sarat, you going to have -- what are you going to have on super bowl sunday? drinks, chips, chicken wings? what do you think? what are you plans? >> i don't know. i think it will be an interesting day just to see how many people will be watching, and i think probably one of the most watched super bowls out there. >> i think it's going to be good too. thanks, sarat. enjoy. join us next week. >> enjoy sunday. >> happy chinese new year. >> it's lunar new year. >> how many people are not going to work on monday? >> bad productivity. >> "squawk on the street" is next. ♪ good friday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer and david faber at post nine of the new york stock exchange. futures, pretty solid here. s&p looks to reclaim 5,000 after yesterday's pop. those cpi revisions, relatively painless, two-year yield drops to 4.43%. russell futures up a percent. our road map begins with a chips-fueled rally.

the s&p is poised to open above 5,000. nvidia, the biggest driver on the year. plus we're keeping an eye on corporate results. pepsico's revenue sliding for the first time in nearly four years. expedia is blaming boeing 737 groundings for headwinds. pinterest, seeing pressure on ads. it's super bowl weekend, near-record ad revenue is expected and the game may get a little boost from somebody named taylor swift. >> hackneyed stuff, coming in at 5 after 9:00, people telling me this. people came to the bar and told me that. that's information? the taylor swift thing. you got to have another angle. >> it's the only time in the show when i actually read something that's there, okay? >> i just wanted to start early needling you because you spend the whole show needling me. i figured i'd get there in the

beginning and then we're ready to roll. >> i am ready to roll. >> i bet you are. >> yeah. >> let's get to the markets. people were sort of worried about the cpi revisions. december actually trimmed down. >> it's funny. i can't tell you how many people told me, if we don't go over there and hold it, it could be back in the 2021 wilderness. david, this is just -- i know this is not the dow, so it's actually more important, the s&p. >> yes. >> but you know, i mean, this is not -- look, you could call, i don't know, dave tepper, and take it over 5,000. tepper, take it over 5,000. this is not something -- dave tepper being a very big hedge fund manager who also owns the carolina panthers. >> yes. >> but you could take this up. so, let's just not make it so it's make-or-break, okay? >> okay. that's fine with me. i'm in agreement. >> good. okay. >> there you go. >> and i have -- tonight, i have cloudflare. jim, last night, goldman

puts up a chart looking at eras in which you had an all-time high and the russell in a bear market, happened in '95, and the s&p continued to outperform. >> that was that strange period where the interest rates could go higher and the s&p still did well. i've always felt i had had much more to do with the x-86 wintel, because it was a cool moment. this is so incredible. if you look at -- of course, i'm going to get -- >> come on. give it to me. >> what was one of the top five that moved the s&p from 4,000 to 5,000? the outlier. not tech. not pharma. >> not pharma? >> yeah. >> not tech? >> yeah. builders first source. >> that is the weird one in the top 20. >> i never would have gotten that one. >> floor and decor and builders first, i'm going to take you, going to blow your mind. >> is that the decking?

what do they got? >> they have everything. yeah. i mean, they're, like, mini-home depot. home depot, by the way, we had upgrades. we had tremendous numbers from as asic, yet people don't want to buy home depot. i think that's a mistake. but this builders first, this is an exciting place. >> wow. i didn't know. see? >> we got some -- even though mohawk guided below, jim, they do think the industry is at a low. we got a little m&a between owens corning and masonite. >> that was one of these very controversial companies when it came public. it really popped. the ceo, terrific guy, and since changed, and this is creating a -- this is a powerhouse, owens corny masonite. it's a powerhouse. >> and it's a good premium. remember, masonite was actually trying to buy pgt innovations, and then that got away from them, and a company called miter bought them, but they were in a fight there.

i don't believe that many had expected, perhaps, that masonite would put itself on the block. i haven't covered it that closely, but 133 bucks a share. that is a 38% premium. right where the stock was yesterday. >> this is the stuff -- >> we're not talking about a large deal here, guys. little over -- almost $4 billion total. >> it's the tenor of things. like, you know, you come in, and you owned masonite yesterday, and you're like, i got this stock, what do i do with it? and then boom, you're slammed upside the head. this is our market. >> we haven't had that much -- i mean, where were we, early february? we haven't had that much m&a to speak of. catalent is one of the leaders, of course. that was a deal from earlier this week. we have had a pace of deal making but not, frankly, far off from what we saw last year, and last year was not a good year. >> last year, we had an agency run amok, rogue agency that was blocking everything. >> we'll see. everybody wants to talk a big game about big stuff they're working on and maybe it will get to the finish line.

>> yes. i'm hearing similar. >> $50 billion one or this, but they seem to run into the same issues that plagued a deal in the past, which is not about regulatory as much as social issues and price. they're difficult things to negotiate. that said, regulatory, i don't want to imply that it's not still an issue, jim. lina khan is still in that job. >> yes, she is. we're going to talk about affirm, and when you listen to these companies, they almost feel like they should be merging. the stand-alone is not powerful enough. they don't have the scale. and there, i think, they would hit the radar screen of lina khan. >> right. >> pinterest, look, i think bill ready is really good. i don't think the quarter was nearly as bad as people thought. i think they fled from the quarter because they feared it was going to be a snap. these guys have a google deal, an amazon deal. they have a huge presence -- 80% of their business is international, but only 20% of

their clicks to buy are international. they can fix that. bill ready can fix it. that interview was terrific last night. >> yeah. q1 revenue guide does disappoint. there were some questions, jim, about the amazon partnership not yielding as many benefits as you might have thought at one point. >> i did -- i felt that, and i think that when you do a deal with amazon, remember, they do deals with a lot of people, and you tend not to win. amazon tends to win on those deals. that's why i like the shopify deals. i always feel shopify are win-win, so to speak. yeah. >> meantime, you mentioned nvidia and what an engine it's been for the market overall. it's threatening to overtake amazon as the number four largest market cap. >> we talked about that a bit yesterday. >> they're going to do customized chips. >> the reuters story that i think carl was just about to get to, yeah. >> it could be bad. marvell tech, which i like very much, is one that customizes. and then my travel trust owns

broadcom, and people may see that broadcom is a loser in this customization. i caution people to sell those stocks, because they're really good. broadcom is better than marvell, because marvell has this optical thing,and there could be lumpiness, and they would tell you that, but i think that nvidia, once again -- >> what do you make of the reuters -- jim, as well as you know the company, what do you make of this reuters company that talks about how they're going to try to help some of these companies make more exclusive chips? chips for cloud computing firms and others? >> jensen huang, he comes in peace to all potential customers, and i think that, remember, he has the best relationship with taiwan semi. they'll get that done. jensen -- you can't get in the way of jensen right now. let this thing go higher. let it go higher. when you talk to -- like, i'm on a conference call with the fellow who runs ge health care, and what does he want to talk about? a.i. and is there a.i.?

yes. >> i mean, i think some would argue that the two most incredible charts of the week are tsm and arm. >> tsm broke out so big. arm, i would a nice talk -- i happen to like rene. >> you seem to think it wasn't a short squeeze yesterday, but everybody else thinks it was. softbank controls most of the shares. they're not a seller at this point. i think the lock-up is soon. >> mid-march. march 13th. >> why would you think it was not, in part, a short squeeze? a 60% move. come on. >> you clearly did not watch my show from last night. >> i did not watch your show. >> where i talked about how you have to take some profits because when the lock-up expires, the stock is going to go down because there was not enough supply and that's why the stock was driven higher. >> okay. because yesterday, you said it wasn't a short squeeze, so you revised your opinion. >> i didn't think that, unlike disney, it would -- disney just kept going higher.

