Dan Ives

No, but I think it also speaks to the market now just starting to realize that AI, it's just starting to multiply. Because we always talk about for every dollar spent on video chip,

No, but I think it also speaks to the market now just starting to realize that AI, it's just starting to multiply. Because we always talk about for every dollar spent on video chip,

eight to ten dollar multiplier across the rest of tech right now you're starting to see some of that in terms of software infrastructure and build outs and that's going to be in the second third derivative of a like other companies give us software look if someone said to you a vago right if you get abgo okay look look what that stock's done today okay so it's showing you that you know

eight to ten dollar multiplier across the rest of tech right now you're starting to see some of that in terms of software infrastructure and build outs and that's going to be in the second third derivative of a like other companies give us software look if someone said to you a vago right if you get abgo okay look look what that stock's done today okay so it's showing you that you know

This second, third, fourth derivative, it's not just about Mag7 infrastructure. In terms of the chip ecosystem, in terms of software, names like Salesforce, of course Palantir and others. And then the consumer AI revolution that goes through Apple, which I believe Apple would be the first.

This second, third, fourth derivative, it's not just about Mag7 infrastructure. In terms of the chip ecosystem, in terms of software, names like Salesforce, of course Palantir and others. And then the consumer AI revolution that goes through Apple, which I believe Apple would be the first.

Exactly, so that's the first step to ultimately what's going to be hundreds of apps.

Exactly, so that's the first step to ultimately what's going to be hundreds of apps.

that are built on an Apple device that are going to be AI driven.

that are built on an Apple device that are going to be AI driven.

In terms of the party, it started off at 9 p.m. in that party, and now it's 10 p.m. in a party that goes to 4 a.m. Who's invited to this party? Software, Benioff, they were waiting. Their name wasn't on the list. Two weeks ago, without earnings, Velvet Ropes, now they're on the dance floor with Jensen, they're with Musk and others. Software's starting to get invited.

In terms of the party, it started off at 9 p.m. in that party, and now it's 10 p.m. in a party that goes to 4 a.m. Who's invited to this party? Software, Benioff, they were waiting. Their name wasn't on the list. Two weeks ago, without earnings, Velvet Ropes, now they're on the dance floor with Jensen, they're with Musk and others. Software's starting to get invited.

So now we're gonna see more and more tech players get invited to that party, and that's how this broader rally continues to spread. And again, with Trump in the White House, deregulation, finally early Christmas or Hanukkah present, Khan out at the FTC, that means more and more deal making's gonna happen.

So now we're gonna see more and more tech players get invited to that party, and that's how this broader rally continues to spread. And again, with Trump in the White House, deregulation, finally early Christmas or Hanukkah present, Khan out at the FTC, that means more and more deal making's gonna happen.

That's why it just continues to be what I view it during the second year of what I view as ultimately a five to six year bull market.

That's why it just continues to be what I view it during the second year of what I view as ultimately a five to six year bull market.

And I think to that point, he right away, and again, having Musk at his side is very important too, because some of that rhetoric now has been toned down to where you'll have tariffs. But in terms of impacting the chip trade, AI revolution, Apple, Tesla, it's not going to happen. And the deregulation is a huge problem. Because now you look at, like, from FTC...

And I think to that point, he right away, and again, having Musk at his side is very important too, because some of that rhetoric now has been toned down to where you'll have tariffs. But in terms of impacting the chip trade, AI revolution, Apple, Tesla, it's not going to happen. And the deregulation is a huge problem. Because now you look at, like, from FTC...

to what we're seeing in terms of, you know, I think across the belt.

to what we're seeing in terms of, you know, I think across the belt.

And as we are autonomous. Right.

And as we are autonomous. Right.

And today, I think in Switzerland, they just actually said, they actually approved autonomous right now. So we're going to not be in Norway and Scandinavia in a few weeks. The point is, you're now going to see around the world autonomous. And I can argue that that continues to be probably the best use case of AI for Tesla. I think autonomous is worth a trillion dollars alone.

And today, I think in Switzerland, they just actually said, they actually approved autonomous right now. So we're going to not be in Norway and Scandinavia in a few weeks. The point is, you're now going to see around the world autonomous. And I can argue that that continues to be probably the best use case of AI for Tesla. I think autonomous is worth a trillion dollars alone.

