he was not a fan of the bitcoin. now we'll have to guess on the next big thing. >> i'll be watching that tonight. i believe it's at 8:00 p.m., the life and times of charlie munger. there were some long times for charlie munger. >> yes, yes. "closing bell" starts right now. >> thanks. i'm scott walker from post 9t the new york stock exchange and we're moments away from the delivery of tesla's very first cyber truck. we'll show you live when it happens. meantime this make-or-break hour begins with a final day this month for stocks. we'll ask our experts over the file stretch. your scorecards with 60 minutes to go. dow getting a lift, 400 points. a lot of it sales force and unh as well.

take a look. otherwise it's been tough to get going. we'll see what we do here over the last hour. that's despite the job else claims ticking higher, the fed's inflation measure, the pec line in line with expectations. that's what you had to work with today. yields, well, ey're moving a little bit higher. still, 435 on the 10-year takes us to our "talk of the tape." what area of the market will work better in the new year after two famed investors give their own differering views. one says growth, one ss value. we tee that up with joe u terranova. i had a long conversation with john rodgers.

we had bret gerstner on. here's their views. we debated on the other side. take a look. >> i think the top of growth stocks is coming again, i really, real do. the journal had a story that the russell 3000 is up 30% and the russell stock value is up only 2%. it's one of the largest gaps in recorded history, i guess, looking at those iexes. that gives me a lot of confidence that small value is going to be the place a to be and that growth stocks are going to have a very difficult time as we go into next year. >> there's a reason thal tech has outperformed. 20 years ago tech was 5.5% of today it's 15%. in ten yrs will tech be more than 15% of gdp? i asked another question. over the next ten years do you expect tech earnings to ow at

a faster rate th nontech? if you believe it, which we do in spades, then you need to be invested in tenology as opposed to nontech assets. >> he would take the other side of john rodgers. what to you think? >> i think the nucleus of the economy is the semiconductor chip. if you think about oil, it really represents what value is. oil used to be the nucleus of the economy many, many decades ago. i think for small growth value to outperform growth in 2024, we are therefore dealing with a very difficult economic environment and we're potentially dealing with an environment that was what we had risk off in 2022 because that's when value seemed to work again. what i see as we look ahead to 2024 is that growth is actually going to expand the recovery that we've witnessed in 2023.

let's keep in mind, hypergrowth, scott, hasn't even participated yet. if, in fact, the federal reserve steps back, no longer an adversarial, gives the market a couple of rate cuts, you'll begin to see hypergrowth participate as with el. >> you said something that makes me want to come back. you said for value to do well -- you said it's going to be -- it needs to be a difficult economic environment value and small caps to do well? >> mm-hmm. >> isn't it exactly the opposite? >> no. so if we are in 2024 faced with the climate -- and if you go either way -- you're automat ericly saying that's a recession. what if the federal reserve raises rates once again -- i don't know if they will or wot, if they do like 2022, then growth isoing to struggle. thjury is still out on the direction of theed really reserve. >> the fed is not going to raise

rates like they have been. what do you mean? >> if we get ather rate hike in 2024, is that a surprise to the market? thanswer to that as we all know is yes. >> would that be tt great of a surise? >> growth is going to struggle in that environmental. there are people suggesting we could get further rate hikes. i'm not one of them. i'm givi you the scenario. >> i'm patently disagreeing with you that small cap or valu stocks are going to work in a differt economic environment. >> that's the environment in which they're going to work. >> why? >> okay. it'snergy, it's health care. where do youind small cap value? the overwhelming majority of the small cap index is health care. 2023?has health care done in health care in 2023 has underperformed. what did health care do in 2022? >> value stocks like a lot of cyclical names are going to do much better than a stronge

economic environment. the only reason they haven't is we've been worried about a recession for the past 12 months. >> wait a second. so cyclical only means it's value? cyclical can't mean it's growth as well? is oober cyclical? >> we're talking small and midcap and more cyclical stocks in nature that traditionally do better when the economy does better. they're the first to go in the tank when there's worries about the economy and the first to come out when the economy does better. >> what does better, when the economy begins to accelerate from an environment like we've experienced the last two years is the russell 2000. 42% of the russell 2000 is unprofitable, so the opportunity for unprofitable businesses, for companies that are hypergrowth companies to actually begin to

