gains, that was the magnificent seven. >> when your head count is down 22% and you up your capex budget, others are going to try to do something similar. >> that's the dynamic at meta. it happened at amazon and google have a good weekend. let's get to the judge carl, thanks so much welcome to "the halftime report." i'm scott wapner magnificent meta, the stock surging on earnings and guidance brad gerstner joins to us talk about all of that. by the way, that stock up more than 260% since his get fit letter to the company a year and a half ago we're also going to trade amazon and apple today. joe terranova rebalancing his etf with several major moves to go through we'll do all of it joining me for the hour along with joe today, stephanie link and jason snipe.

let's check the markets. we do have decent gains out of the s&p. the nasdaq today as well the dow is hanging on to positive territory at the moment we're green as kro the across the board our "chart of the day" is meta a record intraday high joe, to you first. steph, i know how bad you must feel today, good and bad we'll try to take it easy on you. >> it's not all bad. >> i can only imagine how you're feeling. joe, let's go to you first you own it in the joet you use superlatives when they deliver and what the stock has done is extraordinary. >> it's staggering thankfully the ownership that we have is rules based. i have to say candidly one year ago when sitting on this desk

one year ago there were zero mega caps in the strategy, and you look at meta, and you say to yourself would i, if i have the discretion, have purchased meta when the strategy did at 240 and steph did it at half that. she should feel great about that, back in april. it's rules based it's not discretionary t. got in at 240 it was able to ride the momentum and the change in leadership from mark zuckerberg, the change in leadership, the cost efficiency to benefit the core ad business, the growth of reels, and now a buyback and a dividend, this is really the type of corporate actions that when you think about technology names you think about microsoft doing. >> so, steph, you are only

human. >> okay. >> i'm sure there's seller's remorse. you sold the rest of it two fridays ago. just give me your thoughts today as you watch this stock and it's up a year's worth of returns, 26% since you sold it. yes, you made a lot of money in it, obviously. give us your views >> i made 170%, scott. no one was buying this stock at $95 a share. and i was. i was buying it all the way down we talked about it two years ago, it was terrible and i made my money, and i thought the valuation got too average, and i thought that on a risk/reward basis, obviously wrong, but i thought amazon was better -- more attractive to me -- and so i didn't have a ton of cash, so i took the rest of the profits i had in meta and it into amazon. i'm not unhappy about that i think amazon will go a lot

higher we'll talk about that, i guess, later. there's nothing to complain about this quarter whatsoever. >> you think let me ask you this -- >> the daily watch -- this is the most important and impressive thing to me -- >> what stands out to you and blows you away >> the daily watch time on all of their videos is up 25% year over year, for a company of this size they saw progress in threads and shops ads and reels. we were talking about reels when it was nothing, and so they've really come a long way the real reason the stock is up, not only chlwas the guidance bee for total revenues, but also, i think, a lot of it has to do with the dividend. now you have other investors, different investors, that can actually buy this and justify owning something like this because it offers one, and before it didn't they were locked out in addition, there are a lot of things they're going to be doing with ai and this, that, and the

other thing. i like amazon better at this point in time and in this environment. i feel okay. >> we'll get there jason, you don't own it, so i will respectfully ask you to be patient. i want to bring in our headliner, brad gerstner of altimeter joins us now i couldn't imagine doing this show without hearing from you. thank you for being with us today, brad. >> thanks for having me on, scott. it's good to so you all and see joe and stephanie. >> it was a seminal moment, i think it's fair to say october 24 of 2022, you send a letter to facebook, quote, time to get fit the stock is up 267% since your letter incredible what was most impressive to you here about this particular quarter, brad? >> well, first, let me say, as i've said many times, all credit goes to mark and susan and the incredible team at meta.

