Trump Meets with Leaders at G7 Summit, The Business of Space 6/16/26

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 SpaceX blasts through 200 to share. I'm Morgan Brennan, and this is your morning call.
 Good Tuesday morning. Let's take a look at US stock futures with the down Russell 2000 sitting at all time highs. You can see futures are in the green again this morning.
 Well, S&P basically around the flatline here, but the Dow is up about 63 points. The Nasdaq up 36. So we're talking very small gains pre-market as of right now. This, of course, after a huge surge to start the week amid deal expectations and maybe some deal details, although not many of them regarding the US and Iran and that conflict in the Middle East yesterday, Nasdaq surge 3% yesterday as well. So take a look at Treasuries. Kevin Worsh kicks off his first two days.
 They policy meeting as Fed chair. Today, and you can see Treasury yields are lower across the board. US 10 year Treasury yielding 4.44% right now in that Fed sensitive two year Treasury yielding 4.04% right now. Energy as well. Continue to see those prices fall. Actually oils at its lowest level since early early March, and you can see WTI right now down another two and a half percent trading just below 79 bucks a barrel. Brent also down to percent trading around $81 a barrel.
 It's about gasoline is also lower two stocks to watch in video, raising at least $20 billion in its first debt sale since 2021. You could see those shares are down fractionally pre market about half a percent and SpaceX.
 It is the third day of trading for SpaceX, and you could see right now pre-market the stock is up about 10 and a half percent. Again, it closed up another 19% yesterday market cap set to overtake Amazon's $2.6 trillion at the open.
 It would make it the fifth most valuable public company in the world. You can see shares of SpaceX right now pre market trading around $212 a share.
 Japan Central Bank meantime hiking rates to its highest level in 31 years and Europe is higher in early trading as well. So Ben Boulos is standing by in London with all of it. Ben.
 Yes, good morning to Morgan and big week for central bank action. So let's start with that bank of Japan decision to hike its short term interest rate target to 1%.
 That's the highest level in more than three decades to move that was widely expected by economists. Now normally when we see monetary policy tightening, we see it tend to weigh on equities.
 Not the case, though, as you can see in the Asian markets, the Nikkei 225 closing the session 10th of a percent higher during the session, it crossed that threshold of 70,000 for the first time ever hitting a fresh intraday high the other markets in Asia.
 A little makes the hang saying closing almost 1.5% lower but the other indices, interestingly the cost be closing 2% up and it was the defense sector that really powered the momentum there despite talk of a piece deal in the offering between the U.S. and Iran defense stocks in career really surging.
 One case, the handwar aerospace, the biggest defense name there was up at around 10% on the day. Meanwhile here in Europe, equities inching higher this morning after yesterday's rally, trade design, that preliminary agreement between the U.S. and Iran, Britain's FTSE 100 slightly underperforming its continental peers as oil prices extend their pull back.
 That's the picture across the main European bullseys in terms of sectors, it's industrials doing well in Tuesday's sessions, defense names, banks, media, financial services as well, also catching a bid and a quick look at the Lager's retailers among those leading the losses together with all toes, which had been the big gainer yesterday.
 It's a lot to take in but it is a very busy day in terms of the new slow Morgan back to you.
 All right, big news action from Big Ben Boulos, appreciate it. Thank you, Ben Boulos in London.
 Sticking with the action overseas, President Trump meeting with G7 leaders in France today, defending his piece deal where Iran, even as details of the plan, are yet to be released or Megan Kassela's on the ground. She joins us now with more Megan.
 Morgan, that's right, President Trump sitting down with those G7 leaders right now, also sitting down right now with Ukrainian President Volodymyr Zelensky.
 Very much to discuss there after Russia launched press attacks on Ukraine over the weekend, but that will not, of course, be the only war these leaders are discussing today Iran being top of mind for everybody.
 We can pull up here some of the meetings that President Trump will be having one on one this week and the two that are set for today are the UAE and Qatar.
 President Trump sitting down one on one with both of those leaders, those leaders and some other Middle Eastern leaders also sitting down with the full G7 for a working lunch later today.
 So they'll all be talking about this new Iran framework deal about what exactly it means and what it will look like over the long term in Morgan.
 There are still a lot of questions outstanding about this deal for one no text of it has been released just yet.
 The White House yesterday was promising us that they would be releasing the full text, but none of that expected for another at least 24 hours from now, maybe not until later this week or even this weekend.
 The other thing is the question of the straight. The U.S. has said a toll-free reopening of the straight will begin immediately that it will take some time for traffic to ramp up.
 But that Iran so far has only agreed to keep the straight toll-free for the next 60 days while the next round of negotiations continue.
 So still unclear what it will look like after that. Beyond that there's the question of sanctions relief on what happens next there.
 A lot really to parse through here the latest being that MSNOW is reporting overnight our colleagues there reporting that based on U.S. intelligence some U.S. officials are now doubting that the Iranians will take the steps that the U.S. is looking for on their nuclear program.
 So yes markets have been buoyed by this framework deal Morgan, but still a lot to hash out and a lot of those discussions happening right across the lake from where I'm standing right now.