participate in the rally becomes evident in 2024, if that's the environment. >> let's bring in britain talkington. ybe it's bece a debate. brynn, do you want to weigh in on what mr. roger said, mr. gerstner said, and joe's own views? >> i'd love to. let's talk with small cap value because it's really simple. small cap value is probably the most economicay secular incentive you can accept in. so if anybody actually believed the gdp print of 5.2 that we're going to get, and that would be consistent in growing, you wou say, hey, this is time we're going to have economic expansion, regional banks are going to be hethier, then you

would want to go into health tech. there are so many pric that make up a huge cap value, not the russell 2000, but the value segment oft is we're going to have 500 billion in kmeshlg mortgages me due in 2024 and a trillion in 2035. i do thi that we're in this unique environmental where are we -- the valuions don't tell you we're early cycle. we're late cycle. i think it's way too early to go into the small cap, but i love joe's comment on like the hypergrowth names. you've already seen th, scott. i was looking today at palantir. started at 6. it's at 20. cloudflare is at 7. a lot of the names have a huge trade-up. i think joe's right about that small cap growth area.

ife continue to have rates that are going to come down, to me the small cap growth area continues to have legs over the mega cap names we've had this year. >> john roge is not talking about small cap growth. i get while the arc ine vags is rupp the best it's been. why? have you seen what rates have done over the last month? obviously there's a direction correlation in the drop in yields and the rise in names, the likes of which ark invest funds are in. the idea that small cap funds only does well in an enomic environment, do you take issue with that? >> i do. small cap value, you need a good environment. you want to go into a small tech value when the economy is expanding, right? these companies are really sensitive to that economic growth. we're not expanding. we're late cycle. the p, 5%, once again, that's a ak print.

i don't think you want to be in that small cap value space. you want to think about tiptoeing to the growth rate si if rates are going to go down. a lot of these names like a snflake, for example, they're way off the peak numbers we saw in 2021, but they definitely continue to get more durab, good earnings. so i -- i feel really strongly about you need strong economic growth to be sustainable. a ade is one thing, but to go in for a one-two-year, if you want a fat pitch, thiss the business est dispersion since 1998. so this year there's about a 14% dispersion between the s&p and equal weight. the last time you saw that was in 1998 in which you had 18%. maybe next year is a 99. i don't think so. so that to me is a better way to y not growth or value but more

eql weight. so i think either ths&p can catch down or the equal weight can catch up. so that would be the way i would play goi to 2024, a good kind of granny shot position is to add an equal weight to the portfolio. >> so the economy just expanded 5.2%n q3. what bryn is saying, which i agree with, is that if there's further economic expansion, you want to own industrials, you want to own financials, my sense is if the economy . continues to expand 5.2% gdp q3, everyone who thinks they're cutting rates in 2024 is completely wrong. >> no one is suging you' going to go from 5.2 to 5.6. it's simply maintaining strength in the economy. it a is not expected to be or

expected to be more. the point you're going to have a soft landing. that's the bull case. while the inflation cos down, the economy is going to hang in, and it's finally going to be values versus the mega cap names. that's the whole argument. not going from 5.2 to 5.6. >> okay, now we'realking about the economy, and we're saying the economy is not going to expand. >> it is going to expand. it just doesn't have to expand in a 5.2 clip. >> so it's moderating fromhere it was in q3. >> obviously the economy is going to moderate, but it's still going to -- okay. no, no, . scott, it's simple math. if we're moderating from 5.2%, yes, then the federal reserve is sitting back in their chair, they're not doing anything, and guess where the growth comes from? the growth comes from earnings. if earnings are going to grow, i want to own the growth stocks because that's where the strongest growth will actually

occur, and we've witnessed that soar in 2023. >> are you saying if we actually have a soft landing, you don't want to be in any of those cyclical value areas like industrials, financials? like if they actually pull it off,ou don't want to be in there? if you don'tant to be in there then, why would you want -- >> want russell 2000 growth -- i want russellrowth before i want russell val. >> bryn? >> exactly. i totally agree with joe. i feel really confident it's too early to say aan index level, right? the folks at ariel are doing individu names. it has too much risk. i think at small cap area, once ain, you're seeing the certain names separating themselves like they did from 2002. past that, the names have durality. from a sector perspective, if

