headquarters and we start with "five@5. futures are currently under pressure. and today it's aulg about nvidia the chipmaker set to report fiscal fourth quarter results after the close. investors are taking some profits ahead of that report we're going to tee off the numbers you should be watching. speaking of tech, we're watching amazon and big news for the e-commerce giant that could create a new wave in investor interest in that stock. plus citi rewards and jane

fraser in a very big way and later in the show, a cathie wood favorite is falling hard in the premarket. it's wednesday, february 21 isis , 2024 you're watching "worldwide exchange" right here on cnbc good morning and welcome to "worldwide exchange. i'm frank holland. we're going to kick off the hour with a check of u.s. stock futures with majors coming off a back-to-back loss. taking a look at futures, they're in the red across the board. it looks like the dow would open up 80 points lower we'll be watching both of them throughout the morning. all right. the nasdaq is actually leading declines a check on some of the top lag guards take a look. palo alto following earnings down 22% crowdstrike down more than 9%.

you're seeing a theme here cybersecurity names are in here falling in sympathy with palo alto networks. we're watching shares of amazon this morning s&p and jones announcing they'l be replacing them starting monday shares of amazon are down 1.5% walgreens palling more than 3% we'll be talking about this. uber is also getting news that it will replace jetblue. take a look. we're seeing uber moving higher in the premarket we'll be talking about sop of these moves later in the show. oil trading higher since mid-november some on the opec cuts and some of the rate cuts in the u.s. taking longer than expected. down right now, but trading higher overall

brent crude down over a third of a percent. we'll continue to watch the oil market as well that's your morning setup. but today as we look ahead, it's all about nvidia and the final installment of this seven, magnificent 7 earnings reports cnbc technology reporter arjun kharpal joins me with a look ahead. good to see you. >> good morning, frank expectations are sky-high for nvidia earnings. shares in the chip are down in premarket trade. analysts are expecting a revenue of $20.6 billion also expecting net income of $10.5 billion, a whopping seven-fold increase. the biggest risk for nvidia is it doesn't increase the lofty expectations in the prior earnings record nvidia has blown through the earnings estimate by less than

10%. guidance here really is going to be key wall street is expecting nvidia to guide for $22.2 billion in revenue in the april quarter another 200% year-on-year increase, but there will be questions on the earnings call, no doubt, about the further risks about nvidia's exports to china, and investors will also want to hear a little more about what kind of competitive threat nvidia is facing with amd. there's very little room for error with nvidia. >> sounds like it. i heard the word "risk." that clearly comes with earnings reports. china, you said 20% of revenue give us a sense. what is the risk there is it the restrictions from the u.s. a lower consumption risk what is the risk investors should be paying attention to? >> you're right, frank

there's this huge run-up we've seen so whenever there's any kind of risk element for a company like this, that could draw a sharp pullback for china specifically, first the u.s. imposed restrictions on the higher end chips to the chinese market, so nvidia came up with new chips that complied with the new restrictions. slightly less advanced the u.s. said, no, nvidia, you can't ship those so nvidia has come up with another one. so the risk is the u.s. continues to ramp up this tech war with china, nvidia gets caught in the middle of that the key here is can the demand we're seeing from the likes of microsoft and amazon and these hyperscale chips that they could make up and potentially lose from china if this tech war with china escalates between the u.s. and china, of course, but with

nvidia in the middle of that, that much revenue risk, that's creating a lot of o concern for investors. >> we've got the arjun kharpal word of the day. it's "risk." thank you. we have the ai-led rally, but the fanfare is appears to shrink a little bit. hedge funds scale back their exposure to stocks within that group with the exception of amazon in the fourth quarter they note sips of extremes in the market let's bring in gene goldman. the risk when it comes to the nvidia report, how are you viewing this do you see the big risk others are seeing and definitely yesterday we saw profit-taking when it comes to nvidia and other big tech names? >> yes, we see a risk.

we expect an emergence from the divergence the divergence is basically growth last year of the magnificent 7 has had drive. we continue to believe that. you've got to own other things, not just the magnificent 7 there's a lot of risks based into these stocks. you know, everyone focuses on the fact that inflation was higher in january, but we think it's more of a profit-taking. >> gene, talk me through this. you're telling people to buy values i want to go to your price target only 5100. that's about a 100-point rise from where we are now. you don't seem very optimistic about the market if the market's going to broaden, you see it as being bad? explain that to me. >> sure. this is what we laid out at the beginning of the year. >> you're maintaining it.

