从这里期待什么呢？

Ryan Dietrich: Yeah, we're still pretty optimistic. Have been for a while. 瑞安·迪特里希：是的，我们仍然相当乐观。已经持续一段时间了。

You know, you look at there's been five other times we've gained more than 35% on the S&P in 6 months. 你知道，看看过去，S&P指数在6个月内上涨超过35%的情况，还有五次。

one year later higher every single time up like 13% average. I know some other guests have pointed this out. 一年后每次都更高，平均上涨13%。我知道其他一些嘉宾也指出过这一点。

I'll just mention it. Once you get a bull market that gets to this point on its third birthday, there's been five other ones back to 1950. 我只想提一下。一旦牛市在其三周年达到这个点，自1950年以来还有其他五次。

All right. The shortest any of those other bull markets went was 5 years. The average Mike was 8 years. 好的。那些其他牛市最短的持续了5年。平均是8年。

So listen, the reality is this is a strong bull market still. 所以听着，现实是这仍然是一个强劲的牛市。

And to think it's just going to be over because we're here and it's 1929 or stocks are overvalued. 而认为它会因为我们现在在这里，或者因为现在是1929年，或者股票估值过高就结束了。

We're not minimizing that, right? Earnings are still strong, profit margin strong, a dovish Fed. 我们并没有轻视这一点，对吧？盈利依然强劲，利润率高，美联储鸽派。

There are still reasons to think that this bull market's alive and well and it might last longer than a lot of investors expect. 仍然有理由认为这个牛市依然活跃且健康，并且可能会比许多投资者预期的持续更久。

Yeah, look, earnings growth is on the side of the bull market continuing to last and when you see a lot of these names get more and more deals, they're still breaking over 12 bucks. 是的，你看，盈利增长支持牛市持续下去，当你看到许多这些股票获得越来越多的交易时，它们仍在突破12美元。

Um, it doesn't look like it has to slow down. It really doesn't look like it has to slow down. 嗯，它看起来似乎没有必要放缓。它真的看起来没有必要放缓。

Uh, I think Bit Farms right here, uh, this could possibly be the reason for it. 嗯，我认为这里的Bit Farms，嗯，这可能是它的原因。

Eightball, thanks for the super chat. Bit farms, right before the crash on Friday, secured a $300 million project financing in a debt facility. Eightball，感谢超级聊天。Bit Farms在周五崩盘前，获得了3亿美元的项目融资，通过债务工具。

So, it looks like they raised 300 million, which is bullish. I think they got a price target today as well. 所以，看起来他们筹集了3亿美元，这是利好消息。我想他们今天也得到了一个目标价。

Northland increased them to seven bucks, but the magnitude of the move today, I mean, that just seems like you're getting a lot of new investors interested in the stock. Northland将他们的目标价提高到7美元，但今天的涨幅，我的意思是，这看起来只是吸引了大量新投资者对这只股票感兴趣。

Mind you, this thing was at like, wasn't this thing two bucks like a couple weeks ago? 请注意，这东西之前好像，几周前不是2美元吗？

Yeah, it was literally two bucks on September 29th. It was 250 on September 15th. 是的，9月29日它确实是2美元。9月15日是2.50美元。

It's up 117% in the past month. So, a price target increase. Like if you're a stock inside of the data center space or the energy space or the nuclear space or the rare earth metal space right now and you have an analyst upgrade, you have some level of financing whether it's through debt, equity, raise capital, however it is. 它在过去一个月上涨了117%。所以，目标价上调。就像如果你现在是数据中心领域、能源领域、核能领域或稀土金属领域的一只股票，并且你获得了分析师上调评级，你获得了一定程度的融资，无论是通过债务、股权、募集资本，无论如何。

And then you have like one thing that you can point to about capacity for data centers, licensing, GPUs, whatever. 然后你还可以指出数据中心容量、许可、GPU等某一点。

You need some type of tailwind that is more specific to your industry. Your stock is going to go up. 你需要某种对你行业更具体的顺风。你的股票就会上涨。

I mean that we've se just seen example after example after example over the past couple weeks whether it's a cipher terolf bit farms clean spark marathon all these names EOS you get any upgrade and you get a little bit of juice boom we move higher and I think that's what we're seeing right now where was open door on the day open door open door was down open door down about 4% on the day PayPal got downgraded to sell from JP Morgan and you know I think that's what kind of wrecked some of this momentum today 68.90 they did unveil their ads manager last week which got them above 76 but right here back below 70 and look it can be really annoying for people that think they're in really good high quality companies that aren't moving as much as like a Bit farms or a EOSC. 我的意思是，我们过去几周只看到了一个又一个的例子，无论是Cipher、Terawulf、Bit Farms、CleanSpark、Marathon，所有这些股票，EOS，只要你得到任何升级，得到一点利好，砰，我们就会走高。我认为这就是我们现在看到的情况。Open Door当天表现如何？Open Door下跌了，Open Door当天下跌了大约4%。PayPal被摩根大通下调评级至卖出，你知道，我认为这在一定程度上破坏了今天的某些势头。它在68.90美元。他们上周确实推出了广告管理器，这让他们突破了76美元，但现在又回到了70美元以下。你看，对于那些认为自己持有非常优质的公司，但这些公司却没有像Bit Farms或EOS Energy那样大幅上涨的人来说，这可能非常恼人。

I think the important thing there is to not get resentment. 我认为重要的是不要心生怨恨。

Like the worst thing you can do for for your mentality as an investor is be resentful of someone who got in US AR and is up 27% of the day or NP and is up 500% for the year. 作为投资者，你对心态最糟糕的事情就是嫉妒那些买入US AR并当天上涨27%或买入NP并全年上涨500%的人。

Like look, at the end of the day, if you pulled the trigger and you bought MP at 20 and it's at 97, like hats off to you, right? 你看，归根结底，如果你果断买入MP在20美元，现在它涨到97美元，那真是向你致敬，对吧？

So it's one of those things where I wouldn't get resentful for it. 所以，这是那种我不会因此感到怨恨的事情。

I would just try to analyze, hey, like how could you have done a better job? 我只会尝试分析，嘿，你如何能做得更好？

And this is me talking to myself as well to try to find that trend before it took off. 这也是我在自言自语，试图在趋势爆发前找到它。

And then the question becomes, do you want to risk the capital at these prices? 然后问题就变成了，你是否愿意在这些价格上冒资本风险？

And that is a personal decision, but everyone's got to make their own conclusion on is it worth like the reason I like AMKR is because it's cheap. 那是一个个人决定，但每个人都必须自己得出结论，这是否值得。我喜欢AMKR的原因是它便宜。

It's a semiconductor name that hasn't run. It's in a sector that obviously is growing massively with capex (Capital Expenditure: 资本支出，指企业用于购买、改进或维护固定资产的支出). 这是一家尚未上涨的半导体公司。它所在的行业显然正在通过资本支出大幅增长。

And then there's actual company specific tailwinds on AMKR that are really easy for me to understand. 然后，AMKR还有一些公司特有的利好因素，这些对我来说真的很容易理解。

And it's cheap. Like the most important thing is it's cheap, bro. 而且它很便宜。最重要的是它便宜，兄弟。

