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一切都是为了钱。
It's all about the money.
我想成为家里那个
I wanna be the person in
创造世代财富的人。
my family that creates generational wealth.
他们怎么赚钱、怎么花钱，怎么让梦想成真。
How they earn it, spend it, and make dreams come true.
我不想粉饰太平。
I'm not gonna sugarcoat it.
这很难，但非常值得。
It's hard, but it's so worth it.
《千禧一代的金钱》，全新周六，东部时间三点，CNBC。
Millennial Money, all new Saturdays, three eastern, CNBC.
在纽约时代广场中心的纳斯达克市场现场直播。
Live for the Nasdaq market site in the heart of New York City's Times Square.
这里是《快钱》节目。
This is Fast Money.
今晚的重头戏。
Big Night.
来看看今天有什么内容。
Here's what's on tap.
英伟达，业绩大超预期。
Nvidia, a big beat.
营收比去年同期翻了一倍多，但翻倍不等于全垒打。
Revenue more than doubling from a year ago, but a double is not a home run.
目前股价基本持平，但我们会深入分析这些数字。
And the stock is mostly flat right now, But we're gonna go inside the numbers.
我们会带来最新消息。
We'll get the latest.
电话会议马上开始，之后是黄仁勋和吉姆的访谈。
The conference call about to kick off, and then Jensen Wong with Jim coming up after that.
另外，还有Meta的巨额和解案。
Plus, the metals Metas massive settlement, he said.
具体细节是，这笔交易高达170亿美元，涉及47个州和哥伦比亚特区。
Details on it's up to $17,000,000,000 deal, 47 states, and the District Of Columbia.
但佛罗里达州没有参与这项协议。
But the state of Florida, not part of the deal.
该州的检察长将加入我们，告诉我们为什么。
And that states, attorney general will join us to tell us why not.
稍后，还有关于“不做”或“做点什么”的话题。
Later on, just not doing it or doing something.
耐克股价再次下跌。
Nike shares falling again.
创下新低。
New lows.
我们将深入分析图表，看看这家强大的鞋类和服装制造商是否还有转机。
We'll dig into the charts and whether or not anything can turn around this mighty footwell, footwear, and apparel maker.
我们来讨论一下。
We'll debate and discuss.
大家好。
Hi, everybody.
我是布莱恩，今晚再次代替梅丽莎，像往常一样，从纳斯达克这里的B演播室现场直播，在你们面前的大桌子上，有史蒂夫·格拉索、盖达米、蒂姆·西摩，还有费尔利德策略公司的创始人兼管理合伙人凯蒂·斯托克顿。
I am Brian in for Melissa once again tonight coming as always live from Studio B right here at the Nasdaq and on your desk on a big night, Steve Grasso, Gayedami, Tim Seymour, and Katie Stockton founder and managing partner of Fairlead Strategies.
我们准备开始讨论，但得先从这个说起。
We're gonna get around this desk, but we gotta begin with this.
英伟达的财报好于预期。
The better than expected earnings out of NVIDIA.
它报告的收入翻了一倍多。
It reported revenue more than doubled.
不过，英伟达的股价只涨了一点点。
NVIDIA, though, shares, they're up a little bit.
对吧？
Right?
我是说，我说涨了一点点。
I mean, I say a little bit.
就是，涨了百分之零点几。
I mean, like, three hundreds of 1%.
克里斯蒂娜·帕尔泽内维拉斯，正在关注这些数字，现在和我们一起在现场。
Christina Parzenevilas, following the numbers, on set with us now.
最大的亮点是什么？
What is the sort of big takeaway?
我知道我们接到了电话。
I know we got the call.
到目前为止，有什么收获？
What's the takeaway so far?
嗯，他们显然又做到了，业绩超预期并再次上调指引。
Well, they they performed the obvious, beat and raised again.
大约是两年来最大的超预期幅度，和最近几个季度的节奏差不多。
Biggest beat in two years, roughly at the pace of recent quarters.
但在这样的涨势之后，仅仅符合预期已经不够了。
But after a run like this, in line just really isn't enough anymore.
下一季度的指引是1080亿美元，明显高于华尔街的预期，别误会，虽然比1040亿高，但还是低于买方预期的1090亿。
The quarter ahead guide came in at a $108,000,000,000, comfortably above Wall Street expectations, don't get me wrong, at one zero four yet still shy of the buy side whisper number, is closer to one zero nine.
看起来更看重买方的数字。
Seems to be more of an emphasis on buy side numbers.
更值得注意的变化是英伟达的财报方式。
The more telling change was in how NVIDIA reports.
它把收入分成超大规模云服务商和其他客户，比如AI云、工业、企业客户，这样能展示出除了那些大云买家之外的增长，而这些大买家现在越来越像竞争对手了。
It splits revenue between hyperscalers and everyone else, like its AI cloud, industrial, enterprise customers, and that's a way to show growth beyond the big cloud buyers who are increasingly becoming rivals.
超大规模云服务商的收入翻了一倍多，增长了102%。
Hyperscale revenue more than doubled up to a 102%.
其他部分实际上增长了138%，说明增长速度更快。
Everything else actually climbed a 138%, so it's showing it's growing at a faster pace.
薄弱环节是利润率。
The soft spot, margins.
下一季度的毛利率指引是74%，比本季度的75%有所下降，也略低于市场预期的74.7%，这主要是受到内存和零部件成本上涨的压力。
Gross margins guided to 74% next quarter, which was down from 75% this quarter and just under the 74.7% the street wanted, pressured by rising memory and component costs.
在供应方面，英伟达的采购承诺也从1190亿美元跃升至2790亿美元，其中大部分是内存。
On supply side, NVIDIA's purchase commitments also jumped from 119,000,000,000 to $279,000,000,000, mostly memory.
所以，我提这个的重点是，这很重要。
And so the takeaway from that, and I bring that up, is important.
谁都能设计芯片，OpenAI就是最新的例子。
Anyone can design a chip, OpenAI the latest.
对吧？
Right?
但只有少数公司能锁定供应链，以那样的规模进行生产。
The few can lock up the supply chain to build at that scale.
所以这就是为什么那个数字很重要。
So that is why that number is important.
还有一个值得关注的点是，英伟达披露了从2028财年和2029财年开始的十五年数据中心租约，计划转交给第三方，这表明它深入参与建设，远不止卖芯片，在重新分配租约之前，它要承担这些义务。
One also to watch NVIDIA disclosed fifteen year data center leases starting in fiscal twenty twenty eight and 2029 that it plans to hand off to third parties, a sign of how deep it's waiting into the build out well beyond selling chips until it reassigns the lease, it's carrying that obligation.
再次引发了对资产负债表的担忧。
Again, raising concerns about what's on the balance sheet.
而且正如你所说，屏幕上可以看到，视频CEO将在接下来的一小时内加入吉姆·克莱默的《坏钱》节目。
And to your point, you can see on the screen a video CEO will join Jim Cramer on bad money in the next hour.
好的。
Alright.
所以吉姆可以问黄仁勋这个问题，但现在我要问你，因为你暂时是我的黄仁勋替身，克里斯蒂娜·帕尔扎诺普洛斯。
So Jim can ask Jensen this, but for now, I'm gonna ask you this because you're my you're my Jensen proxy for now, Christina Parzanopoulos.
你提到的几件事引起了我的注意。
Couple things you said caught my ear.
第一，你谈到了竞争加剧。
Number one, you talked about increased competition.
我知道现在好像每个人都在互相竞争，OpenAI既是客户，也在做自己的芯片。
I know that everybody's now sort of seems like they're competing with each other, OpenAI, a customer, but also doing its own chips.
跟我们聊聊竞争吧。
Talk to us about competition.
另外，毛利率可能稍微下降了一点。
Also, gross margins may have been down a touch.
一点。
Touch.
对吧？
Right?
七个点。
Seven.
史蒂夫·格拉索。
Steve Grasso.
我的意思是，你会……大家都喜欢75%的毛利率。
Mean, would you Everyone loves 75% gross margins.
当然喜欢。
Would would love it.
我会接受，我会接受，然后我会把它存起来。
I would take I would take it, and I would bank that.
其他公司，其他公司，没错。
Every other every other company Exactly.
其他公司都会想要的。其他公司都会想要这样的。跟我们说说吧。
Would love Every other company would love to have So talk to us.
竞争，这是风险吗？
Competition, is that the risk?
因为竞争通常意味着利润率下降。
Because competition means lower margins normally.
关于你提到的竞争问题，我一会儿再讲。
That to your point of the competition, I'll get to in a second.
这是英伟达。
It's it's NVIDIA.
这是大数定律。
It's the law of large numbers.
就像卢卡斯说的，我说的是74%。
Like, Lucas, Oh, I'm saying it's 74%.
市场预期是74.7。
The Street one is 74.7.
哦，不。
Oh, no.
这算是，你知道，下滑了。
That's a, you know, falling off.
所以我们在财报电话会议上最可能听到的是，他们会说别担心。
So what we'll hear on the earnings call most likely is that they're gonna say that, don't worry.
这个季度是下降了，但看看我们采购了多少内存芯片。
This quarter, it's down, but look at how many memory chips we procured.
我们提高了价格。
We've increased prices.
这些利润率会保持在70%中段的水平。
Those margins are gonna stay in the mid seventies level.
所以这就是我们需要从首席财务官在电话会议上再次强调的内容。
So that's what we're gonna need to hear from the CFO reinforced on the call.
说到竞争，就细分来看，他们可能会更多地谈到主权AI和企业客户带来的增长，这会是数据中心收入里的另一个部分，而数据中心收入同比增长了138%，相比之下，仅数据中心业务是102%。
In terms of competition, just the breakdown, they'll probably speak more to the increase from Sovereign AI, from enterprise customers, etcetera, that would be the other bucket within the data center revenue, which is climbing a 138% year over year versus the 102% for just data centers.
克里斯蒂娜还是像往常一样，把数据拆解得清清楚楚。
Christina breaking it down like she always does.
