a massive drop in zuckerberg's stock. from earnings to ipo's we speak to the ceo and rubric's on listing day. $14 billion goes to micron from the chips act to boost america's memory chip prowess. there is only one story that matters right now and it is meta-. you see the share reaction to mosque -- zuckerberg outlining billions of dollars to building out ai infrastructure. expenses, arrange raised, capex raised. the focus of the call was on the product cycle. how many years will it take for this investment to would materialize in sales growth. that's the question on the stock is on track for biggest drop since october of 2022. remember how well it's performing year-to-date. look at the market cap, the scale of this company but also the market cap lost. the reporting from kurt wagner and the analysis from analyst mandeep singh. mark zuckerberg was cognitive on this call but what he tried to do was say trust me end bear with me i've got a plan for ai to have an impact on the existing business. explain what we learned. kurt:

mark zuckerberg said this could take a while to see the revenue pay off. >> i think zuckerberg hit it right on he addressed the issue, the spending that it will take it's an a.i. arms race and them need to spend. if they don't spend, they will fall behind. they guided, what, half a billion below estimates for quarter two. they're going to do or have done $14 billion in revenue it was about a billion above estimates on expenditure they're going to take in less. the market didn't like it. we've seen that from some of the previous reports this is a. iflt, the important thing is to keep spending. we added tesla on monday and that turned out to be one that turned out pretty good 98% of meta's revenue comes from advertising, and we're in an election year, and that will be pretty critical. that could be a good tail wind with beats, they're laying the bar pretty low >> just to be clear, you added to your position ahead of the result but you're not taking advantage of the sell-off today to continue to do so >> i want to see where we settle out. i think there's really solid support at the previ

going to be interesting to hear what zuckerberg has to say about a.i., after tesla and elon musk. that's going to do it for us here at "overtime. >> “fast money” starts now. >>> live from the nasdaq market site in the heart of new york city's times square, this is "fast money. here's what's on tap tonight a meta meltdown. shares hitting levels not seen since late january, as revenue guidance comes in below expectations this is the beginning of the end for the megacap rally? >>> plus, not the only earnings report catching our eye today. from ford to chipotle to ibm, we're digging into all of tonight's results and bringing you the trades. >>> and later, believe the bounce shares of tesla putting in their best day since january of 2022 even after an earnings report that left many pretty unimpressed. is this a sign that the ev maker can get back on track, or will a different reality set in for the stock? i'm courtney reagan in this evening for melissa lee, coming to you live from studio b at the nasdaq on the desk tonight -- tim seymour, karen finerman, dan nathan, and guy adami. and

. >>> and meta shares sink in the trade despite the beat on earnings as mark zuckerberg rekindles fearsf a.i. spending. >> we have shown we can build leading models and be a leading a.i. company in the world. >>> welcome to "street signs." we start today's show with the acquisition news bhp confirmed it made an offer to buy london listed anglo american with the share capital of 31 billion pounds anglo america is looking to review the offer a significant potential deal here we have karen tso joining us karen, outline the potential deal >> we had this discussion a few years ago. we were all puzzled. we were staring out into the abyss looking for the acquisition. something changed last year. the san pcompany is preparing fe future copper is no longer discussed as dr. copper it is now dr. green in the energy transition and future tre trends copper is in infrastructure and power grids and consumer products and smartphones you see why it is pivopivotal. bhp has consolidation attempts with anglo america it is pivotal. we are talking about the proposal in discussion with shares you see the esca

mark zuckerberg wore a chain and nothing is the same. i think a.i. is expensive. it makes sense that investors are nervous about that because the reality is last time zuckerberg went on one of the tangents in the metaverse was not good the difference is there is a "there" there. they have the data which you cannot overstate the importance. i think that this bet is going to payoff. >> people are scared when you have eps doubling year over year it is hard to be scared with that revenue growth. it is on the soft guidance on the increased spend. you said the chain thing, hilarious. the company took off with mma, but the chain is derailing that. we have to track that. he dipped into the metaverse is when the trouble started looking at the numbers loss of $8.5 billion. >> i think he should give it up. we see apple with the vision pro which will not happen. the market has not embraced this technology no matter who is selling it to them i like to see them get more from the metaverse. when you look at the thnumber, t is a weird pet project >> i want to talk about something

