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roundtable" were we get behind the headlines and prepare you for the week ahead. i am jack otter, deepseek took the world by storm taken and nvidia and other a.i. related stocks write down. we will look at the follow-up and where you should invest amid the dip. we begin with the expert panel and three things investors out of think about right now on the "barron's roundtable" ben levisohn, teresa and jacob sonenshine. an exciting week of the markets, we started with the deepseek scare, nvidia gets hammered a.i. stocks fall for the last-minute tariff scare on friday had investors start selling. it was a down week the s&p 500 finished at 1%, if you told me all this is going to happen in the a.i. trade will blow up in nvidia which is the most important stock or at least i thought it was probably the biggest company of s&p 500 a week or two ago and was going to get hammered we would have tariffs on top of the i thought the market would be done a lot more than it was, 1% that is

great it wasn't all about nvidia antero suite a lot of good things we had earnings from apple and meta which are great and that offset a disappointment with a lot of other sectors to pick things up in the dow finished up 0.3% but healthcare was strong in consumer staples and financials as well. >> it's starting to look like it's not a stock market is a market of stocks, the equal weight of s&p 500 is a true gauge of the average stock in the market and really hung in there this week. jerome powell is probably very happy that his name didn't come up a lot, the fed met nothing happen and is wall street expected. the fed did not cut rates and not what wall street expected nobody seemed unhappy except for donald trump and he wants the rate cuts but the fed is doing what it needs to doesn't know where inflation is going to took out and is making progress towards its target and remains elevated, that freak markets out

but that doesn't mean will raise rates don't read anything into it, the market didn't react at all it's pretty good on inflation but is moving to the right direction. next week we have a lot more stuff happening whether inflation or earning. >> tariffs this is a big thing payroll is coming 165,000 jobs still solid but not as superstrong as it's been earnings from off about amazon, i'm hoping that they will look like apple and meta and we're going to find you over the weekend the market will have a really probably on monday the tears have been postponed emotional lot because riveters. tesla may be the only company out there that could report earnings and miss on the top and the bottom nine and the stock is up. the quarter is really bad is a company worth over a trillion dollars the electric vehicle business is not expected to even hit $100 billion, what does that tell you most of value is in

robo taxis in on the earnings call after they missed by a billion and a half after they missed eps in the selling prices went out and revenue went on year-over-year, analysts were talking about exclusively robo taxis because it's a huge opportunity and it was enough for people to say i will nibble at shares of tesla. >> elon musk said his company may become the biggest in the world. at the other end of the spectrum gm top and bottom line and investors sell. >> gm the stock came into earnings really strong up a lot for a few months, the revenue was up 10%, the company said they took market share, the earnings were better than expected, the guidance was better than expected. for gm and auto business, that's a pretty good quarter, the issue was the company cannot, didn't but really can't provide more color right now on the tear situation, wall street wanted it but you're not going to get it, people had to take it off and sell the stock. >> that will be something to watch when ford reports, they

have not been strong the way gm was and they have to deal with the tear situation it'll be something to watch. >> it could bode well for going into earnings the stock is down with gm and analysts are looking for a little bit of sales gr growth. jack: let's talk about teresa's vacation, welcome back from the caribbean is this what you're looking at travel stocks? >> royal caribbean did report earnings. it was a typical quarter for them they had a great quarter, more surprisingly they are entering the market that is dominated by viking and wealthier. it seems surprising because the ships have to be smaller to traverse the rivers, they will not be rivaling the oceanic cruises and it seems like there to be a little pricier to build. it's still a good idea for royal caribbean, the royal caribbean is like apple keeping them in the ecosystem. >> the stock is done better than nvidia over the past 12 months despite the recent problem.

why is the sector overall doing so well. >> value is important, if the price of taking a cheap vacation is the chance that you might vomit because the cruises are floating petri dishes and under norovirus is there a lot of people will take that bet. jack: i will not, you don't have little kids that smear you with daycare pathogens every day but for parents like me they might. the fact is cruises you cannot beat them, when you look at the price of a land-based vacation and the nice thing about the stocks people both these months in advance, your visibility into the earnings. jack: we have to go but in one word yes or no you like the caribbean stock still? >> yes, thanks. thanks to a flurry of executive actions for president trump, the market is getting shaken out since the swearing-in. we will separate the signal from the noise with invesco head of public policy. ♪

