00:00♪ RITIKA: --ROMAINE: A ROLLER COASTER RIDE OF A WEEK WINDS DOWN. ANNABELLE: -- ALIX: IT'S TRIPLE WITCHING BUT NOTHING'S HAPPENING. IT HAS BEEN QUITE A WEEK TO BE SURE, BUT CURRENTLY NOT A LOT GOING ON. THE S & P IS PRETTY MUCH FLAT, BUT THE S & P IS NOW UP FOR A WEEKLY GAIN FOUR WEEKS IN A ROW. WE HAVE NOT SEEN THAT STREAK SINCE FEBRUARY. OTHER SUPERLATIVES COMING YOUR WAY OVER THE NEXT COUPLE OF HOURS. COPPER AND GOLD BOTH AT RECORD HIGHS. FREEPORT-MCMORAN AT THE HIGHEST LEVEL SINCE JULY 2011. SILVER HIGHEST LEVEL SINCE 2013. WE WILL BREAK DOWN THE WIDE ON ALL OF THAT. YIELDS UP BY FOUR BASIS POINTS. BARCLAYS SCRAPPED ITS SHORT CALL ON THE 10-YEAR NOTE. QUITE INTERESTING HEADING INTO NEXT WEEK. ROMAINE: INTERESTING, TOO, AS WE CLOSE OUT THE WEEK AND TAKE A LOOK AT THE ONCE DORMANT MEME STOCK MANIA. THAT HAS FADED, AT LEAST FOR THE PILLARS, GAMESTOP AND AMC, BUT TAKE A LOOK AT TUPPERWARE. ERASING LOSSES FROM THE PAST TWO WEEKS, LOCKING IN WHAT WILL NOW BE IT'S BEST WEEK GOING BACK TO OCTOBER. ROBINHOOD RIGHT NOW ON TRACK FOR ITS BEST WEEK OF THE YEAR. PROFESSOR JEREMY SIEGEL TALKED ABOUT INVESTMENT PSYCHOLOGY AND THE NARRATIVE AROUND THE FOLLOWED THE HERD MENTALITY. AN ANALYST OF CLIENTS THAT THE CONTRARIAN INDICATOR ENTERED THE TERRITORY THIS WEEK, LOWERING THE PROBABILITY OF FORWARD RETURNS OVER THE NEXT YEAR, WRITING THAT THE WILD MOVES IN MEME STOCKS ARE HARD TO EXPLAIN USING ANY TRADITIONAL LOGIC BUT DOES PROVIDE PERSPECTIVE THAT THE SYSTEM IS STILL AWASH WITH LIQUIDITY DESPITE WHAT JAY POWELL SAYS ABOUT TIGHTER FINANCIAL CONDITIONS. METALS AND TREASURIES, A BLOOMBERG INDUSTRIAL METALS SUB INDEX AS COPPER TRADES AROUND ITS RECORD HIGHS. THEN THERE'S THAT TREASURY RALLY SHOWING NEW SIGNS OF LIFE. BONDS MARKEDLY 21ST ST WEEK OF INFLOWS ACCORDING TO BANK OF AMERICA. MICHAEL HARTNETT, STRATEGIST OVER THERE, SAYING THEY ANTICIPATED NEXT MOVES IN MONETARY POLICY AND THE RISKS TO CORPORATE PROFITS AND INVESTORS SHOULD PREPARE FOR AN EVEN GREATER REVERSAL OF THAT ANYTHING BUT BONDS TRADE. ALIX: HERE'S WHAT MY QUESTION IS -- WHY WOULD YOU SELL STOCKS RIGHT NOW? WHAT IS THAT REASON? I DON'T REALLY HAVE ONE. WE WERE JUST TALKING ABOUT IT. FINANCIAL CONDITIONS SHOWS IT'S HARD TO ARGUE WITH THAT STOP RALLY. THE BLUE LINE IS THE BLOOMBERG COMMERCIAL INDEX. THE WHITE LINE IS THE S & P. AFTER COVID, THERE WAS AN INFLUX OF STIMULUS AND THERE WAS A WHOLE DIFFERENT STORY, BUT YOU CAN SEE A LITTLE DIP, A LITTLE BIT, TIGHTENING UP FINANCIAL CONDITIONS, AND HERE IS THE WIFE. AFTER FINANCIAL CONDITIONS BOTTOMED OUT AT THE END OF 2023, THEY HAVE STEADILY BEEN CLIMBING HIGHER AND THAT HAS HELPED REPEL THE S & P HIGHER AS WELL. UNTIL THIS MATERIALLY TIGHTENS, WHY WOULDN'T YOU OWN STOCKS? WHY WOULDN'T IT BE JUST A BY EVERYTHING RALLY, EXCEPT FOR THE DOLLAR? ROMAINE: I WILL ASK THAT QUESTION OF OUR GUEST. IS THE -- IS THERE STILL A CASE TO BE MADE FOR STOCKS? QUESTION: I CERTAINLY THINK SO. I THINK WE ARE CONTINUING TO SEE INFLOWS AND I THINK THERE IS FURTHER UPSIDE FROM HERE. IT RAISES THE QUESTION, ARE RATES RESTRICTIVE? IF WE ARE SEEING RECORD HIGHS IN EQUITIES, CREDIT SPREADS TIGHTENING THROUGHOUT THE LAST YEAR, I WOULD ARGUE RATES PROBABLY ARE NOT RESTRICTIVE. ROMAINE: THAT GETS TO THE IDEA THAT WE WOULD NOT HAVE HAD THE MEME STOCK RALLY IF THINGS WERE TIGHT. WE WOULD NOT HAVE HAD SOME OF THE OTHER MOVES YOU SAW EVEN PRIOR TO THE MEME STOCK RALLY THIS WEEK IF THINGS WERE TIGHT. WHY DO YOU THINK WE ARE HEARING FROM JAY POWELL AND OTHER FED MEMBERS TRYING TO MAKE THE CASE, AT LEAST PUBLICLY? CHRISTIAN: WE HAVE CERTAINLY SEE POWELL REMOVE THAT RISK OF POTENTIAL RATE INCREASES, BUT I THINK THEY WILL BE STUCK THEY ARE FOR SOME TIME TO COME. WE ARE NOT GOING TO SEE THESE AGGRESSIVE RATE CUTS THAT WE HAVE SEEN PRICE IN. WE HAVE GONE FROM IN THE LAST SIX MONTHS TWO RATE CUTS TO SEVEN RATE CUTS, BACK TO ONE, THEN TWO. THERE IS A LOT OF NOISE AROUND THIS AND I THINK A LOT OF UNCERTAINTY. LOOK AT THE FED STOP. FOR THE END OF NEXT YEAR, YOU HAVE ONE MEMBER OF THE FED THINKING RATES WILL BE DOUBLE WHERE ANOTHER MEMBER THINKS THEY WILL BE. WE ARE TALKING ABOUT ECONOMIC THEORY IS THAT THEY ARE RULES OF PHYSICS. THE BOTTOM LINE IS ECONOMIC THEORY HAS WORKED FOR PERIODS OF TIME AND IN DIFFERENT PERIODS OF TIME, THOSE SAME THEORIES DO NOT WORK THE SAME WAY. ALIX: YOU ARE RIGHT, FED OFFICIALS HAVE NOT TALKED ABOUT THAT EXCEPT KASHKARI BROUGHT IT UP THIS WEEK. DOES THAT MEAN JUST KNOW CUTS OR DOES IT MEAN A HIKE? > > I THINK THE BAR TO A HIKE IS HIGH BECAUSE I THINK POWELL ESSENTIALLY RULED IT OUT, BUT TO THAT POINT, INFLATION HAS COME DOWN CONSIDERABLY BUT NOT BECAUSE THE FED RAISED RATES. IT HAS BEEN MAINLY ABOUT THE SUPPLY SIDE. IF YOU LOOK AT THE AREAS WHERE FED RATE INCREASES ARE SUPPOSED TO IMPACT THINGS LIKE CORE SERVICES INFLATION, WE HAVE NOT SEEN ANY ACTIVITY. ALIX: I'M GLAD YOU BROUGHT THAT UP. THE BIG HEADLINE THAT CAME OUT WAS IF YOU WANT TO TAME INFLATION, CUT RATES. PEOPLE WHO HAVE MONEY ARE NOW MAKING SO MUCH MONEY THAT THAT IS HELPING SPUR THAT SERVICES DEMAND AND SERVICES INFLATION. I KNOW IT SOUNDS A LITTLE TRICKY, BUT IS THERE ANY TRUTH TO THAT FROM YOUR POINT OF VIEW? CHRISTIAN: THERE IS ESSENTIALLY A TRANSFER OF WEALTH FROM THE GOVERNMENT TO SAVERS TO BIG CORPORATE'S WITH LARGE CASH BALANCE. THAT DOES NOT MEAN WE SHOULD RIP UP THE ECONOMICS TEXTBOOK ALTHOUGH I THINK SOME PARTS OF IT SHOULD BE RIPPED UP. RIGHT NOW I THINK THERE IS A STRONG ARGUMENT TO BE MADE THAT RATES HAVE BEEN SOMEWHAT INFLATIONARY. ROMAINE: HOW DOES THE FED COMBAT THAT? IT SOUNDS LIKE THEY HAVE DONE WHAT THEY CAN DO WITH THE RATE HIKES ALREADY. WHAT CAN THEY DO? CHRISTIAN: I WOULD ARGUE THEIR HANDS ARE PRETTY TIGHT. ONE OF THE MAIN WAYS MONETARY TRANSITION MECHANISMS WORKS IS THROUGH THE MORTGAGE MARKET, BUT THE SPREAD BETWEEN EFFECTIVE MORTGAGE RATES AND THE CURRENT MORTGAGE RATE HAS NEVER BEEN SO WIDE. LARGELY I THINK BECAUSE OF THE STRUCTURE OF THE HOUSING MARKET AT THE MOMENT, THE MONETARY POLICY IS NOT THAT EFFECTIVE IN DRIVING THE REAL WORLD. ROMAINE:'S FISCAL POLICY COMPLICATE THINGS? CHRISTIAN: YES, DEFINITELY. I WOULD ARGUE FISCAL POLICY IS THE MAIN DRIVER AT THE MOMENT. WHEN YOU LOOK AT THE SUPPLY SIDE OF THINGS, WHICH I DO THINK IS THE MAIN REASON WE HAVE SEEN INFLATION COME DOWN, I THINK THE GOOD NEWS IS PROBABLY BEHIND US. I DO THINK THERE'S ROOM TO SEE SOME OF THOSE SUPPLY PRESSURES REEMERGE, PARTICULARLY WHEN IT COMES TO ENERGY PRICES, POTENTIAL RISE IN SHIPPING COSTS, SO I WOULD ARGUE THE GOOD NEWS ON THE SUPPLY SIDE. ROMAINE: REALLY INTERESTING STUFF IF YOU ARE CHRISTIAN LAWRENCE, HELPING US KICK YOU OFF TO THE CLOSE HERE ON THIS FRIDAY AFTERNOON. WHEN WE COME BACK, A LOOK AT A BIG RALLY AND A BIG DROP WE SAW FROM SOME OF THE MEME STOCKS. JEREMY SIEGEL AT THE WHARTON SCHOOL WILL DROP BY TO TALK ABOUT INVESTOR PSYCHOLOGY. ALIX: PLUS, WE BREAK DOWN WHAT'S DRIVING RECORD HIGHS FOR METAL. ROMAINE: AND ROBINHOOD ON TRACK FOR ITS BEST WEEK OF THE YEAR. EVERYONE BACK IN THE POOL RIGHT NOW. PART OF OUR TOP CALLS COMING UP IN JUST A SECOND. RIGHT HERE ON BLOOMBERG. > > I'M CONFIDENT THAT THIS TIME IT IS LIVED UP. I THINK WE WILL SEE MORE MOMENTUM BECAUSE YOU HAVE THREE SOURCES OF DEMAND THIS TIME AROUND. BACK IN 2021, ALL THEY HAD WAS THE GREEN DEMAND. ALIX: EXPECTATIONS FOR COPPER PRICES AT RECORD HIGHS. IT HAS BEEN QUITE A WEEK FOR COPPER. A COUPLE OF DIFFERENT THINGS HAPPEN IN A COUPLE OF DIFFERENT MARKETS, BUT I WANT TO FOCUS ON COPPER. WHAT IS YOUR BIGGEST TAKE AWAY FROM THIS WEEK? A LOT OF IT HAD TO DO WITH SHORT COVERING OR SHORT SQUEEZING. MICHAEL: PRETTY EXTREME FUTURE SHENANIGANS. THERE WAS A SIGNIFICANT SHORTAGE OF FRONT COPPER FUTURES TO TRADE ON THE CME. SQUEEZE THOSE FRONT CONTRACTS, BUT THAT STEEP CONTANGO REMINDED ME OF THE SILVER PEAKED IN 2011. USUALLY IT IS RARE FOR COPPER, BUT SO FAR IT'S WORTH IT. YOU LOOK AT MANAGEMENT CONDITIONS, THEY ARE PRETTY LONG. VERY LONG. CONTRACTS MADE A NEW HAD, AND IN LONDON, IT HAS NOT. TO ME, IT IS SCARY WHEN I SEE THINGS LIKE THAT. I BELIEVE IN THE LONG-TERM WHAT JEFF SAYS. I HAVE KNOWN HIM FOR DECADES. WHEN HE COMES OUT WITH THINGS LIKE THAT. NOW I'M WORRIED ABOUT THE CORRELATION PRACTICE. ROMAINE: I'M CURIOUS WHEN WE TALK ABOUT THE POTENTIAL FOR THIS RALLY TO CONTINUE IF IT IS MORE THAN JUST A SHORT SCREEN, IF THERE IS SOMETHING ELSE DRIVING IT. IS THERE ENOUGH RESISTANCE ON THE OTHER SIDE OF THE BREAK -- THE OTHER SIDE OF THE TRADE? > > IN THE MICRO, IT IS POSITIONS. POSITIONS ARE ALREADY LONG. I SUSPECT THAT WILL CHANGE. MACRO IS I THINK A LITTLE BIT MORE OF A HEADWIND THAN HE THINKS. 