it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." nvidia tops $3 trillion becoming the second most valuable publicly traded u.s. company. now standing $100 billion away overtaking microsoft to become number one. the video stock surge in the private payroll reports lifting the broader markets with the s&p and nasdaq hitting all-time highs. european central bank front and center this morning expecting the rate cutting. we are live with the preview.

and a crack unidown on rece deals. and boeing ceo dave calhoun is called to capitol hill to testify. it's thursday, june 6th, 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 with the check of the futures with the s&p and nasdaq back at all-time highs. look at futures. a mixed picture. nasdaq fractionally in the green. the s&p and dow in the red. s&p is basically flat. the dow would open 38 points lower. as you see from the action in the market yesterday, investors are feeling bullish following the weaker than expected adp private payroll report. a lot of speculation about this

building and what it could mean for the jobs report tomorrow and, of course, the fed decision next week. the biggest rally driver is nvidia. higher again this morning after getting more than 5% yesterday in closing with the market cap above $3 trillion for the first time ever. it is up 1.5% in the pre-market. up 13% this week. nvidia is now surpassing apple as the second largest publicly traded american company by just $100 billion. keep in mind it took nvidia three months to go from $2 trillion to $3 trillion. shares are up 20% since that blockbuster earnings report last month. it is always sparking a broader chip surge. taiwan semiconductor hitting all-time highs and the philadelphia semiconductor index is second. jim cramer is not talk about the

effect this one company is having on the market. >> the company mentioned ten times on the call. getting it right with jensen. hp is right with jensen. once hp clarified things. the hyper scalers and everything from micro and world com and taiwan semiconductor. the data centers consume electricity. aided by an upgrade from sell to hold. i have rarely, if ever seen, the pin action like we're getting here. >> that was definitely not jimmy chill. time to turn overseas in the top market story today other than nvidia.

the european corneentral bank looking to ponder rate cuts. our silvia amaro is live in london with the preview on the barclays trading floor. good morning. what's the mood there? >> reporter: good morning, frank. it is an exciting day for european markets. we are on the trading floor of barclays as this is a good example, really, of where a lot of the action is taking place today as we approach that key ecb meeting. i have been speaking to some of the traders. they did say as we approach the rate decision, things tend to get quiet and follows pick up significantly the moment we get the news. the markets expect a 25-basis point cut today from the european central bank. according to bay rclays, this wl start the cutting cycle of 150

points between now and june of 2025. this, frank, is really the question mark for the markets today. will the ecb provide us with guidance about the future of the rate path? all eyes are on the key meeting at lunchtime european time, and the message from christine lagarde. >> silvia, thank you. a lot of excitement as well. thank you very much. the ecb decision is the driver for the day ahead. let's bring in the vice chair now. >> good to see you. >> good to have you here. let's talk about nvidia. nvidia continues to power the market. it is the biggest momentum stock ever. how are you advising clients to

invest in the a.i. trade? >> we're bullish on a.i. we have been so for quite some time. i think the best advice i can get right now is it appears that valuations are beginning to get extended. when you look at the s&p in general, you have five companies that are responsible for almost 30% of the index itself. that overconcentration or narrow leadership in the s&p is also beginning to trickle into client accounts and investor accounts where they see an overconcentration in companies like nvidia. we're just cautioning investors and saying look at the macroeconomics data that is being setfor forth in front of . definitely don't sell out completely. >> you advise profit taking. i have to ask stock splits

coming up. the thought is the excitement from retail investors. are your clients getting excited about it as you say take money off the table. >> correct. the price change due to the stock split will allow it to be more affordable for more retail investors. so, that would be the opportunity that we're recommending when you see that uptrend once the stock splits and more demand for the company comes in, then that would be an opportunity to take some chips off the table and take some profits with capital gains at the current rates. >> okay. you are also advising clients to actually invest deeper in the picks and shovels trade. the energy when it comes to a.i. and you are bullish on uranium right now. we will show uranium miner etfs. how would you play u ranium for

