风险偏好与风险规避交易双双受挫…Insmed公司CEO谈股价飙升 11/3/25

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这里是纽约时代广场中心纳斯达克市场现场直播的《快钱》节目。今晚主要内容：一个市场谜题——过去一周贸易风险与某资产同向异动。

Live from the Nasdaq market site in the heart of New York City's Times Square. This is fast money. Here's what's on tap tonight. A market puzzle. One big risk on trade and a big risk on one moving in the same direction over the past week.

这反映了怎样的市场现状？年末持仓策略与房地产困境：住宅建筑商股票跌至三个月低点，反弹有望吗？我们将采访抵押贷款平台better.com的CEO获取最新动态。此外还有Palantir财报后波动、电信股承压，以及一家今年表现远超科技七巨头的生物技术公司。

What it says about the state of the market had a position into year end and housing headaches. Homebuilder stocks trading at three month lows. Is there hope for a rebound? We'll talk to the CEO of mortgage lender better.com for a pulse check. Plus Palantir's post earnings volatility, heavy static for telecom stocks and a biotech company well outperforming the Mag seven this year.

我们将连线刚发布财报的Insmed公司CEO，探讨基因治疗药物新获批情况。我是主持人Melissa Lee，此刻正在纳斯达克B演播室为您直播。今晚嘉宾有Tim Seymour、Steve Grasso、Dan Nathan和Gayadami。我们将在11月重点分析那笔令人振奋的交易——

We'll talk to the CEO of Insmed fresh off earnings, new approvals for gene therapy drugs. I'm Melissa Lee, come to you live from Studio B at the Nasdaq on the desk tonight. Tim Seymour, Steve Grasso, Dan Nathan, and Gayadami. We kick things off November specifically with that trade that made us go

那些让你回家的行情。

Things that make you go home.

没错。最近无论是加密资产交易还是防御性消费品都面临压力：比特币逼近105,000美元关口，而XLP消费品ETF已跌破52周低点。

That's right. Yeah. The market that makes you go home. Both the risk on crypto trade and defensive staples under pressure in recent days. Bitcoin closing in on the $105,000 mark, while the XLP staples ETF is trading at more than fifty two week lows.

不止比特币遇阻——以太坊和Solana过去一个月跌幅均达两位数，Circle、eToro、Strategy、Bullish等加密相关企业同样举步维艰。虽然金佰利是今日消费品板块下跌主因，但过去一周奥驰亚、好时、荷美尔乃至思科等消费股均大幅下挫，该板块也是标普500年内唯一下跌的行业。

It's not just Bitcoin hitting a wall. Ether and Solana have both posted double digit losses over the last month, and crypto focused names like Circle, eToro, Strategy, Bullish. They're also struggling. While Kimberly Clark was largely responsible for the Staples move lower today, over the past week, we have seen big losses in names from Altria, Hershey to Hormel and Cisco. Staples also the only S and P sector down year to date.

所以风险偏好交易和安全交易都在同向移动。这告诉我们当前市场处于什么状态呢，盖伊？

So both the risk on trade and the safety trades are moving in the same direction. What does that tell us about the state of the market that we're in, Guy?

这是个好问题，梅丽莎·李，我会试着回答。我不认为这反映了真实情况。标普500指数讲述的是一个故事，但如果你看看其他指标——今天VIX指数一度交易到接近19点，而这本该是个相当平静的日子。你还提到比特币表现不佳。

It's a great question, Melissa Lee, and I will attempt to answer it. I don't I don't think it's think I it actually is telling the real story. I think the S and P 500 is telling one story, but you look in I'll add a couple other things. At one point today, the VIX traded almost 19 on what was a pretty benign day. You mentioned Bitcoin underperforming.

可能部分原因是杰罗姆·鲍威尔收回了12月降息的预期，但这个趋势在他发言前就开始了。你也提到了必需消费品板块。显然有些异常正在发生，我认为波动率指数已经嗅到了迹象。债券市场的疲软——我需要谨慎表述——可能会在未来几周持续渗透。尽管我们讨论的那7-10只股票表现很好，但市场广度等指标暗示着相反的情况。

Maybe part of that is Jerome Powell walking back a December cut, but this was in process long before he started talking. You mentioned the staples as well. I mean, there's something clearly going on, and I think the volatility index is sniffing it out. I also think this weakness in the bond market, I want to be careful here, is something that's going to sort of permeate over the next couple of weeks. Despite the fact that those seven to 10 names we talked about are doing very well, market breadth and other things suggest something otherwise.

没错，市场广度一直很糟糕。如果你是'七巨头'ETF或相关投资者，日子当然好过。今天就是这样的日子——等权标普500指数自9月1日以来下跌了6.5%，而同期半导体板块却跑赢标普500达22%。

Yeah, market breadth has been miserable. If you're a mag seven ETF or a mag seven player, life's good. Today was that kind of a day and has been pointed. I mean, the the equal weighted S and P is down six and a half percent since September 1. Meanwhile, semiconductors have outperformed the S and P by 22% since September 1.

这说明...比如美光科技股价已经翻倍。这些现象能让你感知市场动向。当然我们今天还要讨论亚马逊和OpenAI的新闻，但美元指数突破100关口同样值得关注——美元走强通常被视为避险信号，但这次不同。

So it just tells you I mean, a micron, which is which is doubled. It it just gives you some sense of what's going on here. Obviously, we're gonna talk about this other, you know, headlines today, which is Amazon OpenAI, yet another one. But I think the dollar creeping above a 100 on the dollar index is another one of these things. It's not that the dollar, which often can be seen, a dollar rally is a is a risk off moment.

这是多重因素的综合作用。很多人此前预期美元会走弱。市场存在某些被投资者认为至关重要的动态。在缺乏真实政府数据的当下，我们可以从航运、铁路等经济敏感领域获得很多线索——过去几周铁路数据就提供了大量关于经济敏感度最高领域（至少对股市有影响的领域）的参考指标。

It's just it's a combination of a lot of things. I I think the weak dollar trade is something that a lot of people were expecting. I think there's there's a dynamic that people believe is important for the stock market. And and so, yeah, I mean, I I there's there's a lot of anecdotal evidence in a world where we apparently don't have real government data anymore that certain parts of the economy listen to the shippers, listen to a lot of different parts of the economy. Rails over the last couple weeks have given us actually a lot of data points in terms of what is the most economically sensitive, arguably part of the economy at least to impact stocks.

我想补充的是，在股市经历惊人上涨后，出现回调并不意外。我仍然认为这是今年最好的月份，感恩节前指数仍会高于当前水平。在这种行情下，过度思考反而会适得其反。

So I would just jump in and say, I think after a heroic run-in equities, it's not surprise to run into some heaviness. I still think this is the best month of the year. I still think we're gonna be higher than where we are today by Thanksgiving. Gobble gobble guy. And I think it's a case where you, you you know, you you can't overthink this.

美联储正在行动。美联储的不同成员表示我们现在更关注通胀而非就业市场。因此，尽管全球最令人兴奋的交易已经开始，但美联储和其他方面并未获得明确绿灯。

The Fed's out there. Different members of the Fed are saying we're now more focused on inflation than the jobs market. And and so there's not this green light for straightforward Fed and everything else even though, again, the most exciting trade in the world is game on.

所以我认为如果你想在市场下跌时买入，必须得到美联储的绿灯。我认为这是首要条件。

So I think if you wanted to buy the market off this dip, you would have to have a green light by the Fed. So I think that's the number one thing.

再次降息。

To cut again.

再次降息。第二点，有人说这种情况已经持续一段时间了。这周有点模因股、量子股的味道，这些都被买入了。这些都是高风险标的，属于非盈利公司。

To cut again. Number two, guy said it's been going on for quite some time. The week is a bit Meme stocks, quantum stocks, those have been bought. Those are the risk ones. Those are the nonprofitable companies.

然后杰罗姆·鲍威尔上周排除了12月（降息可能性）。这意味着利率会上升。嗯。或者说市场认为利率会上升。那么什么会下跌呢？

And then Jerome Powell last week takes December off the table. That means rates are going higher. Mhmm. Or the market's saying that rates are going higher. So what goes lower?

必需消费品板块。这个领域竞争激烈。利率上升时，它们表现不佳。比特币在利率上升时同样表现不佳。所以比特币表现不好有双重原因。

Staples. It's it's competitive. Higher rates, they they they underperform. What does doesn't perform well with higher rates is Bitcoin too. So there's a double reason why Bitcoin doesn't perform well.

一个月前在量子领域还有选择余地。嗯。现在他们面临的是利率上升的前景。

There were choices a month ago with quantum. Mhmm. Now they have higher rates to look forward to.

是的。就盈利方面来说，你知道蒂姆刚提到的美元，它正在形成圆弧底形态。又回升到了100美元水平。然后考虑利率问题，从美国跨国企业的角度来看，如果利率没有明确被定价为会大幅下降，那么盈利作为顺风因素就会面临压力。至于加密货币，我是说，听着，要知道比特币在利率较高时反而上涨了。

Yeah. Just say on the earnings front, you know, the dollar Tim just mentioned, it's kind of doing this rounding bottom. It's up back up to that $100 level. And then if you think about rates, if they're not like definitely priced to go much lower from a, you know, US multinational standpoint, there's some pressure there as far as earnings have been a tailwind. And on the on the crypto thing, mean, listen, know, Bitcoin was moving higher when rates were higher.

我认为这是那种你会想说某些关联性确实存在的情况。但这东西已经打破了很多常规关联。我觉得过去几年发生的是：我们经历了这波行情，有ETF上市，然后又有监管放松。

I think this is one of those ones where you want to kind of say there's certain relationships that make some sense. This thing has defied a lot of relationships. I think what's going on right now is that over the last couple of years, had this move. We had the ETFs that were being listed. Then we had deregulation.

