Rebels Edge · Mon, Jul 27, 2026

The Next AI Winner Isn't AI

Summary

The hosts review a volatile market session in which an early rally faded despite lower oil prices and a reported U.S.–Iran ceasefire. They discuss D-Wave Quantum, Workday, Bitmine Immersion Technology and Baker Hughes, highlighting company catalysts, financial metrics and demand trends, before turning to prediction markets and sports.

Early stock-market gains faded, with the Nasdaq turning negative and the VIX rising back above 19 as oil prices declined.
The hosts review prediction-market odds for topics Trump might mention during remarks at General Motors.
D-Wave Quantum rallied following its Nasdaq listing transfer and discussion of an AT&T partnership that reportedly accelerated certain tasks dramatically.
Workday rose roughly 9%; the hosts highlight its cash flow, balance sheet, valuation and short interest as reasons to monitor it for unusual options activity.
Bitmine Immersion Technology gained approximately 12% as the hosts discuss Tom Lee’s continued weekly Ethereum purchases and substantial crypto holdings.
Baker Hughes received a bullish assessment following reported earnings and revenue beats, supported by strong demand for LNG and power technology.
The closing segment covers baseball highlights, the 3M Open, NFL training camps and NBA player moves.

QBTS T WDAY BMNR BKR GM

Full transcript

Welcome back to a fresh week with another Rebels Edge. And the heartbeat market continues. Pete and I will break that down as well as what's going on with sports and prediction markets on today's Rebels Edge.
[music] [music] I haven't decided what to put on the green screen behind me yet, Pet.
[laughter] I'm working on it.
>> How about like the city of Chicago, maybe? Or the city of New York or something? I don't know. [laughter] Maybe it's a stadium or something.
>> Maybe, but the IRS probably wouldn't like it. [laughter] >> Um, and by the way, folks, as always, money back guarantee for today's show.
Whatever you've paid us, we'll send you every penny back. In fact, we'll double it. Whatever you paid us for today's show, the two for one, the double, you can hold us to that. We will pay you back.
>> Exactly.
>> What a deal.
>> You paid for today's show, Pete.
[laughter] That's just for any of the hacks out there that might not like things we cover and we'll say, "Oh, okay. I'll send you your money back." [laughter] There are a few hacks.
>> There are a few. Uh sort of like that lady that interviewed Elon Musk, Pete, and said he didn't she didn't know what he he didn't know what he was talking about when he SAID THERE ARE RIOTS ALL OVER EUROPE. YOU KNOW, there freaking immigrants are fighting with the locals and blah blah blah. And she said, "I don't think you know what you're talking
about." Over the weekend, France is on fire. Belgium's on fire. Belfast is on fire. Dublin's on fire. England's on fire. Oh, I think he knew what he was talking about. And again, if you disagree, I'll send you your money back.
[laughter] >> That's fair. That's fair. I I can just be I can't be fairer than that. Well, let's see. Um the US and Iran are again observing a slight slight ceasefire, but even though it was enough to get the Dow
up over 500 points in the pre, we didn't hold on to more thanund and some odd points of that beat because last week, you know, it was back to that heartbeat market and this week we're starting out the same way. Up, down, up, down, just like an EKG. Yeah. I mean, you want a little bit of volatility. We've got it
for sure. I mean, you you wake up, you're looking at these markets, they're screaming to the upside, obviously, like you just said, I mean, WTI dropped all the way down to like 84. It's actually even gotten below there. So, down five and a half, six and a half%, whatever you want to call it. And, you know, you thought like, well, this this is going to be an absolutely unbelievable day.
[laughter] And all of a sudden started to leak a little bit and it leaked a little bit more. And then next thing you know, you're looking at, you know, the, like you were just saying, I mean, the NASDAQ strong in in positive territory. All of a sudden, it's down half a percent. And then you look over at the Dow, which was up, like you said, five, six00 points,
whatever it was. And next thing you know, it's still up 100 and change, but it's up a quarter percent. So, gives you a little bit of an idea of how much we're seeing going back and forth right now. And I'll tell you what, it's represented pretty pretty well on some of these volatility measurements that we've got out there, John.
