The Compound and Friends: Tradeable Lows, Nvidia’s Data Center Finance Deal, Surprise Comebacks for Schwab and Expedia
Join Downtown Josh Brown and Michael Batnick for another episode of What Are Your Though
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The Compound and Friends: Tradeable Lows, Nvidia’s Data Center Finance Deal, Surprise Comebacks for Schwab and Expedia
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Join Downtown Josh Brown and Michael Batnick for another episode of What Are Your Thoughts as they discuss six major stocks that may be setting up for a bounce: Meta, Uber, Netflix, Disney, Nike, and Home Depot.
Plus, Nvidia’s latest data center financing deal and the rise of compute as an investable asset class, why stocks like Schwab, Expedia, and Booking are hitting all-time highs despite fears that AI would disrupt their businesses, and the $1.5 billion rescue deal for United Wholesale Mortgage after a massive loss on interest-rate hedges.Josh makes the case for Expedia, Michael brings the Mystery Chart, and much more!
This episode is sponsored by Betterment Advisor Solutions. Learn more at https://betterment.com/advisors
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Transcript
Josh Brown: Foreign.
Michael Batnick: Yeah, that's right. Ladies and gentlemen, welcome to the very finest investing live stream anywhere in the world. My name is downtown Josh Brown. Here with me as always, my co Host, my colleague, Mr. Michael Batnik. Michael, say hello.
Josh Brown: Hello. Hello.
Michael Batnick: All right, I don't know if you like the new intro. If you do, throw your bees up in the chat for the Duncan Hive because that is the one and only legendary Duncan Hill. Ladies and gentlemen, we are so excited to be here. We do the show every Tuesday almost without fail at 5pm Eastern. We're going to get to all of the biggest investing topics that are happening right now that people in the markets are talking about. We have takes on takes on takes, we have charts, we have data and we have a rock and live audience. Last week I think we had 2, 600 people show up for the live which if it's not a record, it's pretty, it's pretty damn close. So let's say a couple of quick hellos to the people on YouTube that are here for the live. I see Heather M42 is back saying hi to Nicole. What about us? What about us? Let's see. ND says best pot on on the world. Yeah, I have to agree. Gary Walter getting excited for football season. Yeah, us too. Alexis Sanchez says hello from Long Beach, California. Hi Alexis. So happy you're here. All right. And all the usual gangsters are here. We appreciate you guys. We have a sponsor tonight. Michael's gonna tell you who is supporting the show.
Josh Brown: That's Betterment. What growth strategy are leading reas using that? Most firms don't Segmentation. Some clients needs are sophisticated and require deep ongoing planning. And some clients needs are simple like those in the wealth accumulation stage. The smartest firms know planning shouldn't look the same for every client. But the experience should always be exceptional. And now it can with Betterment Advisor Solutions. It's the platform built for segmenting your book and streamlining the smaller and simpler accounts. The onboarding experience is automated and paperless. The portfolio management, the streamlined, the tax efficient. The client experience is consistent and modern. And the impact isn't just felt by your clients. It's felt across your entire practice. Imagine a back office that's humming. A team that's thriving in a service model ready to scale. Betterment Advisor Solutions. Your biggest regret will be not doing it sooner. Learn more@betterment.com advisors.
Michael Batnick: That's a 10 out of 10 ad read, Michael. Thank you so much. Shout to Betterment Advisor Solutions.
Josh Brown: What?
Michael Batnick: What's a tradable low? What what is it when I say that term? What does it mean to you?
Josh Brown: You know, have you heard of it? Excuse me?
Michael Batnick: Have you heard people say it? Tradable low.
Josh Brown: Of course.
Michael Batnick: Okay.
Josh Brown: It's not my first or second rodeo. A tradable low to me represents a washout of sellers, an exhaustion of sellers, if you will. No more. Anybody that wanted to sell the stock has already sold the stock. Anybody. And usually not always, but usually. I prefer a tradable low to be a long process, not necessarily an event. I like a low. I like a bounce and a retest that happens five to six weeks later. And from there you get your traded below. That's my. That's how I like it.
Michael Batnick: But it's not right. And it's not the same thing as like the low. It's not always a tradeable low, is not always the final low.
Josh Brown: No.
Michael Batnick: Sometimes you don't know this until time passes. Right. But it could be a low on the way to a lower low. But a tradable low.
Josh Brown: Well, those are sorts of tradable lows. There's a one that I just described. There's the puke, right, where you get like a 14% drop in two days on extreme volume or 26% drop over 40s on extreme volume. And those you could trade for a 50% B before it eventually rolls. And then I like to trade that trader below. Those are all sorts.
Michael Batnick: I agree.
Josh Brown: All shapes and sizes.
Michael Batnick: I wanted to show you specifically some tradable lows. Let me give you a definition. I guess this would be a technician's definition of a tradable low. A price low that marks a gen. I think you were saying this marks a genuine shift in short term supply and demand evidenced by a reversal in price action and ideally confirmed by other signals rather than just a random dip within a larger downtrend. So these are some of the things technicians would look for. And then we're going to look at some actual charts. Price structure, a clear higher low forming, of course, or. Or a break above a prior swing high that confirms the low is in. So you, you'd see. So as opposed to like, oh, it stopped going down for one day. Okay, there's one version of that volume, a volume spike or a capitulation style selling on the low itself, which suggests real buyers stepped in to take out all those sellers. A momentum divergence, RSI or MACD making a higher low while price makes an equal or lower low. That's a classic bullish divergence. One more a retest that holds, which I Think you just said, love those. Right? Right. Price comes back near the low, but doesn't break it.
Josh Brown: It holds.
Michael Batnick: Okay, I want to show you some stocks that I think have made tradable lows, and we'll get your take on it. And we're talking technicals more than we're talking fundamentals, but a lot of this stuff is coinciding with narrative shifts for these stocks. Here's Meta. I'm getting very close to buying this and putting in a stop at 525, which I don't have annotated on the chart, but 525 is those early 2025 lows. Forget why they sold the stock down. It then hit that same low in March of this year during the Iraq, the Iran stuff. And then it hit that level, I don't know, two days, three days ago, as people started to get nervous about their, their capex spend. But for some reason, that520,525 area is where the buyers have stepped in three times. And I'm sort of starting to think with the stock wanting, seemingly reversing off that level a day or so ago, we could be looking at a tradeable low in Meta. And again, I'm not promising you this is the bottom. I'm saying, like trades have been made off of that level for 100 points or so in the stock. What are you.
