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CNBC变革者专题，聚焦那些勇于创新、大胆领导并正在改变商业格局的女性。
CNBC changemakers spotlighting women who innovate, lead boldly, and are transforming business.
你认识正在改写未来的人吗？
Do you know someone who is rewriting the future?
2027年榜单提名现已开放，请访问changemakersnominations.cnbc.com提交提名。
Nominations for the twenty twenty seven list are open now at changemakersnominations.cnbc.com.
欢迎收看Fast Money，我们现在在纽约时代广场的纳斯达克演播室为您直播。
And live from the Nasdaq market site right here in the heart of New York City's Times Square, this is Fast Money.
接下来是今天的节目内容。
Here's what's ahead.
美光科技股价波动。
Micron on the move.
公司财报和指引的头条新闻，以及对半导体、AI交易等方面的影响。
All the headlines for the company's earnings and guidance, what it means for semiconductors, the AI trade, and more.
我们是不是该说，盘后交易的时代结束了？
Do we call this the the end of saying after hours trading?
不。
No.
我们待会儿会说到那个。
We'll get to that.
是的。
Yes.
不。
No.
Robinhood 正在推出全天候的买卖服务。
Robinhood rolling out round the clock buying and selling.
我们会分析这对市场和其他交易所的影响，然后让 Tim 自己拿主意。
We'll get the implications for the market and for other exchanges and let Tim make up his mind.
另外，还有对 Target 的看涨观点。
Plus, a bullish call on Target.
银行股结束了惨淡的一个月，而网络安全股和 AI 股继续走高。
Bank stocks wrapping up a miserable month and surging cyber as AI stocks just keep moving higher.
你们肯定有很多问题，我们在这里为你们解答。
You've no doubt got questions, and we are here for you.
大家好。
Hi, everybody.
我是布莱恩。
I am Brian.
我替梅丽莎主持，现在在纳斯达克的B演播室为你直播。
I'm in for Melissa coming to you live from Studio B right here at the Nasdaq.
今晚在你们面前的是蒂姆·西摩和史蒂夫，他们就在演播室里。
And on your desk tonight, we've got Tim Seymour and Steve here on set.
还有，在刚才提到的休斯顿罗宾汉峰会上，丹·内森和盖亚达米上校坐在一起。
And from the aforementioned Robinhood Summit in Houston, Texas sitting together, we have got Dan Nathan and apparently, colonel Gayadami.
两位，欢迎。
Gentlemen, welcome.
很高兴见到你们俩。
It's great to see you both.
好的。
Alright.
今天有很多内容要聊，我们先从AI交易的最新动态说起，这个消息来自美光科技。
There's a lot to get to, and we begin with the latest on the read on the AI trade, and that is coming out of Micron.
股价虽然回吐了早前的一些涨幅，但仍然是上涨的，不过涨幅只有大约0.5%。
Shares, given back a little bit of the earlier gains, are still up, but only up about a half a percent.
此前，这家内存芯片制造商在营收和利润上都超出了预期。
This after the memory chipmaker beat on both the top and bottom lines.
电话会议和头条新闻目前正在进行中。
The conference call and headlines, they're currently underway and happening.
西玛·莫迪一直在收听，所以她会加入我们，给我们带来一些细节。
Sima Modi's been listening in, so she's gonna jump in and give us a little flavor of some of those details.
西玛。
Sima.
布莱恩，美光又交出了一份亮眼的季度成绩单，第三季度盈利同比增长超过1000%。
Brian, another impressive quarter for Micron with third quarter earnings growing over a thousand percent from a year ago.
是的。
Yes.
虽然比第三季度的增速略慢一些，但考虑到市场对内存周期见顶的担忧，这个表现还是值得肯定的。
Slightly slower than the growth rate it saw in the third quarter, but still commendable given the concerns about memory cycle peaking.
CEO桑杰·梅赫罗特拉在电话会议上表示，2027和2028年内存和存储市场将会更加紧张。
CEO Sanjay Mehrotra on the call saying memory and storage market will be much tighter in calendar year 2027 and 2028.
他说，由于需求上升而供应不足，这仍然是一个行业性的制约因素。
So it remains an industry constraint, he says, by a lack of supply due to rising demand.
他还提到自动驾驶汽车和机器人技术是推动因素。
He also mentions autonomous cars and robotics as tailwinds.
他还说，目前还看不到供需平衡的迹象，而且随着在美国本土以及新加坡等海外市场增加产能，2027年的资本支出将会增加。
He also said we do not have a line of sight when supply demand equation balances out and that CapEx will increase in 2027 as it adds more capacity here in The US and overseas in markets like Singapore.
实际上，他们刚刚在纽约的第一座晶圆厂浇筑了混凝土，预计首批晶圆产出大约需要四年时间。
In fact, it just poured concrete on its first New York fab with initial wafer output expected in about four years.
有趣的是，该股在年内上涨270%之后，现在基本持平。
The stock, interestingly enough, basically flat after gaining a 270% this year.
明天早上10点，我们将独家专访美光CEO桑杰·梅赫罗特拉。
Exclusive sit down with Sanjay Mehrotra as CEO tomorrow morning at 10AM.
布莱恩。
Brian.
好的。
Alright.
西玛，莫迪，现在你得赶紧回到那个电话上。
Sima, Modi, now you gotta jump back on that call.
我们可能还会再见到你。
We may see you again.
西玛，非常感谢。
Sima, thank you very much.
蒂姆，我们现在知道的还不多，但就我们所知，或者单看这只股票，你怎么看？
We don't know a whole lot right now, Tim, but of what we do know or just the stock in general, what do think?
我觉得挺好的。
I think it's good.
我觉得我们真正应该关注的是利润率，因为数据中心11倍的增长，我不认为你能连续两年每年都看到这样的增长。
I I think the the margin profile is is what we really should be focused on because the the 11 fold growth in data center is not something you're gonna have year over year out two years, I don't think.
但利润率非常重要。
But the margin profile is very important.
定价，显然，还有更长期的合同。
Pricing, obviously, longer term contracts.
我觉得从市场的角度来看，有趣的是，在九月份，内存类股票有点落后于CPU类股票，尽管对美光来说那是一个非常好的月份。
I think what's been fascinating from the market's perspective is that the memory names have kinda taken a step back behind the CPU names in the month of September, although it was a very good month for Micron.
如果你关注韩国的KOSPI指数，那也是了解内存行业动态的另一种方式。
And if you follow the the the KOSPI in Korea, it's another way of just kinda gauging what's going on in the memory space.
而且我们也知道还有其他玩家在增加需求，比如我们听到更多关于中国CXMT的消息。
And and we also know that there are other players out there ramping up demand, whether it's CMXT that we've been hearing more about out of China.
我认为，这个故事并非没有波折。
The story is not, I I think, without turbulence ahead.
我现在不会追高美光，但这份财报没什么问题。
And I'm not chasing Micron here, but there was nothing wrong with this print.
你知道吗，Steve，我们看美光科技十年的走势图，基本上这十年里有八年半到九年，股价几乎没怎么动。
You know, Steve, we look at a ten year chart of Micron Technologies, and from basically eight and a half to nine years of those ten years, the stock did almost nothing.
我的意思是，你可以稍微做点交易，赚点钱，
I mean, you could trade a little bit, make money,
跟着DRAM的走势做交易。
traded right with DRAM.
在40到70美元的区间里徘徊了六七年。
40 to $70 range for six or seven years.
赚了……
Made...
那真是死钱，去年才开始起飞。
It was dead money, Took off last year.
一年之内从60美元涨到了1100美元。
It's gone from $60 to $1,100 in a year.
我并不是要贬低美光。
And I'm not taking anything away from Micron.
它给投资者和员工，还有爱达荷州的人们，赚了很多钱。
It's made a lot of money for its investors and employees, people in Idaho.
这真是了不起的涨幅。
That's a hell of a move.
确实，这涨幅太惊人了。
It it is a hell of a move.
但是当你……
But when you...
我们昨天在白宫听到什么来着，说会有更多特工？
What did we hear yesterday at the White House that there's gonna be a lot more agents?
看看那张图表。
Look at that chart.
看看，看看那张图表。
Look at look at that chart.
好的。
Okay.
这可能比爱达荷州的GDP还高。
That may be more than the GDP of Idaho.
抱歉。
Sorry.
无意冒犯。
With all due respect.
不。
No.
我是说，听着。
I mean, listen.
这可能……
It it might be...
我的重点是估值方面，嗯，那个……
My point is anything about the valuation Well, that
美光的估值没有问题。
there's no problem with the valuation Micron.
问题是，这个故事什么时候结束？
The problem is when does the story over?
但这个故事……
But the story...
我本以为它会更早回落。
I would have thought that it would have backtracked a lot sooner than it has.
它已经从高点回落了，但我实际上觉得现在正在反转。
It has come off the highs, but I actually think I'm reversing now.
我觉得它实际上可能还会涨，因为智能体会创造代币需求，代币是推理，而推理依赖内存。
I think it could actually go higher because agents create token demand, tokens are inference and inference runs on memory.
所以，如果我们要在机器人上展开竞争，美光可能会从这里继续上涨。
So if we're gonna have a battle over the bots, Micron is probably going higher from here.
还有，丹、内森，我要改变我的看法，因为即使我给你们看的那张图表，我在cbc.com和其他地方看到，美光的市盈率即使在每股1100多美元时，也仍然处于历史低位。
And and, Dan, Nathan, I'm gonna reverse myself because even with that chart that I showed you, I'm looking on cbc.com and fax that and everything else, Ford PE is still historically low on Micron even at 1,100 whatever a share.
所以那其实并不重要。
So that doesn't really matter.
而且我觉得你不知道这一点，Brian。
And I don't think you know that, Brian.
我的意思是，这家公司在2023年，也就是三年前，还在亏损。
I mean, this is a company that lost money three years ago in 2023.