you want to look at free cash flow yield -- not free cash flow -- free cash flow yield, the two sectors are health care and energy. so i know energy has been unved this year, but if you those two sectors are saying you need to own me next year. >> ts is not -- this is not meant to be a conversation specifically about small caps. it's about value doing better than growth in 2024 if we avoid the recession that some have be calling for for the better part of the last 18 months. in other words, i've got caterpillar in front of me. that's not sma cap value. however, it would fallnto a cyclical camp. it's up 6% over the last 12 months versus an apple, which is up 28% or a mofrt which is up 48% or amazon which is up 50%. the question is in the year ahead, if the economy is going to remain stronger thapeople

thought, is a caterpillar going to outperform the likes of the microsofts or the amazons, or the apples, which had tremendo gains this year? >> yeah. which companies in the k at industrials have exposure china and which ones have exposure to e u.s. so that's actually where from an industrial perspective if u looked at the smaller names that are more u.s. fosed because there's still so much money from the american recovery act that these cities have to bthere. they have to obligate the funds by 2024 and spend them by 2025. those type of industrials that have u.s. focus could fw really good opportunity for next year, but if you have a lot of china exposure which, you know, what's caterpillar's chinese exposure, then you have to think do they maybe underperform because they have to deal with a lack of growth in china. that's still from an underline perspective, i think industrials that are u.s. focussed to be a really good play next year.

>> thbanks are another category. banks are another category that have done nothing. why? because in large part they're worried about what the economy is going to do. you've had the longest yield curve than we've had. the net spread would be advantageous to that market again, if inflation continues to come down and the economy remains reasonably strong, why wouldn't financials do well in that environment? >> i'm not going to mention the words small cap anymore. let's make this purely value versus growth. when i think of value, i think of health care, i think of energy, and i think of financials. >> value and high level care, i feel like health care is defensive. >> no. health care is a little bit of offense, a little bit of defense. it's a bit of a mix. i disagree with that. when i think of how financials have performed this year, i don't think it's been -- i don't think the main concern -- and

i'll agree with you there are concerns where the economy might go and long growth and all of that, but i think the derivative effect we experienced in march with the regional banking stress really has been with us throughout 2023, and kencan tho regional banks recover in 2024? yes, they can, but what do they need? they need the federal rae serve to step back. they need the federal reserve not even talking or even considering another single rate hike. they need the federal reserve pivoting and messaging and saying, okay, the economy is slowing down. >> the market is pricing in three cuts, i think, in 2024. >>nd i completely -- i will tell you from my perspective, i see the economy slowing. but then you get the manufacturg figure like we got today at 55 that reverses 12 months of contraction. so there's ereme distortion in

the economic data, and i think ssensionight now is the word to define the federal reserve and the communication. i think you're hearing one thing from a federal reserve member and hearing something different from another. >> i don't necessarily think that's true either. >> okay. >> most that have come out have mentioned that they can be patient and where the rates are now are good. they're comfortable with the level that rates are now unless the data tells otherwise. and right now, the data is cooperating quite nicely, which is why almost to a person who's come out in any sort of recent history including waller himself recently who even didn't throw ba on e idea of rate cuts next yr. >> waller was probably the most dovish communication that we'v gotten from the federal reserve in the last several months, i'll acknowledge that. but since then, we've hed from others in the federal reserv

who have hinted that they might not be done. >> joe, who cares what they say? who cares what they say? >> that's a larger question. >> has the fed chair come out and said it? who res. they might not be done. >> scott, th's a larger question, and i've been sitting with you the last 18 months and say you follow the bond market if you want to know where the policy's going to do andhe bond market is done. i personally thinkhey're done. i don't think that they're raising rates anyme. and if ty're done, which i expect, then i want to own growth oval you. >> all right. we even gog to leave it there. bryn, thank you very much. joe terrova as well. let's get a check on the stocks before we close. kristina partsinevelos. >> the digital banking company said it will stop accepting new student loans. applications as of this upcoming february. jpmorgan says it could trint to

share buybacks and high stock prices. stock is up almost 5%. meanwhile shares of pure storage moving in the opposite direction. it 's a weak outlook. it's partially driven by weaker revenue since they offer storage versus service. they get the money a little later on. >> thank you very much. we're just getting started. we're still awaiting the start of the tesla cyber truck event. we're going to take you live when that event begins. up next, more on the 2024 playbook. gabriela santos is here at post 9 after the break. you're watching "closing bell" on cnbc.