>> yeah, we're maintaining it. it's not just a 5100 target. it's a choppy 5100 market. we're going to see big swings. we're telling our advisers, expect the opportunity there's going to be so many opportunitieses because we think the earnings session is going to be completely over we're seeing in a disinflationary environmental last quarter, we're seeing profit margins rise. we think it's going to be pretty volatile. >> it's choppy to 5100 but you also say in your notes there are buying opportunities give us one of those buying opportunities especially in today where you see market rift ahead of the nvidia report. >> we do think the market breadth is widening. yesterday, for example, equal weight from a sector perspective, they're value-oriented, industrials, health care, and financials our favorites are financials

we think we'll see that. >> gene, in all fairness, health care is also trading high. gene goldman, good to see you, thank you very much. time for a check on some of the top corporate stories. silvana is here with those good morning. >> reporter: frank, good morning to you the big assets turning into big rewards for its chief executive. new disclosure shows citi increased ceo jane fraser's pay. meanwh fubo is suing walt disney it calls it extreme depression

of sports in the u.s. market and jeff bezos just sold another tranche of amazon shares worth $335 million according to a new s.e.c. filing. yesterday's sale brings a number of total shares sold by bezos in the past week to 14 million, worth nearly $2.4 billion, frank. >> silvana, thank you very much. we'll see you later in the show. we have a lot more to come on "worldwide exchange" including one word investors have to know today. but first the nvidia effect being felt far and wide. we're going to speak with the company's ceo next about the company's impact and what's ahead. plus, a fresh billion dollar buyback. it's not enough to boost shares this morning. later, more big "money movers" in a rough day of cathie wood's stock picks we have a very busy day ahead on "worldwide exchange. stay with us s bold new thinking.

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. welcome back to "worldwide exchange." you can see across the board the nasdaq getting hit hard. our carolin roth is in our london newsroom with much more on the early action. good morning. >> good morning to you, frank. we did get this positive handover from the chinese markets. take a look here we're looking a little patchy here this is europe's biggest retailer coming out with very

strong numbers, hiking the dividends. take a look at the ftse 100. we're down by 0.9% for the ftse 100. glencore reported this is one of the biggest minors in the world and it had to cut its dividends. it's putzing shares under pressure but i also want to tell you about hsbc they posted a 78% jump in full year pretext profit. but that fell short of expectations because the lender also took a $3 billion impairment on its stake in china's bank of communications take a look at the shares here in london they're down by a whopping 7.5%, and this is the biggest decline for shares since march 2020 frank, back over to you. >> carolin, thank you very much. turning our attention back to the u.s we're watching shares of

equinix. it's growing be 13% thanks to the nearly 17,000 deals closed in 2023. the infrastructure says it's benefitting from the increase of ai and the need for cloud deployments. joining me now is the president and ceo. charles, good morning. good to have you here. we saw a pullback when it comes to the magnificent seven names yesterday. your earnings have told a very different story. give us a sense. what's the demand specifically tied to ai >> it continues to be strong not only on ai but on digital transformation demand. i think this people continue to see it as a strategic driver for their business, and ai is a wave of that that i think is really driving the digital infrastructure demand. >> so let's look forward now a lot of people see the rally when you see the ai names

cooling down a bit swhoi are you seeing so much more profit than revenues? how should investors see that? >> we're seeing a weak cross-occurrence in the business it's a tough macro climate but remaining very committed to the digital transformation i think that's led to a little optimization strategy. you look a year ago with the hyperscalers themselves with a pullback on some of the usage-based revenue in particular i think it was a question of enterprises really figuring out how to best use their infrastructure, use it most effectively. that's been a little bit of a pressure on the revenue side

