Jensen Huang's biggest Q3 moves, Rubrik CEO talks tech & cybersecurity

Yahoo Finance Executive Editor Brian Sozzi takes a look at the biggest stories as the trading day kicks off, weighing in on Micron (MU), SanDisk (SNDK), Jensen Huang's big third quarter, and more.Rubrik (RBRK) CEO Bipul Sinha sits down with Sozzi for a conversation about the state of tech and cybersecurity.

It's crazy to see like, just before I came on here, the uh the CEO Mattel Annon cry just out, resigning, Conde Nast, CEO taking over. Just totally random news. I've known Anon for a while, so it's, uh, it's been there for a while. Help save Barbie. But uh a little bit of breaking news there, uh, for me. And you know, it's interesting, I was gonna start the show right on the block on uh maybe a little bit more Mattel than I told my team, you know, this news just broke, but really on technology.Out of everything that came out of yesterday from that really, uh, was it lunch, it was just ridiculous looking at these photos of all these CEOs just surrounding a table. I hope they enjoyed their lunch. The tech signatures, you know, these executives were there to do something important. Talk about AI safety. And look at this, this is the only thing that X is focusing on today. It's the signatures of the uh the CEOs, the tech giants that were allowed to get on this document.And of course, you see the president's signature on the left, but everybody focused on Greg Brockman, uh OpenAI, was it GDB.Everybody focusing on Greg's penmanship. And then last but not least, look at the bottom. Our man Jensen Wong with a, a Wong mongering. Mogering? Is that how X is saying it? Whatever it is, he's got the biggest signature on the page, and I'm not surprised cause he's got the biggest market cap. Shout out Jensen for showing up everybody else in tech with your big, big signature. Uh, just amazing to see what X focuses on. At this point, I really probably shouldn't even be surprised to see.Something like this. I really like Jensen's signature. Greg Brockman, I mean, he, the head of the uh company going public maybe next year, you gotta step up your uh signature a little bit. That ain't gonna cut it on financial documents, my man. Sorry, not sorry. All right, I'm gonna stay on tech here because uh I've been really engulfed the past few weeks talking to tech CEOs and highlighting end of the world because of AI comments. I forgot that today is an important day.It's the end of the 3rd quarter. Shout out to my team for reminding me of this one in our morning meeting cause I, I forgot. I went in there with my hoodie and I was feeling good. I had a bunch of stories I wanted to talk about and they're like, oh hey, Brian, uh, the 3rd quarter ends today. So shout out to my team, uh, for reminding me about that. Now, I was so excited about this after they told me.I went back to my desk and wrote a story on Sandusk in under 7 minutes about it surprising a third quarter. You can go read that on Yahoo Finance right now. Check it out, baby. But the 3rd quarter of 2026 would go down as one with a lot of surprises. I, I can go through them, and in fact, that's what I'm gonna do. The Federal Reserve hiked interest rates for the first time since 2023.This has pounded housing stocks even more. Toll Brothers, Home Depot, Lowe's, these stocks have been obliterated. Now speaking of housing, the 10-year yield is now at 19-year highs. That's a surprise in the wake of Treasury Secretary Be buying bonds in the quarter. Good luck affording a new home. Now diesel prices blew past $6 a gallon because ofIran war. That level of diesel wasn't on my bingo card a few months ago, even though I don't drive a truck or a car that takes diesel. Walmart probably didn't expect it either. Only 25% of the stocks in the S&P 500 are now trading above their 50-day moving average, the lowest percentage since April 2nd, I find this surprising, and you guessed it, I find it a little alarming. Bitcoin is up 43.1% so far in the quarter. Ching ching ching.On track for its best quarterly performance since the fourth quarter of 2024. Who cares that the Clarityia failed miserably. What surprises are you worried about in the fourth quarter? Get at me on X at Brian Sazi. Here's what Apollo's chief economist Torsten Slack is concerned about.

Well, one thing, and you also talk a lot about this, but one thing that I still think we should pay attention to is that the risk of oil prices potentially jumping higher. The inventory of oil is being run down in the US and also in the rest of the world when it comes to crude oil, diesel, jet fuel, marine fuel, and the consequence of this is that at some point we could get to a lower level of inventory which could create a jump in energy prices, and that could of course also just add not only to the affordability challenges, but that could also add to some of the headwinds to the economy.

