that's all for this edition of "dateline." i'm craig melvin. thank you for watching. ♪ good morning and welcome to "street signs. i'm joumanna bercetche. >> i'm julianna tatelbaum, and these are your headlines. tesla's ceo elon musk tells cnbc it will be a challenging year ahead in an exclusive year ahead, he also weighs in on politics, the fed, and why the u.s. and china should be a concern for everyone. >> the chinese economy and the rest of the global economy are like conjoined twins it would be like trying to separate conjoined twins

that's the severity of the situation. microsoft's chief tells cnbc the ai technology is accelerating at peace. >> we're moving from the pilot ai to co-pilot ai, so, yes, it's moving in the right direction. ceo tells cnbc supply klains are improving. >> this gives us a good look for this year and next year. our delivery times are quite long. and u.s. president joe biden cuts short his asia tour as the white house scrambles to secure a debt ceiling deal to defer a potential debt ceiling default

welcome to the show, everybody. well, tesla, twitter, the fed, joe biden, and china were just some of the topics that elon musk weighed in on as he sat down with cnbc for an hour-long conversation following a shareholder meeting in texas he told cnbc he is worried. >> we're concerned for everyone. >> i think you're right. i think it is shared by many people who run large organizations and smaller ones do you think, for example, china will make a move to take control of taiwan? >> the official policy of china is that taiwan should be integrated one does not need to read between the lines. one can certainly read the lines, so i think there's a certain -- there's some idea

into the idea. >> that would not be good for tesla or any company in the world. >> yes, any company in the world. i think almost no one realizes that the chinese economy and the rest of the global economy are like conjoined twins it would be like trying to separate conjoined twins that's the severity of the situation, and it's actually worse for a lot of other companies than it is for tesla i'm not sure where you're going to get an iphone, for example. >> musk spoke about the impact of rate heights on the economy and expects to slow the economy cycle. >> it's like a brake pedal on the economy. it makes everything more expensive. things bought with credit and

even things not paid with credit if your car payment or home mortgage payment is absorbing more of your budget, then you have less money to buy other things, so it affects other things, even those that are not bought on credit my concern with the way the federal reserve is making decisions is they're just operating with too much latency. basically the data is somewhat stale. so the federal reserve was slow to raise interest rates, and now i think they're going to to be slow to lower them. >> what a fascinating conversation, i think, to say the least. i would kick off by first saying it was really remarkable how relaxed elon musk was. his demeanor was so different to what we've seen other times. he was quite measured, i think, in his responses the whole conversation was quite measured compared to more provocative versions we've seen.

it's a network that indicators to inveinvestors, whether that dictated his tone. i heard he's actually quite sensible when he's talking from an investment per sep active. >> the sign of a successful interview or what you try to accomplish as an interviewer is to get unique insight into a person you're interviewing, to get an insight into how they operate and how they think as well given the broad range of topics that was brought over. i think we got a unique undersigning there's real nuggets in how they think about politics, the comments about china, the bell lidge belligerence

he talks about that in the context of the chip-making facilities there, something they're cooping a close eye on, but also remarks about the u.s. election he did vote for biden. and david faber got him to say that he does not believe the election was stolen. >> to get insight into how elon musk thinks, it think it was interesting that david fab forgot him to talk about his shareholder meeting, that they're going to advertise, something they hadn't done before david faber was getting details from him elon simply said it at the meeting. that was so insightful how he makes those decisions. >> you look at the insight how he operates as a businessman and

as a leader. it seems like he made that decision on the fly. he said early in the interview, i tried to get out of the deal he said, verbatim, i tried to exit the deal, and they wouldn't let me so he sort of invariably ended up becoming the owner of twitter, and because of that, he had to make all the decisions he took, and he said the last couple of months were really, really challenging for him now we know there's a new ceo coming to head up the company, which is going to free his time a little bit and allow him to focus on his main projects like spacex and tesla it's interesting all the events unfolding last year, and now we know for a fact he tried to exit the deal. >> we do know he was trying to exit it but he was ultimately tied to it he was going to have to pay a massive fee if he were to wiggle out of it. it's sort of interesting to hear him admit if he steps down as ceo, it will free up some time