what we saw this quarter is the same reason we bought the stock and wrote the letter it's in the numbers. they have knew was up 25%. stephanie talked about engagement being up on video, driven by ai more impressively, free cash flow was up 28% because of their commitment to efficiency when we wrote that letter, the head count was 87,000 people as of this quarter, 67,000 people they've nearly tripled their earnings per person working at the cop over that 15-month period of time a year ago everybody said that google was king of the hill when it comes to ai, perfectly positioned, and meta was nowhere in the game. remember in the letter one of the things that was probably

most under covered, i said control the cost in investment in ar/vr and double down on ai that was a couple months before chatgpt hit. oh, have they doubled down on ai, the single largest beneficiary of ai from a profit perspective in the public markets today outside of nvidia. i really think it's about that when i look forward at the stock, i expect it to continue to work. i expect the numbers to continue to be delivered. >> when you wrote the initial letter, he kind of gave you the heisman for a minute didn't pay any attention to what you were suggesting. last night on the earnings call -- he being mark zuckerberg, of course -- i think we operate better as a leaner company. did you ever think you would hear mark zuckerberg say those words? >> i did actually.

i got a lot of grief, as you know we wrote the letter on a monday and people said why would you do this mark has super majority voting control. i did it precisely because he's the type of leader with founder authority. i knew how much he cared about this company and could redirect the ship many companies get so large you can't turn the ship easily but mark was able to turn the ship when he wrote the letter, year of efficiency in february of '23, fatter is faster, leaner is better they led the charge. he deserves a tremendous amount of credit for that they've tripled their earnings per employee going from 87,000 to 67,000

employees, if you look at google, they have 187,000 employees in the third quarter of '22 and they still have 183,000 employees. they barely moved the needle over that period of time it's not that it got easy. this is a founder at the top of his game doubling down on ai and will lead the next super cycle rather than get left behind it >> i thought deirdre bosa, just before we came on the air, made a wonderful point that the proof of what this company and amazon and the like, they can innovate and return cash to shareholders and at the same time still get more efficient you just wanted their spending to be more targeted toward what i guess you saw where the puck was going rather than on a moon

shot that may pay off being may not, but wasn't a big needle mover for the future >> if you think about it, they're going to spend $20 billion this year on reality labs just to put that in perspective, the market is assigning -- that's $6 in earnings -- the market is assigning a 20 times multiple to the company, effect ichl an imemployed valuation of negative $120 per share for reality labs now i happen to think, as mark said on the call yesterday, there's an emerging synergy between the work they've done in reality labs and what's going on in ai. look at the meta ai glasses, look at how they're leveraging their infrastructure, almost 600,000 h-100 equivalents. how they're leveraging that into an open source model that will bring us open source ai. i think the investment they've

been making today is a lot more valuable than i thought it would be a year and a half ago but that was before chatgpt. we see the value growing credit goes to susan lee they're taking a balanced approach at the same time making extraordinary investments in the business just $20 billion in just reality labs alone i think that negative $120 billion -- or $120 a share in attribution to reality labs will end up being a positive enterprise value amazon was incubating some 15 years ago. the truth is it turned out they were digging the largest gold mine in the history of corporate america in plain sight

>> let me ask you this i do have another question related to meta's earnings and that, but the week that was, what did we learn this week about the hyper scalers relative to ai? seemingly starting to distance themselves rather than trading in a pack. is that the lesson of the week it obviously speaks to what microsoft did and what in some respects alphabet didn't do, and now meta on top of that. amazon has its own ai dreams and hopes through anthropic. what did we learn this week? >> scott, we've been talking about this over the course of the last year. when it comes to ai infrastructure, i think what we learned is the year of belt tightening from 2023 is over organic growth rates have returned to where they were before that belt tightening

occurred, and we're seeing the inflection of new work loads in the quarter, if you aggregate the hyper scalers together, we added over $15 billion in arr, annual recurring revenue, the largest in the history when you look at that aggregated number that is both the combination of the organic growth and data and infrastructure that's being built which will benefit other companies like snowflake and also these new ai work loads beginning to kick in we also saw in the case of google, it's the greatest monopoly with the greatest monopoly profits in the history of capitalism, but replicating those profits in the age of pe perplexity, where everybody is gunning for a piece of that profit pool will be very difficult. i think we saw that again. meta is up 21%

