Josh Brown
Appearances
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And, you know, as the scarcity of Bitcoin becomes more of a widespread idea, obviously companies that own a lot of Bitcoin will benefit. Over the longer term, though, or the intermediate term, if this continues and grows, I think you'll lose the premium that strategy has had to its value of Bitcoin.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
So right now it trades at a premium to the amount of Bitcoin it owns because people believe in not just the value of the Bitcoins, but the strategy of accumulating more. So it's selling at a premium to, if this were a closed end fund, we would say a premium to NAV or net asset value. The premium will shrink if there are five of these companies.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
if there were 10 of them, that attain any kind of size. So that's one interesting thing that could happen where all of a sudden the company's strategy starts to trade at closer to just the value of its Bitcoin because it loses that scarcity premium because there are so many imitators out there in the market.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
I am in Naples, Florida, which is Chicago's version of, I guess, Southeastern Florida. So this is Gulf Coast. Western Florida, and I love it here. I've never been before. We're seeing wealth management clients and colleagues, and we're doing a live version of our podcast tonight in town. So it's exciting.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
It works and it makes sense so long as the price of Bitcoin goes higher. Right. I'm sorry, but that's the reality.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
He owns 2.28%. of all of the 21 million Bitcoin that will be available. So available now and available in the future. That's impressive if you think that Bitcoin is going substantially higher. He's got a $31,000 cost basis on that Bitcoin. That cost basis will rise as he continues to buy, but the bet is the demands for all of the other Bitcoin available
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
will grow more quickly than the new supply coming on net of whatever he's buying. And these other companies that are aping the strategy are way more ridiculous. So here are a couple. Semler Scientific, this is a quote unquote, chronic disease detection company. You could see why they'd wanna buy digital assets, makes perfect sense. They bought 871 Bitcoin for $88.5 million.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
They used a convertible bond that they issued in January. Its stock price is up 120% since buying this crypto, and they're calling it their primary treasury asset. Here's another one. MetaPlanet, based in Japan. They're calling themselves Asia's strategy. Last year, they switched from developing hotels into becoming a Bitcoin treasury company. The stock price has gained more than 2000%. My God.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
So I guess what I'm trying to tell you is don't get mad at strategy. If you really want to hate something, hate the Japanese hotel company, MetaPlanet. Like, there are way worse versions of this. If Bitcoin craters to $50,000... strategy share price will implode. Of course it will. The way you made money in Bitcoin, and I made some, I should have made more.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
The way that you made money in Bitcoin was to ask yourself the following question. And I heard this put by Bill Miller, who's one of the greatest stock market mutual fund managers of all time. He had an unsurpassed record. He beat the market 15 consecutive years. Nobody else has ever done that. He got very heavily interested in Bitcoin way early.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And the question that he posed and then answered is the supply of Bitcoin is only going to grow 2% a year supply. Ask yourself this, will the demand grow faster or slower? If you answer the question faster, then de facto, you had to be bullish on Bitcoin because
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
If you answered it slower, well, you were wrong because the demand outstripped the supply, which is why the price has gone from $50 a Bitcoin to 80,000 to 90,000 to 110. So that was like the right way to answer that question.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
So if you believe that the demand will continue to rise faster than the supply, then you're probably bullish on strategy and you probably own it in addition to regular Bitcoin that you also hold. It's easy to be skeptical that the demand will stay. But so far, that's been the case. And people who have shorted this thing have train tracks across their backs to prove it.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
It's actually, it's not that far off. Me Too is sort of what, I wouldn't blame the Me Too movement for this, but that's where Intel's problem started. In 2018, they had a CEO who had to step down I don't have all the details, but he had a relationship with somebody who was working at Intel. It came to light and the board asked for his resignation, which, of course, that's how that ends.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
So please, if you're running a publicly traded company, try to control yourself around your employees. Keep it in your pants. Anyway, that's 2018. And what comes out of that is a succession of bad leadership slash bad decision making. Intel decides in that moment of succession, they have a new incoming CEO and they decide what they're going to do.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