Like I I I don't want to buy stocks that are super super expensive. 我不想买那些超级超级贵的股票。

I'll put the one pager on AMKR right there in the chat that I that I shared last week. 我会在聊天中放上我上周分享的AMKR一页纸资料。

And so I think the question to ask yourself is, do you think a bit farms is cheap? 所以我想你要问自己的问题是，你认为Bit Farms便宜吗？

I know at like five bucks it could look like it's cheap, but you're paying three billion for this company. 我知道在5美元左右它可能看起来便宜，但你为这家公司支付了30亿美元。

Is that cheap or not? I think that's the question that people have to ask themselves when looking at getting into these names. 这便宜吗？我认为这是人们在考虑进入这些股票时必须问自己的问题。

稀土金属与量子计算的未来

Bought MP at 45. I'm up 100% now. See, and the thing about MP is they had actual tailwinds that didn't even have anything to do with like a bull market. 在45美元买入MP。我现在已经上涨了100%。你看，关于MP的特点是，他们有实际的利好因素，甚至与牛市无关。

They just had tailwinds in regards to a Trump decoupling from China when it comes to rare earth metals and then b Apple, the department of war, all these entities investing in them, the Pentagon, like those are catalysts that are hard to deny and that's why MP ended up getting a really really decent run. 他们只是在稀土金属方面，特朗普与中国脱钩，然后是苹果、国防部、所有这些实体都对他们进行投资，五角大楼，这些都是难以否认的催化剂，这就是为什么MP最终获得了非常非常不错的上涨。

LAC lithium America's that one was also up another 13.5% on the day. LAC（Lithium Americas）当天也上涨了13.5%。

Yeah, Regetti 150 to 56. I mean, dude, you guys know Palantir owned Regetti at like two bucks. 是的，Regetti从150涨到56美元。我的意思是，伙计，你们知道Palantir曾经以2美元左右的价格拥有Regetti。

I think they sold it back in the end of 23, early 24, but um they owned it. 我认为他们在23年底、24年初的时候卖掉了，但他们确实拥有过。

If they held on, they would have had a 20 bagger, but you know, they they didn't. 如果他们坚持持有，他们就会获得20倍的回报，但你知道，他们没有。

So, I I don't think Ballinger saw the quantum computing ecosystem growing as much as it did, but it it did. 所以，我认为Palantir没有看到量子计算生态系统发展得如此之快，但它确实发展了。

And as a result, you know, now you're here. 结果，你知道，现在你就在这里了。

So, I don't know. I think at these moments, it's very important to not get super super super euphoric, but also it's important to look at these opportunities that present themselves and then ask yourself towards the end of the year, do you actually want to invest? 所以，我不知道。我认为在这些时刻，非常重要的是不要过于狂热，但同样重要的是要审视这些机会，然后在年底问自己，你真的想投资吗？

Now, speaking of investing, the EU came out today and they rolled out a $1.1 billion plan to ramp up AI in key industries amid sovereignty drive. 现在，说到投资，欧盟今天发布了一项11亿美元的计划，旨在主权驱动下，在关键行业加速发展人工智能。

Uh I think this headline was trolled by a lot of investors today because they were like Europe's thinking of investing a billion dollars which is simply not enough to actually compete meaningfully in AI especially when you have Salesforce committing 15 billion today into a San Francisco investments over five years. 我认为这个头条新闻今天被很多投资者嘲笑了，因为他们觉得欧洲只打算投资10亿美元，这根本不足以在人工智能领域进行有意义的竞争，尤其是在Salesforce今天承诺在未来五年内向旧金山的投资投入150亿美元的情况下。

Google's putting 10 billion into India. So when it comes to ramping up the investment spend, you got a lot of investors thinking, hey, Europe's not really doing it at a super competitive level, which is also feeding the momentum for American stocks because a lot of these American AI names are ready to spend and they're not afraid of spending. 谷歌正在印度投入100亿美元。所以当谈到加大投资支出时，很多投资者会认为，嘿，欧洲并没有真正达到一个超级有竞争力的水平，这也助长了美国股票的势头，因为许多美国人工智能公司都准备好投入资金，而且不害怕花钱。

I mean, literally JP Morgan today announced a $1.5 trillion security and resiliency initiative to boost critical industries. 我的意思是，摩根大通今天宣布了一项1.5万亿美元的安全和弹性倡议，以提振关键行业。

A lot of that having to do with rare earth metals, crypto, quantum, tons of different things were mentioned. 其中很多都与稀土金属、加密货币、量子计算有关，提到了很多不同的东西。

energy obviously I mean you got the EU saying we're going to invest a billion and you have JP Morgan saying we're going to invest 1.5 trillion so there's obviously a sort of dichotomy on where the money is coming from and ultimately how much of an impact that money would have 能源方面显然，我的意思是，欧盟说我们要投资10亿美元，而摩根大通说我们要投资1.5万亿美元，所以资金来源和最终影响有多大，显然存在一种二元对立。

the quantum bubble pop well dude I mean it's important ask yourself is it even a bubble that is going to pop right like is it I look obviously the valuations are aggressive and some of these stocks are getting insane premiums But if quantum computing grows into an industry and there's something real behind the technology, you know, maybe these stocks are not at as at the levels there are today. 量子泡沫破裂，伙计，我的意思是，重要的是问问自己，它甚至会是一个会破裂的泡沫吗？对吧，就像它是不是？我看，显然估值很高，有些股票正在获得疯狂的溢价。但如果量子计算发展成为一个行业，并且技术背后有真实的东西，你知道，也许这些股票不会像今天这样高估。

But do they have to go back down to zero, which is or at least go down 50 to 60%, which I think would be the definition of the bubble? 但它们必须跌回零，或者至少跌50%到60%吗？我认为那才是泡沫的定义。

I don't think so. It really depends on how much it grows. 我不这么认为。这真的取决于它能增长多少。

So I I think the the the sort of takeaway from this is you can't get too bearish on the broader market if you're seeing froth and you're seeing these things that are that are running that you know maybe you have no idea why they're running but you also can't FOMO into them and that this is a hard part of market psychology. 所以，我认为这里的关键是，如果你看到泡沫，看到这些正在上涨的股票（你可能不知道它们为什么上涨），你就不能对大盘过于看跌，但你也不能FOMO（害怕错过）它们，这是市场心理的一个难点。

Can you be okay with enough of the gains you put up for on the year to not yolo into critical metals CRML which is up 72% on the day? 你是否能满足于今年已经取得的收益，而不是盲目投入CRML这种当天上涨72%的关键金属股票？

Because when something goes up 72% on the day, you start asking yourself why the hell are you not in it and it's up 72%. 因为当某只股票一天上涨72%时，你就会开始问自己，为什么你没有参与其中，而且它已经上涨了72%。

Right? Like well maybe maybe you just didn't do enough research in that space. 对吧？也许你只是没有在那个领域做足够的调查。

Maybe you didn't care to take that risk. But is it worth buying it after it's up 72%. 也许你不在乎承担那个风险。但在它上涨72%之后再买值得吗？

FOMOing into Amazon and Google. See, that's the type of that's the type of FOMO that I think is worth happening. FOMO亚马逊和谷歌。看，那才是那种我认为值得发生的FOMO。

