Dow, S&P 500 notch record closes, Nike's CEO is out: Market Domination Overtime

US stocks continued to rally as investors digested the Federal Reserve's rate cut with the Dow Jones Industrial Average (^DJI) and S&P 500 (^GSPC) closing at record highs. Josh Lipton and Julie Hyman take a look back at the day's market moves and the top trends on investors' minds on Market Domination Overtime.

Morgan Stanley Investment Management co-CIO of global balanced funds Jim Caron joins to discuss the Fed's move and what it means for markets.

Amid the artificial intelligence (AI) boom, power has become a key concern given the energy-intensive demands of data centers. Schneider Electric (SU.PA, SBGSY) CEO Peter Herweck sits down with Yahoo Finance to discuss the energy needs of AI infrastructure and how it's driving demand.

After Nike (NKE) announces its CEO, John Donahoe, is stepping down to be succeeded by Elliott Hill, Yahoo Finance executive editor Brian Sozzi joins the Market Domination Overtime team to examine what the news means for the company and its investors.

MGM Resorts International (MGM) president and CEO Bill Hornbuckle outlines the hotel-casino operator's performance and outlook for Yahoo Finance.

This post was written by Naomi Buchanan.

Video transcript

There is the closing bell on Wall Street and now it's market domination over time, sponsored by Tasty Trade.

We're joined by Jared to get up to speed on the action from today's session.

Let's start with me where the major averages ended the day here and it looks like records for the Dow and the S 500.

Here's the S and P 539th record close of the year touched an intra day record during the session and now has closed at a record of 1.7% on the session.

NASDAQ composite, not at a record but the winner on the day and turn percentage terms up 2.5%.

And the Dow Jones Industrial average up 522 points, one and a quarter percent closing at a record after hitting an intraday record.

It's interesting if you broaden it out beyond the three major averages.

However, because the S and P equal weight index also at a record here up less than the S and P 500 but enough to push it to that level, we've talked a lot about the broad that we have seen even though big tech did help lead today, it wasn't just participation there.

That's also evidence by the Russell 2000.

We have heard so many investors talk about how when the fed began to cut interest rates and even before the small caps were one of their vehicles of choice, now, the fed is cut and you see these small caps outperforming the S and P 500 although again, still trailing the NASDAQ composite on the day.

So really seeing this broad across stocks and across asset classes for that matter, Jared's got a closer look at today's action.

Hey, Jared, hey, there a great analysis.

Let me just go back to the S and P 500.

I'm going to put a two month chart with some candlesticks here and I want to point out yesterday's price action because that was looking very ominous.

I'm actually covering up today's, but I just want to point out we had ventured into record territory before the meeting and then closed before the prior days.

That is a bearish pattern.

But today we are closing quite above all of that mess right there.

And uh so that negates it all.

That was very important.

Uh We still have some warnings, some omens on the horizon, but I'm going to talk about that with Josh in about 30 minutes.

Now, the sectors uh came in pretty strong.

Uh Tech XL K is up almost 3% followed by consumer discretionary industrials, those were the three out performers and then we had three underperformers, three in the red state staples and utilities.

Utilities down the most about 6/10 of a percent.

Those were the three defensive sectors.

So overall a really bullish day as you would expect.

Also, here are our leaders.

Bitcoin had a really nice day, 5% follow through from yesterday.

Chinese stocks on the move going to talk about that with you Josh in a second and also chip stocks really flying high here, only solar ending in the red and just want to close with a seasonality point.

Here, September, the final two weeks of September, this goes January to December 2 bars for each month, the 1st 10 days of the 1st 10 trading days, uh last 10 trading days of the month and here we are in September.

That big blue.

Uh Cyanne Bar to the downside is what usually happens in the S and P 500.

So that is a tailwind.

Despite all the strength that we've seen in the markets, we do have some of those warnings guys, Jared.

Thank you.

Joining us.

Now is Jim Karen Morgan Stanley Investment Management co cio of global Balance funds, Jim.

It is good to see you.

So uh Jay Powell delivers that super size cut, Jim, you call it a a catch up cut.

Explain that Jim.

Yeah.

Hey, thank you.

And uh good afternoon.

Um look, I think that Powell wanted to go 25 basis points in July.

And I think the committee voted him down and he looked back with some regret.

And I think if you, if you look at the way that the committee voted this time around, it feels like the committee, the FO MC committee was strong armed by Powell into saying, look, we didn't go in July 25 basis points.