 Morgan, I mean I'm four days is a long time for more of these headlines to evolve here and certainly you'll be bringing us to the latest that as we do get it, especially given the fact we do this conflicting rhetoric.
 All of that said the other conflict is also in focus here and that is Ukraine, Russia, and we know Ukraine, Zelensky has also been meeting where I think is expected to meet if he hasn't already with President Trump too, as that country moves forward with its obsession plans into the EU.
 Yes, that's right. That's half of mine. I believe that Zelensky might be headed from here to Brussels to have more of those discussions about joining the EU.
 There's no confirmed bilateral meeting between President Trump and Zelensky on the schedule. That could still change. They could also have sort of an informal meeting on the sidelines.
 Right now President Trump is sitting down with Zelensky as well as with all of the G7 leaders.
 And there were those fresh attacks over the weekend. Morgan, Russia launching a barrage of attacks on Kiev, the Ukrainian capital.
 And that really put the conflict top of mind for all of these leaders, especially the European leaders that have long wanted the U.S. President to really make a firmer stance here.
 And to Trump has talked about maybe not even supplying weapons anymore, no longer wanting to support this conflict in that way.
 The European leaders have been pressing him on that. That's part of the discussion this morning.
 All right, Megan Kasella, thank you for the best live shot of the day. Hands down.
 Mark, it's appeared to be taking a more measured tone today following yesterday's rally on news of the U.S. Iran preliminary peace deal.
 That's all the Dow close at a record high, the S&P 500 moved to within 1% of its most recent all-time high joining me now is John Stoltzvist, Chief Investment Strategist at Oppenheimer.
 It's great to have you on for all the talk and all the focus on tech stocks and semiconductors and AI.
 It was also small cap stocks that led the gains yesterday with the Russell 2000 also closing at a record high.
 So how to assess this market and its underpinnings right now?
 Well, great to be on the show with you today, Morgan. Thanks for having me.
 We've got to say we've been building positions in small and mid cap stocks for quite a while.
 And it's nice to get rewarded as we're beginning to see here.
 We think this is really a result of investors looking for further diversification, an opportunity to see if we can get this agreement done in the Middle East.
 The potential for calmer waters, it's never completely comp, but someone calmer waters good for the U.S. economy going forward and good for the smalls and the mids.
 I think that where we are now, we really see investors at ours especially over the last few years.
 We've been encouraging diversification away from over concentration and diversification across asset classes, but overweighting equities, particularly in the U.S.
 And within that particular area, looking to have diversification across the sectors with emphasis on a few of them of course.
 I realize that the markets are forward looking mechanism, but are we getting ahead of ourselves in terms of what this deal could mean and look like in all the details that will go into it with this U.S. Iran ceasefire.
 And potentially, it's a ceasefire, a 60 day ceasefire, and then potentially a peace deal by the end of that.
 And I guess perhaps just as importantly then, how to think about everything else that matters to the markets here in the middle of that including earnings.
 Well, I think ultimately over the years, I've been in this business for 43 years because I've been through everything, boom bust and recovery cycles since 1983.
 The market really cares most about two things, and that's revenue growth and earnings growth, and that requires good fundamentals.
 And we've got them right now in the U.S. evidence by first quarter reporting season, which is pretty much coming to a close now.
 And we would have to expect that where we are today, the likelihood of what's happening abroad, we've seen the way the markets have carried forward doing it.
 We would think they would likely have an opportunity to, but one thing that's very good here is we did have some weakness.
 The market wobbled, it pulled back with the S&P 500, the NASDAQ coming off their record highs, gave opportunity for the smallest and mids to capture even more attention for a while here.
 We think this is a good market. It's got enough uncertainty in it with prospects that things just may work out with cooler heads prevailing to make this a very interesting time and intermediate to longer term.
 The picture looks very positive in many ways of the developments and technology.
 So if I go back to December, you initiated a target price for the S&P 500 by year end of 2026 of 80, 100, is that still the level that you expect us to get to?
 And what goes into that from a valuation standpoint here, too?
 In terms of the valuation, the one thing we were looking for with that is for earnings to be better than expected, what consensus was calling for back in December of last year.
 Our expectations so far are being met. We've seen a fourth quarter and first quarter results surprising significantly to the upside, but first quarter earnings up over 27% on earnings growth as I recall around 12 or 13%.
 So we think that's the multiple come down, but you're looking at a multiple that if we're just where we were in December would be closer to 25 or 26 times.
 And we don't think that's going to be the case. We think that earnings will essentially supersede expectations from last December in terms of our target.
 8100 remains until our discipline, we practice in discipline itself imposed.
 Essentially we will not consider raising our target or adjusting it upward until the market closes at or above 8100.
 Well, we'll just have to see how that works, but right now 8100 sticks.
 Okay, John Stoltzfitz, great to start the hour with you. Thank you.
 Thank you, Morgan.
 We got a lot more to come here on morning call, including SpaceX, founding member Jim Cantrell, why he says investors may be missing a huge piece of the space puzzle plus Anthropics latest DC drama and the company's next steps around its most advanced AI models later.
