Art makes a great hedge against inflation… Masterworks, our sponsor this week, created a revolutionary platform that enables individual investors to stake a claim in the $1.7 trillion blue-chip art industry. And you can skip the waitlist.
My wife and I recently celebrated our 15-year anniversary… and it’s incredible to think about the changes we’ve gone through. I share some advice for younger listeners about life and marriage.
We’re in the heart of earnings season—and a ton of big names are reporting this week. I explain why McDonald’s (MCD) and PepsiCo (PEP) are trading near 52-week highs… and why you shouldn’t expect prices on your favorite products to come down anytime soon.
The Fed is set to hike interest rates next week and many investors think it will be the last time—but I disagree. I explain why I expect several more rate hikes over the next few months… and why anyone predicting rate cuts later this year is nuts.
Next, I break down the positives and negatives in yesterday’s earnings from Alphabet Inc. (GOOG) and Microsoft (MSFT).
The biggest news for Microsoft came from the U.K. Competition and Markets Authority (CMA), which killed its deal to buy Activision Blizzard (ATVI). I explain why the CMA’s move could be retaliation for a recent U.S. policy move… and why investors should be concerned about the government’s growing intervention across multiple industries, especially energy and crypto.
On tomorrow’s episode of WSU Premium, Daniel and I will dig deeper into Microsoft’s dead Activision deal and the growing tensions between world governments. We’ll also discuss the government’s attack on crypto… and how “de-dollarization” will create a major shift in global power. Don’t miss the episode—join WSU Premium now.
- What I’ve learned from 15 years of marriage [0:35]
- Why MCD and PEP are near 52-week highs [3:05]
- The Fed isn’t done hiking rates [5:15]
- GOOG is buying back $70 billion in stock [8:28]
- A great hedge against inflation [15:23]
- Is the U.K. punishing MSFT for the U.S.’s actions? [16:18]
- Don’t miss tomorrow’s WSU Premium [34:15]
Wall Street Unplugged | 1031
Is the U.K. retaliating against the U.S.?
This transcript was automatically generated.
Announcer:Wall Street Unplugged looks beyond the regular headlines heard on mainstream financial media to bring you unscripted interviews and breaking commentary direct from Wall Street right to you on Main Street.
Frank Curzio: How’s it going out there. It’s April 26th.
I’m Frank Curzio. This is the Wall Street Unplugged podcast where I break down the headlines and tell you what’s really moving these markets.
So I just celebrated my 15 year anniversary my wife a few weeks ago.
Is 15 years.
We’re talking about it yesterday.
I see people 30 years 40 years 50 years.
And she was like man, we know each other we know each other for 20 years with each other for five years before we got married and she was like, wow, I can’t believe it one person for 20 years.
And I was laughing.
I said to be honest.
I feel like it dated four different people over that time when I was with you.
We first met it was let’s have fun and do anything wife.
And then it was you know, the responsibility wife, which we both became responsible and building a home getting our Assets in order.
Then you go to the kids stage.
So going from the wife to a mom where you know the husband.
Gets put in the back burner no more attention for you.
And now it’s it’s the kids growing up more worrying about them as they get older and stuff like that, but it’s different how yeah for both of us would joke around and stuff like that, but it’s amazing how you change over the years in terms of it’s fun to be getting any other responsibility then kids and it seems like you get to that stage with during your kids and going to high school.
It’s pretty crazy.
It’s not your worrying.
You’re more stressed out than you’ve ever been right when you think maybe you should almost stressed out earlier, right? So when you’re young enjoy it have fun.
Don’t worry about crazy responsibilities and going nuts.
And don’t worry about if you got a D on your test or whatever.
It’s not a big deal.
You never remember at this age.
Not a bit.
Seriously just enjoy it because It gets more difficult to get older you’ll be more successful in 30s and 40s.
And again you get married you have kids and stuff like that.
But you know, enjoy that process of just having fun and being a responsible and joking around and you can lose money up plenty of earnings power learn as much you can about the marketing this podcast, but Congratulations to myself a lesson that long it’s awesome.
But let my wife is really cool.
So we’re in a little earnings season here.
and man, we had Microsoft Google right to powerhouses trillion dollar companies report and I’m gonna break them down.
But if you look at earnings so far.
