Mad Money 10/14/26 | Audio Only

My mission is simple: to make you money. I'm here to level the playing field for all investors. There's always a bull market somewhere, and I promise to help you find it. Mad Money starts now.

Hey, I'm Cramer. Welcome to Mad Money. Welcome to Cramerica. Other people make friends. I'm just trying to save you some money. My job is not just to entertain, but to put this whole thing in some context. So call me at 1-800-743-CBC. Tweet me at @JimCramer.

So last night, I tried to start writing my talk for tomorrow's CNBC Investing Club meeting. Anyone who's a member of the club knows how seriously I am about these meetings. I try to get everything on the table, the good and the bad, including snippets of my current feelings about all the positions we own in the Charitable Trust. In other words, it's a big deal for us and for all club members, especially the ones we answer the questions from.

Right now, though, I want to explain how hard it is to run this club in this mean and nasty environment.

So in a day when the Dow lost 49 points, the S&P tumbled 1.1%, and the Nasdaq plunged 1.88%.

House of pain. Believe me, it was much worse in the early afternoon.

Let me talk about why I got stymied and how I ultimately gave up writing after about four hours and just said, "You know what? I better wait until tonight to plan my thoughts. There's too much at stake. There are too many variables, and last night was way too far away from tomorrow for me to speak with any certainty, and I don't like that."

Let me tell you what I was up against in trying to make sense of this market last night. First, and this morning, frankly, I knew that I'd have to deal with that consumer price index number that has been blown up by fuel costs and are now infiltrating the entire economy. Would people accept a hot CPI reading knowing that it's man-made and could be rolled back instantly if this war with Iran comes to an end? Sure enough, at 8:30 this morning, the number comes in and it was a little hotter than expected.

Interest rates immediately flew up. But then, oddly, they worked their way down over time, even as the rate of inflation rose 6% from August to September. That is incrementally worse in a tightening atmosphere where the Fed's looking at the impact of its quarter-point rate hike so far. We can't tell whether it's really made a difference yet. Maybe you got to do more. Normally, I think that there should have been no recovery in the bonds here. That number was bad. If I gave my talk today at noon, I would have said, you know what, I don't know where rates are going to go, but they were going to go up plenty.

But they didn't. They went down. Was it oil? No. No. This is still one more day where oil went higher. Was it that the inflation number wasn't as bad as we thought? Impossible. It was a bad number, especially when coupled with a strong possibility of a hot producer price index reading tomorrow, which will restart the debate about how many rate hikes we're going to hear about for this year and next. This CPI reading says that one hike is not enough. But of course, I haven't seen the PPI yet. Maybe it'll surprise me.

There's just no way I can write a speech about the market and our stocks ahead of a PPI number when it might force the Fed to raise rates at its next meeting, which is October 28th. No. You know what I think happened? I think there was a flight to safety going on because we are now beginning to question if all these newer NeoClouds, these companies you see all the time on the tape, have enough money to keep building data centers. Maybe they're going to run out.

Rates went down, I think, because some managers are frightened about how poorly the bonds and these neoclouds trade. And I'm talking about the companies that might have started up as Bitcoin miners or just companies that put out a shingle saying we can build you a data center.

Now, in some ways, it's even trickier. For example, think about the decision tree here for the Fed. If the Fed raises rates again off some too-hot numbers like the CPI we got this morning, that will show how determined Kevin Warsh, the Fed chief, is to stop inflation. But it could also really slow business. That could lower the cost of living, but there's a strong chance it'll also throw a bunch of people out of work.

Unfortunately, if the Fed does nothing, I think it's actually possible that the 30-year Treasury, currently at 5.5%, goes to 6%, increasing the cost of housing, among other goods. Right now, housing is the worst part of the economy. The worst.

And there are a whole host of other industries that would get crushed if that 30-year went above six. You'd like to think that someone in the food chain of price increases would eat the rising cost. But it looks like most of these increases are being borne by you, the consumer, right? Heck won't stop that process. Ultimately, this is all about oil. So only ending the war can fix it.

Which brings me to still another variable. The Fed has tightened once. What if it tightens again and then the war conundrum is solved? Right now, I believe that every well with oil is running full out. Every refinery is running at nearly 100% of capacity. I think oil prices could plummet should peace break out. Plummet.

