RUSH TRANSCRIPT Matt we ░░░░░░░░ check back in and ░░░░░░░░ minutes ahead of the ░░░░░░░░ to get us set ░░░░░░░░ for that Let us ░░░░░░░░ in the chief investment ░░░░░░░░ from sanctuary wealth We ░░░░░░░░ have this debate Whatever ░░░░░░░░ says can move the ░░░░░░░░ year dramatically How much ░░░░░░░░ it matter to the ░░░░░░░░ since we essentially know ░░░░░░░░ the Fed is on ░░░░░░░░ CPI will be more ░░░░░░░░ than the testimony The ░░░░░░░░ real data The markets ░░░░░░░░ worried about tariffs because ░░░░░░░░ talk about them every ░░░░░░░░ And Trump is doing ░░░░░░░░ with tariffs it feels ░░░░░░░░ almost every day I ░░░░░░░░ back and looked at ░░░░░░░░ last administration and when ░░░░░░░░ left office CPI was ░░░░░░░░ 4 the tariffs that ░░░░░░░░ implemented during his last ░░░░░░░░ did not result in ░░░░░░░░ long term of inflation ░░░░░░░░ I think the markets ░░░░░░░░ concerned and investors are ░░░░░░░░ I am not concerned ░░░░░░░░ am not seeing it ░░░░░░░░ into the market Technically ░░░░░░░░ I look at the ░░░░░░░░ year it has formed ░░░░░░░░ head and shoulders pattern ░░░░░░░░ broke down There is ░░░░░░░░ chance that if we ░░░░░░░░ good inflation data we ░░░░░░░░ see the back end ░░░░░░░░ the curve drift down ░░░░░░░░ on the opposite end ░░░░░░░░ is possible that I ░░░░░░░░ getting bullish technicals on ░░░░░░░░ equity market When was ░░░░░░░░ last time we had ░░░░░░░░ equity and bond market ░░░░░░░░ up If that happened ░░░░░░░░ is what is unexpected ░░░░░░░░ week Katie how do ░░░░░░░░ invest around that nonchalance ░░░░░░░░ it comes to inflation ░░░░░░░░ feels like the technicals ░░░░░░░░ lining up as well ░░░░░░░░ there specific parts of ░░░░░░░░ market that you would ░░░░░░░░ Mary Ann I am ░░░░░░░░ bullish and I think ░░░░░░░░ markets will go up ░░░░░░░░ Matt so like a ░░░░░░░░ or so like 7200 ░░░░░░░░ Ann correct The last ░░░░░░░░ years we had that ░░░░░░░░ was back in the ░░░░░░░░ s So I equate ░░░░░░░░ of this AI robotics ░░░░░░░░ crypto this huge innovation ░░░░░░░░ being than what Lisa ░░░░░░░░ than what we saw ░░░░░░░░ the 1990 s based ░░░░░░░░ earnings and technicals we ░░░░░░░░ have the market going ░░░░░░░░ despite the market having ░░░░░░░░ high valuation I would ░░░░░░░░ be surprised if they ░░░░░░░░ able to continue to ░░░░░░░░ To get your point ░░░░░░░░ do I like What ░░░░░░░░ the most important is ░░░░░░░░ and technology has the ░░░░░░░░ If technology could come ░░░░░░░░ and I just got ░░░░░░░░ short term buy signal ░░░░░░░░ leadership should drive sonali ░░░░░░░░ the rally How necessary ░░░░░░░░ that The S P ░░░░░░░░ relative to the NASDAQ ░░░░░░░░ Russell 2000 as we ░░░░░░░░ been watching for the ░░░░░░░░ year or so now ░░░░░░░░ compared to the S ░░░░░░░░ equal weight because in ░░░░░░░░ you saw the equal ░░░░░░░░ comeback in a significant ░░░░░░░░ You have seen some ░░░░░░░░ the gap really narrow ░░░░░░░░ of that leadership Do ░░░░░░░░ think that trade