All right. Hello everybody. Welcome back to another episode of the market close.

We are live. We have a lot to talk about today.

Uh, bunch of things have happened since the market open, especially in the world of AI.

It's hard to believe, but the S&P 500 actually got 50 cents away from hitting alltime highs.

We're at 68827.

And again, given the price action today, Robin Hood crushed down 9%, Nvidia down 2%, Broadcom, it was down below 400.

So, getting a little bit of recovery right here at 405, down only 2% on the day.

Google getting hit because OpenAI released a new model. We'll talk about that.

But it's hard to believe the S&P is relatively close to all-time highs, but it is it is very close to all-time highs.

So, it's very wonky price action that we'll discuss today.

And the next 15 minutes, we're going to have Broadcom, we're going to have Costco, and we're going to have Lululemon.

So, I would imagine most portfolios today don't look as red as they looked at in the morning.

Um, lots of names that are making some really interesting recoveries, potentially some of them hitting 50-y week highs.

The cruise lines doing great. the financials doing incredible.

Amcor freaking hitting 47. I think that's a 52 week high on Amcor.

SoFi getting back up to 2017.

But then you got other names like Robin Hood which are just getting crushed today down 9%.

Which doesn't make a lot of sense given the S&P 500 is hitting all time high.

So maybe there's something else going on that's causing that.

Nvidia doesn't make a lot of sense. Down 1.82%.

Oracle was down 17% at the worst. Now it's only down 10%.

So we're covering that 7% which is good for Oracle.

But that one's still just below 200. It did get a little bit above 200.

Right now it is down.

Rocket Lab, I think this is honestly the story of the day.

We'll get into a lot of the AI headlines we have, but my goodness, 11% on the day.

Three words, data centers in space.

Whether it's real, whether it's a fantasy, whether it's a narrative, whether it's just something that the street is excited about because it might be the way to play the SpaceX IPO uh or at least the way to justify the SpaceX IPO at 1.5 trillion.

Rocket Lab is being seen as the core beneficiary and ASU although I don't think it's having as big of a day as Rocket Lab as well 7% that's still a pretty good day for AS uh both of the space names just getting a massive move.

both of the space names just getting a massive move.

Planet Labs also had um earnings yesterday.

So those guys also getting a move up 35% after good earnings and being pretty much in the best niche you could be in over the past couple days which is space rock lab right there 64.

rock lab right there 64.

So we got a lot going on a lot of earnings after the bell.

We will get into everything.

Uh [laughter] Barzov, thank you for the super chat.

Data centers in space is four words.

If you separate data and centers, if you put them together, which is data center one word?

I don't know.

It has to be a word at this point. After three years of this AI revolution, data centers has to be one word.

Then uh then it becomes becomes three words.

But it really is a narrative that has got a lot of people excited.

And I think that's why you're getting some of the momentum that we're seeing.

Now, after the bell, I'm going to have Sam join me and we're going to cover Broadcom, Costco, and Lulu.

However, we are not going to be listening to any of the earnings calls, quite frankly, because they're all going to be boring.

Broadcom is not going to be super exciting.

So, by 4:30, I think we'll get all the numbers.

We will have Chris join, potentially, Steve join, and we will get into Macro Thursday.

We haven't been able to do Macro Thursday for the past two weeks simply because of uh all the earnings that have been taking place.

So, we'll get Chris on.

Chris is now bullish Nvidia.

This guy's posted like 17 things today about why he's long Nvidia.

So we'll talk about kind of why and how he became bullish in video.

And then we will also talk about um what's going on in the state of AI from a AI deflation perspective infl uh the overall inflation versus labor market and what's going on with the Fed.

So after we get those earnings which will be happening in about basically 10 minutes um then we'll get deeper into what's going on with Nvidia and the state of the A right.

Wow, look at the S&P 500.

Look at that candle 689.

Again, it doesn't feel like it, right?

You would think S&P 500 a dollar away from less than a dollar away from alltime highs would have a lot of these other names really running.

It's not the case, but technically that's kind of bullish because you're seeing a bit of a rotation into some some of these other sectors.

Uh but you do have the S&P 500 right here trying to get to alltime highs.

Speaking of rotation, let's listen to Tom Lee.

This is his official 2026 outlook for the S&P 500.

He's not the most bullish tech going into next year.

He's bullish, but he thinks there's going to be other categories that participate.

And you're kind of seeing that today with tech down, but the rest of the market continuing to go higher.

>> Next year, the real message at the end of the year will be there's the Fed put back in play.

So then you have a White House put and a Fed put, which are tailwinds for stocks.

But before all that happens, the Fed has to the new chairman has to be confirmed.

It takes about 90 days from the time that his nomination takes place in the confirmation and the markets always test a new Fed chair.

So I think that that is the January to October period is that the Fed is being tested even though we know it's going to be a dovish Fed and a Fed put out of that.

>> We think we're going to get I mean at least if you believe the outlook which that's you know it's your own prerogative.

Um a cut into a strengthening economy though.

I [snorts] mean at the end of the day that supersedes everything.

Isn't that partly what the last couple of days yesterday and today are about?

>> Yeah. I mean, this was a in in my mind, even though people positioned it as a hawkish cut, it's actually quite bullish for stocks because um the Fed again is now weighing the downside risk to the economy, which is the Fed put coming back into play.

Plus, as you know, QT ended, and even though it's not officially QE, it's the absence of tightening, which is QE.

I mean, you call it whatever you want.

Um, if the effects of whatever they're doing are nearly the same as if you want to call it QE, the bottom line is stocks went up and rates came down.

>> Yeah.

>> And if that continues to be the picture, it's going to be hard to lean against the equity market in that scenario.

>> Correct.

And and the right groups are responding as you highlighted, small caps hitting record highs, um financials rallying, and now what we just want is the ISM to turn.

But if housing can turn, then you've got a real broadening taking place next year.

>> See, when you still talk about a wall of worry.

Um, I feel like that's debatable now.

I mean, I felt like it's debatable for the last few months, but once you get into the new year, do we really have a wall of worry?

As I said, we expect the economy to strengthen.

The Fed's going to have a more dovish tilt.

even with a a new person, you're going to have some of the impacts of the the big beautiful bill.

You're going to have what should be a better environment for M&A and even IPOs.

We may get some of the largest we've ever seen from the AI space, not to mention the AI trade in and of itself.

Is that really a wall of worry?

>> Well, those are definitely all tailwinds, Scott, but in our conversations with clients, we find skepticism about valuations.

>> Okay.

>> Fears of an AI bubble.

>> Fair. Uh the Supreme Court overturning tariffs does create turmoil at a time when the midterms are now in people's minds.

>> Would that be a plus for stocks?

>> Well, it is and it isn't because now it makes policy uncertain again and the economic ripple effects uncertain because if the tariffs stay in place and remember markets don't expect the tariffs to hold, then we can anniversary a lot of the effects.

But if now we're talking about them being reversed, some companies suing to get refunds and then new tariffs coming, it adds to the lack of visibility.

>> So on the issue,

>> okay, so you got a lot of comments from Tom there.

If we were to sum it up, essentially what Tom is saying right there is he expects about 10% upside for the S&P 500 next year, 7,700.

He said there's a Fed put because the Fed obviously cares more about the labor market than inflation, which is very important.

He says small caps and financials are hitting record highs, which he's right about.

