it is 5:00 a.m. at cnbc headquarters and here is your "five@5. openai brings sam altman back and names new directors. shares of nvidia under pressure despite sales surging 200% from a year ago we'll tell you what's raining on the stock this morning. also a developing story in the middle east as israel agrees to a temporary cease-fire and hamas hostage release. plus crowded skies

a record number of travelers expected to take to the air ahead of the thanksgiving holiday. we're live at the airport with a live look. and later in the show, speaking of the holidays, this year's turkey day feast expected to cost a little less than last year we asked a food economist if that trend is expected to continue it's wednesday, november 22nd, 2023 you're watching "worldwide exchange" right here on cnbc ♪ good morning and welcome to "worldwide exchange. i'm frank holland as always. we're going to kick off the hour with a check of the stock futures with s&p 500 down. the dow looks like it would open 25 points higher the s&p and nasdaq both fractionally in the green. we're checking the bond market taking a look at the benchmark

10-year, siemens going down. we're also looking at the energy market this morning, taking a look at oil as always. we start with wti. you can see the benchmark trading at basically 77 bucks a barrel brent crude at about $81.75, almost 1%. that's your morning setup. we look at the whirlwind around sam altman and openai. the company announced altman will be returning. arjun kharpal has more on the story. good morning. >> good morning. what a roller-coaster ride altman will return to openai it follows pressure from employees and members of the board. bret taylor and larry summers will join openai's board taylor will hold the chair position

interestingly, adam d'angelo will remain on that board. openai said on x they're still figuring out the details of all of this. this has been a story of twists and turns. after altman was ousted, satya nadella said others would join remember microsoft is one of the biggest openai backers hundreds of employees signed a letter after that saying if the board didn't resign and bring altman back, the overwhelming majority would move to work with him at microsoft on x altman said, quote, i love openai and everything i've done in the past few years has been in the service of keeping the team and its mission he added he's looking forward to a strong partnership with microsoft. the major investors including microsoft, of course, pushed to get altman back as ceo behind the scenes they hail altman's return back

it is an interesting board summers with connection to the government and regulators. taylor, the former ceo of salesforce, an open company. it's got room. microsoft shares interestingly slightly higher than preterm market and what seems like a positive outcome for the tech giant. >> you mentioned microsoft was up when they thought altman and brockman were going to join. how is it being viewed by investors? >> a win/win, i think, quite frankly. if altman worked at microsoft, the company would have a leading figure altman could have recruited many of those who worked with him at open iowa. but this is the best nadella was a big force in getting altman back to openai.

that could give the ceo more influence over the future direction of openai. also remember it's a startup it can move fast and nimbly and needs to, especially with so much competition in the space with the likes of google and thropic as well. it's hard to innovate, and things get slower. it's best for microsoft that openai stays separate with sam altman at the helm and that's really the outcome. >> we do have a couple of loose ends here. as we mentioned, some board shakeup here also as part of this news, we learned that openai was reaching out to anthropic as a merger are there any loose ends that need to be wrapped up in the near term or some that will play out longer >> we haven't gotten news of that what i expect from here is really a much closer working relationship between microsoft

and openai look openai is going to be key with how microsoft wants to stay ahead amongst the cloud players when it comes to the players as it faces stiff competition if-- from amazon. i expect open conversation and comments as the two work close together at this point as well i think what you will see is increasing competition in the space. this is a very tough industry right now. it's a very competitive industry they're going to want to show that with openai, it can stay ahead, frank. >> arjun kharpal in london great to see you as always enjoy the holiday. we're following breaking news out of the middlest israel and hamas are working on a deal in involving a temporary cease-fire nbc's brie jackson in washington with the very latest good morning. >> good morning, franks. the deal comes after weeks of

closely guarded conversation between egypt and qatar. they've acted as a broker between the two sides. deal reached to secure the freedom of 50 hostages, mostly women and children, held captive by hamas answering weeks of prayers waiting for their desperate return. >> to have a sliver of hope, just a break already, just a break. >> reporter: this comes after more than a month of intense talks. in a statement prime minister netanyahu said he spoke with president biden and asked for his intervention in hostage negotiations president biden thanked the leaders of qatar and egypt for their critical partnership in reaching this deal. >> from the very beginning the administration recognized that, number one, qatar would be the venue through which you could have a negotiation to reach out to hamas and try to secure the release of some of these hostages. >> reporter: under the agreement

