Power Lunch - Stocks stay on shaky footing 11/17/25

Episode Date: November 17, 2025

Warren Buffett's Berkshire Hathaway reveals its take in Alphabet. Nvidia reports earnings on Wednesday after the bell.  And what should investors be cautious of in this market?  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A potential Supreme Court ruling on tariffs, so make or break earnings for NVIDIA, and you finally see the September jobs report. It is all happening this week. Welcome to Power Lunch, everybody. I am Brian Kelly back in about two weeks. Stocks right now, they are lower across the board. More on that ahead, but also happening right now, Warren Buffett's team, he doesn't think AI is going to kill Google Search, will tell you what he's doing that is moving

Alphabet in a big way. Mark Mahaney of Evercourt is here. Another billionaire Peter Thiel selling his entire position in NVIDIA, Dan Ives, Gene Munster, both here to talk about it. Oh, and NVIDIA's earnings this week. Plus, what the charts may say about Bitcoin's recent drop. And why one big American car company is making another big bet on electric. Wow. All right, welcome everybody. Hope you're having a great Monday. We've got a big hour ahead. Let's start. with one of the brightest minds in growing your wealth and investments. Because it is not just about buying stocks on this day and selling stocks on that day. It's about patience.

It's about understanding the longer-term game. And there is no one better at that than your first guest today. That is Peter Malook. He is the president and chief investment officer at creative planning. They have been ranked as the number one fee-based investment advisor for many, many years. By all kinds of different firms. Peter, you've written it out and you posted a great graphic to Twitter, now known as X, which is looking at the long term. But we've talked about it before. People get

nervous. Things get jumpy. What is your word of sort of sage advice here? Well, it's good to be with you again. You're my favorite. And here's what I would say is if you zoom out, things work themselves out. The market, as you know, all of your guests today are going to talk about earnings and expected earnings and future earnings. We saw that in your setup. And the stock market for all its gyrations, it matches earnings over the long run. So no matter what drama is happening, that's how it sorts out. Keep in mind, the good part of it earnings is inflation. So if you expect 10 years from now a can of Diet Coke or a meal at McDonald's or a flight on Southwest Orleans costs more, that's part of the stock price. I mean, don't fight that powerful force.

Of course, you have expanding earnings, innovation, all these other things that go into earnings, but it gets you not so concerned about days like today. or the last couple of weeks or back in the tariff panic of April. And your point is taken. Stocks go up, what, 75% to 77% of the time? That's why the upward bias to the market. That's why people, by the way, that's why they do exist. But you've also made the very important point that stocks do go down.

And sometimes they go down violently and it's painful. And that's why people invest because that risk is why you're investing. If it was a guarantee, there'd be no return. That's right. I mean, the reason investors invest in stocks is they expect a better return than loaning money to the federal government. If we expected, you pay a price for that expected return, and that's the volatility. You and I got to talk during the middle of the correction that turned into a bare market at the beginning of the year. It would not surprise me at all if we're in the early stages of our correction here. I mean, the market is even now still priced to very near perfection. It's had an incredible run. Breathers are You see a market pullback of average of 14% every single year. I mean, imagine that from these levels, people would lose their mind, giving it's almost 8,000 or so or so points, be a very normal annual occurrence. Yeah, what is your greatest fear or risk to the market right now, Peter?

I know there's always something out there, but if you had to pinpoint one thing, what do you, what are you thinking about the most these days? So right now, I think like in the short term, what I think would drive a correction is just, sentiment, just this feeling that, hey, it's come so far, so fast. You start to see key people, like you've talked about at the top of your hour, start to pull money out of certain positions, and the psychology takes over. Corrections are usually psychology-driven, people trying to predict what's going to happen in the short run. Fair markets tend to be more fundamental. 9-11, 0809 housing crisis, COVID, you know, something's really happening, a Terra4 that will truly impact future earnings,

and it really causes people to pause for a moment. But I think here would be more sentiment-driven. I don't see anything that causes me a lot of concern on the horizon, which means the biggest concern is what I'm not thinking about and what no one's thinking about, which is where the biggest problems come from. You think about COVID-9-11, things like that. They tend to be things no one's thinking about,

which is why everyone should have their portfolio position based on their needs. Your short run should be covered in bonds, stocks over the long run. Short run covered in bonds. I'm going to get to that in a second, but I do want to follow up with this, because everybody and their mother and their mother's mother is talking about the potential for an AI bubble. We've talked about it. The cover of the economist right now is kind of talking about it. The Wall Street Journal is talking about it as well. I do wonder if so many people are talking about something, does that render it moot? Or is it a real threat that we are in some kind of AI-driven bubble? So let's start with, well, what do we think of this as an asset class?

