Title: Debating the Road to S&P 8,000 8/6/26
Show: CNBC Halftime Report (podcast of the live noon ET show)
Host: Scott Wapner + Investment Committee (members named in the transcript intro)
Date: 2026-08-06 (Thursday)
URL: https://open.spotify.com/episode/0FZ2A09MUsKKnszLFuyYZT
Length: ~46:50
Note: Spotify auto-generated transcript (accuracy may vary); (mm:ss) cues from Spotify transcript sections.

(0:00) I'm Scott Wapner, and you're listening to CNBC Halftime Report, the podcast the most profitable hour
(0:07) of the trading day.
(0:08) We record this live weekdays at 12 Eastern.
(0:11) Listen in.
(0:12) All right, guys, thanks so much.
(0:16) Welcome to the halftime Report.
(0:17) I'm Scott Wapner, front and center this hour, debating the road to S&P 8000.
(0:21) We will do.
(0:22) That today with the investment committee, we'll trade the day's biggest movers.
(0:25) And joining me for the hour, Josh Brown mouth the meth bridge.
(0:28) Bill Baruch show you what we're doing here.
(0:30) We do have some red on the screen today and it is across the board.
(0:33) Tech is week for why Sima was talking about SanDisk and Western Didger are certainly a drag there.
(0:40) We're about 54,000 on the Dow.
(0:42) We're still pacing on the S&P for the best week since April.
(0:45) We've had a lot of calls, Josh, lately about 8000 on the S&P.
(0:50) Your Denny's at 8250 says that could be conservative.
(0:53) You've called it one of the healthiest, if not the healthiest tapes that you've seen in an awfully
(0:58) long time.
(1:00) Tom Lee says you could hit 8000 this month.
(1:03) And earnings are the story.
(1:04) They're the story in all caps because the growth has been pretty remarkable, about 50% in the second
(1:11) quarter.
(1:12) If you strip out Google and Amazon and their investment gains, it's at 31%.
(1:17) July 1st, it was 24.4.
(1:19) So estimates continue and growth continues to go up and that's driving the market.
(1:24) So I have my contras.
(1:26) Do you guys have contras?
(1:27) Like people that you know are always wrong, but you listen to them anyway because they make you feel
(1:31) better.
(1:31) You have like one or two.
(1:33) I know you do sneaky, but like everyone.
(1:35) So I have my contras and they have, it's really helpful actually.
(1:38) They have podcasts, so it's super convenient.
(1:40) I don't have to track down their comments on social media.
(1:43) I can just listen to a steady stream of it.
(1:46) And the people in 2024 that were lamenting the fact that it was a hyper concentrated bull market,
(1:51) just mag 7, it's all hyperscaler, right?
(1:54) Those people.
(1:55) And they didn't like the fact that the market was being driven at that phase of the rally by PE
(2:00) multiple expansion.
(2:02) Well, they changed their tune because now it's not.
(2:04) We actually have multiples compressing.
(2:06) What we have is massive earnings expansion all over the market.
(2:11) And So what they're saying instead now is earnings bubble.
(2:14) It's hope you can't win with these people.
(2:16) But again, I find that to be a helpful exercise.
(2:19) Let me listen to this guy.
(2:20) Everything he says is backwards.
(2:22) That's what they're saying.
(2:23) Now, if that's the problem, that there's too much earnings, I'll take it.
(2:28) And I want to be really specific here about what's going on.
(2:32) Let's take out Google and Amazon earnings because we know they wrote up their stakes in Anthropic
(2:36) and other startups, and that's not obviously repeatable or something that we want to get too excited
(2:42) about.
(2:42) Even if you pull those out, the S&P 500's earnings growth is still 28.8% for next quarter.
(2:50) The analysts are already increasing estimates.
(2:52) Normally, analysts reduce estimates during the quarter.
(2:56) They lower the hurdle, make it easier for their coverage universe to jump over.
(3:00) They're not doing that now for Q2 and for Q3, analysts spent the quarter revising estimates upward.
(3:06) They have to.
(3:06) They're listening to management.
(3:08) In the last 80 quarters, that's 20 years worth of data.
(3:11) The average change in estimates for the first month of the quarter has been -1.9%.
(3:17) That's the average right now.
(3:19) It's up to .1% in this quarter for next quarters numbers.
(3:23) This is these are unheard of time.
(3:25) So I understand the the impulse.
(3:29) Oh well, I can't be wrong.
(3:31) So therefore it's an earnings bubble.
(3:33) I understand.
(3:34) I just caution people who are listening to that rhetoric from actually acting on it because it's
(3:41) been wrong all year so far.
(3:42) I think it'll stay wrong throughout the balance of this year.
(3:45) We have an earnings driven market.
(3:46) All 11 sectors are reporting year over year sales growth, revenue growth.
(3:52) We're not talking about games tricking people, stock based compensation, buybacks.
(3:58) We're talking about sales growth of plus 14% in the quarter.
(4:02) You can't fake revenue.
(4:03) You could fake earnings, but that's not what's.
(4:05) Happening so you and Tom Lee are on the same wavelength as he, says Malcolm.
(4:09) There are some investors criticizing S&P 500 earnings quality.
(4:13) Our analysis shows there are sizable contributions coming from investment gains.
(4:17) But keep in mind, to Josh's point, organic EPS growth is still 21% in the second quarter of 26 so
(4:24) far and 2027 EPS estimates are still rising.
(4:28) We're dip buyers.
(4:29) We see the S&P reaching 79 to 8000 this month.
(4:35) Makes sense to you?
(4:36) I don't disagree with the premise.
(4:37) I think that what the market is showing right now is that as long as the four main hyperscalers who
(4:43) are throwing trillions of dollars at the problem trying to create as much compute as possible,
(4:49) continue to reaffirm their spending plans and also increase them as we just got basically from all
(4:55) of them through the last earnings period, that is reason to feel bullish.
(4:58) It's obviously trickle down economics.
(5:00) It's going to go through the 2nd and 3rd order effects.
(5:03) All the different companies, Caterpillar for example, having its best year probably ever because of
(5:09) Microsoft, Amazon, Google and Meta spending as much as they are on the build out.
(5:13) At the risk of sounding like one of Josh's beloved Contras though, I will say I think that that
(5:19) probably is through the end of this year.
(5:21) So.
(5:22) But but isn't the point though, isn't the point, isn't the point that what was perhaps focused all
(5:29) around what you're saying is now broadened like the earnings growth was a tech story and felt like
(5:35) it was a tech only story.
