Good morning everybody. Welcome back to another episode of the market open. We are live. It is Wednesday, November 26th. This is pretty much the final day of the trading week. It's the last full day of trading. Tomorrow, the markets will be closed because we have Thanksgiving in the States. And then on Friday, we're going to have a half day. So, the volume is just going to be relatively light compared to what we're going to see today. We're probably going to have some light volume today as well. But, it is the final day of the week in terms of a full day of trading.

Got a lot to talk about, a lot to get into. Yesterday was really important because we had a second green day in a row and that followed up Monday's 1.5% green. which means we had 2.5% on the S&P 500 in the past couple of days which made up for almost 50% of the decline that we had over the past month. So I mean it was it's been a relatively strong week. We are green in the pre-markets. Hopefully we keep up with that green.

You got a couple of different stocks that are moving aggressively that we'll talk about as we start off the show. We have some Nvidia headlines, some Robin Hood headlines. We got a bunch of different macro data in regards to jobless claims. But overall, what turned yesterday was the idea that we are more likely to get a rate cut. Rate cut probabilities are now at 83%.

S&P 500 right there at 677. Nvidia fell 8% yesterday before rebounding. Still down from where it was yesterday, but nonetheless, it hit below 170. And you just had a bunch of different things that came out that kind of shifted that narrative on Nvidia. We also had Nvidia respond to Google. So, for those that didn't hear about the response, we'll go through that.

And maybe, just maybe, we're going into Thanksgiving with a green week. And if we can reclaim 680 potentially on the S&P 500, that would be very exciting given the all-time highs are at 689. Weeble as well getting some love right here. Weeble had a good earnings. I mean, they had a pretty good earnings. It took took a while for the street to react to it, but right now that's up 8% in the pre-market. I'm not sure if there's another headline, but we'll take a look at that.

But Weeble is up 8%. The big story of the morning is Hoodie, which is up 5%. And so we'll start off with Hood and discuss what's happening there because it actually is some pretty big news. I saw the news last night. I thought it was important and then I kind of slept on it and I woke up realizing no, no, no, this is really important and that's why the market is giving this type of momentum to it. So we'll get into it as we as we begin talking.

So yes, tomorrow is Thanksgiving. I will not be live on Friday going to be with family. So there will not be a market open on Friday. The markets do close at 1 p.m. Again, I think it's going to be very very light trading volume. Already we're seeing light trading volume, but yeah, this is pretty much the last like real trading trading day for this week and then we have Thanksgiving for 2025 and then we end out 2025 in about a month. I still can't believe we are getting towards the end of the year, but nonetheless, we are getting towards the end of the year.

All right, so let's get started. Let me do the green or red poll in the chat. See what people think as well. I know we were skeptical of this green over the past couple of days in a in a in a meaningful way. I mean, we we we should have that we experienced last week, but maybe there's an argument that the momentum is back and we'll talk about some of the different headlines and narratives and kind of broader macro thematics for why that narrative for the bull market and potentially. I mean, you had JP Morgan come out today. You had some other banks say, "Hey, we still think 7,000 is possible." So, we'll discuss if that ends up uh if that ends up playing up.

So, someone says you have a different family other than us. Yes, I do have my actual family. But to be honest, we were talking about this last night with Steve. We were going over what we were thankful for, which we'll talk about at the end of the stream and we'll do like a what are you thankful for? And um honestly, I said the number one thing I'm thankful for is this community. You know, it's it really is a sense of purpose for me.

But no, very thankful for the community. Uh very thankful for being here every single day. It it is a blessing and privilege. I tell myself every morning to be able to do this and be able to express my thoughts and opinions and research that I'm compiling and give it to the world. And uh I I just I really don't take it for granted. I I try to make sure every day to to not take it for granted because it it is a very privileged position to be in.

And um you know without the audience there is no show. There is there is no value to the community. There's nothing. So there's just a guy talking into his camera which is still basically what this is. It's just a guy talking into a like dude I if you recorded what my day looks like if someone just like had a camera on the wall and just recorded what I do. It's like it looks hilarious because it it looks kind of crazy to be honest.

