natalie morales: that's all for this edition of dateline. i'm natalie morales. thank you for watching. ♪ good morning welcome to "street signs." i'm joumanna bercetche >> i'm tjulianna tatelbaum these are your headlines >> stocks on the front foot with the equity gains and the ftse 100 jumping 2%. u.s. markets eye early gains despite the wall street worst year as the imf director warns of a tough 12 months ahead. and travel stocks rally as

china continues to reopen, but beijing hits out on restrictions on chinese travelers hinting at retaliation as covid casts a shadow over the economy. >> translator: it has not been an easy journey. we have tough challenges. and nbc news learns sam bankman-fried will plead not guilty to the fraud charges over the crypto exchange ftx when he appears before a new york court today. well, good morning happy new year welcome to 2023. what a start to the year already. lots of green on the board we are starting off in good fashion despite the negative news overnight from china. imf managing director warning of

the outlook for 2023 so far the markets are shrugging that up 1.5%. for the year, 2022, the stoxx 600 was down 13% s&p in the u.s. down 18% perhaps a year to forget for many investors so far in 2023, early days and hours of the year and starting off positive 1.5% in the early minutes of trading. let's get to the individual index. the uk index is the one that is leading. up at 7,600. 2% higher. we are seeing a nice jump in the likes of the home builders and stocks to offer 4% rolls royce up 6.5%. and acado is up 4% today as well

cac 40 in france is up 1%. one of the banks in the index doing quite well up 2% today. dax in germany is up 1.1%. a lot of focus on the macro data in europe as we head to 2023 there is a miss in the data that has come through with the supply chain bottlenecks being re resolved, but a lot of questions remain unanswered as we head into the peak winter months and what this will do with the energy crisis and demand for using energy at these elevated levels we'll keep an eye on that in europe in terms of sectors, this is what we have in the breakdown. every sector in the green. travel up 2.9% nice bounce at the beginning of the year this as many countries impose

restrictions on chinese travelers needing proof of the negative covid test before traveling. that being said, the industry and sector is doing well today technologies is up 2.1%. brushing off the losses we had in 2022. tough year for the tech sector financial services up 2% in terms of u.s. futures, this is the set up for the u.s. session. taking cue from the europe markets. also opening up nicely in the green. s&p opening up 40 points dow 200 and nasdaq 120 all signs are pointing to a brisk session for the first full trading day of the year. let's bring in the first guest the chief economist from global ratings. happy new year happy to be with you on "street

signs. we spoke at the beginning of november and you spoke about the views of 2023 to shape out since then, we had the ecb meeting. while they didn't hike 75 basis points, but opted for 50, many were taken back by the hawkishness that was coming from christine lagarde. how does that change your outlook for 2023 >> good morning and happy new year this change in the mindset of the ecb at the december meeting triggers by the new projections for inflation and growth the ecb now believes that economic growth after shallow recession will be up potentially in 2024 and 2025 we will have a positive output

gap in years to come inflation is expected to be more sticky than expected also in the new ecb forecast, inflation is not turning back to the 2% target before 2025. that's definitely hawkish. even the overall reaction of the ecb means that the rate is going to peak at 3%. probably in q2 which is higher than we were expecting before we were expecting a peak at 2.25% or 3% if this is right on the economic outlook, markets have to price further and bund yields further. >> in the words of jay powell, the fed chair, there is some

ways to go in your view as far as the ecb is concerned and the terminal rate. what does it that do to the europe economy i read a note in december and the biggest risk to the europe economy is not the energy crisis, but the monetary tightening that is delivered by the ecb. >> the ecb was late in starting hiking rates they made comments on whether the rate cycle is closer to the end or just at the middle. yeah, higher interest rates will become one key of the 2023 outlook for the eurozone definitely 2023 is a complicated year for the european economy. a year where adjustments to the geopolitical and price hikes

will continue to be carried out and adjustments to higher interest rates in terms of balance with spending and saving and maybe in terms of employment. >> sylvan, good morning. it's julianna here europe held upp better than expected looking back. how do you explain that resilience >> definitely one of the good positive surprises of 2022 was the resilience of the european economy. probably the european economy will end with 3.3% gdp growth. that's marginally less than what we were expecting before if not for the russia/ukraine

