AI Darlings Wrecked, Earnings Preview META, MSFT, AAPL, AMZN, Rate Hike Spook, Nvidia’s OpenAI Deal

15:04Downtown Josh Brown:Yeah, I don't think there's anything left really to say on Amazon. The one thing on a stock basis that I would say, getting away from the company itself, this has really been running in place for a long time. A long time. It doesn't look as bad as the pullbacks in Tesla, Microsoft, and Meta, but it also is literally going nowhere. And I really don't know what actually changes that dynamic, but that's the read on Amazon going in. Apple. We did a show two weeks ago, Why Apple's Going to 400. everything that I've read and thought about since I'm absolutely convinced this is still going to be the one to own for the second half of the year the stock went out at an all time record high today it is literally pennies from closing above a 5 trillion dollar market cap I think it did it might have gotten there but I don't know if it closed there whatever it's right there Tim Cook's last earnings call as CEO This is his final earnings print before the transition.

16:13Downtown Josh Brown:So there'll be a lot of questions about the transition itself. And we're going to start hearing from new CEO John Ternus on the next earnings call. We'll hear from him before that because remember, it's a big September 1st event coming up.

16:27Michael Batnick:Tim Cook has never said anything interesting on the earnings calls. I don't know about never. I haven't listened to all of them, but he's pretty boring.

16:33Downtown Josh Brown:He's very buttoned up. They did get a major, we talked about this already, so we won't say a lot, but they did have a major victory during the course of the quarter with their China business. They got approval from Beijing to include AI, obviously homegrown AI models on Apple phones in China. It's a big deal. It's their second biggest market. It was a big question mark hanging over the stock. The Capital Light AI narrative is gaining traction. so it's here's the here's the the here's the phrase to watch for they're calling it ai on device as opposed to ai that's being carried out at the data center so apple silicon is enabling these next generation of phones to do more on device and then thinking about the frontier models almost as like feeders into the iOS services ecosystem.

17:30Downtown Josh Brown:And the market, I mean, I've been pounding the table on that thesis. The market has really come around and I think they like it a lot. So this is almost the biggest company in the world, very close to NVIDIA. iPhone stuff, is it normalizing or is it slowing? So they got a big burst of enthusiasm when they launched the iPhone 17 is their follow through in the quarter. Very important. Tariff and component costs. Apple very famously came out and said they were going to be raising prices across a lot of their most popular devices because of the price of memory chips, among other components that go into the products.

18:12Downtown Josh Brown:So they've got those price hikes in the market now. And we'll see if that is offsetting demand.

18:18Michael Batnick:No, it's interesting how it's, the narratives on these stocks is changing so fast. It was Thursday, June 25th. I forget who we were on the air with, but they were raising prices as a result of memory costs. And of course it was going to come to margin. And they whacked the stock. It was down 6 % of the day. And I think we were like, that doesn't really make sense to me. Like demand is not going to change. The stock closed.

18:43Downtown Josh Brown:We're going to find out, right? Like this is the quarter where they're going to have to answer for what happened to demand in the wake of price hikes.

18:51Michael Batnick:I don't know if there's enough time because that was only a month ago. But on that day, the stock closed at 270. And now it's a low. And in the blink of an eye, it ran up to 340. So even on the biggest stock in the world, people are so wrong, us included, all of the time. And the narratives follow the price, obviously, always. Yeah.

19:11Downtown Josh Brown:So the narrative now is, if you want to own large cap tech and you want to invest in AI, Apple is the company that is not spending a trillion dollars over the next five years in CapEx, but is poised to become a toll booth for consumer AI use on device. People really have come around to that story. That was not the story with the stock six months ago, to your point. The story was Apple is literally nowhere in AI. All of their best AI scientists are running off to join the circus. They lost 400 employees to open AI. They lost Johnny Ive to his own design studio. And it was like, well, what are we doing about AI?

19:55Downtown Josh Brown:Why aren't we building data centers and blah, blah, blah? Why doesn't Apple have its own LLM? Why doesn't Siri work? Nobody's speaking that way anymore. People are now speaking about this being sort of a covert way to see earnings come in from AI without Apple having had to make these types of investments that are making people nervous. Like at Oracle, they cut the stock to one notch above junk. People clearly like the capital light version of benefiting from AI versus that. So Oracle down 70%. Dude, it looks like a f***ed company.

20:37Michael Batnick:Matter of fact, we have it here. All right. Why is this chart here? It seems sort of out of order, but whatever. Josh, you asked for this, some stocks that are getting whacked.