 Right here as we sit today, we're building a spider man land, we're building two new hotels, we're expanding soren, which is one of the most popular attractions here.
 I mean, there's so much going on and because of the available property and because of the properties, the intellectual property that Disney has, the opportunities to expand are limitless.
 And as long as the business is successful, which it has been, there's no reason why it won't continue to expand over time.
 A one on one with Disney's Bob Iger on the 10th anniversary of Shanghai Disneyland and why the House of Mouse is bucking the broader market trend.
 We got a very busy hour still ahead when morning call returns.
 We're tracking shares of SpaceX after jumping 20% in first full day of trading yesterday, you can see up another 11% right now pre market trading around 213 dollars a share and change.
 A potential new catalyst for the stock options begin options trading begins to begin today Bloomberg meanwhile reporting that all eligible customers at Robinhood, Charles Schwab, fidelity and so far that had put in requests for SpaceX shares were granted at least one share, if not more highlighting SpaceX's focus on individual investors role in the IPO for more though.
 Let's bring in Varaj Patel Global Micro Strategist at Vanda Research and Jim Cantrell Founder and CEO Phantom Space and one of SpaceX's early employees and advisor to Elon Musk when he was starting this company.
 What a great panel. Jim you're here on set with me. I'm going to kick this conversation off with you as somebody who worked with Elon Musk closely in the early days of SpaceX and who has your own startup within the space ecosystem, this commercial space ecosystem as well.
 What do investors need to understand about investing in the sector?
 So space is kind of like what the North America was 500 years ago. It's a frontier and can you imagine if somebody were offering you shares in the United States of America 500 years ago.
 I mean, that's really where we're at in space and there's going to be a lot more other SpaceX is out there. So the key for investors is going to be located who they are.
 And I will tell you SpaceX for the first 10 or 15 years, everybody thought they were going to fail and Elon Musk wasn't even sure himself.
 Have you been surprised to see the market reception to the stock?
 I am because I'm used to space being this nation state dominated thing and there was very little market interest in it.
 And it was hard to get investment dollars for many, many years until maybe the last five or 10 years.
 Yeah, somebody who has covered it for a decade was hard to get it to get stories on to even talk about it and be taken seriously a number of years ago as well.
 What a difference I guess a couple of years makes. So in light of that forage, when I see moves in the stock such as this, I mean there's already the comparisons by some in the strategist world to this being the world's biggest meme stock now.
 And I think, you know, just a little hat took to our show friend Michael work from Jones trading.
 He points out that SpaceX yesterday added over $700 billion in market capitalization in the first two trading days.
 And that amount alone added a market capitalization that's more than the 15th largest company in the S&P 500.
 How much of this is being driven by retail? How much of this is forced buying ahead of index inclusions?
 So our data shows that SpaceX saw the largest day of retail net buying for any IPO debut in recent history.
 So we feel like a lot of this is retail trying to get their hands on SpaceX in particular.
 And a lot of our data is showing that really this is a SpaceX story. If you strip out SpaceX from our data yesterday, retail are actually net sellers of every other single stock right on total.
 So, you know, we feel like there is a lot of retail demand, retail interest in SpaceX in the last two days alone, you know, they've walked just amount the same amount of every other single stock in the market as of last week.
 So, you know, I feel like when we look at the data, we feel like SpaceX is a real sort of, you know, stock that has the ability to be in the same league as those mag seven stocks, at least through the lens of retail investors.
 Interesting. And you said net sellers of every other stock, is that because what we've seen retail investors doing is taking profits and then reallocating that money to SpaceX specifically?
 Yeah, it feels like that. It's SpaceX, you know, there were two theories going into sort of the SpaceX IPO that it would be, you know, a tide that lifts all boats. That's hasn't been the case.
 Right. It's really been a very sort of idiosyncratic SpaceX story for retail, you know, into SpaceX. Our data was showing that sort of year-to-date winners, you know, namely the semis stocks, you know, that have been retail darlings for the best part of this year.
 What's sort of a really big selling. Now, one theory of that is that they were building up a bit of dry powder to invest into SpaceX.
 The other is that we're also seeing some listings, a big listings coming in later this year, the likes of Anthropic, OpenAI.
 So again, this isn't just a SpaceX story. We feel like this is a retail, let's say, pivot away from some of the names that have done really well, the proxy names that they've been trying to get into for this AI story, the space story.
 But when you start to see the real deal listing, you know, it's no doubt that retail investors are going to chase that.
 Yeah. And Jim, I think the, what's captured attention here with SpaceX specifically is this convergence of space and AI, and you had Elon Musk over the weekend on X, the platform that SpaceX owns.
 Basically saying that he thinks that this company could be generating a trillion dollars in revenue if not more by 2030 and beyond.
 You just mentioned that they'll be more SpaceX's. Where would, where should investors be looking? I'd imagine still a lot of that's in the private market, but not all of it.
 So where should investors, where should investors be looking to find those next SpaceX's? What will be the next tranches of opportunity when you talk about space or that convergence of space and AI on?
 Yeah, I mean, one of the essence of SpaceX was that it was highly underestimated in the early days, even though it had good people.
