Software vs Semis, Trump Accounts for Babies, Sell-Side Indicator

28:58OK, lastly. So today we had Dow 49 ,000 all-time high, right? The S &P closed at an all-time high today. Yes, it did. Man, that's a beautiful site. IWM, I believe, or not quite, but RSP, the equal weight. Yeah, it's all happening, Josh. So this last, and we're doing it without a lot of the nonsense. Now, you could always find nonsense, okay? But this specific nonsense, chart on. Sandisk up 25 % today. Yeah, no, there's nonsense. There's some shit going on. Yeah, but not this nonsense. So what we're looking at is the market cap of young, unprofitable tech stocks. And we remember, we all remember this surged in 2020, 2021 to a peak of about 5%.

29:43And it's now, I don't know, 1.5%, 1.75%, whatever it is. Michael also has a chart showing the spending by young, unprofitable tech stocks. Like, this is not, this is not, not, not, not what's supporting the market. And I know that there's speculation and whatever, the irons and Oculus and whatever, whatever. But like, that's not what's driving, that's not leading the market. It's just not, that's very healthy. We did a show last year where we were, I think the thing that we explained really well is the presence of a circus does not, is not indicative of the idea that the entire market is a circus.

30:24Correct. Like you could, like you could, or you could have a three ring circus and you can have a fairly tame lion or elephant act in, in one ring, which is expected. And then in the ring next door, you could have literally people setting themselves on fire. Yes. But it's the, the big show is not like, um, always represented by the craziest thing that you can find happening is, is the way that I would put that. Um, all right. I guess they're being called Trump accounts now. So, and it's fine. I don't care. We have Obamacare. We have Trump accounts. All good. Brad Gerstner, a friend of mine, Brad Gerstner, came to Future Proof, I think in year two.

31:12So that would have been 2023. And on Sunday night, the opening night of the show, he got on stage. He had to run back to the all-in podcast event, which was happening at the same time. But he came on stage at Future Proof and he announced this thing that he was getting political support for. And I called it jokingly baby equity. But the idea was that every time a baby was born, the country would put$1 ,000 into an account that would be automatically invested in the index fund in the stock market. and that parents could actively contribute to that account. So like the same logic as an IRA, but rather than having people start when they're working age, we do it for them when they're born.

31:59And the general idea is we have too many people who are not feeling the benefit of the growth of the stock market and the equity value of American business. And I loved it. And that's why I brought him on. I let him do his thing. He ended up, I guess, via the all in guys who became very closely aligned with Trump. He ended up getting this to the point where Democrats loved it and Republicans loved it and they were able to do it. And it was it became signed into law because they wedged it into the big, beautiful bill. So it wasn't its own standalone thing, but it was it's a provision of the the the bill that was signed this summer.

32:44and it's taking effect. You can open an account now. The funding starts in July, okay? And I think it's a really big deal. Not that it'll have an effect on the market right away, but I think it's like really important. It addresses arguably the biggest societal problem we have right now in this country. So let me just read this to you and get your reaction. Created under the One Big Beautiful Bill Act that give children born between January 1st, 2025, so that's now, and December 31st, 2028, a$1 ,000 federal seed contribution and allow parents, relatives, employers, and others to contribute up to$5 ,000 per year on the child's behalf with earnings growing tax-deferred until the child reaches adulthood.

33:37Because the program applies to almost all U.S. children born during that period, tens of millions of accounts are expected to be open over the next few years as eligible families enroll before the accounts become available for funding in mid-2026. And now you've got this other thing happening. Maybe it's virtue signaling or maybe it's genuine, like out of the goodness of their hearts. But you have a lot of people like Michael Dell and Ray Dalio kind of jumping on this and being like, here's a billion dollars. Like they wanna - Schwab's organization. Right. So I like it. I love the momentum of this, that people wanna be associated with this.

34:22It's like, it basically has no enemies. Nobody's for any reason against this. Last thing here. During the growth period, this is according to a notice from the treasury, contributions can only come from five sources the thousand dollar federal pilot payment that's the government seating it to qualify general contributions by states non-profits or tribal governments for defined groups of children three employer contributions up to twenty five hundred dollars per year under new section 128 of the irs code which is called trump account contribution programs. We should do this for Red Halt's Wealth Babies.

