Live to a Busy Week | Bloomberg Markets: The Shut 5/24/2024

ROMAINE:A WEEK SUPPOSED TO BE DOMINATED BY NVIDIA OVERSHADOWED BY THEINFLATION. ALIX: LET'S NOT FORGET.NO ONE IS HERE ANYMORE. THANK YOU FOR WATCHING MOM ANDDAD. VOLUME SUPERLIGHT. INDICES IN THE GREEN. MAG7, BUMPY WEEK DESPITE THERECORD HIGH FOR NVIDIA. BIG TECH LEADING THE CHARGE.NOT TO BE FORGOTTEN. WHO KNEW THAT WAS STILL A THING?BITCOIN UP 2%. YESTERDAY WE GOT THE ETFAPPROVAL.

THAT'S HELPING THE SECTOR.ROMAINE: EQUITIES WITHIN REACH.MICHAEL HARTNETT SAYS THE RALLY WAS A RISK OF OVERHEATING, WITHTHE NASDAQ ON THE PRECIPICE OF OVERBOUGHT CONDITIONS. HE SAYS THE GLOBAL BREATH RULESHOWS EQUITY INDICES APPROACHING LEVELS THAT WOULDTRIGGER A CONTRARIAN SIGNAL. HE MIGHT BE THE OUTLIER.MORE STRATEGISTS STARTING TO RAISE PRICE TARGETS.THE LATEST GLOBAL DATA SHOWING MAJOR ASSET CLASSES RECORDINGINFLOWS IN THE WEEK.

9-11 S&P SECTORS ARE IN THE REDOVER THIS FIVE DAY STRETCH. THERE IS ENTHUSIASM IN THEMARKET. YOU SEE THAT IN EM STOCKS.WE SEE THAT IN BONDS. YOU SEE THAT IN THE PULLBACK OFPRECIOUS METALS, CRUDE OIL AND THE GEOPOLITICAL PREMIUM BEINGPRICED. THIS HAD VERY LITTLE TO DO WITHNVIDIA DESPITE THE HEIGHT. IT WAS THE CONTINUED FOCUS ONMACROECONOMIC CONDITIONS AND THE PERCEPTION OF SAIDCONDITIONS. WE GOT AN UPDATE FROM THEUNIVERSITY OF MICHIGAN WHICH.

SHOWED PEOPLE TEMPERING THEIRINFLAMMATION INFLATION EXPECTATIONS. ALIX: THOSE DIRECTLY LINKED INVERSELYTO SENTIMENT. ONE YEAR SENTIMENT.THE WHITE LINE IS UNIVERSITY OF MICHIGAN.OVER THE LAST FOUR YEARS, PRICES UP, EXPECTATIONS UP, THESENTIMENT INDEX FALLS. ONCE PRICES MOVES LOWER, YOUHAVE SENTIMENT TAKING BACKUP. PEOPLE EXPECT ONE YEARINFLATION EXPECTATIONS TO JUMP 3%. A LITTLE BETTER.

OVERALL SENTIMENT IMPROVING ATOUCH, STILL AT A SIX MONTH LOW. BEGS THE QUESTION.ARE WE AT PEAK GOLDILOCKS? WHERE DO WE GO FROM HERE?ROMAINE: LET'S KICK THINGS OFF WITHGEORGE MIRUS. THERE'S BEEN TALK ABOUT THEDATA. I'M NOT SURE IF IT CHANGED THENARRATIVE. IT SEEMED TO INJECT OPTIMISMTHIS WEEK. GEORGE: THINGS ARE GOOD.WE SEE EARNINGS STRONG. WE SEE RISK APPETITE MOREBROADLY.

SOME RETRENCHMENT OF CAPITAL.SHORT-TERM NORMALIZATION. THE SET UP IS AWFULLY GOOD FOREQUITY. ROMAINE: IS THE INFLATION STORY NOT THESTORY ANYMORE? GEORGE: IT BECAME NOT THE STORY WHEN WEWENT FROM ANTICIPATED SIX CUTS TO ONE NOW.THAT'S BEEN OFF THE TABLE. THERE'S MORE CONCERN OF, ISINFLATION GOING TO BE STICKY LONGER-TERM? IT'S GOING TO DRIVE MARKETSFROM A FUNDAMENTAL PERSPECTIVE FOR A WHILE. ALIX:WHAT DRIVES IT? GEORGE:.

EARNINGS.BROADENING OF EARNINGS. LAST YEAR, STRONG EARNINGSCONCENTRATED IN A HANDFUL. THIS YEAR, BROADENING OUT OVERA VARIETY, WITH THE EXCEPTION OF ENERGY.THAT IS GOING TO HELP DRIVE MARKETS.YOU WILL SEE A BROADEN OUT INTERNATIONALLY AS WELL. ALIX: BEFORE WE GET TO THAT, IN THEU.S., WHERE ARE WE TALKING ABOUT VALUE, SMALL CAPS,ROTATION WITHIN THE BROADER S&P? GEORGE:WE WILL STILL HAVE STRENGTH.

WITH THE MAG SEVEN.NVIDIA EARNINGS, THE LATEST TOUCH POINT. YOU SEE STRENGTH ININDUSTRIALS, FINANCIALS. THAT WILL CONTINUE TO PERSIST.DOES THAT IMPLY LEVERAGE WILL CATCH UP? FOR SURE. ROMAINE: WHEN YOU LOOK AT CROWDING INTHE SPACE, THE IDEA THAT IN THEORY IT APPEARS YOU SEE MOREINVESTORS, ON THE ASSET MANAGE SIDE, LOOKING FOR SOMETHINGOUTSIDE NORMAL PARAMETERS OF BIG TECH AND TRUE NAMES THATHAVE TAKEN THIS RALLY. WHERE DO YOU FIND THAT VALUE?GEORGE:.

ONE, WITHIN THE U.S., FOR THESECTORS, THE COMMODITY AND MINING SPACE IS ATTRACTIVE.THERE'S A LOT MORE TO GO. PART OF THE REASON IS THEY AREHUGE BENEFICIARIES OF INCREASED INFRASTRUCTURE SPEND GLOBALLYAND LONG-TERM SUPPLY SHORTAGES THAT WILL NOT BE RECTIFIED SOON.THAT SETS UP A PERFECT STORM POSITIVELY FOR THE SPACE.SECONDARILY, GETTING OUTSIDE THE U.S. THE U.S.IS A GREAT ENGINE OF INNOVATION. A LOT OF IT HAS ALREADY BEENREFLECTED IN MARKETS. YOU SEE A LOT OF OPPORTUNITYOUTSIDE THE U.S.

IN PLACES WHERE WE HAVEN'TTRAFFICKED BEFORE LIKE THE U.K. AND CHINA. ROMAINE: U.K.? GEORGE: LESS FROM A DOMESTICPERSPECTIVE, MORE FROM AN INTERNATIONAL PERSPECTIVE.IT'S IS HOME TO MANY MULTINATIONALS.PHARMACEUTICALS, INDUSTRIALS, DEFENSE.THEY'VE GOT FOOTPRINTS SIMILAR TO U.S. MULTINATIONALS.SAME FOOTPRINTS, SIMILAR REVENUE GENERATION, TRADING ATA SUBSTANTIAL DISCOUNT TO THEIR U.S.COUNTERPARTS PRIMARILY BECAUSE.

OF THE U.K. DISCOUNT.YOU START TO SEE MORE U.K. FIRMS RELIST IN THE U.S.AND TRADE HIGHER. THAT'S ARBITRAGE THAT HAS TO BECLOSED. ALIX: IT PAIRS WITH YOUR COMMODITIES.OIL COMPANIES, RAW MATERIALS HELP THAT FTSE 100.WHERE ELSE GLOBALLY DO YOU FEEL LIKE MAKES SENSE?HOW DO YOU PAIR THAT WITH THE FX MARKET? GEORGE: YIN AND YANG.JAPAN HAS BEEN STRONG FOR THE LAST YEAR PLUS, NEARLY 30% YEARTO DATE. STRONG YEAR LAST ARE.

THEY'RE COMING OUT OF THREEYEARS OF A BEAR MARKET. POSITIVE SHAREHOLDER REFORMS.IT IS STILL RELATIVELY LOW VALUATIONS IN A LOT OF SECTORS.YOU ARE BENEFITING FROM A WEAK YEN.THAT WILL CONTINUE TO GROW IN LOCAL CURRENCY TERMS. JAPANCONTINUES TO BE ATTRACTIVE. ON THE OPPOSITE, CHINA.TREMENDOUS MOMENTUM IN JAPAN. YOU HAVE THE ANTITHESIS OF THATIN CHINA. IT'S A WEAK MARKET. THREE CONSECUTIVE YEARS OFNEGATIVE PERFORMANCE. THAT HAS GONE WAY TOO FAR.IT'S THE CHEAPEST MARKET IN THE.

WORLD.WE ARE DOING A LOT OF BUYING AND SHORING IN THE WEST. ITCREATES NEAR SHORING OPPORTUNITIES FOR THE CHINESE.GIVEN THE SENTIMENT, SO OVERWHELMINGLY NEGATIVE, ITSETS UP INTERESTING LONG-TERM OPPORTUNITIES. ALIX:HOW MUCH DO YOU LOOK AT WHAT FISCAL SPEND IS IN WHATEVERCOUNTRY YOU'RE WORKING IN? GEORGE:YOU HAVE TO PAY ATTENTION TO THE MACRO.I'M NOT SMART ENOUGH TO PREDICT WHERE IT IS GOING.I CANNOT PREDICT THE WEATHER OR.

THE MACRO.WE ARE PAYING ATTENTION. WHETHER OR NOT YOU SEESTIMULATIVE POLICY, NOT ONLY FISCAL SPEND BUT ALSO EASINGMONETARY POLICY, IT'S EASIER TO INVEST IN A MARKET WHERE YOUGET MORE LIQUIDITY. CLEARLY THAT COMES INTO PLAY.ROMAINE: ALWAYS GREAT TALKING. WONDERFUL HOLIDAY WEEKEND.GEORGE MIRUS, PRINCIPAL ASSET MANAGEMENT, KICKING US OFF TOTHE CLOSE THIS FRIDAY AFTERNOON. WHEN WE COME BACK, DETAILS ONTHE HOT RATE TRADING STRATEGY THAT HAS BEEN GAINING TRACTION.ALIX:.

WE WILL TALK WITH FRED TEAL,THE CEO OF MARATHON DIGITAL HOLDINGS. ROMAINE: WE WILL TALK WITH AN ANALYSTWHO SAYS THE SELLOFF IN LULULEMON IS A BIT OVERDONE.THAT ANALYST SAYS IT COULD CHANGE IN A BIG WAY.THAT'S COMING UP. ♪ ALIX:IT'S FRIDAY AFTERNOON BEFORE MEMORIAL DAY WEEKEND. WHY NOT? CARRY TRADES INVOLVES BORROWINGIN A LOW INTEREST RATE.

CURRENCY, INVESTING IN PROCEEDSFROM A HIGHER RATE CURRENCY. MARIA, WHERE ARE WE SEEINGTHESE? USUALLY DOLLAR-YEN IS WHAT WEGO TO. >> FOR E.M.MARKETS, DOLLAR-YEN HAS BEEN POPULAR THE LAST TWO YEARS.CENTRAL BANKS RAISED RATES EARLY ON AND AGGRESSIVELY.NOW WE ARE SEEING IT PLAY OUT IN THE G10 SPACE. TRADERS EXPECT SUBDUEDVOLATILITY FOR THE COMING MONTHS.JAY POWELL CAME IN EARLIER THIS.

MONTH AND RULED OUT HIKES GOINGFORWARD. WE ARE ABOUT TO ENTER THESUMMER. PEOPLE ARE OFF THEIR DESKS.IT SHOULD BE THE PERFECT ENVIRONMENT. ROMAINE: VOLATILITY IS A COMPONENT, THELACK OF. HOW FAR OUT ARE THEY MAKINGBETS? SHORT-TERM? ARE THEY COMMITTED TO THISTHROUGH THIS YEAR INTO NEXT? >> THE FOR NOW IS THROUGH THESUMMER. BANK OF AMERICA, UBS, TOUTINGTHE SUMMER LULL.

OTHERS AROUND THE WORLD ARETAKING CUES FROM JAY POWELL. THEY ARE ALSO NOT GOING TO RUSHOUT TO CUT RATES THIS YEAR. INFLATION IS STICKY.GROWTH IS MAKING A COMEBACK. THEIR HANDS ARE TIED. ALIX:WHICH ONES ARE MOST POPULAR? MARIA: PEOPLE ARE TOUTING THE USTRILLION DOLLAR — AUSTRALIAN DOLLAR AND THE SWISS FRANC.WITHIN EMERGING MARKETS, PEOPLE LIKE BRAZIL AND MEXICO.INTEREST RATES ARE LIKE 11%. THEY CAN'T CUT UNTIL THE FEDCUES. ROMAINE: ANY SENSE THEY ARE CONFIDENTTHE FED WILL GIVE THEM THAT CUE?.

