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tv   Power Lunch  CNBC  November 30, 2023 2:00pm-3:00pm EST

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welcome to "power lunch." alongside kelly evans i'm tyler mathisen. elon musk unplugged and uncensored. a big interview yesterday. we're going to look beyond the expletives and discuss what he said about tesla and we're just about an hour away from the company's event to mark the first deliveries of its so-called cyber truck. plus, it's been a november to remember for stocks. the dow up 8%, and that is the laggard. can these gains continue into december? they are continuing this afternoon with the dow up 306 points right now. that's 0.8%. the s&p is down about 7 points. here are the numbers for the month of november. salesforce, a big reason the dow is outperforming today, adding more than 100 points to the
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index, beat on earnings, raised on guidance, at least partially on hopes for ai. there you saw the -- no, 10% gain for the nasdaq, 8% gains for the s&p and dow this month. >> let's begin with tesla as we are awaiting the company's big event to mark the first delivery of the so-called cyber truck. phil lebeau joins us now for more on what this launch means for the company. it's been a long time coming, phil. >> it has been, tyler, and i think pele originally when they first introduced thcyber truck a number of years ago, people thought here in the next couple years we'll see this. you had the pandemic come through and a number of things. delayed the production and then ultimately the first deliveries of the tesla cyber truck. keep in mind, with the stainless steel body, the design that is are incorporated into this vehicle, this is not an easy vehicle to manufacture. this is not your run-of-the-mill vehicle that you can crank out one after the other. they've talked about the challenges of producing this
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cyber truck. they're delivering the first ten this afternoon. one thing we're going to be watching for, what's the pricing? we have been told that there are going to be three levels of pricing, but exactly where the base price is and then the mid-level and then the upper-end level, the highest of the high end levels, we don't know those prices. that's one thing we're goingo be watching for. in terms of what this means for the electric pick-up truck market, which is just starting to develop here in the united states, keep in mind, that this is going to be far different than what we already see from vian a ford with the 150 lightning and to a certain extent when you look at the gmc hummer pick-up, but that's a niche oduct, just under 1,000 have been delired through e third quarter. rivian through the third quarter was the number one selling electric pick-up truck here in the united states. take a look at shares of tesla, keep in mind that they will gradually ramp production of the cyber truck over the next couple of years. so you're not going to see an
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impact on the bottom line this quarter. probably not for several quarters. and even after that, almost everybody who has looked at the economics, if you will, has said look, when you're getting up to 2.3, 2.5, 2.7 million vehicles being delivered, if you manufacture and deliver let's say 150,000 cybertrucks, it's not going to have a huge impact on the bottom line. that doesn't mean it's not important, though, because this is one of those vehicles, guys, that could turn heads and make people say, you know what, i've seen other teslas on the road, this is really so cool, so unique, i've got to go into a gallery and check it out and then maybe they start to consider buying a tesla. that is the hope of tesla executives. >> it is a head turner, and in some ways to me, a head scratcher, because as i look at these other versions of trucks, the rivian, ford lightning, gmc, hummer, i see where you put stuff. with the tesla machine, i don't
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see where you put junk? where do you put it? >> you can put stuff in the back. you can put stuff in the back. people who have driven prototypes of the cybertruck say it's got more room than you would expect in the back of that vehicle. just for some context, tyler, the pickup truck market breaks down like this in the united states. about 50% of it, work trucks, fleet, contractor, your electrician, people who truly use a pickup truck. another 30% are those who are purpose use people. let's say you want to haul a horse trailer or a boat to the lake. you don't use it for work, but you get the use out of it. then the final 20%, those are what you would call lifestyle buyers. these are the folks who are driving around southern california in a tricked out pickup truck, not because they use it, not because they load stuff in the back, butecause they think it's cool. and that's where the cybertrk will fit in initially. by the way, southern california,
