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是什么让你有信心去做一件以前没人做过的事情？
What made you confident that you could do something that hadn't been done before?
我一点都不怕失败。
I have no fear of failure.
开创先河的女性正在改变游戏规则。
Trailblazing women changing the game.
我最喜欢的一条建议是，
One of my
想想你老板的老板需要什么。
favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多很多不同的形式。
Leadership can look in many, many different forms.
归根结底，就是要相信自己。
It really does come down to just trusting yourself.
人生苦短，
Life is short, and
你得想得大，才能成就大事。
you just gotta think big to accomplish big things.
朱莉娅·波士顿主持CNBC的“变革者”和“权力玩家”节目。
Julia Boston hosts CNBC Changemakers and Power Players.
每周二更新新一期，无论你在哪里收听播客。
New episodes every Tuesday wherever you get your podcasts.
从纽约时代广场中心的纳斯达克市场现场直播，这里是《快钱》节目。
Live from the Nasdaq market site in the heart of New York City's Times Square, this is fast money.
今晚的节目内容如下。
Here's what's on tap tonight.
股市在艰难的一周结束时上涨，但自周一以来仍明显下跌。
Stocks ending a rough week on an up note, but still down notably since Monday.
今天的势头能延续到下周吗？
Can today's momentum carry into next week?
我们将进行讨论。
We'll debate.
我们正在倒计时英伟达的财报，这家全球最大的公司将于下周三公布业绩。
And we're counting down to Nvidia earnings, the world's biggest company set to report next Wednesday.
图表显示该股接下来会怎么走，以及一位顶级分析师有什么预期。
What the charts say is next for the stock and what one top analyst is expecting.
另外，博通正在考虑一笔巨额债务交易。
Plus, Broadcom eyes a massive debt deal.
零售商罗斯百货在财报后股价大涨，比特币也迎来了重要的一周。
Retailer Ross Stores surges after earnings and a big week for Bitcoin.
加密货币触及三个月高点，并创下今年最佳周表现。
The crypto hitting three month highs and clocking its best week of the year.
是什么推动了这些涨幅，这波行情还有多少动能？
What's driving the gains and how much more momentum is left in that trade?
我是迈克·桑托利，代替梅丽莎·李，今晚在纳斯达克B演播室为您直播。
I'm Mike Santoli in for Melissa Lee coming to you live from Studio B at the Nasdaq on the desk tonight.
凯伦·费纳曼、史蒂夫·布拉索和卡特·沃斯。
Karen Feinerman, Steve Brasso, and Carter Worth.
欢迎各位。
Welcome to you all.
我们先从华尔街的这波波动行情说起。
We start, with that volatile run on Wall Street.
标普500今天虽然上涨，但自周一以来仍下跌超过1%，结束了连续三周的上涨势头。
The S and P higher today still down more than a percent since Monday, breaking a streak of three straight weeks of gains.
其他主要指数也全线下跌，其中纳斯达克跌幅最大，下跌超过2%。
Other major indexes also in the red with the Nasdaq leading the losses down over 2%.
这一切都发生在长期利率接近二十年高位的背景下。
All the action coming as long term interest rates trade near two decade highs.
投资者似乎对财政部长斯科特·贝森计划回购数十亿美元长期政府债券的举措并不买账。
Investors seemingly unimpressed by treasury secretary Scott Besson's plans to buy back billions of dollars in longer term government debt.
30年期国债收益率在今日收盘时完全收复了周三的跌幅。
The thirty year yield fully recouping Wednesday's drop by today's close.
那么，今天的股市涨势能否延续到下周，还是说更高的利率会再次打击股市？
So can today's stock momentum last into next week, or will higher rates take another bite out of equities?
史蒂夫，来解读一下股票和债券之间的这种拉锯。
Steve, read the the back and forth here between stocks and bonds.
对。
Yeah.
债券市场一直被视为房间里最聪明的人。
So so bonds are always considered the smart guys in the room.
想想看，作为股票交易员，我这么说可能有点谦虚，但我们基本上是跟着债券市场走的。
Think, you know, as as as I say this humbly as a as an equity trader, we sort of react to them.
我们希望债券市场承担所有繁重的工作。
And wants the bond market to do all the heavy lifting.
到目前为止，它确实做到了。
It's done that so far.
而且市场，就像你上次节目里说的，基本上已经在定价了。
And the market is, as as you've said in your in in in your last show, it's already pricing in basically.
现在就像抛硬币一样，五五开。
It's a it's a coin toss right now.
那么，沃斯会不会让这些焦点小组来处理这件事？
So is worse gonna have these focus groups handle it?
还是他会让市场自行消化，或者他会施加压力？
Or is he gonna let the market sort of is he gonna intimidate anything?
他不会说什么的。
He's not gonna say anything.
他不想说什么。
He doesn't wanna say anything.
而且我觉得鲍威尔说得太多了。
And I think Powell said too much.
对吧？
Right?
所以我们从“你太冷”变成了“你太热”。
So we went from your par just too cold, your par just too hot.
我们想要刚刚好。
We want it just right.
我觉得我们现在会转向那种模糊态度，市场会有点失控。
I think we're gonna swing to that ambiguity now and the market's gonna run away with it a little bit.
我觉得这正是他想要的。
And I think that's what he wants.
我觉得这也是市场想要的。
I think that's what the market wants.
这也是我想要的。
That's what I want.
我为什么想要这样？
Why do I want that?
因为我总是喜欢自问自答，因为我知道答案。我之所以想要这样，是因为我觉得如果鲍威尔说得太多，美联储就会被逼到墙角。
Because I always like asking myself questions because I know the The answers, I reason why I want that is I feel as if the Fed gets painted into a corner if he talks too much.
这样他就能有回旋的余地。
Gives him the ability to go back and forth.
你上一期节目请的嘉宾说这事越来越政治化了。
You had a guest on the previous show saying it's getting political.
所以去年，或者说在沃尔什上任之前，一直是特朗普在跟鲍威尔搞政治。
So last year, was or or or up until Walsh came in, it was Trump being political with Powell.
现在我觉得是美联储在跟市场搞政治。
Now I feel like the Fed is being political with the market.
我觉得我们会看到一些这种来回拉扯，但我认为这对整个市场来说是健康的。
I think we're going to see a little bit of this juggling back and forth, but I think it's a healthy for the overall market.
凯伦，你猜怎么着，先不说美联储那边，就说说收益率的情况，首先，这是一个全球性的变动。
Guess, Karen, even setting aside the Fed piece of what's been going on with yields, first of all, it's a global move.
这其实跟预期的通胀预期关系不大。
It's not really about projected inflation expectations.
更像是大家都在借钱，我们在用人工智能建一个全新的工业体系。
It's kind of like everyone's borrowing, we're building a totally new industrial complex with AI.
你显然对政策有一些不确定性，但问题是，这个水平会不会改变股市的格局？
You obviously have a little bit of uncertainty around around policy, but the question is, is this a level that changes the equation for stocks?
不会。
No.
我不太这么认为。
I don't I don't really think so.
不过，我觉得贝森的话挺有意思的。
Though I I did I'd found to me, it's I thought Besson's comments were really interesting, I guess.
我也不确定。
I don't know.
有很多词可以用来形容。
There's a lot of words that you could use.
对我来说，那是本周最重要的事件，因为他试图把债券市场引导到他想要的位置，这正好和拉斯冈说的相反。他没说太多，但他确实表示，他愿意接受更长期限的较高利率，比如三十年期国债，来帮助控制通胀。
That, to me, was the most significant event of of the week, I think, in that, you know, he was trying to massage the bond market to where he wants it to be, which is sort of exactly counter to what Rasgon said that he didn't say a ton, but he did say he was happy to have longer, you know, higher rates for thirty year bonds to do some of the work to hopefully get inflation under control.
所以，我猜那两天对贝森言论的反应比较温和，然后完全反转了。
So the I guess it was the two days of of mild reaction to best in common and then completely reversed.
然后它反转了。
And then it reversed.
然后它又有点反转了。
Then it kind of reversed.
你确实看到了一些反应在某些方面持续存在，自从国债回购公告以来，美元大幅下跌。
You did see reactions stick in some respects, which is since the treasury buyback announcement, dollars down a bunch.
黄金大涨，比特币也大涨。
Gold's up a bunch, bitcoin's up a bunch.
所以大家就有这种想法，觉得我们需要以某种方式对冲这种不确定性，不管它意味着什么。
So you had this idea out there of like, okay, we need somehow to hedge this bit of uncertainty, whatever it's gonna mean.
对。
Yeah.
我不知道沃什会不会正面回应这个问题，嗯。
I don't know that Worsch will address this this Yeah.
完全正面回应。
Head on at all.
我觉得不太可能。
It seems unlikely to me.
我不认为他会加息。
I I don't think he's gonna raise.
我觉得，你知道，中期选举，我知道他不是政治人物，或者说他不想掺和政治，但现实就是这样。
I don't I think, you know, the the midterms, I know he's not political or doesn't claim to wanna be and all of that, but here we are.
对。
Yeah.
而且我忍不住觉得，参议院那边，我只是觉得他在尽力做好自己的本分，能做多少做多少。
And I can't help that, you know, the senate I just felt was being a good soldier out there and trying to do what he could.
我确实认为油价涨到这么高是另一个非常重要的因素，而且我觉得特朗普不喜欢这么高的油价，他会想办法压低它。
I do think that oil moving this high is another really important factor, and I don't think Trump likes it this high and will try to do something to talk it down.
我觉得那些是最重要的事情，视频里也是这么说的。
That those, I think, are the most important things also in video.
嗯，那当然也是事实。
Well, that's true too, of course.
油价再次上涨也是整个收益率故事的一部分。
Oil moving up again is is part of that whole yield story as well.
两者关系非常紧密。
Very tight relationship.
