00:00:00 · John Coogan, Jordi Hays
[00:00:00] S0: You're watching TBPN. So today is Thursday, 11/05/2026. We are not live from the TBPN. We're back in San Francisco. In a bunkie. We're traveling. We're in a bunkie. No. We're in a very nice office. [00:00:14] S1: It was deep underground. [00:00:15] S0: To our hosts. And also, thank you to Ramp. Time is money. Save both. Easy use corporate cars, bill pay, accounting, and a whole lot more all in one place. We had to go to the the the scene of the crime. The stock market's down. Tech is selling off. You said? They had to go to San Francisco. [00:00:32] S1: We gotta get to the bottom [00:00:33] S0: of it. We gotta get to the bottom of it. We gotta go give some people a stern talking to. Yeah. The stock prices are too low. We're gonna sit down with them and say, hey. Figure it out. Figure it out. It's gotta go up. We we like it Buy [00:00:42] S1: the close. Buy the close. Buy the I wanna see momentum in the close. [00:00:46] S0: Yes. Exactly. [00:00:46] S1: I don't want... I I think we've we've... We're at what? We're down a couple trillions couple trillion. Yeah. We've erased. I always I always enjoy the 2,200,000,000,000 Oh, yeah.
00:00:46 · Jordi Hays, John Coogan
[00:00:46] S1: I don't want... I I think we've we've... We're at what? We're down a couple trillions couple trillion. Yeah. We've erased. I always I always enjoy the 2,200,000,000,000 Oh, yeah. [00:00:58] S0: Erased. Erased. Kinda gives you a sense of the scale of the market that you can you can wipe out that much. The news, of course, the Nasdaq plunges 5% as investors retreat from AI trade after the election. This is a true panic, said Jay Hatfield, CEO and Infrastructure Capital Advisors. This is 100% about the chip stocks and the potential slowdown in the AI trade. Based with a potential regime shift in markets after the midterms, investors are now positioning for an easing in the data center build out, knocking chair... Shares of chip makers and data center suppliers hardest. What's interesting is, like, this was something that was talked about... The prediction markets were predicting in blue wave days before the election, weeks before the election. [00:01:42] S1: But not Texas. [00:01:44] S0: Not Texas, but then still, even on election night, people sort of knew. And by yesterday morning, people knew that Texas was blue because people found out that Texas was blue and Greg Abbott had lost midnight at the latest. You could wake up and start trading it. So there's still some digestion and still some discussion that needs to happen before people start moving to really big positions. [00:02:05] S1: Yeah. In, you know, in an era where the market will move hundreds of billions or trillions off of purely [00:02:13] S0: Yeah.
00:02:13 · John Coogan, Jordi Hays
[00:02:13] S0: Yeah. [00:02:13] S1: Seemingly algorithms Yeah. It's very interesting that you have this sort of very delayed onset. Right? Where clearly people yesterday were like, we gotta figure out what to do here. Yeah. Right? You're going into last week [00:02:25] S0: Yeah. Yeah. [00:02:26] S1: We're all sort of expecting like, you know, one of the biggest IPOs ever to land. Right? And and then it seems like everyone was a little bit caught off guard Yep. More generally. Yeah. But but, again, surprised that we didn't see as much selling yesterday. [00:02:45] S0: Yeah. Let me give you some stats. So the Rethink pushed the tech heavy Nasdaq 5% lower, sending it into correction territory, which is defined as generally as a 10% decline from a recent high. Other stocks are also giving up yesterday's poke... Post election gains. The Dow is down about 1,600 points. The S and P five hundred is down 4% on pace for its worst day since April 2025. So we're not going back to .com references. [00:03:13] S1: NASDAQ is still up 5% on the year. On the year. Yeah. And and it was Tuesday night, Gerstner [00:03:19] S0: Yeah. [00:03:20] S1: Was talking about we might we might erase all of the gains from this year, give them all back. [00:03:25] S0: Which is crazy considering how much has happened in actual adoption of technology, but it just shows you how much was priced in at the beginning of the year. So... Yeah. [00:03:32] S1: It's always priced in.
00:03:32 · Jordi Hays, John Coogan
[00:03:32] S1: It's always priced in. [00:03:33] S0: The stock sell off is fueling a flight to quality and trade and treasuries with the 10... With the yield on the ten year note falling to its lowest level since September 9. That's not that long ago, but still, interest rates are are falling lower. Liquidity is having... [00:03:48] S1: Joe had a great post this morning. He said, where is it? Wow. He posts a lot. He says, big rally in treasuries the last few weeks. We must have gotten our fiscal house in order. [00:03:58] S0: That's exactly what happened. 100%. I love it. It's great that it's great that I'm glad that we got that sorted out. Like that. It's it's so fun. Yeah. Liquidity says, Nasdaqistan has been hit with two nuclear bombs per Reuters, which is... It's like using the breaking as a joke. I feel like people play for a little fast and loose, but adding per it really feels like you're taking the the fake news to a new level. Didn't get a community note though. Ted k likes. People got it. I understand that it's a joke. Yeah. Kobeissi Letter. S and P five hundred has raised 2,200,000,000,000 over the last fifty five minutes. This was this morning. Today's decline is now double the size of yesterday's post election rally. The Nasdaq is, 6% away from a bear market. So very, very rough. What else is going on? The... There's two funds that people are are calling out. Two, maybe three. And Engineers Gate. As well
00:03:58 · John Coogan, Jordi Hays
[00:03:58] S0: That's exactly what happened. 100%. I love it. It's great that it's great that I'm glad that we got that sorted out. Like that. It's it's so fun. Yeah. Liquidity says, Nasdaqistan has been hit with two nuclear bombs per Reuters, which is... It's like using the breaking as a joke. I feel like people play for a little fast and loose, but adding per it really feels like you're taking the the fake news to a new level. Didn't get a community note though. Ted k likes. People got it. I understand that it's a joke. Yeah. Kobeissi Letter. S and P five hundred has raised 2,200,000,000,000 over the last fifty five minutes. This was this morning. Today's decline is now double the size of yesterday's post election rally. The Nasdaq is, 6% away from a bear market. So very, very rough. What else is going on? The... There's two funds that people are are calling out. Two, maybe three. And Engineers Gate. As well [00:04:54] S1: as Lone Pine. And again Yeah. No one knows... I mean, I think Walleye Walleye already put out a letter saying that they're basically closing down one of their long short strategies. One of them. And they're gonna continue to focus on on some of their other products. Short of. But everything else, we'll we'll probably won't find out exactly what's happening for at least the next twenty four hours.
00:04:54 · Jordi Hays, John Coogan
[00:04:54] S1: as Lone Pine. And again Yeah. No one knows... I mean, I think Walleye Walleye already put out a letter saying that they're basically closing down one of their long short strategies. One of them. And they're gonna continue to focus on on some of their other products. Short of. But everything else, we'll we'll probably won't find out exactly what's happening for at least the next twenty four hours. [00:05:15] S0: Yeah. Factors all going the wrong way today equals liquidations are happening. And people are fake news posting about Leopold. It does seem like if if his thesis has remained the same, and certainly if he's using leverage, it would be really tough right now. Yeah. But people don't exactly know what he's doing. You know, I think it's it's fair to throw those community notes on people that are saying like, it's it's blown up. Like, you don't know. We'll we'll we'll see. But Yeah. [00:05:43] S1: He might be all the way out of the market. You don't know? Yeah. Somebody's posting, you know, screenshots of of of his Bloomberg profile. It doesn't seem to be online right now. Oh, interesting. It might just be like, I'll see you in 2027.