Course Live 6-4-2026

0:00 to another course member live stream. All right. Uh today everything is about Broadcom and are we actually going to see a bounce over at Broadcom? First of all, you got to know a few things. We're going to go through the Broadcom earnings. I already have uh so it'll be really fast and we'll get it into another one. Uh they honestly they were very good. Uh the earnings were fantastic. I mean, they were like beats across the board and one little miss on the timing of of uh processor deliveries, which was really shocking.

0:30 But what you could actually see is that you've had a lot of momentum uh really just in this last a week. And you see this almost fat right here. Uh that fat right here is literally what got given up uh right after uh the um uh the earning set. So, uh, pretty much all of the gains that Broadcom's had over the last week got evaporated. Now, why this is very important is because this is a line, uh, that's right here on the fib extension set, uh, and, uh, we're just right back to it. So the critical thing to watch today after about the first five minutes if we start getting some institutional liquidation or whatever, what we really want to watch for is are we going to see uh a boost, if you will, back to 414 at open. Uh and then can we take off from there? That's the most important part. If we can't take off from there, we end up having an oopsy-doopsies.

1:37 uh and that ends up leading to some more down pressure sadly on the NASDAQ uh 100. So what we've got on the NASDAQ 100 is we've got two potential break points. 735 has been an okay spot couple times over here. We can go ahead and throw it in as a very gray line. It's pretty basic. It's not going to be blue. Uh, in case you don't remember or or you haven't heard me say it before, uh, my gray lines are the worst. Uh, so I I find them the least reliable. Uh, and then we go up to green and then blue and purple and orange depending on how reliable the lines are. So, uh, what I mean 735 will be a test at the open to see if we hold that. What's important in the alpha today in my opinion is let that selling happen for the first five to 10 minutes or so. Uh so if we look for that first 5 to 10 minutes and then we get an AMD recovery, Nvidia plus Microsoft and Palanteer, meaning the dip has been bought, the short reloading is over on software from Tuesday and Wednesday. and people who get shaken out the first five minutes or whatever like institutional funds that end up dumping.

2:55 Great. If we don't stabilize and have to be a little bit more cautious on what's going on. Let's go ahead and jump in to the bell here and we'll talk more. Well, you a really good point, David, which is that the actual underlying pieces of paper are actually in not a bad time to be a great I love it.

3:30 Let's get the opening bell this morning at the big board here at Sunshine Silver Mining and Refining Company celebrating IPO at the NASDAQ and Times Square Eno Group, the Germany based gas engine manufacturer celebrating its own IPO. And at SIBO in Chicago, online brokerage Tasty Trade doing the honors as we're going to watch Broadcom here at the open gym. This could be maybe the third worst day going back to '09. Yeah, I mean look it to say that a 100red billion plus is not enough in the forecast is rather uh but look I stand by hot I just want people to know I just think he's made us so much money and every time there's been this kind of huge break in the stocky there we go you don't buy day one day is open there we go CNBC sound so again first 5 to 10 minutes we've got a couple of soft lines of QQQ at 7:25 and 7:35. We need that stability ideally at about 414 on Broadcom. Most of Broadcom's boom has come within the last week. That was just given up. Uh yesterday we were looking for that Nvidia blowout of of 227. We lost that as well, which is not good. Nvidia has been a little bit of a harbinger, if you will. Uh we lost that 227 here. We uh couldn't get it back in the pre-market.

4:58 We couldn't get it back when we opened. Instead, we dropped on Nvidia at the open yesterday. And it's set up for a red day. In order to get to all-time highs, you have to think about this. You need Nvidia, AMD, and the software stack to get bought. That's a good thing and a bad thing. It's a bad thing because it means you need the broadening to keep getting all-time highs. Totally normal, totally understandable. But if we don't get the broadening, it's really hard to keep justifying the market pushing all-time highs. And that's why we don't see all-time highs until we start seeing like IGV or Microsoft or whatever actually start moving. So again, what we're looking for today is Broadcom getting bought. This is the very important line right here, 41461.

