LATER. GREAT TO SEE YOU AS ALWAYS, COMING LIVE FROM LONDON. ALL RIGHT.TURNING BACK TO THE US. FOR MORE ON THE MARKETS, LET'S BRING IN ROSS MAYFIELD, INVESTMENT STRATEGIST AT BAIRD. ROSS GOOD MORNING.GOOD TO SEE YOU. >> YEAH. GOOD MORNING.THANKS FOR HAVING ME. >> ALL RIGHT. SO MIKE ROSS MOVING HIGHER.IT'S ACTUALLY OUR BIGGEST GAINER ON THE S&P THIS MORNING UP JUST ABOUT 10%. IT SEEMS LIKE IT'S GOING TO GIVE SOME MORE CONFIDENCE TO THE AI TRADE. BUT IT'S BEEN A BIT WOBBLY.HOW ARE YOU VIEWING THIS MICRON REPOR ...

Tesla & Elon Musk - Incentives are well aligned, and if Elon Musk and his team deliver a 41% compound annual growth rate for EBITDA over ten years, the stock is expected to outperform enormously [1] - Prediction markets indicate a high probability (90-95%) of a proposal passing [2] - Elon Musk's departure five or three years ago would have significantly impacted the progress of robotaxis and AI projects [3] - Elon Musk's brilliance and the team he has attracted are considered necessary to capitalize on humanoid robots [4] - Elon Musk is considered the right leader to bring the humanoid robot story to life [5] - The company would be less confident in building the humanoid robot part of the model without Elon Musk as CEO [6] Robotaxis & Humanoid Robots - The company's $600 price target for 2030 is based on 90% robotaxi valuation, with very little attributed to humanoid robots [4] - Robotaxis are considered robots, electric, and AI-powered, providing a running start for humanoid robot development [5] Market Skepticism & Investment Strategy - The speaker is happy about the current skepticism in the tech sector, contrasting it with the lack of skepticism in the late 1990s [8] - The speaker views the skepticism as an opportunity to build the portfolio [11] - Life sciences/healthcare is considered the most undervalued part of the portfolios due to the profound application of AI [11] - The company is focused on technologies first and how they will scale across sectors [13]

Investment Philosophy - The industry emphasizes the importance of balancing curiosity and skepticism for long-term success [1] - The industry suggests that individuals often fall into being overly cynical or overly naive [2] - Optimal outcomes are achieved by simultaneously considering both cynical and idealistic perspectives [2] General Advice - The advice is applicable to various aspects of life, including business, dating, and fitness [2]

Market Sentiment & Investment Strategy - The market's fourth year is marked by skepticism towards the bull market, despite its continued success [1] - Buying the dips has historically proven profitable for investors [2] - Skeptics are missing out on market gains [3] - Pessimism and media negativity obscure the positive performance of individual companies within the S&P 500 [4][5] Economic Outlook & Key Indicators - Upcoming earnings reports are expected to be better than anticipated [6] - Cleveland Cliff's report is crucial for assessing the real economy's strength [6] - The economy is divided into three sectors: data center, speculative (showing insider selling), and the real economy, which relies on Federal Reserve rate cuts [6] Market Performance - The Dow Jones Industrial Average increased by 238 points [3] - The S&P 500 climbed by 053% [3] - The NASDAQ rose by 052% [3] - A strong quarter from American Express fueled a rally, countering expectations of a decline due to bad bank loans [4]