Good morning everybody. Welcome back to another episode of the market open. We are live. I am sorry I am late. I went home last night to celebrate my sister's birthday. And uh I came back this morning. I did not know even though I left two hours early that there would be 14 miles of delays. Like 14 miles of delay. Like I got in the Tesla and it's like you'll get there by 8:50. And I'm like no I should get there by like 7:55 and it's like no there's delays. So yeah it was a lot of traffic on the term. There wasn't even an accident. I mean it was raining. I didn't see the accident if there was an accident. I don't know why there was such heavy delays but we're here. We're live. We got a lot to talk about. Thank you everybody for being here. It is officially Nvidia earnings day. Uh and as a result, we've got obviously a lot going on in the markets. We do have a green pre-market, which is nice to see. Nvidia right here is actually green.

Nvidia announced a couple deals this morning. You're likely going to have some partnerships and some deals that are announced based on the fact that it is their earnings today. And they announced something with Brookfield this morning, a hundred billion dollar partnership. There's also some new deals with Saudi Arabia and the Middle Eastern subsidiaries that are investing in AI.

You got Nvidia right there 184 in the pre-markets. Uh and hopefully that momentum continues throughout the entire day. S&P 500 is up about 0.29%. We were red yesterday by about 1% of the S&P at the lows we got to 655 closed at 660. Still was an ugly day. Robin Hood up a little bit in the pre-markets. Pounder's up about 1%. Microsoft's down a little bit. Amazon's up a little bit. Bit mine's up about half a percent. Nebus did buy the dip on Nebus yesterday. It's up about 2% in the pre-markets. Open Door is down half a percent. Meta back below 600 again. The pre-market's at 597 and you got Bitcoin right there at 91.2. I think the entire market is obviously waiting for Nvidia and we're going to see what they say. We're going to see if they can have good numbers.

We got a lot to go through in terms of what the implications of the numbers could look like. But if the numbers are good, that is the first step to a successful earnings. Then the guidance has to be really good. That is the second step. Uh, and then after that, you need some help by Mr. Jerome Powell and the Fed to kind of solidify the end of year run if we are to get it. So, it's a big day for Nvidia. They've really got to execute. And from everything I've looked at, and we'll look at a lot of different numbers, it really does feel like they're going to execute well, but the question is just going to be how well is it enough to get the market to be excited.

Now, speaking of Nvidia, Jensen was at the White House last night. Apparently, there was this big White House dinner and I knew there was a dinner. I don't know how important the dinner was. Um, but you got David Saxs, Greg Brockman, president of OpenAI, Elon Musk. Look at those shoes that Elon's wearing. I mean, those are trillionaire shoes, dude. That's kind of crazy. Uh, and then you got Mr. Jensen Hong. So, Jensen kind of chilling out with all the billionaires in the White House, likely talking AI uh before earnings. I I I think it's bullish. I would hope it's bullish, but We are we're going to find out.

Here's an update on what happened last night with Trump and the Saudi crown prince who was at the White House. >> Damon Javs joins us now uh with the headlines and a recap of of the menu. >> Yeah, good morning Joe. President Trump welcomed Saudi Crown Prince Muhammad bin Salman to the White House with literal open arms on Tuesday, treating him to a South arrival ceremony with a military band, mounted honor guard, and fighter jet flyover. Then in the East Room last night, the president toasted the de facto Saudi ruler with an elegant dinner and glittering guest list, including Apple's Tim Cook, Tesla's Elon Musk, Nvidia's Jensen Wang, investor Bill Aman, and global soccer star Cristiano Ronaldo. Now, the president said he was officially designating Saudi Arabia a major non-NATO ally of the United States, putting that Arab nation in the same category as Australia, Japan, and South Korea, among others.

