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So Bullish That It’s BEARISH? | $SPY $QQQ $NVDA $SOFI $NBIS $IREN $AAOI $LITE $COHR
Recorded: March 17, 2026 Duration: 1:07:57Space Recording
Full Transcription
shout out to public.com for sponsoring the stream it's a platform built for serious investors with
stocks options crypto bonds plus ai tools and they're offering an uncapped one percent match
when you transfer your portfolio.
Check them out at public.com forward slash wolf. Investing involves risk and this is not investment
advice. All right guys, a lot. The day was like, okay, everything's doing okay today. You know,
the market's rallying, maybe it's digesting what happened yesterday with the nvidia gtc event one trillion dollars in revenue by 2027 end of 2027
and i don't know what happened in the last 30 minutes but i decided let's kick off this stream
early and let's just get right into it well the first thing we're going to start talking about
is a little bit of an update on the war and not really much is happening other than Trump just saying a bunch of stuff, promising things that,
well, we don't even know if it's going to happen or not. We'll see.
And then we're going to talk about, of course, the Muddy Waters short report on SoFi.
This just came out like about less than an hour ago.
And SoFi, what's SoFi trading at right now i think it's down like
five percent still maybe let me check this one out real quick yeah so fi is down pretty decent
amount we're gonna get a little bit into that i got the report open over here so we're gonna take
a look at it it's down about two percent today so it actually did have a little bit of recovery
um since it did have its fall ttd is down like 6% today after a firm has been telling its
clients that it will not recommend TTD anymore or the trade desk anymore. On top of that, we have
day two of the NVIDIA GTC event. We got a little bit more news as far as more in the $1 trillion
revenue, but also they're going to be doing half of their free cash flow and buybacks. So we're going to take a little bit more on that. And this morning, like I said,
in yesterday's stream over and over and over again, many streams ago too, is that look,
you saw a $6 billion dilution event with IREN. Nebius is going to have another one. And we,
of course, got that this morning, as soon as the very next day, what I called it,
it was going to happen yesterday. And the stock is down about 10 i don't i honestly don't know why this
is of any surprise whatsoever we're going to actually get to compare both of these dilutive
events and see which one's worse which one's better in my opinion this is a very high capex
business and this probably won't be the last round of investment of dilution we're going to see but the nebbius one is a little bit different from this from the uh iron one so we're going to take
a look that one and finally uh we're going to take a look at some charts here with the uh with the
photonic sell-off a lot of these photonic stocks aoi coherence uh. They're all selling off pretty handsomely in the last couple of days,
but arguably there's still up a lot throughout the entire year so far. So let's see where AOI
is at. Yeah. AOI is at $87. Light is at, I saw it recovered today. Yeah, actually light is green.
So it's just AOI that's down light and coherent. We did recover most of their losses today. Yeah, actually light is green. So it's just AAOI that's down light and
coherent. We did recover most of their losses today. So we'll go ahead and take a look at that
one. But something that I noticed that was pretty interesting this morning was that you had the IGV
software ETF up a lot today, socks down, and now they're kind of both flipping today. I think
they're both about up about even on the day, but anyways, thoughts on rumor price
action. Yeah. I'll get a little bit into that. Yeah. I really appreciate the shirt.
Shout out to Nebius. This was not a $3.75 billion shirt. It is merely a cheap shirt that they sent
me. So I got a good shirt that they sent me. And I mean, I like it. I like black. It's one of my favorite colors for a shirt.
I like the color.
I like the color scheme that Nebius has.
Anyways, guys, let's get right into it.
We got some news yesterday.
And Trump did have a little bit of a press release this morning.
Let me go ahead and play this clip for you.
Actually, I got two clips to play for you.
One of them is from CNBC.
The other one is from, I forget which news channel it is but
let me go ahead and play this real quick this one is the short one uh just try to make some
commentary on the china summit that's supposed to happen soon still plan to travel to beijing at the
end i don't know we're working on that right now i i we're speaking to china i'd love to
know we're working on that right now i i we're speaking to china i'd love to but because of the
war i want to be here i have to be here i feel um and so we've requested that we delay it a month or
so and i'm looking forward to being with them we have a very good relationship but uh because of
the war there's no tricks to it either it's just it it's not like, oh, gee, I'm waiting. It's very simple. We've got a war going on. I think it's important that I be here.
So it could be that we delay a little bit. Not much.
All right. So in addition to that, there was another press release where he did give a little
bit more details on the war. I mean, he's just getting asked about the war left and right. I
honestly don't think the market is too concerned about China right now. And clearly Trump is not so
concerned about China right now. The spotlight is definitely on the war to see as far as how this is
going to affect oil prices. Now, I said yesterday that over the weekend, we did get escalation of
the war, but we ended up closing down on oil, which was actually very
interesting to see being that previous times oil would have a ripe, rapid price increase
and appreciation after you'd see more escalation. But after this week, it's escalation. We're
starting to see oil prices subside. I did talk about this more than a few times in the last
couple of weeks, but yesterday was very noticeable in that one. So let me go ahead and play this other clip as well from Trump. This one's a little bit longer.
It's a couple of minutes long. So let's go ahead and check this out.
How much have you made, Mr. President, in getting America's allies to assist the U.S.
in escorting those oil tankers through the strainer?
Well, we don't need too much help and we don't need any help, actually. In fact, we just put out a notice.
Well, we don't need too much help.
We don't need any help, actually.
In fact, we just put out a notice.
I was watching over the last couple of weeks, and all of our NATO allies were very much in favor of what we did.
They thought it was very important.
We were just discussing it, actually.
Very important that we take out the nuclear threat from Iran, and we've done that very strongly, very powerfully.
We've wiped out their
Navy, wiped out their military in every aspect. Their air force is now decimated. They have no
air force, no Navy. They have no radar. Their radar is entirely gone. Their anti-aircraft
machinery is gone. Everything is gone. Their leaders are gone. I guess one of the top person was they say a lot of people say their actual top was killed yesterday along with somebody else that who was responsible for the killing. The man that was responsible for the killing of 32,000 people over the last two weeks. He was in charge of the killing of protesters. It's an evil group. I mean, they've killed much more than 32,000 people.
And the man who was responsible for that was also killed yesterday.
And all of the NATO allies agreed with us.
And but they don't want to, you know, despite the fact that we help them so much.
We have thousands of soldiers in different countries all over the world.
And they don't want to help us, which is amazing. I mean, amazing. And I didn't do a full court
press because I think if I did, they probably would be. But we don't we don't need help.
You know, we've we've that war is has been long prosecuted as far as I'm concerned. Almost
from day one we knocked
out many of these things we knocked out the Navy essentially in a couple of days
but I was surprised to see that NATO while they agreed that it was a very
important thing to do they agree fully nobody said oh you shouldn't do it they
had they would have had a nuclear weapon within one month of when we had the B2
bombers bomb the nuclear potential.