(5:37) But to John Waldron's point, president of Goldman, who we ran the sound bite of yesterday, double
(5:43) digit earnings growth is propelling markets and it's broadening out.
(5:47) It's no longer just a a tech story.
(5:49) So I think that's sort of the point that.
(5:51) I mean is Allstate and is Allstate and MetLife selling GPU's?
(5:56) Allstate and MetLife I I so I really believe the story of insurance companies as an example of
(6:03) companies that are using AI, turning it on their businesses, weaponizing it against the problems
(6:08) that they once had, and using it to get more efficient.
(6:11) So their operating margins are getting far better.
(6:13) The point, though, is that the market only cares about one particular theme right now, and it's
(6:18) trickling through all the other different sectors that touch the AI.
(6:22) I mean, it is having to be like one of the most powerful themes in the history of.
(6:26) I think every.
(6:26) You know I'm not.
(6:27) Saying the United States economy I.
(6:29) Think every bull market is that though.
(6:31) I'm not saying that it's not warranted.
(6:32) So I want to make sure that I'm clear about this.
(6:34) I think that we could get to 8000 very soon because of the belief in what we're looking at right
(6:40) now.
(6:41) The question is when does it stop?
(6:43) And I think that's the part that the bullish folks like a Tom Lee for example, are not necessarily
(6:49) looking that far out and saying they're saying this particular quarter we get to 79108 thousand and
(6:54) we'll see where we go from there.
(6:55) I agree with that.
(6:56) But I think beyond that is where we have to have the conversation of what causes that to slow down
(7:02) if the spending slows down because I think there is a pool for it that has happened.
(7:07) There's a lot of companies like I just mentioned, the four major hyperscalers that have pre funded a
(7:11) lot of their purchases for next year.
(7:13) This year, they pulled it all into this year because they'd rather pay today's elevated price versus
(7:18) next year's elevated price.
(7:20) They'll take the known, known versus the unknown, unknown of next year's prices.
(7:24) And I think we have to consider how much of the additional spending at like the Caterpillar, I'll
(7:28) use them again or Corning for example, those kinds of companies that are third order effects, how
(7:34) much of that spending that has reached them already is going to slow down because the companies
(7:39) accelerated this year and they won't do it again next year, so.
(7:42) You've highlighted the earnings story right now.
(7:43) I think that's a good tailwind. 2 weeks ago we put out, I put out a weekly letter to to my clients
(7:47) and I highlighted 3 things back away from the forest.
(7:50) You got to see the trees here.
(7:51) And the three things that are important are Warsh is misunderstood.
(7:53) This was ahead of the Fed meeting and I, I think that right, the expectations for hawkishness were
(7:59) really offsides right now.
(8:00) Even still, there's expectations of better than 50 percent, 50% probability that the Fed hikes in
(8:06) September.
(8:07) And we do the Jackson Hole and we'll we'll start to see a little bit more there.
(8:10) What's offsides about that when the FTS reporting today, according to their sources, that he's
(8:14) prepared to hike in September if inflation remains hot.
(8:18) So sounds to me like the market's exactly on size.
(8:21) It's not.
(8:22) It's not.
(8:22) Hot yet.
(8:23) So we're going to get more data.
(8:24) It is hotter than than, it's hotter than 2%, but.
(8:29) If you look bad, it's hotter than target.
(8:30) You did you'd admit that, right?
(8:31) Yeah.
(8:32) We looked at Fed Chair Powell and his we called it coming, coming to Harvard moment when he said
(8:36) specifically that oil price shocks are not to be controlled by monetary policy.
(8:41) And that was very bullish for the market.
(8:43) So I think they're going to try to look through the oil rise that we have.
(8:46) Obviously are, but there is inflation that is in other parts of the economy may be beyond.
(8:50) Oil and there's also disinflation with it within certain, certain components within that.
(8:54) So I think the, the inflation, the non farm payroll coming up, the inflation data, which what I
(8:58) believe would be next week or that week and a half away, that's going to be critical.
(9:02) And I don't see that being a catalyst for a hike.
(9:04) Now they are putting out.
(9:05) And then when I say misunderstood, they are putting out these anecdotes that come off more hawkish
(9:10) in the near term.
(9:10) And I think that's going to become incrementally walk back.
(9:13) I think you're going to see that become a a tailwind into the midterms.
(9:17) That being factor #1 factor #2 is President Trump, whatever is going to, he's going to have to do.
(9:23) They have to engineer some sort of passage through the straight of amuse, which is which is starting
(9:27) to show the market is going to find that favorable.
(9:30) Trump does not want voters at the ballot box in the midterms with war, with the war taking place in
(9:36) the middle of the war and and oil above $90.00 that.
(9:40) So I think that's going to be a tailwind as well.
(9:42) There's no better way to goose the economy when you look at those two.
(9:44) And then the fact #3 is what we've learned from earnings as as emphasized it as well is the markets
(9:49) compute constraint.
(9:50) The AI build out is very compute constraint.
(9:53) Alphabet even said on their earnings call that, that they're going to purchase more compute while
(9:56) they build out their compute.
(9:57) So, and you look at names like like Meta, they're leaning into, I think being a maybe a 2027 story,
(10:03) but they're going to sell compute.
(10:04) So I, I think the AI story 2 weeks ago when, when the SMH was, was 25% from its highs, we were
(10:11) looking at, OK, some of this is overdone.
(10:14) And these are the three pillars to look be bullish at going into the midterms.
(10:17) And now we have this massive move off the lows in a very short period of time.
(10:20) Those 3 pillars have not changed.
(10:22) They are maybe the catalyst Tickets 8.
(10:24) Thousand, I mean the, the, the 30 year, which is now at 521 would would you know, certainly reflect
(10:32) the fact that the market thinks that there's a predisposition at this point on the Fed to be more
(10:38) hawkish than not.
(10:39) You, you'd, you'd, I think right now there it, it could be a head fake.
(10:44) You know, as a as a trader, I'm looking at my commodity portfolio and where is their tail risk?
(10:49) Maybe I'm buying some some 30 year puts way out there as a tail risk to hedge the downside in case
(10:53) this does fall apart.
(10:54) But I don't think meeting 30 year bond prices come down and yields break out to the upside.
(10:59) I don't think that's going to happen though.
(11:01) And, and when you start to see people that I have utmost respect for, like the Jamie Diamonds, a lot
(11:06) of bond traders, I know when they get super excited about these rates, they start calling for 7% ten
(11:11) year.
