when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. hot dogs! fresh, warm hot dogs! before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. hi, everybody. welcome to "power lunch. i'm tyler mathisen, literally alongside kelly. i don't think we've ever been closer markets are higher, but there is one story dominating the business world, the dramatic events at openai that took place over the weekend founder sam altman is going to

microsoft, taking his talents to seattle after being ousted by openai's board late friday. >> now hundreds of openai employees are threatening to leave the company and potentially follow him to microsoft if the board doesn't resign, and the board is standing by its decision to oust altman, but did apologize for the way it all happened. so much to break down on this story, and we have the perfect panel to do it here on set, steve kovach, our tech reporter, dan ives, managing director, chief technology correspondent at axios. welcome to all of you. steve, i'll start with you anything since the news last hour that now 700 of the 770 employees are threatening to resign >> not much movement i will say the conversation has shifted and we touched on this a little last hour at the top of your show, the conversation has kind of shifted to this disbelief that altman is ever going to join microsoft. there's this idea that with so many employees threatening to walk out the door, there's no company left to manage, so the board may have no alternative

but to invite altman back under those conditions he was requesting over the weekend. >> what were the conditions? >> unclear, but basically no more board members i know brett taylor has been the former salesforce co-ceo, and that name was someone they wanted to be on the board and that was tossed around over the weekend as well as part of conditions for coming back, some kind of voting power, perhaps. if he doesn't join microsoft, microsoft has egg on its face after making this big announcement early in the morning before markets opened, saying we're bringing sam in and his team and his group of close confidants. >> ultimately it would be better for openai to be something of what it was a week ago, versus the shell of a company that remains. >> the other thing, are they acquiring a company for basically next to nothing? we talk a lot about how much microsoft has invested in openai, $13 billion. they haven't made all that money and a lot of that value is tied up in things like credits for

using their cloud service. it's not like microsoft has written a check and owns the stake. there's still a lot of money in flux. >> what do we know about how this spun out of control and got so out of round? >> yeah, i mean, it's pretty unprecedented, i spent the weekend reporting on it. no one has seen anything like it it's very clear that there were a lot of things that weren't taken into account when these decisions were made by the board. just looking at the communications and not consulting, as we broke on friday, they gave microsoft their biggest partner and investor one minute notice so it was clear from the moment that this was going to be a bigger deal than they anticipated. this isn't just like, oh, well, we'll replace the ceo. again, it's unprecedented. it's hard to think of adjectives. >> dan, who owns openai and who is going to own it >> look, this was a clown show,

by the openai board. and ultimately it's really now microsoft and nadella that are going to own openai in terms of altman and brockman and everyone at microsoft and now openai for all intents and purposes is almost a shell company. everyone now goes to microsoft i would argue that microsoft is in a stronger position today than they were in the twilight zone scenario, than they were before this all started on friday and i think it's an example of this board were like 8-year-olds playing checkers and nadella, the grandmaster chess player, ultimately is the one that swooped in, and now it's microsoft for the strivictory. >> the only question i have, what about the chatgpt product it's still an openai product this company is now in complete disarray and there are clients who are trying to figure out because they have to use it today and tomorrow and the next day. do they need to quickly find a

substitute or not? >> to that point, the software has already been fully integrated and steve knows this, that's the key where the technology is. so microsoft felt they were in a position of strength to do this as well. look, their back was against the wall when this all started right now, it's not just about technology, they're going to have all those developers. altman, brockman in house, and i think this could ultimately start for them to be able to focus on chips. >> you're asking who owns chatgpt. it almost doesn't matter because what we saw microsoft do in january of this year was take that foundational technology that openai made, integrate it into bing. they have bing chat enterprise, which competes with chatgpt. microsoft is selling that product to businesses. you can use it to code or do whatever you would with chatgpt. if openai disappears by the end of today, that product will still exist, still operate fine and microsoft can still sell it. >> what does happen to openai,