I mean, look, it really is a psychological like Amazon might be stuck at 220 for the rest of the year, but buying into Oaklo might go down 30% for the rest of the year or it might go up 30% or it might be flat. 我的意思是，你看，这真的像是一种心理战，亚马逊可能在220美元停滞到年底，但买入Olo可能在年底前下跌30%，或者上涨30%，或者持平。

Do you feel better sleeping at night with Amazon or Oaklo? 晚上睡得更安心的是亚马逊还是Olo？

And and and maybe it's Oaklo. And if that's the case, then you buy some Oaklo. 也许是Olo。如果真是那样，你就买一些Olo。

But if it's easier to sleep at night, you're talking about, you know, hard-earned money in a name that hasn't really run all year and you're not worried about its revenues or its profit margins or its earnings because, you know, there's like something of substance there. 但如果晚上更容易入睡，你谈论的是，你知道，辛辛苦苦赚来的钱投到一只今年没有真正上涨的股票上，而且你不担心它的营收、利润率或盈利，因为，你知道，那里有一些实质性的东西。

Yeah, you're not going to get those astronomical gains, but you're also not going to have to worry about losing it. 是的，你不会获得那些天文数字般的收益，但你也不必担心会亏损。

And I think that is important. But obviously it's aggressive to see a lot of these names pump every single day and good quality companies are kind of stuck. 我认为这很重要。但显然，每天看到这么多股票暴涨，而优质公司却停滞不前，这很激进。

But at the same time, ironically, it is really important that Amazon, Google, Nvidia, Meta, Microsoft aren't pumping like [ __ ] right? 但与此同时，讽刺的是，亚马逊、谷歌、英伟达、Meta、微软没有像疯了一样暴涨，这真的很重要，对吧？

Like in Oaklo, which I'm not saying is a [ __ ] code, but you know, obviously the perception is $25 billion market cap, no revenue, like people are assuming this thing is just egregiously expensive. 就像Olo，我不是说它是个糟糕的代码，但你知道，显然人们认为它市值250亿美元，没有营收，人们就觉得这东西贵得离谱。

It would not make sense for like an Amazon to be worth5 trillion dollars today and be pumping every other day four or five percent. 如果像亚马逊这样的公司今天市值达到5万亿美元，然后隔三差五地每天上涨四五个百分点，那是不合理的。

Like people would say we are legit in a bubble if there's that much euphoria that that much money is coming into a blue chip stock every single day. 如果每天都有那么多资金涌入一只蓝筹股，达到那种狂热程度，人们会说我们真的身处泡沫之中。

But if $2 billion out of a $35 trillion US stock market wants to go into Oaklo, I mean that's like that's just not a bubble. 但如果35万亿美元的美国股市中，有20亿美元想投入Olo，我的意思是，那就不算泡沫。

Like it's it's it's frothy. Yeah. and Oklahoma might get a deal tomorrow that turns that zero revenue into $5 billion of revenue, which is why that's multiples being pulled forward. 就像它有泡沫。是的。而且Olo明天可能会获得一笔交易，将零营收变成50亿美元的营收，这就是为什么估值倍数被提前了。

But it's not a top in the sort of conventional sense. 但它并非传统意义上的顶部。

If Amazon legit was gaining hundreds of billions of market cap every day for no reason, that would be pretty toppy because it would make no sense, which is exactly what happened in 2021. 如果亚马逊每天莫名其妙地增加数千亿美元的市值，那就会相当接近顶部，因为这毫无意义，而这正是2021年发生的情况。

So, ironically, as annoying as it is to see some of these names gap up, it's also important that the most important companies in the world aren't doing that because a it means there's an opportunity in them, but b it means that they're likely not as bubbleicious as some of the other names that, you know, catch a bid for whatever reason they're catching a bid for. 所以，讽刺的是，尽管看到一些股票跳空高开很烦人，但更重要的是，世界上最重要的公司没有这样做，因为a，这意味着它们存在机会，b，这意味着它们可能不像其他一些股票那样泡沫化，那些股票无论出于何种原因都受到追捧。

And at the same time, the other thing that everyone has to remember is we might be in the greatest revolution of technology of all time, which means it would be one of the greatest decades for investing of all time. 同时，每个人都必须记住的另一件事是，我们可能正处于有史以来最伟大的技术革命之中，这意味着这将是有史以来最伟大的投资十年之一。

And there are going to be hundreds of opportunities across the board, potentially thousands of opportunities. 而且将会有数百个甚至可能数千个全面的机会。

And if there are those massive thousands of opportunities, um, you're going to get names that randomly take a run. 如果存在数千个巨大的机会，嗯，你就会看到一些股票随机上涨。

And you can't be too afraid when they do run because that is a function of a bull market, especially if the most important names are not in a bubble. 当它们真的上涨时，你不能太害怕，因为那是牛市的功能，特别是如果最重要的股票没有出现泡沫。

You're going to get other names that end up getting a bit of a bid there. 你还会看到其他一些股票也受到追捧。

Yeah, just looking at gold proves to you that the wall of worry continues to be there. 是的，仅仅看黄金就证明了担忧之墙依然存在。

But I mean I I I I I cannot deny it is incredible to see the data center names gap up the way they're gapping up every day. 但我的意思是，我不能否认，每天看到数据中心概念股以这种方式跳空高开，真是令人难以置信。

It is incredible to see Oaklow move up 18% in a day. And like realistically, your gut tells you this isn't sustainable. 看到Olo一天上涨18%真是不可思议。而且，实际上，你的直觉告诉你这不可持续。

But then again, who knows? like we had a 3% draw down, $20 billion of leverage in the crypto markets got wiped out and the next thing that happens 72 hours later, Oaklo goes up 18%. 但话又说回来，谁知道呢？就像我们经历了3%的回调，加密市场200亿美元的杠杆被清算，72小时后，Olo上涨了18%。

I mean, it's it's a hard sort of place in the cycle to define what exactly is happening, but I think you have to come to the conclusion that as long as the most important companies in the world aren't getting to the point where they seem egregiously valued, then it's okay because whatever happens to the other parts of the market don't really have an impact on the the broader bull trend. 我的意思是，在这个周期中很难准确定义正在发生什么，但我认为你必须得出结论：只要世界上最重要的公司没有达到估值过高的程度，那么就没关系，因为市场其他部分的任何情况都不会真正影响更广泛的牛市趋势。

Greatest technology revolution of all time does not equal straight up every day. 有史以来最伟大的技术革命不等于每天都直线飙升。

There will be losers. We just need to stay long the winners. Yes, I would I would agree with that as well. 会有输家。我们只需要长期持有赢家。是的，我也同意这一点。

I haven't looked at TAC. I know Camilo's bullish on it. 我还没看TAC。我知道Camilo看好它。

Uh TRA Trans Trans Alta Corp. I know it's an energy name for uh Calgary, but I've got to watch their podcast on it because I haven't looked too much into it. 嗯，TRA TransAlta Corp. 我知道它是卡尔加里的一个能源股，但我得看看他们的播客，因为我没有深入研究过它。

Said, "Yes, I'm fine missing the Oaklo like socks. Just not for me. Got to be able to sleep." 他说：“是的，我没问题错过像Olo这样的袜子。不适合我。得能睡得着。”

