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All right, we just got through the most difficult week of earnings season with flying colors. All the big tech did well, save Meta. Everything connected with the data center went bonkers, and the rest weren't bad either, which is how we got through another solid session. Dow dipped 153 points, but S&P gained 29%, and the Nasdaq jumped an astonishing 89%. Wow, incredible.
That doesn't mean we're out of the woods, though. You know that. And this coming week is actually a little more eclectic, jam-packed on some days, and frankly more prone to disappointment. Plus, we must never forget there is a war going on. Let's check the game plan.
All right. Usually, I start with Monday's business, right? But we have a special on Saturday about Berkshire Hathaway in conjunction with their annual meeting, where Becky Quick and Mike Santoli will be in Omaha to introduce us formally to Greg Abel. He's the successor to Warren Buffett. Of course, no trip to Berkshire is complete without some wisdom from the Oracle himself. I know I'm going to be tuning in. What are you doing?
And how exactly is Berkshire doing? Well, we'll find out Saturday when the company actually reports first-quarter results. Stocks underperformed late. I think that, you know what that is? It's because there's no longer that Buffett premium thanks to his retirement. That could be very short-sighted. The company built a tremendous portfolio of super stocks.
On Monday, please tune to me for a special Mad Money from Seattle, where we'll be speaking to the man himself, Amazon CEO Andy Jassy. I can't wait to get out there. Have you seen the stock? It is a horse.
What else? We get results from the most colorful company in the market, Palantir Technologies. I believe their business remains strong, but this market has lost its taste for very expensive software and software-like companies, which is how people view Palantir, even as it really is a one-of-a-kind consulting firm. I don't think even a fiery Alex Karp can change stock direction, although it was up nicely with some of the other software companies today.
I wouldn't trade it, as I think Palantir is an exact, just an excellent book of business. A lot of satisfied customers. I would own it.
The semis are on fire of late, including onsemi. Long viewers know it's a company that's tied just to the auto industry. Some would say too tight, but so is NXP Semiconductors. And did you see that? That stock went parabolic after it reported this week. That would cut to buying some onsemi, I would think.
Now, we have an analyst meeting Monday for ServiceNow. Okay. A stock that's been hammered relentlessly because of the AI displacement worries that have dragged down the entire software-as-a-service base. These companies typically charge per user, and that perception is that AI is wiping out too many jobs for that business model to remain viable.
I want to hear if customers are cutting the length of the contracts they've taken in preparation for AI agents reaching the point where they can take over from people and possibly do a better job in ServiceNow.
The software-as-a-service group caught fire today, though. Maybe that bodes well for ServiceNow. I am sure that Bill McDermott will put on a good show. He's the CEO, and he's a very good promoter of his company.
Tuesday's jammed. We've got the dilemma of the data center identified by Eaton, which provides electric hookups and air conditioners to keep things cool. We own it for the Travel Trust. It's had a big run. The ones that have had big runs, they tend to sell off. I got to be careful.
All right. I want to monitor Shopify reports Tuesday because the universal fulfillment company has a great read on small to medium-sized businesses. I always worry about them. This company is the chief e-commerce enabler for these smaller companies. Stock's been meandering of late. I think it's going to have good numbers. We'll have to find out, though.
Hey, can Pfizer break out of its multi-year rut? Now, a lot depends on the presentation because I haven't seen any needle movers in the portfolio. Primarily cheap, good yield, but if I want good yield, I'll buy a bond.
You want an upside surprise? Okay, I'm going to say that, and I'm going to say it's going to come from AMD this week, and I'd buy some AMD ahead of the quarter. Lisa Su is the best.
Oh, you know what? Let me give you two more. I would buy Lumentum. I would buy Arista Networks. Yeah, I'm that boss in this day. Two companies that help the machines in the data center talk to each other. I press my bet with Astera Labs, a fabric company that also does connectivity. And when people ask me what does Astera Labs do, I always say it goes up.
There will be plenty of profit-taking when we hear from Strategy, that used to be MicroStrategy. You know the firm, we call it Mr. MSTR, that's the name of the symbol. The firm run by Michael Saylor is primarily just, he just buys Bitcoin and nothing else. You know what I say? You want to own Bitcoin, buy Bitcoin.