他们当时的毛利率是负的，所以现在他们能承受这么大的定价压力。
They had negative gross margins, and so now they're able to, you know, have all this pricing pressure.
这就是一个供需关系的问题。
It's a supply demand situation.
我们之前说的那些业绩超预期，把股价从100美元推到1200美元，那些都已经过去了。
Those beats that we're talking about that took the stock from a 100 to $1,200, they're behind them.
我是说，那些超预期的幅度。
I mean, like, the magnitude of those beats.
就拿他们刚公布的季度来说，他们的盈利和销售额基本上比市场预期高出大约6%。
If you just look at the quarter they just reported, they basically beat consensus by about 6% of earnings and sales.
再看看他们刚给出的本季度指引，可能比预期高出8%。
You look at that guidance that they just gave for the current quarter, and maybe that's up 8%.
所以那一年……
So the the the year...
那种50%、100%的超预期表现的日子或季度已经过去了。
The days or the quarters of having this, like, 50%, a 100% kind of beats, they're gone.
所以现在，就Tim提到的利润率情况来看，他们确实在利用这个优势，确实在利用。
So at this point in that margin profile that Tim talked about, he's a 100%, you know, they are taking, they are taking right now.
他们有能力这么做。
They have the ability to do that.
他们有定价权，但我想接着Steve关于推理和token定价动态的观点，是的，那会很棒。
They have the pricing power, but I guess into to Steve's point about inference and and, you know, all of the pricing dynamics that you have with tokens, yes, that's gonna be great.
代理相关的东西对内存来说会很棒。
The agent stuff is gonna be great for memory.
但我想关键是，基于我们所知道的一切，以及我们不会再看到以前那种超预期水平的事实，股价接下来会怎么走。
But I guess the point is is, like, where does the stock go from here based on everything that we know and the fact that we're not gonna see the levels of beats that we've seen before.
我认为投资者会开始按最佳情况来定价，这也是为什么现在盘后反应如此平淡的原因之一。
I think investors are gonna start pricing in best case scenarios, and I think that's one of the reasons why you have such a muted reaction in the aftermarket right now.
你有51位分析师，Skydomy，在覆盖美光。
You got 51 analysts, Skydomy, that cover Micron.
其中有49个买入或强烈买入评级，几个持有，没有卖出。
You got 49 buys or strong buys, a couple of holds, no sells.
这只股票已经做到了。
The stock's done that.
我的意思是，它让很多人赚了很多钱。
I mean, it's made a lot of people a lot of money.
我不是想在这里对美光泼冷水。
I'm not trying to be a negative Nelly here about Micron.
我很高兴它让很多人赚了钱，但我担心的是接下来的十二个月，而不是过去的十二个月。
I'm glad it's made a lot of people money, but I'm worried about the next twelve months, not the previous twelve months.
你怎么看？
What do you think?
你为什么要泼冷水呢？
Why would you be a negative, Nelly?
布莱恩，看我怎么操作。
Watch what I do here, Brian.
我知道蒂姆会明白的。
I know Tim will get this.
这个季度可不是小打小闹。
There's no small potatoes about this quarter.
布莱恩，你看到我刚才那招了吗？
See what I did there, Brian?
我我我我我是靠JR辛普洛特的土豆钱起家的。
I'm I'm I'm I'm I'm funded with JR Simplot money from potatoes.
请给我来一道600分的随机美光冷知识题。
I'll take random Micron trivia for 600, please.
500分吧。
For 500.
但事实是，史蒂夫提到了这一点。
But the reality is, Steve mentioned it.
他们昨天在白宫管那个叫什么来着？
What do they call that thing at the White House yesterday?
是叫‘群访’吗？
Gaggle?
而且当他们手拉手一起走出来，说要继续踩油门、继续加把劲的时候，这显然对整个美光所处的行业都是极大的支持。
And when they all walked out hand in hand and talked about sort of putting their foot on the gas pedal, continue to put on their foot on the gas pedal, that is obviously very supportive of the entire trade that Micron finds itself at the center of.
这个动作本来应该今天发生，或者再次在盘后随着这份财报发布。
The move should have taken place either today or, again, in the after hours with this release.
这个数字太惊人了。
It's an extraordinary number.
86%的利润率可不是闹着玩的，但亚马逊有句老话，你知道的，你的利润就是我们的机会。
86% margins are nothing to sneeze at, but there's the old saying from Amazon, you know, your margins are our opportunity.
虽然竞争不会明天就来，但竞争迟早会来。
And although competition is not coming tomorrow, competition is coming.
所以我们已经知道了所有数字，而且你得问问自己，一只根据期权市场本应波动7%到8%的股票，现在却纹丝不动。
So we know all the numbers, and you have to ask yourself a stock that was supposed to move seven or 8% given the options market is not moving at all.
而且，正如丹所说，你知道，也许我们能从中得到一些启示。
And to Dan's point, you know, maybe there's something to glean from that.
嗯，我会看看半导体领域的情况，我们就把整个SMH里的那组股票，包括存储芯片，当作市场上唯一真正活跃的部分。
Well, I I I would look at what's going on in the semi space and and let's just throw that whole group that are leased in the SMH, but including memory as being the one part of the market that's actually working.
我……
I...
虽然我不太想追高，成为下一个投进美光的人，但我可以告诉你，美光的图表，以及半导体在九月份的表现，在那个对市场其他部分来说相当平淡的季度里，确实很突出。
As much as I I don't necessarily wanna chase and be the next dollar into Micron, I can tell you that the chart on Micron, and I can tell you what semis did in September in a quarter that was pretty lackluster for the rest of the market.
我们稍后会讨论这个，但我就是觉得这个领域和这个交易还有后劲。
We're gonna talk about that in a second, but I I just feel as if this is a space and this is a trade that continues to have legs behind it.
而且这是一个持续跑赢市场其他部分的交易。
And it's a and it's a it's a trade that continues to outperform the rest of the market.
所以，尽管我在这里不追存储芯片，尽管我们一直听到三星和SK海力士在扩大存储产能的消息。
So as much as I'm not chasing memory here and as much as all we keep hearing from Samsung and SK Hynix is that they're building out more memory and more capacity.
而且，你知道，这对世界来说其实挺令人兴奋的，因为我们也在扩大产能，美光也深度参与其中。
And and, you know, it's actually pretty exciting for the world that we're also building more out here and that Micron is very much involved.
他们在纽约市破土动工了。
They broke ground and cement in New York City.
那太好了。
That's great.
我确实认为供应迟早会是个问题。
I do think supply is an issue at some point.
我觉得市场不会等那个。
I think the market's not gonna wait for that.
对。
Yep.
我是说，CEO说他认为供需环境会变得更紧张。
I mean, the CEO is saying he sees a tighter supply demand environment coming.
不过，史蒂夫，我不知道这是好事还是坏事。
I don't know if that's good or bad, though, Steve.
我不知道他是不是在说，嗯，这些是商品市场的力量。
I don't he's saying that Well, these these are the forces commodities.
供应紧张？
Tight supply?
那个……
The...
这些是……我也不确定。
These are I don't know.
嗯，这就是那个价值万亿美元的问题。
Well, that's that's the that's the trillion dollar question.
供应到底什么时候才能真正进入市场？
When when does the supply actually hit the market?
但听起来短期内不会到来，而且我们说的是三足鼎立的竞争。
But it doesn't sound like it's coming anytime soon, and we are talking about a three horse race.
所以还有足够的空间让这些价格继续上涨。
So there's enough room to send these things higher.
你知道，我看那个利润率。
You know, I I look at that margin.
我明白盖伊的意思，但看这三家公司的实际份额，美光还有很大的空间去抢占别人的份额。
I get what Guy is saying, but I look at the actual share out of the three players, and there's plenty of room for Micron to gobble up someone else's share.
所以我觉得，如果你从这个角度来看，那张图表虽然看起来很陡，但似乎还能再往上爬。
So I I think if you look at it through that prism, that chart looks steep, but it looks like it can climb again.
好的。
Alright.
嗯，现在股价已经跌到接近那个位置了。
Well, the stock is down to touch right now.
我不会太在意这1%的波动。
I'm not gonna make too much of a 1% move.
现在股价是1055美元，而就在几年前它还只是45美元的股票。
It's at $1,055 because it was a $45 stock just a couple of years ago.
好的。
Alright.
与此同时，大盘在交易时段后期出现了一些回落。
In the meantime, the macro market's taking a bit of a turn down later on in the session.
我是说，纳斯达克确实收高了，但涨幅远没有之前那么大。
I mean, the Nasdaq did close higher, but not nearly as much as it was.
特朗普总统在真实社交上发帖，说前美联储主席杰罗姆·鲍威尔应该因管理美联储总部翻新工作不力而辞职。
President Trump posting on True Social that former Federal Reserve chair Jerome Powell should resign from the Federal Reserve over failures in managing the renovations of its headquarters.
记住，鲍威尔已经不是主席了，但他还在美联储的委员会里。
Remember Powell, no longer the chairman, but he is still on the Federal Reserve committees.
他还会在那里待，我想，大概还有两三年吧。
He's still there for, I think, another two or three years.
标普和纳斯达克在大部分时间里都是上涨的，因为新的通胀数据显示八月份物价压力有所缓解。
The S and P and Nasdaq had been positive for most of the day after new inflation data showed price pressures moderated a bit in August.
这降低了市场对下个月美联储加息的预期。
That set expectations for a Fed rate hike next month down.
现在……
There are now...
如果你看10月28日的会议，加息的可能性，嗯，不是零，但已经降到不到40%了。
If you look at the October 28 meeting, the odds of a rate hike, well, they're not zero, but they're down to less than 40%.
一周前还是71呢。
They were 71 just one week ago.
不过今天利率还是全面走高。
Interest rates, though, today still higher across the board.
债券投资者把目光转向了周五的就业数据。
Bond investors turning your attention to Friday's jobs numbers.
经济学家预计9月份新增就业岗位8.4万个。
Economists expect payrolls grew by 84,000 in September.