20:49Downtown Josh Brown:Oh, in the Teflon market. I don't need it right up top. Why don't you take over?

20:54Michael Batnick:All right. So this is a natural segue to what's happening with earnings season. I thought this was really interesting. There is this notion that some investors have, at least I did, and I think others share the same thing, that if a stock is performing really well going into earnings, you might say, or somebody might go on TV and say it's price for perfection, right? And that makes sense. I don't use that term. Buy the rumor, sell the news type of thing. Like that all checks out. But actually, there is a lot of wisdom in stock prices. So Adam Parker said, you better not miss earnings. He said, quote, cheap stocks with bad momentum are not de-risked into the print.

21:45Michael Batnick:They are anticipating the miss correctly. And the miss is a confirmation of the price action. Stocks with bad momentum that are cheap have never been punished more for missing. Let me read that one more time. Stocks with bad momentum that are cheap have never been punished more for missing. So that's what gives me pause about Microsoft. That's what gives me pause about Meta going to the print and whatever. I don't know if I'd be wrong, but I love this.

22:16Downtown Josh Brown:That makes me nervous. That makes me nervous on Uber, which is going to report on August 5th. It's a dirt cheap stock with horrendous momentum. You should. That is like exactly what he's talking about.

22:26Michael Batnick:So obviously, listen, I'd love for Meta and Microsoft to gap up. Who wouldn't like to see that? but Adam has run the data and he has this kick-ass chart that shows the mean industry relative return for missing EPS over time. And he's breaking it down by price to forward earnings quintile. So he's showing that stocks in the bottom quintile of 12-month momentum through the end of June, 2026. And what you're seeing is the cheap stocks, when they miss, holy shit, they get killed. Killed.

22:55Downtown Josh Brown:Cheap is not going to save you in this market. Killed.

22:57Michael Batnick:So the market is anticipating These stocks are cheap for a reason. Now, there is an important caveat, chart off, please, Daniel, is that, listen, most stocks don't miss earnings, right? Like there is a high beat rate. Matter of fact, you have 100%. The guidance comes from the company. Right, so they tell you - It would be crazy if most stocks missed earnings. So 100 % of financials, industrials, communications, and staples have beat through July 23rd, 100%. So the only place that you're getting any sort of misses is indiscretionary, 13%, 11 % materials, 4 % information tech, 8 % healthcare, 20 % real estate, 40 % energy.

23:39Michael Batnick:So most companies don't miss, but the ones that do and the cheap ones, they get slaughtered. All right? So that's because we paused about Microsoft and Meta. All right, let's talk about the market because, Josh, I am –

23:49Downtown Josh Brown:Well, wait. Before we move off this subject, I did want to show you this list of stocks. Give me the 52-week drawdown chart. There's a couple of points I want to make here, Michael That are germane to what you just said So we're at We're within a couple of percent of an all-time record high In the S &P 500 And look at the stocks in more than a 20 % drawdown And I'll just, for the people listening Oracle negative 65%, that's the worst Coinbase negative 59%, Sandisk negative 50 % Surprise! Guys, Nike's in a 46 % drawdown. ServiceNow, 45. Western Digital, 43. Netflix down 42%. Palantir down 40. And it gets less bad, but still pretty bad.

24:37Downtown Josh Brown:Tesla, Salesforce, Adobe, Uber. Josh, there's - Microsoft, Chipotle. These are cornerstones of corporate America. And they're down by a third or worse. every sector, it's unbelievable that the market is holding up as well as it is, given the names that are absent from the 52-week high list and just getting absolutely demolished. What do you think about that?

25:06Michael Batnick:I'll bet a one do you. Just throw that chart back up. Out of all of these stocks, and there's maybe 20 on this list that are getting smoked, there's really only three that are expensive. I would say two and a half because Tesla is its own animal. It doesn't trade on anything. It's Pound Tier and Robin Hood. everything else here is a market multiple or below stock. These are not, so when you think of, like I think people have this tendency to think expensive stocks get smoked. And yeah, sometimes. No. But it's the opposite. It's the cheap stocks that are getting smoked. So Adam's right. All right, so I want to talk about the stock market.