I think oil could be cut in half, even more. The Fed would have tightened for nothing. The stock market rally would be huge. Will the big sellers of goods roll back their price increases though? Some will. Those who work at Walmart, Costco, Amazon, they know they got to do that. But I'm not sure about others. They certainly don't want to cut the prices. The last time we had a big spike of inflation, only those three are really the keepers of our sanity.

Either way, if we can give peace a chance, inflation will come down hard. But we have no idea if or when that might happen. So, we're stuck in this limbo. I wish I could tell you what will happen in the war. But unlike so many other confrontations, it's not clear what victory would even look like. Are we going to fight the Houthis with Saudi Arabia? Are we going to fight them for Saudi Arabia? Oil suddenly became the focus of Russia's war with Ukraine. Will we keep backing the Ukrainians or is the White House about to back Russia instead? Does the president know something good about Putin he's just not sharing? Or do we just need the royal? Can we speed up Starlink, please, in Ukraine? Tell me. Too many variables.

Then there's the banks. That's the ones we've seen so far in earnings season. What the heck? We're seeing some really nasty reactions to some very, very good quarters.

Never a good sign. Bank of America reports a ho-hum quarter. Its stock initially sheds $4. Neither Citi or Wells Fargo can find their footing. Morgan Stanley reports a decent quarter. It drops seven bucks. That's just lunacy. Suddenly all the charts now have head and shoulders patterns, the worst in the book, and they, well, let's just say they could go down much further.

That's what you'd be expecting if the numbers were bad though. But the numbers weren't bad. In some cases they're pretty darn good. Right now that doesn't seem to matter. The bank stocks are going down regardless. More on that later. But that's bad too. How about that? I'll talk about this later too. But it is safe to say that the free fall in CoreWeave, yes, NeoCloud, is freaking people out.

It's a big company, a lot of debt. It's a data center operator with so much debt, some of which has now become distressed debt, that it's dragging down the whole group and maybe the entire market. It's so ugly. CoreWeave CEO Michael Intrator told his employees that he blames the stock's more than 15% decline on the market acting irrationally.

Hold it just a second. Good to know. But markets can stay irrational for longer than you can stay solvent. Not reassuring. Won't tech earnings save us? They have in the past.

Nevertheless, ASML, the gigantic Dutch semiconductor capital equipment maker, reported a terrific quarter this morning. Talked about rising demand, much better than expected. When I got up this morning, the European stock was up a couple of points. I thought it might counter still one more bad day for the Korean index that I've been talking about, the Kospi. SK Hynix, the linchpin of AI hardware, was down about five when it came out. I thought ASML might be able to counteract it. Wrong.

Instead, SK Hynix fell another 4%. So ASML reversed and ended up getting clobbered. Those earnings were fabulous. Got clobbered on fabulous earnings.

The only stocks that rallied of any size, the ones that work in a serious recession where costs come down, but the consumer still has money to spend. Food, drug, think Procter & Gamble. Wow. Market leader Colgate. That's not the kind of leadership you want though. You buy those stocks when you think the economy is in big trouble. Is it?

Which brings me to the bottom line. If you have a market that can change its stripes usually every day, it becomes very hard to have what? Conviction. You just want to throw things away and go home. Sell, sell. That's happened time and again since the dot-com peak in 2000. Throw them away and go home.

If you do though, let me ask you something. Will you be able to buy them back in time for those 10 glorious days of the year when all the gains are made? I don't think so. I say stay in the game. Watch my club tomorrow noon. It won't be soothing. It will tax everything I have learned in the last 45 years on Wall Street. It might even be fun, but only if you like macabre humor.

How about we go to Kevin in Missouri? Kevin,

Good to have you on the show, Kevin.

Walmart? Get rid of it? You better hope it goes down a couple of smackers so you can buy more of it. You kidding me? You're not getting rid of Walmart. Walmart is the winner in this environment. Get rid of almost any other stock other than Walmart. Hey, you know, keep Costco if you got Costco. But no, don't sell Walmart. Walmart is perfect for this environment. Even though it has a 40 times earnings, I think these guys are... Let's get Furner on the show, the CEO. Hey John, I know you're a watcher. Come on the show.

Let's go to Ryan in Pennsylvania. Ryan,

I love... Hey, I go to my Allentown Costco. You ever been to that Costco there?