are you in agreement with mark zuckerberg and with ray wayne that we need to be patient here?eed to be patient here?— patient here? i am. i think we should be _ patient here? i am. i think we should be thinking _ patient here? i am. i think we should be thinking about - patient here? i am. i think we i should be thinking about longer term. if you have matter made to be the go live, the leading platform. we need to think about if you are making profits, they are as predicted is better, we need to think about what we investigate in the future. meaningful investment and how we approach that should be good news for industry. it that should be good news for indust . , , industry. it is interesting because _ industry. it is interesting because matter -- - industry. it is interesting because matter -- manl industry. it is interesting i because matter -- man has industry. it is interesting - because matter -- man has been because matter —— man has been through with years in the sense mark zuckerberg did this huge launch, a lot of capital expenditure that spooked investors. in the last

even show the zuckerberg scenario. >> that . >> i didn't know that.i've just written that they should written down that they should put racism and google's put meta's racism and google's racism the colosseum see racism in the colosseum and see he more racist. he could be more racist. >> nice. it's gladiator joke. >> nice. it's a gladiatorjoke. josh. no, it was a good >> yeah. no, no, it was a good one. >> i could see you from your silent response that enjoyed silent response that you enjoyed it. explained, yeah. it. yeah, i explained, yeah. >> you know. >> you know. >> musk and zuckerberg >> yeah. musk and zuckerberg were gonna fight. is that ever going to happen? >> it's gone quiet. i'm >> well, it's gone quiet. i'm trying bring back. i was trying to bring it back. i was up i don't even like up for that. i don't even like boxing, but would go and watch that. >> does anyone know why these ais all racist? ais are all racist? >> they're programmed by >> because they're programmed by human beings? yes, because. >> they're >> exactly. because they're prog

meta executive mark zuckerberg says his company will offer its virtual reality operating system called meta horizon to hardware companies like lenovo and microsoft. what it means for consumers is new headsets that run on the same software and operating system as meta's own headsets, the quest three and the quest pro. mr zuckerberg talked about wanting customers to be able to run content on quest or any meta horizon operating system headset. that's akin to android's flexibility to integrate with other products. in contrast, he characterized apple's ios models as being closed. that is only functioning with other apple or apple enabled products. apple is offering its headset the vision pro for 3,500 usd and that's expected to remain the costlier product. but the entrance of new products into the field and at different price points could threaten to give apple a run for its money. meanwhile, tesla's shares hit a 15—month low in the monday trading session on wall street, after the company announced price cuts for its cars in several key markets. it also lowered the price of its premium driv

mr zuckerberg talked about wanting to run on quest or any operating handset. that is akin to android's flexibility to integrate with other products. in contrast, he called apple's ios system is closed. apple is offering its headset, the vision pro, $3,500 us and that is expected to remain the cost of their product, but the entrance of new products into the fields and at different price points could threaten to give apple a run for its money. meanwhile, tesla's shares hit a 15—month low in the monday trading session on wall street, after the company announced price cuts for its cars in several key markets. this comes just ahead of the ev maker's quarterly results tonight. our business reporter david wadell takes a look at what to expect. it is proving to be a tricky period for tesla. its shares have fallen by around 40% from the beginning of the year and last week its big boss elon musk told its workforce he would cut their numbers by 10%. that impliesjob losses in the region of 40,000. in recent days, mr musk postponed a planned trip to india this week. he was

for servicenow, and mark zuckerberg says, forget it?ing a lot of m on it already because we have small language models that are domain specific. they don't take a lot of compute power. they're lightning fast, and they're highly secure because it's the customer's own data and we also remain open to the ecosystem and all the models because they fully integrate with servicenow, should the customer wish to go that way, and you know, that's the best of both worlds for the customer totally open, but at the same time, today, we're taking great companies like microsoft and ibm. they're transforming their employee experience with digital-first support models, freeing up resources and fueling innovation with service now's gen a.i. or novartis, great ceo, delivering new drugs while increasing operating efficiencies, and he's streamlining clinical trials, research, and financial management with gen a.i. from servicenow and we're billing for that right now. so, the game is on at servicenow >> right, again, and i totally agree with that. you know, i'

mr zuckerberg talked about wanting to run on quest or any operating handset.ro, $3,500 us

mr zuckerberg talked about wanting to run on quest or any operating handset.. in contrast, he compromised —— he called apple's i0s system is closed. apple is offering its headset, the vision pro, 3500 us dollars, and that is expected to remain the cost of their product, but the

right with zuckerberg you should too i like to say there's always a bull market somewhere, i promisecall, intel shares tanking. investors losing even more money. you will hear excessively tonight from the ceo. >>> 44%? a huge capital gains tax hike proposal has flown under the radar until now. >>> the revenge of inflation. a critical report looming over the market tomorrow. we will show you how to prepare. >>> disrupting defense. how billionaire lucky just how did the industry's biggest player and lucky will be here.

