it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." sales surge. nvidia out with another record-breaking quarter topping every metric from earnings to data center sales. stock set to trade above $1,000 for the first time ever. why jensen huang says well are a blowout quarter. and jamie dimon keeping optimism in check. we will tell you his biggest market fears.

and the department of justice getsset for the full-court press on livenation and ticketmaster. and later, wage inflation meets sticker shock in florida it's thursday, may 23rd, 2024. you're watching "worldwide exchange" right here on cnbc ♪ good morning and welcome to "worldwide exchange. thank you so much for being here with us. let's get you ready for the trading day ahead. we kickoff the hour with the check of the stock futures stude futures are higher the dow has been moving between positive and flat. you can see it is down fractionally right now you see the nasdaq up big following the nvidia report. the s&p firmly in green territory. this is following the release of the fed's minutes and raising concerns of the persistent inflation and signaling a longer

timeline for cuts than expected. the expectation for the july meeting stands at 18%. according to the cme, it was 25% earlier this week. david solomon expects zero rate cuts this year jpmorgan chase's ceo jamie dimon shared a similar outlook when speaking with cnbc asia earlier today. >> do i think the rates can go up a little bit? yes, i do. if they do, and if we're repprepar for it not really corporates will go down. we will get through that the world will survive that i think the odds are higher than other people think. >> referring to a possible hard landing. we are watching the yields on the back of the comments the benchmark is dticking up the benchmark has moved just now. 4.44%. we are looking at the long bond

ticked up a few basis points the 30-year long bond is a read on the inflation expectations. that's the set up. let's turn attention back to stocks and the top story nvidia shares are jumping after the a.i. chip giant smashed targets for the first fiscal quarter results. nvidia announcing a 10-for-1 stock split and announcing a whopping 150% jump with revenue more than tripling to $26 billion it is the fourth straight quarter of triple digit percentage growth in sales and earnings and data center revenue increasing 400% to $26.6 billion. tl large cloud service providers drove 40% of the sales nvidia is moving up the timeline for the blackwell chips.

they expect to start shipments this quarter on the conference call, jensen huang spoke out. >> next industrial revolution has begun. companies are starting to shift the install base of traditional data centers to exaccelerated computing. >> we need more reaction to the nvidia results with josh wein at hennessey funds and sylvia jablonski. sylvia, you are an vid nvidia investor there were so many expectations above the estimates. >> good morning, frank nvidia did top expectations with the type of growth of the top and bottom line and the prospects for the potential outlook of growth exceeding wall

tr street expectations. it is the goldilocks here. a.i. is the biggest attechnology and nvidia is the beneficiary. i was happy with what i heard yesterday. i like the stock split when stock splits like this, it doesn't matter in this case, i think it has such a popular appeal that it is going to drive demand for additional stock purchasing from the retail community i really like that, too. >> here on cnbc, we say the stock split doesn't matter it seems to matter to retail investors. it sees the stock move higher. you know what else matters valuation. nvidia was trading 61 times forward earnings a year ago. now 31 times sylvia, with the immense growth, is nvidia cheap now or is this

still pretty lofty >> i think it is certainly cheaper than most of the peers multiples have come into a reasonable level what happens is when a stock rides up like this, investors get turned off with the price coming too high and they don't come off the sidelines there the stock split will change that you have a reasonable valuation and share price that's going to be lower and this is the company that will represent the a.i. trade in innovation. you want to have participation in the stock whether it is through an etf or directly you want exposure to nvidia one way or the other. >> josh, i didn't for get about you. you gave us your notes were you looking at the s&p overall. trading 22 times forward earnings it looks more reasonreasonable why would you want to limit exposure to nvidia or microsoft

if you go with the equal weight? >> it is not about the equal weight, but we talk about the s&p as the market and that makes sense. it is market cap weighted. i think very few people outside of those invest in index etfs. those who construct a portfolio from scratch on the market weight basis nvidia, there is nothing not to like it is an incredible company and it is the real deal. i would say when we look at the market buying the s&p, it is not as exciting as a year ago. what is exciting is the s&p equal weight which is more likely how someone would construct a portfolio and trading at 16 or 17 times forward earnings that's a lot more attractive to me who is someone helping build portfolio from the ground up with stocks and not looking at a

