All right. Hello everybody. Welcome back to another episode of the market close. We are live. It is Monday, November 10th. And folks, we went green. We went green. Oh boy, did we go green. S&P 500 at 681.95. We were barely pushing 677 this morning and we were bouncing around 655 to 677. Now we are well above 680 at least at you know pushing 682 and every dollar on the S&P really does matter. So seeing that hit above 680 is really nice to see. That's one of the core levels I talked about this morning. If we can get above 680 and then close above 680, we're up 10 bucks on the day up 1.62%. And that's causing everything to have some fun.

SoFi, what a day. It was up 10% at one point. Right now 8.84. I think if you are a SoFi shareholder, you will take it. You got SoFi right there. Looks like it's going to get that close above 30.50. Grab right there up 6%. Google up 4%. 290 4% on a $3.2 trillion company is a big deal. Nvidia pushing 200 up 11 bucks. That's up 6%. Palantir 9% on the day at 193. That's a $16 rebound. Robin Hood right here at 137 again. S&P at 681. Meta's up 2%. Amazon's up 2%. Salesforce up half percent. Even Reddit's up 6%. Apple's up a third of a percent. SMCI is up too. Bitcoin and Ethereum relatively flat. Ethereum right there at 3500. Bitcoin at 106. Bitcoin at least above that 104 level it was at in the morning. And that's why BMR right here is at 4172 up 3%.

But it is very very very nice to see that we are getting a green rebound. And now the number one question I think people are having are why are we getting that green rebound? And obviously there's two main answers. Number one is the shutdown has not officially come to an end, but in the next three days it should likely come to an end. We got that Senate procedural vote yesterday. That's what the market really cared about. And then number two, you've got potentially a little bit of less fear around the nature of this AI trade. And there are some headlines we'll talk about for why that fear is potentially going down. There's also some headlines for why that fear could be going up.

One of those headlines being from Michael Burry who actually tweeted and called out some companies for the first time in a couple years specifically Meta, Oracle, and Nvidia saying that they have overstated their or sorry understated their depreciation which has allowed them to overstate their earnings. And then he's saying stay tuned for November 25th because things get worse. Don't know what that means. Is he launching a book? Is he putting out more analysis? But nonetheless, you have that headline there. Even that headline has not stopped the two big positions that he has a massive bearish bet against Palantir and Nvidia from going down. Palantir right there up 9% on the day and then Nvidia up 6.2%. Again, he does have close to a billion dollar notional **put position** (看跌期权头寸，一种金融衍生品，当标的资产价格下跌时，其持有者会获利) on these two companies. You're not seeing that type of pain.

Now, it's not happening to the entirety of the market because you are getting some pain in a variety of areas. First of all, the earnings that we have today, Big Bear AI, Regetti, Rocket Lab, AS, Terowolf, Plug, and Oxy. The only one that I own out of these names are Rocket Lab. So, we're going to get all those earnings after the bell, and I'll put a poll right here in the chat on which one people think will outperform.

But the data center plays haven't really done that well today. Honestly, I'm not sure exactly why. The only argument you can make is around the overall debt that these data centers or that the hyperscalers are taking on, which could be affecting all the Neoclouds. Coreweave right there basically flat. Nebius ended up going basically flat. IREN here down 3% of the day. All of them getting hit. Not exactly sure why. Cypher down 4%. Maybe it has to do with AI hyperscaler debt. Maybe there's something else going on but we will get one of the big neocloud earnings today after the bell with Coreweave.