5:50 We're going to come back to it in about 8 minutes, but for now, let me quickly show you the synopsis that I have on the Broadcom both earnings call uh and the actual earnings release. Oh, I should give you what the wire feed also uh looked like. Uh let's see here. Let's see. Let's see. Let's see. Okay. Ah, yeah. Okay. I just have to find where I saved it. Here we go. Wire feed. Wire feed. wire feed cuz I annotated it yesterday and I'm like, "Oh, I got to save the screenshot." Little did I know, I was going to take like 50 other screenshots after I saved it yesterday.

6:27 There it is. All right. I I got this ready for us last night because I'm like, "Oh, we're going to have to talk about this puppy." Uh, so this is what the wire feed looked like. And this is what I was alluding to in the alpha report when I said beep beep beep beep beep beep beep miss. Right. So, take a look at this. Broadcom's adjusted Q2 EPS beat Broadcom semiconductor revenue beat Broadcom Q2 revenue beats Broadcom Q3 revenue beats Broadcom uh Q3 adjusted margin fine in line. Uh-oh. What is this? AI semiconductor revenue right here. That's it. They came in at uh Oops. Sorry, no, that was that was a B2. My bad. That was a B2. It was actually right here. There it is. Q3 AI chip sales missed. In my opinion, this could potentially I'm not looking for an excuse for them. I don't have any exposure to Broadcom. Uh, and even if I did, I'm not looking for an excuse for them. I think this has potentially more to do with the timing of the delivery of the XPU, which is an ASIC chip. So, it's a it's a custom application specific integrated circuit, right? Here's your software. Here's your chip all together in one. Uh, and this miss right here is a miss of about 7%.

7:57 So, this one line right here next to all of the beats was enough uh a 7% miss not on revenue, but on a component of revenue. uh just made the market hoop bricks, right? So just made uh the market hoop bricks. Now the question is, is the market going to have liquidity to buy the dip? Right? This is now a liquidity test. Yesterday we talked about this. Yesterday we talked about how Google Google uh raising you know 85 billion is a liquidity test right SpaceX IPO is a liquidity test the same is true for uh OpenAI all right let's write that down open AI anthropic private credit all of these are a test of how much available capital is there. And unfortunately, that's the one number that spooked markets yesterday because the underlying fundamentals at Broadcom were actually really damn good. Uh I I I got excited about the dang stock when I was looking at the stuff. Now, I didn't like their balance sheet as much in fairness. And I'm going to show you that cuz I already went through this. We got about $30 billion in cash and receivables. We've got short-term debt of 18.8, 8, which means we've got about 11 billion of free cash. However, they have long-term debt of 72.6.

9:40 So, I'm going to call yellow on the balance sheet because of that long-term debt. Uh, not ideal to see that much long-term debt. Now, if I go back to their cash flow statement, they actually grew their net cash from operating activities 20% not in a year, but in a quarter. This is insane. Their yearover-year net income grew by 87%. their sequential net. Sequential is a fancy way of saying in Q1 we had this, in Q2 we have this 27% sequential growth. Stockbased compensation actually went down. We have them paying off debt and paying dividends. And if I go to the income statement, you have 14.9% sequential growth, 48% year-over-year growth on the entire revenue side, all while their operating expenses are up just 1%.

10:47 So, they're still like scaling this business. That's why I wrote scaling scale. Wow, these are really good numbers. Now from last quarter their margin did go down a little bit. So their pricing power had a tiny little pause. Now that's quarter over quarter. Year-over-year their margin actually expanded about 2%. So they lost about.3 from last quarter but they expanded 2% year-over-year. Point being these earnings were great. They were very good. uh and Broadcom should recover.

11:26 There's nothing in this that says, "Oh my gosh, the AI trade is dead." In fact, take a look at this. Demand for XPUs and networking are considered insatiable. During the quarter, bookings for AI semiconductors were over $30 billion versus the 10.8 we shipped. And we expect the second half of 2026 to double the first half of last year. Uh now they say over here we expect semiconductor revenue growth to continue all the way through fiscal 2028.

11:59 Now they just reported fiscal Q226. So that means they are actually forecasting 2.5 years of growth. Let's write that down. It's useful. Okay. So forecasting 2.5 years of uh AI semi- growth. So, I as much as anyone else am looking for the canaries in the hardware coal mine because look, you know me, at one point, and I say this all the time, at some point the cycle is going to end and it's going to be a really nasty nasty hardware crash. Like as soon as Nvidia tells you, you know, the numbers are going down and the growth is going negative or even the growth just slows under appetite, it it's it's all selling off and it's going to be really nasty. We know that day is coming, but that day is like like you know the t your taxes are coming due, right? Like it's going to happen.