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and more in prospectus at invesco.com jack: president trump wasted no time implementing the sweeping economic agenda in the first two weeks of the second term signing dozens of executive orders threatening to move forward with tariffs on decatur, mexico and china as soon as we can, investors are following the pronouncements weighing the implications of presidency policy on the economy in the market, joining me now invesco global head of public policy and dandy blocker. i want to talk about pearson policy and so forth. let's do a quick public service announcement despite all of the attention this stuff gets one of the most important movers of the market and the economy. >> even though i work in policy all the time, as much as i think i'm important it's not the most important thing, the most important thing is not election to not specific policies but advancements in different

sectors, technology advancement, we talked about a.i. and deep-sea, those are the things that drive the market. that said 2 25 present tariffs e not nothing. whatever happens is we can, working here tariffs a lot, it's one of his favorite words, what are the implications for the economy and the markets when it comes to tariffs. >> i think a going to look back at what happened in the first four years of the first trump presidency, it's really about volatility. it is about when you announce the tariffs and when you're in your negotiation. jack: we were talking about that on friday, what's going to happen market have the over the weekend maybe longer that creates a lot of volatility in the market but the market will settle out once they sell. let's talk about another aspect of the trump economic policy, deregulation may be igniting animal spirits, weighty expect to see the biggest impact there. >> there are number of sectors

where this is going to be huge deregulatory moves, insert even a stopping of forthcoming regulation stopping everything that biden is in the process of implementing, as you get different officials in place and especially in the financial services sector, the energy and environmental sectors you are going to see a lot of things unwind in the first couple of years but just in anticipation of that like you said the animal spirits are really starting to move. jack: where you see the biggest changes, banking, energy are the two that are mentioned. i think those are the only two, there will be something in healthcare but were not sure where that will land we gotta see with the health and human services secretary nominee, rfk junior and others but energy and financial services are big players. jack: let's immigration 160 million people in the workforce a few deportations here or there isn't going to have a huge impact in the economy but at some point it will, agriculture, a lot of immigrants, construction, is

guacamole going to cost more disapproval or how is that going to play out. >> is too late to tell, there is a lot of pressure here. and i think there is a long way to go as far as what he has done already remain in mexico policy. he is stopping input, the incoming and slowly not down. really on the outgoing, that's going to take time, we are having headlines about criminals being deported but those are small numbers relatively, when you have a massive program to deport in the question how high do the numbers get handed to get to the obama levels which is about 500,000 year. >> if they get to the level, do you see basically the cost of labor going up will be more expensive for restaurants and hospitals and construction sites to hire people. >> it could be early on is a lot of stock in the market but then when she reached back, the first six months i don't really see that happening of immigration, other factors could be, let's talk taxes, presumably we will

see an extension of the trump 1.0 tax cuts but nobody likes to stop it just that, there's been other things in the wind, possibly an increase in the salt tax deduction, possibly no tax on tips, where you see that happening. >> basically everything that was in the first trump tax that will be expended, then addition the question the tax on tips, tax on overtime, the salt reduction in things you mentioned how much further, a lot of those have high price tags in the question is will they try to paper some

of them and will they try to pay for it with. jack: answer those questions, what do you think. >> too early to tell will have to come back in a few months but early days on. jack: were about out of time but one question for you, conventional wisdom is often wrong especially when it comes to policy and the effect of the policy, where does conventional wisdom have it wrong. >> i think there's a lot of exuberance about the energy sector in deregulation and more drilling. i think the bigger impact of that is really something like an external event like the russia ukraine war. as we saw the first trump administration energy stocks vis-à-vis other stocks did not do as well an undivided administration we expected environmental stocks degrade related documents well mostly because of the russian ukraine work. jack: we have a lot to talk about over the coming months. hope to see you soon. thank you very much. china deep-sea crashing a.i. party in challenging the tech industry, where investors should buy the it's a smart move to get a second opinion.

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a.i. started deep-sea shaking the market with the latest a.i. chabad which claims to build a

fraction of the cost of u.s. models and without high-end chips. is putting pressure on the u.s. to ramp up the own a.i. development, president trump meeting with nvidia ceo jensen huang at the white house to discuss what is needed to keep the industry competitive. it is the parents cover story this week, we are hearing so much about this deepseek can you bottom-line it for us, what we need to know. a.i. is the future. it is knocking back the skeptics everything okay. i'll give you an example my brother is a big skeptic he asked a.i., gemini to compose a poem about a dog man for his son and they did well in my brother was converted. >> i don't know what acrostic or dog man is. >> is things kids will understand. the thing a.i. is great, the problem doing all the stuff is very expensive, you need a lot of chips, a lot of servers it creates a lot of heat, you need to cool all the stuff that goes

on. what is happened deep-sea comes out and you don't need to use the fancy chips that nvidia is building and you don't need to use as much power, they found new ways to do and they say they can do it for much cheaper, they are charging a lot less for it. if that is the case all the stocks that benefited like nvidia and the ones that are building the data centers that are providing products for it, all the hardware companies are going to follow on hard times, the positive side if a.i. is cheaper than everybody is going to be able to use it, all kinds of companies, companies that cannot afford it in companies that could afford are going to be able to do it for less. you have a company like tesla is going to be a beneficiary because what they're doing they are taking a i am putting into their cars for atomic driving and putting it into robot. it's going to be the users were going to benefit. >> if retailers benefit, cvs started piloting an app, it is using a.i. for a smart search for chabad and for something

