Closing Bell - Closing Bell Overtime: NVIDIA’s OpenAI Bet; Chinese Retail Rally; and Global Market Drivers 9/22/25

Episode Date: September 22, 2025

NVIDIA makes a major investment in OpenAI, and the tech rally rolls on. Patrick Moorhead of Moor Insights joins to react to tech powering higher. Eamon Javers has the latest from the White House on Argentina, while Angelica Peebles breaks down Kenvue’s slide. Later, David Bahnsen of The Bahnsen Group and Vanguard Chief Economist Joe Davis discuss how to invest at current levels. Our Eunice Yoon reports from China on retail investors.    Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Well, that's the end of regulation. The president of Panama ringing the closing bell at the New York Stock Exchange. Zenta Group doing the honors at the NASDAQ. Another record day for the markets. The Dow, the NASDAQ, the S&P 500, all closing at record highs. As you can see right there on your screen. The big news of the day, though, Nvidia hitting another record high, is it expands its partnership with OpenAI.

We've got much more on that coming up. We also have our eyes on Apple. The stock turning positive for the year, continuing its phone launch, Bond yields slightly higher today, gold rising to a new all-time high once again, but crypto taking a hit, especially ether. That's the scorecard on Wall Street. Welcome to closing bell over time. I'm Morgan Brennan. And I'm John Fort in San Francisco. Winner stay late. So welcome. Early I spoke with NVIDIA CEO, OpenAI CEO, Sam Altman, and OpenAI's president, Greg Brockman, about the partnership between those companies. Invidia investing up to $100 billion in Open AI for its infrastructure buildout.

We're going to have some of that exclusive interview coming up. But let's start with the market reaction to the deal. Christina Parts of Nevelas is at the NASDAQ forest. Christina. John, there's just really this consistent wave of headlines reinforcing that AI demand is just still so much alive. And it does remain the driving force behind why you saw the NASDAQ hit record territory once again. So Nvidia's shares did hit an all-time high. earlier today after announcing what CEO Jensen Wong calls the biggest AI infrastructure project

ever. The company says this should be all, quote, additive, meaning the deal wasn't priced into estimates. That's why you saw the stock close almost 4% higher. Invidia added almost $145 billion in market cap today, roughly the size of a capital one in terms of market cap. OpenAI named Nvidia, quote, the preferred compute partner, which maybe felt like a little dig at rival AMD, but even AMD shares closed over 1.5% higher on the overall. AI chip supply constraint theme that came up in your interview, John. The partnership, though, raises some questions about Broadcom's role. Broadcom surged earlier this month on a $10 billion AI chip order from OpenAI.

Today, it closed almost 2% lower. The sell-off suggest investors think maybe the Nvidia deal may limit Broadcom's future share. Elsewhere in the chip space, TSMC, the contractor, the builder of all these chips, closed 3% higher along with server assemblers that deal with NVIDIA, Dell up 2 and a half, percent super micro, closing two and a half percent higher. And I'll just end on these data center reads because they're the largest in the U.S. Equinex and DLR, also closing over 1% higher on said news, your conversation with those great leaders, John.

Big news, Christina, thanks for putting that into some context. And now let's hear from those leaders, starting with Nvidia CEO Jensen Huang, telling me that this brand new capacity, Nvidia, is helping AI to build. Isn't old news, this is brand new and additive. Take a listen. This is additive. This project, 10 gigawatts of AI infrastructure, is additive to everything that has been announced and contracted. Remember, they've contracted huge amounts of capacity through Azure, through OCI, through CoreWeave.

And all of that is powered by Nvidia, and we're really delighted working with all of these partners. And that's going to continue to grow. He put the scale of this investment into context, too. This is the biggest AI infrastructure project in history. This is the largest computing project in history. Well, the reason for that is because computing demand is going through the roof for OpenAI. You know, Chad GPT is the single most revolutionary AI project in history. And Sam Altman on OpenAI's science.

