"squawk box" begins right now. ♪ good morning, everybody. 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. andrew is live in paris for the olympic games. here we go. this is the biggie. we are finally kicking things off. andrew, what do you have coming up for us today? >> it is the big kickoff. today is the day. we are sitting, joe and becky, on monday. tonight's the night with the opening ceremony set to begin in awe a few hours. 10,000 agthletes on the seine.

it is a $10 billion budget for the olympics. it is a business. a lot of business folks coming from all over the world. they are flying in from all over the world. they attended a star-studded event like bernard arnault and others like anna wintour. lebron james is going to be on the seine this evening and snoop will be holding the torch on the way in. barry diller, who we will talk to in a minute, was there. speaking of bernard arnault, lvmh, the first luxury brand to sponsor the olympics and it is the most visible. we have an exclusive interview with him. we'll show you a piece of it right now. >> we want to show the olympics

to the world that france, itself, is a creative country and refined country. >> we're going to bring you a lot more of that interview in the next three hours. he made a number of comments, including the conversation with elon musk and old conversation with steve jobs. we have a huge lineup today, including airbnb ceo brian chesky and the ceo of mistril. we will be joined by iac chairman barry diller. before that, we have a news alert. becky and joe, you will hear a lot of sirens throughout the broadcast here because of the security concerns. france's national railway company saying a service on three high-speed rail trains disrupted today because of the arson attack last night.

the company described it as a massive coordinated attack to paralyze the network so 800,000 travelers would be affected. the transportation minister saying this is a criminal investigation. they are looking into two notes. eurostar, people going from london to paris, is difficult. if you are going to lily, where basketball is taking place, that is difficult. the beginning of the security issues and you will hear a lot of police in the background throughout the broadcast. i should mention the streets here shutting down in just under an hour. we will see whether it gets easier for harder to get around. before we do all that, we want to talk all things olympics and media and so much more. barry diller at iac is here. you are in town. i saw you last evening. it is great to have you here. what the olympics does to bring the world together in one place.

>> the amazing thing is the olympics is this brotherhood of friendliness and sport and all good things and we're doing it literally in an armed camp. i mean, you hear it in the background. you cannot go outside and not hear constant sirens. i've never seen so much machine -- so many different armed vehicles and machine guns and everything else. it's, it's, it's weird in this city that is usually joyous and peaceful and all of that stuff. it really is like an armed caca. >> you have been to many olympics. you are on the board of coca-cola. >> i am. they are the oldest sponsor of the olympics which started in 1924. somewhere. >> here's what i want to talk about. there were probably two major

topics of conversation last evening at the event we were just showing. >> yes. >> one was this nba deal and there were a lot of people talking about what the nba deal would mean. >> roger goodell was there from the nfl. >> adam silver will get here a little bit later. and jill biden showed up at the event. obviously, we're all talking about sport, but everybody talking about u.s. politics and what it all means. what is interesting to you? >> i could start with this. the guy almost got shot by the secret service last night. >> you were almost not. >> quite. fortunately, we have an apartment here. i could not go to it because it is in the red zone . i'm at the coca-cola hotel. unfortunately, mrs. biden is at the coca-cola hotel. i came back last night be

bedraggled from all this things and noise. go i go to get through the barrier and they would not let me through. they said wait a minute. 30 minutes later, i thought, screw it. i'm an american citizen, which i never actually declared in that way. i start walking through and i am telling you, it was very close. >> very close. >> they nearly tackled me. all for being in the same residence as whatever. >> you also called for joe biden to step down. it didn't have any relation to your situation? >> i think it did. she clearly hates me because i was involved in the process. >> tell us about what you think now that vice president harris is running? >> i'd hoped -- i thought it would be best if there was an open convention and a group of people, including kamala would

run and we would have this joyous process with so much energy and excitement. it would be such a democratic thing to do. unfortunately, although i think the end result is not, unfortunately, instead of the open convention -- by the way, it speaks to the confidence of do not discount kamala harris because within a millisecond of biden telling her i'm not going, she mobilized her forces and within 12 hours, she shut everyone else down and completely like a closed, locked door. it was her. she organized the endorsements leading with the clintons and everybody else, except for obama and where he is in venezuela. he doesn't want to chime in at this point. >> do you think he should chime in? >> of course he should.

>> what do you want to say? >> it doesn't matter what i want him to say. he ought to -- the idea that he's missing. every single democrat has been heard from. >> barry, just so you know -- the news was early this morning. the obamas did put out a video where they called her and endorsed her. >> i assumed they were going to. they waited. they waited. >> you didn't hear. you were being held down by the secret service. >> if i survive getting out of paris without at least one gunshot wound -- >> jeffery katzenburg has been here raising money for the harris campaign. when you talk to business leaders here, some of those switched to trump. would they switch back? >> i think it's possible, yeah. i would hope so.

i think -- listen, they are a herd of pragmatists. when the wind shifted and it was really clear if biden was saying in, trump was going to be president. i think when that changed, i think again for everybody and it certainly did for people who were wavering or said for economic reasons, let's chime in to trump quickly. >> what is your sense of the way she would treat regulation and the like? if you go back -- >> i think it's unknown. i don't think you can make judgments. i don't think you can ever make judgments on positions people took in the past. >> by the way, we look at positions that donald trump took in the past and he is flip flopping. >> everybody flip flops because conditions change. you run in the primary to the left or the right in order to get it. when you get the nomination, you cove to the center which is sensible to do. it is all pragmatist. let's not talk about honesty in

this context. >> there have been a number of reports that democrats have been lobbying kamala harris to drop lina khan. would you lobby for that? >> yeah, i would. i think she's a dope. >> barry, what's the biggest problem? the regulatory or the idea that nobody is allowed to do any mergers or acquisitions with lina khan? what is your issue? >> i think there is an absolute conviction based upon what she has done that almost anything a business wants to do to expand itself and combine with others for efficiency and others is just not allowed. it is almost like a wet blanket thrown on all this. i don't think that's productive. look, there are very clear cases where competition needs to be regulated, et cetera, et cetera. it seems her point of view is everything is bad and everyone

is bad. >> i would have thought you would have liked her to some degree given your issues with big tech like google and others. >> no, no, no. my issues with -- look my issues are with anything that is a monopoly. when you have a monopoly, you need regulation. some monopolies are natural. >> she is going after companies she thinks are monopolies. >> she is going after everything is the problem. tactically going after stuff that clearly deserves to be fought, great. she's after everything. she's after -- andrew, you have a piece of something on your -- no, no, no. stop it. >> this is -- this is -- you can see the love. you can see the love. thank you. >> now you can attack me. >> no, no. joe? >> i want to ask not just about lina khan, but you still think it will be a pretty close

election, i would think, barry. i'm wondering whether you think that the reset will be easy for vice president harris because as a media guy, you faced reality as much as anyone. >> i sure hope so, joe. i hope. >> here's what someone asked. how has she transformed in what a lot of americans thought -- this is harsh. embarrassing and incompetent to the most inspirational leader in a single day. there is a cult of personality. no one knows, really, what the cult of personality for kamala harris. what is it that you believe in with her other than she's not donald trump and she's not joe biden? >> oh, no. just take one data point what she did in the minute that she learned that trump -- that biden was standing down. what she mobilized. that's a champion.

that's real -- that's real political expertise. she shut everything and she shut everyone down in a millisecond. by the way, there were huge forces that wanted it another way and wanted an open convention. don't doubt -- wait a second. don't doubt -- don't doubt that she has real competence. now, i hope, i fear, i hope that she does not tack left. i hope she is the center little "l" candidate and she really does seize this moment. if she does, she'll have the energy and excitement of the majority of the people and she will be the next president. >> i want to talk paramount and nba. before i do, that a vice presidential pick. who do you think she should

pick? who do you want? >> i don't want to do this. it's not fair. i got stuff in the game. >> you got stuff in the game? >> no, no, no. >> what does that mean? >> i don't know. i don't want to do that. by the way, if she does not -- it's -- look, there will be these little test points. the next big test point is who does she choose. hopefully, i hope she will choose somebody who is absolutely in the sphere of re reasonability and certainly competence and experience. if she does that, that little next data point will, again, ensure her possibilities. it could be one of a group >> let's talk about sports for a second. the nba deal. one of the con vaversation last night that everybody was talking

about was david sazlav. do you think david and warner bros. has a good case here? the matching rates issue? what they could offer with tnt and max? >> definitely do. >> is the same as what amazon can offer? >> i don't know how it will turn out. whenever you -- look, when you got matching rights or first refusal rights or whatever, and you exercise them and when you get into it, people say you didn't quite come up to what you thought it was. that is a real litigating matter. >> people talked about the possibility of the fourth package. >> if he doesn't get games out of it, he's not the pretty smart executive i think he is.

money will not do him any good. he needs games. >> wow. that's a big deal. amazon would have to shave off its package and give some back? how do they redo that pool, barry? >> i don't know. what i think he was smart to do is match it and get into the turmoil of it and know that somehow short of this ever going to court, which it ever will, they will find some settlement that will satisfy. >> becky, some speculation out here last night among folks in the sports media business were there could be a fourth package set up and shave games off everybody. shaving games from everybody to create a fourth package. before we let you go and i know you got to go. paramount. you were in the hunt. this is still open. is it over yet? what will happen here?

