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 with planes, trains, and

automobiles, andrew ross sorkin is here. we're all here i hear someone slinking around here. >> i'm here. it was a terrible commute. they shut down the west side highway. >> that's what i just said it was already covered for you u.s. equity futures at this hour are in the green a little bit. it's kind of been -- like we've talked about, kind of an unloved rally. a lot of people suspicious, still don't know what the fed is doing. they decided that they weren't going to overtly say this is the last hike. so there's going to be more. little do we know around the world things have shifted. the majority of the central banks are now cutting, but it's in places like south america whether that applies -- you know, where they have 140% inflation anyway so it's not directly -- it's not

apples to apples, that's for sure treasury yields, take a look this morning they've been very well behaved 4.3% the next number, the 3 we haven't seen in a while. we saw 4.41. >> same thing with the 2-year, below 4.9. >> i already asked you about your plans you're not making alligator today? that's in the front page of the journal. people are cooking alligator. >> fried alligator. >> fried alligator did you read it, andrew? it sounded kind of good. and then you've got a nice pair of shoes when it's all said and done or a belt. >> is that taking overture ducken >>gamey stuff. i don't know about reindeer. that would be cruel. >> yikes. let's talk about the big news that broke overnight. open aimt posting on x that sam

altman will now officially return as ceo. former salesforce ceo bret taylor and former secretary treasurer brett summers will join openai's board. adam d'angelo will remain on the board. he said when i decided to join motte on sunday evening it was clear it was the best path for me, and the team with the new board and with satya's support, i'm looking forward to returning to openai and building a strong partnership with microsoft in return microsoft said we're encouraged we believe this is the best

path getting back to coding tonight he hit the keyboard. meantime he also posted this photo, take a look 2:41 a&m eastern time with the comment, we are so back. the soap opera, i don't know if it's officially over, but i think we're into extra innings at this point. >> two things that struck me like everything else, that was fast. >> i don't know if it's done i wonder if it raises questions. if it faces questions from regulators. >> could sam have said openai or chatgpt, write me an "i'm staying" note, because that's exactly how i would have said it i love the team. with the help of larry summers -- go ahead, i'm sorry. >> no, i was going to say the two big things that struck me is the role of bret taylor. he had a major roll at twitter,

as the chairman of twitter you can look at his role of twitter on a very good side and others in sell con valley see it on the very bad side on the good side, he held strong and was able to sell the company for twice as much as it was worth to elon musk even though elon musk tried to get out of the deal some people think he stuck it to elon musk and elon musk thinks very little of him, which is interesting. but there's another piece to this, which was there were questions about the performance of twitter, what he was -- the chairman of the company as a business, and the question of whether he should have sold that business to elon musk. if you remember there were people on the bore and around twitter that it was -- in terms of the virtue of it all, they

ultimately not ohm sold it and said it was therapy dushry duty to do so, but they said it was a public trust as well in the same way openai if it's going to be a not-for-profit and if the state of california wants to leave it that way would think of it as a public trust if you will i think the addition of larry summers into this is an important one, not because he's some technology, but because of how thought 68 he is about so many different issues about society and the implications that and the ethics, yeah. >> and maybe we're going to be back to one man's virtue is another man's vice, too, because some people would say -- >> some people have very negative views, yes. >> like who made twitter the

public square? was the old twitter a good public square? is the new twig ir depending on where you're sitting, now people say it's now an actual public forum and it wasn't before. i wonder if we'll go through all of this with openai. >> i bet you we are. bret taylor followed through on the fiduciary. what you've basically done is thrown out this idea, it was written into the company's bylaws before, not-for-profit bylaws, that everything done was going to be done for the good of all humanity, not for corporate interests. and i think this really challenges that entire creation, is this going to be done for the good of microsoft and the other investors, let's really look at this for what it is. it was a koucoup over the weeke

and investors pushed back and said hold up, we ar going to make sure we have better gofr nance, more of a say in what happens here many times a corporation can't function if it's not eventually going to be a positive. >> this is a slightly different question. >> if you look at hiring of people and taxes -- >> that part i agree with, but if you look at this with the safety of the mission, it ee potentially the most dangerous thing out there. do you want commercial interest driving that or not? can you imagine the manhattan project run by corporate entities >> yeah. >> that's an important point, becky. if you really think about it, it could become dangerous. >> just about everything should

be. >> what was interesting, look, there are not for profits-that do good things in america. i don't want to besmirch a not-for-profit and say if they're a not -for-profitnot-fo, they're not doing something good how was this funded? obviously sam took a sort of unique approach saying we're not for profit, but we need capital and how are we going to get that capital? the silicon valley way to get that capital is to forge unions with microsoft and investors who can provide not just cash but the services and servers and all of the equipment that was needed to build this out. openai could not have done this without some for profit entities with some significant amounts. >> i don't want to besmirch.

sam altman because he's done everything to say i'm not going to take a stake in this, do anything to make a profit. basically he has done this himself. >> it is a great problem to have when you think of how powerful iowa is going to be. we have to make sure it doesn't get out of control but when you look at what it can do for health care and computing, it's also similar to biotech. look what it delivers in terms of quality of life and how long we live. but let's say someone decides to do something just unbelievably horrific with this. >> like mess with covid? create covid >> gain a function -- you can imagine that -- isn't it a great problem to have? then we've got to make sure we're wary and know that it can be, you know, used for terrible things or it could get out of

control. >> i hope they spend a lot of time on that anyway, we're going to spend a lot of time on that. >> we wouldn't want to be there. >> we're going to spend a lot of time on that too in the meantime we need to tell you about another big story. binance founder zhao stepping down and pleading guilty to federal charges. this kind of came out of the blue that they were settling amop eamon javers has more. >> this is something we haven't seen before. garland and yellen appearing side by side to announce criminal charges and a plea by zhao garland underscored in the past month the justice didn't has prosecuted the ceos of two of the world's larchltest crypto

know cases first sam and now zhao. >> using technology to break the law does not make you a disrupter.o implement anti-money laundering programs and forlefully violated sanctions. it was breath taking the u.s. government said binance did not renounce its u.s. business as it had claimed and instead worked with large u.s. customers to hide their locations and the government said the crypto exchange even developed a process to notify vip users if they became the subject of a law enforcement inquiry. they alleged terrorist financing

for al qaeda and hamas and failed to report tractions with when sites that are reported to sell child sexual abuse materials and fraudulent good and other contraband as for cz himself, he said he made mistakes and must take responsibility shortly after that, he posted a a 175 dlls million dollar. the expectation is maybe around 18 monthsing but we seal see if the prosecutor pushes for a longer sentence. >> joe and i are going back and forth on this. >> this is not an ftx. i'm looking four good stuff. >> he created a net worth for himself of $23 billion he's only going to pay $50 billion.

he's being taken out of that position as ceo for three years. >> did they talk about the co-mingling? >> they made a point of saying we aren't accuse of doing any of that ftx stuff. >> we thought about it. >> the idea they got so big, so quickly, flouting u.s. law, knowing they were doing it and admitting to each other in texts and different forms of communications and they said, we know we'd get slowdown they get to keep the business. i've got a 23 billion dollars of that if he gets up to more than 18 months, he gets to appeal the whole decision, so he's probably not going to appeal. >> the u.s. government wanted to get crypto and these exchanges inside the u.s. law enforcement

regime they get to do that here they're going to have monitors insidebinance. they'll have spirns activity reports going back years terrorist findings, drug -relatd activity. >> is that czar? >> s-a-r it's the largest in the world and has access to all of this tape ta. they're under the u.s. lain force mrnlt. >> sam bankman-friedman would be ticked off. >> in skpaench, cz gets control of the business. >> he's going to do -- >> eamon, it looks to me -- and

i the don't any if they become the win ir the one company trying to do it on the o up and un not obviously in any kind of relation to these issues at all, but does coinbase which is a publicly traded company, there are a lot of viewers of our company that may well own that stock, are they the winner, do you see this company going public itself? what happened here >> it think it depends on what crypto buyers want do they want a u.s. crypto exchange that operates under the united states. if they do, then you would think this headline would be a major bloi it's not clear that's what

crypto buyers actually want. part of the appeal of crypto, going back years, is it was out of government regulation it was offshore. it was nongiftal it was sort of this amount arctic thing it's very different from a corporate situation where customers might react in a more normal predictable way. >> we so mip an abundance of big interesting stories. thanks for bringing us up to speed. >> init hindividually, they war new export restrictions could have an impact details after the break. you're watching and seeing

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joo . we're talking about how to make turkey, believe it or not nvidia, way above, shares of 337. revenue also beat estimates which were $16 billion and it was up 206% over the same quarter a year ago the company did warn of a negative impact affecting organizations in china and other companies. nvidia's finance chief said the climb would be more than offset by strong growth in other regions and despite those challenges, the company expects revenue growth of 231% in the

current quarter, which is -- i don't know do you buy it at 500 let's take a closer look. >> i think that's why stephanie has -- let's take a closer look. stephanie link she's a cnbc contributor. >> food morning. >> when you hear about thinks like that, do you wish you had it at 70 or you can't do everything >> i can't do everything and i own broadcom i own lam research and those names are up pretty substantially as well. certainly very good returns and better valuations in my mind but this quarter was ridiculously good. i think even the guidance was really good. they're still talking about 10% growth sequentially, up over 2.1% year over year with gross

market expansion it's exactly what people were expecting. the problem is stocks's up 23% in the past month and up 241% year to date so high expectations i think it gets bought, joe. i think a lot of tech gets bought into the end of the year because you're going to see this mad chase because a lot of people are underperforming because most people don't own and are overweight the magnificent seven. >> as far as seasonal factors go, this is one of the strongest, isn't it, this period >> yeah, absolutely. it's seasonal -- you have seasonality in our favor we have the macro picture getting together in terms of inflation is cooling you're running atlanta fed gdp, running about 2% growth, which is pretty darn good considering we came off almost 5% growth last quarter, and i think the fed is done and rates are coming down look where the 10-year is. i think all of these things

combined, it's kind of a sigh of relief and a chase at the end of the year, and we'll have to deal with 2024 in 2024. >> you're thinking that the magnificent seven and tech will do well in this seasonally strong period. what about consumer stocks you've talked about in the past? >> yeah. last week we talked about target we didn't talk about tjx rosds stores, burlington, i think the consumer is kind of mixed. we got amazing profitability, so the companies are doing what they can control and a lot of the margin upside and profitability is due to better cost crows, lower freight, lower input costs, doing what they can while we wait for the consumer to come back again, there are pockets within the consumer that have done pretty well. i look at starbucks growing at