那么，卡特，就股市这周的表现和消化情况来看，不管是不是因为利率的原因，你看到了什么？
So, Carter, in terms of how the equity market behaved and metabolized all this, whether it was because of rates or not, what did you see this week?
我是说，你看，真正的压力，当然，正如预期的那样，是在金融股上，大型加拿大银行，美国这里的超级区域银行，还有所谓的货币中心银行。
I mean, look, I think the real pressure, of course, as expected is on financials, big, large Canadian banks, superregions here in The US, as well as so called money center.
我们现在不再这么叫了，但都面临压力。
We don't call them anymore, but all under pressure.
我认为更大的要点仍然是，十年期资金成本非常温和。
I think the the bigger takeaway is still that the cost of ten year money is very benign.
我的意思是，我们知道我们即将迎来峰值的三年纪念日。
I mean, we know we're coming up on the three year anniversary of the peak.
峰值是在2023年10月23日。
The peak was 10/23/2023.
现在我们即将进入2026年9月。
Here we are about to be September 2026.
那天盘中我们短暂突破了5%，最高达到5.02%。
We briefly intraday on that day got above 5%, 5.02 was the high.
而三年后的今天，十年期资金成本是4.73。
And here we are three years later, and the cost of ten year money is 4.73.
总的来说，股市对此非常满意。
Generally speaking, the equity market has loved that.
当时标普500指数在4200点，而现在我们在74.75点。
The equity market S and P was at 4,200 then and here we are at 74.75.
所以关键真的在于变化的速度，一直都是这样。如果我们从现在到11月之间慢慢爬到5%呢？
So it's really about the rate of change, it always has been, were we to creep up to over the next between now and November up to 5%?
我觉得市场根本不在乎。
I don't think the market cares at all.
但如果从现在到劳动节之后不久，出现快速上涨，股市可不会喜欢。
We do have an accelerated move there quickly between now and a little bit after Labor Day, equities will not like that.
我觉得这是根本性的问题。
This is, I think, elemental.
但就目前而言，我不认为这对市场是个问题。
But for now, I don't see this as being a problem for the market.
事实上，市场也认为这不是问题。
And in fact, the market is saying it isn't a problem.
对。
Yeah.
标普现在是七十六点七十五，别让大家以为我们刚才在沙发垫子里丢了200点而恐慌，卡特。
S and P seventy six seventy five, don't wanna have anybody panic that we just lost 200 points through the couch cushion here, Carter.
不过说真的，你提到了银行。
But real quick, you mentioned the banks.
它们显然确实如此。
They obviously did.
几周前，它们其实一直在帮忙支撑市场，有一阵子确实是这样。
They were they were kind of helping to support things on the way up a couple of weeks ago, actually for a while.
它们有点疲软了。
They faltered a little bit.
显然，今天半导体又跌了。
Obviously, semis down again today.
工业股看起来也疲软了。
Industrials look tired as well.
我只是在想，市场是不是真的在失去一些上涨动力。
I just wonder whether in fact the market's losing some of those thrusters.
是的。
Yes.
所以，如果你想想五月中旬到七月中旬，我们在两个月内都在5%的区间内交易。
And so, if you think about the mid May to mid July, we traded within a 5% range for a two month period.
这在战后时期只发生过五六次。
That's only happened five, six times in the post war period.
我的意思是，非常温和，但尽管指数层面横盘平静，表面之下却有巨大的波动。
I mean, very benign and yet despite that sideways quiescent action at the index level, huge moves under the surface.
想想那段时间的半导体、软件或能源股等等。
Think about semis in that period, or software, or energy stocks and so forth.
然后就是这次小幅突破创新高，现在又回调了。
And then this minor breakout to new highs and now this pullback.
我觉得我们确实像你说的那样，有点后劲不足了，而且从中期来看，市场的下行风险比上行潜力要大得多。
I think we're very much maybe as you phrase it sort of losing a little steam and that the market has really asymmetrical downside here than an upside potential on an intermediate basis.
好的。
Alright.
嗯，我们正在为下周得到一些答案做准备。
Well, we are building toward, getting a few answers next week.
下周晚些时候，在杰克逊霍尔研讨会上，市场将再次听到美联储的消息。
Markets will get another read on the Fed, at the end of next week at the Jackson Hole symposium.
凯文·沃尔什将首次以美联储主席身份出席。
Kevin Walsh is first as Fed chair.
会议周四开始。
It kicks off on Thursday.
CBC资深经济撰稿人马特·彼得森现在加入我们。
CBC senior economics writer, Matt Peterson joins us now.
马特，有时候我们可能得把这个事件渲染得挺重要的。
Matt, sometimes we have to, you know, maybe kind of hype this event as being consequential.
这次可能不需要那样做，因为市场渴望明确的信息，或者至少是沃什会给出的任何信号。
Probably don't need to do that this time just because the market craves clarity or at least whatever messaging we're gonna get from Warsh.
你觉得我们应该把预期定在哪里？
Where do you expect we ought to set our expectations?
是的，我们确实会从凯文·沃什那里得到一些消息，但能否满足市场对新美联储主席明确性的期待，我持保留态度，对吧？
Yeah, we are going to get something from Kevin Warsh, but whether it's going to satisfy the market's desire for clarity from the new Fed Chairman, I will believe it when I see it, right?
我的意思是，到目前为止，他的风格是喜欢谈论他关于改革美联储的宏观计划，而很少具体谈市场和经济的现状。
I mean, so far the pattern has been that he has liked to talk about his sort of big picture plans about changing the Fed and relatively little about what exactly is going on in the markets and the economy.
除此之外，大家也都注意到了，他在七月份讲话时，似乎对长期收益率上升感到满意或至少是可以接受的。
Other than that, as everybody noticed, he did seem to be happy with or okay with at least the rise in long end yields when he was talking in July.
所以我认为这对他来说是个重要时刻。
And so I think this is a big moment for him.
他会谈论债券市场的情况吗？
Is he going to talk about what's going on in the bond market?
他会如何看待美联储，你知道，考虑债券市场的情况？
How he sees the Fed, you know, thinking about the bond market?
还是说他干脆完全不管这事儿，就说，你知道的，这是财政部的事。
Or is he going to just kind of take his hands off of this entirely and say, you know, this is a treasury thing.
我不打算掺和进去。
I'm I'm I'm not gonna engage in it.
我觉得如果他真这么做的话，你知道，我猜我们会继续看到收益率慢慢往上爬，对吧，因为市场看到美联储主席觉得这种情况没问题，然后就会继续抛售。
I think if he does that, you know, I suspect we'll keep seeing yields creep up here, right, because we have markets looking at a Fed chairman that they think is happy with this situation and then we'll just continue selling up.
你知道，过去几天通胀预期一直在上升。
Know, inflation expectations are rising over the past couple of days here.
我觉得沃什确实有些东西需要去处理，但我不太相信他有兴趣卷入这场争斗。
I think there's something for for worse to address, but I'm I'm just not convinced that he's interested in getting into this fight.
对。
Yeah.
这确实有可能。
It's it's certainly maybe the case.
他肯定没兴趣去打架。
He wouldn't be interested in certainly getting into a fight.
很多潜在的摩擦点已经被注意到了，对吧？
A lot of the sort of potential frictions have been noted, right?
比如，如果沃尔什想要一个更小的美联储资产负债表，减少对利率走向的干预，那显然财政部在做相反的事情。
Where it's if Walsh wants a smaller Fed balance sheet, kind of less of a finger on the scale of trying to sway rates where they're going, Obviously, Treasury is doing the opposite.
他还希望美联储缩短其资产负债表的久期。
He also wants the Fed to lower the duration of its balance sheet.
这里，让美联储作为长期资产的买家，但如果沃尔什想要的是美联储不再是主角，那么总有人愿意当这个主角。
Here, have the Fed as a buyer of longer duration assets, but maybe if what worse wants is the Fed shouldn't be the main character anymore, then somebody else is willing to be the main character.
你看，我觉得鲍里斯说过两件事，和斯科特·贝森特的做法直接冲突。
Look, I think you've got two things that Boris has said that are a direct tension in what we're seeing from Scott Besant.
一方面，你知道，他去年最近说过，他认为美联储通过量化宽松购买债券，鼓励了不负责任的财政支出，对吧？
On the one hand, you know, you he has said he said last year, pretty recently, that he thinks that when the Fed buys bonds through quantitative easing, it has encouraged reckless fiscal spending, right?
他大体上批评了政府压低收益率这种做法，因为这会导致债务上升。
He has broadly criticized the idea of the government holding down yields because this encourages the debt to rise.
所以他不喜欢这样。
So he doesn't like this.
你知道，这里是财政部在行动，而不是美联储，但效果非常相似。
You know, this is you know, the treasury is acting here and not the Fed, but it's a very similar kind of effect.
另一方面，他一再表示，他认为财政部应该在美联储如何干预债券市场方面拥有很大的发言权。
And on the other hand, you have saying again and again that he thinks the treasury ought to have a lot of say over how the Fed intervenes in the bond market.
对吧？
Right?
这就是他在谈论改写财政部与美联储协议时提到的内容，他认为财政部应该对美联储如何使用其资产负债表拥有更多的发言权。
This is the thing that he talks about when he talks about rewriting the treasury Fed Accord is that he thinks the treasury ought to have a lot more say of what the Fed does with its balance sheet.
所以，如果你是斯科特·贝森特，你会想，如果我真的想压低长期收益率，我需要让美联储参与进来。
And so, you know, if you are Scott Besson and you think, well, if I really wanna bring down long term yields, I need to get the Fed involved.
看起来让凯文·沃什站在你这边是个很容易的决定，尽管他会做一些他不想做的事情，凯文·沃什说过他不想做。
Seems like a pretty easy call to go to get Kevin Worsch on your side here even though he's gonna do something that he doesn't want, Kevin Worscht said he doesn't wanna do.