Clean as a whistle. I told my wife I'd eat samples off the floor there. She said, "Why would you want them off the floor? Why don't you take them from the tray?" She has a point. Let's go to work.

Well, I can only... Look, I don't work Sunday, so I can do some coaching and I'm not even worried about that. I know the plays. I can actually run an offense pretty darn well. I can just run the ball right every single time. Or I can come up with something clever and I would do the ladder. But I don't know. I'm looking at fans from the Commanders. I'm looking at some Chiefs. Whatever. Let's go to work. What's the other question?

All right. This is a great question. I am a huge believer in SpaceX. That therefore makes me a believer in Tesla because it makes too much sense for Elon Musk not to buy Tesla. But I've got to... I do like SpaceX more. And this decline in SpaceX may be a gift. You're going to have to buy it slowly in pyramid style. But it's what will work in this market when the smoke clears. Right now we are in the smoke shop.

All right. It can be tempting to just throw everything away in a market. I know that's what you probably think, like, let's turn that guy off. That screaming guy, the bald fat guy. Beat it, fat stuff. By the way, please stay if it's worthwhile on Mad Money tonight. Like I mentioned earlier, the banks reported solid quarters. But the stocks are telling a different story. I'm going to dive into the numbers and why this stuff can happen.

And as software stocks are rebounding, investors are getting a reminder of what companies have always been working well. I'm sitting down with one that I like so much that I can't believe I didn't buy it, but I bet you I'm going to get another chance. And it's Workday. And while the software stocks rebound, it's hardware's turn to get slammed by AI worries. I'm explaining how you can stay ahead of the imbalance. So stay in the market and stay with Cramer.

Yesterday, earnings season went into full swing when we started hearing from the major banks. Wells Fargo, JP Morgan, Goldman Sachs, and Citigroup. Then today, we got Bank of America, Morgan Stanley. So, now that we've gotten results from all six of the major banks, I want to walk you through what they're saying, starting with the big money centers because they are often a precursor to the entire earnings season.

Before we get into specifics though, you need to remember that the big banks have not been trading well. They limped into this earnings season, very unusual. They've been coming in hot. As of Monday night's close, every single one of them was lagging the S&P 500 for the year. And that is a recent development because the group sold off hard late last month. The banks have not been reacting well to the rising interest rates. And we know that the last few weeks of some of their businesses have not been good.

In theory, higher long rates let them make more money, right? They get to charge more interest and they usually don't pay you much for your deposits. You ever see your deposit go up in this environment? But when rates soar, that slams the brakes on the economy, which translates into less demand for loans. At the same time, the investment banking business has been crimped by the slowdown in IPOs and the surprising dearth of M&A transactions.

Still, with the bank stocks trading so poorly ahead of earnings, I hoped the expectations were so low that we could get some positive surprises. To some extent, that's exactly what happened, but it wasn't enough to prevent most of these stocks from really rolling over. Rather incredible because all in all, these were good numbers. Let's go through the big money centers.

Starting with Wells Fargo, which we own for the Charitable Trust. When Wells reported yesterday morning, I have to tell you, they delivered a revenue miss, but it was paired with a two-cent earnings beat off a $1.85 basis. That gave them 13% earnings growth. That's nice growth for a bank. Their net interest income came in a tad light as did their non-interest income. Could have been worse, though.

We also saw net interest margin, what they make off the difference between the interest they pay you for deposits and the interest they charge you for loans, actually stabilized and came in slightly higher than expected. That's a really good sign. I've been waiting for this to happen. These guys had missed the net margin estimates for nine of the past 10 quarters. They said this number would stabilize and that's what they delivered. I thought that was very positive.

What else? Well, saw some good numbers from its small but growing investment banking division. They're taking share in equity capital markets although their trading business took a hit and their wealth management unit came up a bit short. That's it. Wells continues to perform well on the cost control front. Its efficiency ratio, which is cost divided by revenues, came in at 63%, down from 65% a year ago. Keep in mind with the efficiency ratio, lower is better.

Charlie Scharf, the CEO, has really cut the headcount here. Uh, this bank is running very well. In the end, though, the stock still dropped 3% yesterday because, you know, sure it did stabilize today, but tough for Wall Street to forgive that revenue miss. But I think we're getting a viable pullback here, which is why we just upgraded Wells Fargo for the Charitable Trust. We do rank each stock. If you remember, you'd know that.