Yeah, I agree. Put in the chat if you're in an Oaklo or something. 是的，我同意。如果你持有Olo之类的股票，请在聊天中告诉我。

I mean, put in the chat if you're in one of these names that doesn't have any revenue but is massively moving because like and what are you doing? 我的意思是，如果你持有这些没有营收但股价大幅波动的股票，请在聊天中告诉我，因为，你在做什么？

Are you selling? Are you buying more? Are you just holding? 你在卖出吗？你在买入更多吗？还是只是持有？

Like, if you bought Oklahoma at $10, I mean, look, it's at 170. 比如，如果你在10美元买入了Olo，我的意思是，看，它现在是170美元。

Like, should you take some off the top? Sure. But like also, it's your margin of safety is so strong where it's like, if it goes down 20%, like would you even care, right? 比如，你应该获利了结一部分吗？当然。但同时，你的安全边际非常高，以至于如果它下跌20%，你甚至会在意吗，对吧？

Does BMR count? Um, does it count? I mean, this I I guess so. BMR算吗？嗯，它算吗？我的意思是，这个，我想是的。

I guess Well, it's in the meme stock ETF, so BMR has to count, right? 我想，嗯，它在迷因股票ETF里，所以BMR必须算，对吧？

It's it's a meme stock as per round. No, I mean, look, BMR is more of a crypto play that's leveraged against Ethereum. 它是一只迷因股，按回合算。不，我的意思是，BMR更多的是一个加密货币投资，它与以太坊挂钩。

So, I'm talking more about companies that like are supposed to have revenue and earnings and don't. 所以，我更多地讨论那些本应有营收和盈利却没有的公司。

I mean, I don't think anyone's expecting revenue out of BMR. They're just expecting Ethereum to go up. 我的意思是，我不认为任何人期望BMR能带来营收。他们只是期望以太坊上涨。

A lot of those names again have continued to run. Um I see a decent amount of Oakloss 450% up on Open. 许多这些股票再次持续上涨。嗯，我看到Open的Olo上涨了450%。

Well, Open's going to have revenue even if they don't have profits. So you're you are going to see some revenue on Oaklow or on Open Door, which is not too crazy. 嗯，Open即使没有利润也会有营收。所以你会在Olo或Open Door上看到一些营收，这不算太疯狂。

I mean, all the rare earth names that don't have any revenue, US, CRML. 我的意思是，所有没有营收的稀土股，US，CRML。

The funny thing about CRML is we saw it at $10 two Fridays ago when the Reuters rumor came out that Trump was going to be buying them and it went up to 14 and then the Reuters rumor came out and said Trump's not buying them or sorry the Secretary of Energy came out and said we're not buying them and it went down to 11 and now it's at freaking 25. CRML有趣的地方在于，两周前的周五，路透社传出特朗普将收购它们的消息时，我们看到它在10美元，然后涨到14美元；接着路透社又传出消息说特朗普不会收购，或者说能源部长出来说我们不会收购，它跌到11美元，现在竟然涨到了25美元。

Why? I don't know. Well, I do know it's because Rare Earth Minerals like that entire sector is taking off. 为什么？我不知道。嗯，我确实知道是因为稀土矿物，整个行业都在腾飞。

So CRML is just going to go up $26 after hours, 74%. 所以CRML盘后将上涨26美元，涨幅74%。

Regettia 10, Na'vias. All right, so look, a decent amount of people that are in these names. Regettia 10，Navitas。好的，你看，相当多的人持有这些股票。

You got to ask yourselves, do you want to take some profits here or do you want to let this play out over the next coming years? 你必须问自己，是想在这里获利了结，还是想让它在未来几年继续发展？

And ironically, dude, again, like letting this stuff play out over the next five years might end up being the best decision. 讽刺的是，伙计，再说一遍，让这些事情在未来五年内发展下去，最终可能成为最好的决定。

Like just because these names are frothy does not mean they are an automatic cell because we might need a lot more demand for these industries that are getting more excitement. 就像仅仅因为这些股票有泡沫，并不意味着它们会自动被卖出，因为我们可能需要对这些越来越受关注的行业有更多的需求。

Quantum might actually become a thing. Um nuclear energy might become more important than it is today and like all those sectors might take up. 量子计算可能真的会成为现实。嗯，核能可能比今天更重要，所有这些行业都可能崛起。

Now maybe that doesn't happen in 2026 when you get a little bit of a draw down, a little bit of a pullback and the market kind of realizes these companies don't have much to show for those get hit. 现在，也许在2026年不会发生这种情况，届时你会遇到一些回调，市场会意识到这些公司并没有太多可展示的，它们会受到打击。

But if there's any indication that it's a very real industry that's not slowing down, I mean, maybe those stocks really don't have to slow down. 但如果有任何迹象表明这是一个非常真实的行业，并没有放缓，我的意思是，也许那些股票真的不必放缓。

Even if they don't, you know, continue surging the way they're surging four or five percent every day. 即使它们不像现在这样每天飙升四五个百分点。

So, it's a question of how do you individually analyze it? 所以，问题在于你如何独立分析它？

区块链与金融效率

Tom Lee did give a talk at the token 2049 Singapore conference and that talk is finally out. 汤姆·李确实在2049年新加坡区块链大会上做了一场演讲，那场演讲终于发布了。

Here's a part of it that I thought was actually really important. 其中有一部分我认为非常重要。

Speaking about the most important financial institutions and the market caps of how those institutions are continuing to grow above 600, they'll say that banks work fine. 谈到最重要的金融机构以及这些机构市值如何持续增长到600美元以上时，他们会说银行运作良好。

Tom Lee: Uh what I don't see how JP Morgan can become more profitable. Well, actually companies that are natively built on the blockchain are inherently more profitable. 汤姆·李：嗯，我看不出摩根大通如何能变得更盈利。实际上，原生构建在区块链（Blockchain: 一种去中心化的分布式账本技术）上的公司本质上更具盈利能力。

For instance, Tether is raising capital at a $500 billion valuation. 例如，Tether正在以5000亿美元的估值进行融资。

Look at the list of the 12 largest banks in the world. Tether is the second largest. I mean, think about that. 看看世界上12家最大的银行名单。Tether是第二大。我的意思是，想想看。

Tether is 50% bigger than Bank of America. And Bank of America is a giant. Tether比美国银行大50%。而美国银行是一个巨头。

It's twice the size of Cityroup, twice the size of Morgan Stanley. It's even bigger than Goldman Sachs. 它的规模是花旗集团的两倍，摩根士丹利的两倍。甚至比高盛还要大。

Okay, but here's what's interesting. If you look at the number of employees at Tether, okay, JP Morgan is a $869 billion market cap company with $317,000 employees. 好的，但有趣的是。如果你看看Tether的员工人数，好的，摩根大通是一家市值8690亿美元的公司，拥有31.7万名员工。

That's a market value of $2.8 million per employee. Tether has 150 employees. 这意味着每位员工的市场价值为280万美元。Tether有150名员工。

That's less than JP Morgan's analyst class. you know, um it's probably like the June analyst class. 这比摩根大通的分析师团队人数还少。你知道，嗯，可能就像六月份的分析师团队。