接着出现了这些国债策略。但现在似乎没有太多其他公司跟进这些国债策略。想想看，MicroStrategy是第一个吃螃蟹的。他们持有6.4614亿美元的比特币，约占流通总量的3%。

And then we had these treasury strategies. Well, it doesn't seem like there's too many other companies now signing up for these treasury strategies. And if you think about it, MicroStrategy was first to it. I think they owned $646,140,000 Bitcoins. I mean, like, 3% of all the available Bitcoins.

这对Michael Seller和他的策略可能很有利，但对其他公司未必。他就是单纯持有比特币。其他公司本质上是在用比特币替换资产负债表上的资产。最终可能达不到他们预期的效果。

That might work out great for Michael Seller and strategy. It might not work out that well for all these other companies. He is he just owns Bitcoin. The other ones are basically replacing stuff on their balance sheet with Bitcoin. It might end up not doing the thing that they hoped it to do.

如果未来出现任何导致这种趋势逆转的因素，情况会变得相当糟糕。你刚才提到那些上市的交易公司或经纪商，如果没有稳定币，没有一个健康的稳定币市场，这些公司存在的意义何在？它们已经有现成的交易渠道了。

And then if we ever have a reason for this to unwind a bit, it's gonna be quite nasty. And then if you think about you just mentioned all those companies that have gone public who are these trading companies or brokerage firms or whatever. I mean, if you don't have stablecoins, if you don't have a a healthy stablecoin market, then those companies, I don't know why they exist. Right? They already have places in which to trade them.

看看Robinhood，它们的加密货币交易量有多大？为什么还需要专门成立公司来交易加密货币？这是我的个人观点。我有Robinhood和富达账户，直接就能交易，对吧？

If you look at Robinhood, how much that they trade these things, why do you need a company just designated to be there to trade crypto? Like, that's my personal view. I mean, I have a Robinhood account or Fidelity account. I can trade it all right there. Right?

而且我还得把401k账户放那儿。我不认为那些交易所的存在意义就在于此。它们主要是做稳定币的。在我看来，这就像是为了解决问题而创造问题。

And I gotta have my $4.00 1 k there. I don't think that's the thing that those other exchanges are there to do. They're there to kind of do stable coins. And to me, it seems like a solution in search of a problem.

当你观察比特币的技术面时，每次价格下跌5000美元左右，就会看到去杠杆化或风险调整的出现。正如丹所指出的，比特币涨得越高，那些Robinhood平台上的山寨币股票也会跟着上涨。但一旦抽走这股动力，整个生态系统的众多分支就会以惊人的速度瓦解。

And then when you see technicals on Bitcoin, every time we you you trade down 5,000, you know, dollars worth, you see this delevering come in or risk adjustment come in. If at Dan's point, the higher Bitcoin goes, the higher those Robinhood coin coin stocks will go. But if once you take the steam out of it, that unravels to a lot of tentacles in that whole space dramatically quickly.

确实。我认为关键点在于这次交易中的杠杆率比以往高得多，因此崩盘速度会快得多。这个话题我们暂时搁置，现在有关于星巴克中国业务的突发新闻要报道，凯特·罗杰斯将带来详细内容。

Yeah. I mean, I think that it's a it's a good point that there's a lot of more leverage in this trade than there had been before, and so this unraveling happens at a much faster pace. Let's put a pin in it for now. We've got some breaking news we wanna get to on Starbucks, and it's China business. Kate Rogers got the details.

凯特。

Kate.

你好，梅丽莎。没错，我们一直期待这个消息。星巴克宣布在中国找到合作伙伴，与博裕资本达成合资协议。这家领先的另类投资公司将运营星巴克在中国的零售业务。

Hi, Melissa. That's right. We've been, anticipating this news. Starbucks announcing its found a partner in China entering into a joint venture agreement with Boyu Capital. It's a leading alt investment firm to operate Starbucks retail business in China.

根据协议，博裕将持有星巴克中国零售业务最多60%的股份，星巴克保留40%股权，并继续拥有星巴克品牌及知识产权，将其授权给新实体。博裕将以约40亿美元（现金无负债企业价值）收购其股份，星巴克预计其中国零售业务总价值将超过130亿美元。还有两个细节：根据新闻稿，星巴克预计在2026财年第二季度完成必要监管审批后最终达成交易。

Now under this agreement, Boiyu will hold up to a 60% interest in Starbucks retail operations in China. Starbucks will retain a 40% interest in the joint venture, and it will continue to own and license the Starbucks brand and IP to the new entity. Voya is going to acquire its interest base on a cash free, debt free enterprise value of approximately $4,000,000,000, and Starbucks expects the total value of its China retail business to exceed 13,000,000,000. Two other details here. The joint venture according to this press release, Starbucks expects this to be finalized in q two of its fiscal year 2026 after completing required regulatory approvals.

提醒一下梅丽莎，根据上周最新财报，星巴克中国业务确实已出现转机。同店销售额增长2%，客流量激增9%是主要推动力。观众们请注意，中国市场对星巴克至关重要，他们常称之为第二主场。受此消息影响，目前股价上涨了2%。

And just a reminder, the China business, Melissa, has really been turning around in the most recent earnings report last week. Same store sales were up 2% boosted by a 9% climb in traffic. And a reminder for viewers, China is extremely important to the Starbucks business. They often refer to it as their second home market. You can see the stock is higher by 2% right now on this news.

现在把镜头交还给你。

Back over to you.

凯特，我不太熟悉博裕资本。它总部设在哪里？

Kate, I'm not familiar with Boiyu Capital. Where is it based?

梅丽莎，我不确定博裕的总部所在地，但运营总部将设在上海。我还在阅读新闻稿，会及时向观众传达所有相关更新。

So I'm not sure where Boiyu is based, but the operations are gonna be headquartered in Shanghai, Melissa. I'm still going through the release, and I'll bring any updates that are are pertinent back over to viewers.

好的，谢谢你，凯特。凯特·罗杰斯。谢谢。星巴克。

Okay. Thank you, Kate. Kate Rogers. Thank you. Starbucks.

星巴克股价因宣布合资消息上涨约2%。蒂姆，作为股东，你怎么看这件事？

Starbucks shares are up about 2% on the announcement of this JV. Tim, as a shareholder, what do you make of this?

某种程度上说，如果你一直担心他们在中国没有合作伙伴就难以发展，这可能是积极的。当地竞争很激烈。这次博裕的交易——不管我们怎么称呼——他们放弃了控股权，这个新闻已经传了一段时间，部分内容在业绩电话会上有所透露，虽然那次表现并不理想。换句话说，回到主题，即使我认为很多负面消息已被消化，要找到推动星巴克继续上涨的下一个催化剂仍然很难。我不认为你需要急着买入，也不认为这个新闻意味着人们应该过度担心中国不再是增长点。

Well, on some level, it it it may be positive if you've been concerned about them not being able to do it in China without a partner. There's been a lot of local competition. This boy you deal, whatever we're calling this deal, where they've given up majority control is something that this isn't a mean, this is headline that's been out there for the last and some of this started to come out on their earnings call, which wasn't fantastic. In other words, if we get back to the story, which is it's gonna be really hard to find what the next catalyst to take Starbucks higher even though I think you've priced in a lot of bad news. I don't think you have to run out and buy it, and I don't think this this headline is something that should have people overly concerned about China is no longer a growth spot.

我们了解到博裕资本是一家总部位于香港的公司，这可能与战略布局有关。在中国市场，你需要某种本地合作伙伴，对吧？

We are learning that Boyu Capital is a Hong Kong based firm, and that may play into the strategy here. You want some sort of local, right, a Chinese partner to be in China.

我只想说，10月8日星巴克股价曾跌至80美元，回溯到五月也跌到过80美元。如果你想做反向交易，80美元是个关键位。现在财报季已过，失去了这个催化剂。所以我其实认为星巴克可能会迎来一些上涨动能。

I'll just say this, October 8, I think it traded down to $80. Starbucks, go back to May, traded down to $80. So if you want to trade against something, it's the $80 level. Obviously, you're through earnings now, so you don't have that as a catalyst. So I actually think you might actually get some momentum to the upside here in Starbucks.

你知道吗，这很有趣。另一个在中国市场处境艰难的美国品牌是特斯拉，可以看到一些本土运营商的表现远超特斯拉。特斯拉在中国预计可能出现5%的同比下滑，而其竞争对手如小鹏、比亚迪等正以15%左右的速度增长。所以我觉得很有意思，不知道特斯拉在当地的合作伙伴情况如何。

You know, it's interesting. Another US brand that's having a tough time over there is Tesla, and you see that some of the local operators are doing much better than Tesla. Tesla is expected possibly to have a 5% year over year decline in China when some of their competitors, XPandeo, BYD, they're growing at like mid teens or something like that. So to me, it's kind of interesting. I don't know how a Tesla partners locally.

虽然算不上全面价格战，但值得思考的是我们正处于贸易战漩涡中——别搞错了，贸易战仍在持续。出于民族主义情绪和运营问题，部分美国品牌将继续面临困境。

I mean, isn't a major price war, but it's interesting to think about we're in the middle of this trade war and make no mistake about it, we're still in it. Some US brands are gonna continue to have a hard time for nationalistic reasons, but also operational reasons.