35:10Oh, we got a lot. We got a lot of babies being born. Hold your horses. Four, rollovers from a previous Trump account. That's interesting. Or five, voluntary contributions by parents up to five grand per year indexed for inflation after 2027. Bloomberg wrote about this. BlackRock said they will match government contributions to Trump accounts for their employees, making it one of the first major U.S. companies to lay out plans for supporting early childhood savings program. So I guess if you work at BlackRock and you put$5 ,000 into one of these accounts, maybe they'll match it up to a certain amount.

35:52That's kind of cool, right? We should do it. You want to do it? But are we going to all of a sudden be encouraging too many babies though? I love this so much. It's all good. There's nothing bad about it. I love the spirit of it. I love that it's happening. I think it's wonderful. I love the FOMO that it's creating to give more. I just think it's all good. Michael Dell and Susan Dell will give 25 million American children$250 each. It's amazing. Jumpstart an investment account for their futures. that's 6.25 billion. Michael Dell is the man. Unbelievable. Ray Dalio is going to do this in Connecticut, Bank of New York Mellon, Charles Schwab.

36:37So it's, I think it's, all right. So this is what I actually really wanted to say. We have a problem in this country with communism and Marxism. And we have this generation of young people who were born after the Berlin Wall fell in 89. They don't really understand why Cuba looks like the dark side of the moon compared to the rest of the Western Hemisphere. They don't understand all of the fact that Mao Zedong killed more people than Hitler and Stalin combined. They just don't understand that collectivism is not a solution to anything. And it's certainly not going to solve their problems. And they're chanting slogans and they're watching nonsense on TikTok.

37:20and many of them come from middle-class households. They've been indoctrinated by this combination of social media that is deliberately designed to mislead and tear our country apart. They've got Marxist-leaning professors at some of the top schools in the country and they're just learning bullshit and it's fine. Some of them will grow out of it and some of them will have horrible lives, but it's a serious problem. And we've got cities in this country that are electing people. It's amazing. You look at the background of some of these people. They're well-educated. They're not stupid. They just have terrible ideas.

38:04And unfortunately, there's like this groundswell of support for these ideas from young people. I understand why. It is really, really hard to come from nothing and make something of yourself and do so without your parents' help. And even if you have your parents' help, it's almost like humiliating to be in your 20s and see no end in sight to the credit card debt and the endless costs of living in a place like Seattle or New York City and trying to live a lifestyle that's like congruent with the childhood you grew up in. It's a huge problem. One of the big reasons for this is that people who are stock market Americans are able to spend an unlimited amount and that crowds these people out.

38:55And I think that this is a better way to fight communism than on social media. Like I think bringing people who are not currently in this system and creating more stock market Americans from birth, and it'll take a while before we see the results of this. I genuinely think that that's a better way to fight off this trend of young people embracing socialism. And, you know, people don't know the history here. In the 1950s, we had something called the Red Scare. And you've probably heard of McCarthyism. They probably forced you to study this in high school, but it was basically a witch hunt. They were trying to root out people with communist or socialist or Marxist leanings.

39:40They went after a lot of the Hollywood screenwriters and directors and actors and the blackball people. Yeah, absolutely. So and one of the most interesting externalities of the fight, the Red Scare, the fight against the Red Scare. the term pinko comes from that by the way in case i never heard that term right so that would be a thing that they would call a socialist a pinko um one of the interesting things is they invented the suburbs so people born today they don't understand like if you're born into the suburbs that suburb probably did not exist prior to the 1950s and most of it were built in the 60s and 70s they built the interstate highway system in order so that they could get working class people out of the city to live on property that they themselves owned because they looked at Europe and they looked at the working class people in cities all over Europe becoming socialist, becoming Marxist.