25:37Michael Batnick:Throw this chart up today, Daniel. This is what happened today. A lot of green and a lot of bright red. And the bright red was in the AI trade. It continues to unwind. And at the risk of sounding like an idiot in front of a Fed meeting and some big earnings reports where the market could change in a second and make this take age terribly, chart off. This market is Teflon. The Mag 7. How is it? How is it Teflon, though? No, it is. But how? The Mag 7, dead. Throw up this chart, Daniel. So year to date, there's one stock in the Mag 7 that's beating the index. apple that's it the market lost the mag 7 all of it all of it every one of them except for apple are underperforming trot off so we lost the mag 7 and the market marched higher so that was the leadership group and then we lost the ai trade semiconductors blown into the stone age the equal The equal weight index was up over 1 % today.

26:43Michael Batnick:The S &P 500 was green today. We lost the MAG-7 and we lost the semiconductors. What is it going to take for this market to give the bears what they want?

26:55Downtown Josh Brown:We're getting by with this bizarre combination of healthcare, financials, small caps, and Apple and NVIDIA holding up. Or Apple pushing to new highs. NVIDIA is not holding up. It is. It's hovering around 200. It's a little bit above, a little bit below. It's holding up. Dude, believe me, relative to the microns of the world, it's doing just fine.

27:16Michael Batnick:It's not helping the market.

27:19Downtown Josh Brown:It's stabilizing the market. That's all I'm saying. I'm not saying it's contributing. The stock's doing nothing this year, but it's also not in a 40 % drawdown. I just showed you AMD down 22%, Sandisk down 54%. It's not doing that. So I think that helps. But it's really the financials, the healthcare names. Obviously, energy is leading the market year to date, although most of those gains happen in Q1, not Q2. But they're sort of hung in there. Like Exxon is hanging in there closer to highs than lows. So you have this really bizarre. Oh, the industrials. Bank of America, I don't have a chart, but Bank of America said last week was an all-time record for single stock buying by clients in industrial stocks.

28:04Downtown Josh Brown:like that's what's holding this market up um next chart the halo trades are holding the market up for sure um the halo etf is outperforming the s &p since inception loha full disclosure i'm i'm involved in that um it's up i think five and a half percent uh close to six percent since inception the s &p is down one percent since it launched like i know it's not that much time but it's just indicative what's in that ETF. Airlines, J.B. Hunt. It's companies nobody's ever heard of, like TFI. I couldn't even tell you. But these are the stocks that people are moving toward. They love the industrials.

28:49Michael Batnick:So Ryan Dietrich tweeted, most stocks in the S &P 500 above the 50-day moving average since February, 70 % above the 200-day moving average. so the leadership names, the biggest names are falling apart and the market is still at least the equal weight ripping to new all-time highs. I want to say, I want to, I want to give a rest in peace to the AI will kill everything trade. And I would present to you as exhibit a Expedia and Charles Schwab. Yeah.

29:22Downtown Josh Brown:Remember the,

29:23Michael Batnick:okay. So Expedia, uh, why would you need this website when you have AI? Okay. New all-time high. Uh, Remember when Hazel was going to kill Schwab? And we love Hazel. We use Hazel. We love Altress. We use Altress. But I think we all joked at the time. Just the wrong.

29:40Downtown Josh Brown:You know what this is, Michael? This is just people drawing, like connecting the dots. But it made no sense at the time.

29:46Michael Batnick:So that trade is now over. And we had a monster, monster two-day change in software outperforming semiconductors. And this is only IGV. And IGV includes Palantir and it includes Oracle and Microsoft. If you were to just isolate like the horizontal software names that were supposedly dead, like Salesforce and Workday and ServiceNow, again, two names that I own. They would – like if you were to just look at this, the two-day change looks even more extreme. Yeah.

30:23Downtown Josh Brown:You know what's having a moment? Berkshire Hathaway.

30:27Michael Batnick:Berkshire halfway.

30:28Downtown Josh Brown:So I've been pounding the table on the insurance stocks on TV and here. Like we've been talking about Travelers and Allstate. And these stocks are all making record highs. Berkshire is too. Berkshire owns a huge slug of Coca-Cola, which today gapped higher to an all-time record. So Berkshire is a big holder there. They obviously have all the utility exposure. They obviously have transportation exposure via the railroad. All of these things are firing on all cylinders. And Berkshire, of course, primarily an insurance company. So between the Coca-Cola position, the American Express position, catering to the top of the K, transports, industrials, utilities, it has like everything investors want right now.

31:16Downtown Josh Brown:Almost as if like it was premeditated for this moment. I know it's, of course, not. But I thought that was interesting.