JP Morgan, Goldman Sachs, Goldman Sachs literally at a record high today and IWWM hitting all-time highs.

You know, Tom Le's been bullish small caps for a long time.

So those parts of the broadening equation of this economy again, it sucks that Nvidia is not hitting all-time highs, but it doesn't suck that the S&P is being supported by other things that are, even if Nvidia is not.

And quite frankly, it's probably healthy that that's the case.

The wall of worry, he says, is supported by a fear of an AI bubble and this whole Supreme Court overturning tariffs.

And then he thinks that tech is gonna digest the gains from this year into early next year which is actually going to lead to bearish sentiment around tech if Nvidia, Amazon and Meta stay flat over the next 6 months which is going to be strong for the broadening thesis and eventually will continue to support the wall of worry which actually allows the S&P to make that run to 7700 and then Nvidia, Meta, Amazon, etc. those will catch up.

So, I mean, it's quite the thesis and maybe it's completely wrong and tech just leads the way next year or maybe it's spot on.

But we're going to find out over the coming months and definitely over the coming weeks as we get into the end of the year and we see how this ends up playing out.

S&P 500 right there 68831 as that is now up 0.1% on the day.

Thank you, Mr. Derek Wall, for the gifted 50 memberships.

50 of you guys just got a gifted membership courtesy of Mr. Derek Wall.

Derek, thank you for being here.

Again, if you get a membership, it's uh you don't get anything special.

Your name just lights up and it just supports the channel.

So, thank you, Derek, for being here.

Yeah, Derek was Santa Claus today.

[laughter] Basically, Derek was Santa today.

And 50 guys just got those memberships.

S&P right there, 688.

Lulu earnings today down.3%.

You got Broadcom that's up 80% for the year. That's at 406, down 1.7.

And then Costco.

Uh let me know in the chat if anyone owns these names.

These are going to be what we have to see after the bell in terms of what the street is looking for.

Broadcom is the most important one in my opinion.

Lulu is important for like the retailer trade, which that's fine, but Broadcom is really important for the overall AI trade.

The Street wants 1.87 of EPS for Broadcom, 17.4 billion in revenue.

Street wants 2.48 billion for Lulu, 2.2 of EPS,

and then Street wants 427 of EPS and 67 billion of revenue from Costco.

In about 5 minutes, we're going to see what that ends up turning out to be.

Uh Jensen Hong to Time magazine, so the two AI headlines that we had today, for those that didn't see it, uh he said, "There's a belief that the world's GDP is somehow limited at a 100red trillion. AI is going to cause that 100red trillion to become 500 trillion."

Obviously, he's talking his book here, but if Jensen's right about this and Broadcom is going to give us a little bit of a sneak peek of if we can get to that 500 trillion eventually, then yeah, we're talking about massive GDP growth and that massive GDP growth would be contingent based on what is happening in the world of AI.

Uh, another reason that we might get to a much larger GDP projection in the name of AI is because of OpenAI 5.2.

It's out today.

So the main headline on GBT and opening eye was that they were partnering with Disney.

By the way, I forgot or I found out today that Bob Iger, CEO of Disney, is an LP, a limited partner in a massive VC fund called Thrive Capital that has a pretty big investment in OpenAI.

So I just thought that was kind of interesting that we see the partnership today.

Then you see where Bob Iger's investments are.

Remember Bob Iger is out next year as the CEO of Disney.

So you know he's going to have his own investments to worry about and not necessarily have to manage Disney.

That was a big partnership today to license the IP of Disney characters into OpenAI.

Uh and then on the same day they released GPT 5.2.

So I think that and the Disney announcement today were their response to this kind of code red Gemini 3 situation.

And based on the bench benchmarks, it's better than Gemini 3.

I haven't tried it yet.

I I don't even think I've gotten the update on GPT 5.2 yet, but uh it's better theoretically than Gemini 3.

So either this is going to be every LLM racing to the bottom and the cost to train and ultimately the cost to inference is going to go essentially to zero because they're all training on this stuff and every LLM is going to be like the other one or it's going to legitimately be one is so much better than the others and it wins the entire market.

I'm skeptical that the latter is going to happen over the former.

But nonetheless, they're going to be fighting pretty hard to win supremacy in the LLM race and that is going to be bullish for Broadcom, Nvidia, AMD, etc. All the chip names in that ecosystem.

All right, folks.

Here we go.

Big big earnings.

It is Thursday, December 11th, 400 p.m.

The stock market is now closed.

And although it doesn't feel like it, we just had our highest close ever at 68912 on the S&P 500.

All right, we are done for the day.

I mean, it's bullish, right?

S&P is literally less than 50 cents away from alltime high 68912, but that rotation was uh evident today as it was not necessarily in the tech stocks.

Oracle down 10% on the day.

Nvidia was down about 1.5% on the day.

Rocket Lab absolutely massive day that was up 10.45%.

Got to 64.

It was also up uh 5% yesterday.

Rocket Lab is now up 39% for the week.

40% move on Rocket Lab in the past week, which is quite incredible.

Iran actually inched out a little bit of green as we got into the close.

Nebas right there, that's up 74%.

Again, Broadcom that was down about 1.6%.

Planet Labs was up 34%.

Meta got to go green by the end of the day, 652.

Apple as well at 278.

Tesla 446, that was down 1%.

TSM down 1.43.

You had Baba that was down 1.22 and then Shopify that was also down about 2.18% on the day

and then Amcor hit 52 week highs at 47.

Now in terms of Hood again the explanation I had in the morning was that the market was going kind of bearish and that's why Hood went down.

Market ended up going pretty bullish towards the end of the day at least in terms of the rotation.

So I think the the better way to explain it is two things.

A, crypto, which although crypto is recovering, it still is down substantially from where it was yesterday.

B, there's someone who's selling and it's probably a larger institution.

Maybe it's an insider.

I think we'll find out in the coming days, but I mean, a 9% move after things end up going green.

It's probably some type of an insider sell.

I know some people are saying the November metrics were the best.

Yes, they weren't the best, but they were not bad.

And I think people are painting it as like, oh, the November metrics were horrible.

It's like, no, that's not the case.

We went through the metrics yesterday.

The November metrics were fine.

So, I don't think that's that big of a deal.

might just be an insider or an inside institution from years ago offloading some shares.

And I think that would be a better explanation.

So, we're going to find out in the coming days if that is the case and see if we can go from there.

All right, earnings.

Broadcom, Costco, and Lululemon.

We should be getting these earnings any second now.

I think Costco's actually at around 420.

Lulu and Broadcom should be happening relatively soon.

And we're going to see what this one ends up playing out to be.

and then we'll get those earnings.

Matt, thank you for the super chat.

Sold my first cover call on RocketLab contract expiring the 1975 strike.

Was it a bad decision?

I don't want to lose my shares.

Uh, so you have one week for Rocket Lab to go from 64 to 75.

Just my gut reaction is I think you're going to be okay on that covered call.

If it gets close to 75, you can always roll that call.

So you don't have to let those shares get called away.

Um, but I think you'll be okay.

Now granted, I didn't expect Rocket Lab to go up 10% in a day.

So maybe it continues to keep going, but you have time.

you know, you are well below the strike price right now and if you get any near anywhere near close to it, you can roll out to like $80, $90 without having to pay too much of a credit or paying too much of a debit.

You'll probably get a net credit and I think you'll be okay.

Rivian also announced their own new chip today.