(11:11) This is this is the breakout they've been waiting for for the last 1020 years.
(11:15) The harder their career was, was in the middle of of rates above 7 to 8%.
(11:19) They're going to they're calling for that again.
(11:20) Then usually that becomes the top in yields.
(11:22) So I'm watching that very closely.
(11:24) Is this a head fake of a breakdown in bonds and in a breakout in yields?
(11:27) Or is this something that becomes contained and we start seeing that that rate hike being priced up
(11:31) by the end of the year or at least the 1st September and that's a bullish catalyst?
(11:35) Let's not, let's not gloss over why yields are where they are.
(11:39) Obviously there's geopolitical stuff in here which everyone has been able to look past all year
(11:44) pretty much with the exception of one week in March.
(11:46) But the bigger picture is that the labor market is actually showing signs of RE acceleration.
(11:53) Despite all of the talk about AI disrupting jobs growth or leading to mass layoffs.
(11:59) None of that is happening.
(12:00) None of it's in the data.
(12:02) We actually are looking at incomes in the bottom cohort, the bottom decile starting to rise faster
(12:09) than the general population.
(12:10) These are like positive things.
(12:12) These are the things that will help people contend with temporarily higher energy prices.
(12:17) But there are a lot of data points to look at when it comes to employment and jobless claims, weekly
(12:21) jobless claims we got we we suggest them, we gloss over it though they're very volatile number.
(12:26) Look at ISM employment report, ISM services employment component yesterday came in a 47.4 that was a
(12:32) a contraction and and ISM services employment I am leaning on and obviously the month to month not
(12:39) far payroll numbers are very volatile roll.
(12:42) That out listen to the credit card CE OS we had, we, we had, we had Moynihan tell us there's
(12:48) absolutely nothing going on like in terms of delinquencies or people late to pay their bill.
(12:53) There's none of it.
(12:54) There's no sign of it, none of it.
(12:56) I know everyone's asking them every quarter, okay, please Jeremy Barnum at JP Morgan, please tell me
(13:02) this is the quarter where the consumer finally crapped and we've every quarter he's got to say no,
(13:06) didn't happen this time.
(13:07) Either it's 2022, we've been saying is this finally the moment where the consumer shows their
(13:12) weakness, the credit card balance is hitting all time, so not yet after quarter matters.
(13:17) Well, so I was going to say, I've come to realize that that really doesn't matter in the broader
(13:21) aspect that we're talking about.
(13:23) Like the consumer is showing that their willingness and ability to spend continue to trend upward.
(13:28) Andrew.
(13:28) Andrew.
(13:29) Andrew Sorkin asked Dara at Uber yesterday on their after their earnings report.
(13:35) Like, are you seeing anything that says the consumer is weaker?
(13:38) He said, no, they're not trading down.
(13:40) They're not reducing the tipping.
(13:42) Like all of the classic signs that you would expect Uber is, I don't know, a billion transactions
(13:48) per quarter or whatever it is.
(13:50) They're not seeing people stop tipping.
(13:53) We're not seeing people trade down people that would normally take an Uber Black, take a regular
(13:58) Uber.
(13:58) Like he's not seeing it.
(13:59) And you, you're hearing this from Target, You're hearing this from Walmart.
(14:03) Like we could sit and read non farm payroll reports if we want, or we could listen to the people,
(14:08) the consumer.
(14:09) Might not be.
(14:09) Voting for the economy.
(14:10) But I don't think the job market's accelerating.
(14:12) I think the data we're looking at is not seeing an accelerating job.
(14:14) Jobs report tomorrow, so we'll find out what what happens then the the reason why the, the markets
(14:19) been able probably to, to look past a 30 year at at 521 or certainly a more hawkish Fed by virtue
(14:26) of, you know, 3 descents and some of the other commentary that's come out since that is it just goes
(14:33) back to the earnings story.
(14:34) If you didn't have the, the durability of the earnings growth that you have had, the market would
(14:40) probably look far different.
(14:43) You also have had these deleveraging moments within within the market.
(14:46) The momentum trade unraveled in in a blink of an eye, came down really hard.
(14:52) You had the hedge fund that blew up, then you had those as clearing events.
(14:58) But the reason why they weren't more upsetting to the market is because everybody's falling back on
(15:02) what is a healthy market.
(15:03) And that is the deleveraging story.
(15:05) I know you, you mentioned, you know Jamie Dimon still talking about leverage in the system and
(15:09) margin debt is, is the highest that it's ever been, he told Leslie Picker yesterday.
(15:15) But until the earnings story changes, find me a reason to be negative for the second-half.
(15:20) What I what I've said is that a healthy bull mark, so we're framing this as like a healthy bull
(15:25) market.
(15:25) Healthy bull market takes out its own trash.
(15:28) So we saw a momentary speculative fever take hold.
(15:33) It was predominantly focused on memory chip makers and a lot of it was having having taken place in
(15:40) Korea and and people paid for it like those 2X leverage stock ETFs, they got wiped out.
(15:48) People in certain options trades got wiped out.
(15:50) We had one notable hedge fund, I think had the biggest trading loss at a hedge fund ever in dollar
(15:55) terms.
(15:55) Like we we had that leverage unwind, but the entire system didn't buckle.
(16:01) I think what's interesting about that margin blow up is part of it was the shorts going against
(16:06) whatever Leopold, Ashton Kutcher.
(16:10) The IGV is now 16% below its lows.
(16:14) In April, it was 37% off the highs.
(16:17) Think about what a comeback we've seen in software.
(16:20) Situational awareness was not only long memory, it was short software and those shorts went against.
(16:26) So that's what I mean by an overall healthy bull market.
(16:29) I don't know what else you would want to.
(16:30) See, well, very healthy orientation.
(16:32) I mean, I mean, if you look back in the last two months, Healthcare is up 20% off off the low.
(16:36) So I mean as as other markets the momentum was getting hit, you're seeing the money go elsewhere.
(16:40) And that's really kind of the undertone was saying that this thing is, this thing is, is, is sort of
(16:45) done when that leverage on that deleveraging happened.
(16:47) Well, you must think that the momentum unwind is done if you bought Marvell, which was down 37% in
(16:53) July, right?
(16:54) Absolutely, very high quality name.
(16:56) We came into to Tuesday.
(16:58) I mean Monday was a great, great day for the market and then we didn't want to really buy the name
(17:05) just yet saying I mean, obviously South Korea, let's see how how that night goes and see there's
(17:09) follow through.