israeli officials say there will be a four-day pause in fighting to allow for the exchange of hostages and prisoners to take place. there will be extra days in return for ten hostages a day. in addition more fuel trucks and aid will be allowed to enter gaza. >> it's terrific news in terms of the capacity to improve the humanitarian services in gaza. >> reporter: an agonizing end for some hostages, but still no end in sight for the war biden officials say three americans could be part of the first hostages to be released, two adults and a 3-year-old girl named abigail. >> as you mentioned, these are closely watched negotiations in qatar. what are some of the sticking points in this agreement >> there were several, that hamas provide ids and proof of life of hostages and hamas has

asked for fuel to be brought into gaza. we iraqi got a lot more to come on "worldwide exchange" including one word investors need to know today but first despite fall's comeback, our next guest is eyeing mid tech and stocks. nvidia, why are shares down ahead of the open. and later, flying the crowded skies. we speak with a few brave flyers at chicago's o'hare international on what's set to be one of the busiest travel days of the entire year. we have a ry bveusy hour still ahead when "worldwide exchange" returns. meet gold bond daily healing. a powerhouse lotion that moisturizes, heals, and smooths dry skin. with 7 moisturizers & 3 vitamins. and... new gold bond healing sensitive. clinically shown to heal & moisturize

dry, sensitive skin. gold bond.

the power goes out and we still have wifi to do our homework.. and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can stay reliably connected through power outages with unlimited cellular data and up to 4 hours of battery back-up to keep you online. only from xfinity. home of the xfinity 10g network.

welcome back to "worldwide exchange." the s&p 500 up 8.2% so far this month, which would be its biggest monthly increase since july of last year. the gains coming as hopes grow the fed is done hiking rates the interest rates future market now pricing in 90 basis points of cuts throughout 2024. also a more than 25% chance the fed begins as soon as march. let's get more inside from nancy curtain with a firm with $65 billion in asset management. good to have you here. >> good morning, frank. >> again, we saw that bit of a blip yesterday, but the markets have been riding the rally a bit over the last few weeks. how much of that is the

confidence in the market that the fed's done raising rates >> you know, a couple of things. we saw the fed minutes last night, nothing there proceed carefully, the totality of the data. what i think is important, frank, the fed has made it pretty clear that their confidence about getting to that 2% inflation tar get will increase if three things happen. if growth new state moderates from the torrid pace in the third quarter, 4.9%, if the labor market begins to cool, and if inflation continues to move decisively lower and i'd say, frank, we've had good news on all three of those over the last three weeks. that's what explains what's been going on in the markets, obviously responding to the better news. the fed check list is beginning to move in the right direction we do think the fed is done here unless inflation or growth accelerate again we don't see it.

we do think the fed's done, and i think the mantra may be higher for maybe not so much longer. >> it sounds like you think the fourth quarter gdp number when it comes out is going to have a lot of impact on the fed and possibly the markets i want to talk about something else having a big impact on the markets, the magnificent seven we're talking about stocks like google and nvidia. the company is under a bit of pressure, but it was really on soft guidance. it wasn't because anything is fundamentally wrong with the business how do you think this report and the response you're seeing, how dutch that shape your view of the maga cap >> oh, goodness gracious, frank. that was a blowout report. it came in at 18 instead of the 16 expected. over 2% increase there's guidance in the fourth quarter, which is why the stocks came off of it but let's remember there's a trillion dollars in data centers around the world and they all need some upgrading of gpus.

as far as i see it, nvidia is in pole position. that was a very, very good number last night, and we continue to think, you know, you can't write off the magnificent seven. having said that, we do think the other parts of the market which trade at 14 times earning, the other 493 represent some pretty decent value. >> others talking about the 493 and valuation there. something else i want to talk about, the bond market. you're forecasting a mild market next year. you're saying investors should lock in longer-term bonds. looking at a yield of 4.4% why wouldn't i go to the 2-year and go 4.9%? why wouldn't i want to lock in on that? >> hey, it's all a bit nuanced

