that's all for this edition of "dateline." i'm andrea canning. thank you for watching. ♪ good morning welcome to "street signs." i'm julianna tatelbaum >> and i'm silvia amaro. these are your headlines. microsoft's ceo satya nadella says things can't go on like this. >> it is clear something has to change around the governance if that is -- we'll have a good dialogue with the board.

nvidia rides the a.i. wave with shares closing at an all-time high as they report a 70% revenue growth. u.s. secretary janet yellen says they will fight against inflation, but says there is more to be done in a cnbc interview. >> we're making considerable progress in bringing inflation down, but americans do know this from higher prices with what they are used to be accustaccusd and volkswagen is marking the 15% gain thanks to france, italy and spain. warm welcome to "street

signs. let's get to the top story this morning. the open a.i. saga continues to roll on. more than 90% of the 770 employees have signed an open letter to the company's board. threatening to allow sam altman and greg brockman to microsoft unless all current board members resign unless they reinstate the pair employees expressed support for the ousted members as negotiations over the future drags on some open a.i. investors are considering lawsuits against th board over fears they could lose investments over the collapse. a.i. startup that is going to bloomberg which says no final action has been taken. in a first on cnbc interview, microsoft's ceo satya nadella says the startup needs to make changes. >> i think at this point, it is very clear that something has to change around the governance and

if we'll have a good dialogue with the board on that we'll walk through that as time evolves. the most important thing for me for customers is we have the capability we love to talk about -- here is the way to think about it. sam altman chose microsoft he chose microsoft again it is because of the capability of our company to be able to innovate with open a.i >> if that wasn't enough for you, open a.i.'s board reached out to the ceo of anthropic about replacing sam altman and merging the companies. so many angles here we could talk about, arabile. i'm not sure where to start. let me kickoff with the employee

revolt the number of employees who signed the letter. 500 over 700 employees threatening to resign and follow the co-founder to microsoft. what is likely to happen >> the possibility is there. you lost two in sam and greg, obviously, of course then you had four left the one person who seems to be the most vocal on the board is a great scientist. a chief scientist of the entity as well. now, he seems to have been part of the letter to say he wants the board to resign. you are part of the board. now you have three members on the other side who are actually non-staff members. not actually working at the company. they are just part of the board. this is a six-member board

they could look at themselves and say we are not part of this. we are part of the altruism movement and making sure a.i. is used correctly and not just for profit it is the main aim of a.i. this the chances are there. there is something like that the revolt will be quite huge. will it happen soon? that is the question microsoft wants certainty. all the other investors, sequoia and thrive it is all about their investment which is significant if they all do leave and go to microsoft, does microsoft have the capacity to take on 700 employees at this time

>> that was my follow-up, arabile. if you think about what is next for the big companies, microsoft and open a.i., and you mentioned the discussion for merger here how likely is that to happen >> think about it. we didn't know if it was likely or possible that sam altman could move to microsoft, for example. that seem like a massive coup. i think anything is possible at this stage how it will happen will firmly depend, i think, on microsoft if you ask me the reason i say that is because they held such a critical role in the negotiations with open a.i. and advancing the a.i. story in the conversation lately really, i think, a lot of people have taken on the mindset of you taken on the mantle.

we want you back at open a.i satya nadella says it doesn't matter where sam altman goes we would still like to partner with him as well as open a.i hedging his bets and say we could go anywhere where he is going. >> it seems there is more debate in the last 12 hours if this is a big coup or win for microsoft. yes, 500 employees have signed the letter sam altman and greg brockman are planning to join microsoft at this stage down the line, are we likely to see employees remain at microsoft if they go or will they be poached by salesforce or anthropic? >> they made that offer at salesforce to all of the employees at open a.i. saying we will match your salary you are right. that possibility exists. it is, excuse the pun, an open

space to figure out where to go. the main concern and this is where the likes of all those worried about where a.i. goes to the likes of elon musk has been quiet on the saga since friday is what happens to the security and growth of a.i. and the future of it will it still be advanced in the same way and does a not-for-profit firm still have a place in this market when considering how much corporations want profits and revenue? microsoft thrives. still want bang for their buck is a not-for-profit best although you have a capped profit entity toward the end we have another corporate story and this time around nvidia they are due to release results after the bell today with analysts expecting another blockbuster quarter as he they o