investors? what part of this should be part of the portfolio? >> when you look at the macroeconomics trends and the usage out of the two key things, one is a.i. and the other is the cryptocurrency. the demand is extremely high. cryptocurrency energy is up over 3,000% in usage. internet usage up over 80% as well. when you see the higher demand for energy and energy-related usage, there is an opportunity to begin to play clean energy. uranium happens to be considered a clean energy, although some people don't wuput it in that category. it can create a tremendous amount of energy at very little exposure to the environment. we would recommend looking at opportunities from a valuation standpoint and many of the resource and basic materials are still relatively valued even

with the more recent uptrends. this is a longer trend in energy related to a.i. and energy consumption usage. >> kalei, thank you very much. for more on the market and trading day ahead, head to cnbc.com/pro. time for a check of the top corporate stories with silvana henao. silvana. >> good morning, frank. the justice department and ftc set to open anti-trust investigations against microsoft, openai and nvidia over the dominance of artificial intelligence. according to the new york times, the two agencies reached a deal to see the doj take the lead in looking at nvidia while the ftc takes a closer look at the conduct of openai and microsoft. this comes as the ftc has opened a probe of microsoft's deal with

the inflection openai and avoid government anti-trust reviews. outgoing boeing ceo dave calhoun set to face lawmakers later this month when he is set to testify on june 18th. calhoun is set to face questions about whistleblower safety allegations and quality controls of boeing aircraft. in it a statement, boeing saying it welcomes the opportunity to go before the panel and share the steps the company has taken and continue to take to improve safety and quality. amazon's self-driving zoox's unit is set to resume the street testing of vehicles. it will deploy the toyota highlanders with the human safety drives in miami and austin, texas. announcement comes as the company faces a federal probe of

500 vehicles automated system facing two crashes, frank. thank you, silvana. coming up on the show, we will have the one word investors need to know and the big issue with lululemon flying in the face of the bears out there. the u.s. is firing a shot in the fight with china to maintain global tech dominance. eunice yoon will be with us. and what the stock split could mean for the wider tech adoption. we have a very busy hour ahead when "worldwide exchange" returns.

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welcome back to "worldwide exchange." look at futures. a mixed picture. nasdaq moving higher in p pre-market. the s&p is essentially flat. we are looking at the pre-market movers. lululemon up 9%. followed by nvidia. amd and micron getting a boost as well. now turning to the biden administration looking for support overseas in the fight with china to maintain global tech dominance. a key general for that battle the is in singapore firing another shot at beijing. we have eunice yoon with nor f more from the region.

eunice. >> reporter: frank, as you said, gina raimondo is here in singapore months after the trip to asia in march. today, she and 15 other ministers in the region, signed agreements with clean technologies and fair tax rules. this is part of the framework led to solidify the presence in the region after a pull back. my interview with her and secretary raimondo made the case they made a lot of progress which resulted in tangible benefits. this is what she said. >> it's one thing not to say america's back, but it's another thing to show up. that's what we're doing. we are here now making these investments and connecting ourselves to the governments of these countries and businesses in these countries. that's better for the united states and makes our supply chains more resilient and helps

us geopolitically. it is better for this part of the world. >> reporter: for example, she said today that kkr, blackrock and rockefeller foundation and others had committed $25 billion in the region for infrastructure. $23 billion of projects have been identified at the investor forum which she led 22 american companies. i also asked her about trade with china, specifically president biden's steep tariffs that he slapped on china for the alleged overcapacity. she did not rule out further action. this is what she said. >> so, we just kind of have to evaluate the challenges as they arise. >> you are not ruling out anything? >> i don't think we rule anything out nor am i announcing that we're planning anything. we have to stay vig ilvigilant.