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tyler, number one pick-up market in the united states. >> all right. phil lebeau, thank you very much. our next guest describes the cybertruck as a halo truck, one that is intended to reinvigorate the tesla brand. here is tom norryan, global auto analyst at rbc capital marketsp outperform on tesla. $301 price target. tom, can this halo truck reinvigorate a brand that is doing really very well, but has not had any kind of model refresh in several years? >> yeah. that's exactly right. i mean, if you read the walter isaacson book on elon musk, you see the history of tesla and how it started out with the roadster, people getting excited, the cool factor. rappers driving around in teslas. since then, there's a little bit of staleness that's come about the model 3 and model y. now we have some excitement about a car where there's lines
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wrapped around stores in the past couple of days, an you had signs inside the store that says, hey, if you like this, there's a model 3 for only $29,000. so the halo effect is in full effect. in order for a tesla to sell 2.3 million units next year, mostly model 3s and ys, people need to get re-energize and convinced to buy a model 3 and y again. a car is an emotional purpose. it's about brand. this is how you reignite the passion and the brand. phil was talking about 20% of pickup trucks being this lifestyle-type buyer and this fits right into that sweet spot. we only see them selling ab250,0 max of these per year and that's -- >> is that a needle mover for a company of this scale and -- >> no. >> and size? either way? >> no. it's not going to really matter,
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plus if you guys remember, my valuation is 90% autonomy, robotaxi, only 10% cars and trucks. we do need people to buy these products next year or two in order for the thesis to work, so i do believe it's important to re-energize the brand, for people to buy models 3 and y, to put fsd on those and get people excited about autonomy. it's indirectly important, but in itself, i don't believe it will be that big of a financial contributor, especially for a company with the $700 billion market cap. >> let's talk about the specifications of the truck. how does it compare in terms of size with the trucks we're familiar with, whether it's the dodge ram or the f-150, f 250, the chevy trucks, in terms of its carrying capacity and in terms of range? >> it will depend on the trims. we heard of three trims that they have. i think the highest end will
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probably have higher range than those other models that we've been hearing about. but they'll have one at a lower price, potentially, lower than the ram, silverado and lightening, right. so i think we'll get some diversity in terms of battery range and in terms of storage capacity, but to phil's point earlier, i don't know if this is going to be a work truck. i think it's going to be a lifestyle truck. >> a vanity truck. >> potentially. but there's a lot of people who drive those. i can tell you my brother lives in texas and has a ton of pick-up trucks. >> how many car seats can it fit? >> throw them in the back. >> it's bulletproof. ha could happen? >> yeah. >> getting sick of the odyssey, tom no offense to honda. you talked about how much of your valuation of tesla is about software and all that going forward. do we need to read anything into
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comments, his disappointment with what's going on at openai? >> no. i don't think so is. the other thing i got out of reading the isakson book, there's a lot of elon speak you have to not listen to, perhaps. ultimately, you know, people should test out fsd beta and i believe it's the best consumer product since the iphone. it is amazing. >> it's amazing but -- >> >> amazing isn't good enough. my iphone went through years to get to where it is. can we really have trucks on the -- i heard people the other day going, take an eight-minute nap on my way to work and keep my hand on the wheel. i don't know about this. >> i don't know. most driving, most driving to me sucks. it's like i would say 80% of driving is boring and tedious in traffic and this thing takes that out of your hands. i think a lot of people don't realize how amazing of a product this really is, and if they can get more of these and more people testing these, i think
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that could go very far for folks to get excited about tesla stock when they realize how amazing the product is when they cut the price on it and get more people testing this product. people will realize how amazing autonomy can be. not just like fun to drive or not drive really, but saving lives, space in our cities, transforming society in general. >> in the future. i'm not saying it's not coming. but i think we're in that murky middle. we'll debate that another time. for now, tom, we areciate you joining us. tom narrayan joining us. elon musk touting his contributions to the environment at t dealbook conference last night in his interview with andrew ross sorkin. >> tesla [ inaudible ] in terms of electric vehicles as the rest of electric carmakers in the united states combined. tesla has done more to help the environment than all other