8% in north america. i look at mcdonald's growing 9%. i look at lululemon at 11:00 so there are definitely pockets of places you are seeing the top line, but for the others that aren't, at least they're seeing better profitability and kind of a light at the end of the tunnel. >> are you up to speed on turkey preparation stuff? do you have any questions? i've been studying up a little bit. do you like to get it brown? >> we actually deep fry our turkey have you ever done that? >> i know there's a lot of people that do that. it's pretty good i told becky -- >> dangerous but good. >> if you don't have a rack underneath to let it drip, put a bunch of carrots -- a do not stuff it the night before, stephanie. you'll get salmonella. do you know all this stuff

>> guys, i've been hosting -- >> you'll kill anything there anyway probably. >> do you stuff it before you deep fry it? >> no. we don't stuff it. >> you bake it separately. >> stuffing is the best stuff. >> you have to make it separately. >> i cook it separately too. >> it's got to seep in. >> pour chicken broth over it. that's the secret. >> we have no time we wasted quite a bit. thank you. andrew. when we come back, we'll talk about a letter the comptroller wrote to tesla's board about some of this comments that have alleged to be anti-semitic we're going to talk about it next

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welcome back to "squawk box. elon musk take some heat again this morning

tesla shareholder and office of the new york city controller sending a letter to tesla's board after musk supported anti-semitic theory on social media on twig x x joining us right now is new york city comptroller brad lander it's good to see you this morning. we're thinking about this. there's been a whole bunch of folks obviously concerned about some of the comments elon made last week. he's since appeared to change tack and to try to clarify those comments i wonder whether you think that clarification is enough. >> i really don't. supporting this white replacement theory, that jews are out to replace white people have just an old anti-semitic

kennard. what has to be done is tweets have to be taken down, he's got to take son responsibility for it, and he's got to stop the hate that's surging on the platform. >> in terms of your role, though, as it relates to be a fiduciary, a shareholder of tesla, there's two questions is there any part of you that says, you know what? we know about elon musk, we know he owns x, we know he's outspoken on a lots of issues, he's said lots of troeshls things, maybe you say to yourself, i don't want to own that stock or you go in eyes wide open knowing that or is it your view you think the shareholders are going to be able to change his behavior, which i think is going to be very hard? >> first i'd like to distinguish between tesla and x. tesla is a very good company very few companies are as i'd

2350id with their founder, with their ceo as tesla is. it's identified with musk, and if it becomes to be identified as an anti-semitic or hate-filled brand, that could be a real problem so, yes, it is a fiduciary issue angsd i think what they need to do is get him to make responsibility if they don't do that, they need to signal this company is not elon musk, we have the ability to sanction him, to show the company does not share support for the anti-semitic action. if you're asking if it's possible if i feel emotional as a jewish person with the hate speech, fair enough, i really do at the same time, it's entirely consistent with fiduciary duty, for the shareholders to say to the board show that you do not support the anti-semitic action taken by the ceo. >> have you had any response by

tesla and have you reached out to the board on any other issues >> look, we're in good dialogue. honestly it's a stock we've been proud to known. we do not yet have a response to this letter. i know other shareholders have reached out as well. look, i've got to believe members of the board don't like this one thing i saw in the code of ethics is don't take actions that would not make your family and members proud. this would not make them proud i don't think it will be easy, but they know it's the right thing to do and we're just pleading with them to do so. >> let me ask you a separate question just about your role as a fiduciary. we were talking earlier about the nonprofit status of openai versus a for-profit status --

what your not for profit status could do to the fiduciary, et cetera, et cetera. a lot of the topping you and i and joe and becky have talked about over the years have been social issues where you have raised social issues in the name of fiduciary issues. i do end know if you think that's a fair thing to say. >> well, i guess what i would say here -- >> is that an original con cement >> what i would say is at risk is reputation. there's financial risk to tesla with becoming associated with anti-sem mitt ing remarks. buyers are forward looking how big is the risk? that's an important conversation for the board to have. for us to raise it as shareholders and say as shareholders we think this is a fiduciary concern that the board should represent shareholders and address what the ceo -- that's what shareholder governance is actually all

about. yes it's got to be fiduciary, but it's about oversight of the management that could be true on climate, workers' rights, and it should could be true on swelling hate that is a risk to your brand. >> brad, we've got to leave the conversation there appreciate it. happy thanksgiving. >> you too have a great one, an dry nice to talk to you as always. >> thank you. when we come back, we'll talk consumer spending and the cost of thanksgiving dinner with the ceo of grocery chain stu lynn ards. "squawk box" will be right back. >> announcer: expedition active edge is sponsored by at&t business next-level moments need the next leshl network. and this must be the ocean view? of aruba? huh. this listing is misleading. well, when at&t says we give businesses get our best deal, on the iphone 15 pro made with titanium. we mean it.

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sponsored by truist securities experience expertise execution ♪ good morning and welcome back to "squawk box" right here on cbc take a look at the futures a day ahead of thanksgiving. we've got some marginal red on the screen the dow is down about 2.5%, the nasdaq down about 50 points and the s&p down. openai announced early this morning it's bringing back sam

altman as ceo, less than a week after he was ousted. the company is overhauling the board adding bret taylor and larry summers to the board and binance founder cz will step down paying billions in fines. the company warned it will see a negative impact on the china skporlts we'll talk about that with an analyst in the bottom of the hour, becky. thanksgiving dinner is expected to gobble up less of your wallet this year. that's music to everybody's ear. the average cost of a meal for 10 people is now down 4.6% from last year. joining us live from the floor of stu leonard's grocery store in connecticut is the grocery store chain's ceo stew leonard it's great to see you. i know it's a busy time of the year for you guys.

>> 25,000 turkeys and today and tomorrow are the two big days. >> so this is your super bowl. it's been really great this year the prices have come down. >> yep. >> is that reflected in what you see, too, and the goods you're bringing into the store? >> you know, we see thanksgiving about the same price as last year you're going to have always in the fresh product business, commodity business, you're going to see different supply and demands. you know, the weather affects the price. gasoline and many things affect the price. right now we're seeing prices about the same as last year. >> i was reading that you do 20,000 turkeys, 55,000 pies, 10,000 pounds of mashed potatoes that you offer catering service for eight that breaks down to just $25 a person, $199. >> that's right. >> that's way below what normal people would be paying. >> this is what i'm doing for thanksgiving right here.

i'm getting the whole box. you come in and there's your dinner for eight all done. you've got a pie and rolls, your turkey and mashed potatoes and gravy, and you're all set. easy. >> the catering trend is up. what bigger size of the population do you think is catering, and how much is your business up in catering? >> well, it's growing tremendously right now we're probably up 25% this year over last year what we're seeing, becky, people are not only getting a turkey like this, but what they're doing is also getting many othe things they're getting sides. sliced turkey breast they want the chefs to prepare it for them. they're getting turkey for the smell and excitement andering and they're getting the turkey breast on the side. >> stew, let me just ask you

about inflation and the prices you've seen. if thanksgiving has basically remained the same for you, we have looked at prices that have come down, i think for prices themselves turkeys down 16% across the nation fresh cranberries down 20% you do see things like russell potatoes up 14%. canned pumpkin up. do you see inflation coming down across the board >> yeah, i would say so. you're looking at gas prices and they're a little less than last year the one thing, becky, i don't think we're all going to get away from is the labor cost. you can see across the country the increase and many strikes and people want more money, which is great but you know that's going to all end up costing everybody a little bit more. >> how much higher -- >> i'm sorry go ahead we're paying like $20 an hour right now to find really good people because we're known for

customer service at stew leonard's, and we want to hire the best we're paying 20 bucks an hour. >> how much does that compare to last year and 2019, prepandemic? >> well, in new york, you know, we've been having to raise our starting rate up a dollar an hour and we're on our way up to $17 an hour, but just to get the cream of the crop for thanksgiving and for even christmas, which is where most retailers do most of their hiring, you're seeing -- you know, that's where you've got to go out and look. you've got to pay market prices right now, otherwise, you're not going to get great people to take care of our customers. >> i want to thank you it's a funstore. it's great for kids. there's a potato. >> becky, do you want to live to be a hundred it's the purple sweet potato it's on the netflix series if you eat these, in okinawa,

japan, they studied people who eat these and live to be 100, and the kbhon thing in their diet is a purple sweet potato. >> i'm going to take that and write that down. >> everybody listening, i'll see you at 100 years old because i'm going to be eating these a lot right now. >> sign me up, stew. thanks a lot and good luck on the holiday rush thanks for joining us. "squawk box" will be right back. >> announcer: currency check is sponsored by interactive brokers. the best informed investors choose interactive brokers

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welcome back to squawk shares of deere, they're falling in the premarket they reported better than expected profits, hour, deere issuing a lighter than expected profit forecast with higher borrowing costs and tight budgets limiting spenders like new equipment. deere forecasters weighing in on stock of caterpillar also falling. take a look at that. when we come back, shares of inindividually have turned positive we're going to talk ouabt the blowout earnings but also the earnings "squawk box" will return right after this

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nvidia posted very strong results. the company is expecting a negative impact in the current quarter due to export restrictions to china. the shares were lower but turned positive in the last hour. joining us now to break down results, vivek aryat, bank of america senior semiconductor analyst. and you figure, if that's the reason initially for a little weakness, it just seems like such an extraneous factor. it is real it can affect things, but it doesn't say anything about demand or the future of a.i. so i don't know why that would cause anyone to sell the stock >> true. good morning, joe.