布莱恩·尼科尔斯作为运营商虽不可小觑，但要扭转局面确实困难重重。想想他旗下庞大的门店数量，尽管尝试了多种策略手段，至今未见成效。但从技术面看，这支股票确实该反弹了——四月份以来这里一直是支撑位。

Brian Nichols, an operator, and and you can't count him out, but this is a very hard thing for him to turn around. Right? The amount the sheer amount of stores that you have, he's got a bunch of different levers that he's trying to pull. None of them have worked so far, but technically, this is where the stock should bounce. This has been support going back to April.

我愿意赌一把

I would take a flyer out

试试看。

on it.

与此同时，Evercore ISI在最新周度市场情绪调查中发现客户看涨情绪达到空前水平。现在有请该公司高级董事总经理朱利安·伊曼纽尔。朱利安，欢迎做客。

Alright. Meantime, Evercore ISI finding unprecedented bullishness among clients in this latest weekly market sentiment survey. Let's bring in Julian Emanuel, the firm's senior managing director. Julian, great to have you with us.

很高兴来到这里。

Great to be here.

所以，你对这些结果感到震惊吗？

So, you were shocked by these results?

震惊。你看，这在一定程度上是因为，与许多人（包括我们）的预期相反，九月和十月的表现如此强劲。坦白说，我们都知道日历走势——十一月和十二月本就是传统旺季，但当前这种看涨程度在我们看来反而是个反向指标。回顾2018年，当我们询问标普500指数未来10%走势时，第二高的看涨比例是69%。而上周这个数字达到了76%。

Shocked. So, look, and again, part of it is a function of the fact that contrary to a lot of people's expectations, ours included, September and October were as strong as they were. And frankly, we all know what the calendar looks like, that November and December tend to be positive months anyway, but this level of bullishness, in our mind, is a bit of a contrary indicator. Going back to 2018, the second highest reading we got when we asked what's the next 10% in the S and P 500 was 69% set up. Last week, it was 76%.

坦白讲，结合上周的情况来看：我们收获了大量利好的财报消息和地缘政治消息，但大盘指数却基本停滞不前。接下来几周我们将面临信息真空期，政府也仍处于停摆状态。因此我们认为短期内需要保持谨慎。

Frankly, when you think about the set up, and you think about last week, we got a lot of good earnings news, we got a lot of good geopolitical news, and the market just really sort of didn't go anywhere at the index level, and we have got a little bit of an information vacuum the next couple weeks, and a government that is still shut down. So, it's a near term cautious setup, in our view.

但从长期来看，你们是看涨的。

But longer term, you are bullish.

毫无疑问。尽管当前估值水平让人持股不安，但说实话我们正期待这种不安感再次出现。看看AI领域的发展持续向好，企业盈利更是令人惊叹。

Absolutely. As uncomfortable as owning stocks at this valuation has been, and frankly, we want to see it become uncomfortable once again, you look at the AI story, it continues to get better, and the earnings are just incredible.

那么你的核心观点是：如果你是长线投资者，就应该忽略某些市场情绪。但考虑到我们刚讨论过市场广度已收窄到近乎形成一个小三角形态——这意味着什么？这是你所说的'亢奋动态'的一部分吗？还是说你会对整体市场广度更担忧？我们都知道明天会有AI改造产能的新闻，下周还会有大公司相关消息接踵而至。

So, what you're saying is basically disregard some sentiment and stay in for the long haul if you're that type of an investor. But, to the extent that we just got done talking about market breadth, is narrowed almost to, you know, a short little kind of triangle here, what does this mean? Is this part of your euphoria dynamic? Or would you be concerned more broadly about market breadth? We all know there's a headline tomorrow, there's another one next week, and there's another one next week that's about retrofitting AI capacity and all these big boys that are already there.

我们知道这些头条新闻即将到来。但市场其他部分却反应平淡。

We know those headlines are coming. The rest of the market's not doing much.

确实。那么，如果我们看看过去几年的牛市行情，与上世纪九十年代末期（我们总喜欢与之比较的时期）不同，市场广度一直在扩大，而九十年代末那几年却在持续萎缩。因此，最近几周这种支撑力的消失确实令人担忧。正如你之前提到的，蒂姆，目前没有人对美元走强做好准备，这种情况下往往会出现其他痛苦交易。比特币很可能就是其中之一，而整个形势很可能会蔓延谨慎情绪。重申一下，在两周后MAG7最后一家公司发布财报之前，我们不会获得更多信息。

Right. Well, so, and and if you look at this last couple years of bull market, unlike the late nineteen nineties, which we are all fond of comparing it to, you've had market breadth expand the entire time, whereas in the late nineties, it was declining for those last couple years, and so, to sort of lose that prop the last few weeks is certainly a worry, and to your point earlier, Tim, is nobody is positioned for a stronger dollar, and when that's the case, you tend to have other pain trades. Bitcoin is certainly likely to be one of those, and the entire recipe tends to be something that will likely spread the caution. Again, we're not going to have any more information until the last of the MAG-seven reports two weeks from now.

问题有多严重？顺便说一句，我认为这不会发生。我预计他们会在12月降息。但如果12月不降息，对市场会造成多大困扰？

How problem By the way, I don't think this is going to happen. I think they cut in December. But, how problematic for the market would be if they didn't cut in December?

这将非常棘手。我们认为他们会降息。不过从市场隐含概率来看，目前降息概率约为65%。实际上我们反而希望看到这个概率降至50%，因为那样会推高VIX波动率指数，让人们产生恐慌情绪，从而创造买入机会。

It would be pretty problematic. In our view, they are going to cut. Still, basically, if you look at the market implied probability, it's around 65% today. We think actually, counterintuitively, we'd rather see that move down to 50% because that's when you put a little starch into the VIX, and you put a little fear in people's eyes, and you get your buying opportunity.

朱利安，你对最高法院即将做出的关税裁决有多担忧？如果他们裁定关税无效，是否会让你更看涨市场？因为这意味着降息可能即将到来？

Julian, how how concerned are you over the SCOTUS decision on tariffs right now? And if they rule against tariffs, does that just make you more bullish because the cuts would probably be coming?

史蒂夫，问题在于：作为投资者，我们现在到底是支持关税还是反对关税？

Well, here's the problem, Steve. Do we as investors actually like tariffs now, or do we not like them?

市场是支持关税的。

The market likes them.

市场确实支持关税。我们更担心的其实不是不利裁决，因为我们的政策团队认为特朗普政府能找到变通方案保留现行80-90%的关税。真正令人担忧的是是否会被强制退还已征收的2500-3000亿美元税款。这种冲击是利率市场完全没有准备的——目前利率波动性实际上还处于低位

The market does like them, and our concern is probably less than an adverse ruling, because our policy people think the Trump administration will be able to find a workaround to call it 80 to 90% of the tariffs that are on the books right now, and more whether the payback is is mandated, the 250 to $300,000,000,000 that's been collected. That's the kind of jolt that the the the interest rate market is not prepared for. Interest rate volatility is actually lower

嗯。

Mhmm.

比当前的股票波动性更重要。

Than equity volatility right now.

回到你调查中的逆向指标，短期内，你认为这表明了你所看到的看涨情绪、极端看涨情绪会导致短期回调吗？如果是，回调的幅度会有多大？

Going back, though, to the contrarian indicator of your survey, in the short term, do do you think that indicates the bullishness, the extreme bullishness that you've seen, a short term pullback? And and if so, what what magnitude of a pullback?

考虑到11月和12月的季节性因素，我们并不认为这会非常惊人。你知道，50日移动平均线目前比我们当前水平低约3%，过去几个月它支撑了大部分回调。但坦率地说，当市场市盈率达到26倍，且所有资产都存在一定程度的自满情绪时，这可能足以创造更强劲的买入机会。

We we don't think, again, given the seasonality of November and December, it's gonna be all that incredible. You know, the fifty day moving average, which is about 3% below where we are right now, has held most of the pullbacks the last several months. But, frankly, when the market is priced at 26 times, and there is an element of complacency against all assets, it's probably enough, again, to create a more robust buying opportunity.

朱利安，很高兴见到你。谢谢。朱利安·伊曼纽尔。我喜欢'给波动性加点料'这个说法。是的。

Julian, great to see you. Thank you. Julian Emmanuel. I love the expression put starch in the volatility. Yeah.

我是说，

That's I mean,

这是非常

it's It's very

看清楚那个。

get a visual on that.

对，对。你能感觉到。它正在变硬。但丹，你同意对我们当前状况的评估吗？

Right. Right. You could just feel it. It's stiffening up. And But would you agree with the assessment in terms of where we are right now, Dan?

是的。我是说，现在似乎有一种在AI领域喊泡沫的泡沫现象，这...我的意思是，我理解。我观察市场时看到两件事。蒂姆，能否简单描述下RSP内部的情况，等权重与超大市值的权重对比。

Yeah. I mean, there seems to be a bubble in calling a bubble in AI, and that's something no, I mean, and I get it. I look at the market and I see these two things. Right? Tim, just kind of describe what's going under the hood and the RSP, the equal weight versus the mega cap weight.

我听到很多人讨论金融板块如何参与，工业板块也加入了这场盛宴之类的话。但我心想，如果这场AI热潮不结束，市场根本不可能大幅回调。看看盘后市场的情况，比如Palantir，我知道我们会讨论它。

And I hear a lot of folks talking about how the financials have participated, industrials have joined the party, that sort of thing. And I say to myself, there's no way this market's gonna come down meaningful if it's not done by this AI sort of trade. Like, that's it. And look at what's going on in the aftermarket right now. I mean, Palantir, I know we're gonna talk about it.

但这对于当前市场讨论很重要。股价没变，他们给出的指引也还行。这是一家市销率100倍的公司，通常你会说这不够好。

I just but this is important to this market conversation. I mean, stocks unchanged, and the guidance that they gave was fine. You know? This is a company that trades a 100 times sales. And normally you would say, well, it's not good enough.