 And I think that's the formula you look for is something that's traded in the private markets that really hasn't hit the big time yet and is, you know, undervalued by investors, by their traditional criteria.
 And SpaceX fit all of that. You know, there's a number of other companies out there in the space sector that are adjacent to SpaceX that are doing similar things.
 SpaceX won't be the only one to launch. SpaceX won't be the only one to have data centers in space. There are others that are doing that.
 Raj, we've got options trading kicking off for SpaceX as well. How does that add to the picture that we're seeing, particularly where retail activity is concerned?
 I think it's another catalyst that can kind of see that sort of meme-like activity, at least continue in the near term.
 You know, we've seen this time and time again in the last five years, especially with the growth of the retail investor.
 You know, SpaceX in particular has all the characteristics that has historically resonated with retail investors. If you think about, you know, unparalleled media attention, a big tech transformational story, you know, bold vision of the future.
 And in particular celebrity founder, those are the all the characteristics that you likely to see, whether it's through options or through cash, you know, retail trying to get in early here, because they think this is the next big, like I said, mag seven stock out there.
 Jim, I'm going to ask you the same question I asked one shot well, the president COO of SpaceX on Friday, amid the IPO coming to market here. And that is, what do investors need to know, understand about Elon Musk?
 What might be misunderstood or lesser known? And I ask that because if you're investing in SpaceX, you're investing in the vision of the man who founded SpaceX as well.
 I mean, look no further than the governance structure to understand that.
 Right. Right. Yeah, the thing I've always said about Elon that I found very unusual about the man as he has no fear.
 He just simply doesn't think of failing. And that really has powered him and everything he's done.
 You know, I've watched him with Tesla in the early days. I'm an automotive guy as well. And we debated things and he just had no fear of failure. He can't conceive of it.
 And I think that's the thing you have to remember about Elon and he's terribly ambitious. And the first time he came to me in 2001 wanting to send plants to Mars,
 was this idea of making humanity a multi-planetary species. So Mars is what SpaceX has always been about.
 And we're seeing the growth of what I think is essentially a nation state SpaceX in a way.
 And think about it when they go to Mars and they go to the moon, are they American? Are they European?
 What are they? They're kind of SpaceX. Right. So in a way, this is something very new. And it's now growth of Elon's vision.
 Wow. You just gave me a lot to digest right there with that super fascinating Jim Cantrell.
 Raj Patel, thank you both for this conversation. Appreciate it. It was shares of SpaceX popping up about 10% right now pre-market.
 As we had to break, we're bracing for housing starts at 8.30 a.m. Eastern. And ahead of that, we've got the XHB HomeBuilder ETF, more than 12% in a month.
 It's not really moving this morning, but keep an eye overall among the top gainers for the month.
 LGI Homes, William Sonoma, Century Communities, and Tovnanyan, Morning Call. We're back.
 Welcome back to Morning Call. Let's get a look at some of the morning's headlines.
 Anthropic is trying to ease a new stand-off with the Trump administration over AI and national security.
 Senior technical staff from Anthropic, reportedly meeting with Commerce Department officials after the company disabled global access to its two most advanced AI models.
 Anthropics says both sides are working quickly toward a solution.
 Well, General Motors has reportedly exploring a potential defense production role.
 Keep in mind, they already have a big book of defense business, but they're talking with Lockheed Martin about making commonly used weapons parts as the US looks to rebuild depleted munitions, stockpiles.
 We're expecting a business update from GM Defense later today that really sort of takes us back to World War II and that whole sort of arsenal of freedom,
 arsenal of democracy concept that's being re-implemented here.
 Open AI's growth meantime is coming with a massive price tag. Financial Times reports that new figures show the chat GPT makers spent $34 billion last year,
 including $19 billion on research and development as it races towards a potential IPO.
 Revenue is growing fast, but costs are still growing faster. Qualcomm is betting meantime that AI agents are going to replace apps as the next big shift in consumer tech.
 CEO Cristiano Amon, telling CNBC it's working on more than 40 new AI-powered device designs from smart glasses to camera equipped earbuds, pins, watches, even jewelry.
 All built around wearable agents that can see your surroundings and respond in real time.
 We're watching Qualcomm in a few of the other chipmains.
 Also some reporting out there that they could be acquisitive right now as well.
 You can see he shares a Qualcomm up about 3% pre-market.
 Yeah, 3.5% and others too.
 In California, investigators are looking into a deadly B-52 crash at Edwards Air Force Base.
 The bomber went down shortly after take-off during a test mission and all people on board, all eight were killed.
 Let's still on deck.
 Looking for the next major market catalyst.
 Our morning call crew is here to debate.
 And be sure to catch my one-on-one with Coinbase, CEO and CoFounder Brian Armstrong.
 We're going to talk everything from the crypto markets, the company's new suite of products being unveiled today.
 AI offerings and this convergence of AI and blockchain.
 That's going to be kicking off at 10.20 a.m. Eastern right here on CNBC.
 You don't want to miss it. Morning call. Be right back.
 I'm Morgan Brennan. Welcome back to Morning Call.