>> it is hard to predict. i think it is over. it was over for us when -- it is unwise to get in an auction with someone who has a pretty much unlimited balance sheet. >> that balance sheet is larry ellison's personal bank account. >> he's the one financing this. he's putting up of the $8 billion, he is putting up 6.2. to get into an action with somebody who can simply say i don't really care. by the way, they have stolen the company, i think, essentially. stolen is a harsh word. >> they are getting it at such a cheap price, why not go and buy it then? >> because of the method they got this cheap price which is a wild valuation for a private production company, that averages their price wildly down. structur structurally, to compete with that, you have to put cash in.

if you have to put cash in, the structural disadvantage they have becomes an advantage because he can simply say another $1 billion? another $2 billion? i did an auction for paramount once. i don't think i would do it again. >> we talked to john rogers early in the week. he believed somebody else could still step up. do you think it is difficult? >> it is not difficult, but it probably takes $9 billion of capital. even if you did that, regained that, if you did that, there's a really good chance he'll say i'll pay the nickel more. >> let me ask you a different question. five years from now, will we say larry ellison is a genius or did he make the prices to difficult economically? >> no, no, no. excuse me. there's a great advantage. no question that paramount has

been mismanaged for many, many years. probably going back to phillipe or whatever his real name was. if you go back that far and you see there's been a really long period of mismanagement -- if the company's still breathing, it's a great opportunity. the fact that they've actually been able, looks like they have been able to buy it at such a low value, i would think that you have to be not really very good to pull it off. >> hey, betarry. one quick question. do you think there would be lawsuits from the shareholders and that would preempt a deal? >> i'm shocked if there are not huge amounts of litigation on this. it seems surprising for me for the simple fact that to ordinary

paramount shareholders, if you own a share of stock of paramount and you are being asked to merge into the company in your shares to dilute your shares by 40% or some huge number that you would say no, you can't do that. now, what does it end up being in litigation? i down there is injunctive relief. i bet it goes on for years. >> barry diller, we have to say thank you for being here. >> you know what? shut these fricking sirens down. we're all going to be deaf. >> barry diller, everybody. >> listen to this. >> joe, back to you. >> i hope they're not still looking for barry with all those sirens. we saw you headed up there

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welcome back to "squawk box" everybody. if you look at markets, you see the bulls are attempting a bit of a rally here. dow futures up 200 points. s&p futures up 40. nasdaq up 180. all of this comes after an attempt at a rally like this yesterday for stocks failed to materialize in yesterday's session. the dow was up 585 points at one point, but closed 81 points higher. the s&p 500 and nasdaq closed 1%. the small caps out performed. russell 2000 closed up 1%. still pretty significant. tom lee was right on this.

he has been calling this and still standing behind the call that the russell 2000 will continue pto out perform. if you look at the treasuries, the two-year is 4.42. andrew. thank you, becky. i sat down in a rare and exclusive interview in paris is lvmh's bernard arnault. the first deal of its kind for the luxury brand. the empire of lvmh is everywhere here. the medals made by the company along with the opening ceremony uniforms worn by team france. tonight, the champagne served and we learned the flagship dior store and our cameras were the first ever allowed inside of the salon of christian dior. i asked bernard arnault to share

the significance of where we were. >> it is here that started the whole story of christian dior for his fashion company and when i bought dior a few years later, because he died in '57. most well known designer on the planet in only ten years without the internet or everything. he had every cover the every magazine. cover of "time" magazine. great success. he started here where we are. this is, by the way, his desk. that is the desk of mr. dior. he was drawing on this desk. >> wow. >> what we tried to do is to

rearrange this room according with his taste. we try to buy back some things he had himself. like some nice paintings and nice furniture and to reinvest for our best partners or customers. we have it in the other part of the room and it is full of history. this time, we have guests here. myself, i'm still fascinated by this. >> what is lvmh started as christian dior. i asked about the fascination with that brand came from. >> it started when i was a kid because my mother used dior perfume. it was fascinating to me.

it is still part of the perfume. when i arrived in the u.s., the first time i was in the u.s. in '71, it is when i understood that the power of the name. i arrived at the kennedy airport and went in a cab and i was starting to talk with the driver. the driver told me i like france. i said it's good. do you know france? do you know the french president? the u.s. president was nixon at the time. he did not like him very much. i said do you know the name of the french president? it was a fantastic french president at the time. well, i don't know the french president, but i know christian dior. i said, well, it is this instant

that i understood the power of the name. >> the deal for lvmh to be a premium sponsor of the olympic games took a year. i asked how it came about and what it means for the company. >> first, we have always been close to support because sport has values that we share in the group, with my family and with many of my designers. we have been very close to support in general. and when we were asked about participating and helping to finance the olympics, first, we reflected. it was a huge amount. i said on one end, it's france and we are part of the french

industry as a french culture. we said as we are the number one french company, we cannot avoid helping that. it doesn't make sense to just give money. that's it. we wanted to find a way to show through the olympics to the world that france, as itself, is a creative country and is a refined country and is a craftmanship country. it's why we tried before agreeing to do this and we tried to find a way with the olympic committee to find a way to be able to show maybe something that has never been done before with the olympics which is part of the spirit of the country

that we show and is a reason why you will see our creation like the medals and like the trunk that brings the flame. the plateau that we will use as the olympic organization will use to give to present the medals to the winners like in tonight's opening ceremony where you will see very beautiful dresses done by dior and other houses. and this is a commission. it's, i think, a fantastic way to show that france is special and not only we are doing this

craftsmanship, but this creativity presence, but also it shows that investors can go to france. it's a goal of the meeting and going after this one with the french president to show that, okay, france, you have wine and champagne and you have cognac and the most beautiful dresses. christian dior is still the most well known name -- french name in the world. we are also attracting the best worldwide company for lunch with the president should be next to my friend elon musk. >> you will be sitting with elon later today? >> yeah. i have been told we will sit

together at the official table with the president. >> you met him before? >> yes, i know him. i know him for some time. >> what do you guys talk about? >> you know, i admire very much what he's doing because i think he's a genius. to do with a car company is unexpected. he is a genius and being so successful with his rocket is incredible. we talked about our different businesses. i know also his mother who is interested in fashion. last time, we discussed about one idea which is a rocket, maybe, with a way to put louis vuitton in a rocket.

i don't know. somewhere. >> would you cloud the outside of the rocket with louis vuitton? >> i don't know. we have to think. i did not say no. >> by the way, are there -- >> i'm afraid he would ask me to go with him in the rocket. >> would you go with him? >> i'm not sure. >> maybe we will see a louis vuitton rocket. a spacex-louis vuitton collab. i asked him about his sense of being an entrepreneur and basically, by the way, every saturday morning, guys, he walks through the stores and touches the goods and looks at the shoes of the folks working at the store and asks them questions. that's the magic of lvmh. everybody says. that i asked him if that is something he was born with or something that can be learned. he said it is an important issue given the succession question.

>> most think i was born with that because when i was a kid, my grandfather and my father were entrepreneurs. i remember every week going with them to the plants we were building and looking at the details of what they were doing. now, i go to my shops and see the products and see the teams and i like it a lot. i try to bring my kids with me. >> arnault is 75 years old. i asked him what he is trying to teach each of his next generation arnaults. they are all running each part of the business and if one might one day take it over? >> first, i must say, i think i

was successful to learn to like working which is not what all of my friends, some also with big companies and some money, do. i am very proud of that. because not only they now work with me, but when they were young i told them if you want to be successful, you have to start with good learning curve and you should attend the best schools. they did instead of going to parties or nightclubs like some do, i'm not saying don't do that, but they were working. now, what i think is time.

it's 5% of intelligence and 95% of work. i agree with this. >> um, one thing that i was going to ask you that relates to that. as a father, is it hard to even have to think about this issue? >> i like to work with them. it's fine, you know? when i try, i teach them a lot of things. i think they try to be part of the culture. you know, more globally what i say to the group is it is not a normal associate.

it is a family company not only because i control it with my family and with my kids, but also it is a spirit. when you enter and it's why we retain people very long. when you enter lvmh, you don't enter an anonymous company. you enter a family. you become a member of the family. it's why the best designers would retain them. for many years, you see some designer going from one place to another. we keep them for a long time. at louis vuitton and at dior, we

work with them for a very long time. all these designers we keep them and it's like a family. it's a spirit we try to put not only in a real family, but company family. >> guys, i can tell you just spending time with him and a number of his children, it is a family company. these kids are serious. all very, very serious people and i know there's a big debate about what comes next. we will see. we got a lot more of the conversation. it is such a rare opportunity to talk to somebody at the top of the luxury world. he controls virtually every luxury brand you know. bernard arnault will talk to us in a little bit about the fascinating job he had with steve jobs before he passed away when apple moved into retail. becky. >> this is fascinating, andrew.

he speaks so rarely. people know so much about what's swirling around the company, but to actually hear him talk about it himself is fascinating. i can't wait to hear the rest of the conversation. okay. we will quickly jump in to 3m. just reporting the earnings. 1.93% a share. that is above the consensus of $1.68 according to the company. adjusted sale, 6 billion dollars with organic growth up 1.2% year over year. those beat estimates according to the company. the street compares to $5.881 billion. organic growth was expected to be down 0.7%. adjusted free cash flow at $1.2 billion. if you are taking a look, the company is now raising its full-year view for adjusted earnings. now says it will be looking for $7 to $7.30 a share.

the previous view was $6.80 to $7.30. moving that up to the high-end of the expectations. street was at the high end at $7.17. again, you see the stock up by more than 5%. pretty strong report at least in the knee-jerk reaction from the street. that stock above $108 right now. when we come back, the founder and ceo of high profile artificial intelligence startup mistral. that is veli next from paris. "squawk box" will be right back.

hello. i'm ethereum. and i'm big finance. you look really tired. just calling it a day. but it's 4 p.m. yeah, and i've been working nonstop since 9:30 this morning, so. 9:30. you don't say? yep. you'd want a little shut-eye too if you'd been moving billions around the world. well, actually, i do. you know, stablecoins, nfts, loans. people can access me 24/7. what? but look, everyone's different. you should get your rest. you'll get after it tomorrow.

tomorrow's saturday. [ethereum] monday. you'll get after it again on monday.

wealcome back to "squawk bo" here in paris. the next guest is the founder of the startup of a.i. startup. i spoke with emmanuel macron and called this founder. this is your first time on television. >> it is. >> welcome to it. don't worry about the cameras.

before we get into the a.i. of it all, given your office is that way? how does this olympics change your experience? >> it has been working. we made sure we could do it and come to the office. >> what do you think, by the way, of the idea that the french president is calling you the french genius? >> we are doing our best. it is very kind of him. >> you do a deal with microsoft earlier this year. where do you think so the audience understands where mistral sits and google and tropica anthropic. in terms of the big large language models, who is at the top and how will it play out? >> only a few companies that are working on making the best models. we are one of them.