And so that means Tether has a market value of $3.3 billion per employee. 这意味着Tether每位员工的市场价值高达33亿美元。

I think that's what you have to realize. Tether, which is a native blockchain company using public chains, has a value nearly the size of JP Morgan and with only 150 employees. 我认为这就是你必须认识到的。Tether，一家使用公共链的原生区块链公司，其价值几乎与摩根大通相当，但只有150名员工。

So as exhibit A in my opinion clearly building companies and rebuilding Wall Street on the blockchain is very profitable. 所以在我看来，作为证据A，很明显在区块链上构建公司和重建华尔街是非常有利可图的。

So he kind of went on to make the argument that the reason companies are incorporating with blockchains is because it makes them more efficient. 所以他接着论证说，公司采用区块链的原因是它能提高效率。

And the fact that Tether can get a valuation almost the size of JP Morgan and have you know 1/100th of the employees is a big deal. Tether能够获得与摩根大通几乎相当的估值，并且员工人数只有其百分之一，这是一个很大的成就。

And I think more and more companies are recognizing that not only can AI make them more efficient, not only can blockchains make them more efficient, but the intersection of both of them, which is kind of the point of of what Tom Lee was saying in that talk is something as a macro trade cannot be denied. 而且我认为越来越多的公司正在认识到，不仅人工智能可以提高他们的效率，区块链也可以提高他们的效率，而且两者的结合，这正是汤姆·李在那次演讲中想要表达的观点，作为一种宏观交易是无法否认的。

And as a result, you know, that's why he continues to be excited for Ethereum. 因此，你知道，这就是他持续看好以太坊的原因。

Jose says, "Can we have days like this forever?" Jose, we got to get you on the channel tomorrow. Jose说：“我们能永远拥有这样的日子吗？”Jose，我们明天得请你上节目了。

I think you're back from Arizona now, right? We got to get your take on all this. 你现在应该从亚利桑那回来了吧？我们得听听你对这一切的看法。

AMD, Open AAI, Oracle Open AI, Broadcom Open AAI. AMD、OpenAI、甲骨文与OpenAI、博通与OpenAI。

Open AAI is just being passed around, bro. Open Open AI is the entity that is central to making all these stocks get some love. OpenAI正在被各方争抢，兄弟。OpenAI是让所有这些股票受到追捧的核心实体。

But, uh, yes, I would love to get your take, Jose, on it tomorrow. 但是，嗯，是的，Jose，我很想明天听听你的看法。

Again, 10 gigawatt deal with Broadcom. I did not expect to see that this morning, but you got that. 再次强调，与博通达成了10吉瓦的协议。我今天早上没想到会看到这个，但你看到了。

And that's what got Broadcom really moving. Is Navitas still moving after hours? 这就是让博通真正活跃起来的原因。Navitas在盘后还在上涨吗？

MP is still moving. Na'vias. Wow. Almost hitting 13. MP还在上涨。Navitas。哇。快到13美元了。

I think Jose's in that one. This is one of uh one of the ones he likes. 我想Jose也在其中。这是他喜欢的一只股票。

This one also continuing to go green. I saw a video where Tom said Tether is buying up gold. 这只也继续上涨。我看到一个视频，汤姆说Tether正在购买黄金。

Yeah, it looks like Tether is tokenizing gold, which I mean it makes sense they would do that, but I didn't even think of it. 是的，看起来Tether正在将黄金代币化，我的意思是他们这样做是有道理的，但我甚至没有想到。

And that could be one of the reasons we're getting a ton of this uh gold demand. 这可能是我们获得大量黄金需求的原因之一。

Richard, thank you for the $20 super chat. Let the good times roll. 理查德，感谢20美元的超级聊天。让好时光继续。

Richard, thank you for being here and thank you for the super chat as well. 理查德，感谢你的到来，也感谢你的超级聊天。

Paul, thank you for becoming a channel member. Cala, thank you for becoming a channel member. 保罗，感谢你成为频道会员。卡拉，感谢你成为频道会员。

Shri Kant, thank you for becoming a channel member. And Kuya, thank you for becoming a channel member. Shri Kant，感谢你成为频道会员。Kuya，感谢你成为频道会员。

长期投资组合的选择

We'll end off on this super chat from Daniel. If you were going to start a long-term portfolio today, what five stocks would you pick? 我们以Daniel的这个超级聊天作为结束。如果你今天打算开始一个长期投资组合，你会选择哪五只股票？

It's a great question. What five stocks would you pick long-term portfolio today? 这是一个很棒的问题。今天你会选择哪五只股票作为长期投资组合？

I mean, I'm biased, but I'm going to name the names that, you know, I'm continuing to hold for the next 10 years. 我的意思是，我有偏见，但我会说出那些，你知道，我打算在未来10年继续持有的股票。

Long term, I'm assuming is 10 years. Got to put Nvidia in there. Got to put Palantir in there. Got to put Hood in there. 长期，我假设是10年。必须把英伟达放进去。必须把Palantir放进去。必须把Hood放进去。

I have two left. Uh, I feel like it's got to be Google or Amazon. One of those at least. 我还剩两个。嗯，我觉得必须是谷歌或亚马逊。至少其中一个。

I don't know. Fifth one could be Grab. It could also be IBIT with Bitcoin, right? 我不知道。第五个可能是Grab。也可能是IBIT与比特币，对吧？

Just like long Bitcoin. It could also be Tesla. Easy long T. Like, it's hard to narrow it down to five, but I know my three for sure would be a Hood and Palantir. 就像长期持有比特币一样。也可以是特斯拉。轻松长期持有T。就像，很难把它缩小到五只，但我确定我的三只肯定是Hood和Palantir。

Those three for sure. I mean, BMR could be up there as well, right? 这三只肯定有。我的意思是，BMR也可以上榜，对吧？

Like if ETH and Bitcoin do what they do over the next few uh few few years, you would imagine those take on. 就像如果以太坊和比特币在未来几年里表现出色，你会想象它们会受到追捧。

Now, would I want freaking Oaklo in there? Would I want EOS E Energy? 现在，我会在里面放Olo吗？我会放EOS Energy吗？

Would I want Bit Farms in there? Like, it's hard to definitively be like, "Yeah, those would be in my long-term portfolio." 我会把Bit Farms放进去吗？很难明确地说：“是的，这些会是我的长期投资组合的一部分。”

But you know the names that have done well already I think it'd be easy to have them. 但你知道那些已经表现不错的股票，我认为很容易拥有它们。

Desi says I'm so happy when Navitas Stock talks told me on that month ago. Desi说，Navitas股票一个月前跟我谈的时候，我很高兴。

Yeah. See I was talking to Stock Talk about Navitas and he got into that when it was 25 and he's like bro at 140 this [ __ ] makes no sense. 是的。你看，我当时和Stock Talk谈论Navitas，他在25美元的时候买入了，他说兄弟，140美元的时候这玩意儿毫无意义。

He's like this [ __ ] is stupid at 140. And he's like all the bulls that are screaming Navitas is a buy at 140. 他说这东西在140美元简直是愚蠢。他说所有那些在140美元大喊Navitas值得买入的多头们。