We should have cut.

Um, now we've got to make that up and we should have already been cutting.

So therefore, we have to do the 25 in September that we're going to do anyways.

So that totals 50 basis points.

What I think it's very important to understand is that most people at the FO MC that voted on this for 2024 agree that interest rates should be coming down.

But then when you start to look out to where policy rates should be in 2025 and in 2026 what you see is that there's a large dispersion across the voting members at the F one C as to what their policy forecast actually should be.

So this has the earmarks of really the chair, exerting his influence and Strong Army committee in some ways into going to a 50 basis point cut.

What I'm just curious, Jim, because that's a very interesting theory.

Um What brings you to that theory?

Is it the dissent by Michelle Bowman?

The first one that we've seen in what some 20 years.

What, what leads you to that conclusion?

Yeah.

So, so what leads me to that conclusion effectively is the dispersion of views going out into the 2025 year and into 2026.

I'm looking, I'm considering the dot plot at, at the moment.

So for 2024 there's no question fed policy at 5.5% was restrictive and it's very likely that it needs 100 basis points need to come off that right away.

So for 2024 which is exactly what the fed's forecast is, is that they want to bring the policy rate by end of 2024 down towards about four point, as they would say 4.4%.

So 100 basis points right off the top, I, I think should start to come out.

But then when you start to think about this, going out into 25 and into 26 the opinions start to vary quite a bit.

So, um, it doesn't seem like there is this unanimous view that we need to go, that the fed needs to go so aggressively, but they do believe that rates are too high, probably by at least 100 basis points.

And then after that, we should go slowly because remember what the fed is now forecasting is that they're going to cut rates 25 basis points per quarter in 2025 and they're gonna go 100 basis points between now.

Well, yesterday and, and, and, and the end of the year, you know, you, you were surprised Jim, they, they went 50.

So was I, a lot of people were, they were expecting 25.

What are the, the risks of doing a half point cut?

So, so, so, so the risks are two sided, right?

So, so the first risk that I'll say is that, is that if they go too aggressively, too quickly, they could potentially reignite some of the inflation fears inflation concerns.

And if inflation becomes unanchored, that will prevent them from hiking rate, sorry, cutting rates, I apologize, cutting rates as much as they'd like to cut in, in, in the future.

But on the other side of this is if they did, didn't cut rates aggressively, then it could be that the unemployment rate starts to accelerate higher and then they have a much deeper downturn in the future and then they have to be more aggressive in terms of their rate uh rate cuts later.

So the risks are, are, are two fold, right?

So this put them in a really difficult position.

Do you go quickly now and have the risk of inflation or do you go to slow slowly at this point and have the risk of, of a deeper downturn?

And they, they elected to say, look, we would rather insure against a deeper downturn because we believe that inflation pressures are, are stable at this point.

So therefore, we can afford to be more aggressive and start more aggressively and buy that insurance policy, Jim, what does all this mean for the markets?

I mean, today, it means risk on almost everything, right?

Um Do you think that that is sustained, not just through the coming days, but as we continue through this cycle?

Well, if we look at the data, right?

So, so, so we have the Atlanta fed GDP now forecast somewhere around 3%.

We have the employment situation.

We had jobless claims today.

You know, it was relatively, you know, a good number, a strong number for the labor market.

The labor markets have been, you know, printing a little bit better and showing some signs of at least stability.

So you have a fed that with a 3% growth rate in the third quarter, the jobs market still today, at least for right now in relatively good shape, we had decent retail sales, we had slightly higher in PP I and CP I and they elect to cut basis points.

So what they're basically saying is that going into the future, if we look at equity markets, that they're saying that future earnings, if we go into 2025 that those earnings are likely to be more valuable to investors.

Meaning that when they think about 2025 full year earnings, the consensus is around $280.

What multiple would would would an investor pay on, on that $280 consensus view.

And the answer is coming back that somewhere around 20 or, or, or 21 which when you put those two things together suggests an S and P 500 of closer to 5800, even 5900.

So, or even possibly slightly higher than that.

I'm not saying that that's the forecast.

That's my view.

All I'm saying is that, that upside tail risk, I'm gonna call it an upside tail risk becomes much, much more likely than, you know, than, than what we saw before prior to the fed, cutting 50 basis points.

Well, we'll see if that, even if that's not a forecast, we'll see directionally if that's where we're headed, Jim, it's great to see you.