we are the only startup at this point. we are working on being very independent from the cloud. we are offering to developers which is our number one customer the possibility of the point of where you want on every cloud. that is why google and amazon and microsoft are partners. >> when you think what your model can do compared to other models, what is the distinction? >> the distinction is we offer deep access to build different applications they are making for their customers. in that respect, it is very different from what is proposed by others which is proposed as api. interfaces that are centralized. we have a n approach. >> there is a big difference with the open source and closed-source models. >> we have promoted open source to make the technology be safer

and faster. there has been some debate in the u.s. and eu how fast it should go. we have advocated with meta that it is better for the adoption of the technology. >> one of the things you hear from the folks who run anthropic or sam altman, there is an opportunity for bad guys to access this stuff and it makes it almost too easy for bad guys to do bad things. >> it is easier for a bad guy to access centralized api and do bad things. we haven't seen any bad usage of the open source. everything we have seen has been positive. it has been positive for safety research and understanding the links. we believe this is the safest way to go forward. >> speaking of this issue, one question mark is competition in

a.i. you are a startup and one of the few succeeding that is not one of the biggest of the big. why are you able to do that? part of that is a fundraising issue, i think, but more broadly, how much is it about capital being able to deploy capital to buy nvidia chips, effectively? >> it is about capital. we have access to capital. in that respect, it has been fine for us. it is also about talent. there, we got started quickly. it is an advantage to be here because there is a lot of talent and concentration on the junior side. the good thing about a.i., you don't need very big teams to succeed and do interesting things. you need teams of ten to be focused. this is something we succeeded to do. >> when people say in the end there's going to be three or four winners and they are all big companies, do you believe that? >> we don't believe that. it is the turning point in technology and every turning point offers technology.

we started to build models and making offers to developers. we believe we have an opportunity. we have shown last year we have leveraged that opportunity. >> in the united states and also in europe, the ftc is looking at the biggest companies partnerships with companies like you in open ai and others, anthrop pick, it's really the equivalent of acquisitions. what do you say about that? >> we've seen some consolidation of the market. we are not concerned but we've been acting with authorities and there is a risk of regulatory issues. we started the company to offer an answer to the kmonopoly. >> this is a biggie. we're in france. there's a reputation, just so you know, back in the u.s., the u.s. is a free market

capitalistic system and europe has struggled to create great companies. spotify is another one. i think yours may be another. what do you think of that perspective and view? >> we think that this is at the turning point. we are seeing a very big ai system in london, germany. all of them are participating. obviously we got started a little later than the u.s. we have talent. we have ambition. >> do you think that's a shift? is that a shift not just in tech but in sort of the economic force here in paris? >> i think there has been a shift to more ambition, more entrepreneurship and realization that we had some unique competence that we should leverage in house. there is a possibility and this is the opportunity we're trying to leverage. >> thank you for your first tv interview. >> have fun at the olympics. >> thanks. >> joe? >> andrew, thanks. u.s. equity futures sharply

higher ahead of today's key inflation data. we're going to talk about the markets after the break. later, senator tim scott is going to join us from the 2024 bitcoin conference in nashville. who knew? heles former president trump i scdud to speak on sunday. "squawk box" will be right back. to help you see untapped possibilities and relentlessly work with you to make them real. welcome to the now way to network... they switched to juniper's ai-native network. now everyone's so productive, they're operating at a higher gear... now their network is self-configuring, self-detecting and self-healing.

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really impossible to talk about the stock market without always focusing on tech. just the way it is. joining us now, paul meets, cio, whether it's lighting up, adding, rotation out of big tech

to small tech or down the food chain for ai. it's all tech, tech, tech, paul. if i ask you about regional banks, you'd probably turn around and leave. i try to remember what people say. last time you were on, the previous couple of times you were on you were a little bit uncomfortable with some of the levels where the magnificent seven were, and i would say you were very accurate in -- with that assessment given what we've seen in the past six weeks. >> well, the way i look at it now, joe, is that i still believe in the ai infrastructure plays, but i'm not yet in tuned with the follow-on. and i think we're starting to see some people come to my conclusion that where is this roi on all of these billions of dollars of ai infrastructure spending? because that spending will continue.

we've only had one data point so far. that was alphabet. they're going to spend $50 billion this year, mostly on ai structure build, and they're going to probably tick it up next year. so that is happening, and that continues to make me pretty positive on the builders like the data note working companies, like the data server companies, like various semiconductor companies, but i'm not yet on board on the follow through investments. now yesterday we did have a good number for the quarters and guidance from service now and they did talk about some ai traction customers. let's give it one use case. i need to see use cases, but as of now i still think that we're going to do very well after this respite in the mag seven hard wear and semiconductor names but then we'll have to see. i don't think we're going to see

it any time soon. it may be this time next year before we can be more comfortable with the ai follow-on plays. >> so that would be the move out of big tech, somewhat out of big tech and the smaller value stock you say has got to run its course. there's some time left in that trade? >> that's right. even my favorite names, joe, i'm not buying them until we at least get through earnings reporting season because we've had a couple of my favorites announce pretty good numbers, give better than expected guidance and their stocks still go down. this's even some geopolitics at play here. so it's just too squirrely this earnings season. i would encourage everybody even though the temptation is to buy on dips, particularly your favorites, i would wait for at least the next couple of weeks. >> just don't get ahead of an earnings report so you are just saying don't do anything until we're finished, at least six

weeks from now. so then when you finally come back you're going to go back into the most well-known names, you just hope they're going to be aware -- where the pleases are now are even lower. you're not moving out into the other eventual beneficiaries of ai? you're still with the infrastructure buildout because you call it a nuclear arms race and that's going to continue longer than people think? >> i do think that's correct and they're going to spend more. at the end of the day, will it bear fruit? i don't know. the people that say it's going to bear fruit, they don't really know either. we're all speculating, but we do know based on the capitol expenditure budgets which were reconfirmed at least for alphabet in the last couple of days that, yes, they will spend heavily this year. they will spend heavily next year but don't expect those follow-on plays to really reveal themselves for quite a while.

in the meantime, yes, joe, i'm going to stick to them. i'm going to wait until we get to the earnings season so my supports come down to better levels. yes, we'll add positions. >> then we have macro stuff, possible rate cuts, everything else. we don't talk about that necessarily. paul meeks, thanks. we'll check back. >> yes, sir. >> okay. joe, it is just now past 7 a.m. on the east coast, 1 p.m. right here in paris. you're watching "squawk box" on cnbc ahead of the opening ceremonies of the olympics tonight. i'm andrew ross sorkin along with joe kernen and becky quick. the s&p 500 up about 40 points. the dow up about 254 points and the nasdaq up about 180 points. also show you treasuries. what you're looking at right now there. the 10-year at 4.243 and the

2-year at 4.42. the summer olympics here in paris, we'll be hearing from airbnb ceo is here and bernard arnault here on a number of huge topics, gae owe politics, relation between europe and china along with lvmh and his conversation with steve jobs he had before he passed away. and then nba hall-of-famer and managing director of u.s.a. men's basketball, grant hill is going to be with us. join us right here on the set in paris. before we get tothose great interviews though, want to get to dom chu at cnbc headquarters. dom? >> andrew, we've got some interesting moves here for our friday morning movers. big interest report from a dow

mover, 3m over 5% after the industrial conglomerate that makes everything from post-it notes, scotch tape are still being parsed through to consensus estimates. they've looked to be a beat. the revenues did beat expectations. it raised the previous profit guidance. 3m was raised with better demand and mixed results in the industrial markets and softer consumer discretionary retail spending. a good amount of that move higher we're seeing being attributed to 3m. apple is up just about 3/4 of 1%. the iphone make jer and app services giant is now kind of showing some current and -- by the way, current and most valuable companies in the world by other tech titans established

by the biden administration around artificial tools, deployment. that comes out ahead of apple intelligence ai features as early as this fall. microsoft, meta, alphabet, open ai have all agreed to the open ai safety rules. and knonovo nordisk has become of the biggest health care companies due to ozempic and wegovy. wegovy is the focus. they backed use forex pa-- for expanded use to combat obesity. so novo up half a percent. i'll send things back over to you guys. >> thanks, dom. we will check in with you a

little later this morning. when we come back, airbnb co-founder and ceo brian chesky will join us to discuss lodging at the summer olympics. and jeremy siegel joins us ahead of the pce data to talk markets and what he thinks is happening. "squawk box" will be right back. so this is pickleball? it's basically tennis for babies, but for adults. it should be called wiffle tennis. pickle! yeah, aw! whoo! ♪♪ these guys are intense. we got nothing to worry about. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? got him. good game. thanks for coming to our clinic,

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welcome back to "squawk box" live from paris this morning ahead of the opening ceremonies of these summer games.

airbnb rolling out one of their -- one of a kind, i should say, icons here in paris. joining us now first on cnbc is brian chesky, the co-founder of airbnb. a bit of an unusual interview. we were going to do this in person. a, we get to see where you are and you're going to be hearing more sirens behind me, the streets of paris at 1 p.m. have been shut down. making it harder and harder to get around the city. >> thank you. >> you are at one of the newest icons of airbnb and what are you doing? >> i am in the famous clock tower. this is one of the most remarkable airbnbs on earth. this room was designed by the designer who designed the olympic torch that's behind me. this overlooks the river seine. if we were to walk out on the terrace you see perhaps the best

view of the opening games. this may very well be the best seat in the house. this is part of a program called icons on airbnb which are extraordinary experiences by the biggest icons in american culture. >> how far do you think you can take this icon piece of the business? is the icon piece of the business a profitable one or is it more for marketing? how do you think about it? >>this is much more about brand building but i think this is a sign of things to come. one of the things we want to do is really keep airbnb top of mind and be able to reach new audiences and demonstrate that airbnb isn't just a place to stay, it's about experiences. one of the things we want to do is take the magic of icons and bring it to millions of people, experiences they can book. this is just a little bit of a hint where we're going. for now this is brand building. >> what's happening at the olympics?

you are housing hundreds of thousands of people during the next two weeks. >> it's crazy, andrew. the number of people we're hosting, you could fill the olympic stadium five times over. this is the biggest event in airbnb history, biggest hosting event ever. i think this speaks to something, which is that airbnb was designed for events. as you know, we started for a design conference because hotels were sold out. often giant events, hotels sold out. we allow large events to help. it's a huge operation. proud of our team. >> so, becky i think has a question back in new york. before we get to that, one quick question. a lot of the folks have left this city and opened up their homes, how much money will they make? >> we estimated the overall economic -- i don't have that

number. the overall impact coming to paris is about $1 billion to economic industry. we believe this is inkreblt al. we have 150,000 apartments and homes in paris and airbnb just this year alone. >> hey, brian, quick question. how much is the room that you're in cost per night? it looks amazing, first of all. second of all, why are you in it seven hours before the opening ceremony? did anybody rent it for today? >> yeah. yeah. so someone did. it was a bit -- it was a bit more of a promotion so, you know, we charged this it would have gone for many thousands of dollars. instead we opened it up and we allowed people to apply and we picked some lucky winners. there's a couple from

california, they won this. these icon experiences, millions of people have tried to stay in them. we got more demand than we should have expected although we probably should have anticipated a lot of people want to stay here. >> what's a couple thousand? 10,000? what's a couple thousand, brian? >> people -- what people would pay for this? they would have paid a lot more than that. think about it, you have hundreds and hundreds of thousands of people applying. god knows what this is. this is truly -- not priceless but it's close. once in a lifetime experience and that's what a lot of our experiences are. >> so cool. >> brian, talk about a once in a lifetime experience. yesterday i believe you were at lunch with president macron along with elon musk and a whole number of business executives. >> yes. >> curious what people talked about and what the sense was not just of these olympic games but the broader economy? >> i'd say two big topics that stuck out to me, one is just the broad economic impact of the

olympic games here in paris. it was not lost that a lot of the ceos were participating in some way, providing services. i highlighted the hundreds of thousands of people staying in paris in airbnb. another was the changing nature of the country in ai and robotics and what that means. you can imagine all the jobs that will be hosted by ai, hosting will be hear to stay for a while. that's one of the things i highlighted. >> when you think about this summer and travel, what are you seeing right now? are you talking about the yolo -- post pandemic yolo has not stopped. >> whether it's a pandemic or not a pandemic, traveling is innate to us. if you have all the money in the world, what would you do?