13:05 But with taxes, we get a time frame. For this, we don't. And so we have to look for breadcrumbs. And so far, no breadcrumbs. Nothing at least that I could tell uh in the Broadcom earnings call. Uh so nonai is slow at about 6%. We see that at other companies as well. We saw that yesterday as well that it's it's the server side that's expanding these businesses. I also by the way added uh a few things. So yesterday I put a lot more information on Lattis.

13:36 There you go. So a lot more information here on Lattice. So, you can see where I break down facts from the opinion. The debt they are raising is uh is is only about a one-year loan term. That's why they want to pay that off really quickly with that software revenue we talked about yesterday. Uh and the dilution by issuing the shares is going to sit around 4%. So, it's really not that heavy. Uh but anyway, we we did write these things here. In fact, I I even wrote over here a red flag for them is if hardware goes, so do they, right?

14:12 But we already know that. Interesting. Also, they have a lot of exposure to China. But this is just uh these were just some extra notes yesterday I wrote on Lattis in case you wanted to see a little bit more on Lattis. Uh, as far as Broadcom though, um, let's go grab these screenshots and do a valuation on them because personally when I looked at the financials, other than the balance sheet, I was personally impressed. Now, maybe I'm wrong to be impressed. Maybe I'm being duped. Uh, that's always possible. Okay, so grab the balance sheet here. We're going to grab these cash flows here. going to jot this all onto our uh stock tab. And then what we're going to do, which I have not done yet, is we're going to do a valuation on the company. So, let's get our earnings calls here. And then remember our goal today was can we get stability within the first 5 to 10? Much like yesterday, we were looking for stability on Nvidia and a broadening of Microsoft and Palanteer. We're going to be looking for that again today. Uh and if not then then you know we're looking for the floors on the cues which would be like 7:35. We lose that at 7:25. This is also an interesting note right here. Uh there was a note here about Meta uh placing a massive order uh of of around $6 billion worth of chips.

15:41 Uh well that might be too Oh, they're going to deploy I see two three up to three gigawatts with meta. Okay. Okay. Got it. Anyway, small little extra note there. Uh, okay. A AI networking. Oh, yeah. This I thought was very interesting because Marll is in the networking side. And listen to this line right here. Within semiconductors, we've always said TPUs and some of the wireless business has lower margins. So, as TPUs continue to scale, there will be pressure on overall margins. But on the AI networking side, business has very rich margins.

16:22 That was interesting. I thought that was in quite worthy of uh a screenshot for sure. And I think that's all I got. Yeah, that is okay. Good. So, we're going to drop these all into Broadcom and AV go. Ah, interesting. Look at what I I'm just looking at what I wrote the last time. Uh, the last time I wrote balance sheet yellowish.

16:55 Uh, last time was uh um momentum yellow and we we still had them at about a 1.25 peg. Now, that was only a few days before earnings, right? That was May 29th. So, that was on their old stuff. We also noticed enough cash with accounts receivable to cover short-term, but a lot of long-term debt. Yeah. And and we've complained about that before, their long-term debt. Okay, let me uh do this really quick. Uh that is going to be here. Let's get the screenies.

17:30 Send it. Got the bulk upload. Uh, if this is going to work today. Yep, it did. Okay. Okay. AVO. All righty then. Okay. So, now we're going to do the valuation on Broadcom EVgo. Devil Guy, we see you here. Fair value estimate for SpaceX. Uh, we have SpaceX videos.

18:02 Um, I I don't know that you can really pick a because it's so overvalued. SpaceX doesn't trade at a fair value. SpaceX trades at a an Elon premium and it's going to trade on hype, how much hype goes into it, plus uh, you know, how long the people who are locked up hold. Uh because I I can almost guarantee you there are a lot of people standing on the sidelines waiting to dump SpaceX because they're going to make a lot of money. Um and so the lockups are going to be very interesting. Anyway, so the EPS projection is 11.25.

