Stimulus watch and of course, palantir, we are awaiting the opening trade set to begin really at any moment. Alex karp, the ceo will join us right here on cnbc immediately following the first trade, jon as we said, its been a long road a lot of filings. A lot to read about the company, voting structure, privacy, you name it. And the Business Model at large. Yeah. And its another big, big ipo but very different from snow flake, which we saw which has a ton of customers, large and small and kind of this very broad play on data in the cloud. This is a company thats dealing with big data and has just a few really huge customers, carl. And thats where well start this morning, jon. Josh lipton has more on what to expect once the first trade happens. Hey, josh. Carl, a master of creativity. That is how Ceo Alex Karp describes his company, palantir. A data miner, its software ahows customers to integrate volumes of data into a central platform where it can then be securely analyzed and interpreted. The software is very useful and sometimes deadly thats what karp told me referring to the work his company does for u. S. War fighters but palantir has also pushed harder into the enterprise corporate customers have included names like bp, airbus, chrysler, merck, United Airlines here is karp speaking at the companys recent investor day. The magic of palantir is we build products five years before anyone believes theyre needed and deliver them at the moment when they are needed as it now goes public, palantirs seeing improving fundamentals this year the Company Expects record Revenue Growth of 42 to 1. 1 billion and will report for the first time an adjusted profit excluding stock compensation of 121 million. But there are potential risks for investors to think about, too, including customer concentration. After 17 years, palantir has just 125 customers with the top 20 generating 67 of revenues. Key question analysts are already asking, what does the mix of grut evolve from here for new customers or expansion of existing ones. Back to you all. Josh, thanks for laying that ground work. Were going to dig into a lot of those topics and lets get started. Early palantir investor and employee trey stevens with us now. Currently a partner at Founders Fund with peter teal thank you for being with us this morning. Palantir has operated for so long as a private company, as josh just outlined, nearly two decades. And over that time, alex karp, ceo, once said that operating, being public, would mean running the Public Company very difficult. So what has changed since then and given the scrutiny and controversy surrounding palantir, why is it ready . Why now . Yeah, thanks for having me, deirdra. Great to be here with you guys this morning it has been a long ride, 16, 17 years depending on how you count. Its been super impressive to be quite frank to see the exec team hang around consistently throughout that period they have been there really since the beginning alongside the cofounders like peter, karp and jill, cohen. So its an exciting moment for the company to move into the next phase i think really like the most exciting thing to me about this is that its living proof that you can build Technology Companies in Silicon Valley and in other places around the country that are doing important work with the government, like spacex also in the founders portfolio. Right but there are noticeably not all that many. I know that a lot of them are concentrated in Founders Fund, you just named two a lot of the big Tech Companies, though, have been hesitant to work with the government, google comes to mind, for what they quote as ethical reasons so what are the stakes for this ipo in terms of that relationship between startups focussed on defense and working with the government. How badly does palantir need a successful debut for the future of how Tech Companies work with the government well, i think getting to where they are today, filing and doing this direct public listing is really testament in and of itself regardless of how well trading goes on day one or thereafter i think the confusion that exists in Silicon Valley around working with the government is really a vocal minority. The vast majority of engineers here, working even for these big Tech Companies expressed they would be working on National Security but theres a vocal minority that would much rather spend their time monetizing consumer data and not working on important questions and National Security i think palantir has really stood kind of out there strongly, confidently demonstrating theyre willing to deal with the messiness and complexity of these really tough policy questions. Yeah, trae, we can forget there are Networking Companies in the valley that have been dealing with the government for a long time, view the government as a prime customer. I want to ask you about the customer concentration that happens when you got a company thats focussed on doing business with governments. How much room is there for scale here as josh lipton mentioned earlier . How much of scale has to do with getting a bigger share of government wallet versus getting more customers overall yeah. No, this is a great question and as you said, the history of Silicon Valley is really deeply interwoven with interaction with the u. S. Government. So i think thats a really important point to bring up. You know, as dr. Karp said in the investor day presentation, the revenue is really quality revenue. Its incredibly sticky customers dont turn frequently, if at all. And theres massive growth