Latest / The Financial Exchange Show / Is Walmart's CEO right that AI will change literally every job?

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Is Walmart's CEO right that AI will change literally every job? · The Financial Exchange Show

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  Speaker 1: This is the Financial Exchange with Mike Armstrong and Paul Lane.
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  Speaker 2: Good morning, Happy Monday, Welcome back to the Financial Exchange.
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  Speaker 2: We've got markets in mixed territory here, but largely.
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  Speaker 3: To the positive.
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  Speaker 2: Now is off by about twenty five points, whereas the
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  Speaker 2: SMP and Nasdaq are up about half a percent, four
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  Speaker 2: ten percent and eight ten percent, respectively. We have got
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  Speaker 2: a busy week from a labor market perspective. Tomorrow we're
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  Speaker 2: going to be getting the Jolts Report, the job Openings
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  Speaker 2: Labor Turnover Survey, and then the rest of the week,
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  Speaker 2: depending on whether or not the government shuts down at
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  Speaker 2: midnight on Tuesday, we may be getting some data on
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  Speaker 2: weekly jobless claims as well as the monthly jobs report
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  Speaker 2: that we get. Tucker, were you putting on your thinking
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  Speaker 2: face or it was a thinking face? I'm just not
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  Speaker 2: sure if it was relevant to this.
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  Speaker 4: I think it just dawned to me. So if the
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  Speaker 4: government were to shut down, we would not see a
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  Speaker 4: job report, is that correct?
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  Speaker 2: Or it would be nobody working there to release said
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  Speaker 2: JUGS reports. So even if it's fully prepared, it's a
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  Speaker 2: guess nobody knows.
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  Speaker 1: Okay.
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  Speaker 2: I suppose they could get the data to the head
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  Speaker 2: of the agency by Tuesday.
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  Speaker 3: In case they shut.
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  Speaker 2: Down, Yes, they probably have it all compiled at this point,
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  Speaker 2: but I would suspect that we would not get that report,
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  Speaker 2: okay if the government shut down. We have a few
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  Speaker 2: earnings reports that we'll be covering this week, including from Nike,
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  Speaker 2: whose stock is down nearly fifty percent of over the
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  Speaker 2: last five years, and some data that we did get
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  Speaker 2: this morning on home sales. So pending home sales in
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  Speaker 2: August actually closed out the summer on a pretty happy
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  Speaker 2: note here, So home sales in August increased. These are
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  Speaker 2: pending home sales so under agreement by four percent from
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  Speaker 2: the prior month three point eight percent year of year
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  Speaker 2: according to the National Association of Realtors. Wanted to take
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  Speaker 2: a look at this on a regional basis, so no
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  Speaker 2: surprise here.
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  Speaker 3: Biggest uptick is.
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  Speaker 2: Coming from the South, where the inventory uptich has been
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  Speaker 2: the biggest. But nonetheless, you know, you're still seeing this
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  Speaker 2: across the country except the Northeast. So month over month,
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  Speaker 2: pending home sales down one point one percent here in
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  Speaker 2: the Northeast, up three point one in the South, eight
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  Speaker 2: point seven percent in the Midwest, so something interesting going
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  Speaker 2: on there, and then up five percent in the Western
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  Speaker 2: region of the country as well, So I'll take this,
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  Speaker 2: I guess as good news for the housing market. I
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  Speaker 2: still think that with mortgage rates at this level, we
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  Speaker 2: will have kind of a mixed bag of a housing
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  Speaker 2: market this spring, but I think, you know, should we
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  Speaker 2: get under that six percent range, that would be a
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  Speaker 2: very desirable housing market to see next spring again for
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  Speaker 2: most parts of the country.
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  Speaker 3: Other than the Northeast.
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  Speaker 2: Last piece that will be going back to probably all
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  Speaker 2: week this week is a very lesser known car parts supplier,
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  Speaker 2: First Brands, is filing for bankruptcy and the story among
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  Speaker 2: financial you know, financial outlets and analysts this could be
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  Speaker 2: some sort of canary in the coal mine, not so
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  Speaker 2: much for the auto industry, which is clearly under struggles,
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  Speaker 2: but for the private credit industry, and so more to
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  Speaker 2: cover on that, and you'll be hearing us, you know,
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  Speaker 2: kind of talk about it throughout the week on the program.
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  Speaker 2: Would be my guest Walmart's CEO issuing a wake up
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  Speaker 2: call to who exactly this is targeted to. Is an
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  Speaker 2: interesting question, but about artificial intelligence and it's likelihood of
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  Speaker 2: changing every single job out there. So Paul, let's talk
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  Speaker 2: about first what he said before we get into why
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  Speaker 2: he seems to be saying it.
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  Speaker 5: Yeah, what he was talking about is this idea that
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  Speaker 5: it's going to change every single job in some way,
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  Speaker 5: shape or form. He said, and I quote, maybe there
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  Speaker 5: is a job in the world that a I won't change,
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  Speaker 5: but I haven't thought of it. This was at a
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  Speaker 5: conference at Walmart's Benville headquarters with its own work first
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  Speaker 5: and executives from other companies. I think to unpack that
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  Speaker 5: they're in the near term, there is going to be small,
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  Speaker 5: modest changes to the labor market, and this idea of
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  Speaker 5: widespread change I feel is going to take longer than
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  Speaker 5: a lot of people anticipate. And even some of the
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  Speaker 5: executive here do lean into this idea that it could
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  Speaker 5: take a while longer. What are some of the low
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  Speaker 5: hanging fruit that you could see changes. I am more
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  Speaker 5: and more convinced that customer service jobs on those you
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  Speaker 5: know eight hundred numbers, yep, that that position is going
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  Speaker 5: to be dramatically changed by the use of AI agents
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  Speaker 5: instead of having the typical customer service center reps out
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  Speaker 5: there sooner rather than later.
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  Speaker 3: So let's talk about that before we can get back
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  Speaker 3: to Walmart.