18:46 forecast growth is uh 65.9 34 313 9.7. Okay, those are actual facts. You should already be pretty familiar that the green check emoji emoji is a fact. The little right arrow is is just a subpoint of either a fact or an opinion. And then of course the um the yellow halo is is just a Kevin opinion. Uh, you know, I really try to do that when I write things down just so people know, okay, that's what Kevin thinks. So that way, you know, you could disagree with it. But if it's a fact, uh, it should be a little harder to disagree with. Well, some people, uh, don't like facts, but, uh, but we like facts. All right. Uh, there we go. All right. So, uh, this leaves us now at about what are we at?

19:40 Like 405 or something. I'll have to look in a sec, but let's go with 405. divided by uh a EPS projection. That puts us about 36 times uh PE equals 36 for end of 2026. And that means the Wall Street PEG ratio is 36 / 32.22 22 1.12 which is roughly I think what we have it at anyway let's verify let me remember the numbers it is 1125 32222 1125 1125 3222 Yeah pretty pretty dang similar okay good so my commentary on This is uh unfortunately Oh, you know what? Let me put the um the screen grab in here as well about the miss because I actually think that'll be quite useful for you.

20:58 Okay, good. There we go. So uh guide us safely through what? Please guide us safely through and with the spac's IPO impacted stocks what to watch for worry about. Oh okay. Yeah. Well like I said SpaceX is going to be momentum. You know you can't you can't predict SpaceX right now. It's all going to be about how much do people want to suck Elon's nuts. Like I hate to say it, but this is a an Elon premium play. And honestly, I respect it. Like the guy's going to be a trillionaire. You know, he's like the idol for a lot of dudes.

21:40 And that's great. Like, you know, first to reand these rockets. Uh the most badass full self-driving suite available to consumers. Uh you know, really ushered in the EV revolution. And this was, you know, before some of his other achievements, Starlink, dude, like some of this stuff is freaking awesome, you know. Now, everybody's got their problems. I mean, Doge was The guy is really good at, you know, lying without seeming like it lies on social media to gain popularity, but, you know, that's debatable. Uh, so you know, nobody cares about the SpaceX fundamentals because they're trash. If you cared about the SpaceX fundamentals, you wouldn't touch it. But it it ain't going to be a fundamental trade. It's going to be a meme trade. That's all it is. The question is not, you know, what what's its valuation? The question is how much other how much of other stocks are people going to dump in the liquidity challenge, right? That's why I wrote this right here. These are liquidity tests. Google raising money, uh, OpenAI, Anthropic, Private Credit, SpaceX, everybody's raising money and they are a test of the market.

23:01 Um, okay. So, Broadcom, we got uh EPS forecast. Okay. My opinion, uh, my take, no signs of an AI slowdown. Um this is uh an overblown sell-off likely as people pick up uh liquidity for SpaceX IPO uh next week. Um I would say that I'm not a fan of the AVGO balance sheet.

23:39 Uh not my favorite. um not my favorite choice, but um I give credit where credit is due and it's overall quite exciting for AI hardware. Uh and I see few I I see l little uh evidence of uh anything other than you know some loony uh Wall Street uh expectations because the growth does seem robust.

24:14 Growth seems robust for now. Obviously as we open this up with at some point uh hardware is going to come to an end. It always does. So just keep that in mind. All right. Good. So that my friends is AVGO which actually has a fair value, you know, pretty pretty low valuation, you know, so it it could easily justify, you know, hooting and hollering up some more. So what do we got going on today? So what we've got is uh we actually have Palanteer and Microsoft Green and Broadcom is trying to find a floor. Uh, so did Palanteer and Microsoft. Wow.

24:55 Wow. Look at that. Right on the damn line for Microsoft. So, looks like the market's trying to form on the minute candles. A double bottom here. You'd actually probably see it on the fivem minute as well. No, you can't. Not quite on the average five minutes. So, let's see if we can stabilize. If we could stabilize on Broadcom and C Green on Palunteer Microsoft and a recovery on Nvidia, like at least a bottom on a Nvidia, the cues can actually go up again. It actually looks like Did we hold 735? Wow, look at that. We only went a buck 50 under 735. We sat on 735 right here. We're sitting on 735 again.