the company? does it cease to exist >> well, there's two scenarios right now. one is that microsoft, they do indeed -- most of the company de-camps to microsoft and there isn't openai as we know it the other, and i think we should point out this is probably certainly a likely scenario, if not as likely, is that ultimately under this much pressure the board does resign and we go back to having an openai either way, microsoft is in a stronger position, i totally agree with dan either they have more control of openai than before, or openai employees work for microsoft i think the point about developers is important. there are a lot of people, start-ups that have built their company that don't have the position microsoft does, that do rely on openai's apis, that rely on their technology, and there's a lot of concern about that. openai, everything is working today as it should be, and probably can for the short term. but i think a lot of companies that built their business

depending on openai are certainly wondering about that choice right now. >> am i right, dan, that microsoft owned some 49% of openai who owned 51%? >> and then there were other investors in terms of -- if you think about the way it was structured, microsoft did not have a board seat. but the best way to think about it is that $10 or $13 billion that they paid, they're now what's called $90 billions in terms of valuation, they got $90 billion for $13 billion. >> not even. >> yeah, so they bought, think about like one room in a house and now own the house. >> also, in a way -- go ahead. >> well, it's more complicated than that even still, because they own 51% of this for-profit entity what makes this totally unusual is the board, not only did they not have a seat, but that wasn't

a traditional board. it was a nonprofit board, so they owned 51% of the subsidiary other investors should invested and own a portion of this for-profit subsidiary. but this board that's not accountable, whose fiduciary duty is not to investors or the company or stack holders, but rather to protecting humanity. there's a lot of strange dynamics at play. >> it's going to be hard to see how we can turn back the clock the options seem to be to move forward with whatever is left and maybe it becomes a 501(c)(3), going back to its ori original position, or you put the genie back in the bottle and you put sam back in charge and let him do what he wants to do you mentioned the chips. what would you be watching for >> we've got to keep in mind it was just five days ago that microsoft had its big ignite conference where it also introduced its first chip that's going to compete with nvidia, keep it so microsoft doesn't have to spend as much money.

i know all these reports came out over the weekend that altman was thinking about doing a chip startup or integrating some kind of chip thing into openai. that almost doesn't matter at this point like if they do join microsoft, maybe he can reinvigorate that project. but really right now what they need is the stability of the product itself, the chatgpt, i think as dan was saying, all these start-ups that are relying on the technology, there's also a panic in that community calling anthropic, google, who can we get to fill in the gap here kind of forgetting that microsoft is still there with all these tools. >> and you have a board member that was key in the firing of altman apologizing, saying they wish it never happened that would be like burning someone's house down and in the morning bringing a hallmark card i saying, i'm sorry. >> you think this is bullish for microsoft, but if this does push

google and anthropic closer together, what are the implications >> i think for google and amazon, they're going to go after this pocket and look to get developers, engineers. >> we'll see that next week. >> ultimately look at it as an opportunity. because before it was viewed as this was really -- they had an iron fist sort of stronghold now there would be an air pocket that could be positive for google or amazon ultimately nadella had to make sure altman ended up in redwood and nowhere else. >> final thoughts? >> i do think keep watching. i don't think we know -- i'll believe that altman and brockman and the rest of the team are going to microsoft when it happen i do think microsoft is stronger and i think there's an information gap that the competitors will seize on. but i think long term, microsoft probably comes out of this better either way. >> thanks to all of you. please do stick around, because we've got more coming up here. >> so much more.

misadventures in the world of elon musk, following the backlash hitting him linda yaccarino is facing growing calls to step down after failing to keep him in check we'll get more details. let's get a quick check of the market the dow gaining 193. the qqqs highest level since 2022 microsoft having an impact on the group, followed by apple paramount on the positive side, up 7% today. they're selling a majority stake in bellator to the saudi-backed professional fighters league bristol-myers squibb down on news that there's a halt on a late-stage trial investors are unnerved that's your power check and "power lunch" will be right back the cloud. - so, the question is... - cyber attack!

