Tariff Relief, Stargate Billions & Netflix's Smash Hit

Hello and welcome to The Trading Floor and much to talk about because it feels like after a little bit of doom and gloom, I remember the first episode, I think we entitled it, Piers, or the marketing team, it was kind of like debt spiral, catastrophe UK, yield spike. And here we are, record highs, US stocks, all is right in the world again. So I was looking at the S&P chart actually just before this episode. And pre the sort of softer core US CPI, the bank earnings we had last week, that's going to really lead us nicely into the conversation for today, which is talking about why has the market continued to rally? Obviously, Trump has come in. There's been a blizzard of executive orders coming from Donald Trump, namely the one on tariffs that caught the market eye. But more than that, there's been some interesting underlying observations you were telling me about the US equity market at the moment. And then also Netflix. As well as Stargate. Uh, no, that's not the latest series on Netflix. That's the new AI infrastructure fund of the US administration. Um, but before we begin, perhaps I give you some stats of the last one-week performance and some of the winners and losers on the scoreboard. Uh, NVIDIA, perhaps, you know, getting a little bit overdone, coming off quite a fair bit, up 12% in the last week. There we go. I don't know what that equates to, but I'm assuming that's a couple hundred bill, uh, back on the table.

I see it's back into the top spot for market cap in the S&P 500. So it's back, yeah, biggest company on the planet. 3.56 trillion is the current valuation.

You said that, and that's interesting because claiming the top spot has come because of also a declining giant.

Indeed.

A Death Star, you could say, which is, uh, Apple.

You heard it here first.

Apple is— I mean, if you look at the big tech over the last week, Microsoft up 7%, Meta up 5%, Tesla, Google up pretty much the same. Apple has suffered, actually. They've gone the opposite direction. And just quickly to summarize that, because we're not here to really talk too much about Apple, but as I said, two major finance institutions downgrading them, saying the company facing growing investor concerns over weak iPhone sales, particularly in China. And a lack of enthusiasm for the smartphone AI is what's prompted them to make that downgrade. The analyst predicting continued demand softness for iPhones through mid-2025 with expectations Apple's March quarter guidance may disappoint. The Apple buy recommendation rate has fallen below 61%. And that is the lowest among the mega-cap tech stocks, actually.

Yeah, I mean, it's in the whole, I mean, obviously they're exposed to China. Big time and just generally economic conditions, they're not good. So that makes sense. But yeah, the AI race, they're just not, they're not in it. They've kind of stumbled with their sort of first sort of rollout of that, that, that bot on, on, on, um, on the iPhone. It's been a pretty much a disaster. And so yeah, their share price is interesting because obviously the index has made new highs. That's the, well, the S&P 500. Knicked a new intraday high yesterday. Intraday, it did then come off into the close, so actually didn't close at a new high. So that the all-time high for the close on the S&P is actually still back in mid-December. Um, but Apple, yeah, I mean, it's way down. It's actually trading at the lowest levels. There's actually quite an important sort of technical level for the Apple share price around about $220, which was the October low, it was the November low, and here we are, we're right on it now. So actually, if it breaks that, we're kind of looking at lowest level since last summer. So when you're talking about the indexes taking out new highs and, uh, one of the biggest components of the whole lot is Apple, and, and that's going the opposite direction, well, how is that possible, right? And actually, if you look at the Mag 7, We've obviously banged on about this for years, just how reliant the general rally has been on those 7 stocks. Well, actually, out of those 7 stocks, it's actually only Amazon that's made a new high here. Um, all the others have not. Sure, Nvidia's had a great week, but it's still up to now the top of the range, the range it's been in for 3 months, by the way. So Nvidia's high is back at start of November, and that's still, still intact. Um, but it's only Amazon that's taken out that that kind of all-time high. So how's the index managing this then? Well, of course, it's now broader-based. We kind of touched on this into the end of last year, that 2025, you know, that reliance on the Mag Seven, you know, can't last forever, and we're going to need everyone else to turn up. And so actually, what's been interesting about this rally in the last week or so, it's broad-based. And actually, the best, the kind of the best components, the best performers are the cyclical stocks, so the cyclical sectors like energy, materials, industrials, and particularly financials. We obviously had some blowout earnings from the big banks, um, like, so you take a look at the biggest of all of those, like JP Morgan, for example. Their share price has smashed to new highs, like big break above $250. Um, their trajectory over the last sort of— wow, you would say over the last maybe 18 months has just been phenomenal. Their share price has doubled in 18 months, and for a big bank stock, yeah, that's, um, that's impressive stuff. So it's the cyclicals that are rallying, which kind of, yeah, I mean, it's almost like the Mag 7 have turned into almost like the defensives, right? It's the defensive play. So when your appetite for economic growth is strong, it's right, let's pile into the cyclicals. And the Mag 7 are not getting much of that action. But investors were so over-allocated to the Mag 7. If you want to buy the cyclicals, well then where are you going to get your money from? You're going to have to sell some of your Mag 7, free up some capital to then start to diversify out that portfolio.

