ANTHROPIC: BIGGEST IPO EVER? 🚨 NOVEMBER RALLY & 2 TOP CHIP STOCKS

[00:00:00] Speaker 1: For me, entrepreneurship has always been the way. Investing is important because it's the only way you are going to be able to be rich and wealthy for your family. We can close the wealth gap by working together. [00:00:16] Speaker 2: Market Monday is the biggest investment show ever. [00:00:18] Speaker 1: My life has literally changed since watching the young EYL. [00:00:23] Speaker 3: When you can make people money and you can add value, they're going to be forever indebted to you. [00:00:26] Speaker 4: I promise you this year, I'm going to make y'all even more money. [00:00:30] Speaker 3: Disclaimer, do your own research. Our content is intended to be used and must be used for informational purposes only. It's very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with or independently research and verify any information that you find on our show and wish to rely upon, whether for the purpose of making an investment decision or otherwise. Let's build our knowledge, our community, and our brokerage accounts. Love is love. Love is love. Happy Monday. Love is love. Happy Monday. Happy Monday. Happy Monday. How's everybody feeling? Happy. Everybody is doing well. It is a beautiful, beautiful day. Beautiful day. Beautiful evening here in New York City. Hopefully, where you're watching or listening to this from, we pray that you are all doing good. It is the 26th of October, last Monday of the month. Where's the time going? Yeah, man. Last Monday of the month. We are anticipating leaving this month. We know how this can be on the market, and we know what month comes next. So, November is here. Midterms are closing in. If I get one more spam text from an election campaign, it is ridiculous. Oh, for real. It is ridiculous. Please stop. [00:01:42] Speaker 1: Listen, for that reason alone, please stop. [00:01:47] Speaker 3: Please, please, please. [00:01:47] Speaker 1: I'm getting it from other states I don't even live in. I'm like, I have nothing to do with Vermont. Scrub your list, please. [00:01:54] Speaker 3: That's a fact. That's a fact, man. Yeah, man. Shout out to everybody tapped in. Shout out to the city of Detroit. We were up there this weekend. A lot of love up in Detroit. Shout out to our brother, Ken Mario, who pulled up on us. Bravo. The whole team up in Detroit. What up, though? Got to speak to some kids, which is always dope. Got to speak to some college athletes, which is dope. Shout out to my brother, Nolan Smith. Shout out to Lou and Horatio Williams. It was a great event. Hoops and Culture, if you pulled up on us, love is love. Ian, how are you feeling out in Houston? [00:02:27] Speaker 1: Amazing. Blessed Holly favorite. Happy to be back. Had a good time in Columbus. Always good to be back in the Midwest. Had a time to talk to some entrepreneurs, help them figure out that plan for 2027 to get some money. So I'm blessed and I'm excited about today's show. Shout out to you. What are we talking about? [00:02:45] Speaker 2: I'm good. I'm good, man. You know, just we hustling. We hustling. As always, Blackout on Wednesday, nine o'clock. We got a lot to talk about on Blackout per usual. Thursday, entrepreneur episode, Derek Ting. Man, he's the CEO and founder of TexNOW. I love it. One of those Silicon Valley startup companies that is on a rocket ship trajectory. So we had to talk about, you know, VC funding, starting a company. He's one of these, he's one of these guys that started the company when he was 14 years old. You know, 15, 16 was already into it, was one to, you know, one of the most prestigious universities in Canada and then came to Silicon Valley. And, you know, he's one of these guys, $350,000 car, didn't want to pay for parking. You know, that type of story. Yeah. So, interesting conversation. [00:03:53] Speaker 3: A disruptor. I think that would be my one word to describe him. But you could just kind of see as he's talking that his brain is always moving, man. He's a very interesting dude. And he has a very disruptive company. And so we get to shed light on that, man. So shout out to him. [00:04:08] Speaker 2: Yeah, for sure. And thank you to everybody that was in Columbia University. We spoke to Columbia University today, their business program. NBA program, most expensive NBA program in America, $120,000 a year tuition. So we spoke about the EYL model, the journey, you know, everything. InvestFest, all the things. You deserve to be rich, get rich from relationships. So that's our third Ivy League school that we've actually spoken to. Knocking off the list. Knocking off the list. [00:04:45] Speaker 1: It's a couple more to go, but a few. [00:04:48] Speaker 2: A couple more to go. International as well. A couple more to go, but we're three Ivy League schools in. So always a pleasure when we can get to the Ivies. [00:04:59] Speaker 3: Yeah. You know what was dope is that when we got there, a shout out to Vande, who was our host there. Van Dyke. Van Dyke. [00:05:09] Speaker 2: Shout out to Van Dyke. Appreciate you, brother. [00:05:12] Speaker 3: He said he was watching Market Mondays since 2020. So before he got to business school, he was watching Market Mondays. And then when he got into his MBA and was listening to his personal finance professor, he was like, these themes. I know these things. I know them because I've been watching you guys on Market Mondays, and we actually got to meet the professor of personal finance in the MBA program, which is dope. So, like, this education here is something that is very transferable at the highest, highest level of business. And that's what y'all get every week, man. [00:05:42] Speaker 2: Well, this is important to understand because we met the personal finance professor, and he said that they actually just started their personal finance in business school. And he said the personal finance class is the most subscribed class in the whole MBA program. He said there was 400 people on the waiting list last semester to get into the personal finance class. I was asking him what he talks about as far as what's on the syllabus. And he said insurance, investing, budgeting, all of the things that we've been covering for nine years. So, like I said, $120,000 a year. [00:06:26] Speaker 3: I think it's $40,000, $140,000. [00:06:28] Speaker 2: Tuition. Oof. And, I mean, of course, you know about, you learn about a lot of stuff, but personal finance class, I mean. [00:06:37] Speaker 3: Yeah. That would be at the forefront of my mind. If that's my tuition, personal finance. You got to figure out the money part. [00:06:44] Speaker 2: That's not the only thing that they're learning. Of course not. What I'm saying is that it's valuable information. [00:06:49] Speaker 3: Oh, absolutely. Valuable information. Yeah. And I think relationships is important, too. And we talked about that, about being at that business school, who are the alumni of that business school, and how relationships get fostered. And really, like, student-led relationships. So, it was dope to be on campus and hear the young adults speak. Shout out to Aaliyah, who's been a part of our community since, you know, 2020. We met her. She was just, I think she might have been in high school, and now she's actually a student at Columbia's business school. So, that was dope to see, man. Yeah. Incredible stuff. So, yeah. [00:07:24] Speaker 2: Ivy League. [00:07:25] Speaker 1: Ivy League. Yeah. Reach out. Send that email. Hit us up. Y'all know who. [00:07:31] Speaker 2: There's a few more, but there's one left. [00:07:36] Speaker 3: Cambridge, anyone? Y'all know anybody up there? [00:07:39] Speaker 2: There's one left. [00:07:40] Speaker 3: Soon come. Q1. Soon come. Hey, real quick, man. Happy birthday. Happy birthday to the matriarch of my family, man. My pops is turning 79 tomorrow, man. Happy birthday to my dad. He upstairs watching right now. We, you know. Obviously, we love and adore you. And hopefully, we're making you proud every single day, man. Love is love. [00:08:04] Speaker 2: Happy birthday. Happy birthday, Mr. Millens. Happy birthday. [00:08:07] Speaker 3: Love you dearly. [00:08:10] Speaker 2: Yeah. Happy birthday. Definitely enjoy it. Enjoy it. Okay. Ian, any announcements? [00:08:18] Speaker 1: Yes. We had an amazing Stock Club call yesterday, almost four hours. Oh, my God. We had a special guest. Me and Troy, we talked for probably 90 minutes straight. Thank you for joining the call. It was absolutely amazing. Replay will be over some information over before in my life regarding charting after you got off the call. So, if you guys had a great time on the call, let me get some fire in chat. It's a lot to talk about with OpenAI, Anthropic, and Microsoft. So, let's have an amazing show. Let's get right to it. [00:08:54] Speaker 2: What's the investing fact of the week? [00:08:57] Speaker 1: It's a few. Write these down. Number one, Elon Musk says debt markets have almost entirely shut off access to money for any company without substantial revenue independent of AI data centers. I've been screaming for the last year that if these companies are not able to make money on their own, especially the neoclouds, you have to be worried. We talked about this last night. We'll do a deeper conversation on it later, but that's fact number one. Number two, Microsoft offers a buyout to over 60,000 employees as it adjusts for AI adoption. That is terrifying. Meta taps shareholders for up to $95 billion. Anthropic warns of catastrophic existential risk to humanity in their S-1. One of the key lessons that I've learned over the last maybe two or three months, shout to my guy. I had a chance to sit down with David Tepper's right-hand man, and one piece of advice he gave for the community is to read the original documents and not what's reported or purported through media alone. Because you're getting a journalist perspective on it, where you can't lie in those S-1 filings, so you need to look there. The Brazil ETF, EWZ, opened up overnight, trading down almost 20%. XP was down 51%. NU Holdings was down 21%, and Mercado Libre was down 12%. For those of you who are investing long-term, I need you to know that over the next year, the market is going to be trickier than ever, and those who are disciplined are going to get paid. If you are gambling with your options portfolio, with your future trades, you need to stop now. And lastly, FactSet sees a plus 29.5 Q3 earnings growth. However, beats are only averaging 2.1% versus a 7.5% five-year average. Now, it's not the season to gamble. Back to you, Tron Rashad. I know I covered a lot, but there's a lot going on this week. Yeah, man. [00:10:55] Speaker 3: There's a lot going on this week. You just threw a bunch of darts. I want to talk about some of those darts, but I'll give my fact. I think we need to recognize this week as one of the most important weeks of the investing calendar. And I'm not sure if people are looking at it like that because of all of the noise that is around. So many topics, whether it's geopolitical, whether it's inflation, whether it's treasury yields. But, you know, this week, 180 of the S&P's 500 companies are going to be reporting. So that makes up about one-third of the S&P is going to be reporting just this week. So it's going to be a barometer test, right? We're going to see if these companies can meet expectations and whether their guidance supports the optimism that the market is looking for. And so you saw it today. We had a few companies report. Seleska, we talked about here. It had a nice run up after I was here. Cadence reported as well. And then tomorrow, we got Corning and Seagate and Robinhood. Wednesday, we got Microsoft, Google, GE, Renova, ServiceNow, Vertiv. Thursday, we got Lilly, Caterpillar, Sandisk, Intel, SK Hynix, Amazon. So you got some big, big heavyweights that are going to be reporting, but will give us a glimpse into what the quarter looked like and where we're going to in terms of the future, especially with the CapEx spend, especially in all these sectors, right? We got energy in there. We got hyperscales in there. We got memory in there. And so all these things, we get a very good look into it, and we'll see how the week pans out. On top of it, we got the Fed chair going to speak on Wednesday. So it's a very, very, very important weekend. We should be having our notes ready, but paying attention to all these companies that we've been talking about. [00:12:40] Speaker 2: Okay, well, let's get into the four charts that you must see. [00:12:46] Speaker 1: All right, let's do this. Oh, let's do a quiz. I want to start to do this once a month. We have four different portfolios here. I want to ask you, if you had a million dollars fresh that was given to you, which company or which portfolio would you put your money into? Now, I'm going to give you a little trick. The first thing you need to focus on is the drawdown of it. Secondly, a term that we're going to cover a lot tonight, and I went over a lot last night, free cash flow. So take the average free cash flow of all of those and then return on capital invested is really key. I'll come back to this later and give you the answer. But if you have to pick out of A, B, C, and D, and you add a million dollars on the line, which portfolio would you invest in? Let's go to the next slide. Number two, the S&P bull market is four years old, even though there's a bunch of things. And we're going to talk about Anthropic, how much money did they lose in, what this means for OpenAI. But in light of the midterm elections coming around, I think there will be a slight pullback. But for everyone who keeps asking, should I get out of the market? I'm going to have you look at this chart and say why. There's no reason to get out of the market. The market is rigged to stay up. There's positive effects behind that and negative ones. But for your long-term accounts, there's no reason to get out of the market. This bull market is one of the strongest in history. I think we can potentially have a five-year or six-year run, depending on how they calibrate the indexes. I'm not talking about individual stocks, but for the indexes themselves, QQQ, VOO, VTI, will be good. Next chart, please. Next chart, please. I'll come back to that one later. Brent, or, okay, two charts you have to keep your eyes on. It's Brent Crude, which is BZ, and Crude, which is CO. I'm really interested in, Trey and Rashad, I want to get your thoughts. At what point, if this war does not cease, do we see a chance of us staying above 113 or 114 for Brent oil? And then for crude, potentially staying above 100 to 105. If so, that makes the cost of goods go up by 25%. The cost of food inflation maybe go up 8% to 15%. The cost of housing goes up. And I don't see a way out of this war yet. And