对吧？
Right?
这就是为什么这是个两难困境。
That that's why this is such a dilemma.
对。
Yeah.
这显然挺棘手的。
It is obviously pretty tricky.
我觉得这和量化宽松不太一样，因为它基本上只是期限互换。
I I would say that this is different from QE in the sense that it's it's kinda just a a maturity swap.
对吧？
Right?
财政部得在短期端借钱，然后在长期端买回来，试图把收益率曲线扭转过来。
You're gonna have to treasury is gonna have to borrow on the short end to buy back at the long end trying to twist the curve around.
我们看看这个区别是否重要。
We'll see if that is a relevant distinction.
马特，非常感谢你。
Matt, thank you very much.
下周我们肯定会经常和你聊。
We'll certainly talk to you a bunch next week.
所以凯伦，我是说，很多这些问题都会在这次会议上被反复提及。
So Karen, again, I mean, a lot of these these questions are gonna hover over this this meeting.
我们永远不知道市场是否真的会以此为导向。
We never know if the market is really gonna take its cue from it.
不会的。
No.
我是说，这是一种非常不同的信息，不是流动性的，而且我猜是前瞻性的，我们以后不会再有了。
I mean, this is a very different kind of information, not flow, and I guess, forward looking that we're not gonna have anymore.
对。
Yeah.
所以我觉得我们会有点陷入困境。
So I think we're gonna be a little stuck.
但我真的很好奇，沃什知不知道会发生这种事？
I really wonder though, what was Worsch aware that this was going to happen?
当贝森说，嘿，这就是我打算出去说的话，那次对话是什么样的？
What was that conversation like when Besson said, hey, this is what I'm gonna go out there and say?
我觉得他这么做是因为这不是量化宽松。
I I think he's doing it because because this isn't QE.
没有任何新的储备。
There there aren't any new reserves.
也没有印钞机。
There aren't there isn't a printing machine.
而且沃尔什不会这么做。
And Walsh wasn't going to do it.
他想缩减资产负债表。
He wants to shrink that balance sheet.
所以沃尔什在的时候这事不会发生。
So it wasn't going to happen with Walsh.
所以我不知道，你说得对，他们有没有开会？
So I don't know, to your point, was there a meeting?
有没有一起吃个午饭？
Was there a lunch?
有没有吃晚饭？
Was there a dinner?
有没有什么信号之类的？
Was there something smoke signals?
我不知道。
I don't know.
但我觉得这是政府回应量化宽松的一种方式，实际上并没有印钱。
But I think this is the the the administration's way of answering QE without actually printing
那债券最终没有上涨，这说明了什么呢？
What does it tell us though that bonds didn't ultimately didn't Well,
这就是问题所在。
that's the that is the question.
我的意思是，你知道，债券市场
I mean, you know, the bonds
要和40万亿美元的市场对抗，那可是4万亿美元对40万亿美元。
are Four gonna fight billion against the 40,000,000,000,000 market.
小规模操作而已。
Per little operation.
但总体来看，可能比那要大一些。
It's a little bigger than that in aggregate potentially.
对，我同意。
No, do agree.
不管发生什么，市场都会考验政策制定者的决心。
Markets are going to test, policymakers resolve almost whatever happens here.
不过我觉得要记住，财政部在相对正常的业务中，偶尔也会回购一些被遗忘的、非活跃交易的证券。
I do think though we have to keep in mind that Treasury as a matter of relatively normal business does occasional buybacks of orphaned, you know, off the run securities.
这次只是规模更大。
This is just bigger.
但财政部长贝森在CNBC采访中说的第一句话就是，这是一个信号。
But the first thing that treasury secretary Besson said in the interview on CNBC was, well, it's a signal.
对吧？
Right?
这本来就是要传递一个信号。
It was intended as a signal.
对吧？
Right?
而且我掌握的信息不对称。
And and I and I have asymmetric information.
是的。
Yes.
不管那是什么
Whatever that
他们总是这样。
They always do.
每个人都有信息不对称，包括
Everyone's always had asymmetric Including
那些斯科特·贝森在对冲基金时押注过的央行行长们。
the central bankers that Scott Besson bet against as a hedge fund manager.
我们会把这些都拿过来，试着弄清楚它可能意味着什么。
We'll take that all and try to figure out what it could mean.
想了解更多关于未来一周和市场的消息，我们请来了哥伦比亚针线投资公司的高级投资组合经理蒂芙尼·韦德。
For more on the week ahead and the markets, let's bring in Tiffany Wade, Senior Portfolio Manager at Columbia Threadneedle Investment.
她共同管理哥伦比亚基石成长基金。
She co manages the Columbia Cornerstone Growth Fund.
蒂芙尼，很高兴见到你。
Tiffany, good to see you.
欢迎。
Welcome.
谢谢你的邀请。
Thank you for having me.
那么，看起来这周债券市场在对话中占了很大比重。
So, it seems like the bond market was kind of dominating a lot of the conversation this week.
利率的绝对水平，不管是什么原因导致它们达到这个水平，这对你如何看待股票前景有影响吗？
The absolute level of rates, whatever reasons for for them getting there, does it make much of a difference in terms of how you're viewing prospects for stocks?
我觉得这对股票的短期前景会有影响。
Think it's gonna matter for the short term prospects for stocks.
当然，投资者肯定会关注下周沃尔什会说什么。
Certainly, investors are gonna be looking to see what Walsh has to say next week.
就像你之前提到的，缺乏明确性和前瞻性指引，这是股市不喜欢的。
As you were talking about before, you know, the lack of clarity, lack of forward guidance is something that equity markets don't like.
对吧？
Right?
我们不喜欢不确定性，所以信息的缺失可能会在下周会议期间引发一些波动。
We don't like uncertainty, and so that lack of information is going to create potentially some volatility next week around that meeting.
所以这肯定是短期内可能造成一些干扰的因素之一。
So that's certainly one of the things that could create, you know, some noise in the near term.
我仍然觉得这个故事中的一个关键点是私营部门对资本的巨大需求，也就是AI投资主题。
Still find it fascinating that that one element of this story is the voracious demand for capital by the private sector, the AI investment theme.
而这似乎是推动全球利率走向的一个关键因素。
And that seems to be a key driver of of where global rates are going.
所以，如果股市和盈利增长的一个看涨理由是，我们离完成这轮建设还差得远呢。
And so if one of the bull cases for stocks and for earnings growth is we're just not even close to finishing this build out.
但与此同时，你还有高利率带来的成本抵消。
But then you have the cost offset from from higher rates.
你知道，市场总得自己消化这些，我想。
You know, the market has to sort that out, I suppose.
对。
Yeah.
我觉得这确实是大家担心的事情。
I think that's definitely something that people are concerned about.
对吧？
Right?
比如说，所有这些债券发行能不能找到买家？
Like, is all of the bond issuance going to be able to find a home?
而且这是不是会挤掉一些对国债的需求？
And is that going to be crowding out some demand for treasuries?
对吧？
Right?
这对十年期或三十年期国债收益率会不会有更长期的影响？
Does that have a longer term impact on ten year or thirty year treasury rates?
但总体来看，我们确实认为所有这些公司债券发行都能找到买家。
But for the most part, we do think that all of that corporate issuance is going to be to find a home.
只是利率水平的问题。
It's just a matter of what the rate is going to be.
但我们确实认为AI资本支出趋势会持续多年。
But we do think that the AI CapEx trend is going to be a multiyear trend.
我觉得这不会很快停止。
I think that this is not stopping anytime soon.
这是否意味着要坚持投资那些受益于这些资金的公司，还是有其他间接的方式来参与这个主题？
Does that mean kind of sticking with the recipients of all that money or are there other kind of bank shot ways of playing that theme?
是的，我们确实更倾向于那些目前从资本支出中受益的公司，而不是那些花钱的公司。
Yeah, we definitely prefer the names that are benefiting from the capital spending right now as opposed to the spenders.
所以这肯定包括科技板块里的那些公司。
So that's names within the tech sector for sure.
半导体显然是受益者，但其他一些行业，比如工业，也有不少公司受益。
Semiconductors are clearly a beneficiary, but also a number of names in other sectors like industrial.
所以电气设备类的公司显然是受益者。
So electrical equipment names are clearly beneficiaries.
一些建筑工程类的公司也是受益者。
Some of the construction engineering names are also beneficiaries.
那你觉得这些公司的增长潜力能和那些更直接相关的公司一样大吗？
So do you see those as having as much growth potential as some of the more direct ones?
我觉得是的。
I think so.
未来几年，如果我们认为资本开支周期会持续好几年，这些公司肯定会有很大的增长潜力和很高的可见度。
Over the next couple of years, there's definitely going to be a lot of growth potential and a lot of visibility for these names if we think that the CapEx cycle is gonna continue for multiple years.
当然，科技板块里也有一些公司。
Certainly, there's some names within the tech sector.
你想想那些内存股，短期内定价权非常强。
You think about the memory stocks that have tremendous pricing power over the short term.
电气设备或建筑类的股票可能没有这么强的定价权，但它们也在获得定价权，而且未来几年的订单积压情况非常清晰。
You probably don't see that from some of the electrical equipment names or construction names to the same extent, but they are getting pricing power, and they have great visibility into backlog for multiple years.
你看通胀的时候，会区分是供应拉动还是需求推动，或者反过来吗？
When you look at inflation, do you try to distinguish between supply pull or demand push or or vice versa?
你会从地缘政治的角度来看通胀吗？还是说，不是所有的通胀都是一样的。
Do do you look at inflation through the prism of geopolitical cause or or the not all inflation is created equally.
那你觉得这次通胀是暂时的，还是会持续更长时间？
So how do you look at this as being temporary, longer in duration?
这会影响你的计算吗？
How does it affect your calculus?
对。
Yeah.
