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Plus, shares of Paramount under a bit more pressure this morning after Sherry Redstone pulled the plug on that deal with Skydance. And we have a big AI-fueled boost for Oracle, which shows are up rather sharply on Google and OpenAI Cloud deal news. Let's begin with this market reaction to CPI ahead of the Fed's decision and press through this afternoon, Jim. Man, the internals on this, whether it's gas prices, core goods, insurance. Oh, my insurance finally broke. The sale was fed a piece out last night saying that prop cash broke and auto breaks. And those are things that we all have to pay. You drive your car to work and gasoline is front and center and property cash, but also auto. Now, I thought the most interesting one was on page 17. All items less shelter, minus 0.2. There you go. So it's shelter sticky and everything else is coming down. This is one where, I mean, David, I got to tell you, if you're the Fed, if you're Jay, press conference. Hey, guys, I'll talk to you later. All right, guys, good to see you. Do you just say victory? Yeah, that's it. Good to see you, Chief. You just chief them. I mean, there's nothing else for anything. You get them back. This is the big win. Yeah. I would call the game show off, frankly. That's it. Yeah, just take enough. We won. See you later. Go do your thing. Jay won't do that, but, Dan, I know I can get him to do it. I'm going to just work on that. The journal did say yesterday they're essentially, quote, taking the summer off. Yes. We're back to 70% odds on September. Right. And I think some 50 basis points priced in for the year. Well, I still think he wants more than just one. But boy, what went with him this time. I mean, you've got these great, great things. That went down. Eggs, turkey, fish, bacon, ham, cheese, veggies, potatoes, canned fruit and veggies. That's fruit cup, David. You know, the Del Monte with the big syrup that you had. You had to even grow up. You've even got some fruit in it. Fruit. A little bit of fruit. What else is there in life? There's gasoline, egg. I mean, this is it. Say it, don't go out. If you go out, it's so expensive. Right. That's good. David, this is what you eat when people are still unhappy about it all. No, it's general because prices obviously have risen so much in the last four or five years and they can't seem to get past it. But to your point, that is a very positive signal. Right. Although, I mean, we're just coming off Friday and that jobs number. That's why I see. Sky high. You need the summer off to see what shakes out. And these people who, like, September's won, I mean, what do they do for a living? These people do that. Hey, I'm changing my vote. I mean, are they watching in 831? They're like, someone's polling them? They should go. David, they should take a summer off. Maybe don't they have any kids who graduated or anything? So they don't have to work. I don't know. I don't. That's usual. I don't know. I look to you for help. What do you do? I'm here to help you on some things and others. I got nothing. All right. You got, oh, you're like Jeff Probst. This is the number we're waiting for, Carl, because shelter is sticky. But everything else, I don't know what happened with food. But, you know, what do we have in life? We have food that we make. We have gasoline. We have insurance. That's what we have every day. We don't shelter ourselves every day. Win, win, win. As for owners equivalent rent, as Jim points out, the three-month average, now four, eight, was five, seven a year ago. I'm sure you can expect to hear some discussion of new rents during the presser and waiting for them to filter in. The good news is that housing's up 30%. Not 40% like it was off of 2019. But that's, I mean, that's still the thing. It's just very hard. I mean, I was looking at Brooklyn, for instance. Brooklyn's a growing part of the city. We had 8,000 units coming on in the next 12 months, 8,000 units, a lot of units. And it would be interesting to see what else is the equivalent of Brooklyn because all of these projects were stalled because of COVID. So they're all coming on at the same time. And, you know, man, the rents in New York City are up. But when you have to absorb 8,000 units within a month, you know, 12-month time, we can't. Wait, I'll prompt without rent's plummeting in the city. These are all rentals. I find that hard to imagine. Rent's plummeting in the city. I find that hard to imagine. Well, I'm just telling you. You're talking about a city with, you know, an enormous place. Yeah, but you see it. That actually-- That actually-- The rents at all time highs. 8,000 apartments is not going to change that. It's the marginal that sends it over. That's what I'm saying. Sure. It's what everybody's worried about. I hope you're right. This is what-- this is my plan to get the guanas to be like Venice. Yes. Before I still work on that, I know you're right. Do you know that I actually talked with the late Bob Tolle about that? We said the guanas could be like Venice. And then President Trump declared it a super fun site. Just woo, and the hope was-- You're going to be a gondolier on the guanas in your retirement. You know, I was going to own a fleet of gondoliers. Oh, you're going to own a fleet. I signed the liers. Well, even before this print, Jim, refi is up 28. That's the best week since 22. No. And that was with the 30-year-- just going to 702. No, I just-- there's-- there's a lot of activity. Well, of course. I know it covers that bit. You don't want to-- but I just do think that-- Look, it's going-- that's going to go the fence way too. But that's last because that requires long-term construction. Now, look, we also know that housing is intractable because of zoning and housing is intractable because these guys, like oil, like they're not drilling for oil right now, they've cut back. They're not building homes. I mean, they're only building homes that for the customer that they already have. That's the first-- you know, this is David, that they'd rather buy stock than build