but you're seeing the margin of bips on our side it's a key profitability. >> it sounds like you're maintaining pricing powereven if revenue was a bit softer than before, if i'm reading that right. >> absolutely. we have nvidia coming up today. you're not tied to nvidia when it comes to cloud, but how important is this in your mind when it comes to your business is it a read on the demand for data centers for ai capability? >> look, nvidia's a driving force in the ai market i don't know that a single report is a pivotal point. you 're seeing that that demand is there, they're looking at returns they can see on ai nvidia is going to be a key part of that. we've been building very strong pipeline with our customers on this nvidia private cloud

solution. >> charles meyers, ceo of equinix. thanks for being here. >> thanks. i appreciate it. the biden administration announcing it's frisching another $1.2 billion in student debt they said it has approved loan relief for nearly $4 million coming up here on "worldwide exchange," apple says its new vision prois not available for anyone outside the u.s one black listed country has gotten its hands on the hot new tech our eamon javers is coming up next stay with us

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all right. welcome back to "worldwide exchange." time now for your big "money movers." we're going to start with solar edge shares are down as it's struggling to clear an inventory backlog. the company says high interest rates have placed a residential edge on the solar market it's cutting employees. the cybersecurity giant palo alto forecasts are growing slower the concerns were addressed on

cnbc yesterday. >> we had the best earnings beats on the score in a long time we beat revenue, closed billings and we had a phenomenal forecast we're forecasting that we want to take this somewhere else. i think that's where the market is getting a little jittery. and shares of tell a dock down it's off the highs as it's looking to boost profits and cut. shares down more than 20%. it's been over two weeks si since apple's vision pro headset has hit the shelves. it's already finding its way on the streets of one blacklisted company. eamon javers did some digging

into how it's even possible with a new series called the k"eamon files. >> they said the product would only be available in the united states and because they paused sales in russia over the war in ukraine two years ago, you would not expect the vision pro to be on sale in russia at all the vision pro was readily available at retail malls in moscow within days of its launch in the united states the fact that this hottest new tech product was available with almost no delay in plos cow before it was officially on sale in london, paris, and munich

shows. asked about apple vision pro sales, they emailed as you are aware, apple vision pro is only available at apple retail stores in the u.s it doesn't square with reality a retail outlet known as restore is offering the devices for sale now, but prices are high, as much as 50% more than in the u.s. prominent russian tech blogger recently demoed the device walking through moscow and says the vision prospro sells for thousands of theres. he preordered it and had it flown to moscow so he could demonstrate it for immediate release to his followers on youtube. apple sales continue because the russian government wants them to

in 2020, they look to increase the rerouting. >> the rerouting is known as parallel imports and it's part of the reason why nearly two years after the invasion and apple's pullout in russia, other luxury goods are still available in stores there. back over to you. >> eamon, really fascinating i don't want to mess up the branding "the javers files. in russia, what's been the response with apple since the invasion of russia on ukryukrai? >> we're coming up on two years.

it was taking steps and protests but since then not much in terms of daily life in terms of their relationship with it they have over a million followers. he demos apple products all the time he says there's high demand for apple products people are fast natsed by the whole ecosystem up to and including the new apple vision pro product, which is very expensive, but there's interest there. ultimately if you're a resident in moscow, the biggest change is the price. it's more expensive since the invasion, but the stores are full of them, and you can walk into a store, that restore location in moscow just off of red square". >> later more on the javers

files. coming up, why our jim cramer says the hype, it may very well be justified jeev has disdain for the new va riche. the company is worth $570 billion last year. just 165 billion dollars in 2020 that's why there's so much skepticism so many feels that it's an alchemy. maybe they think of jenson as someone like howard hill, the charismatic con artist otherwise known as the music man i think that's absurd.

