snoou good friday morning. welcome to another hour of "squawk on the street. i'm sara eisen in las vegas amid a broad based rally, energy is the only sector this week with oil dipping into a bear market goldman lays out three reasons to get bullish. the backlash at x. advertisers want answers about the placement of their ads and what the expect is doing to combat anti-semitic messages on the platform the white house weighing in. what's the impact for elon musk's other companies we'll discuss. the ceo of t-mobile joins me in las vegas, a new sponsor of f1

the stock outperforming at&t and verizon this year. markets tight-ranged today as we finish out what may be a third solid week for the s&p now up 10% off the october lows. topping the tape, strategists at wolf warn the first signs the market might be approaching some overbought levels, wells fargo, though, says don't be surprised to see profit taking in the uber caps investors, should they be concerned about another peak in tech let's bring in senior markets commentator mike santoli we have chopped a lot of wood here, mike. >> no doubt. made a lot of progress in a short period of time it's logical to say, could use a breather obviously, can't continue higher at this pace i don't see the nasdaq 100 type stocks as being all that stretched to the upside relative to where they were, let's say, in june and july even before that in early february we had a pretty major peak february 2nd with this big rush higher in big tech as well as low quality stocks to start the year so makes sense something always comes along there's going to be a rethink of exactly how much upside there

is -- even though the s&p is at a logical level to hit friction. you have the other side of the trade which is not just the seasonal effects but the dynamics of wanting to stay participated in a market that has cleared some hurdles do you want to book your profits in the stocks up the most at the end of the year? >> mike, i'm curious if you've got thoughts about important closing levels on the ten-year i know some are watching this bear trend line that might get us down to the 4.3 range. >> the one i've been watching is around 4.35. that's the peak before the real run higher towards 5%. it's also basically where we peaked in the fall of 2022 we peaked there as the stock market hit its low came off that. so, that's where a lot of folks are saying, it's a little more of a pronounced look of a peak on the chart maybe it's a really breakdown. i'm not sure you want to have to

make that call if it goes side ways from here or there. you could probably come to terms with it in the stock market. that's been the rule when things seem like yields are running away from us on the upside and not linked to inflation expectations and growth and fed policy, when it seems like -- remember, a month ago we were talking about too much supply. that was the whole story i think that's what unnerves the stock market as opposed to an absolute level above 4, which you can, perhaps, digest over time >> mike, i know we can point, and we have been, to so many fundamental reasons for the treasury rally and the equity rally. i do wonder how much is positioning here in terms of just a short squeeze on treasuries and such a massive move over a short period of time we were talking about speck laters and hedge funds betting against treasuries and a bullish bet, the size of which we haven't seen in years. same thing on the other end. i wonder how much more shaking out that has to go.

>> positioning, in my view, sara, is always your first reason to reach for. because that is what creates these spring-loaded moves. that said, what does it mean that positioning got so short? what does it mean about the last series of declines in stocks and bonds into the low that it basically was a pile-on on people getting incrementally negative you unwind the overshoot to the downside that's where we are right now. if you look at the data in equities in terms of the systematic trading firms and things like that, they covered shorts but they don't necessarily yet have extreme long positioning i think that also reflects what traditional money is looking at right now, too the market has definitely brought allocations higher i don't think you have people who are over their skis. although i'm watching some of the really hot call option flow in the big tech names again. that game has restarted. it's been a feature of every uptrend we've had in the last few years. >> yeah, interesting to watch

small caps have some good outperformance today, too. mike, talk in a bit. a lot of fed speak to unpack vice chair for supervision michael barr saying, we're likely at or near the peak for rates. and daley from san francisco telling a conference in germany that the central bank should have, quote, the boldness to wait on more hikes and then susan collins, boston fed, talked to steve liesman in the last hour, says we shouldn't rule out more tightening >> three-month core is still at 3.4%, steve. that's higher than we want in order to get back down to 2% in a reasonable amount of time, we need to be patient and res resolute i wouldn't take additional firming off the table. we need to look wholistically at the data. >> joining us at post 9 is dan chung. thanks for coming in. >> good to see you. >> one thing collins said is it's natural for people to want to celebrate good news