homes. Yes. So, David, what did happen with Paramount? Oh, we'll get to that, Jim. But first, I want to give you every opportunity to express yourself about the CPI number. We're at the old morning on this. Not just that, Jim. 24 hours ago, we were talking about what a tough tape it was, right? Right. We didn't like the market yesterday. Russell's going to open up a percent. No, I didn't want to have me with the market. The banks? Yes, the banks. The banks are paying. The banks are paying. To be fair, as I always am to you. It was Apple. You came to Apple's defense yesterday morning. Well, I spent a lot of time talking to Tim Cook. Yep. And we were, like, both marveling that we thought this was, like, an unbelievable upgrade in it. Everyone-- I mean, everyone was kept upgrading. We were listening. We were talking about Wall Street and the-- Well, I'm just Wall Street. Is everyone on a Samsung? I mean, it's like Musk. A somewhat of a suboptimal article, by the way, about Musk and some of his relations with people. But I do think that when I look at this, I say to myself, well, now the press is coming around. The journal had, like, 17 things that you might like about that. Did you see that piece? A little reregard action. I did. But some-- you know, it warms these good. But I do think that what's happened here is that there's a realization all you had to do was say, "Do I need to upgrade?" And the answer was, Jen Moji. B of A did do a survey looking at who owns what in terms of iPhone models. Yes. Almost three-quarters of the base is at 11, 12, or 13. They're going to need to get-- Yeah. Tim's point is that-- It's going to require upgrades to get any of these services. Right. He thought, by the way, that the handwriting thing was really important. Jen Moji, very important. Because when I send you a really cool Jen Moji about your hair, you can go and send me, I don't know, Mr. Clean. I don't care. Right. I've got to personalize my emojis in a much more significant way. Is that fair to say? Yes. What is the pattern? And that's going to be very important. It's a-- Yeah, exactly. Yeah. But no, I mean, Tim and I were like, "Are people not what was all Wall Street?" And Tim's always point is like, "Listen, this is a consumer product." And Wall Street knows about enterprise. They don't know about consumer. What you just said is the most important statistic imaginable. All it's about is, will they upgrade? Will they upgrade? I mean, my daughter, my youngest, was an iPhone 5. Talk about a museum piece. Yeah. Actually said, "Okay, Dad, this is it." It's time. Time. She was smart to wait that long. Right? It's just time. And we've been waiting, but I am going to now get to Paramount Guys, of course. We covered this late yesterday. We covered this. Yeah, it's line of wait. Hey, we covered it late. We covered it late. Or jacket? Yes, I was. I went to 30 Rock knowing that I had work to do at around two o'clock. And I did not have a tire or a jacket or any makeup, which I found at my age now. You won't be able to say it. The only two people don't need makeup. Maybe a mistake looking at myself at 350 yesterday. Why was I on? Because, of course, we were reporting the news that it's over. That is at least the attempts of Skydance and its partner Redbird, the private equity firm, to purchase a control stake in Paramount and by a lot of the economics of the overall company as well is done. Turned down by control shareholder Sherry Redstone. National amusement saying they'd agreed on many of the economics. It was really non-economic issues. That remains unclear. In fact, it's still somewhat unclear exactly what was specifically behind this decision. It was not expected. There was an expectation on the part of those who'd been advising the special committee for Paramount's board and the members of that board as well, that she would in fact be supportive. Certainly she was throughout. She's the reason they formed a special committee in the first place, of course, as we've made the point yesterday. There was even a belief in these last few days that they were very close to being done. Skydance had met all of the asks. Other than a majority, the minority vote, all of the asks of the special committee. Remember, we've reported these details many, many times, but essentially you're talking about what would have been writing an almost $8 billion check to put a billion and a half on the balance sheet of Paramount to spend $4.5 billion buying back as much as 50% of the B shares at a big premium, now almost a 50% premium given the $15 stock price they're willing to come in at buying the A's. That didn't remain from NAI at 23 bucks a share. None of that is going to happen. And for its part, Skydance and Redbird, I am hearing are done. Done, done, good-bye. Larry Ellison, good-bye, David Ellison, good-bye. It worked so well. You know, you worked so hard. It worked so long. They had a real plan, and you'd have to have a real plan if you were going to come in here because it's not clear without a plan that there's a lot that you really want. I mean, this is a highly-levered company, more highly-levered than Warner Brothers Discovery. It's being run by three people at this point. You do have a control shareholder that kind of needs money. Don't forget the Michael Dell Byron Trot firm, VDT MS. That keeps accreting up that convertible preferred. It's not $200 million. So at some point, Sherry Redstone, having said no to this, may say yes to something else. But what that is, is very much unclear. Yes, there are any number of, at least, you know, very wealthy people taking a look. The journal reported on Edgar Brown from yesterday. My understanding is it spends a lot of time living in Madrid, but maybe he does really want to come back and do something. But when you get up really close and do your diligence, if, in fact, they get to that point, I think it remains unclear for many people around this. So you're ever going to get to a number that equates to where Skydance and Redbird were in terms of what they were willing to pay for NAI, which did go down from $2 billion