I one of the biggest Trends is we’re all on this impression.
Yeah, we look at the fed and inflation’s coming down and we see in New York state Empire Manufacturing Index.
We see different things show inflation.
Let me tell you.
Inflation in coming down.
I mean not for the stuff that we pay for.
Now you see McDonald’s.
Do you see Pepsi Coke? Not Healthcare United Healthcare.
Just gotta learn to mail saying they’re raising my prices for premiums for my company for 11% now, right you seem prices up tremendously and they keep raising these prices and they’re reporting strong earnings.
So they’re able to pass, you know, people are paying these prices and passing through the customers still.
But yeah, the impression wow, you’re looking at certain indicators, but you If you’re on board what you think, hey, the fed’s pretty close to no longer raise after market stays up like this and believe me look at the market all the time.
That’s how they dictate everything by looking at the markets and that sentiment engaging and right now things are pretty good, especially with the numbers from the big guys that reported so far get them break it down a minute.
because Microsoft Windows commercial huge price increases so Chipotle holy cow.
Even say, you know what raising prices while avocado prices and their costs have crashed.
They’re not lowering prices anytime soon.
You have to think about that for companies because you’re going to see inflation slow down and maybe get down to two three percent level.
That’s after a lot of prices are up 20% 30% of the past three years.
But almost everything we pay for we’re not seeing that decline.
even Energy prices gasoline prices Well not seeing at the client that you would expect.
Okay, these are easing our prices so much liquidity in this system.
And that’s why you people like the market staying up so has to stay there’s just so much 11 trillion trillion trillion dollars rejected to the system still a lot of money sloshing around.
But it’s crazy.
Just see some of these earnings where estimates have been lower the bars been lower considerably and they’re beating and they’re saying well we raise prices less quarter.
And it continued to do so and they’re getting for now.
They’re getting them.
but we’re seeing Trends through American Express credit card companies Walmart, especially middle end consumers low end consumers are cutting back.
The linksy rates are going higher people paying their loans off at in a longer period loan loss reserves your Banks going hot.
We’re seeing it.
But this is really gonna hit pretty hard.
But those you expect.
Hey the Fed one more rate hiking were done.
I don’t it’s gonna be probably more than that.
And those of you who are expecting that.
The fed’s going to be cutting a good luck.
They’re not unless the market actually crash there.
They’re not cutting.
They don’t need to cut why cut earnings a good sentiment.
We’re hanging in there.
Why? Not to mention.
unemployment still near historic lows wage growth still growing.
a slow pace but still growing these are signs that that did not indicate.
That they have inflation under control.
That’s got a moderate even further.
It’s staying stubbornly High.
You can see from the companies as well.
But how could the Fed actually pause right now, which is crazy.
I don’t think they’re gonna pause.
There’s no need for the pause.
They might as we just overshoot and take it back.
And that was a big case for you to cut you could say hey, they’re gonna go to five and a half six percent and cut.
But if they only go to five five and a quarter, They’re not going to cut as quick.
Right? I mean that makes sense.
So people don’t talk about that.
They just assume well the terminal they don’t talk about the Terminator went down considerably since you know, all this banking garbage went on.
And it’s still going on.
We’re still seeing it.
First Republic, holy s*** down 50% yesterday.
It was up today.
Now, it’s down again.
They’re gonna FDIC.
They’ll tap that window.
They’re gonna say it’s, you know, not taxpayer bailout or anything even though you know bank’s gonna be raising prices.
They replenish the FDIC there’s another one that gonna have to cover.
Happening right now.
They’re talking behind closed doors.
And closed doors means they leak it to certain media Outlets, which you’ll know.
But that’s a big theme Here.
The big thing is supposed to be.
Wow, you know that the bar set low in these companies like a we see they’re all warning up tougher environments, but they’re still able To raise costs especially on a consumer level.
travel things we pay for I just assume that I’m assume all the home builders near all-time highs.
Yeah, why if you look at the Fed why why they’re going to stop? Why would they pause for? I think it’d be crazy to pause.
Especially since they said their goal is get inflation back down to 2% and we’re not even close to that guys.
We’re more than double that still.
Says indicators on both sides showing moderation, but the fact is there’s plenty of indicators like these companies and the pricing power and still raising prices here.
It just shows you that the Fed.
