costco shopper as i am i don't know if you are, tyler. >> not huge. >> it is the place that you can find, in my experience, the cheapest eggs so far you have to buy them in -- >> dom, i've got to be honest. i don't like t(■hem. i am an egg snob i'm happy the telustrator worked >> iflx■gg prices dropped that would be the best thing. >> it would be celebrated. >> all right, folks.e■ eggsciting show. >> "closing bell" starts right now. ç■kelly, thank you very much welcome to the "closing bell." i'm scott wapner from post 9 at the new york stock exchange. the make or break hour starts j■ t else tech you've heard that before, haven't you. on the move from meta and microsoft to apple and amazon. the money just keeps flowing in. here is your scorecard with 60 minutes to go now ine■ regulati. the dow popping for most of the day today led by a nice jump in

intel. speaking of that tech trade, the nasdaq off and running again after a two-day breather little rest period that leads us to our talk of the tape whether the move in stock is to top e■heavy. we ask thee■ seven largest namì% in the s&p accounted for all of the year's gains is it a sign of strength or weakness for your money.e■i■ let'st(■ask adam parker. the founder and partnerqof triberry research live with me on set here's the megateche1 gains this quarter.t■/s apple, 23% you've got microsoft, app if a bet, amazon. 16, 15, 19 if you are not impressed by that, take a look ate■ that. you havee■ the second tier nvidia, 84 meta, 70 theok tesla, 56. the seventh megacap tech stocks responsible for a 5% gain in the 49q■ the 3 others have

underperformed is that a sign of strength or weakness >> if you study that, is it concentration or breadth an issue. the results are inconsistent sometimes it can be a positive harbinger and others follow. it's a short-terme1 risk off or relative risk. i think the market, these names are up too much personally, fe1 think one of the sort ofe■ inconsistencies that i seee■ in the last few weeks is an economic recession or demand recession seems to be in some pa2uc■of the stock market like commodities, energy, metals prices but not, say, in semiconductors like you mentioned, nvidia is up ñ■84%. up 134% since the fall >> right. >> it's hard for me to see how -- i mean, look at micron's report stock is up a lot today. i think what theylp told you is your view a year agoo■ -- not y■ view, but one's view, hey, maybe

you don't lose money at the trough turned out to be ridiculous. >> i'm not preaching to you. you should be preaching to everybody else you used to cover the space, >> yes. >>n&■ know this spacee■ better than most. >> itxd■published on monday, within tech, i don't like semis. the semi qndex, nvidia versus a broader market, it's outperformed by over 25% that's theñ■ highs in the last years. the relative outperformance is masses we know there's inventorye1 problems to walk in today and saye■ if■ semis, i'm going toe1 get long r a trade, that's way too late there's other parts that i would rather gamble x■e■ and the other thing about that that's undere■q appreciated, i' been talking about this a lot. , when you look at silicon valley bank, they told you something interesting. they told you across their whole deposit base there was a 14% annualized decline in the month

of february. part of that means some of the tech venture bases were startin■ to slow r/qn fundamentally i find it hard to believe all techñ■ companies that so i'm not saying it's like a disaster you get people hiding in the bigger names and they feel safer about them. >> is that what it is? >> i don't know if it's defensive, justifiable.o i don't think it's massive offense and tech when in my mind it's obvious the probability of than accelerating. >> why do you think the run has been as strong as ite■ has is it based on the ideae1 of a d pause? >> yeah. i think it's as simple as■1 that i think the knee-jerk reaction ■■ands when the fed gets dovish. >> fed is close to a pause, ìá■p% >> closer toe■ a pause. >> i wrote about something two sundays ago. the most tortured set of investor conversations i've had all overe■ the map, people sayi they're going to cut, keep thex■

