looking for opportunities in small caps. Joining me now is Julie Beal, chief market strategist at Kayne Anderson Rudnick. Julie, it's great to have you on. And it's interesting to hear that.Are you looking at names that could potentially benefit from all that CapEx spending by those four heavy hitters that we just laid out. >> I think that's the place where I would say there's the most risk. We've seen a lot of companies rallying on the idea that the picks and shovels of this CapEx are going to be big benef ...

Chico. GS Commodities have recently turned significantly underweight tech on concerns of deteriorating fundamentals and a part of what Brody was discussing. I know that we can talk about Microsoft here because there's some exposure in the funds, but the idea that you rely on the neo cloud so it doesn't show up on the balance sheet in the CapEx.What was your sort of reaction to hearing that. Yeah. So I think what it speaks to from a microsoft perspective is sort of that CapEx sort of notion where you don't n ...

CapEx = long-term investments (buildings, equipment). Revenue expenditures = daily operating costs (rent, utilities). https://t.co/TnamCfhIth https://t.co/IZsmkKAHO9 ...

That's going to be a historic quarter when you look at the work and it shows the type of CapEx we're seeing in the use cases are exploding. We've talked about so much here in the change my life. I mean, as simple as that.Look, and the reality is anyone that thinks hype not real, right. That Oracle number is a validation. That's a drop the mike from Safra and Alison. That shows to me, okay, what's going to happen the rest attacking the A Brahmin.Did we have a drop the mike moment with Mr. . Cook yesterday I ...

Always good to have you in the lions city. So when you take a look at the air play, given that China's air is a much cheaper valuation, subway cheaper than the U.S., why wouldn't you be buying to China than try to keep on, you know, racking up gains in the U.S.. I think I think the rally certainly started in the US, but it has brought it out to areas like China because the applications around air are really start to expand.But let's not forget what's happening at the US markets as well. The US markets histo ...

as the best performing stock in the S&P 500 this year. With a strong week in the books, markets now turn their attention to the July CPI report coming out on Tuesday. Can the numbers derail the recent rally.Let's bring in Jack Stewart. He's the lead portfolio strategist at Natixis. Jack, great to have you with us.What are your expectations. Do we actually start seeing inflation from tariffs show up. >> You know I think if you look at the most recent prints that we've had, we're seeing signs of it starting t ...

Financial Data and Key Metrics Changes - EBITDA was roughly flat in the first half of the year, with a projected growth of 8.5% for the full year, implying high teens growth in the second half [6][19] - EPS guidance was revised from 10-15% growth to 7-10% growth, with a midpoint impact of about 3 cents due to increased interest expense and accelerated depreciation [19][20] Business Line Data and Key Metrics Changes - Significant growth was observed in potato chips, while tortilla chips and pretzels were below trend, with specific brands performing variably [23][26] - Boulder Canyon brand is expected to continue strong growth, with distribution gains across both core and expansion markets [71][72] Market Data and Key Metrics Changes - Distribution gains were noted across all 30 expansion geographies, with strong retailer support from national chains [33][34] - The convenience store channel is showing improvement, with expectations to reach flattish performance by year-end [65] Company Strategy and Development Direction - The company is focused on westward expansion and infrastructure investments to support distribution gains [11][35] - Marketing strategies include increased spending in retail media and social media to support geographic expansion and brand introduction [91][92] Management's Comments on Operating Environment and Future Outlook - Management remains confident in achieving productivity savings and margin expansion, with a positive outlook for the second half of the year [9][56] - The company believes the category will continue to grow, driven by household penetration and repeat purchases [107][109] Other Important Information - The company is nearing the end of its manufacturing optimization efforts, with significant productivity improvements already realized [85][87] - CapEx spending is expected to peak in 2025, with a focus on automation and efficiency improvements [21][88] Q&A Session Summary Question: What gives confidence in the EBITDA growth outlook despite flat performance in the first half? - Management cited investments in infrastructure and productivity savings as key drivers for expected growth in the second half [7][9] Question: Can you clarify the changes in EPS guidance? - EPS growth was revised down due to increased interest expenses and accelerated depreciation from higher CapEx spending [19][20] Question: What is driving the strong top-line results? - The company attributed growth to distribution gains, improved volume and value share in core markets, and investments in westward expansion [10][11] Question: How is the company addressing the performance of tortilla chips and pretzels? - Management noted that tortilla chips faced promotional overlaps, while pretzel performance varied by brand, with some brands performing well [26][27] Question: What is the outlook for the convenience store channel? - The company expects the convenience store channel to improve and reach flattish performance by year-end, supported by better product assortment [65] Question: How is the company managing supply chain and manufacturing efficiency? - The company has made significant strides in optimizing manufacturing and is now focusing on automation and efficiency improvements [85][87] Question: What is the long-term outlook for category growth? - Management remains bullish on long-term category growth, citing strong household penetration and repeat purchases as positive indicators [107][109] Question: How is the company addressing consumer interest in protein products? - The company is exploring opportunities in the protein segment while ensuring that products meet consumer taste preferences [111][112]