THERE ARE UNRESOLVED ISSUESWHEN IT COMES TO THE FED. IS THAT NOT A CONCERN? MARIA:NOT FOR THEM. THEY ARE PUTTING OUT BETS. STICKING TO THEIR GUNS WHEN ITCOMES TO CARRY TRADES. THEY DON'T SEE ANYTHING ON THEHORIZON. I STARTED WORKING HERE IN 2020.I'VE SEEN WORSE. BEARING A BLACK SWAN EVENT –ALIX: THEY DO HAPPEN. LITERALLY. ROMAINE: IT CAN ONLY GET BETTER.A CLOSER LOOK AT THE RESURGENCE OF THE CARRY TRADE.IT FELL OUT OF FAVOR WHEN THE.

FED WAS BREAKING THINGS.NOW THINGS ARE MORE STABLE SO WHY NOT? ALIX: TIM:EVEN IF WE SEE A POLICY CHANGE IN JAPAN, THE DIFFERENTIAL WILLSTILL BE SO WIDE. EVEN IF THEY HIKE A LITTLE, ITWILL NOT MAKE UP FOR THE RATE WE HAVE IN THE U.S. ROMAINE:ABSOLUTELY. LULULEMON. AFTER THE BREAK, TOM WILLDISCUSS WHY THE SELLOFF MIGHT BE OVERDONE. ♪ ROMAINE:THE BIG MOVERS ON THE BACK OF.

RECOMMENDATIONS.NXP SEMICONDUCTORS GETTING A RAISE.THE PRICE TARGET GOING UP. AFTER A FEW YEARS OFUNDERPERFORMANCE, ANALOG CHIPMAKERS ARE SEEING IMPROVINGFUNDAMENTALS THAT WILL LAST THROUGH THE SECOND HALF OF THEYEAR. SHARES UP 1.5% ON THE DAY. BJ'S WHOLESALE, SHARES, RECORDHIGHS. $97 PER SHARE. THEY CITED CONTINUEDOUTPERFORMANCE ON MEMBERSHIP AND GENERAL MERCHANDISE.THOSE SHARES UP 6% ON THE DAY. DECKERS GETTING SEVERAL PRICETARGET HIKES FOLLOWING AN.

INCREDIBLE EARNINGS REPORT. ANALYSTS REITERATING A HOLDRATING, REMAINING CONCERNED ABOUT DURABILITY ON THEMULTIPLE IF GROWTH SLOWS. INVESTORS PLEASED WITH WHATTHEY SAW. IN THE APPAREL SPACE,LULULEMON, TODAY, IT BECAME THE WORST PERFORMER IN THE S&P ON AYEAR-TO-DATE BASIS. QUITE A TURNAROUND.THEY ARE USUALLY AT THE TOP OF THE HEAP. A TURNAROUND COULD BE A FOOT.

TOM, GIVE US THE BULL CASE.THERE IS NO BEAR CASE ANYMORE. TOM: THANKS FOR HAVING ME. GREAT TRACK RECORD OF SUCCESS,PRODUCT INNOVATION. THEY BENEFIT FROM THE SECULAR,STRUCTURAL TREND TOWARD CASUAL DRESS.COMPANY SPECIFIC, THEY HAVE GROWTH OPPORTUNITIESINTERNATIONALLY WHERE THEY ARE UNDERPENETRATED, 20% OF SALES.ALSO WITH MEN, ONLY 25% OF SALES. WE'VE SEEN A SELLOFF IN SHARESYEAR-TO-DATE.

WE THINK EVERYTHING WILL BEFINE. ROMAINE:IT WASN'T JUST ABOUT THE NUMBERS.THERE WAS GENERAL SENTIMENT. IT MAY BE WRONG.THAT IT DOESN'T HAVE THE SAME CACHET IN TERMS OF THE BRANDIMAGE. THERE WAS CONCERN THE COMPANYHAS STARTED TO DISCOUNT IN WAYS IT DIDN'T IN THE PAST. CANTHOSE BE FIXED? TOM: ON THE DISCOUNT, WE'VE SEEN IT.WE TRACK DISCOUNTING ON THE COMPANY'S WEBSITE.IN THE LAST TWO MONTHS, WE'VE.

SEEN A REDUCTION IN THE NUMBEROF ITEMS DISCOUNTED. THE MOST RECENT CHECKS, THENUMBER OF ITEMS ON SALE ON THE WEBSITE WAS DOWN DOUBLE DIGITSYEAR-OVER-YEAR. THEY ARE MAINTAINING THAT FULLPRICE PREMIUM BRAND POSITIONING. ON THE BRAND CACHET FRONT,PEOPLE ARE SCARED OF COMPETITION.THERE'S BEEN COMPETITORS IN THE SPACE. ALOE. I FOLLOWED THIS COMPANY FOR ALONG TIME. YOU'VE ALWAYS HEARD ABOUTCOMPETITORS THAT WOULD DERAIL.

LULULEMON'S TRAJECTORY, WHETHERIT WAS OUTDOOR VOICES OR SWEATY BETTY.THERE IS ALWAYS SOMEONE OUT THERE INVESTORS WERE NERVOUSABOUT. LULU HAS JUST KEPT PLUGGING. I EXPECT THEY WILL FIGHT OFFTHESE THREATS JUST AS EFFECTIVELY AS IN THE PAST.ALIX: HYPER GROWTH INTERNATIONALLYHELPING TO MITIGATE SLOWER GROWTH AT HOME. TOM: LAST QUARTER, LAST YEAR THEY.

GREW THEIR INTERNATIONALBUSINESS BETWEEN 55% AND 60%. THAT GROWTH WAS PRIMARILYDRIVEN BY CHINA. THE CHINA BRAND GREW OVER 80%YEAR-OVER-YEAR IN THE FOURTH QUARTER.HISTORICALLY, THEY'VE BEEN VERY NORTH AMERICA FOCUSED.THE VAST MAJORITY OF THEIR REVENUES HAVE BEEN NORTHAMERICA. IT'S A GLOBAL INDUSTRY. A LOT OF THE GIANTS HAVE BIGOPERATIONS OUTSIDE NORTH AMERICA. NIKE DOES A BIGGER INTERNATIONAL BUSINESS THANTHEY DO IN NORTH AMERICA.

20% OF SALES, WE THINK LULULEMON INTERNATIONAL ISSMALL AND HAS A LONG RUNWAY. ALIX:HOW LONG UNTIL WE STABILIZE? TOM:THEY WILL REPORT EARNINGS IN TWO WEEKS. LAST CALL WAS DOWNBEAT, GIVENMACRO SLOWDOWNS THEY'VE SEEN DOMESTICALLY.QUARTER TO DATE, AT THE TIME OF THE REPORT.OUR HOPE, THEY REPORT IN TWO WEEKS, THEY WILL STRENGTHEN THEOPTIMISTIC TONE AND SAY THEY'VE.

STARTED TO CORRECT THE ISSUESTHAT THEY HAD EARLIER THIS YEAR AND ESSENTIALLY GIVE HOPE TOTHE MARKET THAT THINGS ARE PROGRESSING IN THE RIGHTDIRECTION. THAT WOULD BE MY HOPE.GIVEN HOW MUCH THE SHARES HAVE TRADED OFF THIS YEAR,POSITIVITY WOULD GO A LONG WAY. ALIX: THANKS A LOT.APPRECIATE IT, TOM. THE TRICKY PART IS WHERE WE AREWHEN IT COMES TO THE ECONOMY AND HOW MUCH PEOPLE ARE WILLINGTO SPEND. ROMAINE: PARTICULARLY OVERPRICED TIGHTS.ALIX: SOME PEOPLE LIKE THEM.

NOT MY JAM. ROMAINE:IF YOU ARE GOING TO CUT BACK ON SOMETHING. ALIX: FOR SURE. ROMAINE: 3:30 P.M.HERE IN NEW YORK. THIS IS THE COUNTDOWN TO THECLOSE. ALIX: ONE MORE WEEK TO GO IN MAY.BEST PERFORMING SECTORS IN THE S&P, TECH AND THEN WHAT AM I GOGO TO SAY? IT’S GOT TO BE UTILITIES.POWER COMPANY AND SAY UTILITIES LIKE DUKE ENERGY THAT GIVE YOUTHE POWER, BUT THE POWER PRIORS ARE THE ONES DOING REALLY WELL.ROMAINE:.

I WAS TAUGHT TO HATE THE ENERGYUTILITIES BUT APPARENTLY I SHOULD HAVE INVESTED IN THEMALL ALONG. ALIX: IS IT GROWTH OR SAFETY.IT IS A COMBINATION. AND TO BE A GROWTH SECTORBECAUSE OF ALL THE DATA CENTERS AND AI BUILDOUT.DIGITAL ASSET TECHNOLOGY COMPANY ENTERED WITH KENYA’S MINIMUM IS TI OF ENERGY ANDMARATHON C.E.O. JOINS US WITH MORE ON THIS NEWS.WHY IS DIGITAL ASSET TECHNOLOGY COMPANY DOING INVESTING INENERGY PRODUCTS IN KENYA.

WHAT IS THE LINK HERE? >> ONE OF THE THINGS THATCOMPANIES DO, WE HAVE THE ABILITY TO CONSUME ENERGY THATOTHERWISE WOULD BE WASTED OR STRANDED.YOU HAVE A LOT OF RENEWABLE PROJECTS WHICH TYPICALLY CAN’TSELL ALL THE ENERGY THEY PRODUCE SO THEY HAVE ACCESSENERGY. WE CAN BE A BASE-LOAD CUSTOMERAND LOCATE OUR EQUIPMENT AT SITE AND CONSUME ENERGY. HOW SOLAR FARMS, WIND FARMS ANDHYDROELECTRIC SYSTEMS THEY ARE.

SELLING INTO THE GRID.AND IF DEMAND IS LOWER, THEY ARE LOSING REVENUES.WE CAN GO IN THERE AND SOAK UP NYACK CEASE ENERGY.THE DIFFERENCE BETWEEN WHAT WE DO AND THE AI INDUSTRY IS WECAN TURN OUR SYSTEMS ON AND OFF. THE AI INDUSTRY HAS TO CONSUMEENERGY ALL THE TIME. BUT WE ARE CURTAILABLE.IN THE CASE OF KENYA, WE CAN WORK WITH THE GOVERNMENT ANDFORMING A COMMITTEE TO EVALUATE THE ENERGY RESOURCES THEY HAVEAND WHICH ONES ARE DOING DIGITAL ASSET COMPUTE AND BUILDDATA CENTERS AT THOSE SITES AND.

CONSUME ENERGY WHICH PROVIDESADDITIONAL REVENUES WHICH MEANS THE COUNTRY HAS MORE REVENUESTO INVEST IN INFRASTRUCTURE BUT MORE IMPORTANTLY BUT IT ALLOWSTO PROVIDE LIKE THAT TO CONSUMERS AT A LOWER COST OVERTIME. ALIX: WE DON’T THINK OF IT LIKE THAT.WE BLAME YOU BEING A POWER GENERATOR SUBJECT.BUT YOU CAN TURN ON AND OFF AND BEING YOUR OWN MINI GRID TOHELP THE LARGER GRID MANAGE ITS OWN POWER LOAD, IS THAT FAIR? >> EXACTLY.WE DO IT IN TEXAS, THREE.

CONTINENTS. ROMAINE:WHAT IS NEXT? THIS SEEMS TO BE PART OF ABROADER STRATEGY HERE. I ASSUME KENYA IS NOT THE ENDOF IT? >> KENYA HAS ONE OF THE MOSTDEVELOPED ECONOMIES, GREAT RULE OF LAW AND GREAT GOVERNMENTSTRUCTURE AND GREAT RELATIONSHIPS WITH TECHNOLOGYCOMPANIES. STARTING IN KENYA AND BIGPRESENCE IN THE GULF REGION WHERE WE HAVE A LARGE FACILITYWE DID IN PARTNERSHIP WITH THE SOVEREIGN AND OTHER COUNTRIESLIKE OTHER OPPORTUNITIES ACROSS.