bankinyystem to survive, keep hiking, thew3■most obvious syst is buy growth.e■ the market was clear and investor's rhetoric was tortured a lot of these names were quite a bit since thise■ event the one thing that makes me worried about getting too negative is how resilient the stock market has been in the face oflp what'si■ c&■p)ly deteriorating, you know, e outlook. >> so you raise a really good point. resilient. kpbas it jfqeen? now on the surface, it looks like it has. >> yup. >> we just led in saying the whole thing is top heavy seven stocks have done everything under the surface it'■ot as strong as itñ■ would appear. >> deep the numbers are right. the last couple of weeks there's been broader participation you've seen a bunch of other tech stocks go off i think the interpretation has been, hey,e■q they're dovish if i mark the market, how do i feel about today versus months ago.

i don't think the fed is going to be anywherex■ near tas dovish i think theñi■valuation isn't particularly as valuable as '23 i think speculation is up a lot. if you look at softwarañ■■3■ bitcoin, tesla, nvidia. >> yeah, i read you those numbers. >> the only thing you have is, man, positioning is kind of light. >> maybe the most off side positioning inthe last however many decades coming into the year >> yeah, low net people like low u.s. equities. people say they're dovish. because if thisçó■p.e., price earning expansion is a leading indicator for earnings growth, then, yeah, man, this is great i don't think so i don't think the fed is trulye■ going to get dovishuntil the earnings look more. >> let me ask you this beforee1 bring in çó■rynn would you agree that the events

around theñ■ regional banks lowered the expectation of where the terminal rate was going to that seems undeniable? >> yeah, i think so. >> work with me. >> on one hand it's bad for growth they loan to cni loans, commercial real estate loans, industrial loans i think they'll get more regulated and haveo■ growths. >> that's for the banks. >> that's the economy, too they loan to help ther é■■d is going to go as high as once they did, thus we would extrapolate, the fed is closer result, that's why the stocks are -- >> i think that's clear why the growth stocks are up the question is right now you walk in today, have you seen a lot of multiple expansionok relative to two weeks ago? i think so.e a lot of tech stocks up 10,çó■1 in two weeks. >> theq■ forward pe one■ megacap tech is up 30%w■k■ since october saunders haso■ been saying and tweeting, the points.

>> i think thati] problem isç■ that's probably too much relative to howko■ incrementally dovish they got. you have to remember the price you're solving for is the price of earnings times the earnings you know, the price earnings goesw■ up if you get dovish, ma■ there's a soft landing, the economy is going to be right i don't really know if that's true i think the earnings are probably going to slow a little bit. probably disappoint. i think now you're discounting a lot and you're saying, hey, no recession on sema■énductor demand because thosee■ stocks are -- but in energy it's going to be a disaster that's kind of what's in the price. that seems inconsistent sort of application across the board. >> i said brynn was waitingñr■1n the wings. you've been urging a fade a bit on this tech rally, right? i think -- i agree with adam on

so many things to kind of dig into that even more if you look at micron today, what i heard from them were layoffs andxd■ai and that's like the tech playbook right now if you announce layoffs, your stock is going to pause. if you announce ai, your stock's going to pop they did both. they're up almost 6%j■ in the morning. i think a lot of the stocks, especially the nvidia, which i own, have gotten in front of themselves starts the year at a 50lpu multl and now it's 110, 108, we're z■■■too much too fast becausev'% ai is not all coming in 2023 this is is a long, long-termo■ secular trend. p don't think their chip demand is going to skyrocket over the next two quarters. i agree with adam.ó■ within a lot of these names, especially those with o■ai attached to it, it's too much too fast when you think about earnings in the market as a whole, going into 2023, whatñi■ sector was t

great sector this year financials.é@■u■ financials 13% waiting the beginnings of the year were looking to grow at 13% earnings. so i call -- i said no on that at the beginning of the year i didn't think that was going to happen i definitely don't think you're going to get a 13% growth rate from financials. after the regional banks, i know they're not that big of a weighting. credit tightening is coming soon and that's going to hurt main street more than wall street. >> what do you think though lies ahead for the market overall in what still is a seasonably favorable time for5■■■the u■■■a? bespoke had information out thaí carl quintanilla hadf■ shared. the dow managed positive returns 61% of the time. only december's average gain is stronger than april's. sey

