some cautious comments from fed speakers. all eyes, brian, really looking forward to more earnings, right? actually hearing from companies, hearing from fundamentals. i think after the bell we're going to get toll brothers, high-end real estate homebuilder. of course the big one tomorrow morning, tj maxx and target. jackie: yeah the nasdaq and s&p 500 both on set for record closes as of now so we shall see. brian: i'm kind of excited for tj maxx. i want to see if the high-end consumer is doing more shopping at tj maxx, see what they have to say about that. that's right. jackie: wow, exciting. brian: oh, i get to say this. charles payne is coming up right now. i bet he is not a maxinista i think he is above that. charles: brian i used shop there, not shop there, go with her, i knew it was a great stock. she would spend hours there, not

alone. sometimes good to go shopping with your mom as kids. you can learn a lot. jackie: brian: amen. charles: good afternoon, i'm charles payne, this is "making money." there is palpable trepidation. the bias of the market is up but you're starting to get a little angst going into this nvidia earnings report. let's face it it is really the bond market that has the most influence right now and we've got ed yardeni on deck to talk about bond yields, maybe a brave new world for bonds. should we be afraid to go there. want to know, of course what is next for equities? you need to understand the risk. cameron dawson, always great at laying out what we should be looking for and preparing for. of course we want to know what is keeping her up at night. 2:45 we have house majority whip tom emmer. what he is doing to halt central bank digital security. he calls it nothing more than a big government surveillance tool. one of the best nvidia analysts out there i think the best, beth

kindig will help us break down the king of up chip-makers, also i want to see what is happening with her smci idea she said with us. it is up more than 240%. all that and so much more on "making money." ♪. charles: all right, so, regarding whether it is life or the stock market there is a distinct difference between panicking and changing one's mind, right? one could be based on evidence or enhanced knowledge. with that in mind another major firm on wall street has lifted their target on the s&p 500. deutsche bank now 5500 from 5100. now, interestingly, considering the market where the market is right now, the s&p, you know, these targets that you see on your screen, outside of being wells, they don't seem to be ultimately bullish. i don't see a lot of conviction per se. for some of these folks it is really more about direction.

there is no penalty for being completely wrong for a long time which is odd because clients, their clients and other people make investment decisions based on that screen that we showed you just a moment ago. now maybe the conviction is with those firms who haven't made a move, right? unlike mike wilson, of course, morgan stanley, who is finally blinked, you have got some firms down there really looking for this market to stay way down and turn back down. so it is true, panic works in both ways, right? those who throw in the towel because the parade passed them by, those who remain steadfast to an incorrect call and can only hope maybe the parade hits a speed bump and all the wheels come off. for all the hoopla about the slam-dunk with nvidia tomorrow, i really think anxiety, maybe palpable fear. you're right, nobody is selling. look at the screen. it remains green but it is weird it is such a sure thing yet the stock is unchanged.

when we talk about the broad market it is about the 10-year bond yield which had the most significant influence on this market for a long time. even more so than nvidia. for that let's bring in yardeni research president ed yardeni. you wrote an excellent report on bond yields yesterday. and if i understand you're saying hey we should all be looking for a new trading range with respect to that 10-year yield? >> yeah, i think everybody's been talking about how the fed has tightened monetary policy, how it has increased the federal funds rate by 525 basis points since march of 2022. i think what is important to realize here, is that the fed is also really normalized interest rates. the bond yield is actually back to normal. we had that abnormal period between the great financial crisis, the great virus crisis, when the fed was targeting the fed funds rate at zero and we hat quantitative easing. i think that is behind us. i think we're back to where we were before the great financial crisis and look at the charts,

you will see the bond yield was four to 5% and the economy was doing absolutely fine. i think the economy and the stock market will continue to do just fine with yields between four and 5%. by the way, i think it is fair, i think it is only fair investors who really don't want to take any risk, can buy money markets at 5% and bonds at 4 1/2% right now. charles: you also weighed in on the fed's 2% target by looking at inflation versus disinflation. you took both sides of the argument. i want to discuss that. part of the notion if the fed gets to that 2% target is unwith the reasons folks think yields will come down. >> right. charles: on the inflation side, fiscal deficits, deglobalization, onshoring, all those are facts. disinflation, you say could be counterbalanced with tech ininnovation and increasing productivity and aging. do these three on both sides completely balance each other out? >> well i think they do. the question is, at what level?