i thought arm would stop, and arm did not stop, but there was no indication yet that there might be a sweetheart lock-up ending, and i also want to know, remember, there's these anchored tenants that they brought in, and a lot of hedge funds thought they were phony, and instead, have made a lot of money. intel is an anchor tenant. >> they were. i had forgotten about that. very profitable. talking about a company that went public at $51 not that long ago, one of the bigger ipos of last year and is now more than doubled. >> your point about breakouts, we can talk about chips, but disney, arguably one. hershey, this week, kind of breaking out of a pretty ugly trend >> yeah, look, i go over disney pretty closely. there are some real wins. there are some real wins in the disney company. >> i don't even need to say thi anything. he can just feel my piercing gaze on the side of his head. >> he's like kylo ren. >> i did not want to get in the

crosshairs of you immediately. i think there's some positives in disney. i'm not going to overlook that. and i would start, by the way, just so we know, that there is this netflix comparison may not be as -- may be a little more fatuous. >> in terms of password sharing? >> the margins. they have a ten-year head start on disney. it's not that they have a four-year head start. >> and a technology head start is what you'll hear often. >> yes. i think we have to drop that analogy. a lot of people use that constantly, and i understand why. i understand why bob iger would sound frustrated about that, because it is, first of all, comparisons are odious, as our mothers told us, but whenever you mention netflix, it's like, okay, so, disney missed out. okay, enough. >> is there any reason to think that password share revenue gains would be any different at disney than they were at netflix? >> just, you do have younger -- the younger cohort tends not to have their own houses and -- >> you mean kids? little kids?

>> we have a lot of younger cohort stuff. remember, snap, when you look at snap, they could have like 2 billion people who are 12, and they don't have ten cents to buy anything. oh, we haven't mentioned temu or shein, so we obviously don't know what we're doing. >> that may be true. >> i got more stuff from shein for my wife that i bought like a month ago. just be careful. i'm telling you, it's not -- you wore ralph lauren yesterday. i don't want you to confuse ralph lauren, up $25, with shein. >> i don't buy anything. >> who buys your stuff? >> i don't know. >> who bought that -- who bought that tjx shirt? >> this? this came to the house. i don't know. it wasn't bought by me. >> the clothes fairy. >> it's not even signature. the kirkland signature look. you have it coming. look at that thing. >> you don't like this shirt?

>> no. >> it's nice. it's my friday, you know -- >> yeah, collarless. >> i got to have a little color. >> someone just said in my ear, ross stores, and i'm countering with burlington. i don't know if you've ever been to burlington. i had a first fight with a guy. we were fighting over a t-shirt that said, like, "i am taylor swift's boyfriend." >> when we come back, a lot of earnings movers to get to. we'll get to pinterest, expedia, take-two, affirm, pepsi, of course, upgrade of united e pebonde' tk a wllal thsur wl. doug, ever since switching to workday you've been a real rock star. rock star? what do you know about rock stars? billy idol? i mean where's the skin-tight leather? my shoes are leather. where's the unnecessary zippers? that thing! billy, rock star is just how doug feels when he uses workday. thanks, rory. i'll show you rock star! be a finance and hr rock star. workday. for a changing world. billy idol just stole your golf cart!

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xfinity rewards presents: '1st and 10gs.' xfinity is giving away ten grand to a new lucky winner for every first and ten during the big game. enter daily through february 9th for a chance to win 10gs. with the ultimate speed, power, and reliability the xfinity 10g network is made for streaming live sports. because it's only live once. join xfinity rewards on the xfinity app or go to xfinity1stand10gs.com for your chance to win. welcome back to "squawk on the street." new data out of bank of america shows the jump in figures surrounding the super bowl. a 30-second ad in super bowl i cost about $37,000. this weekend, $7 million. that's 185 times the amount it was in 1967. jim, at that rate, gasoline,

they say, would be $61 a gallon, and the s&p would be at 16,000. >> what we know from the cpi, what really keeps showing up is this entertainment. no one has rebelled against the price of entertainment. and it's probably unfortunate, because that does price out people. i'm hoping that -- i know that the vision pro costs so much money, but it's a great way to watch a concert. so, i think that we'll be okay there. now, when i look, pepsico, not doing a sponsorship. it's apple. pepsico will have a number of ads, but the winner already, i know, it's the e.l.f. beauty ad with judge judy. >> really? i thought you were going to say maybe uber. >> no. it's the e.l.f. ad with judge judy, and david is going to come in here -- can i do a spoiler alert? are you allowed to do that? >> sure. >> it ends with, "you're a putz." >> really? you've seen the ad?

>> no, i have no knowledge whatsoever. i'm like the guy from davidson who said there was no tech innovation and then he sold the vision pro and said there is tech innovation. >> judge judy is a powerhouse. most likely been the highest paid person on television for i don't know how many years. >> she's a joe rogan of tv? >> huge deal with amazon for her new shows and then syndicating them back. "tribunal justice," by the way, fall 2026 syndication launch. do not mess with judge judy. >> no. e.l.f., you have to look at that stock, one of the greatest performers of our time, and their ads are always very piercing, and i think their ad, we're going to come in and say, i can't believe it, that e.l.f. beauty had the best ad. it's funny. >> meanwhile, jim a lot of focus on the cost of food, drinks, party favors, for example. we're expected to spend

$17 billion. wings are down year on year, but a basket of items like chips and salsa is up about the same amount. >> i know. i went and got a loan from jpmorgan, because i'm using a whole foods basket for super bowl. >> okay. oh, that's expensive. i get it. >> geez. he wrecked my whole timing. i had everything. you're supposed to go, ba dum bum or something. >> i was trying to stay on top of the news. >> the railroad guy likes his shirt. a already ceo. >> there are a lot of people who like my dress today, and they think you're being mean. >> what you really want is that railroad cohort to just come down sand say, he's the best-looking guy on tv. >> you got a "mad dash" you want to start thinking about? why don't you do that, okay? >> i will, i will. >> we'll get cramer's "mad dash." alwe'll get your updated pi

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all right, we're having quite a friday here. we got about seven minutes before we get to an opening bell. let's talk, for the "mad dash," expedia. we may come back to it, because the stock is not looking good. >> now, first of all, i will tell you that one of the better ceos that people -- unsung -- is a guy named peter kern, and i loved him. he was with expedia when i did the space needle in seattle. he's retiring, and that was very unexpected. >> yes, it was. as we should point out, goran will be the new ceo effective 8/13 of this year. >> we didn't know that, a lot of us who have gotten used to talking to peter and hearing about the engine that is expedia, and vrbo is doing really well, but it turns out you're reading in like the fifth paragraph, and he goes, in the

fourth quarter, we saw strong revenue and ebitda performance. so far, so good. but we did see some softness in gross bookings, driven primarily by air, which in turn was largely driven by a reduction in average ticket prices. well, david, stop trading. >> not good. >> no. and then -- >> jim, all i needed to look at was the first box at the bottom. free cash flow, negative $415 million. >> not what i wanted. >> they had negative free cash flow. >> no, no, there's a lot -- and they also had a conversion, a new system. look, i don't want to dump on these guys too much, because they have done a great job, okay? but i think that the guy i would have said was, don't worry about it, kern will figure it out, but no, kern's not going to figure it out, no more than jerome kern is going to tern it out. >> he would have come up with a very nice way to write a release. >> yeah. >> it would have been very nice. >> there's a lot of great things. before we dump on this guy, if

you read his conference call, he does talk about all the things they've done, and it is remarkable. so, i'm a little waxing sentimental that this was part of what -- when this guy took over, i mean, covid, how do you have a travel agency during covid? the answer is you hire peter kern. i'm not -- i am not letting peter kern go on a bad note, okay? >> okay. all right. the market may be. we'll keep an eye on shares of expedia. opening bell just a few minutes away, and you can catch us any time anywhere by listening to and following the "squawk on the stetopinbe" dct.re: eng llpoas