40:39And they said, we got a real problem here. They literally invented the suburbs in order to fight that. The theory, the prevailing theory was if somebody owns property, it's very hard for them to become a Marxist. It's very hard to become a communist if you yourself cell phone property and it worked and we created the most uh successful uh economy in the history of the world boiler rooms malls dude it's like they basically emptied the cities of working class people and they put everybody in houses uh levittown by us was like one of the first examples of this built by william levitt this is an actual quote from william levitt no one who owns his own house and lot can be a communist.

41:25He has too much to do. So this was like the Eisenhower era, build the highways, make it so people can commute to work, commute home. They built commuter trains, they built roads, they built the malls. This is where Sears comes from. This is Kmart. This is McDonald's. You needed roadside hamburger stands for people who were constantly traveling back and forth. The way to fight communism is not being a dick on Twitter to people who are struggling. The way to fight communism is this big idea that Brad Gerstner had and that now the Trump administration has embraced. It's let's make more stock market Americans.

42:05The best way we know how literally here now you're invested on Apple. You still want to have blue hair and walk around the streets with a sign or you want to do something with your life. Right. So that's so I like this better than culture war. It's like, look, here you go. You're part of this now. You got a small piece. Your parents can contribute. Philanthropists can contribute. Corporations can contribute. But like you're in the game now. You're going to be part of the investor class. You're not going to be part of the sign carrying class. So I I feel that this is a really positive thing that we're doing.

42:42You could love this and still hate Trump. I give you permission. I give you permission. What are your thoughts on this whole concept? I have nothing to add, really. I thought you said it beautifully, and I cannot be in more agreement. I think this is – if you don't like this, you really need to have your head examined. This is all good. Yeah. I haven't been inspired by a piece of legislation the way that this thing has, like, captured my imagination in a long time. I'm just picturing millions of kids with half a million dollars when they turn 21. I mean, with the CAPE ratio at 40? Now, half a million dollars may not be that much money in 21 years, but maybe it'll be like 50 grand or 80 grand now.

43:28It's not zero. It's great. You don't grow up to be a loser automatically just because your parents weren't rich. We have a huge problem right now. We have people who are growing up with no assistance whatsoever from the prior generation, and they cannot keep their heads above water. And it's creating all sorts of crazy political shit. And I love anything that seeks to counter that. Me too. It's wonderful. Okay, well done, Josh. Let's move on to what I think is a very, very interesting potential development in this here stock market. First chart, please, John. So I had Sean look back, going back to the last week of December 2024.

44:21Kind of amazing that 2025 was going to be the year of AI and continued tech growth. And the Mag7 did all right. I mean, more than all right, but it didn't beat the market since this time period. Yeah, because as much money as they made, they're also now, you can't call any of these companies asset light anymore. No. They're not the same stocks that they once were. So more interestingly, we've got a ratio of the MAG7 relative to the 493. And what do you see, Josh? Because I sure see a potential breakdown. Now, I'm not, you know, who knows? is maybe this is an oops, as JC likes to say, but you got to put this on your watch list.

45:04And this is like controlling for the overall market. This is one versus the other. Yeah, dude. It's one versus the other. There's no overlap here. It's literally the seven versus the 493. And okay, check this shit out. Chartgoat, the legend that he is. This is a bit confusing, so stay with me. So the light blue line, that's pure risk on, okay? That is the equal weight discretionary, which we've used a million times versus the equal weight staples. And like everything else, it's going up and to the right, breaking out to new all-time highs. And this pretty much has tracked the ratio of the MAG-7 strength.

45:41Like it's risk on, this is a risk on chart. And this right here divergence is very interesting. wait i'm i'm a i'm a tiny bit confused so the light blue we're so is the point to say that discretionary and mag 7 are like one half of the the growth part of the market and then equally staples and s &p 493 are another the point is this the point is this chart off please let me explain on this. The point is that the MAG7 might be passing the baton to the 493. It might actually be happening because the light blue line, I could have used SP. I could have used high beta divided by low vol or I could have whatever.

46:28Use staples as a proxy for the defensive part of the market. For risk on. The point is we are in a risk on market. The Dow is at an all-time high. Microcaps rocking. Everything is working and yet you've got a breakdown in previous leadership. Normally, when the market was rocking and risk was on, it was being led by the Mac 7. That's the point. And now it's not. You don't give yourself enough credit because this is one of the things that you spent a lot of last year talking about is like there has to eventually be this transference of the benefits of AI from the companies that sell it to the companies that use it.