AFRICA FOR POWER AND ASIA ISANOTHER AREA WE ARE GOING AS WELL.WE DO SOMETHING DIFFERENT WE CAN DO ENERGY HARVESTING ANDTAKE ENERGY, FOR EXAMPLE, IN THE FORM OF METHANE GLARE.WE CAN TAKE METHANE FROM LANDFILLS, WHICH IS SOMETHINGWE DO IN THE U.S. AND TAKE BIOMASS AND CREATEENERGY AND CREATE OUR OWN ENERGY AND CONSUME IT.HERE’S AN INTERESTING THING. INDUSTRY TODAY SPENDS 50% OFTHEIR ENERGY BILL TO GENERATE HEAT. AND OF THAT, ABOUT 14 ISLOW-GRADE HEAT.

THINK IF YOU ARE EITHER MAKINGETHANOL OR METH AND OL. THEY NEED HEAT AND USE LIKETHAT. WE CAN GENERATE LIKE THAT FROMTHE WASTE PRODUCT AND OUR DATA CENTERS AND CAN BE FED RIGHTBACK INTO THEIR CENTERS AS A CLOSED LOOP PROCESS.NO NEED TO USE GRID ENERGY. WE ARE SUPPLEMENTING ENERGY INTHAT WAY AND WAY FOR US TO CREATE OWN ENERGY. ROMAINE:CAN YOU TALK ABOUT YOUR BUSINESS SPECIFICALLY ANDBROADEN IT TO CRYPTO MINING BECAUSE IT IS ENERGY INTENSIVEAND THIS SEEMS TO BE A BIG PART.

OF YOUR STRATEGY, BUT ARE THEENERGY NEEDS OF MINING IN THIS ENVIRONMENT, HAVE THEYINCREASED? >> SO, COUPLE OF DYNAMICSHAPPEN. IN THE PAST TWO YEARS, FOREXAMPLE, THE ENERGY EFFICIENCY OF MINING EQUIPMENT HASINCREASED TO THE POINT WHERE OUR ENERGY LOAD ON A PERTARAHASH, WHICH IS KIND OF LIKE SAYING HORSEPOWER.THE ENERGY NEEDED TO DO THAT HAS DROPPED BY 30% OR 40% OVERTHE PAST THREE YEARS. WE HAVE BECOME MORE ENERGYEFFICIENT AND THE REASON WHY IS.

WE HAVE THE HABIT THAT HAPPENSEVERY FOUR YEARS AND WE ARE OBLIGED TO LOWER OUR OPERATINGCOSTS. WE ARE DRIVEN TO BE MORE ENERGYEFFICIENT AND FIND LOWER COST ENERGY THAT IS MORE STRANDEDAND LIKE THE ENERGY CUSTOMER OF LAST RESORT AND AI INDUSTRY CANPAY 10 CENTS A KILOWATT HOUR. IT IS A VERY DIFFERENT PROFILEWHICH IS ENERGY THAT IS TYPICALLY WASTED AND ELECTRONSTHAT DON’T MAKE IT. ROMAINE: YOU KEEP BRINGING UP THE AIFOLKS, ENERGY INTENSIVE INDUSTRY, BUT ARE YOU IN INCOMPETITION WITH THOSE FOLKS.

BUT IN TERMS OF ENERGY NEEDSAND HOW YOU DEPLOY IT? >> IF YOU LOOK AT THE BIT COINMINING INDUSTRY, THESE ARE LARGE SITES, 200 MEGAWATTS OFPOWER BEING CONSUMED TYPICALLY ON GRID, VERY MUCH LIKE A LARGEDATA CENTER AND THAT COMPETES WITH THE AI INDUSTRY.WHAT WE ARE DOING IS GOING AFTER POWER THE AI INDUSTRYCAN’T USE WHICH IS TOO REMOTE OR TOO SPORADIC, INTERMITTENTAND DON’T HAVE THE ABILITY TO SHUT DOWN SYSTEMS AND CURTAILWHEN THE SYSTEM NEEDS IT. WE CAN FIND POCKETS OF ENERGYIN DIFFERENT PLACES AND WE ARE.

MOVING OUR FOCUS ON THEINTERNATIONAL MARKETS BECAUSE THERE ARE OPPORTUNITIES THEREWHERE THE AI INDUSTRY CAN’T GO. SO I THINK WHILE WE DO COMPETEAT UTILITY SCALE, WE ARE — MARATHON IS IDENTIFYING THOSEPOCKETS WHERE WE DON’T COMPETE WITH THE AI INDUSTRY AND BESUPPLEMENTAL TO THE GRID. ROMAINE:FRED THIEL FRESH OFF A DEAL WITH THE KENYAN GOVERNMENT.ENERGY-INTENSIVE ENERGY AND BRINGS UP AI WHICH CONSUMESMORE ENERGY THAN CRYPTO MINERS. ALIX:CRYPTO MINING INDUSTRY HAS BEEN.

TRYING TO GET THIS MESSAGE.WE ARE NOT SUCKING THE POWER DEMAND AND WE CAN TURN STUFFOFF. THEY ARE TRYING TO GET THAT MESSAGE OUT AS AI CENTERS GETMORE POWER AT THE END OF THE DAY. ROMAINE:THEY HAVE TO SHOW UP WITH ACTUAL NUMBERS AND IN THE U.S.WE HAVE SEEN SOME OF THOSE NUMBERS. ASTRONOMICAL.MAYBE THIS IS A GOOD FIRST STEP AND WE KEEP OUR EYES ON SOME OFTHE BIG INDIVIDUAL MOVERS ON THE MARKET IN THIS DAY AND WORKDAY HAVING AN AWFUL DAY. SHARES DOWN AS MUCH AS 15%.WE’LL EXPLAIN THE BIG MOVE.

AFTER THE BREAK. ♪ ROMAINE:STOCK OF THE HOUR, WORK DAY, SOFTWARE APPLICATION MAKERHAVING ITS WORSE DAY SINCE 2016 AND SAY CUSTOMERS ARE BEINGMORE CAUTIOUS WITH ORDERS. BLOOMBERG REPORTER WHO COVERSSTOCKS FOR US. WHEN THEY START TO TALK ABOUTCUSTOMERS PULLING BACK, COMPANIES, CORPORATIONS, THISIS WORKPLACE SOFTWARE. >> SO WHEN YOU ARE THINKINGABOUT WHO WILL BE SPENDING ON THIS, BUSINESSES WHO CAN USETHEIR SOFTWARE.

EVERYONE IS CHASING AI GROWTHAND MAYBE WHERE THE SPENDING IS GOING. ROMAINE: NOT GOING TO SPEND MONEY TOCOMMUNICATE. ALIX: ARE THESE SMALLER BUSINESSES ORLARGER BUSINESSES? >> IT’S ACROSS THE BOARD.THIS GETS TO THE BROADER THING WE ARE SEEING ACROSS THE STOCKMARKET WHERE GRETH IS FOCUSED. TECH DAYS, WHAT IS THE WORST.16%. BUT THE SECOND WORST PERFORMER. AND THE BIG STORY WAS AN AISTORY AND $218. ROMAINE:.

WORKDAY IS A TALE OF TWO CITIES.TECH IS THE BEST PERFORMER THIS WEEK BUT A LOT OF NAMES GETTINGLEFT OUT OF THAT LIST. IS THIS BECAUSE THE COMPANIES THAT ARELAGGING DON’T HAVE AN AI STORY TO SPIN? >> WHEN WE LOOK AT THE TAPETODAY OR YESTERDAY, THAT IS THE STORY WE ARE SEEING. ALIX:WHAT IS THE NEXT CATALYST FOR TECH. SO NOW WHAT? >> THAT’S A GREAT QUESTION.WE ARE MOVING PAST EARNINGS SEASON.AND SEE WHETHER OR NOT WE CAN.

PROPEL EARNINGS GROWTH.SEEMS LIKE WE ARE LOOKING AT THE END OF THE WEEK.AND OBVIOUSLY ON THIS STOCKS COMING OUT AND HOW MUCH THATBRINGS INTEREST BACK IN. ROMAINE:WHEN YOU SAW THE EARNINGS AND OPTIMISM BECAUSE THE WHOLENARRATIVE, THERE WAS A GREAT STORY THAT THIS RATIFIED THENARRATIVE BUT MEANT THAT FOLKS WERE LOOKING TO OTHER TECHNAMES LIKE MICROSOFT. >> WE HAVE A GREAT STORY ABOUTWHEN YOU ARE BROADENING OUT THAT LOOK. VISTRA IS UP 10%.

THAT’S ONE MY COLLEAGUES WROTETHEY ARE GETTING CAUGHT UP IN THIS WAVE.SO IT’S NOT JUST VIDEO NAMES. ALIX: I BELIEVE IN THAT.THANKS A LOT. WE APPRECIATE IT.BUT I HAVE TO WONDER, IT DOES SHOW THE NUMBERS, BUT WHATABOUT THE DERIVATIVE PLAYS, WHAT KIND OF NUMBERS THEUTILITIES HAVE TO SHOW THE RUNUP WE ARE SHOWING. ROMAINE:HAVEN’T SHOWN THEM YET. IN THE NEXT COUPLE OF QUARTERSIT WILL START TO SHOW UP. THE STORY WAS GREAT BECAUSE ITMOVED THE PUSH INTO SOFTWARE.

AND UTILITIES AND YOU HAVE TOLOOK WHO THE END USER. IS IT GOING TO BOOST DELL.SO THERE IS A LOT HERE. BUT GOING TO TAKE TIME. ALIX:DELL EARNINGS UP? WE DO GET DELL EARNINGS.WE ARE GOING TO COULDN’T YOU DOWN TO THE CLOSING BELL. ROMAINE:THIS IS THE COUNTDOWN TO THE CLOSE.10 MINUTES UNTIL WE GET TO THOSE BELLS.AND ENDING THE WEEK ON A RELATIVELY GOOD NOTE. ALIX:VOLUME IS SO LIGHT.

AND KISS THE WEEKEND GOOD-BYE.S&P LOOKING FOR FIVE STRAIGHT WEEKS OF GAINS AND NASDAQ, SAMEDEAL AND DOUGH JUST PRETTY MUCH FLAT ON THE DAY.IT HAS BEEN A CONSTRUCTIVE WEEK DESPITE VOLATILITY MID-WEEK.ROMAINE: S&P SITTING ON THE WATER LINEAS TO GAINS. HEADING SIXTH STRAIGHT WEEK OFGAINS. LORI IS JOINING US. HELP US COUNT DOWN TO THECLOSING BELLS. I WANT TO START OFF WITHINVESTOR SENTIMENT AND THAT TICKED OFF OVER THE LAST FEWWEEKS.

BUT WE HAVE SEEN IT GO UP ANDKIND OF A LOADED QUESTION IF IT IS JUSTIFIED AND ASK YOUWHETHER IT IS JUSTIFIED. >> WHAT IS DRIVING IT IS THEREAL QUESTION AND ANY TIME LEGITIMATE THING TO PRICE, YOUCAN OVERDO ANYTHING. I WOULD SAY AT THIS POINT INTIME IS WHAT IS BOTHERING ME. I’M NOT TRAL ON THE MARKET THISYEAR BUT WHAT BOTHERS ME WE JUST SEEN THE SENTIMENT ON THEFED, THIS PENDULUM IS SWINGING VERY QUICKLY BACK AND FORTH.IN MARCH, THAT THE FED IS NEVER GOING TO CUT AND U.S.ECONOMY IS TOO HOT AND REAL.

FEAR AND HAD A BABY PULLBACKAND DIDN’T SEE SENTIMENT COLLAPSE THAT MUCH. WE HAD ONE WEEK WHERE THERE WASNEGATIVITY AND PEOPLE GOT EXCITED ABOUT THE FED AND WHATBOTHERED ME IS WHEN I LISTENED TO THAT LAST FED PRESSCONFERENCE, I HEARD NO HIKES. I WAS OUT ON THE ROAD ANDCONVERSATION WAS WELL, NOW THEY ARE GOING TO START TO CUT. HOW DID WE GET FROM NO HIKES TOCUTS. ROMAINE: HOW MUCH CONVICTION THERE IS.IF PEOPLE ARE EXPECTED THAT.

DESPITE THE FACT YOU ARE NOTGETTING THAT. BUT WITHOUT THAT, HOW DOES ITMAKE THOSE SENTIMENT INDICATORS? >> WHAT I’M SEEING IS SEE AAIICREEP BACK UP. IT WAS HIGHER THIS WEEK AND SOWE JUST SEEN OPTIMISM GO RIGHT BACK TO WHERE IT WAS IN JANUARYAND LAST SUMMER RIGHT BEFORE THE PULLBACKS IN THE MARKET ANDSAY CAN WE ABSORB BAD NEWS AND THAT’S WHAT THE INDICATORS TELLYOU. DO YOU HAVE THE CAPACITY TO ABSORB BAD NEWS?GENERALLY THE ANSWER IS NO AND WE GET KNOCKED DOWN SO QUICKLY.ALIX: THEN WE GET BACK UP AGAIN.

