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>> THE COUNTDOWN IS ON. EVERYTHING YOU NEED AT THE EDGE OF THE MARKET DAY. THIS IS "THE CLOSE." >> AND MICRON MOMENT FOR THE BROADER MARKET. I'M ROMAINE BOSTICK. >> YOU LOOK AT THE S&P 500 ON TRACK FOR A THIRD STRAIGHT DAY OF LOSSES. ON THE INDIVIDUAL LEVEL, YOU HAVE MORE GAINERS THAN LOSERS, BUT IT IS ALL THE IMPORTANT NAMES THAT ARE FALLING, THE BIG TECH NAMES. THE NASDAQ DOWN BY ABOUT 1%. YOU ARE SEEING THE DOWNDRAFT IN MARKETS EVEN THOUGH YOU HAVE BRENT FALLING TO THE TO REMOVE ABOUT 5% RUTO -- TO THE TUNE OF ABOUT 5% RIGHT NOW. IT MIGHT EXPLAIN WHAT WE ARE SEEING IN THE BOND SPACE. YIELDS CURRENTLY DOWN ABOUT 10 BASIS POINTS WHEN IT COMES TO YOUR 10-YEAR TREASURY YIELD, DOWN BELOW FOR 40. -- 440. ROMAINE: WE ARE GOING TO TALK MORE ABOUT THOSE YIELDS AND MICRON. IT HAS MORE THAN TRIPLED THE LAST SIX MONTHS BUT IS DOWN MORE THAN 15% SINCE THE RECORD HIGH ON MONDAY. THAT WAS AFTER THE REPORT THAT SK HYNIX IS ACTUALLY SLOWING CHIP PRODUCTION GROWTH. THAT MEANS THE GO TO LOOK IN MICRON'S EARNINGS RELEASE WILL BE DETAILS AND THE DEPTH AND THE DURABILITY OF THE COMPANY'S LONG-TERM SUPPLY BACKLOG TO SUPPORT THE MARKET'S SKYHIGH CHIP TO MAN NARRATIVE. IT IS A GUT CHECK MOMENT TO BE SURE. BUT LET'S NOT FORGET WHY MICRON IS ONE OF THE HOTTEST STOCKS IN THE WORLD. NINE STRAIGHT QUARTERS OF DOUBLE-DIGIT PERCENTAGE REVENUE GROWTH. IN WHAT TODAY IS LIKELY TO BE A SECOND STRAIGHT QUARTER OF TRIPLE DIGIT REVENUE GROWTH. THAT IS ON THE BACK OF 80% GROSS MARGINS AND ON THE BACK OF 850 BILLION DOLLARS IN COMMITMENTS TO FUTURE DATA CENTER LEASES FROM THE LARGEST CLOUD COMPUTING COMPANIES IN THE WORLD. >> WE ARE IN THE MIDST OF THE LARGEST CONCENTRATED CAP EXPO OF THE LAST 25 YEARS -- BOOM OF THE LAST 25 YEARS, AND THAT COULD BE LARGER THAN ANY OF OUR LIFETIMES. THIS IS CONCENTRATED, BUT THERE ARE A LOT OF POSITIVE SPILLOVERS. ROMAINE: COAST SPILLOVERS ONE OF THE REASONS J.P. MORGAN STRATEGIST BOOSTED THEIR PRICE TARGET TO 7300, UP TO THEIR EARNINGS-PER-SHARE ESTIMATE AT $350. THEY CITE A BLUE EYES -- BLUE SKY SCENARIO AIDED BY AI INFRASTRUCTURE SPENDING. KATIE: SOME OPTIMISM, AS YOU SEE, THE BROADER INDEX AS WELL. A LOT OF QUESTIONS ABOUT THAT AI TRADE. IT WILL BE INTERESTING TO SEE WHERE MICRON FITS INTO THE PICTURE. LET'S TALK