it seems they don't want to be out of it. I'm starting to wonder, was this done by design in order for a certain sector to profit from the presidency? [00:15:43] Speaker 3: Yeah. There's no rhyme or reason in it, so. [00:15:48] Speaker 1: And the final chart is Anthropic token price hits record low. And we can talk about price dynamics, tokenization, how that's going to affect the market. But I really think the timing of them filing to go public is very key. And I wonder if OpenAI, if they don't file by a certain time, if they're going to have a certain issue. But if we look at it, they have revenue of $16.3 billion with a net loss of $80.7 billion while token use is going through the floor. What does this mean for the IPO going forward, which leads us right into our next topic? [00:16:29] Speaker 3: Yeah, I think that's a good chart. I think a nice segue, though. We should dive into that. [00:16:33] Speaker 2: Yeah, so Anthropic, as you teed it up for that, first AI lab to go public, they listed that they will be going public as early as November 9th. Anywhere from $1.5 trillion to $2 trillion IPO. That's what the street is speculating. If it hits the $2 trillion or anything above $1.7 trillion, it will be the largest IPO in the history of the stock market. So we just had the largest IPO in the history of the stock market with SpaceX. I think it was $1.7 trillion. And now this is looking to potentially hit $2 trillion. And it's the first of its class coming out. And many more probably to come. But this is the new talk of the town when it comes to Wall Street is the Anthropic IPO out in a couple weeks. So what's the thought process on Anthropic's IPO? Ant is their symbol. A-N-T. Yeah, Ant. [00:17:38] Speaker 1: Ant. Let me run through the stats real quick. Yeah, go. They're expected to spend up to $120 billion on SpaceX and NVIDIA compute. Well played, NVIDIA. Expects to pay up to $114 billion with Google through 2033. They also said in the S1, the revenue growth rate may not be sustainable and they may decrease. And then lastly, they may seek additional financing sooner than expected. I'm going to be very honest. Dario has been like, if you guys need a bonus chapter for get rich from relationships, Sam Altman is the prototype of what not to do. And Dario is the perfect beneficiary of what to do when somebody messes up perfectly. Anthropic is now the darling. When OpenAI was set to be king, I think the filing time is very interesting. It's very wise to file before we have any potential downturn. We can have a conversation about the valuation if we invest in it. For everyone who's asking, yes, the rule still applies. You have to wait six months to invest in it according to my thesis and logic. But I do like that they are willing to put the numbers out there. This is really the Apple and Microsoft battle all over again. And I think people are going to side with Dario a lot more. And it takes a lot of the steam out of the OpenAI IPO. People are not as excited about it. So I think the timing of it was great. The PR was great. The onboarding was great. We'll see how they do. But I want to get you guys' take on if you like the timing of the filing and if you're going to invest in it. [00:19:22] Speaker 3: I like the timing of it. I think there's a couple of key points that we got to focus on. Number one, that they had revenue growth. All right. So in the first half of the year, they showed $16.3 billion in revenue for the first half of 2026. They had a positive operation cash flow nearly at $4 billion. I think they said 25% in the first half of the year of their revenue came from three hyperscalers. That number has gone down to 21% from five hyperscalers. Why is that important? Well, it tells that there is a bigger story. And it's not just hyperscalers that are now using Anthropic. There are other enterprise clients. Will they release those clients or, I mean, probably as we get closer to the IPO. But it shows that there is expansion. Their enterprise growth, I mean, I just alluded to it. But think about this. They had 12,000 customers generating at least $100,000 in annual revenue and approximately 900% net revenue retention. Meaning that their customers that they have are staying and paying more. That's a super moat. Yes. Right? So that's like the person who was just using Claude, using Claude. Kind of like how we actually spoke about it yesterday. Using it to the point where it's become part of your daily routine. How can you get more? How can you be more efficient? How can you use it to your advantage? And people are paying more. So it's not just the $19.99 subscriber. It's now the $200 subscriber, but even from the enterprise side, it's the $10,000 a month subscriber. So they're getting more of those people. I think we got to be careful with a few things. A few things. You said all of the spend you left out Broadcom, which they owe $161 billion out to 2030. That is tricky. If you add some of those numbers up, you're talking over $300 to $400 billion in investment that has to be spent. And so that means capital has to be generated at an expedited rate. But there is, and I'm glad that you ended with that chart, because as we saw the token price goes down, that means the cost for energy has gone down. And so one of these charts, and I think it's important to know is that have they increased the revenue per dollar of compute? And if you've looked over the past four quarters, that gap is starting to widen to a point where we're looking at something that's very positive going into the future. Meaning that they're paying less, right, for compute, and they're getting more money back for the usage of it. If they can continue that trajectory, then that valuation starts to feel like, okay, this makes sense out two, three, four quarters. So I like Anthropic. I've always liked Anthropic. I've been using it since 20, I feel like that might have been 2022 when we were in Chicago. Two, yeah. That's Chicago? 22, yeah. When we did Market Monies Live in Chicago, it was the first time I was talking about it. So to see it now happen is important because it is the bellwether now, right, in terms of the IPOs for models. And it kind of gives you a look into this AI CapEx spend, right, because we're saying, hey, we're going to spend, we're going to spend, we're going to get compute. Here's the return on investment. So you've seen it from enterprise. You're going to see it from large hyperscales as well. How fast can it happen? We saw the opposite happen with Meta, which we'll talk about in a little bit, where it's like, we're spending, we're spending, we're spending. Are we generating return on it? So I think Anthropic happening now is perfect. It gets ahead of ChatGBT's IPO, which will probably happen at some point in the first quarter of next year. But now the books are open. And so now our books are open. It gives everybody, hey, it's time. If you're going to go public, make sure those books are clean. So far, the S1 looks pretty good. So November 9th should be exciting. [00:23:11] Speaker 1: Rashad, let's have an honest conversation. How are they going to pay $300 billion back making $9 billion a quarter? Now, I will say this positively. 85% gross margin, I love. 80% of revenue coming from new models. But the amount that is owed, is that troubling to you? [00:23:32] Speaker 2: It's the same thing with SpaceX. It's not worth $2 trillion. So I said that with SpaceX. It's been down since. It's not worth $2 trillion. It's not. I don't care how you slice it. There's no way that that comes out and it becomes more valuable than all of these companies that have 40, 50 years, 35 years of track record. And it just doesn't make any sense. So, I mean, of course, it's going to be a valuable company going forward. But to come out the gate at $2 trillion says a lot about the times that we're in. If it does come out at that, it's almost certain that it's going to retreat from that because it's not worth $2 trillion. It's just not. Like you said, I mean, just from a common sense standpoint. [00:24:19] Speaker 1: An asset over liability. No pun intended. [00:24:22] Speaker 3: You don't think Anthropoc is worth that? [00:24:25] Speaker 1: No. Spain is worth $11 trillion. Spain, the country. Now, the other conversation we have to have is that the valuations are being pushed by... The SVPs, the angel, the venture cap, so they can get their exit. But like, okay, Canada is worth $13 trillion. Italy is worth $13. The United Kingdom is worth $15. A company that is net negative. And I love the technology. I think they've done everything right in comparison to OpenAI. The valuation is a little bit lofty. And the lock-up period, I thought SpaceX had a little interesting lock-up period strategy. Anthropics is a little bit stranger than that. [00:25:11] Speaker 3: I think in terms of the differences, the user case, right? Like most people don't have Starlink, which has generated the revenue for SpaceX. Whereas most people have heard of Claw. There's hundreds of millions of people that are actually using it. In terms of its valuation, right? How does it get to that $2 trillion? Well, like that becomes a thing. Like if it's not worth that, then what would be the multiple, especially in a space that it's in, right? So if they're projecting to have $100 million, right? Like that's how much they anticipate generating by the end of 2027. Then if you get to that number, right? If you watch how they've gone from $3 to $6 to now $16. Yeah. If they IPO and get to $100 million in revenue, $100 billion in revenue, you put the 20X to it, right? Which is kind of, especially in like the semi-space. Reasonable, yeah, yeah. I mean, it's not a hundred times multiple or somebody like 67 times multiple. Yeah. So the multiple feels a bit reasonable. Can they get to the $100 billion? Well, we'll see. But if it has that valuation out of 20X, if they're bringing in $100 billion, then you can see how the $2 trillion comes to fruition for its future guidance within the next 24 months, right? 12 to 24 months, they could potentially do that. Now, like I said, the debt piece is, you know, that problem. So can they figure that out? We'll see. Like I said, the price of compute has gone down for them and the money generated has gone up. So if that trend can continue, then yeah, you could see it being worth somewhere in that ballpark, that $1.5 to $2 trillion. What does that make opening out worth then? [00:26:51] Speaker 2: I don't. I was just about to say that. I don't. I don't. [00:26:54] Speaker 3: I think it's less. I think it's less. I think it's less than it because, and this was a very strategic move on them. When people, when they were trying to figure out how to get monthly users, I think Dario's approach was, how do we get enterprise users? Enterprise. And that's the target that matters. [00:27:10] Speaker 1: Yeah. It's right. Apple and Microsoft all over again. And now. [00:27:13] Speaker 3: It's cool to have, it's cool to have the monthly users, like a hundred, like I think they said they have a hundred million monthly users and that's great. Or maybe it's a billion. I don't know. [00:27:23] Speaker 1: But like how many of them aren't paid. [00:27:25] Speaker 3: Right. So that's the thing. How many of them are paying? We don't know that number because it's a private company, but eventually we will. Whereas now when they put their IPO out and they are showing us that's ones, they're saying, okay, well, look, this is how much is coming from our hyperscalers. Like that number has decreased and it went from three or two hyperscalers to five. But look at our enterprise. Like that is a number that people should be paying attention to. And as we build out more enterprise, that number is going to keep going. And so I think that that's the biggest difference between when we're talking about the IPO for Anthropic versus eventually the IPO for ChatGBT or OpenAI. [00:28:04] Speaker 2: Okay. We'll see. Only time will tell. Put in chat. Are you buying Anthropic on the release date? Are you? [00:28:13] Speaker 1: On the day of IPO? Yeah. If you're smart, you're better or not. But if you do, come on Market Mondays and tell us your horror story. [00:28:21] Speaker 3: Let me know how it goes. But they are, you know, I think it was, they put up those lockup dates. They didn't do the tradition. I thought that was, you know, pretty transparent. They're like, yo, here's the lockup dates. Here's where half are going to come out. Here's where you can have when they all expired. And that all happens within the first 12 months. [00:28:39] Speaker 2: Also, shout out to everybody that purchased Get Rich from Relationships last week. I've been getting a lot of DMs. So let me just take a couple of minutes just to answer a few questions. So in the video, Troy mentioned slides. [00:28:52] Speaker 4: Okay. [00:28:53] Speaker 2: So we're going, everybody that took part in that next week will be emailed slides. You'll be emailed the slides next week. We're going to gather all the emails together. And we're going to email the slides that he referred to next week. [00:29:11] Speaker 3: Yeah. And I appreciate everybody reaching out. That took time, got the book, obviously, but enjoyed the video as well. When we do like our EYL University classes, I'm always saying, yo, these are yours. These presentations are yours. They belong to you. And so in my mind, as I'm doing it, I'm saying these are for you. But yes, the slides are going to be for you. They will be emailed to everybody that purchased it. And yeah, shout out to y'all again. [00:29:33] Speaker 2: And also, okay, if you live in any country outside of America, you didn't see that on your website because the browser only supported American. So I got a lot of people that DM me from Canada and London and other parts of the world. So this is what we're going to do. I'm going to extend this for another day because there was some things that wasn't fully communicated. I'm going to extend this for another 24 hours. And if you live outside the country, just DM me a screenshot of your purchase. You don't have to give me a three-paragraph explanation. I trust you. Just give me a screenshot. Give me a screenshot of your purchase. And just really quick, just to remind you, what it is, is you go to earnyourleisure.com and you purchase a hard copy of the new book, either a signed autograph copy or a hard copy. One of the two, a hard copy or a signed autograph. And after that, then you go back to the website, you fill out the form, and you get Troy's video where he explains the AI outlook for 2027 with the slides. That's actually an extra, extra bonus to it. And if you live outside of the country and you can't fill out the form, after you buy the book, just send me a picture of your screenshot, and I will personally hand deliver