Revenue Growth & Expectations - Trillion-dollar companies, Microsoft and Meta, are posting over 20% revenue growth quarter-on-quarter, exceeding expectations [1] - Microsoft is experiencing 18% growth [1] - Meta is signaling a potential 25% growth for the next quarter [1] Capital Expenditure (CapEx) & Investment - Microsoft's ASEAN number is $75 billion, revealing CapEx spending for generative AI [2] - Companies are committing to higher CapEx spending, indicating firepower for further investment in AI [3] - Meta's generative AI is improving ad performance, leading to a 9% increase in ad pricing [3] - Companies are investing heavily in talent, including $200 million pay packages, to scale AI [4] AI & Superintelligence - Companies are focusing on making AI more personable, aiming for a superintelligence helper for personal use [4] - Meta is articulating the implications of superintelligence lapse for their business [3] - The vindication in CapEx comes through increased app usage driven by AI advancements [5]

Market Performance & Expectations - Meta's user growth and ad revenue drive excitement, particularly regarding Instagram, social networks, digital ad monetization, and AR/VR potential in the next 12 months [2] - Microsoft's Azure is experiencing accelerated growth, moving from mid-30s to high-30s [7] - Amazon is expected to show acceleration with street estimates at 17% growth, supported by a 20% backlog [14] Capital Expenditure (CapEx) & Investment - Meta's CapEx guide is narrowing, but overall spending is expected to increase, signaling a green light for hyperscalers and mega-caps to continue investing in AI [4] - Google raised CapEx by 10%, and Meta increased its high point by another 2 billion [6] - Microsoft is expected to maintain high spending due to capacity constraints, with investors unconcerned due to strong revenue growth and margins [6][7] AI Development & Strategy - Meta is positioned on the "decentralized abundance" side of AI development, aiming to bring superintelligence to everyone, contrasting with a "centralized scarcity" approach [11] - Meta is considered the most efficient company in the Valley from an automation perspective, leading to significant revenue and profit per employee [2][13] - The enterprise adoption of AI is still in its infancy, indicating significant growth potential in the coming years [5] Competitive Landscape - Microsoft is gaining share on Amazon in the public cloud [17] - Meta is reportedly taking advertiser budget share from Google and Amazon [17]

too. Yeah. Who are you with. Who are you with.Because you're asking such nice questions. >> Sticking with trade. This morning, our next guest is out with a new piece in the Ft.It's called What the World Got Wrong About Tariffs. Joining us this morning, Rockefeller chairman Ruchir Sharma. Ruchir good to have you back.Good morning. >> Thanks. >> Good to be here.>> Your piece is great. You talk about what people thought was going to happen with the dollar. You talk about what people thought was going to happen ...