我看这大概是你今天第七场节目了吧，差不多。
So I watch this is like your seventh show today, I believe ish.
我已经热身好了，宝贝。
I'm warmed up, baby.
我准备好了，随时可以开始。
I'm ready to go.
不。
No.
我知道。
I know this.
我正要去。
I'm going
最后再聊点阿达米的内容。
to end with a little Adami.
不过你刚才，不好意思。
But you had a, excuse me.
对，我觉得你刚才
Yeah, think you had
进行了一场非常有意思的对话，你总是这样。而最明显的问题是，面对这些数字，我的意思是，一家市值五万亿美元的公司，营收增长超过100%。
a really interesting conversation, as you always do, and the obvious question is, with all the numbers, I mean, is a $5,000,000,000,000 company, growing revenues north of 100%.
这真是令人震惊。
It's a staggering thing.
毛利率75%，我们可以含糊其辞，但事实就是这样。
75% gross margins we can equivocate if we want, but there you have it.
为什么它的股价只有明年预期的17倍？
Why is it trading at 17 times next year's numbers?
这是你必须问自己的问题。
That's the question you have to ask yourself.
你是说它太低了？
You're saying it's meaning it's too low?
考虑到我们刚才一直在讨论的那些指标，克里斯蒂娜刚刚花了四分钟分析的那些数据，还有我们这几周一直在聊的内容，是的，那个市盈率确实不合理。
Given the metrics that we've been talking about now, what Christina just broke down for the last four minutes, what we've been talking about for weeks, yeah, that multiple doesn't make sense.
所以你会问自己，为什么市场会这样？
So you ask yourself, why is the market?
而市场其实明白这一点。
And the market understands this.
市场看到了正在发生的事情。
The market sees what's going on.
我看到盘后交易中股价在上涨，但即使有这样的涨幅，为什么它的市盈率还是低于整个市场的低谷水平？
I see the market trading higher now in video in the after hours, but even with this move, why is it trading at a trough multiple to the broader market?
更不用说它的同行了，如果它真的有同行的话。
Forget about its peers to the extent it even has peers.
嗯，肯定有什么因素吸引了买家进场，因为在你说话的时候，盖达尼，这只股票虽然没有暴涨，但已经涨了3%。
Well, some something has triggered buyers to come in because as you were talking, Gaydani, the stock I mean, it's not soaring, but it's up 3%.
这是一家五万亿美元的公司，克里斯汀。
It's a $5,000,000,000,000 company, Christine.
它是全球市值最大的公司。
It's the biggest company by market cap in the world.
所以五万亿的3%涨幅，那可是好多好多亿。
So a 3% add on 5,000,000,000,000, that's a lot of billions.
我就是随口提一下。
I'm just throwing that out there.
我可不想在直播里
I don't wanna do the math
算这个数。
on live TV.
不过还是跌了。
Fell though.
除了昨天，过去七天股价一直在跌。
The fell as with the exception of just yesterday, the stock fell over the last seven days.
对。
Mhmm.
你也看到了，今年到现在涨了13%，而那只股票涨了差不多70%。
You you've seen it, what, up 13% year to date versus the stocks up almost 70%.
所以这可能是买家在进场。
So perhaps this is buyers, okay, getting in.
就是说，利润率还不错。
Like, it's the margins are decent.
业绩确实很好。
The the beat was really good.
也没什么特别大的新闻之类的。
There's no, you know, dramatic news or anything like that.
所以这可能就是我们看到的情况，或者也可能是CFO在重申之前说过的话，因为我手上有笔记。
So perhaps that is what we're seeing or maybe the CFO just sharing what we reiterated because I had the notes.
那已经发在网站上了。
It was posted on the website.
那么，外面有没有什么担忧呢？
Well, is is there any worry out there?
我不是想给英伟达泼冷水，但英伟达今年表现不错。
And I'm not trying to, like, throw water on NVIDIA, but NVIDIA's had a good year.
今年涨了14%或15%，但不像其他很多AI相关的股票涨得那么多。
It's up 14 or 15% this year, but it's not up like a lot of other names that are sort of AI based.
她刚才说，袜子涨了70%。对。
She just said, like, socks is up 70% Yeah.
没错。
Right
我是说，但我不……
It's on mean, but I don't
70%。
Seventies.
对。
Right.
涨15%也算是不错的年份了。
15% gain is still not a bad year.
我是说，我不会对此感到失望。
I mean, I wouldn't be disappointed with that.
但是有没有一种看法，就是数字太大了，公司太大了。
But is there a view that the numbers are net the company's so big.
数字太大了，以至于增长会非常困难。
The numbers are so big that they're just they just there's the growth is gonna be so hard.
当你看到毛利率时，你是在问克里斯蒂娜吗？
When you see gross margin, you asking it to Christina?
我问的是任何人，因为那个人……让我说，克里斯蒂娜，克里斯蒂娜，我们该怎么说呢？
I'm asking it to anybody because the guy I'm let Christina Christina What What we gonna say?
那我们就这样吧。
So let's do this.
我们该怎么说呢？
What are gonna say?
我知道你得去参加那个电话会议。
I know you have to join the call.
所以你先回答那个问题，然后我想听听你的看法，还有凯蒂和盖伊的看法。
So answer that, then I want to hear your take and Katie, take and Guy's take.
但我知道你得赶紧去参加那个会议。
But I know you gotta go jump on that conference.
嗯，但这正是股价下跌的部分原因，而且大家都在抱怨盖伊的观点。
Well, but that's part of the reason as to why you've seen the stock fall off and everybody keeps complaining to Guy's point.
你知道，估值比AMD、比Marvell低了差不多50%。
You know, valuations are lower than AMD, than Marvell at almost almost 50%.
为什么这家公司处于AI的核心，却会发生这种情况呢？
Why is that happening when this company is at the the heart of AI?
问题在于，人们看不到足够的催化剂来推动股价重新评级走高。
And the problem is they people don't see enough of a catalyst to rerate the stock higher.
所以为什么要现在进场呢？其他像Marvell这样的公司，明天或者10月6日的投资者日可能会有更大的涨幅。
So why get in when all of these other players like Marvell tomorrow could see a bigger bump or with their October 6 Investor Day?
所以我觉得这更多是心态问题。
So I think that's more the mentality.
然后，当然，还有那个循环辩论，以及他们资产负债表上的风险，他们会在电话会议上证明并非如此。
Then, of course, the the circularity debate and what is that risk on their balance sheet, which they're gonna prove otherwise on the call.
蒂姆·西摩，我们收到了首席财务官的一些评论。
And Tim Seymour, we're getting some comments from the CFO.
再说一次，电话会议刚刚开始。
Again, the call just started.
克里斯蒂娜，非常感谢你。
Christina, thank you very much.
我知道你得去参加那个电话会议。
I know you gotta hop on that call.
我们可能这个小时晚些时候再见到你，了解更多他们说的话。
We'll probably see you later on this hour to get more on what they said.
首席财务官确实说过，他们预计在2028财年收入增长70%。
One thing the CFO did say is that they expect to grow revenue at 70% in fiscal twenty twenty eight.
我是说，这些数字确实很大。
I mean, these numbers are big.
对。
Yeah.
所以，如果分析师群体真的在关注2028年，想看看我们能达到什么水平。
And and so if you the analyst community is trying to really look to '28 to figure out where we can be.
我们每股收益能达到20美元吗？
Can we be at $20 a share in EPS?
而且他们今天给出的数字，包括二十几的指引和第三季度的指引，顺便说一句，这比买方预期的稍微低一点。
And and and the numbers that they gave you today in terms of the twenties in terms of the three q guide and which was, by the way, a little bit light to what at least the buy side was at.
这些数字基本上都在预期之内，但我觉得这已经很了不起了。
These numbers were largely out there, but I think it's extraordinary.
我实际上觉得，这只股票，这真是让人松了一口气。
I I actually think the stock this is a huge relief.
我觉得，考虑到之前的悲观情绪，市场关注的是数字本身，而不是那些无法量化的东西。
I think this is given the pessimism going in here, the market is focused on the numbers, not on the things it can't quantify.
就像我昨天我们聊的时候说的，分析师群体其实不太了解这家公司，他们不知道该怎么处理ROI的担忧或者信贷的担忧，因为这些担忧并没有真正反映在数字里。
As I was saying yesterday when we had the same conversation, which is that the the analyst community doesn't really who knows this company really well, doesn't know what they're supposed to do with the ROI concerns or the credit concerns because they're not really in the numbers.
而科技行业的中央银行这个说法，只会让情况更加模糊。
And the central bank of of the tech sector is something that just clouds the picture.
实际情况是这家公司，它的利润率非常出色。
The picture is this company, those margins are fantastic.
我们刚刚经历了这一切。
We've just gone through this.
而且我认为，过去六个月股价表现落后了大约25%，但相对于大盘来说其实是持平的。
And I think the underperformance of 25% or so to the stocks over the last six months, but flat to the stocks.
换句话说，我觉得它一直在震荡。
In other words, I think it's been churning around.
你知道，凯蒂可能对这些数字意味着什么有很强的看法，肯定比我的看法要好。
You know, Katie's probably got a strong view in terms of what some of that could mean, certainly better than my view.
我觉得这只股票被低估了，表现不佳，而这次财报是一个解脱。
I think this stock is underwhelmed, underperformed, and I think this is a relief.
我觉得现在的情况是，股票能消化这些数字，然后找到买家。
I think it's a setup where the stock can digest these numbers and find buyers.
好的。
Okay.
那么，史蒂夫·格拉索，我们刚刚收到了首席财务官在电话会议上的实时评论。
With that in mind, so Steve Grasso, again, we're getting these live comments from the CFO who's speaking on the call right now.
他刚刚公布了这些数字。
Just relayed the numbers.
我们预计2028财年的营收将增长约70%，但补充说这是受供应限制的前景。
We expect to grow revenue approximately 70% in fiscal two thousand or 2028, but adding this is a supply constrained outlook.
