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.
00:05:43 · Jordi Hays, John Coogan
[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. [00:05:54] S0: Well, just do him privates. Right? And that's what saved him in the last in the last, crisis. So who knows? But Lone Pine Lone Pine, people are speculating. They're in trouble. Nebius, ASML, Seagate, applied Materials. What else do they have here? Teradyne Corning. Lot of tech, lot of semi lot of semi stuff. And, if Leopold is in fact in, in CoreWeave, Sandisk, Nebius, etcetera, Core Scientific, Bloom Energy, Some of those names are down 50, 60%. And so, even without leverage, it's a very, very rough perspective. [00:06:28] S1: Yeah. Just in the last month, you have Cerebras down 54%, CoreWeave down 50%. So it is just Yeah. [00:06:35] S0: It does seem like people are kind of piling on. You you saw the CoreWeave or the Cerebras thing about how some, short seller came out and said like, their chips stopped working after two years. And it was, like, really, really negative on the actual Sorry. [00:06:49] S1: I'm just getting the chat up. They're asking, did we get liquidated and lose the We're not... Yeah. Yeah.
00:06:49 · Jordi Hays, John Coogan
[00:06:49] S1: I'm just getting the chat up. They're asking, did we get liquidated and lose the We're not... Yeah. Yeah. [00:06:59] S0: Yeah. Yeah. We have to sell those. Sooner cameras or our webcams now. Okay? Like, give us a break. We should really... We do need to get the threadbare suits going and the and the sacks, like the, you know, some some burlap sacks and some bindles. We need to be staying in line for some handouts. Adam says, our perspective on today's market crash and the era of AI, the biggest technological revolution in human history, people are eager to call the top. That's how disruption works. It disrupts. Revolutions yield polarity and sentiment, and volatility comes with change. However, if you zoom up... If you zoom out, the, S and P is still up 9% year to date and 85% since the AI revolution began. AI is nowhere near over. In fact, it's only getting started. Corrections are healthy. Asset owners will continue to win in the long term. Well, let me talk about Figma real quick. Go for it. Figma agents meet the canvas. Your AI agents can now create and modify your Figma files with design system context. And... [00:07:57] S1: A lot of people that, you know, were subscribed to Michael Burry Yeah. And Zitron Yeah. Yeah. That sold, you know, back in 2023 Yeah. When they started making those calls. So they're feeling pretty good today. [00:08:08] S0: Yeah. For sure. For sure. [00:08:09] S1: I don't know that they're gonna be jumping back in. Yeah.