virtually the video to you. So it's extended. So long story short, it's extended for 24 hours. And that's even another extra bonus is that there's actually slides that you're going to get. So if you didn't take advantage of it last week, highly recommend you take advantage of it this week because not only do you get the video, which is over an hour, but you also are going to get slides emailed as well and offer the price of the book, and you actually get the book when the book comes out in January. [00:31:25] Speaker 3: Yeah. I just want to shout out Paul King-Jone. He actually did that. Actually, exactly what you said. He screenshotted it and just said that he's in South Korea, which I was really taking a backfire. That's why you never know where the impact is going. So he was watching in South Korea, bought the book. I actually sent him, personally sent him the slides and a little flyer that we put in the presentation. So y'all going to get that as well. [00:31:50] Speaker 1: That's right. Before we leave this anthropic conversation, can I go through this debt sheet? Yeah, let's do it. Let's do it. 6.2 official balance and sheet debt along with $117.5 billion in total liabilities. These numbers are staggering. Off-balance sheet, computer infrastructure. Okay, this is really the off-balance. $71 billion to $321 billion is owed. And then data center purchase commitment between $265 billion to $807. Okay, Troy, I get the Troy-Joy thing. Rashad, let me talk to me and you, because me and you are the villains. How are they going to pay this money back? Like, we got, okay, listen, Elon, when he was done on, Air Force One, hanging with Nicki Minaj, whatever he's doing this weekend. He even put out the truth real quick. Listen, for the record, Trump saying to Nicki Minaj, stand up, is crazy. Y'all would have hung Barack Obama at the podium if, anyway. Wild. So I don't want to hear nothing about Decorum. Secondly, Elon then over the weekend says 200 NeoClouds probably will go out of business because the funding is not there. And then my beloved Microsoft offers 60,000 people a layoff package. Can we tell them now is not the time? Like, the tea leaves when Meta, okay, Meta raised $95 billion and then Microsoft, 60,000 people is like, what, 28% of Microsoft's workforce? [00:33:26] Speaker 3: Yeah. Like, they gave them, they offered them the, the, the early retirement package. [00:33:33] Speaker 1: Yeah, the early retirement package. How is Anthropic and OpenAI going to pay back this money? How are the NeoClouds, we'll talk about them later, that I've always told y'all from the beginning, majority of, are not, they're worth their weight and goal. But to Rashad's point, if the valuation is too high for OpenAI and Anthropic, which are once in a lifetime companies, what about the bottom hundred companies that are trying to play the AI game? [00:33:57] Speaker 3: All right. Let me, let me answer part of that. Cause I think the NeoCloud thing is important. And we had, this was a great conversation. Classic. Let's let the people in on the conversation. [00:34:08] Speaker 1: I need Suge Shawty after this though, pause. [00:34:12] Speaker 3: They're not all going to make it. And part of his quote is like, they're going to be guppies in the ocean. And we know what happens to get guppies. They get eaten up or they get consolidated and bought by somebody. And that's probably what's going to happen for these NeoClouds. The Anthropic thing is interesting because if we're looking at how they're going to pay for this, I think you need to look at who owns Anthropic, right? Like who's the largest shareholder of Anthropic? Company named Google. Who's number two? Company named Amazon, right? So like your hyperscalers are co-owners of this. And so if we start thinking in that, in those terms, like, are they cash efficient? They got heavy, right? Yeah. Yeah. So the ownership is there now. I mean, Microsoft has ownership. There's a bunch of companies. [00:35:05] Speaker 1: Those two will be fine because they are the pinnacle of American innovation right now. Take them out. For this, if we're going to do like credit bonds for the C tier or C paper companies or B tier. Everybody can be acquired and a lot of them hoping for an NVIDIA or AMD and Intel partnership. It's not coming. [00:35:28] Speaker 3: No. [00:35:29] Speaker 1: For the C tier, it's over with. Rashad. I know you thought. It's not. Yeah, that's part true. [00:35:36] Speaker 3: But yeah, I mean, look at ownership. [00:35:41] Speaker 1: It speaks truth once in a while. Some will make it through. Not many. Direct quote from Elon. [00:35:47] Speaker 3: Devoured. But the question is, at this point, is it too big to fail? [00:35:56] Speaker 1: Core weave? Anthropic? Are we talking about? Anthropic. Oh, yeah. They'll be sheltered no matter what. I'm talking about Wolf, Iron, Core weave, Oracle. [00:36:09] Speaker 3: Oh, you're saying like the Neo, those Neo clouds. [00:36:12] Speaker 1: Supermicro. All the AI bubble babies that never had no real value. I'll say it. All the ones that y'all gambled on in your portfolio and now your portfolio there, you're like, yo, what do you think about the Wolf? The Black Wolf then came and ate your portfolio. I told you. [00:36:30] Speaker 3: Wolf, Wolf, and we got this later, so we'll come back to this. But the ones that we named, the fact that we're naming them, they have a chance. [00:36:40] Speaker 1: Through acquisition or through strategic means of? [00:36:44] Speaker 3: Well, they, if, let's just take, do you want to say, should we save that? Because that's part of this or that. So maybe we save it. Okay. All right, let's save it. Okay. Got you. Okay. [00:36:55] Speaker 1: Rashad won't say it. It's a bunch of bullshit companies in the publicly traded markets right now. That need to blow up. Anthropic is probably too big to fail. So is open AI. But the rest of you, get your business planned out. [00:37:09] Speaker 3: But the ones that are public are public. The ones that are private are the ones that are like, hey. Shaking in their boots. Hey. [00:37:16] Speaker 1: Jensen can't save you all. And once again, to my investors. So I'll tell you, you only need four. You only need four that are cash intensive. Even, okay, free cash flow is important to me. I get the investment from Meta and I get it from Google. Everyone else, if they're not in that Elite Eight and their free cash flow negative and the bailout package is Jensen, boy, get delisted. [00:37:40] Speaker 3: The delicit play. [00:37:41] Speaker 1: D-list play. [00:37:42] Speaker 3: I'm so close. Sorry. [00:37:45] Speaker 2: DRAM. That's a question that has been asked a lot. Really? I think there's one particular person that has some issues with DRAM. So what's the DRAM outlook, DRAM? [00:37:57] Speaker 3: DRAM. I think the DRAM outlook is strong. I mean, you have to have a long-term outlook for it. You're talking about an ETF that has a high concentration inside of the memory space. And it's 70% of the ETF is led by three companies. And so when those companies have any type of pullbacks, then the entire ETF is going to have a pullback. And we've seen that with SK Hynix since it's had its IPO in early July. We've seen Micron have a pullback and it's kind of been floating in this $900, $850 to $900 range. So anytime you see a pullback like that inside of a sector and 75% of sectors, three companies, that being Hynix, Samsung, and Micron, you're going to see the ETF have some volatility. But the long-term perspective is still strong because the demand is still strong. And how do we know demand is still strong? Because we've seen it every time these companies report. That's why I think this is another indication in another week that's important because now we have Hynix, which is the leader in high bandwidth memory, that's going to be reporting on Thursday. And so we can actually go and see, hey, has demand increased or has it slowed down? Now, why are the memory companies getting beat up? Because they're trying to meet demand. And so when meeting demand comes, hey, we're going to have to spend some money to build out. We've seen Sanjay do it already in Idaho with the Micron plants or fabs that they're building. So the CapEx goes up, demand goes up, and people are saying, hey, is this going to be cyclical again inside the space? And I don't know how many times I've said it, and I don't know how many times Ian said it, and you said it as well. This is not 2001. This is not the memory store. Does everybody need a computer? Does everybody need a desktop? This is something completely different. This is at the forefront of what is going to be and is now the next revolution in terms of technology, which is AI. And if the brain of it is not existing, and none of it really matters, it's not going to work. Just like how we talked about it last week. If energy does nothing to cut the lights on, if there's no compute, this doesn't work. And if the compute doesn't have storage and memory, then those prompts that you send out and the context that comes back won't be relevant. And so the demand is going to be there because the computer is going to be there because people are going to need this at the enterprise level, which we've seen from Anthropic, but also at the, you know, the individual level. So peer-to-peer is going to be important, but enterprise is going to be important. So everybody's going to need memory. So, yeah, I would, volatility is part of it. It's not going to go in a complete upcycle. We've been in here since it was $27. I know it ran up to $80, but we're still here. We're not going anywhere. [00:40:36] Speaker 1: I love that you took a loving approach because I'm going to take the Joe Jackson approach. For all of you who choose not to be patient, you get destroyed when you're not comfortable with waiting for the right price. I know a lot of times you want to rush in to get an asset because you feel like there's not going to be opportunity. When you study markets, you see every company comes down to a buy level that is a generational buy price. I'm going to tell you, even privately. When Microsoft was down for all the months, it was a moment me and Rashad was together. He was like, it may be over for Microsoft. And I'm like, give it another four or five months. We're going to turn around. My point is, if you wait for the right prices, your portfolio will have upside. I told you, why are you buying in the 70s and 80s? I clearly said, hey, buy a 47. Put yes in chat if I said buy a 47. Please stop thinking I'm crazy for telling you the price because you don't have my mechanism to get into the market. I'm never going to give it to anybody. But I told you from the very beginning, hey, it's going to pull back to 47. It's fine. The other part, if you're holding for long term, you can either average down, use a 210 EMA on a weekly or the 420. You'll get your buy-in price. But the issue that I keep stressing, and we talked about it last night on Stock Club, too many of you are gambling and just thinking, if I buy here, you're treating the stock market like it's price picks. You're buying at any price. You're not doing any investigation about the company. Like, yes, okay, you got SK Hynix, Micron. Samsung is in it. Then when I ask you, okay, well, who, who, what company is allocated 2.45% allocation in ETF, you don't know. You have to know the asset like the back of your hand. You have to know the CEO. You have to know what the plans are for 28 through 33. So buy at 47. If it ever falls back down to 34, that would be a loathable price and hold on for dear life. But put it in chat. I will stop buying at bad prices. Please stop gambling. We got a gambling epidemic that is being pushed to our community after the information about becoming financially free became relevant. That is done on purpose. Don't bring that gambling, koushi, poly market price picks over here. Wait for the price. 47, I said it. [00:43:06] Speaker 2: Wait for the price. I said it was over for Microsoft? [00:43:11] Speaker 1: No, you were looking like it could be. That sounds like you. I don't know if you said it, but it sounded like you. [00:43:19] Speaker 3: It'd be doom and gloom. [00:43:21] Speaker 1: And when we say, okay, and I even want to give context on this because I said it on e-bra, I said it on button, even for Nike. When we say over, it doesn't mean bankruptcy. It means uninvestable. But you had a good case. Microsoft was down damn near six months. Once again, that's the first canary. Well, depending on if you're not a red panda for sure. But like in the stock club, I call those prices. So people got in there. But it was down so long. But that was a capital management issue. If Microsoft can be drugged down 30 percent because of bad mismanagement in AI, why don't people think this can happen with neoclouds? I'm sorry. This isn't 22 or 23. No. With this leadership, with debt to GDP, I won't use the P-O-N word with this, but I will say, with the exception of 2008 and 2009, I've never seen financial corruption like this fly in my life. Not in my lifetime. You're sitting on damn near $400 billion worth of debt. And once again, for all the good debt crowd, if it was good debt, then why is Microsoft laying off 60,000 people? Also, it's good debt. They just laid off a quarter of their workforce. All y'all in the court, we've called. Call the suicide hotline. It's over with. Call. Some of them down 80 percent. And this is another thing. Why are y'all holding a position negative 70 and 75 percent and 80 percent? I'm telling you, y'all are gambling your ass off. Stop it. Most people I run into now, they're trading portfolios only. I know y'all tired of the two tech, two index conversation. What you won't say is it don't work. Apple's up. Adjust. Back to you, Trevor. [00:45:31] Speaker 3: Yeah, Apple's been like the inverse of what's happening. It's become like it's safety. It's the same rotation that we saw in July where it was like, hey, when any time like the semis move, Apple has a down day, software has a down day. And any time the semis are down, you're going to see Apple and the software companies move up, which is an interesting dynamic. [00:45:53] Speaker 2: How does Troy audio sound? They said that he was chopping in and out before. So let me talk to me how the audio sounds on Troy's end. [00:46:00] Speaker 1: And I'm good. Yeah, y'all sound great on my end. Okay, perfect. [00:46:06] Speaker 2: Yeah, but you know, you definitely got to stick to the basics. You can't go advanced before you stick to the basics. Vitally important, important. Shout out to EY University, too. I forgot to mention that I did a class last week and thoroughly enjoyed it. I think your class is. [00:46:25] Speaker 3: My class is actually this Thursday. Thursday. Yeah, this Thursday. [00:46:28] Speaker 2: If