He's like I'm the one who bought it at 24. I was one of the only names on Twitter talking about it. 他说我才是那个在24美元买入的人。我是Twitter上唯一谈论它的人之一。

these bulls are out of their mind screaming that it's a deal at 140. 这些多头疯了，大喊140美元是个好买卖。

Now there may be a legitimate argument for why Navitas is a deal at 140 if they get another deal with Microsoft that was to the tune of 20 billion. 现在，如果Navitas与微软达成另一项价值200亿美元的交易，那么Navitas在140美元的价格可能有一个合理的论点。

But he was just like people are going crazy. It's like that valuation does not make sense. 但他只是觉得人们都疯了。这就像那个估值毫无意义。

It made a lot of sense at 20. It doesn't make a lot of sense at 140. 在20美元时很有意义。在140美元时就没什么意义了。

And I would say the same thing for Hood. I love Hood but at 150 no I'm not buying that [ __ ] 我对Hood也会说同样的话。我喜欢Hood，但在150美元，不，我不会买那个玩意儿。

Like no. Like and I think Tanner would say the same thing. I think Roy would say the same thing. 就像，不。我想坦纳也会这么说。我想罗伊也会这么说。

We're some of the most bullish people on Hood. They're like, "Bro, this is like like no, we were we were buying this thing much below this price for a reason." 我们是Hood最看涨的人之一。他们会说：“兄弟，这就像不，我们当时以远低于这个价格买入它是有原因的。”

So, I think the moral of the story is, is the earnings growth enough to get you to buy in to these all-time highs expecting more all-time highs? 所以，我认为这个故事的寓意是，盈利增长是否足以让你在历史新高时买入，并期待更高的历史新高？

And maybe it is. But if it's not and you're already up a lot this year, maybe you don't need to take that risk. 也许是。但如果不是，而且你今年已经赚了很多，也许你就不需要承担那个风险。

It's just a question of, you know, how you navigate it. So, that's what we got. 这只是一个关于你如何应对的问题。所以，这就是我们所拥有的。

I'm getting to be the same with AS. Yeah. I mean, look, if you've been in AS for a long time, even if you got it at 20 or 30 bucks at 91, is AS the best? 我对AS也一样。是的。我的意思是，你看，如果你长期持有AS，即使你在20或30美元的时候买入，现在91美元，AS是最好的吗？

This is a $35 billion company. They don't do any revenue. 这是一家市值350亿美元的公司。他们没有任何营收。

And I don't say they don't do any revenue as a disc against them. It's just like the facts. 我并不是说他们没有营收是在贬低他们。这只是事实。

They don't have any revenue. That is not a reason to say the company's a horrible company. 他们没有任何营收。这并不是说这家公司很糟糕的理由。

That's just one of those things where you have to be at some point come to grips with reality of like, okay, how much am I really willing to pay for this type of a name unless you're expecting, you know, 1015 billion dollars of revenue overnight when the deals start pouring in. 那只是其中一件事，你必须在某个时候面对现实，比如，好吧，我到底愿意为这种类型的股票支付多少钱，除非你期望在交易开始涌入时一夜之间获得100到150亿美元的收入。

But as an amazing narrative, it has an incredible moat. It has a passionate community and it deserves the premium. 但作为一个惊人的叙事，它拥有令人难以置信的护城河。它拥有一个充满热情的社区，它值得这份溢价。

It's just is it a deal at 90? And it was at 36 3 weeks ago. 只是它在90美元时还值得买吗？而三周前它才36美元。

So if you missed it like myself, you missed it. if you miss the dip and it sucks to suck, but like do you cry so much about it that you that you FOMO in at 90? 所以如果你像我一样错过了，就是错过了。如果你错过了低点，那很糟糕，但你会为此哭泣到在90美元的时候FOMO进去吗？

Maybe it works out, maybe it doesn't, but like I think those are the questions a lot of people have to ask themselves now. 也许会成功，也许不会，但我想这些是很多人现在必须问自己的问题。

But look, I'd rather ask these questions than freaking, you know, seeing the S&P down 10% and having to worry about other types of questions, which it felt like on Friday there potentially was a trajectory to see how far that would go and seems like that pivoted, which is okay. 但你看，我宁愿问这些问题，也不愿看到S&P指数下跌10%，然后不得不担心其他类型的问题。周五感觉可能有一个轨迹能看到它会跌多远，现在看来它已经转向了，这还不错。

So, I think these are good questions to ask versus the opposite, which could have, you know, potentially happened if we really had some issues. 所以，我认为问这些问题是好的，而不是问相反的问题，如果真的出现问题，那可能会发生。

That's what we got. That's what we got in the market. 这就是我们得到的。这就是我们在市场中得到的。

Stock talks not selling at 140 either. I agreed. Stock Talk也没有在140美元卖出。我同意。

So, again, I'm not selling my hood at 140 either, but I'm not buying more. 所以，再次强调，我也不会在140美元卖出我的Hood，但我也不会买更多。

So, it comes down to how much exposure do you have or do you want to have if you don't have any exposure versus, you know, if you want to start some type of a long-term position. 所以，这归结为你已经有多少风险敞口，或者如果你没有任何风险敞口，你希望有多少风险敞口，与你是否想建立某种长期头寸相比。

节目预告与个人近况

All right. I think that's it for us today. We are done. We'll be back tomorrow on the uh market open. 好了。我想我们今天就到这里。我们结束了。我们明天市场开盘时会回来。

Two things for today. So, number one, uh daily recaps are back. Daily recaps are back. 今天有两件事。第一，每日回顾回来了。每日回顾回来了。

It'll probably posted around 7:30, 8:00 p.m. Eastern. 它可能会在东部时间晚上7:30到8:00左右发布。

So, uh the daily recap I'm going to try to keep it to 15 minutes because usually if I end up talking it ends up becoming like 30 minutes. 所以，嗯，每日回顾我将尽量控制在15分钟以内，因为通常如果我一直讲下去，最终会变成30分钟左右。

I'm going to try to do five stories, three minutes each. That's going to be the structure. 我将尝试讲述五个故事，每个故事三分钟。这将是其结构。

Five stories, three minutes each. the most important stories, three minutes per each story, five of them. 五个故事，每个三分钟。最重要的故事，每个故事三分钟，共五个。

And I'm really gonna try to keep it to 15 minutes or below because, you know, if it ends up being 20, 30 minutes, it kind of defeats the point of a daily recap. 我真的会努力控制在15分钟或以下，因为，你知道，如果最终是20、30分钟，那就有点失去了每日回顾的意义了。

So, we're going to have that come out today. That's starting um I think the longest daily recap was 37 minutes. 所以，我们今天会发布那个。那将开始，嗯，我认为最长的每日回顾是37分钟。

It's like two months ago, and someone commented, they're like, "Hey, dude. I really love the format, but I don't know if it's a recap in 37 minutes." 大概是两个月前，有人评论说：“嘿，伙计。我真的很喜欢这个形式，但我不知道37分钟算不算一个回顾。”

I was like, "Yeah, you're right. I just I just ended up talking too much on this one." 我当时想：“是的，你说得对。我只是在这个话题上说得太多了。”

But uh so that we're going to do that and then Tech Bros tonight with Tanner and Roy. 但是，嗯，所以我们今晚会这样做，然后是与Tanner和Roy的Tech Bros节目。