CEO Scharf emphasized that his bank is set up to do much better in a higher interest rate environment. And given his track record, I have no choice. I believe him. I've known this man for ages.

Next up, let's talk JP Morgan, which had an ugly set of headline numbers. Clear top and bottom line miss. Even though their net interest income came in higher than expected, their non-interest income disappointed. There's so many line items in these banks. Thanks to a big miss in fixed income trading. Also a miss in their asset management business that surprised me. On top of that, their non-interest expenses rose faster than their revenue, hence the big earnings shortfall.

Now, initially, the stock reacted exactly to that and it dropped in pre-market trading, but it began to firm up once the conference call, this very much of a conference call stock, started going. There were two big takeaways from the call. First, JP Morgan offered a positive outlook for net interest income in both the current quarter and in 2027. That was shockingly positive. And let's regard that as the single most important metric.

Second, CEO Jamie Dimon didn't hit us with his usual dose of doom and gloom. For once, the call wasn't a minefield. It was a beautiful thing. I felt great after it. So, after the call, the stock was trading much better. JP Morgan actually opened up more than 5%, yes, $5, yesterday before quickly pulling back and finishing the session down just 0.9%, a loss that was totally erased with today's bounce.

Overall, the quarter wasn't much of a needle mover for the world's largest bank. The results mixed, but investors seemed to get over it quickly once they heard that more positive commentary on the conference call. Even if the present is not so hot for JP Morgan, the intermediate term future is looking bright. That one's a winner.

The third and final money center to report yesterday was Citigroup, which has been rallying like crazy for the last three years. Thanks to the incredible turnaround orchestrated by CEO Jane Fraser, universally liked. Unlike Wells or JP Morgan, Citi posted a clean top and bottom beat with earnings up 27% year-over-year, even when you exclude a major one-time item from last year's numbers.

Now, at first it looked like another workmanlike quarter from the ever-improving Citi. Net interest income exceeded expectations, but non-interest income missed in part because of soft investment banking. Overall though, this was Citi's best third quarter revenue result in a decade. And the company also raised its full-year net interest income guidance from the 5 to 6% range up to the mid to high 6% range.

By the way, this was the only bank to beat expectations with their fixed income trading business. Seemed good to me. But after opening flattish yesterday and then briefly trading higher, the stock took a turn for the worse, ultimately finishing the session down 5.6%. Stock was cascading down a lot. It was worrying the group. They got hit again down 1.8%.

Now, honestly, I cannot give you a good reason for that decline. While the quarter wasn't perfect, it was quite a bit better than cheap Wells. My suspicion is Citi stock was punished for its recent outperformance. For yesterday's beatdown, it was running circles around the rest of the group. But if you believe in the turnaround, as I do, this is a buying opportunity.

Finally, this morning, really odd. We heard from Bank of America right after the Treasury Department hit them with a $1.2 billion fine last night for allegedly violating anti-money laundering laws. They did a settlement. And you know what? The quarter didn't help.

Bank of America posted a clear top and bottom line miss with earnings down 13% year-over-year. Even if you exclude that regulatory penalty, the numbers disappointed. Both net interest income and non-interest income missed expectations. Bank of America's investment banking business saw its fees fall 11%. Sales and trading down 5%. Fixed income currencies and commodities trading down 17%. Just not a good quarter.

Influential Wells Fargo bank analyst Mike Mayo called Bank of America's capital markets results easily worst in class. That was mean. Bank of America management stressed that its core main street banking business is performing well. I agree with that. Deposits up 2%, average loans and leases up 6%, growth across every business segment.

Unfortunately, those arguments fell on deaf ears between the fine last night, which really was ugly to do on the same day as earnings, and the lukewarm numbers from this morning. They were not happy and the stock tumbled nearly 5% today.

Now look, it's not all bad news. This stock traded as low as $49.25 before finishing at $51.30. That was down $2.57. The recovery was quite strong.

The bottom line, so far, this has been a rough earnings season for the big money center banks. Even the ones that did well saw their stocks get hit. That's very odd, very rare, very bad. Stick around after the break. I'm going to get into the major investment banks.

Okay, before the break, I walked you through the four earnings reports from the major nationwide banks. Those are known as the money centers. It's Wells Fargo, JP Morgan, Citigroup, and Bank of America. But of the six big banks, the other two are known as investment banks, Goldman Sachs and Morgan Stanley. They're less focused on traditional retail and commercial banking activity, much more levered to the capital markets activity as well as asset and wealth management.