REALLY FAST. >> RIGHT. ALIX:WHAT IS GOING TO OUTPERFORM GOING FORWARD? >> ROTATION TRADE HAS BEENCAUGHT UP IN ALL OF THIS. WE WATCH IT PRETTY CLOSELY ANDBOMBED OUT RELATIVELY TO LARGE AND MOVING BACK UP AND THENBACK DOWN AND EMBLEM ATTIC BECAUSE YOU NEED THE CUTS.WHEN THE CUT OPTIMISM, WHEN THAT IS MOVING UP AND SMALLCAPS, THEY ARE GETTING PURND BACK DOWN AND THE SMALL CAPSARE INTERESTING BECAUSE THEY ARE HOLDING THE LINE AND CAN’TBREAK OUT EITHER AND.

ILLUSTRATES THE NARROW BANDTHAT THE SENTIMENT IS IN. AND WE ARE FOCUSED ON ONEISSUE, CAN WE TALK ABOUT SOMETHING ELSE? ALIX:THAT IS A GREAT QUESTION. WHAT IS THE CATALYST, DO WEWAIT UNTIL SEPTEMBER AT THIS POINT? >> AT THIS POINT, I WAS TALKINGTO INVESTORS. I LOST COUNT. ALIX: I THOUGHT WE DIDN’T DO ITANYMORE? >> WE DO APPARENTLY IN MY JOB.BUT IT WAS INTERESTING BECAUSE WE WERE TALKING ABOUT SECONDHALF OUTLOOKS AND WHEN DO WE.

START TO PRICE OUT IN 2025.THAT IS AN INTERESTING CONVERSATION WHICH FEELS LITTLEBIT TOO EARLY. I HAVE INVESTORS HOTEL ME THEYARE NOT GOING TO TRADE THE ELECTION AND NOT A LOT OFDIFFERENCE ON STOCK-RELATED ISSUES BUT ANOTHER INVESTORSAID IT IS HARD TO HAVE VISIBILITY AND WE HAVE THISELECTION COMING UP. YOU ARE TELLING ME IT MATTERS.I DO THINK WE ARE WAITING FOR THE NEXT THING TO HAPPEN THATMIGHT BE THE ELECTION TO START TO DEBATE THE 2025 ECONOMY BUTIT FEELS A LITTLE EARLY TO HAVE.

THOSE DEBATES. ROMAINE:AT SOME POINT YOU HAVE TO DO IT. AND START PIECING IT ALLTOGETHER AND BASED ON THE DATA THAT WE ALREADY HAVE, WHAT WEKNOW TO BE TRUE CAN YOU CALL IT TOGETHER? >> IF YOU LOOK AT WHERE WE AREIN THE CYCLE AND I HATE THAT QUESTION BECAUSE IT COMES UP ALOT, I THINK YOU CAN GO BACK TO THE DRAWING BOARD AND THERE ARETACTICAL ISSUES WHICH WE TALKED ABOUT LIKE THE FED VIEWS ANDSENTIMENT. IF YOU ZOOM BACK, THE THINGTHAT SEEMS TO BE RESONATING AND.

MY MEETINGS WITH INVESTORS ARECONFUSED, ARE WE IN A RECOVERY, MID-CYCLE OR EARLY CYCLE AND IFYOU LOOK BACK TO 2022, THE STOCK MARKET FELT SIMILARLY TOWE SEE IN A RECESSION. RECESSION LOWEST AND YOU LOOKAT RUSSELL P. E!. 11.3. THAT IS CONSISTENT WITH THERECESSION LOW. I CAN COME UP WITH 10 DIFFERENTINDICATORS THAT LOOKED AND SMELLED LIKE A RECESSION YET WEDID NOT CALL IT A RECESSION. PEOPLE FEEL BAD BECAUSE OF THEINFLATION SPIKE BUT JOBS WERE FINE.MAYBE WE SHOULD REDEFINE OUR.

DEFINITION OF WHAT A RECESSIONIS. IF YOU SAY IT IS CLOSE ENOUGHTO COUNT AS ONE. THEN I THINK YOU CAN GET SOMEOPTIMISM OVER THE NEXT COUPLE OF YEARS AND SAY MAYBE WE HAVETO STALL AROUND IN HERE A LITTLE BIT, DIGEST BUT THINGSARE STILL IN THE MIDDLE OF AN UPTREND AND THAT IS APPEALINGTO THE CLIENTS I TALK TO. ROMAINE:THERE WAS A STORY ABOUT HOW RANK AND FILE VOTERS FEEL WEARE IN A RECESSION WHICH WE ARE CLEARLY NOT.WHEN YOU TALK TO INVESTORS IN.

TERMS OF KNOWLEDGE OF THEECONOMY, DO THEY FEEL THAT WAY NOW? >> WHAT I HEARD THIS PAST WEEKAND I WAS IN A LOT OF CITIES WHERE CONSTRUCTION WAS GOINGAROUND AND HARD TO GET AROUND SOME OF THESE CITIES BECAUSE OFTHE CONSTRUCTION, BUT GENERALLY WHAT IS WHAT I HEARD THE LOCALECONOMY IS VERY STRONG. IT’S WHEN PEOPLE START THINKINGBIG PICTURE, NATIONALLY MIGHT GET DOWR ON THINGS. ROMAINE:GREAT TO TALK TO YOU. ALIX: BULL START.

>> I WOULDN’T BE ANYWHERE ELSE.ROMAINE: GRAB SOME ICE CREAM. IT IS ICE CREAM DAY HERE ATBLOOMBERG HEADQUARTERS. COUNT DOWN TO THE CLOSING BELLS.RIGHT AROUND THE CORNER AS WE LOOK AT THE BELL AND BEYOND. ♪ HROMAINE: WE ARE TWO MINUTES FROM THE ENDOF THE TRADING DAY, ROAM AIN AND ALIX AND CLOSING YOU DOWN.SCARLETT AND TIM AND CAROL AS WE WELCOME OUR AUDIENCES ACROSSOUR BLOOMBERG PLATFORM. CAROL, HOW ARE YOU? CAROLYN:I AM WELL AND GORGEOUS OUTSIDE. WHAT COULD GO WRONG. ROMAINE:WE’RE INSIDE.

I HAVE TO BE OPTIMISTIC. TIM:OPTIMISM IN THE MARKETS. LOOK AT THE NASDAQ COMPOSITEAND SOME PEOPLE ARE AT THEIR DESKS TRADING TODAY. >> OR PUTTING IN SCARLET: ORTHEY PUT IN THE ORDERS AND LEFT FOR THE DAY.THE DATA CAME IN BETTER THAN EXPECTED WITH INFLATION EXPECTPATIENTS MODERATING. THAT GAVE A BOOST FOR THOSELOOKING FOR THE FED TO CUT RATES. ALIX:I STRUGGLE TO FIND THE NEXT DIRECTION. WE HAVE JOBS JUNE 7.

I REALIZE THERE ARE INDICATORSNEXT WEEK. CAROL I'M COUNTING DOWN TO THEBLACKOUT PERIOD. ALIX: THAT DOES NOT MEAN THE GRID ISGOING DOWN. ROMAINE: IT IS KIND OF INTERESTING THECOMPLEXION. WE CAME INTO THE WEEK WITH THEBIG EXPECTATION THIS WOULD BE A BIG WEEK FOR TECH.THE MAJORITY OF THE SECTORS ON THE WEEKLY BASIS ARE IN THE RED.WE GOT SOME GREEN ACROSS THE SCREEN DESPITE OSCILLATIONS ALLDAY. THE DOW JONES INDUSTRIAL AVERAGE STRADDLING THE LINEBETWEEN GAINS AND LOSSES.

IT IS UP ABOUT FOUR POINTS.IT TAKES A WHILE. . BE DOWN ON A WEEKLY BASIS — ITWILL STILL BE DOWN ON A WEEKLY BASIS.THE NASDAQ COMPOSITE UP 185 POINTS, UP MORE THAN 1% ON THEDAY. THE RUSSELL 2000 WILL CLOSE OUTTHEY HIRE BY 21 POINTS OR 1%. CAROL:BIG CAPS, S&P, DEFINITELY A POSITIVE TILT TO THE INDEX. 147 TO THE DOWNSIDE AND ONEUNCHANGED. SCARLET: LET'S LOOK AT THE SECTORS.NO SURPRISE GIVEN THE NUMBERS.

YOU DETAILED. A LOT OF GREEN.COMMUNICATION SERVICES AMTEK THE BIGGEST SECTORS EACH GAINED1%. UTILITIES GAINING ALMOST 1%.WE WILL TALK ABOUT THAT IN THE NEXT OUR.IT GOES BACK TO WHAT ALIX STEEL WAS SAYING ABOUT HOW THEY AREBENEFITING FROM THE DEMAND FOR POWER TO FUEL AI DATA CENTERS.CAROL: DATA CENTERS AND ENERGY, THENEW AI PLAY. WE WERE BREAKING DOWN EARNINGSYESTERDAY AFTER THE CLOSING BELL.

FINISHING THE DAY JUST SHY OFAN 8% GAIN. THE DISCOUNT RETAILER BOOSTEDITS FORECAST FOR THE YEAR. COMP SALES WERE ROUGHLY IN LINEWITH EXPECTATIONS. THIS WAS HER NUMBER ONE GAINERON THE NASDAQ AND NUMBER FOUR GAINER ON THE S&P 500.BJ'S WHOLESALE FINISHING JUST SHY OF THE HIGHS OF THE SESSIONBUT STILL UP ALMOST 6% FOR THE FRIDAY TRADE.ANALYSTS RAISING THEIR PRICE TARGET SINCE THE COMPANYREPORTED EARNINGS YESTERDAY BEFORE THE OPEN.MOMENTUM TO THE UPSIDE.

CONTINUING INTO TODAY'S SESSION.REVENUE AND MEMBERSHIP FEE FOR THE FIRST QUARTER METEXPECTATIONS. THE STOCK FINISHING AT $88 ANDCHANGE TODAY. WE HAVE ALL SEEN THECOMMERCIALS I AM ASSUMING. GARDEN HEALTH RALLYING.THIS STOCK UP ABOUT 17%. A RESPECTABLE GAIN, UP MORETHAN 13% FOR THE FRIDAY TRADE. ALIX: I DON'T THINK I HAVE SEENTHOSE. CAROL: IT IS A BLUE-AND-WHITE BOX THATTELLS YOU A DIFFERENT WAY TO TEST. TIM:I WANT TO GO TO DECLINERS.

INTUIT DOWN MORE THAN 8% AFTERTHE COMPANY REPORTED LOSING ONE MILLION CUSTOMERS WHO USE THETURBOTAX SOFTWARE FOR FREE. THAT HIGHLIGHTED CONCERNS ABOUTDEMAND FOR THE COMPANY SOFTWARE. SHARES FELL MORE THAN 8% TODAY.10 MILLION PEOPLE USED TURBOTAX FOR FREE THIS YEAR, ABOUT ADROP OF ONE MILLION FROM A YEAR AGO. WORKDAY SHARES DROPPING THEMOST GOING BACK TO 2016 AFTER THE COMPANY CUT THE FULL YEARFORECAST FOR SUBSCRIPTION REVENUE AND SOME CUSTOMERS WEREBEING MORE CAUTIOUS WITH ORDERS.

SHARES FELL BY MORE THAN 15%.THERAPEUTICS LOST NEARLY ONE QUARTER OF THEIR VALUE TODAYAFTER THE COMPANY REPORTED DATA FROM A TRIAL OF A LUNG CANCERDRUG. THAT DATA WAS SEEN AS DISAPPOINTING.THE DATA ABSTRACT OF THE DRUG WAS RELEASED BY THE AMERICANSOCIETY OF CLINICAL ONCOLOGY. DORIS DAY GOING BACK TOFEBRUARY — THE WORST DAY GOING BACK TO FEBRUARY. THE HANG SENG FELL BY A RECORDAFTER THE ABSTRACT RELEASE. ALIX:WE SAW THE TWO-YEAR CLOSE OFF.

BY ONE BASIS POINT.NOT A LOT OF MOVEMENT. NEXT WEEK, 183 BILLION DOLLARSWORTH OF TREASURY AUCTIONS. YOU GET A FIVE AND A TWO, ABOUT$70 BILLION OF EACH. MAYBE THAT COULD BE A CATALYST.CAROL: I HAVE NO EASY SEGUE SO I'MGOING TO GO FOR IT. THIS IS A GREAT STORY ABOUT THETIKTOK VIDEO ABOUT THE FINANCE FOR A STEREOTYPE.IT HAS GONE VIRAL. THE GIRL ON THE COUCH POSTED AT THE END OF APRIL AND TALKEDABOUT LOOKING FOR A MAN IN.