Hey, if that’s your Catalyst be careful, even if it is your Catalyst, we see throughout history you go back past 50 years.
Like 70 years.
World War Two when offend reverses that tightening cycle pauses and then starts lowering.
That’s when the market really really sells off.
because that’s an indication that the economy is really slowing down and we need to start stimulating again.
The economy right now is chugging along okay with the Fed.
Then I can’t see them not raise a you we have a quarter point height coming.
I think it’s gonna be at least another two quarter point hikes at least.
But let’s see.
Let’s see what the data says, which is all over the place.
But that’s what I’m seeing from earning so far and then we have wow, we have Google reporting.
massive It’s about 2% But going back and forth between up and down the reports solid results beat on both top bottom line.
Let’s become a big player in Ai, and I can tell you when we hear Ai and I’ll break down Microsoft and all the details.
But when you hear AI you think of video you think Microsoft and you know, these major companies involved in this trend which is all the major technology companies.
But I have to tell you out of all of them.
Google is actually you know.
Gonna become a big player in AI but one of the companies seeing immediate results because everyone’s like well, hey, I will going to see those results.
We’re gonna see those results.
You’ll get Microsoft which is you know, however, you want to pronounce it Azure or whatever with that cloud services.
Okay, that’s slowing down.
But if you’re looking at all the growth, which you expect anything 26% growth next quarter, which is significant slowdown, they report 30% which is slow down.
It keeps slowing down Cloud across all the major companies that growth is accelerating.
But Microsoft said AI is going to account for just one percent of that growth.
So very very early in this trend and requires just like EVs massive massive amounts of spending.
So while these companies are cutting costs they’re raising their capex and that’s what Google’s dude.
That’s a Microsoft’s doing because they got to get ahead of this trend and they have the money to do it.
But if you’re looking at AI and immediate results, I mean they have an AI platform for ads called P Max.
It’s generating 18% more conversions.
Perhaps I mean that that’s now good for them.
Yeah, very returning the growth 2% year over years company wasn’t growing the Top Line.
Was better than expected YouTube sales down just three percent.
That’s great for the company.
YouTube sales were coming down tremendously, especially because short videos and Tiktoks and taking market share, which is still doing.
I felt 8% last quarter.
But the biggest note I thought from from Google.
This is incredible.
This is incredible.
I tweeted about this @FrankCurzio if you want to follow me.
Alphabets board approves a new a new new 70 billion dollars every purchase authorization 70 billion dollars.
You know how much that is.
I know it’s around trillions.
You don’t really know 70 billion.
400 of the 500 S&P companies and sp500.
Take a take that and I don’t know 70 billion.
I I don’t agree that 70 billion is the best use of that capital is to buy back your own stock, maybe 30 billion.
but you’re looking at technology companies outside of the main big companies in the chips sector.
the dominant companies the four majors a trillion dollar companies a lot of them within Cloud within you just Web 3 have got annihilated.
They have good technology.
They’ve gotten annihilated because of the business models and it’s growth growth growth and no earnings.
No cash flow yet coming in and they’ve gotten annihilated man you could acquire.
So many businesses right now.
I mean they ended.
The quarter 115 billion in cash and cash equivalents and the repurchase 59 billion shares in 2022.
I know Google didn’t have a good 2022.
Was that the best use of your capital? What happens if you didn’t purchase those shares? But now you go into 70 billion.
I just think there’s better ways to spend that capital.
But that’s gonna I don’t know if it’s gonna put an actual floor under the stock.
But you know as it comes down and we’re talking about a trillion dollar company.
It definitely helps it shows the growth in the balance sheet.
However the stock even with these great results, even though AI even though again, they’re into search you look at Bing starting to take market share a little bit.
Can they still dominant player? The negative here is you know when it comes to Cloud.
So when it comes to Cloud that growth that decelerating.
Okay, we’re seeing that across the board in Big Tech capex gonna be much much higher because they have to spend a ton shitload of money of AI and Cloud infrastructure because massive Investments.
Margins lower I think it’s a 60 still amazing the market but it’s a fourth lies in the company’s history.
And again seeing that slow growth of adoption in its main growth there, which is cloud.
So you’re gonna see much higher spending slow growth in Cloud, which is going forward.
This is the company talking.