I call it the nuclear dust. So I think NATO is making a very foolish mistake. And I've
long said that, you know, I wonder whether or not NATO would ever be there for us. So
this is a this was a great test because we don't need them, but they should have been
there.
So this is a, it's pretty interesting how the war is starting to develop.
You're starting to see certain countries kind of not want to be involved in the war. And personally,
I don't, obviously there's some disagreements as far as like how much militia each country
should be sending or warships should be sending toward the straight.
But arguably the straight of Hormuz is one of the most critical trade, uh, trade paths for a lot of these shipments to be carried out across the entire world.
I mean, if you don't have the oil takers going there in massive scale, it's going to affect oil prices. But I think the market is kind of forward looking in this case where they kind of have
a good hint that the, the war is going to eventually pass and they're no longer fearful
that we're going to see continued further escalations.
But even if we do, I think we saw most of the escalations or the surprise escalations
at the past, the market's kind of expecting that at this point you know the market does tr it is for looking it
does trade upon certain events that have come up and how they directly impact the stocks that are
trading the stock market and i guess at this point if we already have saw the massive escalations
already happen and already saw those price shocks hit the oil markets, then maybe it's not as bad as we feared.
It's always the, it's not as bad as we feared, or the uncertainty becomes certainty is what starts
to bring less volatility in the stock market. Let's actually bring up some charts over here
real quick, and then we're going to move on to the next segment. If we take a look at the VIX here,
of the VIX here, the VIX is pretty much getting crushed over here, continuing to make lower lows
the VIX is pretty much getting crushed over here, continuing to make lower lows and lower highs.
and lower highs. So as we start to get this compression VIX, it is overall bullish for the
stock market because that means it's going to be less hedging and less volatility in the markets.
And it's quite possible that we might start to see the S&P kind of float up a little bit more.
We've obviously been very resilient, even in the midst of having a VIX at 35,
where SPY only got as low as 661, but overnight,
it would hit the 200-day moving average. So since then, we've kind of been floating upward. We did
have a little bit of a pullback yesterday after NVIDIA did release this news. We're going to talk
a little bit more about NVIDIA. We're going to watch a segment from Jensen Wong's interview
with Jim Cramer, and also going to share
some other news that I took from the GTC today while all of her other friends are over there
reporting on the ground. Other things that did come up during the GTC event, but it's obviously
a lot of news and the market is definitely excited about it, which is the reason why we're seeing
this bounce. The question is, how do we see the market react to this after the gtc event is
everything going to be good or is everything so so bullish that it's actually bears that's actually
where i came up with the title from because that's the way the market sees it is that you have news
that is so bullish that it's actually bearish when you think about it or when the market thinks about
it for that matter one trillion dollar revenue for n NVIDIA by 2027. What does that mean? That means
more spending. And the market isn't exactly bullish when it comes to the amount of capex
that these mega caps are spending. But again, this is not a lifetime expense that's going to
continue to happen every single year. At a certain point, it's going to slow down. And from the news
that we've seen, other CEOs say is that this will translate into revenue soon.
And as Jensen Wong has always said, compute equals revenue, but it is never going to be a straight line up.
Okay.
So that's one thing we got to remember.
All right.
Let me actually just want to check something real quick.
We're SoFi trading out over here.
All right.
SoFi is only down like 1%, but we're going to take a look at that, that Money Water short report real quick.
But we're going to take a look at that Money Waters short report real quick after we check out this interview with Jensen Wong and Jim Cramer.
And I thought it was pretty funny.
He's like, wait, Jim Cramer is bullish now?
Because yesterday he got very bullish on Nebius.
And look what happened today.
Nebius is still down.
Nebius is down 12% now.
It's down more.
I would like Nebius to come more down in price
because I would like to add to this position, but maybe we might not get the opportunity that
we hopefully should be getting if the markets do stay bullish. So we will take a look at that one.
In the meantime, let me go ahead and play this clip from Jensen Wong and CEO of NVIDIA, sorry, CEO of NVIDIA and Jim Cramer.
So let me open this one over here.
Slightly lower today as the chip giant kicks off day two of its GTC conference in San Jose.
Joining us this morning in a CNBC exclusive is NVIDIA's founder and CEO, Jensen Wong, with our Jim Cramer.
Hey, Jim.
Well, thank you, Carl.
Jensen, I do want to point out, someone said to me the stock's down 30 cents.
Your stock's up 22,000 percent in the last decade.
Should we care about the last half hour?
Well, I guess we all do.
You know, our growth is accelerating at a larger scale.
That's surprising for people.
And the end markets are really growing.
You know, we've reached this point in AI called the inflection of inference.
And so we've reached the inference inflection.
And so, you know, our growth is accelerating would like to love to see everybody enjoy it well people got a little trapped by the 500 billion to a trillion and I like that
over 20 25 20 for seven what trapped me was it when you said when we were
talking about Michael Dell yesterday that Jim do you remember when I told you
that chat GPT could be big and I said said, well, yeah, I do, 10 years ago.
And he goes, NemoClaw.
He said, NemoClaw, this may be even bigger.
I start my morning with NemoClaw.
Could you explain to people why this may be what we're thinking about over the next five years
and not something involving margins over the last five minutes?
margins over the last five minutes? Well, first of all, I said at the keynote,
and I referenced a number I used previously, because I want to give everybody a baseline.
And so last year, I said that at about this point, that we had $500 billion of high confidence visibility of Blackwell and Rubin. That's it. Obviously,
our company sells other things. We have CPUs, we have storage processors, we have networking.
And so we have all kinds of things that we sell in addition to that. We have $500 billion worth
of visibility. And at this point, at this point, with another 21 more months to go
to the end of 2027, we already have high confidence visibility of $1 trillion plus
of Blackwell and Rubin. Not anything else, just Blackwell and Rubin. And so, you know,
we still have 21 more months of new orders coming in. We still have all of the other things that NVIDIA sells.
And so I just wanted to give everybody a baseline.
The ecosystem needs to know directionally where NVIDIA is going.
Now, of course, we plan with the supply chain.
We help everybody with their capacity building.
We prepare all the technology partners so that we can support a trillion dollars worth of blackwall
and reuben and so it's an incredible thing you bought grok in december what i heard yesterday
maybe my biggest takeaway was it it's already going to be making you not money but a huge amount
of money and that's not part of the trillion no yeah we started
production of grok version three it's a really really special company and and we're going to add
grok not to every part vera rubin is so incredible that it's really hard to add value to vera rubin
you know that engine is so incredible and so but there's some part of the workload i think about 25 of the
workload where we could add grok to it and so for 25 of the workload we could increase our
opportunity even more and so people will be paying for this
isn't it wild to not only see that they're announcing one trillion dollars in revenue
to not only see that they're announcing $1 trillion in revenue,
but also on that, Amit is boots on the ground at the NVIDIA DTC.