while zuckerberg is off the hook. the cases and their allegations against meta still stand. the company faces two lawsuits by tribal nations. the nations accused the social media giant of contributing to high suicide rates by purposefully getting kids hooked to their platforms. the judge says people who filed those claims can amend and refile their cases. back to you at the desk. reggie after 20 years in operation, abbott laboratories will be shutting down its solano county nutrition facility. >> yesterday, the company announced its plans to lay off 200 workers. the facility in fairfield has been listed as one of abbott's priority manufacturing plants. abbott says the reason for the closure is because of operational costs. it also coincides with the company discontinuing zoneperfect protein bars. >> a new warning for oakland coliseum concession workers talk publicly about business operations and you might get fired, according to the chronicle. aramark which runs concession stands at the coliseum, sent a letter to employees stating it's against company policy to speak out abo

the judge said zuckerberg couldn't be held liable just because he's the public face of meta, while zuckerbergcases and their allegations against meta still stand. the company faces two lawsuits by tribal nations. the nations accused the social media giant of contributing to high suicide rates by purposefully getting kids hooked to their platforms. the judge says people who filed those claims can amend and refile their cases back to you at the desk, reggie. >> thanks, amanda. happening today, the education board is set to vote on two potential usinsites for teachers in san francisco uedchool district. you can see the sites in this map. one site has administrative offices located th other is an empty lot on, and seventh avenue near sutro tower. applicationspeearlier this month for the housing. the school district is hoping the housing will help them hire and retain teachers. >> the hush money trial for former president donald trump continues today with jury selection. yesterday, 96 potential jurors were asked if they could not be fair or impartial. at least 50 of them said they could not and th

we saw mark zuckerberg say the metaverse will be this big thing, you just have to believe in me. that has not materialized. the stock has done great but for other reasons. so if there is some scar tissue when you think about the company has done over the last couple of years with their spending and what mark zuckerberg is pledging to people today. paul: all right. bloomberg technology reporter kurt wagner on the meta earnings. our next guest is cautious on the ai sector as well. joining us now from singapore. i want to start with may be teasing out the meta earnings a little more. is this a bit of a metaphor for the sprays -- space more broadly for you because i know you have been liquidating some of your tech positions in the u.s. why is that? >> beginning in march we noticed the data coming in justified for maybe two rate cuts this year. as we entered april we noticed that we might not get any rate cut at all. and data came in from the ecb laying ground for one rate cut during the summer. and that would dramatically increase the value of the dollar as the interest rate differen

meta executive mark zuckerberg says his company will offer its virtual reality operating system calledeadsets that run on the same software and operating system as meta's own headsets, the quest three and the quest pro. mr zuckerberg talked about wanting customers to be able to run content on quest or any meta horizon operating system headset. that's akin to android's flexibility to integrate with other products. in contrast, he characterized apple's i0s models as being closed. that is only functioning with other apple or apple enabled products. apple is offering its headset the vision pro for 3,500 usd and that's expected to remain the costlier product. but the entrance of new products into the field and at different price points could threaten to give apple a run for its money.

meta executive mark zuckerberg says his company will offer its virtual reality operating system, calledft. what it means for consumers is new headsets that run on the same software and operating system as meta's own headsets, the quest 3 and the quest pro. mr zuckerberg talked about wanting customers to be able to run content on quest or any meta horizon operating system headset. that's akin to android's flexibility to integrate with other products. in contrast, he characterised apple's ios models as being closed. that is, only functioning with other apple or apple—enabled products. apple is offering its headset, the vision pro, for 3,500 usd and that's expected to remain the costlier product. but the entrance of new products into the field and at different price points could threaten to give apple a run for its money. turning to australia now and its wine industry, where producers are relieved china's lawmakers have ended its tariffs on australian wine which led to a supply glut down under. but rekindling the business with the world's second largest economy, is going to take some time