she means some of the information that points to disinflation >> when i was here in early october, i thought we were at the beginning of a new bull market i think the strength of the rally after the fed pausing and the inflation numbers we just got, the reaction, i think, shows you the sort of future direction of equity markets. >> you think going big in terms of mega cap is the place to start? >> well, i would certainly not give up on most mega cap positions because these are high quality companies with great free cash flow and many are at reasonable valuations. for example, meta. i think the markets will broaden and it will be more of a stock picker's market in the future. we'll have to look outside the magnificent seven. >> sara? >> dan, you don't think the market's getting too excited about rate cuts, moving them into first half of 2024 when the fed is telling you, we're not thinking about cuts yet, don't take more policy firming off the

table, core cpi is still elevated the fed has been more right than the market lately in terms of the signals. >> that's an excellent point i think a lot of the attention on the fed and the -- whether they cut or hike near term is going to create some volatility, but in the bigger picture, we're clearly towards the end of the rate-hiking cycle, if not already done and next year -- the fed has said they will stay higher for longer my point would be the absolute level of rates where we are now has actually been a refresh -- a restart for equity markets we're at levels still well below, for example, where we were in the '90s >> what about if the economy worsens further? we're starting to see the impact of all that tightening that's the other variable here, both for the fed and the equity market at some point if the soft landing story doesn't maintain itself >> again, an excellent point we think one of the trends to

watch next year will be the consumer, but we think the consumer will end up being stronger than expected so, a soft landing is our view and we'll also note that the markets are driven also by earnings in fact, i shouldn't say also, more by earnings, we think, than, say, economic macro. earnings are reaccelerating. if you look at quality of u.s. companies and the positioning in certain industries like technology, around a.i., the consumer and e-commerce, very well positioned to show good earnings growth next year, even in a slower economy we still think is not going to be a hard recession. >> speaking of tech and semis in particular, we got some 52-week highs in things like kla and micron we've seen tactical upgrades of names like intel and the chip space at large of course, we have nvidia next week and how much is riding on -- at least their guidance being solid. >> short-term a lot is going to ride on nvidia longer term we like nvidia and

the a.i. trend i think it's going to broaden out into othercompanies that either enable or benefit from a.i. companies like amd, vertiv, a company that's in the specialized cooling for data centers. >> yeah, making some news -- making some appearances today. >> did we learn anything about the monetization of a.i. products, whether from microsoft or anybody else? >> we learned the major cloud players are going to benefit that's microsoft, first and foremost, probably google and amazon is coming on as well. >> finally, you make the point, we're heading into an election year you would expect advertising to pick up. that's one reason you like meta, but you don't seem to be afraid to be nimble, jump in and out of names and not just hold passively for the medium to long term is that dangerous? >> it's an expertise that growth investors have to learn.

we are a specialty growth equity firm for 60 years now. the market has been so dominated by the magnificent seven -- there's a lot of opportunity outside those magnificent seven. we do think that's where stock pickers should turn their attention to not wholly but in part at least. >> we're all waiting for the big broaden, if we get it in the coming year. dan, thanks. good to see you. thanks for coming in sara >> carl, the other thing we learned this week is the consumer is slowing. we heard from a number of retailers. while many did beat expectations, we heard a lot of cautious signaling about the holiday season our courtney reagan has the details. good morning, courtney. >> i make a grid most quarters a lot of the retailers have beaten expectations. i see green across the board but executives are white-knuckling it for the holidays. walmart and target say consumers

are spending closer to need. home depot says they're deferring big projects gap and ross shares are big today, best day for gap since its ipo, many retailers had early holiday sales in october walmart noted shoppers are responding to promotional events with some weakness before and after. download data reflects this trend at both walmart and target beauty, health and wellness remains strong apparel mixed. last quarter many retailers called out weakness in discretionary categories, pointing to apparel. clothing remains soft tore target but markedly improved from the second quarter. walmart saw apparel strengthed it was mixed from macy's but tjx said apparel remained strong apparel predicted to be the top gift this season so it's a key area of focus going into black friday, which is a week from today. back over to you, sara. >> wow that's wild. courtney, the other big theme from some of these retail

earnings was the price increases are decelerating i don't want to use the d word, disinflation, but prices are coming down even on food and staples, which has been the priority people are prioritizing the staples and not spending as much on goods i'm curious what threads you took away on the inflationary story and where that will point the consumer. >> absolutely. it's a question i asked every ceo i talked to and said how are you balancing when it comes to dieeceleration and what can we expect as consumers with pricing? to your point, many of them said, look, it looks to be an easier season than what we were anticipating last year because of what we've seen with the flow-through of inflation, certainly coming down in some areas, to your point perhaps some deflation if prices are lower in areas like grocery, maybe that means more disposable income in other areas like discretionary at a time when we need to be spending more on discretionary items if