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  Speaker 2: But in that space specifically, you're not seeing a huge
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  Speaker 2: adoption yet of AI agents that are actually answering phone calls,
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  Speaker 2: but yeah, they are permeating online. They are using more
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  Speaker 2: of those when you're asking for a chat bought to
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  Speaker 2: ask questions too. One area though, for call centers themselves,
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  Speaker 2: that this is getting used in at least I heard
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  Speaker 2: of several companies, especially in the Philippines, where a lot
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  Speaker 2: of US support calls.
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  Speaker 3: Get routed to.
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  Speaker 2: If you worked in that space previously, effectively all of
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  Speaker 2: your calls were monitored and you would regularly have a
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  Speaker 2: review with your manager about you know, what went well,
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  Speaker 2: what went wrong. They would listen in on a few
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  Speaker 2: of the calls, and you know, probably on a pretty
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  Speaker 2: regular basis, it was this is how you could have
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  Speaker 2: improved that outcome, This is how you could have left
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  Speaker 2: the customer more satisfied, this is the tone of voice
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  Speaker 2: that you should have used.
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  Speaker 5: I've done them before started.
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  Speaker 2: So the way that that's being done now is a
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  Speaker 2: little bit different. Every call is being monitored by artificial intelligence.
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  Speaker 2: Immediately that AI is providing you feedback on how the
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  Speaker 2: call went, every single call, and is grading you and
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  Speaker 2: is saying, okay, this is our best call. Support this
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  Speaker 2: is the right tone of voice, the bad tone of voice.
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  Speaker 2: In some cases it is live changing the sound of
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  Speaker 2: the person's voice on the call so that they sound
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  Speaker 2: like they have less of an accent than they actually do.
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  Speaker 2: And from what I've heard from you know, some people
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  Speaker 2: that were willing to be interviewed for this piece that
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  Speaker 2: I can't remember if I read it or listened to,
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  Speaker 2: but it was basically has turned the job into what
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  Speaker 2: was already a difficult job because you're working nights, into
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  Speaker 2: a nightmare scenario because you are getting feedback from a
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  Speaker 2: computer on every single call that you answer. In addition to,
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  Speaker 2: you know, the only time you ever call a customer
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  Speaker 2: service place.
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  Speaker 3: Is when you're up upset about something.
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  Speaker 5: So do a great job.
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  Speaker 2: You're trying to solve a problem, and sometimes those people
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  Speaker 2: are pretty upset about the problem. And so it has
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  Speaker 2: made that specific work very difficult because of the constant
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  Speaker 2: feedback loop that you're getting from a non human now.
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  Speaker 2: But I found that really really interesting that that's how
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  Speaker 2: it's being used already in some of these call centers.
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  Speaker 2: Back to Walmart for a moment here. I think he's
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  Speaker 2: saying this for a few reasons. One if there's one
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  Speaker 2: company you can look at to say they should probably
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  Speaker 2: have a lot of employees that aren't affected by artificial intelligence.
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  Speaker 3: It's Walmart. Right. You think about how many people they
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  Speaker 3: employ in two point one million.
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  Speaker 2: They employed two point one million, How many of those
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  Speaker 2: their job involves physical labor, checking people out at a
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  Speaker 2: grocery store, stalking the shelves, driving the product across the country.
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  Speaker 2: You would think that this is a company that's not
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  Speaker 2: heavily affected by artificial intelligence. I think that's the entire
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  Speaker 2: reason he's saying this. His job is to try and
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  Speaker 2: get excitement about his company stock. So if he comes
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  Speaker 2: out and says every job at Walmart is going to
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  Speaker 2: be affected by IAI that's.
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  Speaker 3: Going to make a splash.
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  Speaker 2: By the very nature of his company, I think he's
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  Speaker 2: gotten incentive to convince people that it is affected by
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  Speaker 2: artificial intelligence.
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  Speaker 3: And yeah, he's probably right, but I'll tell you, I.
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  Speaker 2: Think it's going to be a long ways before a
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  Speaker 2: truck driver has their job dramatically shifted by artificial intelligence.
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  Speaker 5: Long ways away. But I don't think it's wrong to
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  Speaker 5: bring it up. And I think you're understating how important
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  Speaker 5: it is or their business. I mean they're competing with
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  Speaker 5: the likes of Amazon, who we gloss about how they
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  Speaker 5: do such a tremendous job with technology, or they are
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  Speaker 5: putting these stories very frequently in terms of how much
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  Speaker 5: they use robots in their warehouse and things like that.
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  Speaker 5: That's this is their main competitor. And I think what
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  Speaker 5: would surprise people is that Walmart has always invested very
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  Speaker 5: heavily in technology. Now they were behind on some of
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  Speaker 5: the last mild delivery stuff that Amazon crushed them on,
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  Speaker 5: but they're catching up quickly, and so I do think
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  Speaker 5: that it's important to the business. I will agree with
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  Speaker 5: you that the idea that some of these physical jobs
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  Speaker 5: are going to change overnight, that's that's probably not the case.
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  Speaker 1: But interesting story nonetheless, and.
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  Speaker 2: You know a follow on piece some Boston companies talking
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  Speaker 2: about workers. This is I think the message that CEOs,
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  Speaker 2: especially CEOs that are actually able to invest in their
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  Speaker 2: homegrown artificial intelligence, which that's increasingly how it's being done,
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  Speaker 2: is because companies don't want their IP, their intellectual property
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  Speaker 2: ending up on one of these systems. They're basically hiring
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  Speaker 2: companies to come in and build a generative a AI
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  Speaker 2: system for in house and basic teaching it to learn
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  Speaker 2: on proprietary data. The message from DraftKings under a new
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  Speaker 2: policy is that you cannot hire anyone next year unless
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  Speaker 2: you've already proven that AI can't do the same job.
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  Speaker 2: And again we're thinking of customer service jobs. That's not
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  Speaker 2: all that they're talking about here. It's coding, right, it
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  Speaker 2: is financial analysis. It is all sorts of different things
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  Speaker 2: that different AI agents that are trained on different things
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  Speaker 2: can learn to do hypothetically, and that I think is
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  Speaker 2: more the message that you are going to be seeing
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  Speaker 2: delivered from CEOs is not dream up this new business model,
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  Speaker 2: but rather prove to me that this job cannot be
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  Speaker 2: supplemented or done by an artificial intelligence agent rather than
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  Speaker 2: by your new seventy thousand dollars head.