47:05Right? Now, the only hitch in that story is that I told you the S &P is supposed to grow earnings by 14.6 % for this coming year. Guess how much the tech sector, just tech, not communications or any other shit. Guess how much tech is supposed to grow earnings in 26, according to consensus? 18? 29%. Yeah. Yeah. Yeah. But as much as I would love to see that breakdown, it's not going to be because of earnings. But if we do see like, so this is the type of 15%, 20 % gain that I would sign up for in two seconds. If it happens because of the 493, which have not done amazing over the last couple of years, if they start to go and it's a new bull market, like then it's game on, let's go.

47:56You know what I mean? I was just talking to somebody that said what happened last year. who was i talking to the most interesting thing that happened last year is that we had um multiple contraction in uh in large cap tech they had the opposite in every market around the world they had some earnings growth but like there are countries in europe and asia that were up 35 40 they didn't have earnings growth like that so we had like the mother of all re-ratings for international stocks. And here we had the mother of all earnings growth years with an actual D rating for the companies driving it. Isn't that interesting?

48:39So that's what this is showing, basically. The forward PE has gone sideways for the last three years. So I'm sorry, you just got to reject the bubble talk. There's no bubble. This is not a bubble. This is not the behavior of a bubble. It just isn't. I wish it would. It just isn't. I wish it would be a bubble. I'll retire. Do it. Give me a two-year bubble. You'll never see me again. It's not. Speaking about the rest of the market. So this is from, I pulled these two charts from Daily Chartbook who does great work. Okay. The blue line is non-tech, non-tech, non-AI companies that have mentioned specific plans to implement AI into their workflows, leading to lower costs and higher margins.

49:27This is from Goldman. Earnings for this group has already started to diverge since the third quarter of 2024. And this is, man, this is the whole king caboodle. Like this is it. What's in here? What's in this? So, yeah, I don't know. Like here in Caterpillar and McDonald's and Marriott. Hey, Chartgoat, if you're listening. Actually, you know Goldman? What's in that basket? So these baskets on Bloomberg you have to pay extra for. We don't have this. But that's what I'm paying for the Goldman baskets. No, that's a chart. That's really good stuff. These are companies that have specific implementable AI plans, but they are not themselves AI companies.

50:09Or tech. Or tech at all. Or tech. So Josh, what happened at CES today? because I did not have time to look. All this shit went down yesterday. So CES, Consumer Electronics Show. Historically, this was like consumer electronics and gadgets, but it's like obviously way bigger than that. It's one of the biggest technology events of the year. A lot of the largest technology companies like to use this to set the tone for the year ahead because of where it falls on the calendar. and I just wanted to pull out two and just like give you a rundown. I wanted to do Amazon and NVIDIA. Run me down. Amazon was one of the weaker of the Mag 7 in terms of share price return.

51:00Chart on 41 % total returns over the last three years. Again, that's versus an S &P that's doubled. Horrible. Right. Okay. Amazon used CES to showcase a lot of different stuff. Like they went across the whole company. And I'm just going to give you the highlights. One of the things that got the most attention is a 4K television that's got a matte finish to the screen. And it's meant to showcase art. It's called the Ember Artline TV. So, dude, Ben has one of those. I don't know if it's like this one exact, but in his house, it looks amazing. It looks like art. It's beautiful. So it's going to come preloaded with 2 ,000 works of art.

51:41But then also it'll use your own photos and motion sensing technology that will adapt to what's shown on screen and Alexa integration, blah, blah, blah. Okay. They also finally got around to launching Alexa as a browser experience. So Alexa, you only experienced with voice, like using the Echo or the Echo Dot or one of their speaker devices. Now it's a full-on AI browser experience. Alexa Plus is available on Alexa.com, and it's meant to incorporate the people, the users of Alexa. I think there were 600 million devices out there or something. Now we'll have access to things they've said to the device as part of like the online experience.

