gene, thank you. keep us posted on those calls. gene munster. coming up, even more earnings action on deck. visa on the move after a lackluster report. we'll bring you the numbers next. and a chipmaker moving inside texas instrument's latest quarter right after this. awkward question... is there going to be anything... -left over? -yeah. oh, absolutely. (inner monologue) my kids don't know what they want. you know who knows what she wants? me! with empower, we get all of our financial questions answered. so you don't have to worry. empower. what's next. dave's company just scored the comcast business 5-year price lock guarantee. high five! high five! -i'm in a call... it's 5 years of reliable, gig speed internet... five years of advanced security... five years of a great rate that won't change. yep, dave's feeling it. but it's only for a limited time. five years? -five years? introducing the comcast business 5-year price lock guarantee. powering 5 years of savings. powering possibilities. >>> welcome back. we have more earnings movers for you. v

deepwater asset management's gene munster has been listening to the call. gene, your take so far?hat capex thread, they did 30 minutes of prepared remarks. the first question that q&a just wrapped up, and it was related to, how are they investing judiciously in capex, related to a.i., and zuckerberg basically put the hammer down and said, every product that they have will be infused with a.i., and added that the reason why tech ceos get on earnings calls and can't stop talking about a.i., because it's the most exciting thing going on with huge potential. so, at the core, i think there is still this gap between how investors think about capex. it's usually pointed out as something that is a negative, as it keeps going higher and higher. i can tell you this, melissa, based on zuckerberg's comments, that $40 billion, the high end of their range for calendar '24 and capex, i suspect it will ultimately be higher than that. >> gene, it's steve. when we saw the capex, we started the show, i said, we saw the spend on metaverse, the stock got hammered. now -- you are just getting a pass, b

let's bring in gene munster. gene, okay, let's rewind. tell me the story of the 24 hours that goes back to alphabet's earnings and what happened to the market and whether it was justified. >> so, alphabet didn't give any new incremental data points about the progress that ai had made over the last three months. that spooked investors. they had rolled out their generative sear to have the u.s. and uk, and investors were hoping they were going to say something more around the mon teization piece. they said that cap ex would be above what it was in the first quarter, so some were reading that would be a slowdown, so that combination really spooked the ai trade. so i think that was the genesis of this pullback. it kind of gets us to down 8% or so from the july 10th high, at least for the nasdaq. not similar to what the pullbacks we had, kind of during '94 to '99. but to answer your question, kelly, that was the reason for the pullback. >> so that's a good setup for what you're going to say next, about where investors should be looking, and wh

. >> let's bring in gene munster of deepwater.is the managing partner there, and a "fast money" friend. gene, what's your take here? >> melissa, i think they missed on the herb from point, of course, but the stock reaction is an overreaction, and ultimately, i think that this speaks to how sensitive investors are, just for any little blink, i think karen, you were talking about this, just any fracture. there's 12 metrics, kind of key metrics that come out in this quarter. they beat on 11 of the 12 and they missed on the intelligent cloud by 1%. and i think that this reaction, it is, again, deja vu relative to what we saw with google. >> that's what it's all about, gene. that's the only thing they missed on is the only thing the market cares about. >> all that makes sense, but at the end of the day, i think this is the reaction tonight. we're going to get guidance in a little bit. that's going to have a huge impact. the street is looking at a slight deceleration, to,so that going to be an important piece to this. at the end of the

, always great to speak with you. >> thank you. >> gene munster. we should note, by the way, that there was a report out today saying they might raise the price of the highest end iphone in order to subsidize a lower cost model, eventually, so, that's sort of out there, too. >> gene's take on china is kind of interesting. 2.2 billion install base. there's some estimates there's 300 million iphones in china. if baidu, to your point, we know that google is not there, we know that a lot of u.s. internet companies are not there. if it was baidu, that's something that was kind of reported on, kind of rumored, or whatever. baidu is kind of a screaming buy. it's trading at eight times, not a lot of expected growth. maybe 5% next year in eps. but a 59% gross margin company. and if you have access to that sort of install base in china, that could be an interesting competitive advantage. >> yeah. julie? >> yeah, i agree, actually. i think the ability -- i think apple's positioning and its ability to leverage its user base such that everyone else can spend as