most people will travel. airbnb is the place where the next generation does it. >> becky? >> andrew, thank you. brian, we woke up to the news that the french rail system suffered a horrible impact. >> we haven't seen any immediate impact. we're on a lot of contingency plans. we have staff significantly more accessible here. we make sure we have reserve inventory available for them. so far there's a lot of continuity of service. >> brian, one other travel service and we've heard and prices are starting to come down on tickets on airplanes.

how does that relate to the price of airbnb rooms and apartments and things? >> in paris or just more generally? i assume you mean in paris. >> both. both, actually. >> well, i mean, you know, affordability is really, really critical to airbnb. that's something we've been focused on in the last year and a half. one of the things we've seen is in the last year hotels have increased their prices fairly considerably. where air b sn b prices on a mid-shift basis have occasionally stayed the same. he as the cost of lights go down, i would weks pekt demand to go up. we've seen very, very strong demand throughout the summer around the world, both domestic travel and people crossing borders. certainly a lot of americans are going to europe this year. if there's one single trend, that's the big one, i'd say.

>> brian, great to see you. thank you for joining us. >> thank you. >> have fun. please wave to lebron james and coco gauff if you see her. thanks. >> thanks for having me. see you, andrew. >> see ya. amazing. jeremy siegel is going to talk markets and the fed. as we head to break, look at bitcoin ahead of the conference. time now for today's aflac trivia question. what company's slogan is "feli's messy, clean it up"? the answer when "squawk box" returns. thing i had aflac. (aflac duck) hmmm the cash i got from aflac helped pay for medical expenses, groceries, rent. it really helped close that gap. (whisper) go, go, go! (group) yay! go aflac! go duck! get help with expenses health insurance doesn't cover.

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and now the answer to today's aflac trivia question. what company's slogan is "life's messy, clean it up"? the answer, bissell. all right. joining us right now to talk markets ahead. fed's favored pce inflation numbers that we get in just over an hour's time is jeremy siegel. he is professor emeritus of finance at the university of pennsylvania's wharton school of

business and the chief economist at wisdom tree. what are you expecting? what are you looking for this number today? >> i expect the year over year is going to be a little hotter than expectations, and i'll tell you because we already got the first quarter pce consumption. so if you kind of work backwards from the data we got yesterday, they did revise it upward. it'll be a little bit hotter, however, forward looking, i think inflation looks very, very good. the month-over-month numbers might be on target. we might be 1/10 higher on the other. so i don't think it changes the narrative of it all that jay powell is going to tee up a rate cut after this next one. >> next week when the fed meets again, even if it's hotter, you don't think that that will make his rhetoric or what he says

anymore hawkish? >> no. no, i don't -- i honestly don't think so because, again, forward looking numbers, i mean, we really -- take a look at commodity praises. even oil prices have come down. those are very sensitive prices. so home prices, rental prices. we're beginning to get the rental price index, which we know has lagged and the official data, we're getting to see that really come in at a much lower rate. so, you know, that's all great news so i think that that won't change. he's not going to promise anything. of course, he says if trends continue on the direction we see, we would be amenable to easing financial conditions at our next meeting. so he's not going to commit how much it's going to be. i think that's definitely what's going to be the setup next week. >> you think the fed should be

cutting right now? >> if it were up to me looking forward, they should be. i think ultimately the fed funds rate should be 3.5 to 4. i'm not saying get there tomorrow or get there by the end of the year, but we're at 5.53 now. we're about 200 basis points, almost 200 basis points above that neutral rate, which actually the fed actually thinks the neutral rate is lower than that. i think it's a bit higher. i think we really should be moving towards that direction when we look at the trends in the country. gdp is holding up. it's no longer a tightness they have to be concerned about. basically it's forward inflation and that looks very, very good to me coming from the data that i research. >> let's take a look at what we've seen in the markets. there have been some big rotations over the last several weeks and even last several

months. one of them is this move towards small caps away from the big caps. the other is this move towards value over growth. >> yeah. the and, actually, both of them are tied together quite strongly. i mean, we've had -- up until about 2 1/2 weeks ago a month's push relative to value that i've ever seen and then just in two weeks, pop, it's gone. it's sort of easy come, easy go. if you take a look at the long-term trends, actual growth versus value is back to that trend before we had that pop bubble. you know, as i said many weeks ago, you're not going to get value moving until the fed drops rates and more and more when you see rate drops are in the cards for the fed, i think that that narrative could very well

continue. i think there might be az little bit of a bounce back for tech because it certainly has taken a big pounding recently, but you do see a narrative change. as big as we thought it was, that feeds into the other situation. so this really could be a watershed in sterms of a trend we've seen if not many years, growth being value. >> we shall see. professor siegel, thank you. we'll be watching the numbers we get in an hour and 6 minutes for the pce. thanks for joining us. >> thank you, becky. >> andrew? >> thanks, becky. coming up here in paris, lvmhceo bernard arnault. the power of brands here at the olympics and geopolitics. u.s./chinese relationship, the chinese consumer.

nba hall-of-famer and managing director of u.s.a. men's basketball grant hill is joining us. we're coming back right after this. the ging you an elevated experience, tailor-made for trader minds. ♪♪ go deeper with thinkorswim: our award-wining trading platforms ♪♪ unlock support from the schwab trade desk— our team of passionate traders who live and breathe trading. ♪♪ and sharpen your skills with an immersive online education crafted just for traders. ♪♪ all so you can trade brilliantly. ♪♪

. welcome back to "squawk box" live here in paris ahead of the opening ceremonies of these olympic games. yesterday in a rare exclusive interview i sat down with the chairman and ceo of lvmh, bernard arnault. the first time ever a luxury brand is sponsoring a games. from the medals to the uniforms and i asked arnault about the connection between luxury and sport. >> it's not mainly to show the brands, it's to show the spirit. the spirit of our world and the spirit of the country.

it's -- a sport mentality is very close to mentality we try to create and to grow in our group. we try to elevate. we try to surpass ourselves. we try to be number one and that's very sporty attitude. in the meantime, we try good relationship with the competitors, even if you are number one. and also it shows that france is at the center of world peace. french, very french, and we show the power of this country in the world. >> arnault, who is out and about at a big gala last night, looking forward to a number of big competitions. he's going to be in the stands. he's looking forward to seeing a

number of games and talked about it here. >> i would watch most watched event like 100 meter run. some of the swimming competition, especially with a sport we work with. we look at golf, tennis. i hope nadal is playing so i hope -- i hope he would be successful. and you know that carlos alcaraz also is a return tennisman. many competitions to watch. >> joe and becky, at one point in the conversation we got into a discussion about how steve jobs had once asked bernard

arnault's opinion on how to create the apple experience long before there was an apple store. >> i remember when we discuss, yes, and he was thinking of doing -- to start apple store. he asked me, what do you think -- i told him because we were not competitors, if you want to do something like that, which i think may be successful, you should put the first store in the best location and maybe i give you some ideas, he was quite interested. i think he listened and one of the first one he did i remember was in tokyo just in front of our shop in genza.

he proved to be a fantastic success when at the time many of his competitors, i remember them saying it would never work. >> michael dell said it would never work to do retail, right. >> he said that. on the contrary, it's a big success. it's i think one of the reason of the enormous, gigantic success of apple. and we discuss business in gen general. he was very smart. very creative. you have an advantage of me. i don't know if my ipod would still be successful in ten years, but what i know is dom

perrignon will be sold in a century. so it's different. it's longevity. >> right. >> it's a difference also between some tech companies, which i am not, and what we do. our products are here, not for the eternity, but for very long time. >> given all the headlines we've been reading this past week about the challenges facing the luxury sector, we spoke about that and also the global uncertainty and discussed the political climate both here in france and the united states. >> that's true. we are in the period where there is a lot of uncertainty in the political world. some economic problem with

inflation, with interest rates and so on, but i am still quite optimistic long term because the reason why we have been successful and many have been successful in the last 30 years is the gross buying power in the world and the trend mid term will continue with up and downs. we have seen up and downs since i am in business since 1994. i have seen many crises, many, many crises. it's up and down, but the global trend is still steady. >> when people say that the stakes are even higher than ever today or that there's even more uncertainty today, do you

believe that? >> people often regret the past and i tend to think to the future. you should take information, you should take lesson from the past but not always apply to the future. so what will happen, for instance, to the relationship between the u.s. and china, which is a big concern, no? we hope that a solution will be fine to live in peace and to cooperate, even with the differentiation of the policy and so on. and i think the people in both

countries want to see their welfare go up. it cannot be with too stiff competition. we should find a way of finding good way -- good solution to live in peace as it has been. >> do you feel confident about that? you feel optimistic about it? >> i think -- yeah. i don't think that we will enter an era of big wars like some people are predicting in the next few years because of what happened in ukraine. i don't believe this. i think at the end people are wise enough to avoid it and we will see. >> arnault had an optimistic

note he doesn't believe war is in the offing. the weakness of the japanese yen has got japanese consumers going and asia sales excluding japan were down 14% for the quarter. i asked him how concerned he was about what's happening in the asia market? >> it may have an impact on the profitability of one year which is the case, for instance, of this year, but it does not matter, because if you are too much on the money side, what are you going to do? okay. says i'm not going as fast. we will lower our prices, we will lower quality and instantly i know what we could do to --

instead of having sales for the first semester, we could add 20% gross quite easy. >> quite easy how? >> quite easy. how? in reducing some prices, in doing things -- too many shops, going to discount shops which some competitors are doing by the way. but long term it's a disaster. no, we never do that. or selling your perfume in asia. you can sell much more if you discount the price and you sell in duty free, which duty free immediately send back to china discounted prices, but it's -- for the image of the brand, for the long term, you should -- what i said to my team, we stick

to quality. we continue to invest in communication and image and we are not going to modify our price policy because our products are desirable and what you should be motivated to do is increase your visibility. >> you made so many acquisitions over the years. is there anything out there, just even conceptually that you say, those guys are clever. i really admire what they're doing and at some point they should be part of this family? >> yes. i admire some of my competitors, absolutely. >> who? >> some are doing very well, but i will not give you names because it will trigger a lot of problems. so, no, no, i cannot tell you. >> can i ask about richemont. everybody reads the headlines

about you buying a stake in richemont. what's the plan there? >> i know well the owner of richemont. we have a good relationship. i told him that i will never do anything against him, that's clear. and if i bought some shares, it's just my thought to have some shares. it's a minor stake. i am very happy. he has done something fantastic, richemont with cartiere. he wants to stay independent and i agree on that completely. >> bernard arnault ending some of the takeover speculation just there on whether the company would want to buy richemont.

