tesla from 100 to 165. >> i think it's par for the course because on the next rally that kicks off the next bull market, that stuff's going to be fine every head fake, it's also going to be fine i think it works against the idea that people hate the market but doesn't disqualify this rally. >> i'll see you then "fast money" miami is now. >> "fast money's" on the road in miami. a city that's a lot more than palm trees, beaches, and afterhours fun we're here for the i connections conference jim chanos, plus, venture capitalists who love south florida. and later, the crypto winter seems to be thawing but will that reignite miami's bitcoin dreams "fast money" starts right now. welcome to "fast money."

i'm melissa lee live from miami beach florida, at a sprawling event that brings together titans from the finance and crypto world joining me is dan nathan and guy adami, who apparently drew the short straw tonight. >> was that even me? this is fun. >> i'm saying this is amazing. >> sarcasm by the way, this is a place that like sinatra would hang out with dean martin. i'm partial to those guys. >> i know. for all the talk of a looming recession, it doesn't feel like that here. >> it doesn't. if you walk this resort and see all the people here just to be at a resort then look at the thousands of people here to do business and be at an event like this, i haven't felt this way since before the pandemic to be honest with you. >> a different story in the markets today. stocks kicking off the week with broad losses nasdaq dropping nearly 2%. s&p down more than a percent ten of 11 sectors losing ground.

dow shedding 260 points. selloff comes as we get ready for a very big week of market moving events. earnings from meta, apple. alphabet and amazon. jobs all on the calendar could this week's news accelerate today's losses? felt like we were a little bit long overdue for this considering the slate of things that were happening. >> the last week and a half has surprised me for sure. i can only speak about myself. the rally we've seen over the last ten or so trading days has been interesting not sure what it's been predicated upon, but can this basically accelerate the losses to the downside? absolutely but can it also accelerate the move to the upside if you get some sort of dovish fed talk, a soft number or if apple doesn't disappoint, today can be reversed in a heart beat. what i said last week sounds glib but not meant to be, it's going to move one way or the other. i happen to think the move is going to be lower, but if this goes through 4100, we're going

to see august highs. >> it's a possibility too, that big tech disappoints look what we had with microsoft. >> i think the microsoft is really an interesting example where estimates had come down. expectations came down the dollar which was a big headwind last year, should be a tail wind now if you think about where the u.s. dollar index is they warned on the dollar in june of 22 with rates lower, the last piece of the puzzle, i hate to skip ahead to friday. it's going to be jobs. what we think is happening in the labor market. what we think is happening that wage inflation that we know is really sticky. so to me, i think there's a little something for everybody i just don't think we're going to come out of this earnings season on a big upnote about earnings guidance bombing out in q1 or 2. >> a lot has happened though that would give reason for the markets to move higher you mentioned we're closer to

the end of rate hiking, correct? interest rates have come in. the dollar has come in we've gotten a lot of things going in our favor >> europe didn't cascade lower they got a break in terms of natural gas. >> winter was warm >> china reopening is a tailwind as well. they think the fed is going to give them a pass the back end of the year the flip side of the coin to dan's point, this is an environment where you're not paying up in terms of earnings i don't think an 18 multiple which is worth trading now, assuming earnings coming in at these level which is probably not going to happen. i think earnings continue to contract then the multiple should be less so even if you're paying a 17 multiple, at 200 times which is where this is going to come out, that's a 3400 s&p. >> we're kind of the guys who have been bearish the last year and now the guys who are really, really wrong in this january i get e-mails, tweets. guy probably responds to a few

too many of those hate tweets. we started to think this in november and december. if the consensus is now coming our way that the first half is going to be bad where we start seeing these meaningfully earnings declines here, if that's the consensus, it can't work that way. we climbed that wall of worry here people think that europe is out of woods and china's reopening, there's a chance later this year, maybe the first half is okay and the second half is bad. i just don't think to your point, guy, the s&p at 18 times, this is not how bear markets end. at some point, we're going to have everything not as rosy. to me, i just think we're going to be retesting those october lows at some point probably in the second quarter >> it is amazing at how many people forget don't fight the fed at this point and you think powell's going to come out on wednesday, okay, it's fine the market's rally he doesn't want to see them