Tech Bros with Tanner and Bro. Tanner and Roy. So uh I will be back at 9:30 and we'll talk about everything else that's going on in the market as well. 与Tanner和Bro的Tech Bros。Tanner和Roy。所以，嗯，我会在9:30回来，我们也会讨论市场上发生的所有其他事情。

Technical Tuesday tomorrow. Yes, technical Tuesday tomorrow. 明天是技术周二。是的，明天是技术周二。

So Tech Bros today with Tanner and Roy. TT tomorrow with Jason. 所以今天与Tanner和Roy的Tech Bros。明天与Jason的TT。

Daily recap probably will be out in about 2, three hours. It'll be call it 8:00 PM Eastern every day. 每日回顾大概会在两三个小时后发布。每天东部时间晚上8点发布。

That's when you can count on it to be uploaded. And uh I think that should be pretty much it today. 那时你可以指望它被上传。嗯，我想今天差不多就是这样了。

And then the deep dives for the Substack launched this week as well. 然后Substack的深度分析也于本周推出。

So it'll be out towards the end of this week and we will get the first deep dive deep dives up on that Substack and you guys will be able to read it. 所以它将在本周末发布，我们将在那个Substack上发布第一个深度分析，你们都可以阅读。

Uh Chris will be on for Macro Thursday. We couldn't do last week. 嗯，克里斯将在宏观周四出现。我们上周没能做。

By the way, my tooth for those that have been asking is like feeling a lot better. 顺便说一句，我的牙齿，对于那些一直在问的人来说，感觉好多了。

So, the root canal, the antibiotics really helped. Um, but yeah, Chris will be on on Thursday and we'll probably get Steve on later throughout the throughout the week. 所以，根管治疗，抗生素真的很有帮助。嗯，但是，是的，克里斯会在周四出现，我们可能在整个星期晚些时候请史蒂夫来。

I was on Steve's show yesterday. We did an episode on um on alternative assets. 我昨天参加了史蒂夫的节目。我们做了一期关于，嗯，另类资产的节目。

I'll link it right here for anyone who wants to watch it. But, uh, I think it was it was a fun episode. 我把链接放在这里，供任何想看的人观看。但是，呃，我认为那是一集有趣的节目。

We got to talk to one of his buddies who making a killing off selling Pokemon cards. 我们和他的一个朋友聊了聊，他靠卖宝可梦卡片赚了很多钱。

And you know, you're starting to see a lot more excitement in that overall ecosystem for alternative assets. 你知道，你开始看到另类资产的整个生态系统出现了更多的兴奋。

Steve is, you know, a big fan of big fan of that industry as well. 史蒂夫，你知道，也是那个行业的忠实粉丝。

So that's the link right there in the chat. 所以链接就在聊天里。

Get on. Dude, you guys are wild, bro. Like I can't even imagine having a girl on stream if you got like we're watching a freaking clip and you guys are going crazy, bro. 快上。伙计，你们太疯狂了，兄弟。就像我无法想象如果在直播中有一个女孩，而你们正在看一个片段，你们就疯了，兄弟。

Someone's like, "Amid, where are your hands? Show your hands." I mean, like, dude, what is wrong with people? 有人说：“阿米特，你的手在哪里？把手给我看看。”我的意思是，伙计，人们怎么了？

Goodness. I I think I dude I mean it makes sense though, right? 天哪。我想我，伙计，我的意思是这说得通，对吧？

You get a you get in you get a beautiful woman on the like it's just it just keeps people's attention, but like goodness gracious, dude. 你让一个美丽的女人出现在屏幕上，这只是为了吸引人们的注意力，但是天哪，伙计。

That means I've got to be really good at talking, bro, because I'm not a beautiful woman, but you guys continue to show up every day. 这意味着我必须非常擅长说话，兄弟，因为我不是一个漂亮的女人，但你们每天都继续出现。

So, there there's got to be something in the way I communicate that's getting it's got to be the humor, bro. 所以，我沟通的方式一定有什么特别之处，那一定是幽默，兄弟。

I'm I'm telling you, it's the like you guys don't want to admit it, but it's the humor because you guys, if you go that damn bad for a girl on the screen, there's got to be something else that keeps you here. 我告诉你，就是幽默，你们不想承认，但就是幽默，因为你们如果为了屏幕上的一个女孩表现得那么糟糕，那一定还有别的东西让你们留在这里。

You are handsome. It's because we're gay. Oh my goodness. Oh, dudes. 你很帅。因为我们是同性恋。哦，天哪。哦，伙计们。

All right, last story of the day, dude. Grinder is going private. 好了，伙计，今天的最后一个故事。Grindr要私有化了。

What a freaking story with this stock. Apparently, Grinder, they came out today and they said, "Yeah, we're uh we're going private." 这只股票的故事真是太惊人了。显然，Grindr今天宣布，他们要私有化了。

Um, let me get the exact headline for you guys, but you know, this is just it's one of those it's one of those stories where sometimes public companies aren't able to end up fully doing it. 嗯，我给你们找一下确切的头条新闻，但你知道，这只是其中一个故事，有些时候上市公司最终无法完全做到这一点。

So, the the headline was Grinder insiders are exploring a take private deal after the stock's recent slide triggered a forced sale of pledge shares. 所以，头条新闻是Grindr内部人士正在探索一项私有化交易，此前该股近期下跌引发了质押股票的强制出售。

A deal could draw national security scrutiny due to Grinder's past ownership by a Chinese firm, all these other details that are associated with it. 由于Grindr过去曾被一家中国公司拥有，这笔交易可能会引起国家安全审查，所有其他相关细节也因此浮出水面。

But the point is, they're probably going private. So I said, "Well, back in the closet. Back in the closet for Grinder." 但重点是，他们可能会私有化。所以我说：“好吧，又回到了柜子里。Grindr又回到了柜子里。”

It's not an original joke, but still. Like, they're basically going back in the closet, bro. 这不是原创笑话，但还是。就像，他们基本上又回到了柜子里，兄弟。

They were not able to make it as a public company, but that's what you got for Grinder. So, there you go. 他们没能成为一家上市公司，但这就是Grindr的情况。所以，就这样了。

Oh, is this the actual Tom Lee just responded to this. Is this the actual Tom Lee drummer? 哦，这是真的汤姆·李刚刚回应了。这是真正的汤姆·李鼓手吗？

Is that how to I'm not I didn't look how the other the Tom Lee drummer guy looks. 我是不是，我没看那个汤姆·李鼓手长什么样。

Okay. Well, there you go. That's Tom Lee the drummer. There you go. 好的。嗯，看吧。那就是鼓手汤姆·李。看吧。

Um All right, cool. So, I think that's it. 嗯，好的，酷。所以，我想就这样了。

What happens to stockholders? They get liquidated at whatever price. 股东会怎样？他们会以任何价格被清算。

I think it's like 15 bucks a share or something. So, you know, if you had leaps for like 20 bucks, those kind of go to zero. 我想大概是每股15美元左右。所以，你知道，如果你有20美元的长期期权，那些期权就归零了。

But that's what you got. Same hair. Yeah, he has the same hair. He has the same hair. 但你就是这样了。一样的发型。是的，他有一样的发型。他有一样的发型。