kudos to gene munster, who, right after wwdc thought that was fantastic. i think the multiple here, remember, a lot of it is hardware, which should get a very different multiple, and if you look at something like microsoft, which is also expensive, high 30s multiple, that's a much more, first of all, already seeing, you know, co-pilot revenue, right? so, there's more certainty there. that seems to me, actually, to be -- those two prices don't seem to be fair relative to one another. both seem high to me, but -- so, i've been a skeptic on apple for a long time, that's been the wrong place to be, but -- >> well, microsoft is a 70% gross margin company. so, there's no real hardware to kind of value this thing on. so, when you look at the 46% gross margin that apple's expected to have and 50% of their sales comes from hardware, you know, or more -- >> more. >> 50% is iphone, like, if you are playing would you rather, you know what i mean, i think it's probably an easy bet right here. i think the big differential, and this is something that people came to under

. >>> when we come back, we will go inside the recent tech selloff with deep water's gene munster.orswim: 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. ♪♪ at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real. clem's not a morning person. or a...people person. but he is an "i can solve this in 4 different ways" person. you need clem. clem needs benefits. work with principal so we can help you with a plan that's right for him. let our expertise round out yours. >>> welcome back to "squawk box." the rotation out of tech flaring again. joining us right now, gene munster, deepwater asset management managing partner. just a correction? something worse? something more? how do you think about it? >> andrew, i still think we're in the third inning of this a.i. boom and just l

joining us, deporter asset management's gene munster. why is it a nonevent?s any roar here it's a history of -- history here it's a history of delays and unfulfilled promises when it comes to full self-driving. >> the history is the reason why this is a nonevent, is that they occasionally postpone their actual events. keep in mind elon kind of did this off the cuff, announced this out of a reaction to a report of a discontinued low-end vehicle. so i think that that was hastily planned. but they -- sometimes delay these events, but they always, and i choose that word carefully, delay product announcement -- product launches and the subsequent ramps. and if you look at the -- the breadth is eventually they will get acceleration from these products. as far as fsd, that undoubtedly is still this question that is beg thiing -- begging that's ben delayed. elon said in that fsd would be available at the end of the year. at the first a.i. event he talked about a million robotaxis in mine months. so it -- nine months. it's a nonevent because this is a well traveled ro

joining us now with more is gene munster, deep water asset managing partner.tant for the future is the ability to allow third parties to create unique deep and conversational experiences that deliver insights beyond search. that doesn't exist today. that is what i've seen. it's like, thank you. but i could have googled this and put it altogether and googled it a couple of different places and gone to the sources, stuck them together, hodge-podge and you are giving me know insight and no analysis and you're not instilling anything. are any of them good? they are not impressive to me at this point. >> i think they definitely do an important role in terms of getting to the answer more quickly but i do think we are in this still early stage if you kind of a scale 1 to 100, we are probably in the teens in terms of their ability to really deliver something that is unique. so i want to break down the topic in to two pieces. number one, you led with our belief that google is going to win at search. that is a powerful statement, given some of the concerns investors hav

ryazanskaya street, in ryazan, respectively munster, and also italian gene, bulgarian lovich, frenchan bres, and others. in general, the prize walk is an immersion into several layers of time at once. here, for example, is lenin street. yes, an unexpected and rare name, although, i believe, it exists in almost every provincial russian town. in former times this was a street. was called a grain store, here they traded bread and everything connected with it, but the revolution broke out, it abolished bread, and at the same time changed human destinies, and the architecture, and topography of the city, the chapel was replaced with a monument to lenin, in 1952 they decided that lenin was somehow too small and they erected a larger monument, but during the years of perestroika the monument to lukich was demolished, in its place a huge wooden cross appeared on the square, troll drivers... old photographs and posters of that time , i won’t say that there is a pleasant nostalgia in this, but the peculiar, unique style of that time is conveyed. another famous street in ryazania is the postal