that happens inside of each of these accounts you know, certainly theres a lot of Growth Opportunities still. A lot of Government Agencies not only in the United States but also in allied democratic countries. Palantir has kind of scraped a chunk of those, but theres still a lot of growth to be had. But more importantly i think as they expand into these other areas of how do you deal with the enterprise of data is going to be a really important kind of growth mechanism for them within these organizations because data drives organizations now this is a softwaredriven world and its only becoming more and more important with time. So, trae, should we think of palantir as being kind of a lock heed or a boeing of data, more in that class versus comparing it to Enterprise Software and Enterprise Data companies as we tended to think of them . I think thats a bit of a trick, right its a question about multiples on market cap. You know, palantir is a Software Company. Theyve been a Software Company since the very beginning theyre selling Licensing Software this is pretty different from the way that the defense primes like lockheed and north rup grubman do this. They basically sell you the service of building something and then charge you a margin usually somewhere between 7 and 12 on top of that thats not even remotely close to what palantir does or remotely what spacex do either the company is coming to market five weeks before an election that many people argue will be pivotal. Do you see a lot of polarity in the Business Model depending on who is in office you know, this is always a really confusing question because defense, National Security is by far the most bipartisan of any of the core issues that are discussed at the federal level. Palantir is doing work not only in that community but also with civilian agencies that really are just focussed on Good Governance i think as you mentioned before, theres this challenge that we have in trying to connect the best technologists in our country back to these critical security and issues of National Importance and you know, thats incredibly bipartisan in fact f you go back to 2014, you can see that under the Obama Administration he founded United States digital service, specifically to target this issue that has been happening since after the cold war and so palantir has grown and grown successfully under three president ial administrations going from the george w. Bush administration, massive growth through the barack Obama Administration, continued growth under the Trump Administration and i dont think that there will be any shift in that moving into whatever the next administration is. As youre talking, trae, got an indication, 950 to 10. 25. Reference price set at 7. 25. S1 which was widely read and karps letter, took Silicon Valley historical practices to task at the same time stealing one of the standard practices and that is these classf shares to what degree, if any, do you think theyre trying to have it both ways or at least take parts of valley practice that they like and excise ones they dont . Well, i mean, good question for Founders Fund. The reason were called founders found is because we are a fund that invests in founders every single one of our Top Performing companies in the portfolio is founder led to this day from the very beginning. I dont want to speak specifically about palantirs governance, but its not unusual for founders to maintain majority Voting Rights under bill class structures and other mechanisms like that its not really something we would be super concerned about at Founders Fund given that is our ethos from the beginning okay, trae, last question, is there a strategy not just at palantir but some of the other firms once they become public to deal with shareholder engagement or do a lot of these Companies Like palantir and Founders Fund operate without longterm they dont care what shortterm investors want i couldnt even pretend to be a qualified Public Market investor my job in Venture Capital is to be wrong 95 of the time and hit a home run every once in a while. So if you have a question about that, i would be happy to answer okay, trae, well come back to you on that then perhaps another time thanks for being with us Trae Stephens of Founders Fund. Shares of micron are down 4. 5 despite a earning beat. Well tell you why after the break and micron ceo will join us exclusively next. Dont go anywher e. Yeah, thats half the fun of a new house. Seeing what people left behind in the attic. Well, saving on Homeowners Insurance with geicos help was pretty fun too. Ahhhh, its a tiny dancer. They left a ton of stuff up here. Welp, enjoy your house. Nope. No thank you. Geico could help you save on homeowners and renters insurance. Micron shares are sinking in todays trade, down just shy of 4. 