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welcome back to "closing bell." s&p closing in on its best month in over a year. joining me now at post 9 with her outlook is jpmorgan assets management gabriegabriela santo. >> we've had this rally in stocks, bonds, credit, and i

think really the information was there the taking off the table of certain risks, so taking off the table the risk that inflation reaccelerates, that the fed has further hikes to do, that gasoline prices would keep spiking, that we'd have a government shutdown or that data wouldn't slow down enough. >> those are a lot of risks. >> those are a lot of risks. >> y check a lot of boxes off. >> it doesn't mean there aren't risks or that things are perfect. it means survivor tail risks have been avoided. >> do we have tailwinds? >> in terms of december, we think so in terms of f the magic numb bewe'd like to see in december. it would be for the jobs report. a little bit less. about 200,000 jooris, 2.3% average hourly earnings and cpi that comes in between 0.2, 0.3. lastly, hopefully, the fed doesn't spoil the party and show zero dots looking for rate hikes

from here, at leasnot the majority. >> it sounds like you're describing what some would suggest is already here based on what the data has done of late, and that's goldie locks. >> yes, and i think for us, the outlook for us if we zoom out a bit further, the numbers we're really thinking about it's 2024, 2% growth, 0.inflation, and 4% growth rate. it's a goldilocks environment. it imply as slowdown here but not too much. it implies inflation cooling, and it implies the fed cooling pr pr preem preemptively. >> do you guys want to show that? let's show it real quick. we're getting our first picture of the delivery in austin of the

very first cyber truck and you see elon musk there. do you want to explain what we're seeing here? two years later but nonetheless a big moment. >> yes. elon musk, they love these delivery events. it's a chance for him to say, you know what? what we do, nobody else in the auto industry does. they have a number of their employees as well as customers who were there. he's got a fan base that's there. for them, this is their rock show. and what you're going to see if you've watched this, let's say over the next half hour or so, it's going to be vintage elon musk. the cyber truck is unlike anything else. it's the most boss truck in the world. it h have incredible performance, yada, yada, yada, all the things he has said before, only now he'll say it now on establish. who knows. they may do something cookie or whacky to show how indestructible it is in some fashion. that's what you can expect from

elon musk. typically these are kind of fun to watch, though, i have to point out, every once in a while he has an event like this and you kind of come away and say, that's it? i'm kind of underwhelmed. let's see what elon we get here now. >> special moments. so -- but these things are rare. it's very rare that a product comes along that is seemingly impossible, that people said was impossible, that experts said was impossible, and this is one of those times. we have a car here that experts said was impossible, that experts said would never be made, that it really is the most -- i think it's our best product. i think it's the most unique thing on the road. and finally, the future will look like the future.

so what we're aiming for here is something that has -- that's more truck than truck -- okay. thanks, bro. that's literally my brother there. so -- so what we have here is something that's a better truck than a truck while also being a better sports car than a sports car in the same package. so, first of all, let's -- trucks are tough. that's one of the defining characteristics of a truck. how tough is this truck? let's find out. so we actually had to come up with a special ultra-strong

tesla designed steel alloy. this mantel did not exist before. you had to manufacture something that basically would have no corrosion, that the paint -- but you can still make it in volume. part of the reason it has this angle or shape is you can't actually stamp these body panels. the body panels would break the amping machine. of the steel exoh skeleton, it e hally has more torsional rigidity than a sports care, more stiffness than a mclaren p p-1. that's much so.

remember the understand accident a few years ago that didn't go quite as planned? franz, maybe we should try it [ cheers and applause ] >> yeah. yeah, great. i think you could have a pro pitcher lob itnd it's still tough. the glass is tough all the same. so you don't have to worry about rocks hittinthe glass and cracking the glass. this glass is basically rock-proof. it also makes the car very

quiet. so it's -- the thing thayou'll appreciate when you drive the car is that is how smooth and quiet it is. it feels -- it doesn't feel like an old truck. it's smooth as silk ansilent when you drive it. yeah. so in terms of toughness and then thinglike rollover. because the centerf gravity is so low, it doesn't roll over. and if you're ever in an argument with another car, you will win.