i think that google is down on the day. and it's not to beat up on google but is to say they haven't made any change from 187,000 employees to 183,000 and they're going to be attacked from all fronts on their core business by other people who have designs on ai microsoft, amazon and some companies we'll see report in the future who are taking advantage of selling those services and ai infrastructure stacks and on the other side the tip of the spear when it comes to the applications and driving ai profits, you certainly have meta bytedance, tiktok, we're also investors. i know controversial, certainly in some quarters, is an extraordinary business with extraordinary growth rates and extraordinary incremental profitability that looks a lot like meta. and i believe deserves to come

public and will come public over the course of the next couple of years. >> let's turn our attention to amazon before i get to your deeper take on something, i want to get to our guy, jason snipe, as well. we'll come back to you in a second, brad you own this one, and this was extraordinary in its own right, profits soaring to the highest level in two years guidance was good. record operating income. i mentioned the aspirations in ai, relative to generative a what's your take >> amazon was a tremendous quarter. jassy, that's not jassy's baby he's just getting into the seat. operating margins are growing dramatically aws, which is his baby, the numbers were in line but the

guide going forward, you're seeing some momentum with aws, the anthropic play, their user base, what they'll be able to do with ai is an exciting call. we remain bullish on amazon and i think there's continued upside ahead for sure >> steph, you were admittedly a little nervous because you suggested going in earlier the money you made out of meta you kept pouring back into amazon. now what >> it is my second largest position there was so much love but rightfully so. that expanded 50 basis points. maybe by the end of the year, they also grew their ad business that expanded 100 basis points and that was pretty impressive

the retail beat, expectations at this wide of a margin, the first time since 2018, so they're humming on all of their businesses, and that's why i liked it it was a three pronged approach. four quarters in a row of expansion. you have a company that will grow to $100 billion by the end of the year. $100 billion in free cash flow generation and $100 billion opportunity in ad revenues by 2028 i like that for the long term. the valuation is at 35 times >> brad, do you think ai is appreciated enough at amazon they've made these moves when you think the kind of hand bezos handed off to jassy, it wasn't the easiest hand to play. it was a bloated company in many

respects the trends were moving in different areas and he's had to be his own magnifier of where they would deploy their capex and the opportunities it might present. what's your read here? >> i give a tremendous amount of credit to andy jassy and the team there they're the market leader in cloud. we talk about them as coming from behind. they have a dominant retail business which is going to benefit from ai, from better targeting, better targeting of ads, of merchandise, and i think jassy will drive efficiency in that business. aws is the market leader i was concerned and some others were whether or not microsoft's early lead and their relationship with openai would force them to leave amazon and go to azure to take advantage of the benefits of openai we didn't see that

we saw almost no customer churn. anthropic is on a tear they'll have models every bit as good in the near term as 4.5 turbo, et cetera this is a great, healthy, competitive race in the landscape of models. their customers have continuing to voraciously move their data in amazon, many putting on snowflake in amazon or snowflake in azure, by the way but that's what we see everybody standing up their data and leveraging new work loads. telescope way out for a second what is this ai business all about? the founders of snowflake said to me the other day, he said, when we got into this business what we dreamed of was setting data free and set it free so every company on the planet can

make better decisions with their data artificial intelligence is leveraging the power of mnts that can look at giant patterns to predict what is the best decision going forward whether it's language, whether it's video, et cetera and so i think we're seeing the beginnings of it i was holding my breath in this quarter. i didn't know if it would this quarter, next quarter or the quarter after that we've answered the question. in fact, we're going to see a lot of inference everybody said at the end of last year we had pulled forward all of the training. this was overvalued despite the fact it was tading at its lowest multiple in history.