It means more cost cutting ahead.
And get tired, you know times are okay.
But yeah, they have to position and so what companies at this size? I mean you you have to go all in on AI they went all in our Cloud.
It’s benefiting but you’re seeing it’s still growing.
I’m not saying it’s not a big but you’re seeing big deceleration in this you see in this trend mature and when it matures you no longer had that huge High multiple.
And that’s what you have to be careful about.
Because you look at Google.
Let’s say I’m going to look it up here.
Just curious to see where it’s trading now.
If you haven’t seen it the massive run up like you’ve seen in Microsoft.
Can the stock still well, if it’s high as it’s again something about one two percent right now? But you’re looking at a forward PE of 21, which isn’t that bad.
Because I could tell you I’m pretty sure this is the cheapest of all the majors.
Bikes are string at 30 times forward earnings right now.
And this is after they reported that great those great numbers those great earnings.
Apple’s trading close to that as well 27 times shoulder earnings.
They gonna report pretty soon.
You look at video 60 times forward earnings.
They better beat and as you’re seeing AI requires lots of spending at least they’re making the chips.
It’s not like we have to buy this technology implemented throughout our whole entire system, which is with the majors doing the supplier of it.
So they getting money a lot quicker in that.
chain The man they bet a hope they better hope that this is gonna be big and huge because a six times forward earnings.
But Google right now is training the cheapest level out of all the majors.
But this quarter was was okay.
It was good show Improvement.
And big takeaways is 70 billion dollars to get increase when it comes into authorization, but, you know good quarter but a lot wait type break down Microsoft.
but you’re going to see the importance of AI and You want to hit both sides of the story positive negative not just have Google is great.
And Microsoft is great.
I’m gonna break down Microsoft.
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Let’s get to Microsoft and azure.
strong beat for Microsoft people will worried they raise guidance.
up 10% that that’s that’s very very strong Top Line growth in this market.
You’re not seeing that from companies.
You’re really not.
Earnings also about 10% from last year year.
And both be consensus estimates.
Execution-wise Microsoft’s doing a hell of a job.
Cutting costs seeing them margins go higher.
At least for now.
Where Google’s margins have come down.
They hear lots of positives rather divisions or at LinkedIn adding subscribers everything chugging along almost you most these vicious all growing something slow growth.
And that’s why you see myself up 7% pushing a hole NASDAQ up.
Now trading closer to what 300? but but everything you say before but it’s meaningless not in this case.
I mean listen Microsoft every port a good quarter, but but let’s be fair.
Okay, let’s be fair and I feel like sometimes people don’t want to tell the full story.
Because if someone looks as a numbers, it’s important.
Because if you’re buying Microsoft here, remember you’re buying it as pretty much as most expensive valuation.
Probably 15 20 years.
So you better hope that they have incredible growth and will they? Because there’s some negatives that you should know if you’re buying Microsoft today.
For example, what’s their biggest growth Market? Obviously Cloud sure, which is slowing.
So it’s not just from Microsoft.
I mentioned Google but you’re seeing it across the board.
Every company Amazon you’re seeing it across the board.
That’s the reason why they’re like going on AIS the biggest Trend Bill Gates the greatest trip we’ve ever seen ever.
Oh my God, since you know the 80s what I mean and you say well, you know, yeah, they’re going in all in how much all in they mentioned AI 50 times on their call 50 times.
they better they have to because you’re growing at 31% year read might be like, holy s***.
That’s a lot.
But it’s slowing down considerably.
You looking at that’s seven percent decline sequentially.
So he says of course that’s from last quarter quarter of a quarter a 7% decline.
That’s it’s huge.
And next quarter they got into girl just 26% of which Ai and I mentioned this earlier only going to account for 1% of that 26% through their Cloud division.
So it just shows you how early the big guys not the Nvidia is again, you got to pay for these chips and then make it to me have orders and they’re gonna be able to book their revenue and earnings a lot quicker.
These guys are getting this stuff and then implementing it across all their divisions tons of Divisions hundreds of millions of people.
Right throughout all of it.
If it’s Microsoft resists 660 a gaming platform the cloud platform Enterprise all of course everything right AI make things easier.
But if you look at the number that I feel like they’re not mentioning and this is the annual recurring Revenue.
