As-salamu alaykum everyone, I hope you're doing well. Today is Tuesday, October 8th, and the markets are in wait-and-see mode. Anticipating the Fed meetings tomorrow, meeting minutes tomorrow, and the CPI and PPI numbers later this week. There's also anticipation of an Israeli retaliation on Iran, so geopolitical tensions in the Middle East. All of these factors are casting their shadows on the markets. Today, the Dow Jones, as we speak, is up 0.16%, Nasdaq is up 1.25%, the S&P up 0.8%. The dollar index has held flat. Typically, the asset prices are supported when the dollar loses value compared to major currencies. This is kept track of through the dollar index. Higher or stronger dollar typically means asset prices will go down because they're denominated in dollars. We did get some relief on the VIX with the VIX being down 6%, so investor sentiment is a bit more upbeat today than it was yesterday, at least as per the VIX. Tesla's up just under 2% in anticipation of the Robotaxi event that is now just two days away, and I can't overstate really how important this event is, not just for the company, but for humanity in general. I think that this may be an event that is, in terms of autonomy and what that means for humanity, this could be similar to the advent of the railroad or the advent of the automobile itself. This is going to really impact our lives in a significant way, each and every one of us, over the coming years. So, big event there. I'll obviously bring you my analysis, my take on what was presented there. NVIDIA is up 3.5%. We did see a pullback today in lithium, so whereas the ETF yesterday was in the green, we're down 4% on that ETF. We don't hold the ETF, the ETF is down 4%. Albert Marley is down 4%. Now, moving on to Bitcoin miners, Marathon, the largest Bitcoin miner is up 0.38%. Bitdeer is up 1.5%, doing a lot better than many other public miners today, Bitcoin miners, that is. Iris Energy down close to 4%. I have something I'd like to say about Bitcoin and Iris Energy in this live, so stay tuned for that. Go pull back a little. Bitcoin is at 62,250. I may actually sacrifice once Bitcoin breaks out at 65,000. It seems like it's been stuck here for the longest time. It should, inshallah, break out. Let's see. Walaikum salam to everyone in the chat. Yes, salam PIF family. Thanks for everyone who is leaving. I really appreciate that. Do leave, if you enjoy these lives. Nice to see you, Zuhair and everyone else. So, let's talk about what I found interesting today. This is an article that other YouTubers are not going to talk about and not going to make the connections, but I will. I'll keep you always, inshallah, on the bleeding edge of what is happening so that you can spot some opportunities for alpha. So, a researcher claims that Microsoft and OpenAI may have cracked multi-data center distributed training for the AI models based on their actions. Whereas, currently and previously, AI models were basically trained in one data center and those data centers are becoming larger and larger all the time and it's becoming a limitation on the training of these AI models, that is the capacities of these data centers. According to this one researcher and they provide evidence for it, which we'll look at, Microsoft and OpenAI may have figured out how to use multiple connected data centers to train their AI models and I'll tell you why that's important for us in a second. So, this commenter mentions the following. With the rapid advances and widespread adoption of AI, there's a dire need to scale greater heights and infrastructure to facilitate more growth and powerful AI systems. However, efforts towards these goals quickly dwindled because of insufficient funds, construction timelines, permit restrictions, regulations, and low electricity supply. Major tech corporations in the AI landscape, including Microsoft and OpenAI, have heavily invested in training AI models. However, the process is watered down since it's limited to a single data center. This is a big limitation that companies were coming up against. Though, late to the AI party, Google owns the most advanced computing systems, placing it miles ahead of its competitors like Microsoft, OpenAI, and Soffit. However, Microsoft and OpenAI have reportedly cracked multi-data center distributed training, which could be vital to unlocking greater heights for AI. According to the clip that they include, and in it, they mentioned, Microsoft has signed deals north of $10 billion with fiber companies to connect their data centers together. There are some permits already filed to show people they are digging between certain data centers. So, there is evidence that this connection between the data centers is something that Microsoft is trying to achieve, and there is, in fact,$10 billion worth of evidence that this is happening, leading the researcher to believe that multi-data center training for these large language models, Microsoft is capable of doing this. Why this is important for us is that we have a play on Bitcoin miners. And one of the opportunities that we see in Bitcoin miners, one of the reasons why we're bullish on certain miners, is that there's an AI arbitrage play. Whereas previously, these Bitcoin miners have been valued based on their ability to mine Bitcoin and how efficiently they do that, some Bitcoin miners with extensive access to power sources and land that's needed, and basically what you need for data centers, these miners can benefit from utilizing the resources they have in the way of AI and training. And which miners? If we look at the power capacities of these miners, one of the main criteria that's going to impact these miners' ability to provide data center infrastructure and be used in high-performance computing and AI training, Bitdeer has a target total of 2,540 megawatts. Iris Energy has a target total of 2,570. This is according to a VanEck report that