 Let's get a check on you with stock futures. We've got the Dow and the Russell 2000 both sitting at all time highs.
 You can see right there on your screen a bit of a mixed picture this morning.
 I'll be at fractional moves across the major averages. The S&P is down one point, not even.
 Dow poised to be up 74 points and the Nasdaq poised to open at 22-23 points higher.
 This after a huge surge across the equity indexes yesterday with the Nasdaq finishing up 3% and the S&P closing just shy of 1% from its previous record close.
 Well, energy is also in focus. We continue to see oil prices fall.
 We're at the lowest levels since early March here and WTI is down about 2%.
 It's trading just under $79 a barrel. Brent's also down 2% trading around $81 a barrel.
 Our bug gasoline also lower net gas. A little bit higher treasuries though with the bond market in focus.
 Kevin Warsh kicking off his first two-day policy meeting as Fed chairman today.
 You can see yields are lower across the curve in part because of what we're seeing in energy prices.
 US 10-year treasury yielding 4.44% right now and Fed sensitive two-year treasury yielding 4.04%.
 Let's get a check on metals too.
 Because city raising its three-month price target on gold from 4,000 to 4,500.
 You can see gold is fractionally higher this morning and actually turn positive your to date as well with trading yesterday.
 Silver also up slightly but copper taking a bit of a breather here.
 Two stocks to watch mean time in video raising at least $20 billion and its first debt sale since 2021.
 Those shares are down about half a percent and SpaceX.
 Third day of trading today. Options begin trading today.
 Stock closed up another 19% yesterday and you can see right there on your screen.
 Spiking higher by about 10.5% right now pre-market again.
 We're turning to President Trump in the G7 summit, continuing his meeting with fellow group members.
 Also meeting with many leaders this morning as he continues to tap Washington's preliminary deal with Tehran and to end the war in the region.
 With that conflict in theory finding an off ramp, the war in Ukraine regaining attention at the summit as well.
 President Trump and other G7 leaders meeting with Ukraine's Vladimir Zelensky earlier as Europe tries to convince the president to get on board with the strategy of maximum pressure on Vladimir Putin to end that conflict.
 But for more, let's bring in Kit Conklin chief strategy and global affairs officer at Exager.
 I hope I said that right. This is an AI powered SaaS company helping fortune 500 companies, banks, government agencies identify and mitigate vulnerabilities across supply chains.
 He's also a non-resident senior fellow at the Atlantic Council kit. It's great to have you on.
 There's a lot to watch here or a lot swirling I should say around leaders at the G7 summit this week. What do you think is most important?
 There are three things. The Iran conflict has calmed down and that's mercifully so for industry so a lot of those day one discussions around Iran.
 They'll still be there but the temperature will be lower and what that will enable are two other things that are at the forefront for the G7 to be on the table for discussions.
 Those are China and critical minerals. A lot of work needs to happen within the G7 block to counter some of PRC over capacity, counter p.o. maintenance of critical minerals.
 And these are the supply chain issues that the G7 ministers need to spend time on when all of the prime ministers and the presidents are together providing that oversight for these discussions to actually have some merit.
 Given what we've seen with this conflict in the Middle East, how much has that accelerated the ability for countries and for officials to get some of these deals done when you think about supply chain resilience and sort of this idea of rethinking global trade flows in general?
 The strain of removes no question had a huge impact on industry over the last several months with oil and gas being at the forefront but what that straight reopening means for supply chains extends far beyond just oil and gas.
 Things like helium supply chains that have been globally impacted where semiconductor manufacturers in East Asia are really struggling right now to get the high quality helium that they need from the Middle East and order produced chips.
 So those are the types of second and third order effects for the global supply chains that are now being opened up again.
 And so again, what this enables those G7 ministers to spend time on are those harder topics that are a bit more wonky.
 Things like a critical minerals communicate that came out a few days ago with the G7 trade ministers where everyone agrees that this is a challenge.
 So I want to agree that it will take another five year, 10 years to rebuild those supply chains so the G7 is it reliant on China for those critical minerals?
 These are the types of things that G7 meetings are really great at.
 But when there's a big story on the in the headlines like Iran, for example, that takes up a lot of the oxygen in the room.
 So we should expect some more movement on those wonky or things that will have far longer impacts for industry.
 Okay, Kit Kong, it's great to have you on. Thanks for joining me.
 Thank you.
 I got a lot more to come here on Morning Call, including marking a decade in China, what former Disney CEO Bob Iger is telling CNBC about the next steps for the company.
 And that critical market with a stock in a slump so far in 2026, Morning Call, be right back.
 And we're going to go to this G7 summit and listen to President Trump.
 I think we can achieve and do great in the region.
 So it's going to be very important for the region and very important also for Iran as well.
 So we are here to help, whenever friends ask us to help, we're always here to help.
 Of course, also our bilateral relationship with the President since your historic visit in Doha last year, our trade partnership is going to reach the $1.2 trillion.
 This is huge and we have a lot of great investments that were very proud of as well in the U.S.
 And also American companies investing in others overall.
 We are very proud and very happy about this relationship.
 And also once again, thank you very much for your leadership.