Josh Brown: Okay, so I, this, this, this chart is trading technically sound, as they would say. I'm looking at a daily chart and I'm looking at 525 being the level,
Michael Batnick: charts on this being the level of
Josh Brown: resistance from March of 2024, then again in April 2024, then again in July 2024, and then finally in August 2024. So four times it found resistance and then it finally broke above and it caught that level again on the sell off in Liberation Day, bounce from there again that 525 level. And it bounced there again during the war, in early March of this year and again last week after it reported earnings. So, so for whatever reason, this is not voodoo. This is not an opinion from Josh and mine. There has been a battle between buyers and sellers at that level, at that level repeatedly. Yes. Now, is it a trade below? I, I would argue that this, this stock is in no man's land. You just got the traded below because it gapped down to 523 or whatever and it ran to 600. So to me, the trade of below is, is. I think you just got it like it could go high.
Michael Batnick: I know, I think I'm saying something different. I agree with you. I think what I'm saying is like, if it, if you go long here, it's a no man's land. You're 100, right. I would not say, like, oh, this stock's in a beautiful. It's not. It's a mess nowhere.
Josh Brown: It's.
Michael Batnick: No, but if you were to get long here, that's. Your 525 is like, wait a minute. It finished the week at 521. I'm out of here.
Josh Brown: Yeah.
Michael Batnick: That's what I mean by a tradable low.
Josh Brown: Yes. That's. That's your, that's your key level of if, if it goes below there, you're out, it's over.
Michael Batnick: Let's be clear. We're not saying, like, these are great setups, but yeah, I think that there is like a nice definition of risk right at, Right at that level.
Josh Brown: There is. I like it.
Michael Batnick: If the buyers don't come in, what that tells you is sentiment has changed. Like, like has gotten significantly worse and it's pretty bad already. All right, let's do Uber. This stock, I am long. Forget about the fact that the blue line is like right where it stopped going down and it reversed off. That, of course that's good. The stock acts like shit. Let's be. Let me stipulate. I'm showing you three years. I'm in this thing in the high 30s, so I'm fine. Nobody should get upset for me. I, I have, I have good gains in this stock. Personally. I do also think we're. We've seen a tradable low in the mid to high 60s, and I think you could work off that level again. Nobody would suggest this is in an uptrend. It's very messy. But I think you could define your risk there. What do you think?
Josh Brown: Yeah, I actually love the setup because the stock, the stock has acted like for years. It's gone sideways since February 2024, while anything, anything else in the growth universe, whether that's tech or anything, has gone way higher. So the stock's been acting like. But after it reported last week, great numbers, by the way, the Stock gapped down 6% and that was it.
C: And then.
Josh Brown: And then it ripped from 67 up to 78 over the next four days. I love the setup, but I actually think that this could make a run to new all time highs.
Michael Batnick: C. Paul Breezy agrees with you. I'm seeing coiled spring,
Josh Brown: but, but my God, if this, if this gets rejected again, then that 60, then that 65 level will will not hold.
Michael Batnick: So I'm so stubborn. I saw it at 100 once. I. I need to see it back at 100. And I needed to go from there. And I just, I will not. I know I'm right. I know the market. I know the market is wrong. I just can't prove it in real time. But I know, I know.
Josh Brown: I've never. I don't think I've ever said that ever about a stock, but good for you.
Michael Batnick: I don't say that about every stock I buy.
Josh Brown: Now, listen, you have conviction. I respect that, but it's got to go now. If it rolls over again,
Michael Batnick: I just think we're going to be seeing the Nvidia Robo Taxis in London at the end of this year with Uber badges on it. And it's just going to. People are going to stop with next. All right, Netflix is another name I'm in. I've been averaging down. I'm actually, I might actually even be up in it. Not up in it, but. But way closer than I thought I'd be.
Josh Brown: I added, I added on the down 10% morning after earnings, so now I'm only down 16%. Not the brag.
Michael Batnick: So I did the. I actually did the right thing with this. And then I screwed myself. I. I sold it when the stuff with the Warner Brothers bid started because I just said, all right, it's gonna be dead money at best. And then the stock fell apart and I said, look how smart I was for getting out. But then I bought back and I bought back too soon.
Josh Brown: Dude, the stock is a motherfucker from February. It ran after like the WBD stuff cleared. It ramps 75 to 110. And I thought, it's the smartest man alive.
Michael Batnick: Do you think that this is a. Wait, put that back one more time. Is this a failed breakdown below the 200? Obviously, definitively.
Josh Brown: But I don't give any credence to the 200 week moving average.
Michael Batnick: Okay, to be clear, this is not technically a screaming buy.
Josh Brown: No, but there is.
Michael Batnick: There is a world in which 70 is a very meaningful bottom. I mean, I can't like definitively say it for six months and then we'll
Josh Brown: look and listen, all of the bad news is in the stock. My opinion. I'm long, I'm biased, obviously, but the stop gap down another 10% and it filled the gap in two or three weeks. There's no more sellers that are selling because of, because of whatever, like all of the competition with YouTube and tick tock. We know it's. We know it's, it's there. It's got to break down on more bad news now. Maybe the, maybe it's just buyers strike animals over again. I don't know. But I, I think 50, 50 chances. This holds, this low hold. All right, going out on.
Michael Batnick: Let me show you Disney. I got a double bot, I got a double bottom here at 90. I think you buy the stock. I think you buy the stock. It's gonna, it's gonna reclaim the 50 day any minute. And it's. Look it, it had been a ping pong ball between 100 and 120 over and over and over again for a while. But years, whatever, for whatever reason, this is a three year chart. Something happens when it hits this like 90, $91 level where the buyers come back to it. Like they won't. I don't think they're going to let this stock get back to 80 bucks unless. And it's an economic catastrophe.
Josh Brown: Yeah. But guess what, look at the sellers at 120. I'd rather buy the stock way higher.
Michael Batnick: No, I agree. I don't think as a true, as a tradable bottom though, does it, does it look like there's anything there? Am I making it up? My looking at a cloud and telling. No, no, no.
Josh Brown: I just, I think you just got it. It just ran from 90 to 105. I think that was the trade.
Michael Batnick: All right, let me show you Nike.
Josh Brown: No.
Michael Batnick: Okay, okay.
Josh Brown: No, this is going lower.
