it is 5:00 a.m. here at cnbc global headquarters and here is your "five@5." we start with the a.i. tipping point. nvidia shares surging in the pre-market after the earnings report that blew past estimates and forecasted for more growth. chip stocks rallying on the back of nvidia the sector surge helping to push japan's nikkei to a record close. and the rising tide here in the u.s. with the stock futures surging ahead of the open with tech in the driver's seat. no pain without some -- no

gain without some gain look no further than cybersecurity stocks after palo alto's worst day ever. we see if it is a specific concern or sector concern. and later on, another earnings report of a stock that was left for dead. it has surged in recent months it's thursday, february 22nd, 2024 you're watching "worldwide exchange" right here on cnbc good morning and welcome to "worldwide exchange. i'm frank holland. let's get you head i read iy to start the day with the third straights session for nasdaq falling. all three indices in the green right now. the s&p up 1% in the pre-market. the nasdaq is up 2% in the pre-market on the back of the

nvidia report. today's broader stock surge is tied to the most valuable chip stock which is nvidia calling it a tipping point and reporting a 265% pop in quarterly shares nvidia set to open up at an all-time high. obviously, nvidia is the top gainer in large cap nasdaq 100 look at the chip stocks here amd and marvell technology up of 6% we see a bounce back in cybersecurity names. both of those up in the pre-market as well the nvidia pre-market pop is the big news for the semi etf which counts for amd as the pop toltop holdings it is up 3% for the week it will open close to an all-time high as well.

let's stick with the top stories with nvidia and arjun kharpal. your story on cnbc.com just crossed. >> that is right, frank. nvidia managed to knock the bull out of the park this morning the first is a beat on earnings. the second was guidance that was ahead of consensus nvidia delivered on both fronts. fiscal fourth quarter came in at $22.1 billion. that was a 265% year on year jump net profit surged 769% against last year. the a.i. fueled boom in nvidia is not slowing down. the company guided for $24 billion of sales in the current quarter. more than the wall street expected nvidia sees the surge in demand

for microsoft and meta and training the artificial intelligence models. the earnings were good overall, but a slight blemish with the comment on china with the data center revenue decreased significantly with the export restrictions that was not enough to overshadow from the strong showing from nvidia. a number of broker updates to the surge we see this morning. >> you mentioned nvidia shares up 15% right now i want to ask that microsoft and meta are big buyers of the chips. will they continue to be buyers? if it does fall somewhat, who are the next wave of buyers looking to buy the a.i. chips? >> it is a great question, frank. for the foreseeable future, it is amazon and googles of the

world to continue to buy the chips for the demand is in the market through the cloud businesses which continues to grain gain traction. we heard about other companies and industries such as healthcare, et cetera, buying some chips some of the other industries won't be as big buyers as the big tech giants. what you see from amazon and microsoft is they are buying these to train a.i. applications to sell through the cloud unit which other companies will buy it is expensive for most companies to invest in the infrastructure the same way some of the big cloud players have. going forward, the demand appears strong from the tech giants we heard it on all of the earnings calls how microsoft and google, et cetera, will continue to spend money on a.i. investment the question mark for 2025 is what if the companies have

struck built up and they don't see a need to buy as many nvidia products next year that is the question mark over the growth rates from nvidia over the past few quarters and then how long that is usustaine. >> nvidia shares up 15%. the broader chip sector higher arjun, thank you nvidia's surge felt all around the world, including japan. the nikkei 225 just closed at the first record high in more than 30 years. our jp ong is in singapore with more good morning >> reporter: good morning, frank. it was a record setting day for the nikkei 225 in tokyo and it was remarkable because it was the first time this week it saw gains. it spent the last three days in the red and because of property taking after japan entered recession last week. that did not matter to investors in tokyo as they brushed that

off with the blockbuster report card from nvidia as you mentioned, chip-related stocks from taiwan semiconductor to the south korean markets getting gains. take a look at the testing devicemaker for semiconductors with tokyo electric which makes chipmaking equipment if that sales forecast for nvidia holds up, they need more machines which means there is a sales opportunity for the two companies. softbank, the biggest shareholder in arm holdings, getting a boost in the session in tokyo mind you, these intraday gains out pacing the nikkei 225 with the likes of toyota and mitsub mitsubishi driving japan the nikkei 225 hit record highs. the first time they breached