so, yeah, i think it is possible the stock had a very strong run from 400 to 500 recently and probably enjoying turkey and pecan pie with their family. but i think the more important point is what you mentioned that the fundamentals are absolutely there and with nvidia, fundamentals are in three different dimensions the first dimension is that it is a big transformation of the data center that is going on toward accelerated computing this is not a one-year transition this is not a two-year transition, the internet started 40 years ago and still enjoying the fruits of that this is a multidecade transformation second is that the pipeline is just getting started used to be gpus, now adding cpus, systems, software. the third very important dimension i think can be overlooked is this concept of what we call a.i. sovereignty. that it is not just one country developing the a.i. infrastructure, we are seeing every country, every region,

every superpower wanting to develop their own a.i. infrastructure because you realize it is critical, it is as critical as energy independence used to be in the last century to have your own a.i. infrastructure and i think nvidia is offering the best turnkey solution to do that. i think they're just getting started. >> i mean what do you envision that enabling sovereign entities to do? to just drive costs down, be more efficient, or are there just own vistas that are going to be opened up from this. it is hard to -- you need to be a real futurist to try to deduce what you're talking about. >> sure, i think the first thing is that whether it is a company, whether it is a country, whether it is a region, we are all generating a lot of data the problem is extracting insights from that data. that is what has been so difficult so far and that is

something that this new class of technology called generative a.i. and large language models is trying to address how do we create that computing infrastructure that is able to help us extract insights, do faster discoveries, so whether it is for drug discovery, whether it is for more efficient defense systems, whether it is for more efficient transportation systems, better ways of modeling of weather phenomenon as a example, there are so many applications that are coming up that can be married with this data, but what that requires is this new kind of accelerated computing infrastructure if you try to use traditional cpus, it is not going to be cost effective and it will consume too much power as these countries, regions, enterprises are starting to go to this new accelerated forms of computing, they're looking to do that at a very rapid pace and that's where having the semiconductor industry where there has been a lot of consolidation, having a company like nvidia come and help them

in the progress, that's a very powerful phenomenon and it has multiple applications over the next number of decades >> the stock, you always wonder about, you know, the law of large numbers. there is even expressions, no pregrowth, the sky, blah, blah, blah, all of that. this is in such a run for nvidia when you describe that, vivek, it -- the internet, which you said, is still just phenomenal in what it has done for the way we live and it has been 40 years and it is still happening, not one thing that the internet is not sort of the -- almost the guts of how all the stuff is happening. you expect the same or even more from this technology >> i think time will tell. what we can only do from technology and, you know, industry perspective is to have

a long-term pieces, but obviously monitor it continuously, when i look at least the next two to five years, we have a company where the top line can grow at least 30 to 35% of the year, earnings are growing faster let me give you the statistic that next year their sales are expected to grow over 65%, earnings over 70%. and the stock is trading at 24, 25 times pe. when i was with you three months ago, the valuation was higher than that. six months ago, when the hole phenomena started, the valuation was 60 times valuation is very competitive and i think that's the other key difference, during the start of the internet, there were a number of companies that benefited. investors had to pay insane valuations of all those companies. and here we have a company where the valuation continues to -- i think that offers a measure of comfort on the valuation side, but for the next two or three years we do think this growth is

real >> all right vivek, thanks. i don't know, you know, i guess there is a lot of moats and barriers to entry, but seems like a good chipmaker. but it is not that simple and they got quite a head start. appreciate your time we'll check back with you when it is at 800 or whatever is next or 300 nobody knows all right. okay we got a lot more coming up on "squawk. we'll talk about sam altman's return as openai's ceo happened overnight and the new board mbs. we'll talk about it straight ahead as "squawk box" rolls on

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now brewing peet's coffee. good morning another crypto crackdown the founder of binance pleading guilty to money laundering in a water shed moment to bring order to the industry and possibly pave the way for regulation. nvidia earnings crushing estimates. but concerns over china linger a breakdown of the chipmaker's quarter and outlook for the sector is straight ahead and it is a holiday tradition here on "squawk box. we got tips, tricks and short cuts to help you make the perfect thanksgiving turkey. the butterball turkey talkline

is open for business joe's got some questions they've got some answers the second hour of "squawk box" begins right now good morning and welcome back to "squawk box" here on cnbc i'm andrew ross sorkin with becky quick and joe conckernen a lot going on u.s. equity futures and we'll get to the big news, a lot of things actually in the past 24 hours. dow looks like it is going to open down just marginally a couple of points off you're looking at the nasdaq up 50 points. s&p up as well 7.5 points. treasuries, ten-year and the two-year note. right now as we flip that board around, you're looking just at about 4.3, two-year just, well,

closing in a little under 5 still. oil, wti crude, 76.79. crypto, crypto, crypto we're going to talk about the cz of it all this morning and binance. bitcoin at $36,463 came down just a little bit. but wasn't that effective, not the way we heard when ftx was having its problems, becky. >> this sounds like something people are thinking will help pave the way for maybe a brighter future, more regulated future we'll talk more about that in a moment the other big news overnight, openai posting on x that sam altman will return as ceo. former salesforce ceo bret taylor and former treasury secretary larry summers will join openai's board. taylor was named the board chair. adam d'angelo will stay on that board from quora altman posted on x, i love openai and everything i've done over the past few days has been in service of keeping this team and its mission together

when i decided to join microsoft on sunday evening, it was clear that was the best path for me and the team with the new board, and with satya's support, i'm looking forward to returning to openai and building on our strong partnership with microsoft maybe that's the key there that strong partnership with microsoft. in response, microsoft's ceo satya nadella posted in part, we're encouraged by the changes to the openai board. greg brockman posted, returning to openai and getting back to coding tonight he also posted, okay, there is his tweet, he posted this photo at 2:41 a.m. eastern time with the comment, we are so back. so that would have been before midnight on the west coast and you can see a full house in terms of the staffing there. obviously raises a lot of questions, we talked about this an hour ago at the top of the show, raises questions about what comes next from the status

of openai. i think it is probably hard to go back and say, okay, just redo, forget everything that happened over the last four days, we're going back to where we were on friday morning because there is still so many questions about the governance, what this means, what this means in terms of the profit motive for the company and other investors. all those other investors besides microsoft who had already been talking about suing probably happy this is the end result and where things have come from reinstating sam altman there are going to be a lot of questions that continue to get raised about what this means >> yes to dom dom chu with a look at this morning's premarket movers hey, dom. >> good morning, guys on this thanksgiving eve we'll kick things off with that late breaking earnings headliner from this morning. that is shares of deere which are right now lower by just around maybe 6.5 to 7% or so, around 35,000 shares of trading volume so the maker of farm construction and forestry equipment reported better than expected properties and revenue.

deere was helped by sales growth in construction. forestry units which helped offset sales declines in its small agriculture and turf operations the downside is being largely driven in part by this weaker than expected full year profit forecast that it offered it casts a little doubt on whether or not there is global economic concern brewing with regard to heavy construction equipment and farm equipment deere shares down 7% the big earnings headliner from yesterday's closing bell, which is still getting a lot of attention is nvidia. the computer chipmaker which many are using as a proxy play on artificial intelligence these days has been moving between gains and losses but it is currently up half a percent. nearly 700,000 shares of volume. it was initially weaker after reporting better than expected profits, better than expected revenues and giving a marketedly better current quarter revenue forecast than estimates. but some of the initial negative sentiment seemed to center around xhencommentary that chip

sales would slow to china. nvidia's data center revenues and profit margins came in better than expected gains and losses here. and speaking of artificial intelligence, a quick check on shares of microsoft, given that report that becky laid out with sam altman returning to openai the shares up fractionally right now, down 1% yesterday on that news that openai's ceo sam altman will return after being ousted now, remember, microsoft has been like this proxy play as well on openai because it was a huge part of that company. so microsoft shares have benefitted from that openai and chatgpt success over the last year we'll see how things shape out here up half a percent, i'll send things back over to you. >> dom, tomorrow is thanksgiving, as you know. just like we have so much news, other news, sam altman and cz and all this stuff, but so many facets of thanksgiving with you, i just would like to say this, you live long enough

and you live to a point where the lions are playing on thanksgiving and they're 8-2 i mean, did you ever think that you would live to the day where -- do you see these gains tomorrow the lions, packers, commanders, cowboys, 49ers, seahawks let me ask you one quick question, did the jets have geno >> darnold. >> who do the jets have now? this is -- they had -- the guy has seattle ready to go. >> i guess the commentary, guys, we often overlook backups, right? the plan bs all in life and everywhere else, but this season, there are a lot of plan bs that need to be had >> really, a billion dollars worth of quarterbacks. billion dollars are sitting on -- journal had the piece the other day, billion dollar worth of quarterbacks are sitting on or hurt. >> the giants, third string guy,

the kid from -- pretty good. that kid will have a real career amazing to see some of the understudies get a chance to -- >> you know what else is going on the maui invitational is on right now. >> kansas got beat. >> marquette, by marquette >> you are so -- it is the betting that does it to you, isn't it >> i told you, joe, becky, i don't bet on sports. i think i might start soon, but this is just because i'm a sports fanatic i just like staying in tune with -- >> it is a pure motivation that's a pure motivation it is a pure motivation, dom, that's good. >> it is like college sports before nil. >> right >> i'm looking forward to tomorrow i'm going to my in-laws. they own like the thanksgiving and christmas holidays for cooking. all i'm going to do is sit there on the couch, all day, and watch

football and eat >> way to get points with the in-laws. >> yes, i'm not -- >> you're not going to lift a finger. >> this suit i won't fit into by friday morning it will be terrible. >> when will you have your first cocktail >> i might not until the afternoon. my wife, however, will probably have her first bloody mary by 10:30. >> what did you say about your wife back that up >> i will not have a cocktail as early as my wife will have a cocktail, i think, during thanksgiving >> you're winning favors with your entire family, dom. >> yes >> stop talking. >> i'm just going to stop. >> keep that jacket because i'm here on friday and i want to see if you can button it. >> i'm going to keep this jacket and i will wear this jacket just so you and i can go back to this tape and say, hey, you know what, i probably -- >> it is buttoned now. >> it is buttoned now, yes >> we'll be right back here in 48 hours dom, thank you. >> you got it, guys. >> for more on -- happy thanksgiving i think we'll see dom later. happy thanksgiving if we don't

for more, we want to bring in cameron dawson at new edge wealth i'm trying to figure out what you think is most important right now. is it the fed minutes that we heard? is it what we have seen with earnings and maybe nvidia's disappointments? is it some of the broader stories with crypto? what is most important right now? >> we don't see much market reaction out of the fed minutes yesterday. we thought that we might see a little bit more at least in the long end of the curve. a really important phrase in there where they talked about how that even if they were going to be cutting rates, they might still continue qt. which in theory that would keep upward pressure on rates going into next year then really we'll turn to the december meeting because that's where we think it is more important for the outlook for rates into 2024 because we give an update to the dot plot. the dot plot only has 25 basis points of cuts priced into it that compares to the 100 basis points that is in the market in the bond market.

