1 00:00:05,840 --> 00:00:08,480 Speaker 1: Welcome to the Fear and Grief Business Interview. I'm Sean Almer. 2 00:00:08,560 --> 00:00:10,600 Speaker 1: It's been a huge couple of days on Wall Street. 3 00:00:10,960 --> 00:00:14,920 Speaker 1: Microsoft and Meta both delivered blockbuster reports for the quarter, 4 00:00:15,240 --> 00:00:18,560 Speaker 1: with shares in the two tech giants surging. What's particularly 5 00:00:18,640 --> 00:00:21,319 Speaker 1: interesting is what it tells us about their investments in 6 00:00:21,400 --> 00:00:24,800 Speaker 1: AI technology, investments that are starting to pay off. Remember 7 00:00:24,920 --> 00:00:27,480 Speaker 1: this is general information only, and you should see professional 8 00:00:27,480 --> 00:00:30,760 Speaker 1: advice before making investment decisions. Josh Gilbert, it's a market 9 00:00:30,800 --> 00:00:33,920 Speaker 1: analyst at E Toro. Josh, welcome back to Fear and Greed. 10 00:00:34,080 --> 00:00:34,880 Speaker 2: Great to be about Sean. 11 00:00:34,880 --> 00:00:37,520 Speaker 1: How are you? I very well. I'm very happy about 12 00:00:37,520 --> 00:00:39,879 Speaker 1: this Microsoft for as we'll tell me about it. What's 13 00:00:40,000 --> 00:00:43,360 Speaker 1: Microsoft doing to cause its share price to jump so much? 14 00:00:43,600 --> 00:00:46,199 Speaker 2: Yeah? Huge report. I think it's one of those that 15 00:00:46,600 --> 00:00:50,520 Speaker 2: it's not just going to deliver good news for Microsoft. 16 00:00:50,520 --> 00:00:51,880 Speaker 2: This is going to deliver good news for sort of 17 00:00:51,880 --> 00:00:53,800 Speaker 2: the broader tax actor. You know, when we look at 18 00:00:53,800 --> 00:00:57,960 Speaker 2: Microsoft as one of the top names really across TAT 19 00:00:57,960 --> 00:01:01,560 Speaker 2: but importantly across AI and sort of the standout for 20 00:01:02,000 --> 00:01:05,319 Speaker 2: Microsoft is its Azure, which is basically it's cloud business. 21 00:01:05,319 --> 00:01:08,400 Speaker 2: They saw thirty nine percent growth on a constant currency 22 00:01:08,440 --> 00:01:14,119 Speaker 2: basis well ahead of expectations. Really for US, basically silences 23 00:01:14,120 --> 00:01:18,160 Speaker 2: any doubts about sort of AI demand. Lots of question 24 00:01:18,240 --> 00:01:20,560 Speaker 2: marks at the start of the year about how much 25 00:01:20,600 --> 00:01:23,880 Speaker 2: these companies were spending to grow their sort of AI 26 00:01:23,959 --> 00:01:28,039 Speaker 2: infrastructure on cloud data centers, et cetera. But essentially that 27 00:01:28,120 --> 00:01:32,520 Speaker 2: is your business basically generated seventy five US dollars a 28 00:01:32,640 --> 00:01:36,120 Speaker 2: billion US dollars, i should say in the quarter, which 29 00:01:36,160 --> 00:01:39,800 Speaker 2: is massive, a huge milestone. Eight hundred million monthly active 30 00:01:39,880 --> 00:01:43,360 Speaker 2: users as well, so a serious scale signal. You know, 31 00:01:43,440 --> 00:01:47,840 Speaker 2: revenue jumped eighteen percent, earnings above expectation. So basically strength 32 00:01:47,960 --> 00:01:51,000 Speaker 2: was broad based across the whole business, even in sort 33 00:01:51,040 --> 00:01:53,040 Speaker 2: of personal computing, which has been a bit of a 34 00:01:53,040 --> 00:01:55,200 Speaker 2: weaker segment for Microsoft in recent years. 35 00:01:55,800 --> 00:01:59,200 Speaker 1: And is this because Microsoft is forcing people for one 36 00:01:59,200 --> 00:02:02,920 Speaker 1: of a bit of word to use the cloud solutions 37 00:02:03,040 --> 00:02:06,000 Speaker 1: because II, I mean they're introducing II into all this 38 00:02:06,120 --> 00:02:08,480 Speaker 1: software products. As a result, you kind of need excess 39 00:02:08,520 --> 00:02:11,560 Speaker 1: to cloud computing. So for Microsoft at least, it's a 40 00:02:11,639 --> 00:02:12,480 Speaker 1: virtuous circle. 