few big names. >> you have concerns of overconcentration. you want more exposure more broadly. i want to ask about the fed minutes and comments from the fed speakers and comments from jamie dimon. we are having a vibe session people don't seem to be that excited about everything that's going on although the markets are doing well and the economy is relatively strong what was your take on what we heard from the fed on those minutes? >> it is strange i feel the fed -- it is always important in the earnings season where we saw nice growth in revenue and earnings and margin expansion, i feel the fed is less front burner. i think what was said yesterday in the minutes, i don't know -- i think my labradoodle knew they were going to say that i don't think anyone thought they would change their minds

and say we're nailing inflation. they can go that way in the future for now, they are concerned and they don't have a lot of conviction they dealt with it fully. the market was looking for a reason to react. we saw a selloff at the end of the day. i don't know a lot has changed the tone from the fed has been consistent. >> if your labradoodle understands english, you are wasting time on stocks >> little bit. >> ibm and amazon and microsoft is playing off the a.i. trade. as you look at the stocks, are there certain etfs you suggest playing to diversify a bit we kaeep hearing the stocks at the beginning of the revolution don't have a place later the stocks you gave us are the leaders now. do you see that changing or ways to diversify to get more exposure to winners in the future >> exactly the etf idea is a great point.

when you are thinking about themes and innovation, there could be many winners that are sleep or small caps impacted by rates, but thrive as they come through. the next revolution is quantum computing and then ion q and quantum computing. a.i. benefits quantum through the optimization and making the data cleaner as well within the process. i think if you merge these two technologies, the future of a.i. is robust. looking at etfs, 5g for example, will drive the innovation. those companies are the leaders now. look at ibm for example. that is a company we were not looking at and now they are

leader don't count out the big guys that are forward thinking. >> sylvia and josh, thank you very much. for more on what is driving the markets, head to cnbc pro at cnbc.com/pro we have more to come here on "worldwide exchange," including the one word investors need to know today, but first, the taylor swift ticket tantrum hits a fever pitch and the anti-trust lawsuit hits livenation. and later, more on the nvidia blockbuster quarter and our next guest says a.i. is not the only wave coming in. hweave a very busy hour when "worldwide exchange" returns stay with us (woman 1 vo) i have inherited the best traditions. (woman 2 vo) i have a great boss... it's me. (man 1 vo) i have people, people i can count on.

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welcome back to "worldwide exchange." futures are higher across the board. the dow was lower fractionally the nasdaq is popping after the nvidia earnings. let's see how europe is shaping up with carolin roth in the london newsroom. a lot to digest over there, carolin. >> a lot market wise and politics wise. let's get back to the markets with the two days of small losses, frank. you mentioned the intro there and not a lot of conviction here we are seeing very marginal

gains to the cac 40 in paris at 0.1% dax is inking out a modest gain. the ftse mib is up 59 oints. the ftse 100 is hovering around the flat line. we have one major utility with a rights issue weighing on the index. then we have some data out for the eurozone for the month of may. pmi showing the business activity expanded at the fastest pace in a year, which is good news, and led by the services sector if you dig deeper into the individual member countries, you will see there's a very patchy picture here because the services sector did unexpectedly contract in france german business activity is growing for the second month in a row. very much an uneven picture. let's move on and show you the sectors as well. no surprise here we are seeing one sector that is taking the leadership and, of course, that is technology

a lot of the chip names are getting a shot in the arm from the nvidia numbers that sector up 1.3%. instr industrials and healthcare up as well if you look at the chip names, all trending to the upside what is not to like about the nvidia numbers back to you. >> thank you, carolin roth in the london newsroom. let's check on the top corporate stories with silvana henao at cnbc hg >> and boeing has a regulatory review of certain batteries that power cockpit voice recorders. in a statement to cnbc, boeing is working with the chinese customers on the updated deliveries and adding the faa has green-lit the system through april where boeing different 22 aircraft to china this year.