talked about just how strong the demand is. The compute constraints that the whole industry has been, and our company in particular have been terrible. We're so limited right now, and the services we can offer, there's so much more demand than what we can do. And as we look forward another year or two years, if you have, you know, let's say it takes 10 gigawatts of compute

or five gigawatts of compute, you could choose one of two things. You could choose to cure cancer by doing a bunch of having AI do lots of research, or you could choose to offer free education to everybody on Earth. No one wants to make that choice. And so increasingly as we see this, the answer is just much more capacity so that we can serve

the massive needs and opportunity with this. Why NVIDIA? Well, it's more than just the $100 billion to hear Sam Altman tell it. It's also the unique quality and capability of its technology. This is helping us get to a world along with our partners at Stargate, Microsoft Oracle, where we can build out increasing amounts of infrastructure to deliver on what the world is demanding out of these services. There's, like, no partner but NVIDIA

that could do this at this kind of scale, at this kind of speed. It's really, like, quite incredible. Well, let's talk more about NVIDIA and Open AI's partnership. Joining us now is Pat Moorhead, Patrick Moorhead for more insights and strategy. Patrick, big investment, big day.

Is it fair to think of this as kind of Nvidia helping Open AI with the down payment on this infrastructure buildout that's going to include a lot more invidia technology? Yeah, so John, this reminds me a lot of invidious investment into core weave, nebius, Lambda. And what makes this unique is that OpenAI isn't the actual service provider. They're the developer of this amazing thing called ChatGPT. What Invidia did do here is they locked in a certain amount of capacity or a certain amount of Nvidia GPUs with Open

AI, which I think is very important, given the increased competitive environment that the company is walking into. I mean, every one of the CSPs is trying to do their own XPU. You have AMD, you have Intel. Wait, wait, wait. You got to tell us what that means, you know, because we've got a financial audience here. The CSPs, translate, please. Yeah, so the cloud service providers, right?

They're called Neo-Clouds, right? Corweave, Nebius, and Lambda. are serving up GPU workloads, right? And they're very specialized at doing that. Invidia is an investor in those. And it's unique here because Open AI doesn't serve its workloads. It doesn't have infrastructure. But Nvidia essentially has locked in a certain amount of capacity with OpenAI in a very competitive environment here.

Now we're in this position where Invidia and Microsoft, the two biggest public companies by market cap at more than $4 trillion in market cap for Nvidia and just under that for Microsoft are also, it looks like, the two biggest investors in OpenAI, even though those investments don't seem to rise to the level where they have particular control or influence. Does this raise any concerns or just show the strength

of Open AI as the catalyze app to this whole AI moment we're in? I think it's a smart investment. I mean, you know, even if you don't get control, you do get early access to what is going on in the company, and you would probably get some sort of better understanding of what they're doing internally. And I think there is a lot of value in that, even if you don't get a board seat, you don't get voting rights. And I think it keeps it a lot cleaner for, for, for, uh, InVIDIA. Pat, finally from me, I know Morgan's got one for you as well. What does this mean for, um, for the other players in this space? I mean, uh, sure open AI has these relationships. We don't yet know

when it comes to AI infrastructure if there is a boom bus cycle. like there is in memory, or if it's more stable like it is with some other components. Could it be that this is Class A infrastructure that's being built out, but the Class B, if the demand doesn't show up as strongly during some period of time, actually sits fallow. John, it could be a hedge, but let me be very clear. Invidia is the preferred partner today for OpenAI. And if you look at market share across GPUs,

Nvidia has about 90 to 95%, and AMD has the rest. So it's already preferred, but it likely is a preferred arrangement, a guaranteed arrangement, at least as far as a letter of intent goes, that says as long as the demand is here, and as long as we can get at a certain price, potentially a most favored nation price, then you are going to do this with me. The great thing about this unending demand for AI compute

is there is a lot of room for AMD, for Broadcom, for Marvell, and every cloud player is doing their own XPU, which is essentially is a very highly optimized version of what GPUs are serving today. The Google TPU is the best example of it, where they trained Gemini and are doing, inference on Gemini. They're currently market share leader in what I'm referring to as an XPU. It's interesting to hear you, frame it from a most favored nation standpoint, too, Pat. But if I shift gears a little bit here, Apple had another strong day. It closed in the regular session

up 4%. It's up something like 8% over the past five days. We've seen this rally on the heels of the new iPhone and device releases. Does it have legs, especially as Apple turns positive for the year? So I think what investors, short answer is, is maybe. Investors are looking for the AI bump or something that gives it a service lift. There's no question that the company is hitting on fundamentals. And I think everybody right now is getting excited about some of the increased innovation, particularly along the iPhone error. And the channel checks are indicating that iPhone 17 is doing better than the iPhone 16 at this current juncture. now, this could be some buyheads. This could be about innovation. But fundamentally, the biggest

challenge at Apple is not being resolved here, and that's the lack of ability to leverage AI. Pat Morehead, for more insight and strategy, great to have you on a day when this AI story has certainly driven the market. And Morgan, you were asking about Apple. I actually asked Sam Altman and Greg Brotman about whether Apple's chips constitute infrastructure for them, right? Because you can run some AI right on the device, and they talked about how it does, in fact. So one wonders, even though Apple's not executing on the software side of their AI strategy, can they figure out a way in partnership with Open AI to make this pay off for them. Yeah, I thought that was really, really interesting in a very full.