is they're gonna go full bore into the foundry business. They have this manufacturing advantage, they're one of the highest throughput manufacturers of chips in the world, and they're better at it than other American chip companies, and they look at the success of Taiwan Semi, which has effectively become like the outsourced manufacturer to all of the chip design companies all over the world.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And Intel says we could do that too. And that's going to be a big part of the future of our business. And that was a horrible, in hindsight, strategic decision. I think Wall Street hated it in real time. And keep in mind, this is during a time, the rise of NVIDIA, but it's pre-AI. It's 2018, 2019.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
At that time, NVIDIA, it's very well known that NVIDIA is going to be a big player in next generation technologies like AR, augmented reality, VR, virtual reality, machine learning, AGI. What NVIDIA is doing is parallel processing. They're taking this technology that they initially developed for video game development and
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And they're pivoting it to these other technologies where linear processing is not the right answer. So Intel is the linear processing king, the CPU king, linear processing. It's we do this operation, then we do that one, then we do that one. Parallel processing is multiple things at once.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And if you're going to do autonomous driving, for example, you can't wait for a progression of linear compute. It's got to be parallel. So NVIDIA is kind of in pole position for the GPU era and Intel's not even there at all. And as a result, they go into foundry and foundry is just a terrible smokestack industrial kind of business.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And you're never going to get the same stock multiple that you'll get as if you're a chip designer asset light where the, you know, we create the front end of this and we pay somebody else to do the dirty work. And so. They've been stumbling. This is going on for a long time. It well predates the launch of ChatGPT and the AI era.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
But of course, that only made the disparity between Intel and NVIDIA even worse. Companies like ASML overseas and other chip companies, ARM Holdings, they all got the memo and Intel didn't. And as a result, this is why this company is now a shell of its former self. It's a $100 billion market cap. in a land of trillion dollar companies like Broadcom and Nvidia.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
In the last eight quarters or two years, Intel has been profitable on an operating basis in only three of those quarters. On a net income basis, Intel has lost money four quarters in a row through the last quarterly report. It's just an absolutely horrendous fall from grace. And maybe the right answer is to put a nail in the coffin
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
separate out the chip design from the foundry business, have somebody else take those things over and say goodbye to Intel. And maybe that might be the better outcome for current shareholders than trying to continue to slog it out given the market realities of today where Intel is in no man's land.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
It's the wrong people running the company in this day and age. If you're going to be at the helm of a chip giant, you have to have a visionary streak that enables you to see around corners and predict. You cannot be a bean counter. You cannot be just like an operations guru, but not have a vision of where the tech is going.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
I mean, you can get away with that for a few years, but ultimately it catches up to you. It's not a surprise that Broadcom got to a trillion dollar valuation. It's run by Hock Tan, who is a visionary entrepreneur. He's a 40-year veteran of the chip industry, and he's been there at the birth of so many milestones in the tech landscape.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
Jensen Wang, Lisa Su, who runs AMD, these people are running circles around Pat Gelsinger at Intel, who I think has already stepped down. It's a management, it's not just one decision. This is this cumulative decision-making process and you either get it or you don't. And if you don't, you miss where the market's heading. That's one.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
Two, a friend of mine, Jason Xu, who's a brilliant global advisors. He had been at Research Affiliates. He's a Chinese born investment manager here in the United States. Brilliant guy. And Jason, I asked him last year, shortly after the CHIPS Act, I had a conversation with him and there was this whole push to like start the onshoring and the semiconductor shortages of COVID for the automobiles.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And we can't let that happen again. And Intel is going to spearhead this effort to start building chips here in the United States and Arizona and elsewhere. And then we're going to build our own fabs and the government is going to underwrite it and it's going to be great. And Jason kind of said, not so fast.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