ABOUT HOW THE STOCK IS BEING TREATED BY TRADERS, BECAUSE IT IS FASCINATING. IF YOU LOOK AT ITS 20 DAY AVERAGE VALUE, MICRON IS NOW THE MOST TRADED STOCK IN THE U.S. THAT IS THAT WHITE LINE THERE, MICRON. THAT COMPARES TO NVIDIA IN BLUE, TESLA, AND ALPHABET IS YOUR PURPLE STOCK. WE WILL SEE HOW THIS GOES AFTER THE BELL. YOU MENTIONED MICRON'S PERFORMANCE YEAR-TO-DATE. IT ACCOUNTS FOR NEARLY A FIFTH OF THE GAME WE HAVE SEEN IN THE S&P 500 THIS YEAR. BUT WE KNOW IT HAS A TRICKY HISTORY WHEN IT COMES TO POST EARNINGS RECEPTION BY THE MARKET , FALLING MORE OFTEN THAN NOT IN RECENT QUARTERS. ROMAINE: ABSOLUTELY, WE ARE SEEING A ROTATION AWAY FROM THE PICKS AND SHOVELS AT THE AI TRADE TO THE COMPANIES BENEFITING FROM THE USE CASES, AND THAT IS WHERE WE WANT TO START THE SHOW TODAY. RAQUEL JOINS US FROM HSBC. THEY ARE FRESH OUT WITH A NEW REPORT ABOUT AI USE AMONGST INVESTORS. I WANT TO TALK TO YOU ABOUT THAT REPORT IN ONE SECOND, BUT I WANT TO GET YOUR THOUGHTS ABOUT THE IMPORTANCE OF MICRON AND MORE OF THE BROADER CHIP SPACE RIGHT NOW TO KIND OF KEEP THIS RALLY GOING. >> I THINK WHAT YOU ARE GOING TO SEE, WE HAVE TO ENSURE INVESTORS STAY FOCUSED ON THE LONG TERM, BUT I THINK AS YOU JUST SHARED HERE, THE IMPORTANCE OF WHAT YOU'RE GOING TO SEE FROM MICRON IS CLEARLY IMPACTING THE MARKETS, BUT IT IS THE SHORT-TERM VOLATILITY BETWEEN OIL PRICES AND INTEREST RATES. YOU HAVE A FED CHAIR INDICATING DIFFERENT DIRECTIONS, AND THERE WAS A DIRECTION THAT IF INTEREST RATES GO UP, THAT DEFINITELY WILL IMPACT THE CHIP SECTOR OVERALL. THERE IS ALSO AN INDICATION THAT WE HAVE THE OPENING OF THE STRAIT, AND IF WE KEEP THE PRIEST -- THE PEACE TREATY GOING RIGHT NOW, THAT IS WHY YOU ARE SEEING OIL PRICES DROP AGAIN, AND YOU ARE HOPEFULLY SEEING A RALLY IN THE MARKETS SHOULD THAT STICK. RIGHT NOW, SHORT-TERM VOLATILITY, BUT THIS REALLY HAS TO BE THE LONG-TERM PLAY. ROMAINE: LET'S TALK ABOUT THE LONG-TERM PLAY. AI IS GOING TO BE AT THE CENTER OF THAT. WE HAVE STARTED TALKING MORE ABOUT THE USE CASES RATHER THAN JUST WHO IS BUYING CHIPS, WHO IS BUILDING DATA CENTERS. HSBC HAS A NEW REPORT OUT TALKING ABOUT HOW INVESTORS HAVE UTILIZED AI. I AM CURIOUS AS TO WHAT YOU FOUND IN THAT STUDY, AND MORE IMPORTANTLY, AS SOMEBODY WHO IS MANAGING OTHER PEOPLE'S WEALTH, DOES THAT PUT YOUR JOB AT RISK?