41 00:02:12,919 --> 00:02:16,559 Speaker 2: Yeah, absolutely, I mean, look their products and their technology, 42 00:02:17,000 --> 00:02:19,120 Speaker 2: it continues to develop, and it's one of those right 43 00:02:19,160 --> 00:02:22,280 Speaker 2: where we've heard a lot from CEOs, from sort of 44 00:02:22,600 --> 00:02:25,360 Speaker 2: tech giants that you've sort of got to be AI first, 45 00:02:25,400 --> 00:02:27,560 Speaker 2: and a lot of businesses are sort of now needing 46 00:02:27,600 --> 00:02:29,960 Speaker 2: to do that. So unless you're sort of taking on 47 00:02:30,040 --> 00:02:32,600 Speaker 2: these products that you know, whether it's Amazon, whether it's 48 00:02:32,600 --> 00:02:35,560 Speaker 2: Microsoft or Google are offering, you're really going to sort 49 00:02:35,560 --> 00:02:39,120 Speaker 2: of fall behind. So really, from an enterprise perspective, we 50 00:02:39,280 --> 00:02:41,440 Speaker 2: know that you know, companies are spending more money than 51 00:02:41,480 --> 00:02:43,840 Speaker 2: ever and that is going to as we can tell 52 00:02:43,880 --> 00:02:46,600 Speaker 2: the best in the business is going into Microsoft them 53 00:02:46,639 --> 00:02:50,240 Speaker 2: themselves are obviously pouring billions into data centers, you know, 54 00:02:50,280 --> 00:02:54,680 Speaker 2: into capacity AI infrastructure, and it's really justifying that spending 55 00:02:54,720 --> 00:02:57,000 Speaker 2: with these numbers that we've sort of seen today, as 56 00:02:57,040 --> 00:02:59,919 Speaker 2: I say, spending big to stay ahead in AI. But 57 00:03:00,160 --> 00:03:02,800 Speaker 2: really the key thing from me in this report today, 58 00:03:02,800 --> 00:03:05,440 Speaker 2: and I think the takeaway for investors is that it's 59 00:03:05,480 --> 00:03:08,920 Speaker 2: growing profit very very fast, faster than its revenue. So 60 00:03:08,960 --> 00:03:11,000 Speaker 2: that's a sign of a quality business. They're spending a 61 00:03:11,040 --> 00:03:14,560 Speaker 2: lot of money, but they're monetizing the products at the 62 00:03:14,600 --> 00:03:18,359 Speaker 2: same time, and that's massive. Monetizing AI was what Wall 63 00:03:18,360 --> 00:03:20,480 Speaker 2: Street was looking for, and that's what we're getting from 64 00:03:20,480 --> 00:03:21,079 Speaker 2: these businesses. 65 00:03:21,080 --> 00:03:23,079 Speaker 1: Now, yeah, I'm trying to think it was a three 66 00:03:23,160 --> 00:03:26,240 Speaker 1: hundred and thirty billion dollar KPEX annually or something like that. 67 00:03:26,240 --> 00:03:30,440 Speaker 1: That's just mind bogglingly big. Hey, you can spend that 68 00:03:30,520 --> 00:03:33,079 Speaker 1: much money. But obviously investors and now I think they're 69 00:03:33,080 --> 00:03:35,800 Speaker 1: getting well, they confident they will get a return on it. Yeah. 70 00:03:35,840 --> 00:03:38,520 Speaker 2: Absolutely, I mean, look, the capex across all these Magnificent 71 00:03:38,520 --> 00:03:42,960 Speaker 2: seven names are increasing, right, So for Microsoft, looking about 72 00:03:42,960 --> 00:03:45,600 Speaker 2: one hundred and twenty billion for the fiscal year twenty 73 00:03:45,600 --> 00:03:47,840 Speaker 2: six if you take into account an Amazon also one 74 00:03:47,880 --> 00:03:49,640 Speaker 2: hundred billion, So we're probably going to be getting poster 75 00:03:50,000 --> 00:03:53,160 Speaker 2: almost half a trillion dollars from these Magnificent seven names, 76 00:03:53,160 --> 00:03:56,040 Speaker 2: which is humongous numbers. So what we're seeing is a 77 00:03:56,120 --> 00:03:58,560 Speaker 2: once in a generation tech shift. That's why they're spending 78 00:03:58,600 --> 00:04:02,920 Speaker 2: so much money. But AI monetization is sort of really 79 00:04:02,960 --> 00:04:05,920 Speaker 2: coming to the fore and I think that's really important 80 00:04:05,920 --> 00:04:08,640 Speaker 2: because they can justify that spending now as your growth 81 00:04:08,680 --> 00:04:11,640 Speaker 2: is accelerating faster than Wall Tree expected, and it just 82 00:04:11,640 --> 00:04:14,120 Speaker 2: shows that Microsoft is sort of mastering you know, AI 83 00:04:14,160 --> 00:04:16,920 Speaker 2: at the moment and really gaining ground on the likes 84 00:04:16,920 --> 00:04:19,240 Speaker 2: of AWS, who's the leader in sort of cloud at 85 00:04:19,240 --> 00:04:20,080 Speaker 2: the same time. 86 00:04:20,520 --> 00:04:21,839 Speaker 1: Meta, how is its result? 87 00:04:22,560 --> 00:04:24,920 Speaker 2: Yeah, metas you know, one that we look at in 88 00:04:24,960 --> 00:04:28,120 Speaker 2: a slightly different light. Maybe not a leader in cloud, 89 00:04:28,120 --> 00:04:31,400 Speaker 2: but sort of really leading with AI products. If anyone 90 00:04:31,520 --> 00:04:33,359 Speaker 2: sort of followed the news recently, they probably would have 91 00:04:33,360 --> 00:04:37,240 Speaker 2: seen they are spending billions of dollars on talent, so 92 00:04:37,320 --> 00:04:39,359 Speaker 2: they're you know, sort of buying up the best engineers 93 00:04:39,360 --> 00:04:42,599 Speaker 2: from around the world, going to Apple taking their engineers. 94 00:04:42,640 --> 00:04:45,160 Speaker 2: They're spending a lot of money. Cast our mind back 95 00:04:45,200 --> 00:04:47,680 Speaker 2: to a couple of years ago. Meta spent a lot 96 00:04:47,720 --> 00:04:50,159 Speaker 2: of money and it didn't go very well. So there 97 00:04:50,160 --> 00:04:54,080 Speaker 2: will be a few concerns, you know, a bit bit 98 00:04:54,080 --> 00:04:56,520 Speaker 2: of a worry from some investors, I would say, But 99 00:04:57,080 --> 00:05:01,400 Speaker 2: same thing again from Meta today, monetizing that AI revenue 100 00:05:01,480 --> 00:05:04,400 Speaker 2: up sort of twenty two forty seven billion in the quarter, 101 00:05:04,560 --> 00:05:09,600 Speaker 2: earnings per share well above expectations as well. Essentially where 102 00:05:09,600 --> 00:05:12,960 Speaker 2: they're delivering on AI, it's basically it's got his core 103 00:05:13,000 --> 00:05:15,599 Speaker 2: ad business, right, So we think about the products that 104 00:05:15,640 --> 00:05:19,520 Speaker 2: it owns. It owns Instagram, it owns Facebook through things 105 00:05:19,560 --> 00:05:20,440 Speaker 2: like reels for. 106 00:05:20,360 --> 00:05:21,560 Speaker 1: Example on Instagram. 107 00:05:22,000 --> 00:05:27,240 Speaker 2: How they're allowing enterprises to basically target consumers with their 108 00:05:27,240 --> 00:05:29,799 Speaker 2: ads it's being driven by AI and how they target 109 00:05:30,040 --> 00:05:33,240 Speaker 2: and grow that user engagement. So that's meaning that ultimately 110 00:05:33,839 --> 00:05:36,679 Speaker 2: companies are spending more money because AD impressions are rising 111 00:05:36,839 --> 00:05:39,560 Speaker 2: and the average price per AD is also rising at 112 00:05:39,560 --> 00:05:42,520 Speaker 2: the same time, So that's proof of rising demand but 113 00:05:42,560 --> 00:05:44,039 Speaker 2: also pricing power at the same time. 114 00:05:44,560 --> 00:05:53,200 Speaker 1: We'll take a quick break, Josh and Bebeck in a minute, 115 00:05:54,240 --> 00:05:57,960 Speaker 1: I'm speaking to Josh Gilbert from e Toro. After we 116 00:05:58,120 --> 00:06:02,120 Speaker 1: speak Josh, we have Apple reporting and Amazon I think 117 00:06:02,200 --> 00:06:04,320 Speaker 1: later in the day, so we're really getting all the 118 00:06:04,320 --> 00:06:08,560 Speaker 1: tech stocks coming together. Is this well so far what 119 00:06:08,600 --> 00:06:11,479 Speaker 1: we know interesting to see where Amazon and Apple come out, 120 00:06:11,520 --> 00:06:16,080 Speaker 1: But is this kind of proof that the AI revolution 121 00:06:16,480 --> 00:06:20,360 Speaker 1: is here in a great way to make money? Yeah, look, 122 00:06:20,400 --> 00:06:20,720 Speaker 1: I think so. 123 00:06:20,760 --> 00:06:23,159 Speaker 2: I think the reports we've had from Alphabet so far 124 00:06:23,279 --> 00:06:25,720 Speaker 2: and Microsoft and even Meta, the important thing is, as 125 00:06:25,720 --> 00:06:28,159 Speaker 2: we say, is that they're monetizing it right. For a 126 00:06:28,200 --> 00:06:30,400 Speaker 2: long time, that was the worry because we were seeing 127 00:06:30,400 --> 00:06:33,320 Speaker 2: this huge capex coming through billions of dollars if we said, 128 00:06:33,720 --> 00:06:35,839 Speaker 2: and there was that worry that we weren't going to 129 00:06:35,839 --> 00:06:38,360 Speaker 2: see it come through and translate into the bottom lines. 130 00:06:38,600 --> 00:06:41,880 Speaker 2: But that's exactly what we're seeing with Apple, I would 131 00:06:41,920 --> 00:06:46,000 Speaker 2: maybe be slightly more cautious, just because we haven't really 132 00:06:46,000 --> 00:06:49,080 Speaker 2: had a clear sort of AI strategy from them yet. 133 00:06:49,160 --> 00:06:51,919 Speaker 2: Right they're a bit more driven by products, and obviously 134 00:06:51,960 --> 00:06:54,880 Speaker 2: iPhones and those types of things a little bit more 135 00:06:55,400 --> 00:06:58,159 Speaker 2: affected by the US tariffs as well, so that's something 136 00:06:58,200 --> 00:07:00,800 Speaker 2: to sort of pay attention to. They're also struggling a 137 00:07:00,800 --> 00:07:02,880 Speaker 2: little bit right shares a down sixteen percent year to day, 138 00:07:03,000 --> 00:07:06,560 Speaker 2: while you know, these other companies are making huge strides 139 00:07:06,560 --> 00:07:08,520 Speaker 2: in AI, so I think that's disappointed the market a 140 00:07:08,560 --> 00:07:12,240 Speaker 2: little bit. Obviously China they're struggling there with iPhone sales 141 00:07:12,280 --> 00:07:14,320 Speaker 2: as well, so I think they need a really big 142 00:07:14,400 --> 00:07:16,160 Speaker 2: quarter here. They need to deliver. They need to give 143 00:07:16,240 --> 00:07:18,640 Speaker 2: us some, you know, as I say, clearer roadmaps on 144 00:07:18,720 --> 00:07:21,800 Speaker 2: what they're doing with AI, whether that's features on their 145 00:07:21,840 --> 00:07:24,679 Speaker 2: device or AI investments. They don't tend to talk about 146 00:07:24,720 --> 00:07:27,920 Speaker 2: capex or investments too much, but that would be something 147 00:07:27,960 --> 00:07:31,200 Speaker 2: that we want to hear because ultimately, I think that 148 00:07:31,280 --> 00:07:34,360 Speaker 2: competitors are racing ahead. So we haven't got a rotten apple. 149 00:07:34,600 --> 00:07:37,000 Speaker 2: It's certainly not a shiny apple right now, especially when 150 00:07:37,040 --> 00:07:39,120 Speaker 2: you look at amongst the other sort of members of 151 00:07:39,160 --> 00:07:39,760 Speaker 2: the MAG seven. 