我觉得这个问题问得很好。
I think that is a great question.
对吧？
Right?
所以我们考虑通胀时，会想到芯片股以及我们看到的涨价情况。
So we think about inflation related to chip stocks and the pricing increases we've seen.
这是不是一种暂时的通胀呢？你知道，今年晚些时候会有更多产能上线，到2027年底和2028年还会有更多，而像能源或食品价格，可能对通胀的影响会更长期一些。
Is this a temporary inflation as, you know, more capacity comes online later this year and even more at the end of twenty seven into '28 versus something like energy or food prices that may be, you know, a longer term inflation impact.
所以这就是我们在思考通胀是什么样、对利率意味着什么时，试图去区分的东西。
So that is something that we try to distinguish when we're thinking about, you know, what inflation looks like, what that means for rates.
目前来看，短期内通胀的推动力似乎确实会稍微减弱一些，但还有一些不确定因素，比如伊朗周边的能源价格和地缘政治事件，这些可能会波及到其他大宗商品价格，甚至食品价格。
Right now, it does seem like the impetus for inflation is probably a little bit lower over the near term, but there's a few things, you know, that are wildcards, certainly what happens with energy prices around Iran and geopolitical events, and then that could trickle into other things like other commodity prices or or food prices as well.
而且我一直觉得挺神奇的，现在我们讨论整体市场和盈利驱动因素时，几乎不怎么涉及美国本土经济，因为它在指数里占比不大，但本周我们听到了很多消费零售公司的消息。
And then it I it always amazes me how these days we're able to talk about the overall market, the earnings drivers without really hitting the on the ground US economy very much because it's not that big a part of the index, but we heard from a lot of consumer retail companies this week.
通胀带来了一些磨损，某些领域的需求可能也有点摇摆不定。
You have a little wear and tear from inflation and maybe a little bit of wobbling of demand in some areas.
你怎么看待这种情况，以及它如何影响这些股票？
How are you viewing that as it feeds into those stocks?
对。
Yeah.
我们听到很多零售公司提到有点疲软，这主要还是集中在低端消费者身上，但这个趋势我们已经从公司那里听了一年半了。
We heard from a number of retail companies hearing a little bit of softness and that continues to be mostly at the lower end consumer, but this is a trend that we've been hearing from companies for the better part of a year and a half.
当然，汽油价格可能在短期内加剧这种情况。
Certainly, gas prices might be exacerbating that over the near term.
特别是沃尔玛，他们说六月份看到了相当多的疲软，但七八月份有所恢复。
So Walmart, in particular, said that they saw quite a bit of softness in June, but things recovered in July and August.
所以我觉得消费者并没有死，只是这里那里有点疲软。
So I don't think the consumer is dead, but there's a little bit of weakness here and there.
蒂芙尼，很高兴和你聊。
Tiffany, great to catch up with you.
谢谢。
Thank you.
谢谢。
Thank you.
蒂芙尼·韦德。
Tiffany Wade.
卡特，你对这些有什么看法？
Carter, weigh in on on any of that.
嗯，这些都很有道理。
Well, it all makes a lot of sense.
我是说，克里斯，首先你得知道你的时间框架是什么。
Mean, Chris, the first thing is is one has to know who what your time frame is.
蒂芙尼说的是长期周期的事情，我觉得没人能真正预测。
Tiffany speaking about long cycle things that I myself don't think anyone can know.
但真正的问题是，半导体经历了史上最惊人的上涨之一，连续三年大涨，然后某些股票暴跌了30%到50%，接着又大幅反弹，对吧？
But the question really is, semiconductors having had one of the most epic runs of all time, a three year push of an area, and then an epic collapse in certain stocks, 30 to 50%, and then an epic bounce, right?
有些甚至反弹了50%。
In some cases, 50%.
从现在到年底，它们能不能收复高点呢？
Do they recoup the highs or not between now and year end?
我属于不看好那一派。
And I'm in the not camp.
对。
Yeah.
我是说，从某些方面来看，这波反弹在很合理的位置就停了。
I mean, in in some respects, the bounce kind of stopped at a pretty logical spot.
对吧？
Right?
没错。
That's right.
没错。
That's right.
而且还有一点，就是在这种行情之后，波动率会立刻被压得很低。
And also what happens is you get vol crushed right after that kind of movement.
就是资金先涌入两三年，然后崩盘，再反弹，这一整套流程。
That sequence of money being pushed in two, three years, and then a collapse, and then a ricochet.
两边都变得更有底气了。
Both sides get emboldened.
多头说，看，这次反弹说明一切都没问题。
The bulls say, see, this ricochet shows it's all okay.
我们又重新出发了。
We're off to the races again.
空头则说，那次抛售只是开始。
And the bear say, that sell off was just the beginning.
等着看接下来会发生什么吧。
Wait till you see what's coming next.
所以实际上，两边都没赢，你反而在跟波动性对着干。
And so what happens actually is neither, and you bet against volatility.
我觉得有些方面现在被压得很死，很可能原地踏步，没什么进展。
I think some ways are quite pinned here and are likely to be, going nowhere fast.
让这些相互抵消的力量发挥作用吧。
Get those offsetting currents.
好的。
Alright.
接下来，AI融资热潮将进一步扩大。
Well, coming up, the AI financing boom gets even bigger.
我们来了解一下博通计划发行数百亿美元债务的情况，以及AI建设成本的不断攀升。
What we know about Broadcom's plans for a debt deal worth tens of billions of dollars and the growing cost of the AI build out.
另外，永续合约走向主流，我们来看看这种24/7交易产品日益增长的兴趣，以及一家大型交易所可能如何改变交易格局。
Plus, perps going mainstream, a look at surging interest in the twenty four seven trading product and how one major exchange could shake up the trading landscape.
别走开。
Don't go anywhere.
《Fast Money》两分钟后回来。
Fast Money is back in two.
您正在收看CNBC的《Fast Money》。
You're watching Fast Money here on CNBC.
我们马上回来。
We'll be right back.
是什么让你有信心去做一件以前没人做过的事？
What made you confident that you could do something that hadn't been done before?
我不怕失败。
I have no fear of failure.
开拓创新的女性正在改变游戏规则。
Trailblazing women changing the game.
我最喜欢的一条建议是，
One of
想想你老板的老板需要什么。
my favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多种不同的形式。
Leadership can look in many, many different forms.
归根结底，就是要相信自己。
It really does come down to just trusting yourself.
人生苦短，
Life is short and
你得敢想，才能干成大事。
you just gotta think big to accomplish big things.
朱莉娅·博森主持CNBC的“变革者”和“权力人物”节目。
Julia Borson hosts CNBC changemakers and power players.
每周二更新新一期，无论你在哪里听播客都能找到。
New episodes every Tuesday wherever you get your podcasts.
欢迎回到《快钱》节目。
Welcome back to fast money.
博通再次打算通过发债来为它的AI建设融资。
Broadcom once again looking to tap debt markets to help finance its AI build out.
据我们的记者大卫·法贝尔报道，这家公司计划通过一个特殊目的载体筹集700亿到800亿美元，博通会为其中部分债务提供担保。
The company looking to raise 70 to $80,000,000,000 according to our David Faber, through a special purpose vehicle with Broadcom guaranteeing part of the debt.
这笔融资预计包括大约450亿美元的优先债务，这部分会优先偿还，还有大约350亿美元的次级债务。
The financing is expected to include roughly $45,000,000,000 of senior debt, which gets paid back first, and about 35,000,000,000 of junior debt.
据消息人士说，这些数字目前还在调整中。
Those figures are still fluid according to sources.
展开剩余字幕（还有 375 条）
你可以看到博通的信用违约互换利差大幅上升，我想，这是因为市场在某种程度上为潜在的额外杠杆做准备，至少是次要地反映在其资产负债表上。
You can see a massive run up in Broadcom credit default swap spreads, though, I guess, as the market kind of braces for the for the potential extra leverage that's at least secondarily on its balance sheet.
所以我不知道，史蒂夫，你知道，你得预料到这些公司会确保他们生产的东西有市场。
So I don't know, Steve, you know, you got to expect these companies are gonna make sure there's a market for what they're making.
购买这些东西的公司说，嘿，我们只是在响应终端需求。
The companies that are buying this stuff say, hey, we're just responding to end demand.
这让我们处于什么境地？
Where does it leave us?
是的，所以，这让我看到博通确实一直是个落后者。
Yeah, so, well, leaves me with looking at Broadcom has definitely been a laggard.
它今年迄今只上涨了7%。
It's only up, you know, 7% year to date.
当你看到循环融资时，他们也想要分一杯羹。
And when you look at circular financing, it's they wanna crack at it too.
所以如果他们能买下他们的少数客户，他们也会买下这些客户。
So if they could buy their handful of clients, they're gonna buy them as well.
我从来没觉得他们有什么吸引人的故事。
It's never appeared to me that they get a sexy story.
博通的故事总是显得比较务实、接地气。
Broadcom always seems to be sort of a nuts and bolts story.
对。
Yeah.
而且我觉得他们应该，我其实很好奇他们下周会表现如何。
And I think they should, I'm actually curious to see how they're going to perform into next week.
我喜欢这只股票。
I like the stock.
现在依然喜欢。
I still do.
对。
Yeah.
我的意思是，几乎可以说是刻意为之，在搭上AI这趟车之前，它一直是个波动比较小、稳步推进的故事。
I mean, almost by design, it was a little bit of a kind of a lower beta sort of, you know, kind of plotting story until they got levered to the AI theme.
但我觉得，放眼整个市场格局，凯伦，我们确实还在看到信贷的累积，这些正在把原本轻资产的企业转型。
But I mean, I guess across the landscape of the markets, Karen, I mean, we do still have this buildup in credit that are kind of transforming once asset light businesses.
对。
Right.