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companies combined. would be fair to say, therefore, as a leader of the company, i'vdone more for the environment than any single human on earth. >> let's pose the estion what's he done for the environment and the implications with jonathan maxwell, ceo of sustainable development capital. you want to take the question? >> thank you. i think first of all, good for elon musk for putting brilliant marketing and branding behind an electric vehicle, and he's right in the sense in the u.s. he's the biggest player. china has been producing more electric vehicles than the u.s., and i think byd overtook tesla in q3 this year, over 500,000 cars manufactured compared to 300,000 and change by tesla. the movement, the biggest problem with oil, which is really the fuel for transport, is that it's incredibly inefficient. most goes up in smoke, about
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three quarters of it is wasted. so actually it's hugely carbon intensive. moving to electric vehicles is great from a decarbonization of oil, but it's timing. it's still only 2% of oil has been displaced by electric vehicles over any kind. the problem we've got is so big and so massive, and it can be addressed by electrifying transport but even transport sits within a much bigger complex, incredible amount of energy used, most being wasted. i would say that mr. musk is doing a fantastic job. he's got to keep pace with china, number one. number two, we're just skimming the surface. this clean energy revolution. >> in the grand scheme of things, in terms of decarbonizing the environment, transportation is a relatively minor part of it? >> transportation is a very big part of it. it's abo 70% used.
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>> i thought you said it was 2% or something. >> only 2% of oil displaced using electric vehicles globally. >> oh. >> we're making more and more. there's been $6 trillion invested in the last 20 years, $3 trillion in the grid. companies like byd and tesla making lick vehicles. we have to put this in context. we're in the in the earth saving territory. in fact, these -- this equipment uses incredible amounts of metals and minerals and mining and resources. it certainly reduces the environmental footprint of using energy, but it's going to take a lot of time and resource to make a huge difference. 98% of the oil that makes transport it hasn't been displaced, and that's the scale of the challenge that we're facing here. we're on the road but only getting started on the journey. >> tell us about cop 28. i thought the economists put it well when they said if you go back to paris it's not like there was anything truly binding about that in 2015, but it did
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catalyze the rise of this whole sustainable investing movement which is great. the flip side it's threatening to bankrupt some governments, so as we stand here, trying to figure out where the next ten years go the fact that president biden didn't even go to the summit, you know, what are we to read into that? >> first of all, president biden and the u.s. government have put out one of the largest stimulus packag for clean energy ever produced. you could argue what more coul they do and say a year from an election in the united states? going back to paris, paris was a landma agreement. it committed everybody to decarbonation targets. 28 in dubai is a stock take. italls everybody to reckoning, how are you doin the challenge is actually that's not going so well. >> right. >> there's been incredible amounts of money put into clean energy, but going back to my point about oil antransport, there's very little displacement
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of fossil fuel. since paris, fossil fuel demand or gas and coal, 82% of the world'energy has gone up. we've seen incdible gains made in the renewable energy industry. they have been overwlmed by the growth in fossiluel. we need a different approach. the last point i'll make that's what i'm hopeful for with cop 28. there are o things fundamentally that cop 28 calls for. renewable energyhich is great, add more energy into the system, but thnew phrase called energy efficiency, and it says stop wasting implicitly, stop wasting three quarters of the energy we're using because that isn't just theargest source of greenhouse gas emissions, it's so, frankly, the largest source of emission reductions. >> what do you mean by wasting? stop wasting? >> i'll give you a basic summary. about 10% of the world's energy is lost ju by extracting it and converting it into something useful, r example, pipelines, another 50% of it, for example,
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in electricity generation goes up in oke because when you put a molecule into turbine to make electricity, half oit disappears into the atmosphere, bearing in minonly 3% of the worls energies are wind and solar. most of is thermal, and it goes. oncehe energy got out of the power plant you've los60%. another 10% gets lost -- >> how -- i'm trying to jam this think energy, what do you call at, carbon capture, is that the next big? where is the money going to come from, quickly if you can? >> bring generation close to the point of use, solar, heat captur heat pumps. reduce the amount of energy that's used at the point of use. lights, ventilation, air conditioning. the international energy ancy yesterday pointed out that energy efficiency, on-site generation and efficiency, can contribute 50% of all the decarbonation the world needs by 2030. i think that revolion that cop is going to be presenting is the