interview that you had with those three tech leaders earlier today. I also thought it was very interesting what they had to say about this idea of industrial AI and this idea that AI is now sort of touching every industry, every company, and how that continues to expand out and why an infrastructure deal like the one they announced today makes so much sense because there's so much more need. And never-ending need, it almost seems like based on the comments from them for this compute power. We're tossing around these numbers every day, but $100 billion. That's a big investment.

Massive. It was great stuff. Well, coming up, the impact, the interview, I mean the impact of Washington on the markets. First, Ken view lower once again, as the administration will link autism to acetaminopin use in pregnancy, plus Argentina's stock market soaring as the U.S. pledges support for that country's economy. We've got much more on both of these stories on Overtimes back in two. Welcome to Overtime.

We've got lots of news coming out of Washington today. Let's start with Argentina, the country's stock market soaring, as the U.S. indicates it will support Argentina's government. Amon Javers is at the White House and has more for us. Amen. We're looking ahead now to tomorrow. President Trump and Treasury Secretary Bessent are expected to meet with Javier Melli, the president of Argentina, tomorrow on the sidelines of the U.S. General Assembly.

way to see what kind of action the United States imposes in the wake of this big stock market drop off in Argentina. It follows a day in which the U.S. has been eager to signal throughout the day that it stands behind Argentina's stock market. The Treasury Secretary beginning the day with a tweet or a post to X, if you will, on this topic saying that he stood ready to support and that all options were on the table. Shortly after that, the Treasury Secretary I invited myself and a number of reporters in for a conversation, which he doesn't often do. And he said that the United States is prepared for a large and forceful intervention to stabilize the Argentine markets. He also said the need for intervention, whether the U.S. does it or not, is going to depend on market conditions.

And he said there's going to be no action before that Trump-Milly meeting tomorrow. So the question now, as we reach sort of close the business here, is whether or not the response that they saw in Argentine markets. on its own to just the U.S. announcement of being prepared to intervene is enough to actually stave off the need to intervene by simply signaling its willingness to do this has the United States avoided a crisis. We'll find out tomorrow, Morgan, when the president has that meeting. Yeah, super fascinating. Of course, he's coming to New York for the U.N. General Assembly. Has a number of these meetings. This one, of course, in particular focus. It really speaks, Amen, I think, to the approach and maybe out-of-the-box approach of this administration. to foreign policy. Amid Javvers from Washington. We're going to keep you busy this week, as always.

Now to another big drop for shares of Kenview. Now, this is the Johnson & Johnson spinoff, which makes Tylenol. The administration is set to link autism to acidaminopin use in pregnancy. Let's bring in Angelica Peebles now for more on this and what we're waiting in terms of this report, Angelica. Yeah, Morgan, we are waiting any minute now for President Trump to speak about autism at the White House at an event with some other health officials. Now, this has been a focus for this administration and just the explosion in autism cases around the country. So autism affected

one in 31 American children in 2022. And that's up from 1 in 150 in 2000. That's according to CDC data. And Morgan, I don't have to tell you. I know that you are very interested in this. And we are expecting to hear the White House link use of acetaminopin. Remember, that's the made ingredient of Tylenol during pregnancy to autism. And of course, Kenvue is pushing back saying that they disagree with that, that they believe that independent sound science clearly shows that taking acetaminifin does not cause autism. And again, it might sound like this is coming out of left field. You know, why acetaminifid, why are we talking about this? But this has been an area where we've heard from researchers. And just last month, there was a paper that was reviewed

about dozens of studies that suggested an association between the use of the use of the of acetaminopin during pregnancy and autism. And one of the authors, he's the dean of the Harvard Public School of Health. And he provided me a statement saying that he and his co-authors found evidence of an association, which is the strongest when acetaminopin is taken for four weeks or longer.