Michael Batnick: No, okay. Home Depot. Home Depot. All right. This is an inverse head and shoulders bottom. Yeah. So a head and shoulders or an inverse head and shoulders according to the technicians, signifies a trend change. In this case it's an inverse head and shoulders meaning if you printed this out on a piece of paper and turned it upside down, you would definitively see a head and two shoulders. The shoulders I'm reading about 3:30 ish the right and then the head is 298 or whatever that that number is. I could have gotten more granular, but I'm just hammer nagging it here because it's YouTube. But it feels as though on this last shoulder the sellers just couldn't get excited enough to push it lower and now it's completely reversed. Another stock that's going to take out its 50 day. And I understand it's not a nice looking chart, but is it a tradeable low?
Josh Brown: Yes. And also look where interest rates are. They're at their multi year highs. Interest rates can't hurt the stock anymore. That's in it. It's all in the Price. I think this is going higher.
Michael Batnick: Okay. I think I'm with you on that. This is the type of stock that I would pull the trigger on. I want to give it another minute, but I think it goes back to 400. I don't know what happens from there, but I'll take 50. I'll take 50 points in a. In a 300 stock.
Josh Brown: Yeah. All right, next.
Michael Batnick: That's all I got. But yeah. Which is your favorite of the six that I showed you?
Josh Brown: All right, so we did.
Michael Batnick: I think it's an Uber. That's crazy. Or meta.
Josh Brown: No, I'm not. Not meta, either. Uber or Home Depot.
Michael Batnick: Uber or Home Depot. Okay. And definitely not Nike.
Josh Brown: But it's. But it's at. It's at a crashing 200 day.
Michael Batnick: I know.
Josh Brown: No, it has been a lid on the stock.
Michael Batnick: So we're not talking about names. We're not talking about best stocks in the market here. Like, specifically, which I'm at tradable lows and very big stocks that have not been good stocks this year.
Josh Brown: Yeah. Okay. Actually, they've been bad stocks for many, many years. All right, let's talk about consumer stocks. Josh, a week or two ago, you went on a diatribe about if you had a legal pad and you wrote down, like, 10 things that you would want to see in the bull market. It's all happening. There was one thing missing that I want to bring to the party. Consumer discretionary stocks. We've spoken over the past about how sometimes consumer discretionary stocks can be really noisy and not necessarily be a read on the consumer. We've spoken about Dollar General and Chipotle and Sweet Greens. And they might just be idiosyncratic to the particular company. And then. And the earnings report or the stock might say nothing about the health of the consumer. It just might be a specific risk to the stock or the sector. That has nothing to do with anything. I think this particular ETF tells you a lot about the consumer. This is small cap Consumer discretionary. This chart comes from Alfonso de Pablos, and he is showing this chart is hitting a new all time high. Now, why do I say that? This actually is a read on the consumer and the other stocks we've discussed aren't. Here's why. Look what's in this basket. You've got 21% of the portfolio in specialty retail. You've got another 21% in hotels, restaurants and leisure. Then you've got 70% in household durables. Mohawk we mentioned last week. You've got 11% in diversified consumer Services, automobile components, textiles, apparel and luxury goods distributors, Broadline retail leisure products, automobiles. And it's a small piece, but this is a broad basket. A broad, broad basket of consumer stocks. And you want that to participate in a bull market. And they're at all time highs, small caps.
Michael Batnick: It's so, I mean, it's. I'm looking at the chart solo, not comparing it to anything. It. I mean, it barely trades any volume, so the candles are crazy.
Josh Brown: Yeah, don't.
Michael Batnick: There's a lot of. There's a lot of gaps.
Josh Brown: Look at the line. Doesn't matter. The gaps don't matter.
Michael Batnick: I'm looking. I'm looking at the line or etf.
Josh Brown: I should say.
Michael Batnick: I didn't know this existed. Brinker, Carmax, Etsy, Victoria's Secret, Mohawk, Lifetime, Pool Corp, Front Door, Caesars.
Josh Brown: These are consumer. These are consumer stocks.
Michael Batnick: Like, these are the types of stocks. I don't want to own any of them individually, you know, like, these are the types of stocks you get. You get up in. You know what I mean?
Josh Brown: But as a basket, right? Confirming.
Michael Batnick: Yeah, as, as a theme. I like, I like what you're showing me. I'm saying I prefer the ETF than going Long Boot Barn or Cheesecake Factory. Like, these are the types of stocks that you. You blow. You blow yourself up in.
Josh Brown: Holy shit.
Michael Batnick: They surprise you.
Josh Brown: Dude, look at Cheesecake Factory. What in the world is happening?
Michael Batnick: What is happening to Cheesecake Factory?
Josh Brown: Are they in the AI? Are they in AI AI Cheesecake. Look at the stock.
Michael Batnick: When was the last time you ate at a Cheesecake Factory?
Josh Brown: 30 years. Guys, the ticker is cake. This is unbelievable.
Michael Batnick: It just ran from the menu is. The menu is wild. There's literally.
Josh Brown: It's three feet long.
Michael Batnick: It's 80 pages and every, every dish you've ever eaten is in there. And none of them done particularly well.
Josh Brown: No. No idea what's happening here. Chart went from 65 to a buck 15 in a couple of months. Huh. Interesting.
Michael Batnick: So much for the GLP1 fear. What else they own. They own. Oh, they own North Italia.
Josh Brown: Do they own Rainforest Cafe?
Michael Batnick: No, I think that was. I think Tillman Fertitta owned that at one point.
Josh Brown: Okay, remember that in the Source back in the day? That was like. That made a huge splash on the scene.
Michael Batnick: That was so nice with the animatronic ape.
Josh Brown: That was so late 90s.
Michael Batnick: So late 90s theme restaurants in the late 90s had like a. Had a minute.
Josh Brown: Planet Hollywood. Huge.
Michael Batnick: Dude, they opened the. They opened the supermodel cafe, like the mo. I forgot what it was called, it was a fashion themed and it was all 90 pound women opening a restaurant. I can't believe it didn't work. I don't think anyone ever tasted the food that was part of this group. It was like all like Naomi Campbell and maybe Elle McPherson. I'm making this up. But like all the 90s supermodels open them. The supermodel cafe, they're mostly gone. The Yankees one is still there though. On 7th Avenue in the 50s. Have you ever been there? The New York Yankee Steakhouse. Go in the basement. Go in the basement. It's insane. They have a. It's called the Vault. The walls are lined with the actual framed contract of the most famous Yankees ever. And Yogi Berra's contract is on the wall. His dad signed it. Do you know why? Because he was 16 when the Yankees signed him. He couldn't legally sign his own contract.
Josh Brown: No kidding. Did not know that.
