Let's begin with stocks entering today's session at record closing highs. Jim, we're now, the US is beating ex-US for the year. Although it doesn't sound like you were that enamored with the close yesterday.
No, I mean, I think that we saw this kind of everything went up because at the opening a lot of it was because of Matt Murphy and the new targets he put out, which were so much more bullish, and Matt's involved with data center than anyone thought. And that so Nvidia opens up three, totally unsustainable. You can't have these giant companies, a six trillion dollar company open up three as if it's some sort of meme stock. So the rest of the day is spent going down, and I think that led us down. The other, the only ones that really kind of hung in there were some of the big hyperscalers, and they're off today.
I do think that once again we're trapped with oil and we're trapped with this gigantic ten-year, David, that comes out of nowhere. Now it's a lot like in the '90s where we know that the ground has to be softened like artillery before the soldiers land on the beach. It's like the old days. And so the price you may see right now on this one issued, actually the interest rates could actually go down if we think that everybody...
20, 30 years, is that what we're... 10s today, 30s tomorrow maybe or something.
It really, you know, all these are going to be what I call poorly timed from now on. It's like, oh my. Because you got to put them on your calendar just like the '90s and recognize that you're in control.
Sorry. Right. 30. Yeah. Sold. Okay.
So, you see a lot of stocks down and a lot of that's related to the ten-year. A lot of that's related to oil and some of it's just a hangover from yesterday that, I mean, let's put it this way. Nvidia's got the biggest order conceivably ever.
Well, yeah, we'll get to that in a minute, but I mean stock bailing.
Wait, that's all I'm saying. Nvidia's not bailing.
But the calls I made this morning, everybody led with rates. It was rates, rates, rates. That was it. They always like try to entertain them on something else and they just like, you know, it's rates and it's a difficult, even though we're at highs, it's a difficult market.
Yes, it is because everyone's talking about 30-year six and a quarter, which is how you get a good yield curve and suddenly maybe bonds make, banks make money, but six and a quarter is in play for the 30.
It's funny, BNP Paribas yesterday recommended shorting 30s with a target of 58. But I don't think you'd like that call. That's not something you would do, is it?
Look, we obviously have too much supply. The supply, there's two kinds of supply. There's the supply that has no problem being placed, which is this kind of the Apollo supply. Okay, people will pay any, it just doesn't correlate to the economy. Data center doesn't correlate to the economy. You want to raise money for data center here. BBB, give it to us.
Yeah, actually that, you're right. M&A related IG supply actually, well hyperscaler is part of that, but 72 billion in September, way above what we had in August.
Right, but then if you want, I don't know, let's say you're a consumer products company, I wouldn't give you a dime.
No, there is a divergence, and as well the flow of funds in terms of the stock market also reflects that as well.
As for this bond offering, it's a, I mean, they did 25 billion immediately after coming public. By the way, didn't perform that well in the aftermarket. I'm talking about SpaceX. Now, obviously, our viewers know the stock has done extraordinarily well since the IPO after initially falling. It has had a number of very strong weeks really of late despite the lockups and everything else. And now we got a $40 billion bond deal being led by, we're told as well, Apollo perhaps in for as much as 10 billion. They got all that insurance money coming from the theme that they, you can put to work. I don't know where this thing gets priced. They haven't priced it yet is my understanding. I'm trying to make calls this morning to get more information. Didn't really... You think so?
They want to be well placed.
I mean, this is low investment grade to Carl's point, right?
Look, you see, and it's all about Nvidia chips to your point, which is a point Musk made on the last conference call, which was simply we're all about Nvidia. They are the best performing chips. Blackwell, Rubin is what we are, and I guess that certainly solidifies his relationship with Jensen Huang and Nvidia by saying things like...
Look, I'm bringing it also as a metaphor. If there's, David has a very important interview...
Because it's what people don't want. We don't want entertainment bonds. We want data center bonds.
Well, they just sold 52, 53 billion of those. Oh, yeah. And that was a great buy.
You got your head handed to you. They pulled it off. They got it done.
Oh, they put it all good. You know, the goal is for, the goal is for sure. We're not... What? And you know, Elon, car good, huh?
Well, we'll see how everybody does tomorrow. I'm looking forward to the interview, of course, with David Ellison, and it's so important.
Right here on the New York Stock Exchange. They will be ringing.
You should take it literally right through to like 9:15.
Will you give, you give it all to me? You give me the first 15 of our show tomorrow.