2.3% IN THE 10-YEAR CGP VERSUS 4.5% IN THE U.S. THAT IS A SIGN OF DEFLATIONARY TRENDS IN CHINA. THEN THERE'S BETA. U.S. STOCK MARKET RECORD HIGHS AND S & P 500 ABOUT 20% OF ITS 100-WEEK MOVING AVERAGE. THOSE ARE THINGS THAT WILL PUT PRESSURE ON COPPER IN THE SHORT TERM, WHICH I THINK THIS PART OF THE PROBLEM. WE ARE SEEING SOME ANIMAL SPIRITS. ALIX: I THINK JEFF IS TALKING ABOUT A STRUCTURAL SHIFT IN THE MARKET AND I LONGER-TERM DEMAND FOR THINGS LIKE ENERGY TRANSITION. WHERE DOES SILVER FALL IN THIS RELATIONSHIP. SILVER OUT OF NOWHERE, 2013 HI. > > THAT'S RIGHT. SILVER TO ME IS BETWEEN COPPER AND GOLD. EVERYTHING IS FOLLOWING GOLD. GOLD HAS BEEN SITTING AT RECORD HIGHS AND BEEN ON THAT TRAJECTORY SINCE EARLY IN THE YEAR. WHO IS BUYING GOLD? CENTRAL BANKS LED BY CHINA. IT IS POTENTIAL CHINA IS HOLDING OTHER METALS, BUT SILVER TO ME IS KNOWN AS THE DEVILS METAL FOR THE REASON. THAT SILVER/GOLD RATIO DROP TO 77 NOW. THAT IS USUALLY A PRETTY GOOD SUPPORT LEVEL. I STILL THINK GOLD WILL BE BETTER, BUT OVERALL, THIS IS A BIT OF A REVENGE OF THE NERDS. I ENCOURAGE THE BLOOMBERG INDEX TO CREATE THE BLOOMBERG METAL INDEX. TO ME, METALS AND COMMODITIES ARE THE BEST PLACE TO GO, AND IT IS SHOWING THAT NOW. ROMAINE: GOLD RIGHT NOW AT $2400 LEVEL. I KNOW YOU HAVE BEEN KEEPING AND I ON THAT RIGHT NOW. BASICALLY RIGHT BELOW $10,700. ALIX: IN THE U.S., ABOUT FIVE DOLLARS A POUND. I FIND INTERESTING, THE LONGER BETS FOR COPPER, THEY ARE UPGRADING IN A BIG WAY. I'M SURE BHP IS GOING TO BE, LIKE, WE ARE GOOD WITHOUT, BUT THAT IS A PURE BET ON THE COPPERPLATE. -- COPPER PLAY. ROMAINE: IT'S REALLY ABOUT TIMING, AND IS THE PRICE WE ARE AT TODAY IMPORTANT TO THAT MODEL? ALIX: WE SAW THAT WITH LITHIUM A FEW YEARS BACK, TOO. PRICES CRATERED AND THEY HAD TO CLOSE UP THE MINDS. ROMAINE: I REMEMBER THE URANIUM RALLY. I HAVE NOT LOOKED AT URANIUM IN A WHILE, BUT I'M SURE WE WILL BE TALKING ABOUT THAT SOON. MEANWHILE, WE ARE KEEPING AN EYE ON WHAT'S GOING ON IN EQUITY MARKETS AS WELL. ONE OF THE BIG GAINERS IS ROBINHOOD, ON TRACK FOR ITS BEST WEEK OF THE YEAR, AN ANALYST AT BANK OF AMERICA FINALLY TAKING NOTICE, REVERSING TIMESTAMP. IT'S ONE OF OUR TOP CALLS, AND ROMAINE: THE BIG MOVES ON THE BACK, ANALYST RECOMMENDATIONS AND WE START WITH BATH AND BODY WORKS, GETTING A BOOST TO NEUTRAL FROM UNDERWEIGHT OVER AT J.P. MORGAN. ANALYST SEE POTENTIAL FOR A RETURN TO REVENUE GROWTH IN THE CURRENT QUARTER AND TELL SOME INFLECTION WITH COPPER SALES AND IMPLIES THE PARTNERSHIP THAT BATH AND BODY WORKS HAS WITH NETFLIX AND THE SHOW "BRIDGERTON" MAY HAVE SOMETHING TO DO WITH IT, SHOWING THAT GOOGLE TRENDS SHOW THAT KIND OF COLLABORATION MAY BE PART OF IT. ANALYST SAY INVESTOR CONCERN ABOUT SALES IS OVERLY WORRISOME AND SUGGESTS THE COMPANY LEAN FURTHER INTO ADVERTISING PROMOTIONS TO DRIVE SAME-STORE SALES GROWTH. SHE IS GETTING A DECENT BID ON THE DAY COME UP ABOUT 1.5%. FINALLY, LET'S TAKE A LOOK AT ROBINHOOD, GOOD DAY AND GOOD WEEK FOR THE STOCK AS ANALYST AT BANK OF AMERICA BASED ON A RECOMMENDATION TO BUY FROM UNDERPERFORM BECAUSE OF MEME STOCK MANIA AND ACCELERATED ORGANIC GROWTH THAT WILL DRIVE THE STOCK IN THE COMING YEARS. THERE'S SHARES HAVING A PHENOMENAL DAY. THOSE ARE SOME OF OUR TOP CALLS. WE WANT TO STICK WITH THAT LAST ONE. YOU SEE THE NUMBERS ON YOUR BOARD AND ON THE WEEK. DEMAND BEHIND THAT. THE MANAGING DIRECTOR AT BANK OF AMERICA JOINING US NOW. I'M CURIOUS ABOUT THIS CALL. IS THIS BASED ON SOME OF THE, I GUESS, ACTIVITY WE SAW WITH REGARDS TO MEME STOCKS THIS WEEK OR MORE ON SOMETHING A LITTLE BIT MORE LONG-TERM AND SUSTAINABLE? > > HONESTLY, IT HAD NOTHING TO DO WITH WHAT HAPPENED THIS WEEK. THERE'S TWO THINGS, A VERY LONG TREND, WHICH IS THE FACT THAT MILLENNIALS, GEN Z'S, GEN X'S, THEY ARE GOING TO INTERACT, AND THIS WAS A LONG-TERM SECULAR SHIFT TOWARDS MOBILE. THE SECOND THING IS THE CYCLICAL TREND, AND THAT, WE THINK WE ARE IN THE EARLY INNINGS OF A MULTIYEAR PERIOD OF RISING RETAIL ENGAGEMENT. THIS WILL HELP ROBINHOOD'S ORGANIC GROWTH, TRADING LEVELS, AND EVEN THINGS LIKE MARGIN LOANS. ROMAINE: GIVEN THAT BASICALLY DOUBLE UPGRADE, SOMETHING CLEARLY CHANGE FOR YOU. WHY DOES THE STORY LOOK DIFFERENT TODAY WITH THE NOTE YOU PUT OUT VERSUS A WEEKS OR -- A FEW WEEKS AGO OR EVEN A FEW MONTHS AGO? > > I THINK THERE IS A LOT OF OCTANE IN THE ROBINHOOD STOCK AND THEIR FINANCIAL STATEMENTS, AND WHAT I MEAN BY THAT IS THAT YOUR CLIENTS WILL BECOME LESS ACTIVE. THEY WON'T TRADE A LOT. IN BULL MARKETS, IT'S THE OPPOSITE. WE SAW THIS ALREADY. WE SAW THIS PLAY OUT IN THE 2019 TO 2021 COVID PERIOD, WHICH WAS ACTUALLY A PERFECT STORM FOR THAT WHEN ALL THE RESULTS WERE VERY STRONG. REMEMBER, THE FED STARTED RAISING RATES, AND AS I CALL IT, THINGS WENT DARK. THAT'S WHEN WE RATED THE STOCK UNDERPERFORM. WHAT WE ARE SEEING TODAY IS WE THINK THERE IS A MULTIYEAR PERIOD, WHICH IS THE OPPOSITE OF THAT, RISING RETAIL ENGAGEMENT, BETTER ORGANIC GROWTH AT BETTER TRADE LEVELS. ALIX: IS THERE A DIRECT CORRELATION BETWEEN THINGS LIKE THE JOB NUMBER OR AVERAGE HOURLY EARNINGS OR HOUSEHOLD SAVINGS THAT CORRELATE? > > YES, BUT INDIRECTLY. AT THE END OF THE DAY, WE WANT A REALLY STRONG STOP IT. WE WANT LOW INTEREST RATES, AND COMBINED, THAT WILL DRIVE HIGHER RETAIL ENGAGEMENT. IN MY VIEW, THAT ECONOMIC SET UP AND THE ECONOMIC VARIABLES THAT DRIVE THAT WILL MAKE ROBINHOOD A VERY STRONG STOP. WE'RE LOOKING FOR THE FIRST BIT -- THE FIRST FED RATE CUT IN DECEMBER. LOWER INTEREST RATES ARE GOOD BECAUSE THEY SUPPLY THE FINANCIAL MARKETS WITH MORE LIQUIDITY, AND THAT SHOULD DRIVE UP STOCK MARKETS AND ALSO SHOULD DRIVE UP RETAIL ENGAGEMENT. ALIX: HOW DO YOU PRICE IN THE BROADER RISK? WE GOT A NOTICE FROM THE U.S. SEC WARNING THAT ROBINHOOD FACES ENFORCEMENT ACTION OVER ITS CRYPTO BUSINESS. NOTHING FIRM, THESE ARE THE RISKS THAT ARE STILL PERCOLATING. > > THE ROBINHOOD STOCK WAS $20 A LITTLE BIT AGO AND SOLD OFF TO 16. WITH ROBINHOOD, THEY HAVE A VERY CONSERVATIVE OFFER OF COINS, WHICH I THINK SHOULD HELP WITH REGULATORS, AND ALSO, THERE'S A LOT OF VARIABLES IN PLAY. WE DON'T KNOW WHO WILL BE PRESIDENT NEXT YEAR, FOR ONE. WE DON'T KNOW WHO WILL BE RUNNING THE SEC. THESE THINGS TAKE TIME, BUT AT THE END OF THE DAY, THEY HAVE A VERY CONSERVATIVE OFFERING UP COINS AND CAPABILITIES, WHICH SHOULD HELP THEM FOR THIS SCENARIO. ROMAINE: THIS GETS TO A QUESTION, TOO, ABOUT COMPETITION IN THE SPACE. WHEN ROBINHOOD CAME ON SCENE AND WAS CAPTURING THIS IMAGINATION AND ATTENTION, WE DID SEE SOME OF THE MORE ESTABLISHED COMPETITORS TRIED TO BROADEN THEIR OFFERINGS. IS THERE ANY CONCERN THAT WE COULD SEE MAY BE A FURTHER PUSH BY SOME OF THOSE COMPETITORS INTO THAT SPACE? > > I THINK THEY ARE VERY DIFFERENT. I THINK AT ROBINHOOD, THEY MADE INVESTING FUN. THEY ALSO GAVE YOU A VERY HIGH VALUE PROPOSITION TO CLIENTS, AND THEY LEVERAGED TECHNOLOGY TO DO THAT. WHAT I MEAN BY THAT IS YOU TRADE FOR FREE, NOT JUST STOCK, SO YOU GET A LOT OF VALUE OUT