So perhaps then we can talk about the more macro reasons behind this, and, and probably number one of that is I think in the previous episode you and I recorded, we talked about the CPI and the bank earnings. What's happened since then is obviously Trump is now in and there was this looming concern, anxiety in the market about imminent tariffs. So what was the latest there? What's happened?

Well, nothing is the point. You know, there was that outside risk that Trump would turn up day one and go, right, bang, tariffs. On the whole planet. Um, how many tariffs have been increased? I mean, look, come on, it's only Thursday, right? He's only been in the office for less than— well, basically, really, 2 working days, Tuesday and Wednesday. But, um, no tariffs yet. However, the most immediate threat on the tariff front is Canada and Mexico. So that's where you've seen most of the volatility in markets, and it's actually really been mainly just the currencies that have been flip-flopping. So firstly, the Canadian dollar and the Mexican peso rallied on Monday when Trump did not increase tariffs. He's been threatening to just step in and go, right, 25% hike on tariffs for all goods, Mexico and Canada, right? He didn't do that. He said the 1st of February is now the date that's going to happen. Basically, he's trying to bring them to the table, negotiate a better deal for the US. The thing is, they've got such a position of strength here Trump is just sat back, you know, big smile on his face, because check this out, right? What's their exposure to each other? So Canada exports— that their exports to the US makes up 20% of their entire country's GDP. So if Trump goes, right, 25% tariff, bang, it's expected to have a negative 3% on GDP. Basically, Canada would go into recession, right? Mexico, similar. They're, they're, they're thought to be like a 2% hit on GDP. Again, recession risk. So basically, Trump sat there going, I have the power to immediately put you in recession. How's it going to hurt the US? Well, the US exposure— so remember, about 20% of Canadian GDP is exports to the US. What's the percentage, percentage of US GDP that are exports to Canada? It's about 1%. So Canada are 20 times more exposed, and Trump's just sat there going, well, I've got literally all the aces here. Basically, do what I say or you're going into recession. So it's an interesting position of strength.

What about Europe? Because I did see that Trump has not implemented new tariffs on European goods, and actually there's this regular Bank of America hedge fund client survey that comes out, and that came out, I think it was yesterday, and it was talking about a notable shift of investments from US to European equities. So you talk about that Mag 7 reallocation in the domestic market, more broad spread, but here talking geographic, particularly I'm guessing because Europe has been so beaten Yeah, there's probably some value play there, but actually the survey found it was the largest reallocation in nearly a decade.

Wow. Yeah, I mean, look, Europe has underperformed for a decade. I mean, you know, so as the US has— that divergence has just increased and increased and increased. You've got to think about kind of portfolio weightings, right? People are so overweight US and they're so overweight US large-cap Mag 7, it's like, if you think that Mags, particularly the Mag 7 story, that dominance, if you think that's done, well then yes, right, book in some profit. Where are you going to put that cash? Deploy it into other sectors in the US, but also, right, well yeah, Europe looks bargain bucket cheap. And so, you know, some of that capital— and look, the dollar's been strong, so actually that's almost like an FX profit-taking as well. Like, if you're a European investor and you've been invested in NVIDIA stock, right, dollar-denominated. Well, not only has NVIDIA gone up, the dollar has appreciated as well versus the euro or the pound. So you got like your double profit there. So if you think that dollar dominance story is, is over as well for now, then fine, booking a bit of profit, move it across to Europe, snap up some bargains. Um, so yeah, it kind of makes sense. And look, the start of the year as well, that's the other thing just to say, that it's, it's kind of an important moment in time, right, where your outlook for your asset reallocation is probably the greatest at the start of each year, barring any major surprise event that crops up, right? But so normally you're going to see the biggest shifts in portfolio weightings now. And so yeah, naturally that's what's happening.