to capitalize on a.i. technology the company is expecting to seen revenue growth of 170% in the third quarter and the fourth quarter is estimated at 200% arabile, 200%. when we are talking about nvidia, some of the numbers seem so astronomical. just guide us through what we are expecting today. >> another fascinating quarter for them the market puts out the estimates. actually, the market would like them to beat those estimates to show the add vansvancements of story is moving faster they want them to beat these numbers. you have seen the share price go up 245% this year and 20% alone this month remember, it had three months headed in the downward tro

trajectory starting the year at $210 a share? if you didn't get in at that point, i'm sure a lot of people regretted that hit a high yesterday at $564 a share. if you go back to the numbers anticipated today is revenue which is expected to grow to $681 billion that would be a 20% climb on the quarter. earnings per share could see a 25% pickup from $2.70 a share and that would lclimb to $3.37 a share. investors want to exceed those numbers and otherwise you may see profit taking and you could see a lot of long positions closed here. >> i think what is important to remember here is nvidia is this when we look back at the

earnings last time, it wasn't just nvidia, what they reported was the massive inflow into the a.i. trade more broadly. it was a catalyst for momentum come into the space. it is also interesting this story is not disconnected from the open a.i. story because open a.i.'s chatbot gpt was a big growth at nvidia i wonder what it will feature into investor questioning today. what is the fate of open a.i. mean for nvidia? if we see trouble for open a.i., what does it mean for this stock? >> more than 70% of s&p 500 p have an effect from open a.i one could imagine nvidia could be asked those questions does it still mean you will be able to advance as normal? any future guidance that is out

of snync or misses for nvidia o the basis much open a.i. or otherwise will be worrisome. those questions will be asked. the guidance will be an usual you. >> that is not much visibility. >> we have an image of where they plan to go for the next couple kwquarters if you miss the story, the market could punish you if it doesn't come to fruition >> arabile, thank you for j joining us to talk through the tech space. the u.s. justice department is seeking $4 the billion from bin na binance to settle the criminal

probe over money laundering and bank fraud binance is fielding separate civil charges from the securities and exchange commission the u.s. securities and exchange commission sued kraken. the company has more than 10 million clients and they are failing to register with the regulator and mixing i mpropely customer funds. coming up on "street signs," we have the latest from secretary janet yellen wl have latest on her interview after the break. the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul. it's your

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russian president vladimir putin said he would discuss the israel-hamas conflict with the brics leaders in the video conference today after which, the group is expected to issue a joint statement.

a senior hamas official says they are close to making a truce agreement via a qatari mediator. for more on the latest, head to cnbc.com let's turn attention to markets. it is a quiet morning here in europe on this tuesday morning the stoxx 600 is trading ten basis points lower it is a pquiet week with thanksgiving on thursday in the states investors are in the wait-and-see mode. the earnings are turning into a macro event judging on the last quarter. a lot of attention and we are watching the open a.i. saga as it unfolds let's look at the picture here

in europe. the dax is up 13 basis points there. ftse 100 is down aly as it is down .50%. from the sector perspective, crh, one of the best performers in the market this morning and the company lifted outlook and raised dividend and retail holding up well up .60%. oil and gas and healthcare names are down this morning. as for wall street, we are looking at a muted start it does feel as though the thanksgiving holiday and short trading week is impacting trade. investors are waiting for the nvidia earnings to come out today after the bell now u.s. treasury secretary janet yellen says considering progress has been made in bringing inflation back down, but persistently higher prices

are factoring in the negative outlook for the country. her comments come after a recent poll by nbc news show 60% of registered voters disapproved of president biden's handling of the economy. speaking to our u.s. colleagues, yellen said the government was working to ease price pressure for americans. >> we are making considerable progress in bringing inflation down we saw this clearly with last week's moves 12-month headline inflation is down to 3.2%. that is down almost six percentage points from its high. goldman sacks s goldman sacachs released it report saying growth and geopolitical risks may keep

