Welcome back to the exchange. We're a little more than 24 hours from the Fed decision, but 28 days into the government shutdown for the impact of that and the ongoing trade uncertainty, uh, all of that could have a future a fate or could impact the future of rate cuts. We turn to Steve Leeman with the results of the latest CNBC Fed survey. Steve, >> thanks Leslie. Yeah, responders to the October CNBC Fed Service. rate cut on the way from this meeting, the next meeting in December, and possibly one in Januar ...

AI Investment & Job Cuts - Big Tech companies like Amazon and Alphabet are investing hundreds of billions of dollars in generative AI infrastructure, including custom chips and data centers [2] - Amazon is planning the largest corporate job cut in its history while investing heavily in AI [1] - Amazon announced it is cutting 14,000 corporate roles [2] - Internal documents show Amazon is reportedly looking to automate 75% of warehouse operations, potentially avoiding 600,000 new hires [6] Workforce Restructuring - Big Tech is becoming leaner, moving faster, and reallocating resources toward AI [3] - Meta aggressively hired elite AI talent with blockbuster pay packages, even as it slashed thousands of roles [3] - Microsoft eliminated 15,000 jobs [4] - Amazon's job cuts could climb to 30,000, potentially the largest round of white-collar layoffs in the company's history [4] - Generative AI is expected to shrink the workforce [5] - The industry is seeing a thinning out of middle management ranks to flatten the org chart and expedite decision-making [8][9]

Agentic Commerce & E-commerce - Agentic AI 可能使电商消费提升约 20% [2] - Agentic Commerce 改变了电商领域的权力平衡，消费者通过 App 获取购物建议 [8] - PayPal 在 Agentic Commerce 革命中扮演重要角色，将 Open AI 的技术在全球范围内推广 [8][9] PayPal's Position & Strategy - 选择 PayPal 作为合作伙伴，表明了 PayPal 的持久性 [7] - PayPal 与 Google 和 Perplexity 等公司在 AI 领域展开合作 [7] - PayPal 是一个双边网络，拥有约 37 million 商户和近 400 million 消费者 [11] - PayPal 的双边网络具有竞争优势 [11] Potential Competitors & Market Dynamics - 存在竞争对手，包括卡组织和 Affirm 等公司 [11] - PayPal 的网络外部性和信任优势使其具有持久的竞争力 [9][10] Affirm's Opportunity - 如果有人在寻找投资机会，Affirm 可能是下一个受益于 Open AI 技术的公司 [3]

time. There is a a view and we've heard this from some some Fed officials in the last couple of weeks that the chip technology or the AI technology will move faster than HR departments. And so there will be an air pocket where you wind up, you know, where jobs, yeah, they may fill that that vacuum, but in the there might be a couple years where it doesn't feel that way.>> You know, I again I think Carl, we're all looking in the crystal ball to see where the technology is going. Um I will say that you know r ...

Joining me now is Michael Canerwitz, chief investment strategist at Piper Sandler. Thank you for being here, Michael. Uh, so let's get into the terminology here because one thing that Gates was saying to Andrew earlier today was this notion that a bubble is used to describe both the 17th century tulip mania as well as what we saw in the 1990s uh and early 2000s with regard to the internet.After the internet, there were a lot of real companies that came out of it. So, it wasn't just this speculative bubble w ...

So, I hope you'll join me on closing bell. Adam Parker, Lauren Goodwin, Chris Heisy, Matt Boss, Mike Mayo, and the mentalist O Pearlman. >> Can't wait for that.He's got, as usual, something up his sleeve. I don't know what it is, but I can't wait to see it. Final trades.>> Power Vistra. >> Okay, >> VST. >> All right.It's really an original >> down three and a half%. >> Yeah, >> Joe T. >> PayPal CEO Alex Chris is engineering a turnaround.All right, Josh. >> Netflix tussling with the 200 day. I think it'll re ...

Stock Recommendations & Analysis - Josh Brown highlights energy sector opportunities, despite its reduced prominence, citing positive reports from Baker Hughes and Valero [1][2] - Philip 66 is identified as a potential breakout stock, with revenue expectations around 30 billion USD and earnings per share at 229 USD, focusing on returning capital to shareholders [3][4] - Marathon is recommended to "stay the course," with a potential target price of 200 USD, based on the strong performance of publicly traded refineries [4][5] Company Financial Health & Strategy - Phillips 66 needs to prioritize debt reduction to the mid-teens billion USD range from above 20 billion USD, potentially impacting dividend payouts [6] - Refiners benefit from a 60 USD per barrel oil environment, emphasizing the importance of driving volume production in the United States [7] Investment Strategy & Portfolio Management - The firm exited Marathon due to overexposure to refiners [6] - The firm focuses on natural gas and dependent power producers within the energy ecosystem [8]

Investment & Partnership - Nvidia invests $1 billion into Nokia [1] - The investment is likely related to 5G and 6G technology [1] Market Reaction - Nokia shares were halted due to the news [1] - Nokia shares are up nearly 2% following the announcement [2] Industry Focus - The keynote may reveal more details about quantum computing and telecom [2] - Power is also a key area of focus [2]

Joe, you could start a number of different places, but I think we should start with 6,900 in in sight for the S&P 500. >> Yeah. And and certainly we're advancing today on the strength of the Mac 7.So, so far year to date, it had been Meta and Microsoft and Amazon back in February, Nvidia that had made new all-time highs. More recently, it is about a breakout in Alphabet. It's a breakout in Apple.Pick the reason that you want to sight for that breakout. But it's a rebuilding of positioning. And I will tell y ...

back told you we have another move to get to. It's in the financials space which is one of the worst sectors this month down 1 and a.5% so it's lagging along with a few others you bought Wells Fargo that's a new position for you >> right why why that one >> uh if you think the uh economy is going to grow due to deregulation ease of permitting uh 100% expensing you're going to have more loan demand there'll be greater transactional volume and M&A but with wells they'll benefit from all that plus the fact tha ...