On Wednesday, Disney reports, all right, and I think it's a microcosm of the higher-end travel market as they see it. The consumer's holding strong, and the number could be a good one. Hey, maybe a fresh start for new CEO Josh D'Amaro. He represents the institution well. I might be on a roll here.
And I want to press my bet by telling you that I think that CVS will give you a good quarter, too. I wish the stock hadn't run so much, but CEO David Joyner, he's done a great job fixing up CVS while Rite Aid closed down, and Walgreens is self-immolating. Don't forget, I think Aetna is going to have good numbers buried within CVS.
Hey, after the close, we got a real good one. Arm Holdings. Rene Haas, you've seen him on, right? We know the world is short of chips. He's a Las Vegas Raider fan. That's worrisome. We know we heard from Intel this week, and we'll hear from AMD when it reports next Tuesday.
Arm designs the same kind of chips, the underlying architecture for most of these chips as CPUs. But what people don't realize, it's making CPUs itself. I think that could be a stock that... Robs went up big today and then had a reversal late in the day. Doesn't like that.
Oh, here's a small one that I just care about because sometimes I have one of these and I'm up for three days. It's called Dutch Bros. It's been a serial upside surpriser. That's it. If you want a coffee stock, people are telling me, 'Jim, you love the Starbucks. Why didn't you do it at Dutch Bros?' But because they have a thing called the Annihilator, it's the best coffee I've ever had. And it even has coffee in it.
We've got an important analyst meeting on Wednesday. It's Corning, the glass and fiber company. They could talk more about the multi-billion-dollar contracts that they've been winning in the... Do I even have to say anymore? Data center. Could it move the stock? I sure hope so. We own it for the Chapel Trust.
Now, Thursday's McDonald's report. And you know, this is a... here's a surprise in itself. It always surprises to the upside. The competition's become less effective. I mean, McDonald's has a value package that seems so popular. The stock's been drifting lower. I think it's definitely worth buying.
I'm worried about Wendy's, by the way, because my wife has stopped eating the bacon. She had a knee replacement.
Geez, there are a lot of possible upside surprises next week. I think the one that may be a big surprise is a stock that's heavily shorted. It's called CoreWeave. Michael Buczek, you see him? I like him when I put him on the show. Maybe I'm concerned that there could be a financing, though. CoreWeave was pretty aggressive about continuing to build new data centers. I don't blame him. They're the best at it.
We could get a real pop from the CEO, Michael Treado, if he didn't offer stock, if they didn't do a deal after he does convertibles.
After the close, there's another consistent winner reporting: Cloudflare. This company does a lot of things with content online, but what I like best is how Cloudflare keeps websites from being pillaged by the big hyperscalers. They're a terrific cyber defender.
Friday, it's employment day. Now, if we get a slightly softer number, guess what's going to happen? We're going to immediately change that whole chatter about what's going to happen when war takes over. Okay? Suddenly, everybody will be talking about how a rate cut could be imminent with Warsh taking over the Fed. Can you imagine if we get that, what this stock market will do?
The labor report is the most important piece of data when it comes to predicting what the Fed's going to do next. I keep thinking that we could have a slowdown, but not a recession, from the lack of new hires.
Now that the agentic AI era has arrived, see, that's where we finally have machines that displace white-collar jobs as well as blue-collar ones. When I listen to all these tech companies reporting, it's clear that the shift has now begun.
This earnings season is the first one where I found real evidence of the so-called fourth industrial revolution impacting things outside of tech. Just as Jensen Huang, CEO of Nvidia, told me would happen. There are fewer people being hired, more people doing much more with less. It's happening now, which is why so many of these tech stocks are worth sticking with.
Here's the bottom line. Next week's another big one, but the most important event is the labor report on Friday. I also think we've got a lot of good earnings coming, but don't expect next week to be as good as this one was. Although, I got to tell you, I think that AMD, the more I think about it, that could be really good.
