sounds like a lot, but it used to be if you made more tan $10 million, it used to be 20% chance of getting audited. that's when they say we want t get those historical rates bac to normal. that's what we're talkin about. >> all right, robert, than you. thanks for watching power lunc everybody. we've got your closing bel starting right now see you tomorrow all right, welcome t closing bell, i'm scott wapner live from post 9 here at new york stocking exchange this make or break hour will begin with a stunning move i the nasdaq whether the euphoria around th ai trade is close to a peak or just beginning one of our guests making the case today, it's not even clos to over. we'll tell you why in just a moment your score card with 60 minute to go in regulation looks like this new highs for the s&p and th dowed to it is the nasdaq that is stealing the show. and look, we only feed 20 or something so points here for a new closing high for the nasdaq we will watch it closely ove the final stretch. all of this following nvidia's blowout in earnings an guidance that stock, obviously you know

by now, surging along with s many others, amd and broadcom, and supermicro computer. the stock up more than 30% and meta and amazon big winner too. take us to the talk of the tape the mega moments how far these stocks can run from here. let's ask adam parker, the founder and ceo. a cnbc contributor, and he i back with me post nine good to have you back. >> great to be here. >> the person i was eluding to in this opening read is you. you say the -- we're not eve close, not even close to the end of this ai euphoria trade. >> i just think it's, you know a ten-year kind of trend the idea that we, you know, it really started in my mind less than a year ago. it was really nvidia's first upward sales revision, you know, in may so you know, just thinking out

loud like is that less than one-year trade for the stocks? i think it's going to follow that same curve, all technolog does and i think a lot of people will just continue to believe oh, i'm going to call the top of tha first wave and it's going to correct 20%, 30%, and then i'l get right at the bottom and ride it for the second wave and you saw the note we call i the nvidia god trade, you thin you're going to call top and the bottom and the top again in the meantime you haven' deployed most of the stuff and it's a ten-year trend. i'm not that smart i'm not going to get it right in three directions in a row. you know for the last year, we are just staying long. and that is the call >> jensen huang of nvidia woul have us believe this is th dawning of a new industria revolution he speaks of it that way we're at a tipping point he says for what's happening with ai. it sounds like you're on the same page? >> yeah, i mean multiple . whatever and i might hit a couple o things he is doing his job in promoting

it and i used to be a chi analyst. i remember these companies whe it didn't look like they wer going to survive 25 years ago. i was joking around with a bunch of my old semiconductor analysts saying if you were to tell intel farooq that nvidia added som more, i would agree it's a multi-year trend that second wave is many years off when really the cost cutting and the first wave is sort o implementing the infrastructure what i hear sam altman say w don't have enough power, forge compu, it's very early on. >> and is the rally in the market at large? is this a moment of truth fo that i mean if this came in negative, was that in danger of wrecking the whole show and now we are unable to tak another leg had up because o what nvidia delivered? >> i mean i hate, you know being sort of looking at the one

data point but for sure it carries with i a lot of other hopes and dreams for sure they tell you the could meet demand, the stock and the market are going to go dow a lot. but i do believe that same basket of ten companies plus o minus that will participate that you need to own and have exposure to. they will outperform two, three, ten years from now you saw it in their work i don't want to be a pm and said i didn't own any ai stuf because i couldn't make th evaluation work or i thought i was late >> those are huge trends you need to with there >> as we talk to stacy who i one of the best in the busines yesterday going into the number he's like it is not expensive. in fact it's cheap it's cheaper than this one and it's cheaper than that one, an cheaper than the other one because of what the earnings and the guidance have done the evaluations come down. just don't tell me it's no cheap. don't tell me it is to expensive. >> i know stacy well he replaced me, and he's super smart. and i agree with him if you look at all the big tec companies that had a big sales

revision, you know, this one sales have come up just as muc as the stock if you go back in q4, 2022 maybe 2023 and said what did the analysts think they would earn in 2024? they are off by one month on their fiscal calendar month. it was $8 billion for this quarter. they did $22 like the magnitude of th quarter division is unpriest dented the stock is up basically th same amount, so it hasn't gotten more expensive >> and it is not going to go u 200% every year. but i think they could grow an grow for a long time, and they are growing in a high margin it might be fair to look at th growth prospect. i don't think that itis that expensive. >> but let's just say you know either you're earning or not o you don't want to buy it here, whatever you've got to own a lot of these players, whether it is micron or amd or broadcom. >> and they make a lot of sens too. so if you are telling us t