5 despite a beat on earnings after gross margin guidance was a bit short of estimates also some turbulence from the Trump Administration ban on shipments to Large Customer huawei with us now is micron ceo Sanjay Mehrotra joining us exclusively this morning sanjay, good morning good morning, jon. The business that youre in is always so hard for investors to parse between supply demand issues and just issues of what is in the pipeline that is going to take advantage, say, of man chips. Now you have huawei thing looming. Overall, given the shift toward digital that weve seen in this pandemic, given the 5g shift that were on the cusp of right now, what do you think is the most important thing for investors to anticipate from micron over the next year . I think nearterm as we discussed in our Earnings Call yesterday, we have temporary weakness in demand driven by, of course, the huawei restrictions by u. S. Administration as well as weakness in enterprise. However, the head winds we are currently seeing, they actually become the tail winds for us particularly as we go through calendar year 21 past the seasonally weak q1 timeframe if you look at 5g phones, this year maybe 200 million 5g phones sold worldwide calendar 2 1, 500 million is our estimate its not just about increased unit sales in the smart phone market which has been impacted by the pandemic which will go up next year, smart phone unit sales with 5g sales increasing, those 5g phones need more memory as well as more storage in them. Cloud really has been the growth has been accelerated in the first half of the calendar year 20 given the workfromhome economy, the ecommerce, cloud continues to be solid and as we look at our Current Quarter on ward we see cloud increasing as well and cloud is a secular trend a. I. Requires more memory, more storage because you need more data to derive Consumer Experiences and more memory and storage which is what we made. Sales heavily impacted in calendar 2020. Next year out mative unit sales are going up they need more memory storage. What i worry about, sanjay, perhaps, when youre anticipating next year being that much stronger, right, are we going to get into an oversupply situation because so often in this industry when you can see that possibility in the future, you and your competitors build, build, build and then we get into a pricing and margin situation. Is that going to happen . Sloo let me we just talked about the demand drivers in 2021 lets talk about the industry from the supply point of view. Ddam which is nearly 70 of microns business, thats a Healthy Business the industry dynamic has nearly exercised strong cap x, Capital Investment restraint discipline and that means that through the calendar year 21 we see the industry supply environment improving as well in the backdrop of the Strong Demand drivers that we just talked about. And other important pieces, micr microns own execution, the momentum off of a Product Portfolio and Technology Execution will position us well with our next generation ddam technology as well as our nan technology and this is why we are optimistic, excited about calendar year 21 prospects once we are past the current nearterm air pocket and the seasonality of calendar q1 hey, sanjay, its deirdre bosa you mentioned huawei and of course the Trump Administrations export blacklist ban weighing on your results and that youre going to shift away from huawei, but the Chinese Company is still number one in terms of market share in terms of smart phone shipments so, how do you move away from huawei is it more important to make up for those sales or sit more important to get perhaps an export license or how the trajectory goes in this u. S. china tech tensions so key is the keyword here is diversification. Our end markets are well diverse fied and micron over the course of last few years has absolutely focus on diversifying our customer base. We are well engaged with customers in china as well as all across the globe in the markets and smart phones and cloud and in pc and in automotive, networking, graphics, so that sanjay, is it risky to diversify among other chinese customers . I just wonder, specially the way things are going in terms of the sort of trade war and tech is getting the middle, you diversify away from huawei into other chinese smart phone makers, does that put you at risk still what im trying to point out is that were actually well diversified not only among chinese customers but really all across in europe, in other parts of asia and the u. S. We are a supplier to all leading pc manufacturers, all leading data center companies, we are leading supplier to networking giants we are a supplier to the marquee giants in the tech space and thats where you focus on diversifying our business over time and of course china is an important market for the Semiconductor Industry and certainly for micron as well you know, we certainly hope that the environment for driving innovation, driving technology will continue to be driven in a fashion that the companies can do business freely across the globe with, of course, focus on National Security interests, ip interests, marketbased economies and free trade. Sanjay, finally tell me abou your own cost structure through this pandemic, have you rethought, have you realigned, you shifted plans whether it has to do with capx and real estate or other things that you think investors ought to factor in as they think about where you are in three to five years we absolutely have adjusted our capx plans precovid our expectations for capx in our fiscal year were higher. We adjusted them down to 9 billion level for fiscal year 21. We always focus on capx investments, looking at what are the industry demand expectations and aligning our supply growth in line with industry demand growth this is our strategic approach we are extremely disciplined and we have exercised this kind of discipline over last couple of years as well in terms of adjusting our capx on a very level basis depending on how we see the Market Trends evolve as a result of the covid19 pandemic, we have adjusted that gives me optimism around calendar 21 that our Financial Performance will significantly improve with improving industry fundamentals, demand drivers and microns execution of course, our focus remains on accelerating our technology and Product Innovation and this is where we are excited about yesterday we talked about several firsts that micron introduced during our fiscal year 20 stay tuned many more exciting new products to come. Well, great we will continue to track that with you quarter after quarter sanjay, ceo of micron, thank you. Thank you, jon. Latest indications on palantir still 9. 