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do you think there is real reflation risk at in the next say 6 months uh that is something that we can see how markets are repricing and there's a measure called onee inflation one year forward so what is markets think one year inflation is a year from now that has been creeping up it's actually now at 3.6 it's been a trigger point in the past where the market starts to worry so whether it's the you know the ex the deportation that's causing that or fiscal you know fiscal spending I'm not sure but you know it is markets are starting to think about it or more of just better growth Outlook could help inflation expectations rise I guess where Trump trade 1.0 ran into trouble was around trade policy and and once we see what he delivers there in terms of tariffs something he's been very very consistent on do you think the market is looking past that or everything else the deregulation the lower corporate taxes is going to offset any weakness on trade Tom Lee from fun Strat Global advisors highlights granny shots a cur rated list of 35 reliable large cap stocks aligned with multiple market trends offering High conviction investment opportunities he sees potential in cyclical sectors like Industrials and financials even without strong commodity price support citing favorable conditions such as deregulation and mergers Lee also predicts Rising inflation concerns over the next 6 months due to fiscal spending and better growth outlooks but remains optimistic about small cap stock he emphasizes their discounted valuations faster earnings growth and reduced tariff exposure suggesting they are well positioned for strong recovery and outperformance you like to call them granny shots uh easy plays in in your view I I have to imagine that list has gotten longer yes uh it is it but it stayed around 35 names you know but just high quality names that are in the right sort of themes you we have seven themes and as long as they're in more than one theme they become a granny shot um higher conviction on those names I imagine yes higher conviction and these are names that I think most people are going to be famili familiar with because they're large cap stocks there's some discussion about uh cyclicals today um that they make sense and a lot of you know people are looking to 2016 for analoges but some argue that there's not the commodity price support that you might have had in a prior cycle you buy that uh you don't necessarily need commodity prices to help cyclicals yeah energy but even materials to some degree some are yes that's right yes so for those I I would say yes I'd say the outlook for energy stocks isn't great uh as good as people might expect under a trump presidency just because expanded drilling is lower oil prices but for cyclicals like Industrials and financials this is you know for all things you guys were discussing a great environment including m&a and cost of money falling and animal spirits and deregulation Tech Giants and AI startups are all hungrily awaiting nvidia's new Blackwell chip we found out overnight the Japanese Tech firm soft bank will be the first to get their hands on them Nvidia CEO Jensen Wong announcing that at an AI Summit in Japan let's turn to De jaosa for what brings uh us to this point in that relationship for today's Tech check dearra who else but masas on Kelly everything about this announcement was very on brand for Moshi son basically telling the world that he and SoftBank are going to be key players in the Gen shift or at least make a very big run for it for NVIDIA though it does raise a question if demand for Blackwell is insane as Jensen hang has said then why put masaan at the front of the line instead of an open AI or Google or a company at the Forefront of llm advancements The Source tells me that it was simple South bank's order was early and it was big it also comes just as the debate is heating up over whether AI advancements have peaked that's a big deal with SoftBank could also let hang and Nvidia diversify away from its large US customers to New Opportunities and sovereigns like Japan now overnight in Tokyo Wong PR masaan as the only entrepreneur and innovator in the world that has selected or partnered with the tech winner in every generation from Bill Gates to Jerry Yang to Jack ma he was even the largest shareholder of Nvidia at one point leading to this moment many of you probably don't know this but at one point Masa was the largest shareholder of Nvidia yes it's okay we we we can we can cry we can cry together something tells me Jensen hang is not crying Kelly but had masaan held on to that stake in Nvidia it was a 4.9% stake it would be worth nearly $180 billion today instead he sold it for less than 4 billion so tears indeed you know and to see him I know to some extent laughing it off I mean there are people who are you know they sold their Dogecoin and couldn't and think about 180 billion basically left on the table just incredible it's a wild number and you know it helps explain why he's going big here he's not going to miss another opportunity and that is just very Masa Sun style he almost went bankrupt during theom air but he out Alibaba this is probably not a 10-second question but what's he what is the Blackwell chip going to allow him to do