Michael Batnick: It's a wild, so wild team. All right. Anyway, I don't know how we got there. So you like the fact that this group of stocks is. Is. I mean, obviously, who wouldn't like that?
Josh Brown: I don't like it. I love it.
Michael Batnick: I love it too. Is this a. Put the chart back. Is that breakout? Yeah, it's a relative. I mean. Yeah, it's going.
Josh Brown: Yeah.
Michael Batnick: Son of a bitch.
Josh Brown: What the hell? Cheesecake? I'm going to find out. I'll answer next week.
Michael Batnick: All right, let's go play a video clip for you guys. Settle in. Won't take long. I want you to see this.
C: We have this big breaking news this afternoon about what's been happening when it comes to the AI infrastructure bill. This is news that was first out a little earlier today, but we can confirm that news at this point in video working with some of the biggest names on Wall street to secure financing for its customers. Joining right now with us to talk about all of this is Jensen Huang. He of course is Nvidia's founder and CEO. David Solomon is the CEO of Goldman Sachs. Larry Fink is BlackRock CEO. John Gray is Blackstone's president. Vladimir Zak is global head of digital infrastructure at kkr. Jim Zelter is Apollo's president. And Bruce Flatt is Brookfield CEO. And gentlemen, welcome to all of you today. It's kind of amazing to get this group around the table. And Larry, to have you joining us remotely too. But we have to start with this news. Jensen, the. This is a big deal and it's a big number. Half a trillion dollars more than that. In terms of financing, we know this is an expensive build, but tell us a little bit about how this came together and what exactly it is.
Josh Brown: Well, first of all, I want to thank all of my partners for joining me here today. I think this is the first time this has ever happened before and I can't imagine a more important time to do it. We're announcing six partnerships today. These partnerships are going to pull together independent long term capital to fund and support AI infrastructure build out.
Michael Batnick: Holy shit.
Josh Brown: What a scene. Holy cow. I missed that.
Michael Batnick: It's like the Justice League. I mean, if you. If you're like a Wall street person, that's Superman, Batman, Wonder Woman, Green Lantern. Holy shit. All in the same place. Other than Larry Fink, who big time them. I'm guessing he was on vacation. I'm sure he would have loved to have been there, but like, man, you got DS all sitting there with. With Jensen and then they got. Who is there? Blackstone, Blackrock, Apollo, kkr, Brookfield. KKR who?
Josh Brown: Brookfield.
Michael Batnick: Brookfield property. Right. Okay. I'm just looking at the chat. This is the type of thing that tells you it's the top. I mean, you could forgive somebody for saying that and it might be. I mean, I'll tell you in a year.
Josh Brown: Heard way dumber top calls than that. Yeah, for sure.
Michael Batnick: I mean, that's. Yeah. I mean, sort of sort. I mean, no Blue Owl. That's funny. Who else? I watched the whole thing. Super bullish for AI infrastructure. So that's what I think. And I'll. I'll tell you guys why I think it's actually bullish and not a top. Somebody saying they're not putting their own money in.
Josh Brown: Well, yeah, it's all. It's. Yeah, that's all they sort of are.
Michael Batnick: They're raising money, but also they're putting their reputation in, which is as valuable as money. So I don't know if I agree with that. All right, what do you. What was your. What was your reaction? Did you watch? I watched. The whole thing was 30.
Josh Brown: No, no, I want to hear from you.
Michael Batnick: Okay, so to me, this is my take. Jensen just checkmated the entire AI infrastructure story. He just. Effectively with six partnerships, but bringing them all together, basically, COMPUTE is fungible. So it doesn't matter if somebody's gonna run this LLM, that LLM, or if it's Gemini or if it's anthropic. It doesn't matter. Compute is compute. It is the scarce resource.
Josh Brown: We.
Michael Batnick: We do not have enough of it. And nobody that knows anything About AI thinks we have enough of it. The only real debate was about the circular financing. Is it healthy for Nvidia to give a startup, Neo Cloud $5 billion, then that Neo Cloud spends 4 of that $5 billion on Nvidia chips and Nvidia books it as revenue? Is that healthy? I think, I think Jensen says to his CFO and maybe some other people at the firm, maybe some big investors like why is my stock price not moving for a year? Why is my multiple shrinking when my earnings are growing 80% every quarter? Like what's going on? And they probably said like this is the thing that's going around on Wall Street. They're worried that you're running the Cisco playbook. Cisco for people that weren't around back then, was doing circular financing deals, which was not illegal, was not a dirty word, but basically making sure that there were enough buyers beyond just AT&T and, and Verizon. There were all these competitive local exchange carriers building telecom assets and Cisco wanted to be the one to sell into them so they would help finance these transactions. And of course when the market blew up and the finance disappeared, the whole, all the earnings blew up. Everybody understands that this sort of eliminates that from the conversation. These are companies that are capable of raising a combined trillion dollars with a year's notice. They will, they'll raise 500 billion, they'll figure out how to pay interest rates on the usage of this compute. It'll sort of look like mortgage finance or other asset backed securities. The asset here is the factory. They're not like reinventing the wheel. They're just treating compute the way electricity is treated or the way we treat cell phone towers or the way we treat cold storage for refrigerated goods that have to move to supermarkets. Like it's not the craziest thing on earth to look at this. Like these are basically factories where we do data in and the financing should pay an interest rate. And I bet we can line up investors who want to get a piece of that. So my, my thought was like this is really smart. We put an end to the circular financing conversation and now, you know, the bears will pivot to it's a private credit bubble. But it's a lot more money and a lot more people funding this. It's not just Amazon, Oracle, Alphabet and Meta. Now we're going to have effectively like 20 million investors helping to finance this capex build out. So I think it's a genius. And the key thing that Jensen gets Nvidia chips in every one of These data centers as far as the eye can see. So I think it's a checkmate for him. I think it's brilliant on the part of the Wall street guys because they always need to come up with new products to sell to wealthy people. And I think it puts the bears on their heels, like, all right, I guess we can't say it's four companies financing their own revenue anymore, so. Well, that's my take.
Josh Brown: Private credit is not so hot when 25 to 30% of that asset class is software names. And if you like the floating rate nature of this without the duration, what's more attractive than the good stuff? This is the blue magic.