We saw with the money centers that investment banking divisions have struggled. So, how about Goldman? How about Morgan Stanley? Let's take them in chronological order.

Yesterday morning, Goldman Sachs reported. This is a stock we own for the Charitable Trust and have for ages, and it pulled back dramatically after its last quarter in July, sinking from $1,154 at its high to just under $894 before it reported. Able to slow down in M&A and the IPO market and the whispers about weaker trading activity in the third quarter, which turned out to be true basically for all the Wall Street banks.

I was still optimistic that Goldman could put up strong numbers. I told you that and I thought it could reignite some enthusiasm for its stock. I was half right. Goldman did put up some excellent numbers. They put in a monster top and bottom line beat. $18.68 billion in revenue. Wall Street was only looking for $16.71 billion and nearly $4 per share, a beat off of a $13 basis. I mean, we're talking 23% revenue growth, 39% earnings growth.

In terms of revenue, this was Goldman's second best quarter ever behind only the previous quarter when they made a fortune leading the SpaceX deal. Goldman's Global Banking and Markets division had a terrific quarter. Revenue up 32% year-over-year. Investment banking fees were up 21%. Equities revenue surged 72% year-over-year.

The only disappointment was fixed income currencies and commodities trading known as FICC, which was roughly flat year-over-year coming in a couple hundred million dollars short of expectations. Like I mentioned before the break, fixed income currencies and commodities were a problem for everyone this quarter. Now, I did think there'd be enough trading and hedging to pull off an upside surprise for Goldman. Didn't happen.

Goldman's smaller asset and wealth management division, the one that I worked at, also posted strong results with 14% revenue growth year-over-year, nicely ahead of expectations. Well, this is only 27% of the business, is much steadier than the...

investment banking side, which is insanely volatile. Even though that business had tremendous 32% growth year-over-year, it was still down 13% from the previous quarter. But see, again, because of the SpaceX IPO, but asset and wealth management has nice and stable growth. It was up 10% from the previous quarter. Expenses didn't seem to be a problem at all. Goldman's efficiency ratio was 59.4% when analysts expected something closer to 65%. Please remember, lower is better when it comes to that. That helped fuel the massive earnings, and on the conference call, it sounded incredibly positive, with CEO David Solomon dedicating much of his prepared remarks to the importance of AI, specifically all the financing opportunities Goldman is seeing from the AI infrastructure buildout. CFO Dennis Coleman added that Goldman's, quote, 'investment banking backlog remains very robust,' end quote, which was good to hear with all the worries about the slowdown in IPOs and mergers. So this was a great quarter at first. That's how the stock reacted. It opened up more than 3% yesterday, but ultimately, like Morgan Stanley, Goldman couldn't hold onto the gains. The stock ended yesterday down, that shocked me, 2%. Then it fell another 1.5% today. For me, this is straightforward. I think the market's dead wrong, and that's why my charitable trust upgraded Goldman Sachs to a one yesterday. That is a two, basically a buy, and we said we'd happily be buyers at this level. However, when a company reports strong numbers and the stock gets slammed anyway, that tells you there are a lot of skeptics out there. They think the boom times are over. I do not agree, but that's the market's verdict, at least for the moment. Almost every time since Goldman came public, my charitable trust has bought stocks on dips exactly like this when nothing changed. I'm going to do it again. Finally, there's Morgan Stanley, which dipped 1.8% yesterday in sympathy with the other banks and then tumbled another 2.8% today after it reported. Now, this was a case where the numbers were good, but not good enough to help the stock. Morgan Stanley's revenue grew 12% year-over-year and beat expectations. The institutional securities segment, which is what they call investment banking, combined with sales and trading, put up 18% revenue growth. That's well above expectations. As with Goldman, equities trading was strong. All right, fixed income, I told you, missed expectations. Morgan Stanley's mainly a wealth and asset manager these days, and a real good one. Their wealth management revenue grew 10%, coming in ahead of expectations. And while investment management fell 12%, it still was slightly ahead of what Wall Street was looking for. Across wealth and investment management, total client assets grew to $10.5 trillion. In a terrific interview with CNBC's Leslie Picker today, Morgan Stanley CEO Ted Pick also told us that he's, quote, 'cautiously optimistic' about the fourth quarter, end quote. And I certainly hope so. They're the lead underwriter for the Anthropic IPO that's supposed to come in November. Could be the largest deal in history. But again, apparently none of that was good enough to get buyers excited. So the stock rolled over today. Now, in the end, I think investors are on edge in this earnings season. It's just much harder for these banks to make a good impression after these past two days. Five of the big banks are lower. JPMorgan only up fractionally. Every other bank stock fell somewhere between 2% and 7%. Three of them are now negative for the year, including Goldman, which just reported an all-time amazing quarter. Frankly, it's strange to see such universally negative reactions to a set of quarters that contain plenty of positives. But this is what happens when investors are worried about the future. And it's hard not to worry with persistent inflation, rising interest rates, and newly wobbly capital markets. We might have to expect some equity issuance from some of these neobank types. Maybe that will help the quarter. I don't know. If we can get some kind of resolution to the war in Iran, even a bad resolution, that should allow inflation to cool, give the Fed some breathing room to back off on its rate hikes, I think the capital markets would bounce right back. That's why I'm feeling more bullish on Wells and Goldman Sachs for the charitable trust. Tomorrow's club meeting, you'll hear more. But the bottom line is, man, it's not easy to own these bank stocks right now, even the ones that reported strong quarters. The group is confounding. Maybe perhaps because it isn't a group anymore, as each has now such different characteristics that I think it's fair to say no two are alike. Let's take some calls. Let's go out to Jim in Wyoming. Jim.