So when you talk about, say, a cryptocurrency asset bubble, there's a legitimate discussion is, is cryptocurrency even a real thing? Or will everything go to zero someday? Or will 99.9% of them go to zero someday, which is, you know, the camp that I'm in. When I look at AI, I think about the internet bubble. Well, a lot of people go, oh, my God, I don't want that to happen to my portfolio. But wait a second. The internet was a real thing.

and it really drove a huge amount of economic expansion. And the biggest winners in history came out of that, right? If you look at like Google, Microsoft, all these people on the front end of that revolution, these are the biggest companies in the world today. But yes, we had Pets.com and everybody that tried to position themselves as Internet, it didn't work out. I think that's what we're going to see with AI. AI is exceptionally real. This is going to change the way everything in the world works over the next 10 years from health care,

to finance, to production. I can't even anticipate and believe what's going to happen. And there are going to be mega, mega winners here. And there are going to be thousands of losers. That's how these things work out. Who's going to be the mega winners? Is it the mega caps? The Googles of the world?

The meta's of the world? I mean, they seem to be the ones that are winning. I think what you're touching on Brian to me is really fascinating right now. With the internet, we were starting to see mostly brand new companies and who was going to plant their flag and be the future. But the AI revolution is really happening inside the existing mega-cap tech companies that can afford to spend the hundreds of billions of dollars to try to plant this next flag. I do think most of the winners are already big names that we're familiar with that are going to be able to thrive in the future. I don't know for sure which ones those will be.

But I think when you look at the Mag 7 and the top 20 tech companies, most of the AI revolution is happening in there. and we'll have a few outliers that come out of nowhere and, you know, become among the new top 10 or 20 companies as well. It's like the Dodgers. They've got the most money. They have the biggest payroll. They come through in the end and they win the World Series. Makes it harder for, say, I don't know, Kansas City Royals to compete. But every now and then the Kansas City Royals come out of nowhere, right? And that's that, there we go with the AI Revolution. You've got the Dodgers are going to have there more than their fair share. That's big tech, but there's room for others, too, to make their moves. Once in a while, and we love to see it when they do.

Peter Malook, love having you on. You're our favorite, too. Peter, thank you very much. Have a great day. Great to see you. All right, folks, just a reminder, again, following up on last week's weakness, the Dow is down just under 1%. Session lows right now, NASDAQ off about 8 tenths of 1%. In the bond market, the 10-year yield yield yield coming down.

People are selling stocks. They're buying some bonds. But the yield on the 10 years, Rick Santelli's going to tell you, is above where it was a couple days ago. Oh, and Rick Centelli, there was an article in the journal today about how it's the best year for government debt in like five years. It's not just about stocks this year. Yeah, no, that is true.

I mean, we're down about a little over a half a point in yield from where we closed last year in a 10 year. So, yes, going back to 22. But you described the 10 year as inching lower, and that is correct, I described a little different. If we look at a three-day chart, what I've said is basically it's hovering near recent highs. The recent high close for two years, 363.

Here we hover at 360. Recent high-yield close for a 10-year is 416-ish, and basically here we hover at 413. And if you open a chart up a month and a half, you can see it's like putting a beach ball underwater. After we made the low-yield close of the year in October, they really seem quite buoyant, no matter if you look at the short end in a two-year, the long end, in a 10-year.

Now, there's something else going on. We just learned that the Japanese third quarter was negative GDP. And the Japanese have had their share of negatives this year, whether it's their economy, their fiscal situation, their politics. Look at what's going on with their currency. Here's the dollar yen, the dollars at a 10-month high. here's the euro yen. The euro is at a 33-year high

going back to 1992, and against the yuan, the Chinese currency versus the yen, the yuan is at a 16-month high. Now, none of this, of course, is brand new, even though the data I described is brand new. The point is that the Japanese are an export economy, and maybe their weak currency isn't the end of the world, but it may be pointing to many negative.

down the road for the Japanese economy at large. Is that why we're looking at Japan so much? I mean, the yield on their Japanese bonds is at the highest since 2008? Yes, yes. It's that interest rate differential. So the adjustments are being made for that weak currency. It's definitely something to pay attention to. Paying attention to Japan.