♪ >> yeah. in movies you sometimes see the hero or haireroine hiding behin the car door. it doesn't usually work unless you're driving a cyber truck. if al capone showed up with a tommy gun and emptied the entire magazine into the car door, you would still be alive. people say, well, you know, why did you make it bullet-proof? i thought, why not? do you want -- how tough is your truck because the other trucks, the bullets go through both sides. you shoot a bullet and it goes

through both sides of the car. sometimes you get these like late civilization vibes, you know. the apocalypse could come along at every moment. here at tesla, we have the finest in apocalypse technology. i was on the drew morgan show and he bet me his armored piercing would go through the car. now he owes me a dollar. now, what about utility? so strength is great, but is this perhaps just a show truck? just a show piece, or can it do actual work? how does it work as a real

everyday truck? here we have the future towing the future. basically if you can pit any cac cargo in the trunk or bed, you can basically move it around. it's got over a ton of capability but you can put more in it than that. you can tow over 11,000 pounds. it's got a super composite bet, no liner needed. 6'long, 4 foot wide. >> we'll stay with it. tesla delivering its first ever cyber truck. phil lebeau, he describes it as, elon musk does, more truck than truck and a better sports car than a sports car. my question to you, hyperbole, of course, expected, how quickly can they make these, what's the price, and who's the target?

>> well, let's go through each of those. how quickly can they make these? they're going to ramp production very slowly. stainless steel is not the easiest to work with in terms of the body panels there. so they've come out and said, look, do not expect full production, which is about 250,000 max capacity is the expectation annually. they don't expect to hit that until 2025. that's if everything goes as planned. so it's going to be a very gradual ramp. in terms of pricing, we don't know that yet. i was talking to somebody on the phone who said i've put a reservation in. i cannot find out what the price is going to be. we expect that we will finding that out during this presentation or shortly afterward when they hand over the first ten. and then in terms of the customer, scott, look, the pickup truck market basically comes down to three sections. half of it in the united states, trucks for contractors, small fleets, electricians, true work trucks.

the next 30% is what you would call functional use trucks, people who are taking a poet to the lake or hauling something like a horse trailer. they're not necessarily working with their truck, but they use it that way. and the final 20% are lifestyle buyers, people who are buying a truck and driving around in a tricked out truck because it makes a statement, because eight's cool, because i ride up high, whatever feeling you want to get. that's who's going to buy these at least initially. remember, these are going to be big sellers in southern california, florida, parts of texas, maybe like in houston, areas that are already adopting evs, that's where you're going to find the buyer, scott. are you going to see many of these in kansas city, missouri, or in des moines, iowa? i doubt it. you're just not. so it will be interesting to see how this truck is received over time. there's no doubt that elon musk has succeeded with the one thing

you have to do in the auto industry that many in the auto industry forget they're doing. you want to make it a polarizing vehicle. you either love it or hate it, and that's what you get with the cyber truck. >> you know, phil, you've covered elon muffing for a long, long time. i don't know that we've seen a crazier 24 hours of a businessperson than we ever have. i think we get a full understanding why this man captivates us the way he does, the fact that we can't take our eyes off of him because we don't know what he's going to say evidences by what he did with andrew yesterday, and we can't take our eyes off of him because we don't know what he's going to make. that's evidenced by this revolutionary vehicle. >> look, who else, scott? who else? you name another automaker where you're sitting in a board room and say, why don't we shoot a tommy gun into the side of it and reference al capone? anybody else in the auto

industry would say, are you nuts? not elon musk. and his fans and his audience love it. he cuts through a lot of the static that is out there. and, look, you may come away from this and say the guy is a carnival showman and, yes, he makes trucks, and i don't really care for his act. that doesn't matter to him. as he said to andrew, he doesn't care if you like him or not. what he cares about is what he thinks works, and in this case, shooting a tommy gun into the side of the cyber truck to show that it's bullet-proof, that works, and i guarantee you this, scott. it works in the eyes of tesla fans. >> yeah. we'll see what it does in terms of sales. let us know if we hear about a price. we'll keep monitoring it, of course. phil, thanks so much. that's phil lebeau who will come back if there's news to tell you all about. i turn back to gabriel loa sant.