Michael Batnick: Yeah. The other thing that this does politically, and this is why, this is why you don't, you don't fuck with these guys. They're so much smarter and so far ahead. Right. Of like people mouthing off on Twitter. One of the fundamental potential negatives on all of the data center investments they've already made is that regular people are pissed. They're screaming, they're demonstrating, they're voting, they're showing up at town halls and deeply unpopular. Deeply, extremely unpopular. Because you know what it looks like from the outside looking in. Let me get this straight. We had like this clear, this clearing in the forest and basically like Mark Zuckerberg is going to put cancer causing batteries in the, in the midst of where we live or they're going to take our water or they're going to jack up our electricity bill. And none of that stuff is true. Or some of it is true and some of it's distorted, but it doesn't matter. The people hate it. Now if you flood their retirement accounts with exposure to data center investments, you blunt the edge of some of that protest.
C: Of course.
Michael Batnick: What people are going to protest their own investments?
Josh Brown: Yeah, I don't, I don't buy that.
Michael Batnick: What part of it don't you buy?
Josh Brown: I think that's a stretch. I don't think the people that are protesting give a shit about exposure to this private asset class.
Michael Batnick: Not all of the people, but some of the people. If all of a sudden, if all of a sudden they say, oh, we don't own the AI, we don't own the compute. You do, we all do. Everyone in America is collecting a rent from all this, this supercomputing. It's not, this is not just Google and Meta, it's you.
Josh Brown: You. I get it. I understand. I think it's a stretch. This, this chart from code to is wild. Just to frame the amount of spending because it's such a.
Michael Batnick: People so mad at what? People are so mad at what I'm saying.
Josh Brown: That doesn't hold muster. That's okay. You tried throw this trial from CO2. So this is hyperscaler capex compared to the defense discretionary budget. And yeah, $733 billion is an incomprehensible amount of money. But when you reframe it next to the defense budget, it's. Huh, it's unbelievable. Dude. It's really wild.
Michael Batnick: Yeah. And I'm going to tell you something. And I'm going to tell you something. They're going forward. They're not going to raise 500 billion and not build it. Now I do see a lot of, a lot of our friends in the chat saying it's just a memorandum understanding. Anybody could sign a memory. Yeah, it's true. We'll see. Let's. Let's see the money get raised. Let's see the structure of products that they're going to create.
Josh Brown: Yeah. We have no idea what this is.
Michael Batnick: Money. Yeah, it's true. It's true. It's it. That's right. It's an mou. I could sign an MOU right now and, and not be bound by it. But you have to think that they've been sitting in a room coming up with ideas for how do we productize this, how do we get regular people access to it, blah blah, blah.
Josh Brown: Like, oh, it's gonna happen.
Michael Batnick: They're gonna do it.
Josh Brown: Yeah, it's gonna happen.
Michael Batnick: You want to bet against Larry Fink? Have fun.
Josh Brown: Not me.
Michael Batnick: Find me some stuff Larry Fink has tried that he hasn't been able to do against Jensen. Okay. I wish you. I wish you luck.
Josh Brown: So Josh, for our next topic, I should have done the inverse of this. So what we're looking at here, let me tell the story. There are several stocks that are at or near all time highs that got the kicked out of them in the spring because they were in the crosshairs of AI. Anything AI related. Schwab, of course. We'll get into all this. These stocks just got kneecapped and some of them recovered and are at or near all time highs. So I have those charts. I didn't bring the stocks that have not recovered. A lot of the software names, even though they've been significantly cherry picking.
Michael Batnick: Yeah, we're cherry picking.
Josh Brown: Yeah. So like I got it. Like S and P is still has not recovered nor, nor Moody's. A lot of the exchanges are not doing well. A lot of the software names are have Balance but are still nowhere near their highs. All right, so let's look at the stocks that are actually not going to be blown to smithereens by AI. So chart on please, people.
Michael Batnick: Stocks that people have changed their minds on.
Josh Brown: So Snowflake fell 56%.
Michael Batnick: Yeah.
Josh Brown: And then rallied 178. This. Josh. Josh, you're all over this great call here.
Michael Batnick: I bought it. I'm still holding it. And I bought it recently. I'm not up that much, but.
Josh Brown: No, I know you bought, you bought the breakout.
Michael Batnick: I bought the breakout and I'm not, I'm not a seller. I, I have a stop in, but I'm not taking that profit because I think Snowflake is going to be a very important part of the next five years of data center and, and, and AI. So I'm sticking around.
Josh Brown: All right. Schwab, probably one of the most predictable bounces here. So predictable.
Michael Batnick: Traded this.
Josh Brown: So predictable that I bought it and sold it. Wish I wish I had as much conviction as Josh does. But Schwab fell 20 on. On the Altruist news, which again. Or the Hazel news, which we said literally makes no sense. One has nothing to do with the other since has bounced 26 to an all time highs. Expedia and booking. I think these were the ones where it's like, all right, why do you need this? Like, you could just code this and these sites are going to go away. Nope.
Michael Batnick: We did Expedia on the air today. Sean and I wrote this up for best stocks in the market last September. It got, it got knocked off the list in January or February when they started to beat up these stocks.
Josh Brown: It got killed.
Michael Batnick: It got absolutely killed. But now it's back on the list and it broke out. It's a fresh breakout. There is insane momentum for everything travel. I didn't buy this one. I was choosing between this Delta and Marriott. I bought the other two. I didn't buy Expedia. I probably should have bought all three.
Josh Brown: Expedia is going way higher. I don't know because I'm an idiot, but it's going higher. Next Travel is.
Michael Batnick: The point is like the popularity of travel amongst businesses and consumers right now supersedes any sort of disruption risk.
Josh Brown: Yeah, it's. Very good point. Very good point. All right, let's look what else we got. Oh, and then Palo Alto and CrowdStrike. I mean, Josh, you laughed at this
Michael Batnick: at the time we left. We left heartily over and over and over again when they were selling off the cybersecurity stocks because of AI. Disruption, risk. Just the. The concept of people vibe coding their own patches for, for software security. It's a, like a literal. It's a joke that tells itself. I did want to say I think CrowdStrike might be one of my biggest winners of all time in a very short period. It came public in the summer of 2019. I bought it in 2020 during the pandemic. I've held it ever since. It is up 92% year to date.
Josh Brown: So it's got to be. It might be. It might be a 10 bagger for you or close to it.
Michael Batnick: I think it's. I honestly think it's like one of the biggest winners I've ever had. It's. It's five year compounding at 29% a year, which is. It's since inception, since its IPO, 1,450%. Like, they don't make these entrees, dude.
Josh Brown: This stock got creamed in the 2022 sell off. It went from $75 to freaking 22. And you held on the whole way?
Michael Batnick: Yeah, I'll never sell it. So it's now.