playf■ that works? >> if you are going to be invested in the market, april is e■t■month and december is number two when i'm thinking about asset straight down in front of x■me, i'm looking further out. i think what is still confounding is that the two and the tens have been inverted and we've talked about it ad nauseam. we have thexd■ingredients fore1 contraction. those are more ingredients for a contraction but you need an event to occur to make that happen that's where i thought this was going to be a difficult year for investors because you'ree■ gettg so many conflicting signals. i stick with what i've been saying all year. we're defensive in how it stays positioned i have to respeyt■ the market wants to go higher right now if we get this event that will change the game and everyoneç■ will say, oh, yeah, the yieldh(% curve is it should have told us. >> have youfáó[■i■ completely s

gone to the dark side in terms of the banks would you invest inwm+■■banks he >> i --xd■you ç■know,lp i've ner recommended regional banks ever in my life for 15 years. >> not regional. the whole thing. >> no. i don't think so i don't think they're good i think part of the reason is they're nowhere near as cheap as they optically look. we talked about it bank of america,ñ■ theye1 haveq billion loss on health and f maturity so the -- it looks like 175 billion but to be intellectually honest, loss adjusted were more like ñr■5. i think the banks are not cheap. they're going to get regulated more and i don't think it's a great place to make a very bige■ bet. >> as long as they're sitting on this mountain for some of unrealized losses, no touch? >> i mean, at the veryñ■ least they're just not -- you know, they're not cheap and i think that was the argument prior, you know, to it. i think also have i learned

three things in the last 25 years? if i have, one of them ist(■ tightening financial conditions ain't great. >> not for banks. >> not for banks so, you know, i think that's -- you know, i think that's a big issue. i'm going to tell people avoid semis and avoid banks right now■ i'd rather find things i think have lower expectations you can exceed çó■hem, maybe there could be an m&a that could happen. i think there's things to own but i think what's happened in the last twou■■■or three weeks, there's been somexd■inconsistent demand -- demand is going to be terrible for energy and great for semis? it's impossible. >> less than a minute to go. >> yeah. >> the best thing to own then is what >> i like energy a lot you're starting toi■ see a litt bit better data today. the capital spending story is the same i like copper. small cap software ■■of deals there. cupa, even though there might be some fundamental slowdown i have

the m&a bid. i'd much rather own that thant( semis. >> brynn, 20 seconds energy stil,■■ one of your favorites? >> it is energy wasq■ priced like we're going into a recession and energy like a soft landing we don't go into■■ a recession.w energy is cheap. high free cash flow. it was an opportunity to add to names. >> good stuff, guys. brynn, adam, right here at post 9. talk to you soon let's get to our twitter question of the day. is it time to fade the tech rally. head to @cnbcclosingbell on no we're just getting started here on "closing bell." up next, the new safety trade. one top analyst makes the case for a key sector he says still has some serious up side he tells you the names he is betting on most. you're watching closing bell on cnbc do not go anywhere

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got 40 minutes to go in the trading>d■ay let's get ae1 check of top stoc to watch.e1ñu/ christina partsinevelos is here. >> a sales plungp■ of over 50% and for the cap ex cuts and, bam, the stock is 18% o

lululemon is leading the nasdaq 100 as the athleticxd■wear comp■ beat the expectations. lulu issued up beat guideñi■ damages and that has shares popping over 13% scott? >> all right underlined, underscored. >> all right i like drawing thank you. >> yeah. one more chance later on in the show keep at e■it kristina partsinevelos >> tech x■e■e■stocks our next guest believes thee1 rk on rally is just getting started. wedbush analyst dan ives live here at post 9 i read at the top of our show the tremendous gains that these megacap stocks have x■seen you believe that's legit >> i believe there's a handful of things going on one, i think guidance is essentially l■derisked coming out of january earnings, we've seen a slight tickup inñi■ terms of cloud spending and