war, it would have been buoyed last year. there are a lot of factors explaining this in the european economy. the biggest factor is the labor market which is extremely strong this will transform into higher wages next year and higher wages will be positive for 2023. one of the few. >> what does that mean for corporate performance? you mentioned corporate margins in 2023. speaking to strategists over the last week or so, when it comes to the outliook for this year, a number of them say beyond monetary policy, the biggest driver of the market narrative is how corporates perform. >> it will be increasingly difficult for european

corporates to pass on higher costs to the consumer this year in 2023. on the back of shallow recession and also on the back of higher costs. so, probably corporate margin will be squeezed further and this will transform into lower or contraction this year is one of the expectations. >> syvan, thank you for joining us this morning. let's look back at 2022 and where we left off in u.s. markets. it was a difficult year, you know that if you were in the market dow jones industrial average and s&p and nasdaq suffering losses for the year the tech heavy nasdaq was a

major re-pre-pricing dropping 50% in some cases a function of higher interest rates and slowing economic environment and increased competition. a number of factors driving technology stocks down k the question is now they look like bargains or are we looking at a structure environment moving forward looking at the s&p in detail, it is worth recognizing we are one year from the peak for the s&p 4,796 on this day last year. down 19% joumanna and i were discussed this morning that at the time, at this point last year, the market was pricing in 75 basis points of rate hikes it has been a far more hawkish move higher than the market had been expecting

part of why u.s. technology stocks suffered so much. on that note, look at u.s. tech in detail over the course of the year apple down 27% tesla down 65% overall, the sector suffering tremendously meta down 64%. u.s. futures what is in store for wall street we have strong gains implied at this stage dow jones industrial average looking to rally 300 points. s&p and nasdaq looking to catch a bid this morning for more on 2023, i would encourage you to check out cnbc pro. the international monetary fund manager georgieva is warning this is a tough year for the economy. the coming year is more difficult than 2022 as growth slows in the world's economy

the imf chief says the u.s. may avoid recession, but signal there could be another cut to the outlook for china. speaking of china, the foreign ministry opposes covid restrictions imposed by other countries on travelers from china. officials added that entry measures lack scientific basis and the country will take action accordingly. this is in reference to many countries requiring chinese passengers to show proof of negative covid test before traveling to the yoeuropean countries. chinese manufacturing fell for the fifth month in a row the reading of 49 was better than expected, but the lowest since september. it painted a harsh picture of the sharp reextrtraction in yea.

we have sam baddas with the report >> reporter: the official and private survey shows the pmi contracting with the official reading showing the biggest drop since february of 2020 this is the first snapshot since china dismantled the covid strategy highlighting the bumpy road to reopening the shanghai looks at exporters which held up bigger than the state owned firms, but fell for the fifth month in a row the take from the survey was weak domestic demand perhaps a prelude to the numbers out later this month continued logistics and bo bottlenecks were highlighted for the sixth month and companies raised difficulty in sourcing workers. the data will add to concerns about the labor market and

supply chains and china inability to export its way out amid higher rates and growing global recession fears the pmi fell sharply last month. the slowest reading since three years as the surge in covid infections weighed on activity we'll get a read on how the smaller and private companies held up on thursday. in singapore, i'm sam baddas, back to you. and scientists are expected to brief officials on the virus today and calling for data on virus sequencsequencing symptoms are mild for most people amid fears deaths could reach as many as 1 million by the end of the year. eu officials will discuss the surge tomorrow and it offered china free vaccines. in the new year address, xi jinping calls for unity as the

country deals with the consequences of ending zero covid policy >> translator: it has not been an easy journey. tough challenges remain. everyone is holding on with great fortitude and lies of hope in front of us let's make an extra effort to pull through as solidarity means victory. >> china is the one to watch here before we went on holiday toward the christmas time, back then, there were loads of signs that chinese authorities thinking of easing restrictions and that appears to be the case since then, i read reports from analysts upgrading the growth forecast for 2023. i think what will be interesting to see is how they thread the needle with opening up the economy which will come at the expense of the health situation and if they have the facilities and infrastructure to support

the number of people who get sick and require hospitalization and do it at the same time where people have confidence and consumers want to start spending again and the economic outlook remains in tact. i think the tradeoff here is short-term pain for medium-term gain >> that is excellent framing of the balancing act that xi jinping is facing right now. from the international perspective is the concern of whether the spread of the virus in the country with low immunity still could give rise to a dangerous variant. it feels a little bit like deja vu thinking about the concern. that is transparency people don't trust the numbers coming out of china. that is where the restrictions on travel come in because countries with the eu and united states and elsewhere are concerned about transparency >> to that point, they scrapped mass testing and excluded