这确实是我们很长时间以来在市场上看到的最重大的变化之一。
That that is, I think, one of the most material changes in the market we've seen in a really long time.
我以前看Meta的资产负债表，就会说，就是一堆现金和
I mean, I used to, you know, look at the meta balance sheet and say, just a hoard of cash and
是的。
Yeah.
巨大的现金流，然后那堆现金就没了。
Tremendous cash flow and very and then that hoard is gone.
现在变成净负债了。
It's now net negative.
对吧？
Right?
资本开支显然非常庞大。
And the CapEx spend is obviously enormous.
但我很好奇。
But I I'm curious.
他们有好几批债务。
So they have several tranches of debt here.
那个SPV结构，我们知道有点复杂，因为它不是那种，你知道，它是个或有负债，跟直接负债不一样。
That SPV structure, which we know is a little bit wonky in terms of not how you know, it's a contingent liability, which is not the same as a liability.
感觉差不多。
Feels similar.
对。
Yeah.
那六月份那笔，你们打算怎么处理？
And then how much is the June you're gonna go for?
我是说，到某个时候，市场我觉得真的会，你知道，对其中一笔感到恶心。
I mean, at some point, the market, I think, is really gonna just, you know, puke on one of these.
还没有。
Not yet.
对。
Right.
还没发生。
Hasn't happened.
对。
Right.
因为我们离那个真正能判断所有建设是否合理的时刻还远着呢。
Because we're not really that close to the moment when you know if all of the build makes sense.
对吧？
Right?
因为要么是它开始产生足够的收入，要么没有，然后还得看实际算力随着时间能保值多少。
Because it's either when it starts to, you know, generate income or not, in sufficient amounts, and then I guess how much the actual compute kind of retains its value over time.
嗯，这确实很有意思，因为看起来它一直在保值，而且实际上，折旧期限应该更长，而不是更短。
Well, that's been interesting in that it has seemed to to contain to retain its value, and actually, you're seeing depreciation schedules, you know, should be longer, not shorter.
对我来说最有前景的是安迪·贾西关于投入资本回报率的讲话。
The one the most promising call to me was the Andy Jassy call talking about return on invested capital.
我们打算连续三年大举投入，然后实现收支平衡，之后持续产生现金流，而且可能比我们预期的更久，因为这就是我们目前看到的情况。
How we're gonna spend, spend, spend for three years, then we're gonna break even, and then we're gonna have continued cash flow, and maybe longer than we think because that's what we're seeing.
对。
Yeah.
这就是……
That's that's what
不过我觉得改变局势的是谷歌或Alphabet的财报，那是二十年来首次出现负自由现金流。
I think the one that changed the story though because it came off of Google that or Alphabet that was had the first negative free cash flow quarter go dating back twenty years.
然后微软和亚马逊又改变了局势，整个市场重新起飞，内存股也随之再次上涨。
And then Microsoft and Amazon changed the story again, and the whole market took back off, and that's where memory started to run again.
我认为自由现金流可能是关键指标，但作为交易者，我们可以选择在自由现金流被消耗殆尽时，押注哪一个公司的自由现金流。
I think free cash flow is probably the holy grail, but I guess as traders, we get to pick and choose which free cash flow that we're gonna sign on to as it's getting depleted.
但所有这些都发生在市场保持警觉的同时。
But all of that was happening while situational awareness was happening.
确实是这样，对。
That is true, yeah.
所以很难，我是说，那真的很吸引人。
So it was hard to I mean, that was fascinating
也是。
as well.
然后你又遇到了另一种清算事件，在
So then you had this other kind of liquidation event in
中间。
the middle.
完全和底层的东西无关。
Totally having nothing to do with whatever the underlying
不是直接相关。
Not directly.
对。
Yeah.
对。
Yeah.
没错。
Exactly.
好的。
Alright.
好了，后面还有更多精彩内容。
Well, there's a lot more fast to come.
接下来是这些内容。
Here is what's coming up next.
永续合约热潮。
Perpetual futures frenzy.
这种全天候交易的衍生品在投资者中越来越火，而这场争夺战也愈演愈烈，这款衍生品界的宠儿正瞄准美国市场。
The twenty four seven trading product gaining hype with investors, and the battle brewing has won derivatives darling sets its sights on The US.
另外，英伟达也面临关键时刻。
Plus, Nvidia on the clock.
芯片巨头是下周财报季的重头戏，业绩可能会为AI交易定下基调。
The chip giant headlines next week's earnings slate, how results could set the tone for the AI trade.
您正在收看的是《快钱》节目，我们在时代广场的纳斯达克现场直播。
You're watching fast money live from the Nasdaq market site in Times Square.
广告之后马上回来。
We're back right after this.
是什么让你有信心去做一件以前没人做过的事？
What made you confident that you could do something that hadn't been done before?
我不怕失败。
I have no fear of failure.
开拓进取的女性正在改变游戏规则。
Trailblazing women changing the game.
我最喜欢的一条建议是，想想你老板的老板需要什么。
One of my favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多种不同的表现形式。
Leadership can look in many, many different forms.
说到底，就是要相信自己。
It really does come down to just trusting yourself.
人生苦短，
Life is short
要想成就大事，就得敢想大目标。
and you just gotta think big to accomplish big things.
朱莉娅·布尔斯汀主持CNBC的“变革者”和“权力玩家”节目。
Julia Boorstin hosts CNBC changemakers and power players.
每周二更新，欢迎在各大播客平台收听。
New episodes every Tuesday wherever you get your podcasts.
欢迎回到《快钱》节目。
Welcome back to Fast Money.
本周，随着永续合约势头增强，交易所股票受到冲击。
The exchange stocks taking a hit this week as perpetual futures gained some momentum.
这帮助Hyper Liquid创下史上最佳周表现，涨幅接近60%。
That's helped boost hyper liquid to its best week on record, up nearly 60%.
我们的奥利弗·雷尼克正在期权市场关注这一切，奥利弗。
Our Oliver Renick is taking a look at, at all of this in options action, Oliver.
嘿，迈克。
Hey, Mike.
如果不是什么大事，我也不会在周五下午五点聊加密货币。
I wouldn't be talking crypto at 5PM on a Friday if it weren't a big deal.
本周，总统对Hyperliquid的拥抱，真的让今年最大的衍生品市场结构故事变得更加关键。
This week's hyper liquid embrace by the president really ups the stakes for the biggest derivatives market structure story of the year.
我和交易所、券商的高管，甚至Hyperliquid Strategies的团队（一家公开交易的PER公司）聊过，他们都对这个消息感到意外。
I spoke with senior executives at exchanges, brokerages, and even the team at hyperliquid strategies, publicly traded per, that were all caught by surprise by the announcement.
投资于支撑交易所的Hype区块链的PURR股票，上涨了60%，今年累计涨幅达到200%。
Shares of PURR, which invests in the hype blockchain that underpins the exchange, rallied 60% and is now up 200% on the year.
围绕该股的期权交易量激增，IBIT、Strategy和Robinhood（在欧洲提供永续合约）的看涨期权买入也大幅增加。
Option volume exploded around the stock, as did call buying in IBIT, strategy, and Robinhood, which offers perps in Europe.
但本周的转折点是交易所也表现强劲，也许是因为投资者开始看到交易所的双赢结果。
But the twist this week was the exchanges firmed up as well, maybe because investors are starting to see a win win outcome for exchanges.
要么永续合约只是鲁莽的流动性，市场会自我调节，要么高交易量和更清晰的监管可能成为像SIBO和CME这样的交易所参与进来的机会，Mike。
Either perps are just reckless liquidity and the market self regulates, or heavy volume and clearer regulation could be an opportunity for exchanges like SIBO and CME to get on board, Mike.
是的，这确实很吸引人。
Yeah, it is fascinating.
Oliver，这一切好像一下子都发生了。
It seems like it's happened all at once, Oliver.
我知道你在我们网站上也有深入分析。
I know you got a deep dive on that on our website as well.
很棒的内容。
Great stuff.
非常感谢你为我们加班到这么晚，Ollie。
Thanks very much for staying late for us, Ollie.
Carter，你知道，我经常说，在让交易更普及、更无处不在这方面，
Carter, you know, I often say this when it's come to what, you know, kind of making trading more available, more ubiquitous.
没人要求这么做，但这并不意味着它不会火起来。
Nobody's asking for it, but it doesn't mean it's not not something that'll take off.
他们叫卖方是有原因的。
They they call the sell side for reason.
对吧？
Right?
我是说，他们向公众发行证券，有时是向最大的机构发行，但这就是本质。
I mean, they they issue securities to the public, sometimes to the largest institutions, but this is the nature.
会不会是SPAC，或者2008年的拍卖利率证券，当时整个市场都冻结了，或者抵押贷款支持证券，或者我想到的反向ETF和杠杆产品。
Could it be SPACs or the auction rate securities in 2008 when the, you know, the whole thing froze up or mortgage backs or I think of inverse ETFs and leverage.
卖方就是卖东西的。
The sell side sells.
现在，那些东西都坏了吗？
Now, all things ended in the bad way that many of those things?
不是。
No.
但我觉得这跟那些是同一类事情。
But I think this is the same kind of thing.
这其实反映了我们当前所处的时代，以及过去几年我们一直所处的时代，一种非常倾向于冒险、人人都对股票持积极态度的氛围。
It's just that reflects the moment that we're in, and the moment that we've been in for the past several years, a very sort of risk embracing everybody in sort of attitude towards equities.
对，而且你知道，先斩后奏，别等批准。
Yeah, and, you know, beg for forgiveness, don't ask for permission too.
是的。
Yes.
这似乎是开始做这类事情时的规则。
It's seemingly the rule when it comes to starting in on this stuff.
好了，我们这里有一条关于Anthropic的新闻快讯。
Well, we've got a news alert here on Anthropic.