rally on the back of that fomc meeting. >> people getting on david tepper, when he made those comments a month and a half ago, that was sort of a bell ringing for the bottom he didn't. maybe in the short-term, yes, but you're 100% right. if it's true when the fed is lowering rates that by being bearish, you're lowering the fed. if you're bullish, you're fighting the same federal reserve and they have made it clear that they don't want asset prices to go higher and are seemingly hellbent on getting unemployment lower >> to another potential concern for the markets. top general warning the u.s. could be at war with china in the next two years this according to a memo obtained by nbc news eamon javers has more. >> taxpayers get paid, pay american generals to do two things fight wars and prepare for the next wars coming up and in that

new memo, the general used unusually blunt language the general cites presidential elections in the united states and in taiwan set for 2024 and postulates that the chinese government could use those moments of political distraction to strike taiwan he says my gut tells me we will fight in 2025. he added he wants annage ill joint force maneuver team ready to fight and win inside the first island chain that kind of language just usually not what you hear from american diplomats or the white house. they tend to speak more in those gauzey terms of china being a strategic competitor, but a department of defense spokesperson tells nbc these comments are not representative of the department's view on china. so it's difficult to even talks about this in terms of the economic cost of a war with china when you compare it the loss of human life, but it is same to say that a war between

the united states and china would have an immediate and devastating impact on supply chains and market access for american companies >> thank you what's interesting about this memo, guy, and you've been saying this is on your sort of bingo card for wild card events this year in terms of geopolitical tensions is he's saying taiwan and the u.s. will have elections in 2024 and they'll be distracted and that's xi's opportunity to jump in. >> makes perfect sense we're tasked with the ramifications for the economy, markets. loss of life is catastrophic, but when you talk about the markets, that's something we paused back before the winter olympics we talked about the potential russia ukraine that wound up happening probably a week before and china taiwan is out there if you put yourselves in their shoes, it makes perfect sense. that is clearly out there and 2025, i mean, that's not like it's that far away

the market in my opinion, wherever we close today, is clearly not pricing in >> deglobalization, if you think about the disruption of supply chains we've had because of the pandemic on the flip side of it, this is massively inflationary so for you people thinking the fed may have to cut because of declining growth in the back half of this year, that might be the case, but if we are reshoring jobs and the point we just made about the stickiness of wage inflation, that could give the fed this tailwind to keep rates higher for longer >> jim chanos, founder of chanos and company. jim, it's a pleasure to have you with us. thanks for joining us. >> welcome to my hood. >> i know. your new hood. >> been here 20 years. >> oh, 20 years. what do you make of this memo, this notion we could be at war with china feels like people don't want to believe it or don't believe it >> yeah, a war in the pacific is serious stuff. let's not forget we have a land war in europe going on right

now. world war ii tanks, artillery, things we haven't seen in our lifetimes. so shooting war in the pacific all bets are off i certainly hope that doesn't happen and but yeah, i mean, it upsets everything because of what guy said. whether it's supply chains, whatever having china go to war with the west would be just apocalyptic >> how does that factor in to your view on china and how you view that market in terms of opportunities? >> our view on china which is 12 years old has been based on the financial system and debt and real estate markets over there not a lot changes. china will become more insular i've been watching the china reopening trade like everybody else has for the last six or nine months. and sort of marveling at it.

but i don't think there's any way to handicap it from my perspective. as a hedge fund manager. again, if it happens, it's -- the unintended consequences will be severe. >> do you think going forward, we're just seeing i guess the you know, the situation with russia and ukraine was simple. u.s. multinationals had to take a stand about the russia aggression it's a little different with china when you think about our reliance from a manufacturing standpoint in that emerging middle class which has been a part of the bull case for 20 years now in china. how would that play out? i feel like that could change the dynamic for a lot of u.s. companies. >> yeah. again, i think we're far more intertwined into the asian economies in particular china and so anything that would end that and bring this to a cold war much less a shooting war just has to be, has to be just a major, major event for not only

