And welcome to closing bell. I'm Scott Wapner live from the Case Alternatives Conference today in Beverly Hills, California.

Demand for alts, it's booming as investors look for bigger returns and more diversified portfolios.

We have some big interviews coming up this hour, and we are excited about all of that to cover this fast-growing area of the markets. Robert Smith,

a Vista equity partners will be with us in just a moment. A little bit later on, Matt Brown,

he's the founder of Case. He'll be here. So will Kristen Olson, Goldman's Head of Alternatives

for Wealth, all of them joining me in moments. We're of course following these markets today.

Let's show you the majors with 60 to go in regulation. Different story, isn't it, from how this day started. A nice reversal from those declines we saw earlier today. Banks and industrials having a strong day, and that is obviously helping the markets overall. There's the Dow. Now good for almost 1%. Nasdaq's still a little bit slow today.

Bank earnings, a big story. Take a look at shares of Wells Fargo, up eight and a half percent on those earnings.

JP Morgan and Goldman, they posted good results. The stocks were down by around 4% each earlier.

They plod their way back to, and that's helping the market as well. Caterpillar, a big winner from the industrial space.

I mentioned technology.

It's a loser today.

Most of the mega caps are lower, led by NVIDIA, Amazon's lower, so is meta today.

The other big question hanging over these markets these days, whether there is a bubble in the AI trade.

Several of the world's most successful

investors have weighed in on that topic recently. So let's welcome in another. Robert Smith,

he is the founder, chairman, and CEO of Vista Equity Partners. He is with me here at the

case conference in Beverly Hills, and we're so happy to have you. Thanks for being here.

Good to see you, Scott. Thanks for being here. Good to see, Scott.

Thanks for inviting me.

All right.

So I mentioned all these people who were opining on this topic. Paul Tudor Jones was on CNBC just last week, said it feels exactly like 1999. Ken Griffin, quote, there are obvious echoes of the dot-com era. And we even heard from Jamie Diamond and David Solomon today,

...