They're they're letting go of their Nvidia architecture and building their own in-house chip.

I have not learned that much about it, but Rivian was down about 6% on the day, but they did make that announcement earlier uh during the day.

All right, earnings.

Let's see.

Don't think they're out yet.

They should be out very soon.

These are going to be the big numbers we're looking for in the context of Broadcom.

Probably out at 405.

So, we'll get those soon.

The Dow closed at record highs and the S&P 500 uh not at record high, but the it is a record high close for the S&P, which again, even if it doesn't feel like it, is pretty incredible to to see that here.

Uh what did people say in the chat in terms of the poll?

Let me pull that up.

By the way, Trump said he's thinking of getting rid of taxes on gambling.

So, if you win money via gambling, like on a sports book, uh Trump is thinking of getting rid of taxes for that or if you know you win money from Vegas or something.

I don't know if that's necessarily going to get passed, but that is something that he said today.

I doubt it's going to apply to prediction markets because prediction markets, you know, although people say it's gambling and in many cases it is gambling, they are regulated by the CFTC which means they are actual futures contracts which end up getting taxed like options, short-term gains on options versus uh being classified as like winnings from gamblings.

All right, Lulu I think we get in one minute at 405.

So this one we should see soon and Broadcom might be at 410 and then we're gonna see what happens.

By the way, where was DraftKings on that news?

Did it move?

Yeah, it moved about 1% today.

Nothing too crazy.

Amcor got that $47 close again.

Rocklab made a big move today.

And then AS putting itself up there in terms of a data center play for space uh as an infrastructure for satellites, satellite communication.

I mean, a lot of these names, if you're in the space, if you're in the niche of space in the stock market, you're catching a bit.

And AS already has like a fundamental thesis around it, but this one got another big move today, 7%. on the day.

All right, Lulu earnings should be out any second.

Let's see what we get.

Lulu, she's down down 1%.

Lulu is down 2.2.

She continues to go down.

Broadcom I think we have in five minutes.

Lulu right there 2.9 3.4.

Remember Bur is long Lulu.

This is his big bet along with Shift 4 and Molina Healthcare.

I think these are the names that he is long in terms of uh actual names he's bullish on.

Is it reversing?

It was down five.

Now it's down two.

Uh Lulu announces CEO succession plan.

Now we're green.

Now we're green. 207%.

Okay, that looks like a way healthier candle than the red one.

I don't know if we can trust it yet, but that does look way better than the red candle.

Usually, if it's like a two or 3% candle, it's hard to trust it.

If it's like a six or 7% candle, you can trust a little bit more.

This one was 7%, now it's three.

Now it's two.

I don't know if we can trust it.

193 on Lulu.

Let me see if we have the results.

They beat by 17% on EPS.

Wow. 259 versus 222 expected revenue beat by 3% 2.56 versus 2.48 billion.

Again, these retailer names I really don't have an explanation for what the hell has happened over the past 3 months, but whether it's Abberrombie or Urban Outfitters now up 8%.

People have the disposable income to spend at these stores and and like that just it didn't feel like that was the case six months ago.

And now we are seeing these companies just put up some a 17% beat on EPS.

Those are tech company types of beats.

Lulu right there 2011 up almost 8% hit 203.

We'll see if we can hold it here.

But that's green.

Maybe it's just credit card debt.

Maybe it is just credit card debt.

Honestly, maybe that's the explanation.

But I mean it it's every five below which is like a dollar store.

Best Buy, Burlington, like just so I did not expect these many retailers to put up these numbers, but they are.

And it seems like Lulu is the next one to do it.

It's not even the holiday season because this ended in October or as uh September this quarter for Q3.

So, you know, the holiday season, October, November, December, maybe that's going to be better than Q3, but we can't attribute Q3 numbers to to the holiday months.

Up 7.5%.

Let's go to their website, see if we can get some more coverage.

I think we'll get Broadcom in about two minutes.

Does anyone know if it's 420 or 410?

I'm pretty sure it's 410, but it might be 420.

So, we'll have um 10 minutes to see.

Sam Lou is pumping.

>> Dude, I I want Amazon a pump. I want Broadcom. I want it all to pump.

Dude, I apologize for being late, by the way.

>> No, no, you're good. You're good.

Um you're just in time for Broadcom.

Lulu buybacks 189 million in Q3.

They now have 1.6 billion remaining.

2 billion of inventories.

Cash is a billion.

Q4 outlook looks better than expected.

3.58 billion and EPS of 476.

Revenue for the fiscal year 10.96 billion.

I mean, it looks like the consumer has some money to spend.

And that's why you're seeing some of the momentum in in Lulu.

Um, okay.

Okay, we'll get more on the Lulu numbers.

Oh, wow.

Their gross margins as well.

55.6 versus 54.4.

That'll get the street excited.

And then EPS again, that's 17% B259 versus 222 is what the street is liking.

Broadcom we should be getting very soon.

409 up.2%.

Let me know in the chat if you own Broadcom.

I know this is the big one.

Bitcoin as well after hours.

Look at that candle.

92,000.

It was stuck at pretty much 90,000 all day.

Pounders's up a little bit.

Hood's up a little bit.

Iron's up a little bit.

Rocket Lab still moving after hours.

Google, which was down because of the GPT model that came out today, that's up 14%.

Even Nvidia getting a little bit of love after hours along with the S&P.

S&P is now less than 40 cents away from alltime highs after hours.

And it looks like Broadcom will probably make the decision on if we can break through.

Yeah, the Lulu CEO is retiring as well.

I mean, maybe that's why the street is happy.

Maybe the street did not like the CEO and that could be another argument as well.

Uh Sam, any expectations for Broadcom and do you have an earnings play on this one?

Sam: 我有一个财报交易策略。

I have an earnings play. I I have degenerate calls on Broadcom.

Well, actually more like January spreads and I also have Google calls as well because you know of course the TVs.

>> Yeah. Yeah.

Okay.

So, the degenerate calls, uh, you have a strike on that.

You have in the money, out of the money.

>> So, well, the there, uh, the Google calls are for this week.

It was the, um, 215, sorry, 315s.

They're like a $150 each.

So, like, you know, not really a big deal.

The the Broadcom or AVGO spreads that I have for January 16.

I have the I got to double check.

I think I have the 400 450s.

So, obviously, they're in the money right now.

If they tank, then they're gonna get hit pretty hard.

But these these degenerate calls are like just very small size.

Like not even not even going to make a difference if it goes down.

But if it goes up, hey, baby, let's go.

>> All right, we're going to see.

Uh I think guys, it might be 4:15 instead of 410.

>> Yeah, they're going to report late.

They always do that.

>> Okay,

>> Hawkan is putting together the uh coupons for Burger King.

He's doing that stuff.

Octane is one cheap guy.

>> All right, so we are going to see what this ends up looking like and it's going to take about five minutes and we'll get some of the answers.

Uh, in terms of Lulu, so CEO said in the third quarter, our teams remain focused on driving improvements with our US business and maintaining momentum in our international regions.

We are beginning to make progress against our action plan and continue to expect to see the impact of this in 2026.

We are encouraged by our early performance as we enter the holiday season.

Uh, revenue again two 7% up year-over-year 2.6 6 billion buyback program also has 1.6 6 billion left, 593 million in credit facility, a billion in cash.

I mean, you don't have that much on the press release outside of a EPS that's aggressive, and the CEO stepping down.

