Market Trends & Competition - The AI sector is characterized by a race to the frontier, with companies like Google, Meta, Anthropic, OpenAI, and Microsoft competing to achieve artificial general intelligence [2] - Model leapfrogging is expected to continue with each iteration of GPT, Gemini, Claude, and XAI [2] - Investors should be concerned if models stop leapfrogging each other, as it would suggest diminishing scaling laws and potentially slow infrastructure demand [4] Infrastructure & Investment - Remarkable Nvidia earnings and Gemini 3 imply that scaling laws are firmly intact, leading to aggressive demand for GPU/TPU accelerators during the training phase [2] - Hyperscalers continue to raise capex expectations, indicating sustained investment in infrastructure [6] - The infrastructure build is expected to be prolonged due to natural governors such as data center construction speed, permitting, and power availability [6] - Every GPU from TSMC's foundry has high demand, indicating that the deployment of these assets into data centers is just beginning [6] Risk Assessment - The market may take a breather after a strong infrastructure trade, but recent data has not changed expectations for the infrastructure build [5][6] - Short-lived assets like GPUs/TPUs are not deployed until the data center shell is up and power is available due to high carrying costs [6]

stocks on the move as well as some calls. We're going to start with Zoom. We talked about it yesterday, Josh, with you heading into the print.They did post a stronger than expected earnings. They uh beat upbeat guide as well. Take a look at that.You made a nice uh you made a nice call on that yesterday. They also increased the buyback. What do you think now.>> I mean, you can't sell it. um they just delivered everything that people have been waiting for four years to see this company deliver this entire pos ...

One of the names, Dick Sporting Goods, was on the ledger today. They beat on the top and the bottom line. Shares were down though because the company is closing some Foot Locker stores to protect profits.Um, the stock has come back. It's up 2%. Silence that.Thank you. As Stephanie Link buys this name. >> Yeah, first time ever, by the way.>> Yeah. What What was the big draw for you. >> Could I just go back on retail sales.I mean, I know it's September data, but it was up 5.7% year-over-year. So, it's still q ...

Crypto Market Analysis - Crypto asset class peaked on October 6th, currently experiencing a liquidity-driven selloff [3] - No signals suggest an imminent turnaround in crypto momentum [3] Bitcoin Performance & Outlook - Bitcoin's performance is crucial for overall market stability [1] - Sideways trading in Bitcoin could allow equities to move higher [4] - A breakdown below $80,000 in Bitcoin could negatively impact equities in the short term [4] Coinbase Assessment - Coinbase got downgraded by Argus [1] - Expectation that Coinbase's value will decrease due to the overall crypto market conditions [2]

are front and center this hour. Surging Alphabet, the stock nearing 4 trillion in market cap. It is a stunning turn of events over the past six months. We'll discuss and debate the whole AI trade with the investment committee. As always, joining me for the hour today, Joe Teranova, Stephanie Lake, Brian Bellski, and Josh Brown. We will check the markets. It is a Dow and small cap kind of day. NASDAQ is basically flat, but I'm telling you, the biggest story continues to be this move in Alphabet, which is why ...

AI Chip Market Dynamics - Meta is exploring a multi-billion dollar deal for Google's TPUs, technically validating Google's AI chip technology [1] - The deal represents a major win for Google Cloud (GCP), potentially securing long-term revenue and lock-in, giving it an AI-native advantage over Amazon AWS and Microsoft Azure [2] - While TPUs provide Google with efficiency gains, investors should be cautious about the narrative of TPUs overtaking Nvidia across the enterprise [3] Enterprise AI Adoption - Enterprises face a choice between fully integrated solutions (like Google's TPUs via Google Cloud) and modular solutions (like Nvidia's), with many preferring the optionality of the latter [4][5] - Committing to a single cloud provider for AI solutions may not be ideal for enterprises seeking flexibility to integrate with various hardware options (Nvidia, AMD, etc) [5] Market Volatility and Competition - AI market narratives can shift rapidly, as seen with Google's transition from "broken to beloved" despite limited fundamental business changes [6] - Anthropic's new model, Claude Opus, reportedly outperformed Google on several benchmarks shortly after Gemini's release, signaling the market's rapid pace of change [6][7] - The AI market is highly competitive, and Google should not become complacent despite its current leading position [7]

Welcome back. Dick Sporting Goods shares under pressure this morning despite reporting strong comp store sales. Bullish guidance as well ahead of the holidays.The sports retailer recently completing its acquisition of Foot Locker says it's planning to close some of those stores. Dick Sporting Goods executive chair Ed Stack joins us exclusively at Post 9. It's treat to have you.Welcome, Ed. Thanks for having me. >> I mean, the numbers and the fundamental underlying business seems very strong.Do do you agree. ...

Joining us now Xia CEO of AI consulting firm Malo Santo also a former global strategy lead for responsible innovation at Google. X first of all just let me get your take on on Gemini 3 which seems to have certainly uh captured the imagination of many investors and performed quite well on all those benchmarks that all you AI people do to sort of you know get a sense for that latest model. What are your thoughts.>> Yeah 100%. So, I will say first of all that Gemini was state-of-the-art up until last night. Uh ...

Federal Reserve (The Fed) & Interest Rates - A potential hawkish rate cut in December is considered, driven by core PCE expectations around 310% and unemployment nearing 450% [2][3] - The impact of a 25 basis points rate cut is questioned regarding its effectiveness on the S&P 500 and overall market stimulus [4] - The market is less convinced about further rate cuts into next year until a more dovish Fed stance is observed [3][4] Private Credit Market - Vintage risk in private credit deals from 2021-2022, impacted by poor valuations and changing rate environments, is a key concern for the coming year [6] - The conversation around private credit involves both potential losses/defaults and liquidity issues, with some investors misunderstanding the liquidity of these structures [7] - Default rates in private credit have remained relatively low, averaging between 200% and 350%, depending on the source [11] - More frequent marks, specifically monthly marks, are becoming more common in the private credit market, revealing divergence among different managers [11] - Aggregate credit quality has held up, but concerns around marks and liquidity are more significant questions [12] Economic Indicators & Consumer Credit - Insurance costs and auto/home-related expenses remain high, warranting attention for potential credit quality deterioration [9] - Defaults are expected at the margins, particularly in sectors tied to the lower-income consumer and certain forms of consumer credit [8]

Personnel Decisions - The president is likely to announce a decision before Christmas [2] - The decision timing is at the president's discretion, potentially before the Christmas holidays or in the New Year [2] - Kevin Walsh and Kevin Hasset are considered front runners [1] Interview Process - One interview remains to be conducted [2] - It is not prudent to give hints before the interview process is complete [2]