All right, to conclude this, this segment, just talking on the macro, there's a comment out of Solita Marcelli, who's the Chief Investment Officer for the Americas at UBS. Global Wealth Management. She said the following, and I would say Salita posts on LinkedIn regularly all of the outgoing CIO investment reports. And so anytime there's like a Trump headline, she literally has a report out from her economics team, research team, within the hour almost. And they publicly share that on LinkedIn.

Oh, wow.

So anyone listening who You know, it's super useful whether you're an investor or a student. You want to stay on top of stuff. You get an in-house view immediately off the bat. Anyway, she said in a note on Tuesday, her outlook for the economy is, quote, growth despite tariffs. I just want to get your perspective. So the rationale here, tariff risks, US fiscal policy concerns, and shifting expectations around inflation and Fed policy are likely to keep equity markets volatile in the near term. But they believe it is most likely that a combination of resilient US economic activity, solid earnings growth, lower borrowing costs, and the potential for greater capital markets activity will lead stocks higher over the balance of 2025.

Yeah, look, tariffs, fine. That's a risk. And what's he going to do? What's going to happen? What's not going to happen? Yeah, you can guess at that, right? But look, still the biggest game in town. For the economy's performance and the performance of financial assets is inflation. And can the Fed cut rates this year? That, that is still, you know, all right, Trump is, is a good sideshow, good distraction, makes for, you know, lots of headlines and clickbait. But ultimately, what's the inflation print going to be when we get the next round of data? Which will be mid-February now, right? So we'll get the January inflation data mid-Febr— the January— in mid-January we had the December data that was soft, right? Inflation just came off a little bit, big sigh of relief. That's why you've seen now people just dial up their positive expectations for 2025, because they think that inflation can soften and the Fed can cut. If that doesn't happen, then we're going to have a challenging year, right? And if Trump on top of that adds on to the risk with tariffs, but then don't forget, whilst that's a risk, there's plenty of positive catalysts from the Trump policy mix, like deregulation, you know, banging on about, right, let's make corporation tax lower. You know, these are powerful levers that he's pulling. And so that's certainly going to help with, uh, the positive sentiment, um, and market bullishness.

And there's a new lever in town, right? There's the Stargate lever. So what's this new creation? Because you talked about the, the broadening of the equity market in the US and how perhaps somewhat defensive characteristics the big tech are, but are they— do they get a little helping hand, or at least some of them, And what is this Stargate project that's been announced in the US?

It's the new infrastructure game, right? I mean, we like infrastructure. Building out a country's infrastructure has been, you know, a big part of a government strategy, a big part of economic growth for centuries. Okay. The latest— well, what is infrastructure? You know, it used to be stuff like, I don't know, If you go back, whatever, to the Industrial Revolution, then it's railways, right? And then it was the car and it's roads, and it's just making stuff happen more efficiently in an economic system. Then it was like— you might want to fast forward— then it's the internet, right? Let's get broadband connectivity across the nation, right? Well, obviously now it's AI. So actually, this Stargate project was an announcement from— well, actually, it's basically Trump bringing in some big gun tech firms and investors and basically announcing that these tech firms and these investors are starting a big AI infrastructure build-out, okay? And the Trump government are fully supportive of this. Don't, don't confuse this. This is not the government's— the government isn't funding this. This is kind of funded by public companies. So it's actually, it's basically OpenAI, Oracle, SoftBank, and then MGX, which is a UAE Middle Eastern-backed fund, right? So you got two companies like OpenAI and Oracle, and then you got two investors, SoftBank and MGX. These four have come together to basically place a big bet on the demand for data centers as this AI revolution kind of builds and increases. So they're, they're going to build out a huge new data center in Albany and in Texas. So this is all about infrastructure bill. Why does Trump love it? Well, two reasons, uh, number one, job creation. So Trump's banging on about, right, this is going to create 100,000 jobs like immediately. Uh, I think immediately is a, a bit of an exaggeration, but look, it's going to create jobs, okay? And then the other thing is it's about, right, the US's positioning in this global AI race, and it's about being self-sufficient from a kind of data center capacity point of view to keep up with the likes of the Chinese in this kind of global race, right? So Trump's loving it, but don't mistake that this is not a government-backed— this isn't a public project, right? So actually, what's happening, where's the money coming from? Because they're talking about And this is where Elon Musk has been a little bit critical because, look, you'll note that Elon's not being mentioned here. He's not involved in this deal. And this is a little bit of a kind of threat in some ways to the other big tech players who are all in this race. Don't forget, like Microsoft, for example, they're spending— they've outlaid $80 billion on kind of building out their kind of data center capacity this year. $80 billion. Now, this fund that's come together, they earmarked $500 billion worth of spend over the next 5 years. They say they've got $100 billion immediately, and then there's going to be $100 billion each year over the 4 years, right? So $100 billion a year. Now, what Elon's saying is, well, where's the money? Now, where it's supposed to be coming from is $19 billion funded by OpenAI and $19 billion coming from SoftBank, the They're the key players. Together, they're going to own 40% of this venture. Okay, then you got others coming in. Um, so the MGX Middle Eastern group, they're putting up, I think it's $7 billion. All right, but look, that's $38 billion. What are we up to there? That's $45 billion, right? But apparently there's, there's $100 billion, but that doesn't add up. And also, Elon is specifically questioning SoftBank and saying, well, hang on, you're saying you're putting up $19 billion It looks like you've only got 10. So, mm, is the money there to actually hit the button on this project yet? Obviously Trump's rolled them in cuz it's a great look for him and he's action and getting stuff done in week one. But I got a sneaky suspicion that Trump's kind of put the pressure on these lot to maybe make some announcements maybe a touch earlier than they ideally would've liked, but That aside, look, it's a really interesting, really interesting venture. And look, what, what I mean, what OpenAI are basically saying is, yeah, that the capacity, we're gonna have a capacity crisis and it's gonna hold us back. And obviously OpenAI are very incentivized to make sure there isn't a capacity crisis, um, when it comes to that data center scenario. So look, let's build, let's, let's build baby, build.