Torsten's the man, one of my favorite economists, and that's why he's getting the dollar sign today. Uh, and I wanna start off, I wanna go back to Jensen. You know, I wasn't gonna forget about Jensen. You know, I could stand here all day and talk about what Jensen does and doesn't do and talk about how he's, uh, just took his giant signature of the document yesterday in front of all our tech executives, got to sit next to the president. It was so hilarious just to see Microsoft CEO Satya Nadella behind Jensen. Like, I don't know, 15 years ago, Microsoft CEO.Would have had a seat at that table. It's just, I love the optics. Nonetheless, it has been a big 3rd quarter for Jensen. Huge, huge. He has had lunch with the president, various lunches, which you saw yesterday. He got invited to the state dinner with the president.You got Nvidia's stock up about 19% this quarter. Uh, like, oh yeah, I bought a hugging face. No, I didn't buy it. Jensen bought a hugging face for billions and billions of dollars after that big breach. Somebody had to get a hugging face. He wasn't gonna let it go to OpenAI. Hell no, said Jensen.Company came out August, big quarter. Jensen hops on an earnings call, says growth might be over 100% next year. One of the company is growing over 100%? Nobody. Just Nvidia. Well, not just Nvidia, but you know what I mean. And then, it really was like the, the icing on the cake this week.There's Jensen, you can see he was at that lunch. Uh, what you don't see is Dario Amade behind Jensen right now. He's also going viral on X for all his like mannerisms. He's like just this, he was really, he's really fidgety. He was like a little bit, Dario was like kind of like dancing in place. He had a lot going on. Ultimately, Darryl looked uncomfortable to be there. I don't know what the read-through to that is to an earnings call when the company goes public. I can't imagine it's good for Dario. Nonetheless, there's Jensen in his suit and tie, he always likes wearing that blue.Came out this week with the largest ever stock buyback in history, $150 billion. Total stock buyback for Jensen and Nvidia now 200 it's $235 billion. Big win after big win for Nvidia this quarter. Now, you want to push back on me and say, look, Nvidia is not doing everything perfect. I get it. And there are some of the wins you see from Nvidia right there, tick by tick.Now the bar has been high. They had a great quarter and has to crush it when they report earnings in a few weeks, and I think they will. Now, also, in addition to all this, Jensen spent a lot of time going to tech conferences. I just missed him at the Goldman Sachs tech conference. Uh, but then he went over to Dreamforce, gave a keynote with Mark Benioff, and here's what Benioff told me after that keynote.

You know he only has a limited set of customers who are just building these enormous data centers that are material to his business. That's what's exquisite about Nvidia is that they have the product for the moment and there's just nothing like this. We've never seen anything quite like this in our industry.