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asset class my firm vests in and the topic of my book "the edge". >> from an investment point of view and also just to figure out what is going toome out of this summit, we know where to look now. thanks for your time and joining us. >> thank you very much for having me. >> jonathan maxwel comi up, theybertrk is teringhe space with ts of competition, wther yr everyd names like the ford f-150, luxury plers like ferrari, further ahead, we're gointo te a look at a $400,0 suv. but first up next november keeps giving thanks to investors. the s&p up 9%, the nasdaq up 11% for the month. will this strengthold up into year end? november comes to an end, december around the corner. we'll be right back.
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. welcome back to "power lunch," everybody. taking a look at the markets over this past month it looks like christmas came early. it has certainly been as they say a november to remember. the dow and s&p both up about 8% so far. the dow adding rather to its gains today up 340 points. the nasdaq up more than 150%. will the climb continue and are the numbers setting us up for a santa claus rally? let's bring in brian von cronkite with allspring global investments. brian, did this move in the market surprise you at all, and do you think it sustains into
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december and maybe even into next year? >> i'm not that surprised by it given the data we're seeing. the economy is slowing, but inflation is coming down nicely and the fed is orchestrating what they're trying to get done, slow the economy down. but right now this rally as it continues to be december, which i think it might, is really on the hopes of the fed orchestrating a landing, but it seems to me that it's based more on a christmas wish than on a 40 year e plus history of fed inertia. typically very slow to react, rarely preemptively do anything. i have to think that our base case is the fed will achieve their goals, slow the economy, companies will react by cutting capex, cutting jobs, and we're going to end up having to assume the fed is late in responding. we might get a christmas rally but it makes me fearful for what q1 might have in store for us. >> you expect a marked economic slowdown despite the fact that
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third quarter numbers were revised to 5.2% gains for the gdp. this quarter everybody says is slowing down a good bit. so talk me through the next six months economically. >> next six months i think you're going to see the impact of a long string of fed tightening policy. what we're going to see is consumer credit begin to weaken, consumer confidence slow down, spending alter their form. we're seeing trade down already with consumer behavior. from that you'll start to see a demand for loans at the commercial level start to slow and companies will pull back on their capex, reduce the need for jobs, unemployment rises and we have a slowing economy that is in the cake so to speak. the idea that fed is going to cut that off right here when they have work to be done is just, i don't believe mething we've seen in history before my base case we're going to see the slow down materialize, companies will respond as they should whi will catalyze the beginning of the bottoming
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process in 2024. >> cbre group, carlisle companies, you like these names in the mid space? >> i like all these names for a few reasons. one, they all have defensive characteristics around some of the cash flow streams being stable through this troughing process, but more importantly, each of them are doing things to drive their own destiny. this is one of the most important things we can do as investors today whenhe fed probably won't be supportive to us overall. what are individual companies doing to drive their desny. pulling one out of that list, carlisle, csl, they're in the building products space and people think of em as being cyclical. the reality is the cash flows are stable as recurrg revenue from replacement business. theye in the middle of selling off their final noncore asset which will bring in 2 to $2.5 billion of cash moving them to a net cash balance sheet. as they recycle the cash flow into the ce business they will demand a higher multiple but i the interim that powerful balance sheet wi protect us as investors if the economy does slide into a deeper recession
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than we l hope actually happens. >> interesting, as a defensive brian, thankfor joining . we appreciate your time. >> always a pleasure. further ahead, microsoft securing a nonvoting board seat at openai. does the move quell some of the remaining questions about microsoft's interest in the start-up after a turbule month? we'll discuss that in "tech check" right after this. with gold bond... you can age on your own terms. retinol overnight means... the smoothing benefits of retinol. are now for your whole body. plus, fast-working crepe corrector diminishes wrinkled skin in just two days. gold bond. champion your skin.