markets, but gee politics. >> expensive, not expensive. 30,000 feet. what are your thoughts again, the don't fight the fed mantra, for some reason, people want to look past it when it doesn't line up with the market going higher for them. >> we don't try to time the market but like anybody else, i have opinions and things are not cheap. they're not as expensive as they were say a year and a half ago on the other hand, the market is at 18 times forward. profit margins are all time highs. so that has not mean reverted. one of the most mean reverting time series in all of economics and finance is corporate profitability. and it's been stubbornly good and high but since i've been on the street, 1980, not one bear

market has ever traded above nine to 14 times the previous peak earnings. so whether it's 87, 89, 90 94 2002 '09. if you think earnings are peaking now at $200, that's a long way down. that's 1800 to 2800. we're not anywhere near that and so you have to hope earnings hold up. and you have to hope, i mean look right now, the market in the space of really six, seven months, has gone to corporate profits are going to be up 12% this year. inflation's coming down to 2%. the fed may be easing at the end of the year. i mean, that's pretty much nirvana if you're a bull

they're wrong all the time, but people are pricing in a pretty nice goldy locks scenario. >> are you trading the markets directly overall or individual >> in our hedge fund, we're slightly net short and net long. so until recently, we were actually slightly net long i think we've gone back down to zero, plus or minus. and in our short only funds, we're 60 to 80%. just depends on the individual nails and we try to not take a lot of systemic risk >> a lot changes when you go from zero percent interest rates to 5%. certainly accelerate the fundamental stories. i'm wondering are there positions you think look even better now because that environment changes? et cetera? >> one of the areas i'm marveling it's held up as well as it has with a couple of

exceptions in sub sectors like office has been commercial real estate i just don't get people buying almost any kind of commercial real estate that is, that doesn't see good demand at 3%, 4% cap rates makes no sense sl green, which we are short, new york offices, been short now for a couple of years, trades at a 5% cap rate and it's levered massively to its cash flow i just don't want to buy new york office buildings right now at a 5% cap when the balance sheet is leveraged 15-1. there's all kinds of stories like this out there in the commercial real estate as you know, we're short the data, which is one of the worst businesses i've ever seen. they trade at 100 times earnings and earnings are the metric because capex equals depreciation there's all sorts of odd

anomalies in the space things in the stratosphere still that make no sense to us >> sometimes things look cheap and they're more expensive the intel quarter was a disaster debt ceiling, politics are boring, don't really talk about them and i'm not suggesting we're going down the 2011 path, but it's clear there's a faction of people who want to push the envelope on this does that concern you or we slide through? >> kind of another black swan that no one thinks will happen, including me when push comes to shove, i think we're going to pay the interest on our debt but who knows. could be wrong >> got a lot more to talk about with you, jim, so stick around we're going to take a quick break and continue the conversation on the other side and later, sofi earnings forecast soring. details in just a few. you're watching a special "fast money" live in miami back in two.

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welcome back we're here with jim chanos we've got to get to it the tesla question

>> really. >> yes yes. you're still short correct? >> we are short. yep. >> but you trade around that position, right? >> we do it's been bigger and smaller, but we are still short >> what is the thesis now? >> so, what i point out is what i mentioned today on social media. interesting is what the bull case has done. bear case has been consistent. margins would have to come in. sales would slow from the base what i'm more amused by is how the bulls have shifted from in october, this is the only company still growing 40 or 50%. and you can pay 60 times earnings $4 last year in october, the stock was $240 now that earnings estimates have come in hard for 2023, 10%

now the narrative seems to be well, yeah, there's a price war going on, but the legacy auto guys are going to be hurt a lot more than tesla is okay but that just shows you that the auto business is a tough business, right? if you've got a cut price as well as raise price for ebbing supply and demand, you're in the auto business. a cyclical business. his margins, which peaked out in the high 20s, gross margins, are now heading into the high teens where they were before they opened china everybody forgets tesla lost money through 2019 building cars in the united states it wasn't until they opened shanghai and that ramped in a major way that their margins took off and china right now is their weakest market so he's, you know, they're wrestling with some issues the stock is still at almost

