The Pomp Podcast
00:48:09 · Anthony Pompliano, Jordi Visser
[00:48:09] S1: Qualcomm down 9% after their earnings. I have a little bird in my ear who has been telling me that, you know, Qualcomm has a whole chips business. [00:48:19] S3: Mhmm. [00:48:20] S1: But people don't really ever talk about them. Do you you have any thoughts, or or are they just kinda irrelevant from the narrative regardless of what the financials and technology is?
00:48:28 · Jordi Visser, Anthony Pompliano
[00:48:28] S3: So Qualcomm ends up being more for autos and more for phones. So they do have a data center business, but it's not the same. So where Qualcomm becomes more of a thought is when car sales are going higher, which is not happening, primarily an affordability issue, but also we we're not rolling out the FSD yet. And then on the phone side, memory's been such a big bottleneck, and it's made the prices go higher that Apple has said they're not gonna sell as many as thought. Now this had an impact on Intel too. So Qualcomm, I think, fits a little bit into the Intel side. It fits a little bit into the auto side. They don't have, let's say, the upside, interest that a Marvell would have or that any of these companies on the optical side because they're almost exclusively towards the data center side, which still has demand. But now that data center demand people are questioning, so you've lost the entire AI trade. I wanna repeat again what I said so people understand this. At June, the stock market was not discounting any bottlenecks. It was not discounting any of the issues that were gonna come up. You guys can go pull our tapes from May and June. This was a major, major thing that was why I was writing papers called the fireworks show is over, mid cycle slowdowns here. You never know when these corrections are gonna end up bottoming, and maybe this is a bubble, this is gonna completely unwind. Take your [00:49:54] S1: take your victory lap. [00:49:55] S3: You were right. [00:49:56] S1: This is not... My portfolio does not
00:49:56 · Anthony Pompliano, Jordi Visser
[00:49:56] S1: This is not... My portfolio does not [00:49:58] S3: look like a victory lap. It looks more like carnage, like someone threw an ice cream ball
00:50:02 · Anthony Pompliano
[00:50:02] S1: over the But but you were and I can say, you can't say, that's fine. Alright. Wanna do two more things before we let you go. The first thing is, I'm gonna, read... We're gonna have a little fun here. Okay. But, after I get done having this fun, I want you and I both to share one thing we did with AI this week that is actionable for, for people. But the fun part of what we're gonna do today is, me and mister Matt Marlinsky, we collected this week all the best memes, all the best jokes coming out the midterm elections. I wanna read you a couple of them. If you're an AI, pivot to daycares. Pretty good one. Somebody said, Mamdanistan has expanded its borders, took it over The United States. Somebody said, we're putting miss Rachel on the $100 bill. And I have to read only the appropriate ones here. Trump got regime change in Texas before Iran. I mean, there are, like, old timers. Elon Musk and Joe Rogan moved to Texas to escape liberal California and inadvertently turned Texas blue for the first time in thirty years. And I, you know, I read some of this stuff, and and as much as I'm joking around and, you know, there... There's things that are, obviously hilarious jokes, but then there's things that have, like, these truths to them. Yep. I think that it kinda comes back to this idea of, like, the people aren't fooled. Right? And, one of the ones that really got me and and could open my eyes, Raymond James put out a chart that showed Trump's approval rating mapped onto the gas prices. I mean, it is like, might as well be identical twins in each direction. Right? And as gas prices got worse, the approval rating. And so I do feel like, one, we live in this world where information moves at the speed of light. And and I saw a a picture, and it was basically taking, I think it was men under the age of 35. And they started off on the blue side of the aisle. And then it basically showed that then they went to red two years ago when they voted for and had this big red wave. And then the chart very nicely drew, like, a U-turn back to blue, and it was, like, you know, plus 36 for whatever it was. And what that tells me is that's not a left or right thing. That is a group of people in search of solutions to their problems, and they don't know who can help them. Right?
00:52:08 · Anthony Pompliano
It's like, you know, they're they're blowing in the wind of whoever says, well, the people in charge right now suck. I promise I'll do better. Mhmm. And it's just like you just vote for the party that's not in control back and forth, back and forth. Because the truth is, like, can either one of these parties solve the problem? Probably not. Like, we just print money and affordability gets worse, which means that to your point, like, the AI trade has to find a bottom at some point, but it also has this massive tailwind, Bitcoin, gold, you know, stocks, whatever. Like, at some point, the money printer just takes over. Right?
00:52:44 · Jordi Visser, Anthony Pompliano
[00:52:44] S3: No. So I'm I'm not as... The the money printing, if... And again, I'll I'm I'm gonna couch this with with one thing. When you say gas prices in Trump's approval rating, you have to remember that the war moved gas prices. Agreed. The war moved rates because oil moved rates, and then they had to respond to rates moving higher because inflation risk went higher. I don't think it can be minimized how a lot of people voted for Trump because he promised no more wars, and there was a war, and it made the affordability issue much weaker. I think everything has been a major issue in The Middle East. I think it's divided a lot of the country, I think it's been a major issue. So I I I think getting back to the printing side, everyone has a job, There's no... Nothing showing up in bankruptcies. There's nothing showing up. I I I just think people are... I just think they're they're fed up and they're angry. The deficit's not going away. That's what keeps the growth going along with the AI spending, and I just think the government's gonna be more involved, and I think bigger government's there. I I did see something interesting that of the people elected and of the people that are securing these places, we're actually moving less and less centric in terms of the people that are getting voted in. [00:54:08] S1: Mhmm.