So, it's not too crazy.

>> I I think the CEO stepping down is probably a bit of a good idea there.

um they have very heavy China exposure and I don't know if you saw yesterday but China just put a massive stimulus package in their economy so probably a bit forward looking for their economy uh especially for those topline numbers that are coming in um but I mean my wife she shops aloe or used to shop aloe because now it's like a little bit ridiculous but um you know I I think it's a more commoditized industry also Gap Athletica and you know you also have Um, Nike.

I don't know.

Hey, maybe Michael Bur.

I think Michael Bur's long this, right?

>> Yes, he is. He is.

>> Yeah.

I mean, he's also short Palunteer Nvidia, so I don't know how well that's going to go.

But dude, Carisdale Capital nailed that short, which is very annoying on BMR.

Those guys.

>> I remember when they did the spaces the day they were they were so cocky about it, dude.

They're like, "Yeah, this shit's going down."

Everyone was like,

>> I just didn't want them to win, but they won.

I don't know if they covered though.

>> I agree.

Uh S&P by the way guys, alltime high is after hours.

I know it's after hours, but we are 20 cents away from seeing 690 on the

>> Yeah, actually S&P or the SP 500, the actual index closed at an alltime high today.

So that's really that's very bullish to see.

Like when you see like those those like massive drops get bought up like that, that is such a bullish setup cuz you have everyone who is positioned for it to go lower just covering all their shorts.

So I don't know.

I'm pretty bullish heading toward the end of the year to be honest.

I want to see Bitcoin come back though.

>> Bitcoin right there 92.5.

Chris will be on in about 20 minutes and we will uh get into a bunch of different macro topics.

We will not be listening to the broad broadcast call.

If anyone wants to listen to it, uh, you can go to their website, but we will be analyzing and breaking their numbers.

And I mean, Sam, you think they pump? Cuz I'm thinking they pump, even though I know their multiple is aggressive.

>> I think they pump.

Um, there was a massive sell this morning.

I think it was down like four or five% or something this morning and then it got bought up.

And I don't know, man.

Even though I don't own Google, I do believe that Google has the best AI model that's out there right now.

according to poly markets, according to a lot of benchmarks that I see.

And then you see Sam Alman come over here with a code red saying that he has the best model out there, post some crazy benchmarks I've never even seen in my entire life.

And then Time magazine doesn't even have Sun Bashai on there.

Like come on.

Like I don't know, man. I feel like the sentiment of Google is still pretty bad.

I think Google's come back with the TPUs.

I think Broadcom is a proxy for that play as well.

>> Yeah, Broadcom is the absolute biggest proxy.

Also, I I'm forgetting and Sam is is uh is in Amcor as well, but if Broadcom pumps, Amcor could pump with it.

They are one of their best suppliers.

>> Yeah.

I mean, you know, just seeing Rivian with a new AI chip.

We don't know who's designing those chips.

I was like looking back in some research there.

And it looks like Sam, they were partnered with Samsung for designing some of their chips lately.

So, maybe it is Samsung.

Um but I am lo.

We're getting a move.

Let's go.

She's moving 2.9.

Let's see.

We need above 4% for me to be convinced this candle has some juice in it.

3.3.

It touched 421 for a second.

This is where it could reverse easily if it doesn't hold up.

Uh, it's not holding two.

Now it's trying to get back to three.

416 on Broadcom.

Um, I'll get the numbers in a second.

417.

This one's being a little stuck, but let's see if something their numbers can really take off.

Okay, we got the numbers.

EPS 195 versus 187.

That's a beat.

Revenue 18.02 versus 17.7.

That is a beat.

Double beat.

Good.

Not a massive massive beat, but at the price they are trading at and the multiple they're trading at, they definitely needed a double beat and they got one.

Now you got a 4% candle.

It makes me a lot more bullish to see if this can hold.

>> Dude, Hawk Tan is that cheap Asian uncle that a lot of people have.

He's cutting those coupons.

He's cutting corners.

He's the guy who's making sure that everyone eats at home, brings food to the mall, brings soda to the mall and everything.

Hawk Tan is coming around the corner.

Did you look at a picture of the HQ for Broadcom?

It [laughter] looks like just a rundown building of some sort.

Yeah.

But amazing company though.

>> Yeah, it's definitely not looking like the Nvidia building.

There you go. 4% beat.

EPS up 37% year-over-year.

Revenue is up 28% year-over-year.

We'll get deeper into the numbers, but I mean this is good.

You needed two big beats.

Their AI revenue is likely going to be the one that's going to be the highlight of today's uh earnings as they'll discuss it.

I think it's growing at 80% year-over-year.

>> Dude, look at the cues right now,

dude.

every it it it kind of doesn't feel like alltime highs across the board, but it is.

Look at Yeah, the Q's up almost half a percent.

S&P definitively above 690, folks.

690.5.

This is reminding me of last night when everything was dumping at 10 p.m. and no one had an explanation and now after hours everything's pumping.

Uh Brock,

>> I couldn't sleep.

>> Yeah, it was hard, especially because there was no reason for it.

Lulu's up 7.5.

Amcor 4730. that's at 52- week highs.

Q's are running and Broadcom is helping everything out.

Oracle is flat after hours.

So unlike Oracle, Broadcom is contributing decisively to a lot.

Even Nvidia up half a percent after hours based on this Broadcom earnings.

3.3% even Bitcoin.

Wow.

It's almost like a delayed Fed JPAL pivot reaction mixed with Broadcom, which is getting the street excited.

All right, so let's go to their website.

Let's see if we can get some deeper numbers on Broadcom and see the earnings.

All right, here we go.

Let's see. Let's see. Let's see. Let's see what we got.

Broadcom fourth quarter revenue 18 billion for the fourth quarter, up 28% year-over-year.

Um CEO says in our Q4 record revenue grew 28% year-over-year.

We see the momentum continuing in Q1 and expect AI semiconductor revenue to double year-over-year to 8.2 billion.

Wow.

Guiding for 100% growth on AI revenue driven by custom AI accelerators and Ethernet AI switches.

We forecast Q1 2026 total revenue of 19.1 billion with adjusted IBIDA of 67%.

Um cash is 16 billion.

quarterly stock dividend increased by 10%.

I forgot they pay a dividend.

Um increase of their guidance to 19.1 billion.

That's up 28% year-over-year.

So continuing that kind of 30% growth rate.

And then adjusted EBID up 16% of re or 67% of revenue which again is not too bad.

Gap diluted EPS of 174.

I mean so far you're seeing a beat on the top and the bottom and an increase in the AI portion of their guidance.

100% look at that right there is what they're guiding for on the AI part of the business.

Costco also has earnings as well.

>> No, go ahead with Costco.

Go ahead.

I was going to comment on AVGO.

>> Okay.

Well, let me just give the numbers real quick for Costco.

Costco right here, they beat by 5% on EPS, 450 versus 427 and 67.3 versus 67.1 for revenues.

Costco after hours is down 1%.

Go ahead Sam on Broadcom.

No, I was gonna say Broadcom this is uh this is a very interesting play for the market because not only do they have the ASIC or the um applied sorry application specific integrated circuits TPUs um not specifically with the training processors but they are partnering with ARM technology I believe or ARM I think they also have the VMware purchase that they had back four years ago which is also increasing the revenue in terms of the semi sorry in terms of the software industry as well.

