>> 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 do have a good amount of

green today. we are ramping a bit as we begin this final stretch outside of microsoft, the dow has gotten a big boost by boeing, the upgrade there. the russell 2000 is higher after coming off its strongest week in months and interest rates are calm too. the 10-year is near 4.42, the lowest level of the day, i think, on the 10-year note yield. it takes us to our "talk of the tape." how far can this rally run it was pushed by ai hype, but some say it needs more let's ask adam parker, the founder and ceo of a tvivariate research a remarkable run and rally it's a similar kind of story, right? all these megacap stocks, not a one are in the red >> yeah. i mean, as we talked about last few week, i mean, in years where

the market's up a lot, january through october 31st, it almost always rallies november, december i think there's been 38 years the last 100 years you've been up 10% or more then the market is up 32 of those 38 the last two months is it a self-fulfilling prophesy, people chasing, a catch-up all of the above it's a combination that, and you get, you know, some things you can sink your teeth in about the fundamentals and you're off to the races. multiples are going higher a champagne for the market >> does that make sense to you >> the investors i talk to obviously have been saying for a while they think this could ham. i think the question is what did they sell in december, what could rotate in january? it seems like 100 years ago, but it was only a year ago that tesla, meta, and nvidia were awful stocks in 2022 then their low was really

january, first trading day of this year and all year i think people are trying to figure out what's lagged this year that could get the rotation benefit next year. is it health care that looks oversold staples down too much on gop-1 is it something else that maybe gets a benefit of a flow if you sell in january. but for now, it seems a bit of a fait accompli. >> do you think those other areas that have done, you know, a lot of nothing are going to do something as the calendar turns? energy, materials, you said health care, staples, things like that? >> energy, materials, and health care are three big overweight. people aren't positioned for them each one is separate there seems to be one of those myth buster things where everybody says health care is bad in an election year. like it will definitely ham. you're telling me people will consume less and live longer but need less health care. some stocks are in some

implausible scenarios. theest maf the estimates are low and cheap. eve united health, as a customer, they raise prices on me every year and give me zero choice they have pricing power on me. they have good earnings growth unless you get a recession and small and medium businesses go out of business. but they'll raise prices every single year. guess what, i have to take it. >> are we in a position now -- the russell is up 7.5% in a month. is there staying power there is it time to take a serious look at the russell or as long as you have the overhang of possible recession at some point in '24 do you have more risk? >> i don't like to call small caps over large. i don't like that for many reasons. first of all, you want to own those businesses when you're right before, say two to three months before the fed is really going to cut, right. the you think we're going to cut

in february or march and you think this is the maximum level of pain and earnings and they can't take it anymore, yeah, you s buy small caps right now, i say no way to they have more than the big seven their estimates are more achievable why? labor, materials, depreciation, pricing, mix, all the things that make them awesome companies continue to do so until you get closer to the bottom then you can dream the margins could expand more for small caps >> i have to time it that closely? >> yes >> if i think the fed is going to cut sometime in '24, i still can't buy them now >> no way. it has to get way worse before you get in there you can't tell me today is the day of maximum pain for earnings and equities it's too early moreover, the small cap, large cap valuation is a little misleading yes, you take the cap away it looks like it's expensive

when you peel back the onion one layer, it's not that compelling. growth stocks are expensive for both, and stocks are equally cheap. when you look at profits, these things deserve to be relatively more expensive it's not like they're expensive for no reason. they're expensive because they're more awesome >> i like that would you still be overweight megacap relative to everything else >> our call remains you should be market weight the big seven and make bets elsewhere. >> still getting alpha in the big seven. >> i'll let them participate, but i won't let them hurt me or help me. why do i say that? idiosyncratic risk is low. macros play a huge amount in performance. there's sell-side analysts, buy

analysts you think i can know something about microsoft that's not in the price that nobody else knows? i can't know that and no one who comes on here does thirdly, i can't replicate their performance with another basket, so i'm left with a nonreparable macro stock i can't know anything about by definition, i should be market weight that group why is it an advantage so many money managers have rule where is they can't have this or that they're structurally underweight. those who have the flexibility to own them should and not let them hurt or help them and participate as they do >> if you want to avoid things like financials, discretionary, and industrials, are they on the same right before the fed cuts time line? >> yes that's right when you get more offensive, you'll want to own more industrials, small caps, more margin expansion cyclical businesses do well from before the trough and the dream