Nvidia also has the stock for the 3rd quarter, which is technically not over, it's not over until the market closes today. There it is, good old Apple space. Nvidia stock chart really uh up and to the right throughout the quarter because a lot of those big wins. I can't say that I'm surprised because that's what Nvidia does. All they do is win. Let's stay on tech here because I don't want to sit up here and be a uh pompous fool and, you know, talk about all these amazing things going on in tech without talking about the other side of the trade, and there is another side of the trade.And I got to give a shout out to Vinu Krishna over at Barclays. This is how my morning started. Read his report coming in on the train on the amount of tech debt.In equity capital raises that are starting to stem out of the tech industry and it's really starting to pick up. So he notes that the total capital raised by hyper scales, data center special purpose vehicles or SPVs, as he wrote in this report, I just spelled it out because nobody knows what SPV is if you're not in this industry, and neo clouds in the form of investment grade debt, high yield debt, and.Equity capital rose from $172 billion in 2025 to $346 billion so far this year. This is a massive increase, but he adds this too, which I think is a red flag. Over the past two quarters with unprecedented credit supply hitting the market, credit spreads have widened materially. Usually this is like a red flag when this happens. This is what you don't want to see.If you're a company that if you're someone that owns a debt, but you don't want to see it as a company issuing the debt because it might increase your cost of capital, pound your profits, and probably pound your stock price, also seeing warning signs in convertible bonds across hyperscales, data centers, and neo clouds, also credit default swap spreads.And sharply for all hyper scales in 2026. Now these debt raises this year by a lot of these companies have been significant. Alphabet with its 100 year bond, Meta out there raising billions of dollars, and it's not just debt. Yesterday we heard that Opening night may raise $30 billion because it's not going public this year, and it needs money to compute. It needs money to bail out everything it's trying to do on the data center front. It needs money to keep its business going. Why? Because it's not making any money, so it needs to raise debt.To make it happen. I wouldn't be surprised if OpenEye ends up raising more than $30 billion in this last raise, theoretically before they go public. They need the money. And if I've learned anything from all these years of talking to OpenAI CFO Sarah Fryar, who used to be the CEO of Nextdoor.She loves to raise money and she is damn good at it. So I think her philosophy has long been if the money is out there to be had, grab that money, get it on the balance sheet, and then spend it and possibly raise some more, or possibly in the case of opening I go public. And then of course, so keep in mind we're talking about anthropic all this week. They raised $65 billion in May, valuing the company at close to $1 trillion or $1965 billion.More specifically, I don't want to get fact checked by my friends over there at Anthropic. It's already the middle of the week. I'm kind of tired. I'm in a bad mood. I really don't want to hear from Anthropic. Now, let's keep it moving here because outside of the debt and outside of everything Nvidia is doing, it's Micron Earnings Day and I'm super excited and I know you're super excited because I wake up every day and two of the top tickers on the Yahoo Finance platform are Micron and Sandisk.Doesn't matter what's going on in the world. The Yankees can win the World Series for the first time in what, 20 plus years, and best believe there are gonna be people on Yahoo Finance, our app, on AlphaSpace, looking up Micronron and Sandisk. Maybe in some cases, more so than Nvidia and AMD. When Micron comes out today, I want you to look for this. The numbers are going to be huge. Sales are gonna be huge, earnings are going to be huge, the earnings call is gonna be huge. If there is a surprise factor to be had in Micron, it is this.I would be listening out to any clues or signals for when the company might boost its capital return program. The company is generating a lot of cash. They've plowed a lot into their business. Some folks on the street are now looking for the company to increase their dividend and perhaps go massive in terms of a stock buyback. I'm not talking Jensen Wong and Nvidia level buyback from Micron, but if there is a surprise to be had, it's a potential capital giveaway. I don't think Micron will announce this today. It could be one of those things where they come.Back in a few days and announce it, so there could be a big surprise there. And I love the data and the analysis section on AlphaSpace. I spend a lot of that time there too when I'm not checking the stock prices of Micron and the sand disc. You can see the growth rate for Micron really has accelerated over the past few years significant. It's going to accelerate even more. It's going to accelerate even more next year. You look at the valuation multiples, and somewhere on here there is a PE ratio, PE4 ratio, and I always giggle. I have been giggling.At the PE ratio on Micron, so many investors are just thinking this is a peak for Micron, peak for Micron fundamentals. That's not the case. The company has been crushing it. There's no reason for Micron to be trading at about 7 times 4 earnings. I think that is the same PE ratio as like a Ford or a General Motors. It makes no damn sense. Micron is crushing it. Also crushing it.Is Sandisk. Now Micron shares have been under pressure this 3rd quarter. Sandis shares have also been under pressure this 3rd quarter. They're in the same boat as Micron, doing very, very, very well. And if you look at the, uh, we even got Sandisk up here on Alpha Space, Amazing. Look at this revenue growth. Are you're talking about triple digit growth for Sandisk. Go to the earnings estimates on Yahoo Finance. This company is expected to grow significantly this year and next year, just like Micron, and there it is again, just like Micron, 8 times forward earnings PE.That is not normal. The stock market, as seen through the prism of the S&P 500 trades at about 21 times earnings, something along those lines, maybe like 19. You get the point. There's no reason for Micron Sandis to be trading at these valuation levels. Tie it all up in a bow, look out for that micron, Micron surprise.On the earnings call, I think they're ready to give cash away to investors. That's pretty big. Second thing, top takeaway, there's no reason for these both of these stocks to be trading in single digit earnings multiples, For earnings multiples. It makes no sense. Their growth rate is through the roof. They have top executives and they're doing a lot of great things, and they are key players in the AI boom. So a lot's going on there.All right, we're gonna keep it going here. We're really like uh fired up. My next guest's been watching me, uh, but it's good to see you. Bipple, good to see you, uh, the CEO of Rubric. Um, I wish you were here, Bipple. I mean, I wanna show you my new set. I, uh, you gotta come here next time.