risky volatility elevated next year we have christian from goldman sachs. i would like to pick up with inflation. as we look at 2024, there is a focus if we see central banks cutting rates and the expectation is if inflation will continue to come down. given the dynamics, what is the way to position in 2024? >> i think it is good to start with inflation because that is a clear trend. inflation has generally surprised a lot of investors to the down side. our economists expect it to continue we expect u.s. core inflation at 2.2% next year and 2.5% for pce. that means the door is open to cut rates. you see a decent rally reflecting the surprises

the trouble is a bit of a tangle back and forth with the data and market i think recently, we have seen a lot of rate relief already we would be cautious to chase that too much considering we need more confirmation the position you want to think about is adding to the portfolio in different shapes and forms. you see the all-time highs and the market is doing that and within fixed income, you are starting to foind a peak it is always the speed with which the market has done these fast we generally agree with the next year, but it could be back and fork >> in the report, you mention good news is bad news in the fourth quarter rally how is that going to, perhaps, translate into the start of the year do you think there is more momentum as we start 2024? >> i think bad news-good news rally is uncomfortable

fundamental investors need to be bullish because of bad data. i think you cannot really relate that much. you have the drag from the summer which weighed on the market and weighed on leveraged parts of the market. weak balance sheet companies and smaller mid-caps you see a major relief rally in the recent weeks some call it a short squeeze it is more than the funda fundamentals we think the bad news-good news rally is going to fade at year end. you start to see the central banks easing of the financial conditions and say that has gone too far because ninflation is nt at target. yesterday, boe governor bailey was leaning in this direction or you start to see the bad news become bad news. last earnings season, everyone

missing results was punished a lot. you saw some of the biggest negative share price reaction to misses since the gse bad news will become bad news. >> it feels a lot of investors have been burned because they were hoping to enter the bad news is bad news paradigm. to the rally, my understanding it was short covering. earnings season or earnings may catalyze the shift from bad news is good news to bad news is bad news when should you position for the shift? >> we are neutral on risk. i think what we have been recommending is the outlook of hedges there is enormous possibility to reset. if you look at year end, it is cheap to protect to answer your question with

regards to what could catalyze it, the market is sensitivesume. it is starting to crack and the labor market here with the rule of the unemployment rate up 50 basis points, the likelihood of recession picks up a lot because the consumer will be hit our economists disagree because the unemployment rate is labor force participation, not because people have gotten fired everybody is worried about it. labor market is critical if that deteriorates, it could be bad news to bad news. the other thing to worry geopol. we have opec coming up and the question is if there is a delayed reaction which could come at the wrong time because the market is reflecting on that and they are weighing on growth.

there are a few things on the hor horizon. we have not positioned for it aggressively the bad news is good news rally is probably a bit too far right now. >> picking up on the conflict, the markets seem to be comfortable with the risk of escalation in israel or broader region would you advise on hedges for the preparation of the conflict spread there >> i think the way to think about geopolitical risk means you have to be careful to use that risk as the main reason to put on a trade the first line of defense in the portfolio should be diversification. if there is a significant geopolitical escalation, we feel the bond market will buffer when israel attacked hamas for the first time that doesn't mean you don't want any hedges on. we have seen focus on gold what i think about geopolitical

risk hedge, it is nice if it protects you, but you need other options. gold has a huge amount of demand from china and several emerging markets. we have been in favor of options on gold. you think about avoiding areas that i exposed negatively. anything that has energy links which is euro broadly. i think for now it is more about avoidance and diversification. a few selective hedges if they have other options d geopolitical risk is tough to position this is no different >> i like your thoughts around the u.s. election. that is one of the questions as we look at 2024. could that be also a risk for the markets that is currently under priced >> definitely it looks like worrisome lot of geopolitical

problems in the world and the u.s. president is the most important particicipant in thes things there is nervousness and concern from investors, but it is far out. it is in november at this point, it is too early to say because you don't have the presidential candidates or programs or opinions on the issues what we noticed in the past in the run-up to elections, there is a pick up of uncertainty and pick up of volatility and you get relief during the elections. the time where you should worry is the run-up to the election, six months toward it before that, it is tough to make changes based on the elections. >> we will have to get you back on in 2024 christian, thank you for joining us head of asset allocation research at goldman sachs. coming up on the program,