And I was hoping you were gonna use that to close that segment.

Uh, yeah, so it's interesting. And look, stocks, I think generally, you know, this rally this week in stocks certainly has been helped by this announcement. And you know, there are other players involved, so I should mention Oracle, and, um, I should also mention Microsoft, who are kind of the, um, partners on this. Oracle, from a sort of hardware point of view and, and kind of Microsoft from a sort of software point of view. They're, they're part of this mix as well. Um, but yeah, it's an interesting rival to the big guns cuz Microsoft have been spending, you know, Meta have been spending, Google are spending, Amazon are spending, right? The big guns. And it's like, well, how does anybody compete with that? And here we have, we, we've got a group that have come together. To kind of get up onto their playing field, to spend as much money and build that capacity. So it's an interesting— it's a good scenario, I think.

Keep your friends close and your enemies closer, Piers. Sun Tzu.

Absolutely.

All right, well, let's go on to the final one then, the final kind of string in the bow of the market rally, which is Netflix, whose shares are up in excess of 10% post their earnings. And the headline figure was that they added 18.9 million subscribers in Q4, more than doubling Wall Street expectations, bringing their total subscriber base now to over 300 million. These are crazy numbers because I remember quite a critical eye was being put on Netflix. It doesn't seem that long ago, and here they are. Absolutely killing it.

Yeah.

So perhaps we could go into some of the reasons why and look at some of the stats.

Well, I gave you the, I gave you the heads up on this, you know, in our pre-Christmas episode, you know, Squid Game 2, season 2. Um, so look, yeah, that was one con— basically there were several kind of major kind of new items coming to the the docket for Netflix in December that have just added up to, to, to have this blowout quarter. So Squid Game season 2, there was a movie, I dunno if you saw it, Carry On. Uh, did you see that over Christmas?

That was their kind of big, uh, well, if you're old enough, you say Carry On, I think of a different type of British humor program back from the '60s. But so no, I'm not aware of the new 2025 one.

No, it's a Taron Edgerton. Uh, anyway, have a look. It's a bit of a kind of, yeah, suspense thriller. Carry On is like luggage carrying onto a plane.

So you said Squid Game there, and I'm sure most people have watched that. Can I just quickly throw out a few stats?

Yes.

Because one of the things I thought was, you know, we talked about pre-Christmas, is season 2 gonna be as good as, as big as season 1, which was just epic. In terms of viewership.

Yeah.