>> reporter: frank, she leaves singapore today. >> leaving singapore today. you mentioned a number of u.s. companies. one company i have to ask about today is nvidia. did she talk about nvidia and at all a.i. chips? >> reporter: she did because i was asking her about other possible measures that the biden administration could take potentially with tighter export controls on nvidia. again, she said there are several tools in the tool box and she hasn't ruled anything out. she did say nvidia is cooperating closely with the administration. she said she made it clear that she wants to make sure that this advanced technology doesn't get into the hands of the chinese mu military. she had spoken with nvidia and they do not thwawant to do anyt to undermine national security. >> eunice yoon, thank you.

coming up on "worldwide exchange," we have the full story we when come back with the meme stocks.

welcome back to "worldwide exchange." take one more look at the

futures. as we mentioned earlier, a mixed picture right now. turning to equity and opportunity. a new report states a third of top companies believe there is a strong inclusion to diversity. more than 100 board members were survived by the executive leadership council. more than half said the dei practices had a significant impact on their job satisfaction. for more, let's bring in the ceo of the executive leadership council michael hyter. he joins us on the cnbc news line. >> good morning, frank. >> i'm doing great. we had the opportunity to talk about the so-called war on dei earlier this year. interpret these results. what does this tell us about the war on dei and corporate culture? >> the results say that there

are organizations that are still considered strong and effective in managing diversity, equity and inclusion despite the heated dei going on in the political realm. >> give us more perspective. another data point was 64% of respo respondents say this is a high level. >> it is higher than i expected. i really didn't have an expectation until we saw the results of the data. i was pleased by it, frank, but it is also encouraging to know that an effective element of diversity equity and inclusion when it is implied with business performance as the primary and

equal access and opportunity for all was a differential of inclusion. >> this is an ongoing debate. i want to get your take on it. is there a business case for diversity? >> there is a business case for diversity in the sense that all organizations are expected to operate at a peak performance. there is a correlation between more diverse teams increased productivity of the employees and work product. with the marketplace growing and diversity, there is an opportunity when you expand your diversity efforts to be more profitable as an organization. >> all right. it is all about opportunity and creating strong organizations. michael hyter, it is great to talk to you.

we have to get you in studio one of these times. >> thank you. coming up, still stuck in correction mode. we speak with one ceo who counts walmart and llde as customers and sees what it takes to get out of a slump. we will be right back. stay with us.

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in the new york city area. there is more ahead here on "worldwide exchange." another day and another round of fresh records. the s&p and nasdaq once again touching new highs. the stock that is dominating the conversation is nvidia. topping $3 trillion to become the second most valuable publicly traded u.s. company and moving within striking distance of microsoft. we are rate watch with the european central bank with latest decision. could the ecb force the fed to act sooner rather than later? it is thursday, june 6th, 2024. you are watching "worldwide exchange" here on cnbc. welcome back to "worldwide exchange." i'm frank holland. let's pick up the check of the

u.s. stock futures of the s&p and nasdaq back at all-time highs. futures are a mixed picture. you see the dow to open 40 points lower. hitting the lows of the morning. the s&p is flat. the nasdaq off the highs of earlier today, but solidly in the green. investors are feeling bullish following the weaker than expected adp private payroll report and what it could mean for the jobs report tomorrow and the fed rate decision next week. the biggest rally driver that has to be nvidia. it sis higher this morning and closing with the market cap above $3 trillion. you see it is up 1.25% in the pre-market. nvidia surpassing apple as pres the second largest u.s. publicly traded company. keep in mind, it took nvidia

three months to leap from $2 trillion to $3 trillion. shares are up 20% since the blockbuster earnings report last month. we are working to get the data on black leather jackets from jensen huang. you can see shares are up 4.5% for taiwan semiconductor. the philadelphia semiconductor index coming off the best day in months. you see other chip stocks making moving. micron and amd higher in the pre-market. you see the moves here. asml is also moving higher as well. our own jim cramer on "mad money" raving about how investors cannot underestimate the effect the one company has on the entire stock market. >> the company mentioned nvidia ten times on the call. always about being in line with jensen. getting it right with jensen. hp is right with jensen. once hp clarified things --

first of all hyper scalers. micron, worldcom, taiwan semiconductor. cleaner utilities with spare power. data centers consume electricity. arm holdings. applied materials. aided by the upgrade from sell to hold for the first two. i have rarely, if ever, seen the kind of pin action like we're getting through here. >> sound effects and the whole s s shebang. let's get the latest from silvana henao. it is not just nvidia, but lululemon rallying and issuing positive full-year guidance. shares are up 9% in pre-market after reporting flat comparable sales as growth in the americas