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  Speaker 5: What's a challenging ripple effect from that is you think
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  Speaker 5: about many of us who started in their specific industries
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  Speaker 5: often would take these types of jobs, like I started
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  Speaker 5: working customer service in a call set as my first
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  Speaker 5: job out of college, and the ability to do those
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  Speaker 5: types of jobs that would be entry level, they're at
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  Speaker 5: least going to shift in the way in what they
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  Speaker 5: look like before you are to be hired. And was
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  Speaker 5: I hired with the goal of doing that for the
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  Speaker 5: rest of my career. No, but it was a great
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  Speaker 5: place to start to learn. And so you wonder for
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  Speaker 5: those college graduates who've already seen a slower job market.
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  Speaker 5: For those folks, how that changes that market there for graduates.
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  Speaker 3: Let's say quick break.
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  Speaker 2: When we come back, Corey Adams from Robert Half speaking
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  Speaker 2: of the job market, join us talk about the twenty
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  Speaker 2: twenty six salary guide that Robert Half has put together.
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  Speaker 3: That's next on the Financial Exchange.
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  Speaker 2: Joining us now is Corey Adams from Robert Half for
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  Speaker 2: their twenty twenty six Salary Guide. An important one to
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  Speaker 2: mention because this is actually the seventy fifth annual salary
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  Speaker 2: Guide that Robert Half has been putting this together for Corey,
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  Speaker 2: Thanks so much for joining.
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  Speaker 3: Us, appreciate it, Thank you all.
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  Speaker 1: Good to be with you.
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  Speaker 2: So as you celebrate seventy five of these things, what
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  Speaker 2: do you think are the biggest takeaways that you have
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  Speaker 2: from the twenty twenty six Salary Guy that you put together.
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  Speaker 6: So you referenced seventy five years and this guide has
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  Speaker 6: been a trusted source for salary benchmarks and workplace trends.
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  Speaker 6: And the three trends that are jumping out for us
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  Speaker 6: for twenty twenty six. The first one, We've been saying
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  Speaker 6: this for a while, but employers are willing to pay
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  Speaker 6: more for hard to find skill sets. They have been
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  Speaker 6: and it will continue to do so. The second trend
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  Speaker 6: is that workers are negotiating for way more than just salary.
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  Speaker 6: And then the third trend is that total compensation is
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  Speaker 6: becoming a deciding factor with many professionals willing to trade
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  Speaker 6: flexibility for stronger overall packages.
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  Speaker 2: Okay, so important and obvious caveat or jumping off point.
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  Speaker 2: A few years ago, I would have told you that
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  Speaker 2: that heart to find skill is something like coding, and
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  Speaker 2: that's where a number of students have been investing their
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  Speaker 2: time and effort, and all of a sudden, it seems
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  Speaker 2: like that is not quite the desired skill set. So
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  Speaker 2: what are employers willing to pay more for when it
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  Speaker 2: comes to heart to find skills?
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  Speaker 6: So the guide itself references what we're calling bright spots,
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  Speaker 6: and so I'll give you three, and these are the
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  Speaker 6: three that are seeing These are the roles that are
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  Speaker 6: seeing the greatest above average gains. So first, no surprise,
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  Speaker 6: artificial intelligence and machine learning that had the greatest growth,
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  Speaker 6: that full point one percent increase. The second and I
• 14:11
  Speaker 6: feel like this is on the list every year strictly
• 14:13
  Speaker 6: is a byproduct of supply and demand. But public accounting, tax,
• 14:17
  Speaker 6: audit assurance that was at three point seven percent, and
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  Speaker 6: then the last one was content strategy, digital project management
• 14:24
  Speaker 6: and marketing analytics at three point three percent.
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  Speaker 3: Those are a big three.
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  Speaker 2: I know internally, you know it's insurance renewal time and
• 14:32
  Speaker 2: I know internally at our own company, our health insurance
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  Speaker 2: costs I think balloon some nearly thirteen percent this year.
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  Speaker 2: What are employers trying to do to stand out to
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  Speaker 2: their employees when it comes to offering perks and additional
• 14:43
  Speaker 2: stuff other than just the compensation, And how should employees
• 14:46
  Speaker 2: try and evaluate that stuff that can oftentimes be I
• 14:50
  Speaker 2: guess put to the side compared to say the headline
• 14:52
  Speaker 2: compensation and bonus.
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  Speaker 6: Yeah, that's a great question, and there's some really interesting
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  Speaker 6: data on this. So again, looking at that third freend,
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  Speaker 6: total compensation right now is truly a key differentiator. So
• 15:04
  Speaker 6: workers are looking well beyond the paychecks. They're looking at
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  Speaker 6: perks and benefits that support their overall wellness and growth.
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  Speaker 6: So really important here. More than fifty three percent of
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  Speaker 6: workers which switch jobs for a stronger financial package, which
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  Speaker 6: includes bonuses and stock options. The good news here is
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  Speaker 6: that half of hiring managers who filled our survey actually
• 15:25
  Speaker 6: plan to add new benefits and perks to stay competitive.
• 15:29
  Speaker 6: So some of those popular offerings include student loan repayment assistance,
• 15:34
  Speaker 6: wellness stipends as well as paid time off for volunteering,
• 15:37
  Speaker 6: and that's becoming really popular and really prevalent right now,
• 15:41
  Speaker 6: some of the non monetary perks like flexible work arrangements
• 15:45
  Speaker 6: and childcare are increasingly valued. So the big bottom line
• 15:49
  Speaker 6: here and reminder is that employers who tailor their benefits
• 15:53
  Speaker 6: to the needs of their employees are actually signaling a
• 15:56
  Speaker 6: long term commitment to retention within the organization.