Anyway, there's not enough data center to make this week happen. Sometimes you just think about good stocks. That's what happens to me usually between 2:30 and 3:00 p.m., and then 3:00 a.m. and 4:00 a.m. Let's go to Mike in Louisiana. Mike,
Hey Jim, thanks for taking my call. This is Mike from Shreveport, Louisiana.
Shreveport, I love Shreveport.
Oh, man. I spent some time there, and Jennings, too, is another town I like down there. What's happening, Jim?
I'm doing some homework on my pharma stock and comparing it to others. I like what I see, but I want your opinion, Jim, on Merck.
Okay. I thought Merck got... you know what, Merck had a really good quarter, and it just happened on a day when people didn't like pharma and they didn't like healthcare. And Rob Davis did a good job. The stock's starting to come back. It was up $3 today. I think you can ride it all the way back to 120. I think you did good homework.
And you know what? I pressed a button. But you know what? I think it's time for another segment. I think we got a lot of good earnings next week. I know I got some in my head. The ARM, the AMD. I don't know, the CoreWeave with that CoreWeave. I think he's got something going there. But the most important day is going to be Friday. The labor report. Oh, man.
Tonight we are due for some mega IPOs from the likes of OpenAI and SpaceX. I'm sharing what the impact could be to your stocks and to your pocketbook.
Then this is a tape... I'm okay, right? This is a tape where we... not supposed to do that. Where we need to focus... we'll cut that out when we do the show over. To focus on commodity prices, so I'm turning to the technicals to see where natural gas and cattle could be headed. And Columbia Sportswear turning the corner, bottom line, beef for the first quarter. That's good. So could the wind finally be at our stock's back? I'm going to take the latest with Tim Boyle as CEO, so stay tuned.
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Things have been pretty great for stocks over the past month, haven't they? The S&P and Nasdaq both hitting new all-time highs again today, and the Dow almost there. But because things are so great, I feel a responsibility to walk you through some things that might actually trip up this bull market.
And right now, my biggest worry isn't Nvidia, like I heard all day today, or that there's too much money in the data center. No, my biggest worry is that we've got multiple massive IPOs coming later this year, starting with SpaceX over the summer, probably followed by Anthropic and OpenAI. These deals will be much, much bigger than any new listing in history. That's going to be a problem for the rest of the market. I don't know if the market can handle it, and that's what I'm worried about.
I always say that the stock market is, at the end of the day, just a market, meaning it's subject to basic market forces like supply and demand. And if things play out as expected, we're about to see a surge in supply like we have never seen in our lives. And that's why I got to keep coming back to this.
So you've got it in front of you. Let's take one that I think is going to happen pretty soon. That's SpaceX. It's expected to come... I don't know, I think definitely first, but maybe even this summer.
At the end of 2024, SpaceX was valued at $350 billion in an employee tender offer, which itself was a big increase from the previous fundraising valuation of $210 billion in June of 2024. In July of last year, another share sale valued the company at $400 billion. These are big numbers. Then there was a big jump to $800 billion in December.
In February, as part of the merger between SpaceX and xAI, Elon Musk's AI lab, which also includes X, the platform formerly known as Twitter, the combined company is valued at $1.25 trillion.
And now, according to the most recent reporting, SpaceX, which includes SpaceX, Starlink, xAI, and X, could be seeking a valuation of over $2 trillion with its incredible IPO. And that, again, it's going to happen very, very soon.
Next, there's OpenAI. Now, this company went from a $157 billion valuation in October 2024 to a $300 billion valuation in March of last year. Last October, OpenAI had a share sale that valued the business at $500 billion. And most recently, the company just completed an enormous $122 billion funding round, the largest private fundraising round in history. And that fundraising round valued the company at $852 billion.
Finally, there's one that just... it works for the enterprise. You probably don't see it as much as if you're using any of these bots. It's Anthropic. And we got some great... this is incredible news here. In late 2024, Anthropic raised $4 billion from Amazon. Keep in mind, 2024. Then the company was reportedly seeking a $40 billion valuation.
Then Anthropic's valuation went to $61.5 billion in a funding round back in March of last year. They did another fundraising round in September at a $183 billion valuation and got a $380 billion valuation in the most recent funding round, which closed in February.