31:22Michael Batnick:One thing that I thought was worth pointing out if you would like to be cautious on the market is staples ripping is not like awesome. You don't love to see that. Well, guess what? Staples gapped higher by, I don't know, three or 4 % and closed on the deadlows of the day. So the resilience of the market, it's just I am beyond impressed. All right, let's continue the semi-crash conversation. So there has been a monster unwind, just a disgusting unwind in SanDisk and our sweet Western Dij and Micron and all these things that we've been talking about that we own. So this was a necessary unwind. It's not fun for anybody involved, but look at this chart.

32:03Michael Batnick:$46 billion of inflows into semiconductor ETFs this year alone. Bananas. Just obviously unsustainable. And again, it feels shitty, but I'm sorry, I don't know what to tell you. This puke was necessary. So obviously the story in the journal yesterday, two days ago about NVIDIA being in talks with OpenAI to guarantee$250 billion in financing for data center. Did not help the matter. I think investors are sort of done with the circular stuff. And I want to read you something. Josh, you got to get a load of this. So, Lutnick and the Trump administration also have a lot riding on the Ohio project. As part of its commitment to invest in the U.S.

32:40Michael Batnick:in return for lower tariffs, Japan agreed to invest$33 billion in a natural gas power project on federal land in Ohio that would be operated by SB Energy, which is effectively controlled by Masayoshi Son. SoftBank is involved in this, of course. So SB Energy has received an investment from OpenAI and SoftBank. I'm sorry. SB Energy has received an investment from OpenAI, and SoftBank itself is one of the largest investors in OpenAI. In March, of course, Lutnik, Sonen, Energy Secretary Chris Wright broke ground on the data center complex. there's just there's so much circular activity and in dealing happening that investors are sick

33:21Downtown Josh Brown:of it well uh nvidia so the the journal article that you're referencing which we're not going to do a deep dive into it's just more of the same but on a larger scale nvidia is in talks to provide a 250 billion dollar backstop for open ai as part of a massive data center project um so basically open AI is going to foot the bill for this. And NVIDIA is basically going to be one of the biggest tech vendors to the project. So they're almost like saying, you don't have to worry about money. Yeah, we'll give you money to pay us. We'll give you money to give it back to us. People do not, I understand the purpose of that guarantee to make sure the project actually goes forward.

34:03Downtown Josh Brown:And they're doing this out in the open. It's not like a lie or a hidden thing, but people do not like it. The stock fell 5%. Yeah. To your point, they also don't like the mixture of politics and business. I mean, look, I think we all know that OpenAI is going to grant 5 % of itself to the federal government before it goes public. They've floated that as a trial balloon. I think they're going to do it. I think it's strategically smart. I don't think it costs them anything. The next time we have a financial crisis, the government will sell it for cash on the open market. A new administration, they'll say, we don't want to be in the open AI business.

34:46Downtown Josh Brown:We'll get rid of that stake. But what that buys them is unlimited political cover. And we've seen this work with the gambling companies, Calci and Polymarket. Donald Trump Jr. owns a stake in both. No one's f***ing with these companies. That's it. That's checkmate. So the Trump administration being able to do a Rose Garden ceremony with Sam Altman and accept on behalf of the American people a 5 % stake in open AI, that buys him almost unlimited political cover for the next couple of years. And I think they're going to do it. I don't think people love it. But if you were Sam Altman, it's like, yeah, why wouldn't we do that?

35:34Downtown Josh Brown:Think about all the aggravation that saves us. to have at least half the country's political people on our side rather than both parties hating us.

35:44Michael Batnick:It's not just aggravation. It's financing costs. If NVIDIA has your back, all right, you're not sold for plus 15%. I mean, I'm exaggerating, but the rates are a lot better with NVIDIA at your back. All right, let's get back to the sell-off. Tech, hardware, and equipment stock drawdowns. The average is down 27 % from its 52-week high. Sandus is down 54%. Corning is down 55%. By the way, that corning, actually, we'll get to that in a sec. We have a chart on that later. Let's move to the semi-stocks. The average is in a 30 % drawdown. Marvell, which Jensen Wang said about a month or two ago was going to be the next trillion-dollar stock.

36:19Michael Batnick:Whoops. Just got cut in half. Yeah.