Um very very very very grateful that we are here as a community that we are all able to deal with the ups and downs as a community and all of us are trying to increase our financial independence at its core. That's all what that we're all that's what we're trying to do. We're trying to engage in content that is not content that that that fundamentally doesn't have an impact on our lives. But we're all talking in the chat, sending updates, looking at news because we're trying to increase the ability for us to have a better life. And usually money and financial independence is at the epicenter of being able to have a better life.

Um and a lot of us you know speaking of family I think are doing this for our families. So very great very grateful for everyone to be here today and to be here throughout the entire year.

All right let's get started. Let's get into it. Before I get into Robin Hood first jobless claims uh they came in better than expected. So this unemployment story continues to be an issue for the labor market and the broader market is trying to figure out what's happening in the labor market at least from a rate cut perspective.

US jobless claims fell to 216,000 for last week, the week of November 22nd. Uh consensus was 225,000. So this is good. It means we are not again when we were we when we weren't getting data when the government was shut down, some people were thinking we were having 350 to 375,000 job losses a week, which would qualify as a recession. We're not there. We're not there. We're at 200. This is relatively tame. Quite frankly, this number is lower than the moving average that we had in the months of July and August, September, which was closer to 222,000 or 224,000.

So, the fact that we're at 216 220, we're basically within the plus two or plus two plus or minus 2% of the average is very good. It means the labor market is not deteriorating. Now, some people might be saying, well, that means we're not getting a rate cut. No, labor market's still weakening, which is why the probabilities are 82.9%, but it's not deteriorating. And that's a very important nuance because if we are not deteriorating, we have a chance to save the labor market with rate cuts.

Now, maybe AI is so powerful and it's going to lead to so many job losses that rate cuts can't do anything. That's a story for another day. We'll see how that plays out. But economically, there should be a world in which if unemployment's at 4.4%, we should cut rates before it gets to 4.9%. Because inevitably it will get to 4.9%. And if we can delay that from happening in a meaningful way, then that would be important.

So, I think none of this changes the data in terms of how the Fed is thinking of the rate cut. Again, it's not guaranteed. We get it, but 82.9% JPAL usually does not like to surprise the market participants. And now, if the probabilities are 80%, unless him or John Williams or Mary Daly or Christopher Waller come out and completely flip the script and say, "No, I don't think we should have a rate cut," which all of them have been saying we should have a rate cut. Even the former Dallas Fed president yesterday came out and said, "We should probably have a rate cut." Uh, then it looks like we're going to get this rate cut. And that would be very important to continue having this momentum uh as strong as it is.

So that's what we've got going on and that is kind of the extent of the macro data. There's a couple other pieces of macro data we'll look at but the jobless games was the big one and that's what we got this morning for Wednesday.

Robin Hood, let's talk about Robin Hoodie and what's going on. The reason Robin Hood is up 5% right now in the pre-markets and maybe this holds, maybe it doesn't. By the way, this is kind of my fair value for Hood. If we end out the year at 120, I will be a happy guy. I don't think we should be at 100 like we were last week. And I don't think we should be at 150. I think inevitably we will be much farther beyond 150, but I think there's still too much economic uncertainty, volatility. You don't know what 2026 is going to be like. There's a lot of different arguments for why we shouldn't pull forward that much of a multiple for Hood, but I think 120 is a very good sweet spot. And so I think if we can normalize this range, then that would be very important.

Why are we getting that today? Well, Robin Hood just gave a big middle finger to Kalshi last night. Robin Hood expanding their prediction markets offering through a new joint venture with Susuana, which is one of the largest market makers in the world to operate a CFTC licensed exchange and clear accounts. Basically, they're vertically integrating the entire process of the clearing and the market making and liquidity for these prediction markets. And they're not completely off of call sheet, but it looks like Vlad is tired of splitting those two cents per contract with Khei.

Susuana will serve as a key partner in the initial liquidity provider with additional liquidity providers added over time. Prediction markets on Robinet's fastest growing revenue line with 9 billion contracts traded by over a million customers in the first year. And the new exchange, which is essentially what this is, it's like a joint subsidiary under Robin Hood that they're going to o that Susuana is going to own a 10% stake of. Uh it's going to operate independently as a joint venture with Robin Hood as the controlling partner providing retail demand and distribution.

Uh I've been waiting for this. A lot of Robin Hood bulls have been waiting for this. I mean, prediction markets are growing more and more and more. This is a new hundred million dollar line of business. I think in the next couple years it's going to be a billion dollar line of business. Right now I think Piper Sandler is estimating 250 million per year Robin Hood is making on prediction markets or they will make next year. That's could be 500 million but they give 1 cent to Kalshi.