i won't ask you about that. but i'll ask you about the tech stocks. it's been lumped in with that group, and it leads me back to the show where i began. is it going to continue to be large cap growth tech like the tesla and some of these other mega cap names or is it going to be a reversion back to value? what do you think? >> i think one of the -- we talk about the macro risks and we should. i think we should. forget about portfolio risks. one of the main ones for 2024 is the idea of conversation risks. the truth is it hasn't been large cap depth or growth. it's been a handful of tech stocks one could call within the tech complex. you have a spread of 55 percentage points between the top ten returns and the bottom 498. so it's a spread we haven't seen

since the early days of the pandemic and before that the dot-com bubble. that's unsustainable. it's been unsustainable in the past. we find positive stories within tech and it's more of a story of the initial ai enthusiasm starting to spread to other companies within the tech complex, other companies that provide semiconductor equipment or cloud and software infrastructure or have large pools of consumer ta i ta that can sell better products, more expensive products to their end consumer. so it's more than a handful of companies. it includes other sectors too. parts of health care can be growthy as well, a very discounted sector after a tough year. it can include value as well. defensives have been one of the worst performing parts of the market this year and they're good stories there around utilities and around reits as well. >> ippreciate you being here

and being patient during this news event. thank you very much. >> thank you. > we'll keep an eye down at the factory. elon musk is still on the stage. in the meantime we'll take a break and come back and talk about the stock reaction. will it be a december to remember? wells fargo's chris harvey breaks down the sectors he's betting on heading into the final month of 2023. ck after this. >> announcer: the bond report is brought to you by pimco, a global leader in active fixed income. [ "i'll be seeing you" by the five satins ]

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our nextuest says time to play defense. joining us, chris harvey. good to have you back. people are plang offense now. why are you oiling the party? >> the vixs at 13, everyone is happy, and it's time for correction or pullback as we enter the new year. >> you think we're dramatically overbought at this point. we're dramacally overbought. vix tells you the path we're to surprise you and the market has a funny way of doing that. >> what if these are sowing the ses of a bull market that's going to run for a little bit? >> how are we going to he a bull market. the consumer is being tapped

out. people are thinking the fed's going to cut, but i don't think the fed's going to cut until the second half of the year, so where's that bull market coming from? >> are multiples really 20 times or are they skewed by the performance of the top seven to ten stocks, that's number one? evidence of black fray, the consumer's kind of hanging in therpretty well. inflation continues to come down, and the ecomic data is pretty good, and you've got some fed officials talking about the possibility of cuts next year. so where's the negative story in that? >> so that's why you'rup 20% this year. you're going to be up 20% next year because growth somehow some way surprises, the fed rates come down and the fed cutsates not because things are bad but because rates are too high. >> it's the idea they cut because they can, not because they have to. >> and i've never seen that, right? they always cut because they have to. if you think about it, the fed has an asymmetric payoff, right?

they go too soon, bring inflation back in, lose credibility, and have inflation problems. they go later. what happens? to your point, the consumer is okay, net worth is really high. balance eets for corporations is really good, and you're tting on 20% gains. you can take your time on it. there's no downside -- very little downslide for being slow to the gate. the way of returns next year?n nothing.y much a whole lot of you want to come into the year front footed. you wanto have optionality. if we're right and theix does spike and eck request is the pu back, you've got an opportunity to move around the portfolio. >> best bond fund since the 0s. it's the best month for bonds since the '80s. >> it's been a fantastic year, a fantastic month. you should be happy about it. and now you're given a gift, given an ely gift, and take it

to reposion your partnership. >> it's go to e you. chris harvey. up next, shares of snowflake popping. we'll tell you wt's behind that move and what our guest has to say. as we head out, we have do not miss a special hour in honor of charlie munger this evening. becky quick hosting, "a life of wit and wisdom" right here on cnbc.