Always something new from Rick Santelli, Rick. Thank you very much. Thank you. All right. The overall markets may be down right now, but Alphabet hitting a new interest. record, getting the vote of confidence from none other than Warren Buffett and his team. We'll talk about the big bet with Mark Bahainey.

Next. Well, this next segment is all about the ABCs. A is for Alphabet, which stock is soaring right now in a down market. B is for Berkshire Hathaway, which just unveiling. an even larger stake in the parent company of Google, and C is for crushing it, which is what Alphabet stock has done more than doubling Office 52 week lows. Joining us now to talk about this, Mark Mahaney, Evercore ISI, head of Internet research, and why Alphabet is moving up in a down market, is that Warren Buffett's Berkshire Hathaway

unveiling they have raised their stake in Google. Mark, this is interesting because, number one, Berkshire is not a super techie firm, So they're going in on, you can comment on that. But also number two, been this theme that sort of, well, AI is going to kill Google and Alphabet Search. Doesn't appear that Warren Buffett and his team think so. Yeah, I actually think, Brian, I think there are three reasons for the stock to be up today. That's one of them. They did resolve issues with Disney, with YouTube.

That's a second. And then there's also expectation or anticipation that Gemini III is going to be launched as early as this week. The company had promised, the CEO had promised on the last. last earnings call, we'd get it before the end of the year. And I think there's been some hints that could come out shortly. And yeah, I think to your broad point there at the end, yeah, in nothing like six months to change investors' opinions six months ago, this was supposed to be AI roadkill. And then since that time, Google has proven that they are effectively deploying AI, and they have been for some time to improve search, to improve YouTube, Google Clouds above 30% growth.

You still got this Waymo asset that continues to build, but just on this core AI business, you know, Gemini is becoming more and more powerful, and you're going to have a multimodal, you know, deep search transactions included. There's some noise now about to online travel, getting integrated more closely into Gemini. So I just think that, oh, and then the TPUs, you also now look at Google as a fully integrated tech stack play from chip to cloud to app, and all of a sudden the sentiment, not all of a but really kind of only over a few months, the sentiment has changed quite nicely, and I think correctly for Google.

So I'll stick with Google as a long. You think that's what Todd and his team at Berkshire has really, Buffett is stepping away. It's really the other investors there. Do you really think this is what they're seeing that people, I don't want to say they wrote off alphabet, the stock has doubled off its lows for Pete's sake, but you know the themes and the memes that I'm talking about, Mark. If you're stepping in and making Google a big position now when it's no longer dislocated,

you're making a bet, and I know they make very long-term bets at Berkshire, but you're making a bet an investment decision that there's going to be AI tailwinds for multiple years to come, that what we thought was maybe a mature search business can probably sustain double-digit growth or close to it for multiple years, and that's such a cash cow for the business. and then it'll just feed investments into other places that, you know, in the next three, five, ten years can really become large businesses onto their own. And Wayne was at the top of that list for me. But, yeah, that's what you're, that's the investment bet you're making. And I think that's a good bet to make.

You know, again, we sort of forgot about all of the skills, the cash, the resources. And then, by the way, the ability for Google, you know, once that DOJ case was closed, the major antitrust case, All of a sudden, the engineers came back, and you got Gemini integrated into YouTube. You got it integrated into Gmail and so many other assets that they have. They have a billion users each. They get AI right. They can deploy it so many times so effectively. That's why you want to stay along Google.

Go back to the Waymo aspect. This is the driverless car, sort of an Uber competitor. There is no driver. I've showed our, I've been in many, many of them. And as I've said, it feels like the future. I don't know if it's a good thing or a bad thing. and just when you get in the car, like, welcome, Brian, please attach your seatbelt, you know, and blah, blah, and you can play your own Spotify playlist.

How is there a way to quantify the ultimate long-term value of Waymo inside of Alphabet? Sure. I just don't know that you can do it with a lot of confidence. And I want to make sure, I want to set your mind at ease on something. I think it's absolutely a good thing. And I'll just start off with basic human lives, a number of lives lost because of traffic accidents every year. You know, we're into tens of thousands. So the extent that you make driving safer, and that's what Waymo has proven so far.

Things could change, but so far that's proven, there's a clear positive advantage to this. And then, yeah, the value of it within, so it sort of depends on what the business model is. And I think Google is playing their hand to poker on this extremely well. They're going to keep all of their options open, whether they go for a global ride, hailing, global robotaxy business, or whether they decide to become an OEM play and become the, Robotaxy operating system for all new cars built starting in years five and ten from now on. There are valuation paths, value creation paths. Either way, they go on that. Yeah, it is truly a unique experience. The first time you do it, you get in a driverless car.