we're buying for loved ones during the holiday season. i think that's really going to be key to watch. we'll look for for examples throughout the season. executives were reluctant to give us exact numbers, for understandable reasons very competitive when it comes to pricing as always during the holiday season >> yeah. and always hard to tell the underlying price trends in a promotional environment, to your point. thank you, courtney reagan. more retail earnings next week best buy, lowe's and a number of others. nvidia up more than 200% this year. is there more room to run for the best performing s&p stock of 2023 we'll break down how to play it ahead of earnings next week. and then later the ceo of t-mobile joins us in vegas as we gear up for the race weekend t-mobile is a new sponsor of the 'ltavegas grand prix wel lk about that and other underlying business trends

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outperform, with revenue growth, margin expansion, something they say is not captured in current estimates. they do take down airbnb to in line with what robusts call robust 29 times pe ratio not making the stock as attractive in their eyes expedia trading at levels not seen since june of '22 their target of 200 does imply almost 50% upside. >> i didn't hear any sign of slowdown from tony capuano of marriott, on leisure travel in the u.s., on global travel it remains hot, the travel sector. carl, a note from the desk of piper sandler catching our attention this morning raising estimates for nvidia ahead of its earnings next tuesday, citing robust u.s. demand and a promising product road map while also expecting minimal disruption overseas as the company tries to navigate the trade bans in china.

why are you taking estimates higher into earnings >> thank you for having us on your show. we see a very strong tailwind from the data center cohorts for nvidia gpus. there's the traditional data center guys, people such as oracle, microsoft, others that are buying gpus for their cloud services piece and for their own traditional businesses and then we see a new set of cohorts that only do data c

center. >> first of all, china generative a.i. demand hasn't been as strong historically. nvidia has received 22% of revenues traditionally from china. we think on generative a.i. demand, it's mostly the u.s. cloud guys that have led the front over there with capex spending and more than the chinese cohorts. of course the ban last year didn't help. the second thing to take into consideration is the last time the cat and mouse game was played between the u.s. department of commerce and nvidia, nvidia took two months to redesign the chip, meet the standards and put the chip on the market in china. generating $200 million plus of revenue in 14 days we don't see nvidia stopping that ability to redesign the chip and meet the criteria but we don't think china is a

big portion of generative a.i. demand today. >> the other question has to be at this point valuation and how much more the stock could potentially run up after 200% gain this year how much of everything you're talking about is already factored in? is there a better way to play generative a.i. at this point? >> yeah. so, the number one thing that i think nvidia has to do in terms of what needs to come out of the earnings call is basically pacify people that there is not a digestion period coming. you've covered semis for a long time you know semiconductor businesses are not supposed to grow at 20 0%. we're at a 4 to 20% growth sector when something grows 180 or 175% year over year, it begs the question, is there a digestion period coming? we don't see any digestion for the next two quarters, but it's in the minds of investors who will give a multiple to this company that's above and beyond 25 so, you take the current

estimate and you say you know they're probably going to beat and the numbers are going to go up then you apply a 25 multiple and you sort of come to a $500 price target so nvidia has to convince us there is demand above and beyond, despite all these chinese restrictions and despite all the growth they've had, we can have some growth and start to give it a better multiple as numbers go up. >> right the lack of digestion period, got it harsh, thank you very much appreciate it. harsh kumar from piper sandler carl meantime, caesars and mgm expecting to get a big boost to q4 results thanks to this weekend's f1 race in vegas. amx stock is in red under reports that the company is under doj investigation for ignoring export restrictions to china. we're back in a moment

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this weekend's f1 race in las vegas expected to give a boost to fourth quarter results for names like caesars and mgm c contessa brewer is here. i think we have to start with the disaster that was the practice session that got called off last night. >> i guess it's a matter of perspective. a manhole is loose on the strip. a car runs into it and does some damage to the car.