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welcome back to "power lunch. now to the other big tech story, the continued fallout from elon musk's post on x advertisers continuing to leave the platform, and they may not be alone let's bring in julia boorstin for more details what do we know? >> well, kelly, x ceo linda yaccarino standing by the company in the face of reports that ad industry leaders were calling upon her to resign this drama unfolding while she was at her daughter's wedding over the weekend she tweeted out this morning, quote, when you're this consequential, there will be

detractors and fabricated distractions, but we're unwavering in our mission. this comes as major advertisers, including apple, ibm, disney, comcast, cnbc's parent company, continue to pause their spending on x their boycott started late last week after x's ad revenue was on track to fall by 55% this year from last year, according to an october estimate, by insider intelligence its principal analyst warning of musk's anti-semitic comments and other posts on x saying, quote, the damage to x's ad business will be severe, a big name advertiser exodus will inspire other advertisers to follow suit, and there's already likely a long tail of less vocal advertisers that have pulled spending so right now we're waiting to see if elon musk files what he said would be a, quote, thermonuclear lawsuit questions media matters. a report showed x placed ads

al along nazi content >> i'll start with you where do we go from here >> you know, i think that the dam has opened up and we're probably going to see a lot more advertisers. we've seen a bunch of big name advertisers pause in the wake of the acquisition, and then kind of everyone quietly came back. but this time you have apple and others, i think apple was one that a lot of people were looking to we broke the story on friday that they were pausing their advertising and then we saw most of hollywood follow suit i think advertising is still where twitter gets -- x, sorry, gets most of its revenue, and despite subscriptions and an effort to build a lot of other products, the business is built on the back of advertising, and a lot of the advertisers i talk to are really worried about what their content appears next to,

as well as what the company says and the way it has structured its business. >> how much, steve, of the advertiser exodus is attributed to what in adjust talked about, and that is the proximity of advertisements to hate speech? >> right it's more that than elon. >> as compared with what elon said. >> it's baked in musk is going to say crazy stuff on the platform, that's kind of baked in and understood, even as x was able to court some advertisers back what this media matters report found out, and we'll get to the lawsuits or the threats of lawsuits in a second, this is after x came out with, i believe it was back in august, saying we partnered with this great group, they have this great technology that's going to ensure you, mr. advertiser, what just happened is not going to happen. meaning we have this technology to make sure that ads don't appear next to it. they failed on that promise. >> so, julia, what took the

advertisers so long to figure out that their content, that their ads were being placed in proximity to knenazi or extremi rhetoric, and why aren't the people at the company that place these ads being called on this >> media matters came out with a report last week and i would call it almost a watchdog group that has publishedseveral reports about the failures of x to adequately police the platform x has been consistently focused on the importance of free speech what media matters says is that this offensive content, this pro- pro-nazi content is on the platform and ads are placed alongside it the reason musk threatened a lawsuit is because it was

manipulated, someone went on and created an account and tried to get ads to show up next to this content. i think, at the end of the day, if ads were to ever show up, that is a problem for x. and i think this report shines a spotlight on this concern about brand safety and i think that's really what it's about at the end of the day. but i do think it's worth noting that if you have a broader brand safety concern and then elon musk himself sharing and re-tweeting content that many people think is offensive, i think the combination of those two things is really meaningful, and for a lot of these brands they're very concerned. >> why did it take somebody else's study >> this has been the story of social media for years. >> why did it take someone else's study why wasn't someone at comcast or ibm or apple or wherever looking to see where their advertisements were appearing on the platform x why didn't somebody do that?

>> i don't know. >> i would also say that -- julia, go ahead. >> i was going to say it's one of these situations where it's constantly fluid, right? i mean, whether you're meta or whether you're x or whether you're tiktok, it's not like a tv spot, where you know that you're scheduled to run next to the neo-nazi content it's not that simple the more people follow neo-nazi content, the more traffic there is where those types of ads might show up. the issue here is that linda yaccarino has promised advertisers that their ads will not appear next to that neo-nazi content. i think that's the problem, what is the traffic on the site that's generating the eyeballs or the ad impressions for ads to be placed next to it so it's more complex than traditional tv advertising. >> i would just add the elephant in the room is musk.

