Abstract :
A first analytic calculation has been done in Nernst constant on the basis of the hypothesis that the normal state of the underdoped cuprate is at the two-channel Kondo fixed point of the crystal. Its temperature variation is found to obey a universal scaling relation, which can be checked experimentally. It has the maximum in the pseudogap regime, which has been already found experimentally. We present argument and evidence that in the doped and moderately disordered cuprate the two-channel fixed point is stable.