Not only did they give the $1 trillion guide yesterday for 2027,
but Jensen Wong said the $1 trillion only included Blackwell and Rubin.
It does not include Grok.
It does not include Storage, Bluefield, CPUs. It does not include and Rubin. It does not include Grok. It does not include storage,
Bluefield CPUs. It does not include Vera Rubin, Fainman, and more. It will likely be more than
$1 trillion with everything put together. That is astronomical when you really think about this.
I don't know why the market is selling off NVIDIA after its explosive GTC keynote yesterday. And even
after the event unravels, we are hearing more and more bullish stuff in partnerships.
It's not even just NVIDIA that is declaring higher revenue. In fact, we also had, let's see here,
let me just bring up the tweet over here. Yeah. So I'm going to share. Oh, I'm already sharing it.
We also had Amazon CEO Andy Jassy say that AI is expected to double AWS revenue and sales
to $600 billion by 2036.
Oh, that's 10 years ago.
That's so far away.
It's like, okay, well, that's still a large amount for the largest hyperscale in the entire
world.
Yeah.
Okay, fine.
They're not growing as much as Nvidia but 600 billion dollars by 2036
this isn't a company that's selling gpus this is a company that's selling cloud services
across the entire platform also in addition to that their bedrock and ai models that they do
uh that do outsource to other companies and they do also build their own in-house one as well
but if you have the largest hyperscaler saying they're going to be able to expand revenue 600
billion dollars within the next 10 years what do you think is going to happen to google gcp
or google cloud what do you think is going to happen to microsoft azure what do you think is
going to happen to oracle and all these other companies compute equals revenue okay and now
this revenue or the compute is starting to be translated into revenue for other companies
that don't actually sell the compute solely.
So it's going to benefit everyone because the demand is so satiably high.
The issue is that today the market is worried about all the spending.
So when they hear about the good news of NVIDIA getting $1 trillion, the market's like, oh, $1 trillion, that's a lot of money for NVIDIA.
And it's even better news because it doesn't include all these other products.
So that means it's even more than $1 trillion by end of next year.
The way the market's looking at that is that means there's more spending.
That means less free cash flow from all these mega caps.
That means that a lot of these companies are actually going to start losing money and start to cut more headcount, which is going to increase the unemployment index,
which is going to also increase a lot of other things and also going to decrease the amount of
spending. The economy is going to slow down. This is the way the market's looking at it.
They're looking at it in the short term. If the market was so forward looking,
like years or a decade advance, the market wouldn't go down.
Well, I'll be it.
It's still kind of is not going down anyway, but it would be at all time highs every single
day.
If the market really was that far forward looking, the market doesn't look past more
than a couple of months, guys, or even a couple of weeks.
If it really did, then we would never drop.
So anyways, that is my take on the nvidia gtc event
there of course it were a lot more announcements that did happen today but that was probably uh
the most important one that i wanted to discuss and obviously the event still goes on for a couple
more days but there will be a lot more information and news that we do get and there's likely going
to be one last thing that jensen long is going to close us with at the end of the entire conference. But still, this is probably one of
the most bullish conferences that we've seen to date. And it's not really a good time to be short
in the stock market when you have a conference like this happening, which is a reason why I
closed my hedges on Friday, which was good timing because we did bounce pretty considerably,
even after seeing oil basically peak out on Sunday evening. So let's move on to the next segment, the one that you all have been
waiting for. Let's talk a little bit about Muddy Waters. Now, the background on the Muddy Waters
SoFi short report is that they're basically saying there's a lot of financial engineering going on,
and SoFi is actually not as profitable as it is. There's obviously a lot lot more in the report we're actually going to go through the report a little bit
i didn't read the entire thing i was just kind of skimming through parts of it um chat gpt part
of the report i mean come on like what else is supposed to do i can't read this entire thing in
like 30 minutes but trying to get the gist of it right do i think the report has any validity well
i don't know i don't own sofi i don't know how much validity is but i do know that muddy waters has shorted many companies and when they released a
short report they're already positioned for the short position they could have bought puts they
could be short in the stock whatever it is and when you get that massive five percent move down
it's very likely and they may or may not do it but they don't have to disclose when they're
selling their short position or when they're covering the short position.
So they could have already done it.
They could have already covered their shorts.
And the same thing happened with Apple Evin when they had their short report.
Apple Evin went all the way down to $200.
And as you can see, Apple Evin's around $500 today and went up as much as $600, $700 a
couple of months ago.
They don't stay short the entire time.
They release the report after they make their money,
and they usually get out.
That's how these short companies work.
They release the article, especially a company as big as Muddy Waters.
And if you guys are actually a fan of the Compounded Friends,
Muddy Waters actually did go on one of those podcasts.
That was actually a really good podcast.
And they disclosed that they are still short TDD, but could they really be, or are they still short and full size? Are
they only short one share? Who knows guys? It's really tough to say exactly what their position
to do it. Cause they don't necessarily have to disclose their exact position or alert us when
they cover their short or whatever it is. It's most likely they open the short up, they release
the report and then they see it drop,
and they cover the majority of their short,
and maybe they leave a little bit on just to see if it goes further down.
That's how I would work if I was trading this position.
But clearly, there's a lot of people who are bullish so far.
So there's a lot of arguments back and forth here.
But if I take a look at the short report,
some things that I did take away from it is that mostly it's a financial engineering treadmill.
Actually, let me bring up the short report over here.
Yeah, so we're not going to go over this entire short report.
This thing is like 28 pages long.
But if you look at the top over here, they're basically saying the reported EBITDA for SoFi is over $1 billion.
But the Muddy Waters adjusted is $100 million.
So they're basically saying that they are 10% of what they're actually reporting as far as EBITDA goes.
If I go down over here, where's the part where they did say financial engineering treadmill?
Okay, actually my bad, that was a top.
$312 million of unrecorded debt was another one over here.
Okay, so they basically listed out all of their debt from the quarter of the comparison
from Q4 2023 through Q3 2024. And it's a total
of $312 million of unrecorded debt. So they're basically saying that they have a lot more debt
in their balance sheet that they're not disclosing to a lot of shareholders. I do try to question
this specifically, like how is it that everyone has access to all this information,
but muddy waters is able to uncover it when the market is so quick at pricing
in whatever 10 Qs or 10 Ks that get released by the companies themselves
through the sec.
This is the way the market works today is that you have algorithms sifting
through every single piece of public information that's out there.
And I would assume that the market prices in most of this stuff as soon as it's released or very close to when it's released.
And that's what basically moves the price up and down in the stock as it does price in this information.