OF THAT PLATFORM BECAUSE THEY COULD SELL ORDERS TO MARKET MAKERS. ALSO, IF YOU ARE A ROBINHOOD CUSTOMER, YOU GET ABOUT 5% ON YOUR CASH. WE THINK THEY HAVE A VERY COMPETITIVE OFFERING. WE THINK THEY HAVE A STRONG BRAND NAME WITH INDIVIDUALS AGED 20 TO 40, AND THOUGH THEIR AVERAGE ACCOUNT SIZE IS ACTUALLY ONLY $4000, SO AS THESE YOUNGER INVESTORS ACCUMULATE WEALTH AND AGE, WE THINK THEY WILL STAY AT ROBINHOOD, AND WE THINK THIS WILL HAVE A POSITIVE IMPACT ON THE SIZE OF ROBINHOOD'S ACCOUNTS. ALIX: THANKS FOR JUMPING ON WITH US. IT'S THE GAME OF VACATION -- THE GAMIFICATION OF STOCK TRADING, RIGHT? ROMAINE: I FEEL LIKE EVERYBODY IS DOING IT. ALIX: ACCUMULATING WEALTH IS DIFFERENT THAN TRADING STUFF. THE PSYCHOLOGY BEHIND IT. > > 3:30 P.M. IN NEW YORK. > > THE WEEK OF THE MEME STOCKS. WE'VE ADDED NET FROM LAST FRIDAY. LIKE A BILLION DOLLARS ON A TWEET THAT MEANT NOTHING. > > IT GETS TO THIS IDEA OF THE PSYCHOLOGY BEHIND IT. ROARING KITTY WAS THE CATALYST FOR THE LAST BIG FRENZY. THERE WAS NOTHING ELSE THERE. ALIX: LEFT OVER SAVINGS? ROMAINE: BOREDOM? ALIX: TO HELP US WITH THIS, PROFESSOR, WHAT DID YOU MAKE OF WHAT HAPPENED? > > A REPEAT OF WHAT HAPPENED A FEW YEARS AGO. SAME THING I SAID THEN. LONG-TERM HOLDERS ARE NOT GOING TO BE HAPPY IN THESE. SHORT RUN YOU ARE GOING TO THE CASINO, YOU MAY WIN BIG AND HAVE A LOT OF FUN BUT AS A LONG-TERM OLD, IT IS DOOMED. NONE OF THOSE WILL PRODUCE ANY RETURNS. ALIX: LAST TIME EVERYONE WAS AT HOME, EVERYONE HAD PANDEMIC CHECKS. THAT WAS THE EXCUSE. SUPPOSEDLY THAT SHOULDN'T BE THE CASE THIS TIME. WHAT GIVES? JEREMY: STILL MYSTIQUE. THE MOVIE DONE MONEY -- "DUMB MONEY" THAT GLAMORIZED THE PROCESS FOR THE SHORT-SELLERS. ECO-SOURCE STILL THERE. ONE PICTURE COULD SPARK SEVERAL BILLION. THAT IS SOMETHING TO PONDER WHEN YOU TALK ABOUT QUARKS. ROMAINE: THIS MIGHT BE AN ANOMALY. WE'VE SEEN THIS SMALLER SCALE. ONE PERSON KNEW HAS INFLUENCE COMES OUT, SAYS SOMETHING, THEN THE WORLD FOLLOWS BEHIND BLINDLY. YOU UNDERSTAND HOW MARKET PSYCHOLOGY WORKS. IS IT DIFFERENT TODAY THAN 30 YEARS AGO? JEREMY: SHORT SQUEEZES HAVE BEEN WITH US FOR CENTURIES. 19TH CENTURY. FAMOUS SHORT SQUEEZES ON RAILROAD STOCKS. COMMODITY MARKET. THESE SITUATIONS HAVE OCCURRED BEFORE. THAT IT HAS OCCURRED IN THE WAY IT HAS WITH YOUNG PEOPLE RATHER THAN SEASONED SPECULATORS, IS THE DIFFERENCE. WE'VE HAD EPISODES OF THIS TYPE OF BEHAVIOR IN THE PAST. ROMAINE: IS IT SOMETHING MATERIAL OR THE MARKET CAN JUST DEAL WITH IT IN PASSING AND AT SOME POINT WE GET BACK TO REALITY? JEREMY: YOU SAID MAYBE $2 BILLION WAS ADDED. CONSIDER THE TRILLIONS IN THE MARKET. IT DOESN'T HAVE A BIG IMPACT. SOME SHORT SQUEEZES OF THE PAST IN MAJOR STOCKS LIKE RAILROADS WHEN THEY WERE FLYING BACK IN THE LATE 19TH CENTURY OR WHEN THERE WAS A SHORT SQUEEZE IN THE SILVER MARKET, THOSE THINGS DID MATTER. THIS IS FUN FOR PEOPLE. IN THE BIG PICTURE OF EQUITIES, IT'S NOT SIGNIFICANT. ALIX: THEY PROBABLY MATTER TODAY PLOTKIN TWO USE AGO. DOW AT 40,000. NICE ROUND NUMBER. WE LIKE ROUND NUMBERS. THAT'S WHEN I GET THE PHONE CALL FROM MY MOTHER-IN-LAW. IS THAT A PSYCHOLOGICAL MILESTONE? JEREMY: ALL THESE 10,000S ARE PSYCHOLOGICAL. 50 WILL BE THE HALF OF THAT. EVERYONE SAYS THE DOW -- IT'S IMPERFECT. STARTED IN THE 19TH CENTURY WHEN WE DIDN'T HAVE COMPUTERS. YOU ADDED THE PRICE AND DIVIDED BY 30. IT WAS ONLY CALCULATED ONCE PER HOUR BACK ON. OUR COMPUTERS NOW CAN DO ANY MATH. PEOPLE MAKE FUN OF IT. IF YOU GO BACK 50 YEARS, THE COMPOUND RETURN ON THE DOW HAS NOT ONLY CHALLENGED THE S & P BUT EXCEEDED THE S & P. AS AVERAGE, IN THE LONG RUN, I WOULDN'T MAKE FUN OF IT. ALIX: WOW OK. THAT FEELS COUNTERINTUITIVE TO BELIEVERS. WHAT HAPPENS NOW? WHERE DO WE END HERE? JEREMY: WHERE ARE WE WITH THIS MARKET? WE ARE RICH. THINGS ARE GOOD ON THE EARNINGS FRONT. BIG QUESTION ABOUT THE FED. THERE ARE GOOD CUTS AND BAD CUTS. BAD CUTS IF THE ECONOMY SLOWS. THAT'S NOT GOOD FOR THE MARKET. GOOD CUTS IF INFLATION SLOWS WITH THE ECONOMY STRONG, WOW THAT WILL CONTINUE TO PROPEL THE MARKET. IT'S NOT JUST A MATTER OF WAITING. IT'S A QUESTION OF WHAT WILL PROMPT CUTS. I THINK WE HAVE SOME AT YEAR-END AND I AM HOPEFUL IT WILL BE THE DECLINE ON THE INFLATION FRONT. ROMAINE: MARKET FUNDAMENTALS. ANTICIPATION OF CUTS. ARE FUNDAMENTALS SUPPORTIVE OF CORPORATE FUNDAMENTALS WHICH WOULD BE SUPPORTIVE OF MARKET VALUATIONS? JEREMY: 21 TIMES FORWARD EARNINGS. THAT'S RICHER. I'VE ARGUED IT SHOULD BE SELLING AT THAT. NORMALLY STOCKS HAVE TOO MUCH OF A DISCOUNT TO THEIR FUNDAMENTALS. WHEN THERE IS OPTIMISM, YOU GET BACK TO A FUNDAMENTAL VALUATION. IT'S INTERESTING. THE ECONOMIC INDICATORS HAVE FALLEN SHORT OF EXPECTATION. 4% GDP. NOW WE ARE TALKING 3% IN THE SECOND QUARTER. THAT'S NOT TERRIBLE. THERE MIGHT BE A DOWNWARD REVISION OFF OF THE RETAIL SALES FIRST QUARTER. GROWTH ISN'T AS STRONG AS WE HOPED. STICKY INFLATION. I'VE TALKED ABOUT THE RENTAL COMPONENT BEING DISTORTED. HOPEFULLY LOWER RENTS WILL EVENTUALLY FALL INTO THE INDEX. THERE ARE POSITIVES. TECHNICALLY IT LOOKS GOOD. WE DON'T SEE ANY SIGN OF RECESSION. WE HAVE TO KEEP OUR EYES OPEN. THIS LAST WEEK ALMOST EVERY REAL INDICATOR CAME IN BELOW EXPECTATIONS. I WATCH THOSE THINGS TO SEE WHETHER THAT WILL ACCUMULATE. IT COULD JUST BE TEMPORARY. ROMAINE: ALWAYS WONDERFUL TO TALK. WONDERFUL TIE. ALIX: YOU ARE TWINNING. ROMAINE: PROFESSOR EMERITUS, UNIVERSITY OF PENNSYLVANIA, JEREMY SIEGEL. GOES BEYOND PSYCHOLOGY. MAYBE THERE IS A CASE FOR WHERE VALUATIONS ARE. NOT NECESSARILY GAMESTOP. ALIX: DELIVER THE GOODS. GOOD TEST FOR NVIDIA NEXT WEEK. CONFUSING, THE SURVEY BETTER THAN BEFORE BUT CONFIDENCE IS NOWHERE NEAR PUBLIC CEO CONFIDENCE. CONSUMER CONFIDENCE NOWHERE NEAR CONFIDENCE FROM BIG COMPANIES. HOW DOES THAT SQUARE? ROMAINE: ECONOMICALLY. ALIX: MAYBE. ROMAINE: THE S & P IS A REFLECTION OF THE LARGE-CAP ECONOMY, NOT NECESSARILY MAIN STREET. MORE COMING UP. ROBINHOOD, GAMESTOP, LET'S TALK ABOUT REDDIT, SHARES SOARING TODAY. IT'S COMING UP NEXT. ♪ ROMAINE: REDDIT. SHARES UNVEILING A PARTNERSHIP WITH OPENAI. IT WILL LET REDDIT ADD NEW AI FEATURES TO ITS ONLINE COMMUNITIES. 10% POP ON THE DAY. ABIGAIL: INVESTORS CHEERING THIS. REDDIT GETS A $40 MILLION REVENUE STREAM EVERY YEAR PLUS PUTTING AI INTERFACE INTO THEIR BOARDS. I USE IT EVERY NOW AND THEN. ROMAINE: WHAT IS YOUR USERNAME? ABIGAIL: I HAVE NOT MADE IT THAT FAR. OPENAI LIVES AND BREATHES ON DATA. THEY GET THE DATA. LAST WEEK, REDDIT PUT POLICIES IN PLACE NO LONGER MAKING IT FREE. CEO TOLD US, STEVE HOFFMAN, WEEKS AGO, "OUR DATA IS VALUABLE." THEY ARE NOW MONETIZING BIT. ALIX: I'M STEALING THIS TAPE FROM PAUL SWEENEY. HE WAS SAYING THIS IS GOLD. IPO. REVENUE STREAM OFF OF GIVING MY DATA TO LLM PROVIDERS. THAT'S HOW I GET MONEY. THEN THEY DO IT. I WOULD BUY IT BECAUSE OF THAT. I'M WONDERING IF THERE ARE MORE DEALS. ABIGAIL: THE STOCK IS UP 80% FROM THE IPO. THEY EXECUTED. THEY SIGNED WITH ALPHABET IN JANUARY A $60 MILLION DEAL TO TRAIN LARGE LANGUAGE MODELS. $203 MILLION SO FAR. OPENAI, A DIFFERENT SIDE OF IT. IT REMINDS ME OF THE CONTENT IN STREAMING, THE RACE. NOW THERE IS THIS RACE FOR DATA. ROMAINE: DID THEY SAY HOW MUCH OF A CUT THEY WILL GIVE USERS FOR SELLING THEIR DATA? ABIGAIL: THEY DIDN'T. ALIX: THEY ARE GOING TO JUST LET THEM. ABIGAIL: ROYALTY. ROMAINE: DON'T TAKE THE BAIT. I'M JUST TROLLING. ALIX: ABIGAIL DOOLITTLE JOINING. I DON'T BELIEVE YOU ARE ON REDDIT. ROMAINE: I AM. ALIX: DON'T BELIEVE IT. ROMAINE: I POST EVERYTHING BEHIND THE SCENES HERE. [LAUGHTER] ALIX: TO THE CLOSING BELL. ROMAINE: 10 MINUTES UNTIL THE WEEKEND. LONG WEEK FOR STOCKS. THE CRAZY MEME STOCK TRADE. NOT A LOT GOING ON TODAY. ALIX: WEAK IN COMPARISON, S & P, NASDAQ 100 AND NASDAQ UP FOR FOUR WEEKS. WE HAVEN'T SEEN THAT SINCE FEBRUARY. THERE'S STUFF. MATERIALS, INDUSTRIALS AND ENERGY, THE