所以我在这里有点猜测。
So I'm I'm sort of semi speculating here.
意思是，如果他们能生产更多，他们可能会增长得更快，但他们就是无法生产足够的量。
The idea that they could grow faster if they could make more, that they just simply can't manufacture enough.
70%的营收增长看起来仍然是个不错的数字，但我不喜欢受供应限制的前景。
70% revenue growth still seems like a pretty good number, but I don't like supply constrained outlook.
你怎么看？
What's your take?
对，他们的竞争对手也在增长。
Yeah, their competition is growing as well.
而且他们的主要买家，那些超大规模数据中心运营商，都在自己造芯片。
And every one of their main buyers, the hyperscalers, they're building their own chips.
博通实际上还在帮他们造自己的芯片。
And Broadcom is actually helping them build their own chips.
所以他们面临很多竞争，而且主要竞争对手就是自己的主要买家，这可不是什么好事。
So they have a lot of competition and it doesn't help when your main competition are your main buyers.
但你看70%的增长，市场会回头问，他们一年前、两年前的营收增长是多少？
But when you look at 70%, market will go back and say, what were they growing their revenues by a year ago, two years ago?
当市场听到74%的利润率，但下降了1个百分点或类似数字时，他们听到的是60%。
And when the market hears margins of 74%, and they're down a percentage point or whatever the number is, they hear 60%.
他们不会关注现在的实际水平。
They don't hear where it's at now.
所以当他们听到营收时，他们希望营收比他们报告的还要高出30%。
So they're and when they hear revenue, they want revenue to be 30% above whatever they report.
所以他们处于一个两难的境地。
So they're in a no win situation.
我跟你说，这就像克里斯蒂娜和你说的那样。
I'll tell you what what what it is, It's what Christina said and what you said.
今天市场开盘时，股票被抛售，但财报表现不错。
The the market came in today with earnings where the stock was being sold off.
这对财报来说是个好兆头。
That is a good setup for earnings.
过去八个季度中有六个季度，股价平均下跌了4.8%。
Six out of the last eight quarters, stock has fallen on an average of 4.8 follow through.
这次大家都赌同样的事情会再次发生。
This everyone was betting on the same thing happening again.
市场总是会在某个时刻让最多的人受伤。
The market always sets up to hurt hurt the most amount of people at any given point.
这就是为什么你会看到它上涨。
That's why you see it up.
明天可能会继续上涨。
It'll probably extend gains tomorrow.
对。
Yeah.
顺便说一下，这只股票现在正在扩大涨幅。
And by the way, the stock is extending gains right now.
已经涨了百分之四点五。
It's up four and a half percent.
之前是持平的。
It was flat.
我们开始节目的时候。
We started the show.
所以，凯蒂·斯托克顿，不管首席财务官说了什么，市场似乎至少目前是买账的。
So, Katie Stockton, whatever the CFO is saying, the market seems to like, at least for now.
你觉得英伟达的图表怎么样？
Do you like the chart on NVIDIA?
短期来看，我觉得不错。
I like it short term.
长期来看，确实有恶化的迹象，但我觉得就像你说的，这次财报前的回调反而让股价更容易出现积极反应。
Longer term, there is deterioration, but I think to your point that the pullback that was in advance of this report sets it up much more favorably for a positive reaction.
它之前跌了大约9%，这次下跌让短期超卖的情况重新出现，这是自7月底以来的第一次。
It came off about 9% and that downdraft did regenerate short term oversold conditions for the first time since late July.
所以至少来说，这确实表明我们会看到超卖反弹，也许在50日均线附近有支撑时可以进行交易，而7月底那次超卖反弹是从200日均线开始的。
So at a very minimum, does suggest that we'll see an oversold bounce, perhaps when that's tradable with support nearby at the fifty day moving average, that oversold bounce emerged from the two hundred day moving average in late July.
当然，50日均线更高，所以我们看到可能出现更高的低点，这可能会延续到长期指标上。
Of And course, the fifty day moving average is higher, so we are seeing a potential for a higher low, and that could carry over to the longer term indicators.
距离高点还有大约12%的上涨空间，这是下一个阻力位。
There's about 12% upside to the highs as next resistance.
我不知道我们昨天有没有聊过，或者你在今天那么多节目里有没有提到，但你知道，Sam，OpenAI在讨论一款比英伟达芯片快三倍半、成本更低的芯片，所以回到最初的问题，为什么英伟达可能会以折价交易，因为竞争可能确实存在，而且影响不小，我觉得这就是市场没有给予它应有回报的原因之一。
I don't if we talked about it yesterday, if you talked about it on one of your many shows today, but, you know, Sam, OpenAI talking about a chip three and a half times faster than Nvidia's chip at a lesser cost, so to the original sort of point as to why potentially trades at a discount, because competition might be out there in a meaningful way, and I think that's one of the reasons the market is not rewarding them the way it probably should.
顺便说一下，我觉得分析师给这只股票的平均目标价是300美元，比我们现在的交易价高出100美元。
By the way, the average price target, I think, on the stock with analysts is 3 it's a $100 higher than we're currently trading.
你可以自己算一下。
You can do that math.
我的意思是，按照我们现在的交易价，市场还有40%多的上涨空间，但我们仍然以这个低谷市盈率在交易。
I mean, the market has another 40 something percent to the upside given where we're trading now, yet we're still trading at this trough multiple.
所以显然有人在琢磨些什么。
So somebody's trying to figure something out clearly.
好的，在我们请出嘉宾之前，我简单说两句。我是说，我会见到你，然后我会……
Well, here's so just quickly before we get to our guest on that guide, I mean, I'm gonna see you and then I'll I'll
提高评级？
add Raise?
不。
No.
不是提高评级，只是提高目标价。
Not raising except price targets.
嗯哼。
Uh-huh.
所以你的平均价是3块多，具体多少来着。
So your average is 3 whatever it is.
我觉得是3.17美元。
$3.17, I think.
NVIDIA的目标价有500美元的，最低是1.80美元。
There's a $500 price target on NVIDIA and the low is $1.80.
最高和最低之间差了320美元。
There's a $320 difference between the high and the low.
现在把这些都去掉，因为我通常不会参考最低价或最高价。
Now wipe those off because I I normally never go by the lows or the highs.
那太离谱了。
That's that is bonkers.
顺便说一句，克里斯·罗兰，资深半导体分析师，现在加入我们，实际上，他是Susquehanna的。
By the way, Chris Roland, senior semiconductor analyst joining us right now, as a matter of fact, Susquehanna.
克里斯，我知道你正在努力跟进这次电话会议。
And Chris, I know you're trying to track the call.
我们很感谢你抽出时间。
We appreciate you making some time.
CFO们评论说他们的新产品爬坡速度是公司历史上最快的。
CFOs making comments about their new product ramp being the fastest in company's history.
亚马逊网络服务（AWS）的合作关系越来越大，他们看到他们的新芯片Vera Rubin被所有超大规模云服务商部署。
Amazon Web Services got a bigger and bigger partnership, and they see their new chip Vera Rubin is what it's called deployed by every hyperscaler.
你觉得是什么让这只股票盘后上涨了几个百分点？
What do you think is moving this stock up a couple of percent after hours?
是的，就是那个70%的同比增长数字。
Yeah, it's that 70% number year over year.
我认为市场预期低于50%。
I think the street was under 50.
所以这种清晰度和超预期的表现让股票动了起来。
So this clarity and upside with clarity is getting the stock moving.
我觉得这就是盘后股价大涨的主要原因。
I think that was the big change after hours.
而且她确实说了，如果不是因为供应限制，需求可能会翻倍。
And she really said that that demand is is indicating a full doubling, if not for supply constraints.
所以那70%的增长是在供应受限的情况下实现的。
So that 70% is after supply constraints.
这相当
It's a pretty
我不认识那位CFO，这倒是个不错的地方。
I nice place to do not know the CFO.
她叫科莱特。
Her name is Colette.
我不认识她。
I do not know her.
你大概认识吧。
You you probably do.
她被视为一个保守的首席财务官吗？
Is she seen as a conservative CFO?
我问这个是因为如果她是的话，可能有人会赌那个70的数字能因为供应稍微增加一点而超过。
And I'm asking that because if she is, there's probably a bet that the 70 number could be beaten with just a little more oomph in the supply.
我觉得没错。
I think that's right.
她是比较保守的。
She is conservative.
我们会认为她保守，而且他们和台积电关系很好。
We would deem her as conservative, and they have a very good relationship with TSM.
所以我们就看看最后会怎么样。
So we'll we'll we'll see how that ends up.
但表面上看，70%的增长是我们之前没预料到的巨大上升空间。
But on on the face of it, 70% is just a lot of upside that we weren't really anticipating.
所以这很重要。
So it's important.
所以你说至少你的平均预期或者市场平均预期是，从现在到明年同一时期收入增长大约50%，对吧？
So you said at least your average or the street average was right around a 50% revenue jump from now until same period next year, correct?
我们得到的是70%，所以有大约20%的额外增长空间，我觉得这就像是在蛋糕上再加一层糖霜，而且还有可能更多。
We're getting 70 So there's a little 20%, little vig, I think would be throwing a little icing on that cake with potential for more.
克里斯，供应限制是不是完全在台积电那边？
Is the supply constraint a 100% on the Taiwan semi side, Chris?
还是说还有其他因素在起作用？
Or is there other factors that play into that?
对。
Yeah.
这是个好问题。
That's a great question.
我们知道内存供应也受限。
We know memory is constrained as well.
所以我不认为只是台积电的问题。
So I would not say it's just TSM.
其实很多地方都可能受到影响。
There are many places that this could actually be impacting.
我们看到他们的预购从大约1200亿美元增加到2800亿美元，这只是一个季度内发生的。
We did see their pre purchases go from about 120,000,000,000 to $280,000,000,000 that's in a single quarter.