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that's wall-to-wall wifi on the xfinity 10g network. here's what's still on deck. the stocks are sets to continue. stocks coming off their second straight negative session. right now futures are in the are ed. the investors are looking at the key drivers, that is, nvidia earnings but is it too high after the monstrous run for the stock? automakers worry about a slowdown in sales. we're going to take a look around the world to see whether the e.v. vehicles are running out of juice it's wednesday, february 21st. you're watching "worldwide exchange" right here on cnbc.

welcome back to "worldwide exchange." i'm frank holland. we're going to pick up a half hour with the check on the u.s. futures. it's coming off back-to-back u.s. sessions. you can see red across the board. earlier it looked like the dow would open up 80 points lower. now 50 points. the nasdaq up as well. we want to take a look at some of the biggest laggards in the dow. take a look. walgreens boots alliance, that's off the news it would be leaving. o salesforce is a company that enters a few years ago nike, american express unchanged right now. s&p cow jones announcing it's dropping its zone and it's up

1.25%. walgreens boots alliance up. shares of uber up over half a percent. that's your morning setup. now to what has been one of the biggest "money movers" for more than a year now, of course, we're talking about nvidia fourth quarter reports and wall street is setting the bar sky high that could be why the stock stumbled 4.5% yesterday. it shed $78 billion in market cap, the largest daily market loss in history. analysts expect income increased by seven times, rising to $10.5 billion. revenue more than tripling to $26.6 billion. it includes ai chips, expecting to rise nearly four-fold to $17 billion. for much more on what to expect let's bring in tim ar ban it was.

nvidia makes up 5% of the company which launched last month. tim, great to have you here. >> great to be here, frank. >> give us a sechblts we had one of our reporters on earlier, arjun kharpal. yesterday we saw a lot of prochlt shares are down bill how do you view this report and is it an inflection point when it comes to this ai trade, this magnificent seven trade? >> it absolutely is, frank i don't think the stakes could be much higher where expectations are, nvidia has to deliver in yesterday's session we saw a lot of profit-taking if you look at the activity we saw on the options market, they're much more to the bid than they offer there. you fear going to see similar

activity in today's session for the simple fact that with expectations as high as they are, risks are much more skewed to the downside than they are to the upside nvidia has been the poster child of this ai move, and they need to deliver here. >> it's continued to move higher despite all expectations concerns of the thoughts that the whole ai story man have run its risk what do you see as the potential upside when it comes to the report >> i do think there's a possibility we could be heading into an inracingal market with all of the hype goingaround ai if that's the case, there's going to be significantly higher upside to this stock i think we need to step back and look at it nvidia up 239% that's a massive move.

if we were to see the same move in 2024 that we saw in 2023, that would put microsoft up higher i think here, yes, there might be be more upside, but we have to take a step back and think about what is realistic. overall investors need to slow down with their expectations on the side. >> tim, even on the upside, you don't seem that positive on the stock. i want to bounce something off you. cramer basically saying -- and nvidia has gotten cheaper if you look at it on an earnings basis because the earnings are growing faster than the stock. what do you make of that >> cramer, well known stock picker, named his dog after nvidia. >> he has a very good point. we're trading at one of the cheaper levels we've seen over the last five years for the stock itself i do think one of the positives for the stock if you look at the commitment for the ai structure spend in the marketplace, we've

seen a lot of managements come out with pretty strong commitments. if you look at microsoft, meta, all of these companies looking to put the infrastructure in place, that's going to be very positive for nvidia as a whole but that's a bigger question mark long-term we need to continue to see that one place. if there's one place, it's with that data center business. >> speaking of the long term, the markets implying a move of about 11% earnings that could be from the upside to the downside how do you play that do you buy more nvidia if it goes to the downside if it's to up the side, is it time to take more profits? >> we think it's all about getting exposure with risk management in place. you mentioned the qlfr strategy. we think that's a timely strategy you have a 5.5%, 6% waiting tune to nvidia. let's not forget