>> NBC contributor: I think there's a certain measure of relief because the shutdown robbed us of visibility on the macro data and of course there's economic hit. So I think for many reasons I think this shutdown was a problem for investors. >> So what about now between now and the end of the year? It's the AI trade that really seems to be debated. How do you feel about it heading into this final stretch? >> Uh I think it's still in really good shape fundamentally. We know there's a lot of visibility for for AI spending and we know there's still innovation and gain of function taking place with the models. So it to me it makes sense that there's still a payoff coming. I think one of the issues that investors are going to grapple with is even though they may say AI uh stocks are expensive, Nvidia still only trades at 29 times Ford earnings. I mean it's still cheaper than Costco. So it's it's hardly a bubble valuation. >> No, but I don't think when they talk about the valuation of AI stocks, they're necessarily talking about Nvidia. I think you would agree with me on that. They're more so talking about names like Palantir and some others where you could easily say, "Yes, the earnings have been great and the the story is incredible, but at some point you're only willing to pay X for a stock and maybe that one's gotten a little bit too rich." >> Yeah. I mean, I think Palantir is an example of what they call like an N equals one company. You know, you've got a founder-led business developing products that really seem like magic for the companies that adopt it. So, you know, should this just be getting a software multiple? I don't think so. And, you know, Palantir's opening up so many markets. People would have said that about Tesla in 2018 because it looked incredibly expensive and the stock in Tesla has been a huge performer since then. >> But what was last week about then do you think at its heart? >> Well, I think at the heart is the market wobbles. And so when the market wobbles people do two things, you know, one is they start to take shots at the leaders, right? But the second it it really highlights the grim reality that we're about to have a third year of double digit gains. The S&P is up 80% over the past three years. And funds are measured on three-year performance. Only 21% of fund managers are beating 80% over that three-year period. It is one of the worst ever periods for fund managers. And so they'd rather see the market fall so that it falls to their performance level. I think what's more likely of course is the market follows a seasonal pattern which means there's going to be a lot of chasing into year end.

A couple core arguments he made. Number one, market wobbles. It is what it is. And quite frankly, there wasn't a lot of reasons for why the market took as bad of a downturn as it did last week. The shutdown potentially being reversed caused the V-shape on Friday which then made it very clear that the market cares so much about the shutdown. In terms of Palantir, I thought what he said was also really important. Essentially saying that Palantir is a one of one company and that their products are like magic. You could have said the same argument about Tesla when it was worth 50 billion back in 2018 that it was egregiously overvalued and expensive, but that doesn't mean it's a bubble. He's basically highlighting Palantir as a core winner in the AI space. The market is siding on Palantir. This is obviously bigger money that's stepping in after the shutdown that's happy to start reallocating to equities, which goes to Tom Lee's third point, which is that only 23% of fund managers are meeting their benchmarks, which means they'd rather see the market go down so they can catch up. If the market doesn't go down, they have to chase. As an institutional money manager, you have a fiduciary duty to be able to beat the S&P 500. And if you're not at this point, then there might be some chasing that's going on right here.

We got a lot of earnings. Big Bear AI Street's expecting a loss of 7 cents and 31 million in revenue. Regetti Street's expecting a loss of 6 cents and 2.1 million in revenue. Coreweave Street's expecting 51 cents of a loss and 1.28 billion in revenue. Then Rocket Lab Street's expecting 10 cents of a loss, 151 million of revenue. ASTS streets expecting 27 cents of a loss and 22 million in revenue. And then for plug streets expecting 13 cents and 176 million of revenue. Oxy streets expecting 49 cents 6.74 billion in revenue.

Plug beat by 8% on EPS, 1% on revenue. So, you got a double beat for Plug. Regetti, they missed EPS by 933%. 62 cents of a loss versus 6 cents. And then revenue 1.94 versus 2.1. Terowolf missed EPS by 2,000%. Not 933%. 2,160%. Coreweave up 2.7. Third quarter revenue 1.36 billion versus 1.29. That's a beat on revenue. A beat on EPS. Street thought they would lose 57 cents. They only lost 22 cents. That's a hell of a beat. Big Bear the Street thought they would lose seven cents. They ended up losing three. That's a 57% beat. And then revenue 33 versus 31. So even though revenue is down 20% year-over-year, EPS is up 50% year-over-year. And they beat on the top of the bottom. Rocket Lab, we got a double beat. They beat EPS by 70%. Street thought they will lose 10 cents a share. They only lost three cents. As for ASTS, the street expected 22 million in revenue. They came in at 14 million. They did miss by 33% on revenue. EPS, they missed by 67%. Oxy they beat on EPS by 33% 65 cents versus 49 cents expected and then revenue they missed inconsequentially. CleanSpark did an offering. 1 billion in convertible notes. Beyond Meat missed EPS by about 20 cents. They beat revenue by 2 million.