so that's a pretty wide gap. we'll have to be watching closely to see if that gap closes >> what do you think about the rally we have seen to this point in equities, just based on what has happened with yields coming down. >> yeah, certainly, that's been the kind of wind beneath equities wings to have yields moving down. we also know that we have these seasonal dynamics and i think it is really important to note how different they are versus last year, just because last year the largest weights in the index were down a lot, big tax loss selling candidates this year, the largest weights in the index are up a lot, which means that people probably are not really wanting to recognize tax gains into the end of the year you also have things like window chasing or window dressing and positioning chases it is probably why we're seeing so much strength and then we'll have to really assess where we stand on things like positioning and sentiment and valuation, once we roll into 2024 >> that's what i was going to say. do you buy this at this point? is this a time where you would say we'll step in, even with the

gains we have seen do you think the run continues are you worried about a pullback at some point? >> i think we're overbought right now. in a very short period of time, we're expecting the fact you moved up very far, very fast being overbought isn't necessarily a bad thing in the medium term. it can sometimes be a sign that people are just clamoring to get into the market. but i think over the very short period, having some digestion does make sense. if you're looking to buy into this market, it really depends on your time frame and the short period of time to the end of the year, maybe you do have those seasonal dynamics that lift, but then you have to remain disciplined to say where are expectations, is everybody already on the same side of the boat, expecting a very strong market into '24 and then at that point, you might get a better chance to add to positions if you are underweight. >> cameron, thank you. have a great holiday >> thank you >> okay. coming up when we return, we got a lot more on "squawk"

the boss of binance pleading guilty to money laundering and a deal to end the criminal probe we'll talk about the latest shake-up in the crypto world you got questions about your thanksgiving turkey, the butterball turkey talkline is going to have your answers news you can use as we head into the holiday season "squawk box" is coming right back >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com. of in, do you consider climate risk? changing weather patterns are impacting the way we live and the value of businesses large and small. this can mean disruption to supply chains, changing demand for products and shifting regulation. what does this mean for your business, your clients, and your investments? ice offers data and markets that can provide critical insight. manage your climate risk with ice. trading at schwab is now powered by ameritrade, giving traders even more ways to sharpen their skills with tailored education.

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welcome back to "squawk" the crypto industry is now officially on notice if it wasn't before. binance's founder cz pleading guilty to money laundering charges in a dramatic ending to a years long probe from the justice department binance set to pay hefty price of $4.3 billion. the treasury department also already calling it the largest settlement in history. here with more on the implications and what could come next is former s.e.c. branch chief of the investment division lisa braganza. good morning to you. i'm curious what you think of this decision. what is the criminal component of it, you tdo you think there jail time that will come in this people are looking at this situation, they're looking at what happened with sam bankman-fried and while they're different, they're in the same

sentence >> oh, they are definitely in the same sentence. the criminal authorities are making it known that there is serious, serious felony exposure for participating in this industry that particularly with these big companies that have the ability to be able to do money -- antimoney laundering procedures so, you know, there is no excuse and that's basically what they said they had great evidence with cz saying ask forgiveness, don't worry about asking permission. and very casually throwing off antimoney laundering restrictions so, it's -- i think this is a really big step. i think this shows that, you know, we thought that the big

players would bethe ones to lead the way and get it right. and we're not seeing that. now, coinbase is a different, you know, different situation. so far there aren't any allegations against it but, you know, now we have new charges against kraken it is really surprising that we haven't had large players who have really gotten this right yet. >> well, and so, therefore there is a larger implications with a lot of investors who watch the broadcast who are invested in bitcoin and other cryptocurrencies and what they're supposed to think about this some people look at this as a positive they say that, you know, this industry, the house is getting cleaned out and that hopefully now it actually becomes, you know, more standardized, more, you know, with -- there is more housekeeping involved. do you believe that? do you not believe that? is this -- is this a good sign for the industry or is this a

sign that the industry was based on a lot of activity which was not frankly legal? >> i think there is a lot of -- there was a lot of casualness about complying with the law in the industry i think that the industry is fundamentally going to remain sound, but this is a huge shake-up this isn't going to mean that, you know, bitcoin really changes. some are saying this is a good sign for the approval of the bitcoin etfs by the s.e.c. and maybe this was an important step that had to happen before we could actually have the s.e.c. comfortable approving bitcoin etfs that said, you know, i think small players are likely to be scared out of the market so to the extent that we're getting more innovation and

newer small players coming in to the digital coin space, i think this is scary. this is incredibly scary i think what we're likely to see is more of a movement in crypto now into large established wall street players because they already have an antimoney laundering and a whole compliance system set up they know how to do compliance that will satisfy the department of treasury, the department of justice, the s.e.c., the cftc. >> here's what i don't get this seems like a slap on the wrist, especially relative to sam bankman-fried. and i realize there aren't any allegations here of basically stealing customer funds on any of this stuff. but the stuff that cz is admitting to, things like money laundering, allowing terrorists to use the organization, the worst terrorists you can think of, everybody from hamas to isis to al qaeda, allowing child

pornographers to use this service, breaking u.s. law by allowing usa customers to use this and he didn't know where they were coming from, profiting greatly, his own net worth by breaking all these rules and all he has to do is pay a fine of $50 million, maybe spend 18 months in prison that seems like a ridiculous slap on the wrist and his whole admitted profit of, like, asking for forgiveness later paid off if this goes through why does he just get a slap on the wrist and sam bankman-fried will go away for the rest of his life >> this shows you the tremendous benefit of cooperating and reaching a plea agreement with the government it is a massive difference the government, you know, has tremendous ability to be able to get a massive penalty against you if they win at trial

and with sam bankman-fried, they showed they can win at trial >> here's my biggest complaint, though hay he has to step aside as ceo for three years. they're going to let him come back and step back in as ceo of the company after all the things he admitted he did wrong i can't imagine that happening with any other company in the united states. >> i agree with you. i think this is a really minor fine it is like a traffic ticket for someone like cz. that said, you know, this is a company, binance, that could have tied up the department of justice in litigation for years. and diverted a huge amount of -- would have required them to divert a huge amount of resources that otherwise could be used to do other law enforcement work so, they make hard choices very, very often and this is one.

the fact is that cz is in the united arab emirates that's where he lives. there is no extradition treaty so, if you can get him into prison at all, and he's now consented to up to 18 months in prison, that's as -- you have to compare that to zero months in prison and zero penalty. so, it is something. it is frustrating, but it is something. >> lisa, i want to go back to this bitcoin etf which has been on the a lot of people's minds for years about whether the s.e.c. would approve it. you seem to think this might pave the way, there have been a whole bunch of people who have come on our broadcast in the last six months who say one of the reasons bitcoin moved as high as it has is on speculation it is coming in part because the black rocks of the world and some other big names are trying to get into this space and they wouldn't do it without -- they wouldn't be trying as hard as they were if they didn't think the s.e.c. was going to listen

to them. do you think gary is -- gary gensler is sitting there going, okay, now i feel comfortable because of binance or do you think this is another year or two? can you read the tea leaves of what is going on inside the s.e.c. >> that is hard to do. the s.e.c. holds their cards close. i do think because the s.e.c. was spanked basically by an appellate court for not having a rational basis for refusing to approve the bitcoin etf, i think that is the larger driver. this, to some extent, you know, gives the s.e.c. -- i hate to say cover, but it certainly gives them more of an excuse for why approving an etf is okay now, versus back when they were declining over and over again. so, you know, if binance was

part of the bitcoin pricing process, now binance is going to get cleaned up that's going to be a big factor in, you know, they can think, in the reliability of the spot price for bitcoin. >> i want to thank you for your perspective on all this. happy thanksgiving. >> thank you >> appreciate it >> you bet becky? >> still to come this morning, it is a "squawk box" tradition we'll get some tips and tricks to make the perfect turkey this holiday season with the butterball turkey talkline "squawk box" will be right back. >> announcer: time now for today's aflac trivia question. according to the usda, how many turkeys are consumed on thanksgiving tus.x"swer when "squawk bo rern ( ♪ ♪ ) who do you think taps out first? i think the duck goes the distance! alright, you about ready to get out? what's this? a hospital bill?! for a thousand bucks?! gaaaap! did this goat just say 'gap'? he's talking about expenses health insurance

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encore energy. now the answer to today's aflac trivia question. according to the usda, how many turkeys are consumed on thanksgiving the answer, 46 million okay okay we all know, it says here it is the day before thanksgiving.

we all know that it is the day before thanksgiving. but, what you may not know is butterball, the turkey talkline, the experts are ready and standing by for their annual tradition of helping hosts with their questions. we're talking about hosts. people that are hosting people to come over for the perfect bird joining us now is bill nolan the butterball turkey talkline i'm used to that really nice lady, i'm used to the really nice lady who looks like she could -- you can go to anyone's house in the country and she could be there cooking the turkey i don't -- the -- a lot of the great chefs are men. so i'm willing to give you the benefit of the doubt do you know what you're doing? >> you know what, i do know what i'm doing. i've been a chef for about 25 years professionally, cooking in restaurants, teaching people how to cook. seven years here at butterball helping our customers, so you're in good hands, i guarantee you >> kay, good i just miss her. is she still around? i loved her. >> yeah, yeah, we got a lot of people here.

we got 50 people on staff, yeah, yeah >> you got 100,000 calls to help people and i don't know what the most common question is, do you know? do you have the top three? >> i do. i have the number one question, first off, is how do you thaw your turkey. it is always the number one question we have been open for 42 years here at the talk-line, 1-800-butterball how do you thaw your turkey? you look at your turkey, when it is frozen, it is imposing. i don't know how to thaw this thing. do i leave it on the counter no do i put it in the dishwasher? no don't do anything like that. you see these things in pop culture and tv these things aren't things you want to do but there are safe ways to thaw a turkey that's one of the first things we want to tell people how to do is how to thaw the turkey and walk them through the cooking process, what to do with leftovers, from start to finish, we're there to catch it all.

