As-salamu alaykum everyone. I hope you are doing well. Jumu'ah Mubarak. Today is Friday, January, and I hope you had a great week. The indices were down today after starting off pretty strong, but news of Trump tariffs actually being enacted on China, Mexico, and Canada starting on Saturday. After news of that was released and confirmed, the markets pulled back understandably and we'll talk about that we'll talk about why tesla is up today despite their earnings being a mixed bag with regards to their performance in q four and jp morgan seems to be scratching its head we'll talk about why we think that this is a justified upwards move for tesla stock post earnings and also a slew of other news as always if you Like this live, do leave a like. I'd really appreciate that. And if you'd like to follow our trades move for move, do become a PIF member. Looking at Bitcoin, Doge and Solana, they all sympathize with other risk assets. And we're down today. Bitcoin is now at one hundred and two thousand. Doge is at thirty two cents, just under thirty three, I should say. And Sol is at two thirty. Now, in details of the news that I just spoke about, Trump tariffs on Canada, Mexico and China begin on Saturday, the White House says. White House Press Secretary Caroline Levitt said Trump will be implementing twenty five percent tariffs on Mexico and Canada, as well as. ten percent duty on china and retaliation for the illegal fentanyl that they have sourced and allowed to distribute into our country the white house provided few details on exactly how the levies will be meted out saying that they will be available for public inspection at some point on saturday so This is not good for international trade, and I don't think it's necessarily good for the economy either. If it persists, it will have an impact on inflation and will make it harder for the Fed to lower interest rates. Word was that Trump was trying to delay tariffs until the first of March. He was apparently unsuccessful in achieving or getting the concessions that he wanted from the countries in question. And therefore, the tariffs will be enacted on Saturday. So we will see how this plays out. I don't really think he fully understands the potential risk that these tariffs have on the economy. And hopefully, you know, empirical evidence is not what it takes in order for him to understand the impact of these tariffs. Now, there is an advantage to not really understanding the risks associated with your actions, and that is that you tend to be a lot more bold and courageous, if you will, with those actions, because you're not really thinking about the results. And so I do believe that this is what is happening with Trump. We'll see if this policy causes these countries to provide concessions or at least enable Trump to save face because that's what he's most concerned with. He just doesn't want to look bad. So. We'll see. Obviously, these countries are not Colombia. They have a lot more bargaining power than Colombia has. And therefore, I think they will be harder to persuade with tariffs than Colombia was. Now, moving on to some investing news. Solana actually, you heard me mention on this channel many times that I wasn't really convinced with the valuation of Solana. A lot of people were projecting for Solana, you know, a thousand dollars a token and, you know, some even more than that. And I really didn't see it. Now, if you look at the last thirty day revenue for this token Solana or for this blockchain, I should say it was one hundred and nineteen million. And for the first time ever surpassed the cash flows generated by Ethereum, which were one hundred and seven million. And it is intentional that I say cash flows and not profit because this is not profit. Neither the hundred and nineteen million generated by Solana or the hundred and seven million generated by the Ethereum are profit. These are just cash generated. Both of these blockchains are not profitable. They actually are burning cash. It takes more money to keep these nodes up than the cash that is generated from them. And therefore... When you look at their valuations, they just don't make sense. So if you look at Ethereum currently sporting a valuation of close to four hundred billion, Solana currently sporting a valuation of one hundred and twelve billion. Now, keep in mind, as we saw Solana's last thirty day revenue top line here was one hundred and twenty million. so you know annualize that that's one one point two billion it's trading at a hundred times top line a hundred x top line now what's even more egregious is ethereum which is trading at four hundred times top line and therefore if you were to force me to choose between ethereum and solana I would obviously choose solana as being the better valuation so You know, if we're valuing these cryptos comparatively speaking, Solana is the much more attractive investment than Ethereum is. However, if we're valuing these projects from a cashflow perspective, neither of these investments should be touched. I mean, a hundred X revenue for the cheaper option is just too expensive in my book. Now, some people have different views and this is not financial advice, but I'm just saying that, you know, we need to put these price targets, I think, in their proper context. And that's not something I'm seeing many people doing. Now, speaking of overvalued projects, open AI. OpenAI is said to be in talks to raise forty billion out of three hundred and forty billion, three hundred forty billion dollar valuation. Now, this makes no sense to me whatsoever. It kind of tells me that, you know, there's a lot of froth in the system. So OpenAI is in talks to secure forty billion in funding that would value the startup at three hundred and forty billion. This is not bar factor seven because. this is a open ai reportedly lost five billion dollars against revenues of only three point seven billion in twenty twenty four so it's losing five billion dollars in its most recent calendar year and it's being valued at three hundred and forty billion I mean what type of growth do they think open ai is going to have for it to actually you know grow into the valuation that it's already sporting this makes zero sense to me and you know softbank has a history of making very poor investment decisions and it's no wonder now that softbank is leading this round and you know open ai raising money in order to meet its commitments for the ai infrastructure bill that and investments that it sort of committed to is is really nutty so yeah I think this is an indication that there there is some froth here now i by I mean and especially considering you know deep sea