And what does KHI give them? Nothing. Robin Hood has all the distribution. Robin Hood has all the marketing. Robin Hood well Robin doesn't really need to do the marketing. Kalshi turns into this cringe marketing machine with all these like horrible influencer campaigns because they have nothing proprietary because prediction markets are a commodity. But Robin Hood has 27 million customers that have a very sticky ecosystem and user experience that would be willing to try a new product and are obviously showing that the volumes are very intense.

So I think for Vlad, it's very obvious why would we keep partnering with another exchange? We did it in the beginning just to get things started, but there's no reason we should be giving them 50% of every contract just because we're using uh part of their liquidity from a market making perspective. So, I think it's very obvious that the market right here is just saying, "Wait a second. If Robin Hood can double those revenues..."

and I I don't think it's going to happen anytime soon, but I think over time, you're going to start to see that 1 cent turn into 1.2, then 1.3, then 1.4, then eventually a full 2 cents per contract." And that's when the revenue from prediction markets pretty much has its S-curve moment, which actually counteracts crypto. Crypto has been dead for the past couple months, which means Robin Hood crypto volumes going into Q4 probably are not going to be that good. That's also why Robin Hood's stock has been down because crypto has been down.

But if crypto is not the only 90% margin source of revenue and you have this new thing called prediction markets that are actually way better for Hood and they're making even more money than they're making on crypto with these prediction markets, which is not the case yet, but over time if that is the case, that's not as cyclical as crypto. That's not as contingent on the whims of the, you know, Bitcoin ecosystem. That's just, hey, like people want to trade on the Super Bowl, so people are probably going to trade on the Super Bowl. they want to trade on Robin Hood, then Robin Hood is going to capture a lot of that volume.

So, from my perspective, I think it's a really really strong thing for them to do and that's why the market is kind of pricing it in right here. Uh Benny says, "I bet the proposed acquisition price ask of MIAX, which is the exchange Robin is acquiring was for a great price." Yeah, we don't have the acquisition price, but 100% agreed. I mean, usually when Robin engages in these joint ventures, they get a really good deal.

And again, they're offering a ton of distribution. So, Susuana, which at the end of the day, their job is to provide liquidity to all the different exchanges that are trading stocks, crypto, uh, tokenized assets potentially in the future, now prediction markets, they just want volume. And if Robin can give them volume, then that's why I think they're going to get, uh, a lot more momentum. So, that's the reason Robinet is up.

Now, the ideological opinion some people have about prediction markets being gambling, again, that's fine. People can have their own perspective on this, but the point is people are going to trade. And if people are going to trade, are they gonna use DraftKings, Coinbase, Kyle, Poly Market, Robin Hood? If they're going to end up using Hood, then Hood should capture the majority of that volume. And if for shareholders, uh, that volume will translate into a lot of revenues and quite frankly, a lot of profits because Robin Hood does not have a lot of overhead to run that type of business. So from that perspective, the market's pricing it higher and that's why you're seeing that 5% move on Robin Hood at the moment.

Um, Nvidia, let's talk about Nvidia. So Nvidia share, wow, 180. We're actually getting a move here up 2%. Uhhuh. I didn't I didn't see us break 180 in the pre-markets. All right, 181 on Nvidia. I know a lot of you guys bought the dip at 169 when Jose came on the show. I got 170.80. Uh first time in a while that I bought Nvidia.

And I mean, I think a lot of us who took advantage of the dip yesterday, the number one reason was because this TPU thing is not going to be the end of the world for Nvidia. And uh I I think we're starting to see the manifestation of that get priced in by the markets.

Again, this is after the earnings. Nvidia is now trading at 25 times next year's earnings. It's not it's not in the most bubbish of territories to me, but Nvidia responded. So, this is what they said yesterday to Google. We're delighted by Google's success. They've made great advances in AI, and we continue to supply to Google. Nvidia is the generation or Nvidia is a generation ahead of the industry. It's the only platform that runs every AI model and does it everywhere computing is done. Nvidia offers greater performance, versatility, and fungibility than AS6, which are designed for specific a frameworks or functions.