the justice department and group of state attorneys general are set to sue livenation over the ticketmaster unrivalled control of the ticket sales. according to multiple reports, the suit is expected to be filed in new york as soon as today and will seek to break up livenation and ticketmaster. shares of news corp popping ahead of the open. the media giant announcing a multi-year global partnership with openai. we are seeing shares up 6.75% in pre-market this is giving openai access to the library of articles from the various news outlets to among other things to train the a.i. chatbot. openai will be able to disreplay content from the news corp outlets within chatgpt in

response to user questions. >> it was bio-tech earlier and now the media business thank you, silvana. a quick market flash shares of alibaba are sinking in hang s hong kong and in the u.s the news outlet says this offering could emerge as soon as this week. you can see alibaba shares in the u.s. down 2.5% in hong kong, down 5%. shares are flat over the last year coming up here on "worldwide exchange," when wage inflation meets services sticker shock our robert frank is here with what's happening in one florida community. you want to hear this one. stay with us

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welcome back to "worldwide exchange." time for the big money movers although after nvidia, these may be medium money movers snowflake up 3%. the company boosting the forecast after growing 38% this is the first report since the departure of the cfo the new chief stressing strong demand for a.i. with jim cramer last night >> our a.i. products are available. over 750 customers are sending applications to production i would say the enterprise a.i. is here at snowflake >> e.l.f. beauty up 2% after

posting the first $1 billion fiscal year. sales growing 77% as more consumers find value in the low-priced beauty products prices will moderate in line with the slowdown. catch the interview with e.l.f. ceo on "mad money" tonight. >> sales across north face declining as consumer spending slides the retailer says the turn around plan is looking to reduce costs and pay down debt. shares of vf corp down 16% taking a closer look at a wage boom in house keeping in the palm beach community where it is not surprising to see bidding wars for services. we have robert frank with this story. robert, good to see you. >> reporter: good morning, frank. thousands of new yorkers moved

to florida after the pandemic and bought a lot of big homes in palm beach and miami that need cleaning the problem was there is not enough house keeping thousa now there is a housekeeper shortage the prices have doubled since 2020 the typical salary is now $110,000 to over $150,000 a year which includes overtime and 401(k) and health insurance. most housekeepers are asking 50 dol an hour or more. some executives are topping $200,000 a year. bidding wars between homeowners are common hotels and resorts have a shortage, but it is a different labor pool there is a higher demand for

chefs, nannies and butlers, but not nearly as high as for housekeepers frank, one staffing agent tells me she knows of an executive housekeeper paid more than $250,000 a year and flies with the family to their various homes. they are literally cleaning up. >> i like that one i have to ask. i know this is a tiny enclave neighborhood in palm beach if this is a trend, this has to be driving inflation in general, as you talk to people, what is the limit? $50 an hour to be a housekeeper? that's good pay. >> reporter: it's great pay. you are absolutely right it is not just in palm beach and miami. that is the apex where we are seeing the highest inflation for the job and highest salaries it is happening to some degree in healthy communities around the country. it is happening in new york and

it is happening in the hamptons and aspen and in los angeles and san francisco. again, it is all the combination of wage inflation in the service sector and the wealthy spending the most there is more elasticity there we have migration issues and we have the problems of skills. one of the people that runs the staffing agency in palm beach is starting a school for housekeepers to train them for all of the work in the wealthy homes so they have more candidates. >> it is an economy unto its own. amazing. i have to ask, is there a market for tall people to reach things off the shelf and make sure the chairs work? i'm asking for a friend. no >> reporter: frank, you are great at what you do >> robert frank, thank you very much as we head to break, watching shares of the number of

vaccine makers after a wild wednesday that saw some close up double digits like curevac and moderna and biontech as they track new bird flu cases across the country. and red nose day is raising awareness to fight childhood poverty in the u.s in the last ten years, $300 million has been raised for healthcare and education for 35 million kids to donate, go to rednoseday.org. "worldwide exchange" is back right after this meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real.