 I think it was a very critical time, but I think you took the right decision.
 Thank you.
 Qatar is going to be investing much more than a trillion dollars in the United States.
 We have over 18, it's going to be 19.4 or so when it finishes that, but we said a record.
 There's never been anything like it.
 No country in history has had that kind of investment.
 We'll be having almost 19.1, 19.2 trillion dollars invested in the United States.
 The record was three, 10 years ago from another country, when it was hot.
 But we have the hottest country in the world right now.
 But Qatar has been a great investor.
 We really rekindled ourselves when I met with you last year.
 Probably 13, 14 months, that was a good trip.
 It was amazing.
 That was a great trip and we established.
 We've been friends for a long time.
 We've done each other for a long time.
 But Qatar is investing tremendous amounts of money in our country and we appreciate that.
 Our country is doing, we're building more factories, AI.
 We're leading AI by a lot.
 We're building automobile factories.
 We're building more than we've ever built in the history of our country.
 No country is ever doing what we're doing right now.
 No country has ever been able to do.
 And those factories will be opening over the next year, year and a half.
 Some are already open very soon.
 The pharmaceutical companies coming back, the car companies are coming back from Germany, from Japan, from so many other places.
 Mexico and Canada.
 They're all coming back.
 We lost them fourlessly years ago because of the President's that didn't really know what they were doing.
 They should have never lost them.
 But they're all coming back in beautiful, brand new, gleaming factories.
 In fact, they're a couple of big, old plants.
 And they said, are you going to use that plant?
 They said no, we're building brand new, they're not getting it down.
 Everything's built brand new, beautiful jobs.
 And the auto business, we're going to bring back probably.
 We lost 57% of our automobile business.
 I think we're going to bring it mostly back.
 And for chips, we were the king of chips and then it got stolen from us.
 We went from being the king to having basically no chip business.
 The chips act that was done by Biden was a disaster.
 Just a stupid thing to do.
 He handed billions and billions of dollars to people and then they didn't know the factory.
 But we have a different system.
 We have a system that if they don't build, they could pay tariffs.
 They have to pay tariffs of upwards of 200%.
 They don't have to pay anything for a little while.
 But if they don't get their plant built, then we would have,
 I think 50% of the chip industry by the time I leave office.
 So maybe more.
 They're building mostly coming out of Taiwan.
 But they're building in a lot of them for whatever reason in Arizona,
 Arizona, Texas.
 But we'll have 50% maybe more than that of the chip industry.
 We're going to have, you know, we'll be making almost all of our pharmaceuticals.
 And likewise that, if they don't build, they'll have 150 to 200% tariff to pay.
 If they do build, they have no tariff to pay.
 So our country has never done anything like this.
 I want to mention Iran.
 We appreciate the relationship we've had over the short period of time with Iran.
 The primary thing is, you know, we can talk about the Iran deal all day long.
 And we're not investing any money.
 We have the right to what we want, but we're not investing any money.
 We didn't pay for it like Obama did.
 He paid billions of dollars.
 He paid 1.7 billion from an airplane.
 All green cash.
 It was crazy.
 I watched that.
 I couldn't believe it.
 But the one thing that's happening that's of note, frankly,
 the only thing that really matters to me is Iran will never have nuclear weapon.
 And it says it loud and clear.
 They're not going to develop it.
 They're not going to buy it.
 They're not going to do anything with it.
 And if they do, they suffer unbelievable consequences.
 Not just a little bit like, I won't even tell you the consequences.
 But the consequences are the ultimate consequences.
 With that being said, we have a very good relationship.
 But the biggest thing is they will not have a nuclear weapon.
 And that's the reason I got in.
 And that's the reason I agreed to sign.
 And we originally had, Marco was with me.
 And they originally wrote that we will not develop a nuclear weapon.
 I said, no, no.
 You're not going to develop it.
 You're not going to buy it either.
 So we have, that took another couple of days of time.
 Everything was ridiculous.
 But they will not develop, purchase buy or any other thing.
 They're not going to acquire a nuclear weapon.
 If they do, all hell will rain down on them.
 And they're not going to do that.
 Now, you talk about regime change.
 I never care about regime change.
 It's never a part.
 But I guess you have regime change.
 You know better than anybody.
 The first group.
 They're all dead.
 The second group they're dead.
 A part of the third group is gone.
 And we're dealing with people that I think are very rational people.
 And they were nice to deal with.
 They were strong people, smart people.
 I think actually they're smarter than the first and second group.
 But they're not radicalized.
 And they're looking to help their country.
 So again, I don't believe the regime change.
 I've watched regime changes the years.
 They never work.
 It has to just happen.
 I can tell you this is a country where the mayor is so respected.
 And the Prime Minister is so respected by the people.
 And that's the way a country should run.
 You should run out of respect, not a fear.
 As you know, at least 42,000 protesters were killed in Iran.
 They were killed.
 They were professed.
 The wrestler.
 They had the big event at the White House the other day, the U.S.C.
 And they were all talking about he was a great fighter.
 And he was hung with his two friends because he spoke something about their regime.
 It's tough stuff.
 So we're very happy that we're involved.