What you have to understand is if you are a highly technically skilled person in Taiwan, you dream of being in an underground white room for Taiwan semi, working in a laboratory all day in a hazmat suit. That's like, that's your dream. Your counterpart in America does not have that same dream, does not want to work in a clean room 11 hours a day for Intel in Arizona.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
It's just not what... So our most talented, most brilliant... Scientists and technically savvy engineers in America do not want what that same person would want growing up in Taiwan. And so Jason said the idea of us having our best and our brightest living in Glendale.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
It's not going to go that way. There's a reason for Taiwan's ascension to the top of the heap in terms of chip manufacturing around the world. There's a reason it's there and it's not in Connecticut.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
Thank you. Thank you. Thank you. Thank you.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
cle cle cle cle cle cle cle cle cle cleacacacacacacacacacacacacacacacacacac cle cle cle cle cle cle cle cleacacacacacacacacacacacacacacacacacacacacacacacacacacacacacacacacac cle cle cle cle cle cle cle cle cleacacac cle cle cleac cleacacacacacacacacacacacacacacacacacacacacacacacacacacacacacacacacacacacac cleac cleac cleac cleac cleac cleac cleac cleac cleac cleac cleac cleacaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniaceniacenieniket
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
Thank you. Thank you. Thank you. Thank you. Thank you.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
I think the obvious answer in this case is the right answer. You had freezing temperatures affecting residential construction. And if you've got companies in that environment that want to pause or delay a groundbreaking by a if you actually seasonally adjust that number, January was really down 8.4%, which again is not great, but not as bad as the nominal headline.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
and sent to England to finance the prosecution of that war against Germany. And they wanted to preempt the chaos that that kind of thing had historically caused. And you have these situations that have arisen in the past where just this seasonal pattern In the springtime, America 100 years ago was very agrarian economy. Everything was about agriculture and farming.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
So you'd have all the gold leave the banks in Boston, New York, Philadelphia, and it would head to the Midwest and it would be dispersed amongst the farmers who had to, it would show up in the banks in rural America. the farmers would then be able to fund the cost of seed and equipment and hiring farmhands and people who would help them plant.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And then the summer would go by, there would be specular, the gold would return back to New York all that gold would lead to there being excess capital, that excess capital would lead to these huge booms in the stock market and people speculating with the money while it was there.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And then all of a sudden the banks in rural America would call that gold back because it was time to bring in the harvest. And you would have this seasonal pattern that resulted in us saying things like sell in May, go away. Or you would see like October being this month where all of a sudden all hell would break loose on Wall Street because the gold would leave.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And I'd like to share with you that home building was actually up 24.9% in the Western region of America, which obviously is not being affected by freezes. And so it's, The headline sounds worse than the reality. And I think the bigger issue that we have is the cost of labor.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
These financial centers were all this trading and you would have this literal dearth of liquidity. And you would like, you would have this drop off in money and in capital. And it kind of became ingrained in the patterns of stock markets and business and commerce. We've been able to neutralize that over time as society has become less agrarian.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And we don't really have that every October the market crashes because the farmers need their gold back. Like that's not the way the economy runs now. So it is interesting when you see something like this, all of a sudden people are flying their gold across the Atlantic to get it from one country to another. It's chaotic activity.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
It's kind of a throwback to the way the economy used to function when everything was on a gold standard. And it's weird. And I guess I would tell you not as an investor to react to that type of thing because it's not likely to be a long-lived phenomenon.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
I think gold probably can get to 5000 just purely on momentum alone, because a lot of people are worried and there are a lot of reasons to be worried. It's not completely invalid. I think during the course of the Trump administration, if you told me this all ends with some major geopolitical conflagration and gold runs up to 5000.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
I would say that's completely within the realm of things that could be expected. So I don't disagree with Ray Dalio, except in the utility of it. So World War III, we're going to fight China over Taiwan and Russia over Western Europe simultaneously. The fuck are you going to do with your gold ETF?