invest it. look at cane's these are the stocks you have to own for years. if you want to own it becaus you need that version -- >> the market cap is way up there too. >> but if it was arizona, they would trade in 40 time earnings, an incredibl business so i think you are jus discounting how much the risk it is and i think this is is a big trend. we are early i think there is a little bit of an unintentional arrogance tha people have when they don't ow it and you talked about this. a guy on years ago, he was sor of bragging he didn't own amazon ever, and that it was down 10% and kind of victory lapping. i said he shouldn't do that. like he missed the first trillion and he's bragging you can't do that. if nvidia is down 5% and 10% and said i never owned it and you're happy you missed it, you'r still wrong. you missed the first $

trillion the stock is going to be $3 to $4 trillion. >> does it underscore then tha we're going to have a more top-heavy market for the foreseeable future because o everything that you just said? if you are putting new money t work in the market, why woul you go broad >> the reason i like u.s equities over non-u.s. equities why i like them over bonds, it gets the biggest exposure to the first 20 companies if we look at the estimates, w did our year outlook the 2025 net income for th biggest 20 companies is suppos to be $796 billion it is now $852 billion these are the biggest companie that are growing their net income dollars at 15% per year and you're raising you numbers. so yeah, i want exposure to th best companies >> how about this, i love hi work he put out a note today. and this note says everything. i want your reaction to it in q4, the magnificent 7 gre sales by 15% year over year, lifted margins by 607 basi points year over year, leading

to earnings growth of 60%. in contrast the remaining 49 stocks in the s&p grew sales b 3% year over year, while margins contracted by 59 basis points, such at earnings fell by 2%. doesn't that just underscore everything as to why this trad has done what it has >> pretty much i think their lead technologically has gotten better i don't know him, but i read his stuff on and on for years, and i have a one direction romance with him and so i agree a lot with what his views and on this topic. and you know you heard me say it a hundred times. you have to own the market wav in the mag 7 >> you said 25% at least >> at least. that's a big thing >> do you think he needs to be above that >> whatever the way it is. you need to own a big position most people can't. so i continue to see a day lik this today and sure i feel good at the end of the day, it' about here for the next 2, 3, 10 years. how can you run the fund and not have exposure? >> let's ask the person who is joining the conversation

that is a great segway because chair nova >> and are you kidding he's got the equally weigh based on momentum, he's loaded up what do you make of this >> i'm doing pretty well today equal weighted the strategy is outperformin the s&p today. the reason why, i'll tell yo why i disagree with you on the point of the mag 7 i think the mistake that we're making right now is that w continue to focus on the mag 7 we are not focusing on what is powering the earnings growth o the market, which is the a halo >> you disagree with him on th mag 7? at what point? >> i disagree that the mag 7 are the focal point. i think you could actually own -- >> well they have been. >> okay, let's start the segment over - >> do you disagree that the chief won the super bowl >> why don't you pull up the performance today. am i equally weighted?

yes, i am. am i outperforming the s&p today? yes, i am. that's market cap weighted no, not everything is up what's important to understand is what adam said before, it i the ai halo. and that is where i think adam is spot on he mentioned names we don't talk about on the show, application software, cadence, synopsis. we don't talk about thos companies so much. that is where where this begins the research >> so anything that ha something to do with ai is the place to be? >> not something to do with ai anything that is curating th ai application software designs the semiconductors, right? >> agreed. >> now you have th semiconductors that ar benefiting on a day like today, why i

alphabet, why is microsoft e aretively underperforming? how about apple? i don't think about thos companies as the ai names of today. those companies are throwing billions of dollars at nvidia, at amd, at amat, right for those chips. >> you don't think microsoft i one of the ai plays of today >> i think of it as a future i think of it as a future ai player in that group of mag 7, it is by far the leader to where it i going to get to the goal lin quickest for sure. that, i don't disagree with. >> meta may have a dog in that fight. >> i think they are all massiv ai players i think he just wanted to sa that it sounded like he agreed. >> that's what i'm surprised >> you said you have to have a 25% waiting for the mag 7. i don't have a 25% waiting for the mag 7. >> and personally my largest

ownership is in the strategy and the eft that tracks th strategy >> that is only because yo happen to run an equal weigh strategy >> that's because i put my money where my mouth is. >> do you own microsoft? >> yes >> do you own apple? >> no. >> do you own meta >> personally? no i own microsoft. personally >> that's the only one you own >> correct >> and two interesting things on this one, the thing that' interesting to me in the key thing is if the pitch on microsoft is you're going to pay $30 a month for them, you will get more efficient they will watch you in outlook and excel, and you will get more efficient, and it is worth that and if you think about it, i don't know how many minutes day you are in microsoft products maybe 90 minutes a day and the could learn from you but if you're a circui designer, you're designing the for ten hours a day. the amount of time to observ you and get greater at synopsis, there is greater ways.