他们表示这主要是与内存采购有关。
And they did say that that was primarily related to the procurement of memory.
所以他们提前购买，以缓解内存方面的一些压力。
So they're buying that ahead to help mitigate some of this on the memory side.
但确实，除了台积电的前端之外，其他组件也可能出现短缺。
But yeah, there could be shortages in other components just beyond front end TSM.
Chris，我觉得你2.75美元的目标价基本上是在市场倍数上叠加的，如果我没算错的话，差不多是这个数。
Chris, I think your $2.75 price target suggests basically lumping on a market multiple, if my math is right, but it's around there ish.
我的问题还是我之前问的那个。
My question is the original question I asked.
为什么它现在会以这么大的折扣交易？
Why does it trade currently at such a discount?
先别管整个大盘，看看它的一些同行，它们的增长率是这些公司都达不到的。
Forget about the broader market to some of its peers with growth rates that none of these people enjoy.
对。
Yeah.
我觉得，因为它就是市值最大的公司，所以即使是大型基金，能配置给它的资金也是有限的。
I think just as it's the largest market cap company out there, there's just limited amounts that even large fund managers can allocate towards.
所以这就限制了它的股价。
And so it's keeping a cap on it here.
而且现在也出现了一些看空的观点。
And then there are some bear cases that have emerged.
我觉得这些因素还没有完全反映在股价里，但可能也在压制它的表现。
I don't think it fully accounts for that as well, but that might be keeping a cap on it as well.
克里斯，当你
Chris, when you when you
看整个行业的时候，大宗商品价格在某个时候肯定是要回落的。
look at the whole complex, commodity pricing has to come back at a certain point.
我理解供需问题。
I get the supply demand issue.
但你看代币的时候，我记得你也提到过这一点，同比下跌了40%。
But when you look at tokens, I I believe you stated this as well as one of your points, down 40% year over year.
这会影响AI、芯片和半导体领域的行情吗？
Does that affect the story in AI and chips in the semiconductor space?
我不太清楚代币下跌40%的情况。
I I'm unfamiliar with tokens down 40%.
在我看来，我们只是刚刚开始上涨。
In in in my estimation, we're just up into the right.
所以我对这个有点不太明白。
So I'm a little unclear on that.
好的。
Okay.
那我收回这个问题吧。
I'm gonna I'm gonna withdraw the question then.
那这个怎么样？
So how about this?
供需关系，这是不是煤矿里的金丝雀？
The supply demand, does that is that the canary in the coal mine?
因为很明显，自由现金流对英伟达来说不适用，因为他们是别人现金流的接收方。
Because, obviously, free cash flow doesn't work with NVIDIA because they're the recipient of other people's cash flow.
嗯，其实也不完全是。
Well, not so much.
这份报告里确实有一些实际的披露，提到了供应商提供的融资，而且听起来这种情况会继续甚至加速，他们已经开始披露这些了。
There were there were some actual revelations in this report talking about some vendor supplied financing, and it sounds like that is going to continue or even accelerate from here, and they've started to disclose that.
所以也许现金流正在流向其他那些公司。
So maybe cash flow is moving to some of these other guys out there.
但就供需问题而言，我觉得他们已经回答了，需求翻倍，而供应可能每年只增长70%。
But in terms of the supply and demand question, I think they answered it with demand doubling and supply perhaps, you know, just 70% year over year here.
所以离总需求还是有差距的。
So there's still a gap to total demand here.
就用这个问题来收尾吧。
Wrap it up with this one.
中国是机遇、威胁，还是两者兼有？
Is China an opportunity, a threat, or both?
这个问题问得很好。
It's a very good question.
我们还在等消息，看他们会不会大规模向中国出货。
We're still, waiting to hear about shipping to China meaningfully.
那会是机遇，但不知为什么，我们一直在等。
That would be the opportunity, but for some reason, we wait.
我猜，可能连中国的地方政府层面，都对英伟达有某种软性禁令。
My guess is that maybe even on the provincial side in China, they have a soft ban on NVIDIA.
但除此之外，中国的基础设施建设或扩张可能会带来一点小威胁，不过这种威胁很有限，基本被七纳米、可能五纳米的产能限制住了。
But but beyond that, there could be a small threat from Chinese infrastructure grow or build out in China, but it is limited limited by pretty much seven nanometer capacity, maybe five nanometer.
我们离三纳米或两纳米还差得远，不像西方那样能看得到。
We're not at all close to three or two the way we can see in the West.
克里斯，非常感谢你刚才的见解。
Chris, really appreciate your as it happens insight.
稍后我们可能会再跟你联系一下。
Might check-in with you back a little bit later on.
我知道你也想听电话会议。
I know you also wanna listen to the call.
我们很感激。
We appreciate that.
蒂姆·西摩，你对刚才听到的内容有什么看法，还是想聊点别的？
Tim Seymour, your comment on everything you just heard or or something something else?
对。
Yeah.
嗯，首先，你们得算算数，因为70%不是比50%多20%。
Well, first of all, you guys need to work on your math because 70% isn't 20% more.
而是多40%。
It's 40% more than 50.
所以这是一个非常出色的业绩。
So it was an extraordinary beat.
而且我也觉得，关于Rubin Wrap，我们已经听到了我们需要听到的内容。
And and I also just think we've heard what we needed to hear about the Rubin Wrap.
关于非超大规模客户，我们也听到了我们想听到的内容。
We've heard what we wanted to hear about nonhyperscaler client.
而且我觉得，你知道，在公布这些数字之前，这只股票几乎是被嫌弃的。
And I just you know, I think the stock was almost hated coming into these numbers.
说得对。
That's fair.
顺便说一句，你的数学是对的。
By the way, I you are correct on the math.
所以我做了简单的减法。
So I did the simple subtraction.
抱歉。
Sorry.
展开剩余字幕（还有 446 条）
不。
No.
我明白。
I understand.
我刚才……
I I was
我刚才想在这里主持一个直播节目，现场算数。
looking into was trying to host a live TV show up here and do math on the fly.
这不是我的强项。
It's not my strong point.
有什么节目？
What's on?
蒂姆，你知道我的强项是外表。
Tim, you know my strong point looks.
我可是数学高手。
I'm a mathlete.
魅力。
Charisma.
对。
Yeah.
还有谦逊。
Also Humility.
谦逊绝对是我最看重的三大品质之一。
Humility is all one of my definitely top three.
力量。
Strength.
我很有力量。
I'm very strong.
谦逊。
Humility.
话虽如此，哥们儿，冷静点。
That said, guy down.
接下来我们还会继续聊这个话题。
We'll get to more on this coming up.
我们还有很多内容要讲，因为各位，这不只是关于英伟达。
We got a lot more to do because, folks, it is not just about NVIDIA.
不只是关于华尔街预期的营收上调40%。
It's not just about the 40% estimate jump in revenue from where Wall Street saw.
你知道，40%这个数字比20%大多了。
You know that 40% guy is bigger than 20%.
Salesforce盘后也在涨。
You've got Salesforce also on the move after hours.
实际上，Salesforce涨得很猛。
In fact, Salesforce is booming.
吉姆·克莱默刚才和马克·贝尼奥夫聊了聊。
Jim Jim Kramer talked to Mark Benioff in the last hour.
我们稍后会听到更多相关内容。
We'll hear more about that.
为什么Salesforce这么火？
Why Salesforce is rocking?
NVIDIA股价在上涨。
NVIDIA's on the move up.
我们还有很多内容要讲。
We got a lot more to do.
别走开。
Stick around.
一切都跟钱有关。
It's all about the money.
我想成为家里
I wanna be the person in
创造世代财富的那个人。
my family that creates generational wealth.
他们如何赚钱、花钱，并让梦想成真。
How they earn it, spend it, and make dreams come true.
我不想粉饰太平。
I'm not gonna sugarcoat it.
虽然很难，但非常值得。
It's hard, but it's so worth it.
《千禧一代的金钱》，全新周六，东部时间三点，CNBC。
Millennial Money, all new Saturdays, three eastern, CNBC.
好的。
Alright.
欢迎回来。
Welcome back.
我们有一条关于Salesforce的重大财报提醒。
We've got a big earnings alert on Salesforce.
Salesforce上涨了近13%。
Salesforce up almost 13.
公司营收超出预期。
Company beat revenue estimates.
公司上调了全年业绩预期。
It raised its full year outlook.
人工智能业务进展很大。
A lot of AI traction there.
Salesforce还在刚刚过去的一个小时里宣布了与Anthropic的新扩展合作。
Salesforce are also announcing a new expanded partnership with Anthropic in just the last hour.
现在连线凯特·鲁尼。
Kate Rooney joining us now.
凯特，我知道我们的同事兼朋友吉姆·克莱默刚刚和达里奥·阿马德以及马克·贝尼奥夫聊过。
Kate, I know that Jim Cramer, our colleague and friend, he just spoke with Dario Amade and Marc Benioff.
我因为准备节目，没来得及看完整场访谈。
I didn't get a chance to watch the whole thing because I was prepping for the show.
大概是什么情况？
Kind of what what's going on?
布莱恩，你运气不错。
Well, lucky for you, Brian.
我们会给你带来那次采访的一些精彩片段和录音。
We'll bring you over some highlights and some sound from that interview.
我还要说，Salesforce的季度业绩超出了预期，股价上涨了，然后这个Anthropic的交易也进一步推动了这股势头。
I will say also the Salesforce beat in the quarters, lifted the stock, and then this Anthropic deal also sort of added to that momentum.
但Salesforce在季度业绩上超出了预期，还从对Anthropic的投资中获得了巨额的投资收益。
But Salesforce beat expectations in the quarter, also notched a massive investment gain from its stake in Anthropic.
另外，正如你提到的，这个与AI巨头的新合作，CRM在几个关键收入领域，包括订阅、支持和账单方面，也都超出了预期。
Plus, as you mentioned, this new partnership with that AI giant, CRM beat on some of the key revenue segments as well as subscription and support as well as billings.