i think the level is not 3% or higher which is, what some persistent inflation people think but, i really think we're heading to 2%. i think it could stablize around 2%. so beware of what you wish for you may get it and that could include, that's not so bad. charles: hey, last week toward the end of the week you noted earnings estimates for 2026, $313. you said okay, you extrapolated that, $400 in 2030 is not unreasonable. >> yeah. charles: does that mean between now and then? obviously there will be pullbacks, there will be corrections, who knows, there could be a crash but is overall message to ininvestors though have a long-term, be long-term bullish? >> well i think the market trends suggest we could get the dow to 60,000 by 2030. we could get the s&p up to 8,000 by 2030 and that's based on some

fairly normal expectations of what earnings growth is likely to do. so i think it's a bull market. i think that it will continue to be a bull market. my main concern is actually that the fed gets twitchy and starts lowering interest rates which could create too much of a good thing. a melt-up followed by a melt-down. i don't see any reason why the fed needs to lower interest rates. i hope they don't. the economy is doing just fine with this level of interest rates. >> before i let you go, i only have 30 seconds. you mentioned a conversation with joe fishback. the put/call ratio could signal a near-term pullback? >> joe fishback is a friend, private individual trader, has got a lot of experience and he watches some of the trading technicals and he does keep an eye out for us on the put/call ratio and the put/call ratio has stayed pretty low here. we prefer bull markets where everybody is skeptical. i'm somewhat concerned to see that wall street is joining the

bull camp. i would rather have them stay on the bearish side but you know, it's got my contrary instincts up. charles: yeah. listen, i'm the same way. i love when you know, the seat is bearish or skeptical. >> yeah. i agree. charles: to your point, you got to make a decision. they're all playing catchup. ed, thank you very much. always appreciate you. >> my pleasure, thank you. charles: so my next guest says this earnings season was the moment of truth. i want to bring in all spring global investment senior portfolio manager brian van con kite. brian, what have you learned so far from this earnings season? >> this earnings season was a great chance for reality check on some of the major themes facing investors today and one of the more notable observations for us was evidence consumers seem fatigued right now. we've all seen the macro data, survey data showing consumer sentiment is sliding. credit card balances rising,

delinquencies rising all negative macro points. this earnings season it is started to show up in the fundamentals. big grocers and retailers talking about a shift down in bass debt size. restaurants talk about focus on value, negative comp pressure. home depot and other large home repair customers talking about deferring investments. one of the great last bastions of this market is consumer stier to spend. we see signs it might be fading. take a reality check, make sure the next decision doesn't walk them right into a growing risk. charles: i'm thrilled you're bringing this up. to be quite frank with you, the majority of folks i bring on say, hey, forget about the nuances. every now and then the numbers dip and then they go up. bottom line as long as people are working, they're optimistic and if they're optimistic the stock market will go up. isn't is not that simple. >> it is not that simple t

creates gait risk for investors. he can exuberance is high and confidence fed supporting i i investors is driving market. i think the window for the fed to be the great hope for sus closing. the idea they activelily cut with inflation still high, unemployment in balance that is hard argument to make. ex-sue bans might fade over the coming earnings season. that is a fear for investors this think about. we want to use earnings season which companies have ohio visibility demand despite the fed not, generous and which have balance sheets that allow them to control their destiny. the key for us as long-term investors companies use their balance sheet capacity in unique ways to drive future. through inorganic investments, organic investments and stock dividends. this will allow you to help the macro risk. charles: a lot of that in the vain of value.

you sent some stocks over. i think you noted, you used some quant research. i don't know we can go through all of them, but i did see vulcan materials which i love. i think that is almost self-evident but cbre, that is sort of in that commercial real estate space everyone is staying away from right now. you see an opportunity there? >> well it is one of the few areas where investor excitement is actually very depressed which means it could be an opportunity for us as investors. cbre is commercial relate estate focused bits. everyone is focused on transaction side of business. they benefit advisors and brokers for leasing transauctions and sales transactions. that has fallen oaf as interest rates rose and transaction volume soldly faded away. the other side of the business high recurring revenue they do maintenance work across every type of commercial property. that is being stable. that is growing nicely. the thing missing about cbre

they have not slowed down in their investments. they continue to invest organic growth on both sides, make acquisitions. when we get through this part of the cycle, transaction volume picks up as it always does, they create much higher market share much higher earnings per share on the other side of this little slow down today. i think commercial real estate fears is opportunity for us as investors. charles: bryant, great stuff. let's talk again real soon, thank you. >> thank you. charles: folks, my next guest is long equities. although she does see both the bull & bear case. she will share them with us. cameron dawson joins me next. ♪