for the equity to $1.7 billion because they took that $300 billion and put it towards the B shares in terms of what they're willing to do there. But guys, you know, it's rare that you see something like this, a turnabout of this type. People are pointing fingers all over the place. There's a member of the Special Committee on the Board of Paramount, Charles Phillips. You may know him once was president of Oracle many years ago, replaced by her. He apparently was, you know, not in favor of the transaction. And he's been talking to Sherry a lot, and it may be that his voice was an important one here in terms of helping her come to this unexpected decision. But at the end of the day, it's Sherry Redstone's decision. And for whatever reason it was, and I have not spoken to her directly, emotionalism may have been maybe deciding that she didn't like getting $300 million less. For her stake, even though my understanding is, that was agreed to. And she'd signed off on it ultimately that she said no. And so we'll see if anybody else comes along here at some point. I think the key point for shareholders is it's very much unclear that anybody's going to come along with a deal in which you're actually going to have an opportunity to get liquidity at a premium for as much as half of your stake. That's not part of what we're hearing about. Remember, Apollo and Sony, they seem to be gone. They never showed. And then these other potential transactions, Jim, are just for control of NAI. Well, I think you said something really important, rarely happens. Has it ever happened? Has there ever been a deal and one individual rejects even though there is a board of directors? I mean, no, this is somewhat unique in my experience. If I had to go back, I'm sure I could come up with other things that were very much unexpected. But there is a level of sort of, I don't want to, you know, is it rational? It was fully unexpected. It does make it, I think, in the part of those who would consider trying to do something here as well, it may give them pause. Because, again, to put this, you had a control shareholder who endorsed and supported a transaction that she said I would like presented to the board, former special committee. They did that, they agreed to terms which got better and better for shareholders, ultimately to have her rejected. Okay, so what's the emotional connection to this piece of paper that is seemingly worth it? National Amusements, which houses the control stake, also owns the movie theaters that have been, you know, part of her family for a very long time. A very long time. But she's going to need some money. Wow. This is not a great situation. And so it doesn't mean that it's over. I hate to think of me having to sit here and bore people yet again without the relationship to bits. It's a company for the whole company. Here you had an asset that was going to be put in, you had at least the opportunity to gain some cost synergies. But even more importantly, you had a plan for growing. You had a plan for some growth. You had a run in the company. They're running the company. They're running the company. They're running the company. David, is this the board? They have a plan. They have a plan. I'm looking for it. They sent it to me. They have a plan. And now the sell side is back to, here we go again, as Wells goes back to underweight. And a $9 target, I think. Boy, I'll tell you. Does it sure does make SaaS love look good, does it? Yeah. He and the King. Yeah, right. Although, where's the NBA stuff? I got it. It's nowhere in that area. NBC Sports is king. Anybody's. Everybody's king. Well, after the break, Jim Rhett mentioned Tesla. And we will talk about one day away now from the Musk pay package vote. We've got some auto news, this piece in the journal regarding SpaceX. Take a look at the pre-market, Bulls definitely have the ball. Post CPI on the Fed is on the way. Stay with us. Did you know, when you shave, one-third of what you remove is skin. So, if you shave it, dove it. With new dove at Vanscare anti-personant dry spray, new Pro Saramite technology helps repair skin's natural barrier after shaving. For soft, smooth underarms, the ultimate post-shave care. It's 72-hour sweat and odor protection. 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Number of headlines involving Elon Musk today, as we're now just a day away from that massive pay package vote, including Musk dropping his lawsuit against OpenAI and two of the company's co-founders, including Sam Altman, and then separately this Wall Street Journal piece about Musk and his past relationships with women at SpaceX, detailing some questionable conduct with his former employees. Musk has not yet commented on that piece, although it wouldn't be surprising to see him say something on X. No. I can give you guys a quick update on where things stand for the all-important compensation vote from at least this morning. Retail has showed up overwhelmingly. I mean, showed up well, first of all, again, to remind people there are two votes. One is a re-incorporation in Texas. By the way, Musk can vote his shares in favor of that. You need 50.1% of the outstanding to be in favor of reincorporating Texas for it to happen. The other, the one we've been much more focused on, is the compensation package of 2018. That obviously, Musk cannot vote his shares, and it's the percentage of shares voted that wins. So, you need 50.1% of those voted. All is showed up in a very significant way, and not surprisingly, overwhelmingly for Musk. But they're still waiting for the big guys. They're still waiting for BlackRock, they're still waiting for Vanguard, they're still waiting for State Street. All three of these index funds did vote against this plan in 2018. That said, there is an expectation, or at least a willingness to say it may not go that way this time. Obviously, there are any number of different factors that work here. First of all, of course, I'm told they're opening here in the conversation. The arguments are somewhat different. It's retrospective. This time, it actually worked. So, you