the port authority >> was it a briefcase? >> it was this big and weaponed about 45 pounds. i would walk with this limp to the port authority going to gate 412 to get on the 66 bus i hated it but i was cool. >> i once had a blackberry >> it was about this big thanks for watching. >> "closing bell" starts right now. all right, guys, thanks so much, and welcome to "closing bell." the goldman sachs communacopia, big interviews are on the way. in just a second we'll be joined by altimeter founder and ceo brad gerstner, a big one, and later george lee, the head of the goldman sachs global institute will be here as well to talk all things a.i., and we are excited about that one, too. let's take you to the markets with 60 minutes to go in regulation

what a different picture it is at this moment it was a rough open. it has turned around, though, thanks to some buying in big tech nvidia leading the way today the ceo and founder jensen huang, telling this very conference he is seeing, quote, great demand for the company's chips. financials have been the weakest part of the market today as well some of those have turned, too, including goldman sachs, chairman and ceo david solomon telling us earlier in an exclusive interview things look pretty good in the economy right now, and that was a big deal that stock trending higher throughout the afternoon and now in the green by half of a percent. let's bring in altimeter's brad gerstner live at communacopia with us. great to run into you here and see you. >> it's good to be here. good to be here. >> there were two moments, i think, today the markets were a little rattled, and jensen huang was on the stage downstairs and just continued to talk about a.i. and the great demand that he's seeing david solomon, as i said, sat with us and said things in the

economy look pretty good you were sitting in on the jensen conversation. it's now your biggest holding, isn't it >> it is really going all the way back to january '23, it's been among our biggest holdings it is our biggest holding today. there's been a lot of concern over the last couple of months whether or not there's an a.i. air pocket, satya and sundar got on their calls and said it's more important to overinvest than underinvest at this moment in a.i., but we heard a few things this week, scott. elon musk and sergei brynn down in l.a. at the all-in summit both said that the pace of a.i. is faster than any other tech development they have seen in their lifetimes. yesterday dario from anthropic was here, kevin scott from microsoft was here, saying demand is continuing to outstrip supply we heard the same from thomas curian jensen said nothing has changed.

of course there was some concern about a blackwell delay. he took that off the table he said, blackwell is on target for q4 ramping and scaling of production, so i think that as we look at 2025, we're at about $5 a share for nvidia, it got as low as $100. that's 20 times earnings for the most important company in compute today, so i think people are starting to lean back in to some of the big tech ahead of the election >> is that when you made it your largest position during that disruption a little more than a month ago? >> we added a bunch to our position, almost double the size of our position, when it was disrupted earlier in august, and, again, it's been very volatile i think it will continue to be volatile while people wait that print in q4. >> how are you thinking about the return on investment you alluded to the concerns in the marketplace about all the money that's being spent, capex up 40 or 50 or even more percent

on an annual basis at what point do we really need to see the fruits of all of that cash >> a critical thing to remember is nvidia's not just in the business of generative a.i., right? what jensen has reminded us, we're going to have to replace the trillion dollars of cpu-driven data centers. this is stuff that drives things like data processing everyday work loads, you know, in these data centers. and so you have a trillion dollars over the next four years of generative a.i., work loads that we're going to invest in, and a trillion dollars of cpu replacement that we're going to invest in. and so i think you're seeing incredible returns he said this morning, for every dollar invested by the hyper scalers, they get $5 out of the generative a.i. work loads he also talked about data processing he said for a company like data bricks, they can drive down the cost of data processing by 95%

their operating costs on a certain work load goes from 20 million to 1 million i think the red herring about roi here is one that wall street spends a lot of time thinking about, but when you look in the boardrooms of all the hyper scalers and the big enterprises, they're all leaning in and investing. >> the other thing he talked about i thought was pretty interesting, when folks talk bullishly about apple, he talked about their install base, not only on the gaming side but on the super computing side as it relates to a.i., and it got me thinking about the way people talk about apple it also goes to the question of moat versus first-mover advantage, right he implies that he thinks they have a moat because of that install base >> yes when you think about the stack, this is no longer a computer chip blackwell has seven different chips in the system, the system