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it is 5:30 a.m. in the new york city area there is more ahead on "worldwide exchange. here's what's on deck. nvidia shares do it again after impressing wall street with another quarter of staggering res results. jpmorgan chase's ceo is warning of the bumpy landing still ahead. it is thursday, may 23rd, 2024 you are watching "worldwide exchange" here on cnbc ♪

welcome back to "worldwide exchange." i'm frank holland. great to have you here with us let's pick up the half hour with the u.s. stock futures take a look. seeing them in the green across the board. earlier this morning, before the show, we saw the dow futures flip flopping between negative and positive now the s&p and dow in the green. the nasdaq is the best in the pre-market on the back of the nvidia results yesterday, stocks had a modestly lower session following the release of the federal reserve meeting minutes raising a few concerns of inflation and signaling a longer timeline than expected for cuts from the central bank expectations for a cut at the july meeting now stand at 18%. according to the cme, it was 25% earlier this week. we want to look at yields on the back of the minutes. take a look at the benchmark ten-year yield at 4.42%. ticking up a few basis points. similar for the long bond 30-year yield.

that is a read on inflation expectations that is the set up now let's turn attention back to the big money movers with nvidia shares are set to top $1,000 for the first type ever after the chipmaker reported record first quarter results. jumping revenue 262% from a year ago. topping the sky high expe expectations with the revenue surging $24.4. >> i can announce after blackwell, there's another chip and we are on a one-year rhythm. you can count on us having new networking technology on a very fast rhythm. >> a number of companies betting big on blackwell, including amazon, meta and microsoft and

openai let's check in with jamess cakmak and rubin roy you just raised your price target from $1,085 to $1,140 rubin, a blowout report. everybody's expectations were high and nvidia took it to the moon what was your price target a lot of this was priced in. we were expecting nvidia to beat >> right i would say first of all the numbers went up. they did beat. investor expectations were elevated consensus was lower than where numbers came in >> whisper numbers. >> i would say yes >> you hear them >> nvidia met the whisper numbers. our numbers went up. with the numbers going up with the same multiple on the new

earnings estimate, our price target went up there were concerns going into the quarter about sustainability of demand and product transition and this is a transition year. nvidia answered a lot of those concerns the demand on the existing hopper architecture remains strong a new version of the hopper coming out nvidia talked about demand exceeding supply when you look ahead, blackwell is around the corner with the new architecture exceeding supply in 2025 and the numbers going up and the outlook looks strong. >> when you talk about the product transition, there were concerns of the air pocket you feel they addressed those concerns >> i do. one of the things nvidia talked about on the call is a.i. m

monetization frank, there is a broadening of the spend. nvidia talked about enterprise customers coming in and consumer internet customers and the big cloud service providers with the cap ex numbers going up. there is a broad based demand. >> they threw in healthcare companies. james, you are an nvidia investor we just showed the revenue chart. that is incredible i want to talk about valuations. about a year ago, nvidia was trading at 61 times forward earnings now it is 41 times as an investor, with this massive growth, is this actually cheap? are you looking at getting deeper into nvidia now >> it's our biggest position i'm not sure how much bigger we can get. >> we weren't sure how much bigger nvidia could get. >> that's fair that's fair. we're playing the entire data center infrastructure buildout

from that standpoint, our exposure is significantly overweight relative to the indices. that being said on the nvidia valuation, as long as the earnings continue to grow as they have, we see that valuation justified. we will continue to stick with it for the foreseeable future. the question we have is around what do the economics of the business look like and the next stage of the chips as they come in at lower margins and what does that earnings look like that being said, all of the things they said on the call, you know, we think that coming away from this, the confidence and estimates is only bolstered and strengthened for the next 12-to-18 months. that should help keep the valuation in tact and continue the momentum on the stock for sure. >> we talk about the company being focused on data centers.