in this interview, he essentially acknowledged he will have more time to focus on tesla. and just coming back to the nuggets he gave around tesla's strategy, i thought the advertising point was interesting because he acknowledged there is a gap in understanding among mainstream auto consumers, that tesla fans, tesla shareholders understand how tesla work and what the offering is, but maybe there is more work that needs to be done and how pricing has evolved since tesla launched. >> of course, artificial intelligence was another major topic and what's been happening. he said the goal is to prevent some of the impersonations i guess that's going to be the major challenge for the incoming

ceo, to keep the platform thriving in the context of what elon musk is standing for and what he's trying to achieve, but at the same time lure advertisers to come back and ensure it's a safe place and healthy place for people to be on they're very insightful. musk also weighed in on the current fed policy saying the bank would be too slow to lower interest rates you can watch the entire interview with elon musk on our premium service, cnbc pro. and nadella hit back at musk's openai claim. the boss made the statement to fox and called for a pause in developments remember elon musk is one of the

co-founders of openai. nadella sat down to discuss it >> i see it as factually incorrect. as i said, openai is very grounded in their mission of being controlled by a noncommercial board, we have a great partnership in it, and, quite honestly, i'm very comfortable with working with a company that's pursuing this technology that's going to be controlled by a nonprofit. the last time i checked, we are the only for-profit company comfortable with a nonprofit company. major interviews with others

over overnight. but do not miss the interviews of nadella and elon musk. you see the heat maps behind me the stoxx is dipping somewhat. this is a week after the u.s. stockmarkets a lot of focus on the macro data u.s. retail il sales, the core disappointing. home depot is a harbinger for weaker spending by consumers that's going to be interesting, trying to piece all together all of the news that is coming out from the u.s. economy. but overnight we also had somewhat of a weak session for asian markets even though the nikkei is slow in pouring out. stoxx 600, a weak session. this is what we're looking at

this morning with the exception of xetra cac, the ftse 100 down. the carmakers have come in slightly better. this is the breakdown for sectors today. industrials up a quarter of a percentage point health care putting in a good session, up about 0.2% financial services down and real estate down about 1.1% as well. let's brick in the managing partner to join us welcome back to "street signs. let me kick off with macros before we get into your stock

specifics. labor market data shows the labor market has been cooling, inflation remains high are you in the camp that we are going to see a recession in the u.s., or do you think that we could see a soft landing out of the fed? >> yeah, good morning. it's quite difficult you've got two camps of data you have to take into account. all of it is monetary or liquidity based. you have financial conditions tightening, yield curve, and things like that they're all harbingers of an incoming recession businesses are still hiring, people are still working i noticed the home depot results yesterday. they're a little on the weak side they've got excuses. we're not sure yet at present the extreme

post-covid era is fading and we're currently entering a slowdown whether that's a soft landing or recession, i think we'll come down to the employment figures we could see a slowdown but not a massive recession. if the liquidity bites and the fed stays tight, i think that would be the trigger for us to start thinking about something more serious in the u.s. >> okay. and in terms of markets, we have seen year to date big tech outperform the broader market. we've got alphabet shares at more than 30% year to date, apple up the dow jones is actually down year to date do you think that that divergence can continue and will continue between big tech and the broader market >> no, i think it's rational given what's going on in the short-term concerns, but i think it's very short-sighted.

i think we're entered into a different cycle in the next two to five years. i think as people are hiding out in the bigger tech as interest rates lower, it will be bolder i do think it's short-sighted positioning. if you want to get ahead of where the market may be moving in the next 6 to 18 months, you've got to be doing more of these dow jones-type stocks, old stocks to a degree, in order to find that deep value you can find in other great growth businesses so i think it's shortsighted, and i think people will be doing the work and normalizing back. >> it's interesting what you're saying there it seems the tech community might have a different view and the stock performance is backed up by fundamentals we did have a strong earning

season come through. about 75% of the big tech companies that reported a beat versus earnings expectations so the fundamental case is still very much existent why are you so skeptical on the earnings outlook going forward >> to be clear, i'm talking about a broadening out of the market i think a portfolio exclusively exposed to them takes a risk and misseses out on huge opportunities that are out there in the border market others are similar levels to the technology shares, trading at half or a third of the valuation, giving more exposure if the cycle is different this time so it's not about being skeptical of the technology shares i think the broadening out and the kind of narrowing of the differential between the valuations will occur over the next few years and investors