All right. So, put in the chat if you hated this response because I think it was 50/50. Quite frankly, it was probably 7030. 70% of people hating the response, 30% of people being okay with it. Um, I'm in the camp that it's not that big of a deal that they responded. I understand why people are annoyed and they're just like, Nvidia shouldn't even be giving this any level of focus.

And they responded to Michael Bur the other day, which by the way, Michael Bur tweeted again this morning. Let me just say getting into a beef with the world's most valuable company is one of the single best Substack growth strategies I've ever seen. Michael Bur this morning responding to Nvidia's response and then if Nvidia goes back and forth and responds to his response of the response and then Bur has something else to respond to. I mean I I definitely don't think Nvidia should respond to his part two of his blog post on his Substack where he goes deep into it because like at that point it's just becoming stupid.

Um, but they did send a memo to the Southside analysts about and they they cited Michael Bur's claims and Bur loves it because he's getting all the attention because a$4 trillion dollar company is like, "Hey, this guy said this and here's our response." And so everyone's like, "Well, who is this guy that said this? Why is he so important?" Number one, which just increases his brand. And then two, why do you feel like you have to respond if he's just some random guy?

And I think Nvidia, my my take on this and the reason they respond to Google yesterday as well, it's the same thing that Jensen did during Deepseek. When Deepseek happened, Nvidia fell to 90 bucks a share. They responded and they just said, "Hey, this is how we see the market. This is where we think the demand for inferencing inferencing and reasoning is going. This is why we think this is not that big of a deal."

And I think Jensen I think Jensen has that dog in him. I really think he has that dog in him. and he's just like, "You're going to talk [ __ ] about my company after we delivered the single best quarter in the history of the stock market." I think Jensen, quite frankly, I think he's pissed off. I think he's pissed off because the analyst wanted 61 billion. He said, "I'll give you 65." The analyst wanted 49 billion of data center revenue. He said, "We'll give you 52." The analyst expected 58.3% growth. He said, "I'll give you 62.4% growth." The analyst expected 72% gross margins. He said, "We'll give you 73.4."

I mean, he did every single thing you could possibly imagine. And the stock is down 15%. from earnings and and I think he's just like, you know what, if it's down because of freaking Bur and Google and the information putting out these reports that have no details, but these headlines are causing us to lose $300 billion in market cap on a day, then we're just going to respond and people can say whatever we want, but we will have to defend ourselves in the midst of this.

So, I think that's why Jensen's responding. I can understand the perception of it being weak, but I can also understand him just being like, "Screw you guys. Like, we don't care what you think. This is our response. take it or leave it, but uh the analysis from a lot of these people is just incorrect or insignificant or really misses a key point and that's why I think Nvidia's so I don't think they're doing it from a position of weakness I would say because the numbers do all the talking but I think at the end of the day if the numbers aren't leading to the market being convinced and that's where Nvidia might have to come out and say something.

Nvidia right there 180.88 88. That's up 1.7% again after those earnings. It continues to be one of the cheapest Mac 7s uh along with Google and Meta. And now Microsoft, which is starting to get cheaper, even though Microsoft is now, Wow, Microsoft up 2% as well. All of tech getting a little bit of a boost right.

Meta is down because they're getting investigated by Italy. the Italian watchdog came out and like I said, Meta is a monopoly again. So, I think that's why otherwise Meta probably would be pushing 640. Had a big day yesterday, up 3.7%. So, you've got that Italian watchdog headline. Maybe there's another headline, but that's the one I saw and that's why Meta is down. And you got Nvidia leading it up 1.75% on the day as well.

Italy's antitrust authority said it has broadened the scope of its investigation into MetaT over allegations of the company abusing its dominant position through the use of artificial intelligence tools on messaging service WhatsApp. Okay, so Italy is basically saying that WhatsApp is a monopoly and that Meta is like basically not allowing any other competitors to compete. I think it's kind of nothing but nonetheless that's why that stock is down about 1% right here in the pre-markets.

So overall, we're green. Overall, we're pretty damn green. And it is nice to see some of this momentum. I know we have low volume, but if that continues, then maybe we get some uh some broader excitement going into the end of the year.

I mean, can we all kind of feel the narrative shifting again a little bit? You know, this whole AI bubble, Osw going on podcasts last week saying that everything's going to pop. Apple's your only form of safety, yada yada. And then it's like price action changes. people start realizing, wait a second, the earnings are real. You get more of a chance of a rate cut and people start asking, maybe it's not a bubble now.