And in his toast, the president highlighted the major investment deals he said the Saudis had committed to. >> Saudi Arabia announced that it will invest an incredible $600 billion dollars. That means jobs. That means jobs. It's also good for your companies, but I'm only interested in the jobs for your country. I'm not interested in the profits, but I guess the profits are there, too. But $600 billion in the United States. And today I said any way you can up that? And he said I am going to up that to $1 trillion. So he's investing $1 trillion into the United States.

Now the evening marked a return to full diplomatic standing for the Saudi leader who had become an international pariah for the murder of Washington Post columnist Jamal Kosigible by Saudi agents. A killing the CIA concluded was ordered by bin Salman himself. President Trump disputed that in the Oval Office on Tuesday, arguing that bin Salman knew nothing about the murder. Things happen, President Trump said. Now, today we're expecting the president to attend the US Saudi investment forum at the Kennedy Center and continue to highlight the deep financial ties between the two countries. And guys, uh they have an all-star list of business executives coming to that Kennedy Center event today. So, we'll watch for any news out of that one throughout the day. Back over to you.

Apparently Elon's going to be at that conference. Uh Karp might be at the conference. Conf. Karp was at the dinner last night. I mean, there were a lot of people at the dinner last night. Dude, Ronaldo, because of the World Cup uh ties with the United States, was there. As you can see, there's a selfie with Ronaldo and Elon and uh Lutnik and uh Saxs. And it's it's kind of just crazy how important this dinner was last night. But uh you had Karp there, you had Vlad and Coinbase CEO um Brian Armstrong there as well. I mean, I I I knew it was an important dinner. I don't know like everyone would be there, but apparently everyone was there. You got Benny off as well. So, it was one of those events uh where the United States was essentially trying to commemorate this $1 trillion of dollars that the Saudis are basically committing towards investments. I think one of the reasons this is obviously bullish for Nvidia is because right now a lot of Nvidia's updates do not have any of the Middle Eastern chip sales. They don't have any of the China sales and they're likely not going to get that for the foreseeable future. But the Middle East stuff should happen pretty quickly. I mean, it looks like within the next quarter, Jensen's going to be able to say that we officially have Middle East revenue coming in uh from Saudi Arabia, Qatar, etc., and a lot of these other different countries that want to buy their chips. Remember, for the past four years, the Biden administration basically made it impossible for Nvidia to sell um to the Middle East.

Now, again, the price action on Nvidia is going to be the price action that goes up and down in a very volatile way. In terms of how the street is thinking of it, there is a $300 billion market cap move for Nvidia. $300 billion market cap move for Nvidia, which is basically implying um a 7% move on the options market. 330 billion would be the market cap. Now, some stats about Nvidia that's really interesting to look at uh as we get into their earnings. First of all, the stock this year is up 35%. their forward PE has fallen from 31 to 29.5 even with the 35% gain meaning the stock is getting cheaper as it goes up based on the idea of or based on the actual reality of their numbers being as strong as they are. So that's very bullish to see and if they can you know pull up with even better numbers today then the stock hopefully will continue to get cheaper.

Q3 estimates are 54.8 billion that would be 57% year-over-year growth up 17% quarter- quarter. Data center is 49 billion that's up 60% year-over-year. gross margins if they somehow beat 73.7. They did say about the latter half of the year they would get closer to the mid70s. Um, so I think that's where there could be a very big surprise if they come in at like 75. They used to be at 77 a year and a half ago. Now I'm not expecting that. 73 for a hardware company would still be amazing, but if they can beat that number, that would be amazing. And then EPS25. The whisper numbers are 61.8 billion.