39,000 points. last time they saw report highs, you have to go back to 1989. the year taylor swift was born back to you. >> jp ong with the taylor swift reference. thank you. stock futures are in rally mode and in green across the board. nasdaq is moving 2%. let's continue this discussion with nvidia and the impact on the broader markets with vance howard at howard capital management vance, good morning. >> good morning, frank how are you? you have a lot of exciting guests this morning. >> vance, you are one of them. let's get to the excitement. all of the excitement with nvidia it is one of your holdings you hold the other mega cap tech names. microsoft and alphabet and other chip names how do you view the report from nvidia we see the inflection point for

the markets. how do you see what is happening for nvidia going forward >> last time i was on your showl market this nvidia news coming out today is positive for the market the broader market the excitement from your guest and i feel it, too this is the fuel we need >> you are feeling excitement. you say you trade on math and not excitement will you hold and ride or will you look to trim or buy more >> we are looking to buy more. we are buying on any pullback we can see. if we get a modest pullback, we will buy our math is telling us we are in a new bull market.

the line is positive which is the trading strategy and that gives us the strong market indications. i'm bullish, frank this is another catalyst to push the market higher. this a.i. thing that is going on right now is interesting and positive for the market for the next two or three years. >> this excitement is contagious, vance. i want to talk about the fed right now. we saw the fed minutes yesterday. after that was released, we saw a late-day rally and a hawkish tone from the fed. those minutes were before the hotter inflation report. are you still in the three cut or more camp what do you make of the market shrugging off the hawkish sn minutes? >> i think we are okay i would go with three. january is a weird month you have a lot of interesting

things happening with christmas and holidays and different things insurance was a big component with the fed and inflation rising we pushed through the fed minutes. i'm not as bearish as other people i saw positive statements in there. one is that they are probably done this is it they see good things happening there were bright spots with the fed minutes. it wasn't all negative >> vance is a buyer going forward. great to see you. we have more to come on "worldwide exchange," including the one word that investors have to know today, but first this is not just nvidia. we have big money movers with shares of rivian hitting the brakes. we will speak with the ceo of tenable to see if the fears are stock specific or sector systemic. later on, more on nvidia and

if the stock can keep up with itself and the ltyof expectations we have a very busy hour ahead when "worldwide exchange" returns. [disconcerting stomach gurgle] not again. maybe i should get this looked at? [suggestive stomach gurgle] zocdoc? [talkative stomach gurgle] you're right, i bet they deal with this all the time. dr. finley really puts you at ease. let's do it! you've got more options than you know. book now. were you worried the wedding would be too much? nahhhh... (inner monologue) another destination wedding?? why can't they use my backyard!! with empower, we get all of our financial questions answered. so we don't have to worry. empower. what's next.

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that's wall-to-wall wifi on the xfinity 10g network. welcome back to "worldwide exchange." futures are solidly in the green. the dow would open up 80 points higher it is all about the nasdaq this morning. look at the s&p gainers. that is nvidia and advanced

micro with royal caribbean is on the list as well let's get to carolin roth in the london newsroom with the early action good morning, frank. we are at record levels for the stoxx 600. we hit them one hour ago we are seeing the dax inching closer to its record high as well mercedes coming out with numbers which were better than expected. cac 40 is hitting a record high here the earnings parade, rally in nvidia, is boosting our shares across europe as well here the only under performer is the smi. i'll get to that in a second i want to show you the chipmakers across europe everyone basking in the glow of nvidia infineon up 3.4% ams up 3.6%. asml doing very well one of the main under performer