cybersecurity. you look at the overall what i'll call big tech, names likew■ apple, we haven't seen cuts like iphone i view it more as añi■catalyst r tech rather than quelling the fear. >> i just wonder what that setup is going to look likei] given wt the stocks have done i mean, they've run so much. so how did that make the setup better going intoe1 earnings >> i think there's two things. one it's still under i believe 7 of -- >> under,oowned, big tech? >> if we lookw3■here what's happened from an institutional perspective, i think many continue to sort of be naysayers hee that we've gone too far too quick and what i'll tell you is bo as well as the u.s., i believe we are ultim really view asx■ fundamentalsñi■ starting to stabilize withinx■ enterprise i believe when we go intoi] '23

and '24 numbers the path is higher. >> what if the fed is more >> what if the fed is more hawki3$p' the market wants to believe. hl part, as i discussed with adam parker, this rally is due to the ideaçó■,■ the fed is goio pause, rates have come down. it's obvious why the money continues to flow into this space. what if that's all ae■ fallacy >> that's an event that would be negative for tech. right now it is three pronged. the fed is handcuffed.o■ it's seeing the high and that is more of the risk-on rally. i do think you've seen more generalists inp■even more retail focus more $v■ tech because you don't got to worry sunday night so i think you're seeing what i'll call really -- even though it sounds -- the neww■ safety sector in tech. re o again. it was that way a couple of years ago. again, ride the seven biggest stocks in the market and everything else be damned? >> i think what i believe is going to happen is we go

throughout earnings, i think that's going to spread more. midcap i think you're starting to see it in cloud, cybersecurity some of the -- it could catch up it goes back to last year. horrific year obviously for tech in 2022 but now you're seeing the cost cuts, you're seeing what i believe is really sort of the setup so i believe a tech comeback that's starting to play tar heel blue? >> tar heel blue and, just -- you know, i believe this is thel■ start of what could be comebac■f the century for the tar heels as well. >> dan ives, good to see you as always. >> thank you. big bull/bear debate a face-off where they see stocks heading. that's after the break "closing bell" will be right back

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welcome back double digit up sideñ■ versus double digit down side it's a bull/bearu■■■discussion ed and greg both with me live. welcome back let's do this again because we started this once and then we and it doesn't feel to me from looking at your projections like that swayed you at all you still think we go 4600 xy■ the end of the year. why? >> xd■ell, what has swayed me is that the financialj■ crisis that we've had here, this bankingf■ ■ crisis, is going to be very well contained by both the fed and the fdic and at the same time i think it's going to keep the fed frome■ raisingf■ interest rates any anymore. i think we are at a restrictive enough levet(■where they don't have to keep raising levels. the economy's been in a

recession since last year. it happens to be a rolling recession hitting different sectors at different times without adding up to an economy wide t(■ecession on balanceñ■ companies are going to continue to generate profit gains. i think weq■ are going to see declines in the year over year basis, maybe 5, 7% for earnings. but from>4)■'■on i think we're going to see positive comparisons and probablyf■ something like up 10% in a t(■ year-over-year basis for the fourth quarter of this year. >> you know, fágreg, as ed was talking i wrote down two words pause and put. both related to the fed. because it sounds like edz#■■■ts both of those are back they're going to put and the fed put exists if something happens, they're going to come riding to thelp rescue as they always seem to do what's wrong with that view? >> i agree with the pause part obviously. i'm not going to be a hypocrite about this, scott. last year one of myñr■main complaints was that people wouldn't believe the fed when they said it's a 4% '9 ■z■minal rate,qwe're talking