here and no one knows for sure, but i would say with respect to bond yields, if you can lock in and we've been lengthening duration here, close to 5% for seven to ten years, that's pretty good, frank, because remember if the fed cuts interest rates next year, which is what we expect, there's going to be reinvestment risks at the short end, and that 5.7 trillion parked in money market funds is going to go somewhere if they're going to be facing lower interest rates so we think the length and duration, we want to get ahead of that, but we also want to think if the fed is successful in bringing down inflation, it could also be good for credit markets. >> nancy curtin. you're saying lock in those longer duration bonds. great to see you thank you for coming on. have a great holiday. >> thanks so much, frank have a good holiday. coming up, investors not entertained by blockbuster

stocks with nvidia and why our next guest says he's still bullish with this target company. the full story coming up after this

thank you for coming on. this

what is cirkul? cirkul is 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 water, your way. welcome back to "worldwide exchange." shares of nvidia under some pressure despite a third straight blowout quarter earnings coming in 20% above consensus with revenue beating expectations by almost $20 billion and tripling from almost a year ago

the one blemish in this report and it appears to be guidance. nvidia expectsshares to declin significantly in china in the fourth quarter but adds it will be strong growth in other regions. let's talk with angelo good morning good to have you here. what's your reading from this report and what's your price target did it change after this report? >> listen, the only blemish on this call was china in our view. actually the guidance was pretty good, 20 billion in terms of the january quarter. the january quarter will probably be the peak in terms of revenue growth revenue will decelerate as we progress through calendar year 2024, but nonetheless, you kind of have to be pretty happy with the results here

the top side is a little bit overlooked where they posted 75% margin on that side of thing our view here, we kept our 12-month target price at $1,600, but the stability is clearly going to be the question mark as we progress through calendar year 2024. >> your price target, $620 the street's at 663, so you're a little less bullish than your peers. why are you less bullish what are you sighing that others are not seeing >> it's one of those things where you have to figure out what the right multiple is here for this stock, and in our view, the multiples are in question for a reason it's because of the fact growth rates will decelerate as we go through the rest of the year we're looking at a sustainable long-term growth rate for nvidia as we go through calendar year 2024 and the year thereafter when we think about where the multiple has historically been relative to where it should be now, given the size of this

company now, we just kind of think it's more justified to have a lower multiple, which is why we use the 20, which is at the lower end of the historical range. >> due to restrictions they expect business to be softer, but they went out of their way to emphasize they think growth will be made up by other regions. do you think investors may be overreacting to that guidance? >> not necessarily listen we think as far as the china story is concerned, we do believe they're going to get back into china. there are some new chips they're looking to roll out in china, look to get approvals on we think if that does come back, that will help kind of support demand trajectory into the april/july quarter we think there is kind of a silver lining in terms of china as we look at the next couple of quarters, but, yes, right now there is enough demand to meet kind of the expectations as we see over the next couple of

quarters >> give me your long-term outlook. we talk about the moat when it comes to ai chips. and why do you think it's so important? why do investors need to pay so much attention >> when we think of ai, we do think it's kind of a massive -- it will help them significantly address their total expendable market, not only the chips within data centers. you're talking not only gpus cpus are going to be part of the business next year and some of the numbers they threw out there, $10 billion run rate, that supports the growth rate there you look outside of data centers. so, we look at that and what have you as far as the margin side of things, that is really showing you kind of the pricing power this company has as you continue to see the volume upside and

when you kind of look at their price line going into 2024 with the h200, there's some very good visibility going into the calendar year 2024. >> angelo zino, thank you for being here enjo i the holiday. >> thanks for having me. as we head to break, we get a check on a few of this morning's money movers we look at jack in the box they're pulling back after posting weaker than expected guidance, total revenue falling by 7.5% and same store sales at its del taco restaurants shares of jack in the box down 4%. shares of guess, they're plummeting due to softness and direct-to-consumer businesses and looking at a dim outlook as it deals with broader macro challenges, shares down more than 14% and shares urban outfitter going

out of style the 9% increase in revenue helping to boost a 120% increase in eps driven by strong demand in its free people and arthropology brands, those shes down almost 6%. much more of "worldwide exchange." back in a minute the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ trading at schwab is now powered by ameritrade, unlocking the power of thinkorswim, the award-winning trading platforms. bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies.