And he says that more research is needed to show causality. But based on the evidence, he believes that caution about acetaminopin use during pregnancy, especially heavy or prolonged use, is warranted. So again, you know, we have to hear exactly what the administration says about this, what they're recommending, but certainly one that, of course, has so much interest for all kinds of people, Morgan. There's also reports, and I'm not sure if I'm going to pronounce this correctly,

so bear with me here. As I do this in real time on national television, but lucovran, that that is also, also known as felonic acid, is also potentially in the mix here as a possible treatment for autism. What are the implications of that? And what does research show around that? Yeah, so Leukovorin, that is basically philinic acid. And the idea there is it's a treatment that you use for when you're getting cancer treatment

and it can help with some of the toxicities. And there is a theory that autism, at least some people with autism, they have basically this condition where they can't get folate to the brain. And so it's in their blood, but it's not reaching the brain. And so maybe that's causing some of these neurodevelopmental issues and by giving them this drug that you can kind of bypass it. It uses a different way to the brain than traditional. And so that is giving people with hope,

giving people some hope, and within the community, it might not be a household name to a lot of people. And I think when these reports came out last night, again, this initial reaction of what is that? This sounds crazy. But when you talk to people in the field, there is research going on. There is hope, but again, these are really small studies.

We have seen this been an area of investigation, but there's really nothing definitive at this point. So I think that, you know, one thing that everyone wants to hear going into this announcement is what exact science are they talking about, which studies are they touting, and how do they plan to use this going forward? People want hope, but people also want data. So how do you balance the two? Okay. Angelica Peebles covering it all for us. Thank you.

Coming up on overtime, crypto and quantum computing falling today while gold marches to another record high. What does this tell us about the risk in the markets right now? Mike Santoli is going to join us. He has thoughts. And Firefly Aerospace reporting results for the first time as a public company. The rocket launch company and Moonlander company losing money on a gap basis. It's revenue missing estimates. The stock falling right now in overtime.

It's down about 5% right now. As you can see on your screen, we'll be right back. Welcome back to overtime. Shares of Lenar are lower once again today. And now down about 10% for September. A lot of analyst reaction to its earnings that were late last week. Raymond James downgrading the stock to underperform. RBC, Citigroup, JMP, and Evercore ISI, though, all raising their price targets, nonetheless, down 4% today.

Well, some of the market's classic safe havens aren't acting so safe. Others suddenly trading like risk on assets. What does that say about investor psychology right now? Senior markets commentator Mike Santoli is here. He's got a deeper dive on what could be. Yeah. So, I mean, behavior reveals character or at least reveals perceived character, something like that. So here's how Berkshire Hathaway and the NASDAQ 100 have behaved. I've pointed this out a few times. They've kind of taken on this inverse relationship to a fair

degree. Now, both very high quality in terms of financial strength and all of that. But if you just look back leading up to the spring, you had Berkshire Hathaway rushing to that high as the NASDAQ 100 had a nasty pullback. Now, Mag 7 is obviously those mega caps trillion-dollar plus. Berkshire Hathaway is the next biggest stock, and it's just not like those other stocks in terms of what moves them, technology, future, all that stuff. And now you see the NASDAQ 100 again making new highs, and Berkshire is struggling. So it's a little bit of two sides of the coin here.

Now, take a look at gold relative to Berkshire Hathaway. Of course, both of these traditionally. Look at how they move similarly until recently. Yeah. Gold just accelerating higher. It's a little more of a momentum trade of sort of loose financial conditions, real yields coming down, people diversifying out of the dollar, but it's not helping the safety status of Berkshire Hathaway to have it go. So I think gold right now, this last little bit of it, has very little to do with shelter from any stress,

as gold would often, you know, offer you. People are looking to it for absolute price appreciation. Which is super fascinating. And if you layer that on top of the big games we saw in gold last year as well, I mean, It's been an incredible breakout story. It's been compounding for a while. What does it take to get Berkshire to have a breakout, especially if you have Warren Buffett's stepping aside. Do we need to see some sort of big M&A announcement?