Today, though, we learned that even though Anthropic raised $30 billion in that latest round, they're reportedly now working on another private fund raise, which would value the company at... are you ready? $900 billion. Come on, that's staggering. Just a huge leap in the span of a few months.
Okay, so let's talk about what these enormous private market valuations mean for the rest of the market once these IPOs start sucking all the money out of the room. When a company comes public via an IPO, it typically sells about 10 to 20% of the company to the public. Although lately, we've had plenty of what's called sliver deals, where they sell less than 10%.
Now, if we take even the low end of that range, okay, 10%, and apply it to the valuations here, we're talking about an insane amount of money, say $375 billion for SpaceX and Anthropic together. Now, to put that in perspective, the entire IPO market over the past five years combined has raised roughly $243 billion. That's right. Oh, that's right. Five. Isn't that incredible? $243 billion.
And that includes the extremely busy year of 2021, where nearly 400 deals collectively raised $142.4 billion. So we're talking about seven or eight years' worth of IPOs coming in the span of just a few months.
Now, they probably won't sell that much. We've been hearing that SpaceX may only want to raise $75 billion, which would be a super sliver deal because it'd be less than 4% of the share count at a $2 trillion valuation. But that's still three times the size of the largest IPO in American history, Alibaba.
I've got good news and bad news about sliver deals. The good news, we'll give it that to you first. Initially, when the number of shares actually available to trade is artificially low, those stocks roar. But once all the supply becomes available, then stocks, they get hammered. That's what I'm worried about here. A big opening followed by a painful correction about six months later. The house of pain.
Especially after the Nasdaq, which seemed likely to win a SpaceX IPO deal, changes rules to allow large companies to be added to the index, get this, immediately, which should cause even more forced buying by all the money that is basically leveraged to that index. Unfortunately, you often see this kind of pop-and-drop action for large IPOs, especially large tech IPOs.
So, look, this is something I got to keep in front of you because I'm very concerned about it. All right, let me take you through some examples. First, the largest American IPO of all time, Alibaba. After a mixed start, the stock started catching fire a few weeks after the IPO. Okay, with me running to a high of 120 in November 2014, but then the stock spent nearly a year going lower, nearly a year, eventually bottoming at $57 and change in September of 2015.
Nearly 12 years later, Alibaba is at $131, about 11 bucks above where the stock peaked shortly after the IPO. Bad work there. The pricing. You see similar charts in the first year for Visa and General Motors, which had the second and fifth largest IPOs in US history.
The fourth largest was then Facebook, now Meta Platforms. That one was an outright flop, getting more than cut in half in its first few months of trading. Well, they did have a problem switching from desktop to cell phone. Of course, Visa, GM, and Facebook have all gone on to be incredible long-term stocks.
Visa starting in early 2009, less than a year after its IPO. Facebook starting within a few months of its IPO, after the terrible start. GM took a while, but eventually it did become a winner, but the first year was rough. A lot of the making winner was they did amazing... Mary Barra's done an amazing job and an amazing buyback, too.
By the way, what I'm worried about with SpaceX, OpenAI, Anthropic is that they'll have hot starts that suck all of the air out of the market, then experience major pullbacks that hurt home gamers who got too enthusiastic. That's my biggest fear.
The nightmare scenario here is Rivian. Okay, that's the seventh largest IPO in American history. Came public at $78 in November 2021, ran to a high of $179 and change within a week, and then fell to below $20 by May of 2022. Today it sells at $15. Wow.
Rivian is the nightmare because its IPO of November 2021 coincided with the top for the entire stock market. So here's the bottom line, and this is something that we're going to come back to and back to and back to. I got to keep you in front and center when it comes to these IPOs because if there's one thing that can really fail this market, it's not going to be the earnings, okay? It's not going to be the semis. It's a flood of new stock.
And if history is any guide, it might take a year of turbulent trading before these large IPOs can become sustainable winners. In other words, you don't need to feel compelled to buy SpaceX, OpenAI, or Anthropic right out of the gate because you'll probably get a better entry price down the road. I just hope they don't take the rest of the market down with them. Boney is back at the break.