the revelation of deep seek in this in this past week wherein it was proven that you could do what open ai was doing for a lot less it's not as complex as open ai seemed to want us to believe that it was you saw me show you on the live the code that it took for DeepSeq to train its model. It was just this one pager. So yeah, I don't know what investors here are thinking. So I think a lot of people are going to end up with some pretty empty bags. Speaking of tariffs and Trump, Trump has threatened to dissuade BRICS nations from replacing the US dollar by imposing a hundred percent tariffs on everything from these BRICS nations. That's an insane idea because you can't force people to use an inferior product with tariffs. And, you know, when you end up trying to isolate everybody, uh, you end up isolating yourself. And so, yeah, I think these Trump tariffs may backfire in a big way. And he may find himself kind of forced to impose them or risk his credibility. But at this rate, he's going to be imposing tariffs on everybody and just completely cut the United States off from international trade. There's got to be more tools in your toolbox than just tariffs on everything at the drop of a hat. So you've got to be a little more creative with your international policy. But it does seem like this is the path that Trump is taking right now. The fact of the matter is the dollar is just not a good vehicle for preserving purchasing power. And tariffs are not going to change that. Stopping the printing of money could change that. The printing of additional dollars, that would persuade people to continue to use the dollar. But you can't just inflate your currency and then force people to use it. That's just not going to work. people are going to use what works. And, you know, Bitcoin is one solution to that. And so if the BRICS nations, by the way, are trying to replace the dollar with some other fiat currency, you're going to have the same exact problem. And they will not have solved any problems. They'll just, you know, move the problem from one name and give it another. The big story of today is me looking ahead to try and see where the puck is going to be in the investing world. And it is clear to me that the puck is going to be with companies that are building products on top of AI. And at the top of that list are robotics companies. so the robots folks the robots are here figure which is perhaps the number two company in terms of robotics plans to ship a hundred thousand humanoid robots over the next four years it's a private company don't worry I checked but uh There's ways for accredited investors to get exposure to it. The CEO of one of the leading manufacturers of humanoid robots said they assigned a second commercial customer that is one of the biggest US companies. So perhaps something like a Walmart or Amazon. The figure CEO said he sees the potential to ship a hundred thousand humanoid robots over the next four years and said that figure is focused on two markets, commercial and home. Our newest customer is one of the biggest in the US. He gives us the potential to ship at high volume, which will drive cost reduction and AI data collection between both customers. We believe there is a pass to a hundred thousand robots over the next four years. And FIGR stands out for shipping its first robot, FIGR-O-One, just thirty-one months after incorporating, while FIGR-O-Two is currently shipping. And FIGR-Three is up and running in the lab, and it's even more impressive. Last week, we successfully began running an end-to-end neural network on the new client's use case. By the way, these robots in their first client, they're already being put to use. So they're already producing value. This is not something that's coming in the future. It will come in the future in a much bigger way, but I believe we're at the start of the S curve and it's going to go parabolic pretty quickly. Last week, we successfully began running an end-to-end neural network on the new client's use case. Learning the use case with AI is the only path, as heuristics would be impossible to write. And every time I see these policies running, it feels like pure magic. So similar to how DeepSeq kind of trained itself by learning from the output of larger LLM models, The same technology is being used in these robots. So they're learning basically and the code isn't just hard coded in them for every task. They actually learn the tasks by observing. A key focus right now is completing work at high speeds and high performance. In January, twenty twenty four, figure one was tethered and moved at just seventeen percent the speed of a human. So, you know, just one year ago. But technology advances quickly and figure two is seven times faster. the company says. So it's faster than a human now. While the company hasn't released information about figure three publicly yet, it's likely that the third iteration will be even quicker and more capable. So basically we are at the dawn of the end of human labor and intelligence as well. So the future is going to look very different from the past. Many concepts and age-old wisdom that humans have held for millennia will no longer apply. Now, in this environment, there will be a lot of wealth created. It's our job as investors to find where that wealth is going to be created the quickest and position ourselves accordingly. So this is already something that I am looking very deeply into because I want to be early on this. And I believe that the time to start investing is right about now, positioning ourselves for this upcoming change. It's different from quantum computing. Quantum computing is perhaps above my pay grade, something that I'm not really sure how soon that's going to be something that we can invest in. But robots and AI, the synergy between them, That I think I have a firm understanding of. And the time to start investing in them is now. We'll talk about some of the names. These humanoid robots are iterating very rapidly. And I think we'll see versions available in the house by the end of twenty twenty six, twenty four months from now. Their first customer figures, first customer was BMW. He didn't say what the second customer, who the second customer was, but he did say it was one of the biggest US companies. Now in another article. a ranking of the different companies that were working in humanoid robots was done and here are the humanoid robots here are the sixteen leading manufacturers this is by forbes by twenty twenty six we should have humanoid robots in private homes helping with laundry vacuuming and the dishes at least in beta testing. By twenty forty, there could be as