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even the basement. the basement. so i can finally throw that party... and invite shannon barnes. dream do come true. xfinity gives you reliable wifi with wall-to-wall coverage on all your devices, even when everyone is online. maybe we'll even get married one day. i wonder what i will be doing? probably still living here with mom and dad. fast reliable speeds right where you need them. that's wall-to-wall wifi with xfinity. charles: folks, obviously the stock market has been on fire which brings some anxiety, right? people want to know how long can this go higher, where will it go from here. we have cameron dawson. you always lay out the pros and cons or the risk and reward so let's talk about that for a moment because you have a got a list of tailwinds and potential headwinds for the market. start with the tailwinds, what

keeps it going? >> we have to appreciate the technicals are still pretty strong for the market. we look at things like momentum and britt. we're still in an uptrend, seasonality are good. all the things that suggest that the market could at least keep drifting higher. we have to appreciate the eps estimates for the 12 month forward keep going meyer. they're sported by things like gdp estimates remaining resilient. the last thing ha liquidity is still supportive. the fed is taper being qt we have potential liquidity support from treasury given what they're doing with the treasury general account. all this is tailwinds can keep the market drifting higher but that doesn't mean we should grow complacent. charles: do you sense, i am sensing, i sense some complacency, but by the same token this market in my mind should be a lot higher than it is. there is somewhere woven in with

trepidation. >> we can measure the headwinds. we see positioning is as long as it was back in times like 2021 or early 2022. we're getting to the points of things being extreme. we're not maybe quite there yet. maybe things like sentiment could be drug a little bit more into extreme levels but the other part of it is there complacency in growth forecasts? we think this might be the actually the most important one. we've seen a huge rerating in gdp forecasts over the last 12 months. they have gone up by almost 200 basis points for 2024 estimates. we're asking the question, how much higher can they go? mostly because we're starting to see economic surprises turn negative, meaning economic data is coming in weaker-than-expected. so can we keep raising forecasts which is very good for equities when forecasts go up. can we keep doing that if data is coming in a bit weaker? charles: i mean that is the senator of scenario wall street tried to paint for itself coming

into the end of the year, right? somehow we'll get a soft landing. that the economy would be strong enough and still the fed would end up cutting up to six or seven times and it is so odd, the whole thing, cameron, was odd to me you could have it all, every way so perfectly and so positive that way. where are you now when it comes to these yields, when it comes to the fed? because the secondary argument was, well the economy is strong enough we don't need fed rate cuts but now to your point these economic surprises have come in fast and furiously and now the fed is back on the table for many in terms of a bull argument? >> yeah i mean this market has been one that wanted to have its cake and eat it too. the interesting thing even as the fed has come in significantly tighter than expected, been much more hawkish than what was expected back in january, remember the market was pricing in six 1/2 cuts in january. now it is closer to two cuts for the full year of 2024. the market has continued to barrel on and barrel on really

driven by multiple expansion which usually is sensitive to interest rates. so we think it all comes back to growth which is if growth forecasts keep going up, equities can shrug off higher interest interest rates and slug oaf a tighter fed. if growth forecasts start to get cut for any reason, weakening in the labor market, a weakening in the consumer that's when you could see a bigger risk off tone for this market and protracted kind of correction than the little mini one we had in april. charles: so, but you are long right now. i know you're going through a rebalancing kind of thing. but you're long right now, how critical, i have got 30 seconds, is being like nvidia where everyone has put their hopes and dreams into this. i never have seen anything like it. the hype on this thing is huge. say for instance, they were to miss somehow or give some sort of faulty guidance, is there some sort of potential surprise out there on that level that could make everyone have to go

back to the drawing boards quickly? >> yeah, if nvidia were to miss, it could certainly shake out loose hands. we have seen huge rushes into the market given the strength we've had. we're watching really close hi to your point. everything hinges on it. we do have semiconductor exposure which is sensitive to this overall mood but nvidia and the growth story around a.i. is certainly bolstered the mood of the market so if that were to be challenged we could see a little bit more of a shaking loose. charles: yeah, there is no doubt. chatgpt, i think changed everything for markets and for wall street analysts and for professional investors. initially many weren't on board. now i think too many might be on board. we'll see. hey, cameron, thanks so much. love your background, fantastic. talk to you again soon. >> thank you. charles: home equity loans were up last quarter, in fact the most since 2008 but remember 2008? oh, my goodness. anybody that was in the housing

market does. you didn't have to be in the housing market. it scorched everyone. i will ask carol roth and pete st. onge, is it smart to go down that path again. we'll be right back. ♪. known as a loving parent. known for lessons that matter. known for being a free spirit.