why is it up it's up because profit told us there's massive inference, because amazon told us the same thing, because sue san lee toldu they will make investments in infrastructure, read nvidia, to support all of these initiatives. to me, that's really the answer we got today i'm happy for stephanie and crew being in amazon. we're big believers. >> before i let you run, and by the way, joe is not in amazon, but joe rebalanced his etf, a quarterly rebalance, he added -- brad is in this name -- you added uber you bought tesla, amd, panantir, zoom video you sold fortnet

talk to me about uber. why you bought that. it's one of brad's holdings. >> it was very easy to acknowledge it was time to bayou ber. you could also recognize that in zoom and that's what the strategy is recognizing that finally the profitability is here as well as the momentum >> again, just to underscore, it's tesla, amd -- a stock that's just had an incredible run into its own earnings number, sold off on that, of course was up 80% texas instruments is an interesting one. you're in, you're out, now you're in. brad, what's your read on this >> well, i'm glad joe's in it. we're in it.

another company doing a good job with discipline on the expense side and leveraging the power of ai everything from co-generation to how they're pricing rides for consumers. and so i think that's another one -- another good one in the stable one thing i would just say, scott, because i know you're going to kick me off here, we sit here on a friday and we talk about all of this compounding, all of the great stuff that's happening with these companies with the emergence of a new super cycle. all of this progress is not distributed equal. and there are a lot of folks who do have exposure to the stock market, but a lot of folks who don't. and in the age of ai, i'm going to give a plug, again, to invest america '24. we have to give investment accounts to every child born in america. it only costs us $3.7 billion a year to give everybody skin and upside in this game. and when you watch these numbers, when you see these companies compound, they only can do this because we live in a

free mark democracy that everybody contributes to i think it's really important that everybody has upside in the game 100 years ago a lot of your net worth was about your labor today's about your assets. the 70% of people left out of the game of asset compounding are brought into the game. i don't think is one day in the life of ai gdp is accelerating over the last 200 years, not decelerating but we just need to make sure the progress is a little bit more evenly distributed. >> i appreciate you talking about that again, i know how dear it is to you, and i also know the groundswell that is sort of building around this you keep us updated on where this goes, invest america 2024 you've mentioned it several times on our program, and i'm glad you have. brad, i appreciate it. thank you. >> thanks for having me on

take care. >> that's brad gerstner joining us boy, who'd have thunk we'd do apple in the "b" block what does that say about the sign of the times? we're going to kick apple around what do we do now? it may have been the most uncertain one coming in, and did t? answer any questions comi ta ang lkbout it next at ameriprise financial our advice is personalized based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work.

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welcome back apple shares bouncing back

following those earnings let's kick this around it's kind of a sign of the times on this name, steph, we don't do it in our "a" block because i don't think it did what amazon and meta did a shocking change, the one with the most uncertainty going into the print. >> it was a low bar. i thought the quarter was fine when you look at it. ebit was up 12%. free cash flow up 26%. gross margins at the high end of the range. we knew they would lower guidance, china would be disappointing. i don't think china will be disappointing forever. i think the guidance has been reset. i'm inclined to add to this name

they have a very big event in six months' time, it may not be immediately but the reaction tells you this was the clearing event and maybe this is your opportunity to get it cheaper. >> the thing the legend cooperman suggested to us in the past you have a whatever earnings report, the stock goes down, the rally back in a name is powerful to look at you want to touch on this which is a sizable holding for you >> coming into the morning if i looked at apple, i would have thought you would see further weakness in the stock. when i look at the strategy they were implementing within the market creates this etf. nothing about the report

yesterday deteriorated the factors. those factors remained remarkably strong. >> they have a china problem let's not just gloss over it >> they have regulatory issues in europe. that's built in. >> is it >> obviously is. the stock was in the 160s. now it's almost 190 again for a 20% clip of revenue. how is that built into the stock? that's the resiliency, the bounce back. >> china is a big part of iphones. eventually they are going to get this fixed the rest of the emerging markets grew double digits what was surprising to me in the

quarter it was max, ipads, services did better than expected i think it's china that's a problem but sthel get that fixed >> you have to hope china has troughed >> we knew this would happen we knew china would be a problem. 18% of revenue so that's significant. the other point you just made, we need to continue to bring to light, latin america, india is really continuing to grow. services was pretty much in line, but growing sequentially i think apple continues to be a mainstay and it's really good to see the price action >> it's powerful there's no way to say it any other way. let's get to silvana henao with

