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All right. Now, time for some of today's trending tickers, CoreWeave and DJT, and Blackberry. First up, CoreWeave. Now, that stock, guys, it's rallying here. I mean, the cloud computing provider coming off of what was viewed as, I think, an underwhelming IPO, right? But now, I were well above that $40 IPO price. Um, interesting what you make of that. There was a lot of talk, Brian, about this IPO market. I did have venture investors on the show. I will say, it was just a few months ago, some well-heeled venture investors came on and told me, hey, we are we are optimistic about this IPO market. In part, I think it was, it was politics. They thought, well, it's going to be an easier regulatory backdrop. And now, what are your thoughts on that market? Because I got drama. I got a lot more volatility. What do you think?

Well, it feels good just to a certain extent to get one off the ground. We've had so few IPOs recently. Getting one out, even though it came out in kind of a lumpy way where it wasn't really priced in, at least it didn't stick to its initial pricing structure. We got it there. It's there. It's trading. And now it's finally doing better. It's a real business that I think is in line to participate, make that the AI infrastructure conversation more competitive than where it is right now. And so there's definitely a lot of revenue chasing out there in this space that I think could be potentially very good for CoreWeave in the future.

What do you think, Caleb?

Yeah, it's kind of like a proxy for Nvidia in a lot of ways since Nvidia backs the company in a in a big way as one of its big investors. So I think people are maybe looking for the next possible thing. I think there's still questions about valuation, overvaluation, hypervaluation of a lot of these AI related companies, especially in the chip space. So, you know, when you get a company that's new to the space, just like we had Quantum AI after we had the initial in AI 1.0, I think investors are looking for something to get excited about. This company still has a lot to prove.

Brian.

I just think it's part of the initial confusion was kind of the relationship between Nvidia and Microsoft, right? Microsoft is CoreWeave's, you know, biggest customer. 60% of their revenue stream. But Nvidia's a part owner, right? Well, Microsoft is one of Nvidia's largest customers as well. So where does this circle start and where does it stop? How much of this is actual real organic revenue growth and how much is just kind of running around the carousel? That's what the concern is.

Let me get take on another one because this is different story for another stock that recently made its public debut. We're talking Newsmax, plummeting 70% today. Hyper volatile one. Do I draw anything, Caleb, from this? I mean, is this idiosyncratic, or there broader lessons learned? What do you make of the moves?

No, I think this is exactly what you could have expected from this company doesn't make that much money at the end of the day, but it still has 40 million sort of a reachable audience. And that's valuable when you start to break down the valuation against a reachable audience. You're looking at about $175 per potential reachable audience. I think that that's what they were valued on. Plus, being a conservative news organization today, probably in the right place when you look at media at the moment. I was at the New York Stock Exchange yesterday, the day before, when they were having their debut. There's a lot of excitement there. So there's a lot of that, but it's got short flow. It's not why that widely held. Easy come, easy go on this company that has a lot of name and brand popularity, but still has a lot to prove as a business.

What do you think, Brian? Name, brand, right place, right time?

I think a little bit of all of the above, honestly. I mean, when you look at trends in ad dollars, they're definitely on the right side of that momentum. And I think that's there's bleeding into the stock price at this point in time. They have a long way to go to to move that into productive earnings in terms of earnings growth and showing that over a longer period of time consistently. But I think it's just a lot of, you know, happy feelings and momentum at this point in time.

Yeah. It's a challenging industry, too. I mean, they're in a media industry that is obviously looking at a lot of different challenges.

And we know well, Caleb, as we know well. What can they do with this brand?

Yes. Our next trending ticker, let's go here, Trump Media. Shares of the president's social media company moving lower Wednesday, it's a day after the company filed paperwork with the SEC, SEC that could allow the president's trust to sell more than 2 billion of shares. This is interesting. So Bloomberg is saying a trust overseeing Donald Trump's roughly two billion stake in Trump Media and Technology Group, keeping the door open to selling its shares. The trust is controlled by Don Jr. It registered shares and warrants for sale, potentially leading to the sale of Trump's entire share stake. This is, of course, another name we know, Brian, well.

It's hard to separate the key man because this the ticker is actually his initials, right? But obviously, we know Donald Trump isn't controlling the trust at this point in time. He's busy being the chief executive of the United States. So this just simply comes down to, I think, pressure on the price of the company. None of the fundamentals have really changed that much at this point in time. But it's always interesting when you see ownership selling their own internal shares. That brings up worries about the long-term durability of the company.

I mean, Trump media's been expanding, Caleb. I we got crypto, got some financial services.

Yeah, what could go wrong? Uh, we're still looking at a company that made $3.5 million in the most recent quarter, lost $71 million. Just look at the ownership of it and the concentration of the ownership. A proxy again for the president's popularity, but also, there's a lot of short interest out there on the stock. So this is super volatile. This is hot. 11.5% of is shorted on the float. So it's one of those hot stocks. It's going to move like it moves today. Uh, it's going to also rise during given the president's popularity. This is again, super volatile and one that is tied very closely to the president.

All right. Our next one, oldie but goodie trending ticker, Blackberry. That stock is plunging today after the device and autonomous vehicle software company forecasts a revenue decline in fiscal 26 as it anticipated weak spending on its cybersecurity products. So Blackberry now, of course, uh really a security software name. Q1 revenue forecast misses consensus. They see between 107 and $115 million. That's not going to do it. The street was close to 128. Not a lot of love for this one on the street, by the way. Most on the sidelines, Brian. What do you think?

You know, we all know the law of large numbers, and this is kind of the opposite, the law of small small numbers, right? We saw earnings at 3 cents a share, and it went down to one. So that means you're declining by 67%. That's really hard for a lot of investors to take when you look at it on earnings per share basis. So that big of a revenue miss, again, just on a pure percentage level is what impacts the stock on a day like this. You know, Nvidia's getting punished because they're only growing by 75%, not 100, right? And so now we're seeing a company that's going the other way where it's really losing, you know, a fair amount of its revenue momentum, and that's what's hurting the stock price.

And the fastest growing part of the company is actually now slowing more than they thought it might. So as an investor, what are you betting on? When Blackberry was that big meme stock back in 2021, it was a meme stock because of the popularity. But also, the patents are still very valuable. They're not really monetizing those. They're pushing new new lines of business, and those new lines of businesses are slowing. So what are you paying for at the end of the day?

All right, fellas, we just covered a lot of names in a short period of time. That was meaty.