It's a little weird. Second time, it's a little less weird. Third time, you're just rolling along. Mark Mahoney always rolling along. Mark, we appreciate it. Thank you very much. Thanks, Brian. All right, we've got some breaking news out of D.C. Let's get through the White House at Amin-Jabbers. Yeah, Brian, that's right. Attorneys for Lisa Cook, the Fed governor, have filed a response with the Department of Justice to the allegations by federal authorities that she was involved in mortgage fraud. This is the first time now since this controversy erupted over the summer that we've seen a response from Lisa Cook's attorneys on the merits of the allegation. Her earlier defenses were focused around the question of whether the president has the authority to remove her as a member of the board of the Fed. said, this filing with the Department of Justice is a letter from her attorneys to Pam Bondi, the Attorney General, in which she's doing two main things. The first thing is defending on the merits, her various real estate filings related to her

three properties that are at issue in this controversy. And the second thing she's doing through her lawyers is attacking Bill Pulte, the head of the FHFA, as somebody who is weaponizing the federal government against her and behaving inappropriately and engaging in misconduct, she says, in this filing. A couple of points to note. She does note in this filing that there was one document filed by her related to her Atlanta property that had an inadvertent notation that was inaccurate as to whether that property was her primary residence or not. But the argument in this filing, Brian, is that the sum total of her disclosures around that property,

including other filings at other times, were all accurate. And so therefore, one inadvertent notation does not meet the legal threshold required here to charge Lisa Cook with a crime in this case. So this is an interesting step because remember there's two prongs to this. One is whether the Department of Justice would charge Lisa Cook with a crime, which they have not done yet. And the second one going all the way up to the Supreme Court, which says it will hold hearings on this or hold arguments on this on January 21st about whether or not the president has the authority for calls. to remove Lisa Cook based on these allegations alone in the absence of any confirmation of the allegations or legal proceeding against Lisa Cook, Brian. So this is the first time we've had an opportunity to hear Cook's defense on the merits

against these allegations. In law school, yeah, in law school they call it mens rea, sort of state of mind, like what was your intention in this? And it sounds like while she may have clicked or this inadvertent notation, whatever that term is, this is my primary residence, right? which a lot of people are going to scoff at. You're like, you don't know where you live. I get that.

But it goes to this idea of intent that if it was an accident, that it wasn't a criminal intent, and thus would negate the Trump administration's push to have for a move. Whether she got it wrong, the other side's going to latch onto that. But it's this mens rea. Why did you get it wrong? Well, I screwed up.

I didn't do it on purpose. Yeah, the question here, was there intent to deceive? And she's arguing, no, it was an inadvertent filing, not an intent to deceive, and the other context of her other filings will bear that out. So we'll see what the FHFA has to say, and we'll see how the Department of Justice responds to it if they do. Well, somebody's going to have to respond. It's really taken on a life of its own, but, Amen, we're glad you're there hitting on the news in that response that just came out. Amen, thank you very much. You bet. All right, folks, well, I would say happy Monday, but it's not really, I mean, the NASDAQ is near session lows. The Dow is down again, kind of coming off all the weakness, but guess what we've got?

The good news is that we've got those two guys, Dan Ives, Gene Munster. We're going to talk about AI. We'll talk about Nvidia's earnings coming out on Wednesday. We'll talk about how Peter Thiel and his team just sold all their Nvidia stake. All-Star panel on set here in studio on Power Lodge. Next. All right. Welcome back. As we mentioned at the top of the show, it is a very busy week for Wall Street and your money. Don't believe us? Well, here's your calendar. In the days, weeks or months ahead, sort of at any time, we could get a Supreme Court ruling on President Trump's tariffs. If they're struck down, i.e. ruled illegal, it could rattle both the stock and bond markets. Closer to home on Thursday, we're going to get those September jobs numbers Friday could bring potential sanctions for the White House on Russian oil, but maybe the most important event of the week.

maybe of the year are NVIDIA's earnings. They're out Wednesday afternoon, and to say they are a big deal is an understatement. So we brought on two big deals to talk about it, Gene Munster, managing part of Deepwater Asset Management, Dan Ives, Global Ed of Technology Research at Wedbush Securities, both coordinating and rocking some pink today, by the way. So appreciate that. My race car helmet is pink. I think Gene wetting's bullish, too.