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welcome back. inflation numbers out this showthe re pce rising 0.2 he fed from last month and 3.5% from a year ago. headline up about 3% now. in line with expectations, but that 3.0, rick, is catching eyebrows. let's get a look at how the bond market is reacting to the data and why are yields up today, at least last time i checked? >> let's start at the beginning. i like that pce core deflator month over month. it was up only 0.2. that's good news for the fed and continuing claims at two-year highs. now if you annualize that 0.2 over three months it comes out to 2.4%. annualize it over six months, 2.5. these are close to fed target. the problem is, well, the problem is the next chart. anticipate going to mix apples
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and onliesranges but a 100 yeart of the pci index last tuesday. if you notice, it basically goes up every month because what we always discuss and the only thing the fed cares about is trying to deal with the present and the future. annualized is the trick and annualized 0.1 and 0.2 is an experience that public doesn't get to enjoy. the public gets to enjoy the cpi chart which goes up and compounds. prices might be annualized from this point forward at a low rate, but if you look at what prices are in the rearview mirror, that's what the public experience is. why are interest rates up, well look at 2s and 10s after all the data was out, the fed should like interest rates reversed higher. logistics technical issue today. look at 2s and 10s, you broke through the top of the range, held a technically significant 4.po 25 in 10s, it's a breather and the end of the month. back to you. >> rick santelli, thank you very
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much. ahead on "power lunch," our econ ecosystem series continues. prices still high throughout the economy, we take a look at one area consumers can still find vae. ose would be the dollar stores. "power lunch" will be right back.
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welcome back to "power lunch." i'm bertha coos with your cnbc news updatat this hour. senator tommy tuberville says he may drop somof the holds on military nomees next week. the alabama republican has been holding up military promotions for months in protest of a pentagonolicy that allows time off and reimbursement for service members and faly seeking abortions out of state. democrats, the white house and members of his own party who say he's threatening military preparedness. publishing giant penguin raomhouse filed a federal lawsuit against the state of io for a new law banning books in schools that depict or describe sex and books for young children that discuss gender identity. penguin randomhousargues the
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law is so vague it could target a broad range of books. colorado football head coach deion sanders was named "sports ilstrated" sports person of the ar. despite his new team going just 4-8 this season. he's the first collegiate coach to win the title in more than a dede. the magazine wrote that in less than a year sanders transformed life into the campus.d fresh kelly, ts is his -- will be his seventh time on the cover of "sports illustrated," so i guess he has broken whatever jinx the was with regartohat. >> i wou likto bring in tyler mathisen for comment here. look, he's no doubt attracted all this attention to the program and a lot of these wonderful athletes, but it's a little early to call him sport person of the year. >> when you finish 4-8, there are coaches who have been fired going 4-8.