52:27So Alexa.com has just entered the LLM wars, I want to say, which I think is sort of interesting. They're also – they had a lot of stuff with AI for advertisers. Amazon is the third largest advertising business in the world. A lot of people don't realize that, so they rolled out a whole suite of tools for ads. All right, Ring, new security hardware, a mobile off-grid security trailer designed for construction sites and temporary locations, new Ring cameras with wider fields of view, new sensors for doors, windows, and glass break detection, and a Firewatch feature that provides alerts during nearby fire events.

53:13So they are not giving up on Amazon in the home. I shouldn't say giving up. They have not stopped innovating there. Fire TV and gaming, new interface upgrades to Fire TV, faster navigation, improved content discovery. No, but Fire TV, like the Fire Stick? I haven't heard of that in years. Expanding cloud gaming support with NVIDIA, GeForce Now, blah, blah, blah. Automotive. They own their own autonomous robo-taxi platform. It's called Zoox, Z-O-O-X. We talked about this once. I put one on the screen. This is like the little bus that picks you up at Las Vegas Airport and goes forward and backward and never has to turn.

53:56It has no front and no back. So whichever direction it's going, that's the front. And it's like it's meant to get people from the airport. Oh, yeah, I remember this thing. It's cute. It's cute, right? Yeah. You would, right? Holy shit. The Ravens fired John Harbaugh for real? Wow. Why? You put the wrong kicker in? Wow. What do you want him to do? Wow. All right. Sorry. Back to you. Anyway, Amazon, I think Amazon made a very big impression. and the stock has been doing well since yesterday. Dude, I feel like when's the last time Amazon had up 3.5 % day? I feel like it's been a minute. I think the Alexa AI-enabled browser, like Alexa by browser, I think got people thinking, ooh, maybe they are on the consumer-facing AI side and it's not just AWS.

54:58I don't quite follow an Alexa browser. like? If you are one of the people who regularly use Alexa, all of that is context for the types of answers you might want to type into the thing the way that you would type into Gemini or, right? So it's like a browser-enabled version of your current interactions with Alexa. Anyway, stock's going up. It doesn't matter. It is challenging. It's November 5th high. I just bought more i think it's going to break out oh and i did a big average i did a big average up because i'm up a lot in it all right nvidia this thing this thing got some legs um they absolutely crushed it at ces jensen wang was the keynote um on the ai computing platform front they introduced Rubin.

55:51The Rubin GPU architecture. Rubin? Is the successor to Blackwell. So again, they're on an annual cadence at this point of releasing the next GPU and the next GPU. The Rubin platform integrates CPUs, GPUs, networking and software into these massive systems and the power, the efficiency improvements, basically like this is going to be the next foundational platform. All the hyperscalers are going to have to have access to it. Their customers will demand it. Robots, people had not been thinking about NVIDIA as more than a chip maker for robots, but like the physical AI strategy, I think, is having its coming out party right now.

56:39Physical AI is the next five years of earnings growth for NVIDIA beyond just data center. and they will be every bit as important in robots as they are in cloud and data center. How much do you think like that is in the price? Like if this robot shit ends up being like - Very little. Okay. Very little, very little because it's not here yet. But there's a lot going on with robotics and I don't want to do a whole thing on robotics right now because it deserves more time and attention. But I think the baton is going to be passed from data center build out to the autonomous age. And I think that's like probably this is going to be the transition year.

57:22So who are the non-obvious winners? Qualcomm. Qualcomm released a robot brain. People don't even understand. And they built a set of chips combined with software that's designed to function as a robot brain so that anyone who wants to build robotics can skip ahead 10 years worth of R &D and just literally put this brain into whatever robot they're building and have it instantly be able to do things. Like you don't have to do 10 years worth of research like Tesla. And Savita's bearish. We got robot brains. What's wrong with her? Anyway, 40, 60, 40, 60, 25, 75. All right. Anyway, the big thing that NVIDIA did, though, they changed the entire narrative about autonomous driving.