FINANCE.THERE HAS BEEN A MEME OFF OF IT SO EVERYBODY HAS BEEN HAVINGFUN WITH IT. TIM: ROMAINE AND I WENT TO THEBROOKLYN MIRAGE, A RAVE, WE WERE JUST DANCING TO THIS ALLNIGHT LONG. SCARLET: WERE YOU SINGING ALONG, “I AMLOOKING FOR A MAN IN FINANCE”? ROMAINE:ALL THE WEIRD PHONE CALLS, SUDDENLY WE KNOW WHY. [LAUGHTER]CAROL: YOU WISH IT WAS TRUE. TIM:I WAS IN BED BY 9:00 WHATEVER NIGHT I AM TALKING ABOUT.SCARLET:.

SHE PUT THAT OUT ON TIKTOK ANDEVERYONE BUILT OFF OF IT. EVERYONE ADDED THEIR THING TOIT. THEY CHANGED THE LYRICS AROUND.I STILL LIKE THE ORIGINAL LYRICS. ALIX:SCARLET HAVE BEEN JAMMING TO THIS ALL DAY. SCARLET:I GOT ALL THE OTHER PRODUCERS INVOLVED AS WELL.I DO NOT LIKE THE BLUE EYES. EVERYTHING ELSE I AM ON BOARDWITH. ALIX: FROOT LOOPS APPARENTLY WILLKEEP THEIR ARTIFICIALLY.

BRIGHTENED COLORS.POP-TARTS ARE GOING TO LOSE THEM. THAT IS BRIGHT AND A LOT. APPARENTLY, THE SNACK COMPANYTHAT MAKES POP-TARTS AND RICE CRISPY TREATS IS WORKING TOREPLACE ADDITIVES WITH NATURAL ALTERNATIVES AFTER THE DYE WASBANNED BY ONE STATE. COULD WE HAVE FROOT LOOPS THATARE BORN? ROMAINE: I AM NOT ON BOARD WITH THIS.THAT LOOKS DELICIOUS. THAT MADE ME THINK ABOUT THECOLLEGE STUDENTS A COUPLE OF YEARS AGO DID A STUDY AND FOUNDOUT ALL OF THE FROOT LOOPS ARE.

THE SAME FLAVOR. SCARLET:THAT SOUNDS ABOUT RIGHT. ROMAINE:THEY SAID THEY ARE DIFFERENT COLORS BUT THE SAME FLAVOR.SCARLET: LIGHT GATORADE. — LIKE GATORADE. CAROL: KELLOGG'S IS KEEPING THE DYESBECAUSE THEY HAVE NOT RUN AFOUL OF NEW RESTRICTIONS.THE ARTIFICIAL DYES, ALL THIS STUFF MAKES ME NERVOUS. ROMAINE:IF YOU ARE EATING FROOT LOOPS FOR BREAKFAST, I THINK THE DYESARE THE LEAST OF YOUR CONCERNS. I AM JUST SAYING. TIM:AFTER CALIFORNIA BANNED SOME OF.

THESE TH INGS, I THINK WE KNOWTHE DIRECTION OTHER STATES ARE GOING TO GO.I WOULD NOT BE SURPRISED IF WE SEE MORE ACROSS THE COUNTRY.SCARLET: WHERE CALIFORNIA GOES, SO GOESTHE NATION AS IT IS OFTEN SAID. THE IDEA THEY ARE GOING TO TONEDOWN THE COLORS, YOU HAVE 10-YEAR-OLD BOYS WHO THAT ISWHY THEY WAKE UP BECAUSE THEY WANT BRIGHT RED FROOT LOOPS.CAROL: ARE YOU SPEAKING FROM EXPERIENCE? SCARLET: MAYBE.CAROL: I HOPE YOU HAVE FROOT LOOPS IFYOU WANT THEM OR WHAT HAVE YOU.

OR NOT. ALIX: NO THANKS.MOVING ON. SCARLET: LOOKING FOR A MAN IN FINANCE.CAROL: NOT DOING THAT. HAVE A GOOD, SAFE HOLIDAYWEEKEND. THAT IS A WRAP. WE WILL SEE YOU AGAIN ONTUESDAY. HAVE A GOOD WEEKEND, EVERYBODY.ROMAINE: OUR COVERAGE ON BLOOMBERGTELEVISION DOES CONTINUE AFTER THE BREAK.JACOB WILL BE JOINING US. A CONVERSATION I HAD ABOUTNUCLEAR POWER. THIS IS BLOOMBERG.

SCARLET: WELCOME BACK.I AM SCARLET FU. ROMAINE: I AM ROMAINE BOSTICK.CLOSING OUT A WILD WEEK DOMINATED BY EARNINGS OUT OFNVIDIA. WEEK EVERYONE WAS FOCUSED IN ONTECH. AT THE END OF THE WEEK, EVERYTHING SHIFTED BACK TO THEMACRO AND INFLATION DATA. WE CONTINUE TO SEE STOCKS RISEON A DAILY BASIS AND WEEKLY BASIS.THE S&P CLOSED HIGHER BY ABOUT .7% ON THE DAY THOUGH FLAT ONTHE WEEK. THE NASDAQ DID ITS BEST TO SHOWWHY IT IS WHAT IT IS.

THERE WAS A LOT OF ACTIVITY INTHE CRYPTO SPACE WITH BITCOIN. THE BIG ETHER RALLY DID NOTMATERIALIZE. LOOK AT THE TWO-YEAR YIELD.WHILE THE YIELD PICTURE DID NOT CHANGE A LOT, THERE WAS A LOTOF VOLATILITY IN BETWEEN. THAT COULD CHANGE IN A COUPLEOF WEEKS WANT TO GET THE BIG FED MEETING.THAT LINE IS A LOT OF THE SOFTWARE COMPANIES.NVIDIA HAD A GREAT WEEK BUT FROM SOFTWARE COMPANIES DID NOTDO WELL AT ALL. SCARLET: NOT SO GOOD.ONE OF THE BIG CAP SOFTWARE.

COMPANIES IS WORK THEY DOWN 15%ON THE DAY, THE BIGGEST DECLINE OR ON THE NASDAQ.THEY CUT THE FULL YEAR SUBSCRIPTION REVENUE FORECASTSAYING CUSTOMERS ARE BEING MORE SCRUPULOUS, MORE CAUTIOUS WITHTHEIR ORDERS. THAT CAST A PALL OVER THE RESTOF THE. THIS COMPANY GAINING FOR AFOURTH STRAIGHT DAY. SINCE NVIDIA REPORTED ITSRESULTS, IT HAS GAINED ALMOST 10% ALONE.THIS COMPANY REPORTS EARNINGS NEXT THURSDAY.I HAD OF THOSE NUMBERS, WE ARE.

SEEING ANALYSTS TURNINCREASINGLY OPTIMISTIC OVER ITS ROLE AS A SUPPLIER OF AISERVICE. DELL SAID THE BACKLOG OF AISERVICE REACHED $2.5 BILLION. WE WILL GET AN UPDATE OVER THENEXT WEEK. ONE MARKET STORY I HAVE MY EYEON THIS OUR IS UTILITIES AND HOW THEY HAVE BECOME A GROWTHPLAY ON TOP OF THEIR TRADITIONAL ROLE AS SAFE HAVENSTHAT PAY RICH DIVIDENDS. THE GROUP HAS RETURNED MORETHAN 16%, DOUBLE THE 8% GAINS IN COMMUNICATION SERVICES ANDTECH.

AI DATA CENTERS CONSUME A LOTOF ENERGY. SEVERAL HEDGE FUNDS BUILDING ORADDING TO THEIR STAKES IN THE TWO COMPANIES LEFT QUARTER.ROMAINE: INTERESTING HOW MUCH THE AIBOOM HAS PUT RENEWED ATTENTION ON THE NEED FOR CLEAN ENERGY.THAT HAS BEEN GROWING BY LEAPS AND BOUNDS.WHAT ROLE WILL NUCLEAR POWER PLAY? 20 NEXT IS THE CEO OF OKLODEVELOPING NEXT-GENERATION REACTORS.THE COMPANY TRADES ON THE NEW.

YORK STOCK EXCHANGE.GREAT TO HAVE YOU IN STUDIO. YOU ARE BASICALLY A NUCLEARSCIENTIST. SCARLET AND I ARE NOT.WE NEED YOU TO TALK TO US LIKE WE ARE FIVE-YEAR-OLDS.EXPLAIN THE TECHNOLOGY AND WHAT IT WILL DO THAT WILL BE BETTERTHAN THE NUCLEAR POWER SOME OF US ARE MORE FAMILIAR WITH. >> NUCLEAR IS SO CAPTIVATINGBECAUSE IT IS LIKE SCIENCE FICTION BUT REAL.WHEN YOU SPLIT AND ADAM, YOU CREATE 50 BILLION TIMES MOREENERGY DENSITY.

WE ARE EXCITED ABOUT BRINGINGFORWARD THE NEXT GENERATION TECHNOLOGIES THAT COMBINEDIFFERENT KINDS OF COOLANTS WITH A PROVEN RECORD BEHINDTHEM. THAT ALLOWS YOU TO TAKE ADVANTAGE OF THE NUCLEARDENSITY . YOU PUT THE SAFETY ON THE SIDE,SIMPLIFY THE PLANT, AND HAVE A SYSTEM THAT CAN DO PHENOMENALTHINGS INCLUDING RECYCLING WASTE.SOME OF THE CHALLENGERS WITH NUCLEAR BEING BIG AND EXPENSIVEYOU CAN CHANGE TO BEING SMALL AND AFFORDABLE. ROMAINE:WHAT ABOUT IT BEING SAFE?.

THAT IS ONE OF THE REASONS WEHAVE NOT BUILT A LOT OF NUCLEAR REACTORS.NUCLEAR RECORDS WERE A THING AND THEN FELL OUT OF FAVOR.THEN EVERYONE WAS SCARED TO DO IT. IS THAT CHANGING? >> PEOPLE HAVE STARTED TO DIGINTO UNDERSTAND THE PROMISE NUCLEAR HOUSE.THEY REALIZE WHEN YOU LOOK AT THE DATA, IT IS ONE OF IF NOTTHE SAFEST SOURCES THAT PRODUCES CLEAN ENERGY.IT IS A HUGE BENEFIT. PEOPLE WHO ARE CURIOUS ABOUT.

HOW IT SOLVE CLIMATE AND ENERGYTRANSITION WITH AI, THEY SEE THE UPSIDE INTENTIONAL NUCLEARHOUSE. WHEN THEY DIG INTO IT, THEY GETEXCITED. NEXT-GENERATION SYSTEMS BUILDON THE ALREADY GREAT RECORD. THEY BECOME SELF STABILIZING.THEY SELF SHUT DOWN. THEY KEEP THEMSELVES COOL WITHNATURAL PHENOMENA LIKE GRAVITY AND EXPANSION. SCARLET:GOING BACK TO ROMAINE'S POINT ABOUT HOW THE ATTITUDE HASSHIFTED. THERE WAS A PEW SURVEY LASTYEAR THAT FOUND 57% OF.

AMERICANS NOW SUPPORT THE USEOF NUCLEAR POWER. WE KNOW THERE IS TREMENDOUSDEMAND FOR AFFORDABLE POWER. IS THERE A SPECIFIC COMMAND FORNUCLEAR POWER? ARE CONSUMERS AGNOSTIC TO WHATKIND OF POWER THEY WANT? >> THEY WANT CHEAP AND RELIABLEPOWER. THAT IS WHAT WE ARE SEEING.I THINK THAT COMBINATION LENDS WELL TO WHAT NUCLEAR CAN DO.WHEN YOU ADD ON THE CLEAN ATTRIBUTES, IT ROCKETS IT UPINTO A UNIQUE PRODUCT OFFERING. . IT CAN HELP MEET CLIMATE GOALSAND PROVIDE RELIABLE POWER AND.

VERY AFFORDABLE.THAT IS EXCITING NOW ABOUT WHERE NUCLEAR IS GOING FORWARD.THE AI APPLICATION IS ENERGY 24/7 NEEDED. MOST OF THE APPETITE IS TOBUILD THESE CLOSE TO WHERE THE DATA CENTERS WILL BE BUILT ANDNUCLEAR IS AN IDEAL SOLUTION FOR A LOT OF THAT. SCARLET:YOU ARE PLANNING ON GOING PUBLIC. WHY NOW?WHAT IS IT ABOUT THE ENVIRONMENT THAT LENDS ITSELFTO YOU GOING PUBLIC? IS IT THAT YOU NEED TO RAISEMONEY BECAUSE WHAT YOU SEE IN.