if you look at last week, what happened there, that's the biggest issue. it's another black eye for musk, and that's really what advertisers are just so dismayed o at the musk tweets -- >> is his damage control enough to save the exodus, and is linda yaccarino's job really on the line >> right now you can't put the genie back in the bottle what we've seen over the last week is just a cascade of advertisers leaving. i do think from a brand perspective, tesla right now, it's contained in terms of the impact but this is part, as we've talked about for many months, it's the $44 billion nightmare, where i believe twitter right now, x, if you looked at the valuation, $5 to $10 billion at most. >> you've been saying for months this is a real problem for tesla in terms of share performance. maybe we haven't seen it just yet. what is the risk you see in the next 12 or 18 months >> i think for now it's kwordenned off

it's about brand when you buy a tesla, it's elon musk, it's a brand and i think part of the frustration, just the agonizing pain here for investors, the last thing you want to see here. you want musk to be focused on tesla and spacex, and instead he's replying back to someone. i think that cascades. >> ina, thoughts >> if we take a step back, whether it's big brands or someone buying a tesla or the u.s. government, which has contracts with spacex, i think everyone is weighing what are the big benefits of what elon's products are delivering, versus how much can i stomach and i think one of the reasons that brands all hopped in together is i think they've all been sort of weighing this it's not like elon musk has changed his stripes overnight. i think advertisers have been struggling with this decision for quite a while, knowing that their customers are still there to some degree, there's still a meaningful audience to be

reached at the same time what are they willing to stomach in terms of doing it and i think it's the same decision tesla customers and shareholders are wondering i think at some point we also have to have a conversation about the u.s. government, which is highly dependent on spacex and the starlink. >> it speaks to the fact that each of the companies are in many ways essential. the question you mentioned, maybe twitter's market value would only be in the neighborhood of $5 or $10 billion. if it is that low or losing traffic, which remains an open question, whio wins from that >> you could say other social media in terms of snap and others i think right now maybe meta but it's really who the losers are here this continues to be probably the most overpriced tech acquisition in history, but now, again and again, the last thing you want to see as an investor, just brand destruction i think that's the frustration it's such a tense geopolitical

time. >> julia, let me squeeze you in and then go to steve for a final thought. >> it's notable that some of the advertisers typically spend a lot during the holiday season. apple typically spends a lot to promote products for holiday shopping, you have the entertainment companies, usually around this time of the year promoting big holiday movies and their streaming services that they want people to give to each other. those tend to be big holiday advertisers. i would also say that they're facing their own economic pressure and are looking places to cut back. so if the x ads aren't working very well, if they're concerned about the brand safety, then it would make sense for them to say, where can we move our money right now? or maybe we pause this permanently while we focus on other ad areas, because they don't want to be overspending on advertising right now. >> steve, what does he do? what does musk do? he doesn't do apologies well. >> he doesn't. his posture is i'm going to file this thermonuclear lawsuit,

which last i checked, the courts opened a few hours ago on the west coast that might have been a lie it wouldn't be the first time he's threatened a lawsuit. second of all, it's telling that the reaction is not we're sorry, we're going to fix it. the reaction is, you guys are the bad guys, the people reporting on this are the bad guys you can say whatever you want about media matters, you can say they're out there to get elon musk, bring him down, send him to the poor house, whatever. that doesn't make what they found any less true. so to sue over that just seems like a huge distraction when you should be courting those advertisers back so i don't know what the lawsuit or a potential lawsuit or complaining about these companies pulling their ads does except help his ego and help him feel better about it but it doesn't bring business back. >> we have to leave it there i'm sure we have not heard the last of this particular story. >> famously silent guy. >> yes, exactly. steve, dan and ina, thank you, and julia, thank you as well. further ahead, cruise ceo kyle vogt resigns from the

gm-owned robotaxi unit, this following a string of missteps for the company. ch're going to dig deeper in te check we've got more tech to check we'll be right back. en their sks with tailored education. get an expanding library filled with new online videos, webcasts, articles, courses, and more - all crafted just for traders. and with guided learning paths stacked with content curated to fit your unique goals, you can spend less time searching and more time learning. trade brilliantly with schwab.