Coming up, live cattle are a well-known source of gas, but did you know there is a pattern connecting live cattle futures to natural gas futures? Cramer's revealing it next.
This is a market where we need to care about commodity prices. Thanks largely to the war with Iran, we got an oil shock, and oil shocks tend to spread through the entire system. They take a little while, but they do. Commodities are a strange beast. And that's why tonight I want to walk you through two that seem headed in different directions: natural gas and live cattle.
To do that, we have to go off the charts with Carly Garner. She's a brilliant technician, senior commodity market strategist and broker at DeCarley Trading, and author of the DeCarley Perspective newsletter, as well as basically being our in-house commodities expert here at Mad Money. She's got a real good track record.
See, natural gas and live cattle have more in common than you might think, and not just because they both produce greenhouse gas emissions. Instead, she sees them as powerful examples of seasonality. There are times of the year when they tend to be good and times of the year when they tend to be bad.
Right now, Garner sees both changing course. Natural gas has been dribbling lower, but the seasonal pattern is starting to turn bullish. Cattle prices have been charging relentlessly higher, but the seasonal pattern's about to turn bearish.
At the same time, Garner thinks that the cattle bulls and the natural gas bears have both run out of ammunition. If you're taking pretty extreme positions, that often signals reversal. So, let's start with the weekly chart of the one fossil fuel that can't seem to get out of its own way in this country, and that's the natural gas futures.
Say what you will about US economic policy. There's one thing our government's done very right over the past 25 years, and that's embracing energy independence. Although we still rely on some oil imports, we're now a net exporter, and more importantly, we have more natural gas than we know what to do with.
The rest of the world's in dire straits right now because the war with Iran has created a natural gas shortage. We're trying to supply them, but it takes years to build new liquefied natural gas export terminals, to site them, to permit them, and a huge amount of money.
Given the lack of export capacity, natural gas prices in America have been dripping lower, lower, lower, lower, entering what Garner calls its value zone. You can see from the weekly chart, this never goes up. Weekly chart, that now a long-term pivot price near 360 is what we are going to be looking at. Okay, see this one? There's the 360 pivot right in that space.
Prices tend to behave bullish when we get above this line, and they behave bearishly when we're below it. After a heart-stopping rally in early January, Garner points out the natural gas futures failed to slip below the trend line. See, it held. Okay, marked in blue, trend line that's currently around 240, down a few nickels and dimes from where the commodity currently is trading.
Now she thinks the support will hold and could pave the way for higher prices in the coming months because the seasonal pattern here is about to turn.
Next chart, take a look at this. Okay, this is the weekly chart of the natural gas futures with the CFTC's Commitment of Traders report, COT report, down at the bottom. The green line down here represents the net long or short positions of large speculators, meaning money managers, and right now it's near historical extremes of negativity.
The traders here are basically net short by a very large margin. No betting against it. Garner thinks that means we'll soon run out of sellers. And when you've got no more sellers, well, guess what happens? Prices tend to rise.
Of course, that doesn't mean that natural gas is done drifting lower. In the short run, it could get hit again. But in the long run, Garner believes we are headed for a rebound.
Just take a look at the seasonal chart of cash market natural gas prices. This is... they run through all the different pictures of multiple years of... this is multiple calendar years. Okay, that's what you're looking at. They tend to bottom in March or April for the year.
And we're coming off what's called the shoulder season, where oversupply from winter gas worked through. Then the summer arrives. We need more power to keep things cool. Remember, this is what happens. This historical pattern over and over again, okay? And that gas prices tend to roar. This is air conditioner season. All right? That's why Garner's bullish on that gas.
I don't share this, but I have to point it out. Same time, she's feeling more bearish on actual cattle. I don't share this, but I got to point it out. Check out the weekly chart of the live cattle futures, which have been roaring higher.
Like natural gas, though, Garner thinks cattle prices have reached extreme levels. It's just that they're extreme in their bullishness. She says this feels a lot like the runaway train that the cattle market put together in the fall of 2025, prior to succumbing to a hideous correction, which didn't last long because my Chapel Trust owned Texas Roadhouse, and boy, did we ever skedaddle when cattle went down, as seen in late 2025.