$550 billion market cap. trading at 20 times gross profits. it trades at a premium in terms of multiples to ferrari and porsche. >> but does it tell you something i don't know, about the mentality of the tesla stockholder that the earnings have been reported, that it is known now that the margins are going to decline by a lot and the stock still went higher on the back of the earnings and by the way, ford said that we have to cut the price of the mach e because of tesla that the competition is getting to the point where they have to follow what tesla is doing isn't this a case of tesla just trying to gain share in the long run, they're better off. >> can i introduce you to some other stocks in my portfolio that are up more than tesla that are going bankrupt it's been an insane three or four weeks

much like july, august so you've had stocks like carvana triple you've had beyond meat, which we think runs out of money this year, up 40%, 50%. tesla's not alone. >> so, jim, let's talk about tesla in china, okay, because we know they have this great market share here in the u.s. and i think melissa just mentioned the mustang price cut. they're making those cars in detroit here, but the cars that tesla are making in china, they have less than 10% market share over there and a lot of these local manufacturers are doing much better and i see no reason for that to change throw in what we just talked about, this geopolitical potential. our situation with china is not getting any better, but yet he's placing more and more emphasis on the market from a manufacturing standpoint, access to materials for batteries and also the demand for cars just seems pretty obvious this only gets worse before better in china. >> you know i've been saying kind of half tongue and cheek

that tesla's a chinese car company. it really is the bulk of its production is there. and we think almost all its profits are generated there. and so you have all kinds of risks now in light of our earlier discussion about the warnings, but on top of that, you have repatriation of capital risk you have byd and others just taking massive market share and tesla trades at a premium to those companies who are growing faster than they are in china. so if you want to play all these things, there are now lots of ways to do it and you want to play the growth of evs in china, you can buy byd. buy nio. >> do you own byd? >> no, we own the s&p and nasdaq i don't think it's in the nasdaq if it's in the nasdaq, we own it i just think that it's really the choices now are increasing and the bears were wrong on competition. it took a long time to show up, but i don't think they're wrong

now. i think the competition is growing and it's here. >> let's play the trade around it game. traded down to 101 and change. rallied 75% or so since. carter last week said the stock is straight up to 175. middle of that down trend and failed where's the ultimate level for this to get to a point where you say that's it, i've got enough, this is my level >> the street estimates have come down dramatically for this year were $6. they're now 4 and change we think the number has a 2 in front of it this year. and so then the question will be will investors say gee, this is cyclical earnings were cut in half. and what kind of multiple. i think it will always trade at a premium over the intermediate term to other oems, but i don't think it should trade at 5x premium to the other oems. that's where it is again, the others trade at three

to five times gross profits. tesla at over 20 times so the magnitude of the valuat valuation discrepancy is enormous here and i think that's at some point, going to close dramatically is it $40? $60? i don't know we'll have to see. but i don't think it's 170 >> is there anything that we think maybe i don't get this part of the tesla story or this is the one wild card that would happen that would cause me to rethink, even a directional short for a long time, the position size changes over time? but is there something that sort of gnaws at you? >> well, yeah. something gnawed at me for better part of four or five years. stock was flat for five years and then took off. >> why didn't you cut your short then >> we did. we did >> were you completely out >> no, i don't think we've ever been completely out. we vary positions from half of

1% to 5% things really get over 4 for us. people talk to us about tesla, whatever they always assume it's our only position one of 43 names in our portfolio. we have a few other ideas. right now, it's kind of in the middle of that but i told, i debated and noted tesla bull a week and a half ago. i stand by what i said i think tesla were to show reacceleration of earnings, i think we would rethink our position suddenly 450 became five and six and seven again. i think their profits are going to be under pressure i think it's going to be relatively permanent i don't think they're going to be earning 28, 30% gross margins. i think it's too competitive a market at this point they're too big. they've been successful. at large numbers and now they're

having to go down market to get more share and volume and that puts them square with the japanese, german and u.s. auto manufacturers. >> we got 42 other names to talk to you jim's going to stick around for one more block we'll also talk about 400 how m aimed to become the crypto center we'll have more on the crypto winner and where crypto is winner and where crypto is headed after this break. all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want... your team, ours we're live from miami, special e k edition. stick around t ip converged network, from the most innovative company. bring on today with comcast business. powering possibilities™. realtor.com (in a whisper) if we use kevin's college fund, we can afford this house.