懂我意思吗？人们本该获利了结但他们没有。就期权市场而言，观察这类股票会发现看涨期权比看跌期权更贵。人们更热衷于获取上涨敞口而非下跌敞口，这充分反映了当前市场的心理状态。

You know what I mean? People would take in profits and they're not. The other thing as far as the options market is concerned, if you look at any of these sorts of names, there's the the calls are more expensive than the puts. People are more interested in getting upside exposure than they are downside exposure, and that's telling me a lot about something about the psychology of the market right here.

说到AI热潮，来看看亚马逊——今日飙升4%，收盘再创历史新高。最新涨幅源于亚马逊云服务与OpenAI达成380亿美元多年期云协议。今日涨幅加上周五财报后的反应，创下亚马逊近三年来最佳两日涨幅。RBC对此有个有趣评论，说亚马逊AWS是唯一没与OpenAI达成协议的云厂商，这曾引发投资者负面情绪。

Well, speaking of the AI trade, let's get to Amazon here, surging 4% today, closing at another all time high. Latest jump coming after Amazon Web Services and OpenAI announced a $38,000,000,000 multi year cloud deal. Today's move combined with Friday's post earnings reaction marks its best two day gain for Amazon stock in nearly three years. I read an interesting comment from RBC about this, saying that Amazon AWS is the only one with no agreement with OpenAI. And so that was negative investor sentiment surrounding the stock.

现在它达成了一项协议，所以加入了俱乐部。现在参与这个交易是没问题的。

And now it has an agreement, so it's joined the club. It's a okay to get in on this trade guy.

它还做了些事情。今天的成交量是平时的两倍。开盘价基本与收盘价持平。现在图表上出现了两个向下缺口。如果明天低开，恕我直言，可能会形成岛形反转。

It also did something. So it traded two times normal volume today. It opened basically where it closed. Now have two gaps lower in the chart. You're setting up for, dare I say, a bit of an island reversal if we open lower tomorrow.

我不认为今天的消息有那么惊天动地。但整体而言，我们一直看好亚马逊财报表现。我认为今天的走势延续了这种态势，但接下来可能会走低。

I didn't think the news today was that earth shattering. I will say collectively we had been bullish in Amazon into earnings. I think this move today extends it. I think it trades lower from here.

不过我认为这确实验证了AWS的投资价值，他们将再次在AI和数据中心领域进行改造升级。这笔交易带来的产能将立即投入使用，但到2026年就会耗尽。所以这不是那种要等到2028到2032年才能见效的项目，而是现在就能产生实际效益的投资。对于亚马逊这样持续投入的公司——虽然很难对亚马逊下断言——但就其相对估值优势而言，至少相比部分竞争对手，甚至与自身历史表现相比，出现这种市场反应我并不意外。

I I I think it it it validates though investments AWS has made, and they're gonna they're gonna retro effect retrofit again AI and and data center. The the capacity on this deal that essentially goes to work right away runs out at the '26. So this isn't one of those ones where we're talking about '28 to to '32. This is one that actually really is is is in play now for a company that has been making the investment. So for for a company that I know this is, you know, hard to ever say about Amazon, but that has a relative valuation argument in favor of it over at least some of the players and certainly relative to itself, I'm not surprised to see this reaction.

伙计们，图表走势非常有意思。考虑到人们一直在等待这类公告，让我们看看后续表现如何。不过他们上周晚些时候公布的那些数据确实很棒。

Guys, right on the fascinating on the charts. And to the extent that people were waiting for this kind of an announcement, let's see how much you follow through. But those numbers that they had late last week were great.

这延续了财报后的上涨势头。当看到AWS重拾增长动能，同比增长20%时——这正是他们必须做到的，因为现在他们也有了话语权。我会选择在这个位置买入，这是补涨行情。

This just keeps the momentum going out of earnings. When you see AWS recapture some momentum up 20% year over year, this is this is what they had to do because now they have a seat at the table too. I'd be a buyer right here of it. It's a catch up trade.

是啊。要知道OpenAI很有意思。他们似乎——也许这对他们是个好策略——更倾向于租用这类算力而非自建。我知道'星际之门'项目存在，这是未来的事情，而且我们还有与甲骨文的合作。他们搞了这么多动作，但布局非常分散。

Yeah. And, you know, OpenAI is interesting. They seem to be and maybe this is a great strategy for them, more interested in renting this sort of compute than actually building it out. I know Stargate exists, and this is something that's gonna come in the future, and, you know, we got the Oracle deal. They got all this sort of stuff, but they're spraying this all around.

而且，你知道，你用了‘触手’这个词。我是说，某种程度上，如果存在什么呢？

And, you know, you used the word tentacles. I mean, some point, if there is what?

不，这只是个比喻。飞驰的星星。

No. It's just the metaphor. Flying stars.

我，我唯一想说的是顺着这个思路。认为最好直接与OpenAI合作，因为如果不这样，我们所知的科技行业将被彻底摧毁。

I I my only point is to go with this. Think it's better go right with open AI because if it's not, the tech sector as we know it is just gonna be decimated.

接下来，我们将继续前进。财报季如火如荼，Palantir股价在上一小时报告后开始波动。下一节我们将带来最新季度的数据和细节，同时媒体一片混乱，华尔街正在对康卡斯特股票换台，以及该股是否有反弹的可能。别走开，两分钟后回来。

Coming up, we're just gonna move on. Earnings season rages on shares of Palantir on the move after reporting in the last hour. The numbers and details from the latest quarter next, plus a media meltdown while Wall Street is changing the channel on shares of Comcast and whether there's any chance of a rebound for the stock. Don't go anywhere fast when he's back in two.

CNBC体育《记录在案》，您近距离接触体育与商业的窗口。从联盟主席、球队老板到媒体高管和顶尖运动员。

CNBC Sport on the record, your front row seat to sports and business. From commissioners and owners to media executives and top athletes.

这些都是伦勃朗的作品。我告诉你，是特许经营权。

These are Rembrandts. I'm telling you, franchises.

《记录在案》全新一季，每周六东部时间三点。

On the record, all new Saturdays three eastern.

我们收到关于Palantir股票的盈利警报，该公司在将第四季度收入预期上调至超出华尔街预期后，股价仍剧烈波动。其营收和利润均超预期，该股在常规交易时段收盘创下历史新高。电话会议于整点开始，CNBC的摩根·布伦南将带来更多季度详情。

We've got an earnings alert on Palantir shares volatile even after the company raised its fourth quarter revenue guidance above Wall Street expectations. It also beat top and bottom line estimates. The stock closed the regular session at a record. The conference call kicked off at the top of the hour. CNBC's Morgan Brennan has got more in the quarter.

嘿，摩根。

Hey, Morgan.

嗨，梅丽莎。Palantir本次财报的核心信息（来自电话会议）是：AI推动增长，美国引领AI应用。上季度Palantir美国营收增长77%，美国商业部门飙升121%。第四季度美国商业预测同样强劲，其'40法则'得分高达惊人的114%。

Hey, Melissa. Well, the big earnings takeaway here for Palantir, and this is from the call, is AI is driving the growth, US is driving the AI adoption. Palantir's US revenue grew 77% last quarter, US commercial up a 121%. Q4 US commercial forecast, it's implied to be similarly strong here. Rule of 40 score, this an eye popping 114%.

这是企业软件行业的衡量标准——数字越高越好。我与CEO亚历克斯·卡普交流时询问：鉴于当前大量交易达成和资本涌入，他是否认为AI泡沫正在膨胀或科技行业将迎来更广泛的洗牌。他回应道，AI市场存在大量面向消费者或企业的有效应用，真正有价值的事物将历久弥新。

This is an enterprise software metric. Hire is better. I spoke with CEO Alex Karp, and I asked whether he thinks an AI bubble is inflating and or a shakeout coming across the tech space more broadly given all the deals being struck, all the capital pouring in. He told me, here's this large set of the AI market that works either in consumer or enterprise. The things that are valuable will remain valuable.

无价值的事物终将被淘汰，强者愈强，而那些装模作样的企业将迅速消失。从Palantir的财报数据看，他显然暗示Palantir属于价值持续提升的企业。电话会议仍在进行中，梅丽莎，最后我想强调——这也是我与卡普对话及当前会议的重点——新时代AI的实施将对经济和劳动力产生何种影响。

The things that are not valuable are going to get flushed out. The strong companies are going to get much stronger, and the people pretending they're doing stuff are going to disappear quickly. And I think, looking at Palantir's numbers, he would be suggesting that Palantir is one of those valuable companies that gets more valuable. The conference call is still ongoing. The last thing I would say, Melissa, on this, and this was a big part of my call with Carp, conversation with Carp, and it's a big part of this conference call right now is what this new AI era and implementation of it is going to do to the economy and to the workforce.

卡普提出'劳动力有效GDP'概念，这正是Palantir的关注焦点。他基本观点是：劳动力市场中的价值标准、人口结构分布及其逆转变革正在进行，AI将彻底改变我们对未来劳动者核心素质的认知。

Carp talking about a worker available GDP and that that's the focus of Palantir. But basically saying that what's gonna be valued within the workforce and what that's gonna mean in terms of demographic breakdown, and how that's going to reverse and change, is underway here and it's going to that AI is basically going to change what we consider the most important when it comes to workers of the future.

摩根，感谢分享。引人深思的内容。摩根·布伦南关于Palantir的报道——就股价反应而言，在当前的盘后交易中，该公司过去20个季度有19次盈利超预期，其中约半数时间股价上涨，半数下跌。所以这永远难以预测，盈利公布后的市场反应就像抛硬币。

Morgan, thank you. Fascinating stuff. Morgan Brennan on Palantir, which, you know, in terms of the reaction of the stock, sort of in the after hour session at this point, it had beat 19 out of the past 20 quarters, and about half the time traded up, half the time traded lower. So it's you never know. It's a coin toss when it comes to the reaction to the actual earnings.

