免責聲明更新： 大叔美股筆記歡迎各位投資同好共襄盛舉，為維護個人權益，在瀏覽各個投資筆記前，請先閱覽以下聲明，閱覽者將視為同意本聲明條款： 1. 大叔美股筆記對於所發表之投資筆記、分析數據及參考資料內容，其立論依據皆係合法引用自網路上公開資訊以及合法管道取得之資料，不涉及任何抄襲等侵害智慧財產權之行為;對於閱覽者將大叔美股筆記所發表之投資筆記，在未經同意下，從事行銷推廣、背書代言、營利等商業相關活動，無論是否獲利，大叔美股筆記將採取法律行動追究其責。 2. 大叔美股筆記所發表之投資筆記、分析數據及參考資料內容，不得作為任何交易之依據，閱覽者依筆記或數據資料內容進行任何投資行為所產生之風險及盈虧，未經自行了解判斷，而導致交易損失風險，應自行負擔，大叔美股筆記不對使用者之投資決策負任何責任。 3. 大叔美股筆記所發表之投資筆記對於所提及之其他個人、公司或組織，大叔美股筆記均不對其交易安全、商品及服務內容負任何擔保責任，其間之所有交易、擔保、賠償責任及售後服務皆係存在於閱覽者與商品或勞務提供者之間，閱覽者如因商品或服務提供者發生任何變故或糾紛，大叔美股筆記不負任何法律責任。 4. 大叔美股筆記中，涉及到其他個人、公司或組織之網站連結，對被連結之網站或其所提供之任何產品、服務或資訊，大叔美股筆記不擔保其正確性、真實性、即時性、及完整性。 5. 閱覽者同意由大叔美股筆記保留修改本聲明之權利，如有變更，將公佈於大叔美股筆記社群平台上，不另行通知。 Disclaimer Updates: Uncle Stock Notes welcomes all investment enthusiasts to participate. To safeguard your rights and interests, please read the following disclaimer carefully before reviewing any investment notes. By accessing or reading the content, you are deemed to have agreed to the terms set forth herein: 1. All investment notes, analytical data, and reference materials published by Uncle Stock Notes are based on legally sourced information, including publicly available online data and materials obtained through lawful channels. No infringement of intellectual property rights, including plagiarism, is involved. Any unauthorized use of Uncle Stock Notes’ content for marketing, promotion, endorsement, commercial gain, or related activities—whether for profit or not—without prior consent is strictly prohibited. Uncle Stock Notes reserves the right to take legal action against any such violations. 2. The investment notes, analytical data, and reference materials provided by Uncle Stock Notes are for informational purposes only and shall not be construed as a basis for any trading decisions. Any investment actions taken by readers based on such content are undertaken at their own risk. Readers are solely responsible for any profits or losses incurred, especially where decisions are made without independent evaluation and judgment. Uncle Stock Notes assumes no responsibility or liability for any investment decisions made by users. 3. With respect to any individuals, companies, or organizations mentioned in the investment notes, Uncle Stock Notes makes no representations or warranties regarding the security of transactions or the quality of any products or services provided. All transactions, guarantees, compensation, and after-sales services are solely between the reader and the respective provider. Uncle Stock Notes shall bear no legal liability for any disputes, losses, or issues arising between readers and such third parties. 4. Any external links to websites of individuals, companies, or organizations provided within Uncle Stock Notes are for reference only. Uncle Stock Notes makes no guarantees regarding the accuracy, authenticity, timeliness, or completeness of the content, products, or services offered on such linked websites. 5. Uncle Stock Notes reserves the right to amend this disclaimer at any time. Any changes will be published on its official platforms without prior notice.

According to media accounts of Anthropic’s public IPO filing, the company plans to list on Nasdaq as “ANT,” led by Goldman Sachs and Morgan Stanley. First-half revenue reached $16.3B, versus $4.6B for all of 2025. Q2 revenue was $11.6B, with its first operating profit of $974M. Yet first-half net loss totaled $80.7B—operating profitability and bottom-line results require separate analysis. Q2 compute costs were $5.6B, with committed compute spending reaching up to $120.5B through 2029, alongside leased data centers. These figures support rapid revenue growth, but do not establish that internal cash generation can fund future commitments. The reported $1.5–2T listing valuation remains unconfirmed by the company. Watch memory exposure at $MU, SK hynix and Samsung; compute platforms at $NVDA, $GOOGL and $AMZN; and TSMC, ASE and $LITE. TrendForce forecasts roughly 20% QoQ DRAM contract-price growth in Q4—slower, but still positive. Benefits depend on supplier share, pricing and customer payment capacity. The IPO could also divert capital from existing AI stocks. Revenue growth matters; cash must keep pace. Examine the net-loss components, operating cash flow, compute-payment schedule and IPO pricing. A business becoming profitable and a stock deserving its valuation are separate questions.