after meta posted that financial report last night, mark zuckerberg said forget about these goggles,e want to be an a.i. player. now meta's stock is starting to swoon as well. i don't know, there can only be one like the movie highlander, nvidia, last one standing? well my first, my next guest says rather in a perfect world megacap tech earnings from meta, microsoft, google, amazon could actually have sent the nasdaq into recovery mode. instead it is not in recovery mode. it is actually back on its heels. let's bring in now from simpler trading, their vp of options, danielle shay. danielle, netflix and taiwan semiconductor were slammed. they had solid results. meta had solid results. they join the pain. you said in sort of a perfect world these names lifted the market up. what is so imperfect right you in? >> charles, when you look at earnings, typically you want to see companies beating eps and beating revenue estimates and trading higher, right? but that is not the flavor of the season this quarter. the market has incredibly high expectations and is very jittery. we're seeing one t

now, mark zuckerberg says he plans to spend billions more on artificial intelligence. that had investors a little concerned. meanwhile, gdp for the first quarter coming in well below expectations. that accelerated selling. the dow is now down 447 points. the nasdaq is down 276 points, so it's going to be a wild day for trading. let's check the interest rates. the 10-year just above 4.6. it's now 4.7. 2 right now. 4.72. the 2-year is up over 5%. you get a 2-year bond for 5% right now. not much movement for bitcoin, trading around $63,000, 63,5. gold is trading around 2300 an ounce, it's up a tick, just $4. oil trading around $82 a barrel. and now to politics. wow, what a day. very busy day for donald trump, and it started early. he made a campaign stop this morning. trump is making a big play for new york. he was greeted by hundreds of construction workers chanting usa. he's now headed to court for day seven of his new york criminal trial. we are waiting for the judge to rule on whether or not the former president violated that gag order. the supreme court, meanwhile, i

in fact, even the head of security will be servile, although he has. a pistol, and zuckerberg has the although they themselves have always dreamed of eating black cereal mouton rothschil, and you will pay them with dollars of the disappeared us in bitcoins, which you cannot even take into your hands. here you begin to understand that the tower of babel is not only a metaphor for a linguistic schism, no, it is also about a social schism, the highest need force to force the lower ones to obedience, when it disappears, the entire social hierarchy crumbles. “the bunkers of billionaires are the same as luxury real estate in the downtown of ancient babylon; it is valued, protected, inherited, and goes up in price only as long as the existing order is preserved. then zuckerberg and bezos, swaying, will hang for some time on the branches of a hanging tree , exactly the same as they once were ancient colleagues, firmly convinced that gold will save and protect from any dangers and troubles. you can’t forbid living beautifully, but judging by the psychosis, everything should be in moderation, o

in fact, the head of security will be servile, even though he has a gun and zuckerberg has the bicepsourselves have always dreamed of eating black caviar and drinking mutonro. and you will pay them in dollars of the disappeared us in bitcoins, which you cannot even take into your hands. here you begin to understand that the tower of babel is not only a metaphor for a linguistic split, no, it is also about a social split. the higher ones need force to force the lower ones into submission; when it disappears, the entire social hierarchy crumbles. the bunkers of billionaires are the same as luxury real estate in the downtown of ancient babylon; it is valued, protected, and inherited. rises in price only as long as the existing order is maintained. then zuckerberg and bezos, swaying, will hang for some time on the branches of a spreading tree, just like their ancient colleagues once did, firmly convinced that gold will save them and protect them from any dangers of trouble. you can’t forbid living beautifully, but judging by the psychosis, everything should be in moderation, otherwise you

we had mark zuckerberg saying to investors, "be patient, please." it will take a long time to see results from this. he said if you are a smart investor, you will understand that. but the stock is down. it does not seem like that messages holding this morning. i thought mandeep singh from bloomberg intelligence had a good sum up of what is going on. he said the increased cap spending could be tied to the investments in generative ai. when you look at the losses in reality labs, it suggests the company is unlikely to see upward revisions to the free cash flow in the near term. the stock still has 67 -- 62 buys, seven holds, and only three sells, according to bloomberg. katie: if there is anything we know about markets, it is that they are not patient. tell me about caterpillar, also having a rough morning. >> down over 8%. they said they expect deceit second-quarter sales fall. dealer inventories fall. the adjusted eps for the previous quarter did beat. the revenue missed, but only slightly, $15.8 billion versus estimates of 16.12. it seems the bar w