关于其可能IPO的新细节。
New details on its potential IPO.
凯特·鲁尼带来了全部消息。
Kate Rooney has it all.
嗨，凯特。
Hi, Kate.
嘿，迈克。
Hey, Mike.
我刚从消息人士那里听说，最近对人工智能和数据中心建设的反对声音，预计会被列为Anthropic即将进行的IPO中的正式风险因素，特别是在那份文件中。
So I am just hearing from sources that the recent backlash against AI and the data center build out is now expected to be listed as an official risk factor in Anthropics upcoming IPO and that paperwork in particular.
这是根据两位熟悉此事的消息人士透露的。
This is according to sue two sources familiar with the matter.
据我所知，这家AI巨头将正式警告投资者，其雄心勃勃的数据中心建设可能会因为对这些项目日益增长的政治反对而延迟或受限。
The AI giant will officially warn investors from what I'm hearing that it's ambitious data center build out could be delayed or constrained by some of the growing political opposition to a lot of these projects.
这会出现在即将提交的S-1文件中，我听说可能几周内就会看到。
This would show up in the upcoming s one, which I am told we could see in the matter of weeks here.
Anthropic已经秘密提交了上市申请，这可能是继SpaceX之后历史上最大的IPO。
Anthropic has filed confidentially to go public in what could be the biggest IPO in history behind SpaceX.
当然，风险因素是这些IPO文件的标准部分。
Risks risk factors, of course, are a standard part of these IPO filings.
它们旨在为投资者列出一些潜在的不利因素。
They're meant to spell out some of the potential downsides for investors.
确实，我们现在看到两党的一些政客都在反对全国各地的这些项目。
It does come as politicians on both sides of the aisle we're now seeing are pushing back on some of these projects around the country.
一位消息人士告诉我，如果Anthropic像SpaceX那样向散户投资者开放大部分IPO，那么对AI的反对声音可能会变得更加重要。
One source told me the AI backlash could take on even more significance, if Anthropic does open up a large portion of its IPO to retail investors similar to what SpaceX did Anthropic.
Mike拒绝对此事发表评论。
Mike declined to comment on this one.
回到
Back over
对。
to Yeah.
考虑到Anthropic创始人的过往言论，你会好奇风险因素会不会包括AI超级智能导致的大规模灭绝事件。
Mean, given the founders of Anthropic's case in the past, you wonder if a risk factor is gonna be a mass extinction event from AI super intelligent.
我的意思是，在讨论这些重大问题时，你永远不知道他们需要深入到什么程度。完全同意。
I mean, you never know how deep they're gonna have to go when we're talking about these big issues, Totally.
是的。
Yeah.
这也是一个很有意思的动态。
It's an interesting dynamic too.
这是一家公益公司。
This is a public benefit corporation.
所以他们有这种受托责任，但同时，他们还有另一种使命驱动的责任。
So they have this fiduciary duty, but at the same time, they have another mission driven duty.
这是另一个我采访的消息来源有点担心的问题，就是在治理方面，这到底会是什么样子。
That's another thing sources I'm talking to, a little bit worried about what that actually looks like in terms of governance.
我预计这个风险因素列表会相当长，而且正如你提到的，在AI领域，这算是新的领域，风险方面也是。
I expect the list factor in this s one to be quite long and as you you mentioned, new territory here in AI in terms of the risk.
他们得发挥想象力了。
They're gonna have to use their imagination.
凯特，非常感谢你。
Kate, thank you very much.
好的。
Alright.
接下来，所有人的目光都集中在英伟达，这家芯片制造商将成为下周财报的焦点。
Coming up, all eyes on Nvidia, the chipmaker headlining next week's earnings report.
我们将听到卡特对技术面的分析，以及顶级分析师对财报可能对AI交易产生的影响的看法，尽在《快钱》节目。
We'll get Carter's take on the technicals and a top analyst read on what results could do for the AI trade when fast money returns.
欢迎回到《快钱》，周五股市反弹。
Welcome back to fast money stocks rebounding in Friday trading.
道指上涨超过500点，而标普500和纳斯达克指数均上涨约0.5%。
The Dow adding over 500 points while the S and P and Nasdaq each rose roughly half a percent.
尽管如此，三大指数本周整体收跌。
Still, all three indices ended lower on the week.
黄金延续涨势，上涨超过2%，并连续第五周收涨，这是自去年10月以来最长的连涨纪录。
Gold extending its run up over 2% and closing out a fifth straight weekly gain, the longest win streak since October of last year.
这种贵金属收于三个月来的最高水平，而特斯拉大涨5%，创下自7月初以来的最佳单日表现。
The precious metal settling at its highest level in three months, and Tesla surging 5% for its best day since early July.
该公司获准在拉斯维加斯推出付费无人驾驶出租车服务，并计划在未来12个月内部署多达5000辆汽车。
The company getting the green light to launch its paid robo taxi service in Las Vegas with the ability to deploy up to 5,000 vehicles in the next twelve months.
Waymo和Uber都获批运营多达一千辆自动驾驶汽车。
Waymo and Uber each were approved to operate up to a thousand autonomous vehicles.
Steve，我觉得这是今天推动特斯拉上涨的因素之一。
Steve, I think it's one of the things driving Tesla today.
它也和那些做空比特币的人可能做空的东西同步波动，因为年底上涨了。
It also moved in sync with anything that people who short Bitcoin might have been short because balance year was up.
对。
Right.
特斯拉涨了。
Tesla was up.
所以，算是同路人吧。
It's So, a kind of a fellow traveler.
是的。
Yeah.
篮子交易。
The basket trade.
对。
Yeah.
凯伦今天早些时候就指出了这一点。
Karen pointed this out earlier today.
当你开始关注特斯拉的头条新闻时，你可能会猜测他们也许会和SpaceX合并，也许不会。
When you start to look for headlines out on Tesla, you could throw out that maybe they're gonna merge or maybe they will or maybe they won't with SpaceX.
所以，那个时间线可能会提前，也可能不会。
So, maybe that timeline is either pulled up or not.
我觉得你的分析挺准确的，就是关于Cybercab，以及所有这些高风险股票一起联动交易的情况。
I think yours is pretty accurate where it's the cyber cab and it's also all of these basket of risky stocks are traded in unison.
你之前有没有从中获利更多？
Have you taken away more before?
我相信你肯定有。
I'm sure you have.
我没有从中获利更多。
I haven't taken away more.
没有。
No.
我当时在旧金山。
I was in San Francisco.
它会改变你的出行方式。
It will change the way that you ride.
我不是说我不想再让人开车了，但实际体验比我预想的要放松得多。
I don't want to have, was not saying, I don't want to have a person driving me anymore, but it was just more relaxing than I thought it would be.
所以我之前的预期是，天哪，这肯定会很吓人。
So so my point of reference was, oh my god, it's gonna be really scary.
所以我觉得这种自动驾驶体验越多越好。
So I think the more we can get of this autonomous, the better it
是的。
is.
我不离开这个岛，所以我宁愿争论。你不离开这栋楼。
I don't leave this island, so I'd rather like argue You don't leave this building.
与其跟出租车司机争论走哪条路，不如让自动驾驶汽车带我去那里。
To argue with a cab driver about which way to go than than have the the the auto autonomous car take me there.
与此同时，英伟达下周将公布财报，周三盘后发布。
Meantime, Nvidia highlights the earnings calendar next week, reporting after the bell on Wednesday.
股价已经连续下跌六天了。
Shares are riding a six day losing streak.
这是自2022年9月以来最长的一次。
That's the longest since September 2022.
那么，图表大师认为这只股票接下来会怎么走？
But where does the chart master see the stock heading from here?
卡特，你怎么看这个走势？
So, Carter, how is this one set up?
好的。
Sure.
我们开始吧。
Let's get to it.
显然，最厉害的那个反而成了落后的。
Obviously, the greatest of all has been the laggard.
过去一年被追捧的那个现在表现不佳。
The one that was so embraced for the past year is underperforming.
但让我们来看三张图表。
But let's look at three charts.
第一张是对比图，这张图说明了一切。
The first you see is a comparative chart and this tells the tale.
再说一次，半导体板块涨了大约112%，而英伟达只涨了约20%。
Again, semi is up about 112% and Nvidia up about 20.
对比是一种方式，但相对强弱更好。
Now, comparative is one form, but relative is better.
这是第二张图，它展示的是英伟达除以费城半导体指数，得到一条相对强弱线或相对表现线。
And this is the second chart, it depicts, which is Nvidia divided by the SOX, which gives you a relative strength line or relative performance line.
所以相对表现在大约一年前的八月的第一周达到了顶峰，然后我们开始回升，朝着那条一百五十日移动平均线靠拢。
So relative performance peaked again about a year ago in the first week in August, and we started to recover back towards that one hundred and fifty day moving average.
而且我觉得这波反弹还有空间。
And that the recovery I think has room to run.
所以总的来说，基于这个基础，我们想做多英伟达，同时做空SOX。
So generally speaking, this basis, we want to be long Nvidia paired against SOX.
最后，英伟达的图表本身，情况也相当明确。
And then finally, Nvidia chart itself, fairly well defined circumstance.
它一次又一次地精准触及上升趋势线，分毫不差。
It's bounced off that uptrend line to the penny, to the penny over and over.
我们走出了那种所谓的收敛趋势线，叫对称三角形楔形也好，怎么叫都行。
We moved out of that, what you'd call converging trend lines, call it a symmetrical triangular wedge, doesn't matter what you call it.
我们突破了上方，然后现在回踩到这里。
We broke out above that, and we've checked back here.
我们想在财报公布前做多英伟达。
We wanna be long Nvidia into the print.
好的。
Alright.
对。
Yeah.
稍微回升了一点。
Sort of rebuilt a little bit.