Yeah, this is a big deal for me. Pink is now the bullish color. talk about this, Dan Ives, how big are NVIDIA's earnings on Wednesday night? It's a Super Bowl, not just for tech earnings, but I think this market, right? I mean, the reality is that there's only one godfather of AI, and that's Jensen. And InVIDIA, look, it's the foundation in terms of what demand looks like in terms of what we're seeing. And, you know, Gene and I talk about it often. I think it's going to be actually a huge positive growth catalyst that we see, not just for Nvidia, but for tech stocks.

but it all comes down to on Wednesday night, you're going to be able to hear a pin drop on trading forers around the world. I just don't know, Gene, how you even plan for this normally. You know, you've got the analyst estimates. You've got a little bit of whisper number. If they kind of come in a little bit above it, it's good news. Everybody knows Nvidia's numbers are going to be gigantic. Is that a fair statement?

Yeah, it's not only a fair statement. Back on the 28th, Jensen went at the GTC. He basically gave us the playbook through the end of next year. said this $500 billion in Blackwell and Rubin revenue, if you take that for his word, that they're going to be able to do that. Now, if they can get supply, that implies a 54% revenue growth rate for next year. The street's at 41%. Now, it's come up from 34 to 41. But that's the gap, as I think about this, Brian, that's the gap between where they've set the bar in the 28. He gave us 54% revenue growth. I don't know a lot about Wall Street, except I do

know this. Fifty four percent ain't going to do it when it comes to the stock, is it? It's going to have to be better than 54%, isn't it? I don't think it needs to be better than 54 this week. I think it needs to be better than the 41 where the streets add. And to Gene's point, look, we're getting back from Asia being there three weeks. Demand the supply for Nvidia chips is 12 to 1. So it comes down to this one chip. 12 people in order for every one potential chip that exists to order.

So there's one chip in the world fueling the AI revolution. And that's why it speaks to our view that anyone that taught, and Gene talked about it all the time, anyone talks about an AI bubble here, we are in the third inning of where this is all playing out. And I think that's why this is an inflection point. You're going to see ultimately what the demand looks like from Jensen himself. And the view is a bullish catalyst for tech stocks. Here's the worry, though. Again, not a tech expert like you guys, but I do know also that technology changes. It evolves.

And I think, I think, Gene, if I was, I guess I have to play the role of the bear-ish, right? If I was going to be the bear, I would say that what if somebody else comes out with a much better chip and all of a sudden, NVIDIA's chips aren't as good as they are right now? Well, that's, I just don't think that's simply even in the equation, or at least over the next six quarters. But to your point, maybe two, three years down the road. And that's, I think, probably the most, I think the biggest takeaway that your viewer should glean from this week is that we're still early in AI. Companies that benefit from that will change over time. They'll kind of have two, three-year chapters of growth rate.

But I think that the undeniable truth here is that we have just scratched the surface in terms of where this is all going. And when I hear talk about Peter Thiel selling or SoftBank selling Nvidia stock, I think it really lands on something where they've made some money, but I think ultimately we're still so early, and there's going to be a lot of companies that are going to benefit from this over the next several years. And I'd say, I mean, there's a better chance in me playing the NFL. than ultimately anyone bypassing Nvidia's chips. I mean, don't

disguise yourself, Dan. I mean, come on. You never know. You never know in my 40s. You know whatever. But you never know. But the reality is... But why are you so cut not to not to take away from your NFL prospects? But why are you so confident that nobody at least Sue, AMD, all these great smart

companies aren't going to come up with some kind of thing that will render NVIDIA's chips slightly less good than they are now? Four to five years, they're ahead of, I think, anyone else in the market. Now, look, what AMD and Lisa Sue are doing, they're definitely going to be major players, which is one of the reasons that we're very bullish on. Huawei will actually close the gap.

But the reality is, is that everyone wants the NVIDIA Chis because they continue to be, you know, what I view is really, look, you're creating, you think a step back here, you're creating a new economy. And obviously, G and I work on a number of projects around AI, because the reality, is this is just early on. It's the foundations in video. Second, third, fourth derivative. Let's get out the popcorn.

We're just starting. The thing I worry, clearly I worry about a lot of things. But I remember my colleague, Dear Joe Bosso, a good friend in January. He was talking about this deep seek and didn't get a lot of play. And then you wake up one morning. It was a Monday, I think. Turned on the TV. C&BC futures were like down a thousand points because suddenly people thought maybe China can do all this

stuff with way less energy and less money. Right? Deep Seek Day markets quickly came back. Dan just mentioned Huawei, a Chinese company, do you worry about China stealing invidious thunder and money? Well, right now, if you look at that guidance, that 54% guidance that Jensen gave us back on October 28th, he said that that does not include, this is really important. It does not include any China business and also does not include them gaining any new sales for the next five quarters. And so the reality is, is that, am I, is that a dynamic? Yes, the China piece is a dynamic.