 We're very, very impressed with Qatar and the way they've handled things.
 Because they were really on the line.
 They were on the front line.
 They were being shot at just about as much as anybody.
 But you were a lot closer as you were right there.
 Literally, I could walk in a month.
 Every other place I have to take a plane, but I can walk.
 So they were really on the line.
 And I just want to comment that I just want to really congratulate you on bravery.
 I don't know if you can congratulate it for bravery.
 You're going to have a degree or something.
 You either have it, you don't.
 And you never know until you test it.
 But you would test it.
 And you had great bravery.
 Thank you very much.
 Thank you very much.
 Are you going to have a separate meeting with the President?
 So what would they have?
 I had one.
 What would a great deal look like?
 Well, we have one.
 But we had a good meeting.
 A meeting of later on time.
 We had a very good meeting.
 Look, Russia should make a deal. Russia's most tremendous amounts of people.
 And so is Ukraine.
 Last month, they lost 35,000 soldiers between the two.
 They go, this is on a monthly basis.
 They averaged 25,000 people.
 Mostly soldiers, young, young, beautiful people.
 And it's crazy what's going on there.
 But we had a meeting and we'll see how.
 I spoke with President Putin on Sunday.
 And it's one of the same thing.
 I mean, they just keep going, fighting, losing soldiers.
 They lose so many soldiers.
 This is not since World War II is anything like this.
 I said, eight wars.
 This was the one I said was going to be the easiest settle.
 They just, there's a lot of dislike between the two leaders.
 But yeah, a meeting with him again, later on today.
 Are you going to have a special focus on Ukraine?
 Well, we're going to look.
 Now we focused on Iran.
 It's going to be in the back, in the rear view.
 But we'll be, we have nothing to do with it.
 We sell weapons that, and we don't even give a Obama,
 gave 350 billion dollars over the way.
 Dave, which was crazy.
 The European Union pays us full price for weapons.
 But it's not that.
 There's no impact on us.
 We sell weapons with thousands of miles away.
 But the only reason I'm in it, I don't like to see 25,000 young people die every month.
 Every month, 25,000 people die.
 Young people.
 They're just starting their life.
 They go to this front, and they get blown up.
 And Ukraine is losing a lot of people too.
 It meant the whole thing was ridiculous.
 So yeah, I'm going to do wherever I can.
 Mr. President, Mr. President, if the Iranian regime continues to pull our own people,
 will you still be happy with this deal?
 If there's used to what would it be?
 If they continue to kill our own people.
 Well, we're talking, we talked to them about it.
 We see, I will say the majority of that took place during the first and second regimes.
 Much more so than now.
 It was much more severe.
 But it's a terrible thing.
 Do you have a question?
 Yes, Mr. President.
 What are the economic opportunities for Iran if there's continued cooperation in the United States?
 Well, I think they'd be good.
 I mean, I can tell you, from our standpoint, we have a lot of opportunities all over the world.
 But the mirror lives right next door.
 And I think they have a lot of oil.
 I think they'll be good.
 First thing, they'll have to prove themselves.
 I think before any of us go in there.
 But I hope they do well.
 I hope they do well.
 Look, one thing.
 Whether they do well or poorly, they can't have a nuclear weapon.
 That's a big thing.
 If they had a nuclear weapon, they would have blown up Israel.
 They would have blown up the Middle East.
 And they probably would have taken a shot at us.
 We would have gotten them first, I think.
 But they would have done tremendous damage.
 And we not canceled the Obama nuclear deal, the JCPOA.
 You would have had them having a nuclear weapon five years ago.
 You know, that expired.
 That was a road to a nuclear weapon.
 It was a dumbest deal I've ever seen, other than NAFTA.
 NAFTA maybe was even dumb.
 But just in terms of a bad deal for us.
 We paid them billions and billions of dollars.
 We paid nothing.
 We paid them billions of dollars.
 And it was a disaster.
 I terminated that in my first term.
 And I'm not terminated.
 And we hit them hard.
 We terminated it.
 In my second term, we sent in the B2 bombers.
 And we terminated there.
 I called the nuclear disaster enriched material.
 And totally effectively.
 And I remember when CNN, which is fake news, I don't know if it probably is.
 But CNN said, well, maybe it wasn't that effective.
 So the atomic energy just reported that it was one of the most devastating bombies that did it.
 It was the whole mountain collapsed on top of it.
 And frankly, to go get it, we're going to go get it.
 But to go get it is a big deal.
 Because they say only China and us have the equipment where you can even get.
 The whole mountain is collapsed on top.
 We have cameras on it.
 You couldn't make the case why you even bother it.
 Because it's not really valuable.
 It's probably half of anything else with it.
 It's not very valuable stuff.
 But I think psychologically we're one again.
 Can I just kind of just kind of just answer your answer?
 I think we've lost a couple of months or weeks.
 I think that was the tower.
 We were not interested in, you know, what are the opportunities you're going to come up with.
 Well, that is President Trump and his bilateral meeting with the Emir of Qatar,
 making quite a bit of news there, speaking about quite a few different topics.