tailor the platforms to your unique needs with nearly endless customization. and track market trends with up-to-the-minute news and insights. trade brilliantly with schwab. you want to be able to provide your child with the tools or resources they need. with reliable internet at home, through the internet essentials program, the world opened up. fellas, fellas. that's how my son was able to find the hidden genius project. we wanted to give y'all the necessary skills to compete with the future. kevin's now part of this next generation of young people who feel they can thrive. ♪ ♪

it's 5:30 a.m. in the new

york city area here's what's on deck. sam altman to return to the company after being released and subsequent turmoil among insiders. and severe weather in parts of the u.s. is throwing a wrench in the travel as a record number of people prepare to take for the skies and the roads this holiday. and bracing for what could be a record-breaking black friday and the consumer. it's wednesday, november 22, 2023, and you're watching "worldwide exchange" right here on cnbc. ♪ welcome back to "worldwide exchange." i'm frank holland. as always we're going to get you ready for your day we're going to to look at stock futures. you can see futures are in the green across the board, the dow moving higher since we started the show looking like it would open at

35, almost 40 points higher in the premarket. right now we're also looking at the bond market this morning as always, we start with the benchmark 10 yee frpg we see a yield at 4.39, pretty much the level we've seen it at and we also want to talk about energy, specifically oil right now, especially during this holiday week as so many people are hitting the roads. we're going to talk about gas in just a minute. wti crude, trading at 77 bucks a barrel brent crude at 82 bucks a barrel that's your money morning setup. we turn to breaking news sam altman will return in less than a week after he was fired by the back court of directors along with the agreement in principle to bring altman back as openai's ceo, the company is also forming a new board of directors. take a look. this new board will initially

include bret taylor as well as larry summer and adam d'angelo microsoft's satya nadella says he's encouraged. he added he believes this is a first and essential step on a path to more stable, well-informed, and effective governance for this company. as part of the shakeup, they have agreed to conduct an independent investigation into his conduct and the board's decision to fire him no comment from openai investigation first reported by "the wall street journal." in another post on x, sam altman says i look forward to returning to open iowa and building a strong partnership with microsoft we're just one day away from turkey day thanksgiving details and holiday

sales. they have a big impact on consumers and bottom line of everyday americans we're covering nearly every angle. phil lebeau is with travelers in chicago. veronica is a senior economist with good news on those looking to pick up their holiday bird and we're going to start off with what's set to be a record day. phil lebeau live at chicago o'hare what are you seeing right now? >> reporter: it's quiet right now. it's not even 5:00 a.m. here in chicago, so it's just starting to pick up at o'hare airport when it does pick up here and at other airports around the country, it's going to be a very busy day 2.7 mill uppeople are expected to fly we'll have even more flying on sunday with 2.9 million people flying, a total of 30 million

when you look at the 12 days before thanksgiving all the way through next tuesday and after thanksgiving because people are spreading out their travel even more the airlines, the tsa, airports, they're all ready for this we have seen a gradual increase but a steady increase in the number of people who have been flying, who have been screened by the tsa in fact, look where we are right now. we're above prepandemic levels 2.3 million average. that's the average daily you're going to see even more than that, today, sunday, monday will also be a very busy day as you take a look at the airline stocks, let's talk about delta, united, and american. keep in mind all of these airlines have been working with the faa to make sure they do not have delays once the people are on the plane and the crews are set and ready to take off. in fact, the faa is opening up additional air sparks route as i cross the east coast so things should not be as congested as they have in the past and we

take a look at what we call the domestic travelers or airlines the low cost airlines included in this as well when you're looking at spirit. the average fare, frank, is lower this year than it was last year by $23, according to the fair tracking website hopper so people are getting a slightly better deal in terms of flying this year, how much the average round trip ticket is compared to last year. frank? >> so slightly better deal that's certainly good news o'hare is famously known for its congestion during the holiday season i've been there many times myself, phil with some of the bad weather we're seeing across the country, how is that expected to impact people trying to get to their holiday destination? >> reporter: not much. not much the limited weather is going to be more of an impact for people driving on the east coast, especially the northeast but the air flights, i checked with flightaware, cancellations

relatively small it's going to pick up throughout the day, but it's nothing compared to what we've seen on some past holidays. >> phil, enjoy the holiday thank you very much. you can't travel without feel the average price for regular unleaded is $3.28 a gallon according to aaa it's down from $3.66 a year ago. it's the lowest at thanksgiving since 2020 when fewer people were venturing out during the pandemic let's bring in denton, a chief analyst. good morning. >> good morning, frank how are you? >> give us a sense we're seeing the lowest price for gas since 2020 how much longer are we going to see these lower gas prices can they last us throughout the entire holidays? >> i think we can. we're on a streak of 60-day prices i think it will continue through the holidays and probably through the end of the year.