we talked about them for a lon time on the show i do think that my point on th mag 7 is slightly different. so what i would say on joe's point is look, i don't think the stocks are varying if the market is up and growth beats value and it beats small i can explain the microsoft is the reason for that alone. and i honestly don't think i could know something about google that nobody else does that's not in the price. i mean i'm arrogant, but not that arrogant, right and then the third thing is can't replicate them wit another basket of securities and mirror their performance they are not statistically reputable. i can't replicate them i want to be market weight, no equal weight >> it's a risk management. i understand that. but your strategy, in respect to your etf strategy. your advisement of the viewer is to be less than market weight, the mag 7?

because his point is to be market weight the mag 7, and that is 25%. >> well, i think adam is speaking towards a passive investor everybody is watching th program. >> and so what i'm saying is that you underperformed when the mag 7 ripped and how much o that performance came from you equal weight verses market i bet you last year, whateve the last few years, most or al of it is from that underweight if you have been market weight the rest of your stock picking and that is a nine-month period it is a momentary period and i want to go back to that. i don't know, the simple question because i have an analyst for this conversation. people watching the show should they be underweight, th mag 7? and if they are active investors, they should not b carrying a 25% exposure market

weight to the mag 7. if they are passive, yeah, the they're going to automatically they have to if you are passively investing then we have to. >> and we know each other well but i disagree with that all my clients are active. they don't pay, right? so they are all active investors. the advice i give them, it is to be market weight for that grou and the reason i articulated you can make it elsewhere. to me it is too much risk. and if i say i don't own apple there is no way i could have any security that will offset th risk of me owning no apple >> it is a huge bet agains them >> hang on two seconds i knew it. i've got some breaking news. what do we have? >> mr. harker saying that the fed may be in a position, scott, t decrease rates this year not all that affirmative about it and he cautions against al

those folks out there lookin for rate cuts to happen righ away he says, "we have time to ge this right." the greatest risk he says come from lowering rates too early, not from being too late. he says he is ready to cut whe the data says "give me tha signal." the fight against inflation in the final mile of a marathon but says that final mile can, in fact, be the hardest he goes on to say he has confidence the monetary policy is working, and he is lookin for disinflation in order to get that signal to spread more widely to the goods and services throughout the goods and services sectors he said the feds will start to discuss slowing the balanc sheet reduction in march, an that the economy will continue to humble along. he calls the u.s. economy th strongest in the developed world. he is concerned though among the risk about credit card delinquencies. just a quick look the at these probabilities on fed rate cuts scott. they have been declining almos all day, and declining in th

past several weeks now down 28% probability of that mid rate cut 4.5% for march and the amount of cuts expecte this year continues to com down but as you have been talking about all of that appears to pale in the face of earnings like from companies like nvidia >> because i think, steve, mos people in the market believe that rates are happening thi year these speakers can sort of couch it around as much as they want when they make these publi comments but i'll use, you know, vice chair jefferson as an example. it will likely be appropriate to begin dialing back our polic restraint later this year. that's what he said earlier this year i think the market has gotten little bit beyond, hey, as lon as we know it's coming, we'r good now it doesn't have to be marc or may, maybe it's the summer, but they seem to be letting on that it's coming, and we're okay with waiting >> yeah, you know, scott, ther is an old folk song that i kno

that's called one cool removed that's the way they seem to be treating this later this year. some time this year, kind of thing, it is all very much out there. i do think you're right and yo could have some confidence tha rates are going down, but it i rather extraordinary, scott. the amount of easing that's been dialed out of the market 83 basis points. three in the third quarter point rate cuts if you want to do that math specifically. the market has continued to do quite well and the reason i think we will talk more about this tomorro and show you some charts on this is what's happened to th earnings it has been like rate cuts, we don't need no rate cuts. >> i just drew something tha you can't see because my pen i bad. but you can see it ai greater than cuts, right? that's what the market i hitting. >> ai earnings in general. >> right, exactly. steve, thanks. our senior economics reporter. it will ruin my prop >> the s&p has always been a superior asset quest for the