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welcome back to "power lunch. bond yields higher today for a bit of a change, and we did just have a big auction a short time ago. let's get out to chicago and rick santoli for the details. >> depending on where you look on the yield curve, you can find some a bit higher, some a bit lower. the reason, well, the next chart, an interday of 20-year bond yields. yes, look at what happened at 1:00 eastern, a big drop the reason, $16 billion of those bouncing babies found new homes and it was a very solid auction. many still probably are thinking about a week and a half ago on a thursday, november 9th, 30-year bond auction ibcb, industrial commercial bank of china, a big player in the auctions, was hacked, had a problem. that, in turn, affected the auction, which already was a weak auction, and it turned into

an auction disaster. i gave it a grade of a d minus this auction went much better. as you look around the yield curve, everything changed after that auction look at a two-day, after the auction, you saw yields made new lows or new high prices, and that entire long end of the treasury curve moved into the green as prices moved higher but if you look at the short maturities, you could see how tight the ranges are, the fact that yields are held up for firmly the fact is that 2s, 3s and 5s are still higher in yield and lower in price than yesterday. so, yes, we've seen more inversions in the curve since that long dated auction. and there was something else today that really is worth mentioning leading economic indicators for october down 0.8 of a percent, with what was the 19th

consecutive negative month-over-month change in a row. many don't have lei as their main strategy variable in how they're going to trade, but it is worth noting that this is the longest negative run outside of the april of '07 to march of '09 run when it was down 24 consecutive months in a row. tyler, kelly, back to you. >> you don't want to be in that company. thank you very much, rick santelli let's get to contessa brewer for a cnbc news update. >> the appeals court found only the federal government can bring a legal challenge under the section of the law that prohibits discrimination based on race in elections if the ruling stands, it would prevent private citizens and civil rights groups from taking action, which is one of the main paths for enforcing the landmark law. toyota's credit business is facing a $60 million fine from the federal government the consumer financial

protection bureau accused the credit arm of tricking customers into purchasing unnecessary products, and then making it unreasonably hard to cancel them toyota did not admit any wrongdoing as part of the settlement ahead of the holidays, you can order for more free covid-19 at-home tests. the biden administration brought back the free test program in september during a spike in cases, and said it will do the same again now because more people will be gathering indoors and potentially spreading the virus. you can put your order in at covidtests.gov welcome to thanksgiving dinner, here is your covid test. >> thank you, contessa ahead, we'll dive deeper into markets around 20 new names are hitting a -week highs. lot of them tech related microsoft and meta are on the list "power lunch" will be right back only at vanguard you're more than just an investor you're an owner. that means your priorities are ours too.

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of young people who feel they can thrive. ♪ ♪ welcome back to "power lunch. it is a shortened holiday week on wall street and stocks are looking to extend last week's gains. our next guest feels that last week's inflation data support the year-end rally and expects

the broadening to continue let's bring in chief investment strategist from hightower, as well as a cnbc contributor you think, stephanie, the rally has some legs, at least through the end of the year, based on the data >> definitely, tyler good to see you. it is the inflation data certainly that's one of the catalysts, but there's a couple of other things. the economy is continuing to see expansion. we're going to see 2%, 2.5% growth, i think the fed is done because of the inflation coming down we've seen a peak in rates and then just throw in seasonality for good measure and i think all of these things combined will lead to the market continuing to do well until the end of the year and probably chasing as well. >> what sectors do you like the most >> well, i think you have to have kind of a diversified strategy i think there's nothing wrong with technology. even the magnificent seven, i

own a few, for sure, and i think they will continue to do well. it's hard not to get excite bd the markets in ai, cloud, security, et cetera. that being said, it's a big piece of the overall market at 35% in terms of waiteighting you want exposure on the industrial side. we've talk about onshoring all year long and i think that is a ten-year theme and it's going to continue to be strong. i think anything tied to aerospace is doing well. look at the boeing upgrade today. i do think energy can play a little catchup it's kind of frustrating, as the financial sectors in general but i think you can find pockets of really good ideas in those two sectors as well. >> ari was talking about stocks last hour and mentioned in passing that he thinks we've moved past the mid-cycle correction phase into maybe the final leg of the bull market, and then a couple seconds

afterwards, i asked him how long can that keep going, and he said maybe until the first fed cut, which could be who knows what time next year does that feel like it's right to you, that that's the kind of stage we're in right now >> it's hard to tell, because there's so much underlying stimulus in the economy, kelly we just grew 4.9% in gdp last quarter alone, and i actually expected us to slow down substantially from that. i think 2% is pretty respectable. i think we're going to continue because you do still have a lot of infrastructure stimulus in the economy that hasn't even entered into the economy it always takes a delayed amount of time. so i think that's going to be a nice stimulus. i think we have to watch for jobs jobs continue to be really good in terms of the strength, wages, and i think the consumer, just if i listen to what all of the retailers said last week, the consumer is not dying. the consumer is picky and choosy and doing things in services, they are doing things in goods