Maybe it is. I don't think we're out of the woods. I don't think it's a bubble, but I also don't think we're out of the woods, but maybe it's not as doomeristic as it was yesterday or as it was last week.

Okay. So let's talk about retail stocks. For anyone who looked at XRT, which is the retail ETF yesterday, uh it had its best day in five months. It's up another half a percent right here in the pre-markets. And I think this is really important to understand because the consumer is broken narrative is being challenged a little bit. Abracmbry and Fitch was up 37% yesterday. Kohl's was up 42% yesterday.

Best Buy was up I don't think they were up as much but they were up a bit. Uh Best Buy was up, no Best Buy had a great day yesterday. Best Buy was up 5%. And then the one that completely I could not understand this, Urban Outfitters was up 15% yesterday after earnings after being up 9% during the day. These are not your Walmarts, your Targets, your Costos. These are niche retailers that sell $75 jeans. Best Buy is not necessarily a niche retailer, but still Best Buy, you know, I mean, people have to shop for a lot of electronics for uh Best Buy to get that momentum over the typical places they could go, like a Walmart, a Target, an Apple, etc. So, the fact that they're going to Best Buy and it's getting a 5% move is very impressive.

And then you have the overall retailer ETF that's up 5%. Now, why is the retail ETF up 5%? Because it seems like all of the retail sales data we got, we got yesterday, I think it was 02 versus 3% expected. So for September, so it was a little bit lower than expected, but at the end of the day, I mean, you put two and two together, people have to be buying things.

Yeah, Burlington also had a great earnings. People have to be buying things with disposable income, especially at places like Abbercrombie, which again are a bit more on the high end. Um, for these stocks to go higher. And so it it really begs the question, wait a second, we we just heard all this uh uh I guess conflicting data from Chipotle, Starbucks, and Lululemon over the past couple of weeks that the consumer is struggling. They're not really doing that well.

I still think that data is true, and I think it's hard to deny some of the the other forms of economic data that we're seeing in regards to the lower end consumer, particularly if you look at subprime auto, um student loans, and and credit card delinquencies, which are at like 11-year highs. But maybe Chipotle food sucks. Maybe Starbucks coffee sucks. Maybe Lululemon just doesn't have good uh hip millennial fashion trends because Urban Outfitters up 16%. Like really, Abbercrombie up 35%. I mean, that's the market saying, "No, we think retailers are back and we think people are shopping."

And if you get an easing Fed next year, if you get the AI narrative intact, if you get earnings growth of at least 13 to 15% and you get the consumer potentially coming back, I mean, that's a really good setup for next year. So, I'm going to take this data with a grain of salt and I'm going to try to look at some of the other retail earnings that we have coming up. But like, I did not expect these niche retail brands to put up the types of earnings that they put up. Even Dicks, they beat on the top and the bottom yesterday as well. So, you're just seeing so many of these companies have a pretty decent earnings.

macro, okay, what's going on? So JP Morgan will give two perspectives, one bullish, one bear. JP Morgan says S&P 500 8,000 in 2026 if the Fed continues to cut rates. In its 2026 global equity outlook, the bank forecasts doubledigit global equity gains driven by strong earnings, lower rates, and easing policy pressures. The US is expected to remain the main growth engine supported by a resilient economy and an AIdriven investment boom.

JP Morgan expects 15% earnings growth for US companies over the next two years and says high valuations are justified by accelerating AI capex rising shareholder payouts and potential policy tailwinds. The bank also warn warned that rapid AI disruption could amplify existing economic imbalances and lead to volatile investor sentiment. So basically they're saying hey we think it gets to 8,000 probably 7500 by end of 2026 although it will be a bumpy ride and the argument is Fed easing AI trade right if you have to summarize it.

Then Bank of America came out and said, "We think the S&P 500 might barely be above 7100 at the end of 2026." Bank of America forecasts 14% earnings growth, but warns that liquidity support is fading with fewer buybacks, higher capex, and limited central bank cuts ahead. It projects a 5500 to 8500 range for the index.