about a pivot, why don't you believe the fed? let's continue to believe the fed and think they have onlyq (% anotherçó■25 basisç■d■oints. the thing that the market is not getting is that the financial conditions in the system itself is going to pick up the momentum the fed does not need to continue to raise rates because underwriting standards are going to increasev credit is going to continue to tighten andqthat's not good as adam parker said before. when credit conditions are tightening, you get slower growth while my theme for 2022 was that i thought we were going to have a massive deceleration in earnings growth and top line growth, that consensus was not taking into ñ■account. 2023 áw■ the year of inversions, scott. going to have a massive profite■ and earnings inversion i anye1 that you'll see company top lines come in rather significantly. yes, consensus is now at negative 6 for the first quartet slightly positive and it's come down 6%.

we saw with the fourth quarter consensus just isn't good at getting this right we went into the fourtht(■quart= with consensus thinking it will be negative 3% earningsfá and it turned out to be negative 5 or l 6% earnings. i think the market is breathing ryt going to start to impact and we're going to see company profits and top lineñ■ turn around that's what target, walmart and others told us already. >> ed, that sounds highly reasonable to me.e if not, a base case, right wñl■ó■know that credit is goingo contract we know it it's undeniable. seems a formalitylp at this poi given all that the fed has done and what happened with the banking system am i e?■ong? >> no, i don't think we know it for sure i think credit's still going to be available i don't think we're looking at an economy wide credit crunci]e■ i think standards are going toñ■ tighten.

burst without taking the economy down we saw that lastx■ year with the meme stocks, with the spacs with the arc stocks you can argue there was a bubble in the bond market and that bubble certainly has burst and it could have taken a system down except for held for maturity device that has really kept the banking systemç■ intact. i think they'ree1oing to raise their deposit rates. i think they're going to continue to make loans but the loans are going to be at higher interest rates of stimulus left over from the pandemic state and local governments are still sitting on a pile oft■ ray day cash that they accumulated when the federal government gave them money to spend and they didn't know really what to do with it. i think now the biden administration is telling them you've got to spend it or we want to claw it back andç■ you e stl governments. then there's all the fiscalçó■ stimulus that's stillñi■in the

pipeline for building infrastructure, for building chip plants and green new deals. >> and,■3■greg, at some point t cycle is going to turnx■ back positive,e1 isn't it in part because of all of the reasons that ed just said. you get the last word. >> of course they will, but let me take these points one by one. what ed was talking about when he was talking about credit tightening situationally is very different than credit t)"■j■j■ across the board as you see top lines start to you see cost of capitol go up significantly if yoq4aan get it, what you're going to see is lots of duress into the second and third quarters th%m■■going to be systematic as opposed tofáe1 epi■ what ed was referencing. number two, i'm not sure wefá c rely one1 local government spending to prop up the economy. i'm not sure we should ever build a base case on that. number three, i'm just not sure that with employment going the direction the fed wants with a

consumer that, yes, there isç■ some stimulus left over but concentrated in the upper echelon of household e1earnings, certainly not at the lower end, that we can continue to see the spending be what wee1 thought. the nrf came out and said 4 to 6% and that's not what the companies are telling us. >> gentlemen, i appreciate it very much. we'll hear from you soon ande■ round 3, maybe do 12, do 15 like the old days. >> thank you talk to you both oon. still ahead, we discuss what is next forok the banks followi two days of hearings over the collapse of scb on capitol hill first. first, the shakeup at disney, another one, and what could be seen as the nail in the coffin for the nelson peltz drama we'll break it down and what it might mean for the future of that company with somebody who knows it better thanñ■ most. xd■pulitzer prize author jim stewart is with us that's next.e■