It’s down 16% year-over-year.
That means our customers are spending Less on cloud.
That’s the fourth straight quarter of the clients.
Now, you know why if you have a 30 times multiple and your biggest Market is slowing down.
You better find especially at this size.
You better find a market that’s massive and they have what AI But it’s gonna require a ton of spending.
That’s why free cash flow is down 11% year over year again.
Something people aren’t talking about that easily.
Missed expectations wouldn’t even close.
capex What are we seeing? What are we hearing out there? Oh companies are cutting costs.
They’re like, especially technology.
They’re laying off employees.
They’re laying off employees, but capex is increasing across the board.
you would think alright, let’s cut back like but you look at Facebook which is now Meta they are cutting capex.
They’re one of the big major cutting capex.
Google’s not apples not going to either But Microsoft expected to increase their capex considerably not just next quarter, but going forward that’s gonna be driven by investments in cloud and AI infrastructure and that’s okay.
Big capex is are you spending money on the future growth of your company? And that’s great.
But that results in less cash flow.
You better hope this trend.
You you can make money off this let’s not like Ford saying we’re gonna spend 50 billion dollars.
New EV technology that we really don’t have and now you’ve seen demand full of a cliff EVs prices.
Come down margins are getting crushed.
Again before they can even realize anything and they sold how many cars maybe 10,000 EV so far, which is nothing the GM’s quarter, which is pretty good.
They think they said they was like twenty thousand EVs.
But you’re spending all this money and now instead you you’re losing a fourth three billion dollars are losing on EVs.
It’s like the streaming business with Disney.
It’s all fun and games until you realize how much that s*** costs and now you realizing wow.
This trend is slowing and streaming is very competitive environment and we have to spend tens of billions of dollars that we really don’t have because we spent too much on our Fox assets and now you have the same thing in streaming.
Okay, so massive massive Capital up front when you look at EVs you’re like, whoa, It’s kind of slowing down it is.
Not be adopted as quickly you seen all the estimates come down tremendously over the next 10 20 30 years of the projections tremendously.
I mean massive massive.
reductions in those estimates and same you know, it’s streaming as well.
You could add tons of subscribers you get 200 300 million subscribers like Disney did but they’re gonna be paying three dollars each compared to Netflix at 15 dollars.
Now, you’re spending a ton of money.
You’re losing it, right? So the good news about Microsoft good news about Google when it comes it.
They have the money to spend to really accelerate this trend but it’s gonna be at a cost and how long is gonna take for them to make that money because this is gonna hurt margins margins gonna come down Mars come down for Google.
They didn’t come down for Microsoft.
They have a lot of consumer related businesses.
The Google you have YouTube a YouTube just began his ass kicked by.
Tiktok just like Instagram and every other social media company.
They have a lot of consumerated business where they have pricing power, but you’re going to pricing margins come down for Microsoft going forward.
And again, you don’t have much leverage there since you train at 30 times forward earnings.
It is a staple.
It is great.
It’s a place to hide if you want the balance sheets amazing.
But again you paying a premium price for this company.
Assuming that everything’s gonna be okay.
So my job is just to give you the full story because no one’s really talking about that.
and the biggest negative here is you know.
The competition and markets Authority probably never heard that’s called the CMA right? It’s just basically, you know the justice department for the regulating United Kingdom.
They just denied Microsoft’s acquisition of Activision.
And there’s a big story behind this guys that day and I gotta cover tomorrow.
Now it’s not like this is a game changer from Microsoft because it’s so big in this so diversifying other areas.
It is gonna hurt them a little bit.
But this Deal’s not going through.
And the reason why it’s not going through amazes me is someone that follows this and looks at Acquisitions and even back in serious satellite and XM when they merge I was one of the people saying they have to let this deal go through it was like not gonna go through it’s not gonna go through they were like It’s Gonna create a monopoly and satellite, but it’s it.
Okay fine, but that’s just one Outlet where You have radio where you have iTunes where you can plug in your phone and stream music right through through Spotify.
You have to include all those platforms when you do they don’t have an a monopoly.
It’s not like you have to buy satellite radio.
You could choose to shut it off and you’re gonna have plenty of other options, right? That’s what it’s about making sure it’s fair it’s you know price or whatever and you have to have concessions all the time when they do these deals just to show their strength Right because they can’t be like, oh, you know what? That’s a good deal.
