senior managing director evercore isi. got a $200 price target on it at evercore isi.'ve done enough talking. i will let you talk for yourself. what is the one thing you think or two things that investors will be getting wrong about apple to start the year. >> if apple is going to lose its very longs in klein that they've had and do they get caught in the cross hairs with political tension. china demand has been the big worry. the other one probably has been that the rollout of apple intelligence has been slower than expected. i think those are the things worrying folks right now. what i think that misses is all the goodness happening in apple, right? china, i will concede is weaker than expected, but that's a broad smart phone statement, not an apple statement. emerging markets are doing well and apple has a share in india and brazil. the growth rates are very strong. that's going well. invariables, apple watch and airpods are doing well. >> our good friend and colleague was flagging yesterday how some of the numbers out of tsmc and semiconductor companies are scaring

he's head of internet research at evercore isi.>> this. >> stock the single biggest winner from ai. they can immediately implement this optimization into their ad models, make money from it right away. the cheaper it is to run in the long run, the more profitably they can do that, right? >> i think that's. >> largely true. i think that's why you've had almost a $200 billion gain in market cap for meta. if you go from where they were trading pre-open on monday to where they're trading now, i think the market's kind of correctly seen this. it's been our point of view too. if you're not selling, if you're not trying to monetize directly, monetize or sell lms, if you're if you're not selling the basic infrastructure, then you're buying lms or you're deploying them and you're buying infrastructure. and somebody a year and a half ago, two years ago came across, came up with a great innovation hack in terms of ai. and that's what openai did. and then this last week, we had a company come up with a great efficiency hack when it comes to ai

now, evercore isi said that the magnitude of the decline means that any uplift from data center loadded. >> to small modular reactor names like nuscale and oklo. still, arthur hyde from sacred capital said that deep sea doesn't really change much for nuclear over time, but that some of the independent power producers and small modular reactor names were crowded. the upstream players also dropping with the ura, uranium and nukes all down double digits, with cameco, a major miner, dropping 15%. still, courtney, it is important to note that while i is one theme driving power stocks, it is not the only one. reshoring and electrification are also raising power demand court. >> yeah, this was a really, really interesting space today. pippa, thank you so much for running us through it. i mean, mike, pippa makes a good point. i mean, maybe in the long run you don't need you. we still need energy. it's not like we don't need energy. maybe we just don't need as much. it's not as concentrated right now. i mean, how do you trade it, mike? >> yeah. i mean, there's obviously some crosscurrents her

while evercore isi said it was shooting first and asking questions later, and jefferies said the drop was a buying opportunity for talen. as the dust settled. now oklo, the small modular reactor maker backed by sam altman, up 6% and making up some of yesterday's losses, with uranium stocks also in the green. traditional energy stocks though not seeing the same type of bounce. although gas focused driller eqt is an exception up here about 3%. of course, it is important to remember that while ai is one theme driving power stocks, it's not the only one. we also have reshoring and electrification, which are also scott raising power demand. >> pippa thank you. that's pippa stevens. software and cybersecurity names are also seeing some big moves today. seema mody documenting those for us seema. >> well scott, the market seems to have decided that the deep sea findings are a positive for software, given the fierce debate around whether big tech. will cut spending on chips. goldman sachs says if ai models can in fact run more efficiently at a lower cost, how that will spur more competition am

evercore isi adding apple to its tactical outperformer citing growth in emerging market and strengtheness today on apple. dd callan upgrading salesforce to buy saying it's pullback has created a compelling entry point. bank of america downgrading southwest to underperform, citing execution risk in its product offerings. let's turn to streaming. investors bracing for netflix earnings. the majority of wall street is bullish on the streaming giant. tatian bassinet of city -- jason bassinet of citi is neutral saying we like netflix strategy and execution but we do not see material upside at prevailing levels. jason, welcome to the show. what is behind that call? you're not impressed by the contents late? jason: i'm impressed by the content slate and i think the valuation reflexive from true medicine men of good news. people are excited about the content slate. netflix continues to be the undisputed winner in streaming. all of that is reflected in the stock. it is trading at 20 times 2026 earnings. that is a pretty full multiple, especially because topline growth will begin to decelerate as

evercore isi adds that nvidia and amd have been hoping that trump would soften the biden administration'sments that require to sell to over 100 countries countries that does go into effect in april. but they add that this whole deep sea revelation might add a new complication to those efforts. so the focus very much not just on ai budgets, but again, what washington can do here. >> sima, do we have any expectation that jensen huang is going to i mean, there was a period of time where you could see him every single day on a podcast or something. is he going to be quiet between now and earnings, do we think, or is he going to show up somewhere and talk about it? >> that's a great point, david. i would leave it to him to see whether he takes this as an opportunity, given the big drop in its stock price to address shareholders and the public about nvidia's growth trajectory, the supply dynamic around blackwell. we certainly have seen him use that media strategy in the past, following earnings and any type of disappointment. >> seema. thank you. seema mody on nvidia. all right. we've got some

. >> evercore isi. >> put. >> out a great note. >> late yesterday. >> because it's still early, saying. >> sell first. >> learn later. >> and noting that. >> with these price. >> declines. >> the valuations. >> have now. >> gone back to november of 2023 levels, wiping out all of the i led gains. that's pretty dramatic. sell now, learn later. >> that i mean that's that's interesting brian. just the idea that it's gone in a flash like that waiting to see who's going to spend. because that was the question andrew and i were asking yesterday. is satya nadella still good for his $80 billion? how much of the money that, you know, was promised just last week by the likes of amazon and sam altman and larry ellison, how much of that is going to materialize? and i don't know how quickly we'll have the answer to that. >> i think you asked, as always, becky, the right question. if satya nadella of microsoft comes out and says, good morning, by the way, if he comes out and says. >> we're going. >> to spend 60 billion, not 80 billion. and that. >> fewer money. >> less money is going to some of these