有意思的是，考虑到它现在相对于整个板块来说，几乎像是一个防御性的半导体股，这影响挺大的。
It's interesting the implications considering it's kind of a, almost like a defensive semi at this point relative to the to the group.
卡特，谢谢你。
Carter, thank you for that.
想了解更多关于下周英伟达的预期，我们请来了伯恩斯坦的高级半导体分析师斯泰西·拉斯贡。
For more on what to expect from Nvidia next week, let's bring in Stacy Rasgon, Bernstein senior semis analyst.
斯泰西，很高兴你来到节目。
Stacy, great to have you.
在这些数据出来的时候，你最关注的是什么？
What what are you most listening for as we get these numbers?
是的。
Yeah.
当然可以。
You bet.
他们下周三发布财报。
So they report next week on Wednesday.
我觉得整体数据应该会非常非常好。
I think the the numbers broadly should be very, very good.
我们正进入Rubin周期的开端，这是他们的下一代平台。
We're we're entering right into the start of the Rubin cycle, is their next generation platform.
他们已经对今年乃至明年的增长给出了一些指引。
They've already given kind of color for growth through this year and actually into next year.
而且，我们其实希望他们可能会上调预期。
And, actually, we're looking we're hoping that they may even take that up.
他们提到三年内达到一万亿美元，这简直难以置信，这意味着明年数据中心收入可能接近5000亿美元。
They said a trillion dollars unbelievably over a three year period, which would suggest something close to $500,000,000,000 in data center revenues next year.
我觉得如果你看看新平台的一些建设计划之类的，比这更高的数字也开始变得相当合理。
I think if you look at some of the build plans and things like that for the new platform, numbers that are higher than that start to become pretty plausible.
所以，我很想看看他们这次财报会不会真的承诺这一点。
And so, I'd love to see if they would actually commit to that or not on this print.
除此之外，我们关注的是毛利率的持续性，特别是内存价格和晶圆价格在上涨，他们之前说过能把毛利率维持在目前的区间，也就是70%多，希望他们能继续确认这一点。
Beyond that, think we're looking for the sustainability of gross margins, particularly things like memory pricing and wafer pricing is coming up and they've just priorly said that they could hold gross margins in the current range which is sort of mid-70s and love to see them continue to confirm that.
最后，还想听听最近关于一些融资支持措施的消息。
And then finally, think any color on some of the financing backstops that we've heard recently.
最近有很多关于数据中心项目融资的新闻，这些项目可能涉及数千亿美元。
There's been a lot of news flow around some of the financing for data center projects, which could be hundreds of billions of dollars.
英伟达在某种程度上像是在贡献自己的信用评级，为其中一些交易提供支持。
And Nvidia in some sense has been sort of donating their credit rating kind of and offering backstops for some of those deals.
所以，如果能得到更多相关细节，我觉得会非常有用和有帮助。
And so any more details we can get on that, I think, would would would be useful and helpful.
Stacy，我是Karen。
Stacy, it's Karen.
感谢你参加节目。
Thanks for being on.
那你觉得你刚才说的那个信用问题，比实际的盈利或者毛利率还要重要吗？
So do you think that that last thing you talked about, this credit issue, is bigger than the actual earnings or what the gross margin is?
这个故事在多大程度上取决于那个问题？
How much of the story is is really resting on that?
我不确定这个故事是不是取决于它，但我的意思是，那些打算投入的资金数额巨大，这就引出了如何支付的问题。
I I don't know if the story is resting on it, but but I mean, the the dollars that are looking to get spent are large, And there becomes this question of how to pay for it.
而且我觉得，所有关于回报以及能推动回报的因素的问题，在我看来，正越来越倾向于认为回报是存在的。
And I think all the questions of the returns and things that can drive that, in my mind, starting to get more and more settled in the favor of the idea that there is a return.
但一些可能想这么做的客户，他们是初创公司，即使是大型初创公司，但仍然是初创公司，他们没有那种业绩记录。
But some of the customers that are potentially looking to do this, they're startups, even big startups, but they're startups and they don't have the kind of track record.
所以，有租赁和其他方面的支持，我觉得有助于推动这件事，这是好事。
So, the fact that there is a backstop of the leases and other things I think to help that get going, think is okay.
英伟达显然有大量的资金和资产负债表可以动用。
Nvidia has clearly a lot of money and balance sheet to deploy.
这是他们除了技术、生态系统和其他一切之外的又一个战略优势。
It's another one of their strategic advantages beyond technology and ecosystem and everything else.
而且我个人觉得，很难想到比投资生态系统、围绕他们的产品来发展和壮大它更好的利用他们多余现金的方式了。
And I mean, personally, I'm kind of hard pressed to think of a better use of their excess cash versus investing in the ecosystem to grow it and develop it around their products.
但是目前有很多头条新闻和很大的数字，但关于这些东西到底怎么运作，细节还不多。
But there's been lots of headlines and lots of big numbers and not a lot of details on how this stuff is really going to work yet.
所以我觉得他们如果能在这方面提供一些信息，会很有帮助。
And so I think color that they could give on that would would be helpful.
这有助于让一些投资者对这些事情感到安心。
I think in helping to put some investors minds at ease on on some of this.
所以，Stacy，这是一家很棒的公司。
So Stacy, it's a great company.
当你跟它对着干的时候，它似乎总能表现出色。
It always seems to knock it out of the park when you bet against them.
那为什么它的表现会不佳呢？
Why the underperformance?
即使他们再有一个出色的季度，我凭什么相信我的钱应该投到这只表现远逊于同行的股票上呢？
And even if they have another stellar quarter, what makes me believe that my money should be put into that stock that's underperformed drastically its peers?
对。
Yeah.
而且说实话，我坦白讲，我觉得这次业绩会不错。
And and to be fair, like like, I'll be honest, I think it's gonna be a good print.
但短期内股价怎么走，我就不清楚了。
I don't know what the stock is gonna do in the near term.
我覆盖的大部分公司，业绩都公布了。
Like, most of my coverage is reported earnings.
总体来看，它们的业绩都很好。
By and large, they've all had very good prints.
但几乎没几只股票在公布业绩后第二天真的上涨。
I I barely had any stocks actually go up the the day after the the print.
所以，我觉得我们只能等着看了。
So, like, I I guess we'll just have to to to see.
话虽这么说，大家都很兴奋，他们一直对AI很兴奋。
That being said, like, everybody's getting excited about they've been excited about AI.
说到底，如果英伟达不行，那AI这些全都白搭。
Like, none of AI ultimately works if if Nvidia is is not working.
过去一年左右，这只股票基本没什么大动静。
The stock has treaded water a little bit over the last year or so.
投资者更多在玩那些我觉得上涨空间更大的标的。
Investors have been playing more of the the things that I think were viewed as having higher torque to the upside.
比如有一阵子，大家特别关注那些瓶颈环节的股票。
There there there was a big thing around the bottleneck plays, for example, for for quite a while.
不过我觉得最近英伟达开始跑赢大盘了。
I would say that recently, Nvidia started outperforming.
我看你的图表上也显示了一点这个趋势。
I think your your chart has showed it a a little bit.
有些情况已经开始反转了。
Some of that started to reverse.
我觉得至少过去一个月，费城半导体指数跌了大概5%，而英伟达实际上涨了4%到5%。
I think if you look at least over the last month, the SOX index is down about 5%, Nvidia is actually up 4% or 5%.
所以实际上，在过去一个月左右，它已经开始相对于其他股票出现了一些反转。
So it's actually started a little bit of a reversal relative to the rest of the group over the last month or so.
我希望这种趋势能持续下去，因为就像我说的，我认为我们现在正处于他们下一个产品周期的起点，而这些产品周期一旦启动，通常对股价是好事，我们现在就处在这个节点上。
And I would be hopeful that that can continue because like I said, I do think we are right at the beginning now of their next product cycle, which those product cycles tend to be good things for for for the stock when they get going, and we're there.
所以我希望这种反转能够发生。
So I I would hope that that can reverse.
不过在这种环境下，说实话，我不知道股价会怎么走，但我确实认为业绩数据会不错。
In this environment, though, I'll be honest, I I don't know what the stock's gonna do, but I do think the numbers will be will be good.
好的，我们拭目以待。
Well, we'll see.
我的意思是，现在市场上自由现金流很稀缺，而且都流向了英伟达。
I mean, there's a scarcity of free cash flow now in this market, and it's all going on Nvidia.
看看人们对此会有什么反应。
See if they get people respond to that.
Stacy，非常感谢你的参与和分享，让我们有了一个前瞻性的了解。
Stacy, thank you very much for weighing in and giving us a preview.
接下来，罗斯百货发布财报后，今天是个大日子。
Coming up, a big day for Ross Stores after its earnings report.
公司对消费者健康状况的表态，以及在一周关键业绩之后如何评估零售板块。
What the company said about the health of the consumer and how to size up the retail sector after a key week of results.
《快钱》节目，广告之后马上回来。
Fast Money, back right after this.
欢迎回到《快钱》节目。
Welcome back to Fast Money.
罗斯百货股价大涨4%，因为这家零售商公布的盈利和营收都超出了分析师的预期。
Shares of Ross Stores jumping 4% after the retailer posted earnings and revenue that beat analyst expectations.
公司还给出了本季度强劲的利润指引。
The company also gave strong profit guidance for the current quarter.
今年以来，该股已经上涨了超过30%。
Stock is up more than 30% so far this year.
凯伦，长期以来，它一直比TJX稍微逊色一些。
Karen, for a long time, a little bit of the laggard to TJX.
对。
Mhmm.
这两家的估值都有所回落。
They both had their valuations come in a little bit.
现在TJX的季度业绩令人失望。
And now TJX disappointing quarters.
是的。
Yeah.
他们犯了一些我们通常看不到的错误。
Couple of missteps, we don't really see from them.
希望他们能扭转局面。
Hopefully, they'll turn that around.