he would love to buy it but that's not in the cards. we're going to hear more from bernard arnault. in minutes grant hill will join us here on the set in paris, becky. >> andrew, thank you. this has been excellent. more excellent stuff to come. also later on this morning, sky rich capital's anthony scaramucci will join us where erresident trump is scheduled to speak. "squawk box" will be right back. (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com

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welcomeback to "squawk box." the futures, they have edited this. the dow up 250 points. 208 on the nasdaq and a rebound from some of the weakness we saw recently in the tech area. andrew? >> thanks, joe. we are here in paris ahead of the opening ceremonies. our next guest, two-time olympic gold medalist and nba hall-of-famer and seven time nba all-star. i'm a fan. grant hill. nice to see you, sir. >> good to see you, sir. >> you get underway on sunday. >> we do. >> how much pressure is there that you guys are supposed to

win? you have to win? is that an impossible task? >> it's not impossible. i think it's a credit to u.s.a. basketball. it's a legacy. 50 years of excellence. i don't look at it necessarily as pressure, i look at it as expectations. our guys have lived with pressure on this stage. >> right. >> we have a number of former olympians, guys who have been part of the program, but also the pressure of being nba athletes and superstars. they'll be ready. they'll welcome this. the they'll embrace it and be ready for the challenge. >> this day in history if you go back was the first game that the dream team played back in the day. i'm curious how do you think about this team as a dream team? whether, by the way, this is the first time where you have lebron, durant, steph curry playing together. what's going on? >> that's a great moment in time, the original dream team. this team has a chance. first of all, you have to win. you have to have success like

they had. much like you said, having durant and lebron and stephon curry. the dream team, there are some similarities. durant is looking great. had a great practice yesterday. we will see him very soon, very excited about that. yeah. you know, our guys, we've been together now as a team starting in vegas, playing exhibition weeks for three weeks. they are ready for it to start. >> let's talk about it. there were a couple of harry moments. that south sudan game was, i mean, by like a point. the germany game was pretty close, too. what do you think is happening here? >> first of all, congrats to the south sudan team. if you don't know about it, i encourage your viewers to research it. the exhibition games, it's a chance to get some -- you know, get some exposure to different styles of play, but i think come out of it with a term that i

think greg popovich has coined. it's come out of the exhibition season, one, in m shape, two, healthy, three having the appropriate fear of your opponents. people talking about the greatness of this team, super stars that are on it, but to have that appropriate fearand respect for your opponents. we can talk about it, but to have lived it and to have felt it in those games against germany and against south sudan. i actually think will really help us as we go down this journey the next two weeks. >> when you are in an exhibition game, how hard do you go? all out or is it like -- a little like an all-star game? >> i haven't played in an exhibition game in a long time. i know from a personal standpoint, you're kind of feeling things out. >> that's what i wondered. when it was close maybe people were taking it a little too lax in the first and second quarter. >> you could certainly say that. i'll say this. the you know, the fact that we felt pressure. >> right. >> the fact that we had to dig

deep and find a way to win, like i'm glad we felt that as a group and experienced it as a group because, you know, we may experience it here at these olympic games. so the exhibition season was perfect. it went great. we dominated some games. we had to, you know, close out some games, real close ones there, but i think it served its purpose, the five games we played and five teams that are all here in the olympics and teams we may see down the road. >> i have to ask you the hard question, the jaylen brown question. do you think he should have been on the team? mvp. what do you think? >> yeah, no. first of all, this misnomer that we don't like someone because they're not on the team, jaylen brown is a fantastic player. the reality, since you asked, we learned something about our team in vegas during training camp. anthony davis and bam add did he

ba -- adebayou could play well. when we pivoted, for us one of our prioritiesis defense at the point of attack. djrue holiday might be the best in the world at defending at the point of attack. he was on the roster already. derek white might be the second best in the world at defense. jaylen brown was a part of the program. he wasn't chosen. >> he took to twitter on this blaming nike because of the kyrie situation, i think. i was trying to understand what that was about. >> you're in the media. you could give me advice on how to respond to something that's not true other than to say it's not true. you can question my judgment, my ability to put together a team, but that's questioning my integrity. but, no, look, we didn't consult with nike.

i made the decision. i talked with our coaches to get their thoughts and derek white has been a great addition. that doesn't mean that anyone else is not a good player or player that personally i don't like, but it's about putting together a team. it's not an all-star team. >> right. it's not very interesting disdi. why do you say that? >> i think we tried that and we failed in 2004. 2002. we just assembled the 12 best players. said, we're the usa we're going to go out and win and we didn't fare well. jerry colangelo came in, put together this program and a team and talked about the reteam team you mentioned in 2008. yeah, kobe, jason kidd, but carlos and michael redd, good players. they didn't play them. so you have to have roles on a team to have success, and this idea that we just get the 12

best superstars and we're going to go out and we're going to play and do well, that's not the right approach. >> i don't know if you want to weigh in on it. barry diller on the broadcast earlier. last night talking about the new nba deal that's now between nbc, peacock, amazon and espn and how tnt, of course, getting left out. i imagine you were inside the nba, a big fan of that show? >> i also, i work for tnt. colleagues with those guys and they're remarkable. you know, it's an exciting time first and foremost for the league. new media rights deal. how it will be presented, packaged is certainly great as we go into the next decade. and the growth of the league globally is fantastic. you know, change is inevitable. >> all of those guys will end up on the other networks? >> i don't know.

barkley says, he's out i. was on the air with barkley when he retired, yi don't believe him bt look, all of those guys including myself will be free agents. that's not a bad thing. >> tonight we're going to see lebron holding the flag going down this river. what does that mean for the country, but what does it mean for the league and basketball and basically everybody on this team? >> well, you know, it's just iran credible. we had a moment with the team, which, you know, played on nbc, where we announced it, and lebron, it meant a lot to him. someone who's accomplished everything you can possibly accomplish, but he was so thrilled and so excited to have that honor. he's been just an incredible ambassador for the game of basketball, but i think sports all over the world. so i think it was fitting. i think it was well-deserved and he's someone who has been a part of this olympic movement.

had great success along with a few others. as one of the few stars sort of global superstars that's here. so it will be an exciting moment for him, for his family, for our team, for usa basketball, team usa and i just think all the athletes globally to see lebron james in that moment. >> grant hill, thank you. great to see you. >> thank you. >> good luck. a big week. big two weeks ahead. >> appreciate it. >> joe, back to you. >> thanks. coming up politics and bitcoin collide this week. skybridge capital's anthony nar amucci joins us next and setotim scott also will join us. we're coming right back. ♪ ♪ ♪ ♪

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welcome book to "squawk box" live here in paris ahead of the opening ceremonies of the olympic games that begin this evening. in the last hour, barry diller joined us right here in paris and made news when i asked where, or not, he's still in the race to buy paramount global. here what he had to say.

>> it's hard to predict but i think it is over. it was over for us when the -- it's unwise to get in an auction with someone who has a pretty much unlimited balance sheet. >> barry diller. effectively saying he is out. felt that larry ellison is going to win this. in part because, as he said, larry ellison has unlimited money to keep spending and said, you know what? put up more money but the other guy can go more than a nickel, where it is. we'll see. also suggested as becky, when becky asked the question, there will be a lot of litigation around this deal with david and larry ellison, and the skydance company. >> i think the big issue, too, is the skydance valuation. nats something barry takes issue with and a lot of shareholders do, too. they consider it kind of inflated valuation for that and

that's put on to the shareholders. barry's words earlier when he talked to us, basically asking shareholders to be diluted fwli. barry i think used the term 40%. i don't know the numbers on that. that's a big part of the question, too. as you mentioned probably a pretty litigious outcome, no matter. >> interesting, thought a steel even at these prices. >> he likes legacy. i think it's just weird that barry diller's talking about paramount again. i mean, how many years -- >> been through it -- before with that. >> literally. how many years? do you remember, off hand? >> oh, i think it's 20-plus years now. >> more than that. >> 30. >> yeah. >> crazy. well, tell me, we're going, big bitcoin conference. former president trump is going to deliver the keynote address at the bitcoin conference in nashville this weekend. he's garnered over $4 million in support from digital token contributions.

joining us now, someone who we guarantee did not contribute to trump in any way, shape or form. anthony scaramucci. $ $53,000 just july 5th. up again. shouldn't be surprised at the moves we see in bitcoin. what's been behind that, and you're -- what are you going to say today? you're giving a speech as well or a talk today, i think? >> yes. i'll be in nashville this afternoon speaking, but the first thing i would say is that there was selling by the german government that forced prices down to the $53,000 level. you've also had the distribution of now -- $9 billion of bitcoin distributed.