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♪. charles: so my next guest says a new heloc, a big round of helocs, right, home equity loan

mortgages woe unlock trillions of dollars for the economy but also warns there is something about when you pour trillions of dollars into the economy. i want to bring in the author of, you will own nothing, your war with a new financial world order and how to fight back, carol roth. we have saw this the last month bubbling up. we see a drop a seed here, a seed there, a few articles here and there, when they really want to push something like this. this is sort of like a hail mary. hey, let's everyone get a home equity loan, put three trillion dollars into the economy. doesn't cost the taxpayer anything and we all live happily ever after. >> yeah the question is, charles, why do you want to encourage consumers to spend more with debt right now? and we have this quote, unquote, equity in homes but we know that isn't realized until you take it out of the home by selling it t does create a very conspicuous situation. so why would you not want people

to capture that wealth? on top of that we have freddie mac who is trying to come back into the market and not do helocs, but a sister product with second mortgages. now we have the government saying hey, taxpayers, maybe you should come and back consumer loans? again we have to ask the question why is this a good idea? why do we want people to have more debt-based spending why, do we want the government to have more debt-based spending? the timing of this is very curious, charles. i think it has something to do with the fact there is an election around the corner. >> i'm kind of with you on that but again, to take this sort of a risk to win an election, i mean we already see people cannot -- inflation has been so destructive. i want to tap into your small business expertise here, because some of the news coming out of the nfib has been really bleak. from your vantage point what is

the state of the small businesses in this country? >> i think you know a few weeks ago i went in front of the house business committee, to testify against the corporate transparency act, boi rule. i wanted to reach out to small businesses if anybody wanted to provide a statement forced record. in a couple weeks i almost got 450. i had to shut it down. not only they were opposing this rule, what they wanted to tell congress, they put in the statements, the fact that small businesses are struggling. they have taken it on the chin. it is always challenging to be a small business but the last four years since the covid mandates which many of them bore the brunt of, and then the aftereffects with the labor market, with the supply chain, with inflation, it has just been one thing after another and they feel like instead of the government and everybody lifting them up and trying to make them more successful, there are just more and more barriers. that's why when you see nfib's numbers, that's when you see a report from alignable came out earlier this year, 43% of their

survey respondents can't pay their rent, this is what it is all about. the backbone of this country is struggling and we need to lift them up. charles: i got to tell you this push by the white house with unions, paying unions exorbitant amounts of money, it is just not helping. i have less than a minute 240 go. i have to ask you about this. this is right up your alley. i rarely ever quote "the washington post" but here's a headline for you, exactly how stupid was what openai did to scarlett johansson. we ranked it on our list of the seven most boneheaded cell phones by technology companies. this is a big deal. it is not just scarlett johansson. actors, one of the reasons i think they were going on strike. this is, this is scary stuff, no? >> yeah, who would have thought that scarlett johansson was going to be the leading defender of our individual rights in the digital age. she went after disney with black widow and streaming rights. now she is going after openai. at the end of the day our

biometric data is ours and somebody cannot trade off that for their benefit. if there is confusion with a brand which clearly based on the fact they tried to get her over and over again, she said no, they're trying to create that level of confusion that is exactly what ip protection is there for. i discuss love the fact that she's the one, the back in the day they had, adam smiths of the world and benjamin frank and we've got, charles, scarlett johansson. you go, girl. charles: we'll take it, we'll take it. we will own something even if it is ourselves. >> that's right, that's right. charles: talk to you again soon. all right, so this earnings season one thing i've been trying to do on this show, you watch, right, you know, this is earnings expectation game. every analyst pushes back on it but, there is, there is a vast difference, right, that exists between a company that lists, beats wall street consensus or even economic data that comes in better than expected. whether it was truly honestly