Josh Brown: Now 10 times higher.
Michael Batnick: The thing is, I've been through huge drawdowns with it, but I just, like, I got to know George Kurtz. We've had him here on the show before. I'm not like, in contact with them all the time. Every once in a while we text each other about, like, random stuff. We're not, you know, I don't really have any questions. I, as a shareholder, I just assume they know what they're doing. He just continues to win. It's like unbelievable the extent to which he's made the case to the public that CrowdStrike will be the most trusted name in the AI age. Just like it became the most trusted name before there was AI they just, they are the platform of choice for the largest companies and organizations in the world. And I just, I can't imagine the spend going down. What board of directors would approve a CEO coming to the table and saying maybe let's spend less on cybersecurity? What? Are you fucking crazy? Like, what? All right, fine. Let's, let's. In the, in the minutes, let's make sure we all know that Bob said
Josh Brown: that if I, if that was Bob's idea, if I had to submit to you one group of stocks that will join this list of why did we sell those stocks? That will hit an all time high. I would say Moody's and S P, the rating agencies are not susceptible to a chatbot no way.
Michael Batnick: You know who we were talking about that told us that?
Josh Brown: Ron Baron.
Michael Batnick: Ron Barron was talking about msci. Same category.
Josh Brown: Okay, same thing. Same thing.
Michael Batnick: You know what it is? It's not that AI can't come up with an index. It's that there is a standardization and a trust that's more important than like technology. It's like, like that's the gold standard of the people don't want an AI created benchmark or ratings on bonds or research like on Alex.
Josh Brown: There's, there's regulations here. You can't just replace it. These, these bonds need to be rated.
Michael Batnick: Think that's right. I think that's right. I like it. And they own the data that Quite frankly the LLMs gonna have to pay for in order to use correct that there they have the fuel that turns into knowledge when a, when an LLM absorbs it.
Josh Brown: So I do wonder. I do wonder. So the New York Times is saying to open AI and anthropic. Hey buddies, you got to pay us if you want to train on our data. I wonder if some of these data providers will go the route of Alex Karp will heed his advice and say I don't care what you're paying us, you're not touching our data. Sorry buddy, you're out. You're not getting it. A fact set says to that's open.
Michael Batnick: So that's why still because a competitor will take the money. And so right now, what if they
Josh Brown: all band together facts at Bloomberg, all these companies say no, we're not doing it.
Michael Batnick: The New York Times lawsuit against I think it's anthropic. It might be open air and I'm wrong, but I don't think I'm wrong that that's going to be a really important precedent setting grant like groundbreaking outcome. Whatever happens there, whether it's a settlement or it like goes to a trial. Because as I've said here on this show, I had a front row seat for the first round of this. This whole information wants to be free. Google was able to build a $5 trillion company free everything because they convinced book publishers, magazines, newspapers, data providers. No, no, no, we're just indexing it. They were a wolf in sheep's clothing. Yes. They indexed it and then they ran ads next to it. And then they became the go to doorway to all of this information and were able to muscle everybody else's businesses out of the way. That is not going to happen this time. It's too fresh in everyone's minds and memory. And I actually think the courts will rule with the providers of this intellectual property, which is the data and the, and the articles and that. Like, I, I don't think the courts are going to be like, yeah, go, go screw them all over again. It worked out so great the first time. It's not going to happen. It's not going to happen. So I think a lot of these companies that look like they were about to get disrupted to zero, you forget the LLMs can't train on imaginary data. They do need to start with something somewhere, and they're gonna have to pay for it. So I like, I like that idea. And it's really interesting to look at the 180s in these stocks that you're showing.
Josh Brown: Yeah.
Michael Batnick: Because it was overnight. It was overnight.
Josh Brown: All right. The. The next stock is doing on 180 the other way.
Michael Batnick: What do we got?
Josh Brown: Segue to you, Josh. That was an alley oop.
Michael Batnick: You do that really well.
Josh Brown: Thank you.
Michael Batnick: We have to talk about this because it touches so many of the things that we talk about on the show all the time. There's a company that uwm, it's United Wholesale Mortgage. It surpassed Rocket to become the biggest supplier of mortgages in the United States. And they sort of built this. I want to be careful what I say here so we don't get sued, but also so don't make a mistake. They sort of built this stranglehold on the independent mortgage broker industry where they became the provider of mortgage. Like, let's say, you know, a guy who's a mortgage broker, and they don't work at a big bank, they own their own mortgage company. Where do those people get their mortgages from? There's a few places. Rocket has a wholesale business, but really UWM became like the largest one. And so I know people who own mortgage companies, but they need to be have the mortgages wholesaled to them in order for them to retail them to you, the home buyer. Okay, that's United Wholesale Mortgage. So this guy Mattish be built it, and he is a Detroit native. He's in a blood feud with the Rocket founder, who is Dan Gilbert. It's crazy how much they have in common and how much they hate each other. They're both Jewish guys from Detroit in the mortgage business. They both own NBA franchises. When Matt Ishbia went to buy the Phoenix Suns, I think this is true. Every single owner in the league voted yes. Dan Gilbert, who owns the Cavs, voted no. So they. There was like real hatred here. Maybe it was like business competition that crossed over and Became personal. Whatever it is. Detroit ain't big enough for the both of them anyway. This. This thing came public in 2021 as a SPAC. I don't think it could have come public in any other era. Is one of those accidental IPOs that just sort of. The timing was right because we were in an everything bubble, a junk bubble. We called it. Whatever you want to say. And I think the initial public offering was the biggest SPAC IPO ever. I think it was half.
Josh Brown: It was 16 billion.
Michael Batnick: Sixteen, okay, 16 billion never before happened. And it has been an absolute shit show for everyone except the insiders, including hbo, who's been able to sell billions of stock, billions of dollars worth of stock the entire way down over six years. Let's put up. The chart is from World Wall Street Journal, who covered this story today.
Josh Brown: Gross. I mean, this just 26.
Michael Batnick: So this is. I guess they're showing the market cap.
Josh Brown: Well, there's just a share price is 26.
Michael Batnick: If. Right. If I showed you. If I showed you a share price chart that goes back to the beginning, it's so much worse.
Josh Brown: Right?
Michael Batnick: Suffice to say. And it started dropping the day it de. Spacked and became this. And I don't think it even had an up month at any point. Now, some of that is not the company's fault. The environment for housing has been horrible. Rates never fell.
Josh Brown: They lost $600 million on an interest rate hedge. $600 million.