need to pick their moments to get exposure to that. >> freddie, i want to ask you something about -- a phenomenon that's a little more imminent. we're spending a lot time talking about the debt ceiling discussions. the view seems to be we're not going to get a resolution until markets get worried about the potential debt ceiling limits and the breach at the beginning of june potentially. one, how concerned are you, and, two, as an investor, do you think about it from a potential of it could be an attractive entry point for some of these stocks you're looking to get involved with should there be a pullback in the market >> it is a worry and i think you're probably right. if we see one, and i think the base case should be that we do see one will be at the 11th hour and the market will probably be struggling and, you know, holding policy makers to account or a ransom on it. i think that's probably right. i think it's unlikely we get

agreement in good time ahead of it but you're right i would see it as an opportunity to sudden positions across the board, maybe debt positions that would set off as well. but certainly they could strugful we push right up against the limit. >> freddie, thank you very much. we're going to leave it there. pleasure freddie lait, the managing partner of latitude management investment. siemens raises its full year outlook after a strong quarter we bring you more with the ceo after the break.

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what they reveal about the consumer plus martha stewart from the cover of s.i. to building her global brand "squawk box," 6:00 eastern welcome back to "street signs. baidu beat on the top and bottom lines of the first quart owner the back of growing advertising revenue and is waiting for approval over chatgpt. it grew 10%. >> baidu post a beat on its top

and bottom line. the operator of china's biggest se search product brought in profit, up 10% year over year. the company relies heavily on advertising for the bulk of its revenue, but the future is in ai robert lee said it's transformative potential for ai and various industries and will help people to achieve more and have a positive impact on sew side it was unveiled back in march, and it plans to invest it in a lot of businesses. it's outperforming, tracking the gains listed in the u.s. overnight. and in the insurance space t dutch life insurance pension and

management service aegon has reported strong sales growth in the u.s. zurich reported a 6% jump, hitting just under $12 billion on the back of higher prices and muench rueck confirmed its guidance for the year. in the banking space, commerzbank doubled its profit the german lendinger says it has seen a boost shares have taken a hit, down more than 6% the cfo told cnbc she's optimistic about the bank's loan book despite the economic pressures. >> there will be a recession in germany, something around minus 0.3% related to the gdp. that means we stay prepared.

costs and risks up 10% it's very much dependent on the kinds as we all know to ba basically look at a consideration of the demand. so we assume at least stable loan books, but clearly a better appearance of the appetite on our clients. elsewhere in germany siemens has hiked its outlook. the german industrial conglomerate posted 3.6.

a it seems like they're very strong. >> of course, the mega trends is helping siemens big time to actually sell their product because that's where they're concentrating on, and these areas do work very well. but also mobility, which was always a bit of a problem child for the company has turned positive that's due to a big project in industrial, but also they could sell their signaling products to singapore. in a nutshell, all perform for vel because of a huge order bac backlog, but they're seeing things coming back to a normal level. they call it normalization

prafs we should listen to what the ceo himself had to say about the outlook for the orders. >> 35 billion backlog. this gives us a very good visibility for this year but also for the next fiscal year. yet we see a normalization of auwe order intake is good we want to go back to normal delivery time for our customers. at the same time, we have an easing supply chain, which is good this drives revenue obviously, and this is what you see in our numbers. you see still in certain areas, some semiconductors kind of in tight supply it is easing, still not on the level we want to have it, but from that perspective, we're entering into the normal supply mode also the common oddity prices, they're going down, normalizing.