you're at EY University. Pull up. Troy's class is this Thursday. My class was last week. Yes. We have an app where people are on it every single day. And we have the Homebuyer's Blueprint. I saw somebody saying, like, when you got to add something new to EY University. I mean, how much more can we add to it? You got to finish. It's new every month. Exactly. [00:46:45] Speaker ?: Exactly. [00:46:47] Speaker 1: Exactly. What? Exactly. Listen, I'm not even capable of it because of the association. And that last business planning call and the last one Troy did, they sharing shit that I know they're not supposed to be sharing outside of the inner circle. So, Aldo, what are you going to add? They've added it. I promise you. Even a case study and the extra. Come on. Come on. Rashad, you're giving up the real relationship on a blueprint. Hey, Rashad gave us some information the last three months. I'm like, what are you doing? You sure? Yeah, I'm going to do this one. What? [00:47:20] Speaker 2: But you got to, but you, but yeah, but you got to, don't, don't be, sometimes people would just, and this happens with content too, right? It's like, you just want more and more and more and more and more, like digest what you have first. [00:47:32] Speaker 1: Yeah. [00:47:33] Speaker 2: Like, it makes no sense. Like you said, we actually added new content every single month. There's new, there's new content, but it's like, um, don't just be addicted to just new information, learn. Like you're not going to be able to, and don't do anything with it. [00:47:49] Speaker 3: And if you don't, don't, I was going to say it becomes entertainment at that point. You know what I mean? Like you're just coming to see what's being said and not actually using the information. The purpose of it is to get it, to interpret it, to understand it and to execute on it. Not just, Hey, what are they going to say this week? You know what I mean? You don't want it to ever become that. [00:48:11] Speaker 1: Yeah. Our job is to make it look easy and to be entertaining, but there's still a lot of thought that's put into this to go execute. And if you're a red panda, don't be Calvin. Calvin, I love you. But even in that, I'll be honest. The times, even if you look at like Rashad's demeanor right now, he's in war mode. What people won't tell you, like I had a chance to sit down with two people I respect, one who used to work at Appaloosa, one used to work at Goldman that was trading on average at like at the peak five to $600 million a day. They both told me, I was like, I don't even know how you still talk to the public. It's wartime. Not that you shouldn't give the information. I'm sure y'all have had the same conversation with a bunch of people, new names. I won't say, but it is wartime. So execute at the highest level. I'm glad that it's entertaining for some of you, but for most of you, please execute. And for those of you, if you are not proficient at trading, it's okay. Invest long term first. You're getting paid to lose. Think of it that way. And when you get good, you can dominate the market. But this next year is going to be rough. I promise you. So stay locked in. And shout to Calvin. I love you with all my heart. Back to you, Rashad. Calvin, I got you, man. [00:49:34] Speaker 2: Meta had a stock increase and then it had a stock decrease. So AI spend, the street is not happy with Meta right now and the stock has reflected it. So are we concerned about Meta? [00:49:54] Speaker 3: It feels like it's the same concern quarter after quarter after quarter with Microsoft. [00:49:59] Speaker 2: And they just rolled out their new program where they're going to actually have long-form content. [00:50:04] Speaker 1: Yep, yep, yep. [00:50:05] Speaker 2: So they did that before called IGTV, but now they did it. [00:50:09] Speaker 1: I need you to take on that. [00:50:12] Speaker 2: On that? [00:50:13] Speaker 1: It's mandatory. Yes, please. I feel like it's... Is it going to be a win or is it going to be a loss? [00:50:20] Speaker 2: They tried this before, but IGTV, it didn't work. Facebook has always been a platform for long-form content. Country Wayne did a whole episode with him about that. I think it's... Everybody's trying to compete with YouTube. Everybody's trying to compete with YouTube. I mean, it would make sense from a business model standpoint, but me personally, I want to see what they're paying their creators because if they're not paying their creators and they're just expecting long-form content or they're paying their creators pennies on a dollar, then what's the point? Facebook actually does pay if you can get monetized, but I don't think that the audience in Instagram is a long-form audience. I just don't think so. I just think if you look at a video, we put a video up for two minutes. The average person watches it for 15 seconds. That's why people are commenting on a video and their comment makes no sense. In the first four seconds. Because they didn't watch the video in totality. Only like 8% of the people actually make it through. And that's only three minutes. So if they can't make it through a three-minute video, how are you going to make it through a 60-minute video on your phone? I don't know. I just, a lot of people watch Instagram only on their phone. Facebook, people watch it on the computer as well. I don't think that Instagram is a platform designed for long-form content. But I think that they're definitely going to try to push it as hard as they can. And they're going to, you know, do algorithm things. So they could probably prompt it if they want to. But do I see it as a competition to YouTube? Because I think that's what they want to do, especially for podcasts. I don't think YouTube loses its stronghold on podcasts to Instagram. I don't see that happening. [00:52:18] Speaker 1: Troy, what do you think about the sudden downgrade? And the funny part, they were just so beloved last month. [00:52:25] Speaker 3: Bro, if you watch and listen to that earnings call, and you heard Zerkerberg speak, I mean, it was a pretty optimistic feeling, right? Like the stock jumped up to, I think, $750. And it was like, all right, great. And then they started talking about capex spend. And by the morning, you know, the street just was not enthusiastic about where they were headed. And so, yeah, they had revenue climb up 26%, which is great. But they're saying to them, you know, the street is saying, hey, these gains are great, but will it justify the spend? And that is the consensus over the past two years with all these hyperscalers. Will the revenue justify the amount of spend that you are now saying you're going to put out? And Meta was one of these companies two years ago that said, hey, we're going to do, they were at the lower tier in terms of capex spend. Yeah. And now they're up here at over $100 billion, right? Like that stock buyback that they're doing, the $95 billion, they're using that to now fund the build out. And so now this isn't just, hey, we're bringing in revenue. Because the ad revenue is doing great, and Meta is expanding, and Muse is phenomenal. That's amazing. But that's, again, that's still free, and they haven't figured out how to figure out the monthly charge on that or how to monetize that. They're saying they need $95 billion. You know, the stock is up for sale. So it's like, this is a lot. This is a lot, and will it be justifiable? I feel like there's so many smart people in these spaces, especially the CFOs and the CTOs of these companies, that they've got to get this right. And if they overspend, then we'll have oversupply. And I know Zuckerberg's on record saying, hey, I don't mind overspending. We just can't miss this moment. But, you know, it's not getting rewarded for that thesis anymore, right? We've watched Meta, and again, own shares in Meta, own calls in Meta. We've watched this happen quarter after quarter when it comes to these reports. And so we've got to see. We've got to see. At some point here in the next six months, where is the revenue going to come in from? We talked about Muse yesterday, and we talked about Manus yesterday. And Manus was our first indication of, hey, we have a revenue model that works. And then there was some back and forth with the Chinese about who really owns that and whether, you know, they're going to let the founders of the company actually leave to sign any paperwork, which kind of didn't work out. So we've got to see. How will they generate revenue from a business that is growing but is also spending at a feverish pace? [00:55:07] Speaker 1: Institutional investors can have financial trauma as well. Whenever Zuckerberg talks about heavy CapEx spend, they often go back to the Metaverse disaster. And I've been the first to say I was critical of that spend. This AI spend is not that. If you look at the numbers of the company, gross margin, 81% operating margin, 32.9% net margin, and 31% free cash flow, even though it went negative this quarter. The percentage is 11.9%. If you look at the 10-year growth, 5-year growth projections, all have them plus 23% to 25%. Meta is a buy. It is definitely price sensitive. So, like, if Meta, I don't want to go that low because I don't want to alarm anybody. But if Meta gets to, like, 581, I definitely like it at that level. Meta is a buy for sure, 5-year hold. Legacy company to hold in your portfolio long term. I think he is getting misrepresented and put into the basket of the Core Weaves, Oracles, Irons for the CapEx spend when they have a much better use for the AI than most of those other companies. So, I think they've been beaten up. And this goes back to the gambler nature. Wasn't Meta up 30% last month? They're up a godly amount last month. And then to have this deep slide, knowing when he told them already, he was talking about this CapEx spend a year ago. So, it wasn't like he surprised and changed course. [00:56:44] Speaker 3: Yeah, I just think the amount has gone up. Like, they fully anticipated to have to spend. At the end of 2025, the number was between 75 to 80 billion. And now we're seeing that, obviously, out into 2027 is going to be much more than that. But they did. They had pulled back throughout the summer. They saw a nice run up in September and October. Now, I think it traded at 630 today. It closed at 630. So, it's one of these companies. And I think that cash flow part is important. And I feel like we just explained this. When Google, for the first time, had negative cash flow and understanding the two types of cash flow. Like, why are they having it? Because they're investing in themselves. Right? They're actually going so they can put more money into this AI spend. Will it be justifiable? I mean, I say yes. But, obviously, Wall Street is still, the sentiment around the idea is still making people uncertain. [00:57:40] Speaker 1: But they were starting on Supermicro a year ago or a year and a half ago. [00:57:45] Speaker 3: Supermicro just had a good report. They did. They did. They did. But another company that split and we haven't seen it recover. I'm telling you, the splits are. We got to put that. We forget that in the list of splits. That one was a company that split. [00:58:02] Speaker 1: Yeah. Hovering at 32, 69. Got to be careful. [00:58:08] Speaker 3: And also, the analysts. I was going to say, technically, it could have been a lot worse for Supermicro when we started seeing the reports come in of mismanagement of paperwork and reports being misclassified. [00:58:22] Speaker 1: Also, if the analysts are downgrading a mega, super mega cap company like Meta for AI spend, what does that do for Corwee, Nibius, Iron, Wolf for my investors out there? Sometimes you can just read the tea leaves. Like, they won't tell you it's a burning building, but they're like, there's crimson coming out of the roof. The science of the science of the science of the science of their capital management for our company is really key. If nothing else, Apple has underinvested. I hate that HomePod thing that they developed. I hate that they got the touchscreen thing coming out next month. I hate that on Windows XP 13 years ago. One thing they have done incredibly well, though, is manage that money. Like when Rashad said, hey, save your money because one day your money may save you. This applies to companies, too. I don't want a company that spends like Dean and AB. Shout out to Dean and AB. I love y'all. But I don't want a company that's recklessly spending money left and right, and you don't know where you're going. And I asked, top of this year, if you're spending $15 billion on AI expenditures, how are you going to get a 5X on it? That's tough. And most companies don't have that answer. For Meta, I do think they have an answer. But most of these companies don't. [00:59:41] Speaker 3: I know you brought up the neoclaus, and like I said, we'll get to it. But I think it's a fine balance, right? Because in the terms of, of course, yes, the debt is very concerning. And obviously, the market is like, they're paying for that, that level of concern. But the idea of having a backlog of $140 billion in compute talks about the demand. So the only way to meet the demand is actually have the infrastructure that can now house so you can meet the demand. And so it's like this fine balance. It's the fine balance that it's like, how do you, you know what I mean? Like, so then you go into debt to try to build out, and then you, again, you're anticipating that that buildout is going to generate the revenue, help fill that backlog, and start to bring in more supply. But again, the sentiment around it is just so negative because of the idea of, hey, what if it doesn't happen in that manner? [01:00:38] Speaker 1: Rashad, do you believe in the axiom from the movie, if you build it, they will come? Or do you need to have a plan for them to come to your pulse, to whatever you're building first? [01:00:49] Speaker 2: I think it's a little bit of both, depending on the situation. It's a little bit of both, but I think you have to, you got to build it first. I think you got to build it first if you want to be a leader, right? Like, you got to be, that's what being a visionary is. [01:01:11] Speaker 1: Is CoreWeave a leader? That's other kind. You're getting secondary product. You're getting stepped on. Like, I'm tired, bro. [01:01:19] Speaker 3: All right, hold on, hold on, hold on. You're getting... First question, is it a leader in what space? In the NeoCloud space? [01:01:25] Speaker 1: Yes. In the stepped-on work NeoCloud space. Yes, they're a leader. Are they getting secondary products? [01:01:32] Speaker 3: Is it stepped on or is it strategic partnerships that have made it that way? So does it lead in NeoCloud? Yes, but why does it lead? Because of who's partnering in it? Who owns 10% of it? That's why it's a