我想他们四年前还收购了**威睿**（VMware: VMware），这也增加了半导体，抱歉，软件行业的营收。

So it's kind of like you got a little bit of that hyperscaler space, maybe more in the private side, but you also get the chip fabrication space as well,

right?

>> But at the end of the day, this is all just bullish for Amcore, man.

Like this is bullish for Amcore.

anything to do with uh US-based chip packaging or anything to do with uh building photoronics PA lab.

I don't know if you're in that one.

Um that also has to do with basically being one of the only US-based um photo masking companies for basically putting all the uh circuits on those chips on their own.

And then I'm also bullish and also long on semiconductor which is more of the power chips for the EVs as well and the AI servers.

So, I don't know, man.

This is very bullish for US stocks or for US-based companies, which is the reason why you're seeing massive bids on them left and right.

Broadcom is like 2% up.

I wanted to come back here, man.

It's got to come back.

>> All right, let's get some more coverage on Broadcom.

>> The EPS earnings per share $1.95 on revenues of 18.02 billion, higher than the street anticipated.

Same thing for Q1 revenue guidance coming in slightly higher, 19.1 billion.

The company is attributing a lot of that strength specifically to AI semiconductor revenue.

They're saying it's increasing 74% year-over-year.

But one really important metric is AI revenue.

Specifically, AI revenue, they guided for 6.2 billion for the quarter. They actually hit 8.2.

So much higher than what they promised they would hit last quarter.

And this is important too because it is tied to Hawk 10, the CEO.

His expensive pay package is tied to various tiers of selling AI revenue.

So I think that's adding to the the stock increase of about 3%.

Semiconductor revenue higher 11 billion.

Infrastructure revenue higher $6.9 billion.

So across the board uh so far it's a beat versus estimates and it seems to be a beat off of uh some buy side expectations too.

So that's probably driving a little bit of that uptick in the stock right now guys.

>> Uh Christina thank you great father for the conversation.

Okay.

Now, so Stephanie, now that we know this, is the good news here from Broadcom mainly good for Broadcom or how much is it good for the over a overall AI trade counterbalancing some of the questions out of Oracle?

>> Yeah, I think um when you think about Broadcom like where their focus has been in my mind like that actually is pushes the positive part of the narrative which has been that there's a diversification of leaders.

It's no longer just an Nvidia play and I think you know Google has been a place that we have played that and you've seen that do really well.

Um and I think that's going to start to broaden.

So our view is that AI starts to creep into the broader economy.

People start to use it more and it's no longer about like the hardware or the models. It's more about like the actual improvement in efficiency.

And that's where I think like Broadcom can be a good player because it creates some competition in the chip space.

Um, but also I think it it shows that I I just think it's turning to a new phase and that's why, for example, we added to Microsoft recently because we think that's actually going to benefit a little bit more now.

Interesting.

All right, Stephanie Guild, thank you.

So, rotation across the market and rotation within the

>> All right, so the street likes it.

I mean, it's not a massive explosive quarter.

Stocks up 2% which is nothing crazy.

It was up almost five.

Um

>> I think they're a$ two trillion dollar company now, right?

>> Basically, yeah, they were at 1.92.

So if they're not at two trillion, they're very close.

>> Um uh I know that that's crazy.

Dove Bear said Brocom or AVGO was 169 in April.

That's insane.

>> Yeah.

I mean I mean this I mean just a massive massive move.

Obviously massive move from the bottom.

And you know the expectations going into this earnings I think were high but they couldn't be that high because the stock was up 75%.

So may maybe the stock price expectations irrationally were high but in terms of the actual doubling of AI revenue which the street thought I think would only go by 80%.

So you had a 20% beat right there that's a big deal and that's what's at least going to keep this thing holding its multiply.

I think it's trading at correct correct me if I'm wrong guys 100 times forward earnings on on their PE 100 times forward gap earn.

I mean like

>> well 28% growth for a $2 trillion company uh you have to kind of command that valuation especially when earnings growth is just catapulting.

>> but 100 times

I mean we got $3 trillion companies that are barely trading at 30 times.

>> Yeah.

But um hold on let me let me take a look here.

How what's the earnings growth?

>> Their margins can't be better than Meta.

I would I don't I don't think they would.

I mean at the end of the day it's chips, right?

Like I'm I'm I'm not saying that it's overvalued or something.

I'm just saying like for this to get even higher than a 70% move this year. I mean it's just asking for a lot at these levels which is why I think we're not seeing a massive move after hours even though it's a good earnings up 2.5%.

2.5% uh two trillion dollar company is still a big move.

Um would like to see it higher.

Google is almost at 314 after hours which is good to see.

Yesterday they they actually They were just trading at 321 today.

It's insane.

Wow.

>> Yeah.

Google, all these guys getting a bid, man.

Look at Amcor, bro.

It's about to hit 48 after hours.

>> Dude, this was 12% of my portfolio when it was like $32 with calls.

>> I mean, it the calls were the right.

I I only bought stock, but calls obviously worked out much better.

>> It's been crazy.

It's been crazy.

>> So, are you trimming Amcore here or No,

>> no. No, I actually added the Amcore the other day.

>> You added more yesterday?

Okay.

>> Yeah, I added more to Amcore because I took off a position from my portfolio. It just it was not performing.

Um, do you do you think the custom chip narrative is something that can get this stock closer to like the 430s, 440s?

So if you look at the estimates from Wall Street analysts, they do expect Nvidia to lose share.

I think Nvidia is expected to have like about 70 73% of the market share of GPUs by 2030.

And then you have Broadcom, AMD, and all these other companies coming to the industry.

Well, not coming to the industry, but getting more market share in the industry, which think of a multi-t trillion dollar TAM.

You don't need a lot in order to get a lot of the cake.

I mean, look at that, right?

If you're if they're at $6.9 billion, sorry, if they're at 11.1 billion, just billion dollars for the quarter for a multi-trillion dollar TAM industry, you don't need a lot to grow your revenue massively, right?

So, I I I think Nvidia is actually probably going to go up from here because they're like the center of AI when you really think about it.

But, it doesn't take a lot of market share for these other companies to lose.

So maybe Nvidia lose like 5% market share which I've read some analyst reports it's included in the modeling for them like they expect Nvidia to lose market share but the thing is Nvidia isn't just data center GPUs they're also expanding margins as well they're also have uh the gaming unit which is supposed to be coming back if the consumer comes back they also have the automotive unit and then on top of that they also have um what is that called the uh NVLink as well so you could have your entire ecosystem but all these different type of ASIC chips all connected in the Nvidia ecosystem.

Like I I don't see this market continuing to go higher without Nvidia.

It's very hard to see that happening.

>> Do you think Broadcom is bearish for Nvidia or No,

>> no, I don't think it is.

I think it's act Well, clearly it's bullish for Nvidia.

Nvidia is up uh 25 basis points after hours and Broadcom is up 3.5%.

The market obviously likes it.

It's bullish.

>> Okay.

Okay.

So you think the customer is only expanding the pie, but you don't think it's necessarily taking away market share.

>> So broadcom isn't a hyperscaler, right?

I mean, they have their own private data center unit that they purchased from VMware, but they're not a hyperscaler, right?

They they they design chips for other companies and specifically the TPUs.

I I think it's ARM.

Don't quote me that I think it's ARM.

And really like the expansion of data centers in that case is just going to be wholly beneficial for Broadcom.