>> Well, speaking of which, give us the VIX, Pete. Um, I imagine the VIX VXN for the NASDAQ is moving more than the one for the S&P. Is that right?
>> Yeah, but it's it's funny. It's not is not probably at the level that one of us would either of us would expect. I mean, I think one of the things that was interesting was early on, right at you know, when the pre-market fix was down about a half a percent or excuse me, 5%.
And then the next thing you know, down about 17 and a half. Next thing you know, it starts stairstepping back up again. Next thing, you know, it's actually up 5%. Got all the way up to 1950. So, uh, you know, it's it's interesting to see how it's been moving around and and there we are. We're kind of stuck there still. So, a little bit north of 19 right now. up about three
and a half percent call it and then you've got the Vixen which is also measuring the volatility that had a little bit of a boost as well but it's interesting John it it's it's come back from the VIX it's come back and it's back into that range call it 17 and a half to call it 19 something close to that so we'll see how it goes throughout
the day but uh the day certainly changed pretty rapidly from what we saw we thought we were going to see in the early part of the day and that changed almost immediately like that.
>> Yeah.
>> All right, let's talk about uh a prediction exchange prediction, Pete.
>> Um we've got uh what will Trump say during his remarks at General Motors?
[laughter] >> So, um you know, whoever can predict this is uh pretty damn good. But I guess these are the top three things that he might say, Pete. one um something about Iran, although that came down 11 points in the last little bit uh to 64% chance.
So, if you want to take the other side of that, you don't think he's going to talk about Iran? Well, you can uh turn whatever 40 cents into 60 uh profit.
Artificial intelligence about a 60% chance and Barack Hussein Obama 40% chance. Why he would talk about Barack Obama, I have no idea, Pete, but somebody out there is putting money on the line about that. And so, good for them. Uh I I don't know if he'll be
talking about Barack Obama much at the uh Michigan uh General Motors deal, but it's down 28% in fact, the chance that he's going to talk about Barack.
But they clearly thought that there was going to be a really big chance that he was going to say a lot about him.
[laughter] And then you've got, like you said, the AI, artificial intelligence side of it, which is the one thing that's been going up. So, yeah, I I would say that we're going to hear something about AI. But you know what, John, I was just looking at this thinking about, well, he's going to probably say AI a couple of different
times and then is he gonna talk about Iran? I would say he probably does. I guess the question is is it three plus times or not, but it's right interesting and I love these Kelshi things. They you know what they they can be very [clears throat] entertaining at times for sure.
>> Well, uh let's flip on over Pete to uh the stocks that are moving today like QBTS >> because it's up sharply uh first day of trading on the NASDAQ after transferring from the NYSE.
Now, I like the the operators of both those exchanges, so I have no uh prejudice or favorite. I think they're both great. But obviously, some companies elect to be on what was formerly known as the tech exchange,
Pete, which would be the NASDAQ. And in this case, uh first day trading on the NASDAQ after starting off on the NYSE effective today. So, that's kind of interesting. and D-Wave Quantum as it's known um surging on this news.
>> Yeah, up pretty good. Um not only on that news, John, but that AT&T partnership that they they kind of were talking about this as well and they were they were saying that it can be a almost like a gamecher quite frankly because you know they talk about some of the efficiencies that they get from these tasks that are asked and because of the
quantum because of D-Wave or whatever this uh this really could be something that could be amazing. I mean, one of the things that I read, John, that just made made me just say, "Wow, I I didn't realize it was that impressive until I looked at these numbers, but they were talking about what used to take them an hour is now all the way down to 15
seconds, not 15 minutes, 15 seconds because of quantum." So, um, you can understand why that's uh that's going to be important for AT&T and for for DWave.
uh it makes sense that this thing is up as much as it is because it it's just telling people that much more. They're going to they're going to read about that much more on how much they are changing and in this particular case with AT&T and this partnership they've got that's going to be pretty damn impressive.
>> Yeah. Well, also impressive Pete Workday.
>> Yeah.