passenger car registrations rise in the month of october. well breakdown the numbers after this

welcome to "street signs." i'm silvia amaro. >> i'm julianna tatelbaum and these are your headlines. revolt breaks out at open a.i. with 70% of employees requesting for sam altman's return while ceo satya nadella says things cannot stay like this. >> it is clear governance has to change nvidia rides the a.i. wave shares close at the all-time high ahead of the third quarter results. a analysts casts 170% revenue growth. u.s. secretary janet yellen says we are making progress on inflation, but more needs to be

done >> we are making progress in bringing inflation down, but americans notice higher prices from what they used to be accustomed too. europe's auto market is steaming straight ahead thanks to double digit gains from france, italy and spain. so far, it is a mixed picture across the european indices. the ftse 100 is currently down .40%. here is where we are approaching the big day tomorrow where we hear from the chancellor reminding us of the plans for the next fiscal year looking at the cac 40, it is trading lower. ftse mib is moving down 0.5% the other three major boards are trading slightly higher. taking a look at the fx market

here is the picture here at this stage. the pound against the usd. the pound is moving- higher by 2.2% points. in the euro against the u.s. dollar, it is moving slightly higher across the flat line. when speaking about the u.s. dollar, we have seen a few movements lower recently off the back of some of the expectations that the fed is actually reached peak in terms of rate hiking when it comes to that, it is important to see what the fed minutes will say later on today. when it comes to oil, this is the picture. european yields, i should say. at this stage, looking at the markets in europe with the yields mostly lower. of course, positive for the italian market which has been showing the outlook is stable. they moved that outlook from

negative to stable one of the key take aways is the fed minutes and we will get nvidia earnings which could be a major driver for the market today. as you see it on the screen, it is a fairly mixed picture st stateside. let's look at the auto sector stellantis announced it signed a strategic deal with chinese battery manufacturer catl. the deal is aimed at boosting local battery supply in europe the companies were looking at a 50/50 joint venture to boost stellantis electrification strategy. chinese exports to the eu rose to a record $2 billion in october. up more than 32% compared to the previous year. this amid an ongoing investigation into the chinese

subsidies into the ev makers there was a clear overcapacity issue in china which was distorting markets elsewhere. car remegistrations rose 15% from the previous year germany, however, posted a modest 4.9% increase we have pleased to have tommy ryan at rbc capital markets. tom, we were just chatting in the break about how many stories in the auto space the last several weeks. we are happy to have you here to guide us through what is happening. let me kickoff with the ev space in general because it feels as though there is a perception that demanded for evs is slowing down what is your take on the data you look at and the companies you speak to are we seeing a slowdown in ev demand >> there is no doubt there is a

slow down happening. if you look in the u.s. on dealer lots, the inventory is higher for evs than ices the early adopters that bought the $70,000 teslas are all gone now. now we're into the main street consumer stage of the products they don't know how the ev works and how to charge them there is misconception we feel the early adopters bought in and now we are looking at the next stage. we feel the longer-term problems will be resolved right now, we're definitely in the soft spot period >> what is the reason for that you mentioned a misconception of what evs are or lack of familiarity. what extent does it come down to price and lack of infrastructure

as the key deterrent >> you named two of three things in the survey. charging infrastructure and pricing are big ones suvs and pickup trucks are in high demand it is hard to make an ev with battery demand which is dynamic. we have a data science team that scrubbed over 100,000 data points and showed that actually in the u.s. and western europe, charging infrastructure is actually okay. if you look at vehicle density per charging point people don't realize it. we don't see it where a petrol pump is. we don't see it. there may be a charging point, but it may not be working. that is a criticism that comes up a lot a lot of these things get resolved and pricing, as you point out, has to come down. pricing right now is up 35% to