25:41 I'm going to actually upgrade this line to green. Uh again, just so you know, my color coding. Uh it's actually easier to see color coding on Tesla just because I've done it so many times. But if you go out to Tesla's color coding, you could see uh there's a blue line right here. We've rejected. There's a purple very, very strong line at the 414. Uh and then you'll even see orange lines, which are the strongest lines, which are uh I call them legendary. So strongest lines are orange, next strongest purple, next strongest is blue, then you get green, and then you end up with gray.

26:17 So, uh, you know, something to think about. Okay, good. So, some stability, which is good. That's not good at AMD. AMD. Oh, wow. AMD just tanked at the open right off its line. Yeah. So, it's too soon to call that we're going straight up is we're still seeing very shaky stability here. And it didn't happen within the first 10 minutes either, which is uh disappointing. Still shaky. Yeah, this this is a liquidity test for next week. You know, it is crazy for But you kind of got to realize next week is already the SpaceX IPO. Uh it's sort of like, wow, it's already here. Uh, interestingly, it's really just hardware that's read today. Uh, like for example, if I go to uh, this list of 16 stocks here, you can see like into it, applovin, circle, Netflix, meta, path, Axon, Rocket, LDI. These guys are slightly green and these are usually the stepchildren ones, you know.

27:26 And then the hardware, the Nphase, the SIM, Marll, they're the ones doing worse today in sympathy for uh what we've got over at Broadcom. Very interesting. All right, good. Now, let's go look at uh one more and uh let's go jump into let's go to Uh, what am I trying to do? What am I trying to do? We're trying to get We have a system where important news goes to course members first. Well, it's funny. We're actually building that. Uh, and so that's going to there there's going to be something really cool. There going to be a lot of really cool things.

28:11 So stay tuned for that. It's a it's a very um what's that word? Uh can't think of the word right now, but a very foreseeing question you're asking. So yeah, that's coming. Course members are going to get some cool stuff here soon. Um, yeah, this is a check on institutions. Just a little liquidity test. Exactly. No. Yeah, I totally agree with that. All right. App loving a dating app. No. All right, let's go do Crowd Strike. Yeah.

28:40 Investor. It's an advertising app. So it's sort of like you could probably advertise dating apps on Apploving. Yeah. Now, I have been waiting for cyber security to freaking tank because cyber security is too damn expensive. Too damn expensive, son. Crowd strike.

29:12 Okay. Earnings release. Uh, where did I just save it? Did I go to downloads? Oh, yeah. Put it in the wrong spot. All right. All right. All right. All right. So, Oh, yeah. Um, couple of, uh, couple of notes. Um, we've been, uh, we're in the background going through quite a few upgrades. Uh, and so I know there was some latency, for example, this morning on the, uh, Meet Kevin app, and we're very sorry about that. Um, that should not happen. Uh, but, um, we also have the, uh, web app now live. So, if you want to use this, I highly recommend you bookmark it. I actually think it's really good. Uh, this will have the community tab functioning soon. We custom built the community stuff. Uh, mostly custom built it. And so, but I mean, pretty much everything we're doing is is pretty freaking custom. But anyway, uh it's kind of cool because now you could get the uh alpha report on uh your web app and uh or trade alerts or whatever on web rather than relying on um your your Meet Kevin app. So, you know, data tab you can see or you know what whatever, right? Uh you could see the um you know all all the other stuff. Yeah.

30:48 Data tab uh the stocks the alpha report whatever. It's basically the same thing just online. Right. So okay good. Now let's get into uh so that's app. Yeah. The URL for that is app.meaven.com. Okay. So, uh, also when I'm bored, because I'm going to be on a flight later today to Europe, so it's going to be very boring. I'm going to be in the community tab tonight quite a bit. Uh, should be assuming there's Wi-Fi on the plane. I don't know, maybe they don't have Wi-Fi transatlantic. That would suck. But if they do, I'm going to be sitting around for like 9 or 10 hours or whatever. So, I'd love to hit it up with you in that community tab. And, you know, I'll still be updating like e-hack uh well, we call it e-hacking house, but the the data tab and stuff on the Meet Kevin app while I'm gone. My goal is to get the alpha reports out, but I think I land around the time the next one is due tomorrow.