Thanks a lot for joining us.

My pleasure.

Thank you.

Let's get to some breaking earnings news from fedex.

Those shares are sinking almost 10% after the shipping giant reported numbers that missed estimates by pretty wide margin here.

A B $3.60.

Excuse me is what the company is reporting in fiscal first quarter, 477 is what analysts have been anticipating as you see revenue of $21.6 billion.

Also short.

The company looks like it is cutting the upper end of its full year earnings forecast.

Now look for 20 to $21 a share in earnings for the full year.

It had seen 20 to $22 a share.

The other thing that really jumps out here is the operating margin for that fiscal first quarter, 5.6% versus the 7.4%.

That is, uh, that had, that had been forecast.

The company is adding to its buyback authorization um, of 1.5 to the tune of $1.5 billion.

But that doesn't seem to be doing anything to, for all the declines.

Uh The company saying demand trends were weaker than expected.

So all of this uh contributing to that decline that we're seeing in the shares, you remember the stock heading into this print, it had a nice run Julie, it was up about 20% this year heading into the report.

Um fedex, of course, you watch closely seen as a bellwether and so you're gonna want more color and commentary about customer demand trends, especially as you're, you know, you're now heading in to the holidays.

Um co commentary about price sensitivity will be key, big, big issue would be impact and progress on its cost initiatives is too.

But initially here after hours, clearly a lot of disappointment and looking at the statement here, Raj Subramaniam, the president and CEO of the company referring to this as a challenging quarter.

Um But at the same time, talking about focusing on reducing structural cost, growing revenue, profitably um and leveraging their data to build their network.

Um So not getting a lot more insight yet.

We'll have to wait for the call.

Um, there was some talk about f the Federal Express, uh, o overall, I should say the operating results.

Um, there was a few, one fewer operating day, but that doesn't seem to be, that wouldn't have that big of an lower US domestic priority package volume was something also that the company was saying was weaker here.

Um, freight also lower, uh, decline in weight per shipment, reduced priority shipments and also a few one fewer operating day.

So those are some of the things that appeared to be weighing on things all attention now on the call.

All right, coming up as Las Vegas hit its peak, I'm speaking with the CEO of MGM Resorts International to check in on the state of Sin City.

Stick around much more market domination over time.

Coming right up.

Welcome back to market domination over time, sponsored by tasty trade as the A I revolution continues to grow.

So does the issue of energy consumption with pressure mounting on electrical grids?

Companies are trying to find more efficient ways to supply that energy demand from those data centers.

We've got the CEO of one of those companies joining us now that is Peter Her of Schneider Electric.

Thank you so much for being here.

Thank you for having me.

So Peter, we talk a lot here about A I demand and the demand it is then putting on the grid you guys sit in sort of that attempt to help things be more efficient, help that energy flow through your electrical components.

Where are you seeing the most acute need right now?

And is there really a mismatch between the energy demand and whether it's being met?

So, you know, of course, it depends geography by geography.

But if you, if you look at the data centers worldwide today, they use roughly 1.3 to 2% of the global energy and we anticipate this to double until 2030.

So there is quite a need that would be then the size of power consumption that you have in Japan for all the data centers worldwide.

So it is big but it is companies like ourselves, you know, we furnish the electrical and the cooling management and data centers.

In fact, we are probably the largest in the world in this regard and go from grid to chip and chip to cool.

Um and it requires to find sustainable ways of doing it.

And of course, we have some solutions to do that.

So what, what is the best way in order to do that?

And I guess I would ask also, is it a matter of increasing energy output or is it a matter of increasing energy efficiency?

How important are each of those components?

So, you know, 23 was one of the first years where we really see energy consumption go up in a long period.

Of time.

And since data centers play a big role on the electrical consumption, you know, there's also energy forms that are non electric.

It has been top of mind today.

So the key is to figure out how can we do this with more renewables, how can we do it in a more efficient way?

And we have a lot of clients that also buy sustainability consulting from us.

A good client that we have in this public digital reality.

They bought, for example, five large power purchasing agreements for renewable energy.

So the data centers they are building at the moment are all with renewable energy.

And so the money that goes into those purchase power agreements is then used to build out more renewables, which is, I think the way we want to go, are you seeing any kind of flagging in demand at all for these kinds of products or is it only accelerating?