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lp we're back marvele■ñ■ chairman michael pearlmudder has been]■>■laid off he clashed with ceo bob iger davidg

thatd issue when he sat down wih him last month. >> we bought marvel in 2009. i promised ike a job, he would continue to run marvel after that, not forever, necessarily, but after that.ñ the in 2015 he was intent on firing kevin ufoggy who was running marvel's studio, movie making at the time, and i thought that was a mistake and stepped in to prevent that from happening. >> that created some ill will, you think? >> well, you'd have to ask ike about that, but let's put it this way, he was not happy abou■ it and i think thatul■ unhappin■ exists today >> joining us now to discuss further is cnbcxd■contributor a pulitzer prize winning "new york times" columnist jim stewart jim, welcome >> hi. >> what a perfect dayfá to get ops do you think the writing -- the writing was on the wall the moment that bob iger decided to

come back? >>u■t■bsolutely.5■ well, the real nail in the coffin was ike perlmutter's flirtation with nelson peltz that was perceived inside disney, i'm rebliebl bring told by iger as well, as an ç unforgivable betrayable. who knows what ike perlmutter told nelson peltz as nelson peltz was preparing his pruxzfá■ attack on the country.5■ this was aás unspeakable breach of company loyalty and be it may also have been a breach of 5a■ confidentiality. i don't think there was any way that ike perlmutter was going to survive unless peltz had succeeded in gaining influence &há% to cross over into the peltz camp.5a■

and by the way, as you could see from that interview, there was bad block fromt■ iger and f■l■ perlmutter going way back. >> your newspaper in writing this, i'm quoting from the article, mr. perlmutter has been a distractiont(■inside disney f more than afá dec$ irasable and unrelenting whether it's the ceou■■■position or oths within the c suite if notñr■the board. but he was thereñ■ for a long time. >> well, yeah.l■ it's very interesting this was characterized as a layoff. i mean, essentially he was fired. they didn'tqç■euj■ give him the option of, quote, unquote, resigning as far as we know, which would have been a morex■ graceful and, you know, lesse■ humiliating way for him to i mean, there's a lot of ill will here running both

directions yes, people have been complaining about him for years, and ajf lot of it has come -- i mean, he clashed with kevin foggy. he is the aggenius behind marvel it's vastly more profitable and more successful enterprise before ikeç■ perlmutter sold ito disney ine1 2009 but it was his company. as iger mentioned, he did give him some kind of assurances. i mean, we may see litigation about this depending on what exactly what it was iger5■■■had promised t(■erlmutter. he sent hime@,hat and iger gave him some assurances he would quote, unquote, run the marveli■

enterprise that was more illusion and they kept kevin foggy away from■ him. the humiliatinge1 ending wp'ws e level of bitterness that hade■ grown up and particularly the anger over his dealings with nelson peltz. >> i can't -- i can't help but think of a little bit of irony here i&■o■ w3■hat, you know, mre perlmutter obviou■;v wanted a ç■ shakeup in the company, that's why he backed peltz in part. of course their friendship as it existed or still exists. he didn't get the exact shakeup how he wanted it, but at the end of the day he got the shakeup. >> yeah. it's true. i mean, peltz when he withdrew his proxy were said igere■ basically agreed to do everything he was agitating for. i don'te1 know exactly -- i'm se that's entirely not true certainly he didn't get the board seats he wanted. no, it's totally ironice1 that

after beltz was agitating for a shakeup supportedn"■■■o■perlmutr who was actinge■ as ae1 liaison encouraging this, his is the first, biggest, most prominent head to roll i think there is a message there to everyone else at disney, high ranking ord ■■should be, you know, communicating with potentially hostile outside investors in the company >> jim, i've got to run. i want be to ask you one last question and i want to switch topic because it was topical yesterday as shares of paramount had a really good day. and of course your new book is unscripted and it details the red stones there was an analyste■ note yesterday that said one of two outcomes is going to happen here they either get streaming right or they likely sell the company at a significant premium i would just like your insight becausee1 of your book and how u