it has to delay the practice session. that does seem like a pretty big hiccup you saw then tot wolff says, come on, you guys, it's the first time we're racing here it's a loose manhole cover it happens and you're totally discounting all the hard work that has been put into setting this stuff up. my sense is if people are looking for this to be perfect, it's not going to be, it hasn't been, and there's a learning curve. we've heard that multiple times that this is the first one you come in and you find out there are kinks you have to work through. >> absolutely. and they did practice at 2:00 that we all heard. >> how amazing to wake up and you hear the zooming of race cars you wake up at 2:00 in the morning because we're getting up early. >> so you've been looking at the quarterly impact, too, which is important for some of these stocks what are the ceos saying about it >> for instance, you had mgm ceo

bill hornbuckle saying across the portfolio you have ten mgm properties on the las vegas strip. the average is $900 a night for a room rate. that is remarkable considering you're factoring in like the excalibur along with the bellagio where rooms are more than $2,000 -- >> where we are here. >> across the street, we've seen there's still some availability for rooms. they're going for, i think, reasonable prices, $200, $250 across the street, where you're still in the middle of the track and they still have rooms available. what we've been told on the earnings call by tom rieg, by bill hornbuckle at mgm and craig billings, is that they've already hit their expectations they've already presold and the credit that came in. so, now whatever comes in is incremental. for mgm the incremental hotel revenue was like $60 million so, that's revenue they've never

seen before. and i think it matters to the bottom line and will continue to matter to the bottom line for the next ten years, as long as f1's here, especially considering november -- >> as long as it's successful. because we talked yesterday about the discounting of the reasonable rates i do think it's a high/low story. this is an event that caters to the high end, the corporate customer and a lot of their clients they're bringing it's $100,000. how many rooms are there in vegas? >> 130,000, 150,000. it's a lot of rooms. i should know that off the top of my head. >> it's in that ballpark, i've heard. >> it's interesting. every ceo i've talked to and every business leader, i've said, what would you do differently next year? what did you learn what do you want to change and they have said the mistake was getting all of the headlines and the publicity for the high-end prices. if you're going to offer a $5 million package, of course you're going to get a lot of coverage of that what happens was, it scared away

the customers who are maybe, you know - >> more valuable -- >> modestly affluent you're not talking about the budget traveler, but people who are -- will to come and spend several thousand dollars on a trip but not hundreds of thousands of dollar. that would be different. i also think -- we were walking across one of the pedestrian skyways where the screens have been put up so that people can't see for free the f1 race you can see people have gone through and scratched it and tried to put barriers. i do think there's a sense, what the ceos told me, they're going to have to work with f1 to make this race more available so more of the american public that they're trying to reach. >> i think f1 would say they're going to do that through increased general admission tickets. >> yesterday at the fan zone, i'm down at the fan zone at the sphere, those are $500 general

admission tickets. for that price you get three days of access, you get free food by wolfgang puck and it's a special menu, not the airport wolfgang puck, and you get those concerts that are memorable. plus your grandstand seat. i'm like, for $500, that seems like a great value. >> they would say also super bowl is similar prices this is like a super bowl that comes to different cities all over the world it's been great being here with you. >> it's been fun. >> in your town of las vegas and reporting on the impact of the casinos. carl, back over to you. let's get a news update. >> good morning. the department of education civil rights office is investigating schools over alleged anti-semitic and islamophoic incidents. dozens of universities and colleges are involved in the investigation, including cornel, columbia and the university of pennsylvania each family from an ice

icelandic town was allowed back in to grab necessities as they warn a volcanic eruption is imm imm imminent thousands of earthquakes and tremors have hit the southern peninsula over the last few days leaving cracks in the concrete and infrastructure. apple is set to adopt a technological standard next year that allows texting between iphones and android devices to run more smoothly. it will bring imessage features including read receipts, bubbles and higher quality media sharing to all platforms the move comes after more than a year of pressure from regulators and competitors to make changes that work seamlessly across operating systems. carl >> thanks. meantime, crude oil on pace for four negative weeks in a row. goldman sachs says it's time to go long commodities. we'll break down their call when we return.