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the opening bell is brought to you by nuveen, a leader in income, alternatives, and responsible investing. let's get to pepsi. topping earnings estimates, but revenue sliding for the first time in nearly four years, jim. exactly like mcdonald's the other day. >> well, i think that there's a -- that raymond laguardia, the excellent ceo, give you a very nice dividend boost, did talk to me about the idea that maybe there are some people switching from work from home who are going to the office. they tend to buy a smaller bag

at the office than they do buy the big chip bag. i'm speaking of frito-lay. quaker did have a one-time recall that i think hurt them. they did take share. if you look at their snacks versus, say, hereshey or campbell's, they're doing much better, and i did the head-to-head on that. i know i'm being very forgiving, but i don't think pepsi is the -- and bglp-1. >> we had the opportunity to ask ceos of kellanova and hershey, and they're saying they're monitoring it. they're modeling for it. but they're not really worried about it. >> but ray's not even worried about it into the intermediate term. i know this is a great company, great stock. i know it's going to be down. i'm not denying that. but wages, okay.

transport coming down. raw materials, soft ag, oat, wheat, corn. this work-from-home has been a boon for them. >> let's get the opening bell here. at the big board, it's mexico discount retailer tiendas 3 b. at the nasdaq, metagenomi celebrating an ipo. >> well, you know, illuimina reported that -- we know, of course, that illumina, that's scott good ttlieb, they buy a l of equipment. as soon as you have a biotech come public, they write a check. illumina did not disappoint this time. the way to play all of these is buy danaher or thermo tmo.

both of them write a check. >> there's s&p, 5,000 once again, jim. lot of discussion about what it's going to take the next couple weeks to maintain it. cpi tuesday, and then nvidia earnings the week after. >> nvidia earnings, i urge people to recognize, when nvidia reports, you have to look at where nvidia's multiple was. you look back, you see that, oh my god, nvidia was really selling 16 times earnings. a fantastic, wonderful collect press, the cfo does a remarkable job on the call. certain times, you have cfos who are so strong. david, hugh johnson handled the expense side of the disney call. i thought he did a good job. >> i think they're quite happy with having mr. johnson in that role. somebody who's well respected on wall street. >> we don't talk enough about dynamite cfos, and i should doing in on that, because

there's just people who can tell a story so clearly. and ned at lilly. no hype. really understands the numbers. eli lilly is going to get this alzheimer's drug. it's going to be approved this first quarter, and in order to get it, you have to use a ge health care insurance. i believe you have to get a ge health care contrast to see how your brain -- how much plaque your brain has. i was just going get it. >> cfos are a big part of the united airlines upgrade today over at evercore. they say he comes from an equity background. might understand the correlation between returns and valuation. and they say, we're starting to hear that. well, it's about time. >> i mean, actually, the airlines, i want to say american -- these have not done well. we talk about travel and leisure, until expedia dropped the bomb, that it's just been a boon. travel and leisure and expensive dinners and taylor swift.

taylor swift, david, as between, say, the state of california, she defeated taylor swift. where are we here? >> taylor swift. >> now, a guy -- a driver stops me and goes, hey, look, are they going to get married? i mean like, what is it, some royal couple? our country is a strange country. >> it is a strange country. roger goodell talked about the effect that taylor swift is expected to have on the game sunday. i think we have that sound. take a listen. >> having the taylor swift effect is also a positive. listen, both travis and taylor are wonderful young people. they seem very happy. she knows great entertainment, and i think that's why she loves nfl football, but i think it's great to have her a part of it. obviously, it creates a buzz. it creates another group of young fans, particularly young women, that are interested in seeing, why is she going to this

game? why is she interested in this game? besides travis, she is a football fan, and i think that's great for us. >> i've been recommending heavily, draftkings. heavily. i think you have a whole new group of people, and if you ever -- you -- i don't want to encourage gambling because there's people who spend too much money, but if you go to the site, the ceo has a lot -- they do a lot of really fun things to open the account about what -- who's first to do this or that, and i urge people. i don't want to say, hey, listen, go gamble, but it's fun. we gamble. my daughters and i gamble. it's like, it's always just a hoot. new daily fantasy. >> there will be an enormous amount of money bet on this -- on the outcome of this game. more than anything, i would assume, and setting records. to your point, a new cohort may be entering, in terms of young women who are more focused on the game than they have been in the past. >> will they be advertising? will they have a lot of cop show and ncis hospital dramas they'll

advertise? that's linear tv. >> cbs will definitely be advertising the schedule, for sure. i am going to be speaking to bob bakish, the ceo of paramount, in the next hour. >> are you asking him if he feels left out by the sketchy bundle we've been talking about? >> it's not sketchy. we should point out nbc sports was not a part of it. my understanding, in part, about that bundle, which we told people about later on tuesday, is that the price would have just been even beyond most people's ability if you included everybody in that bundle, jim. you would be paying as much as you pay for youtube tv. >> that's just great. and then the nba contract is up, and andyjassy decides that he wants to own the nba. andy jassy is the ceo of amazon. >> it's my understanding -- i haven't run this down completely -- that apple may

have made an offer along those lines. >> you do not have that nailed down. >> you don't think he said, i want to own the all nba, and they said, no? >> he owns mls. >> the you're the nba, you don't want to be owned or distributed by one provider. that is not the way to reach the broadest audience. >> do you really have that? >> i tend to think it may very well be true, but -- >> i tried to nail that down. >> i'm not going to put it under the banner of faber report. >> okay, then that's just, like -- >> would that be bigger than mls? in your view? >> oh, it would have been enormous. >> mls is great, but i think that the vision pro, if you could be at courtside, say, in david zaslav's seats, from warner bros. discovery, if you could be at courtside, then everybody watching the show should just go this weekend and get fitted. i can't believe. i was dodging soccer balls, messi shooting soccer balls at me. i was dodging them left and

right in the vision pro. >> apple is getting more aggressive, to a certain extent, mls being a perfect example of that. they do like to own the entire thing globally. they want to own it all. i don't dismiss it as a possibility, but of course, what it really does make is the bigger point, which you were making, which is, the competition from amazon and apple, and even potentially netflix. i mean, if you want to call the wwe sports instead of entertainment, it's going to be significant. so, eight years from now, when cbs's deal comes up for the nfl, i mean, are they --who's going to be in a position to compete with these guys then? it's certainly a question, but that's so far from now, jim. i mean -- >> i know. but you have to be thinking about it. and by the way, tim cook, when i asked him directly, would he ever do one of these advertising tiers where if you pay, you don't have to watch the ads? he didn't dismiss that at all. that does cut in favor of your exclusive about -- >> my exclusive that i -- listen. again, that's not going to happen, so it's not really -- >> david, i think -- >> the nba renewal is important,

and it will be a key question as to whether our parent company, nbc, steps up in a way or, you know, does everybody sort of come back in some way across the board, amazon, nbc, warner bros. discovery, espn, but get less for paying the same price? >> david, you have the bundle. you have the comcast bundle. but you really only want the sports. can you, like, cancel your comcast bundle and just get the sports package? >> well, no, you would -- you'd cancel your video. you'd cancel your video, and you would use comcast broadband to deliver the sports package yet to be named and any of your already, what i would assume, are your streaming services that you're already paying for. >> well, does comcast stock -- are two cans connected by a string? >> we had an analyst on yesterday saying, maybe it's because of that sports bundle.