蒂姆，你觉得这些数字到底会对市场产生多大影响？
How will all these numbers, Tim, do we think really impact the market?
因为我觉得现在有两件事在同时发生。
Because I feel like there's two things going on right now.
是三件。
There's three.
还有能源和战争的问题。
There's energy in the war.
现在有这么多人工智能的东西，但与此同时，或者说正因为如此，我们看到利率一直在往上涨。
You got all this AI stuff, but at the same time, or maybe because of it, we're watching interest rates just keep going higher.
十年期国债收益率创了新高，现在股市的估值……
We closed a a new high on the ten year, and and right now, equity valuation...
关于股市相对于这个的情况，我想说的是，让我们来看看通胀和美联储。
This is what I'll say about the stock market relative to that, let's get into inflation and the Fed.
但股市实际上已经很好地消化了这波走势，而且我认为，一旦收益率开始回落，股市会有不成比例的上涨。
But equities have done a great job of actually taking on a lot of this move, and in fact, I think you have a disproportionate move higher the minute you start to give ground back.
换句话说，从市场的角度来看，这是不对称的。
In other words, I think it's asymmetric from the market's perspective.
下一次收益率下降带来的涨幅会超过之前上涨带来的跌幅。
The next move down in in yields will will outperform the move higher.
我……
I...
股市确实已经……
Stocks have really...
更高的……
The higher...
收益率上升的走势。
The move higher in yield.
所以我想说什么呢？
So what am I saying?
我其实觉得市场现在正在忽略这一点。
I actually think that the market is looking past this right now.
我……
I...
而且你可以说，市场愿意承担与油价等的相关性带来的影响。
And you can make an argument that the correlation to oil prices and everything else is is something that the market is willing to take on.
我觉得如果你看长期收益率图表，如果你……
I think if you look at long term yield charts and if you...
再说一次，我提到阿达米那个四十年的图表，因为我觉得在看收益率曲线时，它很有参考价值。
Again, I bring back the guy, Adami, forty year chart because I think it makes makes a lot of sense when you're looking at the yield curve.
看起来我们可能会走向6%，而对股市来说，6%在某个时候就是另一回事了。
It actually looks like we could be going to 6%, and 6% for equities at some point is a different ballgame.
而且我觉得整个事情在某个时候，因为因为盖伊和丹……
And and think the whole thing is at some point because because Guy and Dan...
我知道在你那个年代，你听的是那种叫唱片的东西。
I I know back in your day, you listen to these things called records.
唱片上总是有划痕，他们叫它破唱片，因为它会一遍又一遍地重复播放同样的内容。
It was, always at the record at a scratch, they'd call it a broken record because they would just keep saying and playing the same thing over and over and over and over again.
我一直像个破唱片一样说5%的收益率会拖垮股市。
I've been a broken record about 5% yields of the market, taking down stocks.
显然事实并非如此。
Obviously not the case.
但是，十年期收益率有没有一个数字会改变这种说法呢？
Is there, though, a number on the ten year that does change the tune?
丹？
Dan?
你知道，不只是十年期国债。
You know, it's not just the ten year.
想想投资级债券的情况，尤其是跟AI建设相关的。
It's like, think about what's going on in investment grade debt as it relates to AI build out.
你能拿到6%、7%的收益率，有些风险高一点的甚至更高。
You're getting like 6%, maybe 7%, some some a little higher as you get kind of into, you know, some of the riskier sort of stuff.
所以除了股票，还有其他机会，特别是如果你担心AI建设以及你在标普500里的敞口。
So there's opportunities away from equities, especially if you're worried about the AI build out and the exposure that you have in the S and P 500.
如果十年期收益率是5.3%，而两年期几乎和十年期倒挂。
If you have 5.3% over ten years, you have a two year that's basically almost inverted the ten year.
这基本上就是在告诉你，现在股票的股权风险溢价并不特别高。
It's just basically telling you that the equity risk premium and stocks right here isn't particularly great.
我觉得回到美光那个例子，它就是个完美的例子。
And I think going back to that Micron, it's a perfect example.
先别管估值。
Forget the valuation.
就像这样，看看价格表现。
It's just like, look at the price performance.
看看现在市场已经消化了多少。
Look how much it's kind of incorporated right now.
我觉得这种情况，你宁愿持有债券而不是股票。
I think that's a story where you'd rather own the debt than the equity.
而且我觉得会有很多地方，随着人们对宏观、地缘政治或通胀越来越担忧，开始思考如果AI交易降温会怎样，我认为资金会从股市撤出，而且会有很多其他替代选择。
And I just think there's gonna be lots of places where people, as they get more worried about, let's say, the macro, maybe it's geopolitics, maybe it's inflation, and they start thinking about what this AI trade could do if it were to soften, I think you're gonna have a move out of equities, and I think there's gonna be a lot of other alternatives.
然后让我
And let
我...
me...
抱歉。
Sorry.
让我补充一下。
Let me just add.
我是说，自从那次操作扭曲以来，财政部做了那些事之后……
I mean, since that operation twist, whatever there was treasury did...
而且，显然，财政部也明白存在这个问题。
And, obviously, treasury understand it that there's a problem.
十年期国债收益率上升了大约65个基点。
Ten year yields are up about 65 basis points.
我觉得他们开始的时候大概是4.75%左右。
I think they were four and three quarters ish when they started that.
所以债券市场不仅在挑战美联储，也在挑战财政部，这在历史上我们真的没见过。
So the bond market is not only challenging the Fed, they're challenging treasury as well, which is something historically we really haven't seen.
我觉得这是第一点。
I think that's number one.
第二点，我同意你的看法，Brian。
And number two, I'm with you, Brian.
我是说，我一直在说，但我以为更高的利率会给股市泼冷水。
I mean, I've been saying for a while, but I thought higher rates would put a kibosh on the stock market.
显然不是这样。
Clearly not the case.
但你知道它真正打击的是什么吗？
But you know what it does put a kibosh on?
我的意思是，想想需要筹集的债务规模，我觉得这个经济和股市都不是为利率上升而设计的，而我认为利率还会继续上升。
I mean, if you think about the amount of debt that needs to be raised, I mean, this is not an economy nor stock market, I think, that's built for rates to go higher, which I do think will continue to go higher.
说得好，Gayedami，因为AI热潮很大程度上是建立在债务之上的。
It's a great point, Gayedami, because the AI boom is largely built on debt.
那这会很快扼杀债务市场的这一面吗？
And does this kill quickly that side of the debt market?
我知道谷歌不会以6%的利率借款。
I know Google's not borrowing at 6%.
这个我明白。
I get that.
但他们现在恐怕得向市场支付更高的利息了。
But they are gonna have to pay more, I think, to the market now.
哦，那是我说的。
Oh, that was me.
对不起，布莱恩。
I'm sorry, Brian.
我道歉。
I apologize.
是的。
Yes.
问题是，还要多多少？
The question is, how much more?
你想要一个警示故事。
And you want a cautionary tale.
我是说，回顾一下甲骨文，我记得大概是十二月……
I mean, go back to Oracle, and I think it was, like, December of...
你知道，我记不清时间了，但甲骨文
You know, I lose track of time, but Oracle
2025年9月。
September 2025.
2025年9月，股价在乐观情绪的推动下上涨了45%。
September 2025, the stock had a 45% move to the upside on the back of all the exuberance.
所以，那只股票从那以后的表现，现在变成了资产负债表的问题，而且……
So what that stock has done since, and now it's a balance sheet thing, and it's a...
就是……
It's...
这是债务问题，而且……
It is a debt thing, and it's...
他们能筹集到继续推进所需的资金吗？
Can they raise the amount of capital necessary to continue this?
甲骨文显然已经把所有筹码都推到了桌子中央，声称他们将成为AI建设中的核心，也许他们最终会被证明是对的。
Oracle has clearly pushed all their chips to the middle of the table, saying they're gonna be the centerpiece of the AI build out, and maybe they're gonna wind up being right.
但看看那只股票发生了什么，如果你认为这不会发生在其他公司身上，我觉得你根本没在关注。
But just look what happened to that stock, and if you don't think it can happen to others, I think you're not paying attention.
好的。
Alright.
我们还有很多内容要聊，但接下来我们要请另一位嘉宾来谈谈这只股票。
So we got a lot more to get through, but we're gonna bring in another voice into this name.
蒂芙尼·韦德是哥伦比亚线程内德投资公司的高级投资组合经理。
Tiffany Wade is senior portfolio manager at Columbia Threadneedle Investments.
她共同管理哥伦比亚基石成长和股票基金。
She co manages the Columbia Cornerstone Growth and Equity Funds.
蒂芙尼，我们刚才提到的很多股票，或者至少是提到的那些，顺便说一句，欢迎你。
A lot of these stocks that we've talked about or at least referenced, Tiffany, and by the way, welcome.
很高兴见到你。
Great to see you.
很高兴
Great to
见到你。你持有的这些股票，实际上可能都是你基金里的重仓股。
see You owned, in fact, are probably amongst your top holdings in your fund.
你担心什么？
What do you worry about?
你知道，我们确实担心利率，就像我们刚才讨论的那样。
You know, I I do think we worry about interest rates as we were talking about just before.
我们原本以为这会给股市带来压力，尤其是在中期选举之前。
We thought that this would put a damper on stocks as well, maybe heading into the midterm.
但显然，情况并非如此。
Clearly, that hasn't been the case.
我们今天看到了很好的GDP数据，消费支出数据也不错。
We saw great GDP numbers today, good consumer spending numbers.
所以，显然经济中有很多积极因素，股票投资者更关注这些，而不是利率。
So, clearly, there's a lot of good things happening in the economy that are, you know, equity investors are focusing on rather than rates.
这确实是我们所担心的。
That's something that we certainly do worry about.
因为我想问盖伊这个问题，但我会问你。
Because I I wanted to ask this to Guy, but I'll ask it to you.
是那个数字重要，还是背后的原因重要？
Is it the what or the why?