>> Trading higher uh basically due to broader strength in software and application stocks. A lot of you probably don't really know um what workday does. It almost seems like it might be a competitor um to we work or something like that, Pete, but it's not
at all. It's enterprise uh intelligence platforms uh and so forth. And apparently um up about 9% today on approximately two million shares traded.
It looks like they're having a pretty good day. And uh uh let's see for the 52- week high, they are a far cry from that peak. That's 249. Yeah.
>> Um after today's rally, it's 147. So in other words, um it's been smashed and this might be one of them that people are starting to accumulate.
>> Yeah. And especially when you're looking at, you know, it's been down in this sort of range, John, for a while now.
You go all the way to March where it fell and it kind of didn't stop there, but it got pretty close to stopping there.
It's been in this range ever since. So, pretty interesting to see what's going on there. Like you were talking about what they do and so forth and the strength and software. I'll tell you one of the things that I also was looking at, John, I just wanted to look at what are the nuts and bolts of the company.
What does it really look like? They're up whatever percentage that is pretty signi significant. But they got about 11 to 15% short interest there. So, that's something that could give them not just a big move today, but a big move into the future. Their balance sheet is absolutely pristine. Uh the free cash flow that they've got at three and a
half or 3.1 billion, I'd say that's pretty damn good. And by the way, when you look at where their PE is right now, the price to earnings, it's trading at a 12. So all of that I think m makes me think that workday might be one that we'd like to keep a nice close eye on.
Looking for some unusual options in here for sure, John. And one of the other things that I would say is they talked a little bit about their earnings and the possibility that they uh they'd be up uh at least it's reflecting the fact that they'd be up 26% year-over-year for their earnings. So that's uh that's a
pretty decent number and I can I can imagine those numbers could go even higher. So we'll see when the time comes.
>> Yep. Well uh let's dive in Pete to Bitmine Immersion Technology. This is a friend of ours and I say that uh uh in all seriousness. Um Tom Lee is a brilliant guy and a good friend of both Pete and John's. Y
>> um Tom Lee is the chairman of BMNR. He was brought in there a little over a year ago, Pete. and he has bought Ethereum or ETH every single week since they began that trading strategy back
June 30th of 2025. So they are, if not the largest, one of the largest and I think they're the largest owner of Ethereum, basically 11.8 billion dollar worth of those ETH uh crypto holdings.
And uh my the thing's making a nice upside move today, Pete.
>> It really is. And you know what? It's interesting. I think we we've seen a little bit of unusual actually in this name uh very very recently. So interesting to see that. You were talking about the the fact that he's done that every single week. He's bought ETH every single week. It's it's amazing. But it it's an incredible uh
number that starts to add up in a big way in the in the world of crypto. And I'll tell you, it's up what 12% today. I think you're you're spot on. And this is something he's never hidden his love of this stuff, by the way. Tom Lee's been very much uh one of those guys. And if I don't forget, uh I think I remember very
clearly a lot of people giving him a lot of flack, John, way back when. Well, these these numbers are a lot higher now than they were when he first started on all this stuff. So, I think that uh I think Tom's been on the right side of this one in a big way. And I would say he's probably he's probably on the right
side of it still.
>> Yep. Well, let's talk about one that's been on the right side of a lot of energy exploration throughout its history, Pete.
>> Uh Baker Hughes, BKR.
Um Baker Hughes non-GAAP EPS basically comes in at 64 cents. They were predicting 15. So, in other words, Pete, they pretty much 4xed it, which is pretty damn good. You'd expect a pop of double digits on that kind of
performance. Revenue, um, also beat by about almost a quarter of a billion dollars. Uh, almost everything in this report, Pete, and I'm not gonna, uh, you know, come up with a butt. Um, I'm saying almost everything in this report was perfect,
>> perfectly good to drive this stock to the upside. And that's exactly what BKR is doing. And if you look at a chart, Pete, this thing a year ago was uh what uh 44 bucks. It traded all the way up in May to about 70, pulled back and is now
on its way back perhaps towards 70. It's at 61 bucks, give or take.
Yeah, it's been it's been unbelievable and they're in the right place, John.
