Well, we're going to start with the econ outlook for next year as the street debates the path for the Fed following GDP earlier in the week. Let's bring in CNBC senior economics reporter Steve Leeman. Steve, it's great to have you on and let's start right there.The economic outlook for 2026. Uh there's something for the Bulls, there's something for the Bears. We're talking to Tristan Slock from Apollo last hour and he was basically saying the economic uh the economy could be poised to be much stronger than ...

Core Insights - Nvidia's price target has been upgraded from $210 to $230 per share, reflecting positive sentiment from analysts regarding the company's performance and outlook [1] - There is a discussion around a potential revenue target of $500 billion, with analysts questioning whether this figure could be exceeded due to backlog and increased component availability [2][3][7] - Gross margin expectations have been met, with analysts noting a potential increase into the high 70s percentage range, although not expected to reach 80% [4][5] - Free cash flow reported at $22 billion was below the street's expectation of over $27 billion, attributed to increased inventory due to component shortages [8] - Nvidia reported $2 billion in revenue from older hopper chips, raising questions about depreciation and profitability in the sector [10][11] Revenue and Growth Potential - Analysts are optimistic about exceeding the $500 billion revenue target, with current models estimating $450 billion, indicating a 10% margin for potential growth [3] - The $500 billion figure includes networking and GPU sales, suggesting a comprehensive approach to revenue generation [6] Margin and Profitability - Gross margin has been a focal point, with the company achieving mid-70s percentages, which is crucial for valuation [4][5] - Concerns about profitability being overstated due to depreciation methods were raised, indicating a need for clarity on financial reporting [10][11] Cash Flow and Inventory Dynamics - The decrease in free cash flow is seen as a temporary issue linked to inventory adjustments amid component shortages [8] - Analysts are monitoring the impact of inventory levels on overall financial health and future cash flow [8]