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是什么让你有信心去做一件以前没人做过的事？
What made you confident that you could do something that hadn't been done before?
我不怕失败。
I have no fear of failure.
开拓创新的女性正在改变游戏规则。
Trailblazing women changing the game.
我得到过一条
One of my
最喜欢的建议：想想你老板的老板需要什么。
favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多很多不同的形式。
Leadership can look in many, many different forms.
归根结底还是要相信自己。
It really does come down to just trusting yourself.
人生短暂，而
Life is short, and
要想做成大事，就得敢想大的。
you just gotta think big to accomplish big things.
朱莉娅·博森主持CNBC变革者与权力玩家节目。
Julia Borson hosts CNBC Changemakers and Power Players.
每周二新一期上线，你可以在任何播客平台收听。
New episodes every Tuesday wherever you get your podcasts.
在纽约时代广场中心的纳斯达克市场现场直播。
Live from the Nasdaq market side in the heart of New York City's Times Square.
这里是《快钱》节目。
This is fast money.
今晚的节目内容如下。
Here's what's on tap tonight.
股市创纪录上涨。
A rally to records.
标普指数下跌。
The S and P down.
罗素指数以历史最高点收盘。
Russell are closing at all time highs.
纳斯达克四天内上涨了9%。
The Nasdaq now up 9% in four days.
这波行情背后是什么原因？
What's behind the moves?
这股势头还能持续多久？
How much longer can the momentum last?
至于所谓的起飞，看来是没戏了。
And so much for liftoff.
SpaceX的股价在首次盈利报告后回吐了盘中涨幅，随后又回升至IPO后的高点。
Shares of SpaceX giving back session gains after the company's first earning support, and the shares climb back to their post IPO highs.
我们来讨论一下这个。
We'll debate that.
另外，诺和诺德在预告财报后股价下跌。
Plus, Novo drops after preannouncing earnings.
卡特彼勒财报后大涨，收获颇丰，而Wayfair也终于得到了它需要的。
Caterpillar digs up some big gains after results, and Wayfair just gets what it needs.
这个结果让这家家居零售商迎来了六年多来最好的一天。
The result that sent the home goods retailer to its best day in more than six years.
我是梅丽莎·李，正在纳斯达克现场为您直播。
I'm Melissa Lee, coming to you live from studio via the Nasdaq.
今晚在座的有金·西摩、凯伦·费曼、丹·内森和盖伊·阿达米。
On the desk tonight, Kim Seymour, Karen Feynman, Dan Nathan, and Guy Adami.
我们先从华尔街那波创纪录的反弹说起。
And we start off with that record rally on Wall Street.
标普500指数今天上涨近2%，收于历史新高，这是两个月来的首次。
The S and P jumping nearly 2% today, closing at an all time high for the first time in two months.
该指数目前已连续四天上涨。
The index now up four days in a row.
与此同时，道琼斯指数上涨超过900点，连续第二天创下收盘纪录。
The Dow, meanwhile, adding more than 900 points, closing on a record for a second straight day.
而纳斯达克指数飙升了2.5%，收盘仅比其历史最高水平低2%。
And the Nasdaq surging two and a half percent, ending just 2% from its own best ever level.
推动上涨的一大因素是油价大幅回落，WTI原油结算价略高于75美元。
One big driver of the gains, a sharp pullback in oil prices, WTI crude settling just over the $75 mark.
财政部长斯科特·贝森特告诉CNBC，重新开放霍尔木兹海峡的协议最早可能在明天达成。
Treasury secretary Scott Besson telling CNBC a deal to reopen the Strait Of Hormuz could come as soon as tomorrow.
那么，如果达成协议，涨势会持续吗？
So do the gains keep coming if we get a deal?
如果达不成协议，又会怎样？
What happens if we don't?
我们是否已经为动量交易降低了足够风险，以便在八月和九月迎来起飞？
Have we already derisked the momentum trade enough for lift off into August and September?
相当惊人，对吧？
Pretty amazing, right?
我的意思是，嗯，我想说的是，今天VIX指数的上涨值得关注，因为之前VIX指数低于15.5，而今天在市场表现很好的情况下却上涨了，这说明现在情绪似乎正在主导市场。
I mean, well, I'll say the fact that the VIX rally today is just something to keep an eye on because we just had a VIX that was sub 15 and a half rally today on a very good market day, but this is now, emotion seems to be taking over.
当你看到这种跨越多个行业的走势，而且看起来有点不分青红皂白，十年期收益率虽然低了点，但跟上次4.70的时候相比也没低太多，你就会想，好吧，这到底是怎么回事？
When you see moves like this across a swath of industries, seemingly somewhat indiscriminate in nature, with a ten year yield that's lower, but not significantly so since the last we saw it at 4.70, you say, okay, what's going on here?
我们是不是在给自己埋下失望的伏笔？
And are we setting ourselves up for a bit of a disappointment?
所以，如果之前的一切看起来都像是那种爆发式的行情，那今天这样的日子就让人感觉似曾相识。
So if everything looked like a blow off type situation, it's days like today that's eerily reminiscent.
你对这波上涨怎么看？
What did you make of the rally?
我同意盖伊说的很多观点。
I agree with a lot of what Guy said.
我的意思是，我们之前经历了那种对局势认知的海啸，提前布局，然后平仓，这就像一波巨大的浪潮，而且我觉得这波浪潮的回响非常强烈。
I mean, we had this tsunami of the situational awareness heading into it and the front running of it and then the unwind, and so it's just an enormous wave, and I think the the sort of echoes of the waves are really big.
最近这两天真是疯狂，也没什么特别的新闻。
This last couple of days has been crazy, not particular news of any sort.
所以，怎么说呢，趁它还在的时候享受一下吧。
So, I mean, it's fun while it lasts.
我不觉得这种情况会一直持续下去，但市场在没什么消息的情况下，波动幅度确实太离谱了。
I don't feel like it's gonna last forever, but things have just moved a ridiculous amount on no news.
所以，虽然挺有意思，但我觉得还是得稍微对冲一下风险。
So, it's fun, but I think gotta hedge a little bit.
对。
Yeah.
我觉得最近这几天，至少科技板块，我们大家一直都在密切关注，因为大家都知道，那是推动我们看到的同比盈利增长的主要动力。而且，如果把谷歌和亚马逊剔除，标普500的盈利增长仍然能达到中高二十几个百分点，这真的很惊人。
I just think the last few days, at least in tech, what we've all been, you know, just keeping a very close eye on because we know that that's been driving a lot of that earnings growth that we're seeing year over year, and it is truly astounding when you back out, I'd say Google and Amazon, you still get mid to high twenties growth earnings, S and P 500.
这确实很惊人。
So that's astounding.
所以，你告诉我，标普500指数在7800点，过去三个交易日就直线涨了6%，这到底是不是已经提前消化了这些利好？
So you tell me, know, with an S and P at $7,800, whether that is kind of built in to this market here, you know, 6% in a straight line in just the last three trading days.
就像你说的，这看起来确实有点过了。
To your point, seems like a lot.
这走势简直是抛物线式的，而且我们看到的科技七巨头那波上涨，也相当惊人，对吧？
It is parabolic and you know the move that we saw into the Mag seven was pretty astounding, right?
想想上周那些令人失望的表现，再看看一些公司因为资本支出而获得回报，我觉得要记住一点：如果你对某些云业务以及微软Office 365里的人工智能增长感到兴奋，他们并没有单独列出人工智能的收入。
When you think about again some of the disappointments that we had last week, and then you think about, like, how some of the companies were rewarded for that CapEx, I think it's important to remember that if you're all geeked up about AI growth at some of these cloud businesses and and within Microsoft, at their, you know, Office '3 65, they're not breaking out what the AI revenue is.
对吧？
Right?
那只是一个笼统的大数字。
It's just a big number there.
所以，未来某个时候，当你对这些收入有了更详细的了解，可能会让人失望。
And so the idea that at some point you're gonna get more granular, you know, on those revenues, it might be a disappointment.
所以，当我考虑资本支出时，我会看这些业务的现状。
So when I think about the CapEx, I think about where these businesses are.
我会看同比增长情况。
I think about what the growth is year over year.
现在听起来很不错，但总有一天可能会走向反面，尤其是当你看到这种抛物线式的上涨时。
It sounds great right now, but at some point, it may go the opposite way, especially when you start having these parabolic moves.
首先，各位，这是今天第二次你放那首BG的歌了。
First of all, guys, the second time today you've inserted that BG song.
这只是一个让我动容的旋律。
It's just a motion that's taken me.
这歌是不是很
Isn't it a great
好听？
song?
今天第二次在我脑子里循环了。
Now it's in my head for the second time today.
但是，当我听到“情绪”这个词，我就要站在大家对立面了。
But but when I hear about emotion, and I would just take the other side of everybody here.
我跟你说，上周市场情绪完全是另一回事，跌到低点的时候，悲观情绪完全失控了。
I'll tell you, the market's emotion the other way last week and going into that low was was out of control, bearish.
当时市场上到处都是悲观情绪。
There was so much pessimism out there.
我不是说丹说的基本面分析不对——关于AI，呃，我是说，对于超大规模云服务商来说，这真的只是边际增量收入吗？
I'm not telling you that everything Dan's saying about the fundamentals of why a a AI, excuse me, I mean, is it really marginal incremental income overall for hyperscalers?
显然，我们得评估某种零成本动态，但短期内市场确实超卖了。
There's obviously some kind of zero cost dynamic that we have to assess, but but in the short term, markets were oversold.
动量指标也过度了。
Momentum was way overdone.
全球一些最重要的公司，在某种程度上让你感觉到，要么它们的支出有点停滞，要么它们的盈利非常出色。
We've gotten some of the most important companies in the world that on some level have given you some sense either that there's a little bit of a plateau in their spend or that their earnings were extraordinary.
从每股收益的角度看，这是我记忆中最好的一个季度。
And from an EPS perspective, this is as good of a quarter as I can remember.
在经济似乎正在加速的时候，在中东如果实现和平的情况下——老话重提，你知道的——这为市场创造了条件。
At a time when the economy seems like it's kind of accelerating, at a time when if there is peace in The Middle East, and I'll do the old if, you know, this is a setup for markets.