BEST PERFORMING SECTORS TODAY. THE CRAZINESS IN COPPER, SILVER, OIL, GOLD. ROMAINE: VOLATILITY IN THE TREASURY SPACE. THERE WAS ACTION. THINGS GOT BATTERED AROUND. WHAT COMES NEXT? EARNINGS IS WINDING DOWN. THERE'S NOT A LOT OF ECONOMIC DATA AHEAD. > > WE WILL SEE IN CLOSE. THERE IS FURTHER UPSIDE FOR MERE. ARE RATES RESTRICTIVE? WE ARE SEEING CREDIT SPREADS TIGHTENING THROUGHOUT THE LAST YEAR. ROMAINE: TO THE CLOSING BELLS, ELLEN HAY ZEN. I'M CURIOUS AS TO WHERE YOU THINK THINGS WILL GO. THE BIG CATALYSTS, UPSIDE OR DOWNSIDE, THOSE APPEAR TO BE OFF TO THE SIDE NOW. ELLEN: SELL IN MAY AND GO AWAY. IT'S POSSIBLE WE COULD SEE A QUIET SUMMER. THE S & P THIS YEAR IS UP 12%. EARNINGS WILL BE AT 9%. WE'VE EXPANDED THE MULTIPLE. I WOULDN'T BE SURPRISED TO SEE FURTHER VOLATILITY, PARTICULARLY UNDER THE SURFACE. NOT JUST THE INDEX LEVEL BUT UNDERNEATH. MONTH BY MONTH, YOU'VE SEEN A TUG-OF-WAR BETWEEN CYCLICAL SECTORS LIKE TECHNOLOGY, COMMUNICATIONS AND MORE LATE CYCLE SECTORS LIKE UTILITIES AND ENERGY. RIGHT NOW THEY ARE BATTLING. THE MARKET SEEMS STRAIGHT UP. THERE HAS BEEN A LOT OF ROTATION UNDER THE SURFACE. WE THINK THAT WILL CONTINUE. WE ARE NOT SURE HOW MUCH MORE YOU CAN GET GIVEN WE ARE ALREADY AT A RICH MULTIPLE. ROMAINE: COULD THAT FUEL GREATER ROTATION? IF THE BROAD MARKET IS TAPPED OUT FOR THE YEAR, THE PSYCHOLOGY SEEMS TO BE PEOPLE WILL NOW DIG DEEPER INTO SECTORS TO FIND RETURNS. ELLEN: ABSOLUTELY. YOU'VE SEEN IT WITH THE MAGNIFICENT SEVEN. NVIDIA IS UP 90% YEAR TO DATE BUT TESLA IS DOWN 30%. THAT IS WRIT LARGE EVERYWHERE ELSE. IF YOU LOOK AT SECTORS, INDIVIDUALS. TRAVEL STOCKS, BOOKING DID WELL LAST WEEK. EXPEDIA TUMBLED. IT'S A PICKERS MARKET. WE WILL CONTINUE TO SEE ROTATION UNDER THE SURFACE. ALIX: DOES IT GO INTO CYCLICAL SECTORS? INDUSTRIALS, MATERIALS AND ENERGY THE BEST TODAY IN THE S & P. DO YOU NEED MORE EXPOSURE AND IF SO WHERE? ELLEN: WE WANT TO INCREASE CYCLICAL EXPOSURE, CONSUMER DISCRETIONARY AND INDUSTRIAL CYCLICALS. WE LIKE BOOKING. THEY HAVE A STRONG QUARTER. IT'S A REASONABLY VALUED STOCK, WHICH IS HARD TO FIND THESE DAYS. ON THE INDUSTRIAL CYCLICALS SIDE, ASSUMING INFRASTRUCTURE SPENDING GOES AHEAD AS EXPECTED, WE LIKE UNITED RENTALS. THEY ARE THE LARGEST PUBLICLY TRADED RENTAL HEAVY EQUIPMENT COMPANY IN THE COUNTRY. FOR 10% GROWTH YOU ARE ONLY PAYING 15 TIMES EARNINGS. WITH ACCELERATION IN INFRASTRUCTURE SPEND, THEY SHOULD DO WELL. YOU WANT TO SEE INCREASED FOCUS IN CYCLICALS GOING FORWARD BUT WE NEED TO WATCH WHAT THE FED IS DOING AND WHAT IS HAPPENING IN THE OVERALL ECONOMY. IF AND WHEN THE ECONOMY SLOWS, THAT'S WHEN YOU WANT TO START TO EXIT CYCLICAL NAMES AND GET DEFENSIVE. WE DON'T THINK THAT WILL HAPPEN NEAR-TERM. ALIX: YOU HAVE TO BE ACTIVE. WHERE DO FINANCIALS FIT IN? ELLEN: STEALTH SECTOR, PERFORMING QUITE WELL YEAR TO DATE. MONTH BY MONTH, THE LAST MONTH THEY'VE PICKED UP. IT'S NOT JUST BANKS. INSURANCE COMPANIES HAVE DONE WELL. SOME OF THEM HAVE A STRONG PROPERTY IN CASUALTY PRICING AND THE BROKERS HAVE DONE PRETTY WELL ALSO. THE KEY RISK WITH BANKS IS WHAT HAPPENS ON THE REGULATORY FRONT? WE DON'T HAVE A LOT OF CLARITY NOW. FROM WHAT WE KNOW, IT DOESN'T LOOK AS THOUGH INCREASED CAPITAL REQUIREMENTS WOULD BE TOO HARD. AND THE YIELD CURVE. IF IT NORMALIZED, SO MUCH THE BETTER FOR BANKS. WE ARE OVERWEIGHT FINANCIALS. WE LIKE MOST OF THE SECTOR. ROMAINE: WHAT ABOUT THE CHIP SPACE? NEXT WEEK WE GET NVIDIA EARNINGS. THE BIG LOOK AT THE AI TRENDS AND ADOPTION, DATA CENTERS, CHIPS. THERE ARE A FEW NAMES YOU LIKE THAT AREN'T NVIDIA. ELLEN: SO MANY WAYS TO PLAY AI. CHIPS, YOU CAN OWN AMD. THAT'S BEEN A GREAT STOCK FOR A WHILE. THEY ARE NOT AS GOOD AS NVIDIA IN THE AI FRONT BUT THEY ARE GETTING THERE PRETTY QUICKLY AND THEY HAVE A GREAT CHIP. WE LIKE LAM RESEARCH. YOU SO STRONG RESULTS OUT OF APPLIED MATERIALS LAST NIGHT. WE LIKE ASML. THEY MAKE THE LITHOGRAPHY MACHINES. THERE ARE AREAS YOU CAN GET THAT WILL BE EXPOSED TO THE TREND. LONGER-TERM, THE RISK WITH THAT IS AT WHAT POINT WILL THE HYPER SCALARS DECIDE EITHER THEY REALLY NEED TO MONETIZE THIS AND ARE THEY ABLE TO OR DO THEY SLOW DOWN SPENDING ON THAT AI SPENDING THEY ARE DOING IN CLOUD AND THE DATA CENTERS? WE DON'T SEE THAT HAPPENING YET. THAT IS KEY. THERE IS SO MUCH BUILT INTO THESE. ROMAINE: ALWAYS WONDERFUL TO TALK. HAVE A GREAT WEEKEND. 2.5 MINUTES TO THE CLOSE. EVERYONE LOOKING AHEAD TO NVIDIA AFTER THE BELL WEDNESDAY. ALIX: THE OPTIONS MARKET. IT'S NOT THERE THIS TIME. I WONDER IF THAT HAS CHANGED. I WONDER IF THAT CHANGES THE DYNAMIC. ROMAINE: INTERESTING TO SEE. WE GET A FEW OTHER NAMES IN THAT SPACE THAT WILL HELP US SHAPE THE NARRATIVE. WE TAKE YOU TO THE BELL AND BEYOND. ANNOUNCER: BEYOND THE BELL STARTS RIGHT NOW. ROMAINE: TWO MINUTES FROM THE END. GLOBAL SIMULCAST WITH TIM AND CAROL HAS THE DAY OFF, SONALI BASAK IS IN. WELCOME TO ALL OUR AUDIENCES. HOW ARE YOU FEELING? > > I'M FEELING GOOD. I'M VERY MUCH HERE FOR YOU TODAY. ROMAINE: I'M GLAD SOMEONE IS. > > I'M WONDERING WHERE THE ACTION IS TODAY. IT WAS A BIG WEEK THANKS TO A COUPLE FED FRIENDLY ECONOMIC DATA PRINTS. PEOPLE ARE SAYING WE GET NVIDIA EARNINGS. > > EVERYTHING WAS FINE AND EXUBERANT IN THE MIDDLE OF THE WEEK YOU HAD KEY MOMENTS. THERE WAS DIVERSIONS IN INDICES TO THE 480 LEVEL. WE HAVE BREACHED IT. THERE IS SOME OPTIMISM AROUND THE POTENTIAL. ALIX: THE EQUITY MARKET DOESN'T CARE ABOUT THE BOND MARKET. WHETHER THEY MOVE IN TANDEM OR HIGHER YIELDS. IT FEELS LIKE IF WE SET UP FOR A RANGE, ANYTHING BELOW FIVE FOR THE 10 YEAR SEEMS TO BE SOMETHING THAT EQUITY MARKET CAN DIGEST. ROMAINE: WE KEEP PULLING OUR HAIR OUT OVER THE FED. I GET IT. THERE'S GOT TO BE SOME AWARENESS. I DON'T KNOW. WE HIT RECORD HIGHS. [BELLS RING] IF 5.5 DIDN'T BREAK THE MARKET, WHY IS STAYING, WHY AM I SUPPOSED TO BELIEVE THAT WILL BREAK THE MARKET? EXTREMELY GOOD WEEK. DOW SPENT THE DAY IN THE RED. YESTERDAY TRADED ABOVE 40,000 BUT COULD NOT HOLD. IT WILL CLOSE AT THAT LEVEL NOW. NICE RALLY NUMBERS. PUT YOUR HAT ON. I DON'T KNOW IF YOUR HAT JUST SAYS 40,000 BUT THAT IS GOOD ENOUGH. THE S & P ABOVE 5300. SIX POINTS HIGHER. NASDAQ WILL FINISH IN THE RED, ONLY FRACTIONALLY DOWN. SIMILAR STORY FOR THE NASDAQ 100 AND THE RUSSELL 2000. WE WILL CALL IT UNCHANGED. > > UNDER THE HOOD, 211 STOCKS MOVED HIGHER. NOT QUITE EQUALLY SPLIT BUT PRETTY CLOSE. ALIX: CYCLICALS TODAY DOING IT. ENERGY IS UP, OUTPERFORMING THE SECTORS WITHIN THE S & P. DRIVEN BY COPPER, GOLD AND SILVER. FINANCIALS ARE UP .6%. FROM THAT PERSPECTIVE, THE NEGATIVE SIDE, YOU GET TECH UNDERPERFORMING. CONSUMER STAPLES, REAL ESTATE TRADING LIGHT AS WELL. IT'S HARD TO MAKE HAY OUT OF WHAT WE ARE SEEING. I AGREE WITH YOU. IF WE GOT PAST THE HURDLES FOR THE BOND MARKET AND IF EARNINGS CONTINUE TO DELIVER AND GROWTH CONTINUES TO RISE, HAVE YOU NOT GET STOCKS AT THIS POINT? ROMAINE: I'M A LITTLE WORRIED. EARNINGS IS OVER. ECONOMIC DATA IS TRICKLING. IS THIS ALL HOPES AND DREAMS? OR DO WE WAIT FOR JULY OR SOMETHING? I DON'T BUY INTO THE WHOLE CELL IN MAY AND GO AWAY BUT IT MAKES YOU WONDER. TIM: MAYBE NVIDIA NEXT WEEK. JUNE 12, THE NEXT FED MEETING. A LOT OF FED SPEAKERS BETWEEN NOW AND THEN. THE GAINERS TODAY. CHUBB HAD ITS BEST TODAY. GOING BACK TO 2020, THANKS IN PART TO WARREN BUFFETT. 