But look no further in terms of exactly what Dan was talking about that. For every one buyer, for every one that gets supplied, there's 12 that want it. That piece is, again, an undeniable truth around this. And I think just speaks to Nvidia, the most basic level, is going to grow faster for longer. Isn't it amazing how Europe has screwed this up? I mean, aside from ASML, the Dutch company, which their lithography machines are needed to make some of these Nvidia machine. So they're a player in this. But aside from that, they haven't, you never hear about AI and Europe. And I'm not picking on Europe, right, except the fact that this is a global

story that feels like, and if I'm going to take the both side, Dan, feels like the US and Nvidia and a few others have won the global game. Europe's not even involved. South America's not really involved, China to a point. But the global money, the global bets are on Nvidia. And the United States. No doubt. And I'd say for the first time in 30 years, U.S. is headed China when it comes tech. And it's not just Nvidia. Look what's happening when it comes to software, Pallenteer, Microsoft Oracle, cybersecurity, a crowd check.

Others, we see on authentication in the orb in terms of human proof. The reality is that it's U.S. and China and Europe, they're way behind because of the regulatory. And that continues to be here. They're investing in our companies because we're the winners. Look, and I mean, look, we talk about it all the time. This is a U.S.-China arms race. But guess what, at first time? The U.S. is ahead of China.

So were you guys going to be Wednesday night? Like, are you going to be on fast money? Closing bell overtime? Well, it's, I mean, this is the fireworks. It's the dance card. It's Nvidia earnings. We're going to be all over it. Dan and are going to be spending some time in New York

and kind of making the circuit together. Okay. Looking forward to that. And I think at the most... We have the watch party. We have the watch party in the 6-1-2. In Minneapolis? You just drop in Minneapolis, Zerioca?

You're going to get to the local on the Nicolette Mall and have a juicy Lucy? Like, come on. Yeah, and Nvidia, this is as good as it gets. It's a Super Bowl, watch party. Well, we know the Vikings probably won't be in the Super Bowl. We'll take it. Anyway, we've got to go. Dan Ives, Gene Munster, rocking the pick.

I'll wear pink on Wednesday for Nvidia today, I guess. All right. Bitcoin, dipping below 92,000. McKenzie Segalos is going to come on to talk about something called the Death Cross next. Welcome back. It is not just the stock market that is down today. Again, Bitcoin slide continues.

Bitcoin breaking below 93,000, and busting below what some consider a key technical indicator. McKenzie Segalo is joining us down from San Francisco, and I did not think on my Monday bingo card, Mac, I would have Death Cross and Bitcoin on the same page. But here we are. Because we haven't talked about it in a while. We've been in this four-year extended surge. But Brian, let me start with where we are at the moment. We're in bare market territory with Bitcoin down 25% from its October high, broke below 93K.

Going into the break, you talked about it breaking below. 92K. And that's triggered a death cross, which is a bearish momentum signal where Bitcoin's 50-day moving average drops below its 200-day. And historically, it lines up with local bottoms, but only if there's a quick bounce back. And so far, we're not seeing one. At the same time, you've got flows into those spot Bitcoin ETFs. They're fading. Retail has shifted toward crypto-linked equities like BitMine immersion. And that's one of those dats that we were talking about, those digital asset treasuries. They were the hot trade of the summer. Tom Lee would argue that his company Bitmine immersion, which is an ether proxy equity, is a good thing for the underlying

asset because they hoddle the coin. They hold onto it for dear life. But even that trade is under pressure right now. So there's no good news at the moment. No, and not for Airbnb at least today. I want to switch gears. The Bitcoin news down. Let's focus quickly on Airbnb. Airbnb stock is getting hit today. Now, the overall market's down to be fair. Airbnb's down about 4%. But apparently it's on a Google blog post about something they're doing related to book. travel? Exactly. So we just got word, and I haven't confirmed this directly with Alphabet yet, but we just

got word that they're moving into basically agentic AI-powered travel bookings in the context of search. And this is part of a larger playbook for them. As soon as they cleared that DOJ overhang where they were certain they were going to be able to hold on to Chrome, they've been introducing new agentic features like this. And so it was in September that they talked about ways that you'd be able to book travel. They were teasing a lot of these new features that would come out. It's something that we've also seen from the likes of open AI and perplexity in the context of e-commerce,