数字就是四……
The what is a four...
五年期5.3%，十年期5.4%，或者6%，不管具体是多少。
Five point three ten years, five point four ten years, 6%, whatever it is.
背后的原因比数字本身更重要吗？
Does the why matter more than the what?
目前来看，确实背后的原因更重要。
Right now, it does seem that the why matters more.
当利率达到某个水平时，数字本身会变得重要，但现在，原因似乎更重要。
At a certain level of interest rates, the what will matter, but right now, the why seems to matter more.
那么，Tiffany，关于美光，你持有的那只股票，增长显然非常惊人，而且利润率表现也相当稳健。
So, Tiffany, the the what around Micron, which you own, is is clearly phenomenal growth, but a margin story that's really holding up.
跟我们说说，在股价大幅波动之后，你是怎么评估这些的？
Talk to us how you've assessed that after the kind of move.
而且你可能已经持有这只股票有一段时间了。
And you've probably held this for a while.
我猜你应该是这样。
I'll assume you have.
但现在你打算怎么操作呢？
But but what do you do with it now?
因为这就是我们在纠结的问题。
Because this is what we're wrestling with.
我们仍然非常看好存储类股票。
We still like memory stocks a lot.
我们认为这将是人工智能建设中的核心部分。
We think that this is gonna be central to the AI build out.
推理越多，智能体AI越多，需要的存储就越多，而且他们提到，他们认为2027年和2028年的产能会更紧张。
The more inferencing and the more agentic AI you have, the more memory you're going to need, and they were talking about how they see capacity being, you know, tighter in '27 and '28.
所以我们认为这些是很好的投资方向。
So we think these are great places to be.
所以，当你看到市场时，回到最初的那个问题……
So when you look at the market, just getting back to the to the first...
你第一眼看到这个，市场今年上涨了12%。
Your first glance at this, the market's up 12% for the year.
盈利增长大约在25%。
Earnings are growing at roughly 25%.
这就是为什么收益率不匹配的原因。
So that's the reason why yields are not a fit.
当盈利增长达到25%时，没人会担心贴现率。
No one's worried about the discount rate when earnings are growing at 25.
但是，回到Tim的问题，接着刚才说的，你最看好哪些板块？在利率上升的环境下，你会调整这些板块吗？
But to to Tim's question, just to follow on on that, what sectors are you most excited about, and do you change those with the rising rate environment?
这是个好问题。
That's a great question.
我们仍然非常看好AI，这意味着我们显然在科技领域有很多押注，在工业领域也有一些。
So we still really like AI, which means we obviously have a lot of bets within tech and some within industrials as well.
当然，像我之前提到的，内存和网络安全，我们都很看好。
Certainly, memory, as I mentioned before, cybersecurity, we like a lot.
在科技之外，我们认为医疗保健领域也有一些有趣的发展，而且这个领域对利率的敏感度没那么高。
And then outside of tech, we think there's some interesting things happening in health care, and that space is a little bit more rate agnostic.
一些工具和诊断公司，多年来一直表现不佳，现在开始变得更有吸引力了。
So some of the tools and diagnostics companies, have been laggards for years, are starting to look a little bit more interesting.
那么，当你看到……
So when you look at...
我们今晚有美光的财报。
We had Micron earnings tonight.
对吧？
Okay?
还有苹果的。
And we got Apple.
所有已发布的财报我们都会看到。
We get all the earnings that are out.
从宏观层面来看，Tiffany，你和你的团队最关注什么？
On a macro level, Tiffany, what do you and your team watch the most closely?
是美联储吗？
Is it the Fed?
是就业数据、通胀数据吗？
Is it jobs numbers, inflation data?
我知道你全都看。
I know you look at it all.
我知道你会说，我们全都看。
I know I know you say, well, we look at it all.
但如果真有一件事特别吸引你的注意，有吗？
But if there's one thing that really catches your attention, is there something?
我觉得有两件事……
I think the two...
好吧，我就说两件事吧。
Well, I'll go with two things.
首先，我觉得中期选举的结果会是市场一个非常重要的宏观数据。
So first is I think the outcome of the midterms is gonna be a really important macro data for the market.
我同意。
I agree.
然后另一个就是现在的能源价格。
And then energy prices is the other one right now.
因为我们有……
Because we've got...
而且我们也不会太深入政治话题。
And and we're not gonna dip into politics too.
我明白。
I get it.
但只是从市场的角度来看。
But only vis a vis the markets.
现在有些人对数据中心挺反感的。
You got some people that are pretty anti data center right now.
我的意思是，这虽然是个政治问题，但也关乎市场。因为如果数据中心建设放缓，是因为反对数据中心或想暂停数据中心的政客赢了，那么我认为部分资本支出和运营支出也会跟着放缓。
I mean, it's a political thing, but it's a market thing because if there is a slowdown in data centers because politicians win that are anti data center or wanna pause data centers, then some of that CapEx, that OpEx, I think, gets slowed down.
这是不是就是政治观点背后的那种逻辑？
Is that sort of a theory behind the political view?
而且这不算政治观点，而是选举方面的看法？
And it's not a political view, but the the election view?
完全正确。
Absolutely.
我觉得现在股市里已经能看到这种情况了。
And I think we're seeing that play out in stocks right now.
所以我们看到，尤其是在工业领域，跟建筑相关的股票。
And so we're seeing, especially in the industrial space, stocks related to construction.
还有用于建设数据中心的设备，最近表现滞后，我觉得就跟这个担忧有关。
And equipment that goes into building data centers has lagged recently, and I think that's related to that concern.
但也许中期选举之后，这种情况会有所缓解。
But maybe that gets alleviated after midterms.
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你有没有接触到这个交易中增长的部分？
Are are you exposed at all to the growth part of the trade...
就是那个交易中基础设施部分里增长性更强的部分？
The the growthier part, though, of really the infrastructure part of that trade?
最极端的例子就是有人为了数据中心而持有卡特彼勒的股票。
The extreme example is someone that owns Caterpillar for data centers.
但增长基金中，有多少是在投资那些卖铲子卖镐头的公司？
But what part of a growth fund is investing in more picks and shovels?
这些对你来说有什么变化吗？
And has any of that changed for you?
我是说，工业股作为一个整体，在过去三周里表现不佳，实际上，就像市场其他大部分股票一样。
I mean, industrials, as a group, have been deaf in in the last three weeks, as in fact, as most of the rest of the market has been.
但那些卖铲子卖镐头的公司，你还在哪些方面感到兴奋？
But the picks and shovels, where, you know, where are you still excited?
我们仍然非常看好电气设备类的公司。
We still really like the electrical equipment names.
我们仍然看好建筑工程类的公司。
We still like the construction engineering names.
我们认为这些公司未来几年还有很长的增长空间。
So we think those have a long tail of growth for the next couple of years.
但很明显，有些人担心资本支出什么时候见顶，以及这是否会对工业类公司造成比一些科技公司更大的冲击，因为科技公司可能拥有更长的设备需求周期，这些设备会进入数据中心。
But you're clearly seeing some people concerned about when does capex peak and does that hit the industrial names harder than some of the tech names that may have a longer tail of equipment that goes into data centers.
我得……
I gotta...
快点。
Quick.
我们得结束了，我猜这些建筑公司的积压订单肯定有好几年。
We gotta wrap it up, I gotta imagine the backlog of these construction firms is years.
当然。
Absolutely.
是的。
It's Yes.
希望没人会宣布不可抗力。
Hopefully, nobody will issue a force majeure.
如果甲骨文威胁过要宣布不可抗力……
Had Oracle threatened one...
这些事情都在关注范围内。
These things are kinda on the radar.
这个词挺复杂的。
It's a complicated term.
它……
It it...
这里面包含了很多东西。
There's a lot in that.
确实。
It is.
这是法语里的不可抗力。
It's French for force majeure.
蒂芙尼，非常感谢你加入我们。
Tiffany, thank you very much for joining us.
真的很感谢你。
Really appreciate Thank your you.
好的。
Alright.
接下来，我们不只是关注美光。
Coming up, we are also not just watching Micron.
我们也在关注谷歌，因为谷歌发布了最新的Gemini模型。
We're watching Google because Google announcing its newest Gemini model.
我们会告诉你我们所知道的情况。
We're gonna tell you what we know.
另外，对银行来说，这是艰难的一个月。
Plus, a rough month for banks.
我是说，对银行来说，这是惨淡的一个月。
I mean, a dismal month for banks.
这个群体接下来几周要发布财报。
That group gearing up for earnings the next couple of weeks.
我们的交易员是如何提前布局金融股的。
How our traders are positioning in the financials all ahead.
《快钱》节目两点回来。
Fast Money back at two.
人工智能正在改变我们的工作、生活和领导方式。
AI is here transforming how we work, live, and lead.
我采访的那些女性并没有在等待未来。
And the women I talked to aren't waiting for the future.
她们在塑造未来。
They're shaping it.
我是朱莉娅·博尔斯滕，CNBC的高级媒体与科技记者。
I'm Julia Borsten, senior media and tech correspondent at CNBC.
这里是CNBC《变革者》节目，在这里我会与那些在AI重塑世界之际推动商业变革的女性领袖对话。
This is CNBC Changemakers, Changemakers, where I talk with the female leaders transforming business as AI reshapes the world.
欢迎收听CNBC变革者节目，关于AI时代女性领导力的内容，可以在任何播客平台找到。
Follow and listen to CNBC Changemakers, Women Leading in the Age of AI, wherever you get your podcasts.
好的。
Alright.
欢迎回来。
Welcome back.
美光是头条股票，但不仅仅是美光。
Micron is a headline stock, but it's not just about Micron.
谷歌母公司Alphabet的股价也上涨了大约1.5%。
Shares of Alphabet, the parent of Google, also moving up about one and a half percent.
他们正在推出最新的AI模型。
They're launching their newest AI model.
这个模型叫Gemini for Argon。
It's called Gemini for Argon.