Like it doesn't matter if Nvidia is up or down.

Like what matters is that the demand is still there and the demand is clearly there from every single hypers scale in the entire world including Alibaba, right?

I'm not saying that Alibaba is going to start buying TPUs, but like this is just bullish for the whole sector.

>> Yeah, I agree.

I think that's a fair point and I think that's also why look at Meta making a move after hours. Google making a move.

Broadcom now actually kind of holding on to that 3% move.

If that can get closer to 5% if Hawkan uh says some good stuff on the call then this is going to be a really exciting market open tomorrow.

If this can hold on to momentum S&P still moving after hours.

DraftKings moving up.

Bitcoin just below 93.

It's almost like a pretty strong reversal from yesterday's 10 p.m. 11 p.m. dump.

Even hoodie up a little bit after hours.

Pounder up as well.

Silver continuing to move.

Seen the entire market say Broadcom is giving us enough juice.

Nebius moving.

IN moving.

All the data center plays moving.

>> Oh, the move on Nebius is just beautiful.

Just beautiful.

Nebas went green on the day.

They closed green today.

They're up 32 basis points after hours.

It's just a beautiful move for Nebius to be green today after this crazy selloff in the morning.

>> I agree.

I agree.

Let's get some updates on Costco and then we'll talk a little bit more about about Nebius.

>> $450.

That is better than expectations for $427.

Revenues also stronger than expected.

This is total revenue so inclusive of membership fees 67307 billion.

The street was looking for 67.137 billion.

Comp sales, we know we still get these from Costco regularly, but total for the quarter up 6.4%.

Digitally enabled sales up 20.5%.

The company did recently change how they're reporting that number.

So, it's going to be a little different comparison if you want to look back to previous quarters, but just know now it is digitally enabled sales increased by 20.5% and the membership fees that were inclusive in that total number did grow 14% year-over-year.

Right now, shares down just a little bit for Costco.

Back over to you.

>> All right, Courtney Reagan, thank you.

Uh, meantime, the S&P 500 financials sector.

I mean, we're getting a move after hours, folks, including Biddycoin.

Look at that candle.

This was at 91.7 10 minutes ago.

93.4.

Uh, okay.

Nebia, Sam, are you still buying here or how are you thinking of Nebas in the data center place?

>> Oh, I mean, I I I'm still long.

Still long as hell, Nebius.

It's It used to be 13% of my my portfolio when it was like 140 bucks.

Now it's down to like eight or 9%.

I'm still holding.

I had it a little bit recently, but like I I didn't it really wasn't a lot, but I'm still bullish.

I mean I I still think that of all the data center plays, this is the best one.

Um I I still have that position I ran which is clearly not doing well at all.

But I mean the rest of the port is going up.

So it's like all right, well you got this small position that's going down.

It's all good.

Do you think the data center selloff via whatever narrative is going on, whether it's Oracle increased debt financing, do you think that's actually a real narrative to care about or is that just part of holding these data center?

>> No, it's it's nothing to care about.

I mean, Oracle still producing Steve.

Okay, I don't want to take the words from Steve's mouth because I didn't really dig too much into Oracle and Jose probably did as well, but I mean Oracle is almost I think it not tripling, but like they're adding $2 billion of cash flow to its operations in the last year.

They're they're not just a private data center business like they also have peopleoft.

They also have a lot of software including in included in in their their horizontal list of products.

Like this company's not going anywhere and the company's basically 40% down from its all-time highs.

Um, by the way guys, my grandpa actually is not alive anymore.

It was kind of a joke.

I didn't really tell my grand because I mean he's passed away but like I didn't tell anyone to buy Oracle at 330.

But the thing is is that how this company has gotten so ridiculously sold to a certain point that people actually forget what brought Oracle to its to its point where it is today besides just this private data center remote.

Okay.

Is the 500 plus billion dollar backlog actually going to come to fruition?

I don't know.

We'll see.

They just released chat GPT or they just they just released GPT 5.2 which they need to compute, right?

So does Oracle care if maybe there's not that much demand for it?

I I think it's still going to be a good great company and I think that today it's still of good value, but it's just not where I want to put my money personally.

>> Yeah, I I think that's a fair point and I think there's a lot of other exciting opportunities in the AI space, but that also doesn't mean that Oracle has to collapse.

So, I agree with the sell off today on that.

>> It's it's a little ridiculous that the collapse has gotten pretty insane.

Obviously, it's above $200 per share right now after hours and probably closed it above $200.

I think getting back down, closing that gap that everyone was looking at was a technical bounce from there.

I think the sell-off this morning was just a little bit overdone in my opinion.

I mean, I we needed it because how if we were propelling to all-time highs yesterday, I don't know how much momentum would continue if everyone was so bullish at the end of the day.

But the fact that you scared the pants out of everyone last night and this morning, including myself,

people definitely shorted the market at the bottom.

And what has happened?

People just rush back in.

The same thing we see all the time.

Like I feel like at the end of the day, like valuations matter, but not so much in the short and medium term.

In the short and medium term, it just matters the positioning and the sentiment of the market.

And I personally don't think the sentiment is that great.

Otherwise, you wouldn't have had a massive rally toward green from like 1.2% down in the S&P 500 making new all-time highs today.

Like that wouldn't have happened if sentiment was so bullish at the beginning of the day.

>> No, I agree.

It's a very very fair point and obviously we're seeing a lot of that sentiment rotation happening throughout the entirety of the day and throughout the entirety of the market.

All right folks, so that is Broadcom Lulu and Costco.

We are not going to be listening to the Broadcom call.

If you want to, you can go on their website.

We're going to get into Macro Thursday and discuss a variety of other macro topics myself, Sam, and our friend Christopher Patel.

We haven't been able to do macro Thursday for the past two weeks because of a lot of earnings, but uh Chris, who is a mutual friend of both of us, has initiated a new position in his portfolio.

I didn't think I would see the day, but it is official, ladies and gentlemen.

The man himself to explain why he is now bullish invidia.

>> It's probably the top.

That's exactly what it is.

>> That's what I said.

That's what I said yesterday.

It's like Chris's video.

This is the top now.

This is the top.

This This is like Bonnie Blue converting to like uh what is it called?

Like becoming like Orthodox religious person, you know, and just like what happened, Bonnie?

Like what happened? You're not doing the thousand person gang bangs anymore.

I was trying to I was trying to mess with Ahmed this morning so bad and he was like trying to keep his composure.

It was it was fun watching him squirm and then the entire chat was like like coming along with it.

So

>> dude, I'm trying to talk about Oracle's remaining performance obligation and I see Chris like, "Hey, Emit, what do you think about Bonnie Blue?"

I'm like, I I I

>> I was trying to talk about Bonnie Blues remaining performance obligation.

What are you talking [laughter] about?

>> All right, Nvidia, what the hell is going on?

How did how did how did you make this pivot for Nvidia?

>> Okay, so there's a couple of things that I think really changed changed my mind on Nvidia.

Number one, just from a I'll go with technicals and then I'll go with fundamentals.

So the first thing is just from a technical side, you can see that there's been a giant wave of consolidation at this like 170 to like 185 um level, right?

Where it's kind of like bounced up a little bit to the 200s and then it's kind of come down, but you can see that it's starting to like develop a nice little support line around that 185.

And so if you guys know with options, what happens is when a when a stock tends to kind of just like start flatlining, the IV drops off.