THE NEXT SIX MONTHS? >> ABOUT A YEAR AND A HALF AGO,WE ALL THE OPPORTUNITY SET FOR OUR PRODUCT IN THE MARKETSTARTED TO TAKE OFF. WE KNEW THE PUBLIC WAS WHERETHE COMPANY WOULD END UP BEING BECAUSE OF OPPORTUNITIES.THEN IT WAS ABOUT FINDING THE RIGHT PARTNERSHIP AND TIMING.WE FOUND THAT WITH THE SPAC VEHICLE. WE SUCCESSFULLY CLEAN PLEADED– COMPLETED THE MERGER TO ASK AGO, FULLY FINANCED THEBUSINESS WHICH IS GREAT.

IT IS A BIG EQUITY FINANCINGEVENT FOR THE COMPANY. NOW WE ARE FULLY FINANCED TOEXECUTE AND GROW SCALE. THE COMPANY IS STRUCTURED WHEREYOU HAVE A LOT OF LONG-TERM SHAREHOLDERS.IT IS ALL ABOUT BUILDING LONG-TERM VALUE.THIS IS A TECHNOLOGY SET THAT CAN LITERALLY POWER THE PLANETFOR ONE BILLION-PLUS YEARS USING PROVEN TECHNOLOGIES.THAT IS EXCITING. ROMAINE: YOU HAVE BEEN IN CONVERSATIONSWITH AI PLAYERS. SAM OLTMAN, THE POSTER CHILDFOR OPENAI IS ON YOUR BOARD.

WHAT HAVE THOSE CONVERSATIONSBEEN LIKE? >> IT IS INSANE HOW THEIR POWERNEEDS HAVE SHIFTED THE CONVERSATION FROM PARIS AI TOWHERE IT IS NOW. PEOPLE TALK ABOUT A COUPLE OFMEGAWATTS AT A TIME AS BIG SALES.THEY ARE SO OVER SUBSCRIBED. IT FEELS LIKE ALL THE POWERTHAT WE CAN DELIVER PEOPLE WILL TAKE ONLY FOR THE AI SIDE ANDTHERE ARE OTHER MARKETS ON TOP OF THAT.I THINK THE AI USE CASE IS STILL EVOLVING.WE DO NOT FULLY HAVE AN.

UNDERSTANDING OF HOW USING AI,HOW IT USES ENERGY, HOW THE USER INTERFACE WILL CHANGE THEENERGY DYNAMICS. WE KNOW IT USES MORE ENERGY.IT IS CREATING MASSIVE DEMAND. ROMAINE: FASCINATING STUFF.WE HAVE TO GET YOU BACK ON SOON BECAUSE WE WILL BE TALKINGABOUT THIS MORE IN THE MONTHS AND YEARS TO COME.JACOB DEWITTE IS THE CEO AT OKLO. WE HAVE BEEN BANGING THIS DRUMON ENERGY AND DATA CENTERS PAID WE HAVE NOT HAD A LOT OFCONVERSATIONS ABOUT NUCLEAR.

POWER. SCARLET:THE FUKUSHIMA DISASTER CAST A LONG SHADOW.CLIMATE CHANGE HAS CHANGED PEOPLE'S MINDS AND OPENED THEIRMINDS UP TO THE POSSIBILITY OF GOING BACK TO NUCLEAR ENERGY.ROMAINE: WHEN WE COME BACK, WE WILL MAKEA PIVOT BECAUSE WE WILL LOOK AT THE CAR RENTAL COMPANY HERTZAND ONE OF THE MOST AUDACIOUS BETS ON A POSTBANKRUPTCYREVIVAL. HERE IS AN EASY QUESTION.HOW MUCH WERE SHAREHOLDERS COMPENSATED? SCARLET:VERY LITTLE. ROMAINE:.

THE ANSWER WHEN WE COME BACK.SCARLET: THAT IS MY GUESS. ROMAINE: ROMAINE:ONE OF THE GREAT MARKERS OF RATIONAL MARKET FROTH DURINGTHE PANDEMIC WAS WHEN THEY BEGAN SNAPPING UP SHARES OFHERTZ AFTER THE BANKRUPTCY FILING IN 2020 WHEN THE CARRENTAL COMPANY ASKED THE JUDGE FOR PROTECTION FROM CREDITORS.HERTZ OWNED A LARGE PORTION OF ITS FLEET OUTRIGHT INSTEAD OFACQUIRING CARS THROUGH BUYBACK AGREEMENTS WITH MANUFACTURERS.THAT LED TO A STUNNING FALL.

FROM GRACE FOR THE CENTURY-OLDCOMPANY. AS WE KNOW NOW, THAT WAS FARFROM THE END OF THE STORY. WHILE SHARES OF COMPANIES THATFILE USUALLY SELL IN ANTICIPATION EQUITY INVESTORSWILL BE SOLD OUT, SOMETHING HAPPENED WITH THE BELIEF THATWOULD NOT ONLY SURVIVE BUT SHAREHOLDER VALUE WOULD BEPRESERVED. IT WAS A BIZARRE GAMBLE ANDTURNED OUT TO BE A SMART ONE. THE STOCK PRICE THAT PLUNGEDFROM MORE THAN $20 TO $.56 AFTER THE FILING BEGAN TOREBOUND IMMEDIATELY.

DAILY TRADING VOLUMES WERE MORETHAN 20 TIMES HISTORICAL AVERAGES.WHILE THE SHARE PRICE DID REMAIN BELOW $2 FOR MONTHS, THEROCKETSHIP BEGAN TO TAKE OFF IN MAY OF 2021.THAT WAS ONE HERTZ STRUCK A DEAL — THAT WAS WHEN HERTZSTRUCK A DEAL TO BUY THE COMPANY OUT OF CHAPTER 11.IT GAVE IT AN ENTERPRISE VALUE OF MORE THAN $7 BILLION ANDGAVE STOCKHOLDERS A RECOVERY OF ABOUT $8 A SHARE.THEY NAILED IT. BLOOMBERG DATA SHOWED EVERYSINGLE ONE OF THE EQUITY.

HOLDERS PAID NO MORE THAN $6.25FOR A STOCK EVEN HERTZ SAID AT THE TIME WOULD BE WORTHLESS.BY 2021, IT RESUMED TRADING OVER THE COUNTER AT $22 A SHARE.BY NOVEMBER, IT MOVED TO THE GLOBAL SELECT MARKET UNDER ANEW TICKER WITH TOM BRADY TWEETING “TO THE MOON.”IN THE SHARE PRICE? THAT IS EXACTLY WHERE IT WENTUP TO $35 A SHARE. THINGS ARE NOT PERFECT AT HERTZ.THEY GOT EMBROILED IN BAD PRESS OVER WRONGFUL ARRESTS OF SOMECUSTOMERS. SALES HAVE NOT YET RETURNED TOPRE-PANDEMIC LEVELS.

TO MADE A HUGE MISSTEP INAGREEING TO BUY THE TESLA EV'S. DESPITE ALL OF THAT, YOU ADDEDTOGETHER AND THE POST BANKRUPTCY STORY IS STILL ONEOF THE MOST REMARKABLE REBOUNDS IN RECENT MARKET HISTORY.SCARLET: ESPECIALLY WHEN YOU CONSIDERHERTZ SHARES ARE TRADING JUST UNDER $4.80 A T THE MOMENT.GREAT WRAP UP. I CANNOT BELIEVE THAT WAS ONLYA COUPLE OF YEARS AGO. LUCID ANNOUNCING IT WILLELIMINATE ABOUT 400 JOBS IN THE COMING MONTHS.IT IS THE LATEST MOVE BY AN.

ELECTRIC VEHICLE MAKER TO CUTCOSTS AS THE MARKET SLOWS DOWN. DAVID JOINS US NOW.LUCID IS A RELATIVELY SMALL PLAYER IN THE SPACE BUT IT DOESHAVE A BACKER WITH BOTTOMLESS POCKETS.IT IS INTERESTING IT IS TAKING THE ROUTE OF CUTTING COSTS. >> THEY HAVE THE SAUDI PUBLICINVESTMENT FUND AS A MAJOR SHAREHOLDER.THE SAUDI'S ARE VERY INTERESTED IN ELECTRIC VEHICLES AND THEFUTURE OF TRANSPORTATION AND ENERGY.THE QUESTION IS WHETHER THEY.

WILL HAVE PATIENCE FOREVER.EV SALES ARE STILL GROWING. THEY ARE JUST NOT DOING GREAT.LUCID IS A VERY SMALL PLAYER. PROBABLY HAS VERY GOODTECHNOLOGY BUT THEY SELL EXPENSIVE VEHICLES THAT THEYCANNOT MOVE IN A BIG VOLUME. THAT MAKES IT TOUGHER TO GETCASH FLOW POSITIVE. THEY ENDED THE LAST QUARTER WASABOUT $4 BILLION. LAST YEAR, THEY BURNED $3.4BILLION. YOU CAN SEE WHY THEY ARECUTTING COSTS. IT IS TOUGH FOR THESE STARTUPCOMPANIES, MOST OF WHICH HAVE.

ALREADY GONE OUT OF BUSINESS.LUCID AND RIVIAN HAVE STAYING POWER SO FAR AND EVEN THEY ARESTRUGGLING IN THIS MARKET. ROMAINE:THE RELATIONSHIP WITH THE SAUDIS AND THE IDEA THEY MAYWANT TO BUILD MANUFACTURING FACILITIES ON THE COAST, DO YOUTHINK THAT COULD BE A LIFELINE? DOES THAT BUY THEM TIME, A BITOF A CUSHION? >> IT COULD BUY THEM A LONGTIME AND A BIG CUSHION. THE SAUDIS HAVE A LOT OF MONEYAND CAN WILL THE COMPANY INTO EXISTENCE IF THEY WANT TO.THEY WILL PROBABLY NOT DO IT.

FOREVER.THEY PROBABLY NEED TO COME UP WITH LESS EXPENSIVE VEHICLESAND SELDOM IN NUMBERS TO SHOW THERE IS PROGRESS ANDEVENTUALLY IT CAN STAND ON ITS OWN. SCARLET:THANK YOU FOR JOINING US FROM DETROIT.HAVE YOU EVER RENTED AN EV? ROMAINE: YES. SCARLET:HOW DID IT GO? ROMAINE: NOT INTENTIONALLY.IT WAS DURING THE PANDEMIC WHERE WHAT THEY HAD YOU HAD TOTAKE. IT WAS A TESLA. I WAS ABLE TO CHARGE IT.SCARLET:.

WHEN WE COME BACK, THE TOP ROMAINE:THIS IS WHERE WE HIGHLIGHT THE ENTREPRENEURS MOVING THE NEEDLEFOR OUR ECONOMY MARKETS, AND TECHNOLOGY.WE TALK ABOUT INNOVATIVE WAYS COMPANIES ARE MAKING FASHIONMORE SUSTAINABLE. MORE THAN 24 BILLION SHOES AREMADE EVERY YEAR YET ONE IN FIVE GOES STRAIGHT TO THE LANDFILL.THAT IS WHY THE PORTLAND-BASED STARTUP COMBINES 3D PRINTINGWITH THE ART OF CREATING FOOTWEAR.JOINING US IS ONE OF THE.

COFOUNDERS OF THE COMPANY WASALSO THE CEO OF HILO'S. THERE ARE TWO COMPONENTS.ONE IS THE IDEA OF GETTING WHAT IS CUSTOM SHOE WEAR BUT ALSOGETTING FOOTWEAR THAT IS SUSTAINABLE.WHY DID YOU CREATE THIS COMPANY? >> THANKS FOR HAVING ME.GREAT TO BE HERE. THE THIRD IS HOW WE CAN BRINGMANUFACTURING BACK TO THE U.S. AND HAVE MANUFACTURING AS AFORCE NOT JUST FOR URBAN DEVELOPMENT AND MANUFACTURINGBUT MAKE I AN INDUSTRY THAT IS CLASSICALLY WASTEFUL ANDINEFFICIENT A BEACON FOR HOW WE.

CAN SEE SUSTAINABLEMANUFACTURING COMING BACK TO THE U.S. ROMAINE:I WANTED YOU TO TALK ABOUT THE TURN AROUND TIME, HOW LONG ITTAKES TO PRODUCE THE SHOES. WHEN WE WOULD TALK WITHRESELLERS, THEY WOULD TALK ABOUT HOW MUCH INVENTORY THEYHAD TO KEEP IN STOCK, WHETHER THEY WERE BRICK-AND-MORTAR ORONLINE. DOES THIS ADDRESS THAT PROBLEMAS WELL? >> ABSOLUTELY.THE CRUX OF THE PROBLEM IS WE HAVE A MARKET THAT IS FAST,CREATIVE, DRIVEN BY TRENDS.

