Joining us now, Mark Mahaney, Everore, senior managing director of internet research. Mark, great to see you in person. Um, we mentioned the Google 60%.Most of that move was in the second half of the year. So, it's it's sort of an interesting dynamic here where it's no longer a top pick because of the recent run, but you still think it is firmly in the hold in the buy camp, I should say. >> It's a quality compounder.So, we've had a stock that went from 15 times earnings to almost 30 times earnings in a six- ...

With Google being showered with love for its new Gemini model, OpenAI CEO Sam Alman has issued a code red warning to his teams. >> This is absolutely code red. This is code red for open AI. It's also code red for the AI enthusiasm trade.We need to see chat GPT step up. Otherwise, it's it's not just, you know, open AI in the private market that that risks dropping a lot. It's the whole AI ecosystem.And and that would be a problem for the S&P 500. >> Success breeds competition. I would say it's a it's almost ...

The release of Google's updated Gemini 3 AI model last month has driven user growth. It has also prompted OpenAI CEO Sam Alman to reportedly declare a quote code red to improve the quality of its chatbot chat GPT. Our next guest says that has also touched off a civil war within AI further carving a divide between those supporting the Google complex and the open AI complex.Joining me now Michael O Jones training chief market strategist. Mike, great to see you again. Thanks for sticking with us.So, you know, ...

AI Industry Trends - The AI trade has become more differentiated, with a focus on vertical integration and multiple revenue sources, indicating a shift from hype-driven to fundamentally driven growth [1] - The launch of Gemini 3 has changed the competitive landscape, highlighting the need for specific attributes to succeed in the AI arms race, leading to Google's outperformance [1] - Data centers are reported to be fully booked, with a perception of a waiting list for usage, contrasting with previous tech bubbles where demand was not met [1] Economic Impact of AI - AI is driving GDP growth, compensating for slower performance in other sectors of the economy, which would otherwise be facing stagnation [1] - Concerns exist regarding the labor market's decoupling from GDP, but AI's influence is seen as a positive factor in maintaining economic momentum [1] Company Performance and Adoption - Companies like Microsoft and Oracle have historically maintained profitability with low capital expenditures, but the current AI landscape may require different financial strategies [1] - Adoption of AI technologies is critical for profitability, with a need for a structured adoption policy to avoid falling behind competitors like China [1] - Accenture's recent deal with OpenAI has led to a significant stock increase, demonstrating the market's positive response to AI integration in business practices [1] Federal Reserve Insights - The Federal Reserve's focus should shift from tactical decisions to a more strategic approach, emphasizing the need for reforms to enhance its effectiveness [2] - Recent volatility in market expectations regarding Fed actions indicates a lack of predictability, which undermines the purpose of forward guidance [2][3]

Five things to know ahead of the opening bell. There's probably many more, but we picked these. President Trump signing a bill to fund the government, reopen operations after that 43-day shutdown.Uh, and White House press secretary Carolyn Levit says that economic data that was missed because of the shutdown may never be released. This includes the October uh CPI uh and the jobs report. The Bureau of Labor Statistics couldn't collect the data that goes into those reports.And the Supreme Court says it's goin ...

Government & Policy - US government reopens after a 43-day shutdown following President Trump signing a funding bill [1] - Economic data missed due to the shutdown, including the October CPI and jobs report, may never be released [1] - Supreme Court to hear oral arguments on January 21st regarding President Trump's authority to fire Federal Reserve Governor Lisa Cook [2] Technology & AI - Alibaba is reportedly preparing to overhaul its flagship AI apps to be more like OpenAI's ChatGPT, aiming for fully functioning AI agents [2] Economy & Finance - US is ending the production of the penny after more than 230 years [2]

Guys, you know, we we uh in the last moments have gotten a couple of press releases from both OpenAI and Microsoft that are detailing the recapitalization that we've been keeping a close eye on of Open AAI. Remember, of course, one of the most important companies in the world, frankly, is Open AI, but it's a private company. It has been a notfor-profit and has been in the midst of a recapitalization to change that essentially and to become a public benefit corporation um as well as then having the open a uh ...