So if they already release the SEC, if they already released the 10Q and the 10Ks to the SEC sec then i would assume it's already priced in but then
money water comes out over here and they basically say that there's a lot of unreported debt over
here so in addition to that they also say that uh there's constant shareholder dilution
alleges of off balance sheet structures to disguise borrowings as revenues
structures to disguise borrowings as revenues. A true charge-off rate is around 6.1% versus the
reported 6.89%. They claim losses that are hidden by selling or moving loans off balance sheet before
defaults. They also argue that student loan business exists mainly to generate accounting
gains, not economics. And then they claim that SoFi fund buyers,
which is 80% of the loans to artificially support valuations at sales prices. Like there's definitely
a lot. It's favorable for them for the stock to go down if you're shorting the stock,
to be completely honest. I need to go over this a bit more, but you guys can definitely go over
this if you'd like to. I'm going to leave this in the chat in case you guys want to check it out.
And by the way, guys, we are going to do the market close today.
We will have time to do that.
And then I'm going to cut the stream probably 15 minutes after the market close.
So I likely won't be covering any earnings today.
And to be honest, I don't think there's many companies that are reporting to any big companies.
You have Okla reporting today.
You have Lululemon, DocuSign, OPTT.
Actually, I don't think OPTT is actually reporting.
I think they already reported.
Yeah, there's really not a lot of reporting today.
The big earnings really is tomorrow.
Micron's reporting tomorrow,
so I will be doing that one live most likely.
And then we have FOMC tomorrow.
And we have One Stop Shop or OSS tomorrow morning.
But yeah, so I'm going to leave that over to Steve.
Steve is going to be having Jason on his stream for Technical Tuesday
around 4.15 p.m. today.
So I'll probably hand over the baton over to him
because, guys, the show must go on.
The show must go on.
All right, so that is pretty much the gist of the short report over here.
Again, if you guys want to go ahead and check this one out, you can go ahead and you can
go to the chat where I posted the short report.
But I mean, these short reports really come and go.
I would say that SoFi is already down a lot.
So in order to go down even further, you'd have to see probably more downward pressure
on the stock market, which we're not really seeing. The
Qs are up about 50 basis points, buys up about 30 basis points. So I don't really see that happening.
All right. So the next part of the show, we're going to go a little bit over that dilutive
event that Nevis did have, about 3.75 billion. Let me actually pull the press release over here real quick.
Well, where's the company's actual press release?
All right.
Investors Hub.
Let me bring this up.
Here we go.
Okay, so Nebius Group announces proposed private offering of $3.75 billion of convertible senior notes.
Nebius, the leading infrastructure company today, announced the intention to offer subject to market and other conditions $3.75 billion aggregate original principal amount of convertible notes. $2 billion due on 2031, 1.75 due on 2033, and an additional about
$500 plus million of the principal as an option. So what does this exactly mean? So I actually broke this down a little bit in a tweet that
I just posted. Hold on. Let me bring this up over here.
All right. So I'm going to share this screen. Kind of made a nice little graphic to see
in case you guys want to check that one out on my Twitter. But basically you had IREN issue about
$6 billion at the money equity offering. All right.
So the convertible notes is quite different from the at the money offering. The at the money
offering is basically at the price that the stock is trading at where they're going to issue debt.
Now this is up to $6 billion for IREN. So they can actually do part now, part later, whatever
it is, when the stock is lower, when the stock is higher, it's really up to them. It's at their
discretion, but they did disclose to doing up to six billion dollars nebius is in
convertible senior notes and they don't expire for another five years or seven years over here so
that and that is if they actually cut to maturity and uh if they decide to exercise those options
now it's most likely those options will be exercised and i think that's what the market is actually pricing today, that they will be exercised, but this is like
five or seven years from now. So it's possible that Nibis could be the same price it is five
or seven years from now, and then they'll issue the debt or they'll convert the senior notes to
actual shares, or maybe they won't, you know, we'll see. I think that's like the big question
on the table. And then more comparative things here, it's potential dilutive type of event and it's immediate dilution.
Actually, it's not immediate dilution for the IREN one,
but it will be immediate when they do exercise any portion of the $6 billion.
Maturity, there obviously is no maturity for the IREN one
because it's an at-the-money offering.
Use of proceeds, both of them are pretty much using them
for a data center expansion.
They both have AI cloud, so it's basically the same for both of them.
Strategic backing.
The meta deal, we just heard about that one, $27 billion yesterday.
So it was like $12 billion and then can go up to $27 billion.
And Nebius has the Microsoft deal, but they do need to fund the contract that they have with Dell in order to build out all that capacity.
Fixed upfront, raise costs for capital flexibility for Nebius,
flexible for IRN.
Like I mentioned, IRN doesn't have to do it right now if they don't want to,
but Nebius is offering those senior notes today,
which they can be executed at any time.
The investor reaction, yeah,
they both kind of dropped as soon as the announcement was out there.
IRN did drop a
bit more than nebius but uh iren was already trading below 45 when that happened so they
did drop lower nebius was up like 35 in the last couple of weeks so even though that they are down
about 13 today they are still up considerably even after this event balance sheet impact so this adds debt to the nebius
balance sheet for iran it doesn't add debt to the balance sheet it's just more dilutive so
in a way they both have a similar impact but iran i think their their capacity plan capacity is
significantly higher than nebius so that's going to cost them a lot more money uh i don't
believe ahmet is going live today because he is at the gc event so i'm going to do the market
close over here and i'm going to hand over the baton to uh to steve afterwards um yeah your
portfolio is in a quiet period i mean honestly it kind of sucks because actually no they're not in
a quiet period because they already had their earnings and anthony noto actually did buy a lot
of shares of his own company stock.
So we'll see what happens with that one.
But there are some other companies that didn't report yet, like One Stop Shop.
Yeah, they're going to be reporting tomorrow morning.
So they're obviously in a quiet period.
But they are at the NVIDIA GCT event.
And, well, Stock Talk is going to be boots on the ground for that one.
So we'll be able to hear some more details about that one, hopefully.
But, yeah, the event is still going to go on for a little bit longer, but as far as this
event goes for Nebius, I mean, you had to really expect it happening. You know,
if the stock is up 35% in the last couple of weeks, it doesn't really take much to move the
stock back down, especially when you get a dilutive event. So yeah, Nebius right now is
trading at $114. Let me actually share this screen over here.
Yeah, so they're trading here at about $114, 12% down.
I mean, congratulations if you sold covered calls yesterday.
I know there are a few people that are actually underwater in their covered calls,
so they're probably pretty happy to see this one.