i think you have to be a stock picker i was very impressed with the profitability of these companies in the face of some of the headwinds on the demand side so i think that as long as the consumer hangs in, and then you have tailwinds from the industrial part of the economy, that's a big part of the overall economy, and that should lead to pretty decent earnings, especially when you add on the technology movement as well. >> speaking of adding on, you've added on to your holdings in target just today. >> yes so i think they did a really good job in terms of controlling what they can, meaning execution, meaning cost cutting. they beat operating margins, tyler, by 120 basis points this past quarter, they beat gross margins by 273 basis points relative to expectations that's really remarkable so their operating margin came in at 5.2%, and everyone was expecting 4% and their goal is to get to 6% if they can get to 6%, you're

looking at $9.50 to $10 in earnings power, and that's really an attractive valuation at 13 times. if we get the demand that comes back, you're going to have more massive operating leverage to the bottom line. >> and another one you like is, i think my wife's favorite store, home goods, which is owned by tjx >> yes, i know it's your wife's favorite it's mine, too yeah, i mean, this was a stellar report they beat in same-store sales, in revenues and earnings, a nice margin and tailwind as well. they cited lower overall macro inventory, so lower inventory, but they're still elevated tjx is going to benefit from the elevated inventories they have pricing power, they're doing good on both segments and the stock fell 4% on the day i felt that was silly. i'm just letting the dust

settle this is a dream for the off-price retail sector, so you want to pick your spots within that group. >> looks like you did some nice holiday decorating over the weekend. i know what you were doing putting up that tree. >> home goods. >> stephanie, thank you. good to see you. >> thank you good to see you. coming up, cruise control. the ceo of gm's taxi unit leaving. we'll get the details on this saga, including who is set to take control now when "power lunch" returns you can't buy great conversations or moments that matter, but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine.

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welcome back to "power lunch. let's get to that resignation of the high-profile ceo of a tech startup, not openai, it's cruise we're talking about now. deirdre bosa joins us with more on this saga, and what a saga it

is. >> not the first time we're talking about it today top executives out of the door, a larger company trying to exert control, locked in fierce competition with google. it doesn't just describe sam altman today cruise, the start-up owned by gm lost its ceo, kyle vogt, over the weekend, and a second co-founder also announced his resignation today. cruise has had a number of recent missteps, the california dmv suspended its license, it then suspended all operations on public roads, issued a voluntary recall of nearly 1,000 cars, and it was involved in a high-profile accident with a pedestrian in san francisco. regulators have accused the company of not being completely transparent. gm bought the company in 2016 and had huge ambitions for the startup, but since then waymo has taken the early lead and it continues to operate on the streets here the last earnings report, gm revealed that it has lost roughly $2 billion on cruise,

just this year, $t200 million in the first quarter alone. kyle vogt says he plans to spend time with family and explore new ideas. the vp of engineering will take the role of president along with general counsel. self-driving technology costs a lot of money, it's fraught with regulation, and now executive changes at the top robotaxis, one of the most promising technologies, along with generative ai here in san francisco thrown into doubt as well. >> i think this one feels almost more impactful i understand people say that ai is going to kill off humanity, but cruise was involved literally in fatal accidents, so it feels like there's more details about this partnership and the wisdom of san francisco regulators in letting them have their way on the streets, and so where do we go next for those

who would like to see autonomous driving down the road? >> i mean, the whole point of autonomous driving is to make the roads safer. you don't have drivers who get tired, you don't have drivers who drink and drive, you don't have drivers that are sleepy but regulators, and we spoke with a number of them, say that there's not enough transparency. they need more information to see how they're operating on the street, and that's central to this case of cruise suspending operations the regulators accuse them of not being totally transparent, and that goes back to kyle vogt when i sat down with him not long ago, just a few months ago, he said that was the pinnacle of what they were trying to do. but the regulators don't feel that way waymo will get the edge here there are some concerns, justified, that robotaxis are moving too quickly they need to take a pause and make sure they develop safely. >> thank you so much. still ahead, defense, drugs and donuts we'll get the trade on boeing,

bristol-myers, squid and krispy kreme after the break. how's the chicken? the prawns are delicious. oh, i have a shellfish allergy. one prawn. very good. did i say chicken wrong? tired of people not listening to what you want? it's truffle season! ah that's okay... never enough truffles. how much are they? it's a lot. oh okay - i'm good, that - it's like a priceless piece of art. enjoy. or when they sell you what they want? yeah. the more we understand you, the better we can help you. that's what u.s. bank is for. huge relief. yeah... ♪ in the u.s. we see millions of cyber threats each year. yeah... 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.