can't say just because they voted against then, they will vote against now. Jim, it's going to be up to them to a certain extent. It is very, very close. We may not know until late in the day, even well after the close, how they voted, and therefore, we may start to see some headlines about it. Do you have any analysis of the average price that people have bought, hosts when this company was added to the S&P? I don't. So, that and the index funds that bought it added to the S&P, they're aggrieved. They are not voting for that package, because you get tremendous solution. That's my view. So, I don't know. I mean, look, there could be consistent people who have never sold it. It could be like a GameStop time and anything, for all I know. But it does bring to mind that there are a lot of people who definitely bought it at 250 and 200. Why would they vote in favor of Musk, other than they fear they don't go work for one of his other entities? That's the main reason I think you vote in favor, because you have a fear that he will not be properly incented to remain at the company or focused. Who knows if that's true? Zilan Musk, man's capable of doing a lot of things and doing them with intense focus. But that's the fear. And again, it's sort of going to be make or break late, late, you know, in six, seven o'clock tonight, perhaps we'll get some sense. Wow. Tonight? Yeah, tonight. They'll put the votes in late tonight, the index funds. They wait. They don't want, you know, they don't want anybody to go out and they'll send it. We will know something tomorrow morning when we come in. Yes. We will. Very big. It's really, really big. I don't want to go. CPI's big, the Fed's big. But in terms of our audience, this is huge. In the meantime, interesting assortment of commentary regarding Tesla out of, say, Morgan Stanley. Oh, we can't. Jonas argues that the company might make a phone. You know, look, I had this settlement to one, Sam. I don't know. But here's what I know about now. I know that Musk took a huge number of Nvidia chips. But that is, that is all suit. That's super computer for car and for the August 8th, Robotaxi debt. 8th. 4th. 8th are lucky in China. As we all know. Are you serious? Whatever. Making a phone. Really? Seems. Make you vote. You don't like that a little late. You also say you have to vote for him. That's today is the day you vote for. You see the top of the thing. I would greatly appreciate your support for the Morgan Stanley Auto and Auto Parts team and issues of all marketing and social survey. We'll test them to a phone. I'll vote for it by the, I wish I had a vote so I can vote for it. Jim, I know you took note of these EU tariffs on EVs. It's as much as 38%. And that's, that's Spain and France exercising hegemony over Germany. I cannot believe that we don't talk more about the span, because the Spanish government is so dysfunctional, but Spain and France have really emerged as the powers in Europe. And some of that is Banco Santander being the largest bank in Europe. Spain is a descendant right now and we are missing that story. Interesting. All right. Let's go over there and let's get a close hand look because I spent a little time in Madrid and I would happily go back anytime. So. Can I see who, who'd you say was living there? Edgar Brofmann. Edgar Brofmann. Yeah. I'll stay with the Gucci family. Yeah. Actually, I'm going to pay homage to Catalonia when I'm over there. Okay. Whatever you need to do, we can go our separate ways. Let's get together. We'll do the show. We can. Yeah. I like it. It's an actual story. I mean they defeated Germany. Germany is an out. It is. And it's an important story. The journal actually has, that piece today. Could be more than any cities are out. Germany needs the Chinese market for its auto makers. By the way, Volkswagen also has its most advanced plant. And in China, which exports out of that country, so a lot of complications around those EU tariffs. What's really interesting is, you know, we're considered to be the brigands against the Chinese. If you want to know, the state sponsored thing that they care the most about is auto. And the Europeans are much more anti-Chinese than this than we are. Which is amazing because it's, Spain and France don't make a lot of cars that sell their Spain. What cars? Spain. What do they make? I'm not familiar with their auto. The Triband? What do they make? I don't know. They have great tennis players. Yes, they do. That's what I can tell you. That kid is incredible, bro. The Alcarazia. They're great. That's all. The youngest twin on three surfaces. That's incredible. I mean, look. Look. Look. What, semi-balisteros? Who? Yeah, keep his breath. That's a long time ago. What? That's a long time ago. No. That's the end of the teams. I think our brother. When we come back, we'll get the opening bell. Don't forget you can catch us anytime, anywhere. Just listen to our podcast. And we'll get to Oracle, GME, set up for Broadcom. Don't go anywhere. Imagine earning a degree that prepares you with real skills for the real world. Capella University's programs teach skills relevant to your career so you can apply what you learn right away. Learn how Capella can make a difference in your life at Capella.edu. Let's get to a mad dash, two minutes before we get to an opening bell. Okay. Yesterday on Bad Money, Tom Jordan, who is the CEO of Coteara, which is gigantic, it's the old capital oil and gas, and the Simrex, broke some news. He said that their most likely is going to be, and there are talks among a number of the hyperscalers and actual natural gas companies in order to lock in 10-year agreements, because it's so important for the data centers. And when you listen to what Larry Ellison said last night, when you listen to any of the people talking about data centers, they need power, they need gigantic power. So why don't go right to the source, Coteara, or maybe EQT, he'll be right. They would be the two that I would say might do these deals. What would be monumental? Because what we do is we change the face of how these companies are