most got their coins this week. people like myself and skybridge getting our coins next week, although most people hold bitcoin. i think the message here is that we need to make bitcoin and the regulation around blockchain and cryptocurrency bipartisan. mark cuban, myself, michael novogratz, we were down in washington a few weeks ago speaking with officials at the white house, explaining the danger of the gary gensler-elizabeth warren anti-crypto approach. hopefully that message is getting through. almost had vice president kamala harris at the bitcoin conference. i know those that run the conference are sore at her but her schedule is overwhelming at this moment. it's a miss for her. should have been there, but i understand why she wasn't. by and large, if we can get the regulatory policy, joe, around bitcoin and crypto assets in sync, you've got a bull market next year coming for these

assets. >> we know -- also talking about that earlier. we know so little about what the vice president might do. a piece in the "journal" todaying, yes, the cult of vice president kamala harris, nobody in the cult really has any idea what they believe in. at this point. do you think, if she did win, what -- you don't think she'd go the elizabeth warren-gary gensler route with bitcoin? or we don't know? >> well, okay. so obviously i don't want to overspeak on this, but we had been in discussions with the biden administration and people close to the vice president, and remember, she also represented the state of california, which is still arguably one of our most if not "the" most innovative state in the union, and i think the message from her and her team is that they've got to come around. remember, joe. uber, nobody wanted uber.

a lot of regulators didn't want it. mayors, deputy mayors didn't want it but the people wanted uber and eventually people came around to the idea of regulating it fairly. i think we're there now. in fact, i know you like president trump. i'm going to say something nice about president trump. try not to fall of you your chair. i think president trump's move towards bitcoin and towards crypto assets has shaken the democrats to the core, and i think it very smart, younger democrats are recognizing that their way off base with their positions, way off base with these s.e.c. lawsuits and regulation by enforcement and they have to tack now back to the middle, and so i applaud president trump for that and bitcoin has a big tent. i know he's going to be very well welcomed tomorrow when he gives that speech. >> trying to figure out -- i think rfk jr. that said, obviously -- the chances of him winning are slight, but he said

he'd match whatever the u.s. treasury is holding in gold, he'd match it with bitcoin. how much would that be if -- and he made, may be the one who said it but you could see that years from now, actually, being the case, and that may be, that would be a lot. >> yeah. i don't have that calculation off the top of my head but the u.s. government currently owns about $12 billion worth of bitcoin at these market prices. i'm sure gold is exponentially larger than that. what bobby kennedy is saying, which i like, ai have been saying the last four years bitcoin is an asset class. think about it that way and compare it to things like gold. well, gold has, depending on the markets and current prices 15 to 17 trillion dollars worth of market value. bitcoin is sitting somewhere at 1/10 of that. so over time, and i think this is one of the big arguments that the etf holders are making and the people that are pursuing the

idea of selling etfs individual investors, this is an asset class. you should own 1 to 2% of it in your portfolio and over time it should trade to, if not exceed the price of gold. >> what else has been -- in the future, what's do you think is going to be the -- the, well, the lever or whatever that pushes bitcoin either -- i mean, we still got people on record at over 100,000. >> uh-huh. >> in the near future. i think you're there, too. how's that going to happen? does trump have to win? >> well, no. see, i actually think this is going to go one way or the other. i do think this will be bipartisan if vice president harris wins the election, i think she moves to the center on bitcoin regulation. if donald trump wins there's a rumor he'll be talking tomorrow about creating what bobby kennedy is talking about which is a strategic asset reserve for

bitcoin where the government actually steps in and starts buying it. obviously very beneficial to bitcoin. but i think it's a simple story. very simple catalyst. you have a reduction in supply as a result of the having. the network is only sending out 4950 coins now. in april or prior to april it was 900 coins. and you've got huge etf inflows. i think the blackrocket f has exceeded the qqqs this year in terms of net inflows going into bitcoin. so this is a supply/demand equation. remember, the wall street engine hasn't turned on yet. there are wire houses talking about onboarding these etfs. joe, you and i have been around a long time. we know wall street is a selling mechanism. it's a selling machine. imagine legions of fas and financial consultants explaining to people that they need to own some bitcoin? just briefly, jersey city, the mayor there, just announced he

wants a 2% exposure to bitcoin in his pension fund. the state of wisconsin disclosed i guess last month 150 million dollars going into bitcoin, and i think you'll see bitcoin becomes part of that global tactical asset allocation portfolio for investors institutional and individual investors and that will push the price up. again, if you believe like we do at skybridge it's an asset class, joe, it's too cheap where it is right now. >> el salvador way ahead of the curve, anthony. k now jersey city. >> where are you, joe? i know you own a little. can't speak for becky. close to charlie munger. my guess. >> she bought rat poison instead, i think. didn't you? >> i did not. >> didn't buy rat poison? all right. >> no. i mean -- >> still time. there's still time, becky. there's still time. >> all right, mucc. are you going to stay for sunday? there the whole time?

>> well, actually, no, joe. listen, i know -- i know you love donald trump, maybe some day cnbc will allow you and me to debate donald trump. >> i don't want to do that. >> the strengths and weaknesses of that sort of return to the presidency. >> if fidel castro came back from the grave and was running against trump, you would still vote for fidel castro, so how can i -- >> trump longer than fidel castro. >> called the woke mind bias. some virus. >> definitely you know i don't have a woke mind, joe. too much of a capitalist for that. >> a bad virus. >> called the realism virus, joe. called -- it's called, i want to keep the world in a place -- >> surreal. >> total terrorism around the world, i'm for freedom and democracy. >> knew you'd get that in.

>> i don't love anybody but my family. i'm not -- stuck with january 6th? that's the question. >> that's your and my birthdays, joe. imagine the birthday gift donald trump presented to the both of us on that day? >> i know. see ya later. i don't know. january 6th. who knew? see ya later. >> god bless. >> january 6th in paris. >> true. >> you are watching "squawk box" white h right here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin is in paris. the opening ceremonies about to begin in just a few hours. lots to come from paris in the coming days. also counting down to the june core pce prices. a little less exciting but due at 8:30a.m. eastern time and likely to impact the fed's thinking about possible rate cuts. so a lot riding on this for the markets. first, though a quick news headline.

speaking of france. the country's prime minister says intelligence services and law enforcement have been mobilized to track down suspects responsible for an attack on the country's rail system. the national rail network called today's chaos a series of coordinating arson attacks that damaged a number of facilities. it said travel plans of 800,000 people could be affected through this weekend. it's something we've been watching closely. andrew, calls this malicious acts, not terrorist acts from what we're hearing in early reporting on this, sounds like it is angry people who did not want a lot of tourists in france. calling this kind of far left attacks. coming on this. what kind of security are you seeing there? we've been hearing the sirens all morning. >> i was going to say. you can see it and you can larry i -- hear it. our own security detail is in place. i say that in jest. look behind here, a number of snipers have gone up there and we believe that they will now be

there for at least the rest of today if not it next two weeks. this is a new addition to, since we began broadcasting. >> i looked earlier, andrew. looking earlier no one was up there. thinking that's where i would put someone definitely. there they are. >> now there's a team there. i should mention there are 45,000 french police that are going to be working the olympics for the next two weeks in addition to 50,000 outside contractors. that's 95,000 there, and then another 1,900 police brought in from other countries. 40 different countries. the security forces here are real. they are big. they are doing a lot more than just crossing their fingers all ahead of tonight's opening ceremonies. of course, taking place on the seine river, which is the first time that we have seen an opening ceremonies take place outside of a traditional stadium, of course, making security that much more complicated. the entire opening ceremonies

takes place along, a four-mile route that effectively ends, i don't know if we can get a camera shot of it, where the eiffel tower ends. how you'll be watching this, this evening. it passes about 24 different bridges and we should see about 7,000 athletes on boats this evening as i mentioned earlier. talking about coco gauff and, lebron james, and before, the flag bayers for the united states. kicking off what i think will be a very, very exciting next two weeks. >> back to the security. i think 40,000 expected security forces tonight watching the 300,000 spectators who will be along that seine river route you were just talking about. you do the math on that. that's a security officer for every seven and a half people expected to be there tonight. you can expect some serious coverage of all of that. there is the eiffel tower, where

it's all expected to end. we will continue to watch this. coming up in a number of hours and andrew is there on site. meantime a look at futures this morning. you see right now it looks like the gains have continued to accelerate. dow futures up by more than 280 points. nasdaq futures up by more than 220 points and then you've got the s&p indicated up by almost 50 points. let's get over to mike santoli at the nyse. mike, any sense why we're seeing this big rally in the futures this morning? >> becky, it's actually trying again what was attempted yesterday, which was a rally attempt after a 5% pullback in the s&p 500 based on traction, semiconductors oversold. people suggesting perhaps maybe the earnings related declines were slightly overdone in the short term. now, what we did see yesterday was the s&p closed a percent and a half off its high. recouped about half what was lost between noon and 4:00 yesterday. fitful when we are in pullback mode. s&p relative to 50 day moving

average. a bit below. chopped around in that area back in the spring as well. by the way, one year ago we had that peak end of july. then we did eventually get the 10% correction, but it did start with a lot of chopping around. not to say it's foretelling what happens his year. context. july 11th, cpi for june, everybody excited about fed rate cuts. weak weighted s&p flat. here it is declining. your story eessentially. a correction of the market cap we had most of the year. utilities versus tech. on a one-year basis. they've come together. now, any other look-back period longer than this, tech dominated. it shows pure defenses actually done a little catch-up work in the last few weeks relative to the secular growth leadership, guys. >> okay. mike, thank you for that. when we come back we got a

lot more on "squawk" including a breaking inflation data. bring you that. plus, barry diller joined us right here in paris just a short time ago. his comments on the race for the white house. also fascinating views about the nba rights deal and much, much more. all of that coming back from "squawk box" right here in paris after this. hello. i'm ethereum. and i'm big finance. you look really tired. just calling it a day. but it's 4 p.m. yeah, and i've been working nonstop since 9:30 this morning, so. 9:30. you don't say? yep. you'd want a little shut-eye too if you'd been moving billions around the world. well, actually, i do. you know, stablecoins, nfts, loans. people can access me 24/7. what? but look, everyone's different. you should get your rest. you'll get after it tomorrow. tomorrow's saturday. [ethereum] monday. you'll get after it again on monday.

welcome back to "squawk box" in paris ahead of the opening ceremonies that begin this evening on nbc. meantime, we spoke with expedia chairman barry diller in the 6:00 a.m. hour this morning and he commented on a number of issues including politics. diller's been a big donor to democrats. we spoke about vice president harris' campaign now that president biden dropped out of the running's here's what he had that say about it. >> i hope that she does not tack, let's call it, left. i hope she is the center, little l, candidate, and that she really does seize this moment and if she does, she'll have the energy and excitement of the majority of the people, and she will be the next president. >> we also asked barry about the battle for nba's media rights.