asymptomatic cases it is hard to get a real goal of the numbers. that is why in the short term, it will be difficult to assess how bad the situation is on the ground now the authorities are focused on economic stability. there is no going back if the cases start rising, they will not impose covid restrictions again it is done you see it from the official political communication, but the pboc remember before we went beout on break, the rrr the pboc is doing what they can to shore up liquidity in the system. >> it does feel from the sentiment, there is no appetite for return to zero covid or anything like the restrictions that were in place just coming back to what all of this means for europe and for the u.s. the european center for disease

prevention and control, the branch of the eu agency. they come out with a statement saying given higher population immunity in europe as well as the prior emergence of variants in china, surge of cases in china is not expected to i mpac the covid situation in europe. >> that is reassuring. >> the risk comes if a new or different variant emerges. that's the transparency question >> which is why the european countries are trying to be cautious and say if you are visiting from china, we need to see proof of a negative covid certificate. the chinese authorities are not happy with that. at the same time, it is because europeans need to make sure we don't get another influx of the virus coming from china. it is an interesting one to watch in the next couple months. we are going to move on. more coming up on "street signs.

more pain for tesla shares the ev maker misses delivery forecast despite discounting in the fourth quarter we will leave you with a quick picture of tesla shares in the frankfurt session. down 5.2%.

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dreams for welcome back to "street signs. let's talk tesla the car company reported 1.31 million deliveries in 2022 growth of 40% from the previous year the electric carmaker disappointed on expectations for the fourth quarter delivering over 405,000 vehicles production at factories, particularly in shanghai, was down by covid outbreaks in the period and supply chain difficulty tesla offered discounts on the evs to boost demand. we left you with a quick image of tesla shares trading today. you can see they are set to open up about 3.5% in u.s. time the frankfurt stock is down 5%

this after a hard year for the stock. so many things going on here the twitter overhang the easy explanation and elon musk is saying he is done selling tesla shares then emerging and saying he sold more i want to talk about the ev business i think one of the big challenges for tesla going forward is the amount of competition. competition is catching up specifically in china which is the big market nio and local ev makers beginning to gain market share it hasn't helped that tesla faced many safety recalls. recall vehicles from china several times. all of that added to the negative picture that has come out of china their biggest market you know, they will face a lot of competition >> not just in china, but europe as well.

you've got bmw and mercedes-benz ramping up their ev everything on volkswagen tons of options if you want an electric vehicle one question absolutely is to what extent is this disappointing information done to higher interest rates or general economic slowdown? a lot of factors here. one thing that i've been thinking about over last week is the public perception of tesla and impacted by elon musk. you think about the beginning of tesla in the united states you go through california and every liberal elite along the coast had a tesla. now he has been picked with jared kushner at the world cup i wonder if the early adopt afters, people on the coast, whether their appetite for tesla based on their view of elon musk will change and if it has a big impact on the broader market

thinks about the company >> that is certainly a big question because in general, tesla was tapping into the demographic. it was left on twitter showing someone leaning to the rightseag out with republicans whether or not that chtranslates to sales, but that is one to watch. the stock has been under pressure speaking of the republican party, that party is set to take control of the house of representatives with the new congress the party house leader faces a fight to be named speaker later today.

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or no cost to you call a day seven one zero zero seven welcome back to "street signs. i'm julianna tatelbaum >> it's joumanna bercetche these are your headlines >> equities accelerating gains in the uk market jumping 2% to the highest level in six months. u.s. markets eye early gains despite wall street with the worst year since 2008.