The relative strength, looking at the RSI down here, okay, a crucial momentum indicator, is showing signs of diminishing momentum after reaching high levels. She thinks this is diminishing momentum. Now, in the latest run, we've seen live cattle futures post new all-time highs. That's what spooked me. Okay.
But the relative strength index failed to make a new high. That would have had to go to here if she thought it was a real top. That's called a negative divergence. This type of technical signal, I'm sorry, would have gone... if this had gone higher, she would be okay. She thinks that there's not a lot of strength to this last move. Right? That's what she's saying.
Even if it's a sign of weakness, which it generally is, that weakness might take weeks or months to take hold. I agree with that. Still, it's a piece of the puzzle, and it's not an encouraging one in her opinion.
Plus, the seasonal pattern is not in your favor if you own cattle right here. Take a look. The price of steers tend to peak in April, then suffer a nasty bout of selling in May and June. And that's why Garner thinks cattle prices are headed for a top.
Of course, the seasonal pattern again isn't a guarantee, but more often than not, it's the way things play out. With 30 years of data considered, Garner says the most likely pattern is a cattle top in March or April, followed by a weak May and June right now. So, you would... this would be where would be the equivalent of... and she says it's going to go like that.
Now, check out the weekly chart of the cattle futures with the CFTC's Commitments of Traders, or that COT report that I just mentioned. Remember, we watched the green line for large speculators, and after this remarkable rally in the cattle futures, these money managers have used net long positions.
Garner points out that since 2023, extreme long positions by speculators has merely triggered short-term corrections rather than a prolonged downturn. Even so, this is one of the largest net long positions in history.
On three of the last five occasions when we reached these levels, the cattle market was a better sell than a buy. Plus, don't forget the seasonal pattern is now going against you. Okay? So, she thinks... I mean, look, this is some run, huh? She's looking something like this. I feel it's that it's just not going to go higher and not going to go lower. So, we're a little different on these.
Here's the bottom line. The charts interpreted by Carly Garner suggest that both the tempered natural gas market and the red-hot live cattle market could be headed for reversals. If history's any guide, natural gas tends to roar at this time of the year, while cattle prices tend to take a big hit. I think she makes a good point. When trends get too extreme, they often reverse themselves.
However, I am concerned about both. There's a lot of natural gas and not enough cattle. Alan in Florida. Alan,
Jim, I just bought your book. Big fan, man. Thank you for what you've been doing for everyone.
Oh, thank you. I mean, it's How to Buy a Stock. What can I say? Thank you so much.
Hey, listen. I'm looking at LandBridge. It looks like a baby TPL, but with a little bit stable revenue. Is it the next land play in the Permian Basin going on with all this oil stuff going on, man? Thanks for what you do, man.
Man. We got this... the old LB. All right. Um,
LandBridge is one that I'm going to tell you I do not know enough to be able to opine on. Um, yeah, this is a... we did Texas. We did Texas land, but I'm going to have to come back with LandBridge. I'm sorry. I do not know that stock. It happens. What can I say? Boy, there's a lot of oil and gas that have come back to life because of the price of oil, and I've got to do some homework before I opine on it.
All right. The charts as interpreted by Carly Garner suggest that natural gas will roar soon while cattle prices will take a hit. I think she makes some good points, but I have to tell you, I think both of them are stubborn. And that means natural gas stubborn low and steer stubborn high.
Much more Mad Money, including my exclusive with Columbia Sportswear jumping after earnings. Is it time to try the stock on for size? I'm seeing if this could be the start of a move higher with the CO. It's been kind of doing nothing for a while, but the stuff's pretty good. Then conference calls are an art, not a science. I'm sharing how you can interpret a call to your advantage.
Last good quarter from Columbia Sportswear. The apparel company you know as Columbia, Mountain Hardwear, Sorel, Prana, among other brands, performed fishing my faith after spending years lost in the wilderness. I mean, the stock's kind of rebounded very, very nicely over the last few months, and you can see why.