Ah, thanks, Jim. Thanks for calling. How can I help?

Ah, thanks a lot, buddy.

Okay. Well, I've not been a big fan of PayPal. I like what Enrique might be doing there, but my problem is it sells at 10 times earnings, and I'd rather buy a Goldman Sachs, and it's just a little bit more of a premium than that. I just think that PayPal is too limited. You're really hoping for a takeout, and I don't like to buy stocks just with the idea that maybe they get a takeover. But thank you for your kind words. They energize me on a bright, tough day. All right. It's strange to see such negative reactions to pretty good bank earnings. But that's what happens when investors are worried about the future. Much more Mad Money ahead, including my exclusive with Workday after a strong analyst day, and software is back in fashion while AI takes a toll on hardware. I think we're seeing a big reset in this market. Let me explain. And of course, lightning round calls, rapid-fire, and you should blow the horn. Let's go.

The software-as-a-service apocalypse has come and gone, and now the best of these enterprise software stocks have spent months rebounding from their lows. Take Workday, the cloud software company that helps businesses with human capital management and financial planning. After a beatdown in 2025 earlier this year, the stock's now rebounded 71% from its April lows, including a major move this August after we heard there might be takeover interest from the private equity guys, likely because the business got better. Quite the comeback. At the end of August, Workday reported a terrific quarter, and the stock rallied almost 6% the next day. It's pulled back a bit in recent weeks. Could be an opportunity. Yesterday, the company held an analyst day where they laid out their AI strategy and reaffirmed their financial targets. That includes Workday's partnership with Anthropic, which actually already uses Workday software for their own HR and finance operations. How did anyone ever believe Claude would make this company obsolete? Now, Workday will be able to integrate its AI agents into Claude. They're also acquiring C1 AI, which manages what employees and AI agents can access across business systems. I think that's important. So, can Workday pull this off? Let's check in with Aneel Bhusri, the co-founder, chair, and CEO of Workday, and I should say an old friend of Mad Money. Mr. Bhusri, welcome back to Mad Money.

Well, it's terrific to see you, and I have to tell you, as I read through your excellent presentation, I did feel like it is a refounding to have you back. And if you could kind of explain what a refounding means, I think our viewers would know why. I think both of us are very excited about your comeback.

Well, when I look at what you're doing, it comes at a good time because frankly, we heard that enterprise software might be obsolete, but when I look at all the things that you put together, actually enterprise software is kind of uniquely ready to be AI, as opposed to other companies that are a little bit more on the pretender side. Talk about how easily it actually fit into what you're doing.

Well, and you know, I think it's a good time to mention one because you're always filled with specifics that make people understand that it's not smoke and mirrors. You have 7-Eleven talking about cutting hiring time by 70% using your AI. I mean, to me, this falls right to the bottom line.