(17:09) You know, of course Marvell was up 14% on on Tuesday.
(17:13) So we, we still bought it.
(17:14) We didn't, we bought half as much as we were, we were hoping for, which is a 1% add to our
(17:18) portfolios.
(17:20) I mean they're emerging as the connectivity backbone with an AI custom silicone optical networking
(17:25) and AI memory solutions.
(17:27) The CXL Compute Express link allows hyperscalers to expand and pool memory outside of processors and
(17:34) works as a complement with with high bandwidth memory.
(17:36) So I think that they're going to be a huge leader as this AI build out continues and we we want to
(17:42) have that in our.
(17:42) Portfolio.
(17:43) OK, Malcolm, the other stock that's certainly woken up is NVIDIA, right?
(17:48) You know, must praise it on the SpaceX earnings call.
(17:51) If you take a look at what the stock is up 12% over the past five trading sessions, don't forget it
(17:56) reports on August 26th.
(17:58) So it's the only one of the big cap techs at this point that hasn't delivered an earnings report
(18:04) this thing back.
(18:05) So my expectation was as the breakdown was happening in July within all the semiconductor stocks
(18:10) that investors were going to rotate back into the one that really should matter because NVIDIA is
(18:14) trading now below the rest of the S&P 500 on from a Ford multiple perspective, which is absolutely
(18:21) absurd when you consider it's the largest company in the world by market cap.
(18:25) And also, it's the it's the company that sits at the very center of all of what's going on with the
(18:31) AI revolution.
(18:31) All of the money being spent to put shovels in the dirt and then put chips into data centers.
(18:36) Like 90% of that is flowing through NVIDIA.
(18:39) So it didn't make sense to me that the stock got so unloved for as long as it did.
(18:43) I'm not surprised to see it trading up into the print, especially since historically it always
(18:48) trades up into the print right before earnings.
(18:50) The surprise will be if it continues to go up into the right after we get the print instead of
(18:54) selling off.
(18:55) Baron says that it's can keep going, that it finally has momentum and it can keep going now.
(19:01) Maybe, maybe maybe it it hadn't moved, you know, the way it is now because there just continue to be
(19:06) questions about the circular deals and the the whole nature of that.
(19:10) Don't you think that?
(19:11) I mean, that's been kind of a constant drum beat in the background?
(19:13) But if you question that, you have to question the entire thing, right?
(19:16) It did.
(19:17) Do we still feel really great about SK Hynix and Samsung or do we not?
(19:21) If you do, then questioning Nvidia's ability to fund its next generation of customers to separate
(19:27) itself from the metas and the Microsoft's that are its largest purchasers at the moment.
(19:32) If you believe in one, you have to believe in the other.
(19:34) Malcolm's right.
(19:36) Like we can't pick and choose which aspects of the the overall AI trade.
(19:41) It's like pulling the wrong Jenga piece out the whole if you the I think the the way to think about
(19:46) this is all right.
(19:48) What's the alternative?
(19:49) You're Jensen Wen.
(19:50) There are 10 Neo clouds going up, data Centers for NEO clouds where it's not Apple, it's not
(19:56) Alphabet and Amazon.
(19:58) They don't have their own cash flow.
(19:59) So they obviously are going to be out there borrowing money.
(20:02) They're working with companies like Blackstone, etcetera to finance these facilities.
(20:07) If you're Jensen, do you want NVIDIA chips in there or do you want, I don't know, Tranium chips,
(20:13) which, which would you prefer?
(20:14) So it's it's, it's, it's one or the other if you're the biggest player in this ecosystem, which
(20:19) NVIDIA is.
(20:21) They sort of have to go where the market's going they're.
(20:23) Also like the last one of the mega cap techs that's still massively free cash flow positive, they
(20:29) still have the ability to lend out dollars in the form of structured loans.
(20:32) That's what I was going to say. 48.5 billion in free free cash flow.
(20:36) Of 20.
(20:37) 2%.
(20:38) So I mentioned, you know, NVIDIA did definitely got a lift this week off the must comments on the
(20:43) the SpaceX call.
(20:44) Well, today's lock up day, it starts all right.
(20:48) It was a peculiar week, certainly as you had earnings and then so quickly after, followed by what is
(20:54) a stair step lockup test, I guess we're calling it that.
(20:58) Morgan Brennan's been following this so well all week.
(21:00) So what?
(21:01) What can you tell us now about how you think investors should be considering all this?
(21:07) I think there's a lot to consider, Scott.
(21:09) So let's see how much we can break down here.
(21:11) Available share accounts are just more than 140% today to more than 1 1/2 billion.
(21:16) That's from 629 million in the IPO.
(21:19) Still billions of shares are going to unlock into 2027 by January, 50% of shares in free float.
(21:26) That is according to Bernstein.
(21:28) So to your point, we're just going to see these tranches open up over the coming weeks, coming
(21:31) months.
(21:32) Many long time investors, though, big long time investors say they plan to hold.
(21:37) And some like Kathy Woods, Ark have actually been buying more as the stock has sold off here in
(21:41) recent days and recent weeks.
(21:43) Speaking of buying more, something else to keep in mind because some indexes change their
(21:47) methodologies ahead of the SpaceX IPO to enable faster inclusion.
(21:52) A bigger float will mean a bigger weighting, which in turn could mean more force buying for funds.
(21:59) So take the NASDAQ 100.
(22:00) It relies on free float market capitalization factors adjusted on a quarterly basis.
(22:06) Next adjustment is early September.
(22:08) So that is going to be something to watch here.
(22:10) Even as insiders sell, there may be some buying that has to happen behind that.
(22:14) Meantime, SpaceX announcing the Texas site for its mega manufacturing facility Terrafab, where it's
(22:20) going to build AI semiconductors With Tesla, they're saying $16.8 billion joint investment for the
(22:27) initial phase as get this quote.
(22:29) This was in the release today.
(22:31) The combined SpaceX and Tesla demand for chips is expected to be an in excess of 1 terawatt of
(22:37) compute, which is significantly larger than the current global supply.
(22:42) So when we talk about the ramp and CapEx that we're seeing in SpaceX coming off of the earnings this
(22:47) past week, this is one of the big contributing factors.
(22:49) None the less, shares are still hanging on to gains here, Scott, so one to watch.
(22:54) All right, And we will and we'll discuss more Morgan.
(22:57) Thank you.
(22:57) Morgan Brennan for us on on SpaceX.
(22:59) How are you guys thinking about this?