from that perspective, this is good. >> so it's once again a very positive share price development. we're seeing shares up by 2.5% they've been outperforming the dax and also you should look at the longer performance rise. again, they're riding that super cy cycle, and at the same time they actually could prevent the worst supply chain issues other companies did have in the past so going forward they're saying the supply chain issues that are still persisting are actually improving in the second quarter. that also makes them quite confident about the full year 2023. >> thank you very much for bringing us that report on s siemens. also coming up on "street

signs," we look at the last set of results of immarsat we'll speak with the c ia eon few moments. welcome back to

signs. i'm julianna tatelbaum. >> and i'm joumanna bercetche, and these are your headlines elon musk tells cnbc exclusively that the fed is behind the curve, warning their actions are acting as a break on the economy. >> they're just operating too much latency basically the data is somewhat stale. so the federal reserve was slow to raise interest rates, and now i think they're going to be slow to lower them. >> commerzbank shares slumped toward the bottom of the stoxx 600 as the banks weaken at its polish unit. the cfo bettinabettina said the

following. >> so we stay prepared. >> siemens outlook is up for a second time this year. the ceo roland busch tells cnbc the supply chains are improving. >> this gives us a very good vision for this year and also next year. currently our delivery times are quite long. u.s. president joe biden cuts short his asia tour as the white house scrambles to secure a debt ceiling deal to defer a potential default. all right. let's get a check on european markets. a mixed picture this morning the xetra dax is outperforming

siemens is raising its outlook and deliver another strong set of numbers the swiss market is down a third of a percent ftse 100 hovering around the flat line. dac pausing. >> in terms of trades in currencies, we're seeing strength in the-dollar the greenback catching a decent bid. you've got the euro trade down by 37 basis points sterling was off a half a percent. now a third. you can see the dollar is trading firmly within a range of other currencies, so a strong start. in terms of commodities, we're seeing a pullback in oil wti down a third of a percent. brent down as well to $74 a barrel we are seeing persistent demand

worries factoring into the oil trade. as for u.s. futures, here's the picture for wall street. all three of the majors there are looking at a positive start. a more encouraging momentum we're seeing here. this comes after wall street stocks slipped yesterday, investors keeping a close eye on the ongoing negotiations and retail earnings that have begun to come through yesterday. we're just getting results o out of tencent there follows baidu earlier. we're looking at a beat on the top and bottom line, coming in around 149 million -- should be billion versus 135 expectations. profits, again, beat 35 billion versus 3.4 the company's saying we've achieved solid revenue growth as we benefit from domestic recovery consumption, our

advertising sustained rapid growth they're saying they're continuing invest in ai capabilities and they expect artificial intelligence to be a growth multiplier that enables us to better sev our users and our customers. so a lot of interesting takeaways from here, but the bottom line is the company is doing better in line with the recovery that we're seeing in chinese consumption. now, elsewhere, a satellite com company, immarsat has had its best quarter ever. it looks for final approval for an acquisition the ceo rajeev suri is back with us the green light has come from the regulators, so that is good before we talk about what's next for the company, talk about this

quarter and why the results were so strong, your best quarter ever. >> good morning and thanks for having me. yes, it was -- we're very pleased with our quarter it really is the best quarter in history. it was propelled by very strong growth in our aviation business. it grew 36%. within that, in-flight business grew and our government business grew very well been growing for a number of years. it grew at about 14% our non-u.s. government business grew even faster our enterprise business has grown. and them the maritime biusiness has grown. had its ninth consecutive quarter of growth with about 6% growth this quarter. and the reality is we have very strong auto backlog in both

aviation and maritime that bodes well for our future. very pleased all around. all four business units grew. >> looking ahead, is it right to expect this business momentum to continue even once the company's inte integratedle >> yes, weshould expect it to continue because it's a great way to get into a new company as we enter entities with momentum. the auto backlog contributes to the ongoing potential revenue growth together we will have tech knoll gentlemen leadership we have about $1.5 billion capital costs in synergies we said before the complete cash flow of the entire company will be two times of the loan, you know, from 23 to 26. so, you know it speaks to the strength of the diversity of our partnership because we're exposed to global mobility

this is the growth part of the market we're not exposed to video broadcast or other divisions that are in serious decline. >> you made it clear that the sector is right for consolidation, there may be upwards of 50. 50 players too many in the industry you're obviously taking the step forward to merge with viastat. will that be enough in terms oop of the scale you need to be a significant player, and what else are you expect in terms of consolidation in the sector? >> i think for us it ice enough. they're both growth companies. there are synergy costs and capital, but also the whole idea is we're both innovative, we focus on engineering and we're growth companies we're integrated with viasat