这并不意味着资产便宜，但你不能说整个七月我们每天进来都在抱怨世界有多糟、资本开支有多浪费。
Doesn't mean that things are cheap, but you you can't tell me that July wasn't a month where all we did was come in every day and say how bad the world was and how much capex was being wasted.
而且我认为，在消费者似乎还不错的背景下，市场的广度是好的。明天有就业数据，我们对美联储既不完全了解，又其实心里有数。
And I just think that the the the breadth of this market with a consumer that seems to be okay, we've got payroll numbers tomorrow, we we we don't understand the Fed, yet we do understand the Fed.
我觉得市场还会继续上涨。
I think the markets are gonna go higher.
很长一段时间里，我们一直活在7500点的水平上。
For a long time, we had been living at the level of 7,500 guy.
对。
Yep.
我在想，你知道，我们有时候冲过头，有时候又跌过头，等等。
And I'm wondering, you know, we overshoot, we undershoot, etcetera.
那你觉得现在这个水平合理吗？
What how do you think about the right level here?
如果我们之前太悲观了，当时在降低动量交易的风险，而现在又太乐观了，那7500点是不是合理的水平？
If we were too pessimistic before when we were, you know, derisking the momentum trade and we're too optimistic here, Is the right level 7,500?
不是。
No.
蒂姆，我的意思是，我也不确定。
Tim's I mean, I don't know.
我来回答这个问题吧。
I will I'll answer that question.
我不知道，我真的不知道答案。
I don't know I don't know the answer.
我的意思是，他一直坚定地看好市场。
I mean, has been steadfast in his belief in the market.
他这么看是对的。
He's been right to be.
我远没有他那么乐观，原因我们几乎每天都在聊，但到底什么水平才是合理的呢？
I have not been nearly as optimistic for reasons that we talk about seemingly on a daily basis, but what's the right level?
我在节目开头提到过，当你看到过去几天那样的波动时——而且这些可不是小公司，我说的是那些市值数万亿美元的公司，在一天半的时间里涨跌了15%。
I mean, I mentioned at the top of the show that when you see moves like we've seen over the last couple days, and these are not small names, by way, I mean, these are multi trillion dollar companies having 15% moves over the course of a day and a half.
在我看来，这完全不正常。
There's nothing normal about that in my opinion.
而且今天标普指数又涨了140个点，在我看来，几乎没什么重大消息就涨成这样，有点吓人。
And again, in S and P today, there's up a 140 handles seemingly on not a lot of news in my opinion, to me, is a little bit scary.
不过，我想借用一下凯伦·费曼的思路——也许有些股票根本就不该涨到那个水平，比如微软。
Except I'll take a page out of Karen Feynman's playbook, and that is maybe some of these stocks should never have been at these levels like Microsoft.
也许微软这波上涨，其实只是回到了它本该在的位置。
And maybe this Microsoft move that we've seen higher was really just getting back to where it should be.
所以从账面上看，这走势像是抛物线式的飙升，但实际上是在重新调整估值。
And so it looks on paper like it's parabolic, but it's actually resetting its valuation.
说实话，这些公司，这些云业务，真的太集中了。
I mean, listen, these companies, these cloud businesses, they're just so concentrated.
你想想看，很多增长其实来自它们投资的公司，这些公司反过来又给了它们大额合同。
I mean, you think about it, like a lot of the growth is coming from the companies that they've invested in, they've turned around and given them large contracts.
我觉得很多人对这一点并没有做好准备。
This is something I think a lot of folks aren't really prepared for.
韩国发生的事情我觉得非常重要，因为韩国综合股价指数里，有两支股票占了超过50%的权重。
What happened in Korea, I think, is really important because the COSP, there are two stocks that make up more than 50% of the weight.
就是三星和SK海力士。
It's Samsung and it's SK Hynix.
它们上涨的原因，或者说之前上涨的原因，和我们很多AI公司是一样的。
They're rallying for the same or they were rallying for the same reason that a lot of our AI companies.
但让我告诉你一件事。
But let me just tell you this.
过去几周，韩国散户投资者损失了大约390亿美元。
There's about $39,000,000,000 that retail investors have lost over the last few weeks in South Korea.
所以，当你谈论一个依赖一两个公司的一笔交易来增长的经济体，再看看背后散户的狂热，财富效应就会消失，这些公司及其扩张带来的经济增长也可能受到影响。
So when you talk about an economy that's levered to the growth of one trade, right, in a couple companies, and then you look at the retail frenzy that got behind it, then you lose the wealth effect, and you might also lose some of the economic growth that is coming from these companies and the build out.
所以在我看来，这种情况也可能发生在这里。
So to me, that could happen here.
这是毫无疑问的。
There's no doubt about it.
你看看我们主要指数的集中度。
You look at the concentration in our major indices.
所以我觉得，如果你不考虑在计算需求回落时这很可能发生，那你就是在自欺欺人。
So I just think like you're whistling past the graveyard if you're not considering that as a very likely scenario on any pullback in demand for compute.
但杠杆的程度完全不同。
But the amount of leverage is completely different.
我是说，是什么推动了韩国
I mean, what powered South
韩国？你在说什么？
Korea is what what are talking about?
对。
Yeah.
看看那些零日期期权。
Look at the zero days expiration options.
再看看这些。
Look at, like, all these.
我们的杠杆率很高。
We have lots of leverage.
但是但是
But but
但韩国杠杆的一部分原因在于它是一个没有准入的市场，所以这里有很多杠杆化的工具。
but part of the leverage in South Korea is the fact that it's a market with no access, and so there was all these vehicles that were levered up over here.
韩国的散户投资者以前从未像现在这样深度参与这个市场。
The South Korean local retail investor is in that market in a way they've never been before.
事实上，韩国政策官员都慌了，我认为这也是我们市场反弹的部分原因。
In fact, so much so that policy officials in Korea panicked, is part of the reason why I think our markets rallied.
我只是觉得韩国市场之前涨过头了。
I I just think Korea was overdone.
确实是涨过头了。
It is overdone.
而且我还觉得三星其实还是挺便宜的。
I also think Samsung's actually still kinda cheap.
所以这种狂热是毋庸置疑的，而且毫无疑问，韩国确实是个……是的。
So the mania there's no disputing the mania, and there's no disputing that South Korea is is a place that yes.
说真的，六个月前美国投资者在地图上都找不到韩国，更别说一年前了。
Seriously, US investors couldn't find on the map six months ago, let alone a year ago.
但我不会说这就成了我们应该对AI交易感到恐惧的理由。
But I'm not gonna say that that that's a reason why we should be fearful of our AI trade.
我同意这个观点。
I I agree with that.
我的意思是，美国市场的规模要大得多。
I think I mean, The US market is so vastly bigger.
而且别忘了，我们开始看到市场在扩散。
And remember, we're starting to see spreading out.
对。
Mhmm.
对吧？
Right?
还有其他领域可以投资，而且这些领域已经有所加速。
There are other pockets to go, and that sort of had some acceleration.
我认为这种趋势可以持续下去。
That, I think, can continue.
你看。
Look.
如果我觉得它放缓了，当然，
If they, I think, slows down, of course,
他们的市场也会跟着放缓。
their markets are gonna slow down.
情况会大不相同。
Vastly different.
那这些私人债务呢？
What about all this private debt?
你想想看。
Like, think about this.
比如，我记得好像是耐克还是谁，几周前引用过这个数据。
Like, we I think it was, like, Nike or somebody quoted this, a couple weeks ago.
有1.65万亿美元的私人债务与这笔交易相关。
There's $1,650,000,000,000 of private debt that is associated with this trade.
你看看每天醒来的时候。
Look at every day you wake up.
我觉得今天好像是黑石集团。
I think it was like Blackstone today.
他们又为Anthropic搞了一个300亿美元的融资项目，用来买谷歌的TPU，而债务的抵押品就是这些TPU。
They're doing another $30,000,000,000 facility for Anthropic so they can buy TPUs, right, from Google, and then the collateral for the debt are the TPUs.
你想想看，是不是这个道理。
Like, so, like, think about it.
所以我们有大量的、前所未有的这种东西。
So we have tons and tons of we've never had that.
所以你想谈杠杆是吧。
So you wanna talk about leverage.
系统外也有杠杆。
There's leverage outside the system.
所有这些公司都在把债务从自己的资产负债表上剥离，因为他们不想让它留在上面。
All of these companies are pushing off their balance sheet because they don't want it on their balance sheet.
如果利率继续走高，想想这些债务的融资成本会怎样。
And if rates go higher, think about the financing of that debt.
然后如果需求出现回落，那我们就真有大麻烦了。
And then if there's a pullback in demand, we got a real problem.
我们得聊聊SpaceX了，因为股价跌了7%。
We gotta move on to SpaceX because shares are down 7%.
摩根就在现场坐着呢。
Morgan's sitting here on set.
至于其他方面，这个……
In in terms of all the other It the
同样的道理。
same way.
2000年的时候，有人在网上塞了太多广告，横幅广告，结果就崩了。
In 2000, somebody jammed one too many ads, banner ads on the Internet, and that was it.
真的，你根本不会意识到。
Like, literally and and you're not gonna know it.
你当时看不出来，但事后回想起来，你会说，天哪。
You're not gonna see it, but you're gonna look back, and you're gonna say, oh my goodness.
那些我们无法处理的私人债务……所有这些公司，真的吗？
All of that private debt that we couldn't All these com really?
因为所有
Because all
这些公司完全是另一回事，如果你想想看，思科是那个典型代表，或者说是一个百分比的代理。
these companies This is a totally different thing if you're looking think about where, you know, Cisco, the the poster child or the the proxy for a percent.
但事实并非如此。
But it wasn't.
对。
Right.
但这些公司……什么
But these companies what
你在说什么？
are you talking about?
Anthropic？
Anthropic?
我们从未见过有公司累计亏损这么多钱，而且它们还在花费数万亿美元。
We've never had companies who've lost this money this much money cumulatively, and they're spending trillions of dollars.
把剩下的都押上。
Bet all the rest.
对。
Right.
所以，哦，它们还……
So Oh, they and they
它们的自由现金流在哪里？
have no where's their free cash flow?
没有。
No.
但但但，那不是……它们不是96……这是个信贷问题。为什么
But but but that's an they're not 96 it's a credit Why
它们要把这些放到表外？
do they be put off balance sheet?