that the recovery happens, not right when things are deteriorate being. >> do you want to rotate from megacap into these names at that point? or is it the money comes out of the bond market and cash and goes into other areas so it's a rising tide of fed cutting and lift all boat, so to speak >> definitely lift all boats i don't know how much money these days, other than the net exposure of hedge funds and big networks that will allocate from big equities there's a three-hour holding period bigger allocations to equities as people chase it i think that's why we go up next year i think next year will be trickier it's hard to sketch out. we haven't done our year-end outlook yet. i love ingesting everyone else's for the consensus. i don't see near as much upside

for next year. i think people look at january at -- >> most of the outlooks i've seen to this point are muted, 4%, 5% dividends, whatever. you get a little more than that. but not much why not, though, if the fed is going to cut >> i don't think the fed can cut before earnings and conditions get worse, right so, the question is timing last year, every single big firm said we'll be down in the first half and up in the second half so, naturally, we rip tires in the first half >> what if the cpi goes under 3% what if the fed cuts because it can? >> if earnings are growing and are accommodative, the market will rip higher for sure the question is how long can we stay goldilocks? to me, the fed doesn't act for two or three years, we ran under 2% for a decade, you were cool with it, a little above 2% for a

while, you're cool with it, inflation is mostly beaten, don't worry about it the big companies can grow earnings a little bit. you start dreaming and equities look cheap two years from now. >> so, the bond market is going to do the fed's work for it on the way down as much as it's done it on the way up recently, right? yields will come down as inflation continues to come down and growth remains good enough >> good enough goldilocks it's okay. earnings are growing okay. if that was a zero percent probability, now it's 30% or some real number i'm not saying it's the base case it's no longer unicorns and lollipops to believe we'll have tons of structural things. we'll talk about ai, but it could be housing oh, that sounds good there's old people and health care all of a sudden you think earnings are higher. >> make that the last word

have a great thanksgiving. thanks for being with us adam parker. microsoft shares are higher today on news the company has hired sam altman after this weekend's chaos in openai. for what this means for investors betting on the ai arms race, let's bring in some contributors great to have you both with us alex, is this really the done deal that some are suggesting? i've seen something from the verge earlier saying altman is still trying to return to ai as the ceo. >> it's not over there have been so many twists and turns in the past week that you're not just going to call it now. we know that 700 openai employees have said either the board installs sam and greg back in the company or they're follow them to microsoft. it's not quite feasible they all go to microsoft, but this is a power play, and it might work.

there is a chance that at the end of this we end up seeing sam altman back at openai with a new board. >> that would be remarkable given all the things that have happened over the last, you know, not even handful of days let's just say that sam does, in fact, go to microsoft. does it help them get further ahead, or does the chaos that's ensued at openai give others a chance to catch up you know what the narrative was. after microsoft did the original deal, it was like, wow, these guys are blowing everybody out of the water alphabet has taken a step back, blew their opportunity now, i don't know. what do you think? >> i think the real answer is both microsoft has 18,000 customers working on openai's service through azure. so, sam altman going to microsoft, that's going to throw that into chaos. all these clients now are looking at other options, calling google and everybody else they do potentially risk losing those clients and also risk

losing employees who's going to stay for this long in the middle of this chaos? some of your best researchers might go elsewhere that could bring up the level of competition at a place like google or amazon in the long term, if sam altman stays, what you end up having is rebuilding some of these models within microsoft, and then those work much more seamlessly inside team, inside excel, inside word as the co-pilot that nadella has been telling us about. he has the technology in house with sam altman running the show but that could be a couple years because they have to rebuild models from scratch. >> what happens if openai does go slower? because if you believe that that was part of the friction within the company, unease with how fast this was being xh commercialized with chatgpt and the co-pilot, does that hurt microsoft's efforts if openai

takes a step back and says we need to breathe a little more? >> absolutely it hurts microsoft. it's not just the openai show anymore. maybe a year ago, they released chatgpt, leading the field, and the other companies were trying to figure out how to catch up. now they've caught up because they were building on top of commoditized technology that google introduced. now that everybody is caught up, say openai's new ceo says we'll put our foot on the brake. do you think everyone else will? no foot on the gas. they'll surpass openai if it takes a pause. that's why this idea of ai safety is a crazy idea we won't have a development of ai that happens safely because of the way this works. the technology is out there. people want to build they'll develop whatever they have open source will be released by multi.