is the entire data center. people point to kuda as a moat for nvidia, but he said it is just the beginning of our moat we have 350 libraries that sit on top of things like io and dn that are specific algorithms targeting things like data processing or image generation or recommender models. the only thing that really competes are the tpus and gave a good shoutout for the tpus >> are you as optimistic in the other companies whether it is still the meta you will be identified with meta for the letter to get fit in which they pushed back at first but listened

whether it's meta, it's amazon, now it's apple, alphabet >> let's take meta as an example. i think it's representative of the community the next three to five years in large cap tech i just got out of a meeting with a smaller tech company, can you do more with less? are your margins going to expand and they said absolutely why? they're getting more productive in terms of customer service, in terms of customer acquisition. zuckerberg gave an interview last night to the acquired podcast guys here in the city, and i think that was one of the great takeaways. he said, i'm in founder mode i'm driving the big opportunities. he thinks that, you know, glasses, which are going to be fully capable of doing everything iphone can do is the next computing platform, but i think the most impressive thing, remember, when you and i sat

there in the fall of 2022, about the time we wrote the letter, they had 87,000 employees. today they have 65,000 employees, 20,000 fewer employees and the company is growing as fast as it ever has >> the overall exposure you have right now to the equity market, you always give us a real-time update on sort of how you stand, what your scorecard is >> that's right. >> what is it. >> we started with 80, 85% net exposure we had a lot of chips on the table. by this summer where the market had run up a lot, we were more worried about economic growth, some of the things that we're seeing, the election we took our chip stack down to 30%, and today we're back around 55%. so we're about half in, in terms of the market, we're not all in. we think there are things the market has to get through. it has to get through this election, right? the election will have a big consequence on risk appetite do we have a split government? do we have a government that's controlled full stack by democrats or full stack by

republicans? we don't think that the markets would take too kindly to that, and so we have to see that card get turned over. what will happen on rate cuts? we heard this morning we're likely to get two or three rate cuts between now and the end of the year i think 50 in september. >> you think we'll get 50 next week >> and the reason -- not because the fed is worried about the economy, i think it's because the level of restrictiveness is greater than we've seen in two decades. we don't need this level of restrictiveness when que see the cpi prints and when we see the jobs report, we should be more worried, and i think the fed is appropriately saying, we don't want to be the cause of the recession. let's hit it with 50 up front and then we'll do our 25s, but whatever they do, it's not bailing out the economy. it's just getting back in terms of restrictiveness >> should they have cut already in july? >> i think there's a case to be made for that, but, listen, they wanted to show they were going to put a stake in the heart of inflation, and so, you know,

they're on a path here nobody would have guessed they could have lslayed inflation without putting us into a recession. remember when mike wilson was calling for the hard landing in the spring of 2023 the consensus was there was no way they could pull this off as of now jerome powell deserves a bunch of credit. they were late in getting on the game i was highly critical, as you know they've stayed the course. now we'll see them get back on sides. >> so you sound firmly in the soft landing camp at this point. >> i would say that's the fat part of the distribution curve there are tail risks on both of these. if i was firmly in the soft landing camp and believe we were at the start of the a.i. super cycle, i may have my chips on the table. i can paint a scenario for you where between now and the end of the year we're down by 10% i think the market would not

like a full stack democrats controlling both houses of congress plus the white house. i can also paint a scenario where we have a real takeoff, where the fed gets on sides where we have split government, where we see these a.i. tail winds come through, and so i think when you walk around this conference and you talk to people, everybody is like -- they're saying, we need to be agile. we need to be agile in terms of our trading and our exposure management >> are you leaning more towards the former or the latter where you get -- because of what's happening in a.i., inflation is conquered, and the economy hangs in >> everybody gets so grumpy at the beginning of august, we took up our exposure. price of entry matters buying nvidia at $100 was a layup this year. nvidia at $140 would be a bigger question, right? you would have pulled forward a lot of those returns for us we're doing what other managers get paid to do. we've had a good year. the market is up a lot