We're getting a little bit of a bounce back for a lot of stocks stocks intraday bitcoin continues to have relative outperformance in the stock market same thing
with ethereum but again bitcoin is outperforming ethereum on the short-term scale ethereum did
run up pretty dramatically over the weekend a lot of semiconductor stocks are coming back today and
like i mentioned earlier in the stream you had IGV up significantly on the day. They were
all the way up here around $87. And since then they pulled back quite a good amount. Meanwhile,
semiconductors are almost near the high of day. Well, maybe about less than a percent away from
the high of day, but now semiconductors are outperforming IGV, which is probably the reason
why you're still seeing the market stay afloat over here. So we did get that continued sell-off in software stocks,
but not all software is actually selling off.
If we take a look over here at ServiceNow,
they're still up about 1.5% today.
Cloudflare is up 2.73% today,
which means that DigitalOcean is probably up.
Wow, DigitalOcean is just on a tear.
So DigitalOcean and Cloudflare are not necessarily pure software plays.
While they do offer a cloud, which does help with a lot of inference and queries that are
coming from these LLMs, I would say this is mostly an inference infrastructure play, which is the
reason why you're not seeing these drop nearly as much. And DigitalOcean has probably a bit more
runway than CloudFlare since since it is a
significantly smaller company at seven billion dollars cloudflare over here is at 75 billion
dollars so clearly a lot more runway here and another play on inference that i've been in is
fastly and this is up about five percent today it's actually pretty interesting because this was
actually down in the day in the beginning and then it came back up. So not all software is being sold off. GitLab continues
to be going on a downtrend. I don't even know what's happening here, guys. I did get out of
this one. So this is very difficult to say because I was like uber bullish to stock and I was uber
bullish company. But this is literally a straight, like something is happening here. It's probably more of disruption fears than anything.
Samsara is still holding onto its gains post earnings.
Monday.com still is trading at the lows over here, but it's been basing out over here.
So it probably just takes like one cat catalyst event for, uh, for Monday.com to go up a lot
service.
Now, like I mentioned before, this does have a pretty nice
setup over here as it is still above the 9 and 21 EMA. And you did have that crossover of the 9 EMA
coming over the 21 EMA. For the weekly, it needs to get back above this 9 EMA and this stock still
needs a lot of work to do. So Zeta finally is about flat on the day. It is good to see that it's not necessarily breaking down here on the weekly, on the daily chart.
It is, yeah, it looks like it's coiled up.
It's probably going to get some news or something soon.
When you see like this consolidation here happen on the short and medium term timeframes,
it most likely is going to make a big move up or down.
The question is, will it be up or down?
We don't know.
We're going to just have to wait and see what happens with that one. I don't want to speculate exactly which
direction that's going to happen in because as bullish as I am, it can easily go down as much
as it can go up in this market. So we don't know what's going to happen there. All right. So TTD.
So TTD had some interesting news today. Let me actually bring up that article.
Oh, I didn't share the article. Okay. I'll just bring up the tweet first.
Back here.
So I wonder if TTD is still down actually.
So TTD was down 6% after reports that Publicist Group is informing its clients it will no longer recommend the Trade Desk as a demand side platform.
The decision follows an audit commission by Publicist, which allegedly uncovered multiple
violations of their master service agreement.
And currently, TTD is trading
at 25 bucks down about 7% today. So this was actually pretty interesting because look,
it was very bullish that Jeff Green was buying $150 million of his stock and the stock went
all the way up after that, all the way up to $33. And now it's down over 20% since it did hit that peak. And it looks like
it just closed the gap that it had after that Jeff Green announcement. So I don't know. We'll
see. I am personally not long this stock. For my marketing tech, I do have Zeta. For ad tech,
I'm kind of staying away from ad tech right now. It doesn't look like the whole sector is getting too much love.
You have, actually, let me go ahead and share my screen
and take a look at some charts here for the ad tech sector.
You have AppLovin over here, kind of basing out over here,
right on the 9 and 21 EMA.
Magnite actually just gave up most of its gains from the recent bounce
uh reddit is basing out over here um probably going to have a catalyst or something coming up
tdd of course is down seven percent unity is basing out down here so like all of these
all of these uh ad tech companies are still trading down here the best looking one is app
loving uh and i believe meta is it still red today yeah it's still red today which i don't companies are still trading down here. The best looking one is Applovin. And I believe Meta,
is it still red today? Yeah, it's still red today, which I don't understand. If they're laying off
up to 20% of its staff, you would think that that'd be very bullish. But I guess we're going
to wait to see what that, when they actually do that to see when the stock goes up. Otherwise,
it might just be news. Who knows? Maybe they never lay off those people, but it's very likely Mark Zuckerberg is going to lay off those people. Now we're seeing here
Nvidia basically closed red in the day, which is very interesting to see as bullish as that
events gets. In fact, all of the max seven is basically flat or down except for Amazon,
which I did mention earlier that they have a $600 billion estimate by 2036.
estimate by 2036. Oh, interesting. We just had a headline come out.
Let's see here. Russia sharing satellite imagery, drone technology with Iran. Sources say
Russia seeks to prolong war. It is benefiting from from military militarily and economically interesting
that is something i did not expect to see another breaking piece of news over here is that jensen
wong did say something about uh 40 of taiwan chip production to the u.s will be very difficult okay
so he's just providing more commentary on it actually is he is he up there
speaking right now i do wonder if he's actually speaking the event but anyways i don't want to
play any of the event right now because if i do i'm probably gonna get mine turned off um i mean
kudos to tanner but that really sucks even after even after he got approval to stream the uh gtc
event they still took it down like i i don't i don't know oh you just posted it thank
you for posting that i totally missed that one apologize yeah russia sharing satellite imagery
and drone technology with iran not necessarily a good thing you want to see but i don't know i mean
that's wall street journal so there's probably some credibility to it but at least it's from
wall street journal not some like random post by a big account uh avav what's avav doing okay avav is up three and a half percent yeah so
a lot of the drone stocks are making some moves today actually now that i think about it so
my drone play is amprius which is continuing to push higher today which is really good to see
what is on this doing on wow on this is up six percent you know and even i saw rocket lab was
up yeah nine percent today at the high of days asds is at the high of days two uh 97 that's wild
man that's crazy a lot of these stocks are moving pretty strongly here what about kraken robotics
kraken is back seven dollars 33 cents oh that's good well wow they really bought that dip yesterday
that's good to see yeah kudos people who are in Kraken Robotics.
Lemonade is up 16% today.
That was really cool to see that Lemonade is making a bit of a comeback here,
back above the 50 EMA.
I am no longer in Lemonade anymore.
Got out at $75, but I mean, if it wants to run, so be it.
I really hope it runs so anyone else who's holding it
can continue to make some money off of that.