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
Bullets, motherfucker. What are you going to... Oh, but... But look, I'm long gold miners. Don't shoot. The only currency in these worst case scenarios will be like the backbreaking labor that you have the muscle tone to accomplish on behalf of whomever is enslaving you. And it won't be Bitcoin? You want me to spare you? Don't tell me about what's in your Roth IRA.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
to build new homes is high and rising and not necessarily in step with the disinflation that we've had in other parts of the economy. And it's sticky and it'll be stickier still as the ice raids and some of the things that are gonna happen with immigration become more and more front of mind. So if you're worried about anything, That's really the thing that you should be most worried about.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
Remember what I told you at the start of this. Think about what could go right. And worst case scenarios very rarely play out. And if they do in this case, think about the things that we're talking about, talking about like multiple nuclear powers, potentially like being goaded into a conflict here. Like it's nothing you do in your portfolio is going to help you. Okay.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
So don't bet on the don't bet. Even if you bet on the worst case scenario, if it comes to pass, who are you going to collect from? Who's paying out on that debt if we're all squatting around a fire eating a squirrel? So I view my role in this is to understand the risks and try to help people process them and try to give people the context that risk is – omnipresent, ever present.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
It's always a thing that exists. We feel it more acutely in some moments than in others. But honestly, it's usually in those moments where everything feels great that the big risks are really about to arrive. And it's rarely the thing that we're all worried about that actually ends up going wrong.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
I think NVIDIA reports and hits a new all-time high. Yeah, there's a lot of skepticism going into this earnings report. There has been for a while on NVIDIA. Their stock doesn't always rally after they report earnings. Sometimes it rallies into the earnings. In this case, it's kind of been stagnant for a while.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
I think the conversation is starting to pivot from large language models and it's starting to go more toward physical AI automation and robots. And I think NVIDIA has got the most compelling case for why they will be at the forefront of all of these things than any other company in existence. And I think that'll come through in the remarks Jensen Wang makes.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
I'm a long-term shareholder here in NVIDIA. I've owned the stock since 2015. So, of course, I'm biased. I would also point out everyone owns NVIDIA at this point. It's the number one or two largest weighting in the S&P 500. If you have a pension, if you have a 401k. 2015 is early.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
I was extremely early to the story and very publicly so, talking about the stock on television every week for 10 years. It has been a once-in-a-lifetime stock. It's up 10,000% in that period of time. If I lived another 100 years, I'd probably never see anything like it again. And I don't think it can continue to rise at the rate that it has.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
But the reality is it's just not that expensive of a stock. Because as much as the share price has gone up, the earnings have gone up as much, if not more. So I think it'll be a good conference call. I'm hoping to get a positive reaction after. My prediction is that we will, but who knows? Anything can happen.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
Thank you so much for having me, Ed. Appreciate it.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And the home building stocks, just if you're watching those for SignalEd, the XHB is up 1% so far this year. Within the XHB, which is the ETF that owns all the home building stocks, 17% of those companies are above their 50-day moving average. 23% are above the 200-day moving average. And about... 59% of all companies in the S&P 500 are above the 50, 61% are above the 200.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
So those stocks are all well behind where the overall market is. And I do think that there's room if you're an investor in the space for there to be a little bit of a catch-up trade. Mortgage rates fall a little bit more in the second half of the year and we get a bounce back after the weather, you could all of a sudden be reading really good headlines, I guess is what I'm trying to tell you.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
Yes, you do. I listen to the show. You forget I listen to the show. And it's a really good point. Like the home builders are people too, and they are susceptible to the media and they're hearing about nonstop tariff stuff. A lot of the things that we think might be tariffed won't. We know that this is part of the negotiating tactic of the administration.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
We know it because number one, we had a full term of this. And then number two, We already we have people in the administration winking at us just talking about this stuff like, yeah, it's a tariff. But so like that'll run its course. And the reality is that if you're in the business of home building, your job is to make money. on the homes that you build.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
It's not to race in and try to fill the void of, oh my God, we're 1.5 million homes short what we need to be for the millennials and blah, blah. They don't care about that. They're in business and business finds a way. So they have to replace foreign suppliers with US suppliers and US suppliers are there to meet the demand at a reasonable price. That's what's gonna happen.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
In the end, they want to build homes and make a profit on the homes. That's what they're really here for. So I think you have to have some faith that commerce and American-style capitalism will find a way, regardless of what roadblocks get thrown up by international trade wars or whatever.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And one of the things I want to say to you and to your listeners and viewers, it's really easy to buy into worst-case scenarios. Train yourself to think about what could go right. And sometimes it doesn't work out. But if you look at these things and you say, okay, but what could go right?