They talked about the demand. They said LG huge demand. Power technology still massive demand. So, when you look at that, you look at what it's done even year to date and you see it's it's off of uh certain levels, but still up 33% year to date. That's not so terrible, I would say. Um, as you said, the the
earnings, they beat it. The revenue, they beat it. Uh that's that's been a theme that you and I have been talking about for probably the better part of a year and a half. And I know a lot of guys have tried to jump on this bandwagon and they've been missing it.
But you know, every quarter they I think they want to come in there and go, well, you know, it's probably not going to be able to sustain this kind of a thing.
Well, it is. And it continues to be. And I'll tell you what, when you look at the percentage of beats on the earnings side and the revenue side, um so far, I think the last I looked at it, John, it was close to like 85 88% or something like that. So, um, it remains very very strong and and and very impressive.
Baker Hughes, right place, right time, and they execute, uh, very very well.
So, yeah, the demands for them are are pretty impressive, >> I'd say. Uh, yeah, absolutely perfect. I mean, I think these earnings show that they're doing everything right, Pete. controlling costs, lots of demand, and if demand is up, uh, and you've got the supply, you can demand
more money for it.
>> All right. Uh, let's take a quick look at some of the greatest plays that, uh, this gentleman put together, Pete, from Major League Baseball. Because, you know, we've talked about the World Cup lately. We've talked about, uh, maybe about women's basketball in the WNBA.
Pete, by the way, I would have been embarrassed to run those highlights today. There were so many shots that were just airballs uh in the WNBA All-Star game. And allegedly, that's the best. Those are the best. Um if Caitlyn Clark wasn't playing there, Pete, nobody
would watch. It would be right back to those same 200 people in the stands. But the NBA and WNBA don't really understand that, I guess. Um, so at least partly because I didn't want to torture you people. I didn't put that video up.
Maybe I'll torture you tomorrow. Uh, [laughter] depending how many ask for their money back, Pete. So, here is uh the highlights of Major League Baseball plays. Take a look.
>> That guy was up in the air, by the I mean that was >> baseball used to be guys that were a little punchchy and all that kind of ain't it ain't the way anymore, John.
And these guy these guys show it with what they do.
[cheering] >> How about that? When you have that much faith in your uh partner, he's he steps over to the bag. Um, and yet they get these double plays because the one guy knew he couldn't get to the ball, so he went for the bag and the other guy gets him the ball.
>> That's an unbelievable just wants to get it.
>> How about the behind the back?
>> You know, that's why when they're screwing around out there, they can actually practice on those kind of throws to the guys.
>> [laughter] >> Yeah, you got to love it though. I mean, unbelievable.
>> The one that you'd also like, Pete, was former Cubs pitcher and my friend and neighbor, um, Carrie Woods, >> comes on the field at Wrigley, I think Pete, for the Savannah Bananas. He's pitching for the Savannah Bananas. Now, I'm not saying he's coming out of
retirement and doing that, but he did an exhibition at least. And the funny thing, Pete, is he he goes through his windup and everything and he throws the ball behind his back and makes it look like he's throwing with his left hand and instead he throws the ball behind
his back and it's a strike. [laughter] I mean, the Savannah bananas are the best. That is entertainment. Um, and you know, obviously a lot of great showmen and great athletes, too. Some of whom actually make it up to the major leagues.
>> Yeah.
>> Carrie Woods is the other way. He already was a major leager with a lot of great records for the Cubs. And now, apparently, he occasionally will show up for the bananas. [laughter] Well, one of the things that I was going to do last week, I didn't do it. Maybe we'll do it someday this week or whatever if we're talking baseball
specifically, too. I'll tell you what, John, there's some videos of Bo Jackson throwing the ball from left field and getting it to first base or home and guys are saying, I don't know how f I mean, the ball's got to be traveling at 100 miles an hour for that to happen or more.
So, you just got to love this the you know, the sheer athleticism of that guy.
I mean, absolutely in everything he ever did, he is the best.
I I'll throw this one out, Pete, and I might be able to find this one. I saw a video of him last week, and it was a player saying he's never seen a player like Bo Jackson. And so he said, "I have seen four balls." I think he said, "Four balls that have hit the roof of the
Kingdome in the outfield." Four balls.