So, you know, I have um I'm in New York speaking with some of our owners and they ask me exactly the same question.

The um as somebody who, you know, furnishes the electrical train and the cooling train into the data centers, we're um we're industrial people.

So it requires electricians, plumbers, construction companies and so forth.

And in this world, you don't have exponential growth because it requires the people to, to do it.

Now, when you talk about software and when you talk about some of the GPUS or the processes that go into the data center, that's a different world where people do reservations for a couple of years into the future.

We see very solid growth and we don't see a change in demand at the moment.

Probably we have visibility until 28.

And, and you talked about um the different geographies.

I know you have a big business in North America now and that has been growing.

I think it's the biggest part of your business.

Now, I've seen some estimates that we are going to see um even more rapid demand potentially or nearing the same rapid demand in the Asia Pacific region over the next five years.

Say, is that what you're seeing as well?

And are we gonna see the balance shift at all?

Yes.

So you know, many people know Schneider and I think we're, we're a French company, we're listed in the French Stock Exchange.

But our largest geography is the US, followed by China, followed by India.

And then number four is France, in fact, 5 to 6% of our revenue in France.

So it's small, the data center expansion in particular when we are talking generative A I, you have more power requirement and a lot of the companies want to do this in a sustainable way with little co two.

So they go to geographies where there is a lot of power, a lot of land available because you need to have the land and the power usage.

So we would see data centers being built in geographies that we haven't seen before to learn those models.

Be it in, in Australia, be it in Japan, be it in Singapore, in the Middle East, in countries in Europe that you wouldn't think about the Northern Nordics because they have a lot of renewables and they have a lot of land or in Spain where you have a lot of wind, a lot of solar energy and also in Southern America where you have a lot of hydro power that is available and also renewables.

And that's what the companies are worrying about.

So the data center movement is, is really a global movement.

Um One other thing I wanted to ask you about is you all are rolling out new charging for commercial use.

Can you just, and that's brand new if I'm not mistaken.

So just um talk to us a little bit about that new uh product.

Yeah.

So you know, one needs to also understand a little bit the demand environment on in this regard.

And you know, if you move to California, for example, want to build a new house, then the requirement is you put solar on, on, on your rooftop and then all of a sudden you become an energy generator and then you say, what do you do with the, with the, am I feeding it back into the grid or am I using it for my own vehicles?

And then people start putting a battery also into their houses, have two electric vehicles.

So the management of the energy in the building becomes much, much more decisive.

So in the US in California, we have launched new Chargers for the home.

So it's a Schneider charge or a Schneider boost which is a battery or a converter for us.

The potential has increased by a factor of 10 for these houses because it requires a lot of energy management.

You have producers, you have storage, you have grid connection and everything needs to be managed with the software.

So it's big for us.

Thanks so much for coming in.

It was really nice to meet you and to chat about the business.

I appreciate it.

Thanks very much Julie, great to be with.

You gotta get to some breaking news now, uh breaking news that Nike co John Donahoe is out, he will be replaced by Elliott Hill.

Hill also will become a director of the Nike Board of Directors and a member of the executive committee.

Now Elliott Hill had been with Nike previously, I believe so.

He is what we like to refer to informally as a boomerang here.

Um Donahoe had been having some issues at Nike in recent years, there had been some um sort of back and forth about Nike's relationship with the wholesale channels versus its direct to consumer business.

As of late, there had been more concerns over Nike's pace of innovation and that it's sort of very dominant uh role in the sneaker space had been flagging to some degree.

So that is sort of the backdrop here for uh this now management change that we are hearing about today um with the stock down 25% year to date, that's what's going on.

Yeah, I mean, we've talked to any number of analysts on the show, Julie who have talked about this name.

It is deep in the red this year.

It's in the red over the last 12 months.

I'm just looking.

So and we've heard comments about um you know, critiques of management critiques of innovation, but clearly big shake up here in the c we and for more to talk more about this, it just so happens that our executive editor Brian Sazi is still in the office.

He has covered Nike pretty extensively.

OK.

Here we go.

Can we just grab you on here?

Do you, do you have you had a chance to look?

I I ran over here on my white uh boss sneakers which I think is very telling green room.

I have a pair of a couple pair of on sneakers uh on running and I'm sure you have no, but this speaks to no, I actually I really have gotten rid of a lot of them because I think that speaks to part of the reason why John Donahoe will go down as well.

I'll be the worst CEO in Nike's history.

