Ed Ludlow

It's a stock that's up about 2% year to date, completely flat this Monday morning.

And there is a lot of, let's say, not anxiety, but we're bracing for Wednesday because the story with the stock is very different to what it has been in the last two or three calendar years.

We're trading at 24 times forward earnings historically on a five-year basis, 38 times.

The momentum's gone.

We are kind of on pause with that.

Salesforce down 5%.

Later in the program, we're going to talk about what's happening in software right now.

Again, that story carries through to earnings.

They are putting AI into what they're already good at.

That insulates them a bit, but they're caught up with what's happening at a bigger picture.

Look at the market right now, Cary.

Yeah, same with Snowflake, same with Workday.

We've got a lot of software earnings to digest.

But Ed, as President Trump does move to rebuild his tariff agenda, investors are navigating renewed trade uncertainty during that very busy week in earnings, as you say, with NVIDIA and Salesforce in focus.

Carmen Reinecke has been writing all about this.

And Carmen, what are the investors you're talking to thinking about that lackluster trading oomph that we've seen in NVIDIA of late that Ed so clearly spelled out?

The stock has fallen in each of the last two posts earning sessions for NVIDIA.

By the way, Salesforce, for what it's worth, is down 34% year to date.

And I checked it and I was like, really?

But it is case in point of what's happening right now in software and the impact of AI on software.