we're just managing our risk until we get these cards turned over, the election, rate cuts, economic growth. >> let me ask you one more question before we go, outside of a.i., the most exciting position you think you have -- because you have a couple dozen positions, right, is what? >> you look at companies like mercado libre, there are a lot of companies that people have kind of forgotten about as they moved into the mag seven, right? i think there are going to be a lot of internet companies that are benefited by a.i like i said not only margin expansion but re-acceleration at the top where they can acquire customers, improve their products in a way that make it easier for customers to buy. take friction out of the system. i'm excited. the improvements we're seeing in instagram and the core products at facebook, nobody would have ever thought we would see this reinflection in growth and then i think the trillion dollar

question remains, which we talk about on this show, five to seven years from now we are not going to be using ten blue links. my children don't even consider using ten blue links as a way to find information is it going to be chatgpt, meta, google re-invent themselves, who is going to sit at the top of the funnel to get answers to their most fundamental questions? that will appear with consumers and in the enterprise. we just invested in glean, chatgpt, so those are the big questions we're going to see play out over the course of the next two to three years. >> we'll leave it there. so great to catch up with you here and now just given the questions being asked and you've given us good answers, perspective, on where this is going. brad gerstner, the founder and ceo of altimeter >> great to be here. >> lauren goodwin and jason snipe, jason is a cnbc contributor. lauren, i'll go to you first

the price action alone today is a good place to start and just what your thoughts are based on what we've heard here and your overall view >> well, the inflation report that we saw today is confirming a trend we've acknowledged over the past couple of months where now that the fed is, and i think appropriately so, focused less on inflation and more on economic growth, that completely changes market react tivreactiv would include today's report as a relatively good news, stronger than the markets were expecting, that's going to be good news for the market, good news for the tech sector at the expense, probably, of financials like we're seeing today bad economic news, though, any sort of data that comes in will be the opposite. i think we'll see tech lose leadership in those moments as has been the case in the past couple of weeks. >> on the note on the economy, let's play for you what goldman chairman and ceo david solomon

told me earlier today on "the halftime report" how he sees things shaping up right now. >> i think generally speaking the economy is still in pretty good shape i think we're going to get a couple of interest rate cuts here that has been widely telegraphed at this point in time and so, you know, base case, i can point to things that are slowing a little there's some consumer spots, you've heard it through earnings, et cetera, where there's a little bit of softness generally, ithink the economy is in pretty good shape. my base case is we're going to continue to chug along through the fall with a lot of attention to the news, whether political, geopolitical or otherwise. >> all right, that was david solomon with us earlier exclusively. jason snipe, i felt like that clarity today from mr. solomon helped the market overall. >> absolutely, scott i thought it was a phenomenal interview from solomon, and you, of course. so, for me, as it relates to goldman, that's one of our

favorite names in the whole financial space, and what we always say to folks, the financial space is obviously very diverse there's a lot of different companies, a consumer bank, regionals, investment banks and capital markets. when i hear what solomon had to say, which i was excited about, and we've been hearing this from quarters, exiting the consumer business that is in full play yes, it will be a $400 million hit to earnings. that's okay. i think they'll get through that, and they did talk about a 10% reduction in trading revenue off a humongous base so that, as we look through the end of the year and obviously we're 54 days away from the election, that will continue to perk up. i'm not concerned about trading revenue. i think that will be solid for me and then the capital markets piece, yes, obviously m&a, ipo, the underwriting business has been anemic this year and we've been talking about it, really

getting started in earnest in 2025 i think that likely will be the story as we watch fed policy come into play and rates starting to ease somewhat maybe 100, 150 basis points over the next 18 months or so i think there's a lot of good things that we see here in goldman and the price action has been solid this year and i see as an opportunity in the pullback we've seen over the last few days. >> lauren, next week is the moment of truth really, the fed, 2003 think, or expect, will cut interest rates does 25 or 50 even matter? >> it does matter, scott i think, first of all, the difference between 25 and 50 basis points really plays into that story of market reactivreay maybe they're a little bit more concerned, that's more liable to be a defensive move risk off i don't expect that to happen. today's inflation report signaled a strong push to a 25-basis point cut but even at 25 basis points, it is so important for investments

