Squawk on the Street SOTS 2nd Hour: Softbank Sells Nvidia, Market Vet Ed Yardeni, & The Pulse of the AI Trade 11/11/25
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Nov 11, 2025 
Ed Yardeni, President of Yardeni Research and a notable market veteran, offers insights on earnings strength and productivity, reinforcing his bullish market outlook. Jack Hittery, CEO of Sandbox AQ, discusses the long-term demand for AI beyond LLMs, exploring applications in energy efficiency and biopharma. Daniel Nadler, Founder of Open Evidence, shares how their AI co-pilot enhances medical decision-making and builds partnerships with medical societies, highlighting the critical role of physicians in patient care.
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Alternative Data Shows Labor Softening
- Alternative labor indicators show deterioration: ADP weekly data and WARN notices point to weakening employment.
- Goldman estimates a possible 50k jobs loss in October when these sources are aggregated.
Earnings-Fueled Market Melt-Up
- Earnings have driven a high-quality market melt-up, with analysts raising 2026 estimates after stronger-than-expected quarters.
- S&P 500 earnings are tracking roughly double-digit growth, fueling the rally despite volatility.
Productivity Is Powering Earnings
- Productivity gains explain why earnings are strong even as some labor indicators weaken.
- Higher productivity can support rising real wages while keeping unemployment relatively low.