No, I'm not shorting Mic at this time i did i did it it was a small short that i threw on before that other earnings and i covered it pretty quickly after the earnings with the
with a handsome loss but no i'm not going to short micron at this time that'd be wild
creators is still he's going up too yeah oh wow creators is up six percent where i guess this is
uh probably really bullish news for
creators have been going up the whole day maybe someone knew that headline was coming out yeah i mean this whole drone stuff it doesn't look like the steam is exactly over and
anything that touches drone is uh drones is doing really good you know i like that
i basically got a double on this thing so far so that's good to see
duolingo i'm saying it's kind of surprising to see he's still trading here in the hundred dollars
range wasn't this thing down at like 90 bucks the other day yeah it was like 90 bucks something duolingo i'm saying it's kind of surprised to see is still trading here in the hundred dollars range
wasn't this thing down at like 90 bucks the other day yeah it was like 90 bucks something
i don't know let me know in the chat if you're if you're buying duolingo if you're buying the
dip over there if you're uh signing up for um uh one-on-one uh one-on-one mentorship uh for uh 25k
yeah seagate is uh memory stocks are up not think we were going to get all-time highs
in Micron and Zandes. Actually, no, we did not get an all-time high in Zandes yet, but we're
very close to it. It looks like we're going to get an all-time high there. Someone asked me to
look at light and coherent. Yeah. Those are doing pretty good in the day. Coherent is flat on the
day. AOI is still down on the day.
You know, these charts, this is the last I said I was going to talk about.
These last charts, this pullback over here,
it's like pulling back right to its 21 EMA.
On the weekly chart, still pretty extended, guys.
I mean, this is a parabolic chart.
Like these don't continue going up.
And this is a massive move from its uh from
its recent highs over here hold on all the way from peak to trough wow that's a 30 drawdown from
its peak imagine everyone who was buying up here that would really suck to deal with that kind of
drawdown but yeah we're seeing a lot of uh upward in the market. I mean, it is good to see that we floated a little bit higher from yesterday in the stock market.
It was not a great close.
Closed at the lows of the day yesterday, right after NVIDIA announced that $1 trillion revenue.
But it is good to see some of the comeback in the market.
I mean, we don't really know what's going to happen yet, man.
I mean, tomorrow we have FOMC happening. So I believe this is Jerome Powell's last FOMC
interview, last FOMC event. What is this Jerome Powell's last FOMC? Jerome Powell's term due in
the end of May, the chairman will lead.
Um, I don't think this is his last event.
I think he has one more after, unless he gets let go at, before the next FOMC event, there's
another FOMC event in may.
When is that one?
May six through seven.
So he's probably going to do one more, uh, if anything.
So I'll take a look at that one.
Am I holding a longterm? No, this is just a swing play. I'm not going to, I'm not going to do one more, uh, if anything. So I'll take a look at that. What am I holding a longterm?
No, this is just a swing play.
I'm not going to, I'm not going to hold this longterm.
Um, I'm going to take profits at a certain point.
This is not a core position for me.
I mean, we'll see, we'll see if it is core position, but it is doing pretty well in the
portfolio, helping with the drawdown, but the software drawdown is not exactly fun to
be dealing with.
Um, do I know anything about Mercado Leary?
Yeah.
Mercado Libre,
my portfolio. It is the Amazon of Latin America minus AWS. But instead of having AWS for Mercado Libre, they have Mercado Pago. Mercado Pago is their transaction platform where they also have
financial accounts, they have credit cards and so on. Basically, Mercado Pago has been running
all of the backend financial systems for Mercado
Libre in the past, but similar to what Jassy did with AWS, where they're outsourcing their
internal compute, Mercado Libre is now outsourcing or has been outsourcing their internal financial
arm, which is Mercado Pago.
And that one is actually becoming very profitable very fast.
I'm planning to sell zeta after
it goes up three times so i'll inform say yeah all right cool go ahead and inform me um i mean
if zeta has a three times i'm here it'll probably trade around fair value in my opinion so we'll see
what i do over there but still holding that one uh oh ubiquity dude don't tell me. Seriously. Can't believe I didn't buy this thing. Wow.
At an all-time high today.
Yeah, I was supposed to buy this one when it was $100.
That would have been a seven-backer.
It is what it is.
Can't catch all of them.
Check ESLT.
ESLT.
Oh, we're going to get the market closed soon.
Whoa, what is happening here? All right. So we have the market closed soon. Whoa, what is happening here?
All right. So we have the market closed coming up in about two minutes over here.
30 minute chart. Yeah. One minute, one minute until the market closes.
So we're going to go ahead and take a look at this one. Wow. What, what is elst what aerospace and defense that that is actually that is actually a big market cap 47 billion dollars that's a big move for a company of this size
interesting it's up 16 today yeah i never heard of these companies man but that is a parabolic chart
straight up a lot of these uh a lot of these stocks have been going up when they remember
they come to aerospace and defense so we'll see all right 15 seconds until the market close
got something special for you guys as soon as the market closes this is nine eight seven six
five four three two what i don't know i'm not too good at this stuff but looks like the sp500 is
closing up about 27 basis points today the queues is up about 50 basis points and let's go ahead
with the market close back market is now closed. Yep. So yesterday, Bob, the market is officially closed March 17, 2026. Was there
no bell? Come on. You could have heard that bell. Yo, circle has been on fire lately on fire.
Did have a bit of a pullback from its hive day. I did sell my circle swing earlier today at $129.
Of course the thing runs with, of course, circle runs. Of course it runs after I sell it. But I
mean, that was just a swing trade. You know know I do have my core positions on I'm not
trying to do anything too crazy um too crazy in the market because this thing is like I mean
if you look at the queues over here guys it's just been chop chop chop chop chop chop chop
chop right and if you look at the SMAs right we can't we we rejected the 20 SMA we were up as much
as 606 on the queues rejected it hey
maybe we come back but now we're above the 90 may which is good to see that's actually the first
close above the 90 may since uh last week uh but we couldn't get above the 20 and the 21 ema but on
the weekly chart uh couldn't get back above the the 21 ema so i i don't know guys i this is the
reason why i'm not trying to be like uber bullish here,
because you don't know what's going to happen here. Every time it'll try to test this rejection,
test, rejection, test, rejection, right? So it's like, we don't know what's going to happen here.
So I try not to press anything too quickly. And if I do anything, I like to take the profit sooner
than later and not try to hold until infinity. So we have a few earnings going on right now.
We have Oklo reporting earnings.
Let's see if Oklo reported already.
There are about 87 basis points.
We'll see what happens with that one.
Let me just throw some of these on the radar here.
Oklo, Lulu, DocuSign, CLPT, OPTT.
Oh, okay.
So that one actually is perpetrated there.
Hightide.
Maybe some of you guys own Hightide or looking for the Hightide earnings over there.
So I'll post that one for you.
I'm just looking at earnings up on the side over here.