>> do you want to have people call or want me to say for every four pounds, you put it in for one day in the fridge or 30 minutes per pound in cold water. that's how you do it i gave up some information earlier about how you get the turkey brown you want to just think -- which oil do you like better the avocado oil or what is best to get it nice and brown >> well, first off, kudos on your thawing stats there they were spot on. it is exactly how you do it. as far as -- >> great chefs are men i cook >> that's right. that's right you cook that's great that's great i think you're right as far as browning the turkey, as far as oil, we recommend a vegetable oil. however my personal preference, i like avocado oil it has a high smoke point, which means it is not going to burn and smoke. you set off the smoke detectors, dinner is going to be late, people get upset

you don't want to do that. so just want to brush it with some kind of vegetable oil that has a good enough smoke point where it is not going to burn. contrary to our name butterball, we don't want to put any butter on top of the turkey while it is roasting because butter has a lower smoke point. that is going to burn and smoke. you don't want to do that. >> definitely. >> i didn't know that. >> i like your wire rack idea. if you don't have a wire rack, i said this earlier too. i get excited about -- i don't know i love food. if you use -- you can use either carrots or celery or something as almost an edible rack underneath the turkey instead of a wire rack. >> that's right. that's my personal favorite, use the vegetables carrots, celery, onions, anything like that it is going to make the kitchen smell fantastic while it is cooking. and it is going to serve the purpose of that rack because when we have the rack in there for a reason, it elevates the

turkey, so when it elevates the turkey off the bottom of the pan, and allows for a little bit of a more even cooking and air flow down below, the vegetables will elevate it, and the third thing you can do is what we call the coil of foil you take a little bit of aluminum foil, roll it out this long, maybe two and a half feet, three feet and you just make it into a rope, you fashion it into a ring and you set your turkey on top of the coiled foil the nice thing about this one, the nice thing about this one as opposed to the rack is when it is done, you throw it way. you don't have to worry about scrubbing that rack. >> and you get to save the coil of foil. >> that's the coolest part, yeah >> that may be better than the carrots. all right. 165 is where the stuffing has got to get when it is done 170 in the breast. becky got this wrong, 180 in the

thigh. >> i thought it was 170. >> 180 in the thigh for the best eating quality. >> that is correct but, becky is correct that 170 is food safe in the thigh. so, you are -- some people will cook it to 170 in the thigh. that's okay. as long as it is over 165, it is going to be food safe. the reason we go higher in the thigh, it is a better texture of the meat because it is a dark meat, has a higher fat content it is going to be a little more forgiving with the higher temperature, the texture is going to be perfect. but 170 will work. >> i could definitely keep you on this. so 1-800-butterball people can call if they call and say, can i speak to bill, is that possible? will you get on the phone? >> if i'm here, i sure will try, yes. i'm here all day today and tomorrow >> hi, bill. everybody call bill today. call bill and ask for -- thank you.

>> great to be with you. happy thanksgiving to you. >> thank you >> take care okay, when we come back on the other side of this, breakdown of nvidia's earnings which were out last night. futures this morning, day before thanksgiving, we're going to come right back after this 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.

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mortgage applications jumped 3% last week to a six-week high according to weekly numbers out from the mortgage bankers association. it comes as mortgage rates edge lower though still more than double where they were just two years ago the average 30-year mortgage rate fell 20 basis points last week to 7.41%. big, big jump for people who are used to having 3% and below. what was the number? i think we looked at it, something like 80% as 4% or below, 80% of people with mortgages and some huge number, like, 40 or 50% have 3% or below which is an insanely low -- >> it is remarkable. that's why jay powell felt so far, it hurts new home buyers, but felt that, you know, it is not going to hurt the economy

for rates to go up how long can they remain this high >> okay, let's get on to our next story nvidia's third quarter results out last night, they did beat expectations on the top and the bottom lines, revenue is up by 206% year over year during the quarter as the company continues to ride that a.i. boom nvidia's cfo warning that china sales will drop significantly in the fourth quarter for more on the u.s. china chip war, we want to bring in chris miller, professor at tufts fletcher school, also the author of "chip war: the fight for the world's most critical technology." and, chris, this is incredibly important. what we heard from nvidia is that this will cut into their growth, but how big is this war and are there any signs of it thawing? >> well, i think the biden/xi meeting earlier this week suggests there will be a pause in some of the tension between the u.s. and china, but the problems aren't going to go away for u.s. chipmakers because both

the president and congress have signaled they're going to keep pretty tight restrictions on the companies like nvidia to export a.i. chips to china. it is not going to go away soon and regardless of who wins the 2024 election in the u.s., these restrictions are going to stay in place for companies that depend on selling to china, they have to find new strategies to access the chinese market >> somebody who spent so much time researching this, do you think it is the right call for the u.s. government to place these restrictions on the chips? >> there is a belief in the u.s. government that a.i. is a critical technology and that accessing these types of chips are critical to training a.i. systems. and right now that's absolutely true nvidia cornered the market for the chips without which you can't train a cutting edge system the question is how long will it take china to produce equivalent chips. we're going to see china probably next year now instead of producing its own chips,

huawei has its own a.i. chip line that is going to start scaling up and it is not yet clear how good they are, we're going to have to wait and find out. i think chinese companies like baidu, tencent, alibaba, big customers, nvidia's chips will realize they would like to find alternative suppliers in china, but that the difficulty of switching is real. it is not just about getting chips, it is about switching your your entire software ecosystem chinese firms can't easily switch to other suppliers. >> you see this as an arms race between china and the united states just in terms of trying to get to be the best in a.i., the fastest? >> well, i think that's absolutely right it is an arms race between companies, but also between countries. and if you talk to militaries and not only the u.s. and china, they see a.i. as a technology that is useful for chatgpt and optimizing food delivery apps and also useful for a whole

array of defense and intelligence applications and that's precisely the reason that the u.s. is trying to tighten up control over these types of chips. >> we were talking earlier this morning and kind of comparing it to the manhattan project, just a.i. in general. and how you get to that point. it is weird because the manhattan project did not have commercial interests involved. this does. at least in the united states, being run by commercial properties by companies that are pouring the billions of dollars into this. got any concerns about that? you think that's the right way to do it >> i think that's the dilemma, the exact same types of chips, the gpus, they can be used for civilian applications and they generally are. they can also be used for military applications and that's why there is no real way to differentiate and say this chip can go, this chip can't go because you can use them for both purposes. i think you're right that it is a -- we're in unchartered territory here because in the past governments said we're

going to control defense technology but let civilian technology be sold right now when it comes to a.i. chips, there is no way of differentiating. >> chris, thanks a lot gives us much to think about we appreciate your time. we'll be right back.

the rirs giving taxpayers a ruling to be thankful for. robert frank has more. >> taxpayers and gig workers who get paid from venmo, pay pal and other apps can breathe a sigh of relief for now the irs announcing it is delaying a controversial rule that would have required third party payment services to send 1099 forms to users with more than $600 a year in transactions now, this was supposed to apply to 2023 income the irs now saying it won't start until 2024 it cited confusion and feedback from taxpayers and tax professionals and payment processors and the threshold for 2024 will be $5,000 instead of $600. this is the second delay of this law, which was passed in 2021. taxpayers, the payment companies and many republican and democrats in congress say it would have targeted low earners and created a lot of confusion

house ways and means chairman jason smith saying last week, quote, more americans who mow lawns or sell concert tickets or use couches through venmo or pay pal will be scrutinized by the irs. the rule doesn't change who owes taxes if you have any taxable income from the apps, vuyou have to pay it, but it affects which transactions gets reported to the irs. there was already a lot of confusion around this. this creates even more because it is delaying it, but creating a new threshold next year of $5,000. >> this is weird i never thought of it considering me having income coming from this the boys basketball team went to an out of town tournament, rented a house, everybody paid me back on venmo it was more than $600. would that look like they were paying me income when it was really just them paying -- they could have a series of dinners that are more than 600 bucks where everybody pays you back. you foot the bill. is that going to flag the iris

to target. >> as long as you label it friends and family, not payment for business people are paying you -- >> as long the people paying you -- >> when you go on the apps, most of them, is this friends or family or paying for -- >> someone is going to ask you for that eventually? >> now, the question that the irs this is if you sell a couch on venmo or baby clothes and people pay you back or on ebay or sell a ticket on stub hub, you have to figure out the cost basis to figure out whether you had a capital gain on selling the baby clothes or selling your couch. that was the part that would have generated -- >> why would you keep records of that in case some day someone asks her about that >> they started tracking everything that's part of the crazy part. >> anything over $600 for the year would have triggered a 1099 if it wasn't labeled as friends and family >> would trigger it. >> right it gets reported to the irs. eventually the irs would love

congress to just change this law. it was really poorly written and they were hoping to get a lot of revenue from it and there should be a way to tax all of this gray economy revenue that is flowing through these payment apps, but this is not the way to do it. >> one person pays for the dinner and everybody pays that person back. >> that's right. that's not tax but there is a risk that it gets on that 1099 and exactly >> robert, thank you. >> thank you, guys. >> andrew? >> okay. when we come back, gary vander chuck will talk media, tech and more he joins us after the break. jobless claims and durable goods released at 8:30 a.m. this morning. look at futures right now, the day before thanksgiving. some green finally on the screen the dow moved up n towo about 40 points higher. we're coming right back. students are inspired and engaged. that's because school districts consulted with cdw to design modern classroom solutions with preconfigured hp devices making education immersive,