this is a stock that's seen 80% drawn out multiple times, 40% draw down back in 2018 all about risk management here and maintaining that exposure. >> tim urban it was, we've got to leave it here. we have another news alert for you this morning the biden administration announcing a series of steps this morning to create new federal rules aimed at better securing the nation's ports from potential cyber attacks. part of that will involve the president signing an executive order establishing new requirements specifically for china china-owned cranes in the u.s. turning our attention to e.v.s, shares falling. ford announced it was cutting prices on its mustang mach sev our phil lebeau joins us now for a deeper look at the ev

slowdown good morning. >> we'll talk about the china story in a little bit. we're seeing it here in the united states and it ee happening in europe. yesterday i was talking with the ceo of stellantis, carl tavares. affordability is one of the issues if you're going to grow the market, you've got to bring down the cost of manufacturing as well as the price for new evs that are going to be sold. there are range issues, charging station reliability, and the relielkt of charging stations. we thought it would be a good time to step back, take a look at what's happening with the ev markets around the world starting first in china. >> reporter: here in china, one of every three cards sold is an ev the biggest sellers are these.

byd has the most prices. tesla is still on the high end with its best seller the model y. the ranges of the byds are 250 to 370 5 miles. they're increasingly high for those on a budget. the government's rave owe of ev to charging is 2-1 beijing and shanghai are the most equipped. now we turn to arabile gumede. >> reporter: over 20% of new car registrations in europe were ledge trick vehicles

more than 2 million in one year. but the likes of vw, renault, stellantis, mercedes, and volvo, all with competitive markets the fiat 500 e, the volkswagen id, and tesla model y and 3 are going up the longest sale of evs on sale this year will be able to travel 350 miles in a single charge this is important as france and the netherlands boast a come pp prehencive charges network

european countries have decided to pull the plug on ev subsidies. this adds some uncertainty to the year ahead and makes the development of a mass market model even more important to maintaining demand in europe >> one more note about evs and their electric sales in europe, our digital team went to noway, which has one of the highest adoption rates of any country in the world, and what they found is a country that's expanding its charging network, but even as it expands its charging network, there are still some people who have not adopted the electric vehicle market. and finally there is south america. you might be saying to yourself, how big of a market is there in south america? when it comes to electric vehicles, it's still in development statements, but they

say they want to be a big player continent week we'll look at santiago, chile, and look at the exports, a lot of o them being electric but others internal combustion we'll take a look at that and show you why china is increasing the markets around the world as great places for them to export their vehicles >> really fascinating. i remember years ago tesla said chinese ev makers wt not comprehensive, now they're all around the world great stuff as always. coming up here on "worldwide exchange," your morning call sheet and why one firm says it's losing its appetite for shares of wendy those shares now 1.5%. stayitus wh hunder rumbles] ♪ ♪

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welcome back to "worldwide exchange." it's time now for your morning call sheet we're going to start with jpmorgan moving its target jpm saying the stock is likely to stay range-bound. hsbc says the home improvement giant will continue this year. shares of home depot down about

half a percent. morgan stanley hiking its percentage on dow more than $130 per share. they're saying it's a mix it up for those results. ther there's a lot to like. it's also time for your global briefing, chinese authorities cracking down on computer-driven qualcomm they'll be required to report their australiangy to regulators before they begin trading. shares of hsbn are trading. missing estimates growing to a record $30 billion it announced 2 additional billion dollars in share buybacks and rio tinto wto pay dish dend

of 7.1b. shares of rio tinto down 1.75%. coming up on "worldwide exchange," we have the one word every investor needs to know plus investors are bracing for those nvidia results the dynamics our next guests say could be critical for the earnings and provide more for the value. and in february, we're celebrating black heritage month. here's sharon epperson with black owned businesses. >> black owned businesses grew up 20% according to the most recent government data the's lower than asian and american business growth experts say more action is needed to further these advances celebrating black heritage, i'm sharon epperson. at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities

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welcome back to "worldwide exchange." time now for your w.e.x. wrap-up. the bank's profits fell almost 40% in the time period. fubotv is suing disney, warner brothers discovery, and fox corp they call it extreme suppression

of competition. jeff bezos sells more stock in amazon. this brings the total number of shires sold by bezos this past week to 14 million. saint go gobain offers to b csr. shares are down more than 22%. teledoc also low offering a downbeat outlook for the current quarter. the stock is one of kathy wood's largest holders, shows sthars down more than 20% we've got analogue devices, also fesh comments from fed governor misch slel bowman

a parent of can't-miss interviews right here on cnbc. first an exclusive with ceo brian moynihan at 9:00 a.m. and pat gelsinger alt 1:00 p.m the market is looking after the bell take a look at the futures they're in the red however, off of their lows from earlier today. john joining me now amy wu silverman. amy, good to see you as always. >> good to see you, frank. >> we've got to start with nvidia i thought this was interesting we saw what appeared to be profit-taking on nvidia yesterday. you say according to the options market there's the most exuberance we've seen since may of 2023. >> that's right, frank if you remember what happened in may of 2023, shares were up, which i would argue kicked off the ai frenzy. you're seeing that level of call

exuberance in the market now, very similar to back in may, and i think part of it is just the right tail is your new left tail this is what people are afraid of they're afraid of missing out. >> fomo, it's been powering this market a lot of times when people thought the stocks were too richly valued. i want to talk about amazon joining the dow jones industrial average. i want to talk about what happens when the company goes into the dow this is a board with a number of companies that joined the dow back in august of 2020 they include salesforce honeywell, and amgen what do you make of amazon what does that say to you? >> yeah, it's interesting to me because iagree with you. lock, it may not mean anything to the fundamentals, but if you remember when tesla did a share split, it shouldn't have dub anything to the fundamentals,

but it did, and i think this is the same type of thing we live in a world where passive inclusion is very important. what you have is some people have the ability to buy it or have some need to get exposure to it and the more important it becomes. the reason i believe dow jones included it is because they did not have these names to me what happens is you're going to get more concentration of the seven names where so much wealth is held they know extremes of the market i want to come back to you when it comes to the whole mag nif sejts 7, not just nvidia what are you continuing to see in the options market? >> what we're continuing to see is the call buys i want to be clear this doesn't necessarily mean

people are quite bullish i think what it could also mean is people are losing their exposure or maybe they're buying other things to widen the market they still want to, again, keep one toe in the water one way to do that is options because that way you could quickly participate in the upside if you need to. we think you do sell shares that have done quite well, replace them with calls. >> by the way, amy, stock replacement. that's your w.e.x. word of the day. how do you see stock influence in the trading day ahead >> i think when you think about what the market gives you, this is the kind of trade the market gives you, meaning people are very overconcentrated. i would call them reluctance when it comes to fundamentals and valuations this is a way where you can off-load some of your shares but maybe have more dry powder for something else that's more attractive you have more ammo as opposed to

just the shares. >> amy, we've got to go. but right now you want to consider canada. give us the elevator pitch very quickly. >> the quick pitch on the elevator for canada it's a leader in terms of downside, parly in housing that's why we're looking at a proxy to play through hedges they haven't worked in the u.s we think they could work better in canada. >> they're looking for looneys and toonies. thank you very much. one quick look at futures. they're in the red anomg nt.x" cinupex thks for watching.

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good morning shakeup in the dow jones industrial average amazon going to be replacing walgreens. that will s.t.a.r.t. on monday details straight ahead i don't know what else you'll need to know it's going to happen on monday. the final mag nif sej 7 stock is going to report this afternoon. we'll get you ready for nvidia's results in today's squawk planner. plus get ready for $40 bag fees that's how much it will cost to check a bag with american

airlines if you wait until you get to the airport wednesday, february 21st, apparently it's 2024 i'll put that in my brain. "squawk box" begins right now. good morning, welcome to "squawk box" here at market square andrew ross sorkin and joe kernen becky is out, so it's the boys alone once again opening up, we'll talk about how the dow may be changing soon but the dow off by 55 points nasdaq down 55 points as well. the s&p off by about 6 points. treasury yields, 4.260, the 2-year at 5.89 the crypto prices, pulling backo