40% since 2019 levels. we all tried to buy a new car and seen how much it cost. evs charge above i.c.e.s that will come down. that should resolve the demand issues. >> i like to look at how polpoliti politics could impact the sector here i wonder if the eu does reach a stage where they impose tariffs on chinese automakers, what could be the impact on that on the market >> i would be suspicious if the eu actually did that the german oems are dependent on the chinese. if you look at electrification, europe is farther along in electri electrification. the u.s. has the ira legislation. why doesn't ueurope have it i think there is a real obstacle

for the eu to enact tariffs. >> that leads to my next question how can the european market and automakers compete against the u.s. legislation that you mentioned and how strong the chinese market is here >> in that is a good question a my marketing i have done around the world and everyone is focused on the u.s. oems if i can bring a little bit of silver lining here, if you look at the history of european automakers, they have done very well against competitors you don't see a lot of japanese oems selling in europe you do in the u.s. people buy domestic products there is a reason for it so, while i do think the chinese are competitive threats, but european consumers want to buy

their brands on their home turf. >> i remember when i moved here over ten years ago and noticing the absence of the japanese brands and dominating the u.s. market in the way they don't here let me ask you about tesla the elephant in the room we have not brought up what is the debate among the investment community with tesla? >> you remember the q3 earnings call it lost $125 billion of value with the cyber truck it is due to the loss of the model 2 car and robo taxi. a lot of people are worried about 2024 consensus numbers, where people like me are thinking 2.3 million units where they are at 1.3 million this year. that is a lot of growth. we don't know where the demand is coming from here. i think it has to do more with autonomy and fsd that is most of my valuation

the problem is i don't know any catalyst that may happen near term it may be a situation where the stock is range bound i do think longer term when they prove the autonomy thesis, i think the stock will work. we are definitely in the challenging period >> one of the reasons that automakers have mentioned recently is the increase in interest rates and how that has impacted the business models as you look at 2024, do you think there is room here for some of these shares to actually rise because of the expectation that central banks will bring rates down >> i hope you're right i hope interest rates come down. i don't know if that happens right now, if you look at auto pricing, they are at 35% to 40% above 2019 levels. you know, if interest rates stay higher or affordability is a problem, pricing has to fall

that falls directly to the bottom line for the automakers that could be big trouble. if you look at autos in the u.s. and delinquency rates, they he a are super high levels. interest rates coming down should definitely help if you look at auto production levels it is flat next year despite below historical levels. the market is clearly worried. there should be growth happening next year. there might not be >> let me come back to the initial pricing. you expect pricing to come down for evs next year and years after. that has to be a pretty big headwind for the oems. are you negative on them for that reason? >> my numbers for oems across the board next year are lower than my peers because of the is issue. they up 35% to 40% from 2019

the mix is down 2% next year what if it is down 10% all of that drops down to eps. things could get ugly. their argument could be cars are different now. more content per vehicle if there is an affordability issue. if you can't afford to buy the car, you won't buy the car autos is an example of the prisoners dilemma. all it takes is one person to cut the price and everyone else does we are cautious on the group. >> let's see what will happen in 2024 tom is the lead equity analyst at rbc capital markets. northvolt depped a new technology for energy storage. the swedish company backed by volkswagen and blackrock told cnbc it made a solid battery which would create a low-cost power for energy storage

systems. the group says the new technology could help significantly reduce dependence on china a huge topic as you look at automakers. and coming up on the show, certainly not child's play we will look into the collectible toy scene and look at the potential investment oppouny. rtit shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half just like that go to shipstation/tv and get 2 months free

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over the next few weeks, cnbc is taking a look at ways to make your money work in alternative investments as part of our series "activating wealth." we are looking at collectibles and how adults could be the unexpected boost to the toy industry is looking for here we filed this report >> this is your range? >> the figure collector dennis peck has lasted a lifetime he is looking at pieces popular

in this part of the world. >> i have been collecting toys. my father used to buy me generation transformers. some years back, they re-released the same toy i bought it. >> collecting toys isn't just child's play some enthusiasts in singapore have been cashing in on this for two decades. it is difficult to gauge the value of the reseller market, because motelst sells go unreported >> you will show me some of the toys here? >> his shop in downtown singapore grew from a hobby to a thriving business surviving a downturn during the pandemic

