Let's begin with KP on today's tech check. You've been watching sort of how volatility has been measured in the past, KP.

Yes. And Carl, before I actually get to that, I just need to get to some breaking news.

So Samsung electronics and its largest labor union just reached a last-minute deal about an hour and a half before deadline averting an 18-day strike that threatened global memory supply.

So it is a big relief for chip supply, or the chip supply chain heading into tonight. And surprisingly, Micron and

Sandusk are still holding up strong and positive territory. Now, to your point, to Nvidia,

nobody's really debating whether Nvidia Bs. They've done it the 18 out of the last 20 quarters.

The buy side is already

running $81 to $82 billion in revenue expectations with a July guide north of $90 billion.

So the beat, dare I say, is relatively baked into the stock price. The problem is the stock

hasn't cared. Invita has traded down the day after five of the last seven earnings

prints, and heading into this one, shares ran pretty hard. And just over the last seven straight

winning sessions through last Thursday, about $900 billion in market cap before pulling back to

around $224 that we're seeing today. Deutsche Bank says it's really hard to see new buyers chasing from this

point here. And this is the frustration with NVIDIA shareholders right now. The fundamentals

are about as good as it gets. Compute potentially sold out through 2027, according to Cantor Fitzgerald.

Hyper-scalers have collectively raised their CAPEX plans to over $700 billion for this year.

And CEO, Jensen Wong, put a $1 trillion-plus revenue target on just the Blackwell and Ruben chip platforms,

not including the CPUs and the GROC chip. The stock, though, still trades roughly at 26 times calendar year

2027 earnings versus its own

five-year average of 34 times that you can see on your screen and peers roughly at 34 times

as well. Bank of America says it's a 30% discount to the S&P 500. This is the world's most

important AI company. Trading like the market just doesn't believe the growth will persist.

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