and for the economy that the fed is now moving in this direction. and i say that for a couple of reasons. first, i completely agree that the fed moving lower in its interest rate policy is likely to kick start deal flow. this is an environment where private credit growth has been stale in large part because of yield curve inversion. the fed moving to the yield curve normalization is likely to kick start private credit growth which helps in the private markets, the ipo market, the m&a market, but, also, for everyday investors, income generation opportunities change in a meaningful way when the policy rate or the cash rate starts to move lower, and so, no matter what we think about market sentiment, the sector moves one way or another, the election volatility that we're likely to see moving towards capturing the higher interest rates that we have while we have them, i think, is pivotal for asset allocation in the next few months >> jason, i'm looking squarely

here at nvidia today on my computer up near 7%. one of the big stories of this market and the commentary we got downstairs early this morning from the founder and ceo of that company, jensen huang, who spoke about the great demand he's seeing among other things, you're a holder of that stock. you heard brad gerstner talk about the weakness that it had at the beginning of august which presented an opportunity your thoughts on that? >> there's no doubt about that, scott. obviously the stock has pulled back 20% over the last couple of weeks with the unwinding of the carry trade, but if up listen to jensen and listen to all that he said, there's no shortage of demand, and that was obviously on the earnings call all we've heard from the hyper scalers, all that's being spent here, and i agree completely with brad in focusing on really what's going on internally in these companies. what is the executive staff focusing on? how do we implement these a.i. solutions for our customers and

our providers? how is this going to -- how does it really affect productivity? that's really what folks are focusing on. so the capex is there. obviously nvidia is right as far as the demand for the actual technology, what folks are obviously looking for. so, for me, maybe this was a little gap in the story. yes, a.i. has been a lot of the story for the better part of this year, but i think hearing from him today and hearing from him on the earnings call is only further confirmation of what has come to pass in the future and i think we're very excited about that and the opportunity that price action has presented over the last few weeks >> lauren, this will be three days in a row for the nasdaq assuming for the next 40 minutes we hold these gains and there has been a pretty good bid in the other mega caps as i see and certainly the chips space, a lot of stocks are down tremendously from their highs, but this space has been looking better, too

you have a good feel that whatever broadening story was being told before is now going to find its way back towards the growth trade and these tech names? >> i'm a little tentative on it, scott, and the reason for that is in rate-cutting cycles, including in the 1995-'96 soft landing rate cutting cycle, that move lower in interest rates came at the expense of the technology sector. now i don't think that's necessarily a nail in the tech coffin because the structural story underpinning semiconductors, infrastructure, and the manufacturing renaissance in the united states is very much still at play but on a tactical basis, if we do expect growth to slow, interest rates to move lower over the next 18 months, that is, at least for the next six months, an environment where tech as a sector is likely to be more tentative, where sectors like materials, industrials, more defensive sectors as well, may be more likely to outperform >> we'll leave it there. lauren, thanks so much for being with us. jason snipe, you as well

our thanks to brad gerstner for kicking it off today now to seema mody for a look at the biggest names moving into this fast-changing market and into the close seema? 38 minutes left in trade, scott, with gamestop tanking today, reporting a steep decline in second quarter sales compared to a year ago. the company also announced a stock offering of up to 20 million shares the meme stock is up about 14% year to date let's talk williams sonoma added 3% after jefferies upgraded the stock to buy from hold jefferies said the home furnisher has, quote, hidden gems within its portfolio and could benefit from an even modest recovery in the housing market williams sonoma up more than 30% so far this year scott? >> all right, seema, thank you very much for that that's seema mody. we're just getting started up next, the co-head of the goldman sachs global institute, george lee, joins me here on set. we discuss the future of a.i., the sectors that it could impact

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visit feedingamerica.org/actnow i think it's fun to be inventing the next computer era. it's incredible to see robots walking around it's incredible to have these digital agents coming together as a team solving problems in your computer. it's amazing to see the a.i.s that we're using to design the chips that will run our a.i.s. >> that, ofcourse, nvidia's ceo, jensen huang, speaking at the goldman sachs communacopia and technology conference. joining us is george lee, the co-head of the goldman sachs global institute nice to see you.