good news other bad news. case in point. the financial media this morning all giddy over lowers beating the street. however earnings were down 1%. same-store sales declined for the sixth consecutive quarter. by the way so did home depot. to me this is not a sign or proof of a strong consumer, just the exact opposite. i want to bring in heritage economist, peter st. ong. it is not academic stuff, right? people are running out of money but wall street refuses to admit it. so what do you make of this sort of lack of accurate accounting by the folks that should be doing it the right way? >> well, we saw that in 2008, right? wall street, the people who make a lot of money to analyze these things, they missed a tremendous amount of the details and we might ask why, we might look to their incentives. in 2008 they had incentive to look the other way. you might argue today they have an incentive to play along with government statistics and government statistics are always

going to represent things in the best light for their employer, right? they're looking for budget. they're trying to make biden happy. there are all kinds of games you can play in statistics to play around with the numbers to make things look a lot better than they are. you have this institutional problem with our economists where they tend to look at the world in aggregates. you have a bunch of labor. you break that up. you have a single labor. that is not really how it works. questions like distribution. you know if the fed is interfering with the economy, pouring six trillion going to the rich. those are the kind of things most economists are sort of allergic to that. it feels like socialism. it feels too lumpy. they like the nice clean numbers. the problem with that people on wall street don't necessarily have the intellectual curiosity to go beyond that. if you're being paid to be optimistic and all the grand phds, paul the krugmans of the world tell you all is well it is easy to go along with it. as you mentioned we have earnings coming in,

mcdonald's, kraft, starbucks, we have all the earnings saying the consumer is petering out. finally the retail sales numbers are now flat-lining. so reality does at some point intrude, one would hope that they would notice it a little bit earlier. charles: you just alluded to the fact it is election season. we do have an election this year. of course we'll get all the comparisons between trump and biden, whose economy did get better. i always have a beef with the trump stuff. the focus should be trump economy bc before covid-19. you have done real research on this. talk to us about that. >> yeah, unless the media thinks that another covid is on the way the obvious comparison that you're going to look at is the first three years of trump, right? that is the choice facing the voter. it is not shall we have another covid. it's do you want to go back to the trump economy beforehand and beforehand we were across the board, it was absolutely stellar.

it was morning in america. it is easy for people to forget how the slow the economy was under obama. for years we were talking about where's the recovery? it was very, have he slow. jobs took a while too get back up incomes took a long time. a lot of people were talking about this is the end of america. trump delivered in his first three years before covid came in, he deliver of the exactly what he said he would. the corporate tax cuts were absolute rocket fuel. we had job growth, especially among the poor, right. that was big news at the time. once covid hit and media got the line they wanted, they played along. they pretended, now they look at aggregate numbers about, trump didn't really do that great on jobs. during covid, you've got to be kidding. charles: yeah. >> if you go back and look at fdr, are we counting world war ii, like during the war? or will we count his first nine years which we now call the great depression? you have to be fair with these

comparisons. charles: that is word you don't hear too often, fair anymore. peter, love your work, man. we have to bring you on more often. thanks a lot. >> absolutely, thanks, charles. charles: some call him the crypto king of congress. we're talking house majority whip tom emmer. he has two bills heading for a vote in the house this week. he is my special guest right after this. ♪. when enamel is gone, you cannot get it back. but you can repair it with pronamel repair. it penetrates deep into the tooth to actively repair acid weakened enamel. i recommend pronamel repair. with new pronamel repair mouthwash you can enhance that repair beyond brushing. they work great together.

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can katie sleep over tonight? sure, honey! this generation is so dramatic! move with xfinity. ♪ we are the champions my friend ♪ ♪ and we'll keep on fighting -- charles: well my next guest ask known as the champion of crypto. that is on capitol hill. he in fact has two crypto bills hitting the floor this week. financial innovation and technology for the 21st century act or fit 21 would offer some market structure, clear rules for digital firms. it has the backing of the crypto exchanges, coinbase, gem -- gemini, crack ken cracken. house member tom emmer. this anti-surveillance state act, i love, you minutes no

words. you're saying central bank digital currency is not open, it is not permissionless. it is, private nothing more than a big government surveillance tool and that it's, you know, i'm curious though, your colleagues feel about it, how many of your colleagues agree with you on this. are they ready to fight? >> two or three years ago i would have said felt like i was yelling into the woods. today i think you've got republicans and democrats alike who understand what we're dealing with. you can just, all you have to do is look at the communist party of china, chinese communist party with the digital yuan, charles, they are literally using that to track their citizens purchases, their behaviors, and they're building social scores which people can be evaluated on for different things in this country, for insurance, et cetera. we do not need nor do we want something that is inconsistent

