Well, all four major averages back in the red after yesterday's bounce. Tech once again the lagard as some recent highf flyers return to earth. Should investors view any pullback as a buying opportunity.Far Miller and Washington President CEO Michael Farre joins us. Michael, good to see you. Um, some of the highest valuation stocks in the market are also the biggest in tech.And so even beneath the index level, I wonder is there anywhere to hide. Won't the whole market get dragged down if there's a sentiment ...

Market Trends & Crypto Performance - Digital currencies are experiencing a pullback amid volatile trading [1] - Bitcoin is holding at the $100,000 level, while Ether dropped to $3,276 and Solana fell to $155 [2] - Coinbase shares are down more than 6% [2] - Hedge funds are increasing their crypto exposure, with 55% invested in crypto this year, up from 47% in 2024 [11] Company Performance & Revenue - Robin Hood reported a 129% increase in year-over-year transaction-based revenue, primarily driven by cryptocurrencies [6] - Robinhood's revenue for digital assets rose over 200% to $268 million, and net income rose 271% year-over-year to $556 million [6] - Kraken quietly raised $500 million at a $15 billion valuation [33] Regulatory Landscape & Challenges - Robinhood's European arm is facing a nearly $25 million fine from Irish regulators for failing to meet anti-money laundering and counterterrorism financing standards [3] - Changing US crypto regulations are influencing institutional investors to increase their investments in crypto products [12] - Kraken is actively engaging with Congress, regulators (SEC, CFTC), and the US administration regarding market structure and crypto regulations [17][18][19] Stablecoins & Tokenized Equities - Stablecoins are taking some of the utility role initially expected for Bitcoin [8] - ARK Invest suggests stablecoins could reduce Bitcoin's bullish forecast by $300,000 by 2030 [9] - Kraken launched tokenized equities (stocks) available in several countries, including Europe, and aims to bring them to the US [20][21]

Financial Performance - Diageo's net sales reached $49 billion, a 2% year-over-year decrease [2] - Organic sales remained flat, although better than analysts anticipated [2] - Sales in China decreased by more than 7% [3] - Organic sales in the US fell nearly 3% [3] Market Trends and Consumer Behavior - Consumers are trading down to cheaper alternatives, impacting premium tequila brands like Don Julio and Casamigos [3] - A clear shift down in quality consumption is observed as consumers tighten their wallets [4] - The premium spirits industry is experiencing a post-pandemic slowdown due to inflation, moderation trends, and tariffs [4] - Gen Z consumers are drinking less, influenced by fitness and health trends [6] - Economic worries affect Hispanic and non-Hispanic consumers, impacting beer sales [7] Company Outlook and Leadership - Diageo cut its guidance due to changing consumer behavior [4] - Investors are advised to await further guidance after the holiday season [5] - Diageo's CEO Deborah Crew left in July, and a replacement is yet to be named [5]

Market Trends - Morgan Stanley Wealth Management CIO discusses recent equity market action [1] - Discussion includes whether AI is beginning to take away jobs [1]

He's joining me now to discuss TD Cowan, senior retail analyst Oliver Chen. Oliver, it's great to have you here and this is an interesting one because this stock had been on fire for a long time. It sold in a number of retailers and a number of retailers are having to go through some price adjustments.So, can you explain to those that may not understand the particulars how that really did have an impact on the quarter. >> Yeah, basically Courtney, ELF is raising the cost of their product by about a dollar. ...

Joining me now to discuss is Bernstein researchers. Stacy Razgon. Stacy, thank you so much for joining us.You know, in your notes, you you've noted that Qualcomm's had a history of actually putting up some pretty good quarters, but then not being rewarded for it. What's going on here. >> Yeah, you know, I I referred to it at one point a quarter or two ago as the Rodney Dangerfield of semiconductor stocks.And I I hope the audience knows who that is. >> I get it. >> It really has been.They get no respect. And ...

All right, we got a news alert right now actually on OpenAI with Mackenzie Sagalos in San Francisco. Mackenzie, >> hey Brian. So, we just heard from OpenAI CEO Sam Alman with a fresh look at the company's financials.He says that they expect their annualized revenue run rate to top $20 billion this year. It was $1 billion before that and to grow to hundreds of billions by 2030. That's also a revision upward.This came as the open AAI chief was responding to White House crypto and AISAR David Saxs about the qu ...

Joining us now is Tony Sage. He is CEO and executive chair of Critical Metals. Uh Tony, welcome to Power Lunch.I'm glad you're here. Let's start with with Greenland. Um when do you expect that operations actually digging critical minerals out of the ground in Greenland.When will that start. >> We hope to start construction in the third quarter next year. Um, we've done a hell of a lot of work uh since we took over the project about 12 months ago.Uh, before that, uh, it was owned by a single individual. Uh, ...

So, good news for some of you, but what does it mean for Lily and Novo Nordis. Ask Jared Holtz. He is healthc care strategist at Mizuo.Jared, great news for for millions of people that have been struggling with with their weight for years. But what does it mean for these companies bottom lines. >> Hey, Brian, thanks for having me.I I think when I take a step back, it it's probably more positive than negative. I think investors have been thinking and sort of modeling negative price for this category for a wh ...

Binky Chadha, Deutsche Bank chief global strategist, and Peter Boockar, One Point BFG Wealth Partners CIO, joins 'The Exchange' to discuss the SCOTUS' decision on tariffs, if bond yields could soon spike and much more. ...