Either M&A or some kind of reveal about how they're thinking about the company down the road, whether it means divestitures, whether it means deploying some of that capital. Yeah, some of it could absolutely be that. Now, remember, they're a huge owner of T-Bills as people have talked about. So there's a kind of bond-like character to part of Berkshire. Hathaway. Also, a lot of their stock holdings are kind of the stuff that nobody wants, which is consumer staples that are high quality, but not that much growth. So I think a lot of that stuff is weighing on it right now. Also, insurance stocks have actually not been particularly

strong within financials. That's, of course, the core business of Berkshire. Yeah, of course, because banks sort of broke ahead with the deregulation narrative. All right, Mike. That was great. We'll see you a little bit later this hour. Thank you. Mike Santoli. We have a news alert from Washington meantime. And we're going to go back there to Emily Wilkins for the details. Hi, Emily. Hey, Morgan. Well, as you know, the federal government is hurtling towards a shutdown next week. And we now have an update of leader Chuck Schumer and Hakeem Jeffries. They've been asking for meetings with Republican leaders now for weeks. And now over the weekend, they asked for a meeting with Donald Trump. Today, we've gotten confirmation that at that meeting will be happening likely

sometime this week between Trump, Schumer and Jeffries. And the thing, of course, the Democrats have been pushing for. They want to get some sort of win on health care here. One thing we're watching very closely is that extension of the Affordable Care Act tax credits. If those expire, a lot of insurance costs are going to go up for millions of Americans. And so we don't have details yet about exactly when that meeting will be, but it could provide a potential break through or a solution to end the government, to end the stalemate and prevent the government from shutting down. Morgan? And of course, Emily, clock is ticking on all of that. Can, can Congress get anything else done until they get some sort of budget or continuing resolution passed? I mean, yes, Congress can,

but honestly, once you go into a shutdown situation, all the attention and all the oxygen in the room gets focused on that, because the longer the government is shut down, the worse it gets, the more issues there are, the fewer benefits Americans can have. And so it's not kind of a thing that technically they could be doing something else, but why would they? You're in an emergency situation at that point. Okay. Emily Wilkins, thank you. Another record day for stocks. The market getting what they wanted from the Fed. So what could propel stocks even higher from here? We're going to dig into that on the other side of this break, right here on Overtime.

Welcome back to Overtime. Another record day for the markets, the Dowell S&P 500 and NASDAQ, all closing at record highs. InVIDIA, a big driver of the NASDAX rise, hitting a record high itself after its big deal announcement with Open AI, investing up to $100 billion in the company. Those energy names, which are being relied upon to power these data centers for AI are also having another big day. Oklo is up 46% in a week. And another record high for gold today. It comes as Bitcoin takes a breather and ether falls by 7%. Morgan?

Well, speaking of those record highs, as the tech and AI trade continue to power this rally, Deutsche Bank pointing out that equity positioning is at a one-month high, but still only moderately overweight, can a bruce? broadening rally carry the markets even higher. Well, joining us now to discuss is Bonson Group CIO, David Bonson, and Vanguard chief global economist Joe Davis. Great to have you both here. David, I'll start with you. And that very question, can it carry the markets higher here? Well, it certainly can. The question is what happens after that? I mean, the timing of all this is just simply impossible. And when you're starting at a position of what's call it, 23 to 24 times forward earnings. Flows can certainly aid in driving things further, but they're doing so by

raising the multiple. You're taking a very elevated valuation and making it more elevated. That's difficult to sustain over time, and it certainly changes the risk-reward trade-off. So, David, do you think that's the biggest risk to the market right now, valuations? I certainly do. I think that right now when you look at earnings growth, it's very good. when you look at a lot of the economic fundamentals, they're okay. They're not wonderful, but there's nothing recessionary that I see. What really bothers me most for index investors, especially cap-weighted, is the valuations. Okay. Joe, want to get your thoughts on what we're seeing here in this market,

especially given the fact that we had a flurry of Fed speak today. You have Chair Powell speaking tomorrow. We had a rate cut last week, and we have a market that seems to be expecting more to come, maybe perhaps even more so than what officials are signaling themselves from the Fed. Well, again, I think what, you know, what David mentioned, too, you have two factors really giving some powerful momentum. You have obviously the AI story and just some of the explosive growth and adoption in AI. And then we have a Federal Reserve that's taking their foot really off the break. And so you have those two factors really leading to higher multiples.