他们说这是他们迄今为止最先进的AI模型。
And they say it's their most advanced AI model yet.
不过，麦肯齐·西加洛斯，我觉得如果一家公司推出新产品，却说这不是他们最新或最先进的，那才奇怪呢。
Although it'd be weird, Mackenzie Seagalos, I guess, if a company came out with a new thing and said it was not their newest or most advanced.
不过，我说远了。
But I digress.
我们一直在等Gemini 4，Alphabet刚刚发布了最新的前沿模型。
We've been waiting for Gemini four, and Alphabet just out with its latest Frontier model.
他们之前一直在做那些快速模型，但这次是前沿级别的，而且在编码和网络安全方面有重大改进。
They've been doing these flash models, but this is at the Frontier, and it has major improvements in coding and cybersecurity.
现在谷歌告诉我，Gemini 4 Argon在软件工程测试上超过了竞争对手。
Now Google telling me that Gemini four Argon outperforms rivals on tests of software engineering.
它在网络安全方面与OpenAI和x AI并列第一，在金融分析和法律研究等任务上领先。
It ties for first place with OpenAI and x AI in cybersecurity, and then it leads in tasks like financial analysis and legal research.
我刚刚和谷歌Gemini产品负责人图尔西·多希聊过，他说公司上下员工已经花了几周时间测试Argon的各个版本，而且没有使用限制。
I just spoke with Google's head of Gemini product, Tulsi Doshi, who says that employees across the company have actually spent weeks testing versions of Argon with no usage caps.
这个最新模型现在正在华盛顿接受美国政府的安全测试，初期只对网络安全防御者和企业云客户开放。
This latest model is now undergoing US government safety testing here in DC with initial access limited to cybersecurity defenders and enterprise cloud customers.
在谷歌CEO桑达尔·皮查伊昨天于华盛顿签署白宫自愿性AI安全协议后，这次发布采取了逐步开放的方式。
The gated rollout following Alphabet CEO Sundar Pichai signing the White House's voluntary AI safety accord yesterday here in DC.
谷歌将在未来几天内公布扩大访问权限的最新进展，计划通过API向企业客户提供Argonne服务，并在接下来的几个月里将其扩展到消费者产品中。
Google will share updates on broader access in the coming days with plans to offer Argonne to enterprise customers through its API, but then also expand it into its consumer products in the coming months.
尽管这是谷歌最顶级的前沿模型，但Argonne的定价仅为每百万输入token两美元。
And despite being Google's top of the line frontier model, Argonne will launch a $2 per million input tokens.
这个价格只比它的Flash模型略高一点，这点对我们来说非常关键，布莱恩。
That's only slightly above its flash models, which is really key here, Brian.
我是说，确实是这样。
I mean, it really is.
你知道，我们每隔……
You know, we line...
现在每隔几周或者几个月，麦克，我们就在聊这些新模型。
Every couple weeks and months now, Mac, we're talking about these new models.
有没有迹象表明它们带来了更多的订阅收入？
Is there any indication that they're driving more subscription revenue?
我们知道Muse。
We know Muse.
我们知道那些智能体，我们看到了这对Facebook股票、Meta股票的影响，抱歉。
We know the agents, we saw what that did to Facebook stock, Meta stock, excuse me.
希望也能沾点那种魔力。
Hoping to get a little bit of that magic as well.
这是否也被认为可能对Alphabet有效？
Is this thought to maybe work for Alphabet as well?
你说得太对了。
You're so right.
硅谷的整个讨论基本上已经从争夺前沿模型转向了用这些更轻量的模型来驱动智能体。
The entire conversation in Silicon Valley has basically shifted from winning at the frontier and actually using some of these lighter models to power agents.
Muse对Meta来说确实改变了游戏规则，现在谷歌也有自己的智能体，实际上。
Muse has really been a game changer for Meta, and now you've got Google, which has its own agent, actually.
它叫Spark。
It's called Spark.
不过目前只对付费用户开放。
It's just limited to paying customers.
我特别问了Gemini的产品负责人，这个新模型会不会用来升级Spark，因为大家都想看这个。
And I specifically asked, Gemini's product chief whether or not this new model might power a revamped Spark because that's what people wanna see.
你已经同意让谷歌访问你的Gmail和日历了。
You've already opted in to giving Google access to your Gmail, your calendar.
Muse的话，你得允许他们访问才行。
Muse, you have to allow them access to it.
所以挺不可思议的，我们还没看到谷歌在智能体领域有更大的突破。
So it's kind of incredible that we haven't seen Google have more of a breakout moment in the agent space.
但我得到的消息是，是的，这个Argon模型会用于Spark的开发。
But what I was told is that, yes, this Argon model is going to be part of what they're doing with Spark.
我觉得他们应该很快会推出一个更有竞争力的智能体，开放更广的使用权限，不再设限。
I would imagine that they are are looking to come out with a more competitive agent, wider access, not gatekeeped any day now.
Mackenzie Segalos，Mackenzie，非常感谢你。
Mackenzie Segalos, Mackenzie, really appreciate that.
好的。
Alright.
顺便说一下，丹和盖伊现在在休斯顿参加Robinhood的活动。
Dan and Guy, they're down, by the way, in Houston at the Robinhood thing.
丹，这对Alphabet有影响吗？
Dan, does this matter to Alphabet?
有影响。
It does.
我是说，麦克刚才讲得很好，把情况都梳理清楚了。
I mean, Mac did a great job, you know, kinda laying that out.
我的意思是，这些模型的重要性在于它们能在智能体方面发挥什么作用。
I mean, the models are important from the standpoint of what are they able to kinda power on the agent front.
比如每周我们都会听到某个前沿实验室声称他们的模型比上一个或另一个表现更好，诸如此类。
Like every week, we're gonna hear a new claim by one of these frontier labs that it's performing better than the next one or the last one or this or whatever.
但归根结底，这些其实并不重要。
It doesn't really matter at the end of the day.
我们都知道，不管你现在用的是什么模型，都是你余生中用过的最差版本。
We all know whatever model you use today is the worst version you're gonna use for the rest of your life.
所以关键就在于，这个模型如何驱动智能体。
Then it really comes down to how is that model powering the agent?
当你考虑模型制造商时，他们是如何从中赚钱的？
How are they monetizing that as you, you know, as you think about the model makers, that sort of thing?
这才是最终的决定因素。
And that's where it's gonna come down to.
所以我想，对谷歌来说，问题是他们会不会有一个“缪斯时刻”？
So I guess the the question is for Google is will they have a muse moment?
我毫不怀疑，过去几周Facebook或Meta的收益是以谷歌的损失为代价的，因为他们还没有迎来那个时刻。
There's little doubt in my mind that Facebook or Meta's gain over the last couple weeks came at the expense of Google because they haven't had that moment.
他们会发布Spark。
They will release Spark.
那会带来一些兴奋感。
It will have some excitement.
我觉得它在Gmail、日历、安卓和YouTube等平台上的分布，还有更多，数不胜数。
I think the distribution across Gmail and Calendar and Android and YouTube and the list goes on and on.
我觉得那会是一个很大的差异化优势。
I think that'll be a big differentiator.
所以我认为谷歌确实即将迎来那个时刻。
So I think Google does have that moment coming up.
不过不会是在Argon这里。
It's not gonna be on Argon right here.
布莱恩，你可能听到我们身后突然传来一场佛罗里达的演唱会。
You might hear, Brian, that there's a Florida concert just broke out behind us.
他是我最喜欢的表演者，你知道的，第一。
He is my favorite performer, as you know, number one.
第二，我觉得我们一直在说，在Muse之后，Facebook会反弹，结果确实如此。
Number two, I think we've been collectively saying on the back of muse that Facebook was gonna rally, and it did.
我觉得我们也一直在说，总有一天不会只是直线上升，总会有事情发生来打乱它。
I think we've also been saying there's gonna come a point where it's no longer just linear to the upside, and something's gonna happen to derail it.
这可能就是那个转折点。
This might be that something.
所以……
So...
但他们整体上还是看好Facebook。
But they still like Facebook overall.
我觉得股价会下跌。
I think it trades lower.
我觉得谷歌会因此受益。
I think Google has a run-in on the back of this.
我觉得Guy指的是……
I think Guy is referring to a...
一位叫Flo Rida的艺人，但他也可能指的是
An artist known as Flo Rida, but he could also be referring
那个……
to the...
那是佛罗里达乔治亚线。
It be Florida Georgia Line.
可能是佛罗里达乔治亚线。
It could be the Florida Georgia Line.
也可能只是Go Gators时隔很久再次进入前十。
It could just be Go Gators cracking the top 10 after a long time.
但我……
But I...
我同意丹的观点，但我想稍微缓和一下，就说这对消费者来说都是好事。
I'll take Dan's point, and I'll soften it a little bit and just say, this is all, I think, great for consumers.
而且我不确定现在三大或四大之间争夺基准领先地位是否真的能成为差异化因素。
And I'm not sure that that jostling for benchmark lead right now between the big three or the big four is something that necessarily is a differentiator.
我认为最终这正好印证了人们的担忧，即需要投入多少，或者哪里会有更多开源模型、低成本模型，至少对大多数消费者甚至很多企业来说，这些可能就足够了。
And I think, ultimately, it's playing into the concerns people have for how much needs to be spent or where you're gonna have more, open source models, lower cost models, certainly, that at least for most consumers and even a lot of enterprise is probably all they will ever consume.
所以，我觉得对谷歌的股价来说，这是好消息。
So, I think for Google to stock, it's good news.
我觉得谷歌的股票，记得很久以前，Gemini被认为是个失败品。
I think Google to stock, remember, for a long time, Gemini was thought to be a dud.
Gemini四代显然不仅是在竞争，而且还在领先。
Gemini four clearly is is not only competing, but taking some leadership.
而且我觉得谷歌的股价很便宜。
And I think Google's cheap.