going to pay for the power. EQT is a Blackstone company, which should point out. Well, I'll tell you. They have... Am I wrong? Wait. No, no, no, wait. Wait, wait. I'm talking the data center company. It's a gigantic data center company. Yes, yes. So they might be the company. We don't know who's negotiating the deal on the hyperscale, on the data center. But this is happening right now, real time. Right. Some of these companies are... These data centers, David, they use too much power. If you listen to Larry Ellison, the size, the amount of power they're using, they would be smart to make deals right now. Ten years. Coteara, EQT. Okay. Why is Tobi Rice been hanging out in a lot of the oil and gas tech conferences? It's very interesting. EQT... So, EQT... Wait, EQT does what? They're not gas. Okay. I got confused. I got confused by data center companies. No, no, no, no, no. But you're up all by Blackstone. But you're right, because Blackstone is probably one of the most... I'm forgetting. ...on the forward. Yeah, no. They have the whole Jonathan Gray and work on this one. Well, what you bring up, obviously, is something we've discussed numerous times of power issues for these data centers. Power's out of control in terms of what Ellison's doing. Let's get the opening bell here and the CNBC real-time exchange at the big board. It is Matt Cosmetics, Ambassador, singer-song writers, King Beatrice, and dad of Hyla at the Nasdaq. We've been delivering this market for you. CME Group. I know you're looking for some EL management now. They are. I don't know what to happen. Whoa. Rich Doll also works on just on fire today. These are... This is a group that has handled everything incredibly well. Toa brothers, Gordon, they're up giganticly. There was a downgrade of manure today, clearly ill-advised in your time. The stock has been crazy. It's up six dollars. A lot of discussion about FOMO this week at some JPM desk notes. Does today's action ratify that view? Yes, I think so. It really started with Nvidia thought churned right through all the new stock, which was really an amazing sign of a strength. Then Apple fooled all these people who got short. It's interesting. The first one, the downgrade, they got a lot of credit for upgrading, please. This is one today. Oracle's really shocking. There are a lot of people who've written articles, by the way, that said that Oracle didn't have a good quarter. These are people who should have waited for the quarter to appear or don't know what the RPO is, because, oh my God, the Oracle numbers are amazing. They're up 44% for their remaining performance obligations, 44% is an extraordinary number. Safra cats and Larry Elson jubilant last night and just defiantly jubilant. That's how strong David, that what they're doing, and people want their cloud very, very much. Google, Azure, which Microsoft, they want their cloud. They needed, Safra was a torto force, up performance last night. It was. Yeah, torto force. Because, yeah, it was about the contracts, not the number. Oh man, the numbers were miss. When the numbers came over, there were some, I don't even want to mention the publication that was so rolling this morning because I really can't stand it, but they were talking about how the numbers were miss. And the only thing that matters is the contracts and the contracts, and David, as Larry Elson put out, they're for training, not inference. It's really huge because, man, that's a lot of money. Now there are people who say, couldn't it be best and can they keep it up? But she, Safra said, look, my guidance is very conservative. This is a remarkable call, remarkable call. And by the way, Broadcoms tonight, and I don't think Broadcom is going to be all that bad either, tell you the truth. That's simple. A-V-G-O from the days when, when Hawk 10 had, I don't know. I mean, Oracle now has a, I mean, the Broadcoms up 38. Oracle has a $373 billion market cap. Larry Elson, I mean, I don't know if he's still at 41%, but he's, he's up there. He must be so upset about the stupid red, but I only, it's funny because he was, he was a lot of the money behind the Paramount bid. His net worth has probably gone up way more than what he was going to spend for that. Just today. He's an amazing guy. He had a great vision here. He had a great vision that he was going to be able to be the, basically, the infrastructure is a service business, and my hat is off to Larry, once again, he delivered, and of course, Safro, who is just, I mean, unbelievably good. Again, I want to check the latest numbers, but I had them, I had them over 1.1 billion shares. But, so do the math. I know. Wealthy people get wealthier. Although, I'm going to check, make sure those are the latest numbers. By the way, and other things that I need to check, I just, I did want to, you were talking EQT. Yeah. I was talking QTS. Which is DTS. Davis had a company of Blackstone. Yeah. Well, I mean, like when you were, I got my initial-- I got my initial stuff. I got my initial day train. A lot of times, he picks just letters. Yeah. So, I had my T and my Q, but I had them all mixed up. I was on Reddit, I go on Reddit, Wall Street Beds, today they were featuring the turtle, and I do think that GameStop 1 here, the bears are going to be in retreat. This now, Ryan Cohen, which has, he has total control of the money, has $3 billion to play with. So, what I think he would do, I know he never listens to me at all, or he throws me an ice cream cone or a good humor, I don't know. But, they now have the money to be able to write a check to any mall in the world. They do have 4,000 stores, they can get out of every lease, close every single GameStop by my take for a couple of billion dollars and start over. And that's just unbelievable. So, my hat is off to what they did in terms of being able to take advantage of the meme stream. To refresh people. They were doing an at-the-market offering led by Jeff Ries. They've been selling every day for the company, raising money for the company. This of course, as Jim pointed out, since the stock rose dramatically. Now, by the