152 00:07:40,200 --> 00:07:42,960 Speaker 1: So the Mag seven. So if you take Tesla out 153 00:07:43,040 --> 00:07:46,360 Speaker 1: in Apple with a Christian mark, are we kind of 154 00:07:46,360 --> 00:07:48,880 Speaker 1: at the Meg five and this is very much AI 155 00:07:49,000 --> 00:07:52,960 Speaker 1: slash cloud based. Yeah, I think so. 156 00:07:53,040 --> 00:07:55,400 Speaker 2: I mean, look, you could probably say that Tesla's coming 157 00:07:55,440 --> 00:07:57,239 Speaker 2: in there with AI as well, right, we can probably 158 00:07:57,240 --> 00:07:59,440 Speaker 2: consider it more of a tech company. The reason they're 159 00:07:59,480 --> 00:08:00,520 Speaker 2: struggling is probably I. 160 00:08:00,400 --> 00:08:04,280 Speaker 1: Would say, yes, that's what they've been trying to tell us. 161 00:08:04,680 --> 00:08:07,640 Speaker 2: Could you could try and you know, look at Apple 162 00:08:07,760 --> 00:08:10,120 Speaker 2: and Tesla in the same light. The reason they're struggling 163 00:08:10,160 --> 00:08:13,680 Speaker 2: is because their core businesses are struggling, right, that's their engine, 164 00:08:13,800 --> 00:08:15,960 Speaker 2: and they're not making money. But they're sort of trying 165 00:08:16,000 --> 00:08:19,440 Speaker 2: to sell investors on AI, but they're not delivering in 166 00:08:19,440 --> 00:08:21,720 Speaker 2: the same way that everyone else is delivering right now 167 00:08:21,760 --> 00:08:23,960 Speaker 2: as well. So I think if we look at those 168 00:08:24,040 --> 00:08:26,280 Speaker 2: big five names. Actually had a conversation with a colleague 169 00:08:26,280 --> 00:08:29,360 Speaker 2: in the office of the day and she said, are 170 00:08:29,400 --> 00:08:31,520 Speaker 2: the Mag seven steel companies we want to own? You know, 171 00:08:31,560 --> 00:08:33,040 Speaker 2: they're the best? Now are they going to be the 172 00:08:33,040 --> 00:08:33,880 Speaker 2: best for me? 173 00:08:34,080 --> 00:08:34,400 Speaker 1: They are? 174 00:08:34,640 --> 00:08:37,400 Speaker 2: Right, They are spending billions of dollars to stay ahead. 175 00:08:37,760 --> 00:08:39,480 Speaker 2: You know, you don't always stay at the top forever. 176 00:08:40,000 --> 00:08:42,959 Speaker 2: But it's really hard to see anybody really challenging these 177 00:08:43,040 --> 00:08:45,679 Speaker 2: names at the moment. When we think about Nvidia, you know, 178 00:08:46,080 --> 00:08:48,760 Speaker 2: and all those other names in there, I just can't 179 00:08:48,800 --> 00:08:50,520 Speaker 2: see anyone getting close right now. And I think those 180 00:08:50,559 --> 00:08:53,760 Speaker 2: results that we've had from Microsoft and Meta just sort 181 00:08:53,760 --> 00:08:54,600 Speaker 2: of really resonate that. 182 00:08:55,320 --> 00:08:58,040 Speaker 1: And what about end VideA. It is the biggest company 183 00:08:58,040 --> 00:09:01,840 Speaker 1: in the world. All the good news from the Microsofts 184 00:09:01,840 --> 00:09:06,040 Speaker 1: and Mills Amazon should actually reflect will on in video 185 00:09:06,160 --> 00:09:09,120 Speaker 1: because they make the stuff that these companies use to 186 00:09:09,200 --> 00:09:09,920 Speaker 1: do their work. 187 00:09:10,200 --> 00:09:12,480 Speaker 2: Absolutely, yeah, it's a read in right to read into 188 00:09:12,480 --> 00:09:15,800 Speaker 2: what we can expect from in Vidia. The good news 189 00:09:15,840 --> 00:09:18,800 Speaker 2: here is that these results are delivering already. We usually 190 00:09:18,880 --> 00:09:21,960 Speaker 2: kind of look to the end of earning season four 191 00:09:22,120 --> 00:09:24,719 Speaker 2: in video, you know, hopefully it doesn't have to sort 192 00:09:24,720 --> 00:09:27,079 Speaker 2: of pull out a Hail Mary, and in this sort 193 00:09:27,120 --> 00:09:29,120 Speaker 2: of instance, it's looking like it probably won't need to. 194 00:09:29,720 --> 00:09:32,400 Speaker 2: But it's a great sign that in Vidia's numbers are 195 00:09:32,400 --> 00:09:34,880 Speaker 2: probably going to be pretty good. If Microsoft and you know, 196 00:09:34,920 --> 00:09:39,600 Speaker 2: Amazon deliver and Alphabetter delivering, then these companies are going 197 00:09:39,600 --> 00:09:41,720 Speaker 2: to the best in the business, and that is in Vidia. 198 00:09:42,160 --> 00:09:44,840 Speaker 2: So it's probably going to mean that demand is huge there. 