slows. the company also says it is buying back an additional $1 billion in shares and working to optimize the product assortment. fellow retailer five below is not faring well this morning. shares down 16% in pre-market. this on disappointing revenue and full-year guidance. the company says lower-income shoppers are spending less following last year's boom. weakness in the demographic offsetting the increase in higher-income customers who are trading down in the face of inflation. and gamestop's red hot win streak rolls on. the stock trying to build on yesterday's gains. we're seeing shares slightly lower right now, but it's still early. yesterday, it closed at its highest level since last month. gamestop is up four of the late five trading session after keith gill known as roaring kitty, posted a screen shot of a large

position of gamestop. that rally also helping drive other meme stocks higher, including amc and blackberry. frank. >> a lot of excitement. silvana, thank you very much. we turn our attention back overseas and investors bracing for the latest policy decision from the european central bank. christine lagarde and company widely expected to hand down the first interest rate cut since 2019 despite the headline inflation running over 2.5%. back home, wall street is waiting to see if the ecb will force the fed's hand. joining me now is betha banty. >> great to be here. >> the ecb cut here is all but certain. what does that mean for european equities? >> this move has been very

widely anticipated. we shouldn't have any surprises here, right? if anything, it is a tailwind. let's not forget equities are not on the rate-driven market. we are seeing signs that things are improving and the economy is improving. this all weighs on the performance going forward. we have another 4% upside for european equities by the end of the year and they should be really achievable given the fundamentals. it is not only what the analysts are expecting with the 7% upside after the negative year last year. we are seeing signs this number could be higher and they are upgrading given what is happening in the economy. >> the first time we had you on the show is to talk about the european super seven. here in the u.s., it is the mega

cap tech names or the magnificent seven in the market. what does this cut mean for the big stocks in europe that you believe will take leadership? does that change at all? >> these stocks have been always expected and continue to deliver superior growth and superior margins versus the overall european market. that has not changed and what we have seen over the past few days from the big tech out of the u.s., probably you might see improvement overall that will impact the profitability of europe as well. however, europe is a bit different to the u.s. the u.s. markets tend to narrow into the mega cap stocks more often than europe. for europe, more natural way of out performances is growing and actually over past month and a half we have been seeing. we have been moving away from the european super seven to the

broader range of sectors and companies contributing to markets results. if, indeed, connectivity continues to pick up, this is a more broader move for europe. there is definitely a risk and reversal over the past month or two. >> are yyou are looking at the . we will talk about this next question here all day on cnbc. if the ecb does cut, does that influence the fed and the global sna markets? >> our economies work independently than in the past. it is about what is happening in your local economy and inflation. for the ecb, for the time being, it is a pretty straight forward

picture to cut today and we have another two cuts happening in september and december and more to come next year. what is important, though, even after the cuts, the terminal rate for the ecb is going to be much higher than the policy. we argue it is an upgrade for cyclical equities not only in europe, but europe being one of the beneficiaries. now for the fed, of course, the economy's momentum is slowing down. u.s. economies are worrying about the rollover in employment data. we will be watching what is happening with the update on payrolls tomorrow and they actually think there is still a chance for the fed to start cutting in july if this weakness in the labor market continues. >> very interesting. you are saying tomorrow's jobs report could increase chances of

a cut coming in july. beata, thank you. coming up on "worldwide exchange," flying high on one airline carrier. the fresh bullish call coming up next. and stocks are not othe onl ones break being records this year. the hotter temperatures out west. texas hitting over 100 degrees and las vegas has a chance to break the 100-degree record today. and a report shows people are over $1 million is rising by more than 4.54.5%. the number of ultra rich people is rising by 5%. and mcdonald's is losing the kr crown jewel in europe. it no longer has the exclusive right to big mac.

it can continue to sell the chicken big mac under a different name. wanever knew that. i s in europe. "worldwide exchange" back after this.