50 to 10. 25 the first trade still moments away well talk to Ceo Alex Karp when that first trade happens in the meantime, dow s p on pace to end a fourweek loss as we say goodbye to september and q3 i got help from a pro. My financial professional explained to me all the ways nationwide can help protect Financial Futures in peytonville. Nationwide can help the greens get Lifetime Income because their son kyle is moving back home and could help set up a Financial Plan for mrs. Garcia. And he explained how nationwide can help mr. Paisley retire early and spend more time with his pal, peyton. And their new band. Exactly yeah. Dont forget the band. I havent. Welcome back we talked about palantir, big ipo. Theres another big listing, i should say listing, also going public today in a direct listing, asana, that priced at 21 indications now between 25 and 26 cofounder of asana is dustin maskowihz. He also cofounded facebook hes been working on asana for quite a while. Ask him what this thing was that he was working on. Here he is change the way people collaborate inside companies so we have a fairly lengthy vision we have been executing on were starting with task and Product Management and sort of just view that as a particular vertical thats been really quite stagnant for the past 20 years. People still fundamentally organize projects and teams, overemail and just keep a ton of long, confusing threads that it sort of really hard to extract the structure and the sort of high level meaning and progress in the project. A 5 billion idea now that hes been following the street on that facebook ipo he went through as a cofounder, a bit of a debacle. Hes taken a risk here in a way with a direct listing but certainly seems determined not to do this the same way they did that thats a really good point, jon. After facebook hes taking a risk by going the nontraditional route. Its amazing that that interview was from eight years ago because the way he was talking that could be plucked right from this year about the importance of workplace collaboration. We know it sounded like he was describing slack as well in terms of emails clogging up and putting some of those efficiencies that are really taking ahold amid this years work from home trend, amid the pandemic also, carl, its interesting we had palantir and asana, notable how both companies are losing money. Last year we were talking about profitable growth and, yes, we saw that palantir has been narrowing its losses this year but it feels like specially when we talk to snow flake as well that investors, the Public Market investor is getting more of an appetite for the sort of maybe not growth at all costs but more of a focus on growth than profits something that we thought was sort of dead in the water last year yeah. Thats true. And, jon, you have to wonder what the conversation is among some of their more entrenched competitors who have been public for obviously quite some time as theyre seeing these new interns come to market in a hurry in this new and inventive way by the way, all the tech correction we talked about over the past couple weeks is rapidly getting undone we talked a lot in the last two weeks how this was not affecting private markets but today looks like the Public Markets are starting to realize some of the damage that was anticipated might not have been there. Yeah, carl. You know, we call this volatility we tend to have maybe sometimes i do short memories about what volatility really looks like we were feeling it earlier in the spring yeah, things went down things are coming back up. Well see particularly how these direct listings get received because its a really big moment here are two really significant names in tech taking this nontraditional approach after we had a huge snow flake debut just a couple of weeks ago that made a big splash with a more traditional structure. When it comes to palantir, latest indications, 9. 50 to 10. 25. Cofounder is going to join us right after the open which we hope is soon well see. Stay with us welcome back, everybody. Im sue herrera. Here is your cnbc news update at this hour. Kentucky attorney general Daniel Cameron is seeking a oneweek delay in the release of grand jury proceedings in the Breonna Taylor case. Cameron originally said he would release the audiorecording today, but in a court filing, he said that more time is needed to redact the names and personal information of the other jurors. The pandemics impact on travel may cost as many as 46 million jobs worldwide the air transport action group says thats more than half of the jobs directly or indirectly supported by that sector heavy fighting over the fate of nagornokarabakh continuing for a fourth straight day. Neither side is showing any signs of pulling back. Helen reddy, the singer has died known for that 1972 song i am ready. She was diagnosed with dementia back in 2015 helen reddy was 78 years old youre up to date. Thats the news update this hour carl, ill send it to you. All right, sue, thank you very much. We brought you news yesterday of the Tennessee Titans testing positive both some players and some team personnel. Now word from the nfl that the steelers titans game originally scheduled for sunday at 1 00 p. M. Will be rescheduled to allow time for more testing. Details on the date and time either monday or tuesday they say will be announced as soon as possible and carl, we continue to await palantirs first trade if we can look at the indicated price, last we looked, somewhere between 9. 