All right, guys, thanks so much. Welcome to closing bell. I'm Scott Wobner live today from the Sone Investment Conference here in New York City, the 30th anniversary of this great event that raises money for pediatric cancer. We are so very proud to be a long-time partner of this event. And we have a great lineup of guests coming up today, including David Einhorn and Jim Chanos. They're going to be here with me in just a little bit.

I'll show you how the markets are shaping up with 60 to go in regulation today. It's really a NASDAQ story again.

About a half percent, Dow's a touch red, and there's the S&P. As I said, about 4% away from a new high, right around positive territory for the year as well.

Joining me here at the Sone conference, well, NVIDIA is having a great day too.

Chips and tech, they are bouncing.

And joining me now, Adam Parker, Trivariate Research, the CEO and the founder, also a CNBC contributor.

It's good to have you here.

Thanks for having me.

So your headline of

late is that you've been growing more negative than you have been. Shouldn't it be the other way around?

It should be. You're right. So what's the problem? Normally when prices go up, you know,

they predict something positive. I just, you made a good comment there. You know, the market's about

flat year to date. And had you told me on Gen 1, we'd have this tariff situation, we'd have this volatility, I would have thought the

price to forward earnings would be a little bit lower. I would have thought the earnings people

have now would be lower. And so it seems to me like with the market's discounting is maybe

that things are going to be better in 2028 to 233 or some medium to long term.

Why can't they just be better between now and the end of the year?

Because the game's changed a little bit, hasn't it?

But it's clearly worse than what people thought in January.

I mean, it's funny, we had that call, as you know, market would be down and volatile in the first half of the year because tariffs aren't in the price. I felt like I knew what I was doing on April 7th, you know, coming on your show saying I know what I'm doing. And then I've been

caught off guard by the magnitude and the speed of this rally. I wanted to find some offense.

We wrote a note about semi saying like, I want to buy it, but it's close. And I just missed it.

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