在所有主要玩家中，尤其是如果我们拿它和Meta相比，考虑到Meta已经涨了那么多，这个很有吸引力。
And I think of all the major players, especially if we were playing this against Meta after the move Meta has had, this is attractive.
而且我觉得这个估值很有意思。
And I think this valuation is interesting.
好的。
All right.
就是这样。
There you go.
好了，各位。
All right, folks.
我们已经进行到一半了，但还有很多事情要做。
We're halfway done, but we have got a lot more to do.
接下来是《Fast Money》的节目内容。
Here's what's coming up next on Fast Money.
财报季开始前的市场波动。
The flop before earnings season kicks off.
如何应对近期银行股的疲软，以及我们的交易员现在最看好的股票。
How to trade the recent bank weakness, and the names our traders like most now.
另外，还有今年Hood峰会的亮点，公司推出了全天候交易和新的AI工具。
Plus, the highlights from this year's Hood Summit as the company unveils twenty four seven trading and new AI tools.
全天候交易可能对市场和你的投资组合产生什么影响。
How round the clock action could impact markets and your portfolio.
你现在收看的是《Fast Money》，我们在时代广场的纳斯达克市场现场直播。
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.
人工智能正在改变我们的工作、生活和领导方式。
AI is here transforming how we work, live, and lead.
我采访的那些女性并没有在等待未来。
And the women I talked to aren't waiting for the future.
她们正在塑造未来。
They're shaping it.
我是朱莉娅·博尔斯滕，CNBC的高级媒体与科技记者。
I'm Julia Borsten, senior media and tech correspondent at CNBC.
这里是CNBC的“变革者”节目，在AI重塑世界之际，我与那些正在改变商业的女性领袖对话。
This is CNBC changemakers where I talk with the female leaders transforming business as AI reshapes the world.
无论你在哪里收听播客，都可以关注并收听CNBC的“变革者：AI时代的女性领袖”。
Follow and listen to CNBC changemakers, women leading in the age of AI, wherever you get your podcasts.
好的。
Alright.
欢迎大家回到《快钱》节目。
Welcome back to Fast Money, everybody.
匹兹堡要去迈阿密了。
Pittsburgh is going to Miami.
不是吧。
No.
不是橄榄球。
Not in football.
好吧。
Okay.
卡内基梅隆大学宣布，肯·格里芬捐赠的30亿美元巨额礼物将资助在迈阿密新建一个35英亩的校区。
Carnegie Mellon University saying a monster new 3,000,000,000 gift from Ken Griffin will fund a new 35 acre campus in Miami.
CBC就此事采访了格里芬和卡内基梅隆大学的校长。
CBC spoke with Griffin and Carnegie Mellon's president about it.
这是对卡内基梅隆大学30亿美元的投资。
It's a $3,000,000,000 investment in Carnegie Mellon.
这是对美国高等教育卓越性的投资。
It's an investment in excellence in higher education in America.
我们在这件事上已经花了两年，还有两
We've worked on this now for two, two and a
年半的时间。
half years.
我非常激动能支持卡内基梅隆大学的领导团队。
I am so thrilled to be supporting the leadership team of Carnegie Mellon.
时代在变，我们也要随之改变。
Times are changing, so we need to change with it.
我们需要抓住当下的紧迫时机。
And we need to meet the urgency of the moment.
有了肯特的投资、支持和合作，坦率地说，卡内基梅隆大学已经准备好应对这一紧迫需求了。
And with Kent's investment and support and partnership candidly, CMU is ready to meet the urgency of the moment.
不管怎么说，30亿美元还是让人挺兴奋的。
I'll be a little more excited about $3,000,000,000 anyway.
你想去城堡基金工作吗？
Do you want to work for Citadel?
格里芬还分享了他招聘时看重什么。
Well, Griffin also shared what he looks for when hiring.
所以，坚韧、决心、热情，以及对教育和终身学习的真正热情，对我们Citadel选拔的候选人来说很重要。
So grit, determination, passion, and a real passion for education and lifetime learning is important to the candidates that we select at Citadel.
而且我要告诉你，有AI和计算机科学背景的候选人，是当今就业市场上最抢手的。
And I will tell you that the candidates that have a background in AI, in computer science, those are the most sought after candidates in the job markets today.
不过很快，加时赛，加分题。
But very quickly, bonus round, bonus points.
哎呀。
Oh, boy.
在场有谁……
Anybody in the...
丹和盖伊，你们也在那儿。
Dan and Guy, you're there too.
在场有谁能说出卡内基梅隆的吉祥物是什么吗？
Anybody here can name the Carnegie Mellon mascot?
那个
The
工程师们。
engineers.
不对。
No.
有人知道吗？
Anybody?
丹，盖伊，有人知道吗？
Dan, guy, anybody?
是斯科蒂。
It's Scotty.
最大声的。
Loudest.
那些书呆子们。
The the nerds.
这个……
This...
别急，你们这些宾大的家伙。
Easy, you Penn Quakers.
是斯科蒂，那只斯科蒂狗。
It is Scotty, the Scotty dog.
他们有一只小斯科蒂狗。
They got a little Scotty dog.
不错。
Nice.
吉祥物就是斯科蒂。
And the and the mascot is Scottie.
肯·格里芬，就是那个我们想赶出纽约的人，他捐了三十亿美元。
Ken Griffin, the guy we're trying to kick out of New York City who's making donations to $3,000,000,000.
他不在纽约捐。
He's not doing it in New York.
不。
No.
卡迪·梅隆，你
Cardi Mellon, you
同意卡迪·梅隆的校长有个小……那是30亿美元。
agree the president of Cardi Mellon's got a little it's $3,000,000,000.
这是
It's a
稍微多一点，3000万，你知道，10亿美元。
little more $30,000,000, you know, $1,000,000,000.
是30亿。
It's 3,000,000,000.
好吧。
Alright.
明天就是十月了，没有哪个群体比银行更高兴看到日历翻页了。
Tomorrow is October, and no group is happier to see the calendar shift than the banks.
这个月金融股被大量抛售，整体下跌了大约8%。
Financials got sold heavily this month, down about 8% as a group.
其中一家大银行也受到了影响，就是摩根士丹利。
One big bank caught up in it, Morgan Stanley.
它的股价现在已经连续下跌七天了。
Stock is now down seven days in a row.
这是它最长的连跌纪录……
Its longest losing streak...
我们来看看这只狗，斯科蒂。
Let's go Scotty the dog here.
别担心那个，格拉索。
Don't worry about that, Grasso.
这是自2024年1月以来最长的连跌纪录。
Longest losing streak since January 2024.
但我想低买，不是吗？
But I wanna buy low, don't I?
我不会说这是
I wouldn't say that this is
买银行股是个坏主意，但考虑到我们现在看到的收益率曲线变陡，而且是熊市变陡。
a bad idea to buy the banks, but when you think about what we're seeing with the curve steepening, we're having a bear steepening.
银行是借短贷长。
So the banks borrow short, they lend long.
对银行来说，这是最糟糕的一种变陡。
This is the worst type of steepening for a bank.
你想要的是牛市变陡。
You want a bull steepening.
但现在的情况不是这样。
That's not what we have here.
这……
It it...
这不会永远持续下去，所以对你来说，这可能是在银行股里捡便宜的机会。
It's not gonna be forever, so this could be some bargain hunting in the in the banks for you.
嗯，我……
Well, I...
你知道，银行的表现和其他对利率敏感的板块一样，不管你是看小盘股整体，还是看工业股或金融股，甚至必需消费品股，都受到了不小的打击。
You know, banks have behaved like any interest rate sensitive sector, and and whether you're in small caps as a group or whether you're in industrials or financials, and and even consumer staples have really taken their lumps.
我觉得如果你看银行的图表，现在这个位置买入挺有意思的，尤其是在经历了这样一次回调之后。
I think if you look at banks on a chart, this is a pretty interesting place to own them, especially after this kind of a pullback.
而且我们听到了很多指引。
We've also had a lot of guidance.
有很多类似“嘿，各位”的声音。
There's been a lot of, hey, folks.
银行CEO们都在踩刹车。
Tap the brakes with the CEOs and the banking sector.
多位CEO告诉我们他们的资本市场和交易业务会是什么情况，而且这些数字仍然会很漂亮。
Multiple CEOs have told us about where their capital markets and their trading business are gonna be, and they're still gonna be fantastic numbers.
所以在我……
So I until...
如果你觉得信贷周期快来了，那我觉得你得非常小心。
If you feel we have a credit cycle around the corner, I think you have to be very cautious.
不然的话，现在就是买银行股的好时机。
Otherwise, this is a place to buy banks.
好吧，我觉得我们有个新环节，因为我想从Robinhood峰会上请Guy Adame来聊聊银行股或者摩根士丹利。
Well, I think we have a new segment because I'd like to get some guy dense from Guy Adame at the Robinhood Summit on banks or Morgan Stanley.
你懂我意思吧？
See what I did?
我喜欢你刚才那招，Brian。
I like I like what you did there, Brian.
顺便说一句，你本来会是个很棒的卡内基梅隆学生。
By the way, you would have been a great Carnegie Mellon student.
你要是想试试的话，你也会是个很棒的Citadel候选人。
You'd be a great Citadel candidate in case you wanted to throw your hat in the ring.
但我要说的是，Brian Moynihan，我觉得他坐那个位子已经十六年了，他从来没见过他不喜欢的市场，但几周前，他确实说了一些话，有点像是警示故事。
But I'll say this, Brian Moynihan, who I think has been in his seat for sixteen years, who has never met a market that he didn't like, couple weeks ago actually, said some things that was somewhat of a cautionary tale.
我相信他说的话，因为这个人一向看涨，现在他有点转向了，银行股也随之反应。
And I take him at his word because the man is always bullish and he's turned a little bit, and the banks have reacted in kind.
我上次看的时候，银行股仍然具有很强的周期性。
And the last I looked, the banks are still very cyclical.