RACQUEL: THAT IS A GREAT QUESTION, BUT YOU ARE SPOT ON. WITH THE IMPACT OF AI -- BY THE WAY, EVERY SECTOR, EVERY INDUSTRY NEEDS TO BE LOOKING AT THE IMPACT OF AI ON YOUR BUSINESS. WE WANTED TO HEAR THIS FROM OUR CLIENTS' VIEW TO MAKE SURE WE ARE RESPONDING TO THEIR DEMANDS. WE DID A REVIEW OF 10,000 AFFLUENT INVESTORS GLOBALLY, A REALLY IMPORTANT CONTEXT, GIVING YOU A VIEW THAT IT WAS ACROSS 10 COUNTRIES. IN THAT, THE U.S. REPRESENTED ABOUT A THOUSAND OF THOSE PARTICULAR PARTICIPANTS IN THE RESEARCH. WHAT WE FOUND, VERY IMPORTANTLY MY IS ABSOLUTELY, OUR INVESTORS AND CLIENTS ARE EMBRACING AI, BUT ALMOST 70% OF THEIR DECISIONS ARE ABSOLUTELY STILL MADE ON INDIVIDUAL ADVICE AND A HUMAN BEING GIVING THEM A DECISION. AI INFORMS PEOPLE, THEY ARE VERY KNOWLEDGEABLE, BUT TO MAKE A DECISION, THEY WANT TO DO IT WITH A HUMAN BEING. KATIE: IT IS INTERESTING TO TAKE THAT AND THINK ABOUT WHAT YOU TITLED THIS RESEARCH, "THE AI TRUST THRESHOLD." YOU THINK ABOUT HOW TRUST PLAYS INTO THAT, IT SOUNDS LIKE WHAT YOU ARE SAYING IS AI IS BEING USED AS A TOOL, BUT THESE INVESTORS DO NOT NECESSARILY TRUST TO MAKE THE FINAL DECISION. RACQUEL: TRUST IS AT THE CORE OF IT. WE CALL IT THE TRUST THRESHOLD. THAT IS A NOMENCLATURE YOU ARE GOING TO HEAR QUITE A BIT. AI ALLOWS INVESTORS AND OUR CLIENTS TO BE A LOT MORE INFORMED AND ABSOLUTELY IS BUILDING CONFIDENCE. IMPORTANTLY, IT IS ABOUT EMBRACING SOMETHING WE ARE CALLING SOMETHING NEW, WHICH IS THE HYBRID MODEL. THE REALITY IS INVESTORS ARE NOT GOING TO BE LEVERAGING AI AS PART OF THEIR DECISION-MAKING, BUT THE HYPER MODEL SAYS 80% OF THAT DECISION IS STILL GOING TO COME FROM A TRUSTED ADVISOR OUTSIDE OF WHAT THEY HAVE BEEN INFORMED BY WITH THE AI. WHERE WE SAW A DIFFERENCE WAS IN THE GEN Z, MILLENNIALS VERSUS BABY BOOMERS. ONE WOULD THINK THERE WOULD BE A DRAMATIC DIFFERENCE BASED ON THE FACT THAT YOU HAVE MILLENNIALS, GEN Z, AND GENEX THAT HAVE BEEN EMBRACING AI A LOT MORE THAN BABY BOOMERS. EVEN WITH THE DIFFERENCE OF THE GENERATIONS, WHEN IT COMES TO DECISION-MAKING, THEY ULTIMATELY STILL LANDED IN THAT 19% SAYING AI IS WHERE I WILL MAKE A DECISION ON SOMETHING, STILL LOOKING FOR THE 80% WHO ARE SAYING I STILL WANT TO SPEAK TO A HUMAN BEING BECAUSE IT IS ABOUT A DECISION AND I AM LOOKING FOR ADVICE. KATIE: IT IS INTERESTING, BECAUSE YOU WOULD THINK IT IS MORE IN THE MUSCLE MEMORY OF THOSE YOUNGER INVESTORS TO MORE FULLY TRUST AI. TALKING ABOUT DECISION-MAKING, WEALTH MANAGEMENT, THERE IS A LOT MORE THAT GOES INTO IT THAN JUST THIS STOCK IS GOING TO GO HIGHER, THIS STOCK WON'T. WHEN IT COMES TO WHERE AI IS USEFUL VERSUS WHERE YOU WANT THE HUMAN EDGE OR HUMAN TOUCH, WHAT DOES THAT DECISION TREE LOOK LIKE?

RACQUEL: I LIKE HOW YOU SAID THAT, IT IS THE HUMAN EDGE. WHOEVER THOUGHT WE WOULD SEE OURSELVES AS THE EDGE, BUT WE ARE, BECAUSE IT IS A LAYER WE HAD THAT ALLOWS US TO MANAGE COMPLEXITY. WHAT WE DID SEE IS THE MORE COMPLEX THE CLIENT IS AND THE MORE AFFLUENCE THEY HAVE, AI GETS REALLY SMALL IN THEIR DECISION FACTORING. IT DOES NOT MATTER WHAT GENERATION IT IS, THAT REALLY IS A HUGE FACTOR. BUT WHERE AI IS SUPER IMPORTANT IS THE ABILITY TO ALLOW FOR OUR ADVISORS TO HAVE MORE TIME TO SPEND WITH CLIENTS. IT IS ABOUT THE EFFICIENCY GAINS OF ALL THE ADMINISTRATIVE COMPONENTS THAT GO WITH IT AND ALLOWS THEM TO LISTEN, SPEND TIME WITH CLIENTS, AND SERVE MORE CLIENTS. THE BENEFITS ARE ABSOLUTELY THERE FOR THE INDUSTRY, BUT THE NEED FOR THE HUMAN TOUCH AND THE NEED FO