economy, so you can get th market working when it doesn't i don't know if you agree. >> and as i said, the market i confident that the economy i good the cuts are coming at som point. you've got this boom from ai it's lifting the entire market the question is, is it time? we can get beyond the 25% market with the conversation, but about the broadening is the broadening, joe, going it happen is it going to happen? >> i don't know. not to the extent that i think people anticipated and this is actually a compliment if i asked adam where is the ten year right now it's probably not on his mind. that's the right thing, right? >> right but again, it's 4:35, at the high for the year. think about how fixated everyone was on where a ten year was in the last three months. overfocused on it. i think we're in a place where

stocks are overwhelming what that expectation on rates migh be >> that's a good point if you said three months ago i delayed cutting and they would rise, then you wouldn't thin the market would rip through it but you know my view, which is bond yields rise and the marke goes up. it's pretty normal it means the economy is better than what people thought >> i thought we had moved beyond the concentration of the mag 7 but then they make a comment like you don't think the broadening is going to work. >> and here is the answer. here is the answer the answer is the averag companies gross margins go u and broadens that's what you need t believe. i think there is some things that could happen and see th growth reduction liberty payments are up. and that is what it will ultimately be about. and the second wave will b better productivity for thei company. what you really might be sayin is the market is worth more than in years 2026 than what it was a

year or two ago because of all the earnings and the margins that it will come. >> and i mean what i hear is when the market will broaden out. to me that means our small caps, they are going to begin to outperform >> that's the first thing i look at okay, is russell for real or not? >> okay, so you look at this small caps and you say t yourselves, are you going to get the type of earnings growth that would warrant that and then you begin to get th multiple expansion we would talk about this on th show i think there are very few areas of the market where you're going to get significant multipl expansions you can get multiple expansion in small caps. but show me that you'll get some of the earnings growth they are still in a recessio and that is what i think of when i think about okay, universally, can we get that broadening out you're getting that broadening out in large caps. there are companies in the industrial factor and th insurance companies and th financials those companies are working. but i think it's from an equit size class i think they could make an argument that you would look a

it geographically and say okay it's the emerging markets that will begin to catch up does europe begin to catch up? i mean japan to adam's point a the top of the show. what economy will rival the u.s. right now? what stock market will rival the u.s. >> all right, i've got to leav it there >> yeah, we will do it again it will be our last attempt at the rodeo. >> we would agree to disagree. thank you as well. we have a look at the bigges names moving into the close. i guess you can't talk about nvidia, right? >> you guys were doing it fo the first 20 minutes i'll leave it there and switch over to moderna. i could talk about nvidia al day. let's talk about moderna up 15%, the best days sinc december of 2022 after posting a surprise profit in revenue beat the vaccine maker saw a big drop in covid shots compared to the year ago period, but said thos declines were partially offset by a higher average sellin price per vaccine. that's why you're seeing the

stock pop 15%. etsy though, under pressure as a big miss on earnings overshadows a revenue beat the online marketplace company also warned its growth merchandise sales are expected to fall during the quarter a consumer demand fo discretionary items remain tepid, down 8% i didn't mention nvidia, scott >> you didn't. but there is always a chance i'm betting on you >> okay. >> all right, kristina partsinevelos, thank you we are just gettin started. up next, more on today's reunited rally glen kacher of light street is back nvidia, one of his top holdings, which is why we'll get his first reaction on the other top idea of the market now at recor highs. you're watching closing bell o cnbc car is a car... is a spa. an office. hi! hello! a cinema.

so automated. yes, the definition of a car changes... but one thing stays the same. it's a mercedes-benz. (♪♪) business can happen virtually anywhere. (♪♪) but there's nothing like being there. at national, you can skip the counter... and choose any car in the aisle... even manage your rental right from the app. so you can give some quality time to a quality cause. swing by to see one more customer... [audience cheering] and really get down to business. go national. go like a pro. with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley.