我们稍后会讨论家得宝和麦当劳，但我认为它们正在讲述一个关于基础经济的故事，而市场还没有意识到这一点。
And we're gonna talk about Home Depot and McDonald's a little bit later, but I think they're telling a story about the underlying economy that the market's not picking up on yet.
那会是什么样的故事呢？
And what would that story be?
嗯，显然不是一个正面的故事，布莱恩。
Well, it's obviously not a positive one, Brian.
这个故事讲的是一个可能手头拮据的消费者，一个利率可能因为错误原因而上升的环境，以及一个周期性仍然重要的环境。
It's a it's a story about a consumer that's probably strapped, about an environment where interest rates are going higher for probably the wrong reasons, and an environment where cyclicality still matters.
你把所有这些放在一起，有点像那个什么来着？
So you put all that together in a bit of what's that thing?
一个大锅，丹，然后你搅拌一下。
A cauldron, Dan, and you sort of stir
搅一搅。
it up.
炖一炖。
Stew.
你知道吗
And you know
丹，你
what you
知道吗？
have, Dan?
你有一锅女巫的汤。
You have a witch's brew.
你知道，关于非货币中心银行，我想说一点。你看高盛和摩根士丹利，听我说，我上周说过，我觉得高盛跌了20%。
You know, one thing I'll just say about away from the money center bank, so when you look at Goldman and you look at Morgan Stanley, listen, I I said last week, I thought Goldman down 20%.
你现在可能可以开始考虑建仓了，因为我觉得那时候，围绕这些IPO的情绪，不管是Anthropic、Aura还是OpenAI，还有其他几家，比如Nscale、SB Energy，你知道，它们真的承受了任何关于推迟上市想法的冲击。
You probably start looking at it here to build a position because I thought that at, you know, at that time, the sentiment around these IPOs, whether it was Anthropic or Aura or OpenAI, and there's a handful of others, Nscale, SB Energy, you know, they were really bearing the brunt of any idea that there would be a push out of that.
而且，说到底，这事儿可能真的会发生。
And, you know, at the end of the day, it might actually happen.
也许这就是这些股票表现这么差的原因，因为摩根和高盛显然会是这类交易的牵头承销商。
And maybe that's why these stocks trade so poorly because Morgan and Goldman are clearly gonna be lead left or lead underwriters for these sorts of deals.
另外，我还想说说阿波罗、黑石和KKR这些另类贷款机构。
The other thing, I'd take you over to the Apollos, the Blackstone, and the KKR is these alternative lenders.
我是说，这些公司的股价表现很糟糕，这直接跟软件行业的情况有关，至少在一定程度上，也跟数据中心建设的融资有关。
I mean, these guys trade horribly, and, you know, that is directly tied to at least what's going on in software at one level, but then also the financing of the data center build.
好的。
Alright.
讲得不错。
Good stuff there.
各位，非常感谢。
Guys, all thank you very much.
好的。
Alright.
接下来我们要换个话题，因为白宫可能要对柴油燃料出口政策做出调整。
Coming up, we're gonna shift gears because there is a potential shift from the White House around any diesel fuel export fan.
最新消息马上就来。
The latest next.
好的。
Alright.
欢迎回来。
Welcome back.
股市在收盘时跌至当日低点。
Stocks closing at their lows of the session.
道琼斯指数收盘下跌约440点。
The Dow ended down about 440.
标普500指数下跌约四分之一个百分点。
The S and P down about a quarter percent.
纳斯达克指数盘中走低，但收盘仍上涨。
The Nasdaq lowered the session, but still ended higher.
所以纳斯达克确实上涨了大约0.25%。
So the Nasdaq did post a gain of about a quarter percent.
盘中一度上涨近1%，但收盘时下跌。根据Mortgage News Daily的数据，30年期固定利率抵押贷款现在达到了7.8%的新里程碑。
It was up nearly 1% earlier in the session, ended down thirty year fixed rate mortgages now hitting a new milestone of 7.8% according to Mortgage News Daily.
这是自2023年11月那短暂时刻以来的最高数字。
That is the highest number since that brief moment in November 2023.
另外，制药行业也有几条新闻。
You also got a couple headlines happening in pharmaceuticals.
礼来公司表示，其试验性肥胖药物组合在试验中显示出比其Zepbound单独使用更大的减重效果。
Eli Lilly saying it's experimental obesity drug combo showing greater weight loss than its Zepbound on its own in a trial.
与此同时，Moderna股价下跌，因为花旗将该公司股票评级下调至卖出，理由是估值问题。
Meantime, Moderna shares dropping after Citigroup downgraded the stock to a sell, citing valuation.
顺便说一下，Moderna在第三季度股价几乎翻了三倍。
By the way, Moderna nearly tripled this quarter in the third quarter.
而且我记得花旗的那份报告，他们认为该股有大约60美元的下跌空间之类的。
And I think Citigroup, if I remember that call correctly, sees like $60 of downside or whatever on the stock.
总之，大麻股现在正在降温。
Anyway, pot stocks burning out.
关于重新分类大麻的听证会已经暂停了。
The hearing on rescheduling marijuana was paused.
与此同时，能源领域也有一些突发新闻。
In the meantime, we've also got some breaking news in the energy space.
下面请伊蒙·贾伯斯带来详细报道。
Eamonn Jabbers with more.
伊蒙？
Eamonn?
布莱恩，你可能还记得，之前有报道说总统一直在考虑或酝酿柴油和天然气出口禁令的想法。
Brian, you might remember this, but there's been some reporting that the president had been considering or kicking around the idea of a diesel gas export ban.
就在刚才，总统在椭圆形办公室被问到了这个问题。
And what we just heard from the president in the Oval Office a short time ago is he was questioned about this.
听起来他非常倾向于不实施禁令，但也没有完全排除这种可能性。
Sounded like he's very much leaning against it, but didn't rule it out entirely.
以下是他说的。
Here's what he said.
我认为这是我们每天都在思考和讨论的事情，但似乎会对汽油产生负面影响。
I think it's something that we think about and we talk about every day, but it just seems that it would have a negative impact on gasoline.
所以汽油价格会稍微上涨，而这些价格会稍微下降，我们认为我们处于一个非常好的位置。
So that that would go up a little bit, and these would come down a little bit, and we think we're in a very good place.
它即将开始显现。
It's gonna start to come in.
所以，布莱恩，对总统来说，问题是，当你考虑柴油出口禁令的可能性时，它对整体经济在通胀等方面有什么影响？如果你这样做，是否只是把通胀推到了经济的其他部门？
So the question for the president, Brian, is as you look at the possibility of a diesel export ban, what is the effect on the overall economy in terms of inflation of other things and do you kinda just push the inflation out into other sectors of the economy if you do that?
这似乎正是白宫内部正在纠结的问题，考虑到你刚刚听到的总统的发言，布莱恩。
That seems to be what they're wrestling with inside the White House given what you just heard from the president, Brian.
好的。
Alright.
伊蒙·贾伯斯。
Eamon Jabbers.
伊蒙，非常感谢。
Eamon, thank you very much.
布莱恩，你对这个禁令有什么看法？
Any thoughts on the ban, Brian?
嗯，听我说。
Well, listen.
我跟行业里大约30个人聊过。
Talked to about 30 people in the industry.
他们每一个人，30个人里30个都说价格会长期上涨。
Every one of them, 30 out of 30 said higher prices than longer term.
这里。
Here.
对，因为他们没有地方放这些柴油。
Yeah, because they don't have a They place to put have no place to put it.
储存设施都满了。
Storage fills.
他们不得不削减炼油量。
They have to cut back on refining.
我猜如果我们没有柴油出口禁令，对瓦莱罗和菲利普斯66这些大型炼油商来说可能是好消息，对吧？
I would imagine if we don't get a diesel export ban, probably good news for Valero's Phillips 66, the big refiners, yes or no?
马拉松呢？
Marathon?
我会的。
I will.
我也这么认为。
I I think so.
而且我觉得如果你看看瓦莱罗的表现，甚至比一些大型综合石油公司还要好。
And I think if you look at how Valero's performed relative to even some of the big integrateds.
而且实际上，他们上一轮的数据非常强劲，但股价却……
And and actually, their last round of numbers were so strong, and the stock actually...
有点令人失望，因为我觉得我们已经对这些数据有点麻木了，但是……
It was a little disappointing just because I think we've been so kind of inured on these numbers, but...
能源股这段时间的表现确实很有意思。
And it's it's been an interesting run for energy stocks.
尽管第三季度油价实际上涨了大约40%，但能源股还是承受了一些压力。
They've actually been under, a little bit of pressure here even in the face of what have been, you know, essentially 40% higher oil prices in the third quarter.
所以，我觉得你是在慢慢重新介入这个交易，但正如我多次说过的，MLP（业主有限合伙）实际上是最弱的。
So, I think you're nibbling back at this trade, but MLPs, as I've said many times, are the ones that have actually been the weakest.
我喜欢它们。
I like them.
当你看到裂解价差时，你知道，我知道大家都认为它们处于历史高位，但接下来会怎么走呢？
And when you look at the crack spreads, the, you know, I know everyone thinks they're at, they are at all time highs, but when, where do you go from there?
但我仍然认为这是针对瓦莱罗能源的交易，但你必须确保这是真正的炼油商交易。
But I still think it's a trade to the Valero's, but you have to make sure that it's a genuine refiner trade.
所以瓦莱罗能源是炼油商交易。
So a Valero is a refiner trade.
但PSX（菲利普斯66）的话，里面包含了很多化学品业务。
A PSX though, you're getting a lot of chemicals in there.
这就是为什么它到现在只涨了100%，而不是150%。
That's why it's only up 100% here to date, not 150%.
所以还是坚持做纯炼油业务的公司，
So stay with the pure player,
比如Delex，还有PBF那类的公司。
Delex, the PBFs of the world.
那些是我们关注的，比如Par Pacific。
Those are ones we nip par Pacific.
我们很少提到它们，但那些股票一年涨了150%到175%。
We never talk about them, but those stocks are somewhere up a 150, 175% a year.