That’s the government right? They never do f****** anything easy, right? So they’re always like oh, okay.
Let me take a look at this.
We’ll get back to you in two three months which means nine months and then they’re like, okay well for this deal this is what you need to do.
You need to sell this off you need to provide that and that’s what they did for Microsoft.
They said if you’re gonna do Activision, here’s some of the concessions which are fine that’s normal in every single deal.
Was possessions were Call of Duty when the biggest franchises for Activision, they said, you know, once Microsoft takes over Activision, you have to provide this in Nintendo for 10 years, and they said fine done check and it was all the concessions.
Can add the biggest legal department in the world Microsoft like everything’s cool.
So now this whole thing was about the console market and it could be You know bigger much much bigger, where where you have Sony obviously, you know the biggest player in the console marketing at Microsoft.
It’s gonna be like two companies dominating you have to be careful and stuff like that.
Now it’s kind of the argument at first about this deal that went away.
They’re like, all right, that’s not a big deal.
So the street thought that okay, we’re good here.
Now they came to prove this.
And also United came to Something’s hilarious.
They’re like We’re not approving this.
And it’s not like here’s what we want for you to approve it, which is normal.
They were like we don’t care what you do.
And it basically telling Microsoft if you want to sell your entire Cloud division, you want to sell everything and just buy this.
We’re still not gonna allow it.
We don’t give a s*** which is insane when you think about it because right now they they said that they’re not gonna prove it and you know why it was base.
On the negative implications on the cloud gaming segment believing that Microsoft will be dominant in cloud gaming.
The other leader in cloud gaming.
It’s a massively fragmented Market with this does not move the needle it does not move the needle.
It doesn’t prevent like, you know that this competitive threat to every other business like oh my God, you know, it’s Activision on nothing you play Call of Duty or nothing with the cloud.
Are you out of your mind? I mean this is it’s a joke.
That’s what they said.
So now the appeal process is even funny in the UK because you know, I don’t know I won’t say they’re a bunch of idiots.
I’m not saying.
Let’s say the government is a bunch of idiots over there.
But basically when you appeal you appeal to the same exact people the same regulatory, so they’re like no and you’re like, okay gonna peel and then you go up to and they go.
No we said no, so there’s no real appeal process here.
This Deal’s not getting done.
And you see in Activision sell off.
This is a very very big deal and Daniel.
I gonna break this down tomorrow and we’ll show a premium.
because if you’re looking at us companies And the way they’re gonna grow in this market, especially if you have big balance sheets It’s Not Gonna Be by sure.
You could spend on the major Trends that’s gonna take a while.
But the easiest way to grow in this type of Market when you have caches through Acquisitions and not only that you could acquire companies that have gotten their ass kicked and not as bigger than you because they’re not run as well as Microsoft or Google.
but now how are you going to acquire companies when you have a government? That’s just saying no.
Not that hey, here’s accession.
Here’s what we need to see no.
No, we just we’re just not going to prove it.
Well, what are you talking about? You know cloud gaming segment that wasn’t even on a table and now it is I thought it was a consoles that you because no no it they’re looking for a reason.
And maybe it’s a slap in the face to the US.
I know if you’re looking at the inflation reduction act Europe is extremely extremely pissed at us because we cut them out completely out of EV Market.
With the credits of 7,500.
I don’t know if you know anything about cars with the profit margins or a couple thousand dollars.
A little bit more if you can raise prices, so you they can’t compete here.
They will really pissed off.
Because again another place that we screwed just like who else will be screw the Saudis.
and place to sell us oil to replenish our strategic oil Reserve And we were supposed to do that when oil prices came down to 75.
They were there.
They were down in the 60s in March throughout March for a while three week.
We didn’t do it’s come back down.
We’re still not doing that.
So what do they do? They said? Okay, what kind of production right you fake gave us the US to finger.
So F you right in our face.
and now this not approving it.
I mean it sounds similar, right but the US kind of did the same thing.
to crypto you have four years, right? The DST said we’re gonna provide, you know, this framework for data provide zero framework for loss.
Whatever you could say everything Dean everything.
Everything is security demon all the security just give us laws that that you follow they didn’t they didn’t give us laws.