i don't buy that. >> not at all. >> i think it was a continued reaction, comcast's stock price fall over the recent sessions, to the charter numbers, which were not good, to the idea that arpu is going to have a hard time going up overall because of competition from 5g, from fixed wireless, and the impact of this a acp program, remember? the government sponsorship of broadband that's going to expire in a month or so. i think those combined pressures have contributed. you see a bit of a bounce today in both charter and comcast to the downdraft there. not -- not the impact -- i don't agree with that analyst who was on with us yesterday. >> carl, our business news category, this has been the most talked-about thing since the rise of tesla from my people who are asking about stocks. they want to know the impact stocks, impact to paramount, which is why i'm glad he has bob bakish, because people feel like

this is existential for disney, because we don't know what the package is going to look like. i will say that disney brought it up, and they obviously have something that can be justified, but i just want to know about warner bros. discovery. is that -- people want to buy $10 stock. is that the winner? there are still balance sheet issues. >> well, they generate a lot of free cash flow. >> but i'm saying, can you get to john malone? >> yeah, i can -- >> would you give him a jingle? >> i'll be happy to jingle him. >> this is a very important story. there's a lot of people who feel like this is the coiled spring if things go right. >> linear cable network's an issue, and even in the disney quarter, linear cable networks were declining at a rate that is pretty scary, and by the way, is only going to be exacerbated by the presence of this sports bundle if and when, come the fall, it's available. >> wait until you see firefighter nci and you're going to know what people are watching. >> how about we get to some more earnings? affirm. you guys have any thoughts on affirm?

>> max, whom i just love, because he is so in your face with his curt answers if you ask stupid questions on his conference call, he delivered a good, good quarter, and the number of bad loans is so low, and this stock was hit by shorts. instantly, heat-seeking missiles, when it reported, they knocked it down. if they had listened, they would have realized that max delivered a great quarter. and he's not defensive at all. he had really good numbers. this is a product that people really like, and a ceo that has a lot of gravitas, and people should just recognize that, what are you doing betting against this guy? i know it's up. you could say, there's a big squeeze. but he's suing jenners. there's not a lot of ceos like him. i enjoy his style. he's kind of musk-like in terms of basically challenging about whether you really understand the company. but i do, and i like what i heard. >> they do boost the full-year guide on gmv and operating

margin. the fiscal third quarter is roughly in line, jim. actually, the list of companies that did guide below includes pins, expedia, noewel and take-two as well. >> take-two is a timing issue, and i think people should recognize that as maybe an opportunity. i would go back and say, you want something that didn't? look at cloudflare with matthew prince, who has really turned that company into a cybersecurity giant. n.e.t. i've got him tonight, and when the stock was at 50, he came in and said, look, people are misunderstanding the thing i'm working on, and he was right, and this is another one of those companies in the cyber space that is just flying. and matthew is the real deal. he has some very big contracts. commerce department gave him a big contract. that's gina raimondo. she knows, probably, the most about business in that whole administration. >> yes, and is very involved, of course, in the chips act.

we talked briefly about sam altman's ambitiouns to raise $7 trillion because -- >> he likes big numbers. >> because we're not going to have enough chips or enough electricity to power the chips we need to get to overall artificial general intelligence. he seemed so hellbent on making sure the machines become smarter than us as soon as possible. it's like, slow down, man. >> i said -- i turned to my wife, and i said, if david faber were here, we would all just, say, pass the hemlock. it was really an extraordinary moment where he basically just said -- he didn't mention you specifically -- that we were -- that we're just atavistic. like, you know what? we're useless eaters. >> i haven't had an opportunity to spend time with mr. altman, but i -- i feel like he warns on one side and then on the other, he's, like, full speed ahead as fast as we can to get to that world that i keep warning about

or at least have certain concerns about. >> he was the closest i've heard yet to saying that you're basically soilent green. can you do it? do it, come on. >> which one do you want? charlton heston? "it's people!" >> you got to commit on that one. >> i can't commit. i got to hear heston first before i can recreate. >> what was "to serve man"? >> it's a cookbook! >> so good. rod serling. how brilliant. >> one of the best. bitcoin is getting some attention. just a couple grand from the january highs. >> you know, i had a good call that went down. i said, listen, 40 may be a buy, but this thing is on fire. tesla and bitcoin trade together. there's a lot of hope there. >> lot of hope on tesla or bitcoin? >> i think tesla too. i think tesla is trying to make a quiet comeback, and i wouldn't put it past musk to have something cooking. i'm waiting for the texas move, david. that's going to happen.

>> it's funny. did you -- i should have read it immediately and didn't read chancellor mccormick's decision. >> the 200-page decision? you've got to read it. it is a hoot. >> she writes really well. >> she did a lot of analogies. >> there were some interesting references to this process was on self-driving mode. >> yes. we would have had it earlier had it not been for the back surgery. that's why it took so long. >> well, it's a wonderful opinion, over and over again. it talks about how it doesn't matter how much money he made for people. what matters is process. >> thank you, jim. that's -- exactly. her issue is with the process, and with what she felt like was a fully conflicted board in so many ways. and not necessarily with the end result. which, of course, we've sat here and said, what was the issue? why, in fact, would there be an issue with, if you take a company from a $60 billion market cap to $650 billion, you're, you know, yes, you should be significantly rewarded. >> how about -- >> her issue from the delaware court was, process, but of

course, musk is like, i'm out of here, but we've yet to hear the follow-up. >> there's another aspect i hated of her ruling, which was that it basically -- he created targets, if he got -- would get stock, and if the stock did certain things, and if the numbers did certain things, and apparently had the first two targets in the bag. will you give me a break? this was a gutsy thing to predict that your stock is going to go up this much, and in hindsight, it looks like he had the whole thing in the bag. >> it's ridiculous. >> we saw a rally that was unprecedented, but i thought that was very bad. >> she also says at the time, 21.9%, of course he was incented regardless because he was benefitting to the tune of over 22% ownership already. >> she has this comment about, why did he need to make more money? he made so much money. that's not the way you look at things. >> although, jim, jonas had a good note the other day. can ev sentiment bottom in '24 because suppliers are cutting backlogs, hertz is cutting fleets.

we've seen adoption curves move down. do you think that happens? >> i think -- i think that the -- when toyota's cutting back, when ford is cutting back on the next iteration, my tail is that i understand that the hertz teslas are selling very well. that's what i'm betting on. >> the downgrade of hertz earlier this week was about them not committing enough to the fleet sales. i think it was morgan stanley believes that they need to do more. >> well, i just think that, enough with the dumping on steve. i mean, he's got this thing under control. i think people are, like, saying, you know what? he doesn't, and i think that's a mistake. i think that -- i'm not saying buy it. i am saying that i understand the teslas are selling well, ask that matters tremendously. it's not a dumping off of teslas. look, i just don't want to count musk out. every time you count musk out, you look like a fool. >> every time. >> every time. >> yep. he always manages. >> yeah, so, i don't think you throw -- you don't throw him under the bus right now.

he's -- he is a fearsome character, and he will come back with something we had not thought of. >> he is a fierce competitor in every way, including taking on all of his perceived enemies. >> he could easily come out and say, jim farley, what do you have? you have f-150 lightnings, and they're not selling? i have cyber trucks. >> what did putin say about him? he was unstoppable -- smart and unstoppable in his interview with tucker carlson? >> i didn't watch it. did he really say that? >> i think he did. after the hour and a half on russian history, which, by the way -- >> the 30-minute answers. i was >> i think going to write a book. youngest major general at 34. >> you and putin would have a lot to discuss. >> they won the war. i'm sorry, they won the war, and not just stalingrad. it was the taking of berlin but also the citadel battle. there were many things.

by the way, the german generals, almost every single one of their monographs was a lie. almost every one. we find all those generals lied, but we switched and hated the communists so much that we allowed those generals to tell falsehoods about what they really did to the jews and to the enemy, and it's an abomination. sorry. i had to go off there. >> we haven't had a lot of chance to discuss geopolitics. oil, by the way, back to $77. nat dagas, 180-something today. >> we got the pause the lng because we could feed the world lng. i don't want to get too political, david. >> you know where lng goes. >> i do. >> mexico. and egypt doesn't play a big role in lng. >> oh, jim, you really had to do that? >> he's got me in an administration that i'm not going to be. >> i just think he's cranky because he has a birthday coming up. >> in 24 hours, i believe. >> i think, you know, you get to

a certain age, and you get a little cranky. >> each one hurts. >> maybe it's naptime. >> time for your meds, mr. cramer. check bonds today. we're going to get cpi on tuesday. pretty light day today. we'll go over the calendar for the coming week when we come back. (vo) sail through the heart of historic cities 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.