And as mentioned, you know, fundamentals are okay. I think there is, you know, when you're a little bit at richer levels, cracks are exposed to bad news. That's not to say that it's going to materialize, but I think we would need to see either an acceleration and growth in the back half of the year or some, you know, progress on inflation, which remains stubborn. And I think either of those dimensions would help. So, Joe, what do you think the bond market is signaling here and specifically the yield curve? Well, I think you're getting a little bit mixed picture. I mean, you have a Federal Reserve that certainly, you know, the bond market is saying,

you know, more easying to come, yet not recessionary, which is positive generally for risk assets. The thing that I'm perplexed with is even outside the bond market, you look at the price of gold, which is generally defensive in nature, sending mixed signals with the S&P 500. And so that's something that I think, maybe they're looking at different horizons, pricing different sort of risk, but those two charts, I have difficulty squaring. David, what would you be buying right now? if valuations broadly are rich. Well, again, because we're sort of value-oriented,

we prefer to buy the things that aren't value-rich, and we are dividend growth investors. There are some names in the consumer staples sector, the health care sector, that are really quite attractively valued. And so you want to be diversified. We're doing very well in a lot of the financial names, some of the industrial names.

But I think that the energy sector is something to keep an eye on. I think there's great value there in midstream, but then if you're looking for something that might even actually be cheap, you really have to go to consumer staples in health care. Joe, how are you factoring in all of this investment into AI and the impact to the economy and perhaps just as importantly, maybe even arguably inversely, on the labor market? Sure. Well, again, I think, you know, we've actually spent three years really looking at the AI issue deeply from the economic as well as the financial side. eye-opening to me is that over three or five-year periods, you've got to look a little bit beyond just the current cycle. The more bullish you are on AI, the more you should invest in areas outside of the AI field, not because AI is overvalued, but because the technology will start to spread, and its productivity, its innovation rates will start to lift, even when

David was mentioning other companies outside Silicon Valley. That's inevitable if AI is transformational. Again, we haven't seen those transformations yet, but I would think for investors listening, you can start thinking about, say, the second half of the chess board, the more bullish you are on AI, and start thinking about opportunities to deploy capital beyond just the data centers that are being built and beyond the chips that are being produced. Okay. Joe Davis and David Bonson, thank you for joining us with all the major averages at record guys today. John. Indeed. Indeed.

Well, China, Shanghai Composite is up more. than 20% since early April, despite lingering economic concerns. But up next, we'll head live to Beijing to look at why there might be more tailwinds behind Chinese stocks. And after a rough start to the year, Apple has been significantly outperforming the Dow over the last three months. Coming up, Fast Money's Tim Seymour is going to tell us whether there's still more room to run. Overtime, we'll be right back. Welcome back to overtime. Chip equipment makers applied materials and lamb research are among the big winners on Wall Street today. Morgan Stanley upgrading AMAT to overweight from equal weight, hiking its price target to $209 from $172 per share,

and upgrading lamb research to equal weight from underweight, also raising its target on lamb to $125 from $92 per share. The analyst there citing spiking demand for memory wafer fab equipment. And of course, John, we're going to get micron earnings in this hour tomorrow as well, so semiconductor rethrues will continue. All right. Well, yeah. In meantime, once written off, as uninvestable China's stock markets turning heads again. A rally in Shanghai and a surge in Hong Kong are drawing global money back in alongside a powerful push from Chinese households. Our own Yunus Yun is in Beijing taking a look at what's driving this sudden shift.

When Ho Yu Jia isn't convincing customers to rent costumes for photos at Beijing's forbidden city, she and her friends are checking stocks. Ho recently put 10% of her money, in the market. In a few days, she earned one month's salary, and she's thrilled. Interest rates for bank deposits are so low, I don't even want to bother, she says. Stocks are a hot topic right now. In the past 12 months, the Shanghai market is up 40%. After a massive stock crash a decade ago, people here have gently been wary about putting money in the stock market because they've been burnt. But now, with a property sector in a protracted slump, and restrictions on investments outside of the country still tight, more Chinese are looking

at the stock market again. AI and drones have been developing fast in China. I hear there's great potential for those stocks, she says. Government signals are encouraging investors to jump in. There's a change of policy intention because of the deflationary pressure is getting more and more armament. The policy makers felt that they need to do something to refocus. the government work on economic growth rather than mean less risk.

The government is also trying to push in more institutional money to make China's markets a store of wealth, like in the U.S. Regulators have mandated insurers and state mutual funds traditionally on the sidelines to increase their holdings. But transforming the mindset of everyday Chinese still could take a while. Many of 30 times, sisters still believe that it's a gamble as a casino. No one believes that it's a long-term investment. It's very different from the U.S.