然后，CEO马克·贝尼奥夫确实和吉姆·克莱默一起，与Anthropic的CEO达里奥·阿莫代讨论了这次合作。
And then CEO Mark Benioff did join Jim Cramer alongside Anthropic CEO Dario Ahmaday to talk about this partnership.
他们称之为Claude Force。
They're calling it Claude Force.
他们俩都说这是双赢。
They both called it a win win.
当你把Cohere的工作放在Salesforce之上，它就能整合数据、应用、语义和代理本身，构建完整的应用和完整的用户界面，让你从Salesforce中释放出所有被束缚的价值。
And when you take co work and then you're able to put it right on top of Salesforce, it's able to bring the data, the applications, the semantics, the agents themselves, and build complete applications, a total user interface to let you get all the value out of Salesforce that's been trapped.
客户已经在Salesforce上投入了数千亿美元。
So customers have put hundreds of billions of dollars into Salesforce.
你知道，通过这种结合，可以释放出巨大的价值。
You know, there's a huge amount of value that can be unleashed through this combination.
布莱恩，两位CEO也都淡化了所谓的“SaaS末日”担忧。
Brian, both of the CEOs brushed off concerns as well about the so called SaaSpocalypse.
吉姆问了他们两位。
Jim asked both of them.
他基本上是说，Anthropic被认为会让Salesforce倒闭。
He said, essentially, Anthropic, thought was gonna put you out of business talking about Salesforce.
阿马德伊回答这个问题时说，他们无意摧毁任何人，而且他确实强调，Anthropic希望赋能客户，引用他的话，就是“分享一些收益”。
Amadeh, taking that question said, we're not interested in destroying anyone and that anthropic he's he really put it, wants to try to empower customers to, quote, share some of the gains.
所以这与我们之前看到的一些说法正好相反。
So the opposite of some of the narrative we've seen.
而今年迄今一直拖累软件股的那些担忧和恐惧，两位CEO都对此不屑一顾。
And some of the the fears and what has really weighed on software so far this year, both of them dismissing that.
凯特，我插一句，说说我的看法。我们毕竟是做视觉内容的。
We, you know, Kate, one quick thing, and I'm gonna sort of opine here, is that, you know, we're a visual medium.
我觉得马克·贝尼奥夫和Anthropic的CEO同台，这个画面很有冲击力。因为之前大家都觉得AI可能会干掉Salesforce，结果他们俩站在一起了。
And I think the idea with Marc Benioff with Anthropic's CEO, when people thought Anthropic or AI might kill or crush Salesforce, I thought that was a powerful visual, that they were together.
这确实是个
It's a
很有力的画面。
powerful image.
我觉得他们肯定也明白这一点。
I'm guessing that wasn't lost on them.
你说得对。
I think you're right.
我觉得Anthropic传递的信息就是：我们是来和平共处的。
I think the message from Anthropic was we come in peace.
他坐在一家大型SaaS软件公司CEO旁边，说我们会尊重你们的数据。
He's sitting next to a major SaaS software company CEO saying, we're gonna respect your data.
这也是对Anthropic的另一个批评点。
We that's been another knock on Anthropic.
他们需要向企业证明的是，企业可以信任Anthropic，并且愿意与他们合作。
And what they've had to prove to enterprises is that enterprises can trust Anthropic and work work with them.
特别是，我有个IPO要处理。
Especially, I have an IPO.
他们真的在努力强调这一点，说我们是个好伙伴，这对双方都有好处。
They're really trying to underline that saying, we're a good partner, and it benefits both of us.
我们不是要抢你们的生意。
We're not trying to steal your business.
我们也不想变成CRM公司。
We don't wanna become a CRM.
我们可以在这里合作。
We can partner here.
所以这对双方都是战略性的，而Salesforce则说这是双赢。
So it's strategic for both of them and then Salesforce says it's a win win.
而且，你知道，从某种程度上说，看到市场的反应挺有意思的，因为Salesforce过去因为AI战略受到过打击，但这次市场似乎真的很看好，认为这是双赢。
And, you know, I I'm some ways, it was interesting to see the Street reaction because Salesforce has been hit in the past because of its AI strategy, the street really seems to like this and think that it is a win win.
我觉得市场喜欢看到他们合作。
I thought they I think the street likes seeing them together.
就是那种大家和睦相处的时刻。
Just kind of that kumbaya moment.
我们都是朋友嘛。
We're all friends here.
Kate Rooney，谢谢
Kate Rooney, thank
你，我觉得这确实是Salesforce的座右铭，Benioff的风格。
you I very think that's the Salesforce motto, Benioff thing.
有点，是的。
There's some yeah.
这可能是他们的新座右铭了。
It might be their new motto.
谁知道呢？
Who knows?
好了。
Alright.
凯蒂·斯托克顿。
Katie Stockton.
马克·贝尼奥夫说，价值一直被压抑着。
So Mark Benioff said, you know, wanna value has been trapped.
图表上是否显示出价值被压抑的信号？
Does the chart signal trapped value?
嗯，这只股票今年表现不佳，但夏天表现很好。
Well, it's been a rough year for the stock, but a very good summer.
所以如果说之前被压抑了，我觉得现在已经释放了。
So if it was trapped, I think it's no longer trapped.
我确实认为这次上涨让它摆脱了从2024年底开始的下跌趋势。
I I do think that this move has released it from its downtrend, which began in late twenty four.
我们已经看到Salesforce突破了它的200日移动平均线，这是一个积极的催化剂。
We'd already seen Salesforce cross above its two hundred day moving average that acts as a positive catalyst.
这会让那些不会交易低于200日均线股票的机构注意到它。
It gets on the radar of firms that just won't trade stocks below their two hundred days.
我喜欢这一点。
I like that.
231这个位置是一个关键的斐波那契回撤位。
The two thirty one level is a key Fibonacci retracement level.
所以如果我们看到它进一步突破，那么下一个阻力位大约在284。
So if we see that further cleared, then we start looking at about 284 as the next hurdle.
所以这有可能是一个大的突破。
So this has a potential to be a big breakout.
电台上有好多人。
Got a lot of people on the radio.
我相信，Katie。
I'm sure, Katie.
我很喜欢这个广播。
I love the radio.
我们正沿着梅里特公园大道行驶。
We're rolling up that Merritt Parkway.
你知道吗？
You know?
现在股价在230多一点的位置。
Stocks at 02:30 and change right now.
为什么这个
Why is this
这么
such a
关键呢？
critical level?
对。
Yeah.
说到斐波那契回撤，我没法深入讲那些数学。
So the Fibonacci retracements, I can't get into the math.
别让我深入讲那些。
Don't make me go So into
它是一个关键阻力位，在这些价格图表上经常出现。
it is a key resistance and it occurs often on these price charts.
我们发现，当这个关键水平被突破后，目标就会变成基于同一模型的下一个水平。
What we found is that when this one key level is clear, that the objective becomes the next level based on the same model.
所以2.84美元就是下一个目标。
So $2.84 would be that next objective.
而且
And
正如凯蒂指出的，那正是我们在1月份跌破的水平。
that, as Katie points out, I mean, is the level that we broke down from, I think, in January.
所以，这里有几件事要说。
So, a couple of things here.
我觉得这个季度表明，软件消亡的说法，至少目前来看，算是暂时搁置了，退居二线了。我同意这个看法。
I think this quarter suggests that death of software is probably, at least for now, sort of put on the backseat for a while, back burner, And I agree with that.
我们看好IGV已经有一段时间了。
We've been positive on the IGV for a while.
我觉得这给IGV带来了一些动力。
I think this gives some momentum to the IGV.
还有，我想对观众说，你们错过了，抱歉，是对广播听众说，你们错过了非常帅气的布莱恩·沙利文。
And I'll say this as well, to the viewing audience, you're missing a very, excuse me, the radio audience, missing a very handsome Brian Sullivan.
我要说的是，顺便谢谢你，284美元比当前股价高出23.1%。
And I will say that two eighty four dollars thank you by the way, is 23.1% higher than where the stock is
你一看这些就完全明白了，就是
You exactly know, right when you look at these, just
简单说一句，当你看到Salesforce和ServiceNow时，它们经常被归为一类。
a one liner on this, when you look at Salesforce and you look at ServiceNow, they get lumped together.
它们都是按席位计费的模式，或者说是财务或会计上的按席位，而不是按使用量。
They're both in that per seat mechanism or finances or accounting per seat instead of usage.
ServiceNow的新增订单里有50%是按使用量计费的。
ServiceNow, the 50% of their new bookings is usage.
所以他们已经朝那个方向转型了。
So they've migrated that way.
CRM也在逐步推进这个转变。
CRM is in the process of doing
Percy，他们说的是Percy，就像媒体那个Percy。
Percy they said like Percy like the media.
Percy。
Percy.
我们就用Percy这个说法吗？
Are we going with Percy.
我可能尽量避开数学方面的内容。
I tried to stay away from math probably.
好的。
All right.
接下来还有更多财报要带给你。
Coming up even more earnings to bring you.
有CrowdStrike的。
You got CrowdStrike.
还有Octa的。
We've got Octa.
还有Urban Outfitters的。
We've got Urban Outfitters.
它们都发布了。
They're all out.
它们都在变动。
They're all on the move.
两家上涨。
Two are up.
一家下跌。
One is down.
另外，Meta的关键时刻来了，你会听到一位州检察长的发言，这个州没有参与社交媒体成瘾诉讼和解。
Plus, Meta's moment of truth, you're gonna hear from the attorney general of one of the states that sat out of their social media addiction lawsuit settlement.
接下来是佛罗里达州检察长的采访，以及更多内容。
The interview with the Florida AG and more coming up.
一切都关乎钱。
It's all about the money.
我想成为家里
I wanna be the person in
创造世代财富的那个人。
my family that creates generational wealth.
他们如何赚钱、花钱，以及实现梦想。
How they earn it, spend it, and make dreams come true.