Streets expecting for Q4 gross margin of 74.5% EPS of A143. and then data centers of $55 billion. If Nvidia can beat the numbers you're seeing right here on the screen, which they're expected to beat in a pretty significant way, and pretty much every analyst report that I've read over the past 24 hours says, "We expect Nvidia to really do a good job." I mean, there was one firm that literally said, "You should buy Nvidia at 180 to 185 before the earnings because we're that confident that Nvidia is going to have such a strong quarter," which, you know, maybe they do and the stock still tanks. you have a lot of the Wall Street guys feeling very very bullish about what's going to happen with Nvidia. Uh if that's the case then, you know, hopefully this is a good quarter and hopefully the street likes it, but outside of just Nvidia's quarter, we need these rate cuts and we need the Fed to be a little bit more uh accommodative to what's going on. The sentiment around the AI bubble is still there. I don't think we're out of the woods in terms of people thinking it's not a bubble, but Nvidia making sure to solidify that the growth is real, the growth is coming. Jensen kind of calming everyone down again around this whole GPU depreciation debate which is probably going to be the number one question he's asked about. You got Michael Burry tweeting even more things this morning about depreciation expenses in the context of BYU do uh that will be very important and that will hopefully calm down the stream.

Let's talk about Google. Gemini 3 was announced yesterday. We covered this a little bit on the market close and my goodness, I mean, it is beating every single benchmark. Sundar is really having his moment. You've got pretty much universal praise around what's going on with Gemini. And I mean, quite frankly, he's making me want to buy this thing at all-time highs. 282 you have right there on Google. That's up 1.4%. The most impressive thing to me about Gemini 3 is that it was trained um on Google's TPUs. And as a result of it being trained on Google's TPUs, you've got a lot of people starting to question, you know, how strong is Google in the hardware business based on the TPUs that they have been able to use to get the types of benchmarks that they're getting.

As you can see right here on the screen, I mean, these numbers are just absolutely phenomenal. And if you look at it, not only on a year-over-year improvement from Gemini 2.5, but compared to something like GPT51 or Claude Sonnet, I mean, the numbers are double or triple those other models. There hasn't been a comparison of Grock, at least not in this one. Grock 4.1 did come out yesterday as well. But my goodness, my goodness, you had Elon, you had Sam Alman, everyone just gives some praise to Google last night. Uh because, you know, when you come out with a product that's that good, you deserve it. And I think it really begs the question again, this idea of an AI bubble. If the products are just that good and the user adoption is as strong as a Gemini at 650 million monthlies and and and two billion daily uh Google AI search overview users, like if that continues to accelerate and then it continues to get monetized because the product is just that good that people are willing to pay the 20 bucks a month, $200 a month or engage with the advertisements in those products, um Google's going to win and they're going to win at a profound level.

I think it is part of the reason why Birkshshire took their stake. I mean, at the end of the day, they are a toll booth for the entire world's attention with their advertising model, and they have so many other different bets that they're going for. And now that they have the distribution, if they introduce a new model, I mean, I am not loyal to a specific LLM. Like, I recently signed up for Claude because it was giving me some better results, but if Gemini gives me better results, I'll cancel Claude and go to Gemini. Like, there really is no stickiness unless the product itself is that good. The one thing about Google that could be more sticky than the other products in the LLM game is that they have all your data. And so if they know your search history, if they have your emails, if they have your Google Docs and all that's incorporated, it's a very very very exciting uh ecosystem that Google is is going for. So I think it's bullish. I think it makes a lot of sense and obviously Google's getting the praise that they do deserve.

Now someone doesn't believe that Google is a buy right now and he doesn't believe the other Mac 7s are a buy outside of Apple. Dean evaluations awat the more capex they spend the more cautious I become. If you're planning to buy them, it's not a great time. The only one I would say to buy is Apple. It's the most cautious of these companies. This statement got a lot of attention yesterday because basically he's saying again that every single Mac 7 outside of Apple is in a bubble. And the only reason Apple's not in a bubble is because they're not spending tremendous amounts of capex. Aka he's discounting the capex that Google, Amazon, Meta, etc. is spending because he doesn't think the ROI from that capex is going to be there.