(23:01) I'd like to hear from everybody.
(23:02) Go ahead, Bill.
(23:03) Yeah, I, I mean, I, I personally own some stock I've, I've bought over the over the last week and,
(23:07) you know, it's one of the things I just want to kind of put away and, and kind of and kind of forget
(23:11) about it and, and hope we see this thing, you know, kind of find its story over the coming six
(23:16) months.
(23:16) I, I think that the, the real, I mean, the, the Starlink is, is definitely something that, that
(23:22) everybody's leaning on right now and the building data centers in space is, it sounds like a
(23:26) terrific story.
(23:27) But, but the compute side of this is, is really where I think this is, and I've, I've been saying it
(23:33) for the last month and 1/2 on the show, the cursor acquisition and partnership there is, is where
(23:38) they're training their Colossus models.
(23:39) And I think that's going to be something that over the next six months, that becomes a really
(23:43) terrific story here.
(23:45) At the very least, this one goes in the too hard pile.
(23:47) Like I don't understand what the opportunity is even here after the share price has gotten cut in
(23:54) half basically since the IPO high.
(23:57) If you just consider the fact that in the last earnings they confirmed they raised $86 billion, I
(24:03) believe it was through the IPO, largest IPO raise anybody's ever seen on God's green earth.
(24:09) And they've already spent like 1/5 of it in 1/4.
(24:12) So they're going to need to raise capital again.
(24:14) You got a float going from 5% to 12%.
(24:17) So if you didn't like it with only 5% of the shares available to trade, you're going to love it at
(24:21) 12% available.
(24:23) That's a little bit different though and, and not sort of understanding what the opportunity is.
(24:27) You could, you could look at this and say there's a a tremendous opportunity.
(24:33) It may be hard to quantify today.
(24:36) There's a tremendous opportunity there.
(24:39) Like what am I missing mathematically that that is suddenly going to change?
(24:42) Yes, OK.
(24:42) You look at I'm earning one new launch a year.
(24:45) What about starting next year?
(24:48) What?
(24:48) Don't you understand?
(24:49) Data centers on the moon manned by humanoid robots.
(24:52) Why is it so difficult?
(24:53) Like I said, too hard.
(24:55) What's your take?
(24:56) That's it.
(24:56) I'm like the rational person before the IPO who would come on the desk and put cold water in
(25:03) people's face.
(25:03) You didn't get more hate than I.
(25:05) I felt bad at the time, but I was like, look, I'm, I'm as excited as you are.
(25:09) See, I want all these innovations.
(25:11) I just, I don't know that I want to buy a $2 trillion market cap on down 5 billion in revenue and
(25:17) wait for that 5 billion to get to 100 billion and still have an overvalued.
(25:21) Stuff that's all fair.
(25:21) It may be the greatest leap of faith.
(25:23) I'd love to buy it under 100 capital markets.
(25:25) I think I'm going to get a crack at it under 100.
(25:27) I would add, I would add under 100.
(25:28) It's not 50% from the opening from the IPO high 1115.1 on the network low saying.
(25:35) On IPO day 225, So what?
(25:38) Buy it, put it away, All right.
(25:40) Now one O 9, I'll buy it and put it away.
(25:42) All right.
(25:42) So then what's the difference?
(25:43) If like we're totally insensitive to price, totally insensitive the valuation, and this is about
(25:49) like the emotional need to belong to the story, then who cares what the price will?
(25:53) Make a good mind 295 argument.
(25:55) This company was the IPO was engineered to perfection, right?
(26:00) This is the best we've ever seen.
(26:02) The immediate inclusion into the indexes, the 5% float was all you could get the insiders being
(26:08) locked up and not allowed to even think about selling anything.
(26:12) This is the first click anybody's going to get it.
(26:14) It's.
(26:15) Syndicate, it's up today after it unlocked.
(26:16) I mean, I think that's a pretty interesting story.
(26:18) I'd like to see some of the it's.
(26:19) Up 85 cents.
(26:21) Give it a few minutes.
(26:23) I think it's if that's as good as it can possibly get now we've doubled the amount.
(26:27) You're telling me, you're telling me you didn't imagine it being down 5 to 10% with all the shares
(26:31) unlocked?
(26:31) I think that was a story that people.
(26:33) Were really working, the market knew was coming and cut cutting hay exactly.
(26:37) Exactly, that's that's my point.
(26:39) So 115 was a level that I liked on the way down, I mean from even when it was trading near 200.
(26:44) So I mean, I I would add a little more blow 100.
(26:46) But here's the point.
(26:47) What?
(26:47) Would you tell somebody, what Would you tell somebody who managed to get 100 shares, 203 hundred
(26:54) shares from their wealth manager at Morgan Stanley's?
(26:58) So their print is 135.
(27:00) They didn't sell it, they didn't do anything.
(27:02) They watched it run up, they watched it come back down.
(27:04) Would you tell them right here one O 899.
(27:08) This is the place to average I.
(27:09) Don't know their situation and I hope they're they're they're, they talk through that with their
(27:13) wealth manager to have a long term wealth manager.
(27:15) Knows nothing.
(27:16) Well, here, here's the thing.
(27:17) I don't.
(27:17) I don't own it.
(27:19) I'm going to.
(27:19) Pull a McEnroe answer the question.
(27:21) I don't own it in portfolio.
(27:23) I don't own it for myself for now, OK.
(27:26) Oh, we got to go.
(27:27) I like it under, I like it under 100 depending on why it's under 100.
(27:31) That's that's my answer.
(27:32) OK all.
(27:33) Right, I like it on on on the with the side of fries like give it to me for free.
(27:37) I'll take it.
(27:38) OK all.
(27:39) Right.
(27:39) We, we do have another committee move ahead.
(27:43) It's from Malcolm.
(27:44) We'll tell you about it when we come back.
(28:02) OK, there is a stock that is down 18% year to date.
(28:07) It's been down 8 1/2% in one week.
(28:10) Reported earnings reported increased cost tied to new AI powered features on its app and forecast
(28:18) slightly lower subscriber growth than Wall Street expected.
(28:21) That stock is Spotify.
(28:24) Let's take a look at the chart as Malcolm tells us why he sold it.
(28:29) Yeah.
(28:29) Well, the short of it is this was a much growthier company back in 2023 when I first bought it.
(28:34) And for the last year or so, I've been holding off and impressed by the fact that even though
(28:41) they've increased prices a couple times over that period, subscriber growth, paid subscriber growth
(28:46) has still been going up, which is a good sign.