AND WE HAVE A SUPPLY CHAINBUILT FOR A MASS MARKET THAT IS NO LONGER THERE.IT IS SLOW, WASTEFUL, AND DEPENDS ON OVERPRODUCTION.RIGHT NOW, FOOTWEAR FRIENDS ARE DESIGNING FOR SPRING 2026.IT TAKES ABOUT 18 MONTHS TO LAUNCH TO MARKET.WE HAVE A SUPPLY CHAIN THAT DEPENDS ON HIGH-VOLUME ANDWASTE AT THE END OF THE DATE THAT YOU AND I ARE PAYING FORAND THE PLANET IS PAYING FOR. THIS IS AN INDUSTRY THAT IS THEFOURTH-LARGEST POLLUTER ON THE PLANET ACCOUNTED FOR 10% OFCARBON AND ONE QUARTER OF.

GLOBAL CHEMICAL WASTE. SCARLET:REMARKABLE WHEN YOU THINK ABOUT IT BECAUSE THE PAYOFF FORCONSUMERS IS YOU CAN GO INTO A STORE AND SITE I WOULD LIKETHOSE — AND SAY I WOULD THOSE SNEAKERS AND WALK OUT WITH IT.WITH THESE 3D SHOES, WILL CONSUMERS BE ABLE TO DO THAT? MAYBE CHANGE THE COLOR AND HEELAND WALK OUT OF THE STORE WITH IT? >> THE FOCUS FOR US WITH 3DPRINTING WHICH IS A POWERFUL TECHNOLOGY ALLOWS FOR A SPEEDAND AGILITY TO TAKE WHAT IS IN.

YOUR SCREEN AND BRING IT TO THESHELF. WE BLEND THAT WITH TRADITIONALMETHODS OF MAKE SO YOU CAN HAVE LEATHERS AND KNITS, THEVARIABILITY, AND YOU ARE ABLE TO MAKE THIS FASTER.100 PAIRS TO MARKET IN 45 DAYS. THE CONSUMER WILL SEE THATEVERYTHING IS IN STOCK. YOU WILL HAVE SIZE RUNS LARGERTHAN NORMAL. YOU CAN HAVE DESIGNS THAT AREON TREND. EVERYTHING WILL BE ON STOCKBECAUSE WE ARE MAKING LOCALLY WITHOUT THE TRADITIONAL SIX TONINE MONTHS OF MANUFACTURING.

LEAD TIME.THE MODEL ALLOWS US TO BRING MANUFACTURING BACK HOME.TRADITIONAL FOOTWEAR IS VERY LABOR-INTENSIVE. THE 3D METHODS BLENDTRADITIONAL SHOEMAKING WITH A MORE SUSTAINABLE AND LOWERLABOR FORM OF ASSEMBLY. WE ARE ABLE TO HAVEMANUFACTURING SALES IN EVERY CITY. ABLE TO HAVE HIGH CRAFTASSEMBLY FOR YOUR FAVORITE BRAND.HILO'S IS A CREATION PLATFORM ALLOWING THE BIGGEST BRANDS ANDRETAILERS AS WELL AS.

INDEPENDENTS TO MOVE SUPPLYCHAINS OVERSEAS TO THEIR BENEFIT. SCARLET:WHICH BRANDS HAVE YOU PITCHED? WHICH BRANDS HAVE BEENRECEPTIVE? >> WE ARE NOT ABLE TO DISCLOSETHE BRANDS WE ARE CURRENTLY WORKING WITH.WHAT I AM GOING TO TELL YOU IS IN THE NEXT 18 MONTHS, YOU AREGOING TO SEE SOME OF THE LEADERS IN FASHION, SPORTS,TECHNICAL, AND OUTDOOR LAUNCHING SIGNIFICANT LINESWITH THE TECHNOLOGY. THIS IS A WAY FOR TECHNOLOGY TOELEVATE THE CRAFT AND.

CREATIVITY OF THE INDUSTRY ANDINTEGRATE IN TRADITIONAL SUPPLY CHAINS BY ONSHORING THEM.ROMAINE: I WILL ASK YOU THE WARRENBUFFETT QUESTION ABOUT YOUR MOAT. WHAT IS THE COMPETITION?DO YOU HAVE ENOUGH PROPRIETARY TECHNOLOGY TO FEND OFFIMITATORS? >> THE BIGGEST FOCUS FOR US ISFUNDAMENTAL METHODS OF MAKE FOR MANUFACTURING.HILO'S HAS PATENTED NEW WAYS FOR SHOES TO COME TOGETHER TOREDUCE LABOR. WHEN YOU CREATE A NEW WAY OFMANUFACTURING THAT ALLOWS FOR.

SPEED AND CREATIVE AGILITY WITHNEW LEVELS OF COMFORT, DESIGN, AND PERFORMANCE, YOU NEED THEENTIRE INDUSTRY TO BE ABLE TO ADOPT THAT AT THE SPEED OFDIGITAL. THE SECOND LAYER TO THE HILO'SSTACK IS A SOFTWARE PLATFORM THAT ALLOWS THE DESIGNER TO UPLOAD A 2D IMAGE, SKETCH, ORPROMPT THAT WE CAN SAMPLE FOR THEM WATCHING DIRECTLY TOMARKET. WE UNVEILED THIS A FEW WEEKSAGO IN MILAN AND THE RESPONSE WAS STUNNING.WE HAD PEOPLE SAYING IT WOULD.

TAKE 150 YEARS OF THE SUPPLYCHAIN AND CAONDENSE IT INTO TWO WEEKS OF EXPRESSION. SCARLET:IS THERE ANYTHING THAT CANNOT BE MADE?SNEAKERS, LEATHER SHOES, ANYTHING, EVERYTHING? >> 3D PRINTING HAS ONE LARGELIMITATION. IT ALSO IS AN INCREDIBLESTRENGTH. YOU CAN 3D PRINT ONLY WITH THENUMBER OF MATERIALS. WE WERE THE FIRST TOCOMMERCIALIZE TPU, THERMOPLASTIC POLYURETHANE FOREND-USE PRODUCTION FOR FOOTWEAR.

YOU ARE ABLE TO DESIGN THATMATERIAL ANY WAY YOU WANT. WE TAKE WHAT IS TRADITIONALLY65 COMPONENTS ASSEMBLED IN 350 STEPS AND PRINT FIVE PARTS WITH12 STEPS. IT IS THE ABILITY TO MAKEWITHOUT TOOLING AND HAVING TO ADVERTISE WITH THE SPEED OFDIGITAL. SCARLET: GOT IT. REALLY APPRECIATE YOU JOININGUS. THANK YOU SO MUCH. LET'S GO TO THE TOP THREE WHEREWE NAME DROP SOME PEOPLE DRIVING THE DAY'S MOST TALKEDABOUT STORIES. FIRST UP IS THE FORMER PRIMEMINISTER AND CHAMPION OF BREXIT.

ROMAINE:HE IS NOT RUNNING AGAIN? SCARLET: HE IS NOT.HE HAS BEEN DROPPED FROM AN AD. THE AD WAS SUPPOSED TO FEATUREBOJO WEARING AN ENGLAND SOCCER JERSEY AND SAYING, “I TOLD YOUI WOULD GET US BACK IN EUROPE.” THE EMPLOYEES OF THE COMPANY INTHE U.K. DID NOT APPRECIATE THAT HYPOTHETICAL AD AND DID NOTWANT TO BE PROMOTING THE. ROMAINE:I FOUND THIS HILARIOUS AS A NON-BRITISH PERSON AND I THINKTHEY SHOULD HAVE RAN THE AD ANYWAY.I CAN UNDERSTAND WHY SOME.

PEOPLE IN THE U.K.MIGHT BE SENSITIVE ABOUT THIS STILL.IF YOU CANNOT HAVE FUN WITH BORIS JOHNSON, WHO CAN YOU HAVEFUN WITH? I'M KEEPING AN EYE ON KRISTINJOHNSON AT THE COMMODITIES FUTURE TRADING COMMISSION AS ACOMMISSIONER ON THE BOARD. WE ARE NOW LEARNING SHE IS THEFRONT RUNNER TO TAKE OVER AT THE FDIC. MARTIN GRUENBERG AGREED TO STEPDOWN FOLLOWING REPORT SOUGHT THE CULTURE AT THE MAIN BANKINGREGULATOR IN THE U.S..

SHE IS APPARENTLY AT THE TOP OFTHE WHITE HOUSE LIST AS TO WHO THEY WANT TO REPLACE HIM.SCARLET: WITHOUT REPLACEMENT, IT WOULDBE SPLIT BETWEEN DEMOCRATS AND REPUBLICANS IN AN ELECTION YEAR.THE SENATE HAS TO APPROVE. GOOD LUCK.THAT IS ALL YOU NEED TO SAY. THE LAST PERSON WE ARE WATCHINGIS THE DOG BEHIND THE MEME. SHE HAS DIED AFTER 14 YEARS OFINTERNET FAME. SHE WAS AGE 18 AND BECAMEFAMOUS AFTER HER OWNER IN 2010 SHARED A PICTURE OF HER ON HERBLOG.

THE OWNER IS A KINDERGARTENTEACHER. SHE BECAME AN INTERNET MEME ANDBECAME THE FACE OF DOGECOIN. ROMAINE:WHEN I HEARD SHE DIED, I DID NOT KNOW THE BACK STORY.THE OWNER TOOK IT ALL IN STRIDE SAYING IT IS ALL FUN AND GAMES.IT IS FUNNY HOW ONE LITTLE EXPRESSION THE DOG MADE ON ONEPARTICULAR DAY ENDS UP BECOMING THE MEME THAT TAKES OVER THEWORLD AND MADE A LOT OF PEOPLE SEVERAL MILLION DOLLARS.SCARLET: DO YOU KNOW WHY IT IS CALLEDDOGECOIN? ROMAINE: WHY? SCARLET:.

THE MEME WAS TO POKED FUN ATHOW DOGS CANNOT SPELL. DOGE LIKE DOG.DOGS CANNOT SPELL. ROMAINE: DOGS CANNOT SPEAK EITHER.IT IS A VERY TOUCHING STORY. I DID NOT REALIZE OTHERS HAVEGOTTEN MEME-IFIED. DO YOU HAVE A DOG? SCARLET:SHE IS A MIX. ROMAINE: SHE CANNOT BE A MEME? SCARLET:I TAKE A LOT OF PICTURES SO MAYBE. ROMAINE:GET HER HER OWN INSTAGRAM. SCARLET:BUT LOOK AT MARKETS THE FRIDAY BEFORE A LONG WEEKEND.

THE BOND MARKET CLOSED EARLY AT2:00. THE S&P UP .7%. NOT A RECORD HIGH.FOR THE NASDAQ, IT WAS. ROMAINE:WE CLOSE OUT THE WEEK AND GO INTO A HOLIDAY-SHORTENED WEEKSO MAYBE NOT A LOT OF ACTION AHEAD. SCARLET:. JOBS ROMAINE:A WEEK FROM FRIDAY. MAYBE WE HAVE TO WAIT UNTILFRIDAY TO GET A POP. WE WILL BE BACK IN A MOMENT.THIS IS THE CLOSE ON BLOOMBERG. ♪ SCARLET:VICE PRESIDENT KAMALA HARRIS IS.

GAINING POPULARITY IN KEYSTATES. THE LATEST POLL FOUND 40% OFSWING STATE VOTERS SAY THEY TRUST PARENTS TO STEP IN FORPRESIDENT BIDEN IF HE CAN NO LONGER SERVE.THIS IS THE HIGHEST RATING SINCE IT WAS FIRST CONDUCTED INOCTOBER. JOINING US FROM WASHINGTON ISJOE MATHIEU WITH MORE. IT IS ONE THING TO SAY PEOPLETRUST HER TO STEP IN IF PRESIDENT BIDEN CANNOT SERVEOUT HIS TERM. ON THEIR OWN, WHAT PEOPLE WANTHER TO STEP IN, OUT OF ALL THE.

POSSIBLE DEMOCRATIC STARS? JOE:THAT REMAINS A BIG QUESTION. OBVIOUSLY, JOE BIDEN IS HOPINGTO BE THE NOMINEE AT THE CONVENTION.THAT IS NOT SO MUCH THE THRUST OF WHAT THE CAMPAIGN ISTHINKING ABOUT. THIS IS THE CHIEF SURROGATE FORJOE BIDEN AT A TIME WHEN HE NEEDS ONE BADLY AND IS LOSINGGROUND WITH BLACK AND HISPANIC VOTERS WHOM THE VICE PRESIDENTCAN REACH OUT TO IN A WAY HE SIMPLY CANNOT.WE SAW A GOOD EXAMPLE OF THAT TODAY AS SHE SPENT TIME TALKINGWITH THE PRESIDENT OF KENYA AS.