with our values. in this country we believe in a person's right to self-determine. we believe in a person's right to privacy and be able to do business with whomever they want to do business with. that is not what a, central bank digital currency would do. what we've simply said in this bill, until our government can actually show us that it can emulate cash, be open, permissionless, private with a capital p, charles, you should not be creating any central bank digital currency through whatever part of the government, whether's the treasury or the fed, whoever. charles: right. >> that's what it says. it also requires them to come to congress for an authorization if there comes a day they think this is something they want to do. charles: you know, i think the answer though to that it does the exact opposite and by design. i do find it interesting, you're absolutely right, you were alone in the wilderness not too long ago.

10 days ago, a week ago, on the same day that the biden administration has been really harsh on cryptocurrency, a lot of famous dems like elizabeth warren, former president trump came out in favor of it. i feel like ever since that day, many dems also shifted their position. listen a lot of young voters this is the kind of freedom i want. i will vote for the person that gives me this freedom? >> they don't call it the central government just because it is the central government. whether it is elizabeth warren, the white house, they're trying to protect the central, in central government. they want a centralized, controlling-based, top down system. what crypto is doing, it is literally creating decentralization. that is why that fit-21 bill, the market structure bill will be so important because they included our securities clarity act. there were two things that really concerned me. well three. one, i want to have the rules of the road. charles: right. >> we have to stop pushing

innovation off our shores. the way you bring people in so you don't experience the ftx problem we had where they feel like they have to create their business offshore, is you create clear, simple, playing rules that everybody understands so that they will keep the innovation in this country and they will develop the next generation of the web right here. the other thing? we wanted to delineate what the supervision, the oversight, the regulator was going to be and what circumstance. the biggest one for me, you got to be able to move from a centralized system to decentralized because a project can start as a centralized but then ultimately it can develop into a decentralized network and that's what we're really looking for. charles: i got 30 seconds, i got to ask you, within the party there is talk of a new economic vision being rewritten obviously. you know president trump is the candidate for your party. a lot of your colleagues have left in the last couple years. you know, there is definitely a

division between old school gop thinking and this newer gop thinking. how do you fit in there? >> it is time to move the financial system, which is the definition of our freedom in this country into the 21st century, charles. that is what this is all about. it is literally taking a situation where today you need intermediaries for everything you do, giving you the opportunity to have peer-to-peer business in the future. intter mediaries are not going away but you and i will be able to make decisions most important to you and i based on holding our own data, making the calls right now that other people are making. >> there is a reason you're the majority whip. you're really sharp there we have to pick this conversation up one day but we ran out of time. you're a hero for a lot of young folks out there, a lot of people who love economic freedom. they love the crypto story. they don't want it high tracked by the government. majority whip emmer, thank you very much. >> thank you, charles. charles: so folks today i had

the honor spending the morning with atlanta miss department recruits. i have to tell you very special honor to try to help those that put on the uniform every single day to help us and keep us safe. i was able to speak to them about savings, investing, and of course making the most of their youth and i got to tell you the questions were very impressive. although most of these kids they could be earning a lot more money for a lot less stress, these young men and women decided to become the ultimate public servants. i want to say thank you to them. it was absolutely wonderful. all right, folks all eyes on nvidia. they report after the bell tomorrow. i will ask nancy tengler and beth kindig. you have to listen to beth kindig. if you watched her on the show the last couple years you're watching this show from a yacht. we'll be right back” ♪. p you need clem. clem needs benefits. work with principal so we can help you

with a plan that's right for him. you know what i'm saying? let our expertise round out yours.

charles: joining me now, laffer tengler cio nancy tengler. a nancy, you've been around for

a while, which was the last time there was a stock as important as nvidia that everyone was on the bandwagon they're going to crush it, it's unstoppable, it's unbeatable? it's like everything hinges on this, but everyone's convinced they're going to do so well it feels odd. >> yeah. well, charles, i mean, i think we could go back to the nifty 50s, we could go to walmart, amazon. i mean, eventually the party slows at the very least. but i do think the if you look, as we do, we've been sitting on all the earnings calls, and technology companies in particular are are increasing their spend on all things a.i., so that's going to benefit hardware with, software, and it's definitely d definitely going to benefit the chip sector. whether or not this report beats, i don't know that i really care. i think if it sell off or, investors want to step back and take, you know, take a step into the stock because this is a multiyear, maybe even multidecade growth trajectory