leader, right? Like, NVIDIA has 10%. If they're saying, like, hey, we'll provide the compute. Hey, they don't have to worry about the debt. Why are they saying that? Because they know, like, hey, here's the product. We're not using the product, right? Or we're going to use the design and say, hey, this is a product that you can now use. We're going on to the next variation of our GPU-CPU combination. You guys can now use this and rent it. Here's the product. Oh, wait. There's Nibius. Here's the product. So, like, in order to, again, to house that infrastructure, they have to spend. The problem is that that supply chain has to come online a lot faster. So, yes. Does it mean that they're great right now? No. But they do lead in Neocloud, for sure. [01:02:28] Speaker 1: And those two. And maybe iron. [01:02:30] Speaker 3: Iron's in there, too. [01:02:32] Speaker 1: The other part, the macro, we have to talk about, to be fair. Like, even though I'm not the biggest fan of the company in terms of investing, the interest rate environment matters a hell of a lot, debt to GDP, because there's a trickle-down effect, right? And then also, too, some companies have overspent, like, some people have spent 7x a normal deviation of what they should have spent. And now, when the big boys start to get attacked like a meta, it has a trickle-down effect to the companies that are not as valuable. So, maybe if this spin would have happened in 23 or early 24, and debt to GDP wasn't at its highest, the one thing that this war did reveal was- Oh, damn, see, they got- [01:03:17] Speaker 3: Damn, Corwee clipped me. [01:03:19] Speaker 1: Oh, my God. [01:03:21] Speaker 3: They just- Hey, Corwee, I'm sorry. I'm sorry, baby. Let me get my feedback. Now, you need that compute. [01:03:27] Speaker ?: Yeah, I do. [01:03:28] Speaker 3: They heard you. They said that step don't work. They said, nah, nah, nah. We're not going for it. Nah, we're going to step on your laptop. [01:03:34] Speaker 1: And if it's Apple, I'm sorry. Listen, I love John Ternus. I love him. Yo. [01:03:40] Speaker 3: They say, here goes your graphic processing unit right here, my boy. [01:03:45] Speaker 1: My camera one. [01:03:46] Speaker 3: Nah, but I mean, it's not a great time. And I think you alluded to it, but interest rates, that's a real thing. If the cost of business goes up and some of these people and some of these companies are running very thin margins or trying to get to profitability, yeah, that doesn't help. That doesn't help. So when you see oil and crude and all these things, all these things play into that. And so if we can have one domino floor, then we could be back on that uptrend that we saw in late April, May into mid-June. And then obviously July, we saw a different sentiment when it came to definitely the AI space and semi-specific in particular. [01:04:31] Speaker 1: Hey, Rashad, can you call the CEO of Corweave and tell him to help me out? I'm done. I'm done. Hey, learn from me. Hey, get rich from relationships. Let's quit talking about these CEOs, my boy. Shut up. They said blackout came early this week. Facts. Came early this week. I ain't even like this. All right. I ain't mad at it. [01:04:52] Speaker 3: Yo, be careful of that, y'all. That is- [01:04:55] Speaker 1: Facts. Hey, is he a thing? Hey, I got a Jared Kushner to save me, please. Somebody make the call, my boy. I'm sorry. [01:05:04] Speaker 2: All right. I guess we can just continue. You want to try to get the camera back on or you want to just stay in the dark? [01:05:13] Speaker 1: They're working on it right now. Can you guys hear me? Yeah, I can hear you. [01:05:18] Speaker 3: Maybe just go full screen and then we can just hear him until he get the camera back. Okay. Oh, now we all blacked out. Okay. [01:05:24] Speaker 1: Damn. I apologize to Tim Cook, Mark Parker, Nike Incorporated. Who else I'll talk bad about? Whoever I mentioned before, Los Cientos from the bottom. Por favor, please. [01:05:36] Speaker 3: All right. We're back. All right. [01:05:37] Speaker 1: We're back. And these were my thoughts only, not Troy and Rashad's. [01:05:42] Speaker 2: All right. So let's talk about just AI spend in general. [01:05:49] Speaker 3: It's been a lot. I think that the number's at $880 billion. What? Collectively? Yeah. Yeah. That's where it's headed going into 2027. It's crazy because every time we talk about it, the number just keeps going up. I think Amazon is the largest spender in terms. And these are just hyperscalers when we're talking about these numbers. So you're talking about nearly a trillion dollars in AI spend for 2027. That number looks like it's going to increase into 2028 as well. Look. This is a proposition that, again, I know we don't like to say too big to fail, but it almost feels like this has to work at this point, at the level that these companies are spending at. They must know internally that there is going to be return on spend. I don't think they're all taking the Zuckerberg approach and saying, hey, we'll overspend by any means because we have to win. I think they understand that if they put out this money, the revenue will come back. They're going to have more efficiency and they're going to have more cash flow. And that's the only reason that justifiably I can see them continuously increasing the spend, number one, to meet the demand, but they'll also have a record-breaking revenue going forward. 880 is crazy. [01:07:09] Speaker 2: Why would you think that they, why would you think that? [01:07:12] Speaker 1: Why? Okay. [01:07:14] Speaker 2: Yes. Like people make, I think you're giving them a little too much credit. Who's them? They. [01:07:19] Speaker 3: Okay. [01:07:19] Speaker 2: They've been making mistakes. They've been making mistakes throughout the, you forget the financial crisis when they over leveraged. Like just because you're a CEO of a company doesn't mean that you're a highly intelligent person. And just because somebody is doing something doesn't mean that it's smart that they're doing. It doesn't mean like, okay, they're doing this because they're going to get a rate of return on their investment. They could be making a huge mistake at large. [01:07:43] Speaker 3: So I'll answer the first part. Why do I think that? Because they didn't have to do it. Right. When you're talking about an Amazon, do they have to have this level of capex spend? No, they were, they were fine five years ago without doing it. Was Meta fine? Yeah. Was Apple fine? Yeah. Was Nvidia? It was promising, but obviously that company has changed. The fact that these companies are now seeing, right. And obviously they see things that we don't, right. They have access to things that we don't. We had this conversation too. Like what they're comparing, you know, the competition to is something that the public knows, but they're already Jensen, they're already three to four years ahead in terms of what they're doing for compute. And so he can see for what the demand is going to be like. So he understands that. I'm sure Jassy sees it as well, which is why they're the leader. Why are they the leader? Because they have so many different verticals that that efficiency can now help them build that cashflow or that treasure chest even further. Right. Apple hasn't spent as much. We'll see what that looks like for them in the future. Microsoft saw it when they, before they wouldn't have invested in open AI if they didn't believe that that was going to be a return on revenue. Google wouldn't have invested in Anthropic. Amazon wouldn't have invested in Anthropic. So they, I think they all, they all see it. [01:08:55] Speaker 2: Try believing something and being right about something. Two different things. Two different things. Jensen, of course, he's, he's a genius, so we can never question him, but Mark Zuckerberg believed in the metaverse. And it was so, so, so, so much so he named the, he renamed the company. To Meta. Meta. [01:09:14] Speaker ?: Meta. [01:09:14] Speaker 3: And now it's an AI company. [01:09:16] Speaker 2: That was a $50 billion missed call. [01:09:18] Speaker 3: Who else went with him in that journey? [01:09:20] Speaker 2: In the metaverse journey? [01:09:21] Speaker 3: Yeah. [01:09:22] Speaker 2: Like at large? Like what large company? [01:09:24] Speaker 3: Any other hyperscaler went in that journey with them? [01:09:25] Speaker 2: No, no, but what I'm saying is that just because somebody believes in something that has conviction in something. I understand what you're saying. That doesn't mean that that's going to work. [01:09:32] Speaker 3: No, I'm saying did any other hyperscaler go with them in that? Did any other hyperscaler go with them in that journey of the metaverse? [01:09:40] Speaker 1: Can I ask a question? Yeah, go ahead. If they spend all this money on. Is that you? Yeah. This is AI if it gets clipped up. If I built a LLM that's so powerful that according to their words, it is as smart as God. Why hasn't Amazon figured out how to away with all that money spent to get their profit margins to 20%? I know I don't want us to get sued, so I can't say my real thoughts on a lot of these. [01:10:08] Speaker 3: Wait, say it again. Say it one more time. [01:10:11] Speaker 1: If OK, if all of this AI spend is what it's cracked up to be, why can't they figure out how to be profitable? I can't say what I really want, but y'all know how the main beneficiary of this AI spend [01:10:27] Speaker 4: is only NVIDIA. That's it. [01:10:31] Speaker 1: NVIDIA, AMD, Intel, for what they say. OK, so let's do the calculation. If I met you in 2019, I said, Trent, Rashad, I got a noble idea. I'm going to raise $212 billion for compute, and I'm going to take over the world. Rashad, your first question is going to be how you get the money back. [01:10:57] Speaker 4: And if I tell you the demand is going to be so high globally that everyone is going to give us market share, market share for compute that doesn't actually work, you'll say, get the fuck out of my kitchen. [01:11:11] Speaker 1: But they get to do it because every firm on earth has invested. So I just want to have a broader conversation. I don't think it's too big to fail because the point that you're making, Troy, they economically, we can't afford another collapse. No. That's the part that's scary. We'll be in the dark ages. So we both have, I think, poignant points. But just anybody who went to business school, if you presented, I'm going to raise $200 billion and the models don't work well enough to teach me how to get in profit, I think that's a bad business model. What do you guys think? Back to you, Troy, Rashad. [01:11:50] Speaker 3: So the question would be, do you believe that AI will make business, enterprise business, more efficient? Will it be easier to scale and be more innovative? That would be the question. Because if you believe that, then you spend it. So Microsoft, right? They're going to lay off, I mean, offer. I shouldn't say lay off. I'm not going to say lay off. I'm not going to say lay off. Offer early retirement for over 60,000 employees. That's a sign of what? [01:12:23] Speaker 1: Lack of faith. [01:12:26] Speaker 3: Or we're about to do more with less. [01:12:32] Speaker 2: Or you have to do more with less. [01:12:34] Speaker 1: You have to because the balance is too high. When people stop using their credit cards or cutting up their credit cards and closing the lines, it's not because they're doing so well financially. I love Microsoft. I've used it since a kid. I've used it since Microsoft Windows 95. Like, I am, even my love for Apple, I was first a Microsoft guy. So it pains me to even have to come in and report that. But when you lay off 60,000 people and you are offering that, you're saying, I need to get some of this stuff off of my books because it's throwing off my ratios. Even with the operating cash flow that they have. Yeah, which to me is trouble. I get the efficiency part, but. Right. Okay. Okay. So. Okay. All right. Let me try to refresh and come back. [01:13:27] Speaker 3: We about to go. They're looking. Hey, we're going lean and we're going further. Early retirement for something. It's unfortunate, but if they're doing it at that level, then you can see where this is headed, right? Like, hey, you know what? We might not need this engineering team or, you know, these things are going to happen, man. [01:13:50] Speaker 2: That's a fact. Okay. Ian, I think he's refreshing. Ian, you still there or you refreshed? [01:13:54] Speaker 3: I think he logged out and he's going to try to jump back. All right. Yeah. [01:13:57] Speaker 2: Get rich from relationships. Once again, it has been extended for another 24 hours. If you want the pre bonus AI video, 2027 of blueprint, talking about AI, Troy made a video about the AI blueprint as far as how he sees it for investing, like what companies to invest in, like the different sectors, how it plays out in 2027. And there's slides that go along with it as well. So order the hard copy, either the autograph or the hard copy, earnyourleisure.com. And then after you order it, go back to earnyourleisure.com on that website with a book landing page. Scroll down, fill out the information, hit submit, and then you'll get it. And if you live in Canada or if you live in the UK and you can't get it, after you buy the book, send me a screenshot on DM and I'll send it to you. Ian, welcome back. [01:14:48] Speaker 1: You're back. Can I tell you guys from the bottom of my heart, I love CoreWeave. I absolutely love CoreWeave. [01:14:55] Speaker 3: That's what you're going to come back with? [01:14:57] Speaker 1: Oracle. Oh, who am I to be so flippant about the AI CapEx expenditures? Today's episode is sponsored by CoreWeave. Thank you for connecting me. And Cisco. I love Oracle. [01:15:09] Speaker 3: Microsoft, operating cash flow, 183 billion. [01:15:15] Speaker 1: I know. [01:15:15] Speaker 3: 183 billion, right? Profit margin, 40%. Bro, these numbers are telling you a story. Like there's money that's being generated and they're about to become more efficient, right? So if they have less people because they have, and let's just say they have CapEx spend. At some point, and that's the part that people are forgetting. At some point, that spend is not going to be the same because you're spending now to build out the infrastructure, right? That's why you do the deal with Constellation Energy. That's why you do the deal with OpenAI. But at some point, that spend is not going to be the same. At that point, now, the revenue gets generated. Okay. [01:15:58] Speaker 1: Do we think the partnership with OpenAI has been successful and that whatever new LLM that they're doing with reportedly or allegedly, Anthropic, is efficient enough to lay off 60,000 people? [01:16:12] Speaker 3: I think the partnership with OpenAI has been