據媒體轉述Anthropic公開IPO申報，公司擬以 $ANT 在Nasdaq上市，由高盛、摩根士丹利主辦。2026上半年營收163億美元，高於2025全年46億；Q2營收116億，首次錄得9.74億美元營業利益。但上半年淨損仍達807億美元，營業轉盈與最終損益必須分開看。 Q2算力成本56億美元，至2029年算力支出承諾最高1,205億美元，另布局自租資料中心。這些數字支持AI營收快速成長，卻還不足以證明未來建設與算力支出都能靠自身現金流負擔。媒體所稱1.5–2兆美元上市估值，也尚未獲公司確認。 供應鏈可關注 $MU、SK海力士、三星的記憶體需求； $NVDA、 $GOOGL、 $AMZN 的運算平台，以及台積電、日月光與 $LITE。TrendForce預估Q4 DRAM合約價季增約20%，漲幅放緩但仍上升；實際受益仍取決於供應份額、價格與客戶付款能力，IPO也可能分流既有AI股票的資金。 營收跑得快是好事，還得看現金能不能跟上。接下來盯淨損組成、營運現金流、算力承諾付款時程與IPO定價。公司能賺錢、股票值得這個價，是兩道都得回答的問題。

Musk warned of widespread failures and consolidation among 200-plus neoclouds, saying GPU-cloud operators without other revenue face restricted debt access and SpaceX will not acquire them. His assessment does not establish an industry-wide funding shutdown, but simultaneous equity and credit weakness deserves attention. GPU lessors fund equipment and construction upfront, then collect revenue over time. Higher financing costs, rapid hardware replacement and weaker rents test both collateral values and repayment capacity. Gartner’s estimate that 80% may cease operating independently by 2032 includes consolidation—not universal bankruptcy. $MSFT, $GOOGL and $AMZN have relative funding advantages. For $EQIX and $DLR, tenant quality, contract protections and their own leverage matter. Distressed buyers may obtain better terms while accepting losses. For $NVDA, consolidation need not erase demand, but can change purchase timing and bargaining power. GPU collateral cannot replace cash flow. Watch bonds, CDS, equity terms and rental prices. Sharp rebounds also threaten crowded shorts. Survivors need customers, collections and enough liquidity to reach the next hardware cycle.

馬斯克警告，200多家neocloud將面臨大量淘汰與整併，並稱缺乏其他收入的GPU雲端業者已難取得債務融資，SpaceX也不會收購它們。 他的說法不等於全產業已斷糧，但股債同步下跌，顯示融資壓力值得重視。GPU租賃模式需要先付設備與建設成本，再逐步收租；若融資成本上升、設備更新快、租金承壓，抵押品價值與還款能力就會一起受到檢驗。Gartner估計，至2032年約80%的neocloud可能不再獨立營運，這包括整併，不等於全部倒閉。 $MSFT、 $GOOGL、 $AMZN 的融資能力是相對優勢； $EQIX、 $DLR 則須看租戶品質、合約保障與自身負債。困境債買家可能取得較佳條件，也承擔損失風險。對 $NVDA 而言，客戶整併不必然消滅需求，但可能改變採購速度與議價權。 GPU能當抵押品，不能代替現金流。接下來盯債券、CDS、增資條件與GPU租金；跌深可能急彈，放空也別只看帳面獲利。最後能留下來的，得有客戶、收得到錢，也撐得到下一輪設備更新。