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but you are short and long other things you referenced the meme stock mania and you're actually long one. >> we're long and short kind of the same one >> yeah. walk me through that trade that's fascinating >> so we are long the amc preferred. the so-called ape shares ap and we've been bearish on the common for a long time, since post meme stock run up adam aarons to his credit is trying to raise capital. doing the right thing for the company. they realized this loophole last august where they could issue preferred shares, couldn't issue any more common. wouldn't let them issue any more common they find kind of a back door around that and did a placement with a private investor who agreed to vote shares on behalf of converting these. so what's going to happen is it's going to be a shareholder vote in march.

filed the document on friday night. preferred shareholders can vote. common shareholders can vote we think there's enough votes to force conversion so one ap will become one share of amc. they're still trading about a $3 difference >> i didn't know there was math in miami, but apparently there is so go to 30,000 feet and what does it say about the state of the market when you can see names like this move 100% one day and 100% the next day? does that mean we're a closer bottom >> since the first quarter of 2021 which i keep saying was the most speculative market i've seen in my lifetime. the meme stocks, spacs, ntfs, crypto every time the meme stocks have taken off, it's been the end of the rally. not the beginning. that goes back to january of 2021 there was a similar rally in

june, july of 2021 another one in the fall. and then we had one in march, april of 2022. we had a big one in july august. mini one in october, november, and just had a big one in january. and every time the retail comes back into these names to squeeze the shorts or you know, do whatever they're going to do, it's a pretty good sign that people have lost their fear. and they're buying near bankrupt companies. companies like this and restructuring. i think bed bath and beyond is a wonderful example. that ran earlier this month and their bonds are trading i think now at four cents on the dollar. four cents so if you thought bed bath and beyond was going to turn around and become a great company again, you would have a 25 bagger by buying the bonds, but nobody wants it. but the stock they love. that makes no sense. >> what is the environment like with rising interest rates with the market decline you're forecasting or expecting to be a

short-selling in i'm asking you this in the context of hindenberg research issuing its research on adoni group. that stock in india wiping out tens of billions of doll already lars in market cap >> in context of what? maybe refine your question a little bit >> people are really listening to short sellers these days. >> it's a very unique example. they do phenomenal work. the adoni report was amazing i read it over the weekend and so you know, we like other investors, when they put something out, we rush to read it but look, i mean, this is kind, this has been an eternal struggle between the bulls and bears and short sellers continue to be vilified just get on social media and so many stocks have a rationale for ownership because of the short position.

i just keep warning people, please don't buy worthless pieces of paper because someone has a different opinion than you. do the work and understand what these stocks might be worth as companies before you just say, oh, it's got a big short position, i'm going to buy it. it's not a great reason. >> you just mentioned over the last two years now that when youf seen this sort of activity we're seeing right now happen, exuberance, it's kind of at the end of this rally. we're 15% or so off those october lows we've seen a massive rotation over the period into financials, industrials, into some other groups and megacap tech has underperformed, but to me, if i look at a caterpillar, a jpmorgan, i see valuations that make a whole heck of a lot of sense giving what i think is going to happen to the comecono. are those presenting interesting shorting opportunities >> we talk about meme stocks and tesla, but we have far more core

positions melissa in what i would call massively overvalued, crummy, well-known businesses where returns on capital are terrible, cyclical, and people have bid them up into the stratosphere we're marveling at general electric at 40 to 50 times earnings general electric you know, it's gone through restructuring. they spun off healthcare at the end of the year and estimates have just kept coming down and now the estimates for this year are 1.60 to $2. that's on an adjusted basis and ge puts out one or the most hysterical earnings press releases 18 pages of adjustments. so the adjusted adjusted adjusted is a buck 60 to $2. stock's at 81. i mean, ge, you know, it's a cyclical company often trades at ten to 15 times earnings 40, 50 times and there are other names like

that i don't want to go into. dan and i were talking about some of them companies where earnings are going to be down meaningfully this year and flat from 2018, 2019 trading at 40 times, 45 times. so there's a lot of pockets of sillyness. they're just not in the names that were silly in 2021. those have come down so much, but they're nonetheless for what these companies are, they're pretty pricey. >> jim, it's been a pleasure thanks so much for coming by thanks for allowing us into your neighborhood >> you guys should come by anytime. >> i don't know about these guys coming up, bitcoin soared in 2023 is crypto winter thawing out it's been a tough year for shape shares, but could tomorrow's results filter out some of the haters

when "fast money" returns.