Columbia reported a really good quarter. 30-cent earnings beat off a 35-cent basis, higher-than-expected revenues, and his gross margin only shrank by 20 basis points year-over-year despite absorbing a 310 basis point hit from tariffs, one of the hardest hit of all. Still, management actually raised their full-year earnings forecast pretty substantially.
The question now is whether they can turn around their American business. Let's check in with Tim Boyle. He's the chairman and CEO of Columbia Sportswear. He had a better read on the quarter. Mr. Boyle, welcome back to Mad Money.
Jim, it's great to be with you. Thanks for including us.
Of course. Now, Tim, I got to tell you, in your conference call, you said we're excited that the return to our irreverent roots is going to... well, and then say it's going to really start helping things. I felt the same way about your stuff. I think it's gotten... it was very good, and I, you know, I've always been a customer, but it wasn't fun and it wasn't funny, and that's back, and I can tell it immediately. What's happened to make this change?
Well, you know, we sort of recognized that at the end of the day, we talk about we've got to be different. And all of our competitors, frankly, take themselves very seriously, as probably they should. But if we're going to be different, we needed to talk about how much fun the outdoors is and how much fun we can have talking about the outdoors.
So that's why we had the Flat Earth Challenge, where we told the flat-earthers if they could prove that the Earth was flat, we'd give them the company. That was a tremendous amount of fun. I'm still getting emails today from people who want to enter the contest.
And, you know, we did this beer launch where we hijacked the big game in Santa Clara, California in January. And, you know, we made beer with one of the components is bear scat. And, you know, we're having a good time with this stuff. We've got more interesting things happening, and that's how we make ourselves different. It's resonating.
Well, you know, I'll tell you how I work it. I bought your, that really terrific watertight two jacket. Okay. Why did I buy it? Well, I don't know. I fish a lot. This looked good. I know your label. I went to Amazon, and I wanted something that exactly fit that, and it pops up, and I bought it. And I just find your stuff's appearing more. I don't know why. Now, I am an angler, but I just see your stuff appearing more, and I think it's because there's some whimsy to it, and it matters.
I agree. And, you know, we have a big history, especially in fishing. You know, this year's the 30th anniversary of our Bahama shirt, which is one of our biggest selling items, and we celebrated it. We brought some new colors back from the depths, and it's been a lot of fun. And at the end of the day, the outdoor merchandise that we make is for people to have fun, and we need to make sure that people know that.
Now, at the same time, and we got to talk about some numbers. The business over in Europe is extraordinary. Now, I knew you always said that would happen. It's been consistent, but it's really incredible. And I want to put that in context before we go to America. Who's doing the buying there?
Well, the buying of the product, it's generally a younger consumer. Our biggest market there is France. Our second biggest market is the UK. It probably should be Germany, frankly. But we're doing great business across Europe. And it's, again, because we're different. We treat it a little bit differently than the typical European outdoor brands. And it's grown nicely. We've got way more opportunity there.
You know, it's colder than in the US. People live more north than in the US. And frankly, they walk and they're outdoors way more than the US. So it should be really our biggest market by many measures.
Now, I know you're unhappy with the US. What are you going to do to make it so it turns?
Well, we have to really focus on our business in the US. I mean, we've got a substantial business here. It's more heavily weighted to wholesale than it is to our DTC, and we just need to lean into it much more. There's been a lot of consolidation in the US, way more than in Europe, although we see that happening in Europe as well. But we just need to get the right product and the right emphasis on what we're doing in the US.
And one of the things we're doing is we're teaming up with a guy who's fun. His picture is behind me, Mr. Irwin, who's a big-time Dancing with the Stars winner, and he's an outdoors person. He actually, his mother's from Oregon, so we've known him for a long time. And we're going to work together to make the brand more accessible and more approachable.
We're also doing, we have a heavy emphasis on women's apparel, especially outerwear, where we've had a real success with our Amaze garments for fall, and we're extending that into spring.
Well, another thing that caught my eye is the Dry Tortuga boot. I've got it with me. You know, I like when I fish on a... when I fish in a place where I know there could be a quick storm on a boat. I fished off of Venezuela this year. I had the wrong kind of shoe. I should have had this. This has got to be selling incredibly well.