successful for Microsoft. Yeah. I mean, obviously, it got reworked. But paying $10 billion to own 49% of that company that's now trying to IPO for $1.5 trillion, that's good business. I would say that I think that would be good business. Now, the relationship was altered because… Because of Sam's stupidity. [01:16:40] Speaker 1: This is my thoughts on that, Troy. Yeah. Yes, yes. Sam's stupidity. [01:16:44] Speaker 3: Because they are starting to see the signs of a CEO who was made to be a darling but has turned out to be somebody that can we trust? How can you be doing deals with our competition if we are doing this deal together? So, yeah. I think for Microsoft, it's been a… And when it IPOs, they're going to be pretty happy with the investment. $10 billion for that return? For sure. You take that? [01:17:08] Speaker 1: They're definitely happy to break up and get rid of that headache, too. With Sam's… [01:17:11] Speaker 3: Which is why they invested in Anthropic as well. [01:17:14] Speaker 1: Yep. [01:17:15] Speaker ?: Yep. [01:17:16] Speaker 1: But if they lay off $60,000, how many other people are going to get laid off, whether it's for efficiency or balance sheet reasons? Right. [01:17:24] Speaker 3: So, when you logged out, that's what I said. I'm like, yo, if Microsoft's doing it at that level, you can imagine… That's scary, bro. … at lower tiers. Like, yeah. People are going to start looking. Like, if they can do it and they're saying that their technology and, I don't know, their large language models or… You know, their CRMs are that efficient, can we scale down and become more efficient? And at that point, that's what I said. And we said to the students today, figure out what your value add is and understand what skill that you've mastered because that is going to be important. Because if there are layoffs, people hopefully have skills or early retirements have skills that they can still figure out how to generate income from. [01:18:06] Speaker 1: Can I announce this really quick, Rashad? Layoffs in 2026, we talked about Microsoft, UPS, 30,000, Oracle, 30,000, Amazon, 16,000, Omnicom, 15,000, Meta, 8,000, Microsoft, 60,000, and then Dow Chemical, 4500. I think that's a sign. And not everyone wants to, for efficiency reasons. Buckle up. Learn how to get rich from relationships. And if you want to know how to invest in the market and never want to have to guess where to get in, where to get out, and if you don't want to know, want to have to guess when Court Week is going to fall 45%, which I love dearly, which I think is a great investment. Go to ianinvest.com and join up for Stock Club. Stock Club call replay will be out this week. If I made you money, please put yes in chat. But once again, you only need four to six amazing companies to hold for the long term. Amazon used to be a retirement pick in Stock Club. We have moved that. But if you have four to six great ones for the long term, you have nothing to worry about. And I'll also prep you for 2027 and 2028. Back to you, Troy Rashad. [01:19:16] Speaker 2: So what are two semi-stocks? [01:19:21] Speaker 1: I think we can unanimously agree. And I've been talking about this since we started before we even started the show. I think there's only two to be focused on. If you want safety, that's NVIDIA and AMD. I think everyone else is trying to catch up. I don't think this segment has to be too long. I think it's a great question if you're new. But if you've been here for a while, I think the obvious answer is NVIDIA and AMD. [01:19:48] Speaker 3: Troy, you. Yes. Yes. Yeah, yeah. I think I like to have the conversation because I don't want people to assume that all semiconductors are created equal because they are not. They're not. Some semiconductors are for a specific task. Some semiconductors could be GPUs. Some can be CPUs. Some can be TPUs. If we're talking about specifically the leaders, yeah. If we're talking about GPUs, it's going to be AMD and it's going to be NVIDIA for sure. I'm going to break it down into segments. So you have the top two in each level that are going to be prominent. And so the next level, it would be custom ASICs, right? So companies that are designing processing units specifically for tasks. Broadcom and Marvell will be the top two in that space. If we're talking memory and we kind of talked about the DRAM outlook, the U.S. leader will be Micron. SK Hynix obviously can be traded here and Samsung, which are South Korean companies. And then you have these other companies that go down the line when we talk about cadence and synopsis in terms of EDA design. But understand that, again, every semi is not created equal. So if you're looking at the top two overall, easy, right? That's easy to say it's going to be NVIDIA and AMD. But they also put Taiwan Semiconductor inside of that space. And so if we know how the supply chain works, right, ASML is going to make the machines. TSM is going to buy those machines to manufacture for the AMDs and Intels of the world. So knowing the supply chain is important, know that every semi is important or the same. So having that basis gives you a better idea of the decisions you should make when you're looking for the top two. Or I was just going to say, go to SMH and see the top four or five that that ETF is invested in. [01:21:51] Speaker 2: TSM is in SMH. [01:21:52] Speaker ?: Yep. [01:21:53] Speaker 2: So you got to go with TSM. Yeah. [01:21:56] Speaker 3: I said that. [01:21:58] Speaker 2: As far as, no, I know, but I'm saying as far as two, I would take TSM over AMD. [01:22:04] Speaker 3: Yeah, that's why I said it's that and a black, because everyone is not equal, right? So like, that's why I was trying to break it down in a category. So if you're talking about GPUs, yes. Because Taiwan Semiconductor is not a GPU, and it's not a CPU, but they manufacture for 75% of the ones that go into the world, right? So that's important. So they manufacture for Apple, they manufacture for AMD, they manufacture for NVIDIA. So yeah, they technically aren't a GPU or a CPU, but they make the semiconductors. So if it's just semi-stocks, then that would be different. But ASML, Taiwan Semiconductor, they can't operate if that machine is not made. All right, so the supply chain is important. Understanding it is important. That's a good distinction. [01:22:48] Speaker 2: Energy ETFs versus energy stocks. [01:22:56] Speaker 1: You want to start? All right, yeah. You know, go ahead, Troy. [01:23:00] Speaker 3: Yeah, it's, again, you have to understand the space if you're looking at ETFs. A lot of times when people think energy, they hear the companies that we talk about. They hear, you know, GE, Renova. Last week, we were talking about Bloom Energy, and it feels like, oh, that should be a natural energy ETF. But ETFs are very interesting, right? Like, we used to talk about consumer discretionary, and we were like, yo, why is Amazon in there? [01:23:28] Speaker 1: Right? [01:23:29] Speaker 3: That feels like that should be in an XLK. That's a tech company. But then, you know, they break it down into e-commerce. And so energy is very unique in that way. When we look at ETFs, like, for energy, you'll see gas and oil, right? If you want to find some of the companies we're talking about specifically for the energy buildout for, like, the AI demand, you're going to look at industrials. Right? So it's going to be industrials and utilities. And so that's important to know. So I got a whole list here, and y'all can write these down if you're listening and if you're watching. These are the top ETFs that have that exposure to the GE, Vinovas, the Constellations, the V-Share, Energies, Eaton. So there's a, iShares has a pretty solid one that has exposure to Constellation, GEV, and Eaton. The ticket is POWR. So it's a Powered Infrastructure ETF. So when you think of energy in terms of what we're saying, right, not just oil and gas, that would be a good one. UTS is another one that has exposure to Constellation and Visture as well. XLU, which we've talked about, has concentration and exposure to Constellation and Visture as well. And then I skipped one. Defiance AI and Powered Infrastructure, the ETF is AIPO, AIPO. And it has some, I mean, pretty much all the energy companies that we talk about in terms of AI infrastructure, whether it was Constellation, Visture, Vertiv, you can find them in there. So I want that distinction to be known. So people will look and say, oh, energy, energy, energy. And if you look up energy ETFs, it'll be like Chevron and Exxon. You're like, well, the guys keep talking to me about Vertiv and I don't see Caterpillar in any of these. They're spread out through other ETFs. So those are a few, if you're trying to track the AI infrastructure energy companies that you should be having on your watch list. [01:25:24] Speaker 1: Power and XLU, I love. If I had to select two out of that list, those would be a two. But also, too, I did review my stock portfolio on Stock Club. What I'm also seeing, too, is like people are trying to get exposure to everything. Like, sure, you ever see someone has like a health care ETF, a semiconductor ETF, a tech ETF. And it's like you're starting to spread yourself too thin. Power, I love. XLU, I love. But don't over-index on, no pun intended, on indexes and ETFs. Pick the ones you're going to put the most amount of capital into. Because, like, if you have six ETFs and you don't have, let's say, 50 shares in either one of them, you're at that point wasting capital. Like, somebody yesterday, they was like, well, I got 10 shares of VO, 10 shares of VTI, 10 shares of VGT, 10 shares of SMH. I'm like, just pick the one you're going to put all the money into. Because the worst feeling is to have a great portfolio and it's undercapitalized. Like, you didn't put enough money into it. So, be mindful of that, but power at XLU, I love a lot. [01:26:30] Speaker 3: Yeah, I always have, like, I always keep four ETFs and I treat the third, like, I keep a core three, right? So, XLK, SMH are always in there, VO is in there, right? And then I have that, the fourth one is like my wild card. Like, what sector is moving? Yeah, yeah, yeah. It's like the dark horse one. Like, you know, I did that when we were talking about FN. When I was trying to find one that had Fabron in it, or I was trying to find one that had Netflix in it. That always would be like, First Trust, I feel like, is one of these companies that gets creative when it comes to the ETFs. DRAM became that this year, right? Like, that was my wild card fourth. Yeah. And so now, if people are looking for, like, how do we get exposure, especially inside this AI energy play, then that could be, like, your wild card fourth as well. [01:27:20] Speaker 2: Okay, let's talk about the November rally. Will we have a November rally, or will Trump rain on a parade? You know, he's offering a million dollars for anybody that's reporting election fraud. [01:27:34] Speaker 1: Wait, what? Now, this I didn't see. I saw the Nicki Minaj clip. Wait, what? [01:27:43] Speaker 2: Yeah, he put the reward out. A million dollars for anybody that reports election fraud that leads to an arrest. [01:27:53] Speaker 1: Does this apply to MAGA, too, or no? Because the last election, you can argue. But I won't. Okay, well, hey, Rashad, you're a political expert. How do you think the midterms are going to pan out? [01:28:11] Speaker 3: Let me check the markets. [01:28:12] Speaker 2: I think it's going to be a blue wave. I think it's going to be a blue wave. [01:28:16] Speaker 1: Oh, that's why you got on the blue polo. And the blue book. All right, where the blue book at? Oh, it's up there. Okay, got you. Okay. Sometimes, sometimes the cues. Okay, the subtle cues in the media. Got you. All right. [01:28:31] Speaker 2: I think it's going to be a blue wave, man. That's what it's saying. Yeah, it feels that way. It feels that way. Because the fact that they're going through all of these things of trying to give a million dollars. Elon Musk said he about to pump in like $200 million in the last minute. He said they're going to give everybody $5,000. The Republican win. Like, this is kind of desperation. You got Nicki Minaj up there. [01:28:57] Speaker 3: Polymarket has it pretty high. 92% of winning the House and a 67% of winning the Senate, which would be a clean sweep. 67% chance of a clean sweep. [01:29:07] Speaker 2: And I think they're going to get some governors, too. So, I think it's going to be a blue wave. I think it's going to be a blue wave, which is interesting for the stock market. [01:29:20] Speaker 3: They got the governors, too. [01:29:21] Speaker 2: That's crazy. Yeah, it's going to be interesting. [01:29:24] Speaker 1: It's a tight race. But to answer your question, I think we'll get... [01:29:29] Speaker 2: Are you voting? Me? Are you voting? [01:29:34] Speaker ?: Yeah. Huh? [01:29:36] Speaker 3: It's civil duty. [01:29:37] Speaker 1: What? [01:29:38] Speaker 3: Of course. Will there be a rally? I mean, based on statistics, and we've said this leading up to it, historically, there has been, right? The best months of the year to invest. November is at the top of the list. Top, yes. Followed by July. Followed by January. Followed by December. Which means three out of the four best months to invest in are the next three months of the calendar year. And so, that's pretty... That shows a lot of optimism. We've seen some volatility here in October. We didn't see as much as we potentially thought in September. So, October is playing its part. Even though it hasn't been dramatic, when the Nasdaq does fall 3%, you feel that, right? Especially if you're in tech companies the way we are. But, after midterm elections, we have seen the market rebound and have positive outcomes pretty much over the past 11 midterms. There's a streak that's going back. Yeah, I think it's 12, maybe. [01:30:44] Speaker 1: Maybe 12, yeah. [01:30:45] Speaker 3: 12 in a row. Yeah. So, history's on our side of a November rally. Yeah. So, I would say I'm going with yes. [01:30:52] Speaker 1: Yeah, I'll put this in Stock Club. All you need to do is survive through midterms and we'll be fine. I think we may get a day or two where we pull back. But, to that stat, we got, like, 12 months after the index is up 100% of the time. Like, for those of you who are new, if you're looking for an entry point to begin investing, after the midterms, one year out from that date, you have, like, a 99.9% chance of being positive. I think we're going to have a rally. We may have a one or two-day pullback. And I'm talking for the indexes. Spy, Dow, Russell, Qs. Individual stocks I'm not talking about, but for the indexes themselves, yeah, we're going to rally hard. We're going to rally hard. [01:31:39] Speaker 2: So, you don't think there's going to be a negative