Good Thursday morning. Welcome to Money Movers. I'm Sarah Eisen with Carl Kintania,

live from post nine of the New York Stock Exchange. Today, legendary investor Howard Marks is with us.

We'll get his take on the macro impact of the Iran War, fears in the private credit market,

concerns about an AI bubble, and more.

Plus, after the SAS Coppol sphere fueled selloff, momentum in AI agents driving an earnings

beat for ACTA, but the guidance still signals some pressures ahead. We'll break it down with

CEO Todd McKinnon this hour. And we are watching the chips, shares of Broadcom on the move.

CEO Hock-Tan saying he sees AI chip revenue significantly above $100 billion next year.

As for the markets, Dow down about 1.5% here, trying to hold 6,800 on the S&P, which we just

bounced off of a couple of moments ago. Breath is still relatively negative 3 to 1, tech and energy doing

most of the water carrying today. And the tenure got close to 415 backing off maybe a basis point

or two. Unusual day. Salesforce, IBM, leading the Dow right now. Let's start with the market.

AI uncertainty is still at the forefront. Our next guest, exploring the AI hurdles ahead in his latest

memo amid layoffs and rapid Cappex expansion. Here with us now at Post 9 is Oak Tree Capital

co-chairman, co-founder Howard Marks. Welcome back. Lovely to have you. Thank you, Carl.

You really went deep on Claude for your last memo.

I went deep with Claude. With Claude.

And what did you glean from that experience?

Well, I was, as I wrote in the memo, I was blown away by my experience.

My son and some of his young colleagues suggested that I consult Claude for a tutorial on

AI and what I got back was incredible and really opened my eyes and I suggested everybody

get personal with Claude or some version of AI.

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