partners nobody has a monopoly on this development. >> it's why i wanted your opinion so much, malcolm, because, you know, let's remind our viewers on this show where you so publicly came on and said, you know what, alphabet blew it, and i'm selling that stock as a result of them, in your mind, at least, ceding the lead to microsoft. now what do you think? >> i think i'm in a little different camp from you guys or at least how you started the conversation in the sense i don't know that it's still an open conversation where sam altman goes and the likelihood that microsoft again is the really big winner after all of this chaos, right. they probably started the weekend thinking, oh, my god, this is a crisis that's going to end up ceding some of the dominance and this early adopter opportunity we created to now fast forward 48 hours and openai probably did microsoft one of the biggest favors it could have done with this unforced error in

that it brought the talent and his top lieutenants over to microsoft and saying irrespective of what openai's doomsdayers want to go with regard to going slow, we have the product guy. sam altman was not the engineer behind the scenes creating the model itself as alex said, that was a google product. that was built by goog what he did was bring products that actually were interesting to consumers and allowed people to interact with ai in a way we now know chatgpt by bringing that in-house at microsoft, he and his team can focus solely on applying all of that know-how to microsoft and entrenching them even deeper into their lead as the dominant powerhouse in the ai arms race >> you want to respond >> yeah. i think sam does stay at microsoft. i'm not saying it's likely he goes back to openai, just acknowledging there's a possibility. what malcolm says is not in the

nature of sam altman he doesn't want to build high-power stuff he wants to bring generational, world-changing technology. he might have a chance at microsoft. it will happen slowly. again, it won't be 700 openai employees jumping over because they need to maintain the service they've sold to thousands of clients it will start slow he's already picked some best lieutenants. but looking at the roster and see > malcolm, you sound like a shareholder who wants to get bigger in microsoft and not entertain the idea that either amazon, through enthropic could be the player microsoft appears to be. it sounds like you think they

pulled off a coup. >> what dan ives is to apple, i'm risk that, i am way further into the microsoft camp when it comes to the conversation on ai now following this, right? assuming the cards do fall the way early reporting says they would, microsoft has the pick of the litter as far as some of the ai engineers and other tech talent that's, you know -- forget threatening that's actually already walked out of the door seasoned a now booking ticket toes go to seattle, right i'm thinking that microsoft manages to take this lead and run with it, and i don't think they have to worry so much about are we cannibalizing, are we hurt our partner in the way we have before, because you don't surprise the ceo of microsoft with an announcement like this a minute before you actually make the decision you bring a partner like that, who's a 49% stakeholder, into the conversation as you're considering making these moves otherwise, you run the risk of them taking the war chest, the tens of billions of dollars they have in cash sitting on the balance sheet, and putting that

to work to bring these things in house and no longer even have to have a conversation or worry that their flank is unprotected ever again in dealing with openai >> the thing is, if you do what malcolm suggests you can do and why he is optimistic, if you bring the entire thing in house, don't you incur a level of cost you did not have before? doesn't that change the financial dynamics at least for the balance sheet and the way that investors need to view what this company is going to spend again, perhaps more than it initially intended and when they can fully monetize it >> microsoft isn't worried about the cost 700 well-paid employees. i don't think they're bringing everybody over and azure. the big thing in the investment was in azure $13 billion putting in openai. it was compute they have that compute in house. now the openai team can use that to train whatever new model

they're building on. so, for me, the cost to microsoft money-wise not a big problem. it's liability do they really want to sit behind some of these big models and take the flak for the folks who want to push the status quo forward as fast as they can? does satya nadella want to be in front of congress saying i built that he'd rather have sam altman do that there's reputational costs the money isn't a big deal then there was the time. sam altman and satya nadella, if you've seen a stage in silicon valley, they were staying there together now you have to rebuild from scratch. that partnership gets shaken up. the question is how fast they can do that. it won't be snap your fingers and get these models working off the bat. it takes time. and that can be costly >> malcolm, lastly, we'll talk about ai tomorrow as we lead up to "overtime." nv nvidia, $400 on halloween and

now over $500, at the highs of the day. what should we expect here >> yeah. i think for one thing, scott, i want to go back to a statement you made to me last time i was at post 9 with you, which is, this is why it's so tough to time in and out of these megacaps because you never have a clue what the next thing is that's going to happen for nvidia, the conversation has shifted from microsoft just trying to compete with them in the chip space to the incumbents have now been solidified in my opinion as the dominant winners for years to come as it relates to ai simply because if i'm an investor and i'm looking at start-up opportunities, can i really trust that the ai doomers and the zoomer who is want to go slow and go fast are going to be able to get on one accord inside a start-up or am i worried that my however many millions of dollars of investment will be obliterated