is nestle. it has missed on expectations as higher prices deterred consumers with the net profit jumping 20% to 11.2 billion swiss francs it is a heavyweight in the market and that is dragging down the smi overall. analysts we talked to show told us it is still a high quality stock. back to you. we will talk about three stocks on the big money movers guidance coming in light for etsy and results should improve with the planned marketing. rivian shares will produce the same number of cars this year as it did last year it is cutting 10% of the work force as it navigates a slowdown in the ev market

shares of rivian down 14%. you want to catch the exclusive interview with the ceo at 8:00 a.m. eastern time here on cnbc we are seeing a similar story for lucid this morning production guidance below consensus. deliveriyies falling from a yea over as the record low on stocks shares down 8% sunrun under pressure. results on weaker demand the company is optimistic with higher margin storage options. shares down over 8.5%. coming up on "worldwide exchange," palo alto network looking to make up lost ground after a brutal day for the stock on demand concerns we speak with the ceo of tenable to see if the fears are valid or sector systemic.

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demand curve to grow faster in the longer term. we want to go ahead for customers and execute to drive the business to a bigger number. >> any number of cyber stocks rebounding after falling with palo alto yesterday. that includes tenable you see shares are up 2.5% joining me now is the tenable ceo. great to see you. >> frank, good to see you again. >> we are here to talk about you, but then palo alto. i want to go back to what he was talking about. palo alto fell because it is switching the business model initially giving out free product with the hope that customers will leave other providers and bundle with palo alto and that leads to longer-term revenue. what does it mean for the

sector >> i think he is right on the number the first is there is hea healthy demand you turn on the news any day of the week over the last four or five days and you see executive orders from the white house to help the u.s. better protect infrastructure specifically from cyber attacks and threat you saw the fbi director chris cov wray talk about the attacks in the u.s. over critical infrastructure you saw the disclosures of massive hacking operations occurring from chinese hacking contractors across the world in just about every industry. just about every government. there is tremendous demand out there. in this market, you are seeing consolidation. you are seeing customers want to deal with fewer venders and

consolidate spend. they believe they can achieve better security by bringing cybersecurity tools together we have a platform understanding cyber risk and others are following. >> amit, this is an inflection point that cybersecurity and platformization is not new, but it could change with the venders in the market and how your earnings turn out. in the short-term, you have to get people on the platform to do that, you have to incentivize them. >> there are natural levers to get people on the platform the way it has been done traditionally is by providing the capability in helping people secure new cloud environments and leveraging that and say we can do the rest of the platform requirements >> i want to talk about your company. shares are back up in the pre-market they fell with palo alto

another factor that analysts stated were cyber fatigue. there are so many areas where you see more cyber demand. >> we haven't seen weak federal results. we see weak demand curve in federal spending today we are going into an election cycle. there is a lot of unpredictability with what the government can do. broadly speaking, there is mixed demand within cybersecurity. we are seeing great growth in the cloud security products and growth in the demand for people who want to secure their operational technology we talked about ports and manufacturing operations and oil and gas. these types of things have not been very cyber sensitive. they are all controlled today. we are seeing great demand >> amit, i have to talk about

geopolitical risk. we had you on before with the risk from the israel-hamas war and ukraine war which is about to mark it's two-year anniversary. are we seeing the threats tied to the conflicts >> we are seeing a disproportionate number of threats coming from nations which do not have cooperative law enforcement relationships and agreements with the u.s. and don't share the western value system you are seeing an amount of hacking coming from china and north korea and iran and russia. i think that will continue >> amit, ceo of tenable. thank you for sharing with us. >> good seeing you, frank. as we head to break, tracking the global chip stock surge. we will see if nvidia has what it takes to keep the bullish

imt alive past the latest blowout earnings report. stay with us

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tit is a bull versus bear o carvana. is there still room left to run? it is thursday, february 22", 2024 are you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. let's start the half hour check on the u.s. stock futures. look here in the green across the board. the dow would open up 85 points higher the nasdaq is up 2%. the stock surge is tied to the world's most valuable chip stock, nvidia, calling the current environment an a.i. tipping point and 265 pop if sales.