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you know, listen, as you said -- >> neon deion, you can't deny him. >> he has created a level of excitement, such that my son decided to apply to colorado boder. i think simply because neon deion was there. we'll see. i'm trying to think, who should it have been. >> i was thinking that too. >> maybe lionel messi, maybe. for whate did to re-energize the msl and also winning the world cup, that was last year, but -- >> interesti one. twt us your hot takes. thyou,ertha. time for another installment of our econ ecosysm sees. big bostoresnd mal talterthis wk and w spacwith aive intohetaer doar stoin partilar. the els dollar tree qmiss seiment mains more posite. bo stos hier but down this
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year with dollar general losing half its vue since january alone. joining us to discuss is the managing director and senior analyst at oppenheimer. have they turned a corner yet turn it? is it going to take to >> from a numbers perspective both dollar general and dollar tree estimates have bottom so all of us say for dd specifically are waiting for a re-aeleration. for dollar tree, the banner is doing great. mid single digit it comp grower while the family dollar segment is again slowing. that was a miss that we saw with their report early this week. >> they talked about the family discretionarpurchases are slowing. playok, fits in with the my narrativof a slowing economy, consumer, except everything else a very strange year to watch en them smble even while everyone else is talking about a soft landing. >> yes. 's tricky here. you have a couple things going on. first you're still lacking
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pandemic comparisons in the categories and secondly your look where ware in the economic cycle, government stimulus is being pulled back. snap benefits have continued to go down year over year. q3 you h greater pressures than what you saw in the first lf of the year. tax refunds have been lower. look at food inflation, you knowfood prices are up more than 20% over a multiyear period, so the consumer is slower and facing a number of headwinds out there. >> sthe stks, you think they reect, you know,ollar general in particular,hese allenges already? is it possible we're going to look bacin 2024 as a positiv inflection point? >> yes. i think dd has bottomed. we had a note oua few weeks ago calling a bottom around $100 level. a new ceo that ce back, todd vasos we'll hear from him next week and investors are optimistice can turn around the business. i think there is a chance for a positive inflection next year withhe busess d that's what we'reocused on wi the report next week. what uld you say e the broader implications strategic misses over
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saturation? is it temu and shein's fault? what has accounted for difficult stocks? >> challenges th the low-income consumer, margin pressures that these companies have faced. when you look at the dollar scores, when you sell lower margin consumables that has gative margin implications. these companies have had severe margin headwinds. a challenge for the stock on en comparison.cult pandemic for dollar general, you've had some execution issues, you know, under the old ceo and now they're trng to rectify them with improving the supply chain. they made progress there and invested more in wages it's a number of factors out there, both chains are if i look at dg and dollar tree we have a perform rate on both. dg we think there's greater turnaround potential in the coming years.
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strong cash iteration and we're optimistic they cadrive accelerati. >> are we gointo look back and say the lor income consumer was able to gemojo back and if so how so? >> yeah. so snap benefits will start to lapse next year and that could be a positive. so we're optimistic. you hopefully get a better discretionary environment and th could help the lower-end consumer. it's still very much tbd. don't ink any of us have grt visibility of when we will >> tnks for joininus today. we appreciate it. >> thank you. all rit. comi up, a peak under the hood, ferrari's new suv is its first vehicle with four doors. >> that's an suv >> they call ian suv. it's onhe ground. >> yeah. >> robert's taller than it. >> $400,000 price tag weere lucky enough to borrow one for a test drive. i should say robert was lucky enough. he and we will tell you all about it when "power lunch"
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returns in a couple minutes.