mark zuckerberg is investing in a.i., but did not have a clear path forward richard, does a.i.atter when it comes to the ad space i don't think we quite see the impact of it when it comes to the copilot. in the ad space, is there a definitive use case? >> the reality is a.i. has been driving the ad business for years already. all of the google search recommendations and youtube recommendations and ad placements on meta are all driven by machine learning or a.i. technology already. that's already embedded in the business what zuckerberg is rightly pointing out will take more time is the new products and assistants that consumers have to get comfortable using make most mistake, the digital ads business for meta and google runs on a.i. today >> i never thought about it before you are right. talking about something to your friend and all of a sudden it pops up on the timeline as a advertisement. it is an ad function we have some other players coming up. one is amazon with the growing digital ad business. is that read from what we see from google the? >> neither amazon has a digital

it is known that zuckerberg is building himself an estate on the hawaiian island of kauai for 100 million ballistic missile, but in addition, somewhere in the underground depths a bunker of 500 square meters will be cut down. it is known about the owners of amazon, google and other owners of silicon valley that they fell in love with new zealand. this is a country of sheep and hobbits, it seems to be an enemy to no one in the world, and radioactive clouds will not crawl there. even for them it is too distant and boring. the last generation of planetary plutocracy trusted the reliability of the american rocky mountains, all sorts of kohes and warburgs dug their shelter there, but over the past half century in the united states, billionaires have been living on kurales so thoroughly that they obviously do not hope to hide there even underground, and new money is going to bury itself in the new zealand bowels forever and ensure an autonomous existence for themselves and, if necessary, for their descendants. this is an invisible shield, it works with the reliability of a swiss watch, protecti

. >> in 2012 mark zuckerberg announced he hoped facebook would quote rewire the way people spread and consume information as well as transform many of our core institutions and industries. a development that recently made that possible was the rise of the smart phone which helped us not only check on our high school friend means but surf the internet, watch movies, share pictures, play games and in short, be destructive from the rest of the world around us. they clearly read wired the quote. in 2008, is google making us stupid? because of the good old days. by 2000 times, it's worth asking, are smart phones and social media thinking is antisocial? are they disconnecting us from families and communities? we are fortunate to have with us doctor jonathan hite. ethical leadership near diversity and author as the modern truth and agent wisdom. the american mind. good intentions and bad ideas for setting the generation of for ferrier was recently great we were childhood causing an epidemic of mental illness. since 2018 starting social media the decline of mental health. in 2019 inducted int

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so this is the mark zuckerberg and the jeff bezos of the world. we have to think about what it means for, our political future. if you're going to have a small group of extremely wealthy tech pros and oligarchs who are, you know, figuring out how we're going to solve climate, figuring out how we're going to regulate artificial public health, public education, the line we have to ask if the world we want to live in or do we want to address the bill gates problem right now. and the last thing i'll say is that if in this book i'm really pushing back on political failings them in bill gates and the gates foundation, they always talk their optimism. they even trademark this, i think, impatient, optimist so i am also an impatient optimist. i believe another world is possible a world without billionaires. questions questions. right now of course. yeah. okay, perfect. thank you so much once again for writing the book. did you have stop it? i'm interested in the book because i working global health. but i've been following your writing for a couple of year

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kelly: zuckerberg asked for patience. to be very especially their debacle with the metaverse spending. certainly lost some credibility there. the thing i find really interesting there is a clear opportunity with the large language models, with google's position as leader in search. but i do wonder your perspective how that could impact ad revenue in the long run. you will completely change how we search for information when we deploy a.i. into that. are you looking for anything, guidance in terms of ad revenue in the long term from google? >> i am. i'm really looking, i do not think they will address this proactively. i think analysts will push them on look, search, which is their cash cow, has links they monetize but when you do generative a.i. it doesn't have links. so if openai, microsoft disrupted google search that would be bad for google. the best choice they will disresult themselves through generative a.i. wall street is focusing on still better to hold on to the revenue, what is the margin implication of that? ca

first pick we're selecting meta it's an easy choice for us, and when there's a player like mark zuckerberg out there, we want him on our team. >> all right, karen, what do you think about meta's sell-off today? is that one of the reasons that fed into -- i mean, maybe it was a close choice between meta and something else and today's sell-off in meta boosted it to the top pick >> it is the reason we chose it. it was not on our list but we had to make a game-time adjustment because this opportunity presented itself to us i think that the sell-off is somewhat overdone, considering mark zuckerberg's problems as seo, considering the strength of the business, the valuation is not stretched at all >> that's the first pick next up is steady eddie, eddie george tim, let's get your reaction to the first pick >> some game theory by karen pointing out yesterday or the day before, meta has outperformed the s&p for good reason by probably almost 175% in the last year or so if you think about what we heard last year, the year of efficiency might be gone they talked about higher costs, downgraded q1 and q