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european markets closing higher to end the week financial services and basic resources leading the way up but a weaker consumer is the story this morning uk retail sales missing estimates, hitting the lowest level month over month since early 2021 caused a big rally in british bonds. the final reading of eurozone cpi confirming a sharp slowdown in inflation, 2.9% in october to 4.3% last month. on the way up, kept saying that inflation is a global phenomenon certainly in the uk and in europe feeling it like we are they're seeing disinflation coming down as well. it's got to be good news for the ecb, as long as they can reserve a soft landing as well

another challenge. >> yeah. uk retail sales volume back to 2018 levels. pretty amazing. let's turn to commodities. brent turning around today but still on track for four negative weeks in a row after hitting a four-month low on the supply and demand concerns. nat gas sinking today, underground storage shot up by 400 billion cubic feet week on week due to higher temperatures. joining us to break down her outlook is goldman sachs head of global nat gas research, samantha dart. thanks for the time. great to see you talk to me about the outlook for nat gas. how much sort of involves going into yet another winter in europe where you would expect some to be worried about supply. >> yeah. the european balance is interesting because we have record high levels of storage at the moment, but the problem is not where you enter winter, it's where you come out so, what we're worried about is

how quickly you willuse up those stocks if we don't see any shocks in the system, meaning if we don't see colder than average weather, if we don't see pipeline or lng supply shocks, we think the market balances pretty well in line with where forwards are at the moment we don't anticipate any issues what we have highlighted is the upside risk during the winter. if the balance does tighten because of any of these shocks that i mentioned, the next type of price level that would allow the market to balance would be gas to oil switching that could pose up to 100% of upside >> and the united states still a reliable exporter, a friendly neighbor, at least on the nat gas front, or liquefied natural gas? >> yes, it is. but the caveat there is you can only export the size of your export capacity, right

lng requires very specific technology you can't just use any port. you need a liquefiction plant. and it's at full utilization at the moment for the u.s. to grow exports from here, we really need to see added export capacity. it is on the way it is coming, don't get me wrong. it's only coming from late summer next year >> finally, the degree to which you can weigh in on u.s. crude, remarkable turn of events here since the october highs. obviously we're starting to look ahead to the opec meeting, watching non-opec supply do we think the mid-70s hold >> no. we think we move higher from here it's true that we've had some supply surprises in the system this has weighed somewhat on time spreads on the curve. there is a reason why we're seeing this pressure on crude that you're mentioning

but it's important to remember that the way we expect things to evolve from here is towards the tighter balance. one interesting anecdote is oil tee manned growth is 200 million barrels a day. it's much higher than our optimistic expectations. it's higher than what the iaea expected as you continue to see somewhat higher oil demand going forward, we expect oil to grow into 2024. and this alongside the continued cut from opec that we expect to last for at least another six months should keep the market in -- providing not only carry returns but spot price appreciation as well we expect prices to average about $92 next year. >> yeah, those cuts keep getting

extended december and now we're talking another half of a year it will be an interesting couple of weeks as we work our way to the meekt. samantha, thank you, goldman's head of nat gas research thank you. sara carl, ibm pausing advertising on social media platform x after one of its ads was placed next to anti-semitic content. we'll discuss what it means for the company and elon musk's brand after the break. in the u.s. we see millions of cyber threats each year. that rate is increasing as more and more businesses move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business. [alarm clock ringing] (♪♪)

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elon musk under fire after endorsing an anti-semitic post on x deirdre bosa has more on the fallout in today's "techcheck." >> good morning, carl. as a lot of our audience knows, elon musk is no stranger to many divisive cultural and social issues -- immigration, gender, and the latest endorsing an

anti-semitic post is raising the question, has he finally gone too far? the white house speaking out, condemning the language he used. the blowback has been notable for how swift it's been, but also perhaps notable for how limited it's been as well. let's discuss the first bucket investors and brands gary black, tesla investor, posted on x, elon musk has to stop the anti-semitic remarks before he damages the tesla brand. i want to believe the ceo's attitudes and tesla brand equity are not linked but my common sense tells me otherwise however, black did appear on our air last hour and he seemed to walk back that statement another investors on "last call," take a listen >> none of his actions are for the benefit of tesla at this moment it's all about twitter and what he can tweet and how many people he can piss off. he actually thinks in his weird world that the things he says matters. but what he's really doing is destroying everything he's built. >> tesla, of course, is at the center of musk's empire.