And now I did not give us a lot that they legally shut down to crypto Banks just to shut them down.
I don’t know where they do anything illegal.
There’s no evidence of Fraud and shut them down.
So no one’s doing Anything within crypto? I mean these answers didn’t get the give it a chance to understand this much.
It’s a trillion dollar market guys.
And you look at generative AI is supposed to be in three years like a hundred billion dollar market in three years.
This is a trillion dollar market now.
That the rest of the world is going to steal.
And take from us with all the Innovation going on because we don’t want to regulate it.
Why why don’t we want a regular? Why can’t we regulate this industry? We know there’s a lot of s*** in it.
Just like this s*** every single Trend and major technology Trend when it first starts off and you have this massive Dodge.
Everybody wants to get enemy you have to seal the AI projects that I get pitched hundreds of them hundreds of hundreds of them.
Everything’s ai ai everything’s AI.
Name said I’m gonna s***.
That’s what happens in these Trends.
So regulate it.
Make sure people are protected but there’s Innovation here instead of credible Market.
It’s a trillion.
It was a three trillion dollar market.
It’s it’s a massive market and now China is like hey, we’ll take it.
When you’re looking at this in Daniel, I gonna break this down tomorrow.
Thesis is real.
Where right now you have Russia China Brazil Middle East, India.
Launching a coordinated effort to reduce their Reliance on the US dollar.
They’re buying gold like crazy to central banks or the past 12 months, especially the past four months.
the highest rate and a half century Look at the charts look it up start doing your research.
This is something that people expect to happen 30 years 40 years ago right now.
It is different.
Can’t versus Saudi’s giving us the finger cut in production without worrying about the US response not being afraid at all.
Now the EU denies a deal without having Microsoft or concessions just saying, hey, we’re not doing it doesn’t matter.
I miss never happens.
You never really see that.
Especially a deal this long that they had this long to look at you.
They would have gave it like this is a complete surprise.
To Activision is getting help.
Because everything else is checked off.
The Box people are following this they go to the course and say okay, you know what it looks good.
Microsoft’s gonna provide these concessions you can see me is worried specifically.
About the console market and there’s nothing really there.
Okay now all a sudden out of no way you just switch.
Again for the government to say I don’t care what you do.
I’m not approving.
This is extremely extremely dangerous and we are not talking about third world countries here.
We’re talking about the UK.
We talk about the US.
Okay, talk about throughout Europe.
Developed Nations that don’t do this are doing it now.
If you’re looking at this, it’s very very big story.
It has to do a crypto as well.
The government crackdowns but they’re not gonna break down all this tomorrow will show up on premium much more detail could be a great way to play this massive de-dollarization Trend which we’re seeing and very early stages but very very real.
So I’ve been trying you research actual research not opinion research showing you the things that are going on that I’ve never seen before that you’ve never seen before.
So many mistake this trend is for Real.
Geopolitical tensions are going to get much much worse in the months.
And years ahead.
It’s gonna have implications for your portfolio.
You have to be positioned, right? And if you’re not good luck.
Because you’re looking at there’s a gold oil Bitcoin hard assets commodities.
Things that are going on right now climate change why we focusing so much on climate change when EVs actually hurt our environment role more than gas cars when you’re looking at the mining process.
This is fact.
This isn’t a pain.
This is fact.
So why we pushing this so much as a solution the climate change when it’s not.
Now I don’t give a s***.
What side of the island is Daniel? But trillions of dollars are going into these trends.
And you need to be positioned.
This way helps you create generational wealth.
Because major change in coming.
And these are stories we’re uncovering.
We’ll show up a premium again.
Is where I show a research? Share our research engines with costs a lot of money.
Well surprise visit training ideas based on the current news and earnings for Dollar Stock Club portfolio that newsletter.
Also writing exclusive interviews high profile guests Within These trends that we talk about and again talk about topics with no bias No Agenda just like we did with COVID tell you the real story which is often controversial because in this day and age telling the truth is controversial.
Right, it’s crazy as it sounds.
And more important just research telling the story.
Which I had a position in portfolio and make money from it.
So Wall Street Unplugged Premium is just 10 dollars a month.
You can cancel anytime and we’ll be taping that tomorrow look forward to it.
That’s it for me and I’ll see you then take.
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