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  Speaker 2: The biggest area that I continue to see slack and
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  Speaker 2: where employees seem to be having a really tough job
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  Speaker 2: time finding work is those new entry level folks, especially
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  Speaker 2: those with college degrees. Right now, we are seeing a
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  Speaker 2: reasonably significant uptick in the unemployment rate there, and I
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  Speaker 2: hear more and more about it. If folks are looking
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  Speaker 2: to find that new job in twenty twenty six, what
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  Speaker 2: are the tips that Robert haf has for that demographic.
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  Speaker 6: So I'll give you four and some of these I
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  Speaker 6: know we've talked about in the past, but I think
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  Speaker 6: they're important, and I think the last one is probably
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  Speaker 6: the biggest one, particularly with this topic around salary. But
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  Speaker 6: the first one is you really want to leverage your
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  Speaker 6: specialized skills for premium pay. Many employers, in fact, eighty
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  Speaker 6: four percent are actively offering higher salaries to candonates within
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  Speaker 6: demand expertise, so I encourage you to please focus on
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  Speaker 6: building skills that are hard to find and highly valued
• 16:56
  Speaker 6: within your field. Next, you want to invest in skilled development.
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  Speaker 6: Upskilling is one of the most effective ways to boost
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  Speaker 6: your earning potential, so consider certifications or additional learnings and
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  Speaker 6: areas like AI data analytics or industry specific tools that
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  Speaker 6: align with your current hiring trends. The third one, again,
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  Speaker 6: this is part of the third trend, was that you
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  Speaker 6: want to weigh your turlet compensation, so salary truly is
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  Speaker 6: just one part of the package. So look for roles
• 17:25
  Speaker 6: offering strong financial incentives like bonuses, stock options. And then
• 17:29
  Speaker 6: obviously everyone certainly appreciate a student loan repayment assistance program.
• 17:34
  Speaker 6: And then finally, again this is the big one here,
• 17:36
  Speaker 6: but know your worth and be ready to negotiate. Research
• 17:40
  Speaker 6: the market rate for your position in your area using
• 17:44
  Speaker 6: a tool like the Salary Guide, and find out what
• 17:46
  Speaker 6: a typical salary range is for a similar role. I
• 17:49
  Speaker 6: can't emphasize this enough, but being informed truly does help
• 17:53
  Speaker 6: you advocate for yourself effectively.
• 17:55
  Speaker 3: Corey, thanks so much, appreciate it.
• 17:57
  Speaker 6: Thanks, Mike, talk to you soon.
• 17:58
  Speaker 2: That's Corey Adams from Robert Half joining us today for
• 18:01
  Speaker 2: the twenty twenty six salary Guide. You can check that out.
• 18:03
  Speaker 2: They apparently have been putting together for seventy five years.
• 18:06
  Speaker 4: All right, we'll do trivia quick before we hit the
• 18:08
  Speaker 4: brake here. On this day in two thousand and eight,
• 18:10
  Speaker 4: at the Dow fell seven hundred and seventy seven points,
• 18:14
  Speaker 4: its then largest single day point loss. The dramatic loss
• 18:17
  Speaker 4: followed the bankruptcy of two of the nation's largest banks.
• 18:22
  Speaker 3: So our trivia.
• 18:22
  Speaker 4: Question today, name one of the two major banks that
• 18:26
  Speaker 4: filed for bankruptcy just before the September two thousand and
• 18:30
  Speaker 4: eight market crash. Once again, Name one of the two
• 18:33
  Speaker 4: major banks that filed for bankruptcy just before the September
• 18:37
  Speaker 4: two thousand and eight market crash. Uh, be the seventh
• 18:41
  Speaker 4: person today to text us at six one seven three
• 18:44
  Speaker 4: six two thirteen eighty five with the correct answer.
• 18:46
  Speaker 3: You know when a Financial.
• 18:47
  Speaker 4: Exchange Show T shirt? Once again, The seventh correct response
• 18:50
  Speaker 4: to text us to the number six one seven three
• 18:54
  Speaker 4: six two thirteen eighty five will win that T shirt.
• 18:57
  Speaker 4: See complete contest rules at Financial look Show dot com.
• 19:01
  Speaker 2: Take a look around at markets here, we've got two
• 19:04
  Speaker 2: of the three major indices in positive territory, one of
• 19:07
  Speaker 2: them being led by giant AI company Nvidia. Dow still
• 19:12
  Speaker 2: slightly in negative territory, but we're gonna have a full
• 19:14
  Speaker 2: market recap for you just coming up. We've got to
• 19:17
  Speaker 2: take a quick break here, but we'll be back with
• 19:19
  Speaker 2: Wall Street Watch after.
• 19:20
  Speaker 1: This, bringing the latest financial news straight to your radio.
• 19:42
  Speaker 1: Every day. It's the Financial Exchange on the Financial Exchange
• 19:46
  Speaker 1: Radio Network. Time now for Wall Street Watch. A complete
• 19:52
  Speaker 1: look at what's moving market so far today right here
• 19:55
  Speaker 1: on the Financial Exchange Radio Network.
• 19:58
  Speaker 3: A new week is upon us.
• 19:59
  Speaker 4: In markets, we are currently mixed with a AI sector
• 20:03
  Speaker 4: seeing a rebound after recent pressure. Traders are also eyeing
• 20:07
  Speaker 4: a potential government shutdown, and we have a September jobs
• 20:11
  Speaker 4: report due out on Friday morning, but who knows if
• 20:14
  Speaker 4: we'll even see that this week with that government shutdown.
• 20:18
  Speaker 4: Right now, the Dow is down by nearly two tenths
• 20:21
  Speaker 4: of one percent, or seventy nine points lower. SMP five
• 20:24
  Speaker 4: hundred is up two tenths of one percent of fourteen
• 20:27
  Speaker 4: points higher, NASDAC up about half a percent to one
• 20:30
  Speaker 4: hundred and ten points higher. RUSTED two thousand dipping into
• 20:34
  Speaker 4: negative territory, but mostly flat. Ten year treasure reel down
• 20:37
  Speaker 4: four basis points at four point one three to nine percent.