Meta launched an equity-financing program of up to $97.5B for AI infrastructure: $25B of common stock at $625 per share, $12.5B of mandatory convertible preferred, and an ATM program of up to $60B starting early next year. $NVDA is investing $3B; $AMD and $AVGO also expressed interest. Proceeds support four superclusters exceeding 1GW each, including Louisiana’s 5GW Hyperion campus. Equity diversifies funding beyond debt, but shareholders face dilution. The ATM is a future issuance facility—not cash already received—so the full $97.5B should not be treated as secured funding. Watch demand implications for $NVDA, $AVGO, power and cooling suppliers $VRT/$GEV, and optics vendors $LITE/$COHR. Taiwan exposures include TSMC, Quanta, Wiwynn and Delta Electronics. Financing improves construction capacity; orders and revenue still depend on procurement, permits, power and delivery. Supplier investment in a customer also warrants scrutiny of funding flows and commercial terms. Raising capital helps; shareholders still need higher earnings per share. Watch completed financing, Hyperion power permits and hyperscaler results. AI returns must account for new shares, depreciation and cash flow—not simply campus size.

Meta推出最高975億美元股權融資計畫，支應AI資料中心建設：普通股發行擴至250億美元、每股625美元；另有125億美元強制可轉換優先股，以及明年初啟動、最高600億美元的ATM市場售股計畫。$NVDA 投資30億美元，$AMD、$AVGO 也表達參與興趣。 資金將投入四座逾1GW，包括路易斯安那州5GW的Hyperion園區。這顯示AI建設的資金需求正擴大至股權市場，有助分散舉債壓力，但既有股東也須承擔稀釋。尤其ATM是逐步售股的額度，不能把975億美元全算成已到帳現金。 $NVDA、 $AVGO，以及供電散熱的 $VRT、 $GEV、光通訊的 $LITE、 $COHR，都是需求觀察對象；台灣供應鏈則看台積電、廣達、緯穎與台達電。融資增加建設續航力，訂單與營收仍取決於採購、許可、接電及交付。供應商入股客戶，也讓資金流向與交易條件更值得檢查。 錢募得到是好事，股東還得問，每股最後能多賺多少。

Tehran mediation briefly cooled oil prices: Brent settled Monday at $115.81, down 0.78%, and WTI at $101.76, down 1.46%. Brent returned above $116 early Tuesday. Missile and drone threats against Saudi Arabia persist, keeping export-infrastructure risks in focus despite diplomatic progress. Separate physical flows from the risk premium. Kpler indicates September Gulf crude exports returned to pre-war levels, but that does not establish safe passage across every route or unchanged October flows. Diesel and freight costs can still feed inflation and complicate Fed easing. In gas, $EQT announced an all-stock acquisition of $RRC, creating a combined enterprise value above $50B—a long-term bet on US gas and LNG demand. Oil moving today and confidence it can move safely tomorrow are different things. Watch Tehran follow-ups, Saudi export facilities, current shipping data and API/EIA inventories. Credible ceasefire progress could unwind the premium quickly. High oil prices are not a permanent earnings guarantee.

Brent週一收115.81美元、跌0.78%，WTI收101.76美元、跌1.46%；週二早盤Brent又回到116美元以上。沙烏地仍遭飛彈與無人機威脅，談判消息能壓低報價，出口設施風險卻尚未消退。 Kpler顯示9月海灣原油出口已回到戰前水準，這不代表每條航線都已安全，或10月流量持續相同。柴油與運輸成本仍可能推升物價，讓Fed更難轉鬆。天然氣端，$EQT 宣布全股票收購 $RRC，合併企業價值逾500億美元，反映對美國天然氣與LNG需求的長期布局。 $XOM、$CVX 有上游油價支撐；$VLO、台塑化則要看成品油價差，不能只看原油上漲。$EQT 的機會仍須搭配併購條件、管線運能與整合成本評估。航空與石化業成本承壓，油輪業者則同時面對繞航商機與安全、保險支出。 有油運出來，與市場相信明天也能安全運出來，是兩回事。

The Fed’s two-day meeting begins today, with its decision due Oct. 28 at 2pm ET. Markets price only roughly a 10% chance of an October hike, favoring a hold at 3.75–4.00%. Yet September’s minutes showed most officials expected another increase by year-end. Watch Warsh’s December message and potential hawkish dissents, particularly Logan. The 10Y has retreated to roughly 4.97%. Haven buying amid the AI sell-off, French political stress and Middle East risks should not be mistaken for a dovish Fed. Stronger December hike signals, combined with weak Treasury auction demand, could reverse part of the bond rally and pressure tech valuations. Falling yields sometimes signal fear rather than easier financing. Watch today’s 5Y auction and consumer confidence, then tomorrow’s Fed message. The most consequential words may come immediately after “unchanged this month.”