卡布博士说这是软件公司有史以来最好的季度。我不打算和他争论。好吧，这没问题。而且很可能是真的，利润率惊人，数字非常漂亮。但问题是，丹指出了这一点，我也要指出。

Doctor Karb said it was the best quarter software companies ever. I'm not going to argue with him. Okay, that's fine. And it's probably true, the margins were spectacular, numbers are great. Here's the problem, Dan points this out, I will point it out as well.

它的交易价格超过营收的90倍，这在我们历史上从未见过。现在，如果你说，G Switch会增长到那个水平，那没问题。但他们必须增长得非常快才能达到那个估值，而我认为我们还差得很远。我是说，他们可能做到60亿美元营收，却支撑着五千亿美元市值的公司。

It trades north of 90 times revenue, which historically we have never seen before. Now, if you say, you know what, g switch, they're gonna grow into that, that's fine. They gotta grow really quickly in order to get to that valuation, and I don't think we're anywhere close. I mean, they'll do maybe $6,000,000,000 of revenue sitting on top of a half a trillion dollar company.

正如盖伊所说，它的交易价格超过企业价值对销售额的100倍。其中55%来自美国政府。66%的收入是国内收入。但想想看，他们正处于风口浪尖。特朗普政府对他们是友好的。

It it trades above, to Guy's point, above a 100 times EV to sales. 55% of it is from the US government. 66% of revenues are from are are domestic revenues. But when you think about it, they're in the crosshairs. The the Trump administration is friendly with them.

嗯。

Mhmm.

他们拿了

Did they take

股份吗？还没有。对吧？他们在讨论

a stake in them yet? They didn't. Right? They're talking about the the

中情局持有股份，他们是最初的支持者之一。

CIA has a stake, and they they're one of the original backers.

一般般，但特朗普政府与英特尔类似吗？他们是否持有10%的股份？我认为目前还没有。

So so but did the Trump administration akin to Intel? Did they take a 10% stake? I don't think they did as of yet.

为什么应该是战略性的

Why would should be a strategic

因为他们一直在讨论这个问题。这是个战略资产，是国防相关。你看看网络领域的任何东西都会发现

It's because it's a they've been talking about it. It's a strategic asset. It's a defense. It's a it's it's you you look at anything in in cyber saying

买高卖更高？

Buy high, sell higher?

尽管尽管通胀高企，政府仍可能持股。

Despite despite high inflation, there could be a government stake.

所以

And so

因此这就是唯一原因。我本可以早些做空这家公司。我不认为50...我不想买一家55%业务依赖美国政府的公司。但未来几年政府态度友好，所以现在买入可能没错。我只是觉得

therefore That's the only reason. I I could have bet against this company a while ago. I didn't think that 50 I didn't wanna buy a company that was 55% dependent on the US government. But you do have a friendly government for the next couple of years, so you might not be wrong in buying it now. I I just feel

我是说，政府背景在股市中已是众所周知。我几乎觉得这只股票的交易就像有政府作为战略合作伙伴一样，实际上确实如此。我们知道政府业务占增长部分的52%，而且规模持续可观。这既是好事也是坏事。就本届政府而言，表现确实非常出色。

I I mean, the the the government story is well known in the stock. I almost feel like the stock trades as if it has a strategic partner in the government, and effectively, they do. And we know that government the government component of the growth, I mean, is 52% of revenues, and it continues to kinda be sizable. I mean, that's good and bad. And and I I understand with this administration, it's been fantastic.

我...你知道...在当前环境下我不会看空这家公司。大家都指出其估值完全不合理是对的。Palantir的估值三年来一直不合理，但股价却越来越高。是的，只不过一年前它...

I I, you know, I I wouldn't bet a bet against this company in the current environment we have. I think everyone's right to point out that the valuation makes zero sense. The valuation has not made sense for three years in Palantir, and it goes higher. Yeah. Except that a year ago, it

股价还在40美元，现在却涨到208美元对吧？这中间的差距显然是从500亿到4500亿之类的。但伙计们，我们从未见过这样的股票，这种规模前所未有。要知道，它可是家软件公司，明白吗？

was trading at 40. Right now, it's trading at $2.00 8, right? And that obviously, you know, that's that difference between 50,000,000,000 and $450,000,000,000 or whatever it is. But like to guys, we've never seen a stock like this, not at this scale. And, you know, it's a software company, okay?

它需要销售团队推广，需要人员实施，还需要团队持续更新。他们所说的今年4亿美元收入，并不全是AI相关业务。所以我认为其实没人真正深入调研做过大量功课。

And it takes sales and it takes people to implement it and it takes people to kinda update stuff. You know, all of this revenue that they're speaking of, $400,000,000 this year, it's not all A. I. Related, too. So I just think that no one's really drilling in and doing a whole heck of a lot of work.

这是只动量股，故事很动听，模式也持续有效。但总有一天会无法支撑这个估值。

There's momentum stocks. It's a great story. It continues to work. At some point, it's not going to be able to grow into this valuation.

好的。Palantir股价在盘后交易中目前持平。虽然Palantir今年可能大涨，但有家低调的生物科技公司表现同样亮眼。是什么推动着Smith股票？公司CEO将为我们揭秘。纳斯达克市场现场为您带来《快钱》直播，广告后马上回来。

All right. Palantir shares flat right now in the aftermarket coming up. Palantir may be surging this year, but there is a lesser known biotech keeping pace. What is driving in Smith stock and with the CEO season store for the company, Watching fast money live from the Nasdaq market side in Times Square. Back right after this.

听着，各位都注意。

Look. Look, everybody.

CNBC体育频道为您带来体育与商业的独家内幕，从联盟专员、球队老板到媒体高管和顶尖运动员，为您提供第一手资讯。

CNBC Sport on the record, your front row seat to sports and business from commissioners and owners to media executives and top athletes.

这些都是伦勃朗级别的资产。我是说，这些特许经营权。

These are Rembrandts. I'm telling you, these franchises.

独家报道，每周六全新内容，东部时间三点播出。

On the record, all new Saturdays, three eastern.

欢迎回到《快钱》节目。康卡斯特股价今日下跌3%，收于九年多来最低水平。最新动向是多家分析师集体下调目标价——花旗、高盛、德意志银行、巴克莱均在康卡斯特上周公布宽带用户连续第四季度下滑后调降预期。康卡斯特旗下拥有NBC环球集团，而NBC环球目前是CNBC的母公司。因此我们自然会密切关注康卡斯特股价，但该股近期走势确实非常艰难。

Welcome back to fast money. Comcast shares down 3% today, closing at levels not seen in more than nine years. The latest move coming is a slew of analysts cut the price targets on the stock Citi, Goldman Sachs, Deutsche Bank, Barclays, all lowering estimates after Comcast last week reported a fourth consecutive quarter of broadband subscriber declines. Comcast owns NBC Universal, which is currently the parent company of CNBC. So logically, we do watch Comcast shares very closely, and it's been a really rough ride, for this one.

对此你怎么看？

What do you think of this?

九年低点，你刚提到是1月16日。这是个重要支撑位，因为一旦跌破这里，下方将毫无阻力，可能直跌到十几美元区间——我说的18、19美元。现在人们会拿估值说事，认为它便宜。但问题在于，就像Palantir上涨时被说估值过高一样，康卡斯特下跌时也被说估值过低。

Nine year low, you just said, I think it was January 16. This is a huge support level because you get through here and there is open water probably down to a teenager. When I say teenager, 18, 19. Now people are gonna point to valuation and say it's cheap. Problem, of course, is that's been the as as expensive as Palantir has been on the way up, that's how that's how cheap Comcast has been on the way down.

别冲着估值买这只股票。

You don't buy this for valuation.

是啊。不幸的是，就像我们刚才讨论的YouTube TV和迪士尼这件事。我有YouTube TV，却看不了ESPN。知道我怎么办了吗？

Yeah. One of the unfortunate things, like, so I know we've been talking a little bit about this u t v YouTube TV and this Disney thing. Right? So I have YouTube TV, and I don't get to watch ESPN. You know what I do?

我直接取消了订阅，换成了Hulu。那种回归传统有线电视的想法已经不存在了。这行业就像正在融化的冰块，现在完全是YouTube TV和流媒体平台的竞争了。

I canceled that. I got Hulu. Like the idea that you would ever go back to a proper cable situation, it just doesn't exist anymore. So again, it's sadly a melting ice cube, that business, and we'll see because it really is YouTube TVs and the streamers game to win here.

没错。

Right.

连续十个季度业务萎缩，宽带用户又流失了十几万——这可是核心业务啊。当这个板块开始缩水时，确实令人担忧。这反映了整个电信和移动通信行业的现状，这个月真的很艰难。

At 10 straight quarters of contraction and you lost another 100 and something thousand in in broadband subscribers, is the the the largest part of the business. And and again, when that starts to shrink, it's it's really a concern. I I think it's more indicative of just what's going on overall and what we're seeing in telco, what we're seeing in cellular. It's been a rough month.

接下来关注生物科技热潮。Insmed公司股价自夏季以来翻倍，推动股价上涨的因素是什么？CEO将如何带领公司前进？他将在《快钱》节目回归时接受专访。欢迎回到《快钱》，十一月初股市涨跌互现。

Coming up, a biotech boom. Shares of Insmed have more than doubled since the summer. What is pushing the stock higher and what the CEO says will drive results going forward? He'll join us next when fast money returns. Welcome back to fast money stocks mixed to kick off November.