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all right. i'm going to important things. the nfl hosting its first ever black friday game tomorrow with the new york jets and miami dolphins. >> tomorrow is thanksgiving. >> i just read what's up there and they called it black friday too. is that you, greco do i have you to thank for that? somebody else, okay, great pass the buck, right it will be on friday, hence, black friday game. it's exclusively on amazon amazon is removing the prime pay

wall for the pay wall in a move that could draw 12 million viewers. joining us john van der chuck. we were talking earlier. this is like the best thanksgiving, i think, we've ever had for sports. >> well, i'm a jets fan. >> i mentioned that too. went geno the quarterback for the jets and now he's leading the seahawks to the super bowl >> it's gloomy outside and gloomy for jets fans again. >> thus, the black turtleneck. >> that's right. this is not for black friday this is for the football season. >> do you think the jets are coming back, ever? >> i'm not sure. >> you're not sure at this point. >> i'm not sure. >> how did all this come about and what does it finally look like for the nfl how much content

we're ready to almost televise every game, aren't we? >> i think what's really interesting about this black friday game on amazon, especially for people that watch this show, when you think about the super bowl, super bowl commercials in my opinion in advertising is the best ad in the world. even though it's 8 mi$8 million you're getting 800 million to watch it the black friday game especially now that they've moved the pay wall away, what's different about amazon is the target capability and the people that watch it so this ad on prime, on amazon, has the potential to change the marketing landscape because the brands that are smart enough to run qr codes during this -- remember, it's black friday. so everyone's in that mind-set to buy now you're watching football, and these ads are going to run

there's going to be a lot of call to action in deals, different than the swoul that's trying to make you laugh and build brand. i think there's a fails capability when i think what gillette and belo bose are doing for us, the fact that they can advertise on amazon, the tech companies -- what's so important about this moment, i think it's the watershed moment that takes us into the next frontier. >> you click on it and -- >> you watch the game. >> amazing >> it's much more mundane than that you watch the game i know you watch the game. i know you saw our bose headset. you watched the game versus him. he didn't watch the game so i have a higher propensity to convert you. >> you as the advertiser or you as the brand gets that

information amazon shares through? >> you get the ability to do it on the platform. it's not like now, you, sally, now i have and i can come over and hang out. >> i was going to say, that's not the smartest thing because they're going to lose the relationship next year. >> there's the capability now that i bought that ad. and think about the time of year super bowl is in early february. q1, there's a very different market than q4. >> so is it really getting to the point gsh i forget who said it advertising works. i just don't know which 50%. now you know which 50% works >> it's not that you know which 50% works. you're mitigating the risk that's why social media works. social media ads, you're mitigating the risk hoping it works. >> that's amazing. so this really could -- and we know about super bowl. so now there's going to be -- this is going to be something we do again and again.

>> now you've got it i think. we'll see. it's early we'll see how big amazon is. >> it was pretty smafrmrt go slow with me. i thought black friday was tomorrow you've really got to go slow what else? gm, not advertising at the super bowl that is so depressing to me. of course, they don't need to advertise. they tell me we've got go go sorry. >> love you. >> love you too. thanks for the wine trip. when we come back, canceled flighted and less bin space. we're going to speak to a professor and authorbo t authe troubles facing the industry as millions get ready for the holidays we'll be right back. why choose a sleep number smart bed? because no two people sleep the same.

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all of this as the final hour of "squawk box" begins right now. ♪ good morning and welcome back to "squawk box" here on cnbc live from the nasdaq market site in times square i'm joe kernen along with becky quick and andrew ross sorkin, and the futures this morning, even though i think some people might be kind of in thanksgiving mode already i'm starting to think about it a little bit. >> i've got my thanksgiving sweater. >> it's hard not to. >> thinking about the turkey. >> especially when you know about the turkey, stuffing, pie. dow's up about 45 points, nasdaq is up 64 i think we need to look at treasuries do i have 436 yet?

437. it's a different world than 5.07 or wherever we got remember that when it ran up there? i don't know what this says exactly. i don't know what the fed's going to do. >> the rate on the credit card is not going to -- >> the rate is prime rate. when it goes up, it goes up. >> and gas prices too. >> i wonder why. i wonder why. let's talk about one of the big stories we've been discussing this morning. former openai sam altman will be ceo once again, the company making the announcement early this week after less than a week after the board fired him. former salesforce ceo bret taylor and larry summers will join altman said with the new board

and the microsoft board, he's looking forward to returning to op openai it announces confusion during which altman was fired by openai's board microsoft said they would hire him. the staffers said they were going to go with him the investors said they were going to sue and that's when the efforts began to try to bring altman back. it all happened in four days andrew, i wonder, if you went on vacation for a week and didn't check in, you'd come back and miss the entire thing. everything's kind of put back together sort of >> it's funny. it looks like it's all the same, but i think ultimately it's going to turn out to be very different in the 6:00 hour the chance that this is still a not-for-profit in the end is low. ultimately i think the irs and the state of k are going to look at what happened here, the influence of the for-profit piece of it and say you're not a

not-for-profit and they're going to voluntarily shift or the government is going to tell them that's a possibility and just how the whole company is going to be managed and thought about clearly is going to changing and there's going to be a lot of work they'll have to do in the next several weeks or months there's a lot of people who like sam alt man and greg brockman and trust them clearly that team wants to work with them. at the same time, they're going to be customers, investors, and so many others that are still going to be asking questions the story while in some ways looks the same is probably going to be very different too. >> i think there were all these changes afoot 4rrd there were big questions about how much influence the investors had, and i think that question is answered. maybe on the surface things looked different before, but now we understand what was happening underneath. >> right. in the meantime, we've got other news for you this morning. israel and hamas agreed to a

four-day cease-fire. plans for 50 hostages taken from israel to be released in stages in exchange for what hamas says would be 150 prisoners the exchange could go further as long as hostages are released. some movement there on that story in the middle east right now as we've been following it -- i was going to say every day, but by the hour. also a big story another big crypto industry titan hit with criminal charges. this time it's the founder of binance. kate rooney joins us with the details. hey, kate. >> good morning, joe this caps off a three-year investigation into crypto billionaire cz and changpeng

z zhao he agreed to step down he cannot hold an executive role he agreed to pay $4.3 billion. that's the biggest fine ever levered. cz is also paying a $50 million fine as part of that the outspoken founder appeared in a seattle courthouse yesterday. he has not been sentenced yesterday, but in a post on x, he said, quote, he must take responsibility he said it was not easy to let go emotionally of binance. he also tried to make a distinction of what happened at finance and xts. they did outline some of the crimes facilitated through binance over the years including transactions that aided child sexual abuse and terrorist financing. it's the latest elbow by u.s.ing are laters against crypto kurp

ency exchanges bitcoin and crypto market ts did dip on that news but they see the settlement as a potential positive they go so far to say it could be reviewed as a tailwind as fears of market manipulation have declined, guys. back to you. >> that was what for a while people were hoping that that would be the end result of ftx it took a while to work everything out, kate you do see people that hate crypto they just conflate it all. we had an actor who wrote a book that just said that ftx and bitcoin are basically the same thing. so you will see people conflate it. >> and mackenzie he was at the ftx trial. brian armstrong tried to point that out yesterday we tried to talk to him about that yesterday and the impact on the markets and he said these

were isolated idiosyncratic events, a hangover, and a lot of binance investors expected this. he said there's a lot of small markets and potential on the upside so he really tried to make a distinction. the more legitimate player ms. in the u.s. are tryinging to make that distinction. >> you figure that gentzler, they would probably feel a little bit better about the whole idea of bitcoin and everything else. >> you would think so. so if that seems to be less likely, it could improve the chances for atf on the yu7 side. we'll see if that still happens. at least for other crypto companies, if you do manipulate markets, we will go after you, so in many cases they tried to

make a statement here. they had this massive press conference yesterday with doj, the treasury trying to say the rules of the road apply to you even if you're a crypto company and you're in this new technology. >> and binance theoretically could survive and flourish thanks, kate. >> thanks, joe. meantime let's get back to the broader markets for a look at what he's watching. i want to bring in the senior portfolio manager of morgan stanley. good morning to you. ahead of this thanksgiving we're all trying to make sense of the markets and where things are headed we've sort of gone on a period where everything seemed terrible and then great we got earnings out of nvidia last night what's your take on last night and what do you think is working? >> well, you know, nvidia is kind of symptomatic of the stockmarket, which is the stockmarket had a very big move in the first half of the year.

corrected into the fall and had a big rally. it had a big move the first half of the year, but it's only back to where it was last summer, and they got two more quarters behind them. so i think the market short item is overbought, but i think we've got another rally into year end and that's why last summer, i said i think the market will end at 4,000 or 5,000. i was kind of feeling like an idiot, but i'm feeling better today. one of the key things, andrew, is money markets continue to me an attractive alternative for investors, and the level of apathy toward stocks remains very, very high. so the more rates start to bleed lo lower, the more that's going to push money back into the stockmarket. >> andrew, can you clarify

something for me you said you think the markets overbought, but you think the markets will rally. >> i just think very short term, we've had a very big move, but maybe we consolidate for the next few days. i think that will gain enough for another leg higher maybe it's a santa claus rally, whatever i think you will see the market greets the summer high before year sneend let's play this out 12 more months when you start to think about the next year based on the earnings we've just had and some of the forecasts we've just seen, throw in the interest rate situation and what you think may or may not be happening when it comes to wars in the middle

east, in ukraine or russia, how does that -- what does that look like to you? >> well, look. we began the year, this year, with strategists almost universally bearish, and that's coming off a bad year last year. and now as the price targets are rolled out for next year, they're in the 5% up year range history and the market is like 9% on average. 5% return is only less than half of 10% as much as that's a comforting return for the year, it rarely happens. i think it's more likely either the market is going to be down or the market's going to surprise on the upside yet again. the problem that i have with the down year is two-fold. number one, the market hasn't gone anywhere for two years. it doesn't end up after two

years breaking to the downside it will eventually break to the upside i love the analogy of holding a beach ball under water eventually it will rate to the upside the second reason i have a struggle with why next year is going to be down, it's a presidential year and markets do well in the presidential year because incumbents tend to stimulate the economy now as they're running for re-election. so i suspect all of these predictions will end up being wrong on the downside or are pessimistic again. >> appreciate it happy thanksgiving thanks for joining us this morning. coming up, we're going to talk about why flying is miserable. if you've flown recently, you know by the way, as the travel season kicks into high gear, we're going to head into one of the busiest airports this morning for how things are flowing this morning, that and the author of this new book.