way, they did 45 million shares and raised almost a billion dollars. Then they did another 75 million, which they've now completed raising, as you just said, about $2.1 billion. So, you are talking about three, Jim, or you know you asked me about Paramount. Is there anything you can remember that's similar to this, a company raising $3 billion? What percent of the market cap of this was this? The company is $10 billion, they have $3 billion, they have almost no debt, they have that piece of paper. So, they raised 30% of their market value. Now, the big issue was the leases. In cash. He could right now write checks to whoever he has, Simon Properties, doesn't matter. Get out of it, he could pick the 3,000 bad game stops. He could close them. He could then open another company, and this is no longer game stop, this is back. It's a Ryan Cohen's back, and this will be his chance to really demonstrate that he's a great business person and do chewy too. It's a great point. In many ways, you're right. It's like it's a blind pool of capital that he has control of now as the CEO of the company. With no debt. There was raised thanks to a gentleman named Warren Kitty, right, who's virtually in comprehensible when I watched him on Friday. Meantime, Jimmy, you talk about the bears being in retreat. Citron says no longer short, says we respect the market's irrationality, and calls that livestream an insult to capital markets. An insult. Okay, so the other side of that is, if you're a Redditor like I am, it was funny. You're a Redditor now. Huh? Is that what you call yourself? Well, a Redditor like I am. Okay, so my daughter's a real Redditor, so right. And I said something against Warren Kitty. And I got-- Dad, you don't want to-- Oh, yeah. I mean, like Dad, did you ever-- did you watch the money? Your friend David favors the star of the money. I bet you he thought that Warren Kitty was funny. I said, no, I don't think he did. I did. Where the star, though? I didn't. I didn't find it funny. I didn't find it informative. Well, found it a waste of my time. Did Gabe really hang up right before he was going to go on? No. No, it's, come on. It's, you know, it's-- It's fictionalized? It's fictionalized. Well, I think-- If you look-- It's in the realm of reality-- The real one. Kitty is the hero of that movie. Yes, they made him the hero of that movie. That's what we're all talking about. They did make him the hero of that movie. So if he wants to have a Heineken-- is a Heineken? He did make-- he was the hero of that movie. So like, that's what's going on. And people who understand-- And they need, you know, in Hollywood, you need bad guys, good guys, so. Well, there is the big guy in the world. The big guy in the world. And that's kind of where people are. I don't know. As for stocks, this probably looks to be what could be the Russell's best day of the year. Wow. It's been so neglected. Homebuilders are on a tear, obviously. Oh, my, are they hot. And boy, there was such a big short being built up because a lot of people thought that was the way to play a hot number. Clearly, again, an ill-advised strategy. Now, there's a lot of stories about-- there's a lot of these irony stories. Well, it's too dangerous to be sure, whatever. And that must be the top. I mean, whenever you do an ironic analysis, wow, everybody's-- nobody's sure anymore. That's just-- it's just stupid analysis. It doesn't matter. Because the market has no history. The market's like the deck of cards here. You don't know. It has no-- it has no memory. If you play-- I can count-- I can count blackjack cards. [LAUGHTER] I can count blackjack cards. [LAUGHTER] I kicked out of a casino. Hey, not bit. Just like Rain Man. Yeah, I got kicked out of a casino. I mean, I was obviously counting. I had water. I sat there for six. I was like, hey, you're winning a little too much. Of course, I have no memory. And this market has no memory. I mean, you know, Apple's horrible. And then Apple's the best performer adds the size of a Cisco. This market is not like any I've seen. Because it doesn't matter what happened yesterday. It's funny, the control room is right ahead of me or right with me. Because I was taking a look. Apple's up another 1.6%. It is challenging yet again for the top spot in market value right there with Microsoft. So it's no longer more-- Microsoft's not secretariat anymore. --of the last two days. And the reaction, the delayed reaction in some way, at least a little bit, to the meeting on Monday. The presentation was dramatic, important, and a reason to upgrade, except for Wall Street. All they can think of is enterprise software. Because that's where the darn IPOs are, which is how they get paid. That's all they care about is enterprise software. Because that's every single deal out there is enterprise software. And they can't make their quarter. OK. And your point is, so they were more myopic than myopic. What they really are, David, is against the consumer and pro the enterprise. I say myopic. It's hope. Nothing. I say potato. You say potato. Potatoes were down in the CPU. You say drought. You say drought. No kidding. That's cool the whole thing. Well, but this guy. This guy? This guy means-- Is that-- Iron Gershwin's line? Yeah. Well, he's in court. He's a Redditor now. Because he's got the dad. You don't get it. It's true. Oh, I'm a Redditor. Your cold porter's songbook is better than the Gershwin's songbook. I'll go along with that. Thank you. Only took one guy, as he said. Two guys to write a song. What's that all about? Jim, we got some hood operating metrics for May. If you want to go there, we got Starbucks joining the menu, the value menu craze. Yeah. That's correct. The CNN yesterday. Look, Starbucks is a very challenged retailer. And we know that that last quarter was a fiasco. I have to tell you that when I-- the volume is-- you've mixed the other day about the volume. The volume is really low. I mean, when you look at the run-and-told brothers, it's one of hundreds-- it's one very few shares. I would just be wary to pay up six for some of these stocks. I