result? [01:31:45] Speaker 1: Not if the greatest companies on earth don't even care about price-to-earnings ratios and price-to-sales ratio. The, Rashad, the era we grew up in on having, like, tight regulations around P ratios and price-to-sales ratios, that's over with. It's over with. So, they'll find, the great part when I say the market is rigged to stay up, they'll restructure the indexes to stay positive no matter what. The individual stocks I do have some concerns about, but the indexes will be fine, for sure. [01:32:21] Speaker 3: It said, the S&P has averaged almost 6% gains in the three months after midterms, with gains in 11 out of the past 12 elections. It's averaged 12% over the six months, and positive in all 13, or all 12. Yeah, home run. [01:32:42] Speaker 1: It's a home run. Hope for the long term. [01:32:44] Speaker 2: Well, we'll see. They got Obama out there. They doing everything. [01:32:48] Speaker 1: I see he's out in Detroit. Yeah, man. Talking his talk. [01:32:53] Speaker 2: Saeed. Yeah, yeah, yeah. Yeah, I think the Democrats is going to win, which will be interesting to see how this plays out for Elon Musk, Mark Zuckerberg, and a variety of other CEOs that really, you know, put themselves in the underbelly of MAGA, MAGA-land for the last couple years. Retribution. Retribution. [01:33:15] Speaker 1: True. But the thing about Anthropic, for sure, some of those companies, NVIDIA, those two are kind of too big to fail. So regardless of what happens politically, they are kind of like politically agnostic. They're going to morph into whoever they need to be for whatever administration is running. So Elon is a little bit more concerned, but OpenAI, Anthropic, NVIDIA, they'll be fine. They're the tech B613, whatever administration because they're too valuable to the economy because if you remove them or even if you let the true valuations be shown, it's going to erode the state of the economy. So they can't even afford. And that's a great lesson. Be so valuable that your removal destroys the ecosystem. It's a great lesson. [01:34:08] Speaker 2: That's a fact. All right. This and that. This or that. This or that. All right. [01:34:14] Speaker 3: Let's do this, man. Let's do this. All right. So we got this or that. Well, we're going to choose one company or the other. Now, I see what you did here today. I think it's very fitting. So let's just jump out the window here. All right. You got IREN ticker. Obviously, I-R-E-N versus Terrowolf ticker W-L-F. W-U-L-F. What do you got? [01:34:42] Speaker 1: I don't like either one of these, to be fair. If I had to pick one, it would be price dependent. I'm going to probably lean towards IREN at $16.65 for a multi-year hold. But I absolutely hate both of these. I'm going with IREN. What about you? [01:35:08] Speaker 3: Yeah. Okay. Both are trash. IREN operates GPU infrastructure and sells AI cloud capabilities. Terrowolf builds and leases HPC data center capacity. Okay. Yeah. I love the cloud story. I love the cloud story. The revenue that has been generated is pretty solid. But the expectations, the expectations are really high. And they have to deliver at a really high, high return. And I just don't know if we're thinking of cloud service. Again, and everybody can't, this is important, again, for context, right? Like we've talked about the top five cloud servers. Well, they hit capacities too. And so you'll have to find other alternatives. I just don't know if this is the first place you look. But if I had to, I'll take IREN. I'll take IREN. I'll go with you on this one. [01:36:10] Speaker 1: You are too kind. I'm close. [01:36:12] Speaker 3: Both of these companies. Rashad. All right. Who you got? He's going IREN. All right. Let's do this now. Let's do this. This is almost like the next one is the main event. But this is like, this is right on the undercard. Nibius or CoreWeave? Tigger's N-B-I-S. CoreWeave, C-R-W-V. You've been talking so highly about them. Who you got? [01:36:42] Speaker 1: I'm going to have to elicit my vote to be able to say neither for the first time in the history of the show. It is like between having a dirt sandwich or drinking a dumpster juice smoothie. I don't love either. Once again, it's 30 companies that you can name off the top of your head that are better than both. If you take CoreWeave, they may have a stronger case if you have to pick between the two. It would be incredibly price dependent. If I can grab it at $39.10, I would probably take a stab at it. Okay. But Nibius is, based on price, is actually a little bit of a stronger company, if I can be fair. They have greater probability of going up. So, I mean, I don't like CoreWeave. Nibius would probably be the pick, if I'm going to be honest. But I really hate both of these. Nibius is actually at a price which is good for a swing trade price right now, to be honest. [01:37:51] Speaker 3: CoreWeave is always interesting because of the debt structure. I've always looked at the GPU as a depreciating asset. And you kind of said that it's steps don't work. My way of saying that is like, yo, it's a depreciating asset, right? Like every year that you rent compute, there's another one that's going to replace what you had. And if you don't use it, that becomes interesting. And then Jensen comes out and says, it doesn't worry. We're going to buy back all the work anyway by 2030. Which I'm sure they'll figure out a way to write that off as a company. If I'm looking long-term and I look at the demand, CoreWeave definitely has a backlog catalog. And so that is promising. I just think the sentiment around CoreWeave is just so negative right now. And the debt structure is so, so much of an issue. And the interest burden on that debt is a really big issue. It's really high. So I would probably lean toward Nibius here. Definitely in the short term. Because the sentiment hasn't gotten there yet. Even though there's investments from NVIDIA in both, I'll go Nibius in the short term. [01:39:05] Speaker 1: And if I can say this before you go, Rashad, and I'm sure you were going to say this point. If we were in a zero interest rate environment again, the tail of both of these companies would be dramatically different. But the carry cost and the hurdle rate to break even. Even if interest rates continue to go up, bonds do what they do. And that's why I keep bringing up debt to GDP. Like, okay, if you have, let's say, a $50 or $20 billion loan, and let's say it's at 5%, look how much product you have to sell just to break even. And if we were back in a zero interest rate environment, the tail may be too different, but the cost is too high for the hurdle rate for both of these companies. So, Rashad, what about you? [01:39:55] Speaker 2: Core Weave. [01:39:57] Speaker 1: Okay. You're going with Core Weave. [01:39:59] Speaker 2: Yeah, then you got to go with Core Weave. Okay. Tell me why. Well, I just think that, you know, like you said, I mean, both have had, you know, not stellar, but Core Weave, they've done well before. And it's not like, you know, it's just, I don't think it's a terrible company. Just having bad times. It's like a player, right? Like, sometimes a player, it's just, it's like, No, no, Wimby. Wimby's crazy. That's three games, man. It's like, we got to talk about it on Blackout. [01:40:35] Speaker 1: He's not gotten better. [01:40:37] Speaker 2: He did not get better in the office. It's three games. Wimby? What? [01:40:40] Speaker 3: Well, we haven't seen what, like I said, we haven't seen what he's improved on yet. It's three games. Okay, we'll talk Wednesday. [01:40:47] Speaker 2: Paul George. Paul George. Paula Bucket, okay. Like, you know, when he had like that bad stretch for a while. I don't think he necessarily was a bad player. [01:41:01] Speaker 1: Yeah. [01:41:01] Speaker 2: It's just circumstances. Circumstances. Given better circumstances. A different opportunity. He could perform at a higher level. [01:41:10] Speaker 3: Yeah. PG's crazy. It's been, I'm not sure when, I think Indiana was the last time we saw him perform at that level. [01:41:20] Speaker 1: Cool. [01:41:20] Speaker 3: PG. [01:41:21] Speaker 1: PG's still a bucket now. [01:41:23] Speaker 3: No, no, he can score. He can score. I'm just saying when it, when it matters. I feel you. When it matters. Like when, in the playoffs, when it matters. [01:41:30] Speaker ?: Yeah. [01:41:31] Speaker 3: It's been, but I feel you. The, the, the debt is, is, is concerning. It's the interest on the debt. 15% is crazy. Sickening, bro. [01:41:43] Speaker 1: That's a predatory loan for a multi-billion dollar company. [01:41:48] Speaker 3: But the back catalog is 104 billion. So here's the thing. You got to spend to build the infrastructure, right? You got the back catalog. Can that now fulfill the back catalog and add in new customers and new clients and new enterprise. And then it almost is like, yeah, it's 15%, but we're going to make enough to pay it. That's, that's the kind of the model right now. We're going to make enough to pay it. [01:42:13] Speaker 1: Do they have an A tier enterprise customer or a B tier? Like we're just doing a case study. Like there's a lot of valuable lessons here. [01:42:23] Speaker 3: Yeah. Yeah. Yeah. They do. They do. They got, they got a few hyperscalers. [01:42:29] Speaker ?: Yeah. [01:42:30] Speaker 3: And they, and they got big bro. And they got big bro. [01:42:34] Speaker 1: You can only be the little homie for so long. Now they're going to be the little homie for a long time. For forever. Yes. [01:42:42] Speaker 3: For a long time until further notice. Until further notice, they are little bro. And they're going to be in little. And they, they, they're happy to be little bro. [01:42:50] Speaker 1: Yeah. [01:42:51] Speaker 3: Y'all know the choice. There's nothing wrong with that. There's nothing wrong with that. Shout out to little bro and them. And shout out to PG. Shout out to PG. This is interesting because I'm going to, I'm going to cover. I'm going to cover this, this sector a little bit on Thursday. But you got CrowdStrike versus Anthropic. I like it. I like the, I like this battle. I think this is the heavyweight match. I'm interested in why you put the two up against each other. And then which one are you choosing? [01:43:22] Speaker 1: For context, the reason why I put these two together, because when you are battling companies, you're never battling the companies in your sector. You're battling the best of the best. So you could have the best company that is a sub $10 billion company, but you're, you're eventually going to go against the heavyweights. Um, I think especially, and we haven't had a chance to talk about it, but with all the proliferation of hacks that are happening at scale, I think we've all belated with this point. Rashad, I think you've been dialing down on this the last couple of months. I think cybersecurity is going to be more valuable than ever. And we are at an existential crisis where we haven't talked about the Russian bot farm that got blew up, but the, the bot farms internationally, that is a geopolitical issue is one as people are using more agents. I know you have to be a lot more cautious about what data you put online and what you allow to be hacked. And I do think Anthropic is one of our most darling companies, but even back to my Apple point of not acquiring open AI, I wonder why Anthropic with all the cash they have on hand hasn't acquired a cybersecurity company in it, or LLM hasn't done it because like it would be the equivalent of me being like, yo, I live in the Bronx. I got $2 trillion worth of gold and everyone knows my address. At some point I'm going to need security. So I'm looking forward to it. [01:44:50] Speaker 2: Unless you, unless you fed, unless you fed Joe. [01:44:53] Speaker 1: Well, listen, I can't rob the whole gym by myself. You know what I mean? Terror squad can. I'm not a terrorist. So now I do think, um, and while we're just throwing around numbers of a CapEx spin, like I think a LLM needs to have a deep partnership or co-op ownership with one of these, because one of the biggest issues that is true of AI is safety, safety for your kids, safety of the data. Um, even with Anthropic, they paid a big copyright fine, um, before they can go public. So for me, if I had to pick one as of now, I would pick cry, cry strike, but in a year that that stance may change, but I think cry strike is incredibly important going into these next four or five years, given how important security is. What about you guys? [01:45:45] Speaker 3: I'm going to go the other direction. [01:45:46] Speaker 1: Okay. [01:45:47] Speaker 3: I'm going to go, I'm going to go Anthropic. Um, and I don't want to give everything away, but we're going to talk about Black, Black October, which I don't think was explained in detail. You kind of just alluded to a little bit, but I want people to really understand what would happen, um, last week and kind of went under the radar, but it's very, very serious. Um, I think Anthropic because it's agents are always working and always trying to code. They're finding glitches inside of cybersecurity. And because they are continuously finding glitches, they are making cybersecurity better. I just think that cry strike provides a service for enterprise, but at some point, I think these companies are going to realize that they're going to build their own security. They're not going to use an enterprise company anymore. Okay. And that day is probably sooner than we think. Um, and because of that, I think Anthropic comes to the forefront because of the enterprise customers and because of what they do, right? Like chat GBT became something that was like a large language model. Anthropic was something that was, Hey, this is cold. And it's writing cold and it's solving cold. And it's, and so it just becomes a matter of time before people are saying, Hey, you know what, rather than paying for that service, let's build our own and let's have it continuously work to improve and watch every layer of safety possible. And now we don't have to pay them. We'll create our own and we'll become a customer of Anthropic. I think that happens, um, because the moat inside of cybersecurity, and again, they're not all created equal, but CrowdStrike, Palo Alto, Zscaler, Fortnite, all play a role. But if somebody can expedite that and say, Hey, rather than spend with you, we'll do it ourselves. I think that happens. And so I'm going to go Anthropic. [01:47:45] Speaker 1: Really quick as a follow up before you go, Rashad, with what capital you think they'll raise debt or do like a convertible note to raise the capital to do that because what with the, the already extensive bills, the other enterprises and then Anthropic, like you think Anthropica build one or they'll have like a coalition of sorts to, I think