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today is expected to be one of the top two busyist days for top airlines phil lebeau is in the middle of it all as he is every year you're at chicago o'hare you're not going anywhere. >> reporter: no. it will be a long day here look if you're going to be at the

airport, there's not many delays everything is moving along very smoothly this is when you want to be at the airport. thanks to good weather for much of all of the country, this is being what i would consider a very, very smooth start to the thanksgiving travel weekend. the busiest will be sunday, 2.9 million. today 2.7 million people are flying i just checked on flightaware, and there are very few cancellations. it's important to point out you have the airlines and the airports and the tsa all adding staff. here's the flightaryware misery map. if you see red, that's not good. when you see a lot of green, that means things are moving on time for the most part very few delays. it has been trending lower over the past couple of months and as jet fuel has moved lower, u that's been a nice tailwind for

the airline stocks you wouldn't know it from the individual airline stocks nor if you look at the arca airline index. why? a lot of people are negative on the airline industry right now because of higher costs. we talk about the higher costs that major carriers are locked in there a lot of expenses there. and you have tighter margins even though we're going to have a record number of people flying, guys, at the end of the day, this is enough to get people excited about the airline stocks again. >> yeah. the worst-case scenario is not coming true, i guess the weather is cooperating. >> reporter: that's the key. good weather everybody's on time. >> well, the base case is pretty bad, as we're going to find out right now, phil. listen in. all right. our next guest is the author of the new book called "why flying is miserable and how to fix it."

he said the government's choice to regulate it has led to passengers' nightmare experiences. thanks for being here. >> thanks for having me. >> the title of the book strikes everybody, "why flying is miserable. we've all had these experiences, whether it be sitting on the tarmac, not getting a seat, not being able to get a direct flight why do you blame it on deregulation >> it comes down to public policy when congress regulated the airlines in 1978 they said they can flight wherever they want, whenever they want, and charge whatever they want, and we took out any guardrails that we had before what that means is airlines can shrink the size of the seats, abandon cities in small towns and rural parts of america they can make you connect through dallas or atlanta or

o'hare, and all of these other miseries that we have, plus a lot of turbulence in the industry itself. when you think about the booms we had in the '90s and 2010s followed by big busts. when demand comes down from 9/11 or covid and americans come to the government for bailouts and tax cuts the experience of flying has gotten to be miserable. >> let me push back a little bit and play devil's advocate a little bit part of what's happened is airline prices have come down suggest nif cantlay too, ticket prices i can still fly across country for 300 bucks, get flights down to florida i know people who can do it for 150 bucks. what's happened is it's democratized flying to a certain extent it used to be flying was a really elite experience. you had really nice dinners they

would serve you, in-flight movie operations you have to pay more for those things and get into first class. but you have people using airlines that never did before most of the country flies. some do it very regularly. it's more like a subway system it may not go everywhere you want to go, but if you're willing to shop around, you might be able to find a flight people could never afford before. >> one of the things i found doing research for my book, while regulations went down. but when you pull the chart back and start looking from 1950, prices were going down during regulation also at basically the same rate the whole time so it's not necessarily the case that deregulation was a clean break where prices really plummeted. what happened was we saw prices drop on some routes immediately afterward and then be reshaped throughout the country where you got more expensive prices in

small cities and places where there's no competition cheaper places where there was competition. and part of what the regulated system did was apply prices to distance you paid more if you were going to fly a longer distance but if you fly toa place that' not the most popular city and doesn't have the same volume, you pay the same price -- >> like the principle of the post office. >> exactly you want to have access to places like dubuque, iowa, which has lost major carriers. >> the alternative is friggin' amtrak as bad as it is, number one, it's hard to run an airline. even with all these advantages and in some cases unfair advantages, they still almost go out of business every five years for some reason. it's hard. we don't want to subsidize that industry with taxpayer dollars isn't this the best way -- it's

not great, but it's the best we've got. >> i don't think it's the best we've got. on the subsidies, we are doing that when they want to go bust, they're too important to fail. >> am traction is a nightmare. >> the first is we could have a commitment that says to airlines, you get a lot of privileges from us, the taxpayers and federal government, you have an obligation to serve smaller places we're not going to lose money and they'll make up money in other places have a plan, show us what that plan is. maybe that means having a rainy day fund or you have other plans. don't come back asking for bailouts without any plans and, third, we should have a simpler system of pricing. now we have a system where it's different if you buy a ticket on

tuesday morning or tuesday evening, you know. you can get charged for picking your seat, for checking your bag. >> everybody wantets to get on the plane and they're dragging their luggage on the plane. >> i saw a joke. we built the plane for 200 people but only space for eight carry-ons and you have to check your bag at the gate. >> you don't want price control, setting a price. that's not going to work you'll have shortages. none of that works you can't have price controls. >> you don't have to do price controls we could require the airlines to come up with standard prices but not set by the government. so in regulation during the 1930s to 1980s the government actually is it the price basis on a per-mile basis like the electric utility company. >> no, no, no. >> we don't have to do that. we could say if you're going to

serve coach or first class, you don't get to change it if you look up the price on a tuesday or a wednesday the price is the price pick what you want to charge for that flight. simpler and easier. >> i don't want the ching that they serve with the beef or -- chernobyl farms. the chicken's gross. >> thank you we appreciate it. when we come back, from air travel to the roads, we're going to ask white house energy adviser amos hochstein about this season's fall in gas prices meantime as prices continue to drop, this is coming on news that the opec plus meeting scheduled for this weekend has been delayed been delayed as a result, you see wtiessure brewed offfee and espresso b 4 1/3%

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welcome back to "squawk box. we're two days away from black friday you should know discounts rust judgment for retailers they're for streamers. julia boorstin joins us now with more on that good morning. >> that's right, andrew. the streamers are under pressure to deliver profitable growth while also struggling with a saturated market, never mind the production disruptions because of hollywood strikes netflix shares have added the most new subscribers, 24 million in the past year that might be why it's promoting products based on its shows rather than doing discounts like the other streamers. all of the streamers including netflix have hiked prices. they average a 23% cost increase, so now most are discounting.

hulu is offering its ad-supported plan for $1 a month, $80 saving if subscribers commit for a year. max is $3 from $10 for the first six months pair edmonton plus is offering all new subscribers alt a 70% discount and peacock is offering new subscribers a premium tier $20 for one year we'll have to see how consumers respond to this push to lower costs, ad supported plans, and longer commitments andrew >> this is all for new subscribers or are you going to try to see people change email address and effectively step down >> most are for new subscribers. some are for new and returning

subscribers. what's interesting is they've all pushed for higher costs to lower ad supported plans people are like i'll downshift to the lower cost plan and maybe take advantage of a deal, but it's also interesting to see the fact that netflix doesn't see that it has to, nor does it want to. >> julia, thank you. hopefully we'll be watching a lot of movies this weekend i send it over to joe for news. >> it's time for new jobless claims rick santelli is standing by how do the numbers play? >> gentlemen, joe. november 18th, expect 227,000. coming in on the light side. 229 thought last time. 209,000 would be the lightest level goc ban to the second week

in october on continuing claims. 184,000, that's on the low side. durable good orders, these are october preliminary, which means in a couple of weeks they'll most likely be altered a bit down 3.2 is what's expected. almost double that minus 5.4% weaker than july which was 5.6 now, if you strip out transportation, a, maed improvement. up to goose egg. up to unchanged. and last month, stocks downgraded 0.2 ford only up 0.2%. now let's look at the proxy for capital expenditures mere image, down

it hasn't been minus since july when it was down 0.4%. if we look at interest rates, they have popped up a bit. 10-year back up to the 438 mark. it's been down as low as 4.36. it's taken out tuesday's and monday's low yields. those were hovering around 4.37, 4.38 if you recall that big technical breakout we had a year ago, many believe we're going to retest that particular level. preopening equities, they're down a bit, and they haven't been affected very largely by the data i just put fooct. back to you. >> stay with us. let's bring in e.j. and anthony. he was an economic adviser for

vice president biden in a former life steve liesman, we'll go with you first. what did you think >> i think it's interesting to watch what rick pointed out about business investment and whether or not this spiking yields that we had over the course of early spring, late fall, we had the big ai story. forget the turmoil going on with the leadership situation there there's still an ai investment story. they kind of work against each other. i was trying to see if there was a bond yield that worked against investment it's sort of the five-year it's where companies borough money and it's gone up we're going to have to watch the volatile number.