many as ten billion, so more than humans globally in all areas of the economy, and their labor might be as cheap as ten dollars a day. If you lease it like you lease a car, a thirty thousand dollar car, your price point per month is three hundred bucks per robot. So if you can get. If you can manage your home care for three hundred bucks a month. That's. That's pretty compelling. That's ten dollars a day, forty cents an hour, basically. You got labor that's waiting for whatever your wish is, you know, clean up the house, go mow the lawn. I'm not sure about changing the baby's diapers. I would still not allow the robot to do that. And there are sort of second and third order investments. These are sort of my favorite investments that I think should be on our radars. So warehousing, logistics, manufacturing. So the supply chain for these robots, finding winners along that supply chain, I think is a smart exercise to be engaged in. Goldman Sachs says selling humanoid robots will be a thirty eight billion dollar space by twenty thirty five. I think they're off. ARK Invest says the resulting economic value of their labor could be as high as twenty four trillion. And so Elon Musk on their earnings call said maybe they generate ten trillion in revenue for Tesla. Fifty percent of global domestic product is paying humans to do work every day. That amounts to a marketplace of forty trillion a year. It's ten times bigger than all of transportation combined. So this is sort of a total addressable market. Just need to draw an eight on its side. It's infinite. Diamandis has identified sixteen market leaders and up and comers in the space. Here they are. So all of these, I think, deserve a look into for potential investing. Obviously, you want to be in the best of breed, Tesla. We're in the best of breed. Figure AI, the company we spoke about, it's a private company. There's still ways to invest in it as an accredited investor. But for the majority of the population, there isn't. These other companies, I think it's important to take a look at. and see if there's some small cap promising up and comers that one can take a look at, because some of them are going at ten and one hundred X easily over the next five years. Where are these companies almost exclusive in the US and China? Six are in the United States. Eight are in China. One is in the UK and one is in Canada. But now they won't be able to cross the border because of tariffs. Now, JP Morgan, speaking of Tesla, it's not sure why Tesla shares are up after its earnings miss. And the reason why Tesla shares are up is because some people understand The page I just showed you guys and other people like JP Morgan do not. This is the biggest opportunity of the next decade. Robotics is humanoid robots, and it's important that we are invested in the leaders best of breed in this space. With that being said, let's go to questions. Assalamualaikum, Abdullah. Are we expecting a bloodbath next week? Could be. But we will play the cards as they are dealt to us. I mean, we got a bloodbath on Monday, but we took advantage of that. Alhamdulillah. Can tariffs make an advantage for PLL? Yes, they can. I'm hoping, you know, that's one of the impacts. Yeah, do leave a like. I really appreciate it, guys. Thank you. Solana ETF decision was supposed to be one twenty five. Was it delayed? I haven't heard anything about that. I don't think the decision necessarily was necessarily. So what happens typically is that the SEC will say, hey, modify your application. And there's some questions that we need answered. Come back to us once they're answered. I think that's what happened. All right. Thanks, Khaled. We're trying not to publish our trades. That's what PIF membership is for. So with regards to HIMSS, I've said before, Abdullah, I do think it's a good company and everything lines up for it well. I'm just very uncomfortable with the tone that they strike with their marketing. Perhaps had it not been for that, I would have still had a position. and instead of exiting out entirely but you know I go to their youtube channel and I'm like am I being a halal conscious investor holding stock in this company I just don't like the the vibe I get from their marketing so but I am there is another sort of mini hymns if you will that I'm looking at that I may share with PIF members next week, inshallah. If we get a market pullback, we will take advantage. That's why we've kept the dry powder that we have. So, you know, volatility, I think is opportunity, wherever there's trouble, there is opportunity. It's very important that you really internalize this attitude towards volatility. If you, as an investor, you want to be contrarian when it makes sense. And so, so long as the fundamentals hold, if there is a superficial source of volatility, that is something that you think is is not a secular trend, but rather is an incidental one, then I think it makes sense to take advantage of the discounts and prices on your favorite names. Bruce, about tracking your transactions in crypto. I actually need to follow up with my accountant. He asked me about that in Phantom Wallet. There is a software that helps you do that. I think it's Coin Tracker that should help you do that. There's not Coin Tracker or something similar. Well, I've published my opinion on the permissibility of crypto on many different occasions. I think I have a YouTube video on it. So check that out. So different stocks will be available on different brokerages. It depends on what markets those brokerages have access to. So when you're deciding on a brokerage, it's important to understand what markets that brokerage has access to. Some have access to the NASDAQ, NYSE, probably these are the most popular markets for brokerages, but others may have access to a lot of other stocks and oftentimes the best value and the best opportunities are found in these lesser traded stocks, over the counter stocks. So make sure you understand what your brokerage has access to. I know Interactive Brokers has access to probably the widest selection of stocks, but I really dread dealing with their brokerage so I you know recently moved my money out of there to uh charles schwab I think charles schwab and fidelity also have a very diverse range of stocks that they deal with but there are you know some people have told me interactive brokers was just fine for them and so if it's if it's okay to use it's available in your country then Maybe give them a shot as well. Leave a like if you enjoyed this live. Become a PIF member if you aren't one already. Until next time, make sure to take care of yourself. As-salamu alaykum and peace be upon you all.