in the release, they see a broadening out of the customer base does that change the outlook of the company in a positive way or raise your expectations for the next quarter and going forward they are seeing different types of companies looking to utilize their chips? they mentioned health care we had sanofi on and they are partnering with openai i see a number of use cases. >> i think that underscores the bullishness for nvidia what it does most of all is solidifies the fact this movement toward a.i. and digitalization of services will continue to happen and happen at an accelerated rate. you have a target-rich environment of companies to capitalize and nvidia being the fuel to that fire via their chips. we take that being said as a bullish stance on the entire gen

a.i. transition. >> they mentioned sovereign nations. they went out of their way to say that when i was in london. talking about the buildout of the sovereign cloud in europe. that could be interesting going forward. ruben, increasing the stock by 150% that is a popping number, but after the split, that is 1 cents per share. does that change anything about the stock? >> it is going in the right dir direction. it comes back to cash flows. that cash flow continues to come up it is doing the right thing. shareholder allocation is going in the right poath. nvidia will continue to bolster the path the market structure of the company is going up to the right and maybe it comes down a little bit with the new product family next year. this is a big software aspect to the longer-term strategy

that is really interesting as you think about the multiple valuation and market share of the company. >> any holes in this report? any questions or anything that is a bad mark when you look at these numbers? >> i really couldn't find anything toni nitpick one concern that came up last night is what do you think about china? nvidia did discuss china on the call it is unclear it is a competitive market as you said, there is a lot of strength elsewhere we are still in the early innings. >> james, you know it will be one penny a share, but any holes that raises any eyebrow of concern? >> no, not at all. i would echo china we are staying away from china all together obviously, nvidia is exposed

somewhat you know, aside from that, i think it's great obviously, the dividend boost and the stock split is also a really big deal that no economical indication. >> we keep saying that we say it doesn't mean anything, but it means something to somebody james and ruben, great to have you here i appreciate your time. coming up here on "worldwide exchange," the inflation reduction act fueling big e investments. we have pippa stevens with more. >> reporter: frank, here at the solar facility, 857,000 solar panels are about to start taoducing power for a new meta da center. we have the details coming up next on "worldwide exchange.

champion iron offers a rare solution to decarbonize the steel industry. which represents up to 10% of global emissions. the company recently doubled production capacity at its mine in eastern canada. it is now investing to produce one of the world's purest iron ore. enabling green steelmaking without the use of coal. controlling a large portfolio of high purity iron ore resources. champion is considering strategic partnerships to further develop the region. champion iron.

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shares up 3%. turning attention to the inflation reduction act. the rise of the facilities across the u.s. is coming as the rise of the increase of power needs to fuel data centers pippa stevens is in arizona with a project aiming to fill the gap. >> reporter: i'm an hour outside phoenix at the developer's $1 billion utility scale solar project just wrapping construction this site is 857,000 solar panels on 2,000 acres. it can power 65,000 homes. two-thirds of the power is going to be for a meta data center being built close buy. it sells the power to the local utility which sells it to meta this project is capturing

incentives from the inflation reduction act. >> it helps keep renewable energy and carbon-free energy cost competitive to be a source for companies to procure for energy >> reporter: peterson adds it provides the ability to get projects off the ground. here, orsted is using the tax credit and the production tax credit the company is also focused on using domestic manufacturers next tracker makes the tracking systems and the batteries are made by fluent frank. coming up, the fresh stock story of the morning, nvidia, is coming up next. as we head to break, here is brooks brothers ceo as we celebrate aanhpi month. >> i think 40 years ago, growing up in a small town in long island, i could never imagine i

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time for the "morning call sheet. we have ge vernova which is strong to build from tailwinds with improved profitability. oppenheimer downgrading under armour to perform. positive change will take time a flurry of price targets on the stock story of nvidia. goldman sachs moving to $1,200 a share and bank of america going to $1,320. it is time for the global briefing we start with the story we are following on "worldwide exchange." anglo american rejects the latest bhp bid both companies are leaving the door off for a new deal. the recent bid includes demands to unbundle iron/ore assets in

south africa which is too risky and complex. lenovo taking back the gains despite another quarter of better than expected profit. revenue growing after it dropped for five straight quarters the largest pc maker is exploring opportunities in the a.i. world. and south korea betting big on chips with the $19 billion chip package south korea is building a mega chip cluster which it calls the world's largest high-tech chip making complex. coming up on "worldwide exchange," the one word every investor needs to know today and the one warning from jamie dimon about the economy and the

worst-case joutcome for inflation. we'll be right back after this

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welcome back to "worldwide exchange." time for the "wex wrap-up. we start with boeing confirming jet deliveries have been delayed in recent weeks to chinese