not just satellite but using tunnels. that bolds well for being modernly integrated. i think the focus will be on growth, even though they will be synergies. i think there needs to be consolidation in the sector. this is -- you know, not every part of the sector is fast-growing satellites do many things. they provide video broadcasts, weather forecasts. they do a number of things the point is that many of the parts are not growing. the part we're in is growing, and we're growing must faster than that, two times the growth. in this quarter, maybe even three times. so the point is if we look at a number of other players, they need to consolidate to get better scale in our case it was more scope than scale i think there will be much more. there's rumors i think there needs to be more

remember, there are well funded new startups like starling there are others looking at long-term profitability, not medium-term gaines this is getting very crowded we will have strong global coverage coverage is a huge differentiator if you're an airline and you're flying from the u.s. to qatar, you need that global coverage. that's important together we'll have very strong cap capacity, and we'll be able to have the lowest cost or bid to deliver that capacity in global coverage, which is a success. >> rajeev, how do you compete with the likes of elon musk and jeff bezosbezos? >> you compete by being focused. you also compete by delivering not best effort but by delivering a service that has

service-level agreements that's what we do. we provide a committed service if we don't provide those guarantees, we'll pay penalties. we'll provide certainty wherever you need coverage or capacity. that's the strength of it. remember, also, it's getting really crowd in the up per per atmosphere with the satellites we do what we do best. we make sure the lowest cost is delivered and make sure you manage your yield. we're in four or five businesses you need to be able to deliver the best deal at the best dollar in the best place at the right time the other thing we do, we're not

religious about just the orbit we believe in delivering multi-orbit connectivity also we believe in orchestrating all of that to usa as a user, whatever you want, including 4g technologies it will be for vessels and government uses and then 5g. it's quite innovative. it will also be delivered next year and we have a strong roadmap we have five more satellites to deliver. so the roadmap is fully funded, and that will continue to give us more capacity. >> rajeev, we appreciate your time rajeev suri of immarsat. let's talk about what's happening. home depot has seen lower demand for large items such as patio sets and grills as consumers delay dyi products

they expect sales to decline between 2% and 5% this year. more broadly, u.s. retail sales rose 0.4% in april suggesting that consumer spending does remain resilient despied wider economic pressures. that did fall short of the dow jones estimates of 0.8%. on an annual basis, retail sales rose 0.6%. elsewhere on the earnings side, we expect earnings reports from walmart and target there's also the continued impact of higher prices. julianna, lots to unpack here. we had two significant sales numbers came out i just wonder whether home depot is a reflection of broader weakness in consumer spending or whether it is specific tock home

depot. let me bring you some detail i read about the aggregate retail april number there was very good growth exhibited month on month the weakness came from brick and mortar stores, specifically electronics, appliances, clothing and accessories, and home furnishings, which is the category home depot fits into. if you look at the broader picture, consumer spending is holding up. >> the detail does matter. the key factor is consumers are not spending on those big ticket items, electronics and furniture. those were the covid winners people already bought those items. often appliances and furniture are things people don't need more of. it's really unsurprising i suppose the question is when will the renewal cycle happen?

when will people need to rebuy those items again? when it comes to home depot, when you listen to the read-about about what drove the weaker expectations, they sear saying dyi products are being delayed. i wonder to what extent that's true or whether the dyi projects were already done. >> if you want to take this back to the macroand macro implications, we've basically been waiting for the recession for a better part of six to nine months to consumer portion is so important because it accounts for 76% of the gdp it feels like it's late in the earnings season, but it's very telling about what's to come if you look at the sequential numbers that have come out, in order to be consistent, you would need to get two more months of negative prints to be

effect tissue. so we're not looking like we're getting those negative numbers you would need to get a significant decline in the next coming months. >> let's think about what's happened between this data and today. the data is too soon to impact on the banking turmoil and tightening of credit conditions. if that's what we're going to see, you could argue there's a catalyst underway that could trigger a stepdown in spending and credits. i think that's something to watch out for. we're going to get insight on how the consumer preferences are holding up with target. >> a final point there as long as the labor market remains tight, people will feel invigorated to go out and spend. of course, the tide is turning. all right. we will continue to cover the retail earnings and we'll have more analysis tomorrow when we hear from target and tkx later

