[The stream is slated to start at 12 p.m. ET. Please refresh the page if you do not see a player above at that time.]Nvidia CEO Jensen Huang will deliver a keynote speech from Washington at 12 p.m. ET Tuesday for the company's second GTC conference this year.Although the event is typically held in San Jose, California, Huang said during the keynote pregame that the conference was moved to the capital so that President Donald Trump could attend. Trump, however, was unable to attend due to his five-day Asian ...

Core Viewpoint - Nvidia will purchase $1 billion in new Nokia shares, strengthening their partnership for developing cellular equipment and next-generation 6G technology [1] Group 1: Investment and Financials - Nvidia is set to acquire over 166 million new shares of Nokia as part of the $1 billion investment [1] - The proceeds from the share issuance will be utilized by Nokia to fund AI initiatives and other corporate purposes [1] Group 2: Company Background - Nokia, originally known for its early cell phones, has transitioned to primarily supplying 5G cellular equipment to telecom providers in recent years [2]

Core Insights - Home prices in the U.S. rose 1.5% in August year-over-year, a slight decrease from the 1.6% increase in July [1] - The pace of home price increases is lagging behind the current inflation rate of 3%, leading to a real-term erosion of housing wealth for the fourth consecutive month [2] - High mortgage rates have contributed to the stagnation in home prices, with the average 30-year fixed mortgage rate decreasing from just below 7% in June to 6.19% by the end of August [3] Market Trends - Buyer demand is being negatively impacted by mortgage rates remaining above 6.5%, limiting transaction activity during the typically busy summer season [4] - The New York metropolitan area experienced the highest annual price gain at 6.1%, while cities like Tampa, Phoenix, and Miami saw declines of 3.3%, 1.7%, and 1.7% respectively [5] - Significant price weaknesses were noted in the West, with San Francisco down 1.5%, Denver down 0.7%, and San Diego down 0.7%, indicating a broader trend of declining prices in certain metropolitan areas [5]

Industry Overview - The pharmaceutical industry is facing challenges including changing drug pricing policies, tariffs, and pressure to increase U.S. manufacturing [2][3] - Investors are particularly focused on potential "most favored nation" drug pricing deals with the Trump administration, following agreements with major companies [3] Company Earnings Preview - **Merck**: Expected to show topline growth driven by demand for immunotherapy Keytruda and new drug launches, though growth may be offset by sluggish sales of Gardasil in China [4] - **Eli Lilly**: Anticipated to report strong results due to growth in diabetes injection Mounjaro and weight loss drug Zepbound, with potential for an increase in full-year guidance [4] - **Bristol Myers Squibb**: Expected to have modest upside, with significant attention on upcoming phase three trial data for Cobenfy in Alzheimer's disease psychosis, which could represent a multi-billion-dollar opportunity [4] - **Gilead**: Core business improvement expected, particularly in the HIV sector, with focus on the launch of the twice-yearly HIV prevention injection Yeztugo and implications of Trump's pricing policy [4] - **AbbVie**: Anticipated to have a solid quarter with improvements in its aesthetics business and continued strength in Skyrizi and Rinvoq, positioning the company to exceed expectations [4]

Core Insights - Palo Alto Networks has launched new AI agents called Cortex AgentiX to automate cybersecurity actions, addressing the increasing demand for automation in the industry [2][3] - The new agents can perform tasks such as threat intelligence investigations and responding to email breaches, and will be available through existing cloud services and as a separate platform next year [2][3] - CEO Nikesh Arora highlighted the need for companies to enhance their security measures, especially in light of recent sophisticated cyberattacks, such as a 10% stock drop for F5 following a nation-state hack [3][4] Company Developments - The company is integrating its $25 billion acquisition of CyberArk, an Israeli identity security vendor, into its AI and security strategies [4] - Arora emphasized the importance of finding great products and capable teams to execute the integration effectively [4] Industry Context - The cybersecurity industry is experiencing a shift towards more automated solutions as companies face increasingly complex cyber threats [3][4] - There is a concern that some enterprises may have a false sense of security regarding their defenses, indicating a need for improved awareness and action in cybersecurity [4]

Core Insights - Apple and Microsoft shares have surpassed a market capitalization of $4 trillion for the first time, although they remain behind Nvidia, which has a market cap exceeding $4.6 trillion [1][2] Group 1: Company Performance - Microsoft stock increased by approximately 3% following the announcement of a finalized 27% stake in OpenAI's for-profit business, which the company has supported since 2019 [1] - Apple shares have been on an upward trend, rising for 11 out of the last 12 trading days, attributed to strong sales of the newly released iPhone 17 models [2] Group 2: Upcoming Earnings Reports - Apple is set to report its fiscal fourth-quarter earnings on Thursday, while Microsoft will report earnings on Wednesday [2]