Where are the bears?

Where are the bears?

The problem is because the bears are wearing their fleece and their sleeves. Full body suits. They can't find AI in the spreadsheet. And I think it just comes down to what's going to happen more and more in tech. you're going to see across all different subsectors, street still massively underestimating what I believe AI is going to do to the fundamentals.

The problem is because the bears are wearing their fleece and their sleeves. Full body suits. They can't find AI in the spreadsheet. And I think it just comes down to what's going to happen more and more in tech. you're going to see across all different subsectors, street still massively underestimating what I believe AI is going to do to the fundamentals.

And there, I don't expect that 4 a.m. it's a crash in the party. Because now it's like, you're not, the leverage is not in the system. You have six trillion of money still in money markets.

And there, I don't expect that 4 a.m. it's a crash in the party. Because now it's like, you're not, the leverage is not in the system. You have six trillion of money still in money markets.

That's why I'm not a believer If you go back to dot-com, Bob, okay? You had the average tech company trade about 30 times revenue. Today, it's 30 times earnings. I'm just trying to explain, like, this is what... I believe this... We're going to definitely have some dips. As we've seen. Like, Tokyo Black Flats, Black Monday, you have that five or six times.

That's why I'm not a believer If you go back to dot-com, Bob, okay? You had the average tech company trade about 30 times revenue. Today, it's 30 times earnings. I'm just trying to explain, like, this is what... I believe this... We're going to definitely have some dips. As we've seen. Like, Tokyo Black Flats, Black Monday, you have that five or six times.

But the opportunities will be there again. And I think we sit here a year from now being like... another market year in terms of tech because it's a fourth industrial revolution. You just got back from Dubai. You're building Dubai. Vegas from the ground up from a technology perspective.

But the opportunities will be there again. And I think we sit here a year from now being like... another market year in terms of tech because it's a fourth industrial revolution. You just got back from Dubai. You're building Dubai. Vegas from the ground up from a technology perspective.

But it does speak to, as you were saying, where we are. When we're talking about things like Dubai or Vegas, ground up, it shows the amount of infrastructure, energy, derivative plays, And now Khan, going to the FTC, deal making walks all right.

But it does speak to, as you were saying, where we are. When we're talking about things like Dubai or Vegas, ground up, it shows the amount of infrastructure, energy, derivative plays, And now Khan, going to the FTC, deal making walks all right.

And you'll see it. Fed next week, they'll cut. Then the street will like try to, you know, parse out in terms of Powell's words. Right. Are they going to continue to cut into next year? Look, the reality is Fed's going to cut 100 bips next 12 to 18 months.

And you'll see it. Fed next week, they'll cut. Then the street will like try to, you know, parse out in terms of Powell's words. Right. Are they going to continue to cut into next year? Look, the reality is Fed's going to cut 100 bips next 12 to 18 months.

Regardless of when that happens. Right. That is a soft landing engineered. But in those periods, you get opportunities. And you get opportunities. I love that. Do you think Santa Claus is coming to town? I think, look, I think Santa Claus is coming down. And ultimately, like, there's a rally into the next two weeks. Right. then you probably go into early next year, a little bit of a pullback.

Regardless of when that happens. Right. That is a soft landing engineered. But in those periods, you get opportunities. And you get opportunities. I love that. Do you think Santa Claus is coming to town? I think, look, I think Santa Claus is coming down. And ultimately, like, there's a rally into the next two weeks. Right. then you probably go into early next year, a little bit of a pullback.

Right.

Right.

No, but to that point, I don't think you have massive tax... Because also, you have one where, like,

No, but to that point, I don't think you have massive tax... Because also, you have one where, like,

tax cuts are coming right salt's going to come back right and the the fundamentals of this market are accelerating not even so the point is like this is going to be one of those periods where i think is actually going to be like a very strong first half of the year and then maybe you have some sort of sell-offs during the summer but I think overall, you're looking at S&P 7, 7,500.

tax cuts are coming right salt's going to come back right and the the fundamentals of this market are accelerating not even so the point is like this is going to be one of those periods where i think is actually going to be like a very strong first half of the year and then maybe you have some sort of sell-offs during the summer but I think overall, you're looking at S&P 7, 7,500.