you're going to see even more gasoline coming to market. so we should be in pretty good shape as we get through the rest of 2023. >> we talk a lot about the stretch consumer here on the show and a lot of shows on cnbc. gas prices are one thing that can weigh in on consumers. what even you get up to 5 bucks a gallon, it impacts wallets of a lot of people. we hear of opec cuts how could that potentially impact the gas market? >> right right now the prediction is they're going to roll over what they're currently doing. if they do cut, there's going to be a little bit of a pop in markets, but i don't think it will have too much of an impact on gas and oil this time of year you want to run crude oil, more diesel oil,

but crude gives you a lot more gasoline than you probably want as a refiner. >> $3.28 right now lowest price we've seen at thanksgiving since 2020. what direction are gas prices going in general you say wu we're going to see these prices for the rest of the holiday season what do you see? >> it's a seasonality play this time of year, formulations will be easier to make demand is usually down this time of year despite the thanksgiving holiday. i think honestly by the end of the year, we're probably getting closer to a $3 average than we are going back toward $3.50. you can expect dha at springtime. >> thank you, den on the cinquegrana. good news. >> happy thanksgiving. >> happy they'ving to you. from food costs to fuel prices, it is not just at the pump it's also at the checkout across the country. joining us now a chief economist

with more good news. veronica, thanks for being here. >> good morning. indeed we're about 4.5% down in our survey of thanksgiving day meal costs relative to last year we'll continue that trend. prices are a little bit better. >> one of the cheaper prices -- not cheap. it's thanksgiving. turkey prices are going down over 5%. 5.5% give us a sense. what's creating that situation, and give us a read for the rest of the holidays because people want to enjoy turkeys and hams for the rest of the holidays are the meat prices going to be down for the entire holiday season >> we want them to enjoy meat and other side dishes as well. so this year we had fewer cases of high-path avian influenza, which really infected the turkey flock back in 2022 usually when we think of turkeys, we think about going to the grocery store today.

but the birds were hatched and grown this spring and summer, so there's fewer cases of bird flu really helping prices. certainly as we think about moving through the rest of the holiday season, i think you u can continue to enjoy slightly lower prices on those food prices that grace all of our tables. >> turkey is fine, stuffing is fine but i like dessert i look at the prices for pumpkin pie mix, that's up sweet potato pie, that's up slightly why are these things getting more expensive as other things are getting cheaper? >> any farmer will tell you mother nature is a vital but terrible business partner. canning pumpkin, the area of the country where that's grown, had a few production glitches this year they had a little rain when they shouldn't have so we saw a slight decrease in some canning pumpkin production. so you're seeing that pumpkin pie filling be a little bit more

expensive. but, of course, it's not just the pumpkin pie. it's the pie crust and whipping cream to make the topping. when you combine all three of those items, the average cost for that pumpkin pie and sweet potato pie is down compared to last year. >> everybody is thankful for a less expensive thanksgiving dinner veronica nigh, thank you very much. we're not done with the holiday conversation just yet. we're going to bring the is to r sus ceo and black friday and the warning sips he'seng aund s eiro the consumer we've got much more of "worldwide exchange" coming up right after this with cirkul, your water is deliciously flavored at the turn of a dial, with zero sugar and zero calories. and cirkul has

over 40 flavors, so your water can be as unique as you are. try cirkul. your water, your way. now with even more flavors. available at walmart or drinkcirkul.com. i was on a work trip when the pulmonary embolism happened. but because i have 23andme, i was aware of that gene. that saved my life.

welcome back to "worldwide exchange." we're talking about black friday and christmas. 74% of shoppers will open their wallets this week. that's the highest number since 2017 joining me now with his expectations, jerry storch he's also the former ceo of toys "r" us and vice chair of target. good to have you here. >> great to be here. >> jerry, we're hearing it's going to the best holiday season since before the pandemic. many people are optimistic, but you're coming here to play the grinch what are your outlooks