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some developments around openai. sam altman officially back as ceo and microsoft securing nonvoting board seat there. deirdre bosa is at the heart of silicon valley for today's "tech check." the wonderco summit in menlo park, california, with nsa director mike rogers. deirdre? >> thank you very much. ke rogers, admiral mike rogers. >> good to be here. >> you have an interesting perspective on all of this being in the government for soong, yet here, an icon place in silicon valley, the talk has been about artificial intelligence, the benefits and risks. what role does government have to play in the developnt or the regulation of ai, if at all? >> look, government clearly
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normally concerned about the safety and well being of its citizens, also concerned about the regulatory or the competitive business aspects of this, so look, think there's a role to be played. the challenge is what is that role and how does it develop or execute it? because part of the challenge, most of this technology is being involved in the private tech, out here and other places. government doesn't have much expertise, knowledge about it, not playing a significant role in its development yet the govement has a significant regulatory role. it's going to be about the partnership, how do we work together government and the private sector? >> likwe're waiting for e two to collide, generative ai and a presidential election. you were director of the nsa during the 2016 presidential election. how do you view the upcoming one? do you think this is in more perilous position in terms of misinformation and disinf disinformation? >> clearly technology is attempting to manipulate or sway opinion based on false
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information, false images. so you have to acknowledge that's a dynamic. there's a lot of work going to mitigate that and make sure it doesn't have a significant impact in 2016 for the first time we watched social media really use a significant level as well as cyber to manipulate the outcome. our view was it didn't work. this is a level of effort we haven't seen before with the level of technology. there's a lot of focus for '24. i'm comfortable we're going to have an election process that we as citizens can all believe in. i'm sure there will be challenges, but in the end i think we'll get through it. >> that sounds pretty optimistic. >> i am an optimistic person. >> there was a report from meta today that says that china is an increasing source of covert influence and disinformation campaign. they said that could get super charged by advances in generative ai. what do you think voters, the government, need to know about
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that in? what does that tell you? >> we need to make sure we understand it and we need to try to identify what is accurate and not accurate. you see this now particularly with -- when we implement ai, for example, are we going to define products that have been generated by ai? so that a consumer understand, okay, this is artificially generated so to speak. there's tools like that we're going to be looking at. in the end, as individuals, we just need to learn to be more discerning. because you see or read something, it doesn't mean it's accurate, true or correct. >> right. so the responsibility for deep fakes maybe on the companies that are helped to produce them, but what about tiktok, right, which is a chinese company and, of course, d.c. where you have operated for a long time has been worried about that, how big is that threat of tiktok in the upcoming election? have they done enough? >> we worry about tiktok from two perspective, manipulation, propaganda, disinformation. second was the extraction of
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data based on the interface of customers. those are valid concerns. there's ways for companies to address them, but part of the challenge here is, the chinese model fundamentally allows the chinese government under the national security laws, the latest of which they amended earlier this year, if the chinese government says there's a national security implication they can access anything they want of a chinese company. so my view is we have to build and account for that. ledge that >> not just an all-out band. there's ways of accomplishing that? >> my view, we are probably going to need to be more nuanced we might say we will not allow this technology tock used by government -- to be used by government individuals, sensitive or classified areas. on the otherand there's parts where i ll say look, we should feel comfortable as ciety using it for se things. >> i want to ask you broadly about the u.s.-china relationship. you were watching apec which was not far from here in san francisco just a few weeks ago.
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how was that relationship changed? it felt hike they put a floor, sort of thtalking point, under the relationship. did you see any significant ways in which that has changed? is that going to be lasting? do you see the relationship getting better? >> so first, i think both parties have come to the can uncollusion, i don't -- conclusion, i don't speak for the government, my takeaway is both governments, china and the united states, have come to the conclusion we need to build a strong floor and what i mean by that is we don't want this relationship to get worse. we don't want this relationship to be disrupted so significantly that it either has significant economic dimensions harmful to one or both parties, or we don't get into a crisis or fight, taiwan or some other scenario. you saw them talk about where they feel that we are compatible or united. what you didn't hear them talk about the issues still out there where we fundamentally disagree. they both came to the conclusion for right now, we're going to focus on the positives and not so much on the negative. there's two things i would be
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watching for i think china will be very interested in, taiwan election will be held january 13th and the leader will then actually assume office in may and we have our own election in november of '24. china will be paying great attention to both of those. >> y brought it full circle, thank you for that always great to get your insights. ys, i' sit back to you at headquarters. >> thank you very much. really appreciate it. deirdre bosa with mike rogers. coming up, racing higher. fraser s ferrari shares are lower today but up 67% this year. we'll take a look at its first ever four-seat vehicle and give you a test drive. check out the s&p 500 on pace to close out its best month since july of 2022nd o o anef its best months ever up 8.5%. we're back after a quick break. if your business needs a new application then developers will have to write code. a lot of code.