58:17It took them one year to do what took Tesla eight years. They put a car on the road, drove completely through San Francisco with no human intervention, with technology that is basically a year's worth of work. And why that's important is that NVIDIA's OEM customers in automotive is a who's who of companies that are not just going to sit back and watch Waymo and Tesla carve up the entire autonomous opportunity. NVIDIA has agreements and does business with GM, Jaguar Land Rover, Mercedes-Benz, Toyota, Volvo. Every major auto manufacturer around the world is going to get access, if they want it, to NVIDIA's software plus automotive chipset, which is called Drive, that they can turn their cars into autonomous cars.

59:16They'll be at level two immediately. This is what hit Tesla today? This is what hit Tesla today, and it's what boosted Uber because Uber showed up with their own version of an autonomous vehicle that's been built just for their platform. They're not the manufacturer or the owner of the car. That's Lucid. And an AI company called Neuro, and it's been built with Uber's help. Uber designed the cabin. It holds six passengers. The thing looks sick. They showed it in black. It's got racks of sensors on the roof, sensors on the front. They're going to build 100 ,000 of these things. Dude, this is an$11 stock.

59:57I'm really surprised by that. LCID. But that's the OEM partner for this particular product. And it's running NVIDIA. Here's the point. It's running NVIDIA. And that got people really excited about the possibility of NVIDIA arming all these OEMs, which would then be able to put fleets of autonomous taxis on the Uber network. NVIDIA is kind of stuck in the mud. Like the stock's not really – I mean it's fine, but it's not really doing much. Dude, robots. Brains. Robot brains by Qualcomm. All right, good stuff. Thank you for bringing me up to speed. Anyway, that's what happened today. It was a big narrative shift.

1:00:42oh oh nvidia is an autonomous driving stock and a robot stock oh shit like people were not thinking like i know it's not brand new people that really understand the technology understand this but i'm saying like stock market people were like you know what i mean like it was like it was a vibe shift it was a vibe shift and i and i felt it in my soul before before i do the mystery chart i want it before you before you before you before you do that you mentioned that nvidia stuck in the mud let's do some quick price target updates after jensen wang's keynote wells fargo overweight 265 highlight analyst aaron rakers highlighted the design of ruben with six new co-designed chips as a key differentiator.

1:01:34JP Morgan, overweight, 250, quote, Rubin GPU confirmed to be on track for calendar second half 26 ramp, leaning even further into physical AI opportunity. Take that. Take that, application-specific integrated circuits. Morgan Stanley, overweight, 250. Joseph Moore said NVIDIA's Rubin will quote again raise the bar for performance um nobody's bearish I get it UBS 235 Piper Sandler 225 everybody saw this keynote and said where's Wedbush where's Dan where's Dan did he get Dan AI he's at 493 thousand million alright this morning this morning i saw sam posted something on instagram that like you can go to your settings and look at your earliest liked shit on instagram right so i did that and the photos that i saw of you and the kids like almost made me cry oh my god yeah like 20 2012 like early like so for me the early shit that I liked.

1:02:54It was like you with the kids in 2012. It was wild to see. My kids were, I could carry them both in 2012. So Justin was Iron Man? I could hold them both in my arms. I think he was Iron Man in one of the photos for Halloween. Yeah. It was amazing. All right. Thanks for making me cry. Let's do Make the Case. Then we'll do Mystery Chart and we'll get out of here. Wait, don't we do Mystery Chart first? What do we do first? Make the Case. Go ahead. I'm pitching you two stocks. Okay. I'm very lightly pitched these. Sean and I wrote these up yesterday for CNBC Pro. We have a column there called the best stocks in the market.

1:03:28We write twice a week. These were really interesting ones. Here's Fifth Third Bank, FITB. So Fifth Third last year announced one of the biggest regional bank mergers ever. They're buying Comerica for$11 billion. They're claiming$850 million in synergy by 2027, which means clearing out a lot of redundant operations, maybe closing some branches. And this is going to be, I think, one of the top 20 banks in the country when it's done. All right, who cares? The stock looks great. The stock looks unbelievable, right? Yeah. I think it's going to 60. Let me show you. And it's a 3 % something yield. PNC, this is run by a guy named Bill Demchak, who they call Jamie Jr.