但是，但是
But but
Meta不会倒闭的。
Meta's not gonna blow up.
我的意思是，Meta的股价可能不值25倍的市盈率，但也许实际上比15倍更值钱，因为它们不再有自由现金流或增值能力了。
I mean, Meta's Meta's may may not be worth 25 times a share and may actually be worth more than, you know, like, 15 times because they're no longer free cash or accretive.
但它不是信用卡那种东西。
But it's not it's not it's not a credit card.
特斯拉、Netflix，它们从2021年的高点跌了70%，跌到了2020年的水平。
Tesla, Netflix, they went down 70% from their 21 highs to their 20
这就是为什么今天市场在上涨。
Which is why the market's going higher today.
为什么？
Why?
这就是为什么？
Which is why?
我觉得这是个
I say it's a
还有很多，我们得继续
lot more We we gotta move
往下走了。
on now.
抱歉，摩根。
Sorry, Morgan.
确实得走了。
We do.
我为什么这么说？
Why did I say so?
就说我们有客人。
Say we have company.
这车不怎么样。
It's not a nice car.
他连个好名字都起不出来。
He doesn't even good names.
太喜欢了。
Love it.
开始收集吧。
Start collecting.
这里是SpaceX的财报快讯。
Earnings alert here in SpaceX.
公司自六月上市以来发布了首份财报，股价在盘后交易中下跌。
Shares dropping extended trading after the company released its first earnings report since going public in June.
摩根·布伦南带来了这份报告和电话会议的详细信息。
Morgan Brennan had the details to the report and the conference call.
很高兴见到你，摩根。
We're so happy to see you, Morgan.
最新情况怎么样？
What's the latest?
我也很高兴见到你。
I'm happy to see you too.
好的。
Okay.
这个电话会议还在进行中。
This call is still going on.
他们现在正在回答问题。
They're taking questions right now.
就在我刚才下线之前，我们还在讨论月球上的AI计算，以及它可能多快到来、规模会有多大。
And when I just logged off here for a few moments ago, I mean, we were talking about compute, AI compute on the moon and how quickly that potentially is gonna come and how expansive that potentially is gonna be.
当然，这是在SpaceX刚刚宣布与英伟达合作，打造首批能从轨道进行计算的AI卫星之后，这些卫星最快明年就会发射。
This, of course, after, SpaceX just announced that they're partnering with NVIDIA to build out these first AI satellites that are gonna do that compute from orbit and that they're gonna launch those as soon as next year.
另外，星舰的下一次飞行将进入运营阶段。
Also, Starship, the next flight is gonna be operational.
他们要把卫星发射到运营轨道上。
They're gonna launch satellites to operational orbit.
这可能会在未来几周内发生。
That's gonna happen here potentially in the next couple of weeks.
但我说的是星舰？
But I say Starship?
不是星链。
Not Starlink.
是星舰。
Starship.
这里有很多星星。
There's lot of stars here.
不过，考虑到所有这些，我想播放一段电话会议开始时的录音。
In light of all of that though, I do wanna play a sound bite from the beginning of the call.
这是埃隆·马斯克关于星链的发言，我们知道星链是支撑这一切的盈利引擎。
This is Elon Musk, and this is what he had to say about Starlink, which we know is the profit engine that's enabling all of this.
来听听看。
Have a listen.
我们预计将发射大约一个数量级更多的星链V3卫星。
We expect to launch about an order of magnitude more Starlink v three satellites.
这意味着带宽交付能力将提升大约两个数量级。
So that that would mean a roughly two order of magnitude increase in the delivered bandwidth.
即使每比特的变现能力下降十倍，星链的收入仍将增长十倍。
Even if our monetization per bit dropped by a factor of 10, that would still mean a 10 x increase in the revenue of Starlink.
所以，我觉得大家真的低估了星链。
So, think people are really underestimating Starlink here.
所以这很重要。
So this is a big deal.
人们很难理解这一点，但并非不可能——星链有朝一日将承载全球大部分互联网流量，至少在我们获准运营的国家，而那是绝大多数国家。
It's hard for people to wrap their minds around this, but it's not out of the question that at some point Starlink will deliver a majority of the world's Internet, at least in countries where we're allowed to operate, which is the vast majority of countries.
这就解释了为什么过去几周IPO之后，一些电信股出现抛售，以及为什么星链被视为短期驱动力，当然，还有星舰的投入使用，以便发射那些技术更先进的新卫星。
This goes back to why you've seen some of the telecom stocks selling off in the wake of the IPO in the last couple of weeks and why Starlink really is sort of seen as the near term driver, and then, of course, bringing Starship online to be able to launch those new, more technically capable satellites.
接下来要谈谈即将发布的新一代Grok模型，以及他们如何快速建设千兆瓦级的算力。
Talking about the next grok models that are gonna be released here as well and talking about how quickly they're building out gigawatts of compute.
他们预计今年年底会超过两吉瓦。
They expect to end this year with over two gigawatts.
他在电话会议上提到马斯克说，明年的规模更接近十吉瓦而不是五吉瓦，然后就在刚才，他又说他们实际上在考虑明年达到十五吉瓦的发电厂级别。
He talked about Musk on the call closer to 10 gigawatts than five is the way to think about it for next year, and then went on just a few moments ago to say that they're actually looking at 15 gigawatts of power plant at the power plant level for next year.
他们在搞电力设施。
They're doing the power.
他们在搞冷却设备、电气设备。
They're doing the cooling equipment, the electrical equipment.
他们在安装GPU之前就把这些都做好了，基本上就是说，造火箭和造卫星是硬件能力，现在他们正把这些能力转化到AI硬件建设上，这也是他们做得这么快的原因之一。
They're doing all of that before they start installing the GPUs and basically talking about how building rockets and building satellites is a hardware capability that they are now translating over to this AI hardware build out and part of the reason why they're doing it so quickly.
我们了解他们每个Starlink用户每月能赚多少钱吗？
Do we have an understanding as to how much money they make per Starlink subscription per user?
哦，我们有ARPU数据，不过我现在手头没有。
Oh, we have the ARPU numbers, which I don't have right in front of me.
好的。
Okay.
不过，等我一下。
But they Give me a second.
我查一下。
Let me look it up.
对，我们确实有一些数据。星链的利润指标，到第二季度末，用户数已经达到1200万。
But, yes, we have we have some numbers, and they're and the the profit metrics for Starlink, they're up to 12,000,000 subscribers at end of q two.
利润指标也在增长。
Profit metrics grew as well.
他们还提了价。
They've raised prices.
格温·肖特韦尔在电话会议上谈到，他们对星链的不同版本非常乐观，尤其是在政府和商业客户方面，这些客户利润更高。
And Gwen Shotwell on the call talking about just how bullish they are, particularly on the government side and on the enterprise side, which are more profitable customers when it comes to the different variations of Starlink.
不过我先帮你查一下ARPU数据，马上回来。
But let me get you the ARPU number, and I'll be right back to you.
好的。
Yeah.
对。
Yeah.
对。
Yeah.
我就是想问，你对这个季度怎么看？
I'm just what do you what do you make of this quarter?
我的意思是，他们赚钱的那块业务表现不错。
I mean, the the cash the where they make money is doing well.
是的。
Yeah.
这毫无疑问。
There's there's no question.
你看。
Look.
所有业务板块都非常强劲，他们还在谈业务运营的杠杆效应，这就是为什么他们需要加大投入，实际上这些投入最终会带来回报。
All business segments were were very strong, and the they're talking about the operational leverage in their business, which is why they need to spend more, that they actually it will it will pay off.
我只能说，星链这个业务确实主导了收入流。
I would just say that this is a business that Starlink really has dominated the revenue flow.
它占了收入的55%到60%，但故事的核心其实应该是AI的增长。
It's it's, you know, 55, 60% of the revenue, but the story is really supposed to be about the AI growth.
而且你想想估值，估值其实一直是在AI这部分业务上。
And if you think about where the valuation is, the valuation really has been in the AI part of the business.
星链确实厉害，它确实占据了主导地位。
Say what you want about Starlink, and it and it it is it is dominating.
而且他们远远领先于竞争对手。
And it did they are so far ahead of the competition.
问题其实一直回到倍数上，还有埃隆·马斯克那些空洞的套话，很难估值。
The question is really, it's always getting back to multiple here, and it's getting back to platitudinal type statements from Elon Musk that are hard to value.
嗯，这正是我想问摩根的问题。
Well, that's the thing I was gonna ask Morgan as well.
你这是在深挖月球轨道啊。
You're digging through the moon course here.
对。
Yeah.
不。
No.
我明白。
I realized that.
摩根早在SpaceX上市之前就开始关注这家公司了。
Morgan's been covering SpaceX long before it was a publicly traded company.
那么，你怎么看待埃隆·马斯克那种——没有双关的意思——登月式的预测呢？他给特斯拉画的那些大饼，最后都没实现。
And so how do you sort of factor in the Elon Musk, you know, shoot for the moon, no pun intended, kind of forecast that he has given for Tesla that don't come to fruition.
他一直对自己的企业超级乐观。
He has always been super optimistic about his businesses.
所以当他说要发射这个、要在月球上搞计算什么的，如果你是特斯拉的投资者，你肯定会觉得这话得打个大大的折扣。
And so when you say they're gonna launch this and they're gonna have, you know, compute on the moon and all this, You know, if you're a Tesla investor, you're like five grains of salt, you know, here.
但另一方面
On the flip side
说到这个，作为一个报道SpaceX超过十年的人，我想说，如果你到现在还是特斯拉的投资者，却没有关注SpaceX的执行力，那你就是在做空自己的股票，风险自负。因为在我看来，SpaceX的执行力比特斯拉还要强。
of that, and I say this as somebody who's covered SpaceX for more than a decade here, if you were a Tesla investor up until this point and you were not paying attention to the execution that was happening at SpaceX, then you were shorting the stock if you were a bearer at your own risk because on the SpaceX side, more so I'd argue than on the Tesla side.
这不只是埃隆·马斯克的故事，尤其是作为技术专家的马斯克。
And it's not just an Elon Musk, especially the the technologist Elon Musk story.
还有他背后的团队。
It's also the bench.