And you know, people thought there was more nuance to his argument. There really isn't. I mean, we listened to the whole thing yesterday. The the the extent of the argument that I heard was Sam Alman couldn't give an answer to Brad Gersonner about the ROI. Therefore, he is concluding that every MAG7 is overspending and as a result, the unit economics are not going to make any sense in the long term when they try to monetize this stuff and eventually there will be a day of reckoning when everything collapses. The only way to uh to hedge against that is to buy Apple because you know Apple doesn't spend on capex. So, I found out last night in the comments based on what a lot of people said. Chad said he's in an academic bubble. That's what it feels like based on these comments. Apparently, he called Uber overvalued at a $17 billion valuation. He called Invidia overvalued at 33. He said he dumped all of his Apple back in 2012. He wrote an article. I mean, there's just a lot of different screenshots I've seen that I didn't really know about of this guy. Like, this is February 6, 2024. All the Mac 7 looks overpriced. I mean, pretty much every Mac 7 since then has done very well. Google's basically doubled. Um, it's quite incredible to kind of see the the the extent of the argument. So, I I would chalk it up to someone who is stuck in his form of thinking, which is not necessarily a bad form of thinking, but nonetheless, it is a bit more dogmatic in the context of the current market environment that we're in. And I don't want to discount him. He's an NYU professor. He's been doing this for a long time. He obviously understands valuations. But I just like logically we're going to discount Google and say Apple's a better buy even though Apple's trading at a higher multiple than Google. They're not growing faster than Google anywhere. EPS revenue adjusted EBIDA nothing. But Apple spending three billion on capex, Google spending 100 billion on capex. Therefore, Google spending 100 billion means that it should be discounted as a bubble given you know quite frankly one of the reasons Google's growing faster than Apple might be because they invested 100 billion in capex and many hundreds of billions over the past couple years. Whereas Apple did nothing. Apple's making iPhone fanny packs for people to, you know, usher in the new age of innovation for how you hold in your iPhone. I mean, the idea that you would discount Google simply because they're not they're spending more on capex, I don't know, to me is weird. It's very very very weird. And so I I think but but the reason I'm highlighting this because you have people like him in the media that are causing a lot of fear around the fact that AI is fake and it's all a bubble. And when you and when when when you kind of dissect the extent of their arguments, some of their arguments might have some validity to it in terms of being healthily skeptical about, but then other times you're just like really like that's the analysis. Apple doesn't spend capex, therefore buy Apple. It's weird. It's very very weird. But nonetheless, those are some of the arguments that are out there and I think the market is trying to grapple with how to navigate a lot of those different arguments.

Chad says you should pay attention with real when reality doesn't match data. Yeah. And you know the the reality of a lot of the earnings that we've seen have only increased in terms of the earnings growth which again max 7 earnings growth has been pretty exceptional outside of Tesla because of the investments they made in infrastructure and data centers and the reality of what they've been investing we are seeing the ROI the ROIC the you know return on investing capital is not like 70 or 80%. but it's getting to 10 to 15% and over the coming years if that gets anywhere near 20 to 30% you are going to have a meaningful return on those investments which is going to match up to the reality of those earnings.

Speaking of investments this is where you are starting to get a lot more confirmation that this data center buildout is probably not a bubble. The United States government yesterday gave a loan to Constellation Energy Group of a billion dollars to restart a nuclear power plant in Pennsylvania. Why does this matter? Number one, I know, you know, people freak out sometimes when the US government gets involved and we give out loans and, you know, it feels like we're kind of bailing companies out and stuff like that. That's not what's happening here. In my opinion, what's happening here is a very, very strategic investment by Chris Wright, the secretary of the energy department in the United States to basically say if we're going to build out all these data centers, if we're actually going to give all these companies a chance to fight and compete and be relevant in the age of AI, they're going to need power. I mean, the biggest thing we've heard, same thing from Satiendell a couple weeks ago, is that we don't have enough power and we need energy for compute. He even said chips are not the issue. We have enough chips, we don't have enough energy. Constellation rate, they're up 2%. Um, in order to build out these data centers and also not have regular people in Pennsylvania pay double their electricity bill every month, we need more energy. And in order to have that energy, you need a lot of more investments in infrastructure into that energy and into the United States. And so the US government giving a billion dollar loan, which you know a billion dollars is a couple pennies for the United States. I mean we spend a lot more than a billion on stuff that's pretty useless to allow these companies to build out their infrastructure again to me shows it's not as much of a bubble as people think.