• 20:41
  Speaker 4: In crude oil down over three and a half percent
• 20:44
  Speaker 4: lower right now trading at sixty three dollars and thirty
• 20:47
  Speaker 4: six cents a barrel. Some major news in the video
• 20:50
  Speaker 4: game space this morning, where Electronic Arts said it is
• 20:53
  Speaker 4: going private for fifty five billion dollars, marking the largest
• 20:57
  Speaker 4: private equity backed buyout in history. The video game maker
• 21:02
  Speaker 4: this morning said agreed to be acquired by public Investment
• 21:05
  Speaker 4: Fund of Saudi Arabia silver Lake in Affinity Partners. Shareholders
• 21:09
  Speaker 4: of the company will receive two hundred dollars two hundred
• 21:12
  Speaker 4: and ten dollars per share in cash. EA stock is
• 21:15
  Speaker 4: up by five percent. Meanwhile, cruise operator Carnival reported quarterly
• 21:19
  Speaker 4: results this morning, beating earnings and revenue expectations, driven by
• 21:24
  Speaker 4: resilient cruise demand and strong advanced bookings for twenty twenty six. However,
• 21:29
  Speaker 4: shares are down nearly five percent right now. Elsewhere, global
• 21:32
  Speaker 4: drug maker asked for Rezenka said it plans to list
• 21:35
  Speaker 4: directly on the New York Stock Exchange in a push
• 21:38
  Speaker 4: to broaden its investor base. Separately, the company said it
• 21:42
  Speaker 4: would offer discounted asthma and diabetes drugs in the US
• 21:46
  Speaker 4: as President Trump pressures pharmaceutical companies to cut drug prices.
• 21:50
  Speaker 4: And cannabis stocks are seeing a pop today after Trump
• 21:53
  Speaker 4: out of the benefits of CBD four Seniors Advisor shares.
• 21:58
  Speaker 4: Pure US Cannabis ETF is jumping nineteen percent, Aurora Cannabis
• 22:02
  Speaker 4: up by thirty percent, until Ray stock is surging over
• 22:07
  Speaker 4: forty percent higher. I'm Tucker Silva and that is Wall
• 22:10
  Speaker 4: Street Watch. And in the previous segment, we asked you
• 22:13
  Speaker 4: the trivia question name one of the two major banks
• 22:17
  Speaker 4: that filed for bankruptcy just before the September two thousand
• 22:20
  Speaker 4: and eight market crash. We were looking for either Washington
• 22:24
  Speaker 4: Mutual or Lehman Brothers. Mike from Brandonon, Florida is our
• 22:28
  Speaker 4: winner today, taking home a Financial Exchange Show teacher. Congrats
• 22:31
  Speaker 4: to Mike. We played trivia every day here in the
• 22:34
  Speaker 4: Financial Exchange See complete contest rules at Financial Exchange Show
• 22:38
  Speaker 4: dot com.
• 22:38
  Speaker 2: Paul, it is eleven thirty six and we have just
• 22:41
  Speaker 2: barely talked about artificial intelligence in the stock market.
• 22:46
  Speaker 3: Boom on it, So congratulations.
• 22:48
  Speaker 2: I think this is the longest we've made it during
• 22:49
  Speaker 2: a show for weeks, but we're going to go there now.
• 22:51
  Speaker 2: Wall Street journalize the piece debt is fueling the next
• 22:54
  Speaker 2: wave of the AI boom, and Paul You and I
• 22:57
  Speaker 2: were talking about this a little bit off air. The
• 23:00
  Speaker 2: AI boom started as a bunch of very cash flow
• 23:04
  Speaker 2: positive and profitable companies Microsoft, Google, Facebook to name a few,
• 23:10
  Speaker 2: investing a tremendous amount of money into the space. And
• 23:15
  Speaker 2: that's what's been occurring over the last three years and
• 23:17
  Speaker 2: continues today. These companies are continuing to pour a lot
• 23:20
  Speaker 2: of money into it, and they can afford to do so.
• 23:23
  Speaker 2: What is relatively new, as the journal points out, is
• 23:26
  Speaker 2: the debt fueled spending of some other companies that are
• 23:30
  Speaker 2: also you know, big in the AI space. That look,
• 23:36
  Speaker 2: if AI does not pan out to be as big
• 23:39
  Speaker 2: of a deal as it's currently being bet on, then
• 23:43
  Speaker 2: Microsoft is still going to have a very profitable business model.
• 23:46
  Speaker 3: So well. Facebook's still Google.
• 23:49
  Speaker 2: These other companies that are betting on it in different
• 23:51
  Speaker 2: ways are not quite in the same position, and they
• 23:54
  Speaker 2: are not using cash flow from existing operations to fund
• 23:57
  Speaker 2: this thing. They're borrowing a tremendous amount of money to
• 24:00
  Speaker 2: do so exactly.
• 24:01
  Speaker 5: I mean the parallels to kind of the mid to
• 24:04
  Speaker 5: late nineties build out of fiber optic fiber optic networks.
• 24:08
  Speaker 3: Damn, we made it to eleven thirty six before we
• 24:10
  Speaker 3: made the comparison.
• 24:11
  Speaker 5: I gotta mention it. And it's similar in a sense
• 24:15
  Speaker 5: that you're building it before. It's the field of dreams
• 24:20
  Speaker 5: sort of phrasing of you know, build it and they
• 24:22
  Speaker 5: will come. And what ended up happening is building out
• 24:26
  Speaker 5: the fiber optic cable build out was they did come eventually,
• 24:29
  Speaker 5: but they came later than anticipated. And for those companies
• 24:31
  Speaker 5: that were integral as part of the buildout, they struggled greatly.
• 24:35
  Speaker 5: The world comms the world, and if you make the
• 24:38
  Speaker 5: same comparison here the Oracles or others that are heavy
• 24:42
  Speaker 5: in the capex expending on the infrastructure side of things.