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to make them real. old school grit. new world ideas. morgan stanley. welcome back to "worldwide exchange." time for the morning call sheet. united airlines move to a buy. redburn says better supply balance helps out perform. another upgrade from jeffries to

capital one to a buy. whether it is a stand alone company or combines with discover financial. and bernstein with initiate of diamondback buy. and taiwan semiconductor with the surge of nvidia. the rally follows reports that, it stsmc is in talks after the$8 billion chip company in sing more. the bank of japan to reduce the bond buying next week according to the boj give looking to drop the monetary stimulus program and scale back the $5 trillion balance sheet.

japan shifted away from negative interest rates in march. and richard lee reviving plans to list fwd group in hong kong. the company could target a valuation of $9 billion. the deal timeline is discussed. fwd attempted to go public previously, but failed. coming up here on the show, the one word that every investor needs to know today, plus the check of the state of freight and the signals from sa.ai we will be right back after this break.

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is the effortless energy that gets you in the zone. cirkul, available at walmart and drinkcirkul.com. welcome back to "worldwide exc exchange." a live look at the d-day ceremony in france. president biden honoring the operation by allied forces in nazi occupied france. turning attention back to the u.s. and markets. we are watching shares of saia after the stock popped this week. the second quarter update showing a 17% increase in demand compared to last year and acceleration of shipments from april to may. what is most exciting is the tonnage up.

the carrier provides truckload and logistic services has used yellow trucks through the network. walmart and exxonmobil and starbucks are reporting this week. we have fritz joining us with more. >> good morning, frank. >> investors are excited about your stock. i want to talk about your customers. where are you seeing the biggest increase in demand? the 18% pop year over year. >> frank, our footprint is a wide range and reflecting the macro economy. no customer represents more than 5% of our book of business. i would say if you look at the industries across the book, retail businesses for us are up a little bit more relative to what our industrial or manufacturing customers are

here. overall, our growth is reflective of what we are seeing around customer acceptance of expansion strategy that we have been on for a number of years. we opened 12 facilities since the beginning of the last year and we are seeing the impact of that in our result. >> you are opening new facilities. the headline of your company and other ltl carriers opening up more facilities. we are talking about a freight recession. you are opening up more facilities, but the market is soft. how does that work? >> when yellow exited the market, we had a long developed real estate pipeline of growing our footprint to become more of a national carrier. we acquired 28 facilities as part of the yellow process and added that to the pipeline of opportunities. a terminal in the ltl business is specific to the industry. it is meant to be used across stock freight.

as we opened those across the country. we had the opportunity to replicate the service we have been providing customers in locations. it is an opportunity to take share and grow and support our customers as they continue to develop and build their business. it is an important part of our strategy, the yellow opportunity, certainly was a once in a lifetime. it was a once in a lifetime opportunity to prime the pump, if you will, to long arm the process. >> i want to talk about the broader freight market. old dmominion out with the updae as well. we saw an acceleration of your business between april and may. >> i think specifically for saia, what you see is the development of the new facilities. our ability to replicate a high level of service for customers. they appreciate that. when you go into a new market, we can go to the market with the customer like starbucks or home depot or lowe's or exxon or

halliburton, whatever, and replicate the service facility. that is what you are seeing in our result. ltl specifically is an important part of the supply chain. ltl assets are flexible. they allow us to move across multiple segments across the u.s. economy. we will have a number of products on them at the same time. it is an important part of the process or industry. ltl is important. i think saia, specifically, growth is tied to our core execution. i think if you look at the broader business, it is pretty mixed for ltl broadly. >> fritz, we're almost out of time. near-shoring, is that a tailwind of the business? >> i think it is a tailwind.

we are opening in loredo, texas, which is part of the yellow business. that near-shoring is important to provide to our customers and support the u.s. supply chain. i think it is a long-term growth opportunity for saia and the ltl business. >> fritz, always did to see you. thanks for the time. >> thanks, frank. coming up on "worldwide exchange," more on the frenzy of nvidia stock ahead of the 10-for-1 split. we have gunjan banerji with more. stay with us. i'm not an actor. i'm just a regular person. some people say, "why should i take prevagen? i don't have a problem with my memory." memory loss is, is not something that occurs overnight. i started noticing subtle lapses in memory. i want people to know that prevagen has worked for me. it's helped my memory. it's helped my cognitive qualities.