I mean again one of the arguments for why the com was a bubble is because we had all this dark fiber 97% of it that wasn't used. There was no amount of ads that Yahoo could sell in 2000 that could justify that investment. and therefore all the circular financing came to collapse and you know the telecom buildout made no sense in this case. I mean the fact that the government has to give a billion dollar loan and they're probably going to do a lot more of these loans to companies just to build out the energy to get the data centers to power up because every GPU is being used as soon as possible in a variety of use cases right Whimo FSD enterprise workflows chatbt Gemini anthropic etc. All of these things that are just at the early innings of their compounding effect means we need more energy. And if we need more energy, we're obviously going to need a lot more buildout.

Uh look at the data center deal with Brookfield. Yeah, so that was actually the next topic right here. Referenced it early in the morning. Uh this was also incredibly important. So and I think this was one of the reasons why Nvidia was up this morning. Brookfield and Nvidia along with the Kuwait Investment Authority are announcing a $100 billion partnership for a global AI infrastructure program. The program will be anchored by the Brookfield AI infrastructure fund which launched today with commitments of five billion from our institutional strategic partners as well as Brookfield. We will acquire up to a 100 billion of AI infrastructure assets deploying investment across every stage of the value chain from energy and land to data centers and compute. This was announced by Brookfield in collaboration with Kuwait, uh, Kuwait's Investment Authority and Nvidia. Now, this is pretty obvious and this was going to happen. Uh, we we've had a bit of teasing of this when Jensen talked about this a couple months ago on the earnings call, so it makes sense that is officially taking place. Obviously, they're announcing it today because we've got earnings coming up. So, uh, Nvidia would want to get this news out there. But again, when people say it's a bubble, it's like, okay. But you've got other countries at this point partnering with investment firms along with Nvidia to deploy a hundred billion dollars. And again, are they throwing out a hundred billion for for funds? It's like no, they expect an ROI on this hundred billion. They expect some level of return. They expect infrastructure. They expect to create jobs, etc. Like I don't know. If you look at all this and you say it's a bubble, the question then becomes, you have to think that none of this 100 billion is going to have any level of relevance.

And I mean I would imagine that 100 billion is going to matter in some capacity going and and this goes back to the circular argument we saw yesterday. So obviously the big headline yesterday was Nvidia, Microsoft and Anthropic are going to be doing this partnership where Anthropic will get an investment from Microsoft Nvidia and Anthropic is going to be buying 30 billion of compute from Azure. thought a lot about this last night around hey you know is this a bubble as soon as this headline or is this a circular uh sort of argument around data center financing that ends up leading to some cataclysmic bubble because that was kind of the gut reaction that a lot of people had yesterday and my conclusion just based on trying to be really logical about it is I don't understand why people are freaking out about this if and this is the if this is this is the $350 billion if as per anthropics new valuation if Enthropic has independent demand outside of um the compute constraints they have with Nvidia and Microsoft aka if Enthropic is buying 30 billion of Azure compute capacity and then Azure is going to be buying Nvidia chips and Nvidia is investing in Enthropic to be able to buy the Azure compute capacity is that a circle of course but if Enthropic is going to use that 30 billion of Azure compute which indirectly is using the whatever amount of billions of chips that Nvidia will be buying from Microsoft to run those cloud AI workloads to then generate revenue aka an ROI on the compute capacity that they are contracting with Microsoft.