And he said, "Then I saw Bo Jackson step up to the plate as a lefty." And Bo goes, "Watch this." Boom. and [laughter] knocks it into the top of the Kingdome, which they don't play in anymore. It's gone, but >> knocked it into the roof of the Kingdome.
>> Lefty. Lefty. [laughter] >> Yeah, I think that was Reynolds. I think he was the guy talking about that, John, who played at Seattle for a long time.
Hey, speaking of speaking of interesting things going on in the world of sports, how about TripleM, the Open, the men's open? Unbelievable, John. The the Let me tell you, temperatures were outrageous.
Uh the guys held themselves up pretty well. I got to uh the opportunity to be with a guy or two from that group or whatever putting on the 3M and I'll tell you un unbelievable. But the the real story was and it it took a little while
to develop but Jackson Kovan the kids played this is his third event ever.
shot. He's [laughter] 21 years old and he it was five weeks ago, but his third third time that he's played. And he goes out there, he shoots a 61 in the third in the third round. Next thing you know, the kid is 25 under when he wins the 3M Open. I mean, 25 under. I mean, Scotty
Sheffller and these guys, uh, they're all just kind of looking around going, "Who is this guy?" You know, because he just joined. 21-year-old kid. But really, really impressive. And I think the good thing about that is I like the fact that we're seeing some of this in golf, some of the younger guys kind of coming up and and it's pretty cool. And wow, you know, the kid, you know what
the kid did afterwards? He he finishes playing golf, you know, and everything is great. Everybody's gone. He goes back out there with a fishing pole and starts fishing in one of the ponds that's out there for a water hazard. I mean, you know, he's a kid. That's what kids do.
But how cool is that? I mean, we talked about the 3M open a little bit last week, but uh there's something special about some of these young guys that are coming into different sports. And you know what? He's going to be the guy because he the guy John at the very end when he needed to drop that that the ball in and he did. I mean, he just
walked up casually walked up, grabs the ball. I mean, like he's been there before. It was really really cool to watch. But and a huge success. I don't I didn't see what the ratings were, but from what I what I hear from some of the insiders there who were on TV, um it sounds like people really were loving
this this whole thing just because of how it all played out and everything.
So, sure, pretty cool one. I thought that was great and I love the fact that there's some young guns coming into the sport, right? Because some of the names, you know, we've seen for like 20 years and it's like, all right, that's all good, but let's maybe move on a little bit. So, anything on anything on the golf? I mean, you and I are big golfers, right?
>> Oh, yeah. We're big long ball hitters.
Bryson D Shambo has nothing on Pete. Um, yeah. I love to hit, but I don't like to play golf. I just love to hit. Um, so I love to drive. That's that's my thing.
And I don't care if it's irons or woods.
I I just like to drive.
>> Yeah.
>> And get a lot out of that. don't get as much out of playing four hours and, you know, chasing little white ball around.
Pete, in my case, you know, a couple holes it might be freaking damn near 400 yards down the center and then a couple others it might be 300 either way.
[laughter] I mean, I'll be honest. I'll be honest.
That's why I don't play golf.
Well, the NFL camps are starting, John.
It's really cool. Some of them have started and um it's going to be great.
Arizona and Carolina are the the two that are going to be playing in that Hall of Fame game. That's actually not far away. It's August 6th, so not not too far away at all now, man.
>> Next week.
>> Yeah. But all these teams are going to practice, you know, and all that that type of thing. And you know, what do you think about some of the changes that have happened out there, John, as far as I I look at it and I'm I'm looking at Miles Garrett in a Rams uniform and it hasn't quite gotten me yet. I haven't quite figured that out. But there's a lot of changes in the NFL, too, this
year. I mean, I think some of the really well-known players have moved on to other places. Plus, you got the additional, you know, like obviously the the latest, you know, uh, greatest player coming out of college, Fernando Mendoza, going to the Raiders and all that type of stuff. Is there is there
something you're seeing out there that you like, uh, about what these teams, you know, after you thought about a now that they're going to camp, who do you like? Who do you like going to the Super Bowl?