meta ceo mark zuckerberg piqued investors' interest when he predicted 2023 would be the year of efficiency them over when he delivered on it. the stock nearly tripled last year. this year, meta shares are up another a0%. but on wednesday, meta released its first quarter earnings report and shares initially slumped during after hours trading. facebook�*s parent company did beat expectations on revenue and earnings, but it disappointed on its revenue forecast for the second quarter of the year. higher expenses also weighed shares down. so wednesday's earnings report marked a back down to earth moment for the formerly red hot tech giant, and it moderates expectations for the months ahead as the company grapples over how to generate profit off of generative aland drum up advertising revenue in an increasingly crowded market. i spoke to tech analyst ray wang of constellation research, and asked him what he made of meta's soft outlook. they outperformed in their results, but the challenges, ai is really expensive when it turns out you're off by a couple million dollars, almost $5 million in cost

versus meta, versus google saying zuckerberg is still in some way a patriot of free speech but either way when you look at these companies power and influence in this country and their ability to reach people they have that and use it and are led in many cases by people on the left if not somewhat progressive. that is what kids today are getting. stuart: thank you very much. the state department says hamas has moved the goalpost and changed its hostage negotiations with israel. jeff paul has the latest on tel aviv. iran's proxies attack two us bases after a three month pause, the pentagon says the us does not want to see a wider regional conflict, how should we respond to this latest attack. retired general keith kellogg on that next. there are some things that work better together. like your workplace benefits and retirement savings. voya provides tools that help you make the right investment and benefit choices. so you can reach today's financial goals and look forward to a more confident future. voya, well planned, well invested, well protected. after advil: let's dive in! but...wh

it's the sort of thing we cover, particularly on this story, meta zuckerberg's story, but meta zuckerberg's, isn't it? yeah, yeah. so that had, plummeting share pnces so that had, plummeting share prices about 18 months ago, though, mainly because he was going all in on the metaverse. the thing that you could only access through the goggles and then he went, you know what? actually, no, this is nonsense. pulled and it has very pulled out and it has very nearly quadrupled in value. the share of facebook or meta share price of facebook or meta or then. or whatever since then. >> zuckerberg is once >> also, zuckerberg is once again the most powerful. >> he's most wealthy man on >> he's the most wealthy man on the planet. again, he's overtaken musk. mean, overtaken musk. i mean, obviously these individuals that'll change within two weeks. but saying is there was but all i'm saying is there was a point where musk was kind of surging ahead and there was this kind of sense that, he's written to know, to our rescue, to our, you know, to our rescue, this libertarian, this man that wants all sides of

meta was the issue for spending and mark zuckerberg's comments. >> thank you, kate. let's get more insight on amazon which reports after the close today with daniel newman. daniel, good morning. kate hit on a number of points. cloud computing show revenues for aws increasing 15% year over year. is that good enough after the jump we saw from alphabet and microsoft? >> amazon has a tough situation. the speed of growth with google at 30% and microsoft in the mid-20s. amazon has slowed down in growth compared to the competitors, but being the largest for the longest time, it is still a law of numbers. everybody wants more growth and they want it faster. aws that's show it can compete with the rivals. i don't think it is just about how fast cloud is growing, frank. it is about how much they can compel the market that their a.i. market solutions and capabilities are competitive with google and microsoft which seem to have more of the finesse. amazon came later with the bedrock and anthropic partnerships. people will look at the levers and look to see if it will grow quickl

also topping the list elon musk, jeff bezos, mark zuckerberg and bill gates.om chase peterson withorn, who oversaw the compliation of the list. it's a banner year for billionaires. as you said, there's more than ever and they're richer than ever — worth $14.2 trillion, which is $2 trillion more than last year. so, some of the major trends are stock markets around the world in a lot of the world are up. and these people, by and large, are some of the biggest beneficiaries of the stock market because they own large shares in publicly traded companies around the world. and so, you know, as markets are up, these billionaires are up. and you can see that especially in technology, tech stocks are going through the roof. there's a tonne of enthusiasm for al. and so we've seen a lot of new billionaires come into the ranks this year who have ai companies or who are using ai in their business. but it's also really boosted the values of a lot of, i guess, traditional tech billionaires, people like mark zuckerberg as well. so, banner yearfor billionaires, especially for a