I mean, there hasn't been many of them.

You had Phil Knight, Mark Parker driving the company uh for many, many years.

And I don't find, I don't think it's any small coincidence that Mark Parker is the main man I listed at the top of this press release detailing Nike here, bottom line is Donahoe ruined a lot of relationships with the Like of Foot Locker and many other companies.

he has overseen Nike during a time when on running.

Uh and a lot of upstarts uh in the training space have gobbled up market share from the company.

Uh He's continued to dump a lot of old school Nike sneakers on the marketplace that nobody cares about anymore or not caring about them to the extent that they used to.

And what do you get over the past five years?

According to Yahoo finance data, stocks down 8%.

Not surprised to see Nike shares up 8% here.

Uh I overall the takeaway is this there, Nike is going back to the well, to someone that has the deep relationships, the deep partnerships respects the history of Nike.

Uh That's what you're getting here in the new uh incoming CEO of Nike.

And I think that's why they did this and this, we saw this uh essentially all the writing on the wall.

The stock is under pressure.

You have Phil Knight and his son on the board, they're losing mass wealth.

What has happened in Nike is absolutely embarrassing.

It has been time for change.

You've seen a lot of media, folks, a lot of our competitors really get on John Donahoe in the past month.

I think the FT just dropped a story a week and a half ago.

I'm not surprised at all.

What, what are the new levers though?

That the new co then size has to pull here, make better stuff.

And I think if you talk to a lot of uh it's innovation uh bring back quality to what Nike is making.

I think they've over diversified their supply chain and the quality of the products are just not where they used to be, but where they don't have an answer for is the the rise in some of these upstart brands we followed on running the co-founders there from HOA HOA.

You followed Hoka and have been on the HOA story from day one over Deckers, massive Marca Sharon running on massive Marca Sharon in running.

Uh And uh it's unclear how Nike gets that customer back for whatever reason.

Consumers have gravitated to sneakers that maybe they're more comfortable and guess what?

It's not just Hoka and on if you walk around New York City, every 20 something woman in this city is wearing Sambas Adidas shoes they are not wearing, I mean, maybe some of them are wearing the HOA and the ons but you see so many.

Yeah, you still see a lot of Air Force ones.

Ok. Fine.

But in recently that is, you know, so it's also has to do with fashion, of course.

Um But it also Nike sort of flooded the zone.

A lot of different skews that it, that it had a rolled out.

I was just, I say too, when not, when, when Don was appointed, of course, he, he was the uh long time um on the board of paypal, too long time executive, former E BC ebay, CEO.

Um But it was always strange to see a tech focused executive leading a company that thrives and whose top and bottom lines are driven by, by product and excitement.

It's not driven by the Nike app who, who gives a damn, get them the best sneakers to market up, sell customers to higher priced offerings and improve your margins.

That's what, that's always been the story of Nike.

Um by the way, Elliott Hill had retired from Ni Nike as president of Consumer and Marketplace and that also shows you that it's a succession problem too that you're dipping back into someone who's been retired the company for, for about a year.

I think you could realistically, he'll come in here, reset the company, get the foundation, right?

And maybe under two years hand off to the next generation of leadership at Nike, you know, by a complete stroke of luck whenever we have just enormous retail news, Sazi is in the news, I also was under armor.

CEO got pushed out too.

II I don't know.

I'm just like working on zero sleep after you're the guy to go to.

It's like I got to get out of here Sazi.

Thank you.

Perfect timing.

Earlier today I caught up with the CEO of MGM Resorts International.

Take a listen.

The Skift Global Forum is wrapping up in New York City.

It is known as the travel industry's premier annual event and joining us from that event.

Now, Bill Hornbuckle MGM Resorts, International President and CEO Bill.

It is good to see you.

Great to see you.

Thank you, Bill.

You know, talking to some analysts today, I want to dig right in to Vegas and the trends you're seeing there, you know, speaking to these analysts and they said, you know, Bill has done very well in Vegas, no doubt.

But the question investors have is they said, how does he keep this momentum going?

How does he kind of build off the elevated base from here?

How do you answer that question?

Look, I think that's been a question.

I just saw a cover of life magazine back in the sixties and it asked the exact same question.

Has Las Vegas hit its peak will ebb and flow.

2023 was an amazing year.

We obviously started this year with the Super Bowl formula one all in like 90 days of each other.