it was over a vreview of the cockpit voice recorders. attorneys general are set to sue livenation and requests to split off from ticketmaster. sales of news corp announcing a partnership with openai giving it access to the massive library of the various news outlets to train openai's chatbot. warner bros. discovery and espn striking a deal for five years for college football playoffs with the additional two games in 2026. games will be available to stream on max. dupont is following in the footsteps of ge. it will split into three publicly traded companies focused on water, electronics and industrials. the ceo will step down on june 1st. watching ether ahead of the

spot etf deadline. the s.e.c. in the last 24 hours has asked new updates from the new york stock exchange to allow such funds to start trading. ether is up 20% this week. here's what to watch today several pieces of economic data this morning and jobless claims and flash manufacturing and pmi with service home figures. we get earnings from bjs and ross stores. we hear from the atlanta fed president raphael bostic this afternoon. and a market alert with the futures being in the green this morning. the nasdaq is the best and the dow would open up 20 points higher for more on the trading day head, let's bring in lizzie evans at evans may wealth with $1.2 billion in assets under management >> good morning, frank. >> big day after nvidia

earnings we see the big stock popping on the nasdaq what is your "wex" word of the day? >> my word is pace in indiana, it is the greatest weekend in sports for the year i expect on sunday that we will see a record setting pace at the indianapolis 500 and you have the indiana pacers in the eastern conference finals with the game straddling the indianapolis 500 what does that have to do with the market we heard from clients multiple times this week whether the feverish pace can continue and i think after nvidia's knockout report, the answer is yes. >> you are sold on the a.i. story. it would be hard not to be after that report. my question is when you look at nvidia trading at 41 times forward earnings where a year

ago it was 61 times. it is a discount from a year ago, but any concern of fr frothiness in the market >> no, i think we are very early on in the a.i. story if you look at nvidia, they had a 262 jump in sales. unbelievable record set of earnings beat on the top and bottom line. 10% stock split. it doesn't matter, but it does matter to the retail investor. as you mentioned in the read earlier, several price targets are moving higher. it will continue to move higher. let's not forget a tsunami of cash that's moving into the sector and ecosystem all ships ricse >> i understand the metaphor i want to get your take on the nvidia play in the market.

we are looking at bearish comments from david solomon yesterday. i want to play them and get your take. >> do i think the rates can go up a little bit? yes, i do. if they do, is the world prepared for it? not really the worst outcome is stagflation. higher rates and inflation we'll get through all that the world will survive that. i think the odds are higher than other people think. >> bearish comments from david sol solomon. that was jamie dimon, obviously. is the hard landing in play? >> had we listened to him and how much the market has run up since october, you would miss out on a lot of upside what we heard recently from the fed is they are not in any hurry

to cut rates from the investment stand point, you need to position the portfolio with that in mind. we have a strong consumer spending inflation is moderating. >> lizzie, i want to talk about consumer spending. one pick is american express we are seeing a lot of people having the credit cards maxed out. right now, according to the data, 15% of gen z credit card holders are maxed out. why american express now with the questions about the consumer >> american express has shown 8% year over year spending growth the there's really a tale of two mcdonald's and coca-cola showing a crack in the consumer. the low-end consumer is moving to a value-oriented option

jpmorgan chase is seeing react sell re-acceleration of growth. >> lizzie evans, thank you that will do it for "worldwide exchange." "squawk box" starts right now. good morning nvidia is set to open at a record high after strong guidance impressed the street. we will dig through that report straight ahead. more overnight tesla breaking down on the first battery planned ot outside the d states it is expecting to break ground in the first quarter of next year. the anti-trust suit against livenation is expected to be filled today it's thursday, may 23rd, 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 becky quick along with mike santoli. joe is out today we have andrew ross sorkin live in paris this is all leading up to the olympics you have other stuff you are working on this morning. >> good morning. it is now 64 days ahead of the olympics i'm here in paris in front of the arc de triomphe to bring you the interview with the president of france, president emmanuel macron we spent nearly a half hour together before he left for new c caldonia he spoke about the issues with jobs in france and artificial intelligence and w