it is set to open up 14% in the pre-market nvidia is the top gainer and large cap nasdaq 100 ahead of the open followed by two other chip chipmakers amd and marvell. this is big news for the vaneck semiconductor technology you see the etf up 6% right now. we want to look at the treasuries this morning. we start with the benchmark ten-year yield 4.3 right now and the two-year yield at 4.6 we are looking at the oil market as well with wti up over .50%. brent trading at 8$83.50 a barrel let's get back to nvidia and the good times are far from

over the ceo instilling more confidence in the a.i. trade he expects continued trade in the coming years we have ruben roy from stifel here with more >> good morning. >> you were a buy before the report your price target is 865 what is it now >> 910 we raised the prices after the numbers from the quarter investors are concerned about the numbers and relieved to hear that there is a question with the sustainability with the nvidia numbers up to the last three quarters last night, we got another beat and the raise against incentives for the april quarter. nvidia comments demand outstrips supply of the product. it is interesting with the

sustainability of what we are seeing here. >> ruben, the street is happy about the report you are coming in with a price target raise and concerns. what was number one among the concerns one of the things with our reporter arjun kharpal is the kpi china business >> china is absolutely a concern. it has been the increasing export restrictions on technology and nvidia talked about it last quarter. i.e., china would come down as a significant percentage of the revenue. it was running in the 20% to 25% revenue for nvidia that has come down to the mid-single digit range with that drop off in china revenue, we saw the significant beat on the top line for both january quarter as well as the outlook for the april yquarter. demand is coming from elsewhere. what the company is doing well

in in allaying that concern is the data center revenue. not just the cloud center from cap ex, but enterprises and sovereign governments. a broad-based beat. >> you lead with the negatives and now we get to the positives. this was a blowout quarter the ceo said this was an inflation point and signalled another strong quarter how sustainable is the run for nvidia we had an analyst on yesterday that suggested nvidia has a five-year moat what do you put that >> i will not put a number on it, but it is an extensive moat. it is a three-prong approach hardware and the system that the gpu comes on and the networking

that nvidia is working on for the clusters of gpu. software is difficult to keep up with here. if you win the developers with the software, you win the hardware nvidia is doing a great job of that i think it is an extensive moat for a number of years. in the moat is the $1 trillion number that you like to talk about. we had $47 million last year for data center revenue. there is a lot of upside >> one question i want to post to you microsoft, meta, the big buyers of the chips how much more runway is there of them being thebuyers >> you have the debate with most of the cap ex from the class of providers is going into the

large language models. we get into the so-called inference area of a.i. nvidia did a great job of $47 million of data center revenue it is happening for nvidia they are getting into the other areas of the spend that is enterprise and industrial and the sovereign governments. there is risk diversification as we look ahead to future years. >> ruben roy, $910 price target. sober voice on the blowout quarter. you are keeping us grounded. great to see you >> thank you >> be sure to catch the interview with jensen huang on "closing bell. that is the exclusive on cnbc. a news letter for you now. a cellular outage across the u.s.

customers for at&t, verizon, t-mobile and other networks lost service. a number of cities are um pact impacted z cell service down for most of the providers. moving on to carvana fourth quarter results after the closing bell today the company has bounced back from fears of a mountain of debt shares are soaring more than 1,000% in 2023 as carvana restructured the company's analysts have one with a buy rating and that is nicholas jones from jnp. he joins us now. also with us is brad ericson

gentlemen, great to have you here >> thanks, frank >> nicholas, i have to start with you $60 price target what are you seeing that everybody else has not seen? >> you know, i like carvana's management team getting out of debt they have a mountain of debt, but they bought time they are some that have benefitted from the pandemic and grow at all costs and turn it around the manage many team is doing a great job executing. car prices are coming down and interest rates are coming down and affordability is improving i don't think the street appreciates how quickly carvana is ratcheting up the volume. as volume comes, profits should come and that should help solve the debt situation