31:41 So, I might not be able to do tomorrow's alpha report. Should be able to get all the alpha reports next week. And then if I can like record a video or something as a bonus, of course, I'll do that as well, but it's going to be obviously a little harder with travel. Anyway, uh but we've had that coming on on the list as a heads up. I don't want anybody to feel rugpulled. I don't. Okay. So, um you know, honestly, the market's pro.

32:06 We should have known the market's selling off because I'm going on vacation. Damn it. We That should have been a catalyst. Now, we had it in our alpha report. Like, we we we have the calendar. It's right there. I just should have talked about it. We literally had it right here, Kevin, in Europe. It's been in there for weeks, you know. That sort of stuff.

32:39 That sort of stuff just pisses me off. Makes me want to take out Lucy. Oh, did uh did the live stream cut out? Oh crap.

33:12 Am I back? Did it Did it like lag or something like that? Yeah, because it says it should still be ticking here. All right. Well, I'll just keep going here anyway. Uh oh, it cut off. Oh, that's hilarious. Yeah, it's funny because like Lucille did end up getting stuck uh on some cabling down there. So, I wonder if Lucille like literally screwed up something. Lucille's very Lucille is very very sharp. You You do not want to mess with Lucille.

33:50 Uh anyway, um so all right, let's just go through this now. Now people say the sound's lagging. Man, we got a lot of problems today. Muted there. Can you hear me now? Wow, this is crazy. Everything fell apart when Lucille came out. All right. 1073 divided by 934 14.8% opex growth.

34:27 Um very uh very good uh move on PP here. Uh in fairness, uh Crowd Strike is seeing uh pricing power increase and uh OPEX decrease as a percentage of revenue. That's very good. I honestly I got to give them a lot of credit then.

35:02 Ah, nice. Look at that income profitability. Two income profitability. Nice, dude. Huge. Yeah, that's awesome. Yeah, some of y'all it's are saying, yeah, some of you you have to close and reopen YouTube. What weirdness. Yeah, I don't know what happened there. That's some crazy timing. All right, so that's really good. I'm assuming liabilities are fine. We'll just look in just a moment, but let's go first to the cash flow statement. We have a lot of money provided by uh operations, which makes sense. Software company. There's the stockbased comp, which is up, you know, that is up 297 247.

35:50 Ah, it's not up as much as revenue. Uh, okay. Then I've got plant property equipment. I got 500 mil uh of cash flow. Wow, nice. Financing. Okay, so this is good. I've got stock repurchases. That's good as well. Okay, then current liabilities.

36:22 We've got m a lot of deferreds. So, I'll call it about 87 700 mil current liabilities. And I've got a balance sheet. Oh my gosh, look at all that cash. I have 4.5 billion in cash. Wow, man. And then long-term debt. Very little deferred revenue. Very little long-term debt. I've got maybe a bill. 12 1.2 long-term. Wow. Very good.

36:57 Honestly, these numbers at CrowdStrike are fantastic. Uh I'm actually great they're selling grateful they're selling off because the numbers are so damn good. I really like it. Crowd Strike I You've got expanding pricing power. You have uh a fantastic balance sheet. you have excellent cash flow. Uh there's you've got stock buybacks, not as much as stock comp, so that you know could be a little better, but I have to say is actually pretty good and research.

37:45 Okay. Come on, puppy. Oh, now I can't upload images. What happened? Oh, cuz it logged me out. If I sign into the app, it logs me out of my backend tool. Philly Philly. All right, that's fine. I'm back in because I wanted to show y'all app.mmeke.com. Okay. So, crowd crowd strike uh honestly very impressive. Um profitability expanding PP expanding operating leverage um stock buybacks though not as much as stock comp. Um very exciting.

38:42 Um, I've got revenue expansion. I've got pricing power is green. Pricing power, remember, green flag is good. Uh, red flag is bad. Balance sheet green. Valuation, we're about to find out. And momentum, uh, momentum, momentum, momentum. Uh oh. Well, I just tapped on over here and as you could see, we were struggling to actually get that recovery on 414 on uh AVGO and Nvidia tanking. That's enough to make you lose the line on uh on the Q's. So, uh definitely a liquidity challenge, huh? Ah, that's unfortunate. That's all right. ARM is down 10%, for example. ARM's great, too.

