It's either a gold rush or a sugar rush. >> And how long that how long you think that buildout really lasts because it may take several hundred people to build a data center, but it only takes five or 10 to operate it. >> I think we are so in the early inning.I think a lot of prognosticators want to call it like we're on the sugar rush. We're not. It's more like the railroads or the buildout of electricity than anything I've seen.The internet, it turns out in hindsight, was actually a relatively capex-like ...

Alternative Investments and Private Credit Market - Marathon Asset Management has over $23 billion in assets under management, attracting investments from family offices, wealth channels, insurance channels, and institutional channels [1] - Direct lending and asset-based lending yield 11-12%, while opportunistic credit yields 14-16%, making them more appealing than public credit markets [2][3] - Public credit markets show tight spreads, with investment grade corporate credit at the tightest spread since the 1990s, around the 0 percentile [3] - The high yield bond index OAS (Option-Adjusted Spread) is inside of 300, indicating tight spreads due to a strong economy, corporate earnings, and demand for credit [4][5] Asset-Based Lending (ABL) vs Direct Lending - Asset-based lending (ABL) is lending against hard assets at 65% LTVs, uncorrelated to direct lending which is cash flow based on EBITDA [6] - The correlation coefficient between asset-based lending and direct lending is 04, indicating low correlation despite both being high-yielding asset classes [7] Interest Rate and Economic Outlook - The speaker believes the Fed was slow to raise rates and will be slow to lower them, potentially easing in September 17th after reviewing jobs and CPI reports [9][10] - The current yield curve is V-shaped with SOFR at 435, 3-month bills at 420, 2-year bills at 375, and 10-year notes at 428, which is not normalized and increases government financing costs [11][12] - The speaker suggests the normalized rate for Fed funds should be 3%, given the slowing job growth (35 jobs a month) and economic growth (12% in the first half of the year) [13][14] - The speaker's base case is that economic growth will pick up in the second half of the year, with the front end of the yield curve having 150 basis points to come down [17]

Welcome back. If you don't know about it right now, your kid will surely be asking for one around the holidays. The Laboo, the so-called ugly cute doll, the newest sensation taking the world by storm.It's not just kids, by the way. And it's Chinese parent company benefiting as well. Shares of PopMart surging more than 650% just in the past year.Our Ununice Yun is in Beijing with the story. How did this happen, Ununice. Well, Sarah, there just a lot of people who are so excited about this character.So, first ...

you know, I've been in a unique position in my discussions of the tariffs with with clients and and you know, uh, in public as well, just saying I don't think it's nearly as big a deal as everybody's made it out to be. I thought it was a very tactical set of moves that the president made, sort of game theory, classic art of the deal, go in, go big, and then kind of d drive it all back a little bit and get to where you ultimately wanted to be. And I think that's largely been the case.We've had a tactical mov ...

For more on the broader market, let's bring in TD Cowan's president Jeff Solomon's here at Post9. Talk about 6% sub 6% mortgage rates. You think we get it like Marvin's hopes? >> I mean, we could. I I I do think the next move for the Fed is to go lower, though. We've had this ongoing debate, right? I just don't think I think it's going to be higher for longer and I think it's because we've seen resilience in the in the in in the economy. Uh if you just take a look at, by the way, just this is something we'r ...

AI Era Outlook - The AI era is considered the biggest era to date, surpassing the internet and mobile eras [1] - The AI era is not slowing down [1] - The company believes it is leading the AI era [2] Investment and Infrastructure - Infrastructure builds are a key area of focus [2] - There may be investments made that do not come to fruition [2]

Retail is the story of the morning. We've got a number of results. Target, Lowe's.Courtney Reagan just speaking with the CEO of Lowe's and joins us with some comments. Morning, Courtney. Hi, good morning Sarah.Yes, so I just spoke with CEO Marvin Ellison getting more perspective on the quarter and this big acquisition. He said, "We estimate that you have roughly $50 billion in deferred projects in home because customers are just waiting to get a little bit more overall confidence in the macro environment. S ...

Streaming Strategy & Bundling - Disney is launching ESPN's streaming version, signaling an aggressive rebundling strategy to reduce churn [1][2] - ESPN subscribers can get Disney Plus and Hulu for $30 for the first year [2] - Disney is bundling ESPN with Fox 1 for $40 and ESPN with NFL Plus, also for $40 [2] - The goal is to supercharge the streaming bundle to increase subscriber loyalty, similar to cable subscribers [3] Subscriber Trends & Market Analysis - ESPN's TV subscribers peaked at 100 million in 2011 but declined to 61 million as of June [3] - Moffen Nathansson anticipates limited cord-cutting acceleration due to the high price of streaming subscriptions [4] - Eight streaming subscriptions are needed to watch every major US sporting event, plus YouTube Sunday Ticket for out-of-market NFL games [4] Future Opportunities - ESPN is exploring more bundling opportunities, potentially with Peacock (NBA and Olympics) or Paramount Plus [4]

Uh, speaking of which, we are getting a news alert out of the Fed this morning. For that, let's get to Steve Leeman in Jackson Hole. Hi, Steve.>> Hey, Carl. Um Fed Governor Chris Waller actually speaking down the road at the Wyoming blockchain symposium happening uh right before the um Jackson conference making some comments about payment systems and crypto saying uh the payment system has experienced a quote technologydriven revolution and he sees no reason to fear transactions that use a distributed ledge ...

X sector under pressure again today after coming off the worst performance in a couple of weeks as some of the year's best performers lose momentum including Palunteer on pace for the sixth straight day of losses now down about 23% from the highs. Longtime Palunteer bearer Brent Th joins us from Jeff. Brent has a sell rating and a target of 60.Brent, it's good to have you. You actually wrote about this a few weeks ago in which you called it a disconnect between valuation and achievable growth. Uh, can you w ...