Group 1 - Apple has begun shipping American-made AI servers from Texas as part of its commitment to invest $600 billion in the US [1] - Disney warns that ESPN and other networks may disappear from YouTube TV if a new distribution agreement is not reached by the end of the month [2] - Ford's shares are rising after third quarter results exceeded expectations, although the automaker has lowered its full-year guidance [2] Group 2 - Deckers Outdoors shares are declining due to weaker than expected revenue, despite the forecast for Q2 results beating expectations for the owner of Hoka and UGG Shoes [3]

AI Investing Framework - The AI investing landscape is being navigated with uncertainty, likened to looking through a fog with strobe lights [3] - Obvious AI investments include chatbots and productivity/coding assistance, but differential investment is harder due to widespread awareness [4] - Significant changes are expected due to AI disruption, prompting consideration of new opportunities, such as new LinkedIns enabled by AI [5] - Focus should be on Silicon Valley blind spots, areas where AI will be transformative but outside the conventional software-centric view [6][7] Silicon Valley & AI - Silicon Valley's culture, while fostering coopetition and invention, has blind spots, particularly regarding non-software applications of AI [6][7] - A classic blind spot is the tendency to prioritize software-based solutions, overlooking areas where AI's impact will be significant outside of traditional CS [7] - Silicon Valley tends to overemphasize simulation as a solution, which may not be effective for complex problems like drug discovery [16][18] AI's Impact on Professions - AI diagnostic capabilities are superior knowledge stores compared to human doctors, suggesting a shift in the doctor's role [21] - The future role of doctors will be as expert users of AI knowledge stores, not as mere repositories of memorized information [22] - LLMs are currently limited in reasoning capabilities, often providing consensus opinions rather than lateral thinking [25][28] - Professionals need to develop more sideways and lateral thinking to effectively utilize AI, questioning consensus opinions [28] AI & Automation - Automation of physical tasks (atoms) is more challenging than automating information-based tasks (bits) due to factors like capital expenditure and robotics limitations [33][34] - The economics of robotics depend on the crossover point between capital expenditure (capex) and operational expenditure (opex) [46] - Current AI systems often lack common sense awareness and context awareness, leading to nonsensical outputs [47] AI Adoption & Hype - AI is currently underhyped because many people judge it based on past experiences and haven't seen its recent advancements [54][57] - AI adoption is driven by the "lazy and rich" concept, where it enables users to work fewer hours and make more money [52] - Skepticism towards AI often stems from judging it based on its present capabilities rather than extrapolating its future potential [59] AI Development & Future - AI development involves combining different models, such as LLMs and diffusion models, to achieve complex tasks [59] - Making AI models more predictable and reliable is a crucial goal to alleviate fears about potential misuse [59] - Achieving logical proof and validation in AI, particularly in mathematics, remains a significant challenge [60] - The development of agency and goal-setting capabilities in AI is almost certain, raising concerns about control and alignment with human values [60] LinkedIn's Durability - LinkedIn's durability stems from its large network, which is difficult to replicate due to the lack of sizzle compared to social media platforms [62][63] - LinkedIn has built a network that fosters collaboration and professional connections, making it a valuable resource for its users [63] - LinkedIn's success is attributed to staying true to its purpose, providing a platform for professional networking and collaboration [63] Friendship in the Age of AI - Friendship is a joint relationship where two people agree to help each other become the best possible versions of themselves [64][65] - True friendship involves mutual support and tough love, helping each other grow and improve [65] - AI companions, while potentially awesome, cannot replace human friends because they lack the bidirectional relationship and mutual growth [66][67]

Five things uh to know ahead of the uh opening bell. Semiconductor equipment giant ASML says it expects, in its words, a significant sales decline in China next year. Still, the Dutch company said it doesn't expect 2026 total net sales to fall from this year's French luxury house LVMH.Uh, we had ASML, I got LVMH. You got to pay attention. Reporting growth of 1% the most recent quarter, reversing two consecutive quarters of declines.Boston, uh, actually, let's start with the Boston Fed president is Susan Col ...