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would this be a buying opportunity for you, sylvia? >> well, i think -- you know, i might consider looking at it a year from now, but probably not in the near term i think they have a lot going on so, the gene therapy drug got pushed out they can't sort of get approval on december 16th that's going to advisory review for multiple myeloma treatments. then they had the competitive drug with the trial that stopped and they kind of lost there.

they've lost on another one of their major profit, you know, cancer-fighting drugs because of generics kind of winning out there. so, you know, i just think that they have a little bit of a rough go of it right now where it plays out in the future is that, you know, they have the acquisition in which they'll have a lot of r&d and cancer drugs that could play out. i think the future could be brighter we'll see what happens with this trial in gene therapy, if it does get approved. that's a game changer for them defensive stock in the future, it could be interesting. >> finally, we have krispy kreme lower, downgrade, jpmorgan from neutral to overweight. you have to love a doughnut baker that's rated overweight. what's your take on krispy kreme? >> the problem is nobody else will be rated overweight with all the drugs coming out that will make everybody stop eating, supposedly

i think the biggest sufferers of the weight-loss movement will be companies like krispy kreme. i saw in the notes the downgrade came because of the mismanagement, the ability to turn it over in 24 hours the company only grew about 8%, so i think the future is going towards healthier eating, a lot of this ozempic thing, so i'm a selling of this one. it's had a good run, though. up about 24% year to date. >> sylvia, thanks very much. have a great thanksgiving. >> thank you you too. happy thanksgiving >> trying to work a way r fo krispy kreme into my thanksgiving

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welcome back amazon is launching a free program to train millions of workers in ai skills as they try to keep up in the race for talent with microsoft and google according to the "wall street journal," amazon plans to train 2 million people in advanced ai skills by 2025, eight online courses targeting people in tech and tech-adjacent roles. maybe this is a way of getting people interested. >> i would sign up for such a course because i just don't know

enough to be artificially intelligent. >> how does this help them in the war for ai talent? we aren't working there but i would take the course. >> i would take the course who says money can't buy happiness? a median salary of $65,000 said a bump to a medium income of $95,000 would make them happy and less stressed. those making a median of $250,000, the number was $350,000 a year for happiness. that would be a 50% raise making you happy. >> news flash, more money, more problems sma hakira is settling her x problem. she will pay $19 million in back

taxes plus interest and an additional $8 million fine they alleged she didn't pay wealth tax and personal tax of around $15.5 million >> she risked going to jail, and i think she got a three-year suspended sentence >> what was she buying >> an ankle bracelet the nhl has a billion dollars in combined quarterbacks contracts lost to the season for injuries it started opening night for the jets and aaron rodgers and the vikings' kirk cousins, both out with torn achilles tendons, something i had a year ago a knee injury to daniel jones and a shoulder injury to deshaun watson and a hand injury to the bengals' joe burrow, all stars of their franchises and the league in money along with super bowl hopes potentially down the tubes. we shall see >> are these guaranteed

contracts? >> i think partially so. not like in baseball >> a little sad that part of the reason people are so obsessed with whether joe burrow's wrist was reported because of the gambling feels like that's calling the shots. >> thanks for watching "power lunch. >> "closing bell" starts right now. welcome to "closing bell." i'm scott wapner live from post 9 at the new york stock exchange we begin with the nasdaq on the run again, and once again it is ai at the center of it all microsoft shares are hitting another record high today. it hires the founder and onetime leader of openai that company thrown into chaos over the weekend as you undoubtedly know by now. other key players in the ai space, alphabet or amazon, nvidia approaching $500 a share ahead of its earnings report tomorrow look at the scorecard with 60 minutes to go in regulation. we dve