You heard it here first. And then NASDAQ, we believe sort of 23,500, 24,000.

You heard it here first. And then NASDAQ, we believe sort of 23,500, 24,000.

I think you'll have fears around China tariffs, Hawks, Rubio, some others, Navarro. But the reality is that they're going to get to a better spot. In other words, they're going to tamp down that aggressive narrative. Now, as you go through it, you'll have some game of high stakes poker. That's what happens in negotiation. I believe Bark will be worse than Biden.

I think you'll have fears around China tariffs, Hawks, Rubio, some others, Navarro. But the reality is that they're going to get to a better spot. In other words, they're going to tamp down that aggressive narrative. Now, as you go through it, you'll have some game of high stakes poker. That's what happens in negotiation. I believe Bark will be worse than Biden.

I don't think that that, most importantly, That doesn't negatively impact AI training.

I don't think that that, most importantly, That doesn't negatively impact AI training.

Or they're straight out old school Doritos? Look, I'm more old school Doritos. I'm not sure I'm sold on organic Doritos.

Or they're straight out old school Doritos? Look, I'm more old school Doritos. I'm not sure I'm sold on organic Doritos.

On the same day that MicroStrategy's ads in the Nasdaq went up.

On the same day that MicroStrategy's ads in the Nasdaq went up.

what does that mean that means that the us as a nation they're 25 million bitcoin if he is going to start collecting bitcoin and we're going to hold it on as a nation as part of our uh economy so that should be a cool and i think now do more this is going to be the big question on next year do more public companies right start to not as aggressively microstrategy but do they start to put at least a percentage of what they have in treasury

what does that mean that means that the us as a nation they're 25 million bitcoin if he is going to start collecting bitcoin and we're going to hold it on as a nation as part of our uh economy so that should be a cool and i think now do more this is going to be the big question on next year do more public companies right start to not as aggressively microstrategy but do they start to put at least a percentage of what they have in treasury

from the cash in Bitcoin.

from the cash in Bitcoin.

And they continue to raise capital convertible by Bitcoin. So their view is basically, this is really going to become just a full Bitcoin play. Remember, MicroStrategy is still data analytics. It's a real company, but the way that this company is now being valued is really as a Bitcoin derivative. Okay.

And they continue to raise capital convertible by Bitcoin. So their view is basically, this is really going to become just a full Bitcoin play. Remember, MicroStrategy is still data analytics. It's a real company, but the way that this company is now being valued is really as a Bitcoin derivative. Okay.

But if you believe Bitcoin, which we do, if you believe Bitcoin could be 250, 300, go to a million, whatever. Right. then you'll see more and more bet on MicroStrategy as a derivative play. In terms of playing that market.

But if you believe Bitcoin, which we do, if you believe Bitcoin could be 250, 300, go to a million, whatever. Right. then you'll see more and more bet on MicroStrategy as a derivative play. In terms of playing that market.

No, but I think it also speaks to the market now just starting to realize that AI, it's just starting to multiply. Because we always talk about for every dollar spent on video chip,

eight to ten dollar multiplier across the rest of tech right now you're starting to see some of that in terms of software infrastructure and build outs and that's going to be in the second third derivative of a like other companies give us software look if someone said to you a vago right if you get abgo okay look look what that stock's done today okay so it's showing you that you know

This second, third, fourth derivative, it's not just about Mag7 infrastructure. In terms of the chip ecosystem, in terms of software, names like Salesforce, of course Palantir and others. And then the consumer AI revolution that goes through Apple, which I believe Apple would be the first.

Exactly, so that's the first step to ultimately what's going to be hundreds of apps.

that are built on an Apple device that are going to be AI driven.

In terms of the party, it started off at 9 p.m. in that party, and now it's 10 p.m. in a party that goes to 4 a.m. Who's invited to this party? Software, Benioff, they were waiting. Their name wasn't on the list. Two weeks ago, without earnings, Velvet Ropes, now they're on the dance floor with Jensen, they're with Musk and others. Software's starting to get invited.

So now we're gonna see more and more tech players get invited to that party, and that's how this broader rally continues to spread. And again, with Trump in the White House, deregulation, finally early Christmas or Hanukkah present, Khan out at the FTC, that means more and more deal making's gonna happen.

That's why it just continues to be what I view it during the second year of what I view as ultimately a five to six year bull market.