Trump is not live, but Trump was live in the morning. He was in Israel, then Egypt. 特朗普没有直播，但特朗普早上直播了。他在以色列，然后是埃及。

I think he's back on Air Force One coming to the United States. 我认为他已经乘坐空军一号返回美国了。

Um, look, peace in the Middle East. We're going to see how it ultimately plays out, but the market so far is not too upset by it. 嗯，看，中东和平。我们将拭目以待最终结果如何，但到目前为止市场对此并不太沮丧。

And if that continues, then obviously it could be a broader tailwind for less geopolitical instability. 如果这种情况持续下去，那么显然这可能成为地缘政治不稳定性降低的一个更广泛的利好因素。

Wow. Taylor Swift broke the 2025 streaming record with 1.5 billion streams and 5 million albums sold so far in 2025. 哇。泰勒·斯威夫特以15亿次流媒体播放和2025年迄今已售出500万张专辑的成绩，打破了2025年的流媒体记录。

That's her newest album. Goodness gracious, bro. That album came out last week. 那是她最新的专辑。天哪，兄弟。那张专辑上周才发布。

1.5 billion streams in a week. We didn't even listen to it together. 一周内15亿次播放。我们甚至没有一起听。

We said we were going to listen to it together here. That's massive, bro. 我们说过要在这里一起听的。这太棒了，兄弟。

Music's been kind of dead this year. I don't know how much people keep up with music. 今年的音乐界有点沉寂。我不知道大家对音乐的关注度如何。

I mean, I'm not the biggest music guy, but music's been kind of dead. 我的意思是，我不是最喜欢音乐的人，但音乐界一直有点沉寂。

So, I guess he needed something like Taylor Swift to revise it a little bit. 所以，我想他需要像泰勒·斯威夫特这样的东西来稍微改变一下局面。

All right, so I think that's it. I think we're done. 好了，我想就这样了。我想我们结束了。

Navitas, are we still moving after hours? That one big one after hours. Navitas，我们盘后还在上涨吗？盘后那只大牛股。

Congrats for anyone who's in that. Congrats for anyone who's in Broadcom. 恭喜所有持有该股的人。恭喜所有持有博通的人。

Wow. 1317 60% for the day. Absolutely incredible. 哇。1317，当天上涨60%。简直令人难以置信。

that continuing to make a move. All right, congrats if you're in it. 那只股票继续上涨。好的，如果你持有，恭喜你。

You are doing very, very, very well. And again, every day it's a new name that's kind of moving, which is a good thing. 你做得非常非常好。而且，每天都有新的股票在上涨，这是件好事。

So, tomorrow the most important thing for everybody are earnings. 所以，明天对每个人来说最重要的就是财报。

Um, we got before the open JP Morgan, Goldman Sachs, J&J, Black Rock City, Wells Fargo, and Domino's. 嗯，开盘前我们有摩根大通、高盛、强生、贝莱德、富国银行和达美乐。

So, we have some massive names tomorrow. I'll be live at 8:45. 所以，我们明天有一些大公司。我会在8:45直播。

We'll cover those names and we'll get into all the earnings growth and hopefully we get some good earnings. 我们将涵盖这些公司，并深入探讨所有盈利增长情况，希望我们能得到一些好的财报。

And if we do, then we can start out Q3 earnings. Not be too bad. 如果能做到，那么我们就可以开始第三季度的财报了。不会太糟糕。

All right, that's it. Daily recap. We'll be out in a couple hours and um Tech Bros. 好了，就这样。每日回顾。我们会在几个小时后发布，嗯，还有Tech Bros。

We'll be out later tonight with Tanner and Roy. Powell is also speaking tomorrow. 我们今晚晚些时候会和Tanner以及Roy一起发布。鲍威尔明天也要讲话。

I'm not sure what time exactly Powell is speaking, but Powell is speaking. 我不确定鲍威尔具体什么时候讲话，但鲍威尔会讲话。

So, we'll see whatever Powell says as well. What are you doing for your birthday? 所以，我们也会看看鲍威尔说了什么。你生日打算怎么过？

I am doing nothing. I'm working. It'll be a Tuesday, I think, my birthday or Monday. 我什么都不做。我在工作。我想我的生日是星期二，或者星期一。

Doing the market open, market close. Yeah, it's a Monday. 做市场开盘，市场收盘。是的，是星期一。

Dude, honestly, I don't feel like doing anything this year. 伙计，老实说，我今年什么都不想做。

Like, I really I am so tired of like this year has been a busy busy year. 我的意思是，我真的很累，今年一直忙忙碌碌。

I would very much like to just stay home and do nothing. 我非常想待在家里什么都不做。

Like I genuinely don't want to do anything. So I'll be live market open, market close, and that's where Call, you know, I do have a number, dude. 我真的什么都不想做。所以我会进行市场开盘和市场收盘直播，然后就是Call，你知道，我确实有一个号码，伙计。

I uh I texted our boy Jay Kush over the weekend, and I was just like, "Congrats on uh you know, the peace deal." 我，呃，我周末给我们的兄弟杰伊·库什发了短信，我只是说：“恭喜你，呃，你知道，和平协议。”

I didn't know he was that big of a negotiator in the deal. 我不知道他在这笔交易中是如此重要的谈判者。

I mean, he told me he was still working with the administration, but I didn't know he was like that pivotal. 我的意思是，他告诉我他仍在与政府合作，但我不知道他如此关键。

I mean, he was one of the guys. He was one of the two negotiators that got the job done. 我的意思是，他是其中之一。他是完成这项工作的两位谈判者之一。

I didn't think he would text back, but he texted back. 我没想到他会回复短信，但他回复了。

So, we got the uh we got the we got the Jay Kush name drop. 所以，我们得到了，呃，我们得到了，我们提到了杰伊·库什的名字。

Hope hopefully we have different name drops over the coming over the coming years. 希望在未来几年里，我们能有不同的名字被提及。

I really didn't think he would text back, bro. I'm like, dude, the guy must have hundreds of thousands of people texting him right now or something. 我真没想到他会回复短信，兄弟。我想，伙计，那家伙现在肯定有几十万人给他发短信什么的。

But he texted back. So, he's a dope guy. He's a dope guy. 但他回复了。所以，他是个很棒的人。他是个很棒的人。

All right, that's it. Thank you everybody. Um, we'll be back. 好了，就这样。谢谢大家。嗯，我们会回来的。

I didn't think he text back. Sounds so gay. Okay, I am done. 我没想到他会回复短信。听起来好Gay。好的，我完了。

Thank you everybody. Goodness gracious. That was a good one though. 谢谢大家。天哪。不过那是个好笑话。

That was a good one. That was hilarious. That was freaking hilarious. 那是个好主意。那太搞笑了。那简直是太搞笑了。

All right, I'm out. Daily recap will be out in a couple hours. And Tech Bros later tonight. 好了，我走了。每日回顾将在几个小时后发布。今晚晚些时候还有Tech Bros。

I just can't beat the allegations, bro. I really can't beat the allegations. 我就是无法反驳这些指控，兄弟。我真的无法反驳。

All right, bye everybody. Have a good one. 好了，大家再见。祝大家一切顺利。