Market Trends & Government Regulations - Bitcoin price increased over 1% to $15,000 level following Senate's progress towards ending the US government shutdown [2] - The US government shutdown drove consumer sentiment to its lowest level in over three years [4] - The Trump administration is exploring incorporating digital assets into the home lending process [5] Crypto-backed Mortgages - The median sales price for a house in the United States is hovering near all-time highs above $400,000 [6] - The median age for first-time home buyers reached 40 years old, a new record [7] - Fannie Mae and Freddie Mac buy upwards of 70% of US mortgages [8] - Five senators expressed concerns about the volatility of crypto assets in the mortgage market [12] - Wyoming Republican Senator Cynthia Lumis introduced the 21st Century Mortgage Act to codify the initiative into law [14] Bitcoin Market Analysis - The Federal Reserve's liquidity policies and multi-trillion dollar deficits are beneficial for Bitcoin's value proposition [19][20] - Bitcoin's long-term value proposition is as a hedge against currency debasement [21] - Bitcoin treasury companies improve access to Bitcoin for large institutional investors who cannot access spot Bitcoin [23][24] - Bitcoin is increasingly seen as the institutional-grade crypto asset due to its technology, security, and liquidity [26][27][28] - 85% of central banks around the world are cutting rates, making Bitcoin a global asset [30] - Kathy Wood lowered her end-of-decade price target for Bitcoin from 150% million to 120% million because stable coins are taking over some of the payments market [35]

Joining me now is Tom Hancock, portfolio manager of the fund. And it's great to have you on. And let's start right there.The fact that we are seeing uh a recovery here or a rebound here in some of these big tech names. Does it have legs. >> Yeah, thanks Mark.Well, it's kind of funny, right, to see these stocks where what really matters is how successful AI is, what the end uses are five to six years from now, moving around so much on questions about whether the government reopens in time for there to be Tha ...

Company Strategy & Performance - PG&E employs a "simple affordable model" involving infrastructure investment offset by operating cost reductions, load growth, and improved credit metrics to lower rates [2][3] - The company has lowered rates three times in the last 15 months and plans to lower them again in 2026 while growing earnings at over 9% per year [4] - PG&E has buried 1,000 miles of power lines, reducing costs by $1 million per mile compared to initial projects [5] - Ignitions were down 35% year-over-year due to layers of protection and technology [6] Data Center & Load Growth - PG&E's service area is experiencing load growth due to increased compute demand from AI, which is being priced appropriately so residential customers are not subsidizing large loads [8][10] - The company has a site in Woodland prepared for up to 1 gigawatt of data center load, but most applications are for 100 megawatts, described as "Goldilocks load" [13] - Compute data centers are distributed throughout PG&E's service area, supporting companies like PayPal, Zoom, and Netflix [11] Nuclear Energy & Diablo Canyon - Diablo Canyon nuclear plant provides approximately one-ninth (11%) of California's daily power production [14] - PG&E has a 5-year extension from the state for Diablo Canyon and has received a 20-year operating permission from the Nuclear Regulatory Commission, conditional upon final state permits [15] - Legislative action will be necessary to extend the operation of Diablo Canyon beyond the initial 5-year extension [16][17]

Michael Bapis. I I'll hit you first here as we uh go towards the closure about two minutes, three minutes away or so. You say there's a lot of cautious optimism in markets.I'll give you there's like volatility came back last week, but do you you feel there's a lot of caution. Look, I think one of the key themes that we're looking at is the battle between, you know, consumer spending and consumer consumer sentiment being down and like you just said, strong equity markets. I mean, we're getting to more now wh ...

Grid Investment and Infrastructure - The electrical grid is the most critical engine in America, with companies investing over $1 trillion (万亿) in the next 5 years to ensure reliable and affordable power for the growing economy [2][3] - Permitting costs can account for 20% of electricity bills, highlighting the need for permitting reform to reduce costs and expedite power delivery [7] - Data centers want to be connected to the grid for reliability and a diverse energy mix, potentially lowering costs and stabilizing the grid [12][13][14] Energy Sources and Technologies - There are currently zero nuclear power plants under construction in the United States, with optimism surrounding small modular reactors, though none are currently operating [5] - The industry needs as much power and as many electrons on the grid as possible, emphasizing the need to accelerate power generation [6] - While government incentives exist for nuclear power development in national labs, proving the technology and building large-scale nuclear plants is crucial [9][10] Regulatory and Policy Issues - Permitting reform is needed, as building a power plant or transmission line in the US can take over a decade, compared to less than three years in China [6] - Bureaucratic red tape, including NEPA, water permits, and litigation, adds time and costs to infrastructure projects, which is unacceptable for customers [7][8] - Congress is called upon to pass permitting reform to accelerate power delivery and lower costs [6]