So Squid Game season 1, just to refresh people's memory, had 265.2 million views equating to 2.2 billion hours watched globally. Season 2 at the moment, obviously still racking up views, is currently clocking in at 165.7 million. So it's 100 million off at the moment and it's done 1.1 billion. So it's done talking about half of what season 1 has done so far. And I had a look because it's obviously non-English spoken. What do you think is the biggest English-spoken one on the history of Netflix? Program, film. Uh, it might have been films actually that I was looking at. Do you think the biggest film is?

Uh, that's a good question. I don't know. Tell me.

Dwayne 'The Rock' Johnson. Red Notice. That guy slips under the radar. No wonder he's the biggest billing male star. 230 million views. He's almost as big as Squid Game. What's season 1?

So hang on, Squid Game season 1, what did you say? 2.1 billion hours.

2.2 billion.

I just calculated it. That's, uh, that's basically 250,000 years. Worth of time.

Oh man. Yeah. It's a big numbers, but look, it's not, it's not just Squid Game, right?

It was, uh, it was the Jake Paul versus Mike Tyson.

Um, we've got some stats on that as well, just to fill this one. So that generated the record single day signups. Hmm. Uh, for that, um, in terms of streams, 65 million concurrent streams. I mean, these are big numbers. And for— I was looking at, okay, so Mike Tyson, I mean, this, this old man getting in the ring back in the day when he was just a giant superstar. Um, his most viewed fight in his prime, Michael Spinks— you remember this? Yes. June 1988. Yeah, was the richest fight in boxing history at that point, gross $70 million. And had 700,000 households purchase the pay-per-view. This had 65 million concurrent streams with total views backward looking. It's gone over 100.

That is the best stat I've heard that describes the evolution of, you know, viewing stuff on a, on a box and how the Netflix model can just go global. Into every household versus, you know, back in the day. That's amazing.

Yeah. And on that fight with Jake Paul, uh, Tyson threw 97 punches, landed 18.

Oh my God.

And calculating what he got paid for that fight per punch, every per punch, he got paid $1.1 million.

Uh, that's good work if you can get it. Um, but look, there's Tyson, there's the Tyson shocker, but then, uh, NFL live events, um, you know, and this kind of starts to move us into live sports, right? So that's been one of their pivots. And then there comes the advertising revenue. So, you know, they had the likes of Beyoncé half-timing, you know, on these live NFL events. And so obviously this is a massive draw. And these live events allows for that advertising revenue, which they've said, look, it's not going to be a big part of their business, but it's a high-value part and it's a rapidly growing part. So lots of, lots of amazing content coming in now with that as the viewership. And actually, by the way, 18.9 million subscribers. Here's another interesting point. So that was Q4 2024, right? Biggest increase in subscribers in any one quarter ever in their history. It broke the previous record for a quarter of growth. They had 15 million Q1 2020. What happened? Lockdown. Lockdown number one, right? So they've actually, this is quite a notable achievement. They have beaten the, you know, depths of COVID lockdown subscriber increase numbers, which is, which is amazing. Um, so obviously subscribers up, right? Double bonus for Netflix. They've also been increasing prices. So actually up at it, like in, in the US now you're up to, uh, $18. Month. Um, and so, you know, obviously this adds to the situation. And yeah, I mean, it's, and it's interesting from a kind of profit margin point of view, as they've been growing and growing and growing as business, their profit margin has been improving. Um, and actually they've got record ever profit margin now, meaning that like all these new subscribers that basically it's free from a cost-based point of view. These 19 million subscribers that have just turned up, it adds nothing to their cost base. And so it kind of all drops down onto the bottom line. So from a profitability perspective, um, it's pretty awesome. And when you're kind of comparing them to like the Mag Seven— because Netflix kind of used to be, before the Mag Seven came along, we used to have this acronym called the FAANGs, right? And so FAANG was, well, hang on, what was it? Facebook, It was Apple and Amazon, so you've got a double A in there, FAANG. And then it was Netflix for your N, and it was Google for your G, right? FAANG. So Netflix was in amongst that lot, then they just crashed and they dropped out, right? And this, the FAANG kind of became the MAG7, and obviously Netflix are not in the MAG7. But look, they've had a powerful recovery here. Their share price has kind of doubled. Well, actually, I think it's now double the best Wall Street analyst's price target from 18 months ago, is now double that. So they've had a sensational 18-month period, and so people are starting to talk about them back in, in the mix of the, of the Mag 7 now. And if you're looking at their PE ratio, so with this massive rally over the few months, right, they're now at 40, 41 times forward-looking earnings, okay, which is now actually more expensive, if you like, on that metric than the likes of Amazon. They've just overtaken Amazon. Um, and so you're thinking, okay, well, that's pretty fully priced, and, you know, is there any more upside? But then back to that margin point of view, the thing is the Mag Seven are spending disgusting amounts of money. I said a minute ago, $80 billion Microsoft are spending just on data center buildout, right? Netflix, they've actually been pretty consistent. Yes, they spend a lot of money on content, but it's not increasing. That's their planned spend for 2025 is $18 billion. So from a spend— and their marketing budget hasn't changed for 5 years. They plan to spend the same amount this year as they did 5 years ago. So their margins are just flying. And so that kind of is justifying this sort of more foolish sort of 41x P/E ratio scenario. Yeah. So interesting from that margin point of view. And yeah, they're just one of the, one of the success stories of 2024 and they've started off 2025 on a flyer.