arguably has the most to lose. but for twitter, or x, musk's comment could be deepening it's precarious condition microsoft stopped reporting after reports said their ads were alongside nazi content. our parent company is looking into the matter. we'll see who else could follow suit there's another angle i mentioned at the top, and that's musk's ability to avoid even greater blowback, what would be completely damaging to any other ceo or brand while tesla shares were lower yesterday, it's not moving much today. it is still one of the best-performing stocks of the year billionaires like bill ackman and mark rowen who came on our air, will they start to speak out? we haven't heard from them yet i would like to add, it's easier to be in an iconic class if you don't have consumer brand and shareholders there are many outspoken business leaders and investors in san francisco and in tech,

mark andreasen, peter teel these are private investors. elon musk is a brand in and of himself. his companies operate in the public market and among public consumers. it will be interesting to see if those consumers start to act, if this time it's going to be different. >> it's a really good point on the private investors having opinions, although elon has been teflon when it comes to controversial statements i'm curious about the impact on x and what you're hearing. i did get some comments from an x executive saying that their logs, none of these ads ran adjacent to what they are claiming there are screen shots and so engineers are trying to figure out how that would have happened i would think it's a blow for linda yaccarino who was brought in to bring back advertisers and has touted the success with that and where it leaves that effort. >> it absolutely makes the ceo

linda yaccarino's job so much harder it has already been such a challenge for her to operate when elon musk is making these loud, vocal comments on the platform so, she had a response she said when it comes to this platform, x has been extremely clear about our efforts to combat anti-semitism and discrimination there's no place for it anywhere in the world, end statement, full stop. she's already faced all of these challenges it's intensified and her job is to specifically bring back advertisers to the platform. you mentioned this report from media matters that some of these ads, big advertisers' content was beside nazi content. there were others mentioned. we'll see if they follow suit. you said it, sara, he's been kind of teflon this has quieted down after a certain amount of time we'll see if this time is different, if there's more movement behind it. >> the timing is bad because --

the media matter reports, that's why ibm bailed because of the nazi comment and then have elon pile in like this, at a time where anti-semitism in this country and around the world is growing and is at some sort of fever pitch, it feels like i mean, it feels different than when he picked a fight with the adl, just on timing. >> and very much - >> more people will be vocally condemning him. >> it very much does feel different this time. there's so many emotions around this, which i is why i bring up the idea that some of the billionaire investors that have spoken out quickly on some of the other issues involved here, we'll see if they speak out on elon musk. i think it is notable as well that the white house has issued a statement. >> for sure. deirdre, thank you continue to follow the fallout for us. after the break, the ceo of t-mobile will join us here in vegas. we'll discuss the company's new partnership with the las vegas grand prix ahead of the big race weekend. we're back in just a moment here on "squawk on the street."

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t-mobile is one company that is revving up for the big race the company acting as the exclusive wireless provider for the las vegas grand prix and has made permanent 5g upgrades throughout the city. joining me now on the decision to invest in the race, t-mobile u.s. ceo mike sievert. good to see you. >> thanks, sara. good to be here. >> you are going in here to vegas, it's new and in a very big way, why >> we're really proud. we're one of the presenting sponsors of the race here working withthe las vegas gran prix and, look, this sport is

blowing up you've been covering that incredibly the last few days i checked out the documentary last night great job. that was a great look at what's happening with this sport. >> and companies like yours led me to do that. companies big and small want to take advantage of the growth >> absolutely. for us, we're a big sponsor of sports we have to be. we're one of the biggest marketers in the country where can we do more than just get our name out there i think people know the name t-mobile and what we stand for we're trying to showcase the unique capabilities of our 5g network. as the presenting sponsor of the race we're powering all of the track connectivity of the race these are thousands of employees taking care of hundreds of thousands of guests. do you know in las vegas the average download speed customers are getting is over 900 megabits per second through a unique 5g slice, the

operations of the race itself. >> i think of the f1 customer as a higher end customer and certainly in las vegas the prices for tickets, and i am curious how that fits into your strategy for the value oriented consumer and the corporate consumer >> you have to check out t-mobile at the sphere, the largest audience section of the race 25,000 fans and ticket prices there for tonight as low as $400 this is a really accessible place, but it's also incredible with eight grandstands for entertainment, live shows throughout the race. a unique club magenta for t-mobile customers with drinks and an incredible view of the track and, of course, a place that's accessible because that's part of what our brand stands for. but, also, we are entertaining ceos and business leaders and showcasing for them what our standalone 5g network can do with a slice of spectrum dedicated to them. and we're showcasing that to them with a hospitality program