13F, WE GOT TO LOOK AT WEDNESDAY AFTERNOON. BERKSHIRE HATHAWAY BUILDING THAT STAKE IN THE COMPANY. SHARES FINISHING HIGHER TODAY BY 3.6%. CHUBB PUT OUT A STATEMENT YESTERDAY THAT GAVE SHAREHOLDERS OF BOOST. REDDIT FORGED A PARTNERSHIP WITH OPENAI THAT WILL BRING CONTENT TO CHATGPT AND OTHER PRODUCTS WHILE ALSO HELPING THE COMPANY ADD NEW AI FEATURES TO ITS FORUMS. "THIS WILL BETTER SHOWCASE CONTENT ESPECIALLY ON RECENT TOPICS." OPENAI WILL DISPLAY CONTENT FROM REDDIT AND TRAIN ITS AI ON THE PARTNERS DATA. REDDIT CONTENT HAS LONG BEEN USED TO TRAIN DATA FOR AI MODELS, INCLUDING THOSE FOR OPENAI. THEY TALKED ABOUT IT AT THE IPO MONTHS AGO. ROBINHOOD SURGING. THEY HAD THEIR BEST WEEK OF THE YEAR. THE MEME STOCK MANIA CONTINUES TO GRIP. 12% HIGHER ON THE DAY. BANK OF AMERICA RAISED THE RECOMMENDATION ON ROBINHOOD FROM BUY TO UNDERPERFORM. THEY NOTED ORGANIC GROWTH. MAYBE MEME STOCKS ARE HERE TO STAY? SONALI: PERHAPS. I WANT TO TALK ABOUT WHAT WAS DOWN ON THE DAY. UNDER THE HOOD, THE PICTURE WAS MIXED. PARAMOUNT. THE WORST DECLINER IN S & P, SHARES DOWN 4.9% ON THE DAY. PARAMOUNT HAS BEEN CAUGHT UP IN THE ACQUISITION STORY. WHAT HAPPENED TO THE FUTURE OF IT? THERE'S OTHER NEWS GOING ON IN HOLLYWOOD. REPRESENTING LABOR, TALKS WITH THE STUDIOS, CONTRACTS FOR STAGEHANDS. THAT WILL RESUME EARLY JUNE. A LOT OF NEWS ON THE FRONT FOR ENTERTAINMENT. LAM RESEARCH, ONE OF THE INDICES DOWN ON THE DAY WAS THE PHILADELPHIA SEMICONDUCTOR INDEX. INTERESTING TO SEE THAT AHEAD OF NVIDIA NEXT WEEK. NVIDIA DOWN TODAY. LAM RESEARCH DOWN MORE, A DRAG ON A COUPLE OF THE MIXES. IT IS DOWN 3.3% ON THE DAY TODAY. ANOTHER ONE HERE, SUN POWER. THIS IS WHERE MEME STOCKS COME BACK. THIS WAS DRIVEN THIS WEEK, YOU SAW TAKE A LEG LOWER AFTER A RALLY OF 90% OVER TWO DAYS. AT ONE POINT IT WAS DOWN MORE THAN 23% ON THE DAY. NOW CLOSING AROUND 13% OR SO. THERE WAS AN ANALYST CUT AS WELL AS WOLF RESEARCH, DOWNGRADING THE RECOMMENDATION TO UNDERPERFORM HERE. THE STOCK WILL COME BACK TO REALITY. ROMAINE: GAMESTOP IS DOWN. FARADAY FUTURES WAS DOWN 30%. FISK OR WAS DOWN 17%. SOME OF THEM POSTED WEEKLY GAINS. NOWHERE NEAR THE BIG JUMPS WE SAW AT THE START OF THE WEEK. ALIX: YIELDS, THE BOND MARKET IS ALSO DOWN. INTERESTING ROUND-TRIP. MOVING AVERAGES, THE TWO YEAR YIELD CLOSED ABOVE THE 50 AND 200 THEY MOVING AVERAGES AFTER BLOWING BEFORE THEM EARLIER IN THE WEEK. SUNDAY AND MONDAY MORNING COULD BE INTERESTING DEPENDING ON THE TECHNICALS. YOU ARE SEEING HIGHER YIELDS DESPITE STOCKS AND BONDS MOVING TOGETHER EARLIER IN THE WEEK. TIM: IT'S FRIDAY AFTERNOON. YOU ARE GETTING READY TO GO TO YOUR HAMPTONS PLACE EVERYBODY. ALIX: I'M GOING TO ROMAINE'S. TIM: THAT'S WHERE I AM GOING. IF WE WERE IN FLORIDA MAYBE WE WOULD BE GETTING READY TO GO TO THE HAMPTONS OF WALL STREET SOUTH, WHICH WILL NOT BE WEST PALM BEACH. ROMAINE: COCOA BEACH? TIM: ISLAND IN THE BAHAMAS. ROMAINE: BAHAMAS? TIM: RAFAEL. ALIX: YOU CAN TAKE FAST FAIRIES, YOUR HELICOPTER, YOUR OWN BOAT. SONALI: YOU COULD BUY A CHEAP BOAT. ROMAINE: THANKS. WHY NOT? TIM: IT'S PRETTY CLOSE TO PARTS OF FLORIDA. IF YOU ARE NOT STUCK IN TRAFFIC ON A WEEKEND, YOU CAN TAKE YOUR HELICOPTER FROM MIAMI OR WALL STREET SOUTH, TO THIS ISLAND. ROMAINE: HOW LONG DOES IT TAKE TO GET FROM NEW YORK? TIM: YOU HAVE TO FLY DOWN THERE FIRST. DEPENDS ON THE MODE OF TRANSPORTATION. ALIX: YOU HAVE TO WAIT IN LINE AND SIT IN TRAFFIC. ROMAINE: HOW ABOUT ONE OF THOSE DUCK BOATS? ALIX: IT'S HARD WITH ALL OUR LUGGAGE. YOU SHOULD READ THIS PIECE. IT LOOKS BEAUTIFUL. BIMINI, 48 NAUTICAL MILES OFF THE COAST. THIS IS THE HAMPTONS FOR THE ULTRARICH IN WALL STREET SOUTH. TIM: I WOULD DO IT. SONALI: I KNOW PEOPLE WHO HAVE DONE IT BUT THE WORRY IS THAT TOO MANY PEOPLE DO IT. ONCE PEOPLE FIND OUT ABOUT SOMETHING, IT GETS LESS FUN WHEN EVERYONE IS THERE. ROMAINE: HAMPTONS FOR THE LAST 40 YEARS. TIM: WE WILL SEE YOU AT ROMAIN'S LATER. THAT WILL DO IT FOR BEYOND THE BELL. HAVE A GREAT WEEKEND. WE WILL BE BACK SAME TIME SAME PLACE MONDAY. ROMAINE: COMING UP, MORE GOING ON, INCLUDING ROBIN VINCE. ♪ ROMAINE: WELCOME BACK. TEPID DAY, PRICE ACTION, NOT ENOUGH TO ERASE FOUR STRAIGHT WEEKS OF GAINS FOR THE MAJOR INDICES IN THE U.S. S & P ABOVE 5300. DOW FINALLY CLOSING AT 40,000. THAT'S THE GOOD NEWS. YOU SAW GOOD NEWS OVERSEAS IN CHINA. ANIMAL SPIRITS THERE HAVE REALLY TAKEN OFF HERE. HANG SENG RESURGENCE. THE YIELD STORY IS STILL BIG HERE. WE SAW THAT MOVEMENT IN YIELDS. WASN'T ENOUGH TO RATTLE MARKETS. YOU COULD START TO SEE MORE TREASURY BUYING, SOME SAY, WHICH MIGHT TAMP DOWN YIELDS. INDIVIDUALS. SEALED AIR HAD BEEN ON A 12 DAY RUN. THEY WERE TRYING TO MAKE IT 13, WHICH WOULD BE THE LONGEST STREAK SINCE GOING PUBLIC IN 1998. THE BIGGEST GAINER ON A WEEKLY BASIS IN THE S & P, MODERNA, ON A FIVE DAY RUN NOW. 10% ON THE DAY. THE FLIPSIDE IS PARAMOUNT, THE BIGGEST DECLINER IN THE S & P ON A WEEKLY BASIS. GAMESTOP, WHAT A DIFFERENCE. WE HAD THE TWO DAY RUN, MONDAY AND TUESDAY, WHICH SAW SHARES ALMOST TRIPLE. MOST OF THOSE GAINS ERASED. GAMESTOP STILL HIGHER BY 27%. THE HISTORY OF ONE OF THE OLDEST BANKS IN THE WORLD. BNY MELLON MARKETING 240 YEARS. IT WAS FOUNDED BY ALEXANDER HAMILTON, MAKING IT THE OLDEST BANK IN THE U.S. AND IN THE TOP 20 WORLDWIDE. I HAD A CHANCE TO SIT DOWN WITH THE CEO TO DISCUSS THE MILESTONE AND MORE IMPORTANTLY, WHAT'S NEXT? ROBIN: 240 YEARS IS A LONG TIME. WE'VE OPERATED OVER FOUR CENTURIES OF NEW YORK HISTORY AND WE ARE GETTING TOGETHER WITH CLIENTS TO ENJOY THAT AND MAKE SURE WE MARK THE MOMENT. WE ARE THE OLDEST OPERATING COMPANY IN NEW YORK, THE OLDEST MEMBER OF THE S & P AND FORTUNE 500, THE FIRST STOCK LISTED ON THE NEW YORK STOCK EXCHANGE. WE ARE LOOKING FORWARD. INNOVATION IS AN IMPORTANT PART OF THE STORY. ROMAINE: YOU DON'T GET TO 240 YEARS BY DUMB LUCK, EVEN IF YOU GO THROUGH THE LIST OF BANKS BORN OUT OF THE BIRTH OF THIS NATION, THE ONES STILL THERE, I MEAN, WHAT GETS YOU TO ANOTHER 240? THE SAME PLAYBOOK? ROBIN: YOU ARE RIGHT. INNOVATION IS AT THE HEART OF THAT. YOU ONLY GET TO THAT IF YOU ARE RESILIENT AND INNOVATIVE. AT THE END OF THE DAY OUR CLIENTS GUIDE OUR PROGRESS AND OPERATE THROUGH THE UPS AND DOWNS WE SEE, THE WORLD WARS THAT HAVE OCCURRED, THE BIRTH OF THE NATION LITERALLY, THE BRITISH WERE LEAVING MONTHS BEFORE THE FOUNDATION OF OUR COMPANY. YOU HAVE TO BE RESILIENT. YOU HAVE TO FOCUS ON CUSTOMERS AND INNOVATE. ROMAINE: WHEN WE TALK ABOUT THE NEXT STRUCTURAL CHANGES THAT WILL SHAKE UP THE FINANCE INDUSTRY, RIGHT NOW THERE IS TALK ABOUT AI. IS THIS STILL SOMETHING IN THE FUTURE YOU ARE PREPARING FOR? ROBIN: BOTH. IT'S HERE. THERE ARE OPPORTUNITIES NOW. THOSE WILL GET MORE EXCITING OVER THE COMING YEARS. I WAS JUST BACK FROM THE WEST COAST WHERE I SPENT TIME WITH LUMINARIES OF THE AI INDUSTRY, HEARING THEIR THOUGHTS, PARTICIPATING WITH OTHERS IN DIFFERENT SESSIONS AND TRYING TO PEEK OVER THE HORIZON ABOUT WHAT IS IN STORE. IT'S GOING TO BE IMPORTANT. IT WILL CREATE OPPORTUNITIES FOR OUR CLIENT FACING BUSINESSES TO DO MORE FOR OUR CLIENTS. I THINK IT WILL HELP US RUN THE COMPANY BETTER. I THINK IT WILL GIVE BENEFIT TO OUR PEOPLE TO TAKE SOME OF THE DRUDGERY OUT OF SOME ASPECTS OF WORK AND HELP THEM TO FOCUS ON THE THINGS THAT WILL ADD THE MOST VALUE. IT CAN BE A WIN WIN WIN BUT IT WILL TAKE TIME. ROMAINE: MORE ON WHAT'S GOING ON TODAY. EARNINGS ONE MONTH AGO. THE TURNAROUND YOU'VE BEEN ORCHESTRATING SEEMS TO HAVE TAKEN HOLD. THERE'S FOCUS ON ORGANIC GROWTH. INVESTORS ARE FOCUSING ON GROWTH. HOW MUCH DO YOU SEE THAT GROWTH RATE CONTINUING THROUGH THE REST OF THE YEAR? ROBIN: OUR TEAM HAS BEEN FOCUSED OVER 18 MONTHS ON HELPING OUR FIRM BE MORE FOR OUR CLIENTS. THAT'S THE HEART OF ORGANIC GROWTH. WE HAVE AN INCREDIBLE FRANCHISE. WE SERVE SO MANY CLIENTS AROUND THE WORLD IN ALL PARTS OF THE FINANCIAL SYSTEM. YET WE DO RELATIVELY FEW THINGS WITH MANY OF THEM. THE OPPORTUNITY TO DO MORE THINGS THAT WE DO, BRING MORE PLATFORMS TO CLIENTS, IS A SIGNIFICANT OPPORTUNITY. WE HAVE A TERRIFIC FRANCHISE. IT'S ABOUT APPROACHING IT THROUGH THAT LENS. THAT CREATES ORGANIC GROWTH. WE ARE EXCITED THAT WE HAVE BEEN GENERATING MORE GROWTH AND WE ARE HOPEFUL THAT WILL CONTINUE AS PART OF OUR JOURNEY. ROMAINE: GEOGRAPHICALLY WHERE WILL THAT GROWTH COME FROM? ROBIN: IT'S AROUND THE WORLD. WE SERVE CLIENTS ACROSS THE GLOBE. THERE'S