What what what is all this telling [laughter] us. He's talking to Gaia. >> I understand about Thanks for watching everybody.Matt Lenny starts [laughter] right now. What is all this telling us about the AI trade. One of the terms we've used is the sanctity of capex.And I think for a long time people felt like the capex spend was somehow etched in stone as it came down from the mountaintop on one of the you know slabs of Fred Flintstone like granite. it's not etched in stone and I think we're learning that no ...

Market Overview - The S&P 500 is experiencing a rotation with over 50% of its stocks in the green, although some mega-cap stocks like Apple and Nvidia are seeing slight declines [2][3] - There is an inverse relationship observed where market breadth expansion leads to S&P 500 declines, while concentration in stocks results in upward movement [4] Earnings Insights - A mixed reaction was noted from the earnings reports of major tech companies, particularly regarding capital expenditure (capex) guidance [6][7] - Meta's vague capex guidance negatively impacted its stock, while Amazon reported significant growth in AWS revenue and increased capex, positively affecting its stock [7][8] - Apple's recent quarter missed expectations due to supply chain issues in China, leading to initial gains followed by a sell-off [8][9] - Over 60% of the S&P 500 has reported earnings, with over 80% beating expectations [10] Walmart and SNAP Benefits - Walmart could be significantly impacted by the potential suspension of SNAP benefits due to a government shutdown, with estimates suggesting a $500 million weekly impact [10][12] - The company typically receives about 25% of SNAP benefits, which could lead to a $2.5 billion to $3 billion impact on current quarter topline growth if the situation persists [11][13][14] Macro and Geopolitical Factors - The recent FOMC decision resulted in a 25 basis point cut, with ongoing discussions about trade agreements, particularly with China [16][17] - Agricultural products like soybeans are holding up, but corn and wheat are declining, indicating potential volatility in those markets [18] - Crude oil prices may be affected by potential strikes on Venezuelan military assets, with recent imports from Venezuela showing a significant drop [19][20]