companies [01:48:07] Speaker 3: will, will, will use Anthropic code to build their own. [01:48:11] Speaker 1: Oh, that's interesting. Okay. So how everyone built their own Silicon chips, build their own cybersecurity. Okay. I can see that. I can see that. [01:48:21] Speaker 3: And again, now, does that make more sense to pay $10,000 a month or whatever the enterprise cost is? Yeah, probably. It's going to cost you a lot less than going to, you know, some of these companies. So that, that'd be, especially we're seeing the efficiency, right? Like the government had to say, you guys have to slow this thing down because it's finding holes and cracks that we didn't even know existed. And so if you have something that's performing at that level of efficiency and you might want to bring that in-house. Rashad, what about you? [01:48:51] Speaker 2: You know, I spoke to get rich from relationships, right? At all times. I spoke to one of those guys that spoke to one of those guys. [01:49:03] Speaker 1: You're not going to tell us who? Audience, I got you. I mean, brother, I would be remiss if I didn't ask. Which one? [01:49:11] Speaker 2: Round table. Round table. I tried. And they were saying that they have the technology right now to hack everything. Or anything. Anything. Like if they released it, if they released the technology, then they could literally overnight hack everything. [01:49:28] Speaker 1: Banks, Ethereum. Yep. [01:49:30] Speaker 2: Yeah. Everything. They had that technology right now. Yeah. So, yeah. I mean, it's a valid point as far as them creating their own defense mechanism because those type of companies already have, but I think that there's a conflict of interest there. And I don't know if the government's going to allow that to happen because now you got the, they're already trying to regulate themselves. So now they have, they already have the technology to do whatever they want. And then they're going to create the defense for their technology. I think that's a more advanced conversation, but it's an interesting conversation for sure. But I think CrowdStrike is where we're at right now. In, in 2026, 2027, cybersecurity reigns supreme. And we just interviewed Morgan. She's the, that's the number one profession as far as for tech, cybersecurity. We've talked about cybersecurity, CrowdStrike, stock price has gone up. You would have to think that Anthropic, especially if it debuts at $2 trillion, it probably will be rocky at the least for six months or two a year. So long-term, I guess, I guess, you know, that's a different conversation. But as far as 2027, I would be more bullish on CrowdStrike because they already have the most needed commodity in, in this world that we're in right now is security. They're the leaders. And I don't think that that's going to go away anytime soon. No, I'm a, okay. But they said, but they definitely said that they had the technology. They said that they have technology, not Anthropic. [01:51:04] Speaker 1: Like, yeah, I've had a similar conversation with somebody. Yes. Oh, speaking of which, what do you think of Chamath saying that Bitcoin is going to go to zero as a result? [01:51:16] Speaker 3: It's more of a wild boy. [01:51:18] Speaker 2: As a result of cybersecurity issues? Hacking? [01:51:23] Speaker 1: Yeah. [01:51:24] Speaker 2: Quantum computing? [01:51:25] Speaker 1: Yep. [01:51:27] Speaker 2: Well, that's been, you know, they've been saying that for years. People have been saying that. They said as soon as quantum computing really, um, gets perfected, it, um, that's the day that Bitcoin goes to zero because every wallet will be cracked. But then there's also the Bitcoin purist that says that Bitcoin adapts over the course of time. So yes, but then Bitcoin will actually update its security and get better. Well, what did he say? What did he say exactly? [01:51:55] Speaker 1: That he think it would go to zero over cybersecurity concerns. And Chamath used to be a devout Bitcoin maxi. So if they hear him kind of take that change in stance, but also his relationship with the government, um, that makes me wonder what conversations he's been a part of to make him say that when they've had a vested hand in Bitcoin, but the same conversation over the weekend, uh, I heard one of the most critical attacks could be on Ethereum and to watch out for that. So, but Troy, your, your commentary on like Neo cybersecurity and partnering with Anthropoc to make the, I think that's really fascinating. I think that's, and it's most likely a great take. Yeah. [01:52:44] Speaker 3: Yeah. Yeah. I mean, it feels like that that's where it's had. I appreciate it. Um, I think it just made me think of the same way we broke down GPUs. I think I'm going to do something for cybersecurity because again, all cybersecurity is not created equal. No. And all of them have different rules. So I think, yeah, maybe Thursday for sure. I don't want to add that to the presentation, but I'll, I'll share it here as well next Monday. So people can kind of see the difference in what a Fortnite does versus a CrowdStrike versus a Palo Alto versus a Zscaler. Cause I think it's a teachable moment being again, that, that Morgan did say that that's a, that's the, the space, but also what's interesting is that somebody might create that company. [01:53:27] Speaker 2: Um, breaking news alert. [01:53:28] Speaker 3: You know what I mean? Like somebody has, we have the technology to do that now. [01:53:31] Speaker 2: The worst kept secret, worst kept secret. [01:53:34] Speaker 3: What happened? In showbiz. Oh God. Jay-Z. Jay-Z doing the Superbowl. Oh God. [01:53:39] Speaker 2: He's officially announced that he will be doing the Superbowl. Worst kept secret. That ain't come up with my tongue. What is this? Shout out to Jay-Z. Shout out to Jay-Z. Surprise. Very anticlimactic, but. [01:53:51] Speaker 3: They blew the surprise. [01:53:52] Speaker 2: Congratulations. Um, I was talking to my brother, Stig Watts about this. I just don't think, I don't even know why he did the LA show. I think the LA show was kind of anticlimactic. Yeah. I'm doing the Superbowl in LA three, three months later, but who am I? [01:54:08] Speaker 1: Just a fan. But test run, test run, market data. LA is a tougher crowd anyway. Um, so like, even though, yeah, it was anticlimactic, it does give him time to adjust and, and see what, you know, even like in a selection of guests that he had, I was like, I can tell he doesn't want to ruin the, the surprises for who's going to be there, but we'll talk about it on blackout. [01:54:36] Speaker 2: Yeah. Okay. [01:54:37] Speaker 1: Yeah. [01:54:38] Speaker 3: Oh, Jay-Z Superbowl LA. Yeah. Superbowl LA. I mean, we brought up, he brought out Dre and Snoop. That was dope. Mm-hmm. Rihanna was in the crowd. Rihanna was there. Kendrick was in attendance. Mm-hmm. [01:54:56] Speaker 2: Polymarket. Go to Polymarket. [01:54:58] Speaker 3: The guys were in attendance. Shout out to the whole Marathon team. Congratulations on the opening of Marathon Burger in LAX. That is huge, huge, huge deal. Oh, y'all saw that. [01:55:05] Speaker 1: Huge, huge deal. Shout out to Marathon. [01:55:08] Speaker 3: Yep. Yeah. Shout out to the whole Marathon team. [01:55:10] Speaker 2: Shout out to the homies, man. Shout out to Black Sam, Kabi Supreme. Shout out to- Twan. Killer Twan. Shout out to, oh, man, BH, Adam. Yeah. Yeah. And congratulations on the LAX airport. JP. Yeah. Congratulations on the LAX airport. They're in Terminal 1 at LAX airport. So, if you're in LAX airport, Terminal 1, make sure you get your Marathon Burger. Please go get that. Make sure you get your Marathon Burger. [01:55:34] Speaker 3: And they debut on Breakfast for the first time. Okay. So, you go to Marathon Burger. This is, they've been playing with the idea of it, but because it's in the airport now, this is the first Marathon Burger that has breakfast options. So, go support that, man. Best burgers in the business. [01:55:51] Speaker 1: And the food is good, bro. I'm not sure what they have on it. Food is good. [01:55:55] Speaker 3: Yeah. Sam was on the news. He was on the news in LA with the reporter and he was really proud of the breakfast options. But he said, everybody's been saying it's the best burger in the business, man. So, go support the guys, man. And shout out to Rance. Adam Blackstone. [01:56:10] Speaker 1: Rance, I'm proud of you. Put on the clinic. Rance went crazy. Shout out to Rance. Rance went crazy. So, family, I know you're going to be at the Super Bowl. So, you know, I'll support forever. Gang, gang. I'm not getting gang, but you know what I mean. Shout out to 1,500 or nothing. I'm looking forward to seeing what you do for the Super Bowl, my brother. I'm proud of you. [01:56:29] Speaker 2: Well, yeah. Shout out to Jay-Z, man. Congratulations. You know, 30 years in the game. Marcy Project, Super Bowl. It's a very, you know, it's a monumental moment. He's accomplished a lot in his career and can never take that away from him. So, well-deserved. You know, I know he gets a lot of criticism, but, you know, he definitely has set the standard for, you know, hip-hop culture for sure in a lot of different ways. So, congratulations to Jay-Z. Super Bowl Sunday. I'm interested to see if he brings Kanye out. [01:57:02] Speaker 1: Hey, it kind of, it doesn't even look crazy. It will help. It will help, you know. And I ain't going to lie, I don't get tempted to spend money often, but I text Elyonte. I took my text back, but when Ho popped out with the new, hey, and Ho Petty, while Dame prayers for you, da-da-da, Ho Petty popped out with the new rock joint. [01:57:28] Speaker 3: That was crazy. I'll text Elyonte. [01:57:32] Speaker 1: Make me a red panda on my boy. Did I hit Unseen? Heavy. Woo! Ho gonna show you. I'm getting to it. Whatever little internet banner, he gonna show you his levels. He is gonna, hey, show you how to do this, son. Poor Dame. Ho Petty, bro. [01:57:56] Speaker 3: Symbolism. Tell the Super Bowl, he don't need me. I need... It is what it is, man. That is what it is. You need me, I don't need you. Yeah. [01:58:03] Speaker 2: It is what it is, man. Tap in Blackout Wednesday, 9 o'clock Eastern Standard Time. And then tap in Earn Your Leisure Thursday. We got the CEO text now. Super dope. High-level conversation. Man. [01:58:21] Speaker 1: Y'all been on the run. I like what y'all did with Joss, Wayno. Like, even the micro content. I'm like... [01:58:28] Speaker 2: Thank you, my brother. Shout out to my guys. Just got to keep working. Subscribe to the audio of Market Mondays, Blackout, and Earn Your Leisure. Subscribe to the audio. Very important. Apple, Spotify. Subscribe to the audio. Leave a comment. Five-star rating. That would be helpful. Thank you so much. Yep. Man, we're just working, man. You know. We just hustling, man. [01:58:48] Speaker 1: Staying busy. Gotta stay busy. Gotta keep... Listen, maybe we'll get to a marketing conversation on Blackout, but I keep telling everyone 10x, whatever output you're doing on the minimum. With AI, you need to look to 100x on the maximum. You're seeing us all do it. Put your foot on the gas so you don't go bankrupt like some of the micro neo clubs in 2027. [01:59:14] Speaker 3: Keep an eye on those folks. Keep an eye on those folks. Be careful. [01:59:17] Speaker 1: Be careful. To my people at Microsoft, my thoughts and prayers are with you. [01:59:22] Speaker 3: Love you, really. Yes. [01:59:25] Speaker 2: Choice options class Thursday. [01:59:27] Speaker 3: Thursday. Pull up 7 o'clock. Be there early. I already got the blueprint, the outline for it. It's going to be another one of them ones, y'all. For sure. For sure. Yeah. I'm just... We spoke tonight. I'm adding the cybersecurity piece to it. So, we're going to be there for an extended period of time on Thursday. [01:59:41] Speaker 1: The neo-cyber security play, that is brilliant. Even if the build-out is 40, 50 million, the cost savings, yep. Free cash flow. Study that. There you go. And return on invested capital are the two metrics you've got to keep your eyes on. You've got to manage their money well. That's why I sent that text from Elionta. But I thought about it. [02:00:08] Speaker 2: Goat's out the bag. [02:00:09] Speaker 3: The goat is out the bag, yeah. [02:00:10] Speaker 2: That's the marketing that they're going with. Goat's out the bag. Just seen that. [02:00:13] Speaker 3: Goat's out the bag, okay. [02:00:15] Speaker 2: The goat is out the bag. [02:00:17] Speaker 3: You got the... The Jay-Z 30 fitted on, okay. Shout out to Hov. [02:00:23] Speaker 2: Yeah, why not? Hey, why not? [02:00:25] Speaker 1: Shout out to Ray Daniels. Shout out to Cam, who called us early. Ray Daniels is on the show. We see you. [02:00:31] Speaker 2: I think everybody saw this coming on. [02:00:33] Speaker 1: Yeah, they said this. [02:00:34] Speaker 2: I just don't know why he did a concert in LA, though. That was kind of... I don't know. [02:00:39] Speaker 1: Well, you know how the tour schedule go. Obligate it. And it's a test run. [02:00:45] Speaker ?: So... [02:00:45] Speaker 1: Yeah, two nights sold out. You going to bring Kendrick out there and diss the boy again? Happy birthday. [02:00:52] Speaker 3: No, no, no, no. Kendrick had his moment already. [02:00:55] Speaker 1: Both of them petty. He ain't got his look back for what... What's the name? I know my boy had a good time in New York. It looked like it was a blast after the people were there. But if you don't think he not going to have a petty moment before that Super Bowl... [02:01:08] Speaker 3: What you thought about that shawl with the leather pants? [02:01:12] Speaker 1: I ain't see it. I ain't see it. What would it look like? It's fire or no? Ben the Don. To call me, my boy. Still over your game day. I ain't see it. [02:01:26] Speaker 3: I ain't see everything, man. What you talking about this shawl? [02:01:32] Speaker 1: Shout out to Uncle Dennis. Shout out to the whole Baca, whole game. [02:01:34] Speaker 3: Yo, real six shouters. [02:01:36] Speaker 1: Ben call me. [02:01:37] Speaker 3: Shout out to the six, man. Shout out to the six. [02:01:41] Speaker 2: Get rich from relationships. [02:01:43] Speaker 3: Yes. [02:01:44] Speaker 2: Go to arealegiate.com, hit the tab. We running that promo for one more day. Go to iainvest.com. Get your education on high-level education. Facts. At all times, Red Panda Stock Club. Man. [02:02:01] Speaker 1: Replay will be out this Sunday. Yeah. Let's keep running it up. [02:02:08] Speaker 3: Got to do it. Got to do it. Love is love. Y'all be good to each other. Happy birthday again to my pops. And happy birthday to everybody that's celebrating this week. It is Scorpio season, I believe. So shout out to all the Scorpios out there. Yeah, yeah, yeah. Love is love. Y'all be good. Mike, fade us out. Three hours.