道指下跌超200点，标普微涨0.2%，纳指攀升约0.5%。金佰利宣布以近490亿美元收购泰诺制造商Canview，此前特朗普政府曾无端宣称孕期服用泰诺可能导致自闭症。Canview股价今日上涨12%，金佰利则下跌近15%。吉姆·克莱默今晚将在《疯钱》节目独家专访金佰利董事长兼CEO。

The Dow falling more than 200 points. The S and P up about two tenths of a percent, and the Nasdaq climbing about a half a percent. Kimberly Clark announcing a deal worth nearly $49,000,000,000 to acquire Tylenol maker, Canview, the move coming just weeks after the Trump administration made unfounded claims linking Tylenol use during pregnancy with autism. Canview shares up 12% today, while Kimberly Clark dropping nearly 15% on the news. Jim Kramer, by the way, will be speaking exclusively with Kimberly Clark's chairman and CEO on Mad Money tonight.

节目将于东部时间晚6点播出。礼来制药股价上涨近4%，这家制药巨头计划在荷兰投资30亿美元建厂扩大减肥药产能。九月时礼来刚宣布在休斯顿投资65亿美元建厂。Sarepta Therapeutics盘后暴跌，其杜氏肌营养不良症治疗药物在最新研究中未显示出显著优于安慰剂的效果。

That's 6PM Eastern Time. Shares of Eli Lilly getting a boost up nearly 4%. The pharma giant planning to build a $3,000,000,000 plant in The Netherlands to expand production capacity for its weight loss pill. Lily in September announced a 6 and a half billion dollar plant in Houston, TX and Sarepta Therapeutics plunging after hours. The company saying it's Duchenne muscular dystrophy treatment did not show significant improvement versus a placebo in the latest study.

该公司最新季度收入也出现下滑，并转为净亏损。股价下跌约36%。尽管今日略有回调，但自上周四公布财报以来，Insmed股价累计上涨超过11%。这家罕见病制药商旗下肺病治疗药物（包括本季度刚上市的首创药物Brinsupri）销售表现强劲。今年以来，Insmed股价涨幅与市场宠儿Palantir不相上下。

It also posted a drop in revenues for the latest quarter and swung to a net loss. Those shares down just about 36%. Even with a slight pullback today, Insmed up over 11% since reporting earnings just last Thursday. The rare disease drugmaker posting strong sales of its lung disease treatments, including Brinsupri, a first in class drug that launched during the quarter so far this year. Insmed shares have kept pace with one of the market's high flyers, Palantir.

在这家软件公司今晚公布财报前，两只股票年内涨幅均达170%左右。现在有请Insmed首席执行官威尔·刘易斯为我们深入解析。非常高兴您能做客节目。盖伊刚才提到，您首次参加节目时股价是多少？30美元？没错。

Prior to the software's company's earnings tonight, both stocks are up roughly 170% year to Joining us on set for more, Insmed CEO, Will Lewis. Well, great to have you with us. Guy was remarking that the first time you're on the show, the stock was what? $30? Yeah.

这段历程可谓跌宕起伏。过去这个季度我们推出了BIN Brinsupri，其表现超出分析师预期。但第四季度才是真正的考验。能否请您分析下进入第四季度的各种推动与制约因素？财报电话会议中似乎有些端倪。

That's quite a journey that you've been on. During this past quarter, we had the launch of BIN Brinsupri, which had been better than what analysts had been expected. Q four, though, should be the test. So can you sort of walk us through the the push and pulls, going into q four? There were some indication on the calls.

我理解第四季度可能会出现更常态化的运营节奏，但同时也有许多其他积极催化剂可能显现，比如后台系统改进、支付方合作深化等等。

I understand that that there could be a more normalized run rate in q four, but there are a lot of other positive catalysts that could also come about in q four, like improvement in back office, improvement in payers, etcetera.

我们目前有许多值得在公司里兴奋的理由。

There's a whole lot of reasons for us

首先

to

是Brin Supri的上市初期表现，虽然仅有六周的数据，但看起来非常非常强劲。我们的处方覆盖范围很广，已有高达2500名患者用药，这样的开局表现堪称惊艳。第四季度将是首个完整季度，我们需要通过这段时间来观察上市曲线的具体走势，但对此我们无疑持乐观态度。

be excited at the moment at the company. The first is that the Brin Supri launch, in its early days, and it's only six weeks of data, looks very, very strong. We had good breadth of prescribing. We had as many as 2,500 patients on drug, is fantastic out of the gate. Q4 is the first full quarter, so we really need to see that to know what the shape of the launch curve is going to be, but we're certainly optimistic about that.

除此之外，我们还有一系列其他临床和商业催化剂，我们认为这些将持续推动股票价值。

Behind that, we have a whole host of other clinical and commercial catalysts that we think are gonna continue to drive value at the stock.

如果要论证可能存在某些积极因素，比如本季度发生的催化剂会促进brinciupri的持续使用，这些因素会是什么？比如可能被纳入美国关于该疾病治疗方式的推荐指南，这有助于brinciupri的推广。投资者还应考虑哪些其他因素？

If you were to make the case that there could be some upside thing you know, catalysts that happened in the quarter that would lead to continued uptake of brinciupri, what would those be? You know, there could be inclusion, for instance, in in The US recommendation in terms of how this disease is is treated, and that could help brinciupri uptake. What else is there that investors should consider?

胸部治疗指南刚刚发布，虽然还是草案，但我们已被纳入并推荐在这些指南下使用，这并不意外。这是首个也是唯一获批用于治疗支气管扩张的疗法。这种疾病自1819年就存在，两百年来无人能开发出有效药物，直到我们出现。我们对此非常兴奋，并严肃对待这份责任。目前我们正在进行大量疾病教育工作。

So chest guidelines just came out, and we were they're draft guidelines, but we were included and recommended for use under those guidelines, and that's not surprising. This is the first and only approved therapy for the treatment of bronchiectasis. This is a disease that's been around since 1819, so for two hundred years no one has been able to develop a drug that could have an impact until we came along. We're very excited about that, take that responsibility very seriously. We have a lot of disease education going on.

就未来驱动因素而言，关键在于处方覆盖的广度和深度。我们需要卓越中心继续为受益患者开具处方，同时拓展至全美近30,000名有能力开具此药的肺科医生。

As far as catalysts that will drive it from here, it's really the breadth and depth of prescribing. We need the centers of excellence to continue to write scripts for patients that will benefit from the therapy, as well as expanding to the almost 30,000 pulmonologists across The United States that are in a position to write this drug.

在处方量方面还有很大渗透空间。说到研发管线，许多分析师都期待2026年1月的Birch二期数据揭晓。能否说明这对该化合物扩大使用范围意味着什么？

There's a lot of penetration to come in terms of prescriptions. When it comes to your pipeline though, a lot of analysts are looking forward to to Jan twenty twenty six when there's gonna be the Birch data phase two readout. Can you walk us through what that could mean for expanded use of this compound?

退一步看Insmed的定位，目前我们通过首款药物ARIKAYCE和第二款药物Brinsupri覆盖约25万至28万目标患者。到本年代末，如果管线中各种药物成功，这一数字可能增至250万以上。首个验证点将是1月摩根大通医疗健康大会，我们将公布不伴鼻息肉慢性鼻窦炎的数据。如您所言，仅美国就有超3000万患者。目前仅有一种通用类固醇获批治疗，如果我们能在重症患者端取得突破，对公司将是重大进展。

Well, we take a step back and think about where Insmed is, we are currently serving between the addressable markets for our first drug, ARIKAYCE, and our second drug, Brinsupri, roughly 250,000, 280,000 addressable patients at the moment. Between now and the end of this decade, that could increase to over 2,500,000 if these various drugs in pipeline prove to be successful. The first check of that will be January at the JP Morgan Healthcare Conference, where we'll have data on CRS without nasal polyps. As you mentioned, there are more than thirty million people in The US alone that have this condition. There's only one generic steroid approved to treat it, so if we were able to make a dent there on the most severe end of the patient spectrum, that would be a significant advance for the company.

恭喜。人们曾质疑能否独立运营？请问17亿美元现金及等价物和有价证券能支撑多久？公司目前事务繁多。

Congratulations. People were saying, Can they go it alone? I'll ask, dollars 1,700,000,000.0 cash, cash equivalents, marketable securities, how long a runway does that give you? We have a lot going on at the company.

我想说的是，如果一切顺利，明年我们可能会启动多达十几个针对多种适应症的三期临床试验。尽管过去十八个月我们经历了许多变化，但接下来的十八个月将会更加精彩。正如你所说，我们的现金状况非常强劲，我认为这将对我们大有裨益。随着Brinsupri上市带来的收入增长和ARIKAYCE持续表现良好，我们预计临床支出会随着针对这些不同适应症的推进而增加，但我们背后有大量资源支持，因此形势应该会很乐观。

I like to say that next year, if things fall into place, we could be kicking off almost as many as a dozen phase three trials for multiple indications. This, as much as we've had a lot change in the last eighteen months, the next eighteen months are going to be even more eventful. We have a very strong cash position, as you say, and I think that's going to serve us well. As revenue grows from the launch of Brinsupri and ARIKAYCE continues to perform, we certainly expect that the clinical spend will pick up as we go after these different indications, but we have a lot of resource behind that, so we should be in good shape.

所有这些三期试验意味着这些实验性药物理论上更接近上市。您预计下一个获批的药物会是什么？

Of all those phase three, so that indicates that those experimental drugs are closer to market in theory. What is the next drug that you would expect to be approved?