Let's welcome in now CNBC contributor Bunstratz Tom Lee. It's good to have you. Welcome back.>> Yeah, thanks Scott. Good to see you. >> So, so the market obviously assumes that this is all going to happen.The government's going to reopen and we're just going to get back on our merry way in in the stock market. That's certainly what the trade says today. Am I right.Uh yeah, I think there's a certain measure of relief because the shutdown robbed us of visibility on the macro data and of course there's economi ...

Demand & Growth - AI infrastructure is driving significant demand for power, exceeding previous expectations from Bitcoin mining [1][5][9] - The company has gigawatts of assets in its pipeline, with 1,000 megawatts online and 1,500 megawatts being commercialized [3] - Data center campuses are scaling rapidly, moving from 100 megawatts to gigawatts for single campuses [5] Strategy & Operations - The company initially focused on being a low-cost power operator for Bitcoin mining, hedging against crypto volatility [10] - The company is developing new sites specifically for AI, not converting existing Bitcoin mining facilities [12][13] - The company emphasizes colocating power generation close to data center load for efficiency [6][7] Market Dynamics & Competition - Access to power at scale and speed is highly valuable in the current market [4] - The company operates in a co-opetition environment with other players in the power and crypto space [8] - The company's Bitcoin mining operation mines Bitcoin at over a 50% discount to the market [11]

Financial Performance & Strategy - The company has lowered rates three times in the last 15 months and expects to lower them again in 2026 while growing earnings at over 9% per year [3] - Infrastructure investment is offset by operating maintenance cost reductions, leading to significant cost savings [1] - Improving credit metrics results in lower cost financing, allowing the company to lower rates for customers [2] Infrastructure & Technology - The company has buried its 1,000th mile of power lines, at a million dollars a mile less than a couple of years ago [4] - Technology underpins situational awareness and responsiveness, leading to a 35% reduction in ignitions this year despite similar fire conditions [5] - The company is implementing layers of protection, starting with hardening the system to mitigate fire risk [4] Load Growth & Rate Design - The company is experiencing rate-reducing load growth due to increased compute demand, particularly from AI applications [7] - Residential customers do not subsidize large load; large load pays its full freight [7] - The company has rate designs in place so that residential customers only benefit from new and growing load [9] - Compute data centers are located throughout the service area, supporting companies using AI in their daily business [10]

AI Boom & Power Demand - AI 公司的需求集中在如何更快地获得电力，电力公司致力于提高输电线路建设速度，以满足这些需求 [3] - 电力公司与 Amazon 达成协议，在北卡罗来纳州 Richmond County 建立数据中心，Amazon 将投资 100 亿美元，创造 500 个就业岗位 [4][5] Ratepayer Protection - 电力公司确保 Amazon 等大型电力用户通过特殊合同条款支付其使用的电力成本，从而保护其他客户免受电费上涨的影响 [8] - 随着更多数据中心进入北卡罗来纳州，固定成本将被分摊，长期来看可能会降低所有用户的电费 [11] Infrastructure & Reliability - 电力公司正在北卡罗来纳州新建 7.5 吉瓦 (GW) 的天然气发电厂，这些电厂由 Transco 管道提供动力，以确保为客户提供可靠且经济的电力 [13] - 天然气管道对于满足数据中心和其他大型电力用户的需求至关重要，电力公司将继续考虑扩建管道 [12][13] Economic Impact - Amazon 在 Richmond County 的投资预计将为该社区带来就业机会和税收收入，具有重要的经济推动作用 [5][6] - 更多数据中心将为当地带来税收，从而降低账单 [10]

It's a NASDAQ story once again going the opposite direction of how most of last week went. NASDAQ's up one and a half%. So, it's a nice gain there. So, stocks are up, Bitcoin is rebounding, gold is higher. Weiss tech stocks suffered their worst week since the liberation day selloff. $800 billion worth of uh market cap was wiped uh last week. We we have a chart to show you the major companies which saw the >> big selloff. Nvidia, Microsoft, Broadcom, Oracle, Meta, Palanteer, Alphabet, Amazon, the ones that a ...