(28:48) It shows that they actually do have pricing power.
(28:50) But then when I start to hear a company talk about its operating expenses going up, not only for
(28:55) marketing to acquire its next new customer, which is kind of a concern.
(28:59) They're also talking about operating expenses going up because AI slop on the platform has gotten so
(29:04) out of control.
(29:05) So they talk about how much time and how many tools they've had to create in order to manage that AI
(29:10) slot getting onto the platform.
(29:12) And I think it only gets worse from here because there's more attacks against people's critical
(29:17) infrastructure and everything else are being created by AI, AI tools.
(29:21) We talk about the cybersecurity names and the impact of all that also in the creative space, like
(29:26) Spotify plays.
(29:27) That's also a problem for these guidance guys.
(29:29) And it's increasing day by day.
(29:31) And so as the OpEx goes up, I think that that tends to be 1 big problem that they have a hard time
(29:36) getting away from.
(29:37) I think here's the problem.
(29:38) It ran up extremely nicely in 2024.
(29:40) It became a tariff darling early 2025 with some with some good earnings and forecasts and it's just
(29:46) really kind of giving that up and settling back in to where we see that move.
(29:50) Guys, please, a couple couple years, three years, please go ahead.
(29:53) I'm sorry.
(29:54) Yeah.
(29:54) If you see where it was in 24, it, it just just went higher.
(29:57) It was a darling during the tariffs.
(29:58) We bought it during the tariffs and that was sort of our, our, our play that was not connected to
(30:05) everything else that along with Netflix and it that that that's just coming out of it here a lot of
(30:09) it the.
(30:09) Range on this stock is unbelievable.
(30:11) Like this was 800 then down to 400.
(30:14) It's it's unbelievable how the the violence with which people change their minds, positive and
(30:21) negative.
(30:22) I.
(30:22) Bought it in the one 40s because of the freak out over the Joe Rogan experience and all of that.
(30:27) And I was like, I'm willing to take a bet that people aren't going to cut the cord on Spotify just
(30:31) because they don't like one creator.
(30:33) And it has worked out well.
(30:35) But I think the challenge is that, like looking at a company like this at 34 times forward earnings
(30:40) when you could own something like a Netflix that's trading below the market at this point and they
(30:43) kind of operate in the same space, it's a tough sell at this point.
(30:48) All right, Joby, let's take a look at that one.
(30:51) Stock was up last we saw after they beat expectations, it still is up 6 1/2 percent.
(30:56) Did get reiterated neutral today at Canner and that's following that earnings report that I
(31:00) mentioned.
(31:01) What should take care?
(31:01) So I own AI, own a position in Joby.
(31:04) It is my only Evie tall play at this point.
(31:08) I I was in Archer as well.
(31:09) I got out of Archer, consolidated into Joby.
(31:12) I think this will be the first one to truly commercialize Evie Talls and they are way ahead of the
(31:18) field in a lot of ways.
(31:19) One of which is last year they acquired Blade, which are the helicopter flights from the West and
(31:24) East side of Manhattan.
(31:25) A lot of people going to airports or or going to the Hamptons or whatever the case may be.
(31:32) That acquisition brought in 120 million plus annual revenue and revenue becomes really important
(31:38) when you're funding massive Capec X to launch this fleet of next Gen. and that's where they're at
(31:45) now.
(31:45) So they partnered with Toyota, Toyotas got a joint venture with them in an equity stake.
(31:50) And basically, I think by the end of this year, you'll be seeing the taxi service get off the ground
(31:57) in, in Dubai and Abu Dhabi.
(31:59) Ultimately that'll come here.
(32:01) I witnessed personally the flight from JFK to to the West side of Manhattan.
(32:06) It was majestic, if I don't mind saying so myself.
(32:09) And look, I don't think that this is the type of company you should invest in if you need earnings
(32:14) and dividends because you ain't going to see either one of those for a very long time.
(32:18) But as a as a spec, this is one of my favorite place.
(32:21) Let's run through a couple real quick.
(32:23) So, Shake Shack, let's see what follow through there is from yesterday's news, if any.
(32:27) It's not.
(32:27) Much judge given.
(32:28) Given about 5% back on news that Jeff Smith's Starboard had taken a position there called the stock
(32:34) too cheap.
(32:35) Today it goes to 90 from 80 the target does at at Mizuho.
(32:39) For those who didn't have a chance to hear you yesterday, just give me real quick on that because I
(32:42) want to.
(32:42) I want to do Uber too.
(32:44) They had a good earnings report.
(32:46) I think the stock was already rallying and then the news of the activists got people excited because
(32:51) the truth is it's a 3 two or $3 billion market cap where it's been trading.
(32:56) It's way too small of a company relative to the size of its global brand.
(33:00) It should be much bigger.
(33:02) They need to get better operating the business.
(33:04) The good news is the the turnarounds that Starboard is done elsewhere in the sector are very
(33:12) instructive to look at and say, hey, what if that happens here?
(33:15) So I think that's why stock had a nice rally.
(33:18) OK, Uber to 91 bucks at Wedbush today.
(33:20) That's after earnings.
(33:21) Not perfect, they say, but not thesis changing either.
(33:24) Is that is that how you would read it?
(33:25) Or what's your own take here?
(33:26) I thought it was an incredible earnings report and I said the day before the report, don't worry
(33:31) about it because nobody cares.
(33:33) The stock is down 6 out of the last seven quarters after reporting.
(33:37) Doesn't matter if they beat, if they they miss, if they guide up, if they guide down.
(33:41) Nobody believes that the strategy that Dara is pursuing on a V's is going to be competitive with Way
(33:49) MO and and Cyber Cab.
(33:52) I do, but I am obviously in the minority and that's why the stock trades I think now at 15 times
(33:57) forward earnings.
(33:59) So if anybody believed that they would be able to put together this coalition of third party AV
(34:05) companies that would flood the platform with available rides and they would win, the stock would be
(34:10) $120.00 a share.
(34:12) And maybe that belief comes someday, but right now I'm on an island of 1.
(34:17) The weather is fine as you can see by my tan, but like I'm very lonely.
(34:22) You're.
(34:22) On an island of many right now as a.
(34:23) Matter.
(34:24) Well, the analysts are The analysts are raising targets, but investors aren't buying the stock in
(34:27) Manhattan.
(34:28) Oh, I see what you did there, Judge.
(34:31) They're going to need the equivalent of a FIFA World Cup every quarter in the meantime until
(34:36) Robotaxi takes hold.