• 24:45
  Speaker 5: So think about data centers that are the size of
• 24:48
  Speaker 5: ten home depots in North Dakota. The amount of expense
• 24:53
  Speaker 5: that is required to continue to run those data centers
• 24:56
  Speaker 5: if demand weekends for any reason. Because adoption is not
• 24:59
  Speaker 5: as strong as people initially thought, you're left holding a
• 25:03
  Speaker 5: really big bag for a huge data center that is
• 25:07
  Speaker 5: ten home depots big to keep the lights on for
• 25:09
  Speaker 5: that is really expensive if you don't have the demand
• 25:13
  Speaker 5: to match it with. So that is a point that's
• 25:16
  Speaker 5: being mentioned again and again is that when you get
• 25:19
  Speaker 5: heavily indebted for things that the demand isn't therefore it yet.
• 25:24
  Speaker 5: I believe it's just three percent of people consumers are
• 25:28
  Speaker 5: actually paying for artificial intelligence, whether it be chatbot or
• 25:33
  Speaker 5: other services out there. There's a long way to go.
• 25:35
  Speaker 2: I wonder if that includes through their employer. But that's
• 25:40
  Speaker 2: a wild statistic. Now again, not necessarily a bad thing. Facebook,
• 25:45
  Speaker 2: nobody's ever paid for and right they make a tremendous
• 25:48
  Speaker 2: amount of money off of all this.
• 25:49
  Speaker 5: But they did it on the backs of cheaper internet infrastructure.
• 25:53
  Speaker 2: Yeah, yep, folks, want to tell you about two events
• 25:57
  Speaker 2: that we're hosting. But these types of conversations about where
• 25:59
  Speaker 2: the market has been and where it may be headed
• 26:02
  Speaker 2: based on this artificial intelligence trade is so fascinating to
• 26:06
  Speaker 2: us at the Financial Exchange.
• 26:07
  Speaker 3: And we'd love to share our thoughts with it.
• 26:09
  Speaker 2: We'd love to have you come and join us at
• 26:11
  Speaker 2: one of our two free events that we are hosting
• 26:14
  Speaker 2: next month. The first one is that the Showcase Super
• 26:16
  Speaker 2: Lucks and Chestnut Hill. Actually sorry, that's the second one,
• 26:20
  Speaker 2: October sixteenth, of the Showcase super Lucks. The first one
• 26:23
  Speaker 2: is on October ninth at the Margaritaville Resort. So I'm
• 26:26
  Speaker 2: gonna say that again since I screwed it up. October ninth,
• 26:30
  Speaker 2: Margaritaville Resort on Cape cod Showcase super Lucks is the
• 26:35
  Speaker 2: October sixteenth date. If you don't want to listen to
• 26:38
  Speaker 2: me tell you about it, go to Armstrong Advisory dot
• 26:40
  Speaker 2: com where we have all the details in plan written English,
• 26:43
  Speaker 2: so you can log in and register for your spot.
• 26:46
  Speaker 2: But we're gonna be doing a live broadcast of this
• 26:48
  Speaker 2: show after that a lunch and a chat with the
• 26:51
  Speaker 2: Armstrong Advisory Group. We're gonna be talking specifically about where
• 26:55
  Speaker 2: markets have been, what is really dominating the themes for markets,
• 26:59
  Speaker 2: and you cannot talk about the stock market today without
• 27:01
  Speaker 2: artificial intelligence. But inflation, housing costs, rising indust rates are
• 27:04
  Speaker 2: all playing a role too, putting on pressures, pressure, putting
• 27:07
  Speaker 2: pressure on families everywhere, and we're starting to see some
• 27:10
  Speaker 2: of the cracks in the foundation of some of those
• 27:11
  Speaker 2: companies that support those folks. If you'd like to register again,
• 27:15
  Speaker 2: you can go to Armstrong Advisory dot Com or you
• 27:18
  Speaker 2: can call us at eight hundred three nine three four
• 27:21
  Speaker 2: zero zero one, but make your reservation now. October ninth
• 27:24
  Speaker 2: or October sixteenth, Chestnut Hill Showcase, Superlux, Margaritaville Resort, Cape
• 27:30
  Speaker 2: Cod Those are the two locations. Check it out again
• 27:32
  Speaker 2: Armstrong Advisory dot Com.
• 27:35
  Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
• 27:37
  Speaker 1: registered investment advisor. Nothing in the ad or in any
• 27:40
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• 27:43
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• 27:45
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• 27:49
  Speaker 1: advisory services.
• 27:50
  Speaker 2: We keep talking about the AI space and what could
• 27:52
  Speaker 2: disrupt the narrative, and so far it's a lot been
• 27:54
  Speaker 2: about you know what, if the narrative about AI just
• 27:58
  Speaker 2: changes and people don't needed or feel like paying for
• 28:01
  Speaker 2: it in the same way that they do other technologies.
• 28:04
  Speaker 3: The other way would be China disrupting it in some way.
• 28:06
  Speaker 2: We saw some of that earlier this year with deep Seek.
• 28:09
  Speaker 2: It was this new AI model that had been allegedly
• 28:11
  Speaker 2: created on really kind of weak semiconductors. I think there's
• 28:17
  Speaker 2: been some questioning about that now because ultimately Chinese companies
• 28:21
  Speaker 2: can get a hold of in Nvidia's best in class chips,
• 28:24
  Speaker 2: they just can't get a ton of them. In either case,
• 28:26
  Speaker 2: Huawei is doubling the output of their top artificial intelligence
• 28:30
  Speaker 2: chips as the Nvidia offering in China continues to see
• 28:35
  Speaker 2: lackluster demand. Mainly that's because the Chinese government is saying,
• 28:38
  Speaker 2: do not buy in Vidia's chips. But they are replacing
• 28:41
  Speaker 2: that with a big tech leader that I don't think
• 28:44
  Speaker 2: any of us truly know how far behind they are
• 28:48
  Speaker 2: compared to in Vidia's latest and greatest semiconductors. And the
• 28:52
  Speaker 2: big story when it comes to this and artificial intelligence
• 28:55
  Speaker 2: is can Chinese companies produce a still very impressive artificial
• 29:02
  Speaker 2: intelligence product without the best chips? And it's not because
• 29:07
  Speaker 2: they will ultimately create chips that compete within video, but
• 29:10
  Speaker 2: maybe they don't need to. Maybe they can just produce
• 29:12
  Speaker 2: so many of them powered by such immense electricity generation that, yeah,
• 29:19
  Speaker 2: it doesn't matter if you're the most efficient anymore. What
• 29:21
  Speaker 2: matters is your ability to compute a whole lot of stuff,
• 29:24
  Speaker 2: and if you have to do that with ten times
• 29:25
  Speaker 2: as many semiconductors and ten times as much power uput
• 29:29
  Speaker 2: China is the company that China is the country that
• 29:31
  Speaker 2: I would bet on to be able to do that.