我不想粉饰太平。
I'm not gonna sugarcoat it.
这很难，但非常值得。
It's hard, but it's so worth it.
《千禧一代理财》，全新周六档，东部时间三点，CNBC。
Millennial Money, all new Saturdays, three eastern, CNBC.
好的。
Alright.
欢迎回到《快钱》节目。
Welcome back to Fast Money.
今天事情不少。
A lot going on.
不过总体来看，股市和你的钱基本没变。
Overall, though, stocks, your money virtually unchanged.
周三，道指、标普和纳斯达克都只是小幅下跌。
On Wednesday, the Dow, S and P and Nasdaq, each just fractionally lower.
纳斯达克100倒是勉强涨了一点。
The Nasdaq one hundred did manage to squeak out kind of a small gain.
财报之后，还有一些股票有动静。
You got some more stocks to move after earnings.
CrowdStrike和Okta都上涨了两位数，业绩好于预期。
CrowdStrike and Okta both up double digits, stronger than expected results.
Urban Outfitters是下跌的那只股票。
Urban Outfitters, that was the one that was down.
惠普的业绩基本符合预期，但股价还是小幅下跌，尽管营收大幅超预期并且上调了指引。
Numbers that were broadly in line with estimates stock down a little bit here at HP dropping even after a big revenue beat and guidance raise.
现在有一条关于Wendy's的突发新闻。
And we've got a news alert right now on Wendy's.
Brandon Gomez有更多报道。
Brandon Gomez has more.
Brandon？
Brandon?
你好，Brian。
Hey there, Brian.
是的。
Yeah.
看看股价，因为路透社报道说纳尔逊·佩尔茨的Tryon公司没有计划将这家公司私有化，股价下跌了约15%。
Take a look at shares down about 15% on this Reuters report that Nelson Peltz's Tryon has no plan to take the company private.
之前八月初，当这家公司可能从纳尔逊·佩尔茨和Tryon那里得到救命稻草时，股价曾大涨两位数。
Now the stock had popped double digits back in early August when the company possibly was gonna be getting that life raft from Nelson Peltz and Tryon.
我确实联系了他们。
Now I did reach out.
他们回应说对路透社的报道不予置评。
They responded saying they have no comment on the report from Reuters.
但很明显，这家公司确实需要某种转型策略。
But again, clearly, this is a company that does need some sort of turnaround strategy.
鲍勃·赖特早些时候，在最近一个季度暂停了业绩指引，因为他正在重新评估公司的资产负债表。
Bob Wright earlier, with his most recent quarter suspending guidance as he reassesses the balance sheet over there.
所以，我们只能拭目以待，看这对投资者来说会如何发展。
So we'll just have to see how this one plays out for investors.
但投资者显然在寻找某种战略转型。
But investors clearly looking for some type of strategic turnaround.
蒂姆·西摩，你对温蒂汉堡怎么看？
Tim Seymour, your take on Wendy's.
那里的新领导层面临很多很多问题。
A lot of lot of issues for new for new leadership there.
单位经济效益和快餐
The unit economics and quick
服务
serve
现在对很多人来说确实很艰难，尤其是像这样一艘没有舵手的船。
are really tough right now for a lot of people, especially for a rudderless ship like this one.
所以，是的，那张图表之前看起来还不错，而且正在摆脱长期下跌趋势。
So, yeah, that chart actually had looked decent and was coming out of a long downtrend.
但如果没有纳尔逊，我觉得你不会碰这个。
But without Nelson, I think you're not riding this one.
你不会去吃那个汉堡的。
You're not eating that burger.
对。
Yeah.
现在股价正在被重创。
Stock getting pelts right now.
已经跌了15.7%。
It's down 15.7%.
好的。
Alright.
谢谢你，Tim。
Thank you, Tim.
接下来要聊的是，赔偿金简直是九牛一毛。
Coming up, the payouts are peanuts.
这是佛罗里达州总检察长对Meta近170亿美元社交媒体和解案的评论。
That's what Florida's attorney general has to say about Meta's nearly $17,000,000,000 social media settlement.
他将独家加入我们，解释为什么他们选择不参与，以及接下来会发生什么。
He'll join us exclusively to explain why they sat this one out and what comes next.
好的。
Alright.
欢迎回来。
Welcome back.
我们刚刚报道了Meta和几乎所有州的总检察长达成的一项里程碑式的和解，金额高达170亿美元，但这笔钱是在十年内支付的。
We had a landmark settlement between Meta and nearly all state attorneys general worth up to $17,000,000,000, but that number paid out over ten years.
朱莉娅·布尔斯汀来给我们介绍一下，告诉我们这可能意味着什么，又不意味着什么。
Julia Boorstin kind of to set it up and tell us maybe what it means and what it doesn't.
朱莉娅。
Julia.
嗯，布莱恩，Meta的股价因为这个和解而上涨，这被称为相对乐观的结果，相比最坏情况的传闻。
Well, Brian, MediShares rising on this settlement that bears calls a fairly positive outcome relative to the worst case whispers.
就在这个小时，法院正式批准了公司和各州总检察长之间的和解，Meta将支付高达180亿美元，其中包括与得克萨斯州单独达成的10亿美元和解。
Now just this hour, the court officially approving that the settlement between the company and state AGs, and Meta will pay as much as $18,000,000,000, including a separate $1,000,000,000 settlement with Texas.
现在，总检察长们原本要求约2000亿美元，这大致相当于去年的收入，而公司的市值是1.5万亿美元。
Now the AGs have been looking for around $200,000,000,000, which is also roughly last year's revenue, and the company's market cap is $1,500,000,000,000.
这里先给大家梳理一下背景。
Just to put it all in context here.
但Meta也同意为青少年推出产品改动，包括每天两小时的使用时限、夜间默认屏蔽、上学期间通知静音，以及隐藏点赞数。
But Meta is also agreeing to product changes for teens, including a two hour daily time limit, a default block at night, muted notifications during school hours, and hidden likes.
它还会实施新的年龄验证措施。
It'll also implement new age assurance measures.
但在这180亿美元中，有50亿美元是Meta同意支付的，前提是竞争对手YouTube和TikTok也加入时间限制和年龄验证措施。
But $5,000,000,000 out of that $18,000,000,000 that Meta is agreeing to pay are only if its rivals YouTube and TikTok get on board with time limits and age assurance measures.
目前YouTube和TikTok还没有任何回应。
We've had no comment yet from YouTube or TikTok.
Brian？
Brian?
Julia Boorstin。
Julia Borson.
Julia，感谢你的报道。
Julia, appreciate that.
非常感谢。
Thank you very much.
好的。
Alright.
佛罗里达是少数几个没有参与和Meta和解的州之一，它打算继续诉讼。
So Florida, one of the few states that did not take part in the settlement with Meta, and it plans to keep litigating.
现在加入我们独家采访的是佛罗里达州总检察长詹姆斯·古德迈耶。
Joining us now on an exclusive interview is Florida attorney general James Goodmeyer.
詹姆斯，是因为钱吗？
James, was it money?
是因为条款吗？
Was it terms?
还是其他原因？
Something else?
还是以上都有？
All the above?
对。
Yeah.
以上都有。
All of the above.
你看，这个协议对各州来说并不是什么好交易，所以佛罗里达才没有参与。
Look, this was not a good deal for the states and that's why Florida wasn't a part of it.
在儿童安全问题上，我们不会妥协。
We are not gonna sell out when it comes to child safety.
我们不会屈服。
We're not gonna capitulate.
这笔钱看起来可能很多，但这是一家市值一万五千亿美元的公司。
It might look like a big number, but this is a trillion and $0.5 company.
这不过是九牛一毛，不应该让他们因为十多年来对孩子们的伤害而逍遥法外。
This is a rounding error that should not get them off scot free for over a decade of harms to our kids.
而且你看，新墨西哥州，陪审团判了十亿美元的赔偿。
And look, New Mexico, a jury handed out a billion dollar verdict.
佛罗里达的面积是新墨西哥的十倍还多。
Florida's more than 10 times the size of New Mexico.
所以我们不会接受这种打折的赔偿和那些项目上的改动。
So we're not gonna settle for pennies on the dollar and the programmatic changes.
那些改动是好的。
They're good.
方向是对的，但很多都是临时的，只有五年有效期。
They're stepping in the right direction, but a lot of them are temporary, only good for five years.
我们认为这些还不够。
We do not believe they go far enough.
对。
Yeah.
我想先谈谈钱的问题，但这是CNBC，所以我们还是从钱开始吧。
I wanna and I wanna get outside the money in a second, but this is CNBC, so kinda we'll start there.
高达170亿美元，分十年支付。
Up to 17,000,000,000 payable over ten years.
所以每年17亿美元，而这家公司年收入是2000亿美元。
So 1,700,000,000 a year is a $200,000,000,000 revenue per year company.
Meta的年收入是2000亿美元。
Meta does 200,000,000,000 a year in revenue.
你算过这笔账吗？
Have you done the math?
因为我觉得这个节目就是关于数字的，先生。
Because I guess this show is all about math, Mr.
总检察长，如果你们同意这个和解方案，佛罗里达州能拿到多少钱？
Attorney General, on how much Florida would receive if you did agree to this current settlement?
嗯，看看其他州拿到的金额，我们似乎会比新墨西哥州那个判决拿到的还少。
Well, looking at the amounts received by other states, it looks like we would get less than that verdict that New Mexico received.
这绝对无法接受。
That's just not acceptable.
我们的案子很有力，有很多证据表明对孩子的伤害，包括自杀、自残、心理创伤，还有很多很多伤害。
We've got a great case, a lot of evidence showing the harms to kids, suicides, self harm, mental injuries, many many injuries.
全国各地的州都看到陪审团似乎对我们有利。
States around the country are seeing juries that seem favorable here.
他们当时考虑的是数万亿美元的赔偿责任。
They were looking at trillions in liability.
所以我们不会和解。
So we're not gonna settle.