welcome to our program >> great to be here. >> i feel like jensen set this up perfectly for my first question to you, which is where are we in the a.i. psychle >> it's great to hear -- it's great to have him at the conference, but to hear that sense of wonder and excitement that he brings to what is arguably the most important and the buzz after his presentation was terrific so where are we? the national anthem is finished but we're in the very early innings. this is a nascient technology and it takes a while to make its way into consumer habits and a lot to make its way into the enterprise enterprise adoption, enterprise readiness, a slower burn, but make no mistake this is an exciting era, a brand-new paradigm for the way that we experience computations as humans >> i looked back at a

conversation you had in the spring with tony pasquariello, a colleague of yours, very well known to our viewers because he comes on our program, and up said the following, and i want to bring this up again, quote, the degree this dropped on the face of the earth and seemed immediately consequential to meme is quite unusual, and that degree of unanimity is building up rather than dissipating you can take that one of two ways, that's incredibly bullish, or everybody is on the same side of the same boat how should we take it? >> it's a great question per my comments, it is fascinating in the sense there was this moment, november 30th, 2022, where the public at-large got a sense of accessing and having a conversation on a machine like a fundamentally new way to think of computation and it attracted an enormous amount of attention and, yeah yeah, i think the unanimity confidence this will be transformative for

businesses, for nation states, for our world, continues to build. that having been said, a healthy debate going on, a set o divergent views about how fast this will happen, whether or not the scales laws persist into perpetuity, bottlenecks and constraints we're going to face, the data wall people are talking about. i'm encouraged while the enthusiasm is building, there's an enormous amount of investing, a two-sided market about the pace, timing, and ultimate impact i think that's healthy >> how quickly, though, do we need to realize the investment on the spend >> our investment research folks have done some really interesting work on this, and i do think we have to look at this in the sense of we're building a platform the platform, it will take a while for that platform to transform itself into applications and use cases that create the kind of economic impact we're looking for and

waiting for. extremely encouraging early evidence of this and you've had andy jassy and doug mcmillan and others talk about the tangible dollar savings and speedups, reduction of latency so i think there's real impact it will take a while to make its way through the system changing enterprise habits, fast eb fastenning, making it safe, authoritative, all of that takes time and effort. >> the other point you made with tony i thought was really interesting was, as much as you travel around and you meet with different ceos, older, younger, it's generationally unanimous, the excitement, whether you're talking to an older ceo or a founder, a young founder of a company, i thought that was fascinating. >> i don't run into many ceos older than me anymore, unfortunately, having been around the game for a while, but you're right this is a multigenerational phenomenon, one of the fascinating things from the apple announcement the other day

was the adoption of air pods for hearing, essentially a hearing aid kind of thing. it's a technology that is widely accessible we have this platform of billions of phones in the hands of consumers, the ability to just access intelligence to have a conversation with an infinitely smart, patient, nonjudgmental machine. pretty impactful no matter your age or station in life >> i think we're trying -- the investor base is trying to address what sectors will be most impacted by a.i how should we look at that >> at the highest level, knowledge work, in and of itself, is going to be transformed at some level. we have the opportunity to reduce the latency which is manifest, and not only that, we also have the opportunity to expand the envelope of creativity knowledge workers can bring to bear. when up remove the space taken up by rote, low-value task, it

allows you to be thoughtful, creative, innovative, et cetera. this opportunity to ask and answer questions in the moment that have been prohibitively difficult in the past really going to change. it might be better to say what will not be transformed at some level? the developer community, you know, clear traction in that area, customer support, law, medicine, almost across the waterfront, there's real tangible impact and more to come >> what about your own firm? how are you thinking about that? >> knock wood, we're a firm that has been deeply engaged with advanced technology for many, many years it's been a signal to our strategy, a great group of engineers, great leadership, and so from the very beginning of this generative a.i. wave we've been trying to be thoughtful about how to deploy these tools to create efficiency, allow our