that you want to be the part of. charles: you've actually talked about, this the amendment company that are able to use a.i. more efficiently, you know, for the bottom line. so, again, yeah, we mow this is a long-term thing -- we know this is a long-term thing and i think the underbelly of the fourth industrial revolution. let's talk about some areas that you're in right now that you're overweight, i know industrials and technology. on the industrials side, what do you like here in. >> so two names that a we've owned sort of because of the pick and shovel and old economy companies using generative a.i. are power, so quanta, and carrier. and carrier's, you know, a much less interesting company than quanta, but the ticker's qwr. carrier, however, critical to data center growth, and we're going to continue to see data center growth at about 12 a year for the next 5 years. the ceo this last quarter said the best he's felt about sustaining productivity taking the out expenses, margins

expanding materially and earning grew 19. and then the quanta the is also very important to this whole grid issue. and you know that we've with said we're going to increase power uses by 50% in the next 1010 years. they're going to be one of the main if beneficiaries because they're building the structure, and they're benefiting from a lot of the spending coming out of washington. charles: all right. hey, nancy, we've got to leave it there. we start you off in the a block next time. thank you so much. [laughter] >> thank you. charles: folks, let's talk about the nvidia earnings again because, again, it's tough but there's someone who was in this space before no one liked it, when no one even knew if about it. i want to bring in tech analyst beth kindig. all right, beth, from what i understand you're long invid cra rah. so the question isn't whether we hold it into the close tomorrow, i guess the question is what are you expecting. >> hi, charles, good to see you

again. right now hopper architecture brought us to a $100 billion day the that center segment, hold on to your hat, blackwell at the end of this year will big it -- bring us to a $200 billion data segment. the ultimate fireworks begin at the end of this year, and that's because nvidia is now going to compete with nvidia. so they are sweeped speeding up their release generation cycle from two years to one year, and they're doing that that to make sure that their next generation can pry that cap-x budget and reallocate it to the next generation. this is bold, it's daring for them to speed up that fast, never if been done before. so by the end of this year, the word is blackwell. charles: you know, when bitcoin was hot a few years ago, it cooled off quickly because everyone complained about the power consumption. i was reading today to that to be able to achieve the power consumption that a.i. will drain

it if our system, or we'd need help from china, from rare earth materials in so many ways. does that ever become an impediment toward the expansion of a. i.? if. >> yes. yes, interesting we heard so much about bitcoin can and heaping on a.i.. it does. and so we want to look for companies that will enable lower power, some of it the memory side, memory component and then actually super me crow companies like that -- super micro, they're coming out with liquid cooling. blackwell will feature something called liquid cooling alongside super micro building those systems. so if you look at a the intricacies of this across the board, the supply chain, everyone is working very hard to solve that problem, and i think it'll be quite lucrative to find those opportunities. stuart: charles: speaking of super micro, you gave it to our audience last june, it's up 240%. are you still holding that? >> we movedded not into the sideline ses.

once we get into trim digits, we like to clock those gain. super my core could be hitting production capacity, so nvidia will have to rook elsewhere. we think dell is going to be the second runner-up after super micro. articles a charles we brought u- charles: we brought up bitcoin, i know you like bitcoin. it's actually fantastic. are you still long it here in do you still like it longer term here? >> absolutely. we think it'll go over $1000,00e long and strong bitcoin. charles: and i've got to ask about a chinese tech, chinese a.i. as a potential threat. you know, these stocks haven't moved in a a long time, but the scuttlebutt is now it's their turn, they're going to make a move. i know you're probably looking at 'em, are you in there at all? >> yes. we nibbledded at baidu and tencent because what china has is population are on it side. so some of that consumer a.i. ooh's going to move faster than what we see in the united states

because they have, you know, 3, 4x more consumers. then when you add the fact that china a.i. is going to be sovereign a.i., so that means they're going to want it regional a, they're going to want it local, their -- they're not going to to work with united states a.i. companies, that combination means companies like baidu and tencent have an open runway in their own region. charles: all right. everyone's going to to be on pins and needs. beth, congratulations. you really were pounding to table on this when no one believed it. a few times they would have a hiccup and people ridiculed you and your work, but your on top of the world right now, and anyone that followed you is as well. speaking of being on temperature to have the world, that's where i am because liz claman is back. hayes liz charles, that was a good call! smci, nice move. breaking news as we kick off the final hour of trade, we are looking at one of the close e races to a