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

This maker breakout begins with another tough day for tech, despite the most important name in that space blowing the doors off its earnings report.

We'll ask our experts why and what that means for the tech trade. In the meantime, we'll show you the scorecard with 60 to go in regulation.

You heard Kelly and Brian talking about it. We're trying to make a little move here. Nasdaq's off the lows. Russell's positive. The Dow is a fractional winner. But things are trying to change. We were mostly red, led by a even bigger decline in the NASDAQ, in part because of InVIDIA. The other mega-cap names weren't faring

all that much better, but let's just do it on the fly. Let's show meta. Let's show Microsoft,

too. Guys, let's just throw those up because as this last hour begins, those stocks are green.

And we'll watch a lot of that. There's a big focus as well, as you might imagine,

on other software names besides Microsoft today. Salesforce reversing an earlier decline. It's positive.

Snowflake was red. It is now green. I just saw Palantir is now green. IBM is as well.

Other standouts include Shake Shack, great earnings report. And there's what I'm talking about with Palantir. It's not huge, but nonetheless, it is green. There's the big move in Shakeshack as we were talking about Marriott Vacations. Well, they had a good earnings report. That stocks up 18%. So we'll watch all of that as we talk about our talk of the tape. What can turn around tech? Let's welcome

in, Gibrovco Laco. He is J.P. Morgan's head of global market strategy with me once again

at Post 9. It's good to see you. Good to see you too. So are you surprised, let me just ask you

first, you know, Nvidia's report was great. Are you surprised at NasdaDAX read? Not entirely. And I think this is

very much so tied to how you think about the degree of crowding in the market. Two weeks

ago we published a note that basically flagged extreme risk of a potential momentum crash.

It doesn't have necessarily implication for the broad market, but has huge implications for

how I think about internals, right?

So you've seen this huge momentum, long, short trade has been building up.

On one hand, basically, people are piling into anything tied to, you know, demand for compute,

semis infrastructure hardware, and on the flip side, you know, areas they're getting disrupted with software, basically,

being at the epicenter of that.

And that thing, based on a lot of different frameworks and measures, we're looking at hit

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