Which, by the way, if you're a bank and you have a lot of people paying you for your analysis, and you say, "Well, it could be 5500 or 8,500." I mean, like, what are we talking about here? Like, like you you have one job and it's to predict. You might be wrong at your job, but to cover your ass by going from the low end to the high end. I don't know. That's that's a little too aggressive there.

The firm expects a shift in market leadership, capex over consumption, blue collar over white collar, raising staples to overweight and lowering discretionary on AI. Bank of America seen potential near-term weakness saying monetization remains uncertain and rising power demands could be a bottleneck.

Remember, Bank of America at the beginning of the year and they stuck with this until July said we would not get a rate cut. Ironically, before the first rate cut, they ended up saying, "No, we're probably going to get a rate cut." So, I mean, again, I'm not just picking on them because they're bearish, but they have been wrong throughout the entirety of the year. And I think the argument right here doesn't make a lot of sense. They're saying that we're going to have 14% earnings growth. JP Morgan says 15%. But liquidity support is fading. So, they're saying, "Hey, you're going to have bigger earnings, but you're not going to have the Fed on your side."

And from everything we've been hearing about the Fed, even if JPO doesn't cut rates for six months, the next Fed president likely is going to be Kevin Hasset. Um, and if it is Kevin Hasset, he's lowering those rates. So, like I I don't know if it's going to be the scariest thing in the world in regards to thinking about the Fed. We are likely going to get these rate cuts one way or another. And that will be your liquidity support whether it's Kevin Hassid, Kevin Worsh. And so I think if you have good earnings and you have an easing Fed, you have a bull market. Now the the bare case is recession um which is contingent on labor market. So if if that doesn't take place, then I think 2026 still ends up being being decent.

Last thing on Nvidia right here, this is a Google deep mind research scientist who works on TPU design at Google. This is what he tweeted yesterday. The sell-off shows how clueless the market is about hardware and demand. So, you've got Google um Google research scientists being like he has no incentive. I mean, he has plenty of Google stock. I would imagine, you know, maybe he has some personal Nvidia stock, but I don't think he has a major incentive to be like, "Yeah, the sell-off of Nvidia and the uptick of Google makes no sense." It's like no, he's just saying like naturally the market is underestimating the level of demand for this compute that is out there.

and the fact that they're selling off the epicenter of AI and they think that Google's going to take over which Google fund it deserves its premium and it's it's doing very well and it should continue to do well and hopefully ends out the year above 300. But does it deserve to go to five trillion and Nvidia go down to three trillion because now Google's taking over the chip market like probably not. And so I think that's what's kind of calmed down some of the fears of investors as well.

Uh so the the the uh founder Ilia of Super Safe Intelligence was asked about how his company's going to make money. This is a company that has a $ 32 billion valuation. And uh here's here's what he said. And you can attach any other caption you want to it. I like this caption about when your girlfriend asks why you're broke.

>> How will SSI make money? You know, my answer to this question is something like We just f right now we just focus on the research and then the answer to that question will reveal itself. I think there will be lots of possible answers.

I think that's a relatively strong uh strong way to to respond to those questions. So you know I was really curious what his response would be. He did a very large interview for those that know Ilia is like one of the goats of AI. He's one of the original creators of chatbt. uh left OpenAI for starting his own company. I was very confused when I reported on that back in February. I remember I was in California and I got the headline, Super Safe Intelligence raises 32 billion. I was like, for what?

No product? I get that he's important, but $32 billion valuation for what? Like that's the stuff that makes me cringe. That's the stuff that makes me I'm like, "All right, the Bears have a point." Like this is a bit bubbly. Why is a AI company getting a $32 billion value? I mean, if Open AI, which is growing pretty fast, is is seen as overvalued. This guy is not growing at all. There's nothing. There's no users. There's no product.

Now, maybe there's really important research, but does that research warrant a $30 billion value? And then when he's asked about how you're going to make money, he's like, you know, we'll figure it out. Which again, there's plenty of people willing to bet on the guy to figure it out. It's just when you get those types of answers, uh, it definitely makes you question some of the quality of these AI startups.

All right, here we go. Thank you everybody for being here. It is Wednesday, November 26th, the day before Thanksgiving. Very, very thankful and grateful for everyone being here every single day. The stock market is now open.