OPPORTUNITY IN THE U.S. NOW, GIVEN EVERYTHING GOING ON IN THE ECONOMY. WE ARE IN THE IMPORT-EXPORT BUSINESS OF FINANCIAL SERVICES. WE HELP INTERNATIONAL CLIENTS ACCESS THE U.S. MARKETS. WE HELP U.S. MARKETS CLIENTS ACCESS MARKETS AROUND THE WORLD, WHETHER PEOPLE WHO WANT TO BRING CAPITAL IN OR WHO WANT TO TAKE CAPITAL TO THE WORLD. WE HAVE THAT EXPERTISE, THE LOCAL ON THE GROUND EXPERIENCE TO HELP CLIENTS. ROMAINE: ARE YOU SEEING DEMAND FOR THAT? ROBIN: THERE IS DEMAND IN THE U.S. FOR CAPITAL. THE U.S. ECONOMY HAS SURPRISED MANY WITH HOW WELL IT'S BEEN DOING. THERE'S A LOT OF INTEREST IN PARTICIPATING IN THIS MARKET. OUTSIDE THE U.S., THE WORLD IS COMPLICATED NOW. WE HAVE WARS IN DIFFERENT REGIONS. COMPLEXITIES ON THE GEOPOLITICAL SIDE. CLIENTS WANT EXPERT NAVIGATION ADVICE ON HOW TO GO ABOUT DOING THEIR BUSINESSES. ROMAINE: WHEN YOU LOOK AT DISRUPTIONS OUT THERE GEOPOLITICALLY, THE WARS, SHIPPING ROUTES, EVERYTHING ELSE, DO YOU SEE THAT AS SOMETHING THAT COULD BE RESOLVE THE SOMETHING IN THE NEXT COUPLE YEARS AND THEN WE GO BACK TO NORMAL OR IS THIS SOMETHING WE LIVE WITH FOR YEARS TO COME? ROBIN: BEING 240 YEARS OLD IS A COMPANY, I CANNOT LOOK BACK OVER THAT TIME MYSELF BUT THE WORLD IS A COMPLICATED PLACE. WE'VE HAD MANY EPISODES IN HISTORY WHERE THERE HAVE BEEN DIFFERENT THINGS, TENSIONS, POLITICS, GEOPOLITICS. WE SHOULD ALL RECOGNIZE WE HAVE TO BE PREPARED FOR THOSE TYPES OF SITUATIONS. WE THINK BEING RESILIENT AND PREPARED IS PART OF HOW YOU HAVE TO OPERATE AS A GREAT COMPANY. ROMAINE: ECONOMIC CONDITIONS IN THE U.S. AND ABROAD, THERE'S BEEN TALK ABOUT WHERE THE CYCLE IS AND WHETHER IT WILL BE FAVORABLE TO BANKS. THE INTEREST RATE BACKDROP. ARE YOU COMFORTABLE? ROBIN: ANOTHER WAY YOU GET TO BE OLD IS NEVER BY BEING COMFORTABLE. BY ALWAYS CHALLENGING YOURSELF. YOU GOT TO BE SKEPTICAL ABOUT THE WORLD IN ORDER TO MAKE SURE WE ARE LOOKING AROUND CORNERS AND SEEING THE RISKS. THESE WERE LESSONS FIRMS LEARNED THE HARD WAY LAST YEAR WHEN THEY WEREN'T PREPARED. WE VIEW BEING CAUTIOUS, THOUGHTFUL AND PREPARED AS AN ESSENTIAL PART OF OPERATING. THE U.S. ECONOMY HAS SURPRISED TO THE UPSIDE OVER THE PAST YEAR. WE'VE SEEN THAT WITH INFLATION BEING STICKIER. IT'S A NICE PROBLEM TO HAVE. IT'S THE MANIFESTATION OF THE FACT WE ARE BENEFITING FROM A BUNCH OF THINGS IN THE U.S. NOW. INTEREST FROM ABROAD IN TERMS OF INVESTING IN THE U.S. RELATIVE ABUNDANCE OF RAW MATERIALS. WE HAVE ENERGY INDEPENDENCE. THAT'S A BIG DEAL. WE SAW THE EXAMPLES OF THAT, NOT HAVING THAT, IN EUROPE. WE HAVE AVAILABILITY OF LABOR. THOSE THINGS ARE CONTRIBUTING TO A SIGNIFICANT UPSIDE IN THE U.S. ECONOMY. WE'VE HAD INDUSTRIAL POLICY. THE INNOVATION WE TALKED ABOUT FOR AI. THESE THINGS COLLECTIVELY ARE CREATING A POWERFUL ECONOMIC ENGINE. EVERYONE'S BEEN PARTICIPATING. FOR 60% OF AMERICANS WHO PARTICIPATE IN THE STOCK MARKET, THERE'S BEEN A PSYCHOLOGICAL BOOST WHEN THEY SEE THOSE NEW HIGHS. THAT CONTRIBUTES TO SPENDING. THERE IS A CIRCULAR PROCESS HERE WHICH FEEDS BACK TO INFLATION. ROMAINE: THE CEO OF BNY MELLON CELEBRATING 240 YEARS. A LOT MORE COMING UP. STICK WITH US. THIS IS BLOOMBERG. ROMAINE: U.S. INDUSTRIAL PRODUCTION NUMBERS OUT THIS WEEK SHOWING ACTIVITY STAGNATED IN APRIL, CAUSED BY A DROP IN FACTORY OUTPUT SIGNALING MANUFACTURING IS STILL STRUGGLING PROTRACTION. -- STILL STRUGGLING FOR TRACTION. I FEEL LIKE THIS MANUFACTURING SECTOR IS TRYING TO REBOOT. EVERY TIME WE GET ISM NUMBERS, THEY CONTINUE TO SHOW THE SECTOR ON THE BACK FOOT. TIM: WE'VE BEEN RECOVERING. WE THOUGHT WE WERE IN THE TROUGH LAST YEAR AUGUST THROUGH DECEMBER. CLEAR SIGNS OF EXPANSION IN JANUARY THROUGH APRIL. THAT'S BEEN WEEK. -- WEAK. WE DO A FORECAST TWICE A YEAR. ONE IN DECEMBER. I WAS ON YOUR SHOW WITH SCARLET REPORTING ON THAT. VERY OPTIMISTIC. CAME IN BEFORE CHAIRMAN POWELL DECIDED TO CAP RATES. THAT WAS TAILWINDS. THE UPDATE IN MAY. THE REVENUE GROWTH SIDE, THE INPUTS, THE CAPACITY FOR EXPANSION. ON THE REVENUE SIDE, WE CLOSED LAST YEAR WITH LESS THAN 1% GROWTH ON THE REVENUE SIDE COMPARED TO '22. WEAK GROWTH. WE WILL CLOSE THIS YEAR, PRETTY GOOD. SIMILAR TO WHAT GDP WILL BE. IN DECEMBER WE THOUGHT WE WOULD BE 5.6% GROWTH. THERE IS A TAILBACK. WE ASKED SPECIAL QUESTIONS IN THE SURVEY. ONE WAS, IS DEMAND MEETING YOUR EXPECTATIONS? 17% SAID IT ISN'T. 32% SAID IT IS NOT. WE ARE LESS OPTIMISTIC THAN WE WERE IN DECEMBER. WE ARE STILL GROWING. IT WILL BE A SLOW GROWTH. ROMAINE: IS THERE SOMETHING THAT BRINGS US OUT OF THAT? I WAS LOOKING AT THE NUMBERS AND THE INFLATIONARY NUMBERS. THE CAUSE FOR A LOT OF THIS IS STILL ELEVATED. WHAT WILL GIVE THEM CONFIDENCE TO DO MORE, IF IT IS NOT DEMAND? WHAT IS LEFT? TIM: WE WERE OPTIMISTIC IN DECEMBER. THE FORECAST WAS BEFORE THE FED CAP RATES. WE ARE NOW DRAWING BACK SAYING OK WE DIDN'T GET THAT TAILWIND, SO LET'S BE MORE CONSERVATIVE. 2.1% GROWTH ISN'T BAD. THAT'S CONSISTENT WITH PRE-PANDEMIC GOOD TIMES. THEY'VE ALSO SAID THEY DON'T EXPECT SUPPLIERS TO HAVE DIFFICULTY DELIVERING THROUGH THE REST OF THE YEAR. THEY ARE SAYING THAT BUT THE MANDATE NOW WILL BE WEAK. WE'VE BEEN SAYING THAT IN THE PMI. THEY WILL PROBABLY REMAIN THAT WAY THROUGH THE YEAR, WHICH IS ALARMING. WE CLOSED LAST YEAR .6 LESS HEADCOUNT THEN WE STARTED. WE THINK WE WILL CLOSING THIS THIS, THIS IS IN THE AIR BAND. IN DECEMBER WE THOUGHT WE WOULD EXPAND 2%. EMPLOYMENT WILL NOT EXPAND. THE BIG NUMBER IS PRICES. ROMAINE: WE HAVE TO DO IT ANOTHER TIME. ALWAYS GREAT TO TALK TO YOU. WE WILL BE BACK IN A MOMENT. ROMAINE: IT IS TIME FOR NEXT SEGMENT. THIS IS WHERE WE HIGHLY THE AJA WINNERS AND VENDORS MOVING THE NEEDLE FOR OUR ECONOMY, THE MARKETS AND TECHNOLOGY. MUCH OF THE WORLD HAS MADE GREAT STRIDES RECOVERING FROM THE PANDEMIC THAT SHOOK THE GLOBAL ECONOMY AND HEALTH OF OUR COMMUNITIES. OUR NEXT GUEST FOUNDED A COMPANY THAT AIMS TO CATCH HIGH-RISK VIRUSES AND DISEASE FOR AN OUTBREAK. IT IS DOING IT THROUGH USE OF SEWAGE WATER DATA. WINNING US TO EXPLAIN AS -- JOINING US TWICE POINT IS THE CEO AND. FOUNDER OF BIO BOUGHT ANALYTICS. I AM FASCINATED BY THIS. THIS CAME ON MY RADAR A YEAR AND A HALF AGO. WE WERE HAVING THIS CONVERSATION ABOUT THE FACT NOBODY WAS GETTING TESTED FOR COVID, NOBODY KNEW WHETHER COVID WAS STILL OUT THERE AND THEY WERE TALKING ABOUT YOUR COMPANY BIO BOUGHT ANALYTICS AND HOW YOU CAN TAKE THIS ANALYTICS WE HAVE AND EXTRAPOLATE WHERE WE ARE NOT JUST WITH COVID BUT A LOT OF OTHER THINGS. EXPLAIN THIS IN LAYMAN'S TERMS. WE ARE NOT ON YOUR LEVEL SCIENTIFICALLY SO EXPLAIN HOW THAT WORKS. > > ABSOLUTELY. AS YOU MENTIONED, WE SPUN OUT OF M.I.T. A THEORY THAT WAS HAPPENING ON CAMPUS. OUR VISION IS SIMPLE. WASTEWATER IS NOT WASTE. WASTEWATER IS DATA. OUR MISSION IS TO TRANSFORM OUR WASTEWATER INFRASTRUCTURE INTO REAL-TIME PUBLIC HEALTH OBSERVATORIES. TODAY WE COLLECT AND ANALYZE SEWAGE FOR VARIOUS VIRUSES OF CONCERN INCLUDING COVID-19, INFLUENZA A, INFLUENZA B AND RSP AS WELL AS CHEMICALS SUCH AS FENTANYL, METH, COCAINE AND NICOTINE THAT DRIVE A LOT OF OVERDOSES IN THE POPULATION. AND OUR PARTNERS WHICH ARE COMMUNITY DISTRIBUTED ALL OVER THE COUNTRY. COLLECT THEM AND SHIP THEM BACK TO OUR LAB WHERE WE PROCESS THEM WITH OUR SCIENTISTS. ROMAINE: GIVE US A SENSE WHAT THAT DATA TELLS YOU. YOU CAN TAKE ONE OF THOSE VIRUSES OR DRUGS YOU MENTION HERE. WHEN YOU GET THAT DATA AND YOU SEE APPLE -- EC LEVELS ARE ELEVATED. WHAT IS THAT TELLING YOU? IS THAT EASY TO EXTRAPOLATE AND SAY THIS COMMUNITY IS BEING HIT BY THIS OR ARE THERE A LOT OF FALSE SIGNALS THAT MIGHT POP UP? > > THE DATA IS VERY TRUSTWORTHY AND VERY ACCURATE REFLECTION OF WHAT IS HAPPENING IN THE POPULATION. WHEN THE -- WHAT THE WASTEWATER DATA SHOWS IS IT IS A LIVING INDICATOR FOR WHAT WE WILL SEE IN THE CLINIC AND IN HOSPITAL ADMISSIONS TO AS MUCH AS TWO TO THREE WEEKS IN ADVANCE. RIGHT