 Let's start with Iran here basically saying he appreciates the relationship with Iran over the short term,
 noting that he's not investing any money at least not right now in that country amid these peace deal talks.
 And again, drawing a line in the sand here saying that Iran will never have nuclear weapons.
 They will not buy, not develop, not acquire, not purchase them.
 That quote, if they do, all hell will rain down on them.
 Noting that, he doesn't believe in regime change, despite the fact that we have seen that in the midst of this conflict,
 he says that we're dealing with very rational people here.
 And also noting that Iran have to, that the country has to prove themselves on Ukraine as well,
 because that has been in focus here with President Trump at this G7 meeting,
 saying that he's met with the Lensky of Ukraine and that there will be another meeting later today,
 and that Russia should make a deal in terms of Qatar and this bilateral meeting,
 specifically also noting that Qatar has agreed to invest more than a trillion dollars in the U.S.
 talking about chips, pharmaceuticals, automotive and all of the investments to bring that production back here to the U.S.
 So for more on reaction to this, and what all of it means for the markets,
 Henrietta Trays of Veda Partners, Amy Wu Silverman of RBC Capital Markets,
 and Drew Petit of City Research.
 Okay, I think we have to start right here with what we just heard, Henrietta, your reaction.
 Well, first of and foremost, it's thankfully he's got some, some lengths of a path to a deal,
 because the urgency that the White House is facing on this is pretty existential.
 I've been with investors for the last 48 hours, and there's a huge divergence of opinion about whether crude is going to 60,
 or it's going to 150.
 And so, at least knowing that there is a pathway to get to an agreement by Friday,
 suggests to me that the White House knows that they need to move quickly on this,
 they need to get the straight reopen, and that is the name of the game here.
 Yeah, Drew, what do you think? We're going to 60, we're going to 120 for crude,
 and what does that mean for stocks and other asset classes?
 Yeah, look, I think our house view is you still have the upside tail risk that exists,
 but when you look at the translation to equity market short-term, it's probably more about oil volatility,
 and looking at OVX, that's down to February levels.
 Almost down to where you saw it at the end of last year,
 that's really helped VIX and equity investors feel better.
 So I think better for equity risk short-term, I would say tail risk still to the upside on crude.
 It would seem Amy that we're poised to have some geopolitical risk premium removed from the market here.
 We'll see how these next couple of days pan out, but obviously the surge we did see in stocks yesterday, for example.
 What are you seeing from your vantage point?
 Yeah, to add to the options dynamics we're seeing already in energy underliers,
 your XLEs, for instance, you're not only seeing the equity itself,
 I take some relief on the derivative side, you're seeing this spot down, wall down dynamic, which is odd.
 So essentially, it means that even as we're getting that relief,
 you're actually getting volatility declining as well.
 That typically suggests that the sentiment is that things are going to be okay.
 I will tell you, though, that investors have been fairly complacent all along in terms of this
 from a broader market perspective, just because from a concentration perspective,
 you know, it's still all about AI, and so that I think influences some of the relatively mild volatility that you're seeing.
 I see a lot of head nodding in response to this.
 So Henrietta, I'm going to go to you for your reaction on that first, especially since even when we talk about the AI trade,
 there's the AI regulatory risk that's been introduced to the market here, too, given what we've seen with the administration and a thropic over the weekend and even now.
 Yeah, I completely agree with Amy.
 The complacency that you're seeing in the market is driven exclusively by this AI component.
 But one of the more interesting dynamics is to think about what AI is going to do in terms of inflation
 and adding to the inflation story that we have, at least in this case, regulation maybe could get at the data centers first.
 Obviously, it'll start with children and consumer protections.
 I think that's more of a post-2026 midterm election story.
 Right now, everyone is trying to stay concentrated on domestic prices, gas prices, affordability, that whole narrative.
 But post-election, and certainly going into 2028, I think the main story is going to be AI, as both parties compete for
 lobbying dollars, campaign contributions, and really what to do, since it's such a palpable feel for the American public.
 Okay, we've got about a minute and a half left here.
 I think we can get through more comments. So true, I'm going to start with you.
 We're having this conversation.
 The Fed is starting its two-day meeting, huge week in general for central bank decisions.
 How does it all factor in?
 Look guys, I think we need rates lower.
 And I'm talking about the 10-year point.
 I understand the Fed doesn't directly control that.
 But if we start pricing out hikes out of the market and the 10-year comes down,
 you start to feel a little bit better about sustaining this equity market multiple.
 That's 24-ish times.
 I think if we stay around four and a half times on the 10-year, or sorry, four and a half percent on the 10-year,
 it gets harder to hold that higher multiple for longer, especially against the euphoric sentiment backdrop.
 Okay. Amy, SpaceX begins options trading today.
 How does that factor into the point you made earlier?
 So one thing that we've been looking at is when you think about the SpaceX inclusion into NasTech,
 but not to S&P, that's going to start to influence that differential in your volatility spread,
 obviously that depends on how it trades.
 But this is a phenomenon that we saw even outside of this IPO,
 where when you look at NasTech Wall, it's been very high relative to S&P Wall.
 Okay. Thank you to our morning call crew.