think that's a mistake to pay up six. Welcome to the creation. Jim, do you know this company, Renekill? Renekill? Yeah, I think that was a big position in involves killing bugs. Yeah. It does. Triant confirms it has a significant position. They say they're currently a top 10 shareholder. They confirm they've reached out to the company to discuss ideas and initiatives to improve shareholder value. And they look forward to working with their leadership team. Pest control. Yeah. Does anyone look forward to working with leadership team in reality? No. Thank you. You're welcome. You got-- that's all you got? Stocks up 16%. You got nothing for you, pal. Well, you're busy with your Redditors. Look, if you don't stay up, you can make fun of me, but there's a considerable group of millions of people looking at Reddit. So I look at Wall Street Bets. I can't not look at Wall Street Bets because then I am not capable of doing my job, which is trying to figure out every single input into what moves the stock. And I told Steve Hoffman, who is the excellent CEO of Reddit, that the demographic that he has is-- everyone wants that demo. Reddit, of course, recent IPO. Another one is Burke, which despite the downgrade of Goldman at age, him's up 2%. It's got great momentum. And I thought the downgrade was fatuous. These stocks don't trade on EPS. That's going to be an all-time high in its short public life. Yeah. This is a very strong franchise. And a lot of the deals that came public during this window were good. The one that is my favorite is arm holdings, which, again, just keeps winning contracts. They're the Apple contract. Look at that. That's up in another four bucks. That's a very strong stock. How about B of A, removing CRM from US One List? Well, Benny Off is on his-- he's on a sabbatical right now. Can't get a hold of him. The stock had a little bit of bounce back from that awful quarter. I'm not going to disagree that the stock is-- we've sold down the position. It's not a big position for us. I think the big problem there is-- and this is what the Planet I'm trying to make-- enterprise software is disliked right now. And what people want is the consumer-- not the enterprise software-- because the enterprise is frozen because they don't know who needs to be fired because of AI. So they can't do a seat license if the possibility makes the Oracle regular business not good. What happens is that most of this year, as I say, listen, 1% to 3%, we can't know who we're going to fire. But we are going to let people go. We just have to figure out what the new AI means for us. And that's why you can't apply software. And you've talked about-- even you are struggling or trying to figure out if this is a cyclical or secular shift. Exactly. Right. I just don't know. I don't know. I do think that in the end, it's possible that Jensen's creating-- Jensen Wong from NVIDIA is creating the chip, the Blackwell, that may allow you to do exactly what Salesforce does without Salesforce. That's the big issue. It's an existential crisis. Are which of these companies-- I mean, right now, Surface now, Bill McCremerton's working very closely with Jensen. So I don't want to discount Surface now as me, Joe. But David, the idea here is that if you bring in this system, you can do what Salesforce does without Salesforce. That doesn't sound good for Salesforce then. That sounds like it could be an issue. Man, you are just-- you have the key to start from the obvious. On it, right? Yeah. On it. I am on it. That's a very registered idea. Cherry Redstone is a little bit poorer. I do think it's really interesting that Larry Ellison's net worth has gone up more than anything, than the value of Paramount Times, too. Have you been there today? Have you been to his island? Today. Have you been there to his island? Today. Have you been there to his island? Today. Have you been there to put more money in, too? I mean, by the way, Cherry Redstone has really put at risk for her employees and her shareholders, I think. Well, but there's so many lawsuits to write. Remember, Jim Stewart spoke how many lawyers were involved? I guess there's more, so it's an annuity plan for the lawyers. But I think that Ellison's worth talking about again, because this man took a big risk in building out all these data centers, and it turned out that it was one of the great trades that I've seen someone do. When he moved over to CTO, I didn't know what he was going to go with, and then I thought he was going to go with Surner. They spent 28 billion of Surner, not even going to break out Surner anymore, that's fine. What matters is, is that they made a monster bet that we wouldn't have enough data centers, and it was just- They were right. It was an incredible thing. I mean, Amazon's opening, you know, going to open data centers and talk about it. We're going to talk about it more often. We're going to talk about it more often now. We're going to talk about it closer when we, you know, when we talk about Azure, when we talk about it. David Oci. It's not Oracle Quest. AWS Oci. Oci. Now, meanwhile, Nvidia, have we forgotten about Nvidia? Nvidia's 3.05 billion. I think we should put it, it's coming around the far turn. I think it could make a move. It could make a move. Right now, right now it's, you know, right now it's, it's nose to nose, but you never speak. Someone can come in from the outside. Now, Apple and Microsoft are separated by a couple of billion dollars. I know. Amazing. What a race. What a race. Seabiscuit versus Man of War. But who's Secretariat? Nobody. Nobody. How many did 18 lengths? How much is Secretariat win by? In 1974. I think so. One of the glorious. It wasn't this weekend. Glorious race. Jim, Home Depot up 4%. Well, it's about time, but you know, they've been heard because people feel that there hasn't been enough turnover. That's what they're levered to. Turnover and housing. I think it's a sleeping giant, a 2.5 yield in their spring and their Christmas season, so to speak. I like that. And by the way, I thought Lowe's had a good number. People didn't respect it. Marvin