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niners. >> yeah. >> the chiefs. >> the chiefs. >> people have to know two things. they have to know, write these names down, know chris jones but the guy you need to know is willy gay, reminds me of l.t., and brock purdy is going to get -- feel the wrath. kittle for them. willie gay told a friend of mine he's never felt better. he missed the afc championship. watch him. andy reid, favorite. coach reid loves him. >> going with k.c.'s d. >> is much better than o used to be. o was better before. i think this d is fierce. people don't understand it. they can stop the run too. >> jim, enjoy the game. have a great birthday. >> thank you very much. my wife has not told me what we're doing. who knows. it might be -- >> exactly. >> great birthday. >> 6:00 p.m. eastern time. when we meco back, bob bakish of

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. happy friday. good morning. welcome to another hour of "squawk on the street." i'm sara eisen with carl quintanilla and david faber, live for you as always from post nine of the new york stock exchange. take a look at stocks higher again. s&p and nasdaq now up 14 of the last 15 weeks. we're up another percent on the s&p for this week. more than that for the nasdaq composite. today's action driven by technology which is up 0.8, communication services. no surprise the usual suspects here that are driving this market higher and continue to do so. the magnificent seven, the mega cap tech, that's been the story. nasdaq up 0.5% right now. take a look at treasuries as well. the trend higher yields as we've seen better growth numbers that continues today. the 10-year note yield 4.17, 2-year yield at 4.47.

30 minutes into the trading session. here are three movers we're watching. shares of pinterest are plunging. the company missing revenue estimates giving a weaker forecast and announcing a third-party ad partnership with google. that's not helping the stock. it's down 10%. expedia shares tumbling. the online travel site beating estimates but profit falling despite growth in bookings and naming a new ceo. take two shares dropping. the video game maker missing expectation giving a disappointing guidance for the current quarter. take two's ceo will be joining us next hour to discuss the latest results and give his outlook for the company. guys, we'll start with the macro focus and the markets. everyone was highly anticipating the cpi revision for last year which is funny because usually re revisions to old numbers don't moving markets and the important thing was it wasn't that important because it didn't show much difference.

i mean the biggest difference it showed was the december cpi which people are noting, the month over month change was 0.2 instead of 0.3 which is actually better. bottom line, it confirmed that the fed has made a lot of progress on inflation and we have come back. the reason it was anticipated in part waller said he has been looking at it, the fed governor and last year when we got these revisions it caused a little bit of concern about just how much progress had been made on inflation because they were revised higher. this is kind of much ado about nothing which is why the treasuries ralliedon the number and kind of given back some of those gains lately. >> the two-year down to 4.43. morgan stanley out, this will not change the fed's perception of the softening trend in core pce and trimmed their forecast for next week. they're at 0.26. >> we'll get the big number cpi which will be way more important. for now the mantra is, and we've

heard this from all the fed presidents and data backs it up, we have an ease in bias. the next move a cut, it's not going to happen in march. maybe may. we'll see what data tells us. let's hit pepsi because it's indicative of what's happening right now with the consumer and the stock is moving. it's moving down 3.25%. a rare topline miss for pepsi. the bottom line beat, driven by continued productivity there and cost savings. that's been the story of the year. but on the top line, the 4.5% organic revenue number was a miss. why? well, i did speak with the ceo of pepsi. here' here's some comments he gave me in terms of the outlook they did narrow from where they expected it in 2024. we feel good about '24, investing aggressively in the brand. productivity was strong in 2023 and will be strong in 2024. as it relates to the revenue in

the u.s. we did see the consumer start to feel more challenged abz and makes adjustments to their budget and mobility pivot, going back to the office at a larger scale, more growth in convenience stores and away from home, but overall we feel good about the u.s. consumer. we're seeing low unemployment, higher wage increases and inflation, good about gas prices staying low and interest rates going lower. noted some of the weakness. they also cited, you know, in the release they're feeling the pressures of the middle east, that other american brands are feeling, as far as geopolitically. and they had a quaker recall that hurt results, built into guidance as well. so i think pepsi is outgrowing some of its peers and leaning hard into innovation and spending, but also it's not the same consumer environment it was dealing with in the last few years where it saw exceptional

growth and not the same pricing environment. the other headline, you will see a normalization in pricing. what does that mean? 2 to 3% pricing where the industry was before covid. that's where it's going back to. >> global pricing up 7, up 5 at frito-lay in north america. hard to imagine those numbers continue if they're right about the consumer beginning to push back, right? >> and volumes were down and you saw the pushback there. also we've heard it from hershey and call nova, they're following inflation and raw materials cost and while a little bit of elevation in the ad costs, it's -- ag costs it's mostly coming down. similar comments from l'oreal. they have a miss because of china, but on pricing, looking forward at the beauty market, the only normalization i see happening is price normalization. they get back to 5% or so price in growth. the only company talking about

raising prices right now is her mess. did you see this? luxury is bifurcated between which brands are working. hermes is raising prices and price increases of 9%. no ceiling on burkean sfwbags. >> where are they priced? >> 30,000, 20,000. >> secondhand market they get that high. in the first it's more like 15. crazy. most of their bags are not burkean but they have enormous power. >> back to pepsi and the glp-1s, i don't know what they said, but we had an opportunity to talk to ceos of food companies about it, kellanova and hershey's ceo as well, take a listen to what they had to say about the impact of the weight loss drugs on their business.

>> now we see zero evidence that it has had any evidence on our portfolio or the food, the snacking portfolio in the united states. that's not to be complacent and say that may not change. we've done a lot of work on trying to figure out what the penetration rates would be, the take up rates would be, you know, how long people stay on it, do they stick with it, and the best that we can come up with is a 1% calorie headwind, five, six, seven years into the future. if that's the case, we can innovate our way around that. >> we see no impact as it looks to '24, we don't expect any kind of material impact. going forward, the way that we view it is, the consumer is always changing and evolving, and we are always looking at how we can evolve our portfolio to meet their needs. >> what does pepsi have to say? >> they didn't say anything. this is a bigger issue for the

october quarter because that's when we saw stocks fall on concerns about ozempic and the prevalence of it. since then the stocks recovered a lot. we haven't gone there, and i think what you would hear is echoing what you heard from michelle buck and steve callan. they're studying it. even in the most aggressive forecast of the use of these drugs, most of these, we're talking about the mega packaged food companies, don't see an enormous hit. it is interesting that this is all happening at a time where all these companies strategically have focused on snacking. that's been the growth part of the business, the mondelez and pepsi and campbell soup has gone into it. so that's what people did during covid. it's what people have done after covid. it's grown outside of some of the other package food staples and the traditional basket, so they're doing that at a time where i think investors and you have raised this question about whether snacking habits will