NOW ESPECIALLY AFTER THE STATE OF THE COVID 19 PANDEMIC EMERGENCY HAS ENDED, THE ONLY TWO DATA SETS ENDORSED BY THE CDC ARE WASTEWATER DATA AND HOSPITALIZATIONS. WASTEWATER DATA IS GOING TO BE A LEADING INDICATOR WEATHER FOR COVID CASES, FLEW CASES AS WELL AS OVERDOSES CAUSED BY SOME OF THESE SUBSTANCES. ROMAINE: CAN YOU GIVE US A SENSE OF WHO YOU HAVE PARTNERED WITH SO FAR? WHAT KIND OF MUNICIPALITIES ARE WE TALKING ABOUT? > > WE HAVE BEEN FORTUNATE TO WORK ACROSS MOST STATES IN THE U.S. AND SOMETIMES WE PARTNER WITH A CITY LIKE THE CITY OF BOSTON, SOMETIMES WITH A STATE LIKE THE STATE OF MAINE OR CALIFORNIA COULD SOMETIMES ALSO AT THE FEDERAL LEVEL WITH ORGANIZATIONS THE CDC AND NIH. WE HAVE BEEN FORTUNATE TO BRING THIS DATA NOT JUST DIRECTLY TO THE PARTICIPATING COMMUNITIES INTO THOSE LEADERS BUT ALSO ENGAGE IN A LOT OF ADVOCACY. WE MAKE A LOT OF TRIPS TO THE WHITE HOUSE. I'VE BEEN ABLE TO TESTIFY IN FRONT OF CONGRESS. WE HAVE A ACTIVE SOCIAL FOLLOWING. ROMAINE: HIS MOST OF THE REVENUE YOU GENERATE, IT COMES FROM THOSE RELATIONSHIPS WITH THE STATES AND MAYBE THE FEDERAL GOVERNMENT, ARE THERE PRIVATE COMPANIES OR ENTITIES THAT ALSO USE YOUR DATA? > > YES. TO DATE, HOST OF OUR GROWTH AND REVENUE HAS COME FROM THE PUBLIC SECTOR AND THE USE OF THIS INTELLIGENCE TO BE ABLE TO CREATE PUBLIC HEALTH POLICIES MORE REAL-TIME AS WELL AS TO EVALUATE WHAT IS WORKING OR WHAT IS NOT. ABOUT A YEAR AGO, WE CROSSED OF THIS INFLECTION POINT WHERE THE DATA WAS REPRESENTATIVE OF THE FUN OF THE U.S. POPULATION AND DENSE ENOUGH WHERE WE CAN BEGIN TO BUILD ANALYTICS PRODUCTS FOR OTHER PLAYERS IN THE HEALTH CARE SECTOR. SO BY NOW WE ARE WORKING WITH SOME OF THE BIGGEST BIOFARMA COMPANIES IN THE COUNTRY AND THE WORLD. WE ARE LOOKING TO PARTNER UP WITH PHARMACY CHAINS AND HOSPITAL AND OTHER PROVIDERS TO BRING THIS NEW TYPE OF REPRESENTATIVE AND REAL-TIME DATA TO THEIR OWN PRACTICES. ROMAINE: HOW BIG OF AN INDUSTRY IS THIS BEYOND WHAT YOU AND YOUR FOLKS ARE DOING AT BIO BOT? DO YOU HAVE A LOT OF COMPETITORS? > > IT HAS BEEN AN INDUSTRY WHEN WE STARTED WE WERE THE ONLY ONES AND FELT LIKE WE WERE SHOUTING OUT THERE THAT WE SHOULD CARE ABOUT THIS DATA. THE COVID-19 PANDEMIC CHANGED THAT PIT AT SCALE IT DEMONSTRATED HOW VALUABLE THIS DATA IS. HOW IMPORTANT IS THAT COMMUNITIES INVEST IN THE DATA PROACTIVELY BOTH ON THE GOVERNMENT SIDE AND IN COMPANIES. WHAT WE ARE SEEING IS THIS GROWTH WHERE THE MARKET IS BOOMING AND WE ARE SEEING A LOT OF SMALLER AND BIGGER PLAYERS COMING IN WHICH IS EXCITING. WE BASICALLY CREATED A MARKET. THAT IS REALLY AMAZING. ROMAINE: IT IS AMAZING PARTICULARLY GIVEN HOW YOUNG THIS COMPANY IS, HOW YOUNG YOU ARE AND AS YOU BUILD THIS COMPANY FURTHER AND YOU YOURSELF AGE AND ONE DAY YOU HAVE TO LOOK BACK ON WHAT YOU BUILT HERE. WHAT DO YOU WANT IT TO BE SAY 20 YEARS FROM NOW? WHAT WOULD MAKE YOU HAPPY TO SEE? > > I THINK THIS IS JUST THE BEGINNING. IT IS ALREADY AMAZING THAT WASTEWATER DATA IS CONSIDERED ONE OF THE BREAKTHROUGH TECHNOLOGIES FROM THE PANDEMIC TOGETHER WITH THE INA VANKE -- WITH THE RNA VACCINES. PEOPLE ARE INVESTING, DOUBLING DOWN ON IT. I THINK WHAT IS GOING TO HAPPEN IS EVEN MORE USE CASES OF THE DATA AND THE INTEGRATION OF THE NOVEL DATA WITH AI TO BE ABLE TO ANSWER QUESTIONS THAT HAVE NEVER BEEN POSSIBLE BEFORE. I SEE THIS OPPORTUNITY TO BUILD A GLOBAL RADAR AND TO BRING THIS DATA EVERYWHERE JUST AS WE LOOK AT THE WEATHER DATA. WE CAN PICK UP OUR PHONE AND LOOK AT OUR FORECAST IN OUR COMMUNITY BUT WE CAN ALSO BUILD VERY SOPHISTICATED MODELS TO PREDICT HURRICANES OR OTHER OUTLIER WEATHER EVENTS AND THAT IS THE VISION WASTEWATER BECOMES THAT PERVASIVE IN THE HEALTH CARE ECOSYSTEM AND MAKES IT MORE EQUITABLE BECAUSE -- ROMAINE: THIS IS FASCINATING STUFF THAT I HAVE TO TELL YOU I AM GOING TO BE TRACKING THIS COMPANY FOR AS LONG AS YOU CONTINUE TO BUILD IT. APPRECIATE YOU TAKING TIME TO BE WITH US TODAY. THE CEO AND FOUNDER OF BIO BOT ANALYTICS WHICH IS A GLOBAL LEADER IN WASTEWATER EPIDEMIOLOGY. WE WANT TO STAY IN THIS BROADER SPACE HERE. THERE'S BEEN A LOT OF TALK OF THE WINDSTORMS THAT HAD THE HOUSTON AREA OVERNIGHT. WEAVING DEVASTATING CONSEQUENCES. WIND GUSTS AT LEAST 78 MILES PER HOUR AT ONE POINT WEAVING MORE THAN 800,000 CUSTOMERS WITHOUT POWER AND AT LEAST FOUR PEOPLE DEAD. BLOOMBERG NEWS POWER AND CLIMATE DISASTER REPORTER IS JOINING US. PAINT A PICTURE OF WHAT WE KNOW NOW THAT THOSE WINDS HAVE DIED DOWN AND THE DUST HAS SETTLED? WHAT EXACTLY HAPPENED? > > THERE WAS A LINE OF WIND STORMS COMING FROM WEST TEXAS THAT WENT THROUGH THE MIDDLE OF THE STATE AND EASTWARD AND IT LEFT DEVASTATION. IT UPROOTED TREES. I TALKED TO COLLEAGUES AND SOURCES. THEY DESCRIBED DARKNESS, TREES, THINGS BEING SHATTERED. POWER ON THE GROUND. IT WILL TAKE TIME TO GET A TRUE ASSESSMENT OF HOW MUCH DAMAGE AND HOW LONG IT WILL TAKE. CENTERPOINTE THE UTILITY SAID IT COULD TAKE SEVERAL DAYS. I THE WORST CASE AREAS IT MAY BE EVEN LONGER. PUTTING UP THE TRANSFORMERS ON TOP OF THE POLLS TAKES TIME TOO. ROMAINE: ANY TIME YOU HAVE THESE TYPES OF STORMS THE BIGGER CONCERN IS THE FLOODING THAT TYPICALLY FOLLOWS THOSE STORMS. WHAT DO WE KNOW ABOUT WATER LEVELS AND WHAT ARE OFFICIALS PREDICTING AS FAR AS THE WATER LEVELS WORSENING? > > HOUSTON ITSELF IS A FLAT AREA SO IT TENDS TO FLOOD WITH HEAVY RAIN AND THERE IS A FLOOD WATCH IN OTHER PARTS OF TEXAS GOING OUT TO TUESDAY SO THERE IS A LOT OF CONCERN WATCHING HOW THAT UNFOLDS ESPECIALLY IN TERMS OF HOW IT REFLECTS RECOVERY AND FURTHER DAMAGE. ROMAINE: AS WE MOVE TO THIS NEXT PHASE, THE CLEANUP, THE ASSESSMENT OF WHAT HAS HAPPENED, THERE ARE A LOT OF QUESTIONS ABOUT THE STABILITY OF TEXAS AND ITS POWER SYSTEMS WHETHER IT IS SLEEP STORMS, HURRICANES OR A STORM LIKE WHAT WE GOT LAST NIGHT HERE, ARE THERE LONGER TERM EFFORTS TO BUILD UP AND BOLSTER THE ENERGY GRID AND BUILD UP AND BOLSTER INFRASTRUCTURE SO WHEN THE NEXT STORM COMES, YOU DON'T HAVE THESE CONSEQUENCES? > > THAT IS AN INCREDIBLY DIFFICULT TASK BECAUSE THE STORMS ARE GETTING MORE SEVERE AND LIKE TEXAS BEING FLAT AND NEW YORK STATE -- NEW ENGLAND HAS -- THE GEOLOGY MAKES IT DIFFICULT IN TERMS OF HOW YOU CAN PLAN WHETHER YOU CAN DIG, CAN YOU UNDERGROUND POWERLINES, THE STRESS IN TEXAS IS ESPECIALLY NOTABLE BECAUSE POPULATION IS GROWING SO FAST. DEMAND AND POWER DEMAND HAS IN REBOUNDING FASTER THE LAST TWO YEARS THAN ANYWHERE ELSE IN THE COUNTRY AND THEY ARE SEEN AS A CANARY IN THE COAL MINE IN TERMS OF IF TEXAS CAN FIGURE OUT HOW TO DEAL WITH THIS STRONG POWER DEMAND GROWTH WHILE ENABLING AN ENERGY TRANSITION. WHAT IS IT GOING TO COST TO DEFEND IT AGAINST EXTREME WEATHER AND REBUILD AND RECOVER FASTER? IT IS DEFINITELY THE BIGGEST QUESTION. ROMAINE: A QUESTION WE WILL CONTINUE TO ASK. A CLOSER LOOK AT THOSE STORMS THAT SWEPT THROUGH TEXAS OVER THE LAST 24 HOURS. WE WANT TO LOOK AT THE MARKETS IN THE U.S. IT IS A RECORD DAY AND WEEK FOR THE S & P 500. ABOVE THE 5300 LEVEL. THE LONGEST WEEKLY STREAK GOING BACK TO FEBRUARY BUT THE BIGGER NEWS INVOLVES THE DOW JONES INDUSTRIAL AVERAGE. IT IS BEEN IN EXISTENCE FOR 128 YEARS AND NEVER UNTIL TODAY AS IT CLOSED ABOVE 40,000. ITCHING THAT MARK FOR THE FIRST TIME TO A CLOSE ABOVE THAT MARK FOR THE FIRST TIME. MARKET YOU CONTINUES APACE. THE DOLLAR RELATIVELY UNCHANGED ON THE DAY AND A BIG WEEKEND DAY IN THE COMMODITY SPACE. IT LET MORE COMING UP ON THE CLOSE. THIS IS BLOOMBERG. ROMAINE: BLUE ORIGIN, THE SPACE COMPANY RUN BY JEFF BEZOS IS SET TO RESUME SPACE TOURISM FLIGHTS THIS SUNDAY. THIS EFFORT HAD TO STOP OPERATIONS TWO YEARS AGO FOLLOWING A MID FLIGHT MISHAP. BLOOMBERG TOOK A DEEPER LOOK AT HOW THE RACE FIRST COMMERCIAL -- THE RACE FOR COMMERCIAL SPACE DOMINANCE STARTED. > > THE LARGEST SINGLE CONSTELLATION OF SATELLITES ORBITING OUR PLANET IS RUN BY A