the imf managing director warns of a tough year ahead. china stock rally as beijing re reopens, but xi jinping hinting at retaliation as covid passes a long shadow over the economy and tesla posted record fourth quarter production, but still misses estimate. the shares of the ev maker further slumping 65% in 2022 tw. welcome back manufacturing get my numbers coming in at forty five psign." data coming in of 45.3 against 46.5 in november

very much below the 50 level which is a key level that signals whether that sector is expanding or contractor. in this case, very much in construction territory 45.3 it is coming at a time where many analysts are sanguin comin into 2023. many banks forecasting quarters of recession at this type of data which doesn't p really help convince people that things are looking much better. in general, this is showing the manufacturing trend is ending the year on the low and the order book is shrinking. not a lot of positive news the pound was starting off the day in negative territory. down 1% as others gain strength today. let's look at europe markets which are extending gains this morning after a strong session yesterday. starting the year on the high note ftse 100 here in the uk up 2% in

early trade. swiss market also catching a strong bid up 2.5% a little more muted, but green for the dax up 1.4%. the ibex in spain lagging, but still in positive territory as well investors taking advantage of the depressed valuations given the heavy losses that we saw in 2022 is this the way we're going to continue we shall see turning to currency. let's look at how currencies are faring you have dollar strength dollar trading 1% stronger against the swiss franc. also strong versus the euro and sterling euro trading at 105.48 u.s. futures what is in store for wall street we have all three majors looking for a positive start this morning. dow jones industrial average looking to open 300 points higher tech heavy nasdaq looking to

gain ground. s&p looking at a strong start. t speaking of the united states republicans will take control of the u s house of representatives as a new congress begins today making it more difficult for the blind administration to committees in the republican house are also set to launch several high profile investigations on issues including immigration, covid and the biden family libusiness some republican lawmakers look to get to multiple rounds of voting for the first time in years. garrett haake has the story. >> reporter: they are hours away from taking back the house tomorrow, they have to elect a speaker and that may be harder than it sounds republican leader kevin mccarthy

who won the party nomination for the job in november now faces a right-wing revolt. a dozen members preparing to oppose him with the narrow ha mamajority, is enough to keep him out. >> it is part of the swamp cartel >> reporter: nine members looking for rule changes and making it easier to remove a speaker. mccarthy has the support of former president trump and house conservatives. allies are urging to unite hoping to avoid a speaker race going beyond the first ballot for the first time in 100 years. late tonight, a top house conservative surging colleagues to vote for mccarthy republicans hoping to settle leadership debate and focus on their agenda including targeting biden administration priorities like hiring new irs agents and r ramping covid and migrant surge

on the border and the fbi. >> we can't do anything until we elect the speaker. we need to start on the first day. >> reporter: the senate also returns to work tomorrow with democrats holding a one-seat advantage. the narrow margins in both chambers means 2023 is biparti bipartisanship or gridlock. >> we have thomas joining us now. the director of the center of university of college london thank you for being with us. our colleague outlined the situation as we head to the new congress starting today. it raised the question if we could see 2023 prove to be a year of bipartisan support and the two sides coming together or political gridlock what is your take? what can we expect in terms of major legislation getting passed this year? >> i think absolutely nothing. between the possibilities of

gridlock or bipartisanship, gridlock rules the day republicans in the house said they want to ensure that joe biden is a one-term president. the best way to do that is make sure his agenda goes nowhere it is not just republicans bucking the vote, but distract attention and consume time over the investigations investigations will cover a litany of coptopics from covid o hunter biden's laptop and the border and the withdrawn from afghanistan. that is what we will see >> that is the republican side of things. the strategy for the next two years. what about the democrats what is their strategy as we head toward 2024 >> you know, i think for joe biden, he is trying to set himself up for 2024.

i think he knows the best way to do that is to avoid embarrassment. to a large extent, the question is whether he will comply with some of the investigations donald trump set a new precedent by refusing to submit to subpoenas and having members of the administration not go and testify on capitol hill. i think the real question is if that becomes the new norm or the biden administration reverts back to the status quo i think he recognizes that his legislative agenda, by and large, is dead on arrival. there may be a few area where is there is byipartisan support. he realizes the situation in washington right now i think his position really is going to try to set himself up for another 2024 run or whoever the democratic nominee may eventually be. >> interesting the way you outline it there

my question is how damaging are these investigations into the biden family and hunter biden actually be? could it have a bearing on his 2024 prospects >> it could. a lot of republicans have been salivating over the opportunity to investigate hunter biden because they think it is to embarrass the white house. at this point, there is a lot we don't know about the investigation which is one of the reasons why republicans want to launch these probes of course, in 2020, it became a huge scandal that much of the media did not cover the hunter biden story. in fact, it was pressed on twitter and in other outlets republicans thought that could have tipped the balance in favor of donald trump in 2020. they eager to make this an issue in 2024. legally i'm not sure if joe

biden is in trouble, but politically i think this is a story. to a large extent, it has been downplayed in the mainstream media outlets. i think it could be a problem especially if there is some indication that hunter biden was using the leverage of his father to broker or obtain more money in these overseas dealings. >> ukraine was dragged into the story, but for different reasons in the headlines now i want to ask you about donald trump. the former president's tax files released toward the end of last week showing that he paid little to almost no tax over the course of many, many years, including when he was president and post-presidency. what bearing will this have on his own presidential prospects