But at our core convention, business remains strong international business after the pandemic has returned, China, China is still a challenge for us all and it's an important sector for us.

And so the event activity case itself has never been stronger.

This weekend alone, massive UFC fight at the sphere, we hosted Canelo at T Mobile.

And so our ability as a destination to run in the low 90 S has never ceased.

Even during the 2008 great recession, it went down to 82%.

So driving traffic driving people is kind of what we do and we do it well, we think ultimately it's about return but Vegas has ebbed and flowed and will continue to ebb and flow and long haul.

There's nothing like it anywhere in the world.

The experiences we provide are like nothing else at scale that anyone can provide.

And so I'm pretty confident going into the future your portfolio there in Vegas Bill does cater to all kinds of consumers.

I'm curious how healthy, how resilient the consumer looks to you or does it, does it depend and differ bill where you sit on that socio economic ladder?

It's universal.

When the tide goes up, most participate, I will tell you the last couple of years, it has been about the luxury sector.

Our ability to drive event activity, drive weekends to drive average rates on the weekends has been very strong.

Although the other side of the spectrum, we have eight regional casinos all performing on par and as best as they have ever performed.

And so obviously, that tends attracted different clientele base.

And so we see it's pretty universal but generally, particularly on the high end, those who have enjoyed those kinds of experiences continue to come.

We're looking forward to formula one against coming up and some of the other activity we have you mentioned the Sphere Bill and incredible what UFC is, Dana White pulled off there.

I am interested in those non gaming events, Bill.

How are they impacting MGM?

They do a lot.

I think over half of visitation is driven by event activity.

People have always wanted and needed an excuse to come to Las Vegas and we continue to provide it.

So whether it's Fight weekend like we just had or with the Legion Stadium, a football game last year in Legion was a program for 43 events, everything from Taylor Swift to the Super Bowl and continuing that activity case will continue to drive.

Obviously, we've now ventured into sports in a meaningful way.

We have baseballs coming down the road here in 2007, 28.

We're after and want and hopefully seek an NBA team.

And so how that has flushed itself out has been very meaningful for visitation and particularly around the high premium and customer bill.

I want to talk about what you're seeing internationally.

You mentioned China economy, there is weak.

How are you navigating that pretty straightforward?

I mean, we've now reached a plateau.

I think in Macau, I think that marketplace is going to come to about 25 or 26 billion.

It was a 35 pre pandemic.

Our particular company has plateaued in terms of share.

We now enjoy mid teens in terms of market share.

So we are equally as excited by that and remember something to fill Macau to keep it active.

It's literally less than a 1% penetration rate into the population of China.

And while it matters and it does what we need, who we focus on.

And the type of customer that comes today continues to be strong and we're excited by what we think will happen in 25 and beyond and bill.

Let's talk sports betting as well.

You got a big online betting company there.

You've been investing in that product NFL is underway bill.

I'm curious, what are the trends you're seeing play out in the business?

Well, for us, it's always an adage.

I don't know what team to root for.

I always root for the dog because the dog provides generally a win in sports betting this weekend was a good example of that.

So the first couple of weeks have been great for the business, but for us particularly, it's been transformational.

We've done a transformation on our product offering.

We now have a single account, single wallet that simply means someone can come to Las Vegas, put money on an account.

And if they win, take it home and continue that activity case in a place like Colorado.

So for us, that notion of omni channel is a big deal.

Our eye gaming products we think are unique and special.

We have one of the largest jackpots in the world online.

We bought a content company called Push that enables us to put out our own branded MGM products which are really resonating in certain markets.

And we've just begun live dealer gaming out of Bellagio and MGM into the UK and some of our other Leo Vegas markets, which is extremely exciting, I think has a really long term tail on it and you touched on this.

But I just want, I want to double tap on it uh bill when you think about that MGM.

How, how is it different than the competition?

Fanduel drafting?

Well, I think the key differentiator is ultimately as a loyal customer and a connected customer.

What it can mean for enjoying experiences, which I think our opportunity to bring things to life to then bring you to Las Vegas to bring, we had customers at the Super Bowl last to bring into something like formula one to take the activity case and make it real.

We think is compelling and meaningful and we don't know we've seen people do it.

We're excited by it, particularly the VIP segment of that business is motivated by that kind of activity bill.

Appreciate your time.

Thanks for joining us today.

Thanks.

Have a great day.

Stick around, asking for a trend coming up next.