people to be more proehlductiven creative we have to move carefully, thoughtfully, deliberately, but we already have a handful of applications out there and making a big difference, probably most frontally for our developers and seeing productivity and efficiency pickup there today allows us to just get more work done. but the possibility of taking our best client-facing people and giving them access to that salient, timely, and, you know, creative information right at the point of engagement with clients is very exciting >> you mentioned at the outset, which is not lost on me, in terms of when i asked you sort of where we are in the cycle and those who will be impacting, those who are investing, you said nation states got me thinking geopolitically how we need to be thinking about artificial intelligence and the role that it's going to play >> it's fascinating, i've been in technology for 30-35 years. this is a technology wave distinctive by the fact that

nation states view this in their productivity, their culture and defense. and so one of the cool things about building this global institute is traveling the world talking not only to ceos and board members but world leaders and policymakers about what the influence of this technology should be, how they should position their countries, and i think -- and jensen himself speaks often about sovereign a.i. it will be fascinating to see whether a.i. is expressed in a regional dimension, regional blocks of models, whether they're national models, or is more like the internet, a single global platform with a few exceptions i think tbd. >> we'll have this conversation again, i hope. thanks for coming on our program. >> always a pleasure >> george lee, goldman, joining us here at communacopia. still to come, the new data sending novo nordisk stock

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we are back on the bell live today, the goldman sachs communacopia and technology conference what a different picture this is from where we were this morning. we're at the highs of the day for the nasdaq and the s&p 500 the nasdaq is almost pushing a 2% gain, and a lot of it has to do with the stock i'm going to show you right now, nvidia,

because it's been trending higher throughout much of this day. founder and ceo, jensen huang, was here early this morning, bullish. you can see the trajectory of the stock throughout the day brad gerstner sat with us about 40 minutes ago and said he added to the stock during the august weakness there, now his largest position, as bullish as he's ever been, the stock is up 7.25%. joining me on set with the big takeaways is kate rooney it's good to see you >> you, too, scott >> what are your big takeaways from those you've spoken with? >> jensen was a big highlight. i've been talking to people more on the sidelines, the investor group here, private equity, late-stage growth equity a.i. is the big theme. interesting, i'm hearing a little bit of what someone described as a.i. fatigue. so the difference and this disconnect between what you're hearing from jensen, from some of the ceos on stage, aws ceo as well, and all of the bullishness on stage versus behind the scenes people are more

skeptical, a little burnt out from the a.i. conversation, and they're wondering about roi. when are we going to see this actually return to investors and then they brought up copilot, that's something tangible people with say is working, it's not working based on what people are saying here. the consumer is a big focus, a lot of tech investors here not necessarily focused on consumer spending, but they want to nope the readthrough to the economy in pointed to uber, door dash, lyft and said the ceos painted a rosy picture and i would say those are two of the big themes. >> a good amount of conversation about m&a, ipos --of course we asked david solomon the very question, because at the heart of obviously that business let's listen to what he told me about that >> it's more banks report earnings, as we go through the

fall, you will see there's material improvement particularly strong improvement to capital markets activity, and improvement in m&a but i would say, scott, i would have expected at this point in time more of an acceleration back to what i would call normalized levels we're still on m&a running below ten-year averages. i see no reason we're not going to get back to ten-year averages quickly. that being said, nothing has fundamentally changed that says all this pent-up activity won't come through and when it does, we're well correlated to it, and i do think it's going to come through. i think you'll continue to see a pickup through the fall of 2024 and into '25 >> okay, so that's goldman's chairman and ceo david solomon, here with us earlier does that match up with what you're hearing >> absolutely. one of the big themes is the mismatch between the buyers and sellers. in private equity, if you raised

money in 2021, you're not going to make that money back if you go public now. those companies that cohort, that vintage of companies that raised at the peak, they're waiting and there is this pipeline, a backlog of companies. i've been talking to people who say the ipo window is open it's possible to go public and people are point to go data bricks of a company they hope goes public, probably has a good chance of listing, but there is a hesitation, talk of what november means, sort of a hesitation to go before the election even if there's no big policy changes a flurry of vc deals getting done and other people saying we're going to wait until the new year that's been an interesting theme. >> good stuff. thanks for all of that that's kate rooney joining us here don't miss kate's interview with affirm ceo max levchin coming up on "fast money." up next, we're tracking the biggest movers seema mody standing by for us again with that. seema?