change. we just don't know. >> although jim's theory involves return to office. snacking habits do change if you have to leave home for a day. >> snack more? >> snack in smaller sizes. >> that's what pepsi said. >> pepsi is seeing more action at convenience stores. smaller sizes because of budgets. that was sort of the pepsi. >> meantime s&p holding 5k after crossing above briefly yesterday. more room to run? joining us is jpmorgan asset management global strategist. what do you think the number means overall? >> it's a benchmark. ale old enough to remember the s&p 500 at 500 in the 1990s. it's remarkable. i think if you look back over the decades what you've seen is a huge increase in the profit share of gdp and the value of financial assets, so what we see

is a company can do very well even in a slow growing economy because that's really the kind of the history the last 30 years, and that's what we're seeing today. >> do corporate result this quarter any folding in layoff news and efficiency measures, reaffirm the idea that market can climb on earnings and not necessarily multiples? >> yotle. no. i think it's about multiples now. what happens is a bull market gets going on earnings and the earnings are good and have been good and the margins are great, but the growth in earnings from here can't be that big. but what's happening is if you have a stable environment people push the envelope on valuations over and over. we couldn't stop with prudence. we wait for a crisis. i think that's why the market can grind higher even though honestly there is a limit to how much earnings can grow. >> how does that affect your base case for the year or the year following? >> it's tricky. our base case for 2024 is 2%

growth, 0 inflation -- sorry 0 inflation, 2% unemployment. that's what we think is going to happen. the first month gone, that's still where we are. we think it's a very stable environment. if some shock occurs maybe we have a recession. it's stable. i think the stability that's allowing the market to grind higher. >> i would add also that u.s. is distinguishing ourselves in terms of growth here. we talked a little bit yesterday about decoupling. china is in a deflationary environment and confidence trying to come back. europe numbers have been weak. the u.s. growth numbers surprisingly -- where does it land? i always turn to carl. when atlanta fed gdp is at. >> 3.4 range. >> it started below 2%. i wonder how much flows globally coming into the u.s.? >> that's going on. there aren't flows into other

markets either. american investors are investing in america. you can see that. but what's driving it is u.s. consumers are just relentless. u.s. businesses are willing to spend money. and this has allowed the u.s. to outperform, dollar still strong. the dollar will come down, very cheap, both international and u.s. investors are choosing america. >> the other thing about the dollar, a point made today, the year to date appreciation means any spike in import inflation might be offset, right if do we need to worry about the red sea less as a result? >> the thing about the red sea, we've seen certain indices bounce up like they did in the pandemic, but the pandemic supply chain issue was a very deep issue. there were many, many layers to it. this is just one part of the story. it's not a very important part in terms of overall costs. the inflation numbers, two big things, auto insurance and shelter costs and those are

going to grind lower through this year. so it's -- you could have a situation where wage growth stays at 4% but the cpi headline numbers will come down. we will have good inflation numbers here, even if wrajs st wages are steeky. >> michael hart net, positioning is the friend. doesn't feel like everybody is bearish and i wonder if that acts as a headwind? >> it could be but there's a lot of cash in short-term accounts, lot of liquidity out there and you need that to leak into long-term markets. i know it's 5,000 day to day but i don't think the party is over yet. >> thanks. good to check in with you. >> as we head to a break a road map for the hour. bob bakish is going to join us, first time cnbc interview, ahead of the weekend super bowl which is televised. a lot to talk about including some of the chatter around the

takeout of paramount. >> speak of the super bowl, betting on the game expected to surge to record levels this weekend. we will go live to las vegas to talk to the ceo of bet mgm, that struck a deal with elon musk's x platform. >> and last year was not an easy one to predict when it came to the economy but our next guest was on the money and she's bullish about this year as well. find out why. big show still ahead. dow is down 46 points. the s&p and nasdaq are powering higher. "squawk on the street" will be right back. meanwhile, at a vrbo... when other vacation rentals are just for likes, try one where you'll actually like.

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it is now all eyes on las vegas this weekend. super bowl lviii heads to the strip. the cost for a 30 second commercial tops $7 million. joining us now first on cnbc an live from las vegas, with his outlook ahead of the big game is paramount ceo bob bakish. good to see you. give me a -- >> good to see you, david. >> give me a run down, you sold out on ads at this point and getting $7 million for every 30 seconds? >> so look, vegas is electric. coming up to the biggest game of the year coming off our highest rated nfl season, cbs got the nfl back in 1998, a record for the divisional playoff game, all-time record, and to your point on the super bowl we've set the high watermark for advertising for a super bowl and it's quite likely we'll set the

high watermark for viewership. a lot of good things going on here in vegas and it's great to be on cbs. >> yeah. you're going to have it on cbs. it's been many times in the past. i think you broadcast the game more than any other network. that said, bob, i would love to take you back a few days this week because there was something else in the sports world that happened which is this joint venture announced between disney and warner brothers discovery and fox and love to get your reaction to it, whether cbs was asked to be a part of it and if not, why not? >> yeah. so, obviously, the sports development you talk earlier in the year, a lot of questions on that, by the way, and a lot of differences of opinion, but for us, you know, what we focus on is a broad strategy and we've looked at sports only plays, including in digital both on standalone basis and in the partners, but we continue to believe broader is better.

paramount plus, if you look at the sports consumer, on paramount, believe it or not, 90% of their time their engagement is with nonsports programming. sports is a great vehicle for bringing people in and for engaging them. to make it work for the consumer and for the streaming platform if you will, we believe in that hybrid of sports an entertainment and that's why, by the way, you'll see us launching a great entertainment show, halo, coming out of the super bowl on paramount plus and we're launching the cbs fall slate. we like the broader play. and it's continuing to work for us. >> you know, i wonder, though, bob, the presence of this new service, it will be priced fairly high, nonetheless, do you not think it's going to continue to put pressure on what we've been talking about for years, namely the cable bundle and linear cable networks. it would seem young men would gravitate towards it instead of getting a cable subscription and the like.

are you concerned it will have pressure on the overall bundle? >> look, i think there are lots of choices in the marketplace, bundle and off bundle. we continue to be a supplier to the mpdness close partnership. we're not only providing linear feeds but streaming products and advanced ad sales. it will be part of the equation. a lot of questions with this product including related to pricing, et cetera. but it's just another vacuum. again, we look at moving forward, continuing the program, cbs with sports being a slice of the wheel and paramount plus and feeling very good about that trajectory. >> you know, i think you did a carriage deal with comcast recently but a couple coming up with charter and dish. charter in particular, given what they did with disney last year, does that put pressure on you, again the same idea being you have a consumer who has

paramount plus, so why are they double paying and how are you going to work with cable providers who say yeah, we don't want our customer double paying and they should get paramount plus for free? >> so look, we've been -- we're a cornerstone provider to the distributors in the u.s. and frankly around the world, we have evolved our product line along with the industry and the transformation as i said, adding streaming products. free, pluto and paramount plus and partnering in ad sales. i've been doing this at the ceo level for eight years now, and we've gotten every deal done. we've lapped them all and done i it, these negotiations aren't getting simpler, but we get business done because we provide high quality content that american consumers want to view, including the nfl, but also more broadly speaking, grammys last weekend, 16 million people watched that.