39:38 Honestly, there might come a deal on ARMS had a higher valuation, too. We're going to we're going to look at that uh in just a second. Hold on one sec. Sorry. Uh I had to help Lauren really quick. Uh okay, good. So valuation >> crowd strike.

40:19 Bam. Down 7%. So why? Let me see. Crowd strike. Oh, they're going to do a four for one stock split. That's interesting. Okay. Forecast. Beat. Beat. What the frack? It's like beating across the board.

40:50 So, what's the problem? Results fail to wow investors. I mean, they beat across the board. Uh on earnings, liquidity challenge. Okay. Momentum.

41:22 Look at that in just a moment. Crowd strike valuation. All right. See what we got here. So we've got on the valuation 4.92 of EPS uh EPS 4.92 growth 26.7 29.4 42117.9. So kind of slow growth out of there. 42375. 2375% EPS growth next four years projected, which puts us at.

42:01 Well, let's find out. Let's put that through. I've got 23754.92 20 23 4.92 2375 that's fine 24 I'll leave it at that so that hasn't really changed and let's grab crowd strike here just to get our valuation in a 5.88 88 peg. Damn, still too high. Red flag. Uh 5 plus peg suggests still overvalued.

42:44 Okay. Uh and then the momentum even though it's going down today, it's it's been pretty broadly up, right? Crowd on the weekly chart. Yeah, it's still overbought on the weekly. So really, you've given up some of the recent blastoff, right? So it's still a red flag. Some of recent blastoff, like with Broadcom, was just reversed. No problem. That's honestly, it's probably the trading money that moved into the stocks, right? So that often happens. Like even at AMD, you'll get trading money that goes into the stocks that helps them blast off and the trading money leaves when the trade reverses.

43:28 reasonable actually seeing stability here at Microsoft and Pal. It's tough. Today's tough anytime we look for stability, we're not really seeing it last. You know, we're about to hit VWAP on um on Nvidia. VWAP right now is 21314. So, we'll see if we uh can break through even just VWAP. We just we're pushing we're touching it right now on the cues. VWAP is 73518.

43:58 So, we just broke through that volume weighted average price in case you're wondering. It's a little tool that that basically resets for the trading day and the trading time. A hot shirt by the way. Zeta next time. Uh, yeah. What is I mean, I'm not going to do it now, but Zetta stock. I don't even know what it is, honestly. It is $5.7 billion company. It is uh what do they do? They are AI powered omni channel marketing. Oh, okay.

44:36 Marketing's interesting. Customer data management. I hope that's not like Salesforce. Oh, they got programmatic programmatic advertising and ad inventory. Oh. Oh, yeah. I'll write it down. You know, you might have to remind me again. I'd be interested to do it. And I'm the only reason I'm saying you're going to might have to remind me again is because I'm going to be gone, but I will write it down. Uh, Z E Ta. All right. Good. So, we went a little longer today obviously because we're not going to see each other on a live for a little bit. I'm still going to do my best to provide value while I'm on vacation, but in fairness, it is vacation. So, like I have this disease where I still have to work on vacation, but I tell myself I'm not supposed to.

45:23 I'm supposed to spend the time with Jack cuz I'm going with Jack. Uh, so, uh, it's not like a whole family thing. It's going to be a sort of a daddy son thing. But, um, anyway, oh, I wanted to look at the valuation for ARM really quickly. ARM, see, ARM is still sitting at 3.85 85 and I have their their pricing power is yellow because they're stable at the top line but their operating margins are actually dis decreasing.

45:55 So, you know, I'd still like a discounted arm, too. Uh, no, I don't have five sons. I only have three sons. No, I got three. One of them is two and is sick. One of them is eight and is sick. And Jack is not sick and he's 10. Uh, and then there are four girls, which you can watch my Instagram stories. I I'm sure I'll have a bunch of fun stuff on Instagram. So, uh, anyway, yeah, you'll get to see some fun stuff. All right, if you follow me on Instagram at least. All right, see you soon. Goodbye.

46:34 Me and Kevin on Insta. Have a great week.