the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com - after military service, you bring a lot back to civilian life. leadership skills. technical ability. and a drive to serve in new ways. syracuse university's d'aniello institute for veterans and military families

has empowered more than 200,000 veterans to serve their communities and their careers. from professional certifications, to job training, to help navigating programs and services, we give veterans access to support from anywhere in the world. is it possible to count on my internet welike my customers accecount on me?t it is with comcast business. keeping you up and running with our 99.9% network reliability. and security that helps outsmart threats to your data. moaire dida twoo? - your data, too. there's even round-the-clock customer support. so you can be there for your customers. with comcast business, reliability isn't just possible. it's happening. get started for $49 a month. plus, ask how to get up to a $800 prepaid card with a qualifying internet package. don't wait, call and switch today! nvidia's post-earnings surge giving them a big lift today for more on what to do with tech stocks at these levels, let'

bring in light street capita founder and ceo, glen kacher >> thank you, scott, appreciat it >> 15% holding or waiting in nvidia just give me your first take o just this quarter that they just blow people away yet again >> it's company on top of thei game they will have the product tha even in the industry needs t change the way computing works the way i think about it, this is almost similar to the last 20 years in automobiles, where we saw this massive shift, th sedans that sort of traile away this is a fundamental shift in competing architecture from th cpus centric computing century to centric and changes how software is written. they change how they operate and how data centers were built. and they were right on that road

and dominating the space >> julie, do you have detail for us >> yes, reddit filed their s with the sec they intend to have their shares listed on the new york stock exchange under the symbol rddt the company's net income fro the three months ended decembe 31 it was $18.5 million the company says their revenue for those three months wer about $250 million, announcing $73 million daily active uniqu users. 267 million weekly unique users, saying morgan stanley, goldman sachs, jpmorgan, citi grou among their underwriters they do not anticipate payin cash dividends in th foreseeable future we're going to continue to dig through this s1 and come back to you with more. >> all right, i appreciate tha very much. thanks for the update. julia boorstin back with light street's glen kacher are you investors in this?

any interest in it >> in reddit >> yeah. >> we're not direct investors in it, no, but certainly interested in the space and the interne category i think reddit is playing a role in ai. and one of those content libraries that's been used >> the kinds of things tha jensen huang is sort of this dawn of a new industrial resolution it sounds like you could buy into that story too and the wa that you will see the runway expanding for a lot of the companies that will have a big part to play >> for sure. we're seeing, you know, cash from operations and earnings surprising by 10%. we are seeing theft continuing for many years to come we are seeing a stock that is, you know, probably going to be close to a dollar over the nex year and a half or two years >> big weightings you have als

in the likes of amd and taiwan semi amazon, sales force, broadcom, microsoft, meta. for the other semi stocks, let's just take in amd, taiwan semi, and broadcom, for example, how do you view those relative t nvidia and the competitive landscape that's only going to get hotter >> well, there will certainly be competition in the first company. and it will have a rea competitive chipwill be amd. and it will take a period of time for any other companies t really challenge nvidia an amd. over tim we'll see ai squinter. there will be different types of jobs, smaller models as that happens, there will be more opportunities for kind of lower power chips, for instance, and custom asics to eat into the

overall market but at the same time the gpu i so powerful, it's kind of like an earth mover and, you know, an suv that can do 10 different jobs really well, you know, an be very powerful at the same time that's really hard for some of these other smaller companies to compete with so we still love, you know nvidia from here and amd is next up in that group last time i was on, i talked about the stocks that we are most focused on, nvidia, amd microsoft, broadcom, the old ticker, and then tsmc. those are still the companie that we think are first up i really benefiting from thi buildout of infrastructure, so that is where we'r concentrating our exposure >> i understand. what else is exciting? i mean ai sucked all the air out of the room. you guys are doing enoug bottoms up work on a lot o

other companies. what else is exciting to you outside of ai or literally i that everything? >> i think ai underlies almost every stock that we're involve in one way or another. it's that dramatic of development in terms of the wa computing is done. so it's going to influence everything i think it's a question of tim frame, you know, it's hardest to predict how it's going t benefit software companies i think the next big moves though will be those hyperscaler companies that today are a par of the magnificent 7 if you think about it and yo look at the other names in the magnificent seven, which are apple, microsoft, and amazon meta, tesla, google, six out o seven of those, everyone excep for nvidia is a massive customer of nvidia. they are all putting tons of capital into buying nvidia chips and building out a infrastructure so right now that's costing them a lot of money, which i think is