我们会去法庭。
We'll go to court.
我们佛罗里达州喜欢为我们的孩子而战，我们不会屈服，不会投降。
We like to fight for our kids in Florida, we're not gonna we're not gonna bend over and capitulate.
先生，二十八年前，大烟草和解案，这是19.98美元，我想是两千零六十亿美元，分二十五年支付。
Sir, twenty eight years ago, big tobacco settlement, this is $19.98 dollars, was I think $206,000,000,000 over twenty five years.
很多，当时的计算方式和现在大不相同。
A lot, the math was a lot different than it is now.
从某些方面来说，你肯定觉得这很侮辱人，我想。
In some ways, you have to be insulted by this, I would imagine.
我们当然不会接受这个协议里的任何条款。
We certainly would not settle for for anything in this agreement.
我们并不是其中的主要部分。
We were not a big part of it.
他们知道我们是个爱打官司的州。
They know that we are a litigation state.
在儿童安全方面，我们一直是领先的。
We lead the way when it comes to child safety.
我们不会偷工减料。
We're not gonna cut corners.
我们必须不惜一切代价保护我们的孩子。
We need to make sure that our kids are protected at all costs.
我们不会让企业为了利润而牺牲公共安全。
We will not let companies choose profit over public safety.
对。
Yeah.
几个星期的收入，对于这么大的一家公司来说，根本不够。
A few weeks of revenue, that's that's not enough here when you're talking about a company of this size.
嘿，詹姆斯。
Hey, James.
我是蒂姆。
It's Tim.
加油，盖特斯。
Go Gators.
你希望他们怎么调整这个模型？
What would you like to see them do to the model?
从产品的角度来说，先不管赔偿金额，你觉得怎么做才能让州里满意？只要你能说的，都可以说。
What what what in terms of the product, forget the settlement amounts, what what would be satisfying to the state to the extent you can talk about this?
当然可以。
Sure.
嗯，我想说的是，任何能限制孩子们接触这些我们知道是故意设计成让人上瘾的应用的措施，都是好事。
Well, what what I'll say is it anything that's limiting the ability of kids to access these applications that we know are designed to be addictive is a good thing.
我喜欢孩子们在半夜需要睡觉、为第二天上学做准备的时候，不能使用它。
I like the kids won't be able to use it in the middle of the night when they need to be sleeping and preparing for the next day of school.
但和解协议中的这些改变不能只持续五年。
But the settlement, the changes can't just be for five years.
保护儿童不是短期的临时目标。
Child protection is not a temporary short term goal.
他们违反了佛罗里达州的法律，而我们的法律不是临时的。
They violated Florida law and our law is not temporary.
它是永久的。
It's permanent.
这些改变必须是永久的，我们希望看到更切实的措施，确保孩子们在学校里远离这些应用程序。
These changes need to be permanent and we would like to see something more solid as far as keeping kids off these applications in school.
在佛罗里达州，我们通过了很多改革措施，赋予教师更多权力，让手机离开教室，因为手机在教室里会分散孩子们的注意力。
In Florida, we passed a lot of reforms to empower teachers and to get cell phones out of the classroom where they're distracting our kids.
如果我们的孩子整天在学校里沉迷手机、分心走神，我们永远无法与中国竞争。
We're never gonna be able to compete with China if our kids are addicted and distracted all day in the schoolroom.
我们希望这能成为和解协议的一部分。
We would like to see that as part of this settlement.
那你觉得这个和解对Meta来说是个胜利吗？
So you view this settlement as a win for Meta?
对Meta来说绝对是胜利。
It's a win for Meta, definitely.
他们面临的是数万亿美元的赔偿责任。
They're looking at trillions in liability.
他们刚刚让所有州，我觉得是全部，都加入了一个大规模的和解协议。
They just got all the states, one, I believe, to to enter into a a big settlement.
所以对他们来说绝对是胜利。
So it was definitely a win for them.
我不觉得这对各州是胜利，当然也不觉得这对我们的孩子、我们的下一代是胜利，他们在过去十年里遭受了最严重的伤害。
I don't think it's a win for the states, and I certainly don't think it's a win for our little ones, our next generation that has suffered some of the greatest harms we've seen over the last decade.
我，我看。
I I look.
我们都想保护孩子。
We all wanna protect kids.
我得说，如果你说数万亿的赔偿责任，那这会让公司破产的。
I will say, if you say trillions in liability, I mean, that that's bankrupting the company.
数万亿的赔偿责任会终结Meta。
Trillions of liability ends meta.
我明白这一点。
I I I understand that.
而且我在这里说的是全球范围，当你看到各个州的情况时。
And I I'm talking global at this point when you look at all the various states
以及他们的政策会终结Meta。
and their policies ends meta.
我的意思是，他们虽然是非常有钱的公司，但他们没有数万亿美元。
I mean, they don't they're they're a massively rich company, but they don't have trillions of dollars.
我说的是他们面临的赔偿责任。
I'm talking about what they're looking at in liability.
所以，像这种情况，仅仅几周的收入，一个四舍五入的误差，根本说不过去。
So the notion that, something like this, mere weeks of of revenue, a rounding error is just not acceptable.
他们需要做点什么，更好地补偿各州受到的伤害，同时也要给其他大型科技公司一个威慑。
They need to do something that, better compensates the states for the harms and also sends a deterrent to other big tech companies.
这可不是什么四舍五入的误差。
This is not a rounding error.
要么做出真正的改变，要么就得付出代价。
Make real changes or you're gonna have to pay for it.
我们确实需要一些惩罚性的措施，来激励未来更好的行为。
We do need some punitive aspects here to incentivize better behavior going forward.
我们的孩子太重要了。
Our kids are that important.
对。
Yeah.
顺便说一下，加州总检察长罗伯·邦塔算是牵头了这件事。
And by the way, we have Rob Bonta, the California attorney general who kinda led this.
他明天上午十点会上《Squawk on the Street》节目。
He is on squawk on the street tomorrow, 10AM tomorrow.
这不是我的采访。
It's not my interview.
你会问他什么问题，总检察长先生？
What would you ask him, mister AG?
你会问什么，因为他正在看这个节目。
What would because he's viewing this.
他正在庆祝胜利，说：对。
He's taking a victory lap saying, yeah.
我们赢了。
We we won.
他们大张旗鼓地宣传这件事，这确实是个大事。
It's the big deal that they're making a big deal about it.
对。
Yeah.
我会问他，为什么三十年前美元的价值跟现在不太一样的时候，烟草公司跟各州检察长达成了超过两千亿美元的和解，而到了2026年，那些比烟草公司值钱得多的大科技公司，却能用九牛一毛的钱就脱身了。
I I would ask him why thirty years ago when the dollar was certainly valued a little bit differently, big tobacco settled with AGs for over $200,000,000,000, and yet here we are in 2026, and and big tech worth a lot more than those other companies is able to get off for for pennies on the dollar.
我觉得这对那些受到伤害的孩子不公平。
I don't believe that's fair to to the kids that have been hurt.
我觉得对各州也不公平。
I don't think it's fair to the states.
所以我们会去法庭，提出我们的案子，让佛罗里达的人民来做决定。
So we'll we'll go to court and we'll bring our case and and we'll let the people of Florida decide.
很多孩子在很长一段时间里真的受到了很大的伤害，不是单指Meta，而是整个社交媒体。
A lot of kids are really, really hurt over a long period of time, not by meta, but just by social media in general.
詹姆斯·乌斯迈耶，佛罗里达州总检察长。
James Uthmeyer, the Florida attorney general.
非常感谢您的时间，先生。
Really appreciate your time, sir.
非常感谢。
Thank you very much.
好的。
Alright.
接下来，各位。
Coming up, folks.
别忘了，我们拿到了英伟达的财报。
Remember, we got NVIDIA numbers.
已经发布了。
They are out.
股价正在波动。
The stock is on the move.
电话会议已经进行了大约四十分钟。
The conference call has been underway for about forty minutes time.
股价上涨了百分之四点五。
Stocks up four and a half percent.
我们会给你更多信息，市场看好这些数据。
We'll give you more the market likes the numbers.
我们和《快钱回报》节目再详细聊聊。
Talk more about it with Fast Money Returns.
好的。
Alright.
接下来是财报快讯。
Really, earnings alerts.
很多公司都发布了业绩，但英伟达当然是最重要的，它是全球市值最大的公司，股价还在不断上涨。
A lot of companies out with their numbers, but NVIDIA, of course, the big one, biggest company in the world by market cap stock just keeps getting bigger.
现在涨幅接近5%。
It's now up almost 5%.
CEO黄仁勋刚刚表示，如果没有供应限制，本财年的业绩展望会高得多。
CEO Jensen Wong saying moments ago that without supply constraints, the fiscal year outlook would be a lot higher.
我们在节目开头也聊过这个话题。
We kinda talked about this the beginning of the show.
其他受这些数据影响的股票，包括更多芯片和存储类公司，比如Marvell、SanDisk、美光、西部数据，它们的涨幅都在2%到接近4%之间。
Other stocks that move in the back of those numbers, including more chip and memory names like Marvell, SanDisk, Micron, Western Digital, they're all up between really two and almost 4%.
所谓的AI光通信板块，其实是上涨了，Lumentum、Corning、Sienna这些股票都在涨，而且我听说NVIDIA的电话会议刚刚结束。
So called AI optical trade moving lower or higher rather, Lumentum, Corning, Sienna, and the NVIDIA conference call apparently I'm told just wrapping up.
那我们继续，接下来有请Susquehanna的Chris Roland，来给我们带来更多分析。
So let's keep rolling with Chris Roland to Susquehanna joining us now with more.
Chris，市场反应不错。
Chris, market liked it.
股价涨了将近5%。
Stock's up nearly 5%.
市场确实很喜欢。
Market liked it.
市场肯定很喜欢那个70%的数字。
Market liked that 70% number for sure.
还有一些额外的细节，比如关于供应商融资的更多信息。
There were some additional details more about vendor supplied financing.