包括格温·肖特维尔、布雷特·约翰逊，以及SpaceX其他帮助实现愿景的人。
It's the Gwen Shotwell, Brett Johnson, the other folk that he has at SpaceX that help operate and execute on the vision.
他们在航天领域做了很多别人认为不可能的事情。
They have done so many different things on the space side that so many other people have said were impossible.
正因为如此，你必须认真对待SpaceX的所作所为。
And for that reason, you have to take what SpaceX does seriously.
我认为，当谈到硬件以及它将如何推动软件和AI革命时，这一点在特斯拉身上成立，在SpaceX身上甚至更明显。尤其是这两家公司已经在很多方面合作，而且未来无论是否合并，这种合作只会越来越多。
And I think when it comes to hardware and what that's going to mean to enable this software, this AI revolution, And when this is true at Tesla, I'd argue even more more so at SpaceX and especially as the two companies do do a lot of stuff together, and that's gonna just continue to increase whether there's a merger or not.
那个硬件堆栈，以及它如何以更低的成本实现AI的落地，才是值得关注的重点。
That hardware stack and how that's gonna enable the AI realization there at a more cost effective rate is the thing to keep
要记住这一点。
in mind.
摩根，这正是我想问的。
That was my question, Morgan.
这就是各部分的总和。
It's sum of the parts.
如果他们在一年内完成，那就是一家公司。
If they do within the year, it's one company.
各部分的总和是否大于它们各自作为独立公司的价值？
Is the sum of the parts greater than them as individual companies?
是的。
Yes.
我觉得这就是关键所在。
I think that's the play here.
对。
Yes.
是的。
Yes.
而且每个业务都在推动其他业务的发展。
And each of the businesses enables the other businesses.
这就像一个飞轮效应。
It's a flywheel.
摩根，
Morgan,
谢谢。
thank you.
我们明早见。
We'll see you first thing in the morning.
凌晨五点。
5AM.
你今天要忙一整天了。
Long day for you.
漫长
Long
的一天，对摩根来说。
day for Morgan.
得多喝点咖啡。
Lots of coffee.
到时候见。
See you then.
我们请进吉恩·蒙斯特，他现在是深水资产管理公司的管理合伙人。
Let's bring in Gene Munster, now managing partner at Deepwater Asset Management.
吉恩，很高兴你能来。
Gene, good to have you with us.
你觉得这些数字真的重要吗？
Is your do take on the these numbers really matter?
简单回答是，不重要。
The simple answer is they don't.
我觉得摩根说得对，关键是要看这些数字的细节。
I think Morgan hit it just about looking at the kind of the details of the numbers.
这其实是个陷阱。
It's effectively a trap.
原因在于，你需要关注的是大趋势。
And the reason why is that what you need to look at is the big arc.
我们可以看看他关于未来十年为西方互联网提供大部分服务的预期，这就像往期望里加五磅盐一样夸张；或者他们预期云业务从六月底的百亿美元季度营收，到年底增长到千亿美元。
And we can look at kind of his expectations about providing the next decade the majority of the Western Internet and say that that is five pounds of salt you need to add to that expectation or their expectation that they're going to grow the run rate of their cloud business from a $10,000,000,000 quarter business at the end of June to $100,000,000,000 at the end of this year.
我的意思是，这些数字简直离谱。
I mean, just like these crazy numbers.
我觉得市场最初的反应是，这又是埃隆在胡说八道，根本不能当真。
And I think the initial reaction for the market is that this is Elon nonsense talk, that you just can't put any weight into it.
所以，我们得看资本支出数据，他们的指引比预期高了65%。
Therefore, we have to look at the CapEx numbers, which were 65% higher than expected in their guidance.
我认为这些细节之所以是陷阱，是因为大趋势是无可否认的。
And I think the reason why those details are a trap is because the big picture is undeniable.
而且，这根本不是一个拼凑业务的模式。
And that is, this is not a sum of the parts business.
这是一家AI公司。
This is an AI company.
这不是马斯克在吹牛。
And that's not Elon talk.
这是他们正在打造的东西。
That's what they're building.
如果你看看他们投入的实质内容和增长速度，这家公司正处于一个十年转型的早期阶段。
And if you look at the substance of what they're putting in and the pace of growth, this company is very early on what's gonna be a decade shift.
综合来看，我是投资者，Deepwater也是投资者。
And when I put all this together, I'm an investor, Deepwater, we're an investor.
这完全具备成为全球最有价值公司的所有条件。
This is has all the makings to be the world's most valuable company.
这听起来又像是马斯克在吹牛，但看看整个发展轨迹就知道了。
And that sounds again like Elon talk, but just look at the arc of what's going on.
所以，虽然除了那个资本支出数字之外，没有太多新的实质内容，这确实让人担忧，但我觉得大方向是无可否认的。
So while there's not a ton of new substance beyond that CapEx number, is concerning, I think the big picture is undeniable.
这根本就是一家人工智能公司，而且是从零开始、垂直整合的第一家AI公司。
This is just simply an AI company that is doing it from a ground up first vertical integrated AI company.
我认为这种策略会带来更快的创新和更高的估值。
And I think that that approach is going to yield faster innovation and a higher valuation.
嘿，Gene。
Hey, Gene.
摩根刚才说他们计划建设15吉瓦的计算能力，我知道每吉瓦大概要花400到500亿美元。
I think Morgan just said that they have designs on building out 15 gigawatts of compute, and I I think we know that's about 40 to $50,000,000,000 a gigawatt.
那你觉得这听起来怎么样？你怎么看？
So, you know, what what does that like, how do you think about that?
对吧？
Right?
所以，我们谈的是6000亿美元，而现在市场或者投资者对他们刚公布的资本支出数字并不满意。
So we're we're talking $600,000,000,000, and and markets right now or investors are not happy about that CapEx number they just put out there.
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那么，这是故事的一部分吗？
So, mean, is this part of the story?
我知道，显然你在IPO之前就已经投资了。
I know, obviously, you've been invested pre IPO.
你听到这种数字的时候，是觉得合理，还是觉得完全是胡说八道？
Those sorts of numbers when you hear that sort of stuff or do you think it's just crazy talk?
说实话，这比我预想的要大得多。
I mean, they're much bigger than what I thought.
我本来希望数字能更高一些。
I was hoping they would be higher numbers.
不过，这个数字高很多，但我能接受，因为他们的CFO布雷特提到了一点，就是他们大部分资本支出的投资回报，主要来自AI业务、前XAI业务和云业务。
I mean, these are much higher, but I'm okay with that because of one of the comments from Brett, their CFO, when he talked about the return on investment on at least the majority of their CapEx is going to be with the AI business, the former XAI business, the cloud business.
他们说资本回报率，也就是投资回报周期，是一年就能回本。
They say the return on capital, the return on investment is a one year payback period.
实际上，这个业务简直就是在印钱。
I mean, effectively, this has this business has an opportunity to print money.
这些业务之所以增长这么快，是因为推理才刚刚开始发挥更大的影响力。
And the reason why that this these businesses are growing so fast is we're just at the early stage of inference starting to become more impactful.
所以，丹，我的简单看法是，我对这些资本支出没意见。
So, Dan, my simple take is I'm okay with all this CapEx.
我仍然不明白，为什么市场对这些资本支出这么不满。
I'm still confused at why the market is so frustrated with this CapEx.
他们觉得这些钱会一直投下去，永远不会有回报。
They believe it's just going to spend into perpetuity and there won't be a return on it.
但最终，回报是会有的。
But ultimately, there will be.
我再补充一点。
And I'll just throw out one other caveat.
埃隆提到的Grok 5，今年年底就会推出，基本上会用SpaceX所有的工程数据来训练。
What Elon talked about with Grok five, which is gonna be out by the end of this year, basically training on all of SpaceX's engineering data.
这有可能让Grok成为最优秀的工程师。
That has the potential to make Grok the best engineer.
这是人工智能领域最强大的机会。
That is the most powerful opportunity within AI.
所以Anthropic已经没戏了。
That's why Anthropic is done.
这也是OpenAI转向企业市场的原因。
That's why OpenAI has pivoted to Enterprise.
所以他们收购了Cursor。
That's why they bought Cursor.
目前，Grok大概只能排到第六或第七名。
Right now, Grok is kind of like a sixth or seventh best model.
但到今年年底，它完全有可能成为最优秀的企业级模型。
There is on the card right now a potential that this could be clearly the best enterprise model by the end of the year.
再结合他们在基础设施方面的布局，就能看到一个围绕AI的增长机会，我觉得这真的会撼动AI领域的领导格局。
And when you put that in combination with what they're doing on the infrastructure side, you can see a growth opportunity around AI that I think is is gonna really kinda shake up the leadership board when it comes to AI.
Jean，很高兴听到你的看法。
Jean, great to get your take on this.
谢谢。
Thank you.
谢谢。
Thank you.
Deepwater。
Deepwater.
接下来，关注芯片制造商，AMD在财报后股价上涨，电话会议上的细节，以及这对AI交易健康状况的启示。
Coming up, a check on chipmakers with AMD on the move after earnings, the details from the conference call, and what it says about the health of the AI trade.
另外，深入分析卡特彼勒的业绩，是什么推动了今天的涨幅？
Plus, digging into Caterpillar results, what propelled today's gains?
我们马上揭晓。
We'll find out.
别走开，他两分钟后回来。
Do not go anywhere fast when he's back in two.
是什么让你有信心去做一件从未有人做过的事？
What made you confident that you could do something that hadn't been done before?
我不怕失败。
I have no fear of failure.
开拓创新的女性正在改变游戏规则。
Trailblazing women changing the game.
我最喜欢的一条建议是：想想你老板的老板需要什么。
One of my favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多种不同的形式。
Leadership can look in many, many different forms.
归根结底还是要相信自己。
It really does come down to just trusting yourself.
人生短暂，
Life is short, and
你必须敢想才能做成大事。
you just gotta think big to accomplish big things.
朱莉娅·博森主持CNBC的《变革者与权力人物》节目。
Julia Borson hosts CNBC Changemakers and Power Players.
每周二都有新集，在你收听播客的地方就能找到。
New episodes every Tuesday wherever you get your podcasts.
欢迎回到《快钱》节目。
Welcome back to Fast Money.