a part of the reason why the may underperform nvidia. but ultimately that may also mean they're going to be delivering value on top of tha capital that's being deploye over the next really decade. but the big build out here early on >> i'll come back to you i another moment because i hav even more breaking news. bare with me kate rooney has more for us >> reporter: a judge in delaware according to reuters, ruling they are able to sell their 8% stake in the start-up, and that stake based on their recent evaluation anthropic has been up in the air in terms of whether they wer going to be able to sell it. customers pushed back on this. but this is a start-up that lot of tech investors have bee clambering to get into, so tha 8% stake highly coveted by som of the big tech companies, som of the investors out here. the next step is who will be

able to get that stake again the judge ruling it can' officially be sold in th bankruptcy documents they said they do expect to sell those shares at a profit they are going to obtain reflexibility to sell thos shares and the most appropriate time. so it may not happen right away and sam bankman-fried, the convicted ceo of ftx, sold i before it had really hit the fever pitch of ai funding. but again that stake has roughly tripled since sam bankman-frie invested in it but now the bankruptcy estat will be able to offload it and that ai stake in anthropic is up for grabs, scott >> all right, kate rooney, thank you so much for that you see glen kacher, all roads lead back to ai even whe you do an ftx story. it all goes back to the same place. kate is talking about anthropic, which makes me think of amazon not to be forgotten in where this whole thing is going to it's one of your top holdings?

>> absolutely. and in our view, the aws business is is e-commerc segment of the company they are investing heavily in ai and will be driving a ton of a workloads onto their aws infrastructure they're a big beneficiary from this without a doubt, i predict tha anthropic stake will end up with one of the magnificent 7 >> is that right >> for sure. >> interesting what about the idea if you tak a broader market view of w touched on it earlier with the breaking news from, you know the feds harker and philli jefferson, and how they ar talking about rate cuts late this year, some time this year rates have been higher we talked about the tenure a 432, 435 in that range is there a danger zone for the

growth trade if rates continue to back up >> sure, i mean if rates are back up because inflation pick up, for sure then that becomes a macr problem. but as adam said in the segmen before, you know, if you see rates going up because the economy is doing well an inflation stays in check, then i think that is generally goldilocks kind of scenario. >> and let me lastly ask you before i let you go about the ev trade, you know, we would touc a lot about rivian getting hammered today tesla has not traded well. you know that. it's green now, but it certainly hasn't traded well as of late, down 20% as i'm looking at it here year to date. are we at the point where we need to rethink this trade >> well, i think we're at th point where the entire aut industry is slowing down and becoming more competitive or

coming off of the sort of easy comp, easy growth period pos covid. we're seeing a slow down acros the board. we are also seeing some realit check on evs as the charging infrastructure isn't built out to the level that it needs to be to make it a great experienc for consumers. and so there is a little bit o a demand air pocket right here but i think ultimately, yo know, as we look out several years, tesla is certainly goin to be the u.s. leader in evs as they drive their software advantage and whether it i self-driving or just a car tha works a heck of a lot better than anyone elses. look at what's happening with gm with their new models. and then you've got to look over in china at byd as being a global power house in the auto

industry so i expect it to kind of be a replay of, you know, what we saw as kids as the japanese took share back in the 70s and th 80s. i think you're certainly going to see some of that happen a the chinese start exporting cars to the u.s >> it's good to see you again. thanks for being with us, and of course, thank you for your patience you've had a busy hour we'll see you soon >> no problem, thank you ver much >> all right, glen kacher, light street up next, we will track the biggest movers as we head to the close. kristina partsinevelos i standing by with that. >> well, we are seeing several gold mines up for sale to help one struggling miner and an analyst says don't threat about doordash's dismal earnings report i'll tell you why after th short break.

(grunting) at morgan stanley, 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 puts you on the path to your full potential. old school grit. new world ideas. morgan stanley.

do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned we could sell all of our policy, or keep part of it with no future payments. who knew? we sold our policy. now we can relax and enjoy our retirement as we had planned. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

as the head of hr, i help lead a successful home security firm. we chose principal to provide the benefits and retirement plan that show our people just how much we appreciate them. because benefits help us keep top talent. benefits help us grow.