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
You're immediately one step ahead from most first-level thinkers who read a negative article, process it as negative, and then embed that negative expectation in their minds. Like, okay, but what could go right? So here's an example. What could go right? Now you have confidence really low amongst home builders because they think there are going to be all these monkey wrenches.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
Let's say those monkey wrenches are not thrown into the works. All of a sudden that confidence returns. And so and we see a pattern of this happening all the time. Trump or no Trump. This is a mindset shift that I think investors need to make.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
How many shares can I put you down for?
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
No. Well, so here's the thing. It's an advertising business. Are there any shortages of ways for public market investors to bet on advertising? Not really. If you really want to be invested in ads, you can be invested in ads in a myriad amount of ways, none of which involve all of the volatility and potential risk and the mercuriousness of the CEO of this project.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
You can skip all of that and just invest in ad-based businesses, and there are plenty to choose from. My dollar, the answer is no.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
I think it's the halo effect of Elon Musk. He has a ton of momentum in terms of the zeitgeist of the country moving in the direction of what he's done with free speech on the platform. And you could absolutely hate the stuff that you come across on the platform, and that's fine. But a lot of people just like the fact that it exists.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And they see Meta kind of following Elon into this, which is, when was the last time Meta or Facebook ever followed Twitter into anything? So they kind of see that, you know, the vibe shift in the country, especially amongst young people, but really in places that surprised people among African-American voters, among voters living in border towns in Texas.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
Like none of these people were supposed to have had heard that rhetoric from Trump and Elon Musk and had that resonate with them, and yet they did. And so I think advertisers feel a little bit more emboldened about being willing to place ads on the X platform where six months ago they would not have. I think some of that is being reflected in the valuation.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
I also think the valuation is made up to begin with. The 44 billion is what he paid for it. So this is him saying, hey, I didn't destroy any value here. Things are better than ever. So there's some of that. I also think there are people willing to buy a stake in this just because it gets them, you know, in the room. It's like, yeah, I invested in your X platform.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
Now allow me to talk to you about this other aspect of my business. And so a really cheap way for a big investor to buy in, so to speak, is to buy some equity at X and rub elbows with the people that are perceived to have a lot of momentum.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
Yeah, because it's not just happening on X. Google is pulling out all these, you know, Black History Month and Women's History Month. They're pulling all that stuff off the calendars. You are not gonna see the Pride Month displays at Target and elsewhere that you've seen in previous years. All that stuff's gonna be downplayed.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
Corporate America is recognizing that they were pushed to go way further in one direction than the average person in this country really wanted to follow. And so now they're attacking all the way back in the other direction. And maybe, of course, that'll go too far, too. But like X is uniquely positioned to get back to the original question.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
If you want to demonstrate that you're about profits and making money and satisfying the customer. A really easy way to do that is to be back in business with Elon and with X. And just to say like, look, here's where our customers are. This is where they are emotionally and spiritually and where they're to. It's a really easy signal flare to fire in the air.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
And you're going to see, I think you're going to see advertisers back.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
No, you nailed it. And we've seen versions of this before in 2017. there was a wave of small and micro cap companies adding the word blockchain to their official corporate name, like literally changing the corporate name to something blockchain and immediately getting a boost in their valuation because Bitcoin rallied up to 18,000 that year from like 9,000. And it just became...
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
I will be doing my best Scott impression. You'll tell me after how it went.
Prof G Markets
Is Breaking Up Intel The Right Move? + The New Gold Rush
the zeitgeist and dead ends companies that didn't have much going on. It was like an overnight way to add market cap. Of course, it failed spectacularly in 2018 when the price of Bitcoin crashed. So none of this is surprising. And I think the interesting thing that happens here In the short term, it actually bolsters strategy because you have a lot more entities that are buying up Bitcoin.