we're still trying to see whether or not there is -- how much weakening there is in the job market yesterday there was a debate about the minutes. i thought they were on the "w" side the bond yields did trade down in response. joe? >> e.j., is anything not dovish right now? why would we be at a 4.37 all of a sudden on a 10-year if everything has had kind of a shift that week when we got the inflation numbers and then the jobless numbers? >> well, i think we have to remember that the fed minutes are a bit stale. right after the fed minutes we got a lukewarm jobs report as well as a lukewarm inflation report, and so it's amazing how much of the market right now is pricing in not just no more rate hikes but cuts within the next six months i'm not sure that that's actually going to materialize now. in their favor i will say a lot of the data we're getting right now is incredibly weak

durable goods, for example, although it's positive in nominal terms it's negative in real terms with today's report the idea that dlal ollars is fictional is real. the key reason is so many people were immediately able to find another job after either quitting or being fired. today we're seeing exactly the opposite many businesses, if you look at the federal reserve, the regional bank surveys that they have, many businesses are no longer keeping positions open. in other words when someone quits oer get fired, they're simply eliminating the position, so it's becoming increasingly difficult to get that new job. >> katy, does it matter? i read that more central banks

around the world are now cutting than hiking and that recently the in flexion point changed does that matter for us? >> i think it should matter for us i hope the fed contemplates whether their interest rate hike has gone too far and whether they should bring them back down to what they see as a long-term stable level i want to comment on the jobless claims and the data that we're seeing i think we're looking at totally different data sets when we talk about numbers. jobless claims are at historically low levels compared to the recession caused by the covid crisis we had strong job growth, a 22nd straight month of unemployment below 4% even amidst falling

inflation. it came in at zero percent last month. i think we are seeing that evidence that investing in people in the economy through the covid crisis is the reason for the strong market and affected by supply chain problems that many of us pointed to/fro from the beginning. are we actually driving up the cost of housing and debt for families. >> >> wow, you said a lot of nice things. i would hire you back. i think the president ought to hire you back. what do you think, rick? >> i agree i totally agree. all of these points are very, very valid points. the one thing i continue to monitor is how all the global winds seem to be blowing on the weak side. that will affect us. we're all in one globe here. however, it affects us, the

degree is going to be established by evidence of the 10-year note yield if you look at the boon, it's at a 3-year low the uk is at the lowest levels exactly in six months since may 22nd, so we do see that europe was experiencing some of the same issues. the uk in particular saw higher inflation, so there are drops that might be higher i gave you the comps we're all moving lower together. inflation is coming down but we still have $08 trillion in global debt the u.s. pays one third of the net payments so far and that's $2 trillion globally of net interest payments. one third of that is the u.s., and i think those factors will

continue to affect us in the macro. a quick hit. that's what we did we went around the horn, and now we've got go go. thanks to ej, kitty, rick, and steve. coming up, much more on the markets as we make our way to "opening bell" on wall street. u' watching "squawk box" on cnbc if you don't know that, there's something wrong with you (♪ ♪) the walking tree is said to change its entire location in pursuit of sunlight (♪ ♪) where could reinvention take your business? accenture. let there be change.

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we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business. welcome back to "squawk box. this morning crude prices, they are dropping on news just out that opec plus meeting scheduled

for this weekend has now been delayed. in the meantime, according to aaa, gas prices are at their lowest level, about $3.28 per gallon gas prices are a pain point for drivers. i really wanted to talk about what else the administration's looking at somebody was just on a very important trip on behalf of the country. amos hochstein, senior adviser to president biden just getting back from the middle east, which, of course, has a huge impact on the price of gasoline. amos, nice to see you, sir. >> good morning. thank you for having me. good to be back. >> let's talk about the price of gas walking into thanksgiving and how important that price is politically to this administration how do you think americans think about that price on a relative basis to history and also to

where things used to be? >> thanks again for having me. gas prices are always important to american consumers and american families. it's an indicator as you just noted. i think there's no time in the year where that's more true than the week of thachlg we're at the lowest prices now since the thanksgiving of 2020 clearly as you know we were at over $5 a gallon when the war in -- the russian war in ukraine started, and now we're back down to $3.28, but that's really the average. most common gasoline prices we'll see is below $3. so in the $2.95, $2.99 range where the president has always wanted to see lower prices because it has such a big impact on american families and budgets, we're grateful to see that happen the week of thanksgiving. >> i don't know who if it's funny, but it seems like

presidents get blamed when prices go up, but i don't know if they get credit when prices go down. what do you think about that >> first, it's definitely true second, i felt that throughout the last couple of years but with this volatile market, look, at the end of the day, there's a lot that happens in the energy markets that are out of control of anyone there are weather events there are war events and other market dynamics. there are tools we can employ. when prices were high, the record spr released at the time is what helped to bring relief while what we said at the time was not to replace the private sector but rather to have some kind of cushion of time after covid where the private sector's going to be able to increase supply, and that happened.

so we were able to release the spr, bring the prices back down. it took a little bit more time for the private sector to come in but american producers as you noted -- as you know in 2023 increased production quite a bit in order to be able to get to where we are today. >> do you try to replace the spr with these types of prices or no >> absolutely. we have said all along, the president said when prices are below, we will try to replenish. we sold spr at an average price of around $95. we're now buying back at the price of $77, $76. that's a good deal for the american public, and we're going to continue to do that we announced a purchase just last week. we're going to continue to do that on a rolling basis going forward. we're going to try to replenish as much as we physically can whenever the price is right. >> you just got back from the middle east. you were in israel

i believe you were in lebanon. tell us about that trip. tell us about your concerns. we did get good news, it appears this morning, that there's going to be a cease-fire in all of this and some hostages that will be released, but how concerned are you about this entire episode escalating beyond israel and gaza >> as you noted and the president said last night, there's going to be a pause deal that's been reached where 50 hostages including americans will be released after the horrific kidnapping from their families on october 7th attacks on israel. there'll be a pause of a few days and a release of hostages this is something that's been hardly -- you know, worked very hard to immediate through the qataries the president was teamdeeply

involved on a daily basis. we're happy to see that happen and see these hostages come home to their families. we've been -- as you said, i was in israel more working on -- discussing issues related to the lebanese border where sure thats conflict is contained.sure thats there are large implications anytime you expand 234ig in the middle east and it is really, really difficult and could have ramification that no one wants to see so keeping everything contained and as quiet and calm as possible in the region is our goal >> a report says that some in the biden administration is concerned that israel is trying to proceed voke hezbollah and c

a proceed text that could draw the united states in what do you think? >> no government wants to go to war. what we have to focus on, hezbollah has massive presence in lebanon thi we want to make sure that the border is as quiets a possible and make sure that as parties work to deis came late escalate and we'll continue to work towards that goal. and inch will implications of ad conflict has a real threat to escalate even beyond that once it starts.

it will have an impact in the region and globally. >> and the meeting scheduled for sunday has been pushed back? why? there is some thought that the alliance -- any reason to think that they are disagreeing or that their resolve is weakening? >> i won't speculate on what is happening behind closed doors of opec i'm in touch as my colleagues are with opec members on a regular basis as well as with producers around the world yes i saw that they were delaying their meeting but i think at the end of the day, what we're seeing is there are fundamentals in the market that we thought were there all along. when i was on your show in september, i know the whole market was calling for -- it was inevitable that we were going above 100. most of the banks saying that by

thanksgiving we would be at 105 or 107 a barrel. and we thought the market did not need to go to over 100 on the fears of conflict in the middle east or even the market dynamics we think that they should be taking the profits and we saw some of that happen so production in the united states is up production in other places that are nonopec are up so opec has difficult decisions to make. but i think at the end of the day, we're try doing two things. the president wants to accelerate the energy transition and make sure at the same time that fuels are available and affordable for the transition itself and i think that opec understands that high prices are good temporarily, but bad no global economic growth >> and do you know why poe

postponed this meeting >> yen, i won't speculate about why. they only delay over disagreements. and they may have those at the moment but they will have to make their decisions. we think the market should be a little more free flowing, but they will have to make their decisions. >> all right thank you. we wish you a happy thanksgiving >> excellent thank you. i was on a work trip when the pulmonary embolism happened. but because i had the factor 5, which showed i had the genetic mutation, because i was aware of that gene, that saved my life. i would not have been able to meet my new granddaughter. i truly believe i'm here because of 23andme.

just olgta little over half hour to go until the opening bell an joining us is serot so many cdirections do you want to oppenai, and ope? >> i think that nvidia was good for the market because everybody was wondering where we would go. and softening demand is not there. so that is good. i think oil coming down is even better for the market. because that is attacks that all the consumers with are pays. we know consumerswere paying more and more tight with their money. so i think that those are positives to go year end

and other part of it, kind of the dogs of the dow. stocks that have been out of favor and as we go into year end, so many of these stocks have sales on it, so why not start picking up some of these like budweiser, everybody is thinking that they have lost share. coors light has picked up all the demand but the stock is so cheap and most is international. and everybody thinks that there is ale ter in a difference narg but they have growth the next three to five years. we talk about the seaseven stoc people focus on, but there are plenty of alternatives >> and financials have been doing a little better. russell mid caps picking up new places that

haven't been doing so well >> and tax loss selling. so buying some of the losers that we've owned and also putting money into areas that we think are matured. >> all right and i just want to say happy thanksgiving that you think you for everything that you do with us all year we appreciate you. >> thank you happy thanksgiving to all of you. >> and before we wrap things up, i want to take a bit of a wide shot because it has the thanksgiving holiday feeling take a look outside. a lot of people are here, these are all the people who have come through maybe on their way to their own families to have a little holiday time too. so a lot of people -- oh, come back over, here is somebody with a kid. get time with the kids we're feeling very grateful and thankful for everything that we have >> no one is doing everything disgusting in times square that is a first. >> we appreciate it. and i do have to say, i

appreciate my co-anchors, i appreciate everybody who works -- >> that is why we're giving thanks, me, too. >> it is thanksgiving, too in that we're here and ready to go. >> happy thanksgiving. >> this is my favorite holiday because it is not about gifts, it is about spending time with family and i hope you all get the opportunity do that. >> and don't put the stuffing in the night before >> no, no, no. we'll see you back here on black friday have a great thanksgiving. right now squawk on the street good wednesday morning i'm carl quintanilla and jim krarm has cramer has thg off. sam altman back at openai, and opec meeting delay our roadmap begins with ai sa