here because we want the reach of this sponsorship to be that nationwide government and enterprise leaders start to adopt dedicated 5g customers >> you want to bring in more business >> are you increasing advertising spend overall? >> we're a consistent marketer we're one of the biggest in the country. we have to be. we're one of the biggest brands and in an intensely competitive industry navigating very well through that no, we're not increasing it. it's sustaining at a high level. >> do you advertise on x >> we do >> we were having a conversation about some of the perils that come with that. >> we advertise across the digital landscape. i have to think about all that, but, you know, we've been in social media for a long time and as it relates to sports, we're one of the biggest sponsors of sports nationwide. we're probably the biggest sponsor of major league baseball and, again, in all these sponsorships, we try to showcase

our network. we're powering the new automated balls and strikes capability so that the umpire now will have extra information, like we all get at home, and now the umpire will get the same information thanks to t-mobile so those are the kinds of things we like to do. >> do you care what elon musk says as someone who advertises on x >> we track all that and, you know, i haven't been able to parse what he meant. >> a little unclear. >> so we need to understand kind of what he meant behind that was he talking about one organization >> as far as the overall business, we had you on a few weeks ago, growth has been in the switchers, right, from some of the competitors how much more is the question you always get, how much more runway is there for that >> the market has been resilient. that shouldn't surprise us one of the things you ask almost every guest is what are you seeing, how is the economy and for our industry we probably wouldn't be the best people to talk to about that because we're not seeing any indication of a

slowdown it's not discretionary for most people they will stick with their mobile phone what they might do is start to question whether they have the right provider there may be a flight to value that starts to happen in this category and, if so, t-mobile wants to be positioned to remind people we have the best values in wireless hands down >> so when the economy turns south, you benefit from value oriented switchers >> we want to be there for people on tight budgets. that's always been a value of our brand. what's interesting, these days they don't have to make a tradeoff with their tight budgets because we're simultaneously the best network with more than double the geographic land mass of at&t or verizon and 5g, more than the two of them combined >> how much share are you taking in business? you mentioned hosting the ceos >> last quarter was one of the biggest growth quarters we've ever had and that's -- we're on our way, we think, to north of 20% market share from when we started as the new company three years ago, less than ten. we're rapidly taking share in

that space it's really profitable business. it's productive business because ceos are not just wanting a connection for their employees' smart phones, they're rethinking connectivity as rickety wi-fi infrastructure starts to age there are hundreds of thousands of people here there will be a million people plus viewing, as you know. it's much more about nationwide. how can we use the experience of this incredible connectivity we've built for this iconic race to inspire business leaders and government leaders nationwide to rethink their connectivity >> all right, mike, thank you. >> thanks for having me. >> mike sievert, the ceo of t-mobile carl let's get to "the buzz" this morning. today it's about amazon. back in may, you might remember, started requiring corporate employees to work in the office at least three days a week but now for anyone who is still holding out it might affect their ability to get promoted with the company's internal

website saying that hr is actively monitoring compliance as they evaluate eligibility for promotion, sara. they say we expect employees who are being considered for promotion to be in compliance with company guidelines and policies of course andy jassy has talked to us for literally years about the importance of people being in the office because that intangible back and forth that happens both in a conference room and, again, once the meeting is over. >> a number of ceos have been talking to us about it carl, we get the best stuff really when they're not on tv talking about it because they want their employees back at work, but they have struggled in the last few years to actually get them, require them to do that i do wonder if what amazon is doing is a sign that companies are going to get tougher with that as the balance and the dynamic economically shifts. we've been a really tight labor market where employees have had the upper hand we've seen that with the strikes. maybe now as it gets tighter,

jobless claims are at a high, job growth is slowing, it goes the other way and employees will be more mandatory for them to have to go back because employers get more power here. >> we've talked a lot about work from home being part of comp busy week next week, sara. before then, we hope you have a great time out in vegas this weekend. great work >> thank you thank you very much. it's been fun to join you. you can catch the documentary again tonight at 8:00 p.m. please watch >> let's get to "the half. carl being thanks so much. welcome to "the halftime report." i'm scott wapner front and center this hour, the state of the rally stocks going for their third positive week in a row we'll debate where things can head from here with the investment committee joe terranova, shannon saccocia, bill baruch. the dow is negative by about 21. there's the s&p flat the nasdaq is down a touch, 4.45 the yield on the ten-year note going for this streak of three in a row where do you think we really