I mean, there were momentary periods where the IV kind of spiked up like you saw during earnings and it was just like boom and IV went up, but then you kind of saw it come down again.

So, just from an option standpoint, you're getting a really good deal.

Um, and a lot of these options, especially the ones for 2028, they came out in September, right?

So, if you had bought those options in September, you know, because of theta decay, they would have come down.

And so, right now, from just from an option standpoint, it was attractive.

Like for me especially because you know me I do leaps right so whenever you see this period of nice consolidation that's one thing the other thing now is what are some of the catalysts that are up and coming for Nvidia

I think this whole thing that happened to Google where Google came out and released Gemini and everything else it sort of put this fire under Jensen under OpenAI and all of these guys to really invest harder Right?

So, same thing with Oracle and all these other guys.

They have to put more money into this in order to stay relevant.

Now, at the end of the day, if you think about it, who is the biggest arms dealer in this AI war?

It's Nvidia, right?

So, right now, you're seeing Google starting to spend more.

So, a lot of people are going to say, "Well, I need to improve mine."

So, Anthropic's going to spend their money.

OpenAI is going to spend their money.

You're going to see a lot more people um gravitating towards that.

So, the spending is just going to go right into Nvidia's uh Nvidia's back pocket.

Um, so if you guys, if anyone here in the chat watches F1, you guys know that there's about 10 teams that compete every single year, but there's only usually two engine manufacturers that really um that basically win.

It's like one out of two win, right?

though if you think about it, Nvidia's one, Apple, like AMD and all these guys, they're, you know, they're they're in the fringes, but TPUs with Google is another big big driver of AI um AI capex.

But Nvidia specifically right now is in a prime position to take huge huge amount of gains um in this next cycle with Blackwell.

Like I really have to do a lot more fundamental analysis on Blackwell.

So right now everyone is transitioning from um from training to inference and if you look at the levels of like what's the word the exponential difference between H100s and black walls it's insane right so on one hand you have the total cost of ownership you know it's all these old H100s that are still being fully utilized and right now these a these LLMs are hitting capacity walls that's why like Right now I have Gemini Ultra and once in a while like right now I'm every time I search for something or I you know run something it's like hey sorry I I'm out of I'm out of uh I'm out of juice right now.

所以一方面你有**总拥有成本**（TCO: Total Cost of Ownership），你知道，所有这些旧的H100仍然被充分利用，现在这些LLM正在达到容量上限，这就是为什么我现在有Gemini Ultra，偶尔，就像现在，我每次搜索或运行一些东西时，它都会说：嘿，抱歉，我现在没电了。

You're going to have to wait.

Clearly shows that there's a there's just an insane amount of demand right now.

All of that is going to flow to the hyper I mean so basically now from an economy standpoint if you see this entire planet right now is all going into a AI at the same exact time.

Now if you think about a couple of constraints that people are also going to run into like electricity, right?

Everyone here knows the cost of electricity is just starting to go higher and higher.

Data centers are just developing themselves into another level and then you have like the the grid can only take so much before new capacity is added.

>> Jensen Jensen is going to host a talk about data centers and power shortages.

>> now. Here's the thing.

What is that going to do?

That's going to make people that's going to force a lot of these data center people to do what?

To actually um do their upgrade cycle faster than what they were originally hoping for.

So right now, if you're running an H100, you have to run quite a few H100s to get the same amount of output as one Blackwell.

So like from an equation standpoint, it's like, hm, do I keep running even though I've already fully paid off this H100?

Do I let it keep running, pay all these additional all this additional money for electricity, or do I work on up uh work on expediting my upgrade cycle to Blackwell where I can generate way more tokens at a much lower cost?

Because that's the key, right?

To total total cost of ownership um is going to be a a really big um selling point for Blackwell.

And so that's why if you look at Jensen, he's actually even and he's even given you like really good guidance saying, "Look, we actually know how much we're going to do next year in in contracts.

They're gonna do $300 billion in revenue next year."

>> Insane, right?

What about the cyclicality argument?

Because that I think was your biggest bare case.

That was another thing that I had to kind of like flip around and flip around on because as I did more research, I was like, "Okay, how is Nvidia going to get past the cyclicality?"

Number one, you can see that they're investing in the smaller company.

So, you can see like, hey, a billion dollars in share buybacks that a PE of 60 isn't exactly value accreative to shareholders to the same degree as investing in a company for a billion dollars and then this company turns into a $500 billion company.

Look at the all the deals with Anthropic and all of these other other guys out there.

So, number one, they're saying, "Well, we're not only going to supply the arms to a lot of these AI companies, but we're also going to take equity investments that could give exponential returns in the future."

It's very similar to what Google does with Google um what is it called? Uh

>> Google Ventures. Google Vent Google Ventures where they do these equity investments and you know most of them are going to go out of they're going to get they're going to go to zero but the ones that are going to make it are going to be exceptionally profitable.

[clears throat] Look at the example of Google Ventures investing in SpaceX.

They did not spend a lot of money to be in SpaceX but when SpaceX goes IPO, do you know what the total return on that money is going to?

>> I think it's like 56x.

Yeah.

>> Crazy, right?

So Nvidia is in that same position right now where they're generating so much cash flow that they can throw money around everywhere and they literally can can hope for one or two or three things going 50x like SpaceX right now and they actually have a lot more insight into what's working and what's not from from a from a from an investor standpoint because they're essentially providing all the basically the arms, right?

So that's one thing.

The other thing is if you see like some of the deals that they have, they actually have it so that per GPU they have like licensing fees that eventually will translate into long-term durable revenue that's just going to be coming in.

So it's no longer just, hey, I'm going to provide you the GPUs.

Hey, I'm going to license you uh what do you call it?

Like the CUDA software and everything else for like $5,000 per GPU per year.

So that's a pretty good return and it's all high margin high margin stuff.

So I I would say those two are the main factors that I would go there.

And then of course it's the massive upgrade cycles that are coming.

These guys have five years worth of upgrade cycles that are already planned out with every upgrade cycle being more and more and more value or creative.

So this is this is kind of a a dynamic where at least for the foreseeable future at least for the next 5 years the cycle is not going to end.

Could Nvidia the top line slow down?

Absolutely.

But the cash flows are going to be so strong that it's actually going to support a decent return even from where we are today.

So I think if you're expecting Nvidia to go from, you know, from I think $200 to let's say a,000 like that 5x, I don't know how how long it's going to take to get there.

It's going to like it it that's not even in my brain.

But if you're looking at a nice 50% return from here to get to 300, I don't think that's that's out of the table within a year or two.

So, let's uh let's give you a little push back right here.

Someone says, "Nothing Chris said is new.

The main problem is that the valuation makes no sense of revenue growth slows."

Do you disagree with revenue growth slowing down?

>> Revenue growth is not slowing down, it's accelerating, reacelerating.

So, that bare case is put to bed.

So, they can now sell the H2 China.

To add on to whatever Chris was saying, he's talking about the new lines of chips coming out.

We have Reuben coming out next year, okay?

Because we already had the second upgraded model Blackwell already being released soon.

And then why would they give China the H200 chips before it was the H20 chips if they weren't already planning to have a much powerful model coming out later on?

Like they're not going to do that, right?

I don't know if I really believe in Luckick when he says like, "Oh, we don't want the 25% sales, you know, whatever, all that crap."

But at the same time, they're not going to let China catch up.