the moment a board has a meeting and they'll make a big decision in a vacuum that i have nowhere wti awl except maybe one minute before the decision is made. i think for nvidia and others who compete in this space, they have less to worry about from ai competitors than they did before friday >> interesting we'll leave it there thank you. by the way, do not miss cnbc's special tonight talking all things ai. microsoft's sam altman and more. that's 8:00 eastern tonight. let's get a check on top stocks to watch heading into the close. kristina partsinevelos joins us with that. >> argentinian voters cheering libertarian economist as their new president. he's promising radical change of free-market economics and a remake of south america's second largest economy. that's why you're seeing many u.s.-listed shares of argentinian companies jumping

today. vista derives revenues from ar general. deutsche bank showing love for boeing, rating it hold to buy. they say grow ing aircraft deliveries shares up over 4%. we're just getting started up next, trading seasonal strength, a top technician is flagging one part of the market he thinks could outperform into the year

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small caps are having a great run this month the russell 2000 is up 9%. my next guest says there's more room to run for that sector which he says is approaching strength b.i.t.'s krinjonathan krinsky >> everything about small caps over the year, nasdaq 100 is up about 45%, so that spread, the nasdaq over russell, we'll see that again it was '98 and a99 last time there was outperformance the next three years by over 30% each year. i think the call here is we've just basically gone nowhere year to date on the small caps. one or two scenarios is likely

to happen if we're at the tail oend of this bear market that i think there's significant upside in small caps and maybe megacaps kind of chop around. if we're at this inflection where we've kind of run the course for this bear market rally, i think megacap tech is probably at the point where it's not immune and will see some effect small caps have a bit more upside, but thinking about how to position for next year, i think the bigger factor will be relative performance compression. >> you've been looking for many months for a rollover in the overall market had you on a bunch of times, whether on "halftime" or here. i've cited your notes. you've not been constructive on the market whatsoever. i still hear you talking as if this has been nothing but a bear market bounce when there's a cavalry of other people who would argue otherwise. >> look, i think this goes back to what are you looking at

the concentration of the market is in some ways unprecedented. two stocks, apple and microsoft, make up 47% of the tech sector we had the largest inflows on record in the nasdaq 100 when you talk about what has the market done this year, you know, i think the bearish indices has been 100% wrong. talking about the average stock, bearish is a pretty good call. since february 2nd, the average stock is down significantly. we had a pretty good drawdown in august, september, october, in megacaps i think we're now at a point where a lot of good news is priced in. we saw massive inflows in the nasdaq 100 could the chase continue a little more? yes. at some point, you have to have that conversion, where it's obvious that data is improving or not going into a hard landing. if you say a soft landing, then why are small caps at 2% the narrative doesn't fit.

so we're open to that mind-set that maybe the market is entering an inflection point where you'll get more breadth confirmation from the secondary stocks but we haven't seen it yet >> i'm going to stop you for just a second. forgive me the last cpi report is the thing that arguably set this, you know, latest stage of the rally off. that's no "if. that was fact. right? that report confirmed, followed, and backed up by the ppi the following day, confirmed that inflation continues to come down a lot. and even the fed has suggested that they can now be, quote, unquote, patient with what they're doing. so, i mean, it seems like the consensus -- at least the market has started to believe in the soft landing story no >> yeah. that was that move in small

caps if that's going to continue, you have to ask what will outperform in the next couple months in that scenario? it's probably small caps over large. conversely, if we're going into a period where maybe inflation is coming down for the wrong reasons, look, small caps probably go down in that scenario, but i think you're going to see megacap tech where everyone has been crowding, you'll see that catch down in either scenario, the spread makes sense. it's a matter of which direction we're going. as you get into the end of the year, there are seasonal aspects. momentum the, you know, on the side of the bulls here for tech for sure but i think as you get into early next year, again, you talked about it with your previous guest, that once the calendar turns, there's often some pretty significant, sizable momentum rotations i think, you know, that might be the case here for this year as well >> i just don't know why there would be a rotation from megacap tech into these other areas, and why, if you believe in the soft-landing story and inflation

coming down, the rotation would come from outside the market in from, you know, what's been happening with yields and also from cash. why does it have to come, this rotation, always from within not this time but it may be different. >> it could be, but i think you've seen those flows, like i said, the biggest inflows on record in the nasdaq 100 it's a consensus trade it works in any environment. and at some point, that just becomes -- that price becomes twofold. so, look, we talked about nvidia with you back in august before the last earnings report, talked about, yes, it was a great company, but maybe there was a bit of a sell on the news and they had a significant drawdown into october it's also recovered. we'll see what happens tomorrow. i hear your point. i think the issue is where is that performance, that next leg going to come from even if you're bullish, you have to look at small caps over large. >> i appreciate it as always,

thank you. jonathan krinsky up next, your 2024 market playbook we'll talk rates, inflation, and equity opportunities