most shoppers are excited about and from your phone you will be able to unlock the annoying cabinet. if you're smelly and need uterine you don't have to subject the court to that to get what you need. >> jacob, you been looking at the industrials that got hammered as a result of the deepseek announcement, what is happening. >> you have amphenol and train technologies, they make things, hardware that go into the data center in the stock got hit as much as double digits this week before they rebounded a little bit. but they only get a single-digit percentage of their revenue from a.i., they have growth in other areas and you are getting those stocks on sale. if you want to double down and say the a.i. hardware situation is going to have growth and be good, berdin holdings which gives three force of the revenue from the data center, that got knocked down a lot. if you are bottom seeker go for. jack: still above where we recommend, software stocks also got humor but they bounced back. >> yes you have a margin of profit margin, tailwind if

you're going to be spending less money and also on the demand side they may be fine because deep-sea doesn't do enterprise right now, microsoft and salesforce, they're doing fine there they are leading the charge on enterprise. i would be a little careful with the stocks they had great multiyear runs and even microsoft after earnings could not get again. >> teresa have a a.i. light is anything will they need less power to drive the big servers. >> potentially, that is 100 a lot of energy stocks this week, the unregulated independent power producers, consolation,

they all got hammered on the exact concern. people are worried about the regular utilities maybe not so much. >> the interesting thing, consolation which got racked with the best-performing stock in the s&p 500 this month. >> we also saw the pipeline companies like williams, kinder morgan, i think that's a little bit of an overreaction in the pipelis are incredibly capital-intensive asset, nobody will swoop in and build another one in the current administration is pushing. jack: they want to export it which means you'll need the pipelines. john galloway has an interesting theory, basically every sector that bifurcate scummy opportunities and walmarts. his deepseek to walmart and openai is going to be the tiffany or is this a real threat to the american exception list trade. >> i think that we have to really question the 5 million-dollar price tag on this. there are a lot of reasons to doubt it you're never going to get full transparency out of china is not going to happen but at the same time is not inconceivable at some point china could lead products. they have been incredibly focused on graduating millions of stem graphs which may have incredible research skills, meanwhile some politicians in the u.s. want to abolish the department of education, that focus will eventually pay off and i hope is a wake-up call for america. >> also potentially deepseek

they have used a.i. from openai and other sources to learn what it learn. >> it is true and ironic because openai use of an open source model and they decided to close it to make money and not deepseek is open-source and has everyone forgot. ben is going to explain why 130-year-old index is suddenly on fire. stay right there. honestly, i was scared when i was told age related macular degeneration could jeopardize my vision. great. one more thing to worry about. it was all too hard to deal with in the beginning, but making a plan with my doctor to add precision was easy.

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stupid and its price -weighted price is arbitrary doesn't tell you anything about the stock is not market cap or fundamental thing like there's revenue weighted in all kinds of waiting for price doesn't say anything and has a history of kicking stocks out too late and having them too late as well. we finally got nvidia added to the dow and intel kicked out but that was six months ago after nvidia already gained god knows how much. the problematic index. but because of those problems it behaves pretty well at times and one of those times is right now we don't have a lot of nvidia and the dow so nvidia is getting hit it's not hurting the dow very much but we do have goldman sachs a $600 stock it is doing quite well i think that's where we are foreseen stocks that aren't big tact and those are bigger ways on the dow and that's a good thing in the market if the stock splits is haft important as the dow and even though the company because 600 stock that goldman will be more important in the index and $101 stock like nvidia even though it's a much bigger

company much more important. >> beyond that does outperformance of the dow give us any insight into what's happening under the hood of market. >> it does tell you that the market is starting to roll tape. whether the rotation last it's remained to be seen but goldman sachs is a mention j.p. morgan that are doing well and other companies that are not tech companies that are doing well that says there's a broadening of the market and other things are doing well and that's when the dow outperformed. >> investors want direct investment the dow how would they do that. >> and etf called the diamond dia is the ticker is basically down version of the sp whiteboard qqq. >> thank you, jacob let's go to you for the first actionable idea.

>> he makes power equipment that goes into a diversified set of things many customers throughout the globe not just a.i. but a little bit of a.i. in the stock is down because of the data centers but down this week a little bit but eaton had a good quarter and it showed growth and guided for 8% revenue growth has a nice cost discipline going in and profit margins their buying back stock because of tons of cash, you're getting really high evs growth for a stock that is down 10%, why not. >> what you have forced teresa. >> dow in general is down 70% from the 2022 peak but that has gotten too cheap, it is remodeling stores a nice 3.3 dividend and cracking down on shoplifting. - i think it is fine that we bottom great ideas, jacob and teresa, read more check of this edition aberrant.com. that is all for us. we will see you next week on verizon people ha w -♪ when the sheriff john brown come for you? ♪ -stop! now! stop! -(clattering) -heads up! -♪ bad boys, bad boys, whatcha gonna do... ♪ i smoked some marijuana! i'm a marijuana smoker! -♪ bad boys, bad boys -crawl out!