today. turning our attention to the pharma sector, the ftc is planning to block the deal a rare intervention for the pharma sector and could signal a transition for a tougher approach under the ftc chair lina khan. it's usually been pretty immune to this kind of thing because it's pretty easy the fact that lina khan has come out here and taken this stricter stance doesn't bode well for pharma deals down the line she's made clear she wants to take a stricter stance and it's clear it's hitting the pharma sector this time around. pfizer has reportedly sold more than $30 billion of debt in

t the fourth largest u.s. bond sale it's in order to finance a bid and acquisition. coming up on the show, president biden says he will cut his asian trip short over the concerns that the debt ceiling plan may default it makes it realy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free

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welcome back to "street signs. elon musk has addressed criticism aimed at him since he acquired twitter he told cnbc he doesn't care if his inflammatory tweets scare away customers or advertisers. >> you know, i'm reminded of a scene from "the princess bride" where he confronts the person that killed his father, and he

says, "offer me money. off me power i don't care." >> so you just don't care. you want to share what you have to say >> i'll say what i want to say, and if the consequence of that is losing money, so be it. >> those comments got a lot of attention in this newsroom, that's for sure. i think "the princess bride" is a good reference if my dad is watching, he'll know that reference very, very well i think elon musk's point is he's not care. he's not driven by profits he's not driven by power that's not what's motivating him. >> here's what's interesting i watched the full hour interview. it was very insightful at one point in the interview, elon musk says the u.s.

president needs to behave more like an executive. it's not only managing ideology but the government role. the question that david faber asked him is, well, look, what if linda yak rina comes to you and says can you tone down your tweets because it's scaring away advertisers? elon musk is saying, i don't care, which is very telling and tells you a lot of how his mind operates again, i recommend you watch that interview. elsewhere, talks of raising the debt ceiling continue with house speaker kevin mccarthy saying a deal could be reached within days. u.s. president joe biden said there's work to continue he'll continue talking with congressional leaders as he

continue is his trip he'll return sunday. nbc's brie jackson joins us. looks like there's a positive from the overnight front >> reporter: there are signs of progress, but there's certainly a new sense of urgency in the debt ceiling talks both sides want to prevent an unprecedented and potentially catastrophic default so president biden will travel to japan today for the g7 summit but as you mentioned, he's cutting that trip short so he can return to washington to continue debt talk negotiations. the president's change of plan follows the second meeting in the last two weeks between negotiators. the administration and republicans hinted at some progress the parties are all stressing the importance of avoiding a government defauchlt but they do remain far apart on certain issues republicans are demanding work requirements for federal aid that's something the federal -- that's something democrats are

strongly opposed to. so speaker mccarthy says that there has been some progress and it's possible that a deal could come by the end of this week he is praising the administration for making an appointment of omb director as well as senior adviser to work as negotiators and president bide about takes his overseas trip. brie, thank you very much. brie jackson from nbc. also notable, julianna, the president did cut short his trip around asia because this is really becoming the focal point right now for investors and, of course, for politicians. >> to the point you've been raising all along, will it be market volatility that will yield us a deal here so far markets have been calm this week, relatively calm. let's take a look at u.s. futures and what's in store for wall street at the open. we've got all three of the

majors pointing to a stromuhr start. you'll notice we've come off a high the dow jones up about 80 points, the nasdaq, 30, and s&p around 10. i think walmart and target will be fascinating side by side to look at how consumer behavior has e involved considering inflation and so many parts of their lives. >> as we said earlier, the broader retail sector reports very late in the season, but very interesting to watch. that is it for our show today. i'm joumanna bercetche. >> i'm julianna tatelbaum. "worldwide exchange" is up next. ♪ (upbeat music) ♪ ( ♪♪ ) ( ♪♪ ) ( ♪♪ )

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it is 5:00 a.m. here at cnbc global headquarters and here's your "five@5." we're looking at the stockmarket. futures are higher right now the markets anticipating some kind of deal being reached. we continue to watch that. also elon musk sat down with our david faber. he made comments about free speech against profits then, a ukraine grain deal a deadline is coming up today. we're going to tell you what that could mean for the conflict over there in ukrain