cnbc reported yesterday warner brothers discovery is suing the league after it awarded its next package to disney and our parent company comcast rejected a matching bid from warner brothers discovery. a comment and how david zaslav might upend the agreement. >> when you've got matching rights or first refusal rights or whatever and you exercise them, then when you get into it, when people say, oh, no. you didn't quite come up were to what we thought it was, that's a real litigation matter. he's got a lot to muck up before they settle. >> how a settlement could work if there would be one and effectively become a fourth package sliced, dices and created for warner brothers if they were to somehow come to some agreement. meantime, also asked diller whether or not he was still in the race to buy paramount global. here was his answer. >> it's hard to predict but i

think it is over. it was over for us when -- it's unwise to get in an auction with someone who has a pretty much unlimited balance sheet. >> barry diller never one to hold back on just about every issue. we touched on so many, guys. >> says funny stuff, too. >> whatever he thinks. so refreshing. >> tee it up. tee it up and see what happens. but -- yeah. interesting. >> it is one of the more entertaining things we ever do, because most people will not tell you exactly what they're thinking. they're calculating and not going to say that stuff on-air. barry says it ony-air. >> if you're wondering, don't

say it. >> that's why he's great. he doesn't have to. >> doesn't have to show up every day on tv. kukcoming up, breaking inflation data and later senator tim scott talks crypto in the midst of the biggest event of the year for bitcoin down in nashville. which would be a cool place to have that. go, abby go! go, abby go! we would love to have riley on the team. ♪♪ -i made the team? -yeah! [game buzzer sounds off] [crowd cheers] -cut it! -yeah! [whistle blows] [crowd cheers] ♪♪

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news alert on activist short seller andrew. announcing charges against he and his firm citron capital for engaging in as $20 million multiyear scheme to defraud followers publishing false and misleading statements. the complaint alleges after left made his recommendations prices of the stock moved more than 12% on average and after those moves, left and citron quickly reversed positions to capitalize on the stock price movements. >> joe,here in paris we've been hearing all morning from the chairman and ceo of lvmh, premium sponsor of the olympics. first deal of its kind for luxury brands and acquired christian dior back in 1984, built an empire worth more than $320 billion. i asked him how he thinks about the future of this company.

>> you know, in doing what i do now for a long time now, every morning when i arrive in my office, i want to continue to have fun. >> what's the most fun part for you? >> so fun part is to be ale to work with creators, with i.t.s, designer, fashion designer, with artists, creators of big innovation in terms of tech and to see how this creation can be sold all over the planet. >> uh-huh. >> and because it's a mix between the power of creativity, which is often completely disorganized, and the type of

city you may have to organize very well the process of selling these products. to people all over the planet. >> what is it that you think you have done to consistently re-create brands? often taking brands that may even feel tired and finding ways to remake them? >> uh-huh. >> what is that? what is that, that you have managed to figure out? >> i think it's a combination between the products, the image, and the people, and it's really very delicate combination for the success of which you have to be patient. it cannoting done overnight, and when you have brands, louis

vuitton, christian dior, you should stick to it, whatever happens. you stick to it, and the goal is not, is not, what i say to my people to make money. >> not to make money? >> no. the goal is to increase and continue the desirability of what you do long term. that's the goal. and i say all the time to my teams, don't think of money. profitability is a consequence of desirability that you create, that we create together, on your brand. >> a lot of lessons in the words of bernard arnault. i got to tell you, guys, the reference that the other ceos around the world have for bernard is remarkable.

just last evening at this gala that opened it hosted along with brian williams, runs our company, the number of well-wishers besieging this man not just to thank him for the party but to gain his wisdom and almost touch him was unbelievable. we'll have a lot more from paris in just a moment, becky. >> andrew, thank you. when we come back we do have breaking inflation data. june pce is next. "squawk box" will be right back.

(reporters) over here. kev! kev! (reporter 1) any response to the trade rumors, we keep hearing about? (kev) we talkin' about moving? not the trade, not the trade, we talking about movin'. no thank you. (reporter 2) you could use opendoor. sell your house directly to them, it's easy. (kev) ... i guess we're movin'.

welcome back to "squawk box." rick santelli here live at cme hq at breaking news of the morning. some of the fed's favorite news in terms of inflation. personal income and spending and the pce inflation numbers all for june. headline coming in on income expecting up 0.4%. cut it in half. up 0.2. lightest of the year. you have to go back to october of last year to find a smaller income number change. on the spending side, pretty much nailed by economists and analysts. expecting up 0.3%.

coming in up 0.3% and i want to point out that revisions are trickling in. income a strong last month up half a 1% now reduced by 0.1, up 0.4 on the spending side. double. so we end up with up 0.3. last month the moves up 0.4. spending much better and we have a comp assumption economy. but accounting for inflation, real spending, comes in a little light at up 0.2. last month upgraded from 0.3 toll 0.4. the index. pce month over month up 0.1 expected. a bit higher in the rearview mirror, which was zero. if you have to go back and see when the last time we were a little higher than zero that would be april. just a couple months ago, when it was up 0.3%. the year over year pce price index, up ly at expected.

rearview mirror up 2.6. 2.5 equals january and february of this year. to find a lower number, though, you have to go to the way-back machine, february of '21. 1.9. now look at the core numbers. start out with month over month. expecting up 0.2%. comes in as expected. that's 0.1 warmer than our last look. last look was up 0.1. a number greater go back a couple months to march of this year and finally, the core pce year over year expected up 2.5%. 0.1 hotter. 2.6, which equals the rearview mirror. the good news. even though didn't make progress there this month, if you look at 2.6, that is the lowest level, back-to-back, lowest level going all the way back to march of 2021 when it was up at 2.25. okay. which is, of course, it's lower,

but still. we've made nice progress. here's the issue for the fed and it's the same issue. this is their favorite indicator, because for the most part it always seems to come in a little lighter than other indicators. like cpi. however, even though we've made very good progress on the longer view runway, actually look at this month and in many ways yesterday's inflation numbers and gdp pricing index and pce were very similar, we have had periods in the past where we have made a little better progress, but especially on the core year over year, at least it stayed the same and the comp goes back to the way-back machine. you see that yields have moved lower on this, and that really is the "tell" here. the market seems to be comfortable with it and what's fascinating looking at ten year, hovers around 422. well, we closed yesterday at 424. closed last friday at 424. so whether you look at the day or whether you look at the week, we are now down two basis

points. so really have been compressing longer data treasuries, much closer where they said last week. look at a two-year right now, it's trading 4.41. down 10 basis points on the week. becky, back to you. >> that is a move. rick, thanks. stay with us. bringing in more voices on this. mary ann bartels, chief investment strategist at sanctuary wealth and our own steve liesman as well. steve, to you first on this. we spoke with jeremy siegel an hour ago. he said expect the core number to be hotter than anticipated. >> yeah. that's because yesterday's core number in the gdp was a little hotter. we did dodge a bit of a bullet here. people thought maybe a revision of prior months. looks like mostly in june, but just a little bit. seeing here the goods, durable goods still down 0.2 on the month. that's negative. services up 0.3. sorry, 0.2. that's in line with where it's

been. so i think this is okay for the federal reserve. i think they would have wanted it a little lower. to put a little more detail what rick told you. it wasn't 0.2. it was 0.18. looking at the hundredth of a decimal point to see what's going on. and one thing good for the federal reserve here i think is that wages andsalaries only up 0.3%. half of the prior month. a little less pressure from that point of view. i'll send it back to you, except understanding the savings rate. watching, waiting for it to increase. i believe it ticked down to 3.4% from 3.5. it remained relatively low, becky. >> all right, steve, thanks. let's continue this conversation. mary ann, what are you thinking about these numbers and more broadly, what are you thinking about the equity markets? this morning futures are up

really strong. >> well, i don't think the numbers change the fed cutting rates in september. so that's really positive. you're seeing positive reaction within the fixed income markets. if you look at the markets, becky, technically, whether you're looking at the magnificent seven, you're looking at the nasdaq 100 or the s&p, we're very oversold. and we were actually the same oversold today as we were back in april when we had the last big correction. so i think the surprise can be we can actually rally from here. but i do think that the rest of the year is not going to be as easy as the first half of the year. we came in to this year saying the markets would be a bucking bull. markets aren't bucking. i see the seasonals are at risk in september and october, where we get another sell-off, but then year-end rally. i think the year winds up very strong. we could be up 20%, but i don't think it's an easy ride getting

there. >> when you talk about a pullback, are you talking about the variety, garden variety of 3, 4, 5%? >> look at the qs in the market. already a correction. s&p a little over 5%. i think the s&p can be a 10 or 12% correction opinion i think it's just a correction. we've been getting these modest 3 to 5% corrections normally happen a few time as year, but normally get a really good flush out of at least 10%. i do think that we're at risk of doing that in the fall. >> and you think part of that is because at this point it's kind of a buy the rumor, sell the news, once the fed actually cuts rate? the time the market says, wait a second. why are they cutting them? >> yes. i actually agree with that. i do think once he cut rates the markets can have a temporary negative reaction. what i'm watching. i'm wraucwatching two-year trea yields.

i think it can get down to 4%, 3.5%. if we ever break that 3.5%, to me an early warning sign the market's pricing in a ecession. we are starting to see data slow. consumer slow. seeing manufacturing slow. even though we had a good gdp report, it looks like gdp could modestly be slowing. i'm not concerned about this year, but we're going to start pricing in 2025 in terms of earnings and the economy and what the fed is going to do. maybe the real risk is in 2025. not this year. >> steve, what do you think we should be thinking about for the fed next week with the chairman speaking next week, with the meeting? what does this number today kind of mean for any of that? >> i mean, i expect them to talk with, there is an increasing confidence that the federal reserve can reduce interest rates. i think they're on track for september interest rate cut. i think that the market is priced that way and i've not

heard much from the fed that would really cause a dissuade from the market from where it's now. a bunch of data to come in october. i think it's going to say we're on the right track for that but i don't think he's going to commit to it. >> rick, the markets are set up for what next week? >> well, i think that what you want to continue to pay attention to is the dramatic moves that we've seen in yield curves. specifically twos and tens. wasn't that long ago minus 50. looks like it's hovering right now around minus 18. it's been as low as minus 12, minus 13 intraday several sessions ago. the dynamic that has been discussed especially by mary ann is true. short maturities definitely will be really honing in on the potential of the economy to continue to weaken. but the big players are really looking at all trades in the

context of maturities. if they're bullish on the two-year price going up, going down, putting steepeners on. when the fed starts cutting, buy or sell, how the distance moves between twos and tens. many suspect the catalyst that pushes it back into positive territory. >> mary ann, all of that, i mean, you still, even though you think there's potential for pullback of 10 to 12% overall from the s&p 500, you still like equities more than fixed income? still like fixed income more than cash. you would be telling people to just wait on the sidelines and jump in when you see that pullback? >> well, yes. so if you do have cash on the sidelines, if you want to lock in interest rates now's the time to do it. i do like fixed income intermediate part of the curve. i'm still very bullish equities, and so i'm still overweight equities. although we've taken down our

weighting a little bit, but i would say overweight between now and the end of the decade. this is a period we have phenomenal returns between now and end of the decade. led by technology. even though we're seeing these stocks correct, they're correcting because they are expensive. there is concern about when the profit will hit on a.i., but we saw this during the internet process. this is a process we've seen stocks go um and down, but i think the trend stays up. >> all right. mary ann, rick, steve, thank you all. coming up, south carolina senator tim scott's going to join us from nashville. site of bitcoin's biggest event of the year. he's going to talk crypto, the latest on 2024 election. stay tuned. "squawk box" will be right back.