>> let me give you some numbers. i want to be realistic here. what we're seeing is the consumer is going to have a bit of a hangover from last holiday season what happened during the pandemic, consumers had a lot of money and they spent it, so sales were really high now that things have normalized somewhat, comparisons aren't very good. and retailers judge themselves on same-store sales hourk they're doing this year versus last year at this period we got the third quarter numbers. most retailers reported in the last two weeks and the numbers were mostly negative so best buy was down 7%. lo lowe's down 7%. coal's down 11%, target down 12%. that is things you bu, not services, things you buy for christmas, and inflation is

still running at 3% year over year sales are actually negative. not only that, but most of the retailers reported they're not seeing great numbers in november holiday season has already started and the numbers aren't happening yet. i hate to say it, but i think we'll eke out a small gain, but it ooh going to be one of the slower holidays year over year. >> i don't know. you have a lot of conviction an enthusiasm i don't think you hate to say it you're coming to us with the facts and the feelings. >> that's the way it is. as you point out, the core retail numbers were up, but yoer're pointing to a double-digit decline and furniture department sales >> retailers were up, but not by much you saw furniture, for example, was down almost 12%, we saw bad

numbers with lowe's just this weak why? because again we've got issues in the housing market. we all know that that is driven by the rising interest rates and the inflation that we've seen in housing prices and the fact the consumer is squeezed. none of this is a surprise now, things will normalize maybe next year. we can have different numbers and start putting pandemic in the rearview mirror, but not yet. people are still going out to eat. they're still buying concert tickets, flying a lot, but most of the service in creases where consumers are spending more on services is actually on rent and health care, again, penalty up from the pandemic, not on discretionary items. so when it comes to clothing like department stores, don't expect it to be good this year. >> understood. but it can't be all doom and gloom, jerry there have to be certain aspects that you expect to have better than expected performances or better than last year. are there any spots you see as a

bright spot? >> great point necessities continue to grow we're continuing see sustained growth out of walmart. they were positive they're one of the few retailers that were for the third quarter. tjx did very well. i expect them to continue to do well dick's did better. they reported bad results if you remember for the second quarter. the third quarter numbers were in positive territory. people have a little time and they're going out and doing activities with sports goods and costco continues to be a strong performer. value retailers by and large are continue continuing to do great. >> i don't know if you can talk about electronics, video games, toys and seasonal items coming up. >> we know electronics are not good best buy was down 7% they said it wu going to be slow

for the rest of the year nvidia games are one of the categories that are up when you look at some of the core appliances, electronics, computers, things like that, they've not been doing well. toys did fantastic during the pandemic, now they've got the hangover they're not doing well they're negative for the year, and i expect that to continue. when kids were home, parents were home, they spent on toys like crazy now we're up against those numbers, and it's not going to look good. when we get to next year, we'll be in more of a level playing field. this year is not going to be a good holiday season. >> very good jerry storch forecasting a staunch holiday season good to see you. coming up on "worldwide exchange," the one word that e'er investor needs to know today, plus the ai centric stock and the item on the shopping list that's up more than 15% this year.

the mystery chart. that's coming up next. meet gold bond daily healing. a powerhouse lotion that moisturizes, heals, and smooths dry skin. with 7 moisturizers & 3 vitamins. and... new gold bond healing sensitive. clinically shown to heal & moisturize dry, sensitive skin. gold bond.

one small smoothie is $14.63, please. $14 girl, what is you doing? but making smoothies is such a hassle. not with blendjet. what's going on? shhhh. hold that thought. just pour in some milk, throw in some frozen fruit, and in 20 seconds you've got yourself a nutritiou and delicious smoothie. mmm! tastes just like the ones they sell here. and for a whole lot less. i'm ruined. awww. kick your expensive smoothie bar habit to the curb. order yours now at blendjet.com.