MERCURIAL INDIVIDUAL WHO RIGHT -- WE NEEDS NO INTRODUCTION. IT IS THIS GUY. HE ACHIEVES THIS BY MAINTAINING BEST RELAY NETWORK IN LOW-EARTH ORBIT. THAT IS THE AREA HIGHER THAN A JETLINER BUT BELOW A GPS SATELLITE. > > STARLINK HAS MORE THAN 5600 SATELLITES IN ORBIT. > > IT ACCOMPLISH THIS IN LESS TIME THAN IT TOOK JAMES CAMERON TO MAKE A SECOND AVATAR MOVIE SHOULD > > AT ONE POINT SPACEX ENVISIONED LAUNCHING UP TO 42,000 SATELLITES. > > THE SPEED AND RELATIVE SUCCESS HAS RAISED EYEBROWS. CONCERNED ONES IN GOVERNMENT AND EXCITED ONES IN THE BOARD ROOMS OF POTENTIAL RIVALS. > > IT IS A COMPANY TRYING TO DISRUPT A SOMEWHAT COMPLACENT MARKETPLACE\. ROMAINE: FROM ELY MUSK TO JEFF BEZOS TO RICHARD BRANSON, WHAT IF YOU FOLKS ARE TRYING TO STAKE THEIR CLAIM TO SPACE WEATHER IT IS FOR COMMERCIAL REASONS, OTHERS FOR INDUSTRIAL REASONS OR TOURISM. OUR NEXT GUEST KNOWS A LOT ABOUT THAT. CRAIG CURRAN IS PRESIDENT OF A GROUP OF TRAVEL COMPANIES WHICH SPECIALIZES IN EXTREME TRAVEL AND ONE OF THE MOST EXTREME TRAVEL TICKET IS A TRIP INTO SPACE. GREAT TO HAVE YOU ON THE PROGRAM. I'M FASCINATED BY THIS PIP HOW MUCH DEMAND IS THERE OUT THERE? EVERY TIME WE HEAR ABOUT THESE LUNCHES, IT SEEMS LIKE MOST OF THE PEOPLE ON THESE THINGS HAVE SOME RELATIONSHIP WITH ELON MUSK OR JEFF BEZOS. ARE WE SEEING IT BROUGHT ENOUGH -- BROADEN OUT IN WHICH REGULAR PEOPLE ARE CALLING THEM UP AND SAYING I WANT TO BE ON THE NEXT FLIGHT? > > WE ARE SEEING GROWTH IN DEMAND. THE DEMAND IS CONCENTRATED IN A FEW END USERS. THESE ARE HIGH NET WORTH INDIVIDUALS. AS THIS INDUSTRY MATURES AND MORE PRODUCT BECOMES AVAILABLE, WE ARE SEEING AN INCREASE IN DEMAND AND THAT IS DRIVING INCREASE IN PRICES FROM WHERE THEY STARTED IN 2010, 2011 AND 2012 WHEN VIRGIN GALACTIC STARTED REALLY MAKING HEADWAY INTO THEIR PROOF OF CONCEPT IN STATION TWO PIP ROMAINE: ABOUT THE EXPANSE ITSELF? A LOT OF THESE FLIGHTS HAVE BEEN INTO LOW EARTH'S ORBIT SO TECHNICALLY YOU ARE IN SPACE BUT IS NOT LIKE YOU'RE HURTLING THROUGH THE COSMOS HERE. OUR MOST OF THE CUSTOMERS, POTENTIAL CUSTOMERS SATISFIED WITH THAT? THAT IS ENOUGH FOR THEM? > > THE WHOLE MARKET IS CHANGING BUT TO ANSWER YOUR QUESTION, IT IS. THERE IS A WHOLE SECTION OF THE MARKET THAT IS BELOW SUB-ORBITAL. SPACE PERSPECTIVE IS LAUNCHING A SPACE CASTLE THAT WILL GO TO 100,000 FEET. THERE WILL BE OPERATIONAL IN 2025. IT WILL BE DOING A PROOF OF CONCEPT IN THEIR TEST VEHICLE THIS YEAR. THAT WILL TAKE A CREW OF EIGHT UP TO 100,000 ON A SIX HOUR JOURNEY WHERE YOU WILL SEE 450 MILES IN ANY GIVEN DIRECTION AND GET A REAL TASTE OF THE OVERVIEW EFFECT. THE OVERVIEW IS DRIVING A LOT OF THIS INTEREST. IT IS THE EXPERIENCE YOU HAVE WHEN YOU SEE THE EARTH FROM OFF THE PLANET. IF YOU ARE SUB-ORBITAL AND YOU WILL SEE THAT YOU ARE DOESN'T PURPLE BOUNDARY OF THE EARTH'S ATMOSPHERE, YOU WILL GET A WHOLE PERSPECTIVE AGAINST THE BLACKNESS OF SPACE. A WHOLE PERSPECTIVE WE ARE ALL ONE RACE LIVING ON ONE PRECIOUS PLANET AND WE HAVE TO DO THE BEST WE CAN TO TAKE CARE OF IT. THAT EXPERIENCE IS GOING TO BE AVAILABLE TO PEOPLE WITH SPACE PERSPECTIVE FROM 100 THOUSAND FEET. SUB-ORBITAL WILL GET UP TO THREE 2000 FEET WILL GIVE YOU A FURTHER VIEW, ABOUT 1500 MILES PIP PEOPLE ARE SIGNING UP FOR THE PRODUCT THAT IS AVAILABLE RIGHT NOW. THERE IS ARE THE TWO MAINSTREAM PRODUCTS. YOU CAN GO ORBITAL. SPACEX IS TAKING IT UP WITH ACXIOM SPACE WHERE YOU CAN VISIT THE SPACE STATION. THERE WILL BE A TIME IN THE NOT-TOO-DISTANT FUTURE WHERE THERE WILL BE SPACE HOTELS, SPACE CONDOS AND YOU WILL BE ABLE TO VACATION THERE. ROMAINE: IS THAT GOING TO BE AFFORDABLE AT SOME POINT? ANYTIME YOU HAVE THESE NEW THINGS, IT ALWAYS CATERS FIRST TO THE WEALTHIEST OF PEOPLE BUT AT SOME POINT MAYBE THE COSTS START TO SCALE WHERE AN AVERAGE JOE CAN SCRAPE TOGETHER ENOUGH MONEY AND MAKE A TRIP OUT OF THIS. IS THAT SOMETHING YOU SEE IN THE NEAR FUTURE? > > ABSOLUTELY. IF YOU LOOK AT THE PARALLEL TO AIR TRAVEL, WHEN AIR TRAVEL STARTED, IT WAS FOR THE VERY AFFLUENT. AND NOW YOU SEE WE CAN TRAVEL ANYWHERE AROUND THE WORLD IN 12 TO 14 HOURS WITH A COUPLE BAGS. THAT IS GOING TO SUB-ORBITAL AND ORBITAL. ORBITAL IS A BIG JUMP IN TERMS OF THE THINGS YOU HAVE TO ACCOMPLISH. EXIT SPEED IS ABOUT 17,500 MILES PER HOUR TO GET TO ORBITAL. SUB-ORBITAL IS IN THE ORDER OF 27, 2800 MILES PER HOUR. WHEN YOU LOOK AT THE COST OF COMPUTING, DROPPING IN HALF EVERY TWO YEARS THE EXPONENTIAL GROWTH AND WE SEE THE NEW TECHNOLOGY BREAKTHROUGHS, FOR BUILDING THESE VEHICLES, MATERIALS, ADVANCES, ALL OF THIS, THERE IS NO QUESTION AND I ALWAYS LIKED TO JOKE WITH PEOPLE . THERE IS ONE GUY WHO KNOWS HOW TO BRING DOWN THE COST, IT IS JEFF BEZOS. ALL THESE ENTREPRENEURS AND FOLKS DOING THIS REALLY ARE ENVISIONING A DEMOCRATIZATION OF SPACE WHERE IT IS OPENED UP TO THE MASSES. ROMAINE: I HAVE TO ASK YOU A PERSONAL QUESTION SHOULD YOU HAVE DONE A LOT OF EXTREME TRAVEL YOURSELF AND YOU ALREADY HAVE A TICKET ON THE VIRGIN ATLANTIC FLIGHTS. IS THAT TRUE? > > I BOUGHT MY TICKET IN 2011 A YEAR AFTER I STARTED MY AFFILIATION WITH VIRGIN GALACTIC PIT I WAS SO EXCITED BY WHAT I WAS SELLING TO MY CLIENTS I BOUGHT MY OWN SEAT SO I CAN'T WAIT TO GO. I'M HOPING TO GO IN 27, EARLY 28. VIRGIN GALACTIC IS FINISHING UP THE LAST OF ITS FLIGHTS WITH HIS SPACESHIP TWO CLASS UNITY WHICH WILL TAKE PLACE IN JUNE. THERE WILL BE WORKING FOR THE NEXT YEAR ON DEVELOPMENT OF THE DELTA CLASS SPACESHIP'S. THEY WILL BE ABLE TO TAKE SIX PEOPLE INSTEAD OF FOUR PER FLIGHT. THEY WILL BE ABLE TO CYCLE FASTER THROUGH FLIGHTS. ALL OF THAT IS COMING. THAT SHOULD BE HAPPENING IN 26 THAT I HOPE 27 OR 28 MY NUMBER WILL COME UP. ROMAINE: HOPEFULLY WE CAN GET YOU BACK ON BEFORE THAT. A FASCINATING TOPIC AND BUSINESS RUN BY A FASCINATING MAN. PRESIDENT OF GROUP OF TRAVEL COMPANIES HELPING THOSE TOURISTS WHO WANT TO TAKE THE INITIAL FLIGHTS INTO SPACE. BACK HERE ON EARTH, WE ARE GOING TO SET YOU UP FOR WHAT TO WATCH OVER THE NEXT WEEK. THIS IS THE CLOSE ON BLOOMBERG. ROMAINE: AS WE WRAP UP A WORLD WE, WE WILL SET YOU UP FOR WHAT COULD BE A BUSY WEEK NEXT WEEK SHOULD WE START MONDAY WITH ADULT TECHNOLOGIES WORLD CONFERENCE IN LAS VEGAS. LET OF THE INTERVIEWS BLOOMBERG WILL BE ON THE GROUND FOR. THE CEO OF DELL, THE CEO OF NVIDIA AND OTHERS SHOULD FOR COVERAGE ON BLOOMBERG TELEVISION. ON TUESDAY, WE GET THE START OF THE BIG RETAILERS COMING OUT WITH THEIR EARNINGS AND THAT INCLUDES MACY'S. WE ARE ALSO GOING TO HEAR FROM TARGET. WE GET EARNINGS INTO TECH SPACE. THIS ONE OUT OF NVIDIA. COMING ON WEDNESDAY. ALL EYES ON AI AND THE CHIP SPACE WEDNESDAY WE TURNED BACK TO THE MACRO THEY LOOK AT THE MINUTES FROM THE LAST FOMC MEETING. WE ARE GOING TO GO TO SEOUL WHERE THERE IS A BIG AI SUMMIT FOCUSED AROUND SAFETY. A LOT OF THE BIG LEADERS FROM CORPORATE AMERICA WILL BE THERE AS WILL A LOT OF THE BIG POLICYMAKERS AROUND THE GLOBE. ON THURSDAY, G-7 FINANCE CHIEFS AND CENTRAL BANKERS WILL BE MEETING IN NORTHERN ITALY AND YOU HAVE ECO-DATA IN THE U.S. ON FRIDAY WITH DURABLE GOODS ORDERS AND ANOTHER LOOK AT CONSUMER SENTIMENT. THANKS FOR JOINING US THIS WEEK ON THE CLOSE.

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Major Averages Waver Near Record Highs | Bloomberg Markets: The Close 05/17/2024

Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today's guests are Christian Lawrence, Rabobank Senior Cross-Asset Macro Strategist, Craig Siegenthaler, Bank of America Securities Managing Director, Jeremy Siegel, The Wharton School Professor Emeritus: Finance, Ellen Hazen, F.L. Putnam Chief Market Strategist and Portfolio Manager, Robin Vince, BNY Mellon President and CEO, Timothy Fiore, ISM Manufacturing Business Survey Chair, Mariana Matus, BioBot Analytics CEO and Founder, and Craig Curra, Deprez Group of Travel Companies President. (Source: Bloomberg)