(34:37) Here's what I think, here's what I think, here's what I think could go right.
(34:41) The one thing that could go, it won't have anything to do with an earnings report.
(34:44) They're launching with NVIDIA.
(34:46) Nvidia's got waved.
(34:48) That's going to be their entry into the space.
(34:50) They have another 10 OEMs like car manufacturers that are rolling cars right off the assembly line
(34:56) that are AV ready.
(34:57) OK.
(34:58) So they've got big companies that have a lot invested in being players in the game.
(35:02) The next thing is financing some big private equity, private credit players that recognize, hey,
(35:08) this is a business, let's buy a fleet of a VS.
(35:11) We'll put them on the Uber app.
(35:13) And the average AV on the app right now is 15 or 20 rides a day.
(35:17) That's a business.
(35:19) We take out the most expensive part, the human driver who's sitting in the front seat who has a take
(35:25) rate of 2030%.
(35:26) We RIP him out of the seat and we got a real business here.
(35:29) When those things start to become real and not just things that are talked about in the conference
(35:33) call, this stock could be rate overnight.
(35:36) I just can't tell you when that is.
(35:37) You can sue with your Uber and I'll sue with Myspace X.
(35:40) All right, fair enough, all.
(35:41) Right.
(35:41) Frank Holland has a NEWS UPDATE for us.
(35:42) Hi there.
(35:43) Hey there Scott.
(35:44) A federal judge has dismissed Alec Murdoch's lawsuit seeking $600,000 from a former court clerk.
(35:50) Murdoch claim misconduct by the court and the clerk, excuse me, cost him a fair murder trial.
(35:55) The judge ruled that Murdoch would have paid those defense costs regardless.
(35:58) His retrial for the murder of his wife and his son is set for April.
(36:02) The head of the World Health Organization now says the world's fastest growing Ebola outbreak in
(36:06) Congo is spreading faster than efforts to fight it.
(36:09) And some health workers there, they've walked off the job claiming they haven't been paid.
(36:13) Since the crisis began in May, nearly 4000 cases and 1800 deaths have been confirmed, and another
(36:20) dangerous heat wave is spreading across Europe.
(36:21) Italy has placed all of its major cities under the highest heat warning, while Austria recorded its
(36:26) hottest temperatures ever.
(36:28) Some areas have climbed above 104°.
(36:30) The heat is also fueling wildfires and causing problems for transportation and power systems.
(36:35) Scott, back over to you.
(36:37) All right, Frank.
(36:37) Thank you.
(36:38) That's Frank Holland.
(36:39) Up next, Josh's best stocks in the market.
(36:42) We will shine the spotlight on a fintech name next.
(37:04) All right, Josh, the best stocks in the market.
(37:06) We have a trade update.
(37:08) First and foremost, we'll do block first what we got.
(37:12) All right, so we had a lot of fun.
(37:14) You weren't here.
(37:14) Dom Chu was on the desk, but we were talking about how.
(37:17) Utterly more fun than when I was here.
(37:18) So much fun, but not as fun as when you're here.
(37:20) Thanks.
(37:21) Sorry, Don.
(37:21) Yeah, Step dad's not as cool as you.
(37:25) We talked about the utter untrustworthiness of Jack Dorsey kind of joking around.
(37:31) But anyway, we talked about this name at 76.
(37:34) It ran up to 86.
(37:35) Now it's pulling back here after reporting what I thought was a pretty good earnings quarter.
(37:39) There were some questions in here about some of the expenses.
(37:42) Remember, this is the company that reduced headcount by like 40% or something and for some reason
(37:48) their expenses are rising.
(37:49) So this is what I mean by nobody really trusts Jack Dorsey for long.
(37:53) So what I would tell you here is we said 81 was the breakout that happened, the stock broke away.
(37:59) Now it's retesting that level.
(38:01) I would be very careful remaining along this trade.
(38:04) I want to see how it goes out today, possibly into tomorrow, but a close to end the week below 80.
(38:11) I would be just taking this one off the table.
(38:13) I wanted to close the loop with people because not every time we talk about a best stock is it a
(38:17) buy, but today we're going to talk about something entirely different.
(38:20) Visa.
(38:21) Visa is one of the greatest growth stocks of all time.
(38:25) This stock is up 3250% since its IPO.
(38:29) That is A33X return.
(38:32) You can count the number of stocks that have done that over this period of time on one or two hands.
(38:37) This is basically one of the best businesses in the world.
(38:40) The consumer trust them, the merchant trust them, and they are finding new ways to win regardless of
(38:46) what happens with the economy.
(38:47) The last reported quarter was outstanding.
(38:49) Revenue was up 11% year over year.
(38:52) Earnings also up 11%.
(38:53) You have a golden cross in the chart.
(38:55) If we had the 50 and 200 day moving average, you could see that basically the stock made a high in
(39:01) May of 2025. 375 is that level.
(39:05) It has not revisited since until now.
(39:07) I think we're going to make an assault on that old resistance level and when it gets through, there
(39:12) really are no natural sellers here.
(39:14) The path to 400 is, is clear and wide open.
(39:17) If we think travel holds up as a as a consumer theme this year, Visa plays heavily there.
(39:23) If we think the global economy holds up, which so far is the case, if we think employment trends
(39:28) will hold up, there's no reason why this stock shouldn't have a stellar back half of the year on
(39:33) that technical breakout.
(39:34) So I wanted to bring it to you and show it to you now.
(39:37) It has been on the best stocks list for a little bit and I think that'll continue all.
(39:41) Right.
(39:42) Malcolm whipped out the Visa to buy that beautiful suit.
(39:45) He owns the stock, too.
(39:46) Sure did.
(39:46) Why do we always talk about Apple's massive install base, but we never talk about the largest a
(39:51) processor in the world?
(39:52) Love that.
(39:53) Love that MasterCard.
(39:54) MasterCard too both these stocks Visa looks.
(39:57) 300 billion transactions a year.
(39:59) I think they process globally.
(40:00) We never really talked about the fact that Visa is literally in everybody's pocket the same way the
(40:05) iPhone is.
(40:06) Is that sort of the overarching thesis as to why you own the name?
(40:10) Yes.
(40:10) And the fact that I don't think it's easily disruptible by AI or anything else, right?
(40:14) They own the third largest number of patents on blockchain technologies behind Bank of America and I
(40:20) think MasterCard.
(40:21) And so they're not going to get counted out of the game one way or another.