That means the stock boom could quickly turn ugly. As soon as I hear or sense the market going down, I'll grab my money and run for my life, Ho says. And what Ms. Ho does matters a lot to this market because unlike in the U.S., where retail investors account for about 20% of trade, According to HSBC data, China retail investors drive about 90% of daily trade. Guys?

Wow, Eunice, and so that makes me wonder how much incentive the Chinese government is going to have to be market friendly. There was a time a few years ago when some Chinese companies, Chinese stock seemed to be doing well, and then a government's move to sort of assert who is in charge perhaps took a toll on investors. sentiment there. I wonder if now perhaps the government has additional incentive to let the market and maybe some more like free enterprise run? Well, I think that the government likes to say that they are market friendly, but this administration is currently showing that it's very much in favor of having the state dominate several different industries. Having said that just on Monday, just a couple hours ago, the financial chiefs have been talking up the market a lot, congratulating

themselves and some of the progress, they say, in the stock market. They actually pointed to what some of the foreign money that's been coming in, saying that China is expanding its circle of friends when it comes to investments in the stock market. And then they've been talking about how monetary policy is self-determined, they say. So because of that, you know, a lot of investors here, even if it's not the Chinese taking their hands off the wheel, they're looking at the signals and the signals right now are that

the Chinese government wants to support this market. It's an important investing perspective that only you can bring us. Eunice Yuni, thank you. Be sure to catch more from Eunice in the next hour on Fast Money with a changing landscape of the

EV market. Morgan, that's going to do it from me here in Santa Clara. I'll be back next to you at HQ Tomorrow, Lord and Plains willing. Yes, safe travels, and we look forward to that, John. Well, from the far east to the far south, up next. Fast Money's Tim Seymour on how Argentina's currency crisis could impact Wall Street and your money. And Oracle shares surging after a C-suite shuffle, the software giant naming the head of its cloud infrastructure business

and the president of Oracle Industries as its new co-CEOs, they will replace Safra Katz, who will now become Oracle's executive vice chair, those shares finished up another 6%. Stay with us. Welcome back. Apple shares popping today on strong iPhone 17 demand in its first weekend of sales. The stock is now a race that's losses for 2025. It's actually up 2% on the year now. The last company in the Mag 7 to turn positive on the year. Joining us now is Fast Money Trader and CNBC contributor Tim Seymour. Tim, it's great to speak with you. Want to get your thoughts on Apple. Hey, Morgan. Yeah, I'll tell you what. It's been an interesting couple weeks for Apple. We went from being a mega-cap tech stock that most people felt was stagnant and dead money.

And a lot of the dynamics that are on tariffs and even Washington were getting in the way. And suddenly, both an antitrust deal for Google, Tim Cook's masterclass in the White House, and obviously some pretty good news around a release that nobody expected to be good. And suddenly Apple really is leading the S&P, at least over the last couple weeks. It's outperformed the S&P significantly, and it's up with almost 10%. So there is some good news there. I think I tend to be on the more glass half full with Apple. I think a lot of people feel like there's just not much there.

I want to shift gears here. I want to look abroad and specifically get your thoughts on what we're seeing with Argentina. Stock market there. Soaring today is the U.S. pledge of support for that country's economy. Is it a buying opportunity for investors looking to diversify beyond the U.S.? And I ask that knowing that it has been a very, very risky investment over the last couple, I don't know, call it decades. Well, great to talk about emerging markets of someone that's invested there in much of my career. The idea of Argentina being a safe haven, I think we're very far away

from that. In fact, obviously, I think the political support for a right-leaning leader in Argentina in Malay is someone that at least the Trump administration has seen eye to eye with. There is certainly some sense that he is trying to do some of the right things in terms of fiscal austerity in Argentina. Remember, this is a 650 billion or so economy. I don't know. don't think this is going to make or break, both investing in Latin America or in emerging markets. I think the trends overall for investing internationally are that, you know, the dollar today was another weaker day, dynamics around a weaker dollar, even for foreign folks who are buying U.S. mega-cap tech stocks. From other parts of the world, a lot of people are doing, you know,

dollar hedges against that. So I think the Argentina story is interesting. I think the India story is interesting because these are very specific as they relate to White House foreign policy, tariff policy where we've seen that convergence even come into play here. Emerging markets have out performed massively. There are two times of the S&P this year, China, which is 40% of investing in EM. We all know. We've talked about that. You were just talking about the outperformance there. So Argentina, fascinating place, a place that has certainly been an outcast in terms of global capital markets at different times over the last 30 years that I've been investing around the world. Today's news is good news for Argentina. It's good news for Latin America.