在首批三个药物中，我们有正在寻求扩展适应症的ARIKAYCE；目前已获批用于支气管扩张症的Brinsupri，我们正在等待其针对无鼻息肉慢性鼻窦炎（CRS）和化脓性汗腺炎（HS）的数据，这些数据将在明年上半年公布；还有TPIP，这是我们今年早些时候公布肺动脉高压二期数据的药物，它将针对四种不同适应症：肺动脉高压（PAH）、PAH合并间质性肺病（PAHILD）、特发性肺纤维化（IPF）——这四个项目都将在明年启动。

The next one of the first three, we have ARIKAYCE, which is looking to expand. We have Brinsupri, which is currently approved for bronchiectasis, and we're awaiting data for CRS without nasal polyps, and HS, hidradenitis suppurativa, which will come in the first part of next year. Then we have TPIP, which is the drug that we put phase two data out in pulmonary hypertension earlier this year. That's going be addressing as many as four different indications, PAH, PAHILD, IPF, and All four of those programs will kick off next year.

哇。针对这么多不同适应症，药物需要分别获批。这些试验是各自独立设计的，还是同步进行的？

Wow. In terms of all those different indications, the drug has to be approved for each. Are the trials designed individually for each of those indications, or is it simultaneous?

这些试验将并行开展，但每个试验都是针对特定适应症单独设计的。显然，不同适应症之间存在一些方向性上可借鉴的数据，但我们处于非常有利的位置。除此之外，我们还有近30个临床前项目将在未来几年进入市场，计划每年提交1-2个新药临床试验申请（IND），这真的只是开始。

Well, they'll all be running in parallel, but each one is designed for each specific indication. Obviously, there's some read through from one to the other that's helpful directionally, but we're in a very good position. Behind all of that, we have another close to 30 preclinical programs that are going be entering the market over the next several years. We're targeting one to two INDs a year for the next several years, This is really just the beginning.

这些都是自主研发的吗？还是像其他公司那样从海外或其他地方收购分子？

Is all of this in house? Are you acquiring molecules like some other companies are doing from overseas or elsewhere?

我刚才描述的都是内部项目。当然我们仍在开展业务拓展工作，并将在当前环境下继续推进。市面上有许多优秀的技术和分子，我们很乐意将其纳入我们的管线。但我们要确保引进的每款药物都是同类最优或首创——只要做到这点，就能确保对患者产生实质影响，正如我们常说的，其他一切自会水到渠成。

All of what I've just described is already in house. We still have a business development effort that's underway, and we're going to continue that in the current environment. There are a number of great technologies and molecules out there. We'd love to add them to our collection. We want to make sure that each drug we bring in, though, is first or best in class, and if we have that, then we know the impact on the patient will be there, and as we like to say, everything will take care of itself.

威尔，很高兴见到你。非常感谢。请随时向我们通报所有这些事项的进展。

Will, great to see you. Thank you so much. Keep us posted on the progress of all of these.

这是我的荣幸。

It's a pleasure.

威尔·刘易斯。

Will Lewis.

多年前我们曾讨论过一家公司，Celgene。我记得它在2019年被百时美施贵宝以约740亿美元收购，那是六年前的事了。所以在我看来，虽然威尔还在听我们讨论，但Celgene在很多方面代表了这一代。尽管股价已经飙升，我认为它还有很大的上涨空间。

There's a company we used to talk about years ago, Celgene. I think it was bought in 2019 by Bristol for about $74,000,000,000 That's six years ago, so to me, and Will's still here listening to this, but this is this generation Celgene in a lot of different ways. So despite the fact that the stock has been on a rocket ship, I think it's got a lot more to go.

接下来，将人工智能引入评估领域，better.com的首席执行官将向我们阐述公司如何将人工智能应用于住房领域，以及为何美联储最新降息可能为数百万美国人释放数千美元的储蓄。明天早上8点（美国东部时间），不要错过财政部长斯科特·贝森特在CNBC的《Swap Walks》节目。两分钟后继续收看《快钱》。欢迎回到《快钱》。

Coming up, putting the AI in appraisal, the CEO of better.com joins us next to lay out how the company is bringing artificial intelligence to the housing space and why the latest Fed rate cut could unlock thousands of dollars from savings for millions of Americans. And do not miss treasury secretary Scott Bessent on swap walks tomorrow. That's 8AM eastern time right here on CNBC. More fast money in two. Welcome back to Fast Money.

抵押贷款利率较2025年初已大幅下降，目前30年期固定利率约为6.12%。我们的下一位嘉宾表示，这可能为数百万锁定7%或8%利率的房主带来巨额节省。米歇尔·加格是better.com的创始人兼CEO，这是首家由人工智能驱动的抵押贷款机构，公司股价今年已突破700美元。他现在来到我们演播室。今晚我们邀请CEO上节目的标准很高。

Mortgage rates are down substantially from where they started in 2025 with a thirty year fix now around six onetwo percent. Our next guest says that could translate into big savings for millions of homeowners who locked into seven or 8% mortgages. Michelle Garg is the founder and CEO of better.com, the first AI powered mortgage lender shares the company are at more than 700 this year. He joins us now on set. We've got a high bar in terms of letting CEOs on the show tonight.

表现太出色了。米歇尔，很高兴你能来参加节目。

Just stop performance. Michelle, great to have you with us.

谢谢

Thank you

非常感谢。

so much.

所以我必须问你，因为我确信那个开场白后大家都在问：我能做什么？我想省钱，那么你现在的7%或8%房贷利率意味着什么？

So we I have to ask you because I'm sure that intro, everybody's saying, well, what can I do? I wanna save so what is it in terms of your seven or 8% mortgage right now?

是啊，你能

Yeah. What can you

做些什么来解锁省钱方案？

do to unlock savings?

如果你有7.5%的房贷利率——这意味着过去三年里有2000万美国人的房贷利率超过7%。你能做的最好的事情就是寻找再融资机会。目前平均房贷利率在6.5%左右，而我们Better.com提供6.2%的利率。对于40万美元的贷款余额来说，80个基点的差距意味着你每年能节省3200美元的利息，在通胀时期和经济即将衰退的艰难时刻，这笔钱相当可观。

If you've got a seven and a half percent mortgage, then that's 20,000,000 Americans have over a 7% mortgage that they've gotten over the past three years. The best thing you can do is look for a refinance. You the average mortgage rate's around six and a half percent. We're at 6.2 on better.com, and that 80 basis points, 400,000 loan balance, you know, you can save $3,200 a year in interest, and that's pretty decent money in inflationary times and where, you know, times are tough and we're going into a recession.

没错，关于你们业务运作的方式——我猜部分原因在于，比如6.2%的利率对比6.25%的再融资利率（抱歉），这个差异部分得益于你们使用AI节省下来的成本。

Yeah, in terms of how your business works. I mean, I'm assuming that some of these, you know, a 6.2% rate versus a 6.25% excuse me, refinance rate. That difference is partly because of the money that you were able to save because you're using AI.

没错。一般的抵押贷款公司办理一笔贷款的成本约为12,000美元，而Better.com只需3,000美元。我们的人工智能贷款专员Betsy能自动化处理大量工作。你可以

That's right. The the average mortgage company, it cost them about $12,000 to make a mortgage. It cost better.com $3,000 to make a mortgage. Our AI loan officer, Betsy, is able to automate so many of the tasks. You can

顺便说下，Betsy不是真人。好吧，我只是很惊讶。她可能是...观众们

talk Betsy is not a person, by the way. Okay. Just I'm just amazed. She may be. The audience.

听起来他像是在谈论某个人，你知道的

Sounds like he's talking about somebody, you know

不必感到震惊

Not to be shocked.

接下来

Next up.

我是说，就他而言

I mean, he's he's far as he's concerned.

不过不管怎样，抱歉我打断了

But anyway, I'm sorry. I'm interrupt.

小心点。我会告诉你

Be careful. I would tell you

贝茜比你在外面见过的80%的贷款专员都要优秀。她接受过1200万通电话的训练。她熟知所有投资方的承保标准。她能为你计算节省金额。她可以帮你分析出更适合你的方案。

that Betsy's better than 80% of the loan officers that you've seen out there. She's trained on 12,000,000 phone calls. She knows all the underwriting criteria across all the investors. She can calculate savings for you. She can like figure out like what's a better option for you.

她能询问你所有这些问题，而其他人根本没时间处理。她全年无休、全天24小时营业。

She can ask you all these questions that people otherwise don't have time for. She's open for business twenty fourseven, three sixty five.

Vishal，首先要恭喜你。其次，人们会问什么是可比公司？以Figure的IPO为例。谈谈你与它们的对比情况。

Vishal, congratulations number one. Number two, people are to say, what's a comp? Figure IPO. Talk about how you stack up against them.

我认为Figure是家很棒的公司。他们专注于房屋净值贷款领域，普通美国家庭通过整合所有债务并用房屋净值信贷额度进行再融资，可以节省大量资金。美国人拥有32万亿美元的可动用房屋净值。他们的债务达18万亿美元，其中一半是疫情后新增的。因此我们看到普通家庭通过房屋净值再融资平均每月能节省1100美元。

Well, think Figure's a great company. They're focused on the home equity space, and the average American family can save a lot of money by taking all the debts that they have and refinancing them using a home equity line of credit. Americans are sitting on 32,000,000,000,000 of tappable home equity. They've got 18,000,000,000,000 of debts, half of which they've put on since the pandemic. And so we're seeing an average family save $1,100 a month by refinancing through home equity.