我们刚收到关于OpenAI模型出现新的网络安全事件的突发消息。
We've got breaking news on new cyber incidents with OpenAI models.
麦肯齐·塞加利斯带来了详细报道。
Mackenzie Segalis has got the details.
麦肯齐？
Mac?
简单来说，OpenAI披露了另外两起事件，其模型突破了网络安全测试的边界，进入了公共互联网，其中一起案例中，一个模型还利用了一个网站。
Simple, OpenAI is disclosing two more incidents in which its models crossed the boundaries of cybersecurity tests and reached the public Internet, including one case where a model exploited a website.
这些事件发生在夺旗演练中，当时正常的安全防护措施被移除了。
Now the incidents happened during capture the flag exercises with normal safeguards removed.
OpenEye表示，这些情况并不反映其公开产品的实际状态。
OpenEye says those conditions do not reflect its publicly available products.
其中一项测试实际上是由英国政府进行的，还涉及了Anthropic公司的Claude Methos 5。
Now one of the tests was actually run by the UK government and also involved Anthropics' Claude Methos five.
监管机构表示，这两家公司的模型在被故意赋予互联网访问权限后，都进行了持续且可能有害的活动，涉及真实的人和机构。
Regulators say that both companies' models engaged in sustained, potentially harmful activity involving real people and organizations after they were deliberately given Internet access.
在OpenAI的案例中，GPT 5.6单独使用并暴露了GitHub凭证，创建了外部账户，然后短暂地将恶意代码发布到了网上。
In the case of OpenAI, GPT 5.6 sole use and exposed GitHub credential, created outside accounts, and then briefly made malicious code available online.
不过那次尝试失败了，官员们没有发现任何真实系统访问过它。
Now that attempt failed and officials found no evidence any real system accessed it.
然后在另一项测试中，一个OpenAI模型利用了一个真实的网站。
And then in a separate test, an OpenAI model exploited a real website.
评估人员表示，任何影响似乎都仅限于那个网站，而且关键的是，这两起事件都没有涉及模型逃离安全环境，这使得它们比之前的Hugging Face漏洞事件严重程度更低——在那次事件中，OpenAI表示其模型利用一个先前未知的漏洞突破了受限测试环境。
The evaluator says that any impact appears limited to that site, and, crucially, neither incident involved a model escaping a secure environment that makes them less severe than the earlier hugging face breach where OpenAI says its models broke out of a restricted test environment using a previously unknown vulnerability.
梅尔？
Mel?
麦克，谢谢。
Mac, thanks.
麦肯齐·塞加洛斯。
Mackenzie Segalos.
我们来关注一下AMD的财报预警。
Let's get to an earnings alert on AMD.
尽管这家芯片制造商的营收和利润都超出了预期，股价却仍在下跌。
Shares are dropping even after the chipmaker beat sales and earnings estimates.
他说数据中心收入翻了一番。
He said data center revenues doubled.
电话会议正在进行中。
Conference call's underway.
克里斯蒂娜·帕顿·内维尔斯带来了更多细节。
Christina Parton Nevels is here with some details.
克里斯蒂娜？
Christina?
本，我刚才在听，当表现好还不够好时，AMD交出了创纪录的业绩。
Ben, I was just listening, when good is just not good enough, AMD delivered record earnings.
正如你提到的，营收增长了50%，主要靠数据中心拉动。
As you pointed out, revenue up 50% powered by data centers.
而且CEO Lisa Sue甚至在电话会议上透露，下半年数据中心销售额还会加速增长。
And CEO Lisa Sue even teasing more on the call saying data center sales should accelerate in the back half of the year.
她预计到2027年，数据中心业务收入将同比增长超过一倍。
She expects data center segment revenue specifically to more than double year over year in 2027.
不过，股价在财报发布前上涨了7%之后，还是受到了打击。
The stock though got hit after climbing 7% into the print.
问题在于，业绩只是略高于市场预期，而且利润率预计不会改善，维持在56%的水平，因为要加大MI450 GPU芯片以及配套机架的产能，成本更高了。
The overhang, the guy just came in only a touch above what the street wanted, and margins aren't expected to improve from here, staying at 56% sequentially given the higher cost to ramp up those m I four fifty GPU chips as well as the racks that go with them.
还有支出方面的问题。
Then there's the spending.
资本支出达到了约8.08亿美元，几乎是预期的三倍。
CapEx hit roughly $808,000,000, nearly three times the estimate.
这或许意味着，投资者希望看到AI投入能转化为实际收入。
The read through maybe is that investors want proof that AI spending is turning into revenue.
话虽如此，AMD 是一家非常出色的芯片制造商，所以这次上涨可能只是暂时的，而且可以肯定的是，这一定会成为电话会议上的讨论焦点。
That said, AMD is a fabulous, chip maker, so the jump is likely a one off, and you can bet it definitely comes up on the call.
提问环节才刚刚开始。
The questions just started now.
CEO 承诺每年都会推出新款 AI 机架，并且还提到了下一代芯片。
The CEO did pledge a new AI rack every year and talked up the next chip.
所以，就在大约二十分钟前，MI 500 这款产品对股价起到了提振作用。
So this was a what helped the stock, just within the last twenty minutes or so, the m I 500.
她表示客户兴趣浓厚，并称这将是公司历史上最大的一次代际飞跃，这是为了在四年内将 AI 性能提升超过两千倍而做出的努力的一部分。
She called customer interest strong and said it would be the biggest generational drum jump in the company's history, part of a push to really lift AI performance more than, quote, 2,000 times in four years.
所以总的来说，本季度业绩强劲，但考虑到该股今年迄今已上涨约 140%，而 SMH 仅上涨 60%，市场在财报发布前的预期自然非常高。
So bottom line, strong quarter, but against the stock that's up at whatever a 140% year to date versus the SMH at just 60% expectations were definitely high, of course, going into the print.
关于该季度的更多信息，我们将在东部时间上午 9 点独家专访 CEO 苏姿丰。
And for more on that quarter, we will have, 9AM eastern, an exclusive interview with CEO Lisa Su.
好的，克里斯蒂娜，如果我理解错了，你就像大多数人一样纠正我，但我看到资本支出几乎是市场预期的三倍。
Alright, Christina, if I got this wrong, just correct me like most people will, but I saw capex almost triple what the street was expecting.
你刚才在听吗？
Were you listening?
对。
Yeah.
是的。
Yeah.
抱歉，想让我读一下。
That is Sorry, try to get me to read.
不，不，但对我来说，一家看起来不像其他公司那样需要资本支出的公司，这个数字太惊人了。
No, no, but that to me is staggering for a company that doesn't seem to need capex in the way some of these other companies do.
所以这很可能是一次性的。
So that's why it could be a one off.
所以我百分之百确定这会在电话会议上被问到，因为就在刚才，梅丽莎还在和斯泰西·拉斯冈聊，我立马就给她发了邮件，问她看到这个数字了吗？
And so I'm a 100% sure it's gonna be asked on the call because immediately, Melissa was speaking to Stacy Rasgon in the last hour, so I immediately emailed him afterwards, did you see this number?
他说这肯定是一次性的，因为这个问题肯定会被提出来。
And he said that it's gotta be a one off because it's gonna come up.
这种情况非常罕见。
It's very rare.
但这可能也说明，我们不再奖励那些大手笔花钱的人了。
But this could also point to we're not rewarding spenders anymore.
对吧？
Right?
就在上周，我们还在讨论，一些资本支出数字确实影响了那些超大规模云服务商。
Which would just last week, we were talking about that, you know, some of the CapEx numbers really affected the hyperscalers.
现在看起来，AMD也卷进来了，而且我敢肯定英伟达也一样。
Now it seems like AMD's in the mix, and and I'm sure NVIDIA too.
那么，股价会不会也出现同样的反应呢？
So is that gonna be the same reaction in that stock price?
对。
Mhmm.
但这是个好观点。
But good point.
你对这个季度怎么看？
What do you make in the quarter?
我跟你说，对于一个本应增长超过50%的公司来说，这表现实在不够好。
Well, I I tell you, for a company that is supposed to be growing, you know, north of 50%, this just wasn't good enough.
我觉得这不过是市场在财报公布前从4点20分、4点30分左右开始交易的结果。
I just think this is a function of trading from 04:20, 04:30 into the print.
我猜这并不代表半导体板块会迎来新一轮抛售。
My guess is this is not indicative of a now new wave of selling across semis.
我认为这家公司之前的股价已经被定价到完美状态了。
I think this is a case where the company was priced to perfection.
我觉得Lisa Su说的关于MI450的进展，以及那三四个关键客户的情况，基本上都还是没变的。
I think everything that Lisa Sue said about where they are with MI450s and again, those three or four key clients are very much intact.
归根结底，如果你认为算力需求会持续存在，而且这些公司有能力为此买单，那AMD看起来还是值得关注的。
It gets back to if you think that compute power is something that that demand stays and that these guys can pay for it, then AMD still looks interesting.
我后来看到一篇分析师的标题，写的是‘稳健但不出彩’。”
Solid but unspectacular was one analyst headline that I saw after.
其实吧，你知道，像这种公司，通常资本支出只占营收的2%左右。
It's a good I mean, you know, typically companies like this, I think 2% of revenue is like CapEx.
而这次，就像我说的，是平时的三到四倍。
This is, as I said, three, four times.
那他们是不是在改变公司的基本结构呢？
So are they changing the fundamental makeup of the company?
我觉得克里斯蒂娜说过，这只是个一次性事件。
I think that's something that Christina said is one off.
我愿意相信他们的话，而且克里斯汀——
I'll take them at their word, and Christine
嗯，我——
Well, I
还不确定。
don't know yet.
我猜这大概是基于——
I'm guessing it's based off of
说到
speaking
一个
to an
因为如果这是个变化，那确实值得关注。
because if this is a change, then it's something to actually take a look at.
对。
Yeah.
有点奇怪。
There's something sort of funky.
你说营收增长很大，但利润率却保持不变。
You're talking about an increase of revenue pretty big, but yet margins staying the same.
56%。
56%.
对吧？
Right?
现在我们知道，这些产品的部分成本是……
Now we know that some of the cost of goods going into those products are there's there's
成本在上升。
They're going higher.
确实在上升。
There's higher.