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mode since its recent lows serving 37% since the year alone. what will it mean for miami's crypto dreams? we're joined by -- of the future perfect ventures fund and chris ryan of galaxy graet great to have you onset. have we see the worst of it? >> well, you never know that we've seen the worst, but we're certainly past some of the shock that we saw at the end of last year and bitcoin is performing as a risk on asset again. we have governments around the world that are starting to recognize crypto assets as an investment vehicle countries that had previously banned so i think we are definitely going to see a recovery that lasts for a while. >> we look back and is ftx going to be the best thing to ever happened to crypto or the worst thing?

>> i think we needed to get rid of some of the frauds in the sector we knew there was going to be a downturn and really, ftx was classic fraud and very little to do with crypto assets themselves we are investors in a lot of entrepreneurs that are big believers in allowing bigger swath of the world to invest in these assets and they want to do it and regulate an environment. so this is an opening for all of them to flourish >> chris, you trade the crypto assets and i'm sure that you have a focus that has a lot of different inputs here. is it institutions, we just heard that governments are looking more and more. that was always one of the bull cases. what do you think the bull case is right now to avoid maybe the retail investor coming back. this has been a heck of a run, but it's got to be something more than retail alone >> i think over time, too, what we're going to see is a lot more top down regulation one of the big stumbling blocks

for institutional investors has been a lack of regulation. so we don't think regulation is going to be something that happens instantaneously. this is going to be kind of a more long game in regulation, but the more we're discussing that, the more we're talking about it and the more that institutions like us are working with regulators to try to lay out a logical framework for crypto, the more interest i think will pool in from institutions >> there's a lot of just things out there minted out of nothing. ftx coin is just one example of that what is it going to take that shake that out of the industry does it need to be shaken out? >> i think it needs so because what we don't want to happen is to have retail investors being hoodwinked into these tokens that have essentially zero value and where we have a lot of frauds that claim you can get rich quick by owning this. unfortunately, there's a lot of people that still believe that we need to set the stage clean,

get rid of that, and focus on those assets that have value, that have a growth proposition that we can build a technology on top of. >> aside from bitcoin, which coins do you like the best >> so i've been told i can talk about a few. bitcoin on a relative basis, i like it in the near term it's one of those assets that i think when the fed really does start to reverse policy, you're going to see a lot of thrust back into bitcoin. ether is another great one the two of those coins alone are 80% of the market cap of crypto and they're the easiest to onboard from investors and the easiest to kind of conceptualize. i think those two are going to be around for quite some time. the number of of the alt coins, there are a lot of interesting coins there, but it really will come back to the regulatory framework. it's very difficult for u.s.-based protocols to structure a token to actually

create value because the second they do that, they're a security so i think once that regulation is put in place, it's really going to help to set the stage for really interesting investments. >> never enough time in those shows. thank you so much for coming by. coming up, snap earnings on deck and investors could be bracing for a huge shift plus, from silicon valley to the beaches of south florida, venture capitalists with a huge presence here in miami beach don't go anywhere. "fast money's" back right after this

take a look at snap shares kicking off with a gain of 1.7%. let's check in with mike >> right now, the options market implying a move of about 20% by the end of the week. traded two and a half times its daily average volume the selling 15,000 of the 14.5s targeting move between 16 and 43% with the sweet spot up 30% by the end of the week

>> all right thanks for that. for more, tune into the full show friday, 5:30 p.m. eastern time from silicon valley to the south shore of florida, this venture capitalist says there's a bubble here a bubble we'll get more on atth from here in miami beach don't go anywhere. "fast money's" back in two the first time you connected your website and your store was also the first time you realized... we can do anything. cheesecake cookies?