Fed兩天會議今天展開，10/28美東下午2點公布決議。市場預估10月升息機率僅約10%，主流預期維持利率3.75–4.00%，但9月紀要顯示，多數官員認為年底前仍需再升息。這次關鍵是Warsh如何談12月，以及Logan等鷹派是否投下反對票。 10年美債殖利率已回落至約4.97%。AI股賣壓、法國政治與中東風險帶動避險買債，不能解讀成Fed轉鴿。若記者會強化12月升息預期，加上公債標售需求偏弱，長債漲幅可能回吐，科技股估值也會再受考驗。 美債殖利率下降，有時是市場害怕，未必是資金變便宜。先看今天5年債標售與消費者信心，再聽明天Fed怎麼說。這場會議最有分量的，可能是「本月不動」後面接的那幾句

Anthropic's S-1 is out (Nasdaq: ANT). Here's the prospectus in 7 points 1. Revenue: the growth is real Quarterly revenue ($M): Q1'25: 376 Q2'25: 787 Q3'25: 1,382 Q4'25: 2,040 Q1'26: 4,731 Q2'26: 11,555 📌 Q2 up 1,368% YoY 📌 Q2 was the first quarter with positive GAAP operating income: $974M 📌 Q3 isn't in the financials. The filing only says it was "86 times" Q4'24, which implies ~$16.8–17.1B 2. An $80.7B H1 net loss? Don't panic ~$72.4B of it is fair-value changes on convertible notes, and ~$9.4B comes from note purchase agreements. The higher the valuation, the bigger the paper loss on these instruments. It's non-cash. H1 operating loss was only ~$0.7B, and cash plus short-term investments stood at ~$131.7B. 3. Revenue is booked gross When Claude is sold through the AWS, GCP or Azure marketplaces, Anthropic books the full amount as revenue. The cloud provider's cut goes into expenses. Marketplace share of revenue: 32% (2024) → 47% (2025) → 48% (H1'26) Adjust for this before comparing with companies that report net. And read the run-rate definition carefully: trailing-28-day consumption × 13 + monthly subscriptions × 12. The S-1 flags two things itself: • It includes customers later found to be violating the usage policy • Usage is seasonal and dips over summer and year-end holidays 4. Distillation finally has a number Customers violating the usage policy or commercial terms made up ~5–7% of 9M revenue, roughly $1.7–2.3B. Enforcement was stepped up in Aug–Sep, and the company expects the share to fall. It's a one-off headwind, and one the company chose. 5. Demand is real 📌 Net revenue retention ~900% (ex-Pro/Max) 📌 Customers paying >$100K / $1M / $10M a year: 11,900+ / 1,900+ / ~250 📌 No customer >10% of revenue, top 5 ≈ 25% 📌 Q3: 79% of revenue came from outside the top 5 (64% in Q1) 📌 Enterprise customers who also use Claude Code spend ~20x more 6. The real story: revenue is variable, costs are fixed Revenue side: • ~80% is consumption-based • cRPO (contracted revenue recognized over the next 12 months) is ~$8.1B, less than 20% of ~$46B annualized revenue Cost side (disclosed compute commitments): Broadcom TPU leases: ~$161B SpaceXAI (NVIDIA GPUs): up to ~$121B, ~$3.1B a month from Dec'26 Google: ≥$115B, plus $125–150B of TPU capacity in 2028–31 Amazon: ≥$110B Microsoft: ≥$45B Nscale: ~$45B Lambda: ~$41B AMD: >$20B That's roughly $780–810B in total. Treat it as a sense of scale, not a precise liability. It mixes minimums ("at least"), caps ("up to") and rent that excludes interest. On top of that, the Broadcom leases, the credit agreement and the convertible notes carry cross-default provisions. This is the most important risk in the filing. The question isn't whether demand exists. It's whether variable demand can carry a fixed cost base. 7. Dilution 📌 $77B of convertible capacity: Google $20B, Amazon $15B, Broadcom $42B, converting at a trailing VWAP 📌 Google can buy up to $10B more at the IPO price 📌 A Public Benefit Fund already holds 5% fully diluted, plus up to 2% more for every 50% rise in the share price My take ① Suppliers are creditors, and could become shareholders. Broadcom has ~$161B in leases and $42B of convertible capacity. This is the biggest "borrow to buy shovels" example yet. ② Elon is the landlord. The SpaceXAI commitment of up to ~$121B is the other side of the "stranded compute" story from a few days ago. ③ The seasonality Nomura pointed to? The S-1 confirms it. ④ For suppliers, these are mostly take-or-pay contracts with high visibility: $AVGO $GOOGL $AMZN $MSFT $SPCX $AMD The risk sits with Anthropic's usage holding up. We should focus： 1. The S-1 amendment: official Q3 numbers, run-rate, price range, total commitments 2. Q4 revenue: how big the three headwinds are (fewer policy-violating customers, price cuts, big customers moving to in-house models) 3. Hyperscaler earnings: any change in capex Bottom line: strong demand and fresh profitability, but this is a company whose revenue follows usage while its costs are locked in. Understand that mismatch and you understand the prospectus. #Anthropic #IPO #AI #AVGO #GOOGL #amzn anthropic.com/news/s1-sec