但你仍然会认为，应该会有一些额外的杠杆效应，能让利润率更高一些。
But you would still think there would be some additional leverage, something that would get higher margins.
所以我不太清楚到底是怎么回事。
So I I don't know what's going on.
资本支出，我不知道它是计入销售成本还是单独核算。
How CapEx, I don't know if that goes into cost of goods sold or that's account.
我在想，季度毛利率56%是不是因为真正的增长还在后面。
I wonder what gross margins for the quarter that, 56% just has to do with the ramp really coming after that.
所以，产品量产带来的规模效应等好处可能还没体现出来，而且制造这些巨大的Helios机架成本依然很高。
So maybe the benefits of ramping a product, economies of scale, etcetera, are not gonna be felt, and it's still very expensive to make these Helios racks, which are massive.
是的。
Yeah.
我不知道为什么非得做这些。
I don't know why I have to do these.
你，你，你
You You're You
在比划。
are miming.
我被撞到了。
I was hit.
横跨机架。
Spanning the racks.
之前到过屋顶。
To the roof before.
不。
No.
完全不是。
Not at all.
我现在可神气了。
I'm being big.
克里斯蒂娜。
Christina.
克里斯蒂娜，那不勒斯的一些地方。
Christina, parts of Naples.
后面还有更精彩的内容。
There's a lot more fascinating to come.
接下来是这些。
Here's what's coming up next.
卡特彼勒的土方工程热潮。
Caterpillar's earth moving surge.
这家工业巨头因业绩井喷而股价上涨，以及人工智能的建设能否让推土机继续轰鸣。
The blowout earnings driving the industrial giant higher, and whether the AI build out can keep the bulldozers rolling.
另外，还有一件难以下咽的事。
Plus, a tough pill to swallow.
投资者并不买账诺和诺德的乐观展望，现在该如何评估减肥药市场的竞争格局。
Investors aren't buying Novo Nordisk's upbeat outlook, and how to size up the weight loss drug competition now.
您现在收看的是《快钱》节目，我们在时代广场纳斯达克市场现场直播。
You're watching Fast Money live from the Nasdaq market side in Times Square.
广告之后马上回来。
We're back right after this.
是什么让你有信心去做一件从未有人做过的事？
What made you confident that you could do something that hadn't been done before?
我不怕失败。
I have no fear of failure.
开拓创新的女性正在改变游戏规则。
Trailblazing women changing the game.
其中一位
One of
我最喜欢的一条建议是，想想你老板的老板需要什么。
my favorite pieces of advice, think about what your boss's boss needs.
领导力可以有多种多样的表现形式。
Leadership can look in many, many different forms.
归根结底，还是要相信自己。
It really does come down to just trusting yourself.
人生苦短，
Life is short, and
你得敢想才能做成大事。
you just gotta think big to accomplish big things.
朱莉娅·博森主持CNBC的《变革者与权力玩家》节目。
Julia Borson hosts CNBC Change makers and power players.
每周二新一集上线，你可以在任何播客平台收听。
New episodes every Tuesday wherever you get your podcasts.
现场气氛轻松愉快。
All fun and games here on set.
欢迎回到《快钱》节目。
Welcome back to fast money.
股市连续第四天上涨。
Stocks surging for a fourth straight day.
道琼斯指数上涨900点，收盘创下历史新高。
The Dow adding 900 points to close at records.
标普500指数上涨近2%，首次收于7700点以上，纳斯达克指数飙升2.5%。
The S and P rising nearly 2% for its first close above 7,700, and the Nasdaq surging two and a half percent.
卡特彼勒股价盘中一度上涨超过12%，这家工业巨头最新季度盈利超出预期，并上调了全年营收指引。
Caterpillar propping more than 12% at its highs of the day after the industrial giant beat profit estimates for its latest quarter and raised revenue guidance for the year.
该公司因数据中心建设需求强劲而受益。
The company is seeing strong demand from the data center build out.
盘后还有更多消息：Arista因AI数据中心需求强劲，业绩和指引远超预期而大涨。
And some more after hours action to bring you Arista soaring on strong results and guidance that blew past estimates thanks to AI data center demand.
永利度假村股价上涨，这家赌场运营商在美国和澳门均表现强劲；Booking Holdings因业绩好于预期而走高；Pinterest股价下跌，尽管营收和利润均超预期，但营收指引低于预期。
Wynn Resorts jumping up the casino operator reported strength in both The US and Macau, booking holdings higher on better than expected results, and Pinterest shares lower despite top and bottom line beats, revenue guidance lighter than expected.
顺便说一下，大家可以在《疯狂金钱》节目上看到Pinterest的CEO比尔·雷迪。
By the way, can catch Pinterest CEO Bill Ready on Mad Money.
就在今晚东部时间下午6点，CNBC频道播出。
That is tonight, 6PM eastern time, right here on CNBC.
你想交易卡特彼勒吗？
You wanna trade Caterpillar?
嗯，是的。
Well, yes.
卡特彼勒，我们反复看到同样的情况。
Caterpillar, we've seen the same thing over and over.
这次轮到卡特彼勒了。
This time it's Caterpillar.
之前有GE Vernova、联合租赁、广达服务、伊顿等等。
It was, you know, GE Vernova, and it was United Rentals, and Quanta Services, and Eaton, and all of that.
同样的交易模式反复出现。
It's the same trade over and over.
不过需求依然非常强劲。
Still, very strong demand.
需求确实强劲，但首先，这一季度业绩很好，可你看看过去一个半月里股价的下跌幅度。
Strong demand, but first of it's a great quarter, but look at the sell off the stock has had over the last month, and a half.
这是Bloom Energy，我们之前也见过类似的情况。所以没错，今天因为出色的季度业绩股价大幅反弹，但如果你把它放在一个半月前的背景下来看，这不过是屏幕上一个小波动而已。
It's Bloom Energy, we've seen similar, so yes, it was a significant bounce today off a great quarter, but if you look at it in the context of where it was a month and a half ago, it looks like a blip on the screen.
接下来，
Coming up,
大型制药公司方面。
for big pharma.
目前的财报对行业健康状况发出了什么信号？
What earnings so far signaling about the health of the sector
以及礼来公司明天能否带来一剂重磅利好消息？
and whether Eli Lilly can deliver a big dose of good news tomorrow?
《Fast Money》稍后回来，敬请期待。
Fast Money's back right after this.
欢迎回到《快钱》节目。
Welcome back up, to Fast Money.
诺和诺德提前发布第二季度业绩后，股价下跌了6%。
Novo Nordisk dropping 6% after releasing second quarter results ahead of schedule.
营收和利润均超预期，销售前景也有所改善，但Wegovy口服药的收入低于预期。
Top and bottom line beats and improving sales outlook, but lighter than expected revenues on the Wegovy pill.
为了深入探讨这其中的影响，我们请来了Portal Innovations的创始人兼首席执行官约翰·弗拉文。
For more on the implications, let's bring in Portal Innovations founder and CEO, John Flavin.
约翰，很高兴你能来。
John, great to have you with us.
我想知道你对这个季度的看法，但总的来说，诺和诺德——我是说，它的Wegovy口服药是历史上最成功的药物上市之一，然而它却没有得到应有的认可。
You know, I'm I'm wondering what your take on on the quarter is, but Novo Nordisk in general, I mean, it's it's had one of the most successful drug launches in history with the Megovy pill, and yet it doesn't get any credit.
对，而且更深入地说，我仔细看了这款药的上市情况，从医生那里听到的反馈是，他们更倾向于开口服药，因为它比注射剂便宜。
Yeah, and even deeper than that, as I look at the launch in greater detail, anecdotally hearing from physicians a preference for the pill, it's cheaper than a shot.
医生们确实喜欢Wegovy这个品牌，所以在开处方时往往会优先选择它。
The physicians do like the brand of Wegovy, and so they tend to favor it when prescribing.
而且，跟最近礼来推出的FOUNDAYO相比，诺和诺德的增长势头相当强劲。
And also the notion when compared to the recent launch of Foundayo, the Lilly's drug, it looks like the pace of growth by Novo is quite substantial.
目前他们以二比一的优势领先这场竞赛。
It's they're winning a race at two to one at this stage.
虽然他们起步更早，但Wegovy药片和注射剂的分子相同，而FOUNDAYO药片和Zepbound的分子不同。
Now they had an earlier head start, but the molecule in the pill for Wegovy is the same as in the shot, whereas with the pill for, FOUNDAYO, it's a different molecule than Zepbound.
我听说这个细微差别正在成为一个影响因素。
And so I'm hearing that little nuance as being a factor.
所以从华尔街的角度来看，这完全是另一回事了。
So for the appreciation from the Street perspective, it's a whole different story, of course.
大家都在期待明天礼来的财报，想从中找到更多关于他们药片推广进展的线索。
And everybody's anticipating what Lilly's earnings look like tomorrow to get more clues around how their pill rollout is going.
约翰，如果肥胖不是重点考虑项，只谈糖尿病的话，我们看待这家公司的方式会不同吗？
John, if obesity wasn't a term on the line item, if you're just talking about diabetes, would we look into this company differently?
因为他们的糖尿病业务非常出色。
Because their diabetes business is spectacular.
是的，
Yeah,
我仍然觉得诺和诺德被低估了。
again, I continue to feel that Novo is undervalued.
我的意思是，他们在错误的时间遇到了一些挫折。
I mean, there's been setbacks at the wrong time.
当然，他们最近的心血管三期临床试验失败了，这确实令人失望，但更多是表面上的失望。
So of course, they had the recent, cardio, late stage phase three trial failure, which was a disappointment, but it was more of an optical disappointment.
当然，这会有财务影响，但并不是分析师未来模型中的关键部分。
Certainly, it would have had financial impact, but was not really, a major piece of analyst models going forward.
所以，这更多是表面上的挫折，似乎影响了他们的估值，而相比之下，礼来在规模上完全朝着相反的方向发展。
So it's more of the optical setback that they seem to have associated with their valuation when compared and contrast to Lilly, which goes in completely the opposite direction with regards to their scale.
我认为市场真正关注的是礼来未来的实力和规模。
And I think that's really what the street is looking at is, it's more the forward looking strength and scale of Lilly.