Yeah. I think that the, the sporting side of things, I remember there was that pivot. Well, it felt like they're at a juncture of do we go down the gaming route?

Yeah.

Or do we go down the live sport route, which is probably what, 18 months ago or so?

Yeah.

Um, and obviously that's just, they've pulled, played a blinder here, uh, and called it right. I guess there's kind of, yeah, two sides. One, I wonder the cost implication of acquiring major sporting rights.

Yeah.

Incredibly expensive. We see that in football or soccer, uh, a lot. However, I think what's so genius in what we are seeing already from them from an original content perspective is not only is live sport the ever-giving content machine, because every game throws out a unique outcome. Yeah. Um, so it's kind of an upfront cost that has that output, but then there's permutations of content out of that. What I love is you have like following a team through a championship season, so that's like off, offshoot one. Then there's, um, following a group of like next-gen talent. Then there's the drama docuseries that comes off of that, which is behind the scenes. Then there's the individual story element, like LeBron, for example. So you have so many permutations out of that original, what I think you would've thought, well, it's just a live sport. We're just buying the live sport. But they've been so good at coming out with that kind of multifaceted suite of stuff out of that one product. Quite amazing. But one thing I was going to ask you was, I did see, and we've seen other companies talking of the FANGs, like Apple, for example, that Netflix are following suit, which is they are no longer going to be reporting subscriber numbers, encouraging investors to focus on financial metrics now, like revenue and profit. This sounds very familiar, but explain to me the rationale of the management behind this.

They just don't want to be hung up on that one single number every quarter is part of it, right? And what a better moment— there's no better moment in time to announce, right, we're going to stop reporting subscriber number increases. Do that on the record ever blowout quarter because you— I mean, when are you going to beat that again? What, in another 5 years? So it's almost like if we carry on reporting this figure It's gonna be, you know, they live and they've lived and died by that figure since their existence, and I think they're probably a little bit exhausted. But then it's about— I talked about this margin thing, right? So for them, what they're saying is, look, don't get hung up, traders, analysts, on this single one metric. Actually, look at us like you look at every other business and just look at us from a profitability point of view. So, you know, look at our margins, look at our revenue growth, Look at our profitability. That's what you need to be talking about. Don't get hung up on this single figure. Obviously the single figure is very important, but with this advertising revenue stream coming through, you know, it's, it's, it's not just, that's not the only game in town for them anymore. And so yeah, they've decided to stop announcing that, which is an interesting move. And I, I would say, I would say makes sense and makes their lives a little less stressful. Probably makes the share price a little less volatile as we go through the quarters and we get these earnings reports. So it kind of makes sense from a kind of management's point of view. A bit disappointing from an analyst and trader's point of view because, you know, we want to know what's going on under the bonnet, and here they're removing a key item in that mix.

Yeah, I guess from a CFO perspective, you just want to add continuity and visibility to the future stock price. Yeah. And so if you can eradicate out the tops and bottoms, get that variability down of share price fluctuation— yeah, it's a good thing. All right, well, good stuff. I was just thinking as you were wrapping up there, the thumbnail I'm going to create of you and Jake Paul for the next— bigger than the Tyson fight— let's go, the Irish blood. I can see you coming out in your full Celtic gear.

Let's have it. What did you say? $1.8 billion— a million dollars a punch? Uh, I'm in. Sign me right up.

All right, good stuff. Thank you, Piers, and thanks everyone for listening. Catch you for the regular Deal Room show on Monday. Take care.

See you later.