so again, our content connects with consumers and we have a model that has different levers to pull with distributors to get deals done. >> you're confident. of course you can get the deals done, but at what price? you're confident you can continue to deliver value on these deals, that your shareholders will be happy with? >> i'm confident our content continues to matter to them. i'm confident we will continue to provide solutions. i'm confident that we can evolve our specific structure to meet their needs and move in different directions. by the way, different distributors have different points view of on what they want to do in terms of moving forward, and again, we're adapting to that and i feel quite good about it. >> you know, bob, you mentioned you've been ceo for eight years. i don't know if you'll be in the seat another eight. your nfl deal goes almost that long. i wonder given the incredible popularity of the nfl, how you

see the next go-round in terms of negotiation, particularly with the presence and growing presence of the amazon and the apple and even the netflix with seemingly endless ability to pay for this? you know, is getting to get hard for a company like yours to afford the nfl one day? >> look, we have a great partnership with the nfl, with brian, et cetera, and as you point out, that deal goes through the next decade, so it's through like 2032. it will be a while until we negotiate with them again. but it's a great partnership. they love us. again, we just set the viewing bar for cbs since we last picked it up in 1998. we had the record divisional playoff game so broadcast platforms, cbs, continues to be extremely important to the nfl and i think all the leagues look at that and if they don't have broadcast they regret it. add to that we do illuminate on streaming and paramount plus,

fastest growing service in terms of net ads since we rebranded. it's a powerhouse combination and we're very strong with the nfl. >> yeah. you mentioned attending the grammys. our julia boorstin spoke recently to byron allen who says he made a bid for paramount. he said or told julia that he ran into bob bakish at the grammys and reported that you said, thank you for the offer. we're happy you submitted. is that true? >> it is true. i was at the grammys. it is true i saw him. i'm not going to get into what we talked about, but it was, again, a great show, over 16 million people, really, and that was up 30% from prior year. highest since 2020. >> i hear you on the grammys, but i wanted to know about byron allen and/or all the speculation surrounding the company including red bird and david ellison, byron allen making -- well unclear what he made. is paramount conceivably going

to be sold? >> look, job one for the management team and the board cite frankly at paramount is maximizing shareholder value. we're focused on day to day execution. that is the most predictable creator of value, but, of course, we look more broadly at options. we look at a lot of things. as to what direction we're going to go, we'll see. what it really tells you, there's extraordinary value in paramount global. this is an unmatched content collection in the world. our studios, our libraries, really incredible value creators in content, so -- again, a lot of value here. >> you said recently in a memo to employees, we've learned a lot since we launched paramount plus nearly three years ago. what have you learned that's going to inform your ability to get that to profit snblts. >> as we last said on our third quarter call, and we're coming up to our fourth quarter call in two weeks, so i have to be careful about how i answer this

question, we are very much focused on building paramount plus into a robust profitable business. we always have been. as we said on the third quarter call, we believe that 2022 was actually our peak investment year versus '23 which we guided to. we feel very good about '24 and we'll have more to talk about that at the end of the month on our call. >> all right. just to come back to byron allen, was it a real bid he made? >> i'm not going to comment on speculation as you might guess, david. >> yeah. >> other than to say, we are focused on creating shareholder value even through execution or through alternate means, and -- >> got it. >> that's our focus. >> bob, we're going to end on taylor swift, how could we not? how are you guys going to cover her at the game? a betting line and how many times cbs will show her and will she get there? >> i'm sure she'll get here, and

i'm sure there are lines out there. i'll just say she is an extraordinary talent, obviously, creates a lot of excitement in the music space and has brought incremental value to the game. as i said, you know, i'm sure she hasn't hurt ratings. as to what we're going to do in terms of coverage you have to watch and see, and i'm sure, you like the rest of the world, will be watching. >> without a doubt. you think your under priced your ads given taylor swift is going to bring in more viewers? >> you could debate that. again, we just set the high watermark for a super bowl for all time for advertising. i think we're doing pretty well. >> bob, always appreciate it. enjoy the game. and i'm sure we'll see you soon. thank you. >> thanks, david. take care. >> you too. >> really good interview given there was so much he could not say about sales -- >> i figured i would end on

taylor. he thinks she's going to be there. he's confident. >> yeah. >> i think the japanese embassy confirmed she can get. >> there will be flight trackers on sunday morning. crypto getting a nice lift. bitcoin close to the highs of the year. january 11th was 49.4. we'll talk about bitcoin after the break. feel the power of osteo bi-flex®. taken every day, it's clinically shown to improve joint comfort in 7 days, with significant improvement over time. ( ♪♪ ) how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now.

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crypto getting a boost. nearing its highest level of the year so far. dom chu is tracking the action. >> on a closing basis we're pretty much at the highs of the year, a hair above it. this could be on a closing basis if we close there. remember at the highs back on the 11th of, you know, earlier this year on february 11th, we did see -- january 11th we did see this top about 49,000 on a price basis intraday. 47,206. it's carried over by the way into ethereum prices up as well, though not at the highest levels of the year so far. if you take a look at ethereum we tracked the 2700 level at 2491. just a hair under 2500.

keep an eye on ether. stocks in the ecosystem, namely some of the ones that track bitcoin prices more closely coinbase, up 137% over the past year. micro strategy which owns bitcoin and the balance sheet up 153% and marathon digital, mining up 294%. keep an eye on those stocks. sara, i'll send things back to you. >> up next, 2023 was a tough one to predict when it came to the economy. our next guest got it right. find out what she sees for the u.s. economy this year and what investors need to watch as the s&p trades ave,0. ayitbo 500st wh us. at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real.

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welcome back to "squawk on the street." i'm bertha coombs with your cnbc

news update. president biden's defiant press conference last night in the wake of the special counsel's report on his handling of classified documents and mention of his mental state is still reverberating on the political front but back to business as usual at the white house today. the president announcing he will host german chancellor olaf shots at the white house. john kirby said both leaders will talk about a way with ukraine and discuss the threats in the red sea to international shipping. the meeting comes at a critical time as the senate tries to advance an aid package for ukraine and israel. prince harry has reached an out of court smts settlement with a tabloid publisher that hacked his phone. mirror group agreed at a court hearing to pay the prince's legal costs plus, quote, substantial damages with an

interim payment of more than half a million dollars to be made within two weeks. and seiji ozawa one of the best known conductors died tuesday of heart failure in tokyo according to nhk. ozawa known for leading the boston symphony orchestra for three decades and considered the city his second home. he was 88. i remember how exciting it was when he was named in boston. really quite a thing. >> iconic. he'll be missed. thank you. bertha coombs. meantime the s&p is trading above 5,000 this morning. take a look at sector leaders today. tech is the biggest gainer led by fortinet. consumer services and discretionary rounding out the top three. all three hitting new 52-week highs. for the week com services up 11. tech service up 10.

health care carving out nice gains as well as we hold above that psychological threshold. >> not everything is up this week. utilities, staples, real estate materials down for the week. another big tech driven move. let's stick with the markets. "the wall street journal" dubbed our next guest its most accurate economic forecaster for 2023. guess what, she remains bullish 2024. belinda ramonth, st. mary's professor joins us now. thank you for joining us. congratulations on the distingship. first, what did you see that none of the other mainstream economists, including the fed, seemed to forecast for last year? >> thank you very much for having me. i think what i did was i looked at the volatility. there was a significant amount of volatility in the labor markets and i felt like we weren't swinging widely enough or maybe taking into consideration what that was trying to say to us. i tried to capture it in my --

in what i did as a forecast. >> got it. so what are you expecting for this year? given labor market still looks good? >> yeah. i think we're still very robust. we're going to do well. i just think that we also have to remember that we're slowing down. it's that slowing down that causes a lot of consternation, let's say, in certain parts of the economy are going to maybe feel it a little bit more than others in terms of slowing, but the aggregate is going to be positive. i think depending on our political situation, again, that may change. it may become better, may become worse. relatively optimistic. >> you see politics as a swing factor for growth this year? how does that work? i feel like the market is largely ignoring it at this point. >> i don't think you can discount politics at all levels because this is an election we have politics at the local,