I don't really see anything,
anything else reporting. Even this morning, monolithic power.
No, medical property stress reported this morning. Oh, ESLT actually reported earnings this morning. So that's the reason why they're up 16%. Yeah, but we'll see what somebody's
earning. So, oh, high tide is
up about 6% after hours. Let me see if I can get some of those earnings up there.
All right. I don't see high tide earnings on Twitter. Let me see if I see it in stock Titan.
On Twitter, let me see if I see it in StockTitan.
Okay, so high tide reports first quarter,
2026 financial results,
record revenue exceeding $700 million annualized
for the entire year.
For the revenue, $178.3 million,
grew 25% year over year.
Gross profit, $44.4 million,
grew 25% year over year in that one.4 million dollars grew 25 year over year and that one
free cash flow 2.9 million dollars so they are positive free cash flow cabana club canada
membership 2.58 million members grew 47 year over year um the company generated 2.9 million dollars
for cash flow okay so that's good that's good and the market seems to love their but wow they're
about 10 after hours congratulations for anyone holding high tide
why don't you put down the chat if you're holding high tide uh wow very big day for you what are you
holding exactly that's a very big day congratulations june hey no problem no problem glad to be here
glad to be here just the show's got to go on guys. A show has to go on. And again, I'll be handing the baton over to Steve. He's going to be on with Jason in about 15 minutes. I will hand over the baton to Steve in about 10 minutes here. We don't see any other earnings coming up here. Let me take a look to see if we have anything from CNBC.
uh we have anything from cnbc oh you know what i actually probably should resubscribe to youtube
tv so i can play some stuff later on but let me see here if there's any other new videos from uh
cnbc uh open ai focused on enterprise on yeah open ai decided to focus on enterprise um as
they're coming up toward their IPO push.
Basically, I think they're not going to do any more of those crazy side products that they usually do.
They're just going to focus on bringing in the revenue because they want to compete with Anthropic for the most part.
DocuSign is up 7% after hours.
Let's go ahead and see if I can pull up some of the earnings over here.
DocuSign. if i can pull up some of the earnings over here docu sign anyone still use docu sign other than like companies that are mandated to use it i don't know why people still use docu sign there's so many there's so much competition out there
uh i don't see it on stock titan let me see if i can pull it up on their website
no i don't see it on the website.
Did anyone post it on Twitter?
Yeah, Oklahoma earnings are still pending here.
So DocuSign, fourth quarter, adjusted EPS of $1.01.
Estimate was $0.95. And revenue came in at $136
million. The market expected $828 million. So that's a beat on the top and the bottom line
for DocuSign. Anything about the guidance at all? Do we have anything about the guidance?
I don't see anything about the guidance. Looks like Lulu is up everywhere today.
Let's see what the Lulu numbers are over here.
Lululemon appointed Chip Berg, former president and chief executive officer of Levi Strauss
and co.
to its board of directors.
Effective immediately.
All right.
Well, board of directors.
So that's not really a whole lot.
All right, Lululemon, Q4 revenue,
$3.58 billion at the high end
of the $3.5 to $3.58 billion guidance.
EPS, $4.78.
Beat the guidance that they guided for at $4.76
ahead of consensus estimates at $4.76 was the midpoint of that expectation.
They are basically flat after hours.
So we'll see what happens with that one.
I believe Oklo reported earnings as well since that thing is moving.
It did move, actually.
Let's see if I can pull up the numbers here.
Oklo, zero revenue because they have no revenue.
So that's expected.
EPS right in the line with 18 cents.
How do you get 18 cents EPS, to be honest?
Let me see if I can pull up their slide deck.
Let me see if I can pull up their slide deck.
Do they have it available?
They don't have it available.
I don't see it here on their website.
I don't see it.
see it. Let me see if stock Titan has it. No, I don't have their earnings on here. I don't know
Let me see if StockTitan has it.
how these people are getting it. I don't see how they, I don't see how these people get it.
Yeah. I got the Lululemon. Um, Oh, actually, uh, Midwest I'm doing a my channel too as well so you can go to the wolf one or my
channel if you'd like to uh there's obviously a lot more content the wolf channel so as long
as everyone's aware of that one go ahead and check it out uh i was gonna buy oh oh lulu calls
but uh held off well it's a good thing you didn't because the thing is basically flapping you would
have lost a lot of money on the premium that you would have purchased.
So I don't really see anything for Oklo on here.
The stock did make a move after hours for a minute.
I hate how it does that.
Let me go ahead and fix this.
No, it didn't really make a move after hours.
It's just kind of flat.
So maybe they didn't release theirs yet. L lemon is down about two percent after ours docusign did give up some most
of its gains but it's still up four percent uh see clearpoint neuro is down three percent today
where it wasn't this thing down a lot before and then they had the announcement
yeah i mean hasn't really moved a lot since then. Great. Hold on. Got a
notification. My wife didn't lock the car. That's great to see. All right. Jensen Wong actually did
just make a statement here. Let me see if I could pull it up. I did see Evan post about that one.
pull it up. I did see Evan post about that one. All right. Where did it go? Where did it go?
All right. Jensen Wong says he expects to have more NVIDIA employees in a decade, not less.
Jensen Wong says he envisions 10 years having 70,000
NVIDIA employees and NVIDIA
be busier than ever. Currently,
NVIDIA has 40k employees.
That's crazy. That's crazy.
It looks like these guys are in
a private NVIDIA event, which is really
cool. Oh, wow. Amit got to ask a question
to Jensen Wong. Let me go ahead and
play this for you guys real quick
hi jensen thanks for taking my question my name is imitz i'm a retail investor
uh the market has really started to question the value proposition for legacy software companies over the past few months and with the rise of agentic workflows many people think these platforms
can be vibe coded away i'm curious how you see AI working with
those offer companies to prove that they will be valuable for yourself yeah and
so please tell the retail investors they're just absolutely wrong and it's
not even my business to protect you know You know, but right is right and wrong is wrong.
Let me, so let's just use one example. Synopsis, okay? Or Cadence or any of the
design tools. The limit of their business is butts on seats. There are only so many engineers.
If there were more engineers, they licensed more tools.
If there were more plumbers, you could sell more tools.
If there were more carpenters, you could sell more tools.
You know, and so, if there were more engineers,
they could sell more tools.
But in the future, we're going to have agentic engineers.
And what are the agentic engineers going to do?
Manifest transistors?
The agentic engineers are going to use the same tools we use because when we're done with using the tool,
it needs to put it back into the structured data that I can understand.