50 and 10. 25 there we have it Holding Steady there. Ceo alex karp is set to join us after the open, but is this a debut you should get in on and what does palantir do exactly . Well, thats a complicated answer Andrew Ross Sorkin has a quick refresher. Palantir. Welcome to palantirs investor day. Led and cofounded by visionary alex karp, perhaps the first ceo ever to open its virtual road show on a set of skis its a highly secretive Data Analytics giant entering a new phase as a Public Company. Notable backers include investor and cofounder peter teal and wall Street Investors ken langone and stan named after a magical orb in lord of rings, palantir has contracts with corporations and governments across the globe to make sense of massive amounts of data this will save your institution and in many cases save your life for the first half of 2020, palantir delivered nearly half a billion dollars in revenue, 49 increase last year palantir had lost 588 million. The lerching forward of palantir on revenue, gross margins, contribution margins is because we built a product five years before it was needed just like we did with pge and just like well do in the future. Palantirs Gotham Software powers the government. Navy, department of homeland security. New case data we recorded we can immediately narrow into emerging hot spot counties. And its helping track the spread of coronavirus with health and human services. It hasnt been an easy journey the company is deeply wedded to its work inside the u. S. Government facing criticism from privacy groups. Palantir. Times up. Even its own employees. Yet palantir has not backed off. And the companys s1 filing, karp took aim at Silicon Valley companies. We seem to share fewer and fewer of the Technology Sectors value and Commitment Software projects with our Nations Defense and intelligence agencies missions are to keep us safe have become controversial. While companies built on advertising dollars are common place. Outside the government, palantirs expanded its work in the private sector now accounting for 53 of its customers. Serving big name businesses with its foundry Software Including airbus, merck, ferrari and united. If you think were going to change our internal culture drastically and work with regimes that are not allied with the u. S. And are abusing human rights, if you think that the future is going to be a super rosie place where the past ways of supplying software are going to work because enterprises and governments do not need to be reformed, you should not invest in palantir. We have a certain set of beliefs. And we are going to stick with these beliefs. Now, lets bring in leslie picker for more on palantirs longawaited debut this morning and its decision to do a direct listing. Leslie, its interesting to me, peter teal involved in both palantir and asana going public and earliest investor in facebook which went the traditional route with the ipo that was a bit of a disaster on the first day, both of these companies doing direct listings. Experimentation lately with regard to the ipo process. It is interesting, as you mentioned, that you see some people who really do have kind of an unconventional culture they have unconventional founders, unconventional businesses this deal itself is also contrarian to ipo norms in several ways for one, its a direct listing as you mentioned instead of an initial public offering, palantir as well as asana are effectively doubling the number of companies today that have used direct listings thats after spotify and slack opted for this process in 2018 and 2019 direct listing means that the company is not issuing stock its not raising capital to fund the business some current shareholders are eligible to sell today and the price will be determined by the market rather than a traditional investor book build. Last night you may have seen that palantir released a socalled Reference Price of 7. 25 dollars a share thats based on where it had been trading most recently in the private secondary markets. No allocations were actually distributed to investors at that price. That means the number to keep an eye on today is where palantir opens. Palantir also added another tactic to its direct listing, something prior dls did not do and that is a lockup about 20 of existing investor shares are tradeable today with the rest locked up for a few months so keep an eye on the float size one more thing palantir is doing differently, governance. Our jim cramer calls their triple classes of stock borderline obnoxious and the most egregious setup hes seen since wework in addition to classes a and b of stock, palantir has class f, which gives its founders just under 50 of the voting power. Here is the caveat, even if they sell their positions guys and leslie, we were just talking to someone from Founders Fund about this approach its very much in line with their founders keep control philosophy. Yeah. And you know, teal and moskowitz billionaires from facebook money, paypal money, all kinds of money in teals case how much does this approach read through to other companies that arent run, cofounded and financed by billionaires who might not need the markets money right up front i think thats a