不过当这个交易被过度炒作时，你就要回到那些更大的公司。
Those are the ones though that when the trade gets extended, you go back to the bigger names in play.
我觉得那些小公司在这个周期初期表现会好。
I think those would have been early cycle for this.
周期后期，你就要选那些有大公司背景的品牌，有
The later cycle is you wanna go with the name brand that has the company behind it, that has
还有它背后的历史。
the history behind it.
好的。
Alright.
说得好，关于那条突发新闻的讨论很精彩。
Well said, good discussion there on that breaking news.
好的。
Alright.
接下来，Robinhood 实际上是在说，不再有盘后交易了。
Coming up, Robinhood effectively saying, there's no more after hours trading.
我们全天候交易。
We're trading twenty four seven.
我们会进一步讨论这个话题，并带来更多 Dan 和 Guy 所在现场的见闻，也就是在德克萨斯州休斯顿举行的 Hood 峰会。
We're gonna talk more about that and give you more from the sights and the sounds of where Dan and Guy are, and that is the Hood Summit in Houston, Texas.
我们稍后回来。
We're back right after this.
Robinhood 推出了延长交易时间。
Robinhood unveiling expanded trading hours.
这家公司想吸引更多活跃的交易者。
The company looking to pull in more active traders.
从明年开始，它将允许客户在部分股票（不是所有股票）上进行全天候交易。
It is gonna allow customers to transact twenty four seven in some stocks, not all stocks, beginning next year.
它还增加了永续加密货币期货以及 AI 代理。
It's also adding perpetual crypto futures as well as AI agents.
CEO Vlad Tenev 今天早上在 CNBC 上谈到了这些新服务。
CEO Vlad Tenev weighing in on the new offerings this morning on CNBC.
我觉得越来越多的客户和交易者正在把 AI 融入他们的策略中。
I think increasingly, customers and traders are integrating AI into their strategies.
我们确实看到我们的第一个代理产品被大量采用，这需要客户把他们自己的 Claude code 或 codex，也就是他们的外部代理，接入到他们的 Robinhood 账户里。
We've actually seen a lot of adoption of our first agentic offering, which required customers to take, you know, their Claude code or their codex, their external agent, and plug it into their Robinhood account.
所以他们得自己想办法把它整合起来。
So they had to kind of stitch it together.
我们想让这个过程更简单，而且，你知道，我们有超过15万人在使用我们的智能代理服务。
We wanted to make that easier, and, you know, we had about over a 150,000 people using our agentic offerings.
丹和盖伊现在在休斯顿参加Robinhood峰会，我希望你们身后那些人是你们的粉丝，因为三十秒前他们还不在这里。
And Dan and Guy are in Houston for Robinhood Hood Summit where I hope those are fans behind you guys because they weren't there thirty seconds ago.
所以如果他们不是粉丝，你们现在就该走了。
So if they're not fans, you should leave now.
大家向布莱恩·沙利文挥手，制造点噪音，让他看看你们的啤酒。
Wave to Brian Sullivan and make noise and show him your beers, everybody.
这就对了。
There we go.
他向大家问好。
He says hi.
嗨，大家好。
Hi, guys.
今天有两个大问题：布莱恩·沙利文是不是真的那么高那么帅，还有蒂姆那双钢蓝色的眼睛是不是真的？
The two big questions the two big questions for today is Brian Sullivan that tall and handsome, and are those Tim's real steely blue eyes?
这两个问题的答案显然都是肯定的。
And the answer to both of those questions is clearly yes.
没错。
That's right.
我不这么认为。
I don't think so.
那是……
That was...
我甚至不觉得那些是问题……
I don't even think those are questions....
等一下。
Sec.
丹，在Hood峰会上，最大的问题是什么？
What's the big question, Dan, at the Hood Summit?
我觉得今天早上Vlad在开盘时说的那件事非常重要。
I think what Vlad said this morning on the open is a really important one.
我觉得我们在这里跟几十个人聊下来，他们确实想要更多交易选项，对吧，想在自己想交易的时候交易。
Think that as we talk to dozens of people here, they do want expanded options, right, to trade when they wanna trade.
我觉得这一点很重要。
And I think that's important.
你需要有一定的流动性。
You're gonna need some liquidity there.
而且我觉得你交易的地方越多，生态系统就越能发展起来。
And I think the more places that you have to trade, you know, the more the ecosystem builds.
我觉得这很重要。
I think that's important.
更大的收获，Vlad也提到了，就是智能体交易。
The bigger takeaway, and Vlad spoke to it, is agentic trading.
现在，你有能力接入。
Right now, you have the ability to plug in.
你想创建自己的智能体。
You wanna create your agents.
你想把它们接进去。
You wanna plug them in.
那很好。
That's great.
我理解的重点不只是让智能体替你交易。
What I take away, it's not just about the agents trading for you.
实际上还包括创意生成。
It's actually idea generation.
还有风险管理。
It's also risk management.
还有很多其他的事情。
There's a whole host of other things.
我觉得专业人士已经做了一段时间了。
And I think that's something that pros have been doing doing for a little bit now.
我认为他们正在让更多人能够使用这些功能，而且从我们听到的反馈来看，这很受欢迎。
I think they're democratizing access to that, and it's something that I think has been very welcomed, at least from the reception that we've heard.
问题是，盖伊，我们是不是该不再说“盘后交易”了？
The question is, Guy, do we stop saying after hours trading?
因为我不……
Because I don't...
如果交易从不停止，那还有“盘后”吗？
Where's the after hours if it never stops?
不。
No.
它不会停。
It doesn't stop.
我的意思是，我的职业生涯是从大宗商品开始的，那时候没有盘后交易。
I mean, I started my career in commodities, and there was no after hours trading.
我们只是从一个国家转到下一个国家，这是正常的演变。
We're just going from one country to the next, and this is a normal progression.
所以你可以把这个词从你的词汇表里去掉，布莱恩·沙利文，暂时收起来吧，因为不管你喜欢与否，它已经在这里了。
So you can take that out of your vernacular, Brian Sullivan, and sort of shelve it for another time because like it or not, it's here.
让我给你展示一下社区的力量。
And just let me show you the power of community.
现场有《快钱》的粉丝吗？
Are there any Fast Money fans out there?
如果是的话，请大声欢呼一下。
Please make some noise if barb.
我知道该怎么跟你说，布莱恩。
I know what to tell you, Brian.
我我我太喜欢了。
I I I love it.
顺便说一句，我们也非常喜欢他们。
And by the way, we love them as well.
而且我知道他们也很喜欢你们。
And I know they love you guys.
他们见到你们很高兴。
They're happy to see you.
我们稍作休息。
We'll take a short break.
回来后我们会聊聊我们的一位交易员，看看他们对家得宝和麦当劳的图表有什么看法。
We're gonna come back and talk about one of our traders and what they're seeing in the charts for Home Depot and McDonald's.
这两家公司的图表几乎一模一样，真是奇怪。
It's like one in the same chart, two different companies.
是不是有点诡异？
Creepy?
我们也这么觉得。
We think so.
稍后我们就来讨论这个话题。
We'll talk about it right after this.
丹，最后的交易时间到了。
Final trade time, Dan.
从技术分析的角度看，我挺看好麦当劳的走势，而且我觉得应该还有更好的回调买入机会。
I like the McDonald's call, technically from guys' standpoint, and I also think there should be a better trade down towards it.
老兄。
Guy.
我很喜欢机器人技术不败这一点。
I love the fact that bot tech is undefeated.
布莱恩，我选英斯迈德。
Brian, I will go insmed.
我也是。
Me too.
蒂姆。
Tim.
加油，鳄鱼队。
Go gators.
他们也是。
So are they.
加油，谷歌。
Go Google.
布莱恩，感谢你加入我们。
And Brian, thank you for joining us.
总是很愉快。
It's always a pleasure.
非常欢迎。
Very welcome.
谢谢你邀请我，史蒂夫·格拉特森。
Thanks for having me, Steve Gratsohn.
我觉得我们之前对网络安全的讨论还不够。
So I think we we didn't talk enough about cyber.
我认为这些股票能涨，也会涨，而且还有很多像Cloudflare这样的收费点机会。
I think these stocks can run, they will run, and there's just a lot more tollbooth thing to do, Cloudflare.
这就对了。
There you go.
喜欢这样，各位。
Love it, guys.
而且弗吉尼亚理工大学周五晚上会击败匹特黑豹队。
And Virginia Tech are gonna beat the Pitt Panthers Friday night.
在卡内基梅隆大学的校园里，投手们和斯科蒂狗在一起。
Pitchers at campus with Carnegie Mellon, home of Scotty, the Scotty Dog.
感谢收看《快钱》，疯狂时刻现在开始。
Thanks for watching Fast Money Mad starts now.
《快钱》节目参与者的所有观点仅代表他们个人意见，并不反映CNBC或其母公司或关联公司的观点，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.
你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》参与者认为可靠的信息，但CNBC及其关联公司和子公司均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/fast Money免责声明。
To view the full Fast Money disclaimer, please visit cnbc.com/fast Money disclaimer.
人工智能已经到来，正在改变我们的工作、生活和领导方式。
AI is here transforming how we work, live, and lead.
我采访的那些女性并没有在等待未来，她们正在塑造未来。
And the women I talked to aren't waiting for the future, they're shaping it.
我是朱莉娅·博尔斯滕，CNBC的高级媒体与科技记者。
I'm Julia Borsten, senior media and tech correspondent at CNBC.
这里是CNBC变革者节目，在这里我会与那些在AI重塑世界之际改变商业格局的女性领袖对话。
This is CNBC Changemakers, where I talk with the female leaders transforming business as AI reshapes the world.
无论你在哪里收听播客，都可以关注并收听CNBC变革者节目，了解在AI时代引领潮流的女性。
Follow and listen to CNBC Changemakers, women leading in the age of AI, wherever you get your podcasts.
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