Core Viewpoint - HoldCo Asset Management, a hedge fund based in Fort Lauderdale, Florida, is challenging American banks, particularly regional lenders, to improve governance and shareholder value, threatening public campaigns against underperforming management [1][4][5]. Group 1: Activism and Mergers - HoldCo successfully pressured Comerica to agree to a $10.9 billion merger with Fifth Third, marking the largest bank merger of the year [2]. - The fund has initiated activist campaigns against Eastern Bank and First Interstate, with plans for a proxy battle against Columbia Bank, which has $70 billion in assets [3][5]. - HoldCo's activism is reviving a trend in an industry that has been largely insulated from such movements since the 2008 financial crisis [4]. Group 2: Market Conditions and Opportunities - Regional banks are currently vulnerable due to struggles following the 2023 crisis involving Silicon Valley Bank and First Republic, making them attractive targets for activists [5][13]. - The current regulatory environment under the Trump administration is perceived to favor mergers, providing activists with a clearer exit strategy [5]. Group 3: Management Critique - HoldCo's founders argue that many regional bank CEOs prioritize personal financial gain over shareholder interests, leading to undervaluation of their banks [8][9]. - Compensation structures incentivize CEOs to pursue acquisitions that may not benefit shareholders, with boards often acting as rubber stamps for such decisions [9][12]. - The performance of regional banks has lagged behind larger peers and broader stock indexes, with the S&P Regional Banking ETF still 14% below its 2021 peak [13]. Group 4: HoldCo's Strategy and Background - HoldCo has amassed over $1 billion in regional bank shares and is employing a strategy of public shaming and proxy battles to enforce accountability [15][32]. - The founders, Ghei and Zaitzeff, have a history of identifying undervalued assets and have built their reputation through confrontations with bank management [22][29]. - Their approach includes direct discussions with bank CEOs and public presentations to advocate for shareholder-friendly actions [16][21]. Group 5: Future Plans - HoldCo intends to continue its activist approach, planning to publish reports on banks that destroy shareholder value, even if they do not hold stakes in those firms [32]. - The firm is also targeting Bank United, having acquired nearly 5% of its shares, and plans to initiate a proxy battle unless management agrees to enhance shareholder returns [31].

Core Insights - OpenAI has completed its recapitalization, allowing its nonprofit to hold an equity stake in its for-profit division, which is currently valued at approximately $130 billion [1] Group 1 - OpenAI's nonprofit will now own an equity stake in its for-profit arm [1] - The for-profit arm of OpenAI is valued at about $130 billion [1]

Core Viewpoint - The Federal Reserve is anticipated to lower interest rates by a quarter point in the upcoming meeting, with potential cuts in the following two meetings as well, according to the October CNBC Fed Survey [1]. Group 1: Survey Insights - Among the 38 survey respondents, there are concerns regarding the lack of data from the government shutdown, the artificial intelligence bubble, persistent inflation, and the influence of politics on the Fed's decisions [2]. - While 92% of respondents believe the Fed will cut rates in the upcoming meeting, only 66% believe it is the right decision, with a 38% minority opposing a rate cut [3]. Group 2: Economic Conditions and Predictions - Richard Bernstein, CEO of Richard Bernstein Advisors, noted that political factors are influencing the Fed's rate decisions, despite financial conditions being historically easy, GDP tracking at 3.5-4%, and inflation remaining above the Fed's target [4]. - Following the anticipated cut, 84% of respondents expect another reduction in December, and 54% foresee a third cut in January, with a total of 100 basis points of cuts forecasted for this year and next, bringing the funds rate down to 3.2% by the end of 2026 [4]. Group 3: Perspectives on Rate Cuts - Some experts argue against rate cuts, while others advocate for larger cuts due to increasing recession risks from labor market weakness and the government shutdown [5]. - Allen Sinai, chief economist and strategist at Decision Economics, emphasized that the ongoing productivity boom is a key factor in the economy's resilience and the strong equity market performance, which he does not consider a bubble [5].

Amazon - Amazon is laying off 14,000 workers, marking the largest reduction in the company's history, with nearly every business unit expected to be affected [1][2] - The layoffs represent about 4% of Amazon's corporate and tech workforce, which totals over 1.5 million employees [2] - CEO Andy Jassy indicated that workforce reduction could be facilitated by embracing AI, as the company experiences increased productivity from AI technologies [3] Qualcomm - Qualcomm announced the release of new artificial intelligence accelerator chips, positioning itself as a competitor to Nvidia and AMD in the growing AI data center market [4][6] - The AI200 and AI250 chips are set to debut in 2026 and 2027, respectively, and are based on AI components already used in Qualcomm's smartphone chips [6] - Nvidia currently dominates the AI chip market, holding over 90% of the graphics processing units (GPUs) [6] - Qualcomm's stock surged 11% following the announcement, contributing to the S&P 500 reaching an all-time high above 6,800 [6] iRobot - iRobot's shares fell over 33% after the company announced that its search for a buyer has reached an impasse, with negotiations with the last remaining bidder failing [8][9] - The company has been seeking a buyer since March, following Amazon's withdrawal from its acquisition bid last year [9] Halloween Retail - Retail prices for Halloween goods have increased significantly, with some items seeing price jumps as high as 300% due to tariffs affecting suppliers [11] - The average consumer is expected to spend a record $114 on Halloween-related expenses this year, according to the National Retail Federation [12]