空头们可能会抓住这一点不放。
The bears will probably try to hang on that.
另外，还有一些毛利率方面的消息。
Additionally, there were some gross margin revelations.
毛利率看起来有压力，尤其是在第四季度，内存相关的部分。
Gross margins look to be pressured particularly in the fourth quarter around memory.
所以明年的那些数字可能不会像你想的那样涨那么多，就是因为毛利率受到抑制。
And so those numbers for next year are probably not going up as much as you would think, just given that that gross margin mitigation.
但就像我们节目开头聊到的，克里斯，关于供应受限这个想法，黄仁勋在电话会议上说了，而且他大概十分钟后还会在《疯狂金钱》节目里跟吉姆·克莱默聊这个，就是说如果没有那个限制，他们还能增长更多。
But kinda to our point, and we talked about it at the top of the show, Chris, the supply constraint idea where Jensen Wong just saying on the call, and he'll probably talk about it with Jim Cramer and Mad Money coming up in about ten minutes, that if they didn't have that constraint, they could grow more.
所以如果我们听到英伟达某天说，我们的制造伙伴台积电能更快地给我们造更多芯片。
So if we hear Nvidia at some point say, well, our manufacturing partner, TSM, can build us more faster.
那股价肯定得涨，因为他们说的意思，我觉得，就是如果那样的话，供应限制就没了。
That stocks gotta go up then because what they're saying, I think, is that supply constraint would be over if we get that.
我不是说一定会这样。
And I'm not saying we will.
嗯，模型数字肯定会上去的。
Well, model numbers go up for sure.
对，确实是这样。
And, yeah, that that is the case.
如果要说的话，我们更倾向于认为供应增加会带来上行空间。
If if anything, we would bias it to the upside on increased supply.
那么，除了这些，你还想从黄仁勋和吉姆·克莱默大约十分钟后的对话中听到什么？
So anything else that you wanna hear from Jensen when he speaks to Jim Cramer in about ten minutes?
他说什么可能会让那只股票再涨一波？
What could he say that might give that stock another leg?
供应很重要。
Supply is important.
我觉得保持市场份额也很重要。
I think market share keeping their market share is important.
还有来自ASIC的持续威胁，超大规模数据中心厂商自己研发芯片。
There is an ongoing threat from ASICs, hyperscalers rolling their own.
我想多听听这方面的消息。
I'd like to hear more about that.
我还想多听听某些领域的发展，比如英伟达目前正在开发的内部开源模型。
And I'd like to hear more about development in certain areas like internal open source models that NVIDIA is working on today.
克里斯·罗林斯，来自萨斯奎汉纳。
Chris Rollins, Susquehanna.
非常感谢你今晚抽出时间，也很感谢你的配合。
Really appreciate your time and flexibility tonight.
克里斯，讲得太好了。
Chris, great stuff.
真的很感谢你。
Really appreciate it.
保重。
Take care.
谢谢。
Thank you.
接下来，这是两家零售商的对比故事，阿伯克龙比股价飙升。
Coming up, it is a tale of two retailers, Abercrombie, soaring.
接下来是耐克，不是那种两极分化的局面。
Nike, not the have and the have nots next.
好的。
Alright.
来做个零售总结。
Got a retail roundup.
看看Abercrombie & Fitch。
Look at Abercrombie and Fitch.
天哪。
Holy smokes.
今天股价大涨36%。
Stocks up 36% today.
盈利超出预期。
Better than expected earnings.
还上调了全年展望。
Raised their full year outlook.
这是该股表现最好的一天，其实也不算太久远，大概就在一年前。
Best day for the stocks since, well, actually not that long ago, just about a year ago.
与此同时，耐克就是一直给自己找麻烦。
Meantime, Nike just can't get out of its own way.
今天又跌了。
Falling again today.
耐克现在又回到了2014年的水平。
Nike is now back at its levels of 2014.
凯蒂在领先策略上表现不错。
Katie stocked at a fair lead strategies.
耐克的图表上到底有没有底部支撑？
Is there any bottom in the charts to Nike at all?
嗯，从图表上看不太出来。
Well, not visibly so.
我的意思是，这只股票处于长期和周期性的下跌趋势中，而且动能当然还是向下的，因为最近跌破了前低。
I mean, we have a secular and cyclical downtrend in the stock and the momentum, of course, is still to the downside with this new breakdown below the recent lows.
不过，如果你往回看很久很久，还是能找到支撑的。
However, you could find support if you go way, way back.
我们说的是一个非常长期的斐波那契回撤位，大概在38到39美元这个区域。
We're talking about a very long term Fibonacci retracement level in sort of the 38, $39 area.
我很希望股价能在当前水平附近稳住。
I would love to see the stock hold right near current levels.
说实话，它需要突破大约50美元，才能摆脱这个收窄的楔形形态。
And honestly, it needs to advance through about 50 to get out of what is a narrowing wedge formation.
突破50美元。
Above 50.
我觉得那时候动能才可能真正转向。
That's where I think the momentum could really turn.
但不幸的是，从技术面来看，
But unfortunately from a technical
要达到那个位置，50美元，凯蒂，
to get to perspective, 50 Katie,
是38。
it's a 38
没错。
That's right.
我觉得那样会更有说服力。
I think that would be convincing, more convincing.
从结构上看，耐克有很多可以自救的办法。
Structurally, Nike has a bunch of things that they could do to save the ship.
他们需要新鲜血液。
They need new blood.
我知道新CEO上任了，但他一辈子都在耐克。
I know it's a new CEO, but he was a lifetime Nike.
算是
Was kind
老CEO那种类型，对吧？
of the old CEO, right?
他把另一个人请回来了。
He brought back the other guy.
然后他可能也很乐意把权力交给一个能管理好的人。
And then he'd probably be happy to pass the reins off to someone who could manage it.
而且他们的竞争对手太多了。
And we have too much competition for them.
社交媒体让竞争对手很容易就能跟耐克平起平坐。
Social media makes it too easy for competitors to get on the same footing as Nike.
他们还是花着跟以前一样的广告费。
They're still spending the same ad dollars that they used to spend.
中国市场不买账了。
China is not having them.
他们前面有很多人，很多公司都领先他们。
They have a bunch of people ahead of them, bunch of companies ahead of them.
他们需要从结构上做些改变，才能扭转局面。
They need to do stuff structurally for this to end.
而且这不仅仅是技术层面的问题。
And it's more than just technicals.
这要从根本上改变公司。
It's about changing the company fundamentally.
我们拭目以待。
We'll see.
我不知道大家现在穿什么。
I don't know what people are wearing.
On Cloud 表现不太好。
On Cloud's not doing well.
Under Armour 这些年一直不太行。
Under Armour hasn't done well for years.
接下来，是你们的最后交易。
Up next, your final trades.
我们来看看全球的情况。
Let's go around the world.
蒂姆·西摩，请开始最后的交易。
Tim Seymour, please kick off final trades.
好的。
Yeah.
不久之前，这还是夹在某个家伙的蛤蜊里的东西。
It wasn't long ago that this was the a stuffed inside a guy's clam.
Agnico Eagle，矿业股。
Agnico Eagle, miners.
凯蒂？
Katie?
我选铀ETF。
I'll go with the uranium ETF.
它的中期动能正在恢复。
It's being renewed intermediate momentum.
代码是URA。
Ticker is URA.
史蒂夫，SpaceX 还是看多。
Steve, SpaceX still long.
摩根士丹利对它有一些正面的评价。
Morgan Stanley had some positive things to say about it.
亚当·乔纳斯给出的目标价是300美元。
$300 target from Adam Jonas.
盖伊
Guy
唐尼。
Donnie.
耐克的鞋码多重？
What size Nike's weigh?
大概十五码半？
Like, fifteen and a half?
十四码。
Fourteen.
十四号？
Fourteen?
对。
Yeah.
你是个大个子。
You're a big man.
鲍勃·拉尼尔。
Bob Lanier.
你最后交易的那个人。
Your final trade guy.
我那个垃圾股，布莱恩，那就是Unity软件。
My junk Brian that would be Unity software.
你买Unity软件。
You Unity software.
好了，各位，谢谢。
All right guys thank you.
我们明晚见。
We'll see you tomorrow night.
收看《快钱》节目。
For watching Fast Money.
现在马上是吉姆·克莱默的《大钱》节目。
Big, mad money with Jim Kramer right now.
《快钱》节目参与者表达的所有观点仅代表他们个人意见，不代表CNBC或其母公司或关联公司的观点，这些观点可能已通过电视、广播、互联网或其他媒体提前发布。
All opinions expressed by the Fast Money participants are solely their opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by them on television, radio, Internet or another medium.
您不应将本播客中表达的任何观点视为进行特定投资或遵循特定策略的具体诱导，而应仅将其视为一种观点表达。
You should not treat any opinion expressed on this podcast as a specific inducement to make a particular investment or follow a particular strategy but only as an expression of an opinion.
这些观点基于《快钱》节目参与者认为可靠的信息，但CNBC及其关联公司或子公司不保证其完整性或准确性，也不应依赖这些观点。
Such opinions are based upon information the Fast Money participants consider reliable but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such.
如需查看完整的《快钱》免责声明，请访问cnbc.com/fastmoneydisclaimer。
To view the full Fast Money disclaimer, please visit cnbc.com/fastmoneydisclaimer.
一切都关乎金钱。
It's all about the money.
我想成为家里那个创造世代财富的人。
I wanna be the person in
我想成为家里那个创造世代财富的人。
my family that creates generational wealth.
他们怎么赚钱、怎么花钱、怎么实现梦想。
How they earn it, spend it, and make dreams come true.
我不想粉饰太平。
I'm not gonna sugarcoat it.
这很难，但非常值得。
It's hard, but it's so worth it.
千禧一代的金钱观，全新周六，东部时间三点，CNBC。
Millennial Money, all new Saturdays, three eastern, CNBC.
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