Nvidia 18149. 18149 that is green on the day up 1.882% on Nvidia. Abberrombi that continues to go green. Cororeweave that's up 5%. Nebus up 6%. Meta, even though they got a warning from the Italian watchdog on uh antitrust violations, which is why the stock was down, it looks like it's starting to get a little bit more momentum. 636 right here. Meta is now going green.

Robin Hood up 5.38%. We had some big news in the morning about Robin Hood basically vertically integrating into their own exchange for prediction markets. Potentially not getting rid of KHI yet, but not needing Khi in the future. And the markets are very excited about that because it means they're going to make a lot more per contract on these prediction markets. Robin, right, they're up 5.2%. Microsoft's up 1.3%.

The S&P 500 up half a percent on the day. Wow. 678 on the S&P. Shout out to New Bank. Incredible stuff. I know Tanner has been buying this thing since $3. So, shout out to him. $17.26. Up 3.9% on the day. That is new all-time highs for New Bank.

Again, volumes are going to be light today. So you might see some price action that is a bit weird up or down. Uh but you do have a lot of people that are just traveling and probably not going to be trading today. Micron 230. This fell all the way to 200. This fell all the way to 200 last week. And Micron's getting some love back. Tesla 423. Tesla was at 380 last week. Again, a lot of these stocks were on sale. And it seems like people have taken advantage of it.

All right, so that is it. Let's do word of the day and then we are out of here again. Thank you everybody for being here. We got to change the prompt on the word of the day because I think I gave it a prompt of like give me super intellectual words and every time I ask it gives me like like this abstract philosophical word. So we got to make a better prompt.

Give me a word of the day that is about finance but not a basic finance word. Okay, let's see. This is actually kind of cool. Hold on. This is actually not a horrible idea. We'll actually learn something every day with this. Contango. A market condition in futures trading with the futures prices is higher than the expected future spot price, usually because of storage, insurance, or carrying costs. Contango. Oil futures moved into contango signaling that traders expect spot prices to fall in the coming months.

Let me ask another question to chat. If I am live streaming to an audience and I say I don't know who Rocky Balboa is, should I be embarrassed or should the audience feel bad for making fun of me? Let's see what super intelligent says. Dude, chatbt taking the easy way out. Honestly, neither. No. No. Pick one. Don't take the easy route. Let's see if she glazes me. Let's see if she If I had to. Dude, I love AI. They're always on your side. They're always on your side. The audience should She obviously knows I'll feel better if she blames you guys.

That's one thing I've noticed about these LLMs, bro. They They always want to make sure you're feeling decent. Not in a dramatic way, but in the sense that mocking someone for not knowing a 50-year-old movie character is lazy humor. It's loweffort chat behavior. Bro, she's roasting you guys. You're not expected to know every piece of pop culture ever created. Obviously, they are expected to treat the streamer like a human being.

Wow. So, if one side has to be embarrassed, it should be them, not you. You missing Rocky Balboa isn't a flaw. Them acting like it's some type of moral failure is cringe.

Okay, hold on. We do have to ask Gemini. Let's see if Gemini Let's see if Gemini Hold on. Let's see. I We got to ask one more. We should Grock unhinged, too. Grock's gonna be like, "You're freaking stupid." Let's ask Gemini. Dude, if we go two for two, if we go two for two on this, let's ask Grock as well. Let me ask Grock. That was a hell of an answer. Okay, Groich, neither. I'm going to be like, "No, pick one." They're trying to get the easy route here. Okay, let's see what Let's see what Gemini does. Pick one. Don't take the easy route. Uh Grock said neither as well. Dude, all these LMs, they're saying the same [ __ ] I'm going to tell it neither one or no, you have to not take the easy route. Dude, that was an incredible answer. Mocking someone is loweffort chat. She said you guys are loweffort. She said you guys have lazy humor. She said you should be embarrassed. You're going to let AI talk to you like that? I didn't say it. AI. Wow, Gemini. The audience should feel bad. Gatekeeping is cringe. Mocking someone for what they don't know is the lowest form of conversation. They are confusing famous with mandatory. That is main character syndrome on their part. And then pop culture is not an IQ test.

Okay. Can we go three for three? Can we go three for three on Thanksgiving? Grock, the audience should feel bad. Gatekeeping of 50-year-old movie references. Peak nerd snobbery. It's like mocking someone for not knowing every Marbell character or beetle song. Wow. This is why we buy Nvidia. This is why.