Figr是该领域的先行者，他们2018年起步。嗯。我们在2023年推出了房屋净值产品。虽然才开展约18个月，但我们的直接面向消费者的房屋净值产品规模已达到Figr的三分之二，而且正在快速追赶。

Figr was the leader in the space. They started in 2018. Mhmm. We launched our home equity product in 2023. We're only about eighteen months in, but our direct to consumer home equity product is already two thirds the size of Figr, and we're now catching up fast.

他们规模大约是我们的5.5倍，但估值高达约80亿美元。而我们的估值仅在10亿美元左右。从这个角度看，我们的增速远超他们。他们成功证明了这一市场的存在并重新推广了房屋净值产品，但我们的增长速度要快得多。

They're about 5.5 times bigger than what we are, but they trade at like something like 8,000,000,009 billion dollars valuation. And so our valuation is just around $1,000,000,000 So if you think about it from that perspective, we're growing faster than they are. They've done a great job of establishing that there's a bear there in the market and reintroducing the home equity product, but we're growing much, much faster than they are.

那么，Vishal，竞争格局如何呢？你说你们是AI驱动的，但在我看来AI的采用率如此，我认为在很多行业中AI绝对会改变游戏规则，提升业务效率。为什么没有其他人在你们这个领域做同样的事情呢？

So, Vishal, then how about the competitive landscape? And you say you're AI driven, but it just seems to me that the adoption rate in AI is such, and I would think there are a lot of industries where absolutely AI will be changed the playing field in terms of the efficiencies of the business. Why aren't other people popping up in your space doing the same thing?

嗯，

Well,

他们确实在做，但你们是如何领先于他们的呢？

they are, but how are you leading them?

这是个非常好的问题。一般的抵押贷款公司使用八套不同的系统。他们有CRM系统、销售点系统、贷款专员系统、处理员系统、核保员系统。我们从头开始构建了一个名为Tinman的系统。这是抵押贷款行业25年来首个全新的端到端系统。

That's a really great question. The average mortgage company works off of eight different systems. They have a CRM system, a point of sale system, a system for the loan officers, a system for the processors, system for the underwriters. We built a system called Tinman from the ground up. It's the first new end to end system in the mortgage industry in twenty five years.

目前占据90%市场份额的现有解决方案，甚至不允许同时有多个人在一个文件中工作。你可能还记得Windows 95共享点时代，那时你得打电话给别人说‘嘿，你能退出文件吗，我好进去’。这就是当今抵押贷款行业大部分的工作方式。因此，当你看到这一点时，我们拥有唯一一个端到端系统，并且我们已经能够在这个系统上训练AI，使其能够执行系统中的任何任务。

The incumbent solution that's got 90% market share, you can't even have more than one person working in the file at any time. You probably remember from your windows 95 share point days where you had to call somebody up and say, hey, can you get out of file so I can get back in there. That's how the bulk of the mortgage industry works today. And so when you take a look at that, we've got the only end to end system which we have been able to train the AI on. Being able to do any task inside the system.

对于其他抵押贷款公司来说，他们必须淘汰整个核心系统，保留全部员工才能实施AI。所以他们现在在做什么？他们就像在做一个AI预约调度器，或者做一个AI文档检索器。但那不是真正的AI。

For other mortgage companies, they have got to get rid of the entire core system, retain their entire workforces to be able to implement AI. So what are they doing? They're like making an AI appointment scheduler. They're making an AI like document retriever. But that's not real AI.

真正的AI是当你能够从系统中大幅削减成本，并将这些节省回馈给消费者的时候。

Real AI is when you can take massive amounts of cost out of the system and deliver that back in savings to the consumer.

米歇尔，很高兴你能来。希望你会再来。

Michelle, great to have you. Hope you'll come back.

非常感谢。

Thank you so much.

米歇尔·加格。接下来，通信故障：为何电信股承压，竞争如何影响这一板块。《快钱》节目两分钟后继续。欢迎回到《快钱》。电信股今日信号不佳。

Michelle Garg. Coming up, communication breakdown, why telecom stocks are feeling the pressure and how competition is weighing on this group. More fast money in two. Welcome back to Fast Money. Telecom stocks losing signal today.

哎呀。

Oh boy.

T-Mobile、AT&T、Verizon全线飘红。三月创历史新高的T-Mobile已从高点下跌超25%。丹在今天早些时候的电话会议中就指出了这一疲软态势。

T Mobile, AT and T, Verizon, all well in the red. T Mobile, which hit a record high in March, is down more than 25% from those levels. Dan pointed out the weakness earlier today on the call.

是啊。我是说，必需品板块也一样。必需品股正创52周新低，我们开场时就说过——让这期节目首尾呼应吧。就像...你懂我意思吧？

Yeah. I mean, this goes with the Staples too. Staples are making fifty two week lows, and we started the show with let's just bookend the show. Like Yeah. You know I

必需品板块。

mean? Staples.

要知道，你可能会觉得，好吧，股市正处于历史高点。这些股票却反向交易，但今早VIX指数是18。这些股票正在获得买盘，我认为这说明市场根本不在乎这些股票带来的收益率，增长缓慢这类因素。所以在我看来，现在应该避开这些所谓的防御性股票。

You know, you'd think that, okay, stock market's at all time highs. These stocks trade the other way, but, know, we have a VIX that was 18 this morning. You'd these things are catching a bid, and it's just I think it's saying something about there's no cares for, like, the sort of yields that these guys have, the slow growth, that sort of thing. So to me, it's like you wanna avoid these deemed defensive stocks right here.

没错。防御性股票还包括烟草股，我的意思是，今年早些时候我们看到它们表现优于标普500指数。它们确实表现优异，保持稳定，实际上甚至超过了纳斯达克的QQQ指数。

Yeah. And the defensive stocks that were also including tobacco stocks and I mean, at one point this year, we were looking they were outperforming the S and P. They were outperforming. They were holding serve. In fact, they were outperforming the triple q's of the Nasdaq.

所以我认为存在板块轮动效应。比如我持有奥驰亚的股票，他们财报数据不佳。具体细节就不展开了，基本面比我预期的要差。

So I think there's a rotation dynamic. I think there's a place like I'm long Altria. They had some tough numbers. There was we don't need to get into that. The fundamentals aren't as good as I thought that they were going into those numbers.

但电信、烟草等核心必需消费品板块，这些高股息防御性股票作为杠铃策略的一部分现在失效了，我认为未来也不会奏效。

But what's happening for telco, tobacco, others core staple, high div payers that were defensive and part of a barbell strategy not working, and I don't think they're gonna work.

是啊，运费在上涨，没人买高股息股票，但电信板块也确实没有高增长标的了。以前T-Mobile算一个，现在电信领域已经没有这样的公司了，市场似乎已相当饱和。我还持有些传统电话公司的股票。

Yeah, freights are going higher, no one's buying a dividend payer, but there's really no high growth name. It used to be T Mobile. You don't have a T Mobile in the telecom space anymore. Seems pretty saturated right now. I have a legacy position in telephone.

就当是个纪念吧。我墙上挂着张股票凭证，仅此而已。这就是我留着它的原因——挺酷的。

Think it's just one of those things. I have a certificate hanging on my wall. That's it. That's the only reason I It's use cool.

裱起来了吗？

It framed?

不，就像指纹一样独特。

No. Just like a thumbprint.

你想过来吗？

You wanna come over?

它不应该

It shouldn't

被框在你想

be framed on You wanna

别装好人了，因为我们时间不多。T-Mobile股价在一月份跌至200美元水平线，这是个重要支撑位。所以想做多的话，就以200美元为底线建仓。

do nice guy, because we don't have a lot of time. T Mobile, the $200 levels where we traded down to in January. This is a big support level. So you wanna get long, you get long against $200.

接下来是最终交易时间。让我们在号角声中完成交易。

Up next, final trades. Time for the final trade. Let's score on the horn.

扬基队与大都会队的争论差点让我忘了选通用汽车作为最终交易。通用汽车加油。

Tim Yankees Mets argument the break with Guy almost had me forget that I chose GM as my final trade. Go GM.

史蒂夫。亚马逊在谈判桌上占有一席之地。

Steve. Amazon a seat at the table.

丹。

Dan.

不错。柠檬水。你是不是忘了？

Nice. Lemonade. Did you forget to?

这是一家人工智能驱动的保险公司。我们之前简单讨论过。他们报告了特拉维斯的情况并等待结果，但那是

This is an AI powered insurance company. We talked a little bit about that. They report on the Travis and wait for that, but that's

一个好名字。

a good name.

你还记得你的期末考试吗？

Do you remember your final?

是的，应该是PSX。它以前是菲利普斯六十六公司，现在叫PSX集团。梅丽莎，交回给你。

Yes, would be PSX. It used to be Phillips sixty six. It's now PSX Corp. Melissa, back to you.

好的。感谢您收看《快钱》节目。祝您度过一个愉快的夜晚。明天同一时间再见。《疯钱》与吉姆·克莱默的节目现在开始。

All right. Well, thank for you watching Fast Money. Have a wonderful evening. See you back here tomorrow. Mad money with Jim Kramer starts right now.

《快钱》节目参与者的所有观点仅代表其个人意见，不代表CNBC、NBC环球及其母公司或关联公司的观点，且可能已通过电视、广播、互联网或其他媒体传播。您不应将此播客中的任何观点视为特定投资建议或策略推荐，而仅应视作个人观点表达。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/或子公司均不保证其完整性或准确性，亦不应依赖于此。查看完整免责声明请访问cnbc.com/fastmoneydisclaimer。

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CNBC Sport on the record, your front row seat to sports and business from commissioners and owners to media executives and top athletes.

这些都是伦勃朗级别的珍品。我告诉你，这些特许经营权简直...

These are Rembrandts. I'm telling you, these franchises. On the

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record, all new Saturdays, three eastern.