And I think to that point, he right away, and again, having Musk at his side is very important too, because some of that rhetoric now has been toned down to where you'll have tariffs. But in terms of impacting the chip trade, AI revolution, Apple, Tesla, it's not going to happen. And the deregulation is a huge problem. Because now you look at, like, from FTC...

to what we're seeing in terms of, you know, I think across the belt.

And as we are autonomous. Right.

And today, I think in Switzerland, they just actually said, they actually approved autonomous right now. So we're going to not be in Norway and Scandinavia in a few weeks. The point is, you're now going to see around the world autonomous. And I can argue that that continues to be probably the best use case of AI for Tesla. I think autonomous is worth a trillion dollars alone.

Where are the bears?

The problem is because the bears are wearing their fleece and their sleeves. Full body suits. They can't find AI in the spreadsheet. And I think it just comes down to what's going to happen more and more in tech. you're going to see across all different subsectors, street still massively underestimating what I believe AI is going to do to the fundamentals.

And there, I don't expect that 4 a.m. it's a crash in the party. Because now it's like, you're not, the leverage is not in the system. You have six trillion of money still in money markets.

That's why I'm not a believer If you go back to dot-com, Bob, okay? You had the average tech company trade about 30 times revenue. Today, it's 30 times earnings. I'm just trying to explain, like, this is what... I believe this... We're going to definitely have some dips. As we've seen. Like, Tokyo Black Flats, Black Monday, you have that five or six times.

But the opportunities will be there again. And I think we sit here a year from now being like... another market year in terms of tech because it's a fourth industrial revolution. You just got back from Dubai. You're building Dubai. Vegas from the ground up from a technology perspective.

But it does speak to, as you were saying, where we are. When we're talking about things like Dubai or Vegas, ground up, it shows the amount of infrastructure, energy, derivative plays, And now Khan, going to the FTC, deal making walks all right.

And you'll see it. Fed next week, they'll cut. Then the street will like try to, you know, parse out in terms of Powell's words. Right. Are they going to continue to cut into next year? Look, the reality is Fed's going to cut 100 bips next 12 to 18 months.

Regardless of when that happens. Right. That is a soft landing engineered. But in those periods, you get opportunities. And you get opportunities. I love that. Do you think Santa Claus is coming to town? I think, look, I think Santa Claus is coming down. And ultimately, like, there's a rally into the next two weeks. Right. then you probably go into early next year, a little bit of a pullback.

Right.

No, but to that point, I don't think you have massive tax... Because also, you have one where, like,

tax cuts are coming right salt's going to come back right and the the fundamentals of this market are accelerating not even so the point is like this is going to be one of those periods where i think is actually going to be like a very strong first half of the year and then maybe you have some sort of sell-offs during the summer but I think overall, you're looking at S&P 7, 7,500.

You heard it here first. And then NASDAQ, we believe sort of 23,500, 24,000.

I think you'll have fears around China tariffs, Hawks, Rubio, some others, Navarro. But the reality is that they're going to get to a better spot. In other words, they're going to tamp down that aggressive narrative. Now, as you go through it, you'll have some game of high stakes poker. That's what happens in negotiation. I believe Bark will be worse than Biden.

I don't think that that, most importantly, That doesn't negatively impact AI training.

Or they're straight out old school Doritos? Look, I'm more old school Doritos. I'm not sure I'm sold on organic Doritos.

On the same day that MicroStrategy's ads in the Nasdaq went up.

what does that mean that means that the us as a nation they're 25 million bitcoin if he is going to start collecting bitcoin and we're going to hold it on as a nation as part of our uh economy so that should be a cool and i think now do more this is going to be the big question on next year do more public companies right start to not as aggressively microstrategy but do they start to put at least a percentage of what they have in treasury

from the cash in Bitcoin.

And they continue to raise capital convertible by Bitcoin. So their view is basically, this is really going to become just a full Bitcoin play. Remember, MicroStrategy is still data analytics. It's a real company, but the way that this company is now being valued is really as a Bitcoin derivative. Okay.

But if you believe Bitcoin, which we do, if you believe Bitcoin could be 250, 300, go to a million, whatever. Right. then you'll see more and more bet on MicroStrategy as a derivative play. In terms of playing that market.