然后他们把这一点与诺和诺德的多元化战略进行对比。
And they match that up with, what is the diversification strategy at Novo?
那进展如何？
How is that going?
但从核心业务的执行来看，诺和诺德做得不错。
But from the standpoint of execution around the core business, Novo has done a nice job.
嘿，约翰。
Hey, John.
对，我也想提一下心血管方面。
So, yeah, I wanted to bring up cardiovascular too.
作为股东，我几乎觉得我们好像没有那块业务似的。
And as a shareholder, I almost feel like we didn't even had that business.
所以这又回到了同一个问题——我们是否需要担心糖尿病和肥胖症之外的多元化？
And so this is again, it's a part of the same question, but do we need to worry about diversity beyond diabetes and obesity?
毕竟，你谈论的是市场上的主导者。
Again, when you're talking about the dominant player out there.
是的。
Yeah.
再说，我看了一下核心业务，我仍然觉得它被低估了。
Again, I I I look at it and just if you look at the core business, I still believe it's it's being undervalued.
你知道，到了礼来这种规模，多元化就变得至关重要了。
You know, when you get to Lilly's scale, diversification becomes critical.
他们的收购策略就说明了这一点。
Their acquisition strategy tells that story.
公司越大，需要喂饱它的东西就越多。
The bigger the beast gets, the more you got to feed it.
所以我认为他们有这个负担，当然，他们在这方面执行得不错。
And so I think they have that burden, if you will, and are executing well against it, of course.
但我认为，随着时间的推移，这会影响他们维持这种规模和万亿美元估值的能力。
But I think over time, that will play out with regards to their ability to keep that scale and keep that trillion dollar valuation.
其他所有人都在想办法如何进入这个领域。
Everybody else is trying to figure out how do they get in the game.
最近关于百时美施贵宝和阿斯利康合并的传闻，就暗示了其他公司为了扩大规模在做什么。
The recent merger rumor around Bristol and AstraZeneca is a clue toward what are other companies doing to get to scale.
约翰，我是凯伦。
John, it's Karen.
谢谢你参加节目。
Thanks for being on.
我是诺和诺德的长期持有者，挺难过的。
I'm a I'm a sad Novo holder for a long time.
我在想，看看这些财报，再想想明天礼来要公布的数据，如果礼来报得好，诺和诺德股价会跌。
I'm wondering so looking at these earnings and then thinking about what Lilly reports tomorrow, I'm wondering if Lilly reports something good, Novo will trade down.
如果礼来报得不太好，诺和诺德股价还是会跌。
And if Lilly reports something not so good, Novo trades down.
你觉得这种情况很可能发生吗？
Would you agree that that is likely to happen?
是的。
Yeah.
我的意思是，我，我，我会的。
I mean, I I I will.
我同意这一点，但这并没有改变我对这种我认为已经持续了相当长时间的脱节的看法或观点。
I will agree to that, but it doesn't change my outlook or view toward this disconnect that I think has been going on for quite a while.
如果你要给核心业务估值，我认为市场对诺和诺德在其领导下所取得的成就，以及他前瞻性的执行计划，没有给予足够的尊重。
If you want to value the core business, I think that there's not enough respect going to what Novo has been able to achieve you know, under their leadership with and his, you know, forward looking execution around the plan.
那么，明天市场会反映这一点吗？
Now, will that play out in the market tomorrow?
是的，可能更倾向于你说的那种情况，但我相信随着时间的推移，市场会认可他们在口服药推广方面的执行力。
Yeah, it's probably more likely the story that you're telling, but I would have to believe that over time there's going to be some recognition for the execution around the rollout of the pill.
当然，关于下一代产品存在争议，比如礼来在GGG方面的更新与Kagresema的比较。
There's certainly debate around what's happening in the next generation, of course, with Lilly, their update on their GGG compared to Kagresema.
还有关于管线前景的争议，比如诺和诺德在Wegovy口服药之外继续增长的能力。
There's debates around what does the pipeline look like as you look at Novo's capacity to continue to grow beyond the Wegovy pill, for example.
我认为这正是目前大家关注的焦点。
That's where I think a lot of attention is being paid right now.
谢谢你，约翰。
You, John.
很高兴见到你。
Good to see you.
这是我的荣幸。
My pleasure.
约翰·弗拉文。
John Flavin.
而且不仅仅是管线，肥胖症管线。
And it's not just a pipeline, the obesity pipeline.
我的意思是，我认为大家觉得礼来的肥胖症管线更优越，因为它有retreotide对比cacrosam，就像约翰提到的，而且除了肥胖症，其他领域的管线也更优越。
I mean, I think that there's a perception that Lilly's obesity pipeline is superior because it's got a retreotide versus cacrosam, as John had mentioned, but also the outside pipeline, outside of obesity, it is also superior.
那你为什么还持有诺和诺德？
So why do you hold on to Novo?
因为我觉得从估值来看，现在它是个更有意思的故事。
Because I just think on valuation, it's a much more interesting story at this point.
想想市场情绪。
Think sentiment.
我还觉得，管理层的人员变动挺大的。
I also just think you've got you've had a lot of management turnover.
而且管理层的沟通一直很差。
There's been a very poor communication from management.
我认为管理团队被严重低估了，这里面有机会，因为说到底，我们还没看到团队有什么实质性的变化。
I think the management team discounted heavily, and I think there's an opportunity there because I think ultimately we still haven't really seen the change in the team.
对。
Mhmm.
同意。
Agreed.
就是估值的问题。
Just valuation.
是的。
Yep.
接下来，麦当劳的财报虽然小幅超预期，但结果好坏参半，让投资者还想知道更多答案。另外，其他消费领域的风向标公司今天也有动作。快钱节目马上回来。
Coming up, a bite sized earnings beat the mixed results out of McDonald's leaving investors hungry for more answers, and the other consumer bellwethers making moves today when fast money returns.
欢迎回到《快钱》节目。
Welcome back to Fast Money.
今天有几只消费类股票引起了我们的注意。
A couple consumer facing stocks catching our eye today.
首先是麦当劳，今早公布喜忧参半的业绩后，收盘上涨了1%。
First, McDonald's ending the day up a percent after reporting mixed results this morning.
该公司宣布了美国业务的新负责人，而该业务客流量出现了下滑。
The company announcing a new head for its US business, which saw a drop in foot traffic.
这家汉堡连锁店的股价今年已下跌超过12%。
Shares of the burger chain down more than 12% this year.
你怎么看这些业绩？
What do you make of the results?
我觉得，从很多方面来看，可能还是有一些令人鼓舞的地方。
I mean, in many ways, like, there's probably some encouraging stuff there.
当然，这并不能说明低端消费者目前状况很好，但你知道，他们给出的一些解释是，与《我的世界》活动相比，基数较高。
I mean, it doesn't speak that well for a lower end consumer right now, but, you know, some of the kind of explanations that they gave is tough comps versus a Minecraft campaign
去年。
last year.
而且，今年世界杯的表现也不太好。
And then, you know, World Cup didn't do that well this year.
虽然他们推了一些优惠活动，但大额消费项目似乎更多，同店销售额却下降了。
It looked like there were bigger ticket items despite them pushing some of the value stuff, but comps were lower.
客流量也减少了。
Traffic was lower.
所以，这只股票感觉像是在尝试筑底。
So again, this stock actually feels like it's trying to make a bottom.
我觉得在财报发布前，市场预期本来就不高。
I don't think expectations were particularly high heading into the print.
看来执行不力是本季度的一个大问题。
Seems like miss mis execution was a big problem, for the quarter.
这家公司平时很少被指责这方面，尤其是在价格战和碾压竞争对手的时候。
Well, it it it's a company that is not often accused of that, especially when it comes to price wars and then blowing the competition out of the water.
而且看起来，那个‘鬼脸’倒是带来了
And apparently, the Grimace, though, has got
一些消息。
some news.
鬼脸。
Grimace.
欧洲的‘鬼脸’是国际销售的一大推动力。
The Grimace in Europe was a big driver of international sale.
确实有‘鬼脸’这回事。
There is Grimace.
对。
Yeah.
就是说，那个就是‘鬼脸’。
Mean That is Grimace.
看起来
Looks the
这个‘鬼脸’剃须刀还挺有意思的。
it's The Grimace shaver is something.
你看，所有东西都是紫色的。
See, all the things are purple.
我们其实做了些研究。
We did some research, actually.
应该说，是诺和诺德那帮厉害的研究人员做的，因为我问过，你知道，‘鬼脸’到底是什么？
I should say the crack staff at Novo Nordisk because I said, you know, what is Grimace?
对。
Right.
据说‘鬼脸’是一个紫色的味蕾。
Grimace apparently is a purple taste bud.
一个紫色的味蕾。
A purple taste bud.
等等。
Wait.
顺便说一下，那就是Grimace的照片。
So that's by the way, that's a picture of the Grimace.
Grimace是一个味觉
Grimace is a vis
面具。
a mask.
那就是Grimace在花旗球场上的样子，当时他成了大都会队打出队史最佳连胜纪录的催化剂。
That's the Grimace on the field at Citi Field when he was the catalyst to the Mets going on one of the best all time tears in their history.
我只是，你知道，我对Grimace有特别的感情。
And I just, you know, I I have a special place for the Grimace.
幸运。
Lucky.
我会永远喜欢Grimace。
I always will love the Grimace.
幸运的味道。
A lucky taste.
老兄，你喜欢玛丽·麦芝士，对吧？
Guy, you love Mary McCheeze, don't you?
当然，汉堡神偷是我最
Of course I The Hamburglar is one of
喜欢的角色之一。
my own favorites.
怎么样？
How about that?
我有个关于麦当劳的精彩故事，但可能不方便在这里讲。
I have a great McDonald's story that I probably can't tell here.
你大概不会
You probably don't
我就说一句。
I will say this.
那故事还挺有意思的。
It was good enough.
利润率方面，他们给出的下半年利润率指引，其实并没有市场预期的那么令人失望。
The margins, they basically, the guidance for the rest of the year on margins was not as disappointing as I think the street was looking at.
我觉得现在的估值还算合理。
I think valuation is reasonable here.
这只股票应该会反弹。
The stock should bounce, I think.
接下来，迪士尼的下一步动作。
Coming up, Disney's next act.