really good point. Especially as it relates to control. I have to wonder, if they did do a traditional road show where they were meeting with investors and pitching this governance structure to fidelity, and some of the big mutual funds what the response would have been as opposed to a direct listing where you dont necessarily need to appeal to them to buy big blocks of stock. The stock is listed on day one and just begins trading. But it certainly takes things a step further as it relates to Corporate Governance its important to note when you do have two classes of stock, you really dont get much of a say any way. You know, oftentimes when we see these class a, class b shares, class a gets, you know, a couple Percentage Points worth of the voting control that cant make a big difference with regard to putting Certain Directors on the board or reshuffling management, having anoinfluence in decisions. So when we talk about democracy when it pertains to Corporate Governance, yes, this definitely takes it a step further by issuing this class f stock that seems to have even more of an outreach for these founders as opposed to class b which is held mostly by their prior investors. But if youre buying this stock as well as most companies that are listing from Silicon Valley, youre kind of giving up that control any way. And so far people have seemed to just be okay with that leslie, thats such a good point. I think the difference perhaps here is that palantir sort of wears that with pride. Theyre putting it out there saying, yes, we will retain control. Theyre not trying in any way to hide that fact along with their values we talked a little bit about the letter from alex karp and shutting what we think of traditional values from Silicon Valley you spoke about some of the controversies sounding the company, the contracts with i. C. E. I wonder how thats going to play out i keep going back to alex karps comment from about five years ago saying being public would make it difficult for them to do business i wonder what has changed. Yes, they have more partnerships, more clients in the private sphere, however, bringing that number up, signing on more could be difficult, you know, if they have employee bases that dont want to work with the company thats doing work with i. C. E. And some other controversial government contracts. Yeah. Theyre certainly not pros letizing they have no desire to assimilate quote unquote what a Public Company looks like. But i think where this actually does make a difference is what weve seen with regard to esg investing this year and environmental social governance. You have seen a lot of Companies Receive a benefit from that in the Public Market, such as tesla, beyond meat, all these companies that kind of fall into these esg screening buckets really do see a benefit from the flows into those areas this year as investors try to shore up their portfolio to be a little more in line with some of the social justice issues of this year as some of the environmental calls of this year i do wonder for those investors who have said that esg is a big focus of theirs how this plays into that because, as we talked about earlier on squawk on the street there was this 21 page report surrounding questions with regard to human rights abuses with their work with i. C. E. , whether thats that true or not remains to be seen, but theres certainly a reputational question surrounding this deal that investors do have to grapple with well, leslie, weve got these two big direct listings, again, palantir and asana, different from the traditional ipo, still a bit of a lockup. With palantir and we talked about the impact on founders and the impact on investors, but tell me about employees. Between the structure of these two today and maybe what we saw with unity a few days ago that allowed employees to actually sell some stock initially first day, are these structures, these deals perhaps better for early employees who get more of the action or no yes i would argue they are obviously it depends on where theyre trading and where these employees received their rsus, at what price. That makes a big difference. But oftentimes you see these ipos where employees are locked up, they are looking at the stock price on the first day theyre getting very excited because they are wealthy on paper when you see your stock price go up 50, 60, doubling on the first day. And then by the time theyre able to actually sell that stock and cash out, its six months later. Maybe the ipo isnt trading as well there are studies that show that ipos that do skyrocket on the first day oftentimes arent trading nearly as well six months later and so if youre an employee and you feel kind of wealthy on paper one day and then by the time youre able to actually cash that out and use that money maybe to buy a new house or a new car or send your kid to college, and youre not able to do so because the stock price has kind of normalized since then, this is kind of another way that it prohibits those kind of restrictions that employees may have faced prior or with the more traditional ipo process. Yeah. I like to see those rank and file employees at least have a chance to do well. We have to see what the market does leslie, thanks. Indications still for palantir showing between 9. 50 and 10. 