where he pivoted to selling toys online >> for the years in the 1970s, we have the increase of buying those toys now they are grown up, they have cash and trying to buy back memories. >> this follows any other market with the laws of supply and demand when enough people are drawn toward the certain thing and have money, it becomes valuable. dealers call it the 20-year rule and extra brownie points when it comes with a box. >> some they don't even open it up some like to see the box they say they have to just see the box and have the things inside >> box toys may be the norm for collectors, but vintage items from the rare and short run could cost hundreds of thousands of dollars like this boxed batman or the popeye toy of

which only five were ever made both valued at $100,000. vintage toy collecting took off at the beginning of the 20th century. today, fans continue to seek out collect i bibles from the bigget franchises from the niche films and programs. >> people collect different things generally speaking, most ever the popular toys are the character toys you find people in the age group for 40 to 58 collecting "star wars." "star wars" prices are shooting up >> adults are the biggest source of growth for the new toy industry data from research group npd found those aged 18 and above accounted for 14% of u.s. toy sales through september last

year growing 19% compared to 2021 for collectors, it is about the connection and simpler times >> it is incorrect to feel these toys are for children. they are for everybody of all ages there is a child in every one of us >> a child in all of us. what an interesting package. thank you for pulling that together for us. can you tell us maybe in the research how big do you think the collectible market is here >> that was definitely something i looked into, but because most of the sales are private sales, they are sales that happen at flea markets and e-bay and private groups on social media web sites like facebook. it is hard to put a figure on it for me, in doing this story and speaking to many of these

collectors, one of the takeaways is the fact that the collector sees value in the collection and a longer-term asset, but it is not the main reason why they do the collecting they say they do it because they love it. it is their passion. you heard from t.k. where he said he could not afford the toys when he was younger, but now he is older and has the income, he can make the investment this market is very fickle particularly when it comes to modern toys where it is difficult to know what the toys will hold and appreciate in a couple of decades time experts also say people are getting more savv yy in lookinga toys with investments with more people buying toys and keeping

them in the original packaging if you found a 1977 original "star wars" figure that is still in the original box, the price would be sky high. toys are always designed to be unboxed and played with. so, these concepts that more people are buying just to keep these toys in a mint and pristine condition might mean that they won't be so rare toys in that condition won't be so rare going forward. i also spoke with james zahn, the editor of "toy insider." he spoke about the market being unreg unregulated. his emphasis is on passion if you have a passion for a certain line of products or toys that you really understand, you will be able to make informed predictions, perhaps, of where the demand will be going forward. even if you are wrong about

these predictions, you will end up with things you will cherish and treasure >> lynn, thank you so much for more on this story, we can read more on cnbc.com. >> i found it hard as a kid not to open the toys you got to play with them. now i look at the toys left at my parents' house now and if i left it in the box, i would be a gazillionaire now. >> as long as you have fun is what matters that's the value >> that's how i'll look at it. i encourage you to check it out. these are interesting. it gives you food for thought to invest back to traditional assets u.s. stocks here with red on the board at this stage for the three majors stateside not a huge amount of movement. dow jones industrial average is looking to drop 50 points at the

open the word choiceful has become the c-suite concern with the spending behavior according to the cnbc analysis where the word has appeared in the 15 quarterly earnings calls at s&p companies. walmart and mcdonald's have used the terms in speaking with investors. i'm not convinced it is a word. >> it is a word. who uses it? the idea is just to refer to the consumers. consumers are a little bit more picky at this stage. i think of the word we use to describe the latest quarter. you know what i came up with >> eager >> i came up with the word bamboozled for the last quarter. it was mentioned yesterday in

the con ttext here in the u.s i wonder whether markets are being deceived by the a.i. hype. of course, it is also a little homage to "friends" and matthew perry who passed away. he is the one where i learned the word. >> excellent you are giving the word a run for its money. i don't have much to compete with, but i'll bring the mood down a bit the word i would use is for market participants is y frustrated we hope to have clarify on "street signs. i'm julianna tatelbaum. >> i'm silvia amaro. "worldwide exchange" is up next.

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it is 5:00 a.m. here at cnbc global headquarters. here is your "five@5." the five-day win streak, but don't expect a rally between now and year's end something is changing. new developments as open a.i. has an open revolt on its hands from investors and staff hear what microsoft's ceo is saying about the situation. shares of nvidia are sitting at the