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a few weeks away from the december fed meeting my next guest is here to share her outlook on what their next move might be. let's bring in anastasia amoroso. welcome back >> good to see you. >> are you bullish changing the calendar >> i think it can last until december 13th. >> december 13th that's it. mark your calendars, everybody >> the reason i say that, that's the next fed meeting tha there is a big disconnect in the markets. the fed doesn't intend to cut rates all that much in 2024,an the market discounted 100 basis

points of rate cuts of this point into 2024. that's a propeller to cal liz the rally. what does the fed say on december 13? i want to hear if they would cut rates and why. i fear they might say inflation is still at 3.7%, not at 2% like we need it to be it's annualizing 4.9%. are they going to declare a victory or say i think we've made progress and have to hike for longer >> isn't it enough if they continue to lead us to believe that they're done hiking why do we need clarity on cuts at this particular point it feels like a little soo on the for that point >> they're not going to provide that what would happen, we'd have more easing of conditions, and they don't want to do that i think the market has priced in the fact we'll be high for longer and we can deal with that but now the market went a bit further and said now we're going

to have rate cuts. if that's the case, you buy unprofitable tech, small cap, all the stuff that's lower quality that is rallying right now. >> do you not believe in that? >> not yet i think the fed needs to deliver the rate hikes for this to start to play out. >> rit cate cuts >> rate cuts i see different scenarios why they would cut one would be going into the second quarter of next year saying core metric at 2.7%, we've done our job and now we can cut pre-eemptively as the economy is going through >> is that far fetched >> we don't know the other scenario is they are forced to cut rate by the markets, by the dislocations, by default to the delinquencies the base case is we have this muddle-through economy that is a muddle-through for markets >> we have a ramp-up as we're in

the final stretch. we have about 20 minutes to go i want to note that the dow is at the highs of the day more or less 35,222 nasdaq outperforms again i think rates, i think we're at 4.42 on the 10-year. that's trickled down a little bit. the nasdaq has picked up and the russell 2000, which has been the standout of late, as we're just talking about with anastasia, 6% or thereabouts in a week is continuing to ramp here as well are you a believer -- put the russell aside. >> sure. >> the underperforming sectors relative to megacap. do we still need to see or feel as though the fed is going to cut before we can feel confident putting money there? >> look, i think you start to nibble i would say there are three areas catching my attention now, which i hadn't thought about in the last three to six months the first is duration and buying

bonds, investment grade, high yield. you start to look to those, because if the fed cuts in 2024, the average kucutting cycle was about 360 basis point. if even if they cut by 100, that potential 8% upside buyin iing 10-year treasury in price time terms only, so buying a spread with a yield, that's an equity-like return in fixed income that's one space i like. the other that i think is rallying today along with everything else is real estate and real estate has been beaten up and the prices have corrected. i've had conversations with real estate managers and they're seeing opportunities they're saying we've corrected 11%. it might be a really interesting time to step in if cap rates on some of those properties are 7%

to 8%. >> and maybe avoid the apocalyptic scenarios that some have predicted good to see you. have a great thanksgiving. a news alert on salesforce and openai i guess steve kovak, mark bent o -- benioff wants a big role >> he's tweeting he's willing to take any openai employee who has submitted their resignation. he'll give them the full offer and match everything they're making at openai to come join the salesforce ai team, which has their own ai assistant called einstein powered by, you know, these large-language models at the same time. look, this is just a demonstration of how valuable that talent base at openai is, how desired they are, and basically, if things end up. collapsing at openai and they don't go to microsoft, those employees can go anywhere they want in silicon valley this is the latest example