36:23Downtown Josh Brown:Well, George Jinx in the chat, MF or I bought the top again. Listen. You're not the only one. Tops are created by an excess of buying. So a lot of people contributed to the creation of that at least short-term top. I think this is on balance very healthy for the market because people aren't throwing in the towel on the rest of their stocks. This is sort of like it's a three-ring circus. This is one of the rings. In the other ring, you have people making money hand over fist in bank stocks and the investment banks. In another ring, you have people buying up industrials. and this isn't really shaking them out.

37:06Downtown Josh Brown:So I think like you had an X at it. The semis felt like a one-way trade. It was.

37:13Michael Batnick:Dude, Sandisk got cut in half. I don't know how many stocks you could say this about in the history of the market. Sandisk, a company, like a legitimate company of this size. The stock has been cut in half in 30 days. And it's still up like 200%. It's still up 100 % year over year. And if you look, if you zoom out a little bit, it still looks like it's in an uptrend. I know this doesn't give you a lot of confidence, but this had to happen. So Corning today.

37:38Downtown Josh Brown:We'll spend two seconds on Corning. The reason this matters is because Corning is in this small group of stocks that has become synonymous with the AI CapEx trade that are not in the tech index or not really thought of as like the way we think of semiconductor stocks. And they've become sort of a signal of sort about risk appetite around the AI CapEx build out. So those stocks include Comfort Systems, which is FIX, Corning, Caterpillar, believe it or not, Vertiv. There's this whole group of names. They actually beat earnings. Revenue grew 17%. They hit four spots, seven, four billion. Adjusted earnings were up 30%, which beat consensus.

38:24Downtown Josh Brown:Operating margins expanded as well. It's not a bad quarter. The guidance didn't hit the whisper number. We're back to that bullshit. So Q3 revenue guidance came in at 4.9 to 5 billion. And the whisper was they're going to do five for guidance. And that's it. It didn't, this is the point. The stock was up 30 % year to date going into this and had tripled off its lows. And all of a sudden what ends up happening is the same thing that happened to the memory stocks. it's no longer about the fundamentals being solid. Everybody agrees they're solid. It's mentality. It's like, well, I wanted more. The expectations catch up with the fundamentals and then outpace them and become unrealistic.

39:14Downtown Josh Brown:And then there's nothing you could do that's good enough. And the whole optical sector, because what Corning is doing in the data centers is fiber optics and glass for chips and all kinds of shit. But Coherent, Lumentum, Marvell, Sienna, AXT, this is this whole cohort of the optical stocks that are involved in data center cap. They crushed all of them, and they've all been going down. So the company actually – give me the Corning stock price one more time. Dude,$255 to$126 in less than eight weeks. No, no, no. In July.

39:55Michael Batnick:in July yeah it was at 255 at the end of last month yeah dude all of this decline is in July so I know this doesn't feel great and hearing me say this is healthy sucks but this was necessary the decks have been cleared expectations have reset and this happened

40:15Downtown Josh Brown:Chard Kid tells us this is the 23rd worst day for Corning since 1980 this is not a rock and roll stock. You can see it was some really tough days in the 2000 to 2002.com bubble burst because Corning was a player back then as well. Since then, this company for 20 years has been minding its own business, doing very boring industrial things with the exception of like supplying glass to Apple for iPhones. And now it's like right back into here. Third worst month for corning ever. Put this up. Third worst month ever, negative 50.7 % this month. Sick. Forward earnings per share. All right.

40:57Michael Batnick:So here we go. So the question is, what's going to happen with the earnings? And is the forward PE too cheap? So the forward 12 months earnings per share, I'll put to the right. I mean, unbelievable. There's a reason why these stocks went up 500%. And now you have Micron trading at five times forward 12-month earnings. Sandisk, same. Corning, I don't know what it's at, but way lower. And chart off, the market's not dumb. The market is not dumb. It doesn't give away free money. Micron at six times earnings, the market is telling you something very clear, very obviously. It doesn't believe it. not that the next 12 month earnings, because it might be trading at six times 2027 earnings, but what if it's trading at 30 times 2028 earnings?

41:48Michael Batnick:And that's what Bernstein is predicting. Next chart, check this out. So Sean Emery tweeted, Bernstein has earnings in memory going parabolic. Look at this chart. And then collapsing. So this is the first time I've seen something like this. We're looking at Samsung, SK Hynix and Micron. And this is what the market believes to be happening because there's no other way a company that's tripling its revenue year over year would be trading at five times forward earnings. It doesn't make sense until you look at this. It doesn't make sense.