>> i just don't know if anything moves the needle the on trump at this point voters knew who he is. they either like him or don't like him this undermines a key argument that he is a great businessman he should be elected by that fact at the same time, you will remember in the primaries in particular in 2016, he would say i used the tax code to my advantage. i'm smart like that. et cetera. he is essentially trying to spin it in a positive way at this point, to say that taxes are going to make a big impact on donald trump when january 6th, for example, did not. impeachment did not. i'm skeptical anything moves the needle at this point >> thomas, what do you think about ron desantis is he the biggest threat to

trump and if he is the republican nominee, how will he hold up versus the democrats? >> that is a great question. if you look at the polls, ron desantis is trending he had a huge win in the florida governor race. won by almost double digit percentage points. flipped a lot of democratic strongholds. made major inroads into the latino community there i think he's really emerging as the consensus choice as alternative to trump he is quite trumpian he leans into the culture wars in florida at the same time, he is more palatable. especially for those who think it is time to move on from trump and like a different voice representing the party i through it will be really difficult for him to win the primary simply because it is not just going to be in all

likelihood ron desantis versus trump. there will be other candidates into the fray. i think it is possible they split the anti-trump vote and trump is able to emerge the nominee. if he did get the nomination in 2024, i think it will be very hard for joe biden to beat him as i said before, he has a lot of crossover appeal with moderate conservatives i think a lot of democrats also would be open at least in supporting ron desantis. he is trumpian in some respects, he is not as trumpian as donald trump. i think it is unlikely to paint him as donald trump 2.0. i think he hasn't been vested ta level. >> let's circle back to joe biden.

despite the odds, 2022 was ending on a positive note for the president. you think the double digit inflation and war with ukraine and his pop ularity would be hit more the midterms were a positive for the democrats. what bearing do you think that has on his own aspirations to run for the presidency in 2024 >> certainly joe biden was buoyed by the democrats' pe performance in 2022. the midterms was more the under republican performance than enamored by the biden agenda he got most mementum coming outf this joe biden will wait until the 11th hour to decide if he is running. if he is all-in on 2024, there

is no disadvantage to waiting. hewill avoid being a lame duck it is hard to imagine he is running again given his age. questions about his mental and physical vitality. there is a question for someone younger. if you look up and down the democratic party, there is not a deep bench of potential replacements all of them are subject to criticism. kamala harris has lower approval ratings than biden she is not the heir apparent pete buttigieg, transportation secretary, he has enormous trouble courting black voters. you can go up and down the list. biden may be right he is the best candidate despite the age is the achilles heel going up against trump in to2024

>> thomas, the director of the center of suu.s. politics at the university college in london russia says 63 soldiers were killed in the occupied city of makiivka the scale of the destruction is the troops housed next to the ammunition store matt bradley filed this report >> reporter: tonight, the deadliest attack in months using the rockets to level the vocational college that russia was using as a barrages. russia says 63 soldiers died ukraine said as many as 400 soldiers were killed

russia is firing back. air defenses shot down the capitol overnight we heard a very strong 3 bumps of this man9 russian drones that swarmed the capito capital. the attacks mostly targeted the power grid living many without heat and electricity in the bitter cold. russ russia's launched the attack once a week in the fall. now they're kdaily. do you think the russians can run out of missiles? >> on the drones, it depends how many iran would supply to russia and how strong western sanctions would be missiles now russians are using the spares >> reporter: he credits anti-air weapons provided by the u.s. and europe for swatting down the missiles and drones. helping keep the lights on as this war stretches into the new

year tonight, ukraine's president volodymyr zelenskyy warned that russia is planning another prolonged attack with the iranian made drones. coming up on the program, failed crypto boss sam bankman-fried reportedly prepares to pleading not guilty before the new york court today. we'll be right back. york courty

