Market Insight and Analysis.

You're listening to the opening bell of CNBC, Squawk on the Street. Well, good Friday morning and welcome to Squawk on the Street. I am not Carl. Holiday edition. She is not David, and he is not Jim. No. I am Brian. That is Morgan. That is Dom. We're here at post nine at the New York Stock Exchange, the regular squad. Jim, David and Carl, all have the day off, kind of, because we'll hear from David in about a minute or two. Just four more trading days of the year. Futures, not giving us a lot of help right now, guys. Kind of mixed right now. The president ordering that today is a federal holiday. So if you work for the government, congrats. You have the day off, but the markets,

we are open and we are coming off record highs. The S&P 500 up nearly 18% this year. On pace,

three straight years of double digit gains for stocks. The big question, will the markets make it

four years in a row? Strategist on average, guys, seeing about 8 to 11% gains next year.

All right, your roadmap today begins with the state of stocks.

We just said record highs rolling into the fourth year, maybe, or Morgan, will it be three and done?

Well, plus, metals madness, gold, silver, copper, platinum, all hitting new record

highs. We're going to discuss how far the bull run can go. And of course, guys, Morgan, Brian,

the AI trade has been the trade of the year, maybe even the last three. Invitya is making its

biggest acquisition ever, $20 billion worth. But Oracle is on pace for its worst quarter in more than two decades,

as the company bases concerns about its AI buildout. So there's all kinds of cross currents

heading into this markets for 2026. Not sure I'd say acquisition. I might say aqua hire here

and obviously non-exclusive deal for NVIDIA, but still huge for that company and huge for the AI ecosystem at a time where competition is ramping for things like inferencing.

Because they stole, sorry, hired away the CEO of GROC.

GROC with a Q, not the X AI program GROC with a K.

Correct. So it wasn't really a deal. They didn't buy GROC.

No. They'll get more from David's favorite moments. And also this metals trade, metals outperforming

and the miners have also outperform the metals. But not just the precious ones, right? It's also now the

base metals like copper industrial metals as well.

This is a huge deal because whether or not we see the triple digit returns that we've seen in silver going

forward. Silver has surpassed the AI trait going now, right? In a hundred and seven percent return.

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