welcome back to "worldwide exchange." we beginning with your w.e.x. wrap-up. sam altman is back with openai larry summers and bret taylor will also join openai. and israel and hamas strike a deal to release hostages and prisoners. they test the potential of this deal. shares of nvidia are under pressure as the company warned of significant sale declines in china, this after a blowout

quarter of over 2% year over year the reported move marks a shift in beijing helped by the country's builders citi is in talks to add to its strategy by lending to financial business next year which could include teaming with partners. and ahead of thanksgiving, warren buffett donating $870 million of berkshire hathaway stock to families. here's what to watch today, several pieces of economic data on tap including weekly ads and we look at consumer sentiment figures. we get deere results. let's get one more check of futures this morning taking a look right now, you can see they're in the green across the board, the dow hitting the

highs. the s&p and nasdaq now firmly in the green. for much more let's bring in tiffany mcghee, a cnbc contributor. great to have you here. >> good morning, frank good to be here. we saw a bit of a blip what are you expecting the day before holiday so not just today. you know, we think -- we really see the s&p 500 rally continuing through the end of the year. the reason why, bull markets and rallies typically had to end with, you know, euphoria and high conviction and we're really not seeing that. when you strip out tech and s&p 500, we're not seeing that what we're seeing especially from institutional investors, we're seeing lower allocations to equities and we're really -- we're actually seeing the opposite of euphoria and high conviction in the equity

markets. pension allocations are around 20-year lows we're seeing them kind of really invest in index strategies while hugging the beta strategies. they've also been taking advantage of the higher short-term yields in cash and fixed income, in those asset classes. >> so since you're not seeing that euphoria right now, give us a sense how you're viewing the markets. what's your w.e.x. word of the day? >> my w.e.x. word of the day is "opening." there are openings for investors to get on board with the equity rally, which we think will continue at least through the end of the year. we showed a mystery chart. it's c3.ai we've been talking about a lot of ai today. >> we have. >> why is right now a good time to buy c3 ai, those shares up over 150% year to date

>> what a difference time makes. i plan to come on this show and really talk about what invest -- how investors can invest in ai as the chatgpt and microsoft dust settles we like most investors like ai play long term, when it comes to them, they offer this turnkey ai enterprise solutions for businesses across multiple industries, but when we look at from like a pricing perspective and an opportunity perspective, it's up over 1 56% year to dating but it's not close to a two-week high. it took a dip a few days ago, down 1.3%. so there is an opportunity to buy right now. >> that's one place you put your money. another play, marvel, a chip chipmaker. kind of a mentioned report it's lower on guidance, but they think sales will be lower in

china, but it's going to be higher growth everywhere else. >> so we're long-term investors. we strongly believe in ai and marvell makes the equipment, the chips to build ai. when we look at the pricing perspective, it's up 4%, 7% on the day, but down in the past four or five days. >> the last one, you're playing a little bit of santa, the nice list, they're getting toys but the naughty list, you're saying you would not buy this one, you're staying away from it why? >> so we own delta, and, frank, it is on my naughty list i hope it has the opportunity go come off the naughty list and go on the nice program. they revamped their loyalty program months ago

all were up in arms. competeling airlines basically offered to match status if their current loyalty members were to come over. and so typically we do like delta, but, you know, that move was really detrimental, and we're seeing that in the stock price. they did walk it back a little bit. we're not quite sure it was enough we'll see next year. the stock is down 14% in the past three months, so right now they're on the naughty list. >> tiffany mcghee, thank you very much. enjoy the 40i8ds. >> happy 40i8ds, frank thanks. taking a look at futures, the dow hitting its highs this morning, all three indices in the green. we're going to leave it there. you guys have a great holiday. we've got "squawk box" coming up next

you want to be able to provide your child with the tools or resources they need. with reliable internet at home, through the internet essentials program, the world opened up. fellas, fellas. that's how my son was able to find the hidden genius project. we wanted to give y'all the necessary skills to compete with the future. kevin's now part of this next generation of young people who feel they can thrive.

♪ ♪

good morning sam altman is back at the helm of openai, the company making that announcement just after 1:00 a.m. east coast time along with an overhaul of the board. it includes larry summers. details straight ahead on all that, and an iconic figure in the crypto world, meanwhile, has pleaded guilty to federal criminal charges binance founder stepping down as ceo. the company is paying fines of $4.3 billion. and nvidia, shares are flat

despite smashing expectations for earnings and revenue we'll tell you what gave investors perhaps some cause for concern. it's wednesday, november 22nd, 2023 i hope you've got your plans to get your turkey. we're going to talk to butter baw ball so you don't screw anything up "squawk box" begins right now. ♪ good morning and welcome to "squawk box. welcome back to "squawk box. i i assume you were here yesterday. i'm joe kernen becky is here. it was quite a commute our friend mac, you had some issues w