Anthropic 的 S-1 出來了（Nasdaq，代號 ANT） 在幾個小時之前出來了。我快速整理下內容跟重點給各位。 unclestocknotes.substack.com…

Brazilian assets plunged after Lula won 51.79% to 48.21%, with Flávio Bolsonaro refusing to concede and pursuing a legal challenge. The unexpected result sent the real down more than 10% intraday and triggered a stock-market trading halt. Fiscal and political risks were repriced together. Stress reached funding markets: interest-rate futures surged and the Treasury cancelled bond auctions. Credible spending and debt-management plans now matter more than campaign promises. A firm dollar and US Treasury yields near 5% further raise the return investors demand for Brazilian exposure. Dollar-earning exporters such as $VALE and $SUZ may receive a currency cushion, subject to commodity prices, dollar debt and costs. Regional diversification helps $MELI but does not eliminate Brazilian demand, FX or credit exposure. Watch policy, funding costs and asset quality at $PBR, $ITUB and $BBD. A steep decline can attract buyers without resolving the risks. Watch finance-minister signals, fiscal commitments, central-bank action, legal proceedings and resumed bond auctions. Buying Brazilian equities also means accepting exposure to the real.

巴西選後股匯重挫。Lula以51.79%對48.21%勝出，Flávio Bolsonaro拒絕認輸並尋求法律挑戰。結果出乎市場預期，雷亞爾盤中貶逾10%，巴西股市大跌並觸發熔斷。選前押注落空，財政與政治風險一起被重新定價。 壓力也進入債市：利率期貨急升，財政部取消公債標售。接下來的關鍵，是新政府能否提出可信的支出與債務管理方案。在美元偏強、美債殖利率約5%的環境，投資人承擔巴西風險所要求的報酬也更高。 $VALE、$SUZ 等美元收入出口商，可能獲得匯率上的部分緩衝，但仍受商品價格、美元債務與成本結構影響。$MELI 雖有區域分散，也不能免於巴西需求、匯兌與信用風險；$PBR、$ITUB、$BBD 則須留意政策、融資成本及資產品質。 跌得很深，可以吸引買盤，還不能證明風險已經算完。先盯財長人選與財政承諾、央行動作、選舉爭議處理，以及公債標售何時恢復。

Elon Musk warned that debt markets have largely closed to neoclouds without revenue beyond AI data centers, predicting substantial failures and consolidation. $CRWV fell roughly 5% premarket, with $NBIS and $IREN down around 2–3%. Their monthly declines were approximately 36%, 31% and 40%. His assessment is not proof that funding has disappeared across the entire industry. CoreWeave’s debt and lease obligations totaled roughly $52B at end-June, against about $104B of backlog. Those orders convert into cash over delivery and service periods, while construction and interest require funding sooner. Tighter credit can slow expansion and equipment purchases even when end demand remains strong. $MSFT, $GOOGL and $AMZN have relative balance-sheet advantages and may negotiate better capacity and procurement terms. $MU and SK hynix retain tight-supply support, subject to customer budgets. Diversification helps $TSM but does not eliminate spending risk; $NVDA and $AMD face customer-credit and potential used-GPU liquidation risks. Strong demand does not guarantee a loan. Watch hyperscaler capex, CRWV bonds and CDS, and rescue financing or M&A. Backlogs provide visibility; cash pays interest. Funding must last until collections arrive.