PART OF HIS STATE VISIT HEREABOUT SOME OF THE ISSUES THE CAMPAIGN WANTS TO GET INTO.SHE HAS ALSO BEEN DISPATCHED ON THE ISSUE OF ABORTIONS.THIS IS SOMETHING REPUBLICANS THINK THEY CAN SEIZE ON TO GETPROGRESSIVES OFF THE COUCH TO VOTE FOR JOE BIDEN AGAIN.THESE ROADS LEAD TO KAMALA HARRIS.WHEN WE SEE AN UPTICK IN THE POLLS, THE TIMING IS NOT ACOINCIDENCE. ROMAINE: YOU MENTIONED THE TIMING.I KIND OF FEEL LIKE THE BIDEN ADMINISTRATION HAS KEPT HERUNDER WRAPS THE LAST THREE.

YEARS.THERE HAS BEEN A LOT OF HATE MADE ABOUT THE TASKS THE BIDEN– A LOT OF HEY MADE ABOUT THE TASKS THE BIDEN ADMINISTRATIONGAVE HER. WHAT IS THE RELATIONSHIPBETWEEN CAMELOT AND JAIL? — KAMALA AND JOE? JOE:THEY STILL HAVE LUNCH ONCE A WEEK.I DO NOT THINK JOE BIDEN FELT HE HAD TO SHAKE HE DESERVED INTHE OBAMA ADMINISTRATION AND WANTED TO ELEVATE KAMALA HARRISTO MORE THAN A PRESIDENT IN WAITING.I THINK YOU ARE REFERRING TO A.

DIFFICULT PORTFOLIO SHE GOTEARLY ON WITH THE BORDER. IMAGINE ALL THE ISSUES FOR ADEMOCRAT TO BE SADDLED WITH. I THINK THE ISSUES SHE HASADDRESSED IN PUBLIC HAVE EVOLVED IN A WAY THAT HAVEHELPED HER NUMBERS AS WELL. ROMAINE:JOE MATHIEU WILL BE BACK AT THE TOP OF THE HOUR WITH ALL OFYOUR POLITICAL COVERAGE. MEANWHILE ON THE CLOSE, WE DOHAVE TO ACKNOWLEDGE A GRIM ANNIVERSARY BECAUSE TOMORROWMARKS FOUR YEARS SINCE THE MURDER OF GEORGE FLOYD AT THEHANDS OF MINNEAPOLIS POLICE.

IT WAS A KILLING THAT SHOCKEDTHE NATION. 9:29 ONE OF THOSE POLICEOFFICERS KEPT HIS KNEE ON GEORGE FLOYD'S NECK AND ITLOOKED TO OBSERVERS IT COULD BE A CATALYST FOR REAL REFORMSWHEN IT COMES TO THE WEALTH GAP IN THE BLACK COMMUNITY AND RACERELATIONS OVERALL. OUR NEXT GUEST SAYS THE SUPREMECOURT DECISION OVER SOUTH CAROLINA'S VOTING MAP IS A BIGSETBACK FOR RACIAL EQUALITY. SHE JOINS US NOW, THE PRESIDENTAND DIRECTOR OF THE LEGAL DEFENSE FUND.

AFTER WE GOT THROUGH THE SHOCKAND SADNESS OF GEORGE FLOYD'S DEATH, THERE WAS A TENS OFOPTIMISM THAT SOMETHING GOOD — A TINGE OF OPTIMISM THATSOMETHING GOOD WOULD COME OUT OF THIS.WHEN YOU LOOK AT THE PROGRESS OVER THE LAST FOUR YEARS, AREYOU SATISFIED WITH WHAT WE ACHIEVED? >> I AM DEFINITELY NOTSATISFIED. THERE IS DEFINITELY MORE WORKTO BE DONE. I AM ENCOURAGED. I THINK THE 2020 PROTESTSPROVED THERE IS STILL POWER IN.

PROTEST, THAT PEOPLE CAN EFFECTCHANGE WHEN WE COME TOGETHER IN NUMBERS ACROSS RACIAL,GENERATIONAL, ECONOMIC, AND OTHER LINES AND MAKE CLEAR OURDISSATISFACTION WITH THE STATUS QUO. WHAT WE SAW IN 2020 WAS A GALVANIZING MOVEMENT AND IT DIDSPUR A NEW CONVERSATION ABOUT PUBLIC SAFETY.WE DID SEE THERE HAVE BEEN SIGNIFICANT REFORMS ACROSS MANYSTATES. WE ARE FAR FROM WHERE WE NEEDTO BE. ROMAINE: I'M GLAD YOU USED THAT WORD.ONE OF THE MORE STRIKING.

HALLMARKS OF THE PROTESTS WASHOW DIVERSE THE GROUP OF PEOPLE WERE.NOT JUST RACIALLY BUT ACROSS ALL DEMOGRAPHICS.IT PROBABLY WAS ONE OF THE MORE UNIFIED TYPE OF PROTESTS WEHAVE SEEN IN THIS COUNTRY IN QUITE SOME TIME.THERE WAS ALSO A GREAT DEAL OF PUSHBACK THAT CAME WITH THAT.THAT HAS LED TO A LOT OF CONSEQUENCES INCLUDING COURTDECISIONS LIKE THE SUPREME COURT DECISION WE JUSTREFERENCED. >> ABSOLUTELY.WE SAW PUSHBACK IMMEDIATELY.

SINCE THE GEORGE FLOYD PROTESTSFOR RACIAL JUSTICE AND EQUITY, WE HAVE SEEN OVER 100ANTI-PROTESTER BILLS IN THIS COUNTRY. THERE IS A DIRECT REFLECTION OFTHE POWER THAT CONCERNED MANY PEOPLE AND THE REASON THERE HASBEEN A PUSHBACK IS BECAUSE THE PROTESTS HAD THE POTENTIAL ANDSTILL HAVE THE POTENTIAL TO DO SIGNIFICANT WORK.WE SAW IN THE SUPREME COURT CASE YESTERDAY THERE ARE STILLMANY DEFECTS IN OUR SYSTEM, COURT SYSTEM IN PARTICULAR.THE SUPREME COURT IS.

COMPROMISED IN THIS MOMENT.WE WERE LITIGATING A CASE THAT WAS ABOUT A CLEAR RACIALGERRYMANDER IN THE STATE OF SOUTH CAROLINA.WE WON BEFORE THREE JUDGES AT THE LOWER COURT LEVEL.BUT WHEN IT GOT TO THE SUPREME COURT, THERE WAS A 6-3 MAJORITYTHAT RULED AGAINST US. IT WAS CLEARLY ALONG POLITICALLINES. IT IS EXTREMELY CONCERNING WHENYOU CANNOT USE THE POLITICAL PROCESS FOR CHANGE, THEN YOUMUST RESORT TO PROTESTS. THAT IS WHERE THE COURT ISLEAVING US. SCARLET:.

I ALSO WONDER HOW YOU THINKABOUT THE LINKAGE TO THE STATE OF THE ECONOMY.SUMMER OF 2020 REMINDED US THERE WAS A LOT OF OPTIMISMCOMPANIES WOULD FOLLOW THROUGH ON PROMISES TO REFORMWORKPLACES. WE KNOW THAT YOUR MARKED A LOTOF MONEY FOR RACIAL JUSTICE INITIATIVES.THAT WAS IN A TIGHT NEIGHBOR MARKET WHEN EMPLOYEES HAD A LOTOF LEVERAGE AND EMPLOYERS WANTED TO HOLD ONTO TALENT.NOW THAT THERE IS TALK ABOUT THE ECONOMY SLOWING AND JOBMARKET NO LONGER BEING SO.

SECURE FOR WORKERS, DEIPROGRAMS AND RACIAL JUSTICE INITIATIVES BECOME AN EASYPLACE FOR COMPANIES TO CUT COSTS. >> IT IS TRUE. WE HAVE SEEN SOME COMPANIESCAPITULATE EVEN WHEN THEY DO NOT HAVE TO.IT IS A BAD BUSINESS DECISION TO MOVE AWAY FROM DEI.ALL OF THE RESEARCH SHOWS WHEN YOU HAVE DIVERSE TEAMS ANDLEVERAGE THE GREATEST STRENGTH OF THE COUNTRY WHICH IS OURDIVERSITY PRODUCTIVITY GOES UP,.

INNOVATION GOES UP, PROFITS GOUP. THE IDEA IN AN ECONOMIC PINCHTHAT YOU WOULD CUT DEI IS A BAD BUSINESS DECISION.IT MAY BE COUNTERINTUITIVE TO SOME BUT IS AN INVESTMENT INTHE FUTURE OF OUR ECONOMY TO ENSURE WE INVEST IN DIA.SCARLET: WHAT IS YOUR BIGGEST CONCERNWHEN IT COMES TO ELECTION IN NOVEMBER? >> MISINFORMATION ANDDISINFORMATION. I THINK VOTERS ARE ENGAGED.IT IS DIFFICULT TO COMB THROUGH.

SOME OF THE MIXED MESSAGES.I SAY USE US AS A TRUSTED SOURCE. WE HAVE INFORMATION.THEY ARE NONPARTISAN. ALL WE CARE ABOUT IS ENSURINGVOTERS CAST A BALLOT THAT WILL BE COUNTED. ROMAINE:WE WILL HAVE TO LEAVE IT THERE. THANK YOU FOR TAKING TIME FORUS . A QUICK PROGRAMMING NOTE. POWER BLOOMBERG EQUALITYSPECIAL PROGRAMMING IS BACK THIS YEAR.WE DO THIS EVERY JUNE. EVERY THURSDAY AT 12:00, WEWILL HAVE SPECIAL COVERAGE OF BROADER ISSUES AFFECTINGEQUALITY ACROSS THIS NATION AND.

THE WORLD.MEANWHILE, WE ARE GOING TO SET YOU UP FOR THE HOLIDAYSHORTENED WEEK AND WHAT TO KEEP YOUR EYES ON IN THE WEEK AHEAD.THIS IS BLOOMBERG. ROMAINE:AS WE WRAP UP A RELATIVELY BUSY WEEK, WE PUSH AHEAD TO WHATCOULD BE ANOTHER BUSY WEEK. BUT IT WILL BE A HOLIDAYSHORTENED WEEK. SCARLET: MONDAY IS MEMORIAL DAY SOEVERYONE WILL BE BARBECUING AND I WILL BE WATCHING A LOT OFSPORTING EVENTS. THE RANGERS ARE IN THE PLAYOFFS.THE DOCTORS ARE IN TOWN.

SHOHEI OHTANI IS IN THE BIGGESTMEDIA MARKET. ROMAINE: WE KNOW WHERE YOU CAN FIND HER.TUESDAY, WE WILL GET SOME ECONOMIC DATA THAT COULD MOVETHE MARKET. SCARLET: CONSUMER CONFIDENCE NUMBERS.THIS IS INTERESTING. THE NEW MICHIGAN NUMBERS TODAYSHOWED CONSUMERS ARE MORE CONFIDENT THAN ANTICIPATED ANDINFLATION EXPECTATIONS HAVE COME DOWN. ROMAINE:WE HAVE BIG ELECTIONS GOING ON OVERSEAS, PARTICULARLY IN SOUTHAFRICA. THIS COULD BE A BIG ONE DEPENDING ON HOW IT SHAKES OUT.SCARLET:.

WE WILL BE ALL OVER THAT SOWHAT'S BLOOMBERG FOR SPECIAL COVERAGE OF THE SOUTH AFRICAELECTION — SO WATCH BLOOMBERG FOR SPECIAL COVERAGE OF THESOUTH AFRICA ELECTIONS. ROMAINE: EARNINGS NEVER STOP.ONE BIG RETAILER I AM KEEPING AN EYE ON IS NORDSTROM. SCARLET:THERE ARE CONCERNS OVER WHETHER THE FAMILY WILL TAKE THECOMPANY PRIVATE OR NOT. DELL IS THE NEWEST AI PLAY.ROMAINE: BEST BUY IS ALSO GOING THROUGHISSUES. DELL, I DON'T KNOW. SCARLET: AI SERVICE. ROMAINE:THIS IS THE COMEBACK FOR DELL?.

SCARLET: IT MAY BE.YOU MENTIONED YOU ARE NOT EXCITED ABOUT COSTCO.THAT IS WHY IT IS SUCH AN APPEALING STOCK BECAUSE IT JUSTDELIVERS EVERY SINGLE TIME. IT IS SUPER STABLE. ROMAINE:WE WILL HAVE FULL COVERAGE OF COSTCO NEXT WEEK.WE ALSO GET ANOTHER BIG REPORT ON INFLATION, WHEN JAY POWELLLIKES, PCE DATA. SCARLET: 2.8% YEAR-OVER-YEAR. ROMAINE:THANKS FOR JOINING US THIS WEEK ON THE CLOSE.

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