state, and federal level and lots of moving parts. as those parts are settled, individuals start making policy and we see changes or the perception of change and that filters down from the bottom up and filters all the way through the economy. we need to think about that a little bit. >> a lot of questions about what's happening in china, the deflationary cpi numbers on the front of the "ft" today. property managers, actually, all around the world, selling properties in toronto and forcing some warnings at the ecb in europe at in property crisis in china is making its way across the global. how much do you think about that? >> i do. because i think we're increasingly globalized. there's some markets in the united states that has intimate ties with the foreign sector and as those start shifting ours start shifting. the east coast, west coast,

houston, dallas, as they start to shift, we start to shift. those markets are tightening as well in all of the domestic areas because of the interest rates. we've got to think about those things as they're moving pieces. >> yeah. the question i think for this year and something that's being debated on the fed and wall street, is whether the economy is so strong that we don't need the fed cuts immediately or maybe the number that the market was -- has been expecting this year. what's your sense of how interest rates are restraining the economy, and what the appropriate level should be by the end of this year? >> well, i mean, i'm thinking that the interest rates do play a part, especially when we're looking at big ticket items. we've seen it in the housing sector. we're seeing it in the automobiles and anything else that requires a big chunk of money and also is dependent on interest rate. so i think the fed is looking at

some of these things and thinking okay, how can we moderate the impact of higher interest rates as well as bring it down, but the timing is going to be difficult because there's other things going on, china ecb, the europeans are having trouble. how do we incorporate it into our models? >> thank you so much. it's good to have you. the most accurate forecaster of 2023 on the economy. bell linda from st. mary's. >> thank you very much for the opportunity. thank you. coming up next we'll go live to las vegas. the ceo of bet mgm says a record number of americans are expected to place wagers on sunday's game. we're back in a few minutes.

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the country are scanning the available wagers. anew record is expected to be set. bettors planning to wager $23 billion. our contessa brewer joins us with a special guest. hey, contessa. >> hey, carl. not all of that $23 billion is expected through the sports books, but an awful lot is and an increasing number from last year. with me the ceo of betmgm, adam greenblatt. by the way, we're both new yorkers, we live blocks away interest each other but meet up here in las vegas. when we look at super bowl, it's an exciting time to be here. i want to get to it. there's news this morning about betmgm's new partnership with x. tell me about it. >> there is. we're excited about the news this morning. so we've announced that betmgm is going to be the exclusive live sports betting, live sports provider, so provider of live odds to x, formerly twitter. >> are you concerned at all about your brand being linked to

x and the increasing amount of controversy or accusations about misinformation that are aimed at the platform? >> it's a really important question. our priority is ensuring that our brand is where our players are and so we are following that lead. players and the conversation around live sports lives on twitter and as a result, that's where we are going to have our ground. >> how much of what you're doing with x feeds into a broader strategy about reaching people who might not know the betmgm brand? you're buying your first super bowl ad. is this a part of a larger strategy? >> absolutely. 2024 is an investment year for betmgm. you will see more of us more often. we are going to elevate the brand, invest in the brand, and so this is -- thiswork we're

going to be doing with x is consistent with that and we announced last year our partnership with marriott where they have a database as part of the program, 186 million people. that will allow betmgm to reach the biggest possible audience in 2024. >> and you have betmgm and the mgm rewards system as well. why hasn't that done more for you on market share? you have bricks and mortar rewards for your players where draftkings and fanduel you would think are at a rewards disadvantage and betmgm is losing market share not only the sports betting but in gaming where you were the national leader? >> in 2023 we made commitments to the street and that -- the primary commitment was we were going to show ebitda profitability and we did that. we did that from the second quarter consistently. now with that kind of investment

approach, there come tradeoffs. because what some of our competitors did was keep their foot on the gas. what we've shown is -- excuse me. go on. >> i did ask mgm's ceo about look very question. if you're profitable, does market share matter? this is what he told me. let me play it. >> market share does matter. president difference between '21 and '18, it's relative positioning. what matters is ultimately when you go for profit, that you have a big enough piece of the pie to do exactly that. between sports and igaming. we told the street we made half a billion in cash flow. we want to grow our share back, particularly in igaming where we think mgm brands resonate. >> so, how do you do that? how do you get back to number one in igaming and maybe third or make even more increasing inroads in sports betting? >> well, 2024 was about three

things. it's investment in best product. we're workingreally hard, have an exciting road map of new things in the area of both sports and igaming. we're integrating a business called angstrom, a specialized sports processing business that will allow us to offer every conceivable bet type in a game. we're also investing in something on the igaming side in global jackpots, more marketing, unique and exclusive content. so, we have an exciting pipeline of games, but that's one part of it. the other part of it is how we reach the maximum audience. so, you're going to -- for super bowl is a perfect element -- example of what we're talking about. it's elevating the brand, reaching as many players as possible through increased investment. and the last element is omn channel. >> that's the buzz word in gaming. by the way, you guys, you can't really see it in this particular shot, but on the other side of the luxor, we'll step out, look

at the betmgm branding is everywhere around here. when you come into las vegas, it's clear they want to make a splash. sara? >> i'm sure they all do. thank you, contessa brewer, especially with taylor swift themed profits. >> how many are there? >> i think some related to travis kelce. next on "money movers," we have another big interview from las vegas, caesars ceo at 11:30. the dow down 76 but the s&p 500 above 5,000. ♪♪ whoo! ♪♪ light work! ♪♪ next victims. ♪♪ you ready for this? ♪pump up the jam pump it up♪

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...to dial up speeds. like from the 90s. great times. all i can do say is that my life is pre-- i like watching the puddles gather rain. -hey, your mom and i procreated to that song. oh, ew! i think you've said enough. why don't we just switch to xfinity like everyone else? then you would know what year it was. i know what year it is. the white house hosting a c.h.i.p.s.funding event this hour, announcing multibillion investments in semiconductor r & d in the u.s. megan is at the white house with the latest. >> reporter: that's right. is w up comments on that c.h.i.p.s. act and kicking off with an update on long-awaited awards for private companies. >> on the incentive side we are

cooking with gas, we have hired 200 people, unbelievably high-quality team. we've already had a couple of announcements in the coming, you know, 6 to 12 weeks. you'll see a drum beat of even bigger announcements. >> reporter: now, raimondo today is announcing $5 billion for research and development will be used to establish a national semiconductor technology center. it's envisioned to be a public-private partnership and workforce development, private companies, universities will be slovld and many of them are here at the white house for the announcement today. the goal here, as secretary raimondo emphasized, is to ensure the u.s. has the workers they will need to build out a domestic semiconductor industry, which has been a concern. $5 billion here is not a lot of money, but the administration says this is just one piece of their broader effort. they argue, too, the award money that will be coming just won't go as far without this step. david? >> megan, thank you.

next hour, don't miss it, we'll have the ceo of take-two interactive. shares getting hit. strauss will have some explaining to do, perhaps. that's next, in the next hour. our live market coverage continues right after this. you know doug, ever since switching to workday you've been a real rock star. rock star? what do you know about rock stars? billy idol? i mean where's the skin-tight leather? my shoes are leather. where's the unnecessary zippers? that thing! billy, rock star is just how doug feels when he uses workday. thanks, rory. i'll show you rock star! be a finance and hr rock star. workday. for a changing world. billy idol just stole your golf cart!

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good friday morning. welcome to "money movers." i'm carl quintanilla with sara eisen live at post 9 of the new york stock exchange. coming up, verizon's chief hans vestberg live from vegas. ceo strauss zelnick joins us to break down the quarter. tom reeg with super bowl gambling set to smash records. take a look at the s&p 500 as it crosses 5,000 right now. today's move is being driven, again, by information technology and communication services. those are the sectors that hav