>> nicholas, quickly, this implies a 20% rise from here after the huge rise already. what is the catalyst for that extra 20%? >> i think it is top-line growth low to mid-single digit growth some third party data is showing closer to 10%. the top-line growth can get the stock moving and shortages in the stock at 35% right now it has become a self fulfilling pro prophecy >> brad, you appreciate the fact that carvana is selling nomore units. what is the downside of the stock? what is the speed bump on the car retailer >> in our price target of $24 means we have taken it to a self

$56 last july. i think the real catalyst here and to nick's point, it does appear units for q1 on third party data you know, we step back with the bigger picture and say the company is generating $4 million in the next couple years they owe $9 billion in the next few years. the goal here is to grow and show that you can produce profit and probably refinance that debt and buy yourself more of a runway totally fair and we think as units ramp back up to growth, we think there will be ad spend and other operational costs to de-lever the model and drive investors to say we are not so sure about this working out. >> you know, nicholas is focused on the fixed costs as a

positive there is marketing that creates inefficiencies how deep of an impact is that going forward? carvana is a pretty well known brand. >> absolutely. when you go back to the company going public in 2017 and throughout that time up until covid, they pretty much missed operating expenses every quarter. they beat on retail units and gross profit per unit, but generally miss on operating expenses it is a labor intensive business to ramp that business up they do have some aspects of under utilization. it is a small amount less than 20% of the total cost base there is a lot of inefficiencies to occur as the business starts to grow up or running in a test tube to produce the expansion. >> following the massive

restructuring. nicholas, back to you. you are bullish on the stock there is a challenging wholesale environment. how does carvana overcome that environment? >> they have done a great job selling cars they have a strong brand of users. they are sources cars to remove the wholesale pricing. because they are leaning into that as a lever, that could be a work around. they are still very small relative to the size of the new car industry they are a large player relative to a carmax and other placyers, they represent less than 10% of the market share there is plenty of room to take share from the dealers out there. whether it is wholesale environment or retail. >> brad and nicholas, thank you. great to have you here >> thanks. coming up on "worldwide exchange," morning call sheet and shares of doordash are

taking off on the back of bullish views on the company. japan's nikkei is doing something for the first time since michael keaton took on the role of "batman. back in a second with benefits from principal, they're taken care of too. (♪♪)

welcome back to "worldwide exchange." time for the "morning call sheet. morgan stanley moving doordash

to overweight. it's growth runway is long with a path to 175 per share. shares up 4% right now another day for wendy's and moving to markets lack of expecs shares are up in the pre-market. hsbc getting on the chips band wag i band wagon shares of asml up 3%. time for "the global briefing." the nikkei closing at the first all-time high in 34 years after closing up more than 2% on the day. year to date with the index up 16% compared to the 4% rise for

s&p. tokyo electric and advantest up with big earnings. and shares of danon with a strong sales last year one of the biggest insurers posted an operating profit of $7.4 billion the ceo expects the positive momentum to continue shares overseas are moving 3% higher. we are looking at nestle with falling sales as inflation hits consumer spending and demand for the product portfolio. that stock is getting hit hard right now down 5%. google news. google planning to produce pixel smartphones in india next quarter. according to the nikkei asia,

the company is diversifying the supply chain away from china and seeking to capitalize on the india smartphone market. coming up on "worldwide exchange," the one word that every investor needs to know today and markets looking to capitalize on enthusiasm with nvidia ruesults is the clock ticking on the broader ability to carry the market on its back in february, as we head to break, here is the ceo johnny taylor. >> we talk about keeping our community real i, for one, want magic magic is what black history is all about. celebrating people who achieved magical feats. our a during this black history month, our community, particularly our young people, should commit to making magic