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practically. because when your people work better, everything works better. so what are you waiting for? let's get to work. idris elba works here? mm-hmm. ya, he's super nice. all right. welcome back to "squawk box," everybody. watchinged futures this morning, and after the june pce data the core number a little hotter than

had been anticipated up by 0.2%. versus the 0.1% expected. still seeing strong gains in the markets this morning. pulled back ever so slightly. dow futures up 225 instead of 250. s&p futures up by about 40 points versus 50 earlier. nasdaq indicated up close to 200 points. former president trump scheduled to headline the bitcoin 2024 conference down in nashville over the weekend. the former president looking to secure votes from fans of digital tokens. hoping that he bring a lighter regulatory touch, if he's re-elected, and he has raised i think $4 million, at least in crypto for his presidential campaign. it was only a couple years ago that he had called bitcoin a scam against the u.s. dollar. just went and looked up when that was.

talking about it. our next guest is also attending bitcoin 2024. joining us from south carolina, senator tim scott leading republican on the banking committee. i remember it, senator, and, welcome, but i remember -- >> good morning. >> i think 2 was it was june or of 2021. two years earlier in july of 2019, i said a couple of things. i was talking about 55,000 dollar price target. i got branded a full bitcoin maximalist, in july of 2019. so i was, i remember when he said it. i thought it was unfortunate. i think i was shaking my head and i wish he hadn't, but he has made a transition at this point to, i don't know if he's a full bitcoin maximalist, but he is onboard, and i guess we're going to hear that on sunday. >> so, joe, you said you were -- i can tell you without question. you are not alone. 20,000 more people showing up at

a financial conference here in nashville is a big deal. bitcoin's future has to be in america. what we know about the biden administration and the s.e.c., anti-digital anti-digital -- consequences. we immediate to make sure innovation happens in america. regulations cannot be oppressive and cannot have an s.e.c. nominate that actually wants to run back to china or run it out of the country. >> we want to talk more about bitcoin and also front and center what's happening with the election, senator. uncomfortably, when you're, when you can change your mind like that. like former president trump, do we give the same opportunity to vice president harris, do you think? because if republicans pursue some of her past comments, some of them are pretty incredible,

actually. like you know, getting rid of i.c.e. abolishing i.c.e. or abolishing private health insurance. fracking. offshore drilling. i mean, there's a lot of things. can she now, talking about people, or saying she's going to tack to the center, will that be believable in your view, and is she enititled to do that just like performer president trump did with bitcoin? >> if you're suggesting kamala harris is now for fracking, i'd like to see that headline. if you're suggesting that she is no longer for university health care, i'd love to see that headline. if her comments will be taken seriously, let's just use her most recent comments about our allies. america must be loyal to our allies. not adversarial. her comments about israel and calling for a cease-fire before they've won the war, that's not strong, positive, powerful leadership. that's not preserves of the goal

state. frankly, we need a president we can count on and what we know about donald trump is the that he produced results. we don't have to ask lhim, what do you think. we should look back at what he did. in the middle eastor here at home economically. 1.4% inflation. 7 million new jobs. two-thirds of those jobs, women and minorities. we saw unemployment for every demographic fall precipitously to historic lows. what we're going to contrast is not simply what they said but what they've done. kamala harris is a border czar. what has happened in the last four years on our border? 10 million illegal immigrants have crossed our southern border. look at director of the fbi, what did he say recently? r he's worried about terrorism in america because of our southern border. i've been saying it more than a year. our southern border allowed

sleeper cells into our country. 100,000 chinese nationals. let's get back to the economy. for millennials, 7% -- >> go ahead, senator. >> -- devastating for first-time home buyers. >> senator, a little bit little bit of a -- an audio issue. we're working through it with you. you mentioned that you would be the chairman of the senate banking committee if the republicans do win a majority. point out the places to watch there to see whether that's really going to come to pass. do you know which states look best right now and what kind of majority do you think republicans can hope for? >> well, couple things. number one, i would say pennsylvania is moving in our direction. arizona, a strong candidate. nevada as well. very strong candidate. we see strong candidates in

montana as well. frankly, ohio. the chairman of the banking committee comes from ohio. he has strong competition there. we're seeing the ability to add multiple seats around the country. let's start with the most obvious place that we're going to win. it's in west virginia. joe manchin is retiring. former governor is going to be the next senator representing the state of west virginia. that's great news from my perspective. that puts us at a 50/50 tie, so we just need to win one more place. our most vulnerable seats, texas, florida. that's good news for the republican party. we are going to fire on all cylinders. i predict 52 seats. that would give us a majority that allows us to not only appoint the next director of the s.e.c. and the fdic, the occ, but it also allows for us to have a governing philosophy that says we are going to empower more americans with more of their resources, more choices, and as a kid who grew up in

poverty, i want the ability of the democratization. simply said, let's decentralize to the point where the average american has more decisions in their households. that's good news. especially to the seven million americans today who are unbanked. >> senator, probably unlikely, but let's say that you were made campaign manager for vice president harris. would you -- what would be your advice about picking a vice presidential nominee as far as her, and do you expect it to be a -- an obvious attempt to look very center, centerish, or much more center than a san francisco liberal, which is historically the way that she's been viewed? would you say that -- that's something that that campaign will work on as hard as they possibly can? >> well, joe, ey'll make moderate democrats in san francisco. she could only be a san francisco liberal, number one. number two, the choice that

americans have will not be about who the vice presidential pick is. it will be about who the nominees are, and the two nominees give us two views of the future. number one, make america great, or number two, make america more like san francisco. so, i don't really think it matters much who she chooses. i do think what matters is what she does. what she's done so far is tack more to the left than even joe biden. we want a vision for our future that includes having americans, more resources in their pockets, lower crime, more enthusiasm. that requires policy positions and a regulatory environment that is conducive for economic growth and activity. today, we don't have that. tomorrow, we won't either under kamala harris. >> all right. music city. enjoy, senator, and maybe you can come back next week and tell us everything we know now about

bitcoin. i don't know. some of those other coins, i guess they're -- you're going to talk about all of those down there. so, take some notes for me so maybe i can understand some of the other ones. i think i only understand two of them. barely, at this point. but thanks. thanks, senator. enjoy. >> thanks. >> see you later. when we come back, we are going to wrap up today's big show from paris and get you ready for a huge lineup of guests next week from paris as well. right here as the olympic games set to begin this evening. quk x"omg gh. "sawbo cinrit back after this. amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. ♪ (suspenseful music) ♪ why not? did you forget something? ♪ (suspenseful music) ♪ my protein shake. the future isn't scary. not investing in it is. you're so dramatic amelia. bye jen. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges,

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welcome back to "squawk box." we are here in paris where the olympic opening ceremony's set to kick off in just a couple of hours. for our part, we're going to be here all next week. becky and joe coming over, and we're going to bring you interviews with the ceo of snap, the ceo of ralph lauren, david solomon of goldman-sachs and so many others, plus olympic champion sprinter michael johnson, the owner of the washington spirit. alibaba president michael evans is going to be here, and the co-ceos of on sneakers. all this coming against the backdrop of what has turned out

to be some chaos as the national railroad network calling a series of arson attacks, damaging several facilities, severely impacting service, including the euro star and getting down to lilly where the basketball team is set to begin playing on sunday. but a lot of excitement before tonight's opening ceremonies. guys, i ran into lebron james last night, and we had a whole conversation about what it meant to him to hold the flag tonight and be one of those flag bearers, and then i ran into snoop dogg, who's going to be carrying the torch. he was wearing a -- i don't know if we have a picture of it -- a gold suit. you know, top to bottom, full-on gold suit. >> why is snoop carrying the torch? >> you're going to see snoop dogg. >> why is he carrying the torch? >> he's one of the last torch bearers. you're going to see it later this evening. and he has this -- he was wearing -- >> guess the torch is appropriate for him. >> top to bottom, and he couldn't be more excited about

this. the excitement and just the energy here is really quite electric, despite all the security stuff we've been talking about. when you see athletes and some of the folks who are going to be playing in these games, they've spent their whole career waiting for this very moment, and to be here -- >> building up to it. >> to have the opportunity to watch it, it's quite a thing. >> okay, okay. we need to go. we -- no, i know, i'm saying, i'm coming. we definitely -- >> you mean you have to come? i thought you were like, we got to end the show? >> definitely coming. >> there's me. no, no, get snoop dogg up there. >> was that one take? how many -- that looked like a head shot. you didn't have to pick through a whole bunch? how many did you choose from? that was one take, wasn't it? that picture of you. >> there was, like, a red carpet situation. by the way, snoop dogg jumped the entire carpet. like, there was a long line. people were waiting, all these big stars, and then snoop dogg rolls and, you know, jumps to the front of the line.

there he is. you'll see him later tonight. the games begin, by the way, at 7:30 on nbc eastern time. >> and we are going to be watching. andrew, we will see you, i guess, tomorrow, and we can't wait for it. next week, monday -- >> you will. i won't see him until -- i'll see him sunday. >> that does it for us. join us in paris next week. right now, it's time for "squawk on the street." ♪ good morning, welcome to "squawk on the street," i'm david faber with sara eisen and mike santoli. we're at post nine of the new york stock exchange. carl and jim have the morning off. let's give you a look at futures as we get ready to begin trading for the final session of the week. you can see we are looking for a sharply higher open. and our road map does start on those markets as you very well might expect. stocks looking, as you just saw, to open higher. it's been a wild week of trading. investors,