Michael Batnick: All right, this is the story of what's blown the company up. They, I guess they compete very close, head to head with Rocket. Everything Rocket does, this company wants to do. Also, Rocket did a deal to buy a giant mortgage servicing portfolio called Mr. Cooper.
Josh Brown: Cooper. Yeah.
Michael Batnick: Yes. And so it looks like United Wholesale was like, oh, no, no, no. Also we're going to do that. And they tried to buy this thing called Two Harbors. And let me just quote this so I don't. So I don't screw it up. UWM took on a hedge that was betting mortgage rates would fall. Okay, fine, a six. They took a $600 million loss. They took that hedge because they were trying to do this acquisition.
Josh Brown: How is that a hedge? How is it.
Michael Batnick: I don't know. All right, so listen. He had agreed in December to buy a real estate investment trust focused on mortgage servicing called Two Harbors. The $1.3 billion stock deal fell apart in March when Two Harbors spurned UWM and opted for a cash offer from another suitor. So the target pulled out. Mortgage companies often make hedges against their portfolios of mortgages, which change in value with interest rates. However, UWM had paid to hedge a portfolio that the company never actually acquired, much to the confusion of some investors and analysts. They shouldn't have presumed, said one guy. Okay, HP likely stuck with the pursuit of Two Harbors quote, partly because he didn't want to lose. It's like a guy like that, it's like an athlete, like a mindset like, I won't lose. Okay, so now they're suing Two Harbors for breach of contract for 500 million. That'll play out. Ishbia has shown a willingness to spend his own money. Along with his brother who runs private equity firm, he bought the Suns in 2023. He has pledged shares of UWM for personal loans, which he has previously said he barely used. He's like a big risk guy.
Josh Brown: My friends in the mortgage business, they bought the Suns in cash, so the franchise is not in danger of being taken away from him.
Michael Batnick: They bought the Suns in cash, but then he's pledging his shares for other things. I don't think the Suns is the problem here. The problem is they had to turn to Oak tree for distressed financing. So we won't get into all the ins and outs of, of. But oak trees taking preferred stock with a 10% cash dividend. They're putting somebody on the board.
Josh Brown: Well, here's the important part. Here's the important part. Isaiah Thomas, who nearly ruined my franchise. The Knicks is also mixed up, is a, is a board member of this company because MATB was a fan of his growing up in Detroit. So Isaiah Thomas. See you. I'm guessing he's off the board.
Michael Batnick: Was your favorite part of, was your favorite part of the last Dance Michael Jordan thing? I when he was trashing Isaiah.
Josh Brown: What Isaiah goes I, I, I, I met the criteria. That's a great name. I hate, I hate Isaiah Thomas so much.
Michael Batnick: All right, this is my take. I have a few takeaways. This was the biggest of the spac. Not the most well known. Most well known is the most well known is still the chamath stuff. Would you, would you agree with that?
Josh Brown: Which is the most well known spac? Was it Open Door Virgin? Was a big one.
Michael Batnick: Open door SoFi was DraftKings a SPAC? I don't think so. Maybe so far is like sort of the last man standing. It's like one of the only post spacs that's got any kind of like standing or legitimacy somehow. Nothing to do with chamath because he was Gone relatively quickly. But this is like just another one. It's just unbelievable how horrible. That crop of 20, 21 IPOs were SPAC or no SPAC. Just in every IPO. It's one after another.
Josh Brown: And I didn't want to Airbnb, everything came in, came to market.
Michael Batnick: That John's got some images of this. They did a huge investigation of this company. I think it was the first one. This was April of 2024. So more than two years ago. If you are long the stock and you read this, you were out of this stock because they had, and this is way before this $600 billion loss. What these guys accurately captured was just like the culture and how crazy everything around this company was. Like all these RICO lawsuits and racketeer like schemes to defraud and just there was so much smoke around this thing years ago. And the guys at Hunter Brook, like Sam Koppelman, they investigated it, they wrote it up. They took a lot of shit for having done it. But they got you out of the stock. Credit to them way before credit to them. So. And we, you know, we're not gonna delve into the details here. It's. It's not what we do on the show, but wow, what a, what a, what a horrible ride. It's. It's been in this name. Okay, I think we're done there.
Josh Brown: Go ahead.
Michael Batnick: We're gonna make the case. We had to skip this last week, right? Or the week before. I can't remember when's the last time we did this.
Josh Brown: I made the case last week for floor and decor or two weeks ago. I don't know, Whatever.
Michael Batnick: All right, what are we doing today? Oh, all right, let's do helping. I'm saying buy the dip. This is, I think it's still on best stocks in the market. I'll have to double check. But it is in our portfolio strategy that seeks to capture market leaders and momentum, which we call Porterhouse. And so full disclosure, we. We own this for ourselves and for clients through Porterhouse. Okay. And is not a recommendation for anyone to buy or sell, etc. Our whole disclaimer is linked in the show notes. We've been talking about travel for a long time. As I mentioned earlier in the show, it is the best slice of the consumer situation right now. Hilton is interesting because it's part of a trio of names that's been on the. On the best stocks list. Marriott's on there, which I also own. I bought that recently. I bought the dip in Marriott. It's working. I think Hilton's the next one to bounce. This company's been around for 100 years. 1919. Do you know that founded by Conrad Hilton, who is the great grandfather of Paris Hilton, they don't own anything. This is a marketing and points business just like Marriott Marriott. 85% of the hotels are owned by franchisors or developers. They, they keep a few hotels that they use to test new concepts in and just to like kind of keep their hand at it. But the way to think about this business is they run commercials, they manage the points, the loyalty programs, etc. And they pick locations and they design things. But they don't sit with the real estate. That's somebody else's problem. It's a great, great business. Their sub brands are like Waldorf Astoria, the Conrad Hotels. They own lxr, Nomad, Signia, Canopy, the Curio Collection graduate, which is where you stay when you visit your kid in college. I learned recently Doubletree, Hilton Gardens, they have all these like sub brands. But basically think about this like a marketing company that deals in, in the travel space. Compounding at 22% over 10 years.
C: Wow.