came out recently. So these are the two miners with the top one and two spots in terms of target power capacity. And why this is relevant to the news item I just mentioned, is that even if a company were to view these locations as perhaps too small for them, if the ability to use multiple data centers to do AI training, that becomes possible, then a lot of these locations can be connected with one another to form a giant data center. And so the opportunity and the number of customers that may be interested in some of the resources that these companies have, when you have multi-data center AI training, the number of customers that may be interested in the resources of these companies actually increases. And so this makes the AI opportunity for these public Bitcoin miners even more significant. So that's one thing that I wanted to point out that you will not hear on other YouTube channels, which makes me even more confident with our picks and inshallah, the bets that we've made in the area of Bitcoin mining. Another name that I looked at today, which hits my radar a lot is Broadcom, because following the threads of that story, it turns out that OpenAI may be working with Broadcom on developing their own AI chips. So not having to rely on NVIDIA for all of its hardware. And that got me to thinking, hey, what about Broadcom? Broadcom does hit a lot of my criteria in terms of things that I like to invest in. So if you look at their recent investor presentation, look at net revenue and how it has grown, gross margins at 74%, close to 75%. This is a great business. It's pumping out cash at a healthy rate at $17.6 billion for the fiscal year 2023. If you look at the dividends, they're increasing their dividends all the time. If you look at their valuation, I actually think their evaluation is quite reasonable, because yes, their trailing PE is 141. But only novices look at trailing PE. The important thing is what is the forward PE that takes the price compared to the forward earnings, because that takes into account the growth that the company is expected to experience. The forward PE of 28 is quite reasonable. And when you have a PEG ratio of close to one, obviously, so Peter Lynch had a rule that his ideal PEG was one or below one. So this is the price earnings growth ratio, takes the price earnings ratio, divides it by growth. So one or below one is what he was looking for. But keep in mind, the growth here is the five year expected growth. So if you look at the PEG ratio for the next year, for the next 12 months, it's actually closer to one for Broadcom. So this is a very reasonably valued company with 75% gross margins, as I mentioned. There is one problem though. And that problem is their debt. Total debt to equity is 166%. They're paying around a billion dollars in interest expense every quarter. And that puts it outside of my comfort zone from a Halal perspective in terms of investing in this company. And that's why I won't be investing in this company. That being said, I am looking at smaller cap plays in this area. Because while Broadcom is a great company, and it can probably appreciate the lap, it is 800 plus billion in market cap. So it's a larger cap company. For larger cap companies, the 10x, for example, it takes a lot more to do that than a smaller cap company. So the task at hand is to find something similar to Broadcom, but a lot less, a lot smaller in size, and obviously, less debt and less interest expensive than Broadcom. So I just wanted to share that in case you were wondering my take on Broadcom, since I expect it will be in the news frequently and for the foreseeable future. Let's take some questions. Rashad says two Zabiha in our upcoming PIF meeting somewhere in Texas, once above 500,000. Yes, absolutely. We'll do two Zabiha's once, once BTC crosses half a million, inshallah. Halal Alpha. Yep, that's what we're all about. Expecting inflation to be a bit hotter than expected based on my short grocery stroll. You were correct in your last grocery stroll with regards to inflation being down. And in fact, the report came out that it was down. Perhaps you are correct again here. And I will say that the expectations of a bit hotter inflation is not necessarily a minority opinion for this particular report. Many are expecting this. So it may actually turn out to be spot on. We'll see. Taskeen says Assalamu Alaikum. Do you think lithium will reach the same highs from its last bull run a few years ago? Probably not Taskeen. I don't think it will a lot went well for lithium a few years ago for that to happen. I don't think it will necessarily reach those highs again. Although I do think that it will recover from where it is right now. So I think we overshot on the way up. We overshot on the way down and you saw the recovery. And congrats for people who made money on that particular play in our portfolio. Speaking of our portfolio, if you are not a PIF member, do become a PIF member. Link to do so should be in the description. Until next time. Azuhair has one question. Let's answer that. How much dry powder do you have until the bull run? I like to keep 10 to 20 percent as dry powder. That's a good rule of thumb, I think. I'm running low, but inshallah will follow percentages. Good. The important thing is consistency. Community says, what are your thoughts on the growth of Halal income investments? Not really sure what you mean by Halal income investments. If you're talking about dividend stocks, you do have a portfolio of dividend stocks, which are doing they obviously have not appreciated as much as our growth portfolio, but they're doing what they're designed to do, which is growth that keeps up with the market plus providing a steady income for holders. Yeah, so those are my thoughts. Anyway, if you haven't left, I'll do leave a like. Until next time, make sure to take care of yourself. As-salamu alaykum and peace be upon you all.