Ellison doing a very good job. This is a good number for, oh, that good. This good number of Home Depot and what that SRS for a lot of money. Yes. It turns out I think it's going to be good. Good, best. Interesting to see how the market really is today, at least, turning its back on staples and healthcare. Oh, my. Even utilities. You know, I was looking at J&J and they had a very big, a plant of switch to the defense to the J&J side and talc, maybe a huge number of clients the plant have had. And I thought the J&J would finally go up because it looks like they're gambit to put the talc suits in bankruptcy, could win. But no, the thing is just, I've been an anchor to levered, what can I say? Guys, you know, yesterday we talked about the banks, obviously, they were down. They were the leader. Yeah. They're now a leader up, except for JP Morgan. Anybody know why? Well, I know that, I mean, Bank America's up 1.8%, cities up 2.3. Less levered to mortgage, more levered to the program. JPM is actually down 13 cents. Just noted that, obviously. You know, I keep coming back to Wells Fargo and how much stock Charlie Sharpe is buying. Yeah. Making a big bet that his bank is going to take a lot of the people you know, David, from these major banks that were, didn't get to be CEO. He's, he's poaching them. Well, Doug Bronstein's over there, for example. That's for me, Vice Chairman. Doug, he's quite a smart fellow. He is a very smart fellow. Yep. Known Doug for a very long time. Like him. Was the CFO, but obviously prior to that was a, was a bounce. No. City's coming back a little more again. But I also went out and became an activist investor for a while. But yes, he is a vice chairman over at Wells Fargo. Charlie Sharpe is so sharp. He's still the horse I want to bet on. Is it? He's Alli Darr. Oh, wow. Yeah. Look at you coming up with it. Well, I'll tell you right now. I thought that Microsoft was American Pharaoh. Oh, yeah. Ah. No, I ain't no American Pharaoh. Did a, it was Alli Darr in a firm, right? Yeah. And it's who won every race was a firm one. A firm got the Goldman Sachs credit card? A rumor. A rumor from yesterday. A rumor from yesterday is going to be, is going to be on, on app. That was a number. That was a one. Max is one of my favorite guys. He is an American or an Ukrainian original. Very smart. Yeah. Very smart. He's up 3.30, watch bonds, of course, as the 10-year does dip below 4.3, at least earlier this morning. As for the markets. S&P, NASDAQ, all time high. We got the VIX near an 11-handle. Stay with us. Well, the Fed catches a break today with this goose egg on the headline CPI and no surprise, home construction ETF, having its best day of the year so far of 5%, plus a lot of the home builders up 6%, 7%, even 8% within that ETF. We will get stopped trading with Jim with the Dow up 3.10. Don't go anywhere. Let's get to Kramer and stop trading. I stand by the small cap nature of Apple that it could move like this. This is extraordinary. It's an extraordinary moment. But there's a new copy, Rubric, we're talking about the IPOs. This is a company that does data management, security, our BRK with his head, and she's the recurring revenue here is extraordinary, and I think it should be much more than it extends up. It's a really great quarter. But it's lost in the shuffle of these big caps that are acting like small caps. It's an incredible moment. Don't forget-- It's going to be on overtime, I guess. Oh, fantastic. But don't forget, the cards have no memory. Okay. You always remember that. The cards have no memory in this market has no memory. So all those worries about narrowing breadth? Can we set them aside? Well, I've always felt that that is an analysis that lacks in rigor. Because narrowing breadth just means it could go either way, and this one went the other way. It went broader, and let's not forget, there's a wave of baby boomer money. This is a big cross-generation thing that's happening right at this moment. There's a lot of money coming in. I don't want to overdo how special today is, but you really do have these big cap companies trading like small caps, and I've never seen that before. The moves are-- An apple alone, the move is incredible. Oracle, I just keep coming back to-- You're beating as much money. Larry Ellison, who does own 1.145 billion shares. No, I mean-- But that's not a 12% you can see. You can go with the concentration of wealth. I don't want to go with that. Apple, once again, retaking the top spot is the largest market cap company. People should buy Dell here. People are thinking that Oracle's not a-- Oracle could be a Dell, that's not true. Dell's doing fun. How about tonight? How are you doing? I'm analyzing, yes indeed, Jensen Wong and NVIDIA. I think we should not forget that NVIDIA is the lurking around the curve, around the turn, possibility to be bigger than Microsoft and-- Yeah, I mean, when you look at the Amazon amount, the money that they're going to be spending with NVIDIA, when you look at what Ellison's spending with NVIDIA, I do not think that you can count on NVIDIA. I mean, these are 50 billion-- you're writing-- the data center costs $6,000,000,000. Yeah. And then, what's in the data center? You know, some cooling equipment. Verdive. Verdive? Eaton? Verdive's cooling you. Verdive, Eaton, Dover, NVIDIA. That's it. That's it. Well, you didn't know acronym. Some people feel that Vergis is in there because you have some pipes, maybe. Armels dispute me. But then, there's the owners of the data center. Oh, you go with the blackstone? Blackstone. Digital bridge. Digital bridge. Okay. There's a bunch of them. Can you ask about my cotaro thing? Sure, Jim. I'll do that. I'll do that. Capture jacket button the whole time. Yeah. I have a spot on my shirt, Indian. Did you just call me an idiot? Yeah, I was wearing a lot with that. Jim, we'll see you tonight. I'm sorry. I was trying to hide the spot on the whole show. Man, buddy, it's 6 p.m. Eastern time. You've been listening to the opening hour of CNBC's Squawk on the Street. 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