And it certainly strikes a juxtaposition when you look at Argentina and the foreign policy and investment dynamics with the U.S. there versus, say, Brazil right next door, which has been doing a lot and continues to get closer to China under current leadership as well. You mentioned India, so I'm going to ask you about it, because we saw Indian tech stocks sell off on the immigration news, specifically the H-1B visa news, that we got Friday night with an executive order from the administration to the rupee weeker there as well. Just want to get your thoughts on India. I think India for the last five years has probably been one of the most investable emerging markets. It's actually underperformed over the last 12 months. I think there's been some concern about the relationship with India. Certainly we've read a lot over the last six months. There have been some good times and bad times.

Even in the last couple weeks, there have been some good times and bad times. But India has a market to invest in in a world where commodity prices are under control and the dollar is weaker. This is very good for investing in India. It's a higher growth market. It's not cheap. Certainly relative to emerging markets even, it's probably the most expensive emerging market. Names like ICICI Bank, which is ticker IBM, you can buy a lot of these Indian stocks here. There is some concern that there are some headwinds for some of these big tech companies.

I love India long term. I think in this current environment, there are better emerging markets to own. Okay. Tim Seymour, we covered a lot there. Thanks. Thank you. Great to be here. We're going to see you at the top of the hour for fast money. So stay tuned for that.

Me and time here on overtime. Up next, we've got Mike Santoli back. He's looking at whether a softening job market is a red flag for the economy and for Wall Street. Stay with us. Welcome back. Software jobs data has markets leaning doveish, but the economy is still growing. So can this divergence hold? History says, yes, for a while. Mike Santoli's back with more. Mike. Yes, of course, we don't know if it's going to hold this time, but there have been periods in the past. In fact, you can look here at the late 90s, as a matter of fact, where that orange line, that's real GDP growth year over year, was well in excess of what the jobs market was doing in terms of annual gains. So here we are again, where job growth has really decelerated, almost down to stall speed. That's the blue line. And yet, we're tracking for GDP still at, you know, relatively healthy levels, 2 to 3%. Like the late 90s, we seem to be in a phase here where we have very heavy kind of corporate cap-ex drip.

growth, a little bit less labor intensive. We also, of course, right now keep talking about labor supply issues and how that's an element of low absolute levels of labor growth, of job growth, as well as, of course, just demographics. So I don't think this is like some kind of a bright flashing alarm that we should be worried about, but, you know, overall economic growth should, on some level, track with the production of net new jobs. So this is a relationship we ought to be keeping an eye on. Yeah, I mean, it is interesting to me, though, the Fed piece of this. We've already had some of this debate about, you know, where the Fed's jurisdiction really is when you look at the bond market and how meaningful rate, you know, rate cuts can actually be here, especially as you have a trajectory or a dot plot that's uneven based on the breakdown by officials. But I was with John Cadunis of Calamos at a conference earlier today, and one of the points he made was that, and I might get the numbers a little wrong, but bear with me here, that's something like 75% of mortgages, mortgage rates in the U.S.

are 4% or below and then something like 25% or sub 3%. So if you start to see rates, particularly the 10-year yields come down and with it mortgage rates in a more meaningful way, what does that do to unlock housing and then in term help continue to grow the economy? Yeah, that's a piece of it. I mean, we've really disconnected the housing cycle from the economic cycle to some degree this time, which used to be considered to be basically the whole ballgame. So I do think there is an unlock possibility there. We don't know how much rates have to come down.

I think maybe more than a quarter of all homes actually don't even have a mortgage. So those are the statistics among the homes with a mortgage. So, yeah, I think you want more turnover of housing. That's one piece of it. I do think the market is taking comfort in the fact that the Fed pegs its policy to job market activity as opposed to GDP. Therefore, it's more dovish than it would otherwise be if the labor market is understating economic growth. So that's why I think markets are okay with this for now. Okay, got it.

Mike Santoli. Thank you. Don't miss tomorrow right here on overtime. Strategy executive chairman, Michael Saylor, is going to join me to discuss Bitcoin and more. We also get flash PMIs. We get micron earnings. That's going to do it for us here at overtime with markets at record highs again today.