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welcome back. ferrari's first four-door vehicle has officially hit the soil, $400,000.
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>> $100,000 a door. robert frank was lucky enough to get to try it out. it's very low to the ground. >> ferrari doesn't like to call it an suv. what they say is it's the first 4door, 4seat ferra. i call it the suv utility vehicle. it was a huge risk for ferrari. it was a huge sk. you're putting 4 doors on a ferrari. a lot people hated it before it was launched. a lot of theuper makers came out with four-doors. lamborghini's suv is six years old. they were late to the game, so they had to really do something special, a, boy, did they do it with this car. tyler, i know you like the roar. >> i do. >> this is a naturally aspirated
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v12. we're talking old school ferrari v12. they're not going to make any more of these after this car. >> of v12. >> of v12. 715 rsepower. >> my goodness. it jumps >> 0 to 60 in unr three second i've never driven anything like it. it's not an su it's not sports car. it's something in between that initially is aost hard to drive because it turns so quickl it accelerates so it'sind of like a sports car, but it's two tons. you have to get used to it. throwing so much weight around the road -- it's very addictive. >> maserati came out with four-door vehicles. that was a surprise to me. that's a porsche. it's going to have the same
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effect here. >> it was a surprise to viewers -- to audiences but also a surprise success. when lamborghini came out, no one knew if it was going to sell. now it's more than half of the sales that come from the suv. what ferrari was also mindful of is not have it take over the brand. porsche sells not so many 911s now. it will only account for a certain percentage of sales. it won't tell us what that number is. it's a secret. my guess is it's somewhere under 25% because they don't want to be defined at the sports utility vehicle you can drive around and put your groceries in. they want to be defined by high racing. they're a public stock and they have to grow. this is a new audience. dealers tell me a third of the people who buy this car are brand-new to ferrari. they never owned one.
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they want to drive it every day. >> you think i would fit in the back seat? >> you would fit. i'm 6'1" and i fit. and the cargo area. >> okay, we'll get one. >> put it on the list. >> there's the key. you can drive it out. >> it just knows if you're in the car and starts? >> it knows. and it's sold out until 2026. if you order one now, you're not getting that until 2026. >> nice little pin. >> wear that. robert, thank you. coming up, gmail purge, why you might want to check into your google account for midnight tonight. nus.er lunch" is back in two mite power e*trade's easy-to-use tools, like dynamic crting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley.
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continuing to celebrate thlife of berkshire hathaway charlie munger including this gem about how he and warren buffett became so successful. >> we got a little less crazy than most people and a little less stupid than most people, and that really helped us. then in addition we were given a much longer time to run than most people because something kept us alive in our 90s and it gave us a long track from our own piddly start all the way to
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the '90s. those are the two things that happened. of course, we washed up over time. >> a little less crazy, a little less stupid than most, a little more time. charlie munger: a life of wisdom will be on tonight at 8:00 p.m. eastern. they were filming it for his 100th birthday. at least they have the very recent footage. >> he was the yin to buffett's yang, i suppose. buffett a slightly more hone spun present, munger a little more tart-tongued, acidic, saying what came into his head. >> enjoying that role. the two of them rked so well together. the sad thing is we'll never
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know his take on future things. he was not a fan of the bitcoin. now we'll have to guess on the next big thing. >> i'll be watching that tonight. i believe it's at 8:00 p.m., the life and times of charlie munger. there were some long times for charlie munger. >> yes, yes. "closing bell" starts right now. >> thanks. i'm scott walker from post 9t the new york stock exchange and we're moments away from the delivery of tesla's very first cyber truck. we'll show you live when it happens. meantime this make-or-break hour begins with a final day this month for stocks. we'll ask our experts over the file stretch. your scorecards with 60 minutes to go. dow getting a lift, 400 points. a lot of it sales force and

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