And welcome to closing bell. I'm Scott Wobner, live from Post 9 here at the New York Stock Exchange.

This make a break out begins with AI anxiety. New questions today about whether the billions, the hundreds of billions of dollars being spent will actually pay off.

We'll ask our experts over this final stretch. In the meantime, we'll show you the majors here with 60 to go in regulation.

We got some work to do this hour because we're red across the board.

It was right around midday when Oracle shares began falling. The NASDAQ as well on a new report from the information.

We'll have more details on that coming up in just a bit.

Sectors are mixed with utilities. The winner, staples have been green. So a defensive tone today, no doubt.

It takes us to our talk to the tape, the state of stocks, and what to make of gold's big move, Bitcoin's resurgence, and of course, those questions and concerns around a tech bubble. Let's welcome in. Liz Thomas, SOFi's head of investment strategy. She's with me here at Post 9, as you see. Welcome back. Thank you. All right. So that's the kind of market we're in

right now where you've gotten a lot of commentary from a lot of different people about where we are,

whether we have a bubble. How do you feel about things? I saw a tweet on my way here that said

there's a bubble in people talking about bubbles. Yeah, that was what Ed Yardinney said yesterday.

There's a bubble in bubble talk. Yes. and I think that is accurate. So right now, I mean, of course, we've had a long rally. Everything feels extended. It feels exciting. It feels euphoric. In reality, I still think that the euphoria can get even more euphoric before something has to actually turn it around. So, so you're in the Paul Tudor Jones camp. This is, yes.

It's like, you know, it's starting to feel like 99, but it's more like October of 99 before you had the rollover in the spring of 2000.

And the NASDAQ was like a double from that period on because you entered such a period of euphoria, as he said yesterday on Squawk Box, that that's what this feels like to him too. But that implies that there's a lot more upside to this market, right? Two sides of this story. It implies that there's more upside. It also, and I want to be careful, I'm not going to call a time in the 90s because that also implies that it would be over in March, right? So I don't

want to say that. I think that we are in a different market. We're in a different monetary

policy regime and we're in a different economy than we were in the 90s. So this could actually

go on even longer, especially because we've got companies with real earnings, we've got companies

with real cash in order to spend. We've got companies with real earnings. We've got companies with real cash in order to

spend. We've got companies with a lot stronger balance sheets and competitive positions. So I think

that could lengthen it out. I do think it will get to a point where it makes even less sense

than it might now to some investors, particularly value investors. Eventually, right? Eventually, yes.

But this continues to be a

...