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plus a move of snowflake shares, that stock having its best month inhree years. jua boorstin has the latest on disney as they get ready for another proxy fight. mike, i'll turn to you. almost 500 on the dow. a lot of sales force. >> also the s&p has perked up here. you've got a little bit of manicuring at the month end. in geral the market has held in here, better than anticipated, given the 10% sprint we've had. the dow kind of leading the way higher by basically not having as much downside. new 52-week high there. in general, you know, it's rotating as opposed to pulling back. we'll see if that continues. all the data havstacked up in the fashion of saying a relatively comfortable, sort of lukewarm type of economy, not too hot cold, is intact, viously, you know, we wait for next year to see if that continues. >> all right. well, tesla shares, they're down

about 1.5% as we speak and the event is going on. we go back to phil lebeau an we're learning more about the pricing of this cyber truck, phil. >> we are, scott. we don't know which models were delivered. my guess is these were the highest of the high end models, the cyber beast, which starts at $96,390. now, we don't know if those are the ones that were delivered today. that would be my guess those were the models that were there. next up in the midlevel you've got all-wheel drive, those deliveries start next year at $68, $68,890. and finally starting in 2025, we'll see if this is still the pricing in 2025, $48,590. this is probably what people were expecting. again, scott, nobody thought we would see the cyber truck start at $39,000, which was way back in the day when elon musk said,

hey, the single motor will be $39,000. again, this was before the $7,900 federal tax credit. you'll be able to take that off with these vehicles. there you go. there's the pricing. anywhere between 44,9 and 96,3. >> what does an f-150 go? i don't know. i'm serious. >> you can trick out an f-150. look, most f-150s sell for above $50,000. i don't know what the base sells at. most people are buying an f-150 for over $50,000, probably $55,000, something this that base there. if you really want to trick out an f-150 or a chevy silverado, you can do that. there are trim versions where you can really drive the price up higher. so this -- this 96,3, that's what a lot of people thought we would see for the cyber beast, the top end model.

>> got it. appreciate it very much. once again phil lebeau delivering the goods as always as he watches that event. earlier today, brad gerstner made the case for snowflake as an ai winner. >> i think they're a sleeper only because everybody's migrated to the head of the software sp peer this year with microsoft and amazon, but i think they'll have another excellent year next year. remember, they're not trading in some crazy multiple of revenue. >> not now. but, remember, there was a time the company went public. >> like 100 times the sales. >> i thought it was 200. >> you're going back a couple of years. you had a $400 stock. now it's $100. it's in the eye of the beholder. what's a crazy revenue. he mentioned free cash flow

generation of the company and you look at something like a free cash flow multiple, and it's like 60 on next year but growing very fast. so there's real financials that you can kind of hitch yourself to on this. it's one of those companies where it absolutely has, you know, all the tailwinds, right place, right mix, right product, and what do you pay for it today is the whole question. just for context, microsoft is flow in a world where the nasdaq 100 in general trades for like 25. so you've got to pay up for it. but stomer uptake has been very strong and they talk about this opportunity and rationalizing unstructured data. that's the ai play. one analyst said it was up 17-fold. so obviously everything would be in the right dirtion. the question is do ty stop the growing of this valuation. >>and then we've got disney percolating yet again. julia boorstin, nelson peltz,

he's back. >> he's back. he's seeking two more seats on disney's board and take his case directly to shareholders. the addition of james gorman and sir jeremy derek to the board will, quote, not in our view restore investor confidence or address the root cause behind the significant value destruction and missteps that this board has overseen. disney has responded saying gorman's focus is on growth initiatives, the success planning processes, and increasing shareholder value. disney also flaming thal another owns 72%. mr. perlmutter was terminated as an employee by disney early teller this year and his voice has longstanding personal agenda against ceo robert a. iger.

interesting one to watch. the window opens for nominations to the board on tuesday. >> julia, thank you. we'll continue to follow this one. we'll see what happens. it's very likely going to be more than two. >> i'm sure of that. again, though, we're kind of talking about -- speaking for 2% of the outstanding faires. it will be tough. if the stock works in the absence of any move on the board, i don't think anyone will mind that either, which is what happened the last time. >> let's talk about the market with 45 seconds to go. the dow is good for about 525. the s&p picking up, too, for about 19. we're have aast day of november ramp-up, which has been the best day in e last day of the month.

>> yeah. did you steal from the december rally? that's a big question. it statistically doesn't happe that way, but definitely going out in pretty good shape, even with brent looking better inhe >> there's the bell.. mary j. blrings the be. i'll see you tomorro ♪ well, the dow's setting a new high for the year on this final day of november and a month marked by a big rally for the major averages. that's the scorecard on wall street. the action is just getting started. welcome to "closing bell: overtime." i'm morgan brennan at cnbc's l.a. bureau. >> and i'm jon fortt at headquarters. another hour of earnings from the chip to the cloud and retail. we'll get numbers from dell,