And welcome to closing bell. I am Frank Holland in for the judge Scott Wapner. This make or break out where it starts with another one at Records as we kick off a critical week for your money. Here's the scorecard with 60 minutes left in the trading session. You can see the S&P fractionally higher. Same story for the NASDAQ and the Russell. The Dow, the Lagrid here, pulling back very fractionally. And that leads us to our talk of the tape. $16 trillion, yes, with a T, and market cap on the line with Amazon, Alphabet, Meta, Microsoft, and last but certainly not least, Apple, reporting their results in the coming days. Join me now to discuss his Intelligent Alpha founder and CEO, Doug Clinton. Doug, great to have it right here at Post 9. Good to be here, Frank. All right, so you do have some skin in the game. Alphabet is one of your holdings. Among these five Mag 7 names reporting, as we're looking at these names, it could be a big inflection point in the market. How are you viewing these earnings? Look, we at Intelligent Alpha, actually do something very unique. This is the AI trade we're talking about with the Mag 7.

And we use AI to do a benchmark where we have the frontier models, make estimates about what

they think will happen with 700 large cap stock earnings. For Alphabet, the one that we do own,

our models are bullish. They think that EPS and earnings revenue are both too low. Also like META, Amazon the models are a little bit more mixed. So we have positive views on revenue, a little bit more bearish on EPS for Amazon. All right, walking through the Amazon call. A big part of their business is obviously consumer spending and the retail business. We've heard from P&G. They said the consumer spending was strong. We heard from Capital One. They said consumer spending is strong. Why are you so concerned about Amazon? I think what our model see is this. There's two things for Amazon. There's AWS and then there's obviously the retail business. I actually think both of those businesses from a top line standpoint are performing very well. The EPS call I think is more about

Amazon and getting more aggressive in the AI game. They've been pushing more in terms of their

chips with Traneum and they've got new partnerships, Open AI obviously. I think they'll bring

GPT by the way today with the Microsoft News onto AWS and they also just had a partnership with meta they'd

launched last week. I think they need to spend more in terms of engineering, in terms of R&D, to keep

AWS as the premier AI play. By way, I think everybody has a partnership with Anthropic or OpenAI,

in all fairness. I think when we mention that somebody has a partnership, that's pretty much everybody in the tech ecosphere. I want to go back to these earnings. Goldman came out with a note just a few days ago, about a week ago, that 85% of the earnings growth is going to be in the tech sector. Why would you be anywhere else but there? I think that's where you should be. I agree with that. And if we look at what we owned intelligent alpha. Alpha, we've actually moved a little bit away from sort of the Mag 7 trade. We do still own Alphabet.

We own NVIDIA. But beyond that, what our models have been excited about has been the broader

infrastructure trade. So we've owned names like Marvell, Cretto. I think those are the kinds of names

you actually want to own going forward. Obviously, we've had 16, or I actually think it's 18 straight days with the semiconductor index up. Today we probably break that trend, but I think that's still the component of the AI trade you want to own because we're still massively, massively short compute. You're a glass half-fold kind of guy. You say we're probably going to break that trend.

I mean, it's down 2%. I'm pretty sure we're breaking it today. We were all ready today to talk about a 19-day win streak. Obviously, it looks like that's not going to happen. BTIG out with a note, Jonathan Krenski saying basically it's been a parabolic move to the upside. And like all parabolas, you're very likely to see a move in the opposite direction. Are you concerned about that

when it comes to chips? We're going to talk about it much more in this show, but it is a cyclical sector. It is. I think you'll see some consolidation maybe today, a few days, maybe a week, but I think fundamentally, the reality is this, Frank. Demand for AI services is as high as it's ever been. I actually think demand is

accelerating because the models are so much more capable now. And what we need is more data

centers. We need more compute. And I don't think that that bottleneck is going to solve anytime soon.

I think it could be multiple years. So you look at memory, you look at the power players. That's

what we own. I think that's what you want to continue to own.

Doug, sit tight for a minute. We got some more news in the chip space. Qualcomm getting a boost today. Our Christina Parts of Nevelis, she joins us now with much more on that name, Christina. I have to say that Qualcomm sure has actually surged more than 12% in pre-market today. after analyst Ming Chi Kuo,

who's really known for his Apple calls,

reported that OpenAI is working with Qualcomm and 12% in pre-market today after analysts Ming Chi Kuo, who's really known for his Apple calls,

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