Because if I can't understand it and I can't control it this is back to the
controllability questions we we keep coming back to is sequel gonna die
because agents are here no sequels that's that's where our ground truth of
business is gonna be stored and when we're when the agents are done with
their work,
please put the work back into SQL. So that if I want to go interrogate it, I can go interrogate
it. When the agent's done with design, it's going to use synopsis and cadence, and it's
going to go back into the file systems and the data structures, the ground truth of the
design of cadence and synopsis. And if I want to reproduce it exactly, not probabilistically, you know,
if I had an agent, if I used AI, deep learning, to generate my chips,
it's going to probably work.
I can't have it probably work.
I need to have it exactly work.
And so I need to have a specific ground truth. And the tools, the
synopsis tools keeps it coherent. Now because I have agents, the number of
synopsis tools that we have to license is probably going to explode. Not the
other way around. People have this weird idea that the AIs are going to
manifest and generate the transistors
from zero.
Are you guys...
That's like nano banana.
I'm going to, you know, they kind of imagine NVIDIA engineers going nano banana, nano banana,
you know.
By the way, I love nano banana.
Nano banana is great.
But you can't design chips that way.
Are you guys following me?
You got to get it crafted layer by layer by layer
because you need it to be verifiable.
You need it to be understandable.
You need to be repeatable, controllable.
All of those things, you can't be probabilistic.
Yeah, so he's obviously not bear software.
My take is that I think this is a new tool in the tool belt, right?
So when computers first came out, people were fearful that computers were going to take their job.
When the typewriter came out, people thought typewriter was going to take their job.
When the internet came out, people thought the same thing.
They were fearful.
It's basically the same thing with this one, except this is happening at a very fast scale right so it's a bit different from the
build that you've had with previous iterations of technology this one is happening very quickly so
of course when something happens very quickly and people are uncertain about the future they get a
little bit fearful and seeing all these layoffs certainly doesn't help the situation but i don't
think the layoffs are happening as a result of these companies not wanting engineers, not needing engineers anymore because AI is replacing them.
I think it's because you had a massive amount of hiring back in 2020, 2021.
And a lot of these companies are reducing all the gloat in their company.
And of course, with all the capex and everything, they're cutting some fat, whatever it is.
But some of these companies, they have a lot of people that were employed in them that were just
dead weight. So if you're getting rid of those people and you're encouraging the new ones or
the good engineers to work a bit harder by utilizing AI, that makes the company better
at the end of the day. So my take is that if you don't know how to use AI, learn how to use it in
your job, learn how to use it in your real world, your family, your financials, whatever it is.
Just use it as much as possible because this is here to stay.
And so it's going to get better and it's going to progressively get about a bit stronger
and improve itself in a very short period of time.
So the iterations of learning how to use it is happening very quickly.
Short cycles on improvements. So
I would say keep trying to figure out different ways to apply to your life. I always figure out
different ways to apply it. And I use it with basically everything that I'm doing all the time,
whether that's work, my personal life, or the work that I create online, whatever it is,
I use it all the time. It's never going to replace what I do.
It won't.
There's a certain capability of humans or in ourselves we do at our job that AI can't do.
You can always ask the AI to do something for you.
You can ask an agent to file your taxes or to respond to a bunch of people,
whether it gets something in a workflow or you could ask an agent to maybe run certain
processes and application.
But it's never going to make these high- level decisions on how to move forward or what to do with
certain things.
Like there's always going to be errors.
There's always going to be facilitations and iterations of deployment and improvements
on anything.
And that's what we're there to do.
So instead of writing up all this code manually, we can vibe code it, or we can write it out
with the assistance of AI to produce that code faster.
But if you produce code faster,
that means that other people are using it or demanding more features faster,
which means that you have to iterate on that code at a faster pace.
And that is what AI is helping us do iterate at a faster pace.
So what Jets is trying to say is that as you increase the speed, it doesn't replace
people. It just increases the expectation on how fast people move. And that's what the tool is.
And that is like a cascading event. The faster you go, the faster you do things, the faster you
deploy things. And the faster the expectation is that you deploy those fixes
or those improvements on top of that. It's basically like saying that when an EV came out,
people thought all gas cars were going to be gone. And in fact, we heard a lot of assumptions that
they're all going to be gone by 2030 and that's clearly not going to happen. They're still going
to be around. But when the EVs came out about 15 years ago, when Tesla released the Model S,
round. But when the EVs came out about 15 years ago, when Tesla released the Model S,
it has gotten significantly better since then. And the demand has only grown to get these EVs
out there. Maybe not with Tesla, but with EVs in general, the demand has grown, it will continue
to grow. So it's not going to replace anything. The only stipulation is that you had software
stocks trading at very high multiples. And what was once eight times ev to price the sales for the next 12 months
was very cheap now it's not as cheap anymore now that's more fair value so if that happens
maybe you won't get your service now back at 200 maybe the norm is going to be 140 for service now
right so a lot of people were expecting that premium to come back. Maybe that premium is no longer justified to be able to give that much premium
when there's so much uncertainty on the table.
Maybe when they can't forecast the rapid amount of growth they're able to forecast before.
Maybe it makes more sense to invest in other companies that are free cash flow positive,
that are gap profitable, which is the reason why a lot of the software companies you see that are out there that have been trailing along with free cash flow positive, that are gap profitable, which is the reason why a lot of the software companies
you see that are out there
that have been trailing along with free cash flow positive,
but still not profitable on the bottom line,
that they're not doing as well as the ones who are, right?
So maybe that's the certain thing that we need to look at.
Take a closer look at what software companies
have been getting that massive premium
that no longer deserve it anymore.
That is what I believe the market's doing. So so not all the software companies are going to survive not all the jobs
will still be there but they will be replaced by new jobs that require people to have this new
skill set of using agentic ai and the software companies that won't be able to sustain their
growth because they're not profitable anymore will be replaced by other companies that are able to
sustain their growth and able to expand the bottom line of the top line right those are the companies
that are going to stick around so it is survival of the fittest which is how it works almost all
the time but that being said guys it is 120 go ahead and check out steve he's going to be on
the panel with technical tuesday with jason uh recommend checking that out i'm going to close
this one out.
Oklo reported their earnings day and they reported no revenue.
They missed the bottom line.
But for some reason,
the stock is probably going to still float higher
against all odds.
But I mean,
Oklo down here looks a lot better at $60
than did 180 bucks.
I'm not buying though.
I'm not going to be buying Oklo
sticking with good companies
that are part of it.
NVIDIA plan to use.
Yeah, I think I posted this one earlier.
50% of free cash flows, return to dividends and buybacks.
All right.
So, oh, actually someone said SoFi is up 1% after ours.
Okay.
So they're flat.
They're flat.
SoFi is flat.
All right.
Short report canceled.
We'll see what happens with that one.
TTD did close that gap.
So we'll see how interesting TTD is. All right, guys. So thank you very much for watching the show. Be back on again tomorrow.
Probably going to do the mark close tomorrow and probably do FOMC as well. All right, guys,
talk to you later.