They're going to release way better models coming up soon and the hyperscalers are going to want those chips.

They're not going to want the second tier chips.

They're not going to want the model that's two years ago.

They're going to want the best model that's out there, which really puts that cyclicality to bed at a certain point.

>> So, one thing by the way, what do you think your return would be if you bought Apple in the year 2000?

A lot.

But would you not have bought it in 2010?

Were you late in 2010?

No, because you still had a really good return.

What about if you bought it in 2020?

Do you think that that person who bought in 2020 is too late?

No, they still did a really good job.

So this whole thing about, oh, you're too late.

Maybe I'm too late to get that 100x return, but dude, if I'm looking from a portfolio standpoint, there's still a lot of opportunity here.

So this whole thing with someone being late, dude, I I think that they they still have a huge ramp up to go.

Now, I will I will say one thing for me.

I have been burned in the past by investing a little bit too early into things.

And so, sometimes I'm like, you know what, I take a much more bearish bearish tone to my thesis.

But I think right now you can actually see that everything is working, you know?

So, it's almost like saying with Google, like, "Oh my god, you know, Google, you didn't invest in 2005.

That means that you're dumb for not investing in, you know, that that you can't invest in 2010."

Bro, just at this point, you know that they're successful.

You know that they're a proven provider of uh of ARMS for AI,

there's still a lot of value going forward.

>> Real quick, was your experience with using Gemini also instrumental in just realizing the models get better and better, inevitably Nvidia continues to win?

>> Yeah.

Yeah.

I mean the the rapid improvement in in how how thinking and reasoning is I think is the leaprog that I was looking for.

Like right now when you look at when you do when you do your research using some of these AI agents they're no longer just regurgitating information that they've been trained on.

They actually go out there. They look they reason like a human being to figure out like okay there's actually something here.

And then you work on that and then you know there are still areas where you you have to double check, triple check and quadruple check to make sure that the thing is not hallucinated on you.

But I think AI is here to stay.

The other thing is at work every day I'm going to work and there's just new products coming online and it's like AI this and AI that and AI this.

So from an economic standpoint, you can already see that AI [clears throat] is pretty much eating all of these other like not they're not eating the applications, but every application now has an AI component to it that feeds right back into the hyperscalers.

And what are the hyperscalers doing?

They're buying NVIDIA chips.

So the the unit economics make a lot more sense.

Like right now, I work in radiology.

I work in radiology IT.

I have a ton of applications right now that we're going and we're upgrading and doing stuff and all of them have AI features.

Now all of them they have connections to AWS.

They have connections to GCP to Microsoft.

So all of the cost savings that we're getting from utilizing this AI feature for all these radiology services that we typically had to spend money on, all those efficiency gains are kind of getting filtered to the to the cloud providers and then from the cloud providers now it's going to

>> and that's why you don't see revenue growth slowing down.

>> So I'll give you an example of something that I've I right now if you look at how radiology works.

radiology.

The bottleneck in radiology in the past tended to be the machines themselves.

We actually had to take film and do the films and then process the film, take it and then we give it to the radiologist.

The radiologist reads it, you know, and it's it was like a nightmare scenario.

Then of course we became we went to a pack system where basically everything was electronic.

You sent the images to packs.

Now a lot of times people think well those efficiency gains who did that really benefit?

Well number one it benefited all the manufacturers of the equipment that that provided all this additional stuff but then it also was all these software providers that provided the software.

Now we're headed into this place where my radiologists are working and they need AI in order to function.

Like there are so many applications that are basically helping them become more efficient that it's saving the hospital a ton of time and actually like we don't have to hire nearly as many people.

I mean I'm sure the radiologists don't want to hear that but the productivity levels have increased significantly.

Accuracy is increasing significantly.

So from a cost perspective the cost of healthcare is actually coming down because of AI.

And that's one of the thesis that I was going to talk to you about with regards to um AI and deflation.

You know, one of the things and I I'm sure that this has been spoken about in great lengths, but every time there's been a sea change in technology, that's heavily heavily deflationary,

right?

So, you have this wave of disinflation that's going to be coming our way thanks to AI.

You know, if you look at how the hospitals work back in the day, the cost of serving one patient was like the the effort that you had to put in was enormous.

But then came in computers and everything else and kind of revolutionized everything and our throughput went up and the the amount of care that we were able to deliver went up.

Sure costs went up because we had to kind of like help and support everything, but overall the improvements in healthcare are like a hundred times more than they were in the 1980s before all this electronic stuff came.

So AI is still in its infancy.

So I say five years, six years, even 10 years from now, people are just going to people are going to be freaked out about how many things that um are going to have AI in it.

And so if you don't want to be in the sector, uh you're missing the you're missing a giant sea change.

And that's the way that I'm I'm I'm looking at it from here.

Do I think that there could be a correction 20 30%.

Sure.

But at the end of the day, if you look at how many areas of opportunity that companies like uh Nvidia have where they're literally integrated into an industry and they're helping supercharge an industry, it's it's insane.

And then at the same time, they do have a significant mo there's only one or two major major players here that are able to do what Nvidia does.

That gives them a significant lead.

And as far as I can tell, the hunger levels on Jensen have not gone down even the slightest.

It'd be one thing if he was just chilling on the beach saying, "Yeah, I'm going to chill."

This guy seems like he's still a hungry dog.

Be like, "I'm going to crush Google.

I don't give a I'm going to do what I need to do."

You don't want to bet on a guy like that.

I don't know about y'all, but I

>> I I agree.

And and we'll get more into this deflation thesis as well in terms of what the Fed did.

Sam, do you disagree with anything that Chris said?

And you're not long Nvidia.

So, how are you thinking about Nvidia as well?

>> No, I mean [clears throat] Chris getting long invid, uh, he's been bearish until now, which means that this is it.

They get I'm just getting around.

Um, I mean, I've known Chris for a while.

Uh, I think you've known him longer than I have.

And Chris is more about the timing, not so much like getting it at the bottom, the absolute bottom, like, you know, I'm gonna buy Hood at like $8, gonna buy Palanteer at $15, whatever.

He's about the timing.

So Chris is like basically Stanley drunker where he finds his conviction in a company and he levers the hell up when he finds that opportunity and there's a reason why he names his profile inside a trader opportunity something whatever but like Chris is more like opportunity when they risk reward is asymmetric upside which namely with UNH where he I don't want to see he didn't nail the bottom I mean Chris like you didn't nail the bottom but you kept adding adding because conviction was high and then it bottomed eventually and then it went up to 380 bucks and then like you kind of covered your position, right?

Like you you don't need like these you don't need to be like 20% pounder from the bottom and then still holding sort of thing to make money in the market.

I'm not discounting that at all because you guys made a crapload of money being 10 times in your stock.

I don't know, 20, 25 times, whatever it is.

Like, yeah, you can make money that, but you could also make money this way, too, right?

Like, did he catch the bottom of video?

No.

Did he catch video when it was $15 pre-split or when it's $15 postsplit?

No, he didn't.

But look, if Nvidia goes to 220 bucks, 230, 250.

Well, I mean, let's just say he's gonna buy Carnival Cruise Lines yacht and we're all gonna have the next meet up over there.

>> Sam, do you think 250 next year?

And then Chris, after Sam, what is your price target, I guess, for Nvidia next year for both of you if you have

>> Well, it's contingent on the market staying bullish, right