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the incoherent article the shark tank sunday to thursday at seven eastern welcome back to "street signs. former ftx ceo sam bankman-fried will plead not guilty today according to nbc news. this after multiple sources citing court documents reported that the former crypto boss will try to absolve himself of blame from the judge later today sam bankman-fried faces charges of wire fraud and conspiracy to commit money laundering. his former two counterparts have

pled guilty to criminal charges of the role of ftx collapse and cooperating with federal prosecutors. arjun joins us with more sam bankman-fried, sbf, plans on pleading not guilty. former co-colleagues are cooperating and pled guilty. how does that set up knowing he was in a r romantic relationship with caroline? >> first, this buys legal team time to explore other avenues with this case and figure out how they go forward. secondly, it could kickoff the discovery process where sam bankman-fried's team will discover what evidence the federal prosecutors have against sbf. that is the issue for the not guilty plea. it is tough because gary and

caroline are the two closest allies in this when it comes to evidence, they may have huge amounts of evidence showing wrongdoing on sam bankman-fried's point of view backing up allegations, remember, they are allegations made against sam bankman-fried and ftx. that is a huge deal that these two in particular are now on the side of the prosecutors. >> arjun, can you give us a sense within the crypto community how people are thinking about bitcoin this year joumanna tweeted an excellent reminder about where bitcoin peaked i think you had seen a bus >> it said if you can read this, it is time to buy bitcoin. it is two weeks before the bitcoin peak >> you couldn't make that up >> i wonder where the consensus

sits lou peopl i know people are thinking about. you are headed to the crypto conference in a couple weeks what is the overall vibe >> one of caution at the moment. so hard to predict where bitcoin prices will go we published a piece looking at the multiple calls that range from as low as 5,000 to as high as 250,000 you see the diverse range of views in the market. i think clearly one thing is going to happen. there will continue to be the shakeout that is happening among crypto companies it is not just ftx we are seeing the companies continue to face bankruptcy and liquidity issues that will continue to put pressure on the market you might see pressure in the mining sector of bitcoin wihich will depress prices at the moment there is nothing in the near

term to say this issing a lot of people are looking for 2024 because of the event every four years the rewards for miners on the bitcoin network. that takes a bit of supply out of the market or supply back on to the market. remember, it comes on slower and that helps prices. that is a bit of a way away. >> that is catching. we will see how it plays out arjun, thank you for the latest piece on the bold bitcoin calls for the year, head to cnbc.com. the first trading day of 2023 we are starting off in positive territory. look stoxx 600 is 1.8%. down 13% in 2022 so, definitely starting off with the more positive tone despite

the weaker data come out of china. imf warning about the third of the countries in the world going into recession this year so far, the mood is positive european index this is what it looks like ftse 100 in the uk leading the charge at 2.3% swiss market is defensive. also doing well today. we are seeing a lot of the banks and pharmas ahead. dax is up 1% as well good start to the year and the day as well. u.s. futures taking the cue from the risk-on in the european markets. opening up in positive territory. things are starting off in a good way. >> i think a lot of investors, you know, you look back and they look at the first few trading days of the year as an indication of the year will progress if it is a continued positive start, it could mean good things as you and i were talking at the

start of the program in europe, the economic situation hasn't been as bad as many had feared thanks in part to the mild winter and quickly the european authorities are able to shore up energy supply for the winter i think a lot of the attention will turn to the continued impact of rate rises in the economy and how well corporates are able to hold on to margins >> if i have to summarize the next couple months, china reopening and how that goes and how far central banks will go with tightening. that is the dominant conversation around this desk in the first quarter. >> great to be back together for our first show of the year that is it for "street signs." i'm julianna tatelbaum. >> i'm joumanna bercetche. "worldwide exchange" is coming up next. world e

just look around. this digital age we're living in, it's pretty unbelievable. problem is, not everyone's fully living in it. nobody should have to take a class or fill out a medical form on public wifi with a screen the size of your hand. home internet shouldn't be a luxury. everyone should have it and now a lot more people can. so let's go. the digital age is waiting.

it is 5:00 a.m. at cnbc global h5eadquarters. here is the top "five@5. tesla coming up short when it comes to 2022 deliveries this is the company reportedly names a new number two behind elon musk. sam bankman-fried back in court today. expected to respond if criminal charges of cheating investors out of billions of dollars. plus, apple reportedly slowing down production of key devices as deman