exactly so Blackwell is seen as the most powerful AI chip coming to Market and soft bank and Japan are at a different point than the open AIS the Google Geminis of the world they're still in that pre-training phase they're still building up and training their large language models whereas these questions over AI advancements for the big llms here from open Ai and Google and anthropic if progress is really slowing down there is this question of do they need even more gpus at the same rate that they've been buying them so different phases and you know some folks here say that the companies here the LLS here um are more in the inference the posttraining phasee versus pre-training where s bank and masaan may be interesting dear JZ always thank you dear jaosa thank SoftBank says this Telecom unit will be the first to get chips using nvidia's latest Blackwell design for its supercomputer Nvidia CEO Jensen Wong holding an event in Tokyo today featuring SoftBank cheap masaan who is pushing to expand the company's exposure to the artificial intelligence wave partnering with you is incredible and uh really really happy that we're doing this this is completely revolutionary this is the first of its kind to transform the Telecommunications Network the communications Network into an AI Network when we return Nvidia and SoftBank collaborating on AI Jensen Wong and masaan sharing a light-hearted moment at nvidia's AI Summit in Tokyo earlier today many of you probably don't know this but at one point Masa was the largest shareholder of Nvidia yes it's okay we we can we can we can cry we can cry together um I mean I think that if someone was trying to paint a negative picture that's the the tariffs and the trade is is what's on people's minds but of course that's the one where we don't know what the ultimate sort of policies will be I'm sure markets will actually provide a lot of real-time feedback and I think that's going to help shape what the policy is so I think in general we should expect a pro business environment one that's probably Equity friendly as well uh where are we on uh fundamentals and just you know in terms of this recent rally in terms of multiples and your expectations on earnings as we head into next year uh I mean earning season I think actually as as we're wrapping up is is still been very solid as you know the dragon earnings has been energy and some of the commodity groups as well as Healthcare but you know groups like Industrials and Tech are are still producing good numbers I think next year the Outlook should be good because cost of money's coming down and we're seeing housing activity pickup and if there's mergers um this is actually much better for small cap and small cap earnings growth has been around 40% so I think it still sort of guides us to the same trades which is we want to be more cyclical over the next 6 months and then also look at things like small caps and Bitcoin small caps why merg just give me a little bit more on why small caps are going to be a bigger beneficiary well part of it is the backdrop small caps have underperformed for the Last 5 Years by really the largest margin in 25 years they're now trading at 10 times median PE relative and for the S&P that's almost 18 times so a 7 PE discount small cap earnings growth is faster and not only that but roughly uh 44% of it is what I'd call very cyclical and that's things like Regional Banks and Industrials that's going to that's a bigger weight than in the S&P and then finally you know there's a lot of cash on the sidelines and I think if people are looking for Mark breath expansion at small Cas well they also don't have the trade exposure they get the they get the benefit from lower taxes and regulation yeah that's a good point without the tariffs also so it feels like they're in The Sweet Spot that's right and the the margin of outperformance could be sizable I mean they've underperformed by almost 100 percentage points so I think you can recover that over the next few years we were mentioning Elon Musk a moment ago uh um and over the weekend he endorsed this notion from Senator Lee about and the FED essentially Journal over the weekend with the piece about pal preparing or or being ready to defend a removal if in fact he's asked to leave uh do you think the Bond Market would Revolt at any kind of attempts to influence the fed or re executiv eyesee the FED yeah I mean absolutely I mean the FED uh is the most powerful entity in the world and part of it is its independence and it's something that even the bond market is scared of uh I I think changing this this structure of the central bank would be not good for Capital markets in conclusion the partnership between Nvidia and SoftBank especially with SoftBank receiving the new Blackwell chip signals a major step in AI Innovation the chip is expected to boost softbank's Ai and Telecommunications Ambitions positioning them as key players in the evolving AI landscape despite the Chip's high demand softbank's early and large order underscore is their strategic vision for ai's future questions for viewers will softbank's early access to the Blackwell chip give them an edge in AI development how do you think smaller Tech firms will impact ai's future compared to larger companies
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