know the redstones andl■ sherry and see it playing out get it right or not and sell >> i don't think it's an either/or there. i have gotten to know members of the redstone family pretty well and i have a he gotten to know the company pretty well working on "unscripted" which was a very fascinating experience, but i think an important thing to consider is -- i mean, i give sherryç■ redstone tremendous credit for surviving all of the challenges and upheavals she went through and bringing some order and calm to the company, but the strategyo■ is get the content, get the business rationalized, get the business right but iqthink almost everyone agrees, certainly wall street analysts agree, i believe people inside the company, too, that paramount global doesç■ not have the scale on its own to compete in this new world of, you know, massive spending and streaming with the likesñ■ of netflix, amazon, and as we just

mentioned disney you have to have incredibly deep pockets, and i give them credit because they've had somex■ real successes both in the moview3■ division and streaming like with yellowstone and that makes them more valuable. that starts getting them to alp■ valuation and at a premium for takeover there where you could maybe see a deal it's not bitter yet. i've been hearing numbers in the 50s maybe you could see. >> wow >> a willingness to make the deal there i don'v3 believe sherry redstone wants to be a media mogul for the rest of her life right partner they would work out some kind of a joint venture or even complete takeover. >> in the 50s would be one heck of a premium jim stewart, thank you so much we'll talk to you again soon >> sure. nvsaont forward to tha coerti next. last chance to weigh in on our twitter question we ask,e1is itl■ time to fade t tech rally the results after the break.

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>> announcer: the market zone i■ sponsored by morgan stanley. no account minimums.e■ e1qwe're now in thet■ "closi q?&■" market zone k. mike santoli here to break down the crucial moments of the tradingvo plus, rbc capital and5a■ stacy raskan of bernstein and whether intel's latest rally is just the beginning. mike, begin with you/■85m■icall, h.o.d. as we go into the close. >> yeah. s&p right up about where it was and that initial rally from the fed meeting last wednesday eé! where it's been the highs for the month. yes, we've been talking about how the bigçó■growth stock has protected thñ■@■x■markets. up a little bit this week, up a little bit year to date. the rest of the market that led before we got into march has not

broken down. industrials hanging in there, consumer stuff i think a lot ofo■ it is we were positioned for a lot more damage, a lote1 more financial market stress, a lot more banking drama than we got this week so at least5v■s) noww■/sç■ we c relax, probably some end of quarter pumping going on in there too. >> the question is whether more bank issues are going toq■ crop up or are you still concerned >> scott, i think we're much clearer today than we were obviously two or three weeks agoi i think the deposit disruption that an all clear, i would say it's an all clear. >> doese1 it make you want to go big or go home,çó■so to speak? that at least on the regional if word at the moment and if you're going to invest in the banks, just go big >> it's going to be interesting, as you know, the numbers will come out beginning april 14th

with jpmorgan and other large banks on that friday and i think whate■ we're going see, the numbers not just for the very large banks but for the big regional banks could surprise to the up side. as you know, the stocks have sold off very hard and there's a lot of discounting of the news going forward ande1 s■ don't thk the numbers are going to be that bad. even with the regionals i think you're going to see some nice deposit flows for the bigger regionals, not necessarily the smaller once the bigger regionals probably held their own. >> the question is are those deposit flows going to gett■o■hh obviows 5ñ a anybody hurts net interest margin is that a real concern >> scott, it's a great question and i would say that there's going to be higher rates paid, no doubt about it. we have to remember, the money, whether it's corporate, excess deposits or high net worth deposits, those deposits eitherç already left the bank six months ago because ratesçó■were much higher back then versus banks

and what they were paying. i think you're going to find th■ banks will use cds to keep more of the deposits but there will qáás the rates remain elevated, at >> gerard, we'll talk to you soon stacy raskin, following intel's stock moves today and the investorç■ w3■ebinar they said they see, quote,ñ■ a clear path to regaining leadership, end quote, of the market well positioned to capitalize on thee1 accelerated growth in ai do you believe infá that >> i think it really remains to be seen.ç■ i'm noti] exactly sure why he believed in them at this point they've had lots of disappointments over the years.e we'rexa a point with the stock to be clear iw3■think things ju not getting worse is almost as good as things getting@■pbetter. that was, i think, my primary take away from the events. i didn't really hear anything that was hugely unexpected, but at least at this point it doesn't -- for now it doesn't seem like things aree■ getting worse and today that seems to be