25. Palantir Ceo Alex Karp going to join us on cnbc right after the open, when ever that is. Dont go anywhere. Hat. Free access to every platform. Mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. Weve been monitoring our delivering alpha conference all day long david has some found hey, david. Hey, carl interesting opportunity for us to sit down with three very large investors. The governor of Saudi Arabia Public Investment fund, 350 billion they have at their disposal, much invested in the king dom its but finding its way in all sorts of Different Industries also join by Equity Partners chairman ceo robert smith, of course a Huge Technology investor conversation turned to Autonomous Vehicles. Something we havent really talked about that often in a while, carl. We used to years ago and in fact, when we talk about the middle or towards the end of 2020, we probably anticipated we would actually be seeing some of them on our roads. Were not. And i asked why that is the case there is not enough collaboration between Different Companies of Autonomous Vehicles different strategies, different science, different methodologies. And thats why its going back its not Going Forward i think Autonomous Vehicles is likely going to move first in the trucking and transportation space before we get to the consumer space on mass because i consumer space en masse, because theres massive benefits that can be captured and monetized in that space. Carl, i should mention, of course, the pif is, if not one of the largest, the larger investor in uber, and of course given that they have a focus to a certain extent on autonomous and the development, not to mention efforts in a lot of different areas in saudi arabia, including creating the city where they will have Autonomous Vehicles parent all over the place. I wanted to share that, a very interesting conversation we were able to have, and hopefully people will continue to Pay Attention to alpha today david, thank you very much we are still awaiting palantirs open, of course indications v really budged. Palantirs Ceo Alex Karp when Andrew Ross Sorkin, when it opens. upbeat music we did it crowd cheering [narrator] wherever you start, snhu is where you can finish. crowd clapping crowd cheering here we go. [narrator] and its it. [group] yay [narrator] you did it, high five Southern New Hampshire university. [man] that gets a hug. laughing look at that masters degree, i did it i did this for my children. I am very proud of myself. [narrator] finish your degree at snhu. Edu. I think its a great outcome. It will build a worldclass u. S. Based Company Controlled by u. S. Investors well see if the deal can be closed on our terms, well do it, if not, it will be shut down. Steve mnuchin there, treasury secretary, on the tiktok saga. Carl and jon, its interesting, he says tiktok could be a u. S. Based World Class Company those are exactly the words that beijing does not want to hear. They have a Chinese National champion here that has one of the very, very few companies thats made inroads here in the United States. So, of course such an important piece of this. It feels like we are as far from an outcome as we have been as the midnovember, jon, deadline ticks ever closer. Its a national treasure, for sure, whether its a national champion, it might be. I feel like the treasury secretary is saying if they cant get a deal theyll like, another not sure i agree. We saw that on sunday night if the conversation continues to turn to precedent that revolving around free speech, thats a very interesting point of view whether they can shut 2 down the way the secretary suggests by the way, dee, were getting some alerts that the treasury secretary will meet with the speaker at 12 45 to discuss this next chapter of covid relief theres discussion about the house potentially holding a vote if there is no deal, just a symbolic vote on the record, but the treasury secretary did tell becky this morning well know if theres compromise in the offing pretty much by thursday. It looks a long way off, but the dow is up nearly 450 points, so perhaps those hopes getting revived again, jon but this is just an incredibly busy week, aside from potentially fiscal stimulus, if that ever happens, we also have jobs on friday we are still awaiting the two direct listings. You see the nasdaq composite, too, rebounding from the losses, as it heads into a month of losses since march, right . Yeah. As the s p tries to get above the 50day, its tried a couple times, hasnt managed to close above that level well see if it happens today. Lloyd blankfein promised he would be looking forward to unrestrained tweeting, puts this up so far the stock market doesnt seem too upset at the prospect of biden winnic despite the more marketfriendly policies, perhaps folks think their stocks and 401 k s will do better than nastiness and scorched earth interesting take after the debate last night we are seeing markets do well, even as some of the Prediction Markets show that bidens chances, if you believe those kinds of metrics, improved after the debate last night. Is that an antibiden take im not sure what to make of that, carl. I couldnt figure that out, either i was just wondering. Yeah, im not sure how and whether the president is going to respond to that, carl yeah. Well see. We continue to watch palantir, as well get tthe dgo jue and the half on the other side of this break snoo. Front and center this hour, the q4 road map, where stocks are likely to go from here and why our Investment Committee is debating that today. Lets begin where we always do, a look at stocks they are pacing for the worst month since march. However, nice gains today. 450 plus that for the dow, s p 500 3380 nasdaq 1. 5 in its own right the small caps doing quite well today as well. We are waiting for the