馬斯克警告，缺乏AI資料中心以外收入的neocloud，幾乎已被債市關上融資大門，未來可能出現大量淘汰與整併。消息後，$CRWV 盤前跌約5%，$NBIS、$IREN 跌約2–3%；三家公司過去一個月已分別跌約36%、31%、40%。當然這是他的判斷，不能直接當成整個產業都已斷糧。 CoreWeave截至6月底債務與租賃義務約520億美元，積壓訂單約1,040億。但訂單要等機房交付、提供服務後才能逐步收款，利息與建設費用卻持續發生。若融資收緊，即使終端需求仍在，擴建速度與設備採購也可能放慢。 $MSFT、$GOOGL、$AMZN 的資產負債表提供相對優勢，可能取得更好的容量與採購條件；$MU、SK海力士仍有記憶體供給偏緊支撐，但也受客戶預算影響。$TSM 客戶組合較分散，仍無法完全避開AI支出放緩；$NVDA、$AMD 則須留意客戶信用與二手GPU拋售風險。 需求很旺，銀行也不一定肯借。接下來盯雲端大廠資本支出、CRWV債券與CDS，以及救援融資或併購。積壓訂單能提供能見度，付利息終究靠現金；融資撐不到收款那天，再長的訂單也會變成壓力。

The Fed decides Oct. 28, with futures pricing roughly a 90.6% chance of holding at 3.75–4.00% and 9.4% for a 25bp hike. The focus is Warsh’s December message: how long the pause lasts, whether energy inflation spreads, and what would trigger another increase. September CPI rose 3.7% YoY and 0.6% MoM; energy climbed 20.4% YoY, while core inflation was 2.6%. Expensive oil and a 10Y near 5% pressure growth-stock valuations and AI infrastructure financing. GDP and PCE follow Oct. 29. Resilient growth and hotter core prices could reinforce year-end hike expectations. Canadian, European and Japanese decisions add funding-cost and currency risk. $JPM, $BAC and $SCHW may benefit from elevated rates, but deposit costs, loan demand and credit losses matter. Short-bill ETFs such as $SGOV offer income with low duration risk; distributions adjust with short rates, and their role differs from long-term equity growth. A hold is largely expected; the next step moves prices. Watch the Oct. 28 statement at 2pm ET, the 2:30pm press conference, then GDP and PCE. Rate hikes cannot produce more oil. The Fed must balance inflation expectations against the cost of weaker demand.

Fed將於10/28公布決議，市場預估維持利率3.75–4.00%的機率約90.6%，升息25個基點約9.4%。這次焦點在Warsh如何談12月：暫停多久、能源通膨會不會擴散，以及什麼數據會讓Fed再次升息。 9月CPI年增3.7%、月增0.6%，能源年增20.4%，核心則為2.6%。 油價推升物價，10年美債又在5%附近，讓成長股估值與AI基建融資持續承壓。 10/29 GDP與PCE緊接公布；若成長仍穩、核心物價偏熱，市場可能強化年底升息預期。 本週加拿大、歐洲與日本央行也將決策，資金成本與匯率都值得留意。 $JPM、$BAC、$SCHW 可能受惠於利率維持高檔，但銀行仍須看存款成本、放款需求與信用損失。$SGOV 等短債ETF提供較低天期風險的收益選擇，後續配息會隨短端利率調整，也不能取代股票的長期成長角色。 這次「不升」大致在預期裡，真正會動價格的是下一步。盯10/28美東下午2點決議、2點半記者會，再接隔天GDP與PCE。能源漲價不是升息就能增產，Fed得拿捏通膨預期與需求降溫的代價。

摩根大通執行長傑米戴蒙在被問及為何美國執行長們不敢批評川普總統時反駁：「我已經表達了我的想法。你還想讓我說什麼？」 訪談者：“我真的對美國執行長們不願發表任何批評意見感到震驚。你們國家瀰漫著恐懼的氣氛。你同意這種說法嗎？” 傑米戴蒙：「達沃斯知識精英。這些年來我一直來達沃斯，聽他們各種議論。它真的讓世界變得更美好了嗎？我們聚在一起討論。你們想讓我說什麼？ 我有很強的觀點。川普做的一些事是好的，有些則不然。 我不是關稅派。我會在某些情況下使用關稅嗎？是的。我認為他們應該改變移民政策。我已經說過了。 你們還想讓我說什麼？我只是想進行對話。 」