but now they want to book your travel for you. And this is something that's not just weighing on names like Airbnb. We've also seen Expedia and some of these other travel players come down on the news. Yeah, it really is. The stock is down about 4% right now, along with bookings and some others like you just referenced. I guess all Google has to do is throughout a blog post saying we're going to do this. But right now it's kind of sell first, ask. questions later, McKinsey Seagalos and the Death Cross. Back, thank you very much. Well, let's get now over to Katessa Brewer with a CNBC news update. Katessa. Hi there, Brian. A federal judge today ordered the Justice Department to turn over grand jury materials to former FBI

director James Comey by the end of day. And judge said he might dismiss the criminal indictment against Comey on charges of lying to Congress and obstructing congressional proceedings. The judge pointed out the prosecutor fundamentally misstated the law. Investigation may have used privileged communications, and the judge said there were irregularities in the grand jury proceedings. Genuine issues of misconduct, those are the judge's words, that could lead to the dismissal of the case. Ukrainian president Volodymer Zelensky signed a deal today with French President Emmanuel Macron to buy as many as 100 of France's most advanced fighter jets. Last night, Russia launched more than 100 missiles and drones into eastern Ukraine, killing at least

three people. And the Senate Commerce Committee is launching a probe into gambling in baseball. Chairman Ted Cruz and ranking member Maria Cantwell sent a letter to the league today asking how it's addressing the alleged game manipulation last week. Two pitchers for the Cleveland Guardians were indicted on charges related to rigging their pitches and telling betters beforehand they would do it. Both have insisted through lawyers they're innocent. Brian, I'm following that story closely. I know you are and they better fix it because some of these stocks keep going down as well. Contessa Brewer, thank you. All right, coming up, an American icon, hoping a new model will reverse its electric slide.

But is it the right move? All right, welcome back. Let's talk about cars, because Jeep is set to unveil a brand new electric car tomorrow. It's called, there it is, the recon, and it's inspired by the Wrangler. Now, this is an interesting move by Jeep because parent company Stalantis has been pulling back on EVs, as have fellow Detroiters, Ford and GM. So let's talk about this car and what's at stake. CBC's Mike Whalen, a road a piece on cbc.com, is joining us now. And I don't want to give too much away because I know Phil's got like sort of a first look at the LA Auto Show tomorrow.

but I thought Stalantis was done with EVs. Mike, what's going on here? Ryan, thanks for me on. But, yeah, I mean, you know as good as anyone. Automakers take years to kind of do product planning. And while Stalantis has pulled back on its EV plans, there are still some new metals coming out that they've already had kind of in the hopper

that are already paid for. The recon is one of them. We're expected to officially see that tomorrow ahead of the Los Angeles Auto Show. But yeah, in general, it's coming at a very bad time. It's coming at a bad time for Jeep. It's coming bad time for Stalantis. And it's a bad time for the EV market.

We've seen EV sales pretty much plummet from record highs in September to 5.8% of the market in October. And Jeep is also dealing with a recall of more than 320 plug-in hybrid electric jeeps right now. So this vehicle is coming to market. We're expecting it late. I mean, next year, but in general, expectations kind of have been subdued in recent months. Well, it is interesting. You know, and listen, I'm a Jeep guy. As you know, I've got a Wrangler.

I've got a Grand Cherokee. So I am a Jeep. I'm in on Stalantis and the Jeep and Toledo, yay, Ohio. The car's not terrible looking. Kind of, we bring up, there's a couple sneak peeks. I know we got more tomorrow, but kind of looks like a Wrangler and a Compass had a baby. They call it the Wrangler's brother. And let's be clear, Toledo does build Wranglers in Toledo, sorry, Jeep builds Ranglers in Toledo,

but this vehicle will actually be coming from a plant in Mexico, and it's expected to be produced alongside the Wagner S, as well as two gas-powered models. And I've spoken with the Jeep CEO many times, and he has said, you know what, EV sales are going to slow, we know that, but there is a part of a market, part of a buyer who loves these vehicles, and we're going to be there for them. And having that vehicle produced at that plane of Mexico with the gas-powered vehicles means that they can adjust production to demand. Yeah, listen, having owned an EV, they are very good for certain things, and they're fast and fun to drive. They're not good for towing stuff with, not good for cold weather, not good for really hot weather, and not good for going long distances.