still ░░░░░░░░ or is it Big ░░░░░░░░ driving the market Mary ░░░░░░░░ I think that broadening ░░░░░░░░ happened and will continue ░░░░░░░░ happen I believe in ░░░░░░░░ secular bull market If ░░░░░░░░ have lost tech you ░░░░░░░░ the market and that ░░░░░░░░ my philosophy I still ░░░░░░░░ in tech and if ░░░░░░░░ look at the technicals ░░░░░░░░ one index that we ░░░░░░░░ not talk about anymore ░░░░░░░░ I know the name ░░░░░░░░ not as sexy as ░░░░░░░░ seven is the faang ░░░░░░░░ Sonali I thought you ░░░░░░░░ going to say the ░░░░░░░░ Mary Ann I get ░░░░░░░░ of tech and tech ░░░░░░░░ There is nothing broken ░░░░░░░░ that index It is ░░░░░░░░ and you are getting ░░░░░░░░ rotation But I think ░░░░░░░░ is setting up to ░░░░░░░░ back leadership within the ░░░░░░░░ It does not mean ░░░░░░░░ park its cannot come ░░░░░░░░ I do like financials ░░░░░░░░ I like the banks ░░░░░░░░ capital markets There are ░░░░░░░░ of industrials that I ░░░░░░░░ for the buildout of ░░░░░░░░ A broadening out could ░░░░░░░░ but the leadership stays ░░░░░░░░ in tech relation related ░░░░░░░░ the f used to ░░░░░░░░ for Facebook and Meta ░░░░░░░░ been on any tariffs ░░░░░░░░ tear up Matt n ░░░░░░░░ for netflix and not ░░░░░░░░ What do you think ░░░░░░░░ nvidia Does the idea ░░░░░░░░ deepseek was able to ░░░░░░░░ chatgpt product at a ░░░░░░░░ discount does that undermine ░░░░░░░░ valuation of nvidia Mary ░░░░░░░░ it is questionable if ░░░░░░░░ was really at a ░░░░░░░░ discount What I think ░░░░░░░░ what the deepseek really ░░░░░░░░ is how fast technology ░░░░░░░░ evolving And that is ░░░░░░░░ good thing Semi conductors ░░░░░░░░ have liked them for ░░░░░░░░ long time and that ░░░░░░░░ my top sector in ░░░░░░░░ You get important rotations ░░░░░░░░ technology and the market ░░░░░░░░ shifting to software The ░░░░░░░░ moves need to consolidate ░░░░░░░░ nvidia although that is ░░░░░░░░ company I like long ░░░░░░░░ would not be a ░░░░░░░░ for 2025 The software ░░░░░░░░ semis in 2025 Matt ░░░░░░░░ takes me a while ░░░░░░░░ something to dawn on ░░░░░░░░ You are looking at ░░░░░░░░ is it up every ░░░░░░░░ for the last Katie ░░░░░░░░ days The longest streak ░░░░░░░░ back to 1990 Sonali ░░░░░░░░ is one of the ░░░░░░░░ reason that the mag ░░░░░░░░ has become a leader ░░░░░░░░ this market A lot ░░░░░░░░ the other parts have ░░░░░░░░ Mary Ann it is ░░░░░░░░ that Meta is having ░░░░░░░░ fantastic start It is ░░░░░░░░ great to see you ░░░░░░░░ we hope to see ░░░░░░░░ soon Meanwhile speaking of ░░░░░░░░ let us check in ░░░░░░░░ apple and alibaba both ░░░░░░░░ moving higher after they ░░░░░░░░ up AI features for ░░░░░░░░ users in China You ░░░░░░░░ see baidu falling about ░░░░░░░░ right now Sonali coming ░░░░░░░░ we will stick with ░░░░░░░░ talking about the exclusive ░░░░░░░░ Sam Altman who said ░░░░░░░░ Elon Musk is trying ░░░░░░░░ slow down openai and ░░░░░░░░ his relationship in an ░░░░░░░░ We will bring you ░░░░░░░░ next.