the headlines. good afternoon to you. former wwe ceo vince mcmahon is under a federal criminal investigation to determine whether or not a federal law was broken around allegations of sex abuse and trafficking. mcmahon and a former executive were sued last week by a former employee alleging those crimes he has denied the allegations. he has stepped from all of his roles within the tko group, the parent company former president donald trump said he wouldn't reappoint federal reserve chair jerome powell if he were re-elected in an interview on fox business this morning, trump accused powell of considering rate cuts to give democrats an advantage for the elections. trump said that he had a few names in mind for the position but didn't share the names an asteroid the size of the empire state building will pass by

it will pass within 1.7 million miles of us. now that is seven times the distance between the earth and the moon, scott. >> silvia, thank you silvana henao. coming up, we have many, many more moves on his rebalance. i have a lot of financial names in front of me some energy names, too next. s and unforgettable scenery with viking. unpack once and get closer to iconic landmarks, local life and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort.

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welcome back more of joet's rebalance we just had another ipo on the floor, that's why you hear the bell and the cheers there. >> it wasn't for me? >> that's open for business. you wish you wish let's get to your rebalance here because you raised your exposure by more than 50% to the financial space, these are through ameriprise, s&p global,

the one you sold -- just tell me about the buy. the one you sold jumps out >> it should. >> berkshire hathaway you sold >> financial services, insurance companies. we took the weighting from 8.8% to 14.4%, a little bit above where the southwest is we sold out of regional banks last year in january of '23. to your question on berkshire hathaway, why did the strategy go out of berkshire hathaway it bought berkshire hathaway in october at 341 it sells out of it today at 384. what's the challenge when you look at berkshire hathaway, the way the company is constructed, because it is so diversified, it never really will score well on the quality metric for return on equity.

it is always going to be low so what will happen -- >> what was it in the first place then >> i was getting to that point >> moving you along. >> eventually momentum gets white hot and you're able almost for a trade to go into berkshire hathaway and ride the momentum >> can we see a one year >> it's been phenomenal. we made a profit on it we just sold out of it recently. berkshire hathaway will never score well on return on he can pit. >> sometimes you have to make an exemption to the rule. >> the rules are the rules if i didn't follow the rules, i wouldn't be in the position i'm

in >> you cut your energy exposure in half. >> what financials benefited from really came from energy the strategy was overweight 12.8%. we had 16 names. we didn't sell out of them for any fundamental reason they are in strong position. >> out of chevron, exxon, slb, obje oxy. >> we maintain in one oak, coterra. we have some refiners like valero and phillips 66 >> steph, you've been getting bigger in slb. >> that's a big weighting, 12%

>> we had chevron and conoco we rode a good wave. >> i understand why you're pulling that back for sure slb fell this week, 7%, because capex would be less than expected from 13 million barrels a day to 12 million. it's about 2% of ebitda in 2027. i thought it was way overdone. trading at 13 times forward estimates. >> so chevron was bounced. you bounced it this week >> i did, yes. we talked about it earlier in the week the stock was down 17% for me as it relates to earnings revisions they are going down.

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we're back with our senior markets commentator, mike santoli, at the desk yes, this is a meta market amazon, i get it this is a good news, it's okay to be good news market with the jobs report. >> we're getting tested on it a little bit the average stock is backing off slightly the small caps are struggling a little bit but it's interesting that the bond market is not grabbing hold of a 353,000 net new jobs number and running with it as if it's the trend. one year ago tomorrow january jobs numbers, over 500,000, the estimate was under 200,000 something about january. but remember what happened last year, the narrative was overheating market, the fed has to go to 6%.

so there was this narrative scramble after that. we're not doing that right now we're not taking that and saying this is the new trend, but take away, economic resilience, plus inflation mostly going the right way, enables us to wait for the fed to have the data go its direction and, yes, it's okay. it's still an uneven market, let's be honest, but not fatally so >> we got through the week the fed meeting and all these mega caps will come out net positive for sure. >> right and bond yield for as much as they got jerked around today by the number, they're in the range. from 3.8 to 4.2. >> see you on "closing bell. coming up, even more mov fm esro joet's challenge and big moves in the consumer space next rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror.