Outside of that, they're fantastic. Staying with cars, Ford, Mike, partnering with Amazon to let dealers sell used cars on its site. It sounds like bad news for Carvana or Cars.com or whatever. You know, this is part of Amazon's goal to kind of have everything on its website. It comes two years after Amazon announced a partnership with Hyundai to be able to sell new vehicles on the site using the dealer network as well. The Ford deal actually just includes certified pre-owned vehicles right now. And those are vehicles that have a company-backed warranty and they've been inspected and they're kind of almost. less expensive than new vehicles,

more expensive than traditional used vehicles. And yeah, we're talking about thousands of vehicles here. The whole certified pre-owned market last year was 2.5 million vehicles. So that compares to 20 million used retail vehicles or 16 million new vehicles. So we're talking a little bit of a kind of tip in the toe here for Ford and Amazon.

But we've also seen Hertz join the network for Amazon. And I think we're just gonna see more automakers, more companies doing this, because who doesn't love the ease and shop shopping of Amazon. Yeah, just stay on Amazon becomes the intranet. Mike Whalen, always appreciate your time. Mike, thank you very much.

And folks, just a reminder, tomorrow, Phil and crew will be out at the LA Auto Show. We're going to see more of that recon from Phil. What do you think about that car? I thought it was interesting looking, a little Land Rover-ish. All right, we'll see. All right, coming up, we're bringing back a blast from the past. Our studs and duds segment highlighting the top two movers in the entire S&P 500. There's maybe a retro power lunch rolls on with Bitcoin down again, the market's down again.

We're back right after this. It feels like a good time to bring back kind of an oldie, but a goodie. Our studs and duds segment highlighting the best and worst in the market each day. First off, the bad news, but dud is Dell. Stock is actually the biggest decliner in the end. S&P 500 down over 9% pacing for its worst day in more than seven months. Morgan Stanley doubled downgraded Dell to underweight. So overweight to underweight, buy to sell, basically. It expects rising memory chip cost to eat into Dell's margins and earnings.

Despite, though, the recent slide, shares of Dell still up on the year. On track, though, for their worst yearly performance. It's 22. Kind of stock's been hot. It's the worst year in three years, but still up. On the flip side, the stud. is Albemarle, Albumarle leading the S&P 500 today, hitting its highest level since May of last year. It's a lithium miner. It's also on track for its longest wind streak since 2022, rising more than 35% over a seven-day stretch.

Interesting, given the EV news we just talked about, because lithium is a key ingredient in many EV batteries, but lithium price is spiking today. After the head of one of China's major suppliers said he expects demand to grow by 30% next year, and you could see the global lithium-Eathe. T-F, ticker L, T, is up nearly 60%. There's lit. Lit is lit. All right. Up next, Steph Curry, a sneaker-free agent recently, ending his partnership with Under Armour and what he just did on the basketball court

that sent a pretty loud message. The Zinimal, we make a screen for, free meditation devices, mostly for children. I myself suffered from anxiety at a very early age. So when I had my own daughter in 2015, I knew that I wanted to give her the same solution that I found, which was a mindfulness meditation practice. So I created a device that she could have

in her control at all times. I was able to find a medical grade factory in China to do that for me at a price point that all families could afford in America. Being a single mom and being the sole provider for my children, there are decisions that I have to make and wondering if putting in my own money into trying to save other children is the right decision. You have to have a gut check on that.

And then the more recent announcement of the additional tariffs of an extra 100% on top of the 30% that we are already paying could potentially cripple the company completely. The second leading cause of death for kids age 10 to 14 is suicide. And when you start to take away products that help children in their worst of times, that becomes a really sad thing. All right, the Golden State Warriors are crucial. currently on a three-game win streak. On Friday, Steph Curry torched the San Antonio Spurs,

dropping 49 points. But something interesting from the business side happened before the game. Curry wore those shoes. They are Nike's. That means they are not Under Armour. This is interesting because Curry just split from Under Armour after 12 years. Now, to be fair, Steph Curry did change to Under Armour shoes for the game. The Nikes were just worn in warm-ups.

But let's be clear. Apparently, the sneaker world is on notice that Steph Curry is open for business and shall we say using a very bad dad chupon, tongues are wagging. All right, before we go, a quick check on the markets down across the board. One hour to go in trading Dowdown 1.4%. The Russell 2000 down 2%. So losses across the board. We'll see what the final hour brings. But I'll leave that to closing bell, which starts. right now.