I'm wondering your thoughts about this move from the White House and whether it can hold up in court. It's a great question. We all certainly want to know the answer to that.And certainly I know many companies across the country are relieved today seeing that they may not have state compliance patchwork to comply with. But I think it's important we not lose sight of the bigger picture. The federal regulation is a key piece of governance, but governance is really a much larger issue.It's what's happening wit ...

Where would our nation be without the IRS. >> Those funds are used to pay for government services. When you don't have enough people [music] at the IRS, you can't launch efforts to scrutinize areas [music] of tax evasion or tax delinquency.>> Funding from the 2022 inflation reduction act signed by President Biden was going to fix that. Enter [music] President Donald J. Trump.>> How about just no tax break. >> [cheering] >> Trump and other Republicans thought that the IRS [music] got too much money with the ...

First of all, we know Oracle has commented on this and they're saying they're pushing back. Tell us, though, what you guys found out. What you found out.Right. Yeah. Oracle is saying that we have a huge contract with open air that's, you know, four and a half gigawatts.They're on the hook to develop data centers larger than I've ever been done. And in a shorter timeframe, they're saying that we're going to be able to deliver on our contracts and deliver on our expansions. Right.What we reported today is tha ...

You have different sets of data. They gave us a figure which was a $73 billion backlog. >> Yep.>> This morning quite clearly the market would like to see a revenue number that's forward-looking. >> Yep. >> Yep.That's true. So, uh, so you're right. I think the I think what's interesting here, the reason why Broadcom is down is not about the is not about how revenue has perhaps missed expectations.First and foremost, some of the company actually beat and raised uh guidance. AI AI sales were above expectations ...

The inflation rate has not been great. We after a couple of years of progress, it's still the case that we've been four and a half years above the 2% target. We were making progress over much of 2020 for the last six months.Plus we've made no progress and it's inch the wrong way. And right before the lights went out. If you looked at services, inflation was was 3% for the first half of the year.And the the the last three months before the lights went out, it was three and a half percent. That's not ideal be ...

Monetary Policy & Interest Rates - The market anticipated the rate cut, and the Fed did not deviate from expectations, avoiding promises of a future glide path [1] - Dissenting opinions within the FOMC are viewed positively, potentially reinforcing the Fed's independence and highlighting the committee's diverse perspectives [2] - The market anticipates a new Fed chair in May 2026, raising questions about the future interest rate landscape and the potential for more than one rate cut [3] - The Fed's reaction function is expected to remain heavily reliant on labor market data, potentially leading to more rate cuts than currently priced in if the labor market deteriorates significantly [5][6] Earnings & Market Performance - The broadening market performance over the past six months is attributed to the trajectory of earnings among different cohorts [7] - Earnings growth deceleration in mega-cap tech companies is converging with accelerating earnings growth in the rest of the market, supporting market broadening [8][9] - Despite frothy valuations, value can be found beneath the surface due to significant churn and rotation within the market [10][11][12] - A GARP (Growth at a Reasonable Price) approach is recommended, focusing on both value and growth factors [12] Investment Strategies - Within the Russell 2000, fading the lower quality, unprofitable components and leaning into the profitable components with better fundamentals is advised [13] - A combination of value factors (price-to-book, price-to-sales, strong balance sheets, high interest coverage) and growth factors (positive earnings trends, forward revisions, exceeding earnings expectations) is recommended [14]

what this EO allows for. Is it the sort of hope that that it will lead to the DOJ suing states like New York and California. And if that's the case, you know, the president and the administration's confidence that you'd win them.Well, that is one of the tools that is in the EO is that the DOJ um has been tasked to form a litigation task force that would have the ability to push back on excessively burdensome state laws, laws that may be unconstitutional, violate the First Amendment, things like that. By the ...

Well, that's what we're getting. The explanations. It's become a tradition lately for Fed officials to explain as soon as the blackout lifts why they dissented and the blackout has lifted.So we got a few minutes ago Austan Goolsbee, comments from the Chicago Fed saying basically people are telling him inflation worries them more than jobs. Goolsbee said almost all business people and consumers that we have spoken to in the district lately identify prices as the main concern. I remain optimistic that interes ...

Immigration Policy & Talent Acquisition - The discussion revolves around concerns regarding the potential negative impact of increased costs associated with H1-B visas on the US's ability to compete with countries like China in attracting skilled talent [1][2] - The proposed $100,000 cost for H1-B visas is viewed as a significant shift, potentially favoring wealthy companies and limiting access for individuals who are not rich or beholden to wealthy entities [1][5] - Concerns are raised that making the immigration system accessible only to the wealthy could undermine the US's historical strength as a nation built by immigrants and their descendants [1][2] - The current H1-B visa system requires sponsorship by a company that has already hired the individual, indicating a structured process, but the added cost creates an unfair advantage for wealthier companies [4][5] Geopolitical Competition - The US's ability to compete with China is questioned, particularly regarding attracting talent, as China is perceived as more welcoming without similar cost barriers [2] - Selling NVIDIA chips to China is questioned in the context of competing with China [1] Legal & Executive Authority - Executive actions, such as raising H1-B visa costs, may lack the long-term impact of legislation passed through Congress [4] - The legality of raising costs on a whim by the President is questioned [3]

Market Trend & Policy Analysis - Anticipation of President Trump directing agencies to reclassify marijuana as a Schedule three drug, similar to common painkillers, is driving market activity [2] - The potential reclassification would not legalize marijuana but could allow cannabis companies access to banking services and a different tax status [3] - The President's authority to unilaterally reclassify marijuana is limited, and the order is expected to direct the Department of Justice (DOJ) and the DEA to restart the rulemaking change process [5] - Resistance within the DEA remains a concern, potentially hindering the reclassification process [7][8] Investment Opportunities & Risks - Rescheduling is not legalization and doesn't necessarily lead to increased market share for cannabis companies; the primary impact is on the tax code, potentially reducing the tax rate from 40% to around 10-15% [9] - Legalization has a 30% chance, which would prohibit market share growth and organic growth [10] - Retail sentiment is driving some of the current market activity, as seen in the 30% increase in Canadian pot equities, even though the rescheduling primarily applies to US companies [13] - Rescheduling primarily benefits mom and pop farms, but larger companies are expected to consolidate the industry as regulations improve [15][16] Company Financials & Tax Implications - Tax relief from rescheduling is expected to be available for the 2026 tax season in 2027 [17] - The key financial impact of rescheduling is a change in the tax structure, not necessarily organic market share growth [18]