Same thing with OpenAI and their partnerships with uh Broadcom, AMD, Amazon, etc. Then why is it some circle that everyone is so afraid about? Like the the the reason in the dotcom bubble that didn't make any sense is because there was no independent demand, enterprise or consumer, that could ever make up for the level of investment that was being put into place. In this case, it's still a question if a lot of these model companies are going to be able to have that demand. But that's where you have to make a decision as investor. Do you think that these companies are important enough? Do you think Whimo is important enough? Do you think FSD is important enough? Do you think robotics matter enough? Do you think Gemini is important enough? Do you think, you know, Claude in the enterprise is going to scale fast enough where they can generate those hundreds of billions of dollars of revenue as per Sam Alman and then be able to deploy it in a meaningful way? And you know that that that's a question of do you believe in AI and if you do believe in AI then I think there's a lot of implications for that but that doesn't have to be a circle and in the middle in the short term is it circular financing yes but like a lot of things are circular in nature the entire economy is circular that's how value is created in the long term is that circularity necessary to generate returns and I think that's what Jensen's saying.

They're basically saying look these companies need investment. We have the capital so we are going to deploy that capital into these companies. Yes, these companies are also our customers, but they have independent demand outside of the compute needs. They they um have to to contract with us because they're growing businesses and that's why we're making the investments. Like it's not that crazy when you listen to it. I understand the headlines make it feel like it's completely circular, but um if you believe these companies are going to actually be able to create value long term, I think the broader question is not is it circular or not? Like obviously it's circular. It's the question of will these companies be able to create value over the next 10 years? The anthropics, the GPTs of the world, etc. And if they are, then these these investments are going to turn out to be really strong investments. And by the way, um JP Morgan thinks so as well. So JP Morgan, I'm going to leave the link right here in the chat for anyone who wants to read this. I' I've read through a little bit of it, but not the entirety of it. JP Morgan put out a 65page document yesterday around why the AI revolution is happening, how to have uh a process and a framework for investing in this revolution, how to think about it geographically, how to think about capex spend, etc. And then sort of a structural shift that's happening in the economy that's important for every investor to understand.

So the question then becomes why are we down, right? Why has the stock market been ugly over the past couple of weeks? And and I was talking about this yesterday and the market closed and I hate to say it, but it's like it's it's it's what kind of had to happen for this to be more natural, right? Like if we moonshot it to 72 7,300 right now on November 19th, I think a lot of us would be happy obviously because our portfolios would up, but also a lot of us would be like, dude, this is like really quick. like this is just like we you know this is happening at a pace that probably isn't natural to happen especially given the past six months were green including October even with the choppiness of October we have we were up two and a half% uh and so November we're down 4% is that crazy to be down 4% in November after six months of no it feels like I hate to say but it feels very healthy it feels like very normal to have Nvidia not up 57% year-to date but to be up 38% year to date like the S& P is up 14% instead of 18%. That is not some scary thing to deal with. It's just the fact that we had a month of like really really big highs with a lot of these names that are now down severely from those highs. A lot of those being high beta names. Um that's why it feels aggressive. But this is not like some massive correction. I mean this is like 4% down on the S&P. I mean we went through that plenty of times in 23 and 24. It's just 2025. Ever since April, we had so much uh uh aggressive moves to the upside that it's hard to imagine that we would have a 4% draw down. Nonetheless, it's a 4% draw down.

So now the question is, can we get a good Nvidia earnings? Can we get a good Fed meeting? Can this stuff start to resolve itself? and uh we end up having this end of year rally, but over the coming weeks, I guess we're going to get a lot more of that data and see if it plays out.

