). Morningstar equity analyst David Swartz joins the show to break down some of the retail-focused earnings and give insight into the state of the consumer.) has slumped from its height above $73,000, now sitting below $60,000 after four-straight days of losses. Several factors have caused cryptocurrencies to slide with potential turbulence ahead stemming from the US presidential election.
So Pinduoduo claw back some of those steep losses that we had only a few days ago in that earnings, that post earnings route guys.Thank you, Jared Bitcoin in the midst of four straight days of losses with crypto becoming a major issue in this presidential election.Joining us now for more is Anthony Polio founder and CEO of professional capital management.Anthony.You know, people are away for the summer.
Um, and so if, uh, people believe that the current administration has been abrasive towards the industry, uh I think the most powerful thing that Vice President Harris could do, uh, is to start to take actions to support the industry uh show rather than tell.Uh You know, at this point in an election site, uh both candidates are going to say a lot of things.And so the advantage that Vice President Harris has is uh she can not just talk, she can act.
Uh but let's see what happens, you know, that we're still uh two months or so away from uh from the election. And you know, there's many assets that you can go buy, you can go buy gold, you can buy Bitcoin, you can buy real estate, you can buy stocks. But I do think that right now as we see those financial institutions, those corporations uh and kind of larger family offices want to allocate to the asset.
But you're gonna have a lot of questions on the call about A I server momentum to shipments backlog and margins.Same server and networking revenue was a record 7.7 billion. They are also very interested, interested Mattie in his A I uh chip business where they basically they help cus customers make custom chips for A I compete with the likes of Broadcom there.I'm only seeing two mentions of A I directly.I want to pull out a quote from the CEO saying that second quarter revenue grew 10% sequentially driven by strong demand by none other than A I.
I'm just curious how you thought about it, Bradley and just when you thought it made it a broader A I trend, right? And so I wonder if the same hesitancy that I'm feeling a little bit on the early stage venture side is a little bit of what we're seeing in the market today with. So therefore, it is worth it to us regardless of whether or not the $100 billion valuation becomes worth 50 or 150 or whatever it is if that's the point.But if they're like, no, this is purely a play because we think this is a great investment and we think it's going to a trillion, you know, my question to them would be like, ok, based on what, like, yeah, Sam Altman's a wild, impressive person.But right now, like, I don't, they don't make any money.
There was how come Brad, I mean, there was zero because I, I mean, I think that when you asked voters writ large, you know, when it was Trump and Biden, are you happy with the choices?Um It was very hard to get excited about an 81 year old guy who, especially in the world of tech didn't know anything, right?Um Look, I don't know if Harris is gonna be incredible on tech or not, but she at least she's not 81.
So, a lot of this, with this election is less about what are their policies and what are they having their party platforms?You know, their attorney general. You know, if, if, if you could somehow bet on the likelihood of this being a positive interview for her, you know, I bet that it probably comes out just fine, but it sounds like you think her tax policy is gonna get rolled back if she makes it.
They were under pressure sliding over 3% earlier right after the report drop and now we are seeing a little bit of recovery and again, that net revenue coming in uh 2.34 billion, 2.37 billion. You think about Q twos in the two previous year, we saw an 8% increase in 2023 for sales growth and a 14.4% back in 2022.All right, Lulu Lemon share searching for direction after reporting mixed results for the second Coy company also slashing its full year guidance and joining us now is David Swartz Equity analyst at Morningstar, David.Um But give me your first take your, your first read through the print.But I think everybody expected that uh sales were down in North America.
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