Peter Beck, this past quarter we once again delivered record revenue at 155 million at record gap gross margins at 37%. Our momentum is strong and we're poised to deliver long-term exciting growth. Fourth quarter they're guiding for 180 million gap gross margins of 37 to 39. That's pretty incredible for a hardware intensive business like Rocket Lab. Updating our Neutron schedule that has a rocket arriving at Rocket Lab launch complex 3 in Q1 2026. With the first launch thereafter pending the successful completion of the vehicle's qualification testing and acceptance program.

Coreweave CEO: We've delivered an exceptional third quarter, setting new records for revenue and almost doubling our revenue backlog to more than 55 billion. Our performance reflects disciplined execution across every part of our business. Core's position as the essential cloud for AI has never been stronger. This is super bullish Nvidia, super bullish AMD. It means demand should be high.

We announced a definitive agreement to acquire Ask Sage, a fast growing generative AI platform for secure distribution of AI models and agentic AI capabilities built specifically for defense and national security agencies. Askage is expected to deliver annual recurring revenue of approximately 25 million in 2025, demonstrating a year-on-year increase of approximately six times their ARR. Big Bear is paying 250 million for a company doing 25 million. So, they're paying 10 times sales. Despite delays resulting from the government shutdown, we believe the potential for new businesses in the field of broader security and defense remains strong.

We continue to operate in a highly supply constrained environment where the demand for core best-in-class AI cloud platform far exceeds available capacity. This insatiable customer demand is a clear signal that the world's leading companies trust Coreweave to power their most critical AI workloads. In Q3, we beat expectations, delivering revenue of 1.4 billion, up 134% year-over-year. We added over 25 billion in revenue backlog in a third quarter alone, bringing us to over 55 billion in revenue backlog to end Q3, almost double Q2.

In our case, we are affected by temporary delays related to a third-party data center developer who is behind schedule. This impacts fourth quarter expectations which Nitton will discuss shortly. With that backdrop, we now expect 2025 revenue in the range of 5.05 to 5.15 billion. The CFO said many times we are going to further increase our debt load to finance our demand-based capex. Now, the reason he's using that word demand-based capex is very intentional, right? He's trying to say, "Hey, the reason we're taking on more debt is because we have so much demand." Which is fine. It's just at the end of the day, that might not be something that the street cares that much about. Corey right here down 5.7%.

Marjorie Taylor Green, who is a big ally of yours, said that she would rather see you focused on non-stop domestic policy meetings here at the White House instead of non-stop foreign policy meetings. What's your response to her saying that? And also, saying that grocery prices are up and not down as you've said. >> Yeah. So, I don't know what happened to Marie. She's a nice woman, but I don't know what happened. She's lost her way, I think. But, I have to view the presidency as a worldwide situation, not locally. I passed a great big beautiful bill, which is the biggest tax cuts in the history of our country. Objectively, he dodged the question about grocery prices because he knows at the end of the day grocery prices are up.

Overall I'm very happy as a Rocket Lab shareholder with that quarter. That was not a bad quarter by any sense of the imagination. Coreweave is the one that's getting hit the most after hours down 6.1%. Regardless of some of these earnings moves after hours, we did have a really good day and S&P 500 up one and a half%. Very nice to see 681.44. If we can continue that momentum. Again, all-time highs are 689. We are not that far away.