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nvidia up 14% along with taiwan semi up 3.5% arm holding up 10%. oil and gas producers planning to join forces in a deal worth $11 billion the combined company would spend 1.3 million acres across the northwest. openai ceo disputing the claim of adding $7 trillion in investment the numbers will be big. royal caribbean getting a boost after guidance of demand the operator said it is encouraged by the pricing environment and booking volume this year. palo alto networks recovering some of the losses yesterday of 25% concerns of lower guidance and a.i. demand slowdown weighing on the stock. speaking with us earlier this hour, the ceo of tenable says the demand picture is strong, but the move to platforming

could cause disruption. ev earnings with rivian under pressure after slashing the production outlook the automaker plans to cut 10% of the work force citing uncertainty in the ev market catch our exclusive interview with the rivian ceo at 8:00 a.m. here is what to watch today. several pieces of economic data out this morning, including the jobless claims and flash manufacturing and services pmi figures as well as existing home sales. on the earnings front, result from block and booking and moderna and livenation ecb is releasing the numbers from the policy meeting at 7:30 a.m. and we have patrick harker and neel kashkari speaking today and we have enthusiasm with nvidia's blockbuster earnings

report look at futures right now which are in the green right now the dow would open up 100 points higher t. is about the nasdaq at 2% higher in the pre-market. for more on the trading day ahead, let's bring in katrina dudley at franklin mutual. great to have you here >> thanks for having me. >> nvidia and mega cap tech. what is your view after the blowout report >> people love to look for the negative in this why don't we just celebrate the fact we have the amazing american company that is fueling demand and not only did they just beat what we were expecting, which were fairly elevated revenue expectations -- >> very? >> yes they beat that high bar. let's think about the context in which they did that. they did it almost with one hand tied behind their back the supply is disrupted by taiwan semi which cannot meet

demand we have not talked about china they said the number would have been higher if they had that china revenue. >> here is the tough question. when you talk about clients or portfolio managers, what is the call do you hold on although the valuations are high and trading near a high? do you take profit or buy more >> i would say at the moment we are looking at the fact that those mega cap stocks, top ten around 30% of the s&p. they are only 20% of the s&p earnings there is a big dichotomy there we think there are opportunities in other parts of the market where you can get good earnings growth at better valuations than what you pay for the mega cap tech names it is not saying go out and sell, but it is saying why don't you go shopping and diversify our portfolio. >> can katrina, you are teasing. people are trying to figure out what to do today

>> we are seeing this disconnect between the macro and the micro. you have pockets of micro where you can be negative. look at mcdonald's a couple of weeks ago with the low-end consumer you have to be concerned about that on the other hand, you have some of the cruise stocks this morning with the good news exactly. the fact this is micro stories which are muddying the picture over the macro which is positive >> it sounds like you like consumer discretionary >> i like pockets. >> the wex word of the day >> trifecta. we see it with interest rates which everyone is watching and we are watching the fed and what they're talking about in terms of when they will cut rates. we are looking at the inflation number we have done a lot of the heavy lifting, but it is lightweight

l weight loss. >> we had fed minutes. initial jobless claims today how do you think it influences the fed decision >> if we see a number in line with the consensus at 210, the fed is going to be still holding back on the pace of cuts i think they will say the economy is okay. >> katrina dudley, thank you that will do it for us one more look at the futures they are in the green across the board. nasdaq is the big winner this morning. that is it for us. "squk x"s xtawbo ine at morga ley, old school hard work meets bold new thinking. ( ♪♪ ) partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep

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good morning this rally brought to you by nvidia the chipmaker's big quarter powered by the a.i. boom the stock is surging up almost 15%. the futures are going along for the ride as it closes in on $2 trillion $2 trillion market cap power drain at rivian. the ev maker cutting jobs and slashing the outlook the stock is moving lower. a long journey, 34 years in the making, but the nikkei is

back at record levels. do you believe it took 34 years? it's thursday, february 22nd, 2024 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm andrew ross sorkin along with joe kernen. becky is out today we have so much to discuss three hours of nvidia. is that the plan >> coming after an hour of nvidia which i was just watching >> look at futures at this hour powered by nvidia. surging after the results. we will get to that in a moment. the dow would open up 120 points nasdaq up