199 00:09:44,880 --> 00:09:48,400 Speaker 2: We've heard from Jensen Huang in the last quarter that 200 00:09:48,600 --> 00:09:51,280 Speaker 2: you know, they're really starting to see margin improvements once 201 00:09:51,360 --> 00:09:54,640 Speaker 2: again after sort of ramping up its Blackwell chips, which 202 00:09:54,640 --> 00:09:56,560 Speaker 2: is sort of one of the key chips on the 203 00:09:56,559 --> 00:09:59,360 Speaker 2: market for AI these days. So it's a great read 204 00:09:59,360 --> 00:10:01,839 Speaker 2: into what we can from video, and like those numbers 205 00:10:01,880 --> 00:10:04,640 Speaker 2: from Microsoft particularly, which is a huge client for in video, 206 00:10:05,280 --> 00:10:06,880 Speaker 2: really tells us there's probably going to be a pretty 207 00:10:06,920 --> 00:10:09,120 Speaker 2: decent quarter for them in video. But that also means 208 00:10:09,120 --> 00:10:10,800 Speaker 2: that expectations are going to grow a little bit in 209 00:10:10,800 --> 00:10:11,680 Speaker 2: the meantime as well. 210 00:10:11,840 --> 00:10:15,920 Speaker 1: So just packing Tesla in apop because you mentioned the tariff, 211 00:10:15,960 --> 00:10:17,880 Speaker 1: is you want them do any of these other big 212 00:10:17,920 --> 00:10:20,600 Speaker 1: TIC companies get afflicted much by tariffs? 213 00:10:21,080 --> 00:10:23,280 Speaker 2: Not particularly I think Amazon might be one of the 214 00:10:23,280 --> 00:10:25,439 Speaker 2: ones that we look at a little bit. Obviously has 215 00:10:25,480 --> 00:10:27,920 Speaker 2: a huge global base in terms of you know that 216 00:10:27,960 --> 00:10:30,960 Speaker 2: retail division. The retail division is sort of the key 217 00:10:31,000 --> 00:10:33,959 Speaker 2: revenue driver, but you know Amazon Web Services, which is 218 00:10:34,000 --> 00:10:37,080 Speaker 2: the cloud based business, that's the profit driver. So that's 219 00:10:37,120 --> 00:10:39,760 Speaker 2: the one we look to really, So when we're going 220 00:10:39,800 --> 00:10:41,720 Speaker 2: to be looking at its earnings, we're going to be 221 00:10:41,720 --> 00:10:45,480 Speaker 2: looking at that growth in AWS because it delivers about 222 00:10:45,480 --> 00:10:48,720 Speaker 2: eleven and a half billion in operating income about forty 223 00:10:48,720 --> 00:10:50,680 Speaker 2: percent margins, so far better than what you're going to 224 00:10:50,679 --> 00:10:53,240 Speaker 2: get from that retail business. So that's probably the one 225 00:10:53,240 --> 00:10:55,760 Speaker 2: we look at, I think, to be honest, those other names, 226 00:10:55,760 --> 00:10:59,480 Speaker 2: like you say, Meta, probably not Microsoft. Also the only 227 00:10:59,640 --> 00:11:01,760 Speaker 2: thing that would probably affect them as if we see 228 00:11:01,800 --> 00:11:04,800 Speaker 2: maybe a bit of a slowdown from the consumer, if 229 00:11:04,800 --> 00:11:07,840 Speaker 2: those tarifts then feed into inflation and a growth slowdown, 230 00:11:07,920 --> 00:11:11,719 Speaker 2: that would be where I think we see the Impactosh. 231 00:11:10,679 --> 00:11:12,360 Speaker 1: Thank you for talking to Fear and Greed. Thanks for 232 00:11:12,360 --> 00:11:15,320 Speaker 1: having me. That was Josh Gilbert marke Enlist at ETRA. 233 00:11:15,440 --> 00:11:17,560 Speaker 1: This is the Fear and Greed Business Interview. Remember this 234 00:11:17,600 --> 00:11:20,440 Speaker 1: is general information only and you should have seek professional 235 00:11:20,440 --> 00:11:22,840 Speaker 1: advice before investing. Joined us every morning for the full 236 00:11:22,920 --> 00:11:26,080 Speaker 1: episode of Fear and Greed, a business news you can use. 237 00:11:26,320 --> 00:11:28,000 Speaker 1: I'm Sean Almer. Enjoy your today.