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welcome back to "worldwide exchange." time for the "wex wrap-up." the justice p depdepartment and is opening investigations into microsoft, nvidia and openai over the a.i. dominance. this comes as the investigation of microsoft over the openai deal. and boeing's ceo david calhoun will field questions from the lawmakers on capitol hill over the quality controls of the boeing aircraft.

and the zoox unit will deploy the toyota highlanders with the human safety drivers in miami and austin, texas. here is what to watch today, we get earnings reports from docusign and smucker's. turning now to the trading day ahead. a look at the futures with a mixedi picture. the nasdaq slipping quite a bit. the dow off the lows, looking like it would open 25 points lower. the s&p is flat. a big driver of the rally yesterday was nvidia crossing the $3 trillion in market cap. joining me now is gun jan banerji of "the wall street

journal." >> good morning, frank. >> we could talk about nvidia all day. i know it is not your "wex" word of the day. what is your word of the day? >> my word of the day is mania. we are seeing a true mania in nvidia. the looks on social media. the ceo is signing shirts. my friends are texting me about the stock. thereis a true mania out there with the stock market. people are piling into these crazy short-term bets tied to nvidia soaring ahead of the stock split tomorrow. >> you sent us data. this is from tuesday. the most recent data. nvidia had $283 billion in options traded. most of them calls, i assume. apple with $19 the billion. what does that tell you? >> what a divergence. $280 billion compared to $18

billion for apple. a lot of the activity is concentrated in nvidia. people are turning to the options to bet on the stock rising after it hit the $3 trillion valuation which has gained more than $1.7 trillion in market value this year alone. that is more than the valuation of meta. it tells you there is a true euphoria and that is continuing in the coming days in the stock split. >> mania and euphoria. let's talk about the meme stocks. we are watching gamestop all week. it is the big story this week. you spoke with roaring kitty at the height of the meme stock craze in 2021. what is your take on this rally? >> it is so interesting. it shows you how the meme stock mania, once again, is here to stay. i think a lot of people thought it would go away after 2021. it keeps creeping back into the market. you know, we're seeing a lot of

the volatility in gamestop and stocks like amc. think about the volatility in the mega cap tech stocks. this is a huge volatility for a $3 trillion stock that we are seeing with nvidia and some volatility in meta this year. single stock volatility moves this week have been muted in the broader market, is all the rage. >> i have seen a picture where you see him in the basement where he does all the trades. you are one of the few people who laid eyes on keith gill. do you think this is all him? do you think he has a backer? i could keep going with the questions. give us a take if you think it is him or if you think he has a backer or do you think on june 21st, he will have the money for the options? anything you have. >> what a fascinating situation. "the wall street journal" landed

that interview with keith gill. the journal reported e*trade was considering shutting down keith gill's account because they did tie to him. our report shows morgan stanley reports gill was placing the bids. this is someone who gained $30 million trading a few years ago and now we see the gains in the hundreds of millions of dollars. it really is remarkable. one sign of concern is a lot of people do follow him into these trades and when i interview individual investors in 2021 compared to 2022, i learned many did end up losing money. >> gunjan, thank you very much. one more quick look at the

futures. mixed all morning long. take a look right now. s&p has been flat. the dow off its lowes. that will do it for us on "worldwide exchange." we have "squawk box" starting right now. good morning. breaking overnight. a deal by regulators paving the way for anti-trust probes into nvidia, microsoft and openai. that report comes less than a day after that nvidia joined microsoft in the $3 trillion club and the world's two most valuable companies. one and two. 11th hour reversal by new york governor kathy hochul over the pricing plan. it's thursday, june 6th, 2024

and "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 joe kernen and andrew ross sorkin. andrew, welcome back in studio. >> thank you. nice to see you. >> good to have you here. >> doing good work down there. >> in d.c. in the swamp. little swamp. it was humid here. >> swampy in my backyard. i was amazed. it must have been raining hard last night. >> a heat. >> anybody else love getting up when it is raining really hard and dark? >> i actually do. i like it. >> 3:30, pouring rain. >> it's dark and hot. let's look at the u.s. equities at this hour.