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welcome back to "fast money" live in miami. the venture capital landscape is evolving faster. jack abraham is the ceo of atomic you actually traded, welcome to the show, first of all you traded silicon valley for miami. when and why >> so did it in june of 2020 it was actually on accident. i came here for what was supposed to be a seven-day trip and the story goes i never felt. the financial times credits me as being patient zero. when i first moved here, i started telling my friends miami's really great you have to check it out they came and checked it out and

one by one, they came. i like to think of miami as a viral product with high retention. people talk about it, it's puz buzzy, but once they try it out, they stay. i don't know anybody that's gone back to silicon valley or new york >> wow i know you were chatting with our executive producer earlier and you said to him there's a bubble here. not necessarily a bubble that's going to pop, but that's akin to what silicon valley had been in terms of the place to go, self fulfilling ecosystem where everybody's connected. is that what's happening here? >> that's right. we're somewhat insulated from the larger economy >> how can that be >> the facts speak for themselves real estate here is still going up going down in every other market in the u.s venture capital. dollars into companies are up 80% year-over-year the next best city is austin negative 25% new york is negative 45% san francisco is negative 49%. there's just a huge flight of

talent here, flight of capital $2 trillion in aum has dcome her in the last two years alone. we're here at a conference where $10 trillion is here i'm going to be speaking at it tomorrow and a lot of other prominent people will be it's become a place that a lot of other people lpt to come to as long as that's true, i think it will bode well for the system >> we're up in new york city and again, i would tell you that the fintech community up there, they benefitted from a lot of people leaving silicon valley what excites you being here? is it fintech? crypto related still web 3? is web 3 still a thing here? what are you guys really focused on now >> i think we're in an age where software is disrupting digital industry one of the things that's great about miami and new york is there's a really diverse ecosystem of industries here and people who work in those industries so software disrupting healthcare software disrupting finance and fintech. disrupting real estate

those are really big themes you see play out here. there's some interesting things happening in everything from climate to energy to there is still web 3 going on so it's actually much, much diverse than i think a lot of people would realize from the outside. >> sounds like everything is amazing here in miami, but interest rates are still higher and it's a different world in terms of any sort of investing has that changed how you invest? the amount of money you take in? >> i think what happened was in the past cycle, companies were awarded for high growth at all costs. it was actually if you had a higher burn rate, that was almost better for venture capitalists. they could get a mark on their equity that has totally flipped where what works now is low burn and still growth, blue efficient growth that's what matters. there's also been a huge flight of capital from the growth stage to the early stage

now seed and series as, those are still happening. the prices haven't dropped that much but you see prices dropping 50 to 70% at the late stage, which is pretty interesting. >> great to speak with you thank you. >> great to be here. up next, traders final asmoy"ia iba r "ft ne mmis ckight after this er of blondie's “dreaming”] [music playing] ♪ imagine something of your very own. ♪ ♪ something you can have and hold. ♪ ♪ i'd build a road in gold just to have some dreaming, ♪ ♪ dreaming is free. ♪ accenture, let there be change. [finger-tapping] if your work, works for your community,

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welcome back let's get some final thoughts from day one here at the iconnections conference. >> think about the amount of money that's here. there are 3,000 people i mean, this is crazy what's going on here. it is truly like pre-pandemic levels in terms of conferences and people are excited to be here what i'm watching tomorrow quickly. check out that caterpillar number before the bell >> it's like zero percent interest rate days are back here >> listen, we hear this expression all the time. all the money on the sidelines, right, that needs to be deploy that's right here and now and they're matching allocators of funds with fund managers and some of the best returns for a lot of different asset classes happen during downturn sort of periods. for me, it's refreshing to hear

different views about where they see different products >> we've got earnings, the fed starting tomorrow. so it's huge yeah all right. mike wilson of morgan stanley tomorrow, also michael of aries. back for day two my mission is simple, to make you money i'm here the level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends, i'm trying to make you a little money my job is not just to entertain, educate but tell it like it is call me or tweet me @jimcramer fang is dead not because they changed the da