• 29:32
  Speaker 5: Yeah, we've seen that playbook before in terms of them
• 29:35
  Speaker 5: flooding a market with cheap goods or just creating so
• 29:39
  Speaker 5: much excess inventory for different countries out there that they've
• 29:43
  Speaker 5: been able to gain adoption. Just look at what they've
• 29:45
  Speaker 5: done kind of with the EV market, specifically in Europe
• 29:47
  Speaker 5: and Latin America. So it is something that is really
• 29:52
  Speaker 5: significant to monitor in this race where we're pretty much
• 29:56
  Speaker 5: in direct competition with China in terms of who can
• 29:59
  Speaker 5: advance this technolog g the fastest and furthest It's very
• 30:02
  Speaker 5: clear from recent activity that in Vidia's position in China
• 30:08
  Speaker 5: is almost all but gone going forward. It's completely diminished
• 30:13
  Speaker 5: to that point where you said that they're really not
• 30:15
  Speaker 5: going to be buying any of US chips anytime soon.
• 30:19
  Speaker 2: Let's take a quick break. When we come back. Stack
• 30:21
  Speaker 2: Roulette is next.
• 30:24
  Speaker 1: Here The Financial Exchange every day from eleven to noon,
• 30:27
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  Speaker 4: This segment of the Financial Exchange brought to you by
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  Speaker 4: the US Virgin Islands Deparliament of Tourism. Looking for a
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• 31:34
  Speaker 2: Paul, what do you have for us for stack Roulette, Mike,
• 31:37
  Speaker 2: Used electric vehicles are flying off the shelves.
• 31:41
  Speaker 5: Apparently I did not know that there was a huge
• 31:44
  Speaker 5: market for this, or maybe not a huge market, but
• 31:46
  Speaker 5: they're seeing a ton of growth, where used EV's sales
• 31:50
  Speaker 5: through June had increased about thirty four percent from a
• 31:54
  Speaker 5: year earlier. Basically, what you've had is at the end
• 31:58
  Speaker 5: of this year, I believe it was with the last
• 32:00
  Speaker 5: month or so, you no longer get the seventy five
• 32:02
  Speaker 5: hundred dollars federal tax credit, and instead, rather than looking
• 32:07
  Speaker 5: for the new vehicle purchases, there has been a lot
• 32:09
  Speaker 5: more demand for buying used ones. The reason being that
• 32:12
  Speaker 5: you can buy a use electric vehicle for close to
• 32:18
  Speaker 5: the same price as a used gas combustion engine. There's
• 32:22
  Speaker 5: some examples here where a retired realtor was able to
• 32:26
  Speaker 5: buy a twenty twenty four version of a Ford Mustange
• 32:30
  Speaker 5: mock EGT at thirty three thousand bucks when it only
• 32:35
  Speaker 5: had thirteen thousand miles on it. It was a car
• 32:39
  Speaker 5: that originally went for fifty five thousand dollars.
• 32:43
  Speaker 2: These car companies are so offsides on this. Yeah, they
• 32:47
  Speaker 2: are so far over extended on this EV play.
• 32:50
  Speaker 3: Yeah.
• 32:51
  Speaker 2: I just did my own search here, Paul just I
• 32:53
  Speaker 2: was curious. I've looked at this before, but if I
• 32:57
  Speaker 2: want a used Tesla in my area, I said, it's
• 33:01
  Speaker 2: got to be twenty twenty two or younger and under
• 33:05
  Speaker 2: thirty thousand.
• 33:05
  Speaker 3: Miles no accidents, twenty six grand for a three year
• 33:12
  Speaker 3: old car that probably went for fifty when it.
• 33:14
  Speaker 5: Was Now sure, I'm easily maybe more.
• 33:17
  Speaker 2: Yes, I can get a Volkswagen you know, I internal
• 33:21
  Speaker 2: combestion engine for cheaper than that, but not way cheaper.
• 33:27
  Speaker 2: So yeah, the demand side of the equation for these
• 33:30
  Speaker 2: evs has just been way way under what the auto
• 33:34
  Speaker 2: manufacturers were planning on and investing based upon.
• 33:37
  Speaker 3: And we talked about this from the very beginning.
• 33:40
  Speaker 1: It was.
• 33:42
  Speaker 2: How are you going to build out this massive new
• 33:44
  Speaker 2: demand for electric vehicles when our electricity infrastructure just does
• 33:48
  Speaker 2: not support it? Right like it still doesn't to this
• 33:53
  Speaker 2: day support the idea that all of us are going
• 33:55
  Speaker 2: to be driving electric vehicles. And then you know, this is,
• 33:59
  Speaker 2: by the way, not just a US focused thing. Go
• 34:01
  Speaker 2: look at Europe. The demand for evs is way underestimates
• 34:05
  Speaker 2: there as well, and they're all pivoting the build out
• 34:08
  Speaker 2: that you started getting from these American car makers especially,
• 34:11
  Speaker 2: and the investments that they were making, the partnerships with
• 34:14
  Speaker 2: big battery companies. It all to me was putting the
• 34:17
  Speaker 2: cart way before the horse and story and you know,
• 34:23
  Speaker 2: it's just come, you know, failing in spectacular fashion now
• 34:27
  Speaker 2: where they're all taking pretty big losses on these facilities
• 34:30
  Speaker 2: that they built out and going back to what has
• 34:33
  Speaker 2: always buttered their bread, which is.