(40:25) They'll continue to be sitting right between every single swipe transaction that happens forever and
(40:30) ever and ever.
(40:31) And so I just think it's one that you continue to own forever in your portfolio rather than trading
(40:36) in and out of it like Josh and I were lamenting doing in our younger.
(40:40) Less smart years.
(40:41) Oh yeah.
(40:41) Nice tie too, right?
(40:42) I'm going to embarrass him a little bit.
(40:43) No, that doesn't embarrass.
(40:44) Me, I hear that he's not hearing that all that doesn't embarrass me.
(40:47) I look, I look at this kid and I just millions of dollars.
(40:50) I appreciate the ceiling.
(40:53) Oliver Renick, he's next.
(40:54) He's got some options action, we'll play it next.
(41:15) We're back.
(41:15) Let's rock some options action with Oliver Rennick.
(41:18) He's live at the SIBO Global Markets in Chicago.
(41:20) What you got today?
(41:23) Scott Options flows around the Energy sector ETF XL E are complicated as the group vies with tech
(41:29) for best performing sector year to date.
(41:31) Overall, there are more puts trading by volume this morning, with traders buying 11,000 puts versus
(41:36) under 8000 calls.
(41:37) But we're also seeing a lot of puts selling as well, meaning traders don't think the group will fall
(41:42) far and were also a few big money buyers of bullish high premium calls.
(41:48) One group spent a little over 175,000 on a stock replacement trade buying deep in the money. 35
(41:54) strike calls expiring tomorrow, and a different trader bought $150,000 worth of 60 strike calls
(42:00) expiring in mid-september, a bet on a 6% rally.
(42:03) Finally, on the bearish side, lots of volume in the 55 strike put expiring mid-september, a trade
(42:10) that needs XLE to fall at least 5% over the next 5 weeks.
(42:14) Scott.
(42:15) OK, Oliver, Thank you.
(42:16) That's Oliver running.
(42:17) See, I'll see you a little later this afternoon.
(42:19) You have a lot of positions here, Bill.
(42:22) Exxon.
(42:23) Kinder Morgan, Cheniere Quick.
(42:25) Yeah, I think, I mean you want to see structurally energy crude oil will have a have a higher floor,
(42:30) but we really like the pipelines.
(42:32) The midstream make you got the Cheniere, the Kinder Morgan they're going to continue to get get paid
(42:36) on moving into power is just under you know is under investment and the demand in the United States
(42:41) is going to be needed for power AIA.
(42:44) Break and then the set up ahead of Berkshire's report this weekend.
(42:48) All
(43:02) right, welcome back to Berkshire Reports on Saturday.
(43:07) That's going to be closely watched, as it always is, for obvious reasons.
(43:10) You want to get the first crack at this, Josh, then Bill will hear from him too.
(43:13) Guys, both on it.
(43:14) Yeah, the stock has worked this year.
(43:16) I think it's a combination of the stock portfolio.
(43:19) They have Apple, they have Coca-Cola, they have American Express.
(43:22) They have a lot of just happened to have a lot of the stocks that are working in this tape, but also
(43:27) the insurance piece.
(43:28) Insurance stocks, we've been highlighting them all year.
(43:30) Traveler's Chub, Allstate met one after another.
(43:34) All of those charts look great, so this doesn't look like it's out of place.
(43:38) I do love the way they report no conference call.
(43:40) Drop the news on a Saturday when everyone else is busy.
(43:44) I'm glad that they're continuing that tradition.
(43:46) I'll be paying attention to what they have to say and we'll talk about it next week.
(43:50) Alphabet to remember, right?
(43:52) We got that recently from from Mr. Buffett himself.
(43:55) That's right.
(43:56) So we'll watch all of that.
(43:57) What's what's your take here?
(43:58) I mean, the, the insurance business, I mean that's been a huge, huge compounder.
(44:01) It's up 5% year to date, but it's actually making new highs right now year to date.
(44:04) We've been leading into it on, on weakness.
(44:06) And I like this from a defensive compounder standpoint.
(44:10) I I think there's a some upside here for sure.
(44:13) Dare I say the stock got a reboot on the Google News?
(44:16) Yeah, absolutely.
(44:16) Alphabet News, Yeah.
(44:17) You know, we, we looked at it as as.
(44:19) I think so.
(44:21) I mean if you look at the chart it would suggest that.
(44:23) That's when we bought more and I talked about on the show, it was it was right right after that
(44:26) news, we looked at redefining the you know, what, what their goal is and what, and what their what
(44:31) their site sought out to be doing.
(44:33) But then Buffett was turned out to be the one that was behind it.
(44:35) By the way, the railroad's on fire.
(44:37) You got a lot of industrial demand in the current economy, and they also own one of the largest
(44:42) collections of utility assets in America.
(44:45) So it's almost like everywhere you look, Berkshire is making money.
(44:50) Defensive compounder.
(44:51) I don't even know that they could spell AI doesn't matter.
(44:54) Like they're in all the right places in the stocks for well.
(44:56) They they can now it's.
(44:58) AI, but I'm just saying like this, you don't have to invest directly to AI to have benefited from
(45:04) AI.
(45:04) And here's one more example company that's got a lot of businesses that are doing really well based
(45:09) on the build out.
(45:10) All right.
(45:10) We'll take a break, we'll come back and we'll do finals on the other side.
(45:16) Take a look at App Lovin, down almost 19%, well, at least more than 18 in fairness to Bill Baruch,
(45:23) who's suffering through that pain today.
(45:25) What's going on here?
(45:26) Small holding, but yes, we own it.
(45:27) Revenue miss.
(45:28) Of course it's a small holding.
(45:29) Yeah, revenue miss.
(45:30) Smaller today, right, Scott?
(45:33) Quarter three forecast largely in line, but the lack of another blowout forecast obviously was
(45:37) something that does a headwind, big AI tailwind still there.
(45:41) Costs were up.
(45:42) I think this is something that, you know, it could be an opportunity.
(45:45) Weakness What's your final trade?
(45:46) Amgen now they have 6 growth drivers that are just kind of blowing it out of the water, they
(45:50) reported yesterday.
(45:51) Huge, huge breakout in that name.
(45:54) You probably buy it a little bit lower, Malcolm.
(45:56) So AI improved those profit margins even more.
(45:59) OK, TOST must be Josh.
(46:02) Yeah, we're at a year to date high on on Toast and I really like how it's setting up all.
(46:07) Right.
(46:07) I'll see you on the bell.
(46:08) Thanks everybody.
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