42:20Downtown Josh Brown:So if you want to make the case that what's going on this year is not a valuation bubble, but an earnings bubble, that's a great chart for you because that explains what, number one, it explains why today's quote unquote cheap multiples are not that cheap. And number two, you just think about what that's going to feel like for the longs who ride that over the cliff. And they're still in this stock two years from now. And they're like, I don't understand the company's going 30%. How come the stock is still going down? Because eventually, these companies revert back to what they are, which is commodity producers of a product.

42:59Downtown Josh Brown:And the users become more efficient at using it. New lanes of supply open up. It's some combination of those things all conspiring together to make it so something that looked like it was a new secular growth story. Oh, wait. Turns out it's cyclical.

43:14Michael Batnick:Well, Patrick asked Sam Altman, what could change the shortage of memory? And one of the things that Sam said was maybe the models just get more efficient and just figure out how to use it better.

43:27Downtown Josh Brown:That's what I've been saying. If that is so much of a pain point that it's forcing Apple to raise prices on all its laptops and phones, you better believe the buyers of these raw materials and commodity memory chips. This is what they're focused on, more efficiency for the dollars that we have to spend. There's a company in China, CMXT Which went public I think with an $85 billion initial valuation And went up 460 % Not a typo that I'm speaking Went up almost 500 % On its IPO day One day Became the largest Public company in mainland China A memory chip company That nobody's ever heard of until 10 minutes ago So this is sign of the time stuff The Korean retail traders And what they're doing with leverage On and on and on and on There's so much going on there Maybe easier to step aside Let's skip the Sam Altman stuff Because we're going to do this with Alex Good call We're going to do the Fed really quickly Do people honestly expect Put this Citadel Securities thing up This spooked the market Citadel came out and said they think there could be a surprise rate hike.

44:50Downtown Josh Brown:I don't know what the probability is in the futures market. I think I saw 40 % now. The market initially sold off on this and then came all the way back. Is that what happened?

45:01Michael Batnick:I don't know if that's what moved the market. I'm not sure. When was this? This was month. Was this yesterday?

45:08Downtown Josh Brown:I don't know. It all blends together yesterday and today. People were mad that Citadel did this. I think it spooked. I think it spooked the market and got people to sell some stuff. I don't know.

45:19Michael Batnick:Maybe it did.

45:20Downtown Josh Brown:And then the market ripped right in everyone's face.

45:22Michael Batnick:I was very sick yesterday. Neil Duda also thinks that the Fed is going to go. Okay.

45:30Downtown Josh Brown:I don't. So I'm on the other side of that. And I would assume Citadel and Neil are better informed than I do. Than I am. But I just don't picture Trump's appointee sitting down in the seat for three weeks. And the first thing he does is a rate hike. So, all right.

45:47Michael Batnick:So in conclusion, we lost the Mag-7. We lost semiconductors. The Fed may hike. Rates are as high as they've been in a long time. Inflation is sticky. Maybe tariffs, more war, and the market is at an all-time high. What else are you going to throw at it?

46:01Downtown Josh Brown:Listen, man, if this S &P can weather this semiconductor crash and not have six of seven Mag-7 names, even within 5 % of a high, it's very hard to be bearish. And I know people say, ah, you guys will be bearish either way. You guys will be bullish no matter what happens. You guys are always finding a reason to be bullish. Dude, look at the tape. I'm bearish when stocks start to go down. I listen to the market. Michael gets bearish one red day. Yeah, if the market's down today, I'll turn bearish. I don't care. This is one of those times where the tape is not speaking. It's whispering, specifically to me.

46:44Downtown Josh Brown:you know it really is I feel like I have a really good handle on on on the tape right now I'm hitting the clap button but it's not working it's gently it's gently whispering to me gently whispering to me this too shall pass grow more hair but again all those earnings previews we just did at the top of the show that's not for fun like this is the thing that everything else kind of relies on those have to be good reports and there has to be a lot of confidence in those Q &As. And the good news is we all get to find out together. So guys, that's the show for tonight. Thank you so much for watching and listening.

47:19Downtown Josh Brown:Remember, there's an all new Animal Spirits tomorrow. Spotify, Apple, and right here on YouTube. There'll be an Ask the Compound later in the week. And then we will finish with Alex Kantrowitz on an all new edition of the Compound and Friends. We appreciate you guys. Thank you so much for watching and listening. Talk to you soon.

48:09Michael Batnick:Thank you. loss of principal capital. No advice may be rendered by Ritholtz Wealth Management unless a client service agreement is in place.