但我知道Steve觉得，Burlington和Ross的表现都明显更好。
But I know Steve is like Burlington bought Burlington and Ross, I think, have both outperformed meaningfully.
TJX就是太贵了。
TJX is just expensive.
现在它们都开始变贵了，但这也挺讽刺的。
They're all sort of getting expensive now, but which is ironic.
对吧？
Right?
是的。
Yes.
意外吧。
Surprise.
是的。
Yes.
现在可能更便宜了。
It's probably cheaper now.
对吧？
Right?
可能比罗斯百货还便宜。
It's probably cheaper than Ross Stores.
对。
Yes.
但也不是。
But no.
所以那些更好。
So those were better.
这个季度那些才是该去的地方。
Those were the place to be this quarter.
而且TJX自己也承认，他们说他们放错了商品，放错了门店，时机也不对。
And and by TJX's own admission, they said they had the wrong stuff at the wrong stores at the wrong time.
是的。
Yeah.
所以我觉得随着市场变得挑剔，你会看到TJX在一段时间内表现优于Ross Stores，然后你又会转向Ross Stores，让它来超越。
So I think you'll see as the market does get finicky, when you could see the outperformance, you know, for a while from TJX over Ross Stores stores and then you slipped into into Ross Stores to kind of, you know, beat that.
但现在你有了国际业务。
But now you have an international footprint.
TJX 有很多分支业务。
You have a lot of tentacles coming out of TJX.
我觉得他们还会再被收购。
I I think that they will be bought again.
这不会成为他们的污点。
It won't be held against them.
对。
Right.
而且他们的关税退款在 Ross Stores 的表现比在 TJX 好得多。
And their tariff refund showed up a lot better in Ross Stores than it does in TJX.
所以我不会用一个季度来评判。
So I wouldn't judge this by one quarter.
是的。
Yeah.
Carter，你看图表上 Ross 和 TJX 在八月份开始走低了。
Carter, we're looking at, you know, Ross and TJX there on the chart having inflected lower in August.
很明显，沃尔玛这周也回调了不少。
Obviously, Walmart also backed up quite a bit this week.
对。
Yeah.
好市多也是。
Costco too.
所以，你知道，情况就是这样。想想看，之前没有比TJX更牛的股票了，现在却失宠了，开始走下坡路。
So, you know, it's ever thus think about there was no better winner than TJX and it's now out of favor rolling over.
而且之前没有比Target更惨的输家，或者说更差的输家。
And there was no better loser, if you will, or worse loser than Target.
这就是轮动的本质，对吧？
And this is the nature of rotation, right?
所以，那些高飞的股票现在承压，比如Tapestry，财报后跳空下跌，还有沃尔玛，交易在历史最高的一倍销售额之上，现在也承压了。
So, the high flyers under some pressure, another would be Tapestry, for instance, dropping and gapping on its earnings, Walmart, trading above one time sales, a record and now under pressure.
而与此同时，一些其他股票正在从底部崛起。
And what's emerging is some other things off the bottom.
Intech 也是一样的，对吧？
It's the same with Intech, right?
半导体之前很受追捧，现在承压了。
Semis were loved, They're under pressure.
软件之前不受待见。
Software was hated.
现在开始活跃起来了。
They're coming to life.
这就是市场的本质。
This is the nature of markets.
对。
Yeah.
就是这样。
There it is.
就像圣经里说的那样。
Just like it says, in in in the bible there.
好的。
Alright.
接下来，比特币的大反弹，解读本周加密货币的飙升，以及这波行情能否继续加速，马上回来。
Coming up, Bitcoin's big comeback, making sense of this week's crypto surge and whether the trade can keep up the momentum more fast to two.
欢迎回到《快钱》。
Welcome back to fast money.
加密货币的寒冬终于要解冻了吗？
Is the latest crypto winter finally thawing?
比特币今天早盘一度触及近五万八千美元，抱歉，是五万八千美元。
Bitcoin hitting nearly 50 80,000, excuse me, in early morning trading today.
这是自五月以来的最高水平。
That's its highest level since May.
加密相关股票也在上涨。
CryptoLink names also rallying.
微策略、Coinbase 看涨，创下数月来最佳周表现。
MicroStrategy, Coinbase, bullish, posting their best week in months.
史蒂夫，它确实被压抑了相当长一段时间，现在我们终于释放了。
Steve, it was really kind of coiled for quite a while, and we released up.
是的，这正是你之前说的。
Yeah, this is exactly what you were talking about before.
所以那些反应良好的股票篮子，我认为这是白宫带来的利好。
So that basket of names that react well, and I think this was the White House tailwind Sure.
这就是我们这周看到的。
That that we saw this week.
再加上黄金上涨，风险资产上涨，也许我们是从加息转向了暂停。
I along with gold running, along with risk assets running, along with maybe we went from a rate hike to a pause.
我觉得这一切形成了一个完美风暴，而且它已经持续了一段时间，之前它就像一种不治之症一样在交易。
I think all of this was a perfect storm and it has been so it was trading like an incurable disease for quite some time.
现在凯蒂，凯蒂·斯托克顿今天发布了一篇文章，说它已经大幅高于其200日移动平均线。
And now Katie, Katie Stockton put out a piece today that it was substantially above its two hundred day moving average.
所以我觉得你看到的是多种因素的汇合。
So I think you're seeing a confluence of events.
但如果你是个持怀疑态度的人，你会想等这件事真正证明自己之后再投入新资金，而不是一直忍受亏损。
But if you're a, if you're a person who's skeptical, you want to wait till this thing really proves itself before you put new money to work instead of just suffering.
凯伦，我们之前聊到，是的，你对这个重新推动的《清晰法案》感到兴奋，但我不确定。
And Karen, we were talking about how, yeah, you have the excitement about, you know, maybe this refreshed push to get this clarity act But I don't know.
感觉实际通过的可能性并不大。
It feels like the the odds are not necessarily favoring that it actually happens.
我在想这是不是最重要的。
I wonder if that's what matters most.
我觉得这很重要，而且前几天布莱恩·阿姆斯特朗在电视上说，通过的机会可能有所增加，是的。
I think that matters a lot, and I think the other day, Brian Armstrong was on the network talking about maybe some improved chances for the Yeah.
关于《清晰法案》，我想没有人比布莱恩·阿姆斯特朗和唐纳德·特朗普更了解情况了。
Clarity Act, and I've gotta think there is nobody more plugged in on the Clarity Act than Brian Armstrong and Donald Trump, I think.
而且，你知道，阿姆斯特朗并不喜欢第一版法案。
And, you know, he didn't like Armstrong, didn't like the first pass at
对。
it.
对。
Right.
记得他之前放弃了，现在看起来稍微乐观了一些。
Remember him abandoned it, and seems a little bit more optimistic.
所以我不太确定。
So I don't know.
这个市场在信息方面也有点容易泄露。
This market trends to be a little leaky with information as well.
好吧，我们拭目以待。
Well, we'll see.
他们确实很想要这个。
They're plugged in in terms of wanting it.
我们看看参议院会不会配合。
We'll see if the senate will will go along with it.
那一直是卡住的地方。
That's been the hang up.
接下来，我们要进行最后的交易。
Up next, we're gonna get final It is time for the final trade.
我们轮流来说吧。
Let's go around the horn.
卡特。
Carter.
亚马逊因财报大涨了20%。
Amazon popped on its earnings 20%.
现在回吐了10%，正好可以逢低买入。
It's given back 10 play for bounce here.
好的，凯伦。
Alright, Karen.
是的。
Yes.
自由女神加油。
Go liberty.
首先，明天对狂热队是一场重要的比赛，而且我下周休假，但我最后的选择是跟着带我买英伟达的那个女孩走。
First of all, big game against the fever tomorrow, and I'm off next week, but I'm picking my final trade going home with the girl that brought me Nvidia.
好的。
Alright.
接下来看数据，史蒂夫。
Into the numbers, Steve.
我们在节目开头聊过博通。
So we have this conversation at the top of the show and we talked about Broadcom.
我对这个真的很感兴趣，我觉得你可以在英伟达和它们自己的财报之前都有不错的上涨空间，这可能会被当作一个参考指标。
I'm really curious on this one and I think you could have a good lead up both into Nvidia and both into their own earnings and that might be used as a proxy.
好的。
Alright.
半导体本周下跌了5%，感谢收看《快钱》。
After semis down 5% this week, thanks for watching Fast Money.
周末愉快。
Have a good weekend.
《快钱》节目，吉姆·克莱默主持，现在开始。
Fast Money with Jim Kramer starts now.
《快钱》节目参与者的所有观点仅代表他们个人意见，不代表CNBC或其母公司、关联公司的观点，这些观点可能已在电视、广播、互联网或其他媒体上提前发布。
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对特定投资或特定策略的具体诱导，而应仅视为一种意见表达。
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》参与者认为可靠的信息，但CNBC及其关联公司或子公司不对其完整性或准确性作任何保证，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.
是什么让你有信心去做一件以前没人做过的事？
What made you confident that you could do something that hadn't been done before?
我从不害怕失败。
I have no fear of failure.
开拓进取的女性正在改变游戏规则。
Trailblazing women changing the game.
我最喜欢的一条建议是，想想你老板的老板需要什么。
One of my favorite pieces of advice, think about what your boss's boss needs.
领导力的表现形式可以有很多种。
Leadership can look in many, many different forms.
归根结底，就是要相信自己。
It really does come down to just trusting yourself.
人生苦短。
Life is short.
要想成就大事，就得敢想大。
And you just gotta think big to accomplish big things.
朱莉娅·布尔斯汀主持CNBC的《变革者》和《权力玩家》节目。
Julia Boorstin hosts CNBC Changemakers and Power Players.
每周二更新，无论你在哪里收听播客，都能找到新一期。
New episodes every Tuesday wherever you get your podcasts.
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