1:04:15year. It's like an amazing growth story where they're going into the fastest growing markets in the country, Florida, Texas. This thing just looks like it's ready to roar. It's been consolidating for a year, but this is like a pretty obvious breakout. You know what? I was about to say like PNC, these stocks don't roar. Oh yeah? Citi was up 70 % last year. Maybe sometimes they roar. Because they're going to get re-rated. They're not regionals anymore. They're super regionals. It's a different category. It's like a robot brain being inserted directly into these stocks. They just – I think they both will have earnings growth from synergies of big mergers, but also they'll get a little bit of an upgrade in the multiple.

1:05:05And I think these could both be like 10%, 15%, 20 % growers without taking a ton of risk. Yeah. I love the pitch. One more thing. Shari looks the same. You don't. Yes. Fair. Fair. Okay. All right. I got a mystery chart coming on. And I'm going to be lighting the clues. Chart on. This is the price. Next chart. This is the market cap. I mean, this is insane shit. So for people that are listening, this is a stock. the market cap was on, I don't know,$120 billion seven months ago. Not even. It's$386 billion now. So this is obviously a stock that you know, it's going literally vertical. What are we talking about here?

1:05:57Can I go back to the first chart, the price? Yeah. Oh my. Palantir? micron yeah micron all right i knew it was one or the other i mean dude we thought the market chart on look at the what is that this is mental so josh so josh my call about maybe being a there being a blow off top in smh igv like dude that's that's that went vertical sandesk micron western Western Didge. What's so funny about that. I love how we both just said Western Didge. These were the stocks of my youth. These were the high-flying tech stocks of 25 years ago when I got into this game or 27, 28 years ago. And they did nothing for two and a half decades.

1:06:46And this AI build out just like resurrected. All of them, Dell, Corning, GLW. These were my stocks. Sienna, Cisco. That's where the, if there is a blow off top, it's in the stocks of my youth. It's an incredible thing to see these things come back 30 years later. The stocks of your youth, you sound like Barbra Streisand and Meet the Fox. These are the stocks of my youth. These are the fruit of my loins. Please, I traded these stocks when I was 20 years old. Dude, Cisco just made, I think Cisco just made a venture deal. Do you know who Jabil Circuit is? Not personally. This is one of the hottest stocks in the galaxy.

1:07:27It's on my list of best stocks in the market. I used to make a market in this stock. I worked at a boiler room that owned like 30 % of the float. Before it was New York Stock Exchange, it was J-B-I-L. And I could still do the pitch. The founders' names were Jay and Bill. That's why - Shut up. Shut up. I spent my life. And it was called J-Bill Circuit was the full name of the company. and they literally were an electronic contract manufacturer where like Dell and all these companies that made PCs and keyboards, they would outsource it to Jabil. Jabil would make boxes and then ship them in a Dell box.

1:08:08Wait, why are we talking about Jabil? Because that is a stock of my youth that is now one of the best stocks in the market along with Sienna. Wait, what's the ticker of Jabil? Because I can't find it. Oh, JBL. jbl nobody no no but people don't understand this was a nasdaq small cap we used to pitch this it was like making keyboards and and servers in asia for ibm and compact and dell like the fact that this is one of the biggest players in the ai age it's so much fun for me so maybe it is 1999 to nine. But it's just it's awesome to see these stocks get like a second a second crack at it. So anyway.

1:08:54All right. That's the show for tonight. I hope you guys had as much fun as Michael and I did. We love you. We miss you when we're not here. Thank you, as always, for joining us on the live. I want to let you know tomorrow is Wednesday, which means when you wake up, brand new animal spirits on the podcast app of your choice. That's Ben Carlson and Michael Batnick. My favorite podcast hands down. And if you like this show, you'll love that show too. We'll do Ask the Compound later this week. We'll do the Compound and Friends at the end of the week with a very, very bold name, fancy, famous guest.

1:09:28And you guys are going to love that as well. So keep it locked on the Compound all week. We are going to deliver in 2020 Stinks. Thank you all for coming out. God bless. Good night.

1:09:45Thank you.