• 34:35
  Speaker 5: The big druv.
• 34:38
  Speaker 2: Yeah, that's what people want to drive. Like you weren't
• 34:40
  Speaker 2: just going to create this market overnight. So some some
• 34:44
  Speaker 2: are more offside than others, you know, don't get me wrong.
• 34:46
  Speaker 2: Like Ford had one big EV, so I'm guessing they're
• 34:50
  Speaker 2: still fine. But there are big, big investments that were
• 34:52
  Speaker 2: made here, and it's not that the demand doesn't exist,
• 34:56
  Speaker 2: but it's not growing the way that they had been
• 34:59
  Speaker 2: banking on, and certainly isn't growing the way that they
• 35:01
  Speaker 2: were investing based upon.
• 35:02
  Speaker 5: Yeah, it's an interesting story where you can get these
• 35:05
  Speaker 5: two or three year old vehicles for a pretty decent
• 35:08
  Speaker 5: price that would be akin to an internal combustion engine
• 35:12
  Speaker 5: that's six or seven years old.
• 35:13
  Speaker 2: I'm waiting this one out to me again. I've brought
• 35:15
  Speaker 2: this up before. Give me the EV with the built
• 35:18
  Speaker 2: in gas generator and I will buy that thing all day.
• 35:23
  Speaker 5: Right.
• 35:23
  Speaker 2: Dodge is the first company I think to come out
• 35:25
  Speaker 2: with this. They're going to have a new truck that
• 35:27
  Speaker 2: has an internal combustion engine. No, sorry, it's got an
• 35:30
  Speaker 2: electric vehicle engine. And then just a generator that will
• 35:33
  Speaker 2: recharge the battery on that electric vehicle that can run
• 35:38
  Speaker 2: on gas. So if I am going on that long
• 35:40
  Speaker 2: road trip and I can't find that charging station or
• 35:44
  Speaker 2: I don't have time, then I have another option other
• 35:47
  Speaker 2: than sitting at the charging station for an hour and
• 35:49
  Speaker 2: recharging my car.
• 35:50
  Speaker 5: I'm immediately recalling a client event radio event we were
• 35:53
  Speaker 5: at the weekend where the listener said to me, we
• 35:56
  Speaker 5: don't know anything about cars, so I'll refrain from making
• 35:59
  Speaker 5: any more common So then the evs are cheap.
• 36:01
  Speaker 3: Yes, that's fair. Are you planning on moving and retirement?
• 36:05
  Speaker 3: It doesn't always go as planned.
• 36:07
  Speaker 2: This is from Barons, and they've got a few tips
• 36:10
  Speaker 2: on what to keep in mind when it comes to this.
• 36:14
  Speaker 2: I think some of them people are aware of, like
• 36:16
  Speaker 2: look before you move. I can't tell you how many
• 36:19
  Speaker 2: people I've seen move because they vacationed somewhere and then
• 36:22
  Speaker 2: end up hating it once they actually live there. You know,
• 36:25
  Speaker 2: study all the costs. Insurance costs in Florida have gone
• 36:27
  Speaker 2: through the roof. Make sure you understand how much more
• 36:29
  Speaker 2: expensive groceries and insurances down there before you move there.
• 36:33
  Speaker 2: Here's the one that I think people miscalculate and misunderstand frequently,
• 36:39
  Speaker 2: which is the tax piece. So we are doing our
• 36:42
  Speaker 2: show from Massachusetts, Paul, you have a lot of clients here,
• 36:45
  Speaker 2: as do I. I hear frequently, Hey, couldn't I save
• 36:49
  Speaker 2: a lot of taxes by moving to New Hampshire and
• 36:51
  Speaker 2: moving to Florida? And the answer is sometimes yes, sometimes no.
• 36:55
  Speaker 2: It depends on your income, it depends on the makeup
• 36:57
  Speaker 2: of your assets, and all sorts of different complicating factors.
• 37:00
  Speaker 2: But one thing that I always point to people that
• 37:02
  Speaker 2: is really important when you're talking about tax savings by
• 37:06
  Speaker 2: moving from a state like Massachusetts or New York or
• 37:09
  Speaker 2: Washington State or California, A lot of it is the
• 37:11
  Speaker 2: estate tax when you die. And very frequently, what do
• 37:16
  Speaker 2: we do when we are seniors and getting older. It's yeah,
• 37:20
  Speaker 2: I've been living in Florida for twenty years, but you
• 37:22
  Speaker 2: know what, all my family is up in Massachusetts and
• 37:25
  Speaker 2: I need a little more help doing the things that
• 37:27
  Speaker 2: I used.
• 37:27
  Speaker 3: To do every day.
• 37:28
  Speaker 5: Great hospital and.
• 37:30
  Speaker 2: I've got really good health networks, and just all my
• 37:32
  Speaker 2: family is there and they want to spend more time
• 37:34
  Speaker 2: around me, and I want to spend more time around them.
• 37:36
  Speaker 3: I'm moving back. That's where all your cost savings.
• 37:39
  Speaker 2: Is, right when you're talking about which state you die
• 37:42
  Speaker 2: in as a resident of That's when you're talking about
• 37:45
  Speaker 2: the big tax savings. It's not so much the five
• 37:47
  Speaker 2: percent income tax difference, because you'll make that up oftentimes
• 37:50
  Speaker 2: elsewhere in real estate taxes and others. It's where you
• 37:53
  Speaker 2: die that ends up mattering a lot in this calculaty.
• 37:56
  Speaker 5: That's what frustrates me and doesn't get cover enough, is
• 37:58
  Speaker 5: that just because there's no state income tax doesn't mean
• 38:00
  Speaker 5: there's not tax revenue being generated elsewhere.
• 38:03
  Speaker 2: That is all the time we have for today's financial
• 38:06
  Speaker 2: exchange markets closing the new closing in on the noon
• 38:09
  Speaker 2: hour in mixed territory. We'll have a full recap for
• 38:11
  Speaker 2: you and jolts tomorrow and a looming government shutdown tomorrow
• 38:15
  Speaker 2: in the financial exchange