first of all, speaking of Tesla, they got permission from Arizona to officially expand and get a robo taxi service in their public roads. They got the approval from the Arizona Department of Transportation. Uh so, you are seeing Tesla begin to expand. Whimo expanded to five new cities yesterday. So, you're seeing the self-driving revolution start to become very real and I would imagine over the next 5 years um it becomes a mainstream thing where people are ordering robo taxi. So, exciting to see those updates in the context of Tesla and Whimo. Larry Summers officially has resigned from the OpenAI board. Uh, it does say something that OpenAI actually put this guy on their board of directors, but based on all of the Epstein emails, which by the way unanimously got approved from the Senate last night, uh, and the House was 427 to1. I don't understand why Representative Klay Higgins actually voted against it. But I mean, that's it was quite incredible to see the one vote against it. Um, but the House and the Senate passed it and so I think by next week we're going to get a lot of data on what happened with Epstein and Larry Summers from the emails that have already been leaked apparently was talking with Epstein on relationship advice and how to have an affair, etc. Like is it's kind of crazy. And so he um officially apologized. He apologized in the past, but you know the emails in the past were not the email. A lot of these emails go back to 2019, five years ago. These are these are not these are emails after he was already convicted of being a sex offender. So it's not it's not like uh Larry Summers did not know who he was, but he continued to conversate with him. So now that the emails are so explicit, he is officially stepping down from his role at Harvard, stepping down from the OpenAI board. I mean, it is quite incredible to see the reckoning that is happening with these public officials that are somehow all tied to Epstein. Back to the labor market. This is the stuff the Fed needs to be looking at. 39,6 Americans were given advanced layoff notices in October, the second highest since the 2020 pandemic. This is from the Federal Bank, Federal Reserve Bank of Cleveland. These notices are issued under the worker adjustment and retraining notification or warrant act, which obligates covered employers to provide at least 60 days of notice before a mass layoff or planned closing. aka we are seeing more monthly warn notices. We are seeing more mass layoffs. I don't know how the Fed can see data like that and think that we don't need to cut rates.

This is why I say that humanoid robots will be the biggest industry or the biggest product ever. um bigger than cell phones or anything else because everyone's going to want one and uh or maybe more more than one and there'll be many in industry. I think even perhaps in the four or five year time frame the lowest cost way to do AI compute will be with solar powered AI satellites. So I'd say not more than five years from now.

Everybody has been asking me to ask you are we going to have an AI bubble? All right. No. All right. Let me Well, let me just tell you what we see. Okay. So So I I think it's really important when you look at what's happening around the world and go back to first principles of what's happening in computer science and computing. There are three things that that's happening. The first thing is that we all know that Moore's law has run its course and the ability that the amount of demand for computing versus the amount of computation we can get out of general purpose computing is really challenging and so the world's been moving to accelerated computing for some time. The second thing is generative what the the last 15 years is called rexes recommener systems... That Rexus is the engine of the internet today. That's going generative AI. It used to be running on CPUs, now it runs on GPUs. Which then says the third thing when if you just look at those two applications... it creates this the third opportunity on top of it which is agentic AI this is grock and this is open AI this is anthropic you know this is Gemini agentic AI sits on top of that but don't you know don't forget to think about what is happening above underneath what everybody sees as AI today, there's a whole movement of computing from general purpose computing to accelerated computing and that if you just if you take that into consideration, you'll come to the conclusion that in fact what is left over to fuel that revolutionary agentic AI is not only substantially less than you thought and all of it justified.

And hopefully tonight with Nvidia earnings that continues to reaffirm the opportunity that a lot of people do think is very real for AI. 185 on Nvidia S&P 500 661.53. I think that is it for today. I will be back at 345 with Tanner, Neil, and Couch uh or Jose. Um and we'll be live to cover Nvidia earnings. Again, the streets expecting 56 billion for this quarter, 61 billion in guidance. Hopefully Nvidia can give us good earnings. I'm expecting it. If it even stays at 185, I'm happy. Obviously, a bounce would be great. I just don't want it to go down because you already have sentiment kind of going the wrong way. You got the Fed potentially not cing. So if the world's largest company, you know, takes a five, seven% hit, that wouldn't be the best. So if we can at least stay at these levels, I'd be happy. And hopefully Jensen can continue to prove how important this revolution is.