Michael Batnick: Annual compounding which is really high. First came public in 1946. Taken private in OH7 during the real estate bubble. Came back in 2013 as a transformed company. Here's a picture of what it looked like when they came public again. You see they're all in the robes. I was clever. I don't know if Paris Hilton was there. I would imagine they probably weren't interested in going there anyway. Travel stocks have been incredible. This stock is right now in a dip. But the fundamentals are unbelievable and I think it will join Marriott and Expedia and Delta in finding buyers right here at this critical level. Put it back up. Here's a one year technical chart. This is it I think, I think 315. You've got this rising 200 day at it's, it's, it's falling right into that level. This is exactly what Marriott looked like when we talked about it the other day. 307. 68 is the, the 200 day. I would just say 305. I would watch it on a closing weekly basis on Friday. If this thing finishes the week below 305, I'm wrong. There's nothing here. Get the hell out. If it bounces from these levels I don't see why it couldn't get back to those old highs. Let me show you a five year. The bigger picture is the stock is going up.
Josh Brown: Yeah.
Michael Batnick: So that's my, that's my make the case as far as fundamentals. Like, you could look up the last earnings report yourself. It was unbelievable. They have 9,453 properties, 1.4 million rooms, 144 countries. Hilton Honors membership is up 15% year over year. They have 260 million Hilton Honors members all over the world. Revenue was up. Earnings were up. Revpar, which is revenue per available room was healthy. They're building, they're growing. And travel is not gonna all of a sudden fall apart. Can I tell you something predicting that?
Josh Brown: So we went to book a vacation for December and I looked at a couple of islands and I couldn't get in, like, for December.
Michael Batnick: Too late. You missed the boat.
Josh Brown: December.
Michael Batnick: I know.
Josh Brown: It's unbelievable. I travel is so they cannot build
Michael Batnick: in the right locations. They cannot build festive. Anyway, that's my make the case one year chart. One more time. Would you buy this dip?
Josh Brown: Yeah.
Michael Batnick: Will you buy this tip?
Josh Brown: I mean, I own the stock.
Michael Batnick: Will you accept this rose? Oh, you're. Well, I know you own the stock through Porterhouse, but would you. Would you overload?
Josh Brown: No, I'm not gonna do that. You don't want to, like, I don't like.
Michael Batnick: I'm gonna be right here.
Josh Brown: I don't want to mess with. I don't want to, like, overlap. And I don't want to be buying and selling stocks we own for, you know. Fair enough, but I like it. Okay, I've got a message chart. And this is a sub industry group, I suppose, whatever. I think that's the right way to describe it. Chart on, please. This is an ETF. And that. That July 20th, that July low was. Was the definition of a tradable bottom. Did not undercut the previous low. I mean, that was a tradable bottom of if there ever was one. And of course, I didn't trade it.
Michael Batnick: Sub industry group. What else are you giving me?
Josh Brown: So it got caught up in the AI is going to kill everything. And that's the only clue I'm gonna give you. And it got. It got hit. It got hit pretty damn good. I mean, look at that. Look at that decline. And we spoke a lot about this.
Michael Batnick: All right, give me three guesses.
Josh Brown: Go ahead.
Michael Batnick: Okay.
Josh Brown: I think you're only gonna need two broker dealers. You're on the right track.
Michael Batnick: I'm on the right track.
Josh Brown: You're in the right sector. That's. That's all. That's your last hit.
Michael Batnick: I'm in the right sector. So it's finance.
Josh Brown: This actually. This actually is finance.
Michael Batnick: It's in finance. Oh, private equity. Yeah, I got it. Oh look at me. Alternative Asset managers etf. Pretty good, right? Pretty good. That's interesting.
Josh Brown: I was low.
Michael Batnick: That's a trader. That's more than a tradable low. That might be low.
Josh Brown: I was right, but wrong. I thought that this was going to blow over all the smoke and I bought it and I sold it at the low. So credit to me.
Michael Batnick: I want to say this. I was very open to the idea
Josh Brown: you were going to be.
Michael Batnick: I was, I was very open to the idea that there were going to be a lot of blow ups in private credit specifically more so than private equity. But not, not on necessarily a data center basis. I just thought generally there's way too much activity in that arena for there not to be some problems. There will be and there all there are, there will. I told you yesterday about a restaurant chain that filed chapter 11. Believe you me, there's private credit money in that chain. Who did I tell you was? Brooklyn Diner and whatever, whatever the hell it is. It's just that it's not proving to be systemic and it won't prove to be systemic until a major privately held software business literally runs out of money. Does that seem to be imminent right now? Does that appear to be the case or, or a data center? People say there's no demand anymore for data. Like it just, it doesn't feel imminent in any way, shape or form. What are you looking at?
Josh Brown: But didn't, didn't Vista have a big blow up? Like didn't they have parts?
Michael Batnick: It was auto parts.
Josh Brown: We haven't seen like I think there was something else. I think there was something else.
Michael Batnick: We haven't seen like reorgs where people are like oh it was a SaaS business that went under.
Josh Brown: No, there was one, there was a, there was a big one, whatever. We haven't seen anything since. And I'm very shocked because the journalists are dying for more.
Michael Batnick: Wanted so bad they could taste it.
Josh Brown: So journalists.
Michael Batnick: Look, look there are people that are still very much on this beat and I'm, I'm not willing to say it's not going to happen and that they're definitely wrong. The mark, the equity market thinks they're wrong right now. That's number one. And number two, it is not on the front page.
C: Right.
Michael Batnick: It's not even on the 10th page. So whatever is going on, it's. The market has decided we, we do not care about that story anymore.
Josh Brown: Yeah.
Michael Batnick: We're not reacting to it and it could change, it could change but it's just I'm not going to spend time on it, thinking about it, reading about it, because I'm not seeing any evidence that anybody else is either. And that's. That's just the way I roll. All right. What a show. I think we did a lot, right?
Josh Brown: Yeah, we hit it. All right.
Michael Batnick: Hey, guys, let me let you know about a couple of things. Number one, thank you so much for those of you who joined us for the live. We really appreciate it. Number two, tomorrow is Wednesday, which means you're getting a brand new episode of Animal Spirits with Michael and Ben. Always great. Ben and Duncan will then return with a live show that we do just like this one, where they are taking audience questions. But if you want your question answered on the show, and it could be a question about finance, economics, personal finance, paying bills, investing, whatever you want to send an email to. Ask for the compound. Showmail.com they have gotten thousands of questions over the years, and if they use your question on the show, they're going to send you some compound swag. So that's Duncan and Ben. Ask the compound. Make sure to check that out. Michael and I will be back at the end of the week with the compound and friends. We're gonna have a lot of fun this week. We've been having unbelievable guests all summer, and we really appreciate how much love that you guys are showing the show. If you haven't yet, hit the like button right here, right now and you're watching us live. Go ahead and do that. All right. That's all we have to say. Thank you so much for joining us. We'll see you soon. Sam.