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oppenheimer is boosting on costco $760 from $695 shares ripped last year. you're in it >> for me costco continues to be a compounder in the space. what is important for me inflationary trends are starting to come down that annuity income. costco is the space. >> joe, you own it in the joet in terms of rebalancing, you bought ulta, you sold marriott booking, ross, burlington and active talk to us >> so tjx is a very tough sell this is an outstanding retail name the problem with that is that the fourth quarter relative to the market itself didn't give you very much.

that was an indication within the strategy maybe the momentum is beginning to be somewhat exhausted. keep in mind this is a quarterly rebalance. it's something we could go back into once again relatively easy. in terms of marriott and ross, there's a mare riott and ross, there was deterioration. and south korea ecommerce, similar to what we witnessed with zoom and uber is that profitability finally appears that's been missing for several years. >> stef, tjx >> it's likea steady eddie, up 22% last year. so it kind of lagged but i like it. i think they are benefitting from the excess inventory in the overall retail segment they actually raised their same-store sales last year, from that 2% to 3% level. i like that it has home goods and exposure, because i like

housing for the full year. and gross margin has improved, as well. it reminds me of a mcdonald's, but it's a steady eddie, and you'll see increase in operating leverage >> you're underweight exposure, which is under changed you sold stryker you sold zoetis, you bought dexame dextcom. >> there's not very much there in terms of health care. so stryker and zoetis was nothing more than the opportunity to recognize some near-term momentum, which was done in stryker in july, purchased the stock. we sold it out at 335, and bought it at like 283. the same thing for zoetis. at the end of october, purchased it, selg that out. again, a profit. but there's really no clear

momentum in health care to speak of >> even with stryker and zoetis up a lot in three months, that's not momentum help me out, what am i missing here >> remember something, pull back the lens on each of those stocks, and take stryker for example. you really see not very much momentum in the early part of 2023 so okay, i'm confident and happy. what the strategy did is it went in from the july through january period and captured when stryker actually had the momentum in place, and the same could be said for zoetis. they captured the momentum in november and december and the end of january >> that is really interesting. you own stryker. i think that's the way to go within there. >> two more moves a of this

break. it's an industrial stock, and, well, joe sold it, too back after this. er max recommended you. so, my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcía's, love working with you. because the advice we give is personalized, -hey, john reese, jr. -how's your father doing? to help reach your goals with confidence. my sister's told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial. at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments.

shaping tomorrow today.

jason snipe sold honeywell >> i did, i did. safety and productivity solutions were down 24% this past quarter they're also talking about supply chain concerns. i'm out. >> i'm out, okay joe, you're out of deere >> goodbye >> joe t. also bounced

why? >> broken momentum the ag space has broken momentum for the better part of a year. the industrial sector is the largest overweight that we carry in the strategy. 17.6% capital goods at 9%. >> quick take? >> i was impressed with corteva being up 17% so i'm going theth oer way >> "final trades" are next

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ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. "closing bell," tom lee, what more needs to be said he's got a big target for the s&p. we'll see if we can get above 4950 today so hope you'll join me at 3:00 jason, find trade? >> mastercard. i like the momentum here >> stephanie >> american express. a little cheaper than mastercard, but they have net new customers at 2.9 million

>> the rebalancer. >> four names have been in the strategy amphenol is one of them. >> they've met the rules for the entire time. >> the entire time all technology names right now, we have software at 13%, semis at 10%. >> so we are going to track this movement i will see you for the last hour of the week on "closing bell." "the exchange" is now. ♪ ♪ thank you very much, scott i'm dominic chu in for kelly evans. here's what is ahead on "the exchange." if there was any hope left for a march rate cut, today's blockbuster jobs report put an end to it. but what about a may cut our economist now says that may be off the table, as well. he tells us why and when he sees the first cut coming plus, the headaches of health care billing we'll talk to the ceo of one company hoping to crack the code and leverage artificial intelligence to make it easier fopa