. >> if you discussed the valuation, we did discuss it with keith meister, corevex, yesterday, this to say on that issue whether too expensive, gotten a little crazy. let's listen. >> my take on nvidia is, you know, people come on and talk about the pe mode. that's the wrong thing to focus on. the question is are they over earning or not? if they're not over earning, they deserve a really high malt pull and it's an amazing business. >> things like, do they have a real moat or just, you know, a pull-forward? this is the same type of power in this business, pun in tended, five years from now? ten years from now? how would you view that as somebody so in-depth covering this space and stocks like this including this one? you covered this. >> keith is an incredible smart guy. talked to him earlier about something else. he processes information way faster than i do. i think probably are over earning. that doesn't mean they won't grow gdp plus high singles from here. but pricing hauer more now than three, five years from now in the system. from that standpoint probably over earning. i agree v

michael, i thought it was interesting, our conversation with keith meister at the top of the hour. uch a good thing. i want you to listen to meister and we can chat on the other side. >> i think rate cuts will actually be a negative for the market. like, why would we be cutting rates? we would be cutting rates because things are rolling over. so if we can stay with short-term rates at 5.25, 5.5, longer term rates at 4.25 and full employment, i think that's a healthy backdrop. >> what do you make of that? >> i agree that status quo has been fine and probably would be fine if conditions warranted to keep rates wherever we are. we know the ten-year at this level hasn't really completely undercut the economy. i think you have to take the fed at its word in terms of what it would be reacting to if it cut rates. the bull case is not quick and many rate cuts. it is optional, orderly, slow, deliberate cuts, just to take some of the pressure off the restrictive policy. all they are saying is, they need flix inflation to be bette a couple more months. the first rate cut was not a negative for

as we've recalibrated our expectations on what is going to happen and when, i to listen to what keith meister told me the other day about the impact of rate cuts on the market. i would like your thoughts on the other side of that. let's listen. >> i think rate cuts will actually be a negative for the market. >> you do? >> sure. why would webe cutting rates? we would be cutting rates because things are rolling over. so, if we can stay with short-term rates at 5.25, 5.50%, longer term rates at 4.25% and full employment, i think that's a healthy back drop. >> what do you make of that. >> i think it's the why. the why behind rate cuts. it's not just simply the fed shifting to rate cuts. i think there probably will be areas that get hurt with lower rates. a lot of the mega cap companies, cash-rich companies have been paying interest on debt. on the other hand, on the margin, it helps down into the zombie category, the companies that are more leveraged to traditional banking system or the credit markets and a little bit of reprieve could give some life there. really what's key is not just the why b