so we have less than 2 minutes before we get to the closing bell we will get back to kristina partsinevelos for a look at th key stocks she's watching. before you do that, let me jus tell people that right now, we are above a closing high on th nasdaq by a couple points. so we're going to watch it ove the final 15, 20 or so as i send it to you. >> and we know who has a large weight on that index but let's talk about newmont right now because the stock is lowered down by about 7% a flurry of announcement overshadowed the earnings an revenue beat so this is a copper and gold miner. they are slashing thei dividends, laying off workers, selling off some of their assets

as they look to cut cost following their acquisition of new crest. those moves have the stock a lowest levels since may of 2019 doordash though is higher as morgan stanley upgrades th stock to overweight. price target $145. the stock is trading at $121.8 right now. analysts cite the delivery giant's push for gap profitability and its growin grocery business along with th stock's weakness, reportin earnings last week that's the reason why they say buy ends are up about 6% scott? >> kristina, thank you kristina partsinevelos all right, straight ahead, rick heitzmann is back we'll get his stake on the breaking news, filing now to g public plus you'll find out how he' navigating the tech sector surge and what else is hot besides ai we're back right after this.

my name's cody archie. and i'm erica. cody: and we're first generation ranchers from central texas. erica: and because of tiktok, we're able to show people from all over the world where their food and fiber come from. cody: we have dorper sheep and we have beef cattle for the sole purpose of going into the food chain. we use tiktok as a tool to inform people of what we do and why we do it.

there's just a plethora of knowledge and of information swapping going on there. tiktok is helping us protect this way of life for future generations. ah, you're adorable. tiktok is helping us protect toww! ay of life violence makes our tummies tingle. violence. violence. violence. here's why you should switch fo to duckduckgo on all your devie

duckduckgo comes with a built-n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. all right, welcome back reddit, as you know from a report earlier, by us, filing to go public. and under the ticker, rddt let's bring in rick heitzmann to discuss. does this make you feel better about that >> it kind of does because thi

is an old trend, right this is social media, this i advertising based content. and this is not the greatest content, right this is real user generate content, which a lot of it i not safe for advertisers and this will be a test fo maybe non-ai things. >> how are you feeling about that whole thing and just the prospects of thes markets opening back up. >> it feels great. i feel great that people were so attracted to the heat an obviously people were attracte to the mag 7 are people going to open it up and be able to buy publi financing? are they going to be able to buy non-hot things that ar appropriately priced >> somebody like you you would look at nvidia and all these other stocks that are just going bananas, right we are talking about the nasda going for a new closing record high what is your reaction to all o that >> it is so driven by the to hand full of companies if you look at the media companies in the nasdaq, it ha not moved that much this year. i thought this year i wa

wrong. i thought this year was going to be a stock market, which is different association. >> if you pick the right seven >> yes, nvidia, sit at home. i'm working too hard for this. >> yes are you still getting a lot of looks at things that are overwhelmingly ai plays? >> everything has an a component. and it is very funny we can play a game when we hear ou pitches. how long do we have to wai until somebody says ai >> and over and under about 15 seconds. >> you said you're traveling around you started to travel a little bit more for work? >> yes >> does that correspond with what you think is a reopening of activity >> a reopening of activity people are very much inserted in the last two years people were fixing their broke companies, dealing with the sick puppies. now people are more open to ne ideas, what's going on, and even beyond ai. what are the next interest o trends that people are seeing, whether that is vision pro as platform or in the digitalization of healthcare >> are we fully done with rese

that had to take place over th last couple of years >> not yet, not yet because think as you think about the differentiation in the nasdaq, i don't think some of th companies, which weren't providing value really hav gotten punished than what they should for the good companie are doing well so it's been a general reset but i think you are still goin to see a couple of bombs go of on companies that are stil overvalued >> and you sit in a unique sea where you have to use on what' happening on ai, the hottest trend of the year in tech. and the second, it's not a debate, gop1 what is going on in healthcare you guys were the first investor in row, the digital health company? >> yes >> how should we view this because nova, lilly, those types of stocks are in their own ways, as incredible as nvidia. >> it is a mega trend in itself everyone is very obsessed with ai and what it is doing. but if you look at the digitalization of health and

what that means, especiall wrapping around a breakthrough drug this is a generational set o drugs in gop1s that are bein prioritized. are there shots or pills is it daily, monthly, weekly and i think that most people will be on this for one reason or another in a couple o years. right now there is a shortage. you can't get it, and it has not gone international yet so i think we are still in the early earnings of what will be a life saving drug for many. >> where are we in terms o early earnings before they g public are we starting to think about that >> i think we are starting t think about that people riding the mega trend that might not have that dru the way they have. i think you're going to see that come out in the fundamentals you'll see the growth and yo will see the values of those customers. i think you're probably 12 to 18 months away from that as peopl are starting to recognize what a breakthrough trend this is >> great catching up with yo

again. right here up next we'll have more on today's market rally as you take a look at stocks there we had records today for the s&p. records for the dow. trying to get a record close for the nasdaq we have a little bit of work t do we have eight minutes or s left closing bell is coming right back hi! hello! a cinema. so automated. yes, the definition of a car changes... but one thing stays the same. it's a mercedes-benz. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like...

wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

in the u.s. we see millions of cyber threats each year. that rate is increasing as more and more businesses move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business. power e*trade's award-winning trading app

makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley power e*trade's easy-to-use tools make complex trading less complicated. custom scans help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley all right, we are now in the closing bell market zone pippa stevens breaking down th crucial trading days as we hea into the close pippa, you first tell us what to watch for. >> well scott, ahead o

reporting results in overtime, panelists are looking for gros bookings of $31 billion. this report, of course, follow expedia's update earlier thi month with that company' bookings metric missin estimates. today's guidance will be ver important since it will shed light on the upcoming spring and summer demand trends commentary around geopolitical impact is also key the bmo estimating israel is 1 bookings with the middle eas broad late 7%. scott? >> all right, pippa, thank you pippa stevens. let's turn to bob pisani the closing high on the nasdaq is 16,057.44 we were just there, but it's moving around a bunch as we head to final three minutes here. so we're going to see if we ca do that, but we did get ne highs today for the s&p. by the way, the dow was just u 500, so we are going out with bang today >> it's a great rally, not a even rally eight stocks advancing, five declining. equal weight s&ps up over 1%

s&p itself up 2% but it's really all about tech just look at what the semis ar doing today. the whole semi conductor is up >> yes, nvidia is getting al the play >> but amd, broadcom six, micron is up 5% and applied materials is strong these are among the bigges names in the s&p 500 so when you've got all those stocks up almost double digit, that's going to move the s&p 500 forward here on top of that you've got ne highs on amex, for example, an visa, the card companies hav been doing spectacular recently you also have new highs in som of these other big names, some of the big software names that are out there. intuit, service now, oracle also doing really well here magnificent 7 etf, sales force and intuit, look at thes numbers here for some of the big services >> and anything ai related i just great >> and yes for the last si months, they laughed at this when they put it out a yea

ago. it's called the magnificent etf. all the magnificent 7 here another new high today >> you know why they laughed because that mark is at th top. >> one year ago, it was april, and they said they laughed a it, and this time they wer absolutely wrong on that but i do want to point out, th dow leadership is pretty goo today overall. i mentioned amex and visa. home depot high. jpmorgan has been spectacular. that's a new high as well. finally scott, i want to mention japan. hitting a new high today and if you are wondering how does it get there after 34 years of hitting a new high? it was 1989 when it hit a ne high reconstructing the japanes economy a little bit, and help with the ai business remember you've got softbank over there, and the primar owner of arm that is doing really well. and some other big things over there, and one of the big global

retail names that have bee doing really well. >> remember buffett bet on a bunch of buying and a bunch of brokerages and the brokerage stocks over there. early when no one was really talking about what was going o in japan, of course, they have their earnings in the annual this weekend, so maybe that' topical and interesting as you say it is hitting a new high >> tokyo electron, which doesn't trade here, but one of the big semiconductor companies that compete with the applied materials over the world and the point is we ca reconstruct our economy 34 years though to get to a new high from the s&p hitting new highs ever single day >> better late than never. >> imagine waiting 34 years fo a new high in the s&p 500. i don't think we would do that >> do you feel like what happened after the bel yesterday was one of those moments where nvidia, you know it was binary for maybe th market >> it was a transformative moment that's the moment where everyone said, you know what, all the nay sayers are right and all the people worried about concentration risk, maybe ther is a reason these stocks are s

dominant maybe given the earnings and the cash flow of these stocks, the do deserve to be called th magnificent seven. a lot of the nay sayers were put to rest last night >> all right and the dow at a record close. not so much at least for thi day. i'll see you tomorrow. we have one more day to try. a 2% day for the s&p first time we've seen that typ of move in a year. that's the score card on wal street record closes for the dow an s&p after nvidia's stron earnings report right here o overtime yesterday the action though is jus getting started. we have more earnings coming u this hour. welcome to closing bel overtime, i'm morgan brennan with jon fortt >> and hey, we are awaitin those key earnings from block, intuit you'll hear from the ceo o intuit before he speaks to analysts plus i spoke to jensen huang

after the earnings cal yesterday. got some a