enough >> what makes them get better then >> they've got to get products out on time. the product has to have thee1 performance that would give them añi■leadership position in the market this is one of the huge issues they had overe1 the last several years, not only the product's been delayed,çó■it's when they showed up. e■ dela didn't have the degree of competitiveness that they neede■ to really do well in the markets. so they need to stick to theq■ roadmap and they need to get things out on time they need to perform how they perform and maybe they'll crawl back i don't know yet but it's goinge■ to be a slog. as much as they're talking about things, it's years away from what we know we're getting credit but some of spe responding on the back of micron's print. >> speaking of that, stacy, before i let you run, would you fade the smh run >> you know, it's really i'■esting so the stocks have had ac■at run year to date.e

in some e■sense, it's sort of a estimates and numbers have been coming down across the board they peeked in june and they're down 30%, 35%. it's one of the biggest negative revisions we've had since the financiale people have been buying those cuts now all of that being said, you start to look at thñ(■numbers. i do get a little e■nervous. you look into@uét■back half. estimates are broadly above seasonal people are starting to put that list into the numbers. if you look at like inventories across the channele■ and distribution and everything, they are ludicrously high right now. i've never seen them this high before you look at the valuations and the ñ■space. the sector iç■ think as of a we or so ago, that's something like a 30% premium to the s&p which was a record, at least going back to the recovery off the f.fnancial crisis. i very rarely see that.w people are playing the recovery thing. it seems to be getting put into the numbers and the evaluations. you need to stedi■a little livel here.

>> nvidia u5+h!■ the greatest example of what this space has done i read at the top of the program just how much that stock has ripped you have an outperform and ar $300 price target. you may have to do that in minutes. >> back with santoli as we approach the two-minute warning. a split decision, speaking of nvidia, whether it'so■ time to fade or ride these tech stocks >> yes i get -- i get it, right working. thee1 dichotomies haveo■ gotten pretty stark between not just tech, it's really just the very largest of thew■ nasdaq 100 stos and the rest of the market ([q!■■s kind of gets resolved. there are some times when a narrowing of the market isw■ dangsmnus. there are sometimes when people migrate towardsqo■big,j■ stable defensive stuff. you can get a chance to refresh the demand for the rest of the

market i'm not really thatw3■comfortab saying we know how this ends we have the vix down to 19 why is the vix down to 19? market has been incredibly calm. thei] actual volatility of the p 500 in vix terms is 16 the market has stayed relatively on firm footing, and it's because of this rotation that we've gotten here. the otheri] piece of it is the extreme growth stock outperformance thati] has held ■ index up is the answer to those people who say, stock market's oblivious to the recession risk. the stock market isu oblivious t the bond market. >> notç■ really. >> not really. the rest of the market is still trying to get its feet under it. they're holding up they're not back to the december lows but they certainly don't look like the s&p which is now on track for like a 5% quarter. >> seasonality your friend, toou >> aprile■ a good month. >> it has tended to be"éá■e bac

market, but it's certainly not ■ reason to get incrementally more worried about the market so i think we've started -- you know, i always say,r involved and keep expectations low. you've already gotten, like i said, 5% up 12, 14% o#■ the octoberr >> the bell's ringing. tech is running. the market is going to finish nearly at its highs. i'll see you tomorrow. morgan is taking over now. you've got your scorecard on wall street. welcome to "closing bell" ñ■ overtime i am jon fortt morgan brennan is off l■today. we are gearing up for another busy after hours session high end retailer r.h. just moments away then we're going to take with keith raboine, they pulled their money out of svb in the early days of the crisis and some investors advised cl