Um Pete, if he's healthy, I do like uh uh still I think Denver is in great position.
>> Yeah.
>> You know, the if if that kid hadn't had that injury Knicks at the end of the season in the playoffs, um they would have been a team that would have given Seattle a run, I think.
>> Um Seattle's still Seattle, although they got to find a running back and they might not get one as good as the one they had. He's playing for Kansas City now and he might be a difference maker at Kansas City. Well, I won't say that.
I'll say he is a difference maker.
Question is is whether it's enough to get him into the Super Bowl because they've got some older players. Yeah.
Like uh Mr. Kelsey or should I say Mr.
Swift. [laughter] Um but >> want it back.
>> Yeah. You want your money back, folks?
I'll send you your money back. whatever [laughter] you I'll send you your money.
Um, but Pete, I liked when you were going after the cornerbacks, too.
>> Yeah.
>> Not just QBs, which are high paid, left tackles, which are high paid, but uh and rushmen like you and I were with out in Vegas, but cornerbacks. I had no idea these guys were as well paid as they are.
>> Well, the top three guys are making 30 million a year. And the the interesting thing is there's a guy who's going to get more than that. He's gonna be the number one guy. It just hasn't really fully gotten out there out of the press yet. But Christian Gonzalez from New England, John, big, tall, lanky corner, great. Um, he could run like a deer.
Plus, he's got the size. You know, usually those corners are usually maybe a six-footer, something like that. I think he's the better part of almost 6'3 or four. I mean, so he's one of these long guys who can do a lot. So, he's going to be the highest paid quarter in the NFL. It's just a matter of how much do they really pay him. And you know
what, my guess is um that they were trying to work on this whole thing and it's probably going to be somewhere between 35 and 40 million a year probably. So, uh not so bad. And I and I think that's going to be pretty exciting for >> for everybody in New England because let's not forget New England's pretty damn good football team. I mean, they
were in the Super Bowl for crying out loud. They got they got a lot of pieces to the puzzle and and they've added some others. So, that's gonna Wow, there was a person just moved through there. I don't know who the hell that was.
>> That was loopy.
>> Oh, is that my wife? [laughter] Anyway, last thing I'll say this, LeBron James. Well, he did it again, John. He went to a uh somebody and he's trying to buy his way into being in the finals because it wasn't working any longer with LA. So, he figures, well, let me
get somewhere. Well, it looks like he decides to go to Philadelphia and partner up with those guys. This is not the way Michael Jordan did it, which is why it's not even a it's not even a conversation about is he the greatest LeBron. It's Michael. And all you got to do is listen to guys like Rodman and
some of the guys who actually played the the guy was a killer. And he didn't he didn't do it by building something. He did it by getting the guys that they had. They played like crazy. And you know what? Uh, Michael was was driven very much like Kobe who is probably the
number two guy in my my book. But Laflop is now going to be a Philadelphia job.
>> Yeah, Laflop. Um, and we'll see. Pete, uh, does he make the players around him better at his age? Um, my answer is no.
>> No.
>> No. Um, Michael up until, you know, his last season, was it with like the Washington Bullets or whatever they were called back then, Pete? I don't even remember. But, um, you know, and that was mainly because he was getting a piece of the team and things like that and then ultimately Carolina and then he
sold that. But, um, yeah, LeBron's just going out with the Sixers and he thinks, well, they got some great players. They do, but they're off injured players. And when you have off injured players and a guy that needs to load management,
manage his load. I'm thinking we'll see.
I don't think these guys make a run into the playoffs very deep at all, Pete. But let's see. You know, we'll see if a 40 some odd year old LeBron can actually still play um with a bunch of guys that are kind of dinged up.
>> Yeah.
>> Well, thanks for joining us, folks.
Remember, uh, send any of your requests for money back to Jared Wankmanrebellion.
[laughter] Jared will be sure to mail back those uh those checks to you guys. You know, as much as two for one, whatever you paid, we'll double it and get it back to you.
Um, but we will be back tomorrow at 100 pm Eastern time. We'll see you then.
Heat. Hey. Hey. Hey.

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