这家媒体巨头明天早上发布财报，我们来看看会有什么结果，以及这些业绩能否给这只低迷的股票带来一些魔力。
What to expect when the media giant reports tomorrow morning and whether results can bring some magic back to the struggling stock.
更多《快钱》内容，两分钟后回来。
More Fast Money in two.
欢迎回到《快钱》。
Welcome back to Fast Money.
迪士尼明天早上就要发布财报。
Disney on deck to report earnings tomorrow morning.
这是CEO乔什·达梅罗上任后的第二份财报。
The second report under CEO Josh D'Amero.
投资者将关注公司流媒体业务的增长，以及从乐园部门获取的消费者相关信号。
Investors will be watching growth in the company's streaming business as well as for any reads on the consumer from its parks division.
迪士尼股价自上次财报以来下跌了3%，今年累计下跌近14%。
Disney shares down 3% since the last report, nearly 14% this year.
你想从迪士尼听到什么？
What do you wanna hear from Disney?
我想听到直接面向消费者业务实现更多盈利，因为那才是他们最终能获得回报的地方。
I wanna hear more profitability in the DTC business because that's ultimately what they're gonna be paid for.
实际上，过去几个季度，这块业务的表现一直超出预期。
That's something that I I I think has actually outperformed expectations over the last multiple quarters.
另外，如果你还记得的话，大约三个季度前，这家公司给出了关于未来四年（至少三年多）极其详细的业绩指引。
This is also a company that if you remember, about three quarters back, they gave us unbelievably detailed guidance about the next four years or three plus years at least.
事实上，有些数字是需要兑现的。
In fact, there's some numbers that need to be held to.
所以我觉得他们的乐园业务没问题。
So, I think their parks business is fine.
我认为这是周期性的。
I think it's cyclical.
可惜的是，我看不到什么催化剂。
And unfortunately, I don't see a catalyst here.
这个流媒体改革——是他们自己说的，不是我的说法——真的有效吗？
Is this streaming overhaul, their words not mine, is it actually working?
对吧？
Right?
因为必须重新点燃用户增长，而他们还没做到。如果奈飞是个参考的话，我很难相信迪士尼能真正达到大家期待的指标。
Because it you gotta reignite subscriber growth, which they haven't seen, and if Netflix is any indication, I'm hard pressed to believe Disney's gonna actually beat the metrics that people are looking for.
对。
Yeah.
我同意这个看法。
I agree with that.
不过这个价格也不算离谱。
It's not a crazy price, though.
我是说，我们见过它更贵的时候。
I mean, we've seen it much more expensive.
资产负债表正在慢慢修复。
The balance sheet has slowly getting repaired over time.
但鉴于Netflix的情况，我不太乐观。
But I don't know what given what's happened with Netflix, I I don't I'm not that optimistic.
不会太久。
Not long.
好的。
Alright.
与此同时，我们来看看今天大涨的一些家居用品股。
Meantime, let's get to some home furnishing stocks that that surge today.
Wayfair上涨30%，创下2020年以来最大单日涨幅，此前该公司报告了自疫情以来美国市场最强劲的增长和最佳的自由现金流。
Wayfair, up 30% its best day since 2020 after reporting its strongest US growth and best free cash flow since the pandemic.
RH和威廉姆斯·索诺玛也跟着涨了。
RH and Williams Sonoma coming along for the ride as well.
我想这算是高端市场，所以这些股票现在表现好也不奇怪。
And I guess this is the upper k, so maybe no surprise that, these stocks are working at this point.
利率缓解可能对这方面有点帮助。
Interest rate relief here probably helping to choose this a little bit.
可选消费的某些板块最近涨得很猛。
And certain parts of the discretionary trade have been on fire.
说到火热，说到温暖，显然在威廉姆斯，你知道什么会热起来，盖伊。
I think speaking of fire, speaking of warm, obviously, at William we know what you would be heating up, Guy.
对吧？
Right?
我的意思是，这很明显。
I mean, it's something
那当然。
Well, of course.
你懂的。
You know this.
那是荷兰锅。
It's a Dutch oven.
是荷兰锅。
It's a Dutch oven.
去那儿买就对了。
That's where you go to get them.
那倒不是。
Well, no.
不一定非要去威廉·索诺玛买荷兰锅。
You don't have to go to William Sonoma to have a Dutch oven.
当然可以去，但也不是非去不可。好吧。
I mean, you could, but it's not you don't need Okay.
我们换个话题吧。
Let's depart Well,
从Wayfair这里说，有一点值得注意，就是做空比例，对吧？
from this Wayfair, one thing definitely worth noting, short the short interest here, right?
13.27%。
13.27%.
这个比例相当高。
That that is a big amount.
所以如果有利好消息，而且这确实是实打实的好消息，那就会开始出现一些——我觉得今天的情况多少跟这有关。
So if you get some good news, and this was legitimately good news, then you can start to see some I have to think that's part of what happened today.
但这对其他公司有什么启示呢？
But what is a read through?
我是说，这能说明什么？
I mean, what is a read through?
这种价位水平？
This sort of price point?
我的意思是
I mean
好，简单说两句。
Well, real quick.
我是说，我认真讲一下。
I mean, I'll be serious for a second.
Restoration Hardware，也就是RH Corp，过去三年半到四年一直表现很糟，这种情况不常见。
Restoration Hardware, RH Corp, I guess they call it, it's been a disaster now for three and a half or four years, and you don't see this that often.
美国银行重新评级，给出跑输大盘的评级。
Bank of America reinstated, underperformed.
你上次听到这种评价是什么时候？
I mean, when was the last time you heard something like that?
顺便说一句，这只股票过去几年跌了不止一半，跌幅相当大。
This is a stock, by the way, that's been more than cut in half over the last couple of years, significantly so.
他们给出的目标价是156美元，我认为在9月3日财报发布前，买家要小心。
They have a $156 price target going into earnings, I believe, on September 3, so buyer beware.
别管价格点了。
Forget the price point.
看看这价格走势。
Look at the price action.
平均下来，涨了30%。
Mean, 30% at clip.
这是一家市值150亿美元的公司。
This is a $15,000,000,000 market cap company.
显然，昨天市值还低得多，而且你提到空头头寸，但再看看Palantir。
Obviously, it was much less yesterday and you talk about short interest, but look at Palantir.
我是说，Palantir今天涨了30%。
I mean, Palantir today was up 30%.
市值就这么增加了1000亿美元。
It gained $100,000,000,000 in market cap like this.
而且，你知道，大家都在讨论半导体和存储芯片的情况，但这价格走势根本不正常。
And, you know, guy talks about what's going on with the semis and the memory and this it's not normal price action.
我知道标普500今天创了新高。
I know the S and P made new highs today.
看到这种追涨、这种害怕错过的情绪，真的让人感觉不到牛市的氛围。
It just doesn't feel bullish to see that of chase, that sort of FOMO.
接下来是最后的交易环节。
Up next, final trades.
在下跌7.4%之前，最后看一眼SpaceX的情况。
Last check on SpaceX before we go down 7.4%.
埃隆·马斯克的星舰很可能在2027年底前对人类来说是安全的，而且该公司在2029年实现1万亿美元收入的可能性并非为零。
Elon Musk's Starship likely will be safe for humans by the end of twenty twenty seven, and that there's a nonzero chance the company hits 1,000,000,000,000 in revenue in 2029.
现在是最后一笔交易的时间了。
Time for the final trade.
我们轮流来说说吧。
Let's go around the horn.
Timbo，你先来。
Timbo.
诺和诺德有4%的股息收益率，你可以一边等它这个月行情好转，一边拿着这个收益。
4% dividend yield for Novo while you're waiting for this thing month to turn.
我觉得这个还行。
I think I feel okay with that.
凯伦？
Karen?
好的。
Yes.
所以能源板块的交易，即使在今天油价大跌的情况下，也还是值得关注。
So the energy trade even on day like today where oil really took a hit.
你是说XLE还是OA？
Like the XLE or the OA?
丹？
Dan?
对。
Yeah.
科技七巨头涨得太快太猛了。
Mag seven ran too far too fast.
我觉得你应该把杂志卖掉。
I think you sell the magazine.
梅丽莎，我今年有非零的可能性会去巨人队打近端锋。
There's a non zero chance I play tight end for the Giants this year Melissa.
CLF。
CLF.
感谢收看《快钱》节目。
Thanks for watching Fast Money.
《疯狂金钱》现在开始。
Mad Money starts right now.
《快钱》节目参与者所表达的所有观点仅代表他们个人，不代表CNBC或其母公司、关联公司的观点，这些观点可能此前已通过电视、广播、互联网或其他媒体传播。
All opinions expressed by the Fast Money participants are solely their opinions and do not reflect the opinions of CNBC or its parent company or affiliates and may have been previously disseminated by them on television, radio, Internet or another medium.
您不应将本播客中的任何观点视为进行特定投资或遵循特定策略的具体诱导，而应仅将其视为一种意见表达。
You should not treat any opinion expressed on this podcast as a specific inducement to make a particular investment or follow a particular strategy but only as an expression of an opinion.
这些观点基于《快钱》参与者认为可靠的信息，但CNBC及其关联公司和子公司不保证其完整性或准确性，也不应将其作为依据。
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.
要查看完整的《快钱》免责声明，请访问cnbc.com/fastmoney免责声明页面。
To view the full Fast Money disclaimer, please visit cnbc.com/fastmoney disclaimer.
是什么让你有信心去做一件以前没人做过的事？
What made you confident that you could do something that hadn't been done before?
我从不害怕失败。
I have no fear of failure.
开拓进取的女性正在改变游戏规则。
Trailblazing women changing the game.
我最喜欢的一条建议是，
One of my
想想你老板的老板需要什么。
favorite pieces of advice, think about what your boss's boss needs.
领导力可以有很多种不同的形式。
Leadership can look in many, many different forms.
归根结底还是要相信自己。
It really does come down to just trusting yourself.
人生苦短，
Life is short, and
你得敢想才能做成大事。
you just gotta think big to accomplish big things.
朱莉娅·博森主持CNBC的变革者和权力人物节目。
Julia Borson hosts CNBC changemakers and power players.
每周二更新，你可以在任何播客平台收听。
New episodes every Tuesday wherever you get your podcasts.
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