>> whether it's a full done deal that altman is actually going to join microsoft, some are suggesting this afternoon that not so fast. >> there are cryptic posts on "x" and altman talking about how they want to work with openai but not necessarily committing i think our contributor patel was reporting an hour ago that he's talking about maybe coming back because of this letter and what does that mean for the whole dynamic with microsoft and him moving over there if that doesn't happen so, i mean, this is still moving it is not over it is not a done deal despite the messaging we got from microsoft and openai early this morning. >> stunner turning into the strange. we'll see where it goes. steve kovak, thank you we're tracking the biggest movers heading into the close.

kristina partsinevelos joins us. some changes in the mixed martial arts world affecting one media company.

back to kristina partsinevelos. >> it's football season. espn bet, a service owned by penn entertainment which launched six days ago. they sold barstools sports in the summer and rebranded its sportsbook at espn bet the analysts say it's dominating shares are up about 7%, on pace for its best month since september of 2020. paramount is selling a stake in bellator. the shares will be sold to the professional fighters league shares up almost 6%. >> kristina partsinevelos. still ahead, been a year since bob iger's big return to disney we'll break down how he's impacted the media giant

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up next, your earnings setup. zoom video dropping more than 5% this quarter what to look out for when those numbers hit the tape

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cool...i don't get it. here's to getting financially ready for anything! and here's to being single and ready to mingle. who's ready to cha-cha?! ♪ yeah, yeah ♪ we're in the "closing bell market zone. mike santoli is here to break down the crucial moments of this day. and julia boorstin one year since bob iger returned to disney what's still at take and bertha coombs. michael, apple at 191, nvidia at 503, up 100 bucks in, like, two weeks. it reports earnings tomorrow >> all is well again in some sense, or at least familiar. we were here -- i always do

this, but we were here in july, and it was a similar thing we had just broken higher out of the kind of resistance area. you had a correction you entered into this kind of grind because people felt they weren't fully exposed to the market what were we worried about in july that caused correction? yield to the upside, the fed would be more tough love, oil was a problem. even seasonally we had some challenges a lot of that has been answered in a benign way. it gets us to here seasonal tailwinds, earnings higher, all that other stuff that keeps sellers at bay. it's question of the short term, a lot of gaps on this chart. the market was dragging coming into this week we'll see. >> julia, one year feels like a lot longer for bob iger. what an amazing month for the stock. it's up 15%. it's moving back towards $100. >> it is moving back and has

been one year since bob iger returned if you look at the stock, it's only up about 3.5% over the past 12 months, a roller coaster year with more volatility and changes than in any other year that bob iger has run the company he fended off the proxy battle, reorganized the company with layoffs and cost cutting he accelerated the buyout of hue lie and recently hired a high-profile cfo going forward, he faces challenges, determining the futures of the linnian networks, how to take espn direct to consumer, what to do with star india, and who should succeed him. he's facing a possible second proxy battle with peltz with perlmutter there's a town hall meeting on the 8th. it's with employees.

hopefully we'll get some news. >> you will, julia boorstin. thank you. bertha coombs covering zoom, which reports in "closing bell overtime." >> the big question for zoom investors is whether they can show a path to growth. analysts are looking for zoom to report earnings of $1.09 a share on $1.12 billion in revenue, both at the top of the company's range of guidance. that would represent about 1.5% growth over last year. results would mark the sixth straight quarter of low to midsingle-digit revenue growth a far cry from what we saw zoom shares remain about $500 below the all-time high in the pandemic >> a bit of a move there before the numbers hit. a little bit of a move would be an understatement in nvidia.

let's set the stage for what's at stake tomorrow given this stock's incredible run and all of the focus on ai, which you were reminded of multiple times over the last 72 hours >> i don't think anyone will be taken by surprise by the actual reported numbers because people's eyes have gotten pretty big. the move this morning was about 6%, 7%, pretty big i think it's completely about just the durability of the demand cycle they need to convince people that customers are not hoarding the stock and there's not been a lot of front loading and this is a business of a one-stage buildout it feels as if nobody is wanting to get caught flat-footed like last time. we'll see. it's aggressive. but as everyone points out, the valuation is lower than it was even as microsoft stretches.

>> the move by apple has felt kind of quiet. >> quiet and without narrative green across the board i'll see you tomorrow. into "o.t." we have our scorecard on wall street, another rally i am jon fortt morgan brennan is off today. coming up, the story shaking the ai world and reverberating all around the tech sphere we'll talk about sam altman's ouster from openai for now, microsoft's move to hire him to lead a new ai research team. we'll discuss what the changes mean for investors in microsoft, which hit record levels today,