>> well, scott, the big talker today beyond the markets is the presidential debate. a number of stocks are moving on it we will reveal the biggest ones right after this break

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nate jones... lines things up... checks his fidelity app... looks to outside analysts to get a second opinion. nate likes what he sees... and he places the trade... talk about easier investing. we're less than 15 from the closing bell let's get back now to seema mody >> let's start with solar stocks

climbing today after last night's presidential debate with some investors seeing vice president kamala harris as more supportive of the industry former president donald trump said he's a big fan of solar but then slammed the industry for taking up too much land. leading the pack higher by 15% insurance stocks getting hit on growing fears another democratic administration may freeze m&a activity seen as a potential source of growth for the entire sector travelers, chubb, among those in the red, both down about 2% to 3% right nowsct., ot >> all right, seema, thank you for that seema mody ibm shares hitting a record today. we'll tell you what's driving that pop when we come back ark. because now their network is self-configuring, self-detecting, and self-healing. so, their it team can feel confident that updates are made without errors in minutes, not months. that's the now way to network at work, with real ai—for an experience—

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all right, coming up next know novo nordisk next.

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cnbc senior marks commentator mike santoli here to break down the crucial moments of the trading day, big moves and novo nordisk today and ibm hitting a record high for the first time in a decade mike, you missed a day >> yeah. i've been tracking it but many people maybe would be surprised to see the green it's very hard to assign any specific sequence of cause or even to decide if this is a decisive reversal or not a few things happened that seemed to set things up. the reaction to the cpe report, that a quarter-point fed rate cut is in the offing got the markets far down t path of saying the fed might be making a policy mistake by going too slow, bond yields crashing, and at 10:50 a.m. eastern time bond yields just stopped going down after a 30-basis point drop in

the ten-year yield this month, they finally found a little bit of a floor because they rallied so much, bonds had so they start going up the index followed at the same moment, 5400 tested, it was friday's low you got this big flush of volatility the debate and the cpi were the two nodes that a lot of people had assigned, maybe possibility of a clearing event. that all gets cleared away who knows if it means anything you've been pointing out the leadership of tech it's a narrow rally today. it's not all inclusive but the pressure came off once bonds started to have profit taking. >> all right we'll come back to you in a moment, mike angelica, tell us what's going on with novo today >> novo nordisk showing its pill helps people lose up to 13% of their body weight in three months hopes for this pill are pretty

high this bill targets glp-1 but this is a small phase one study so they need more studies novo saying its older glp-1 helping children lose weight, asking the fda to expand approval to include kids between the ages of 6-12 roche stock got a big lift on encouraging early data from an experimental obesity pill. roche sharing the full results, and it turns out those were based off six patients, and there are concerns about unpleasant side effects like nausea, again, it's early so we'll have to wait to see more, scott. o >> angelica, i appreciate that seema, tell us about ibm >> this bullish note from evercore, they think ibm's growth will accelerate going into next year, the current street estimates of 5% growth are too conservative and should

the macro environment remain stable ibm could see room for upside following the acquisition of hashicorp it is trading at a new record high we've been seeing stocks outperform chips over the past three months the ibm ceo spoke to cnbc and remained pos titive with bookin up he says that remains a big priority for big blue, scott >> seema, thanks for that. that's seema mody. mike, i'll come back to you, about to get that sound effect of two minutes left to go in the trading day. a lot of pressure coming off the banks today as well. a couple moments today, by the way, nvidia right now as i look at it is up more than 8% jensen huang speaking here at communacopia, david solomon speaking here to us earlier today exclusively on "halftime" at communacopia as well, and really giving good clarity on how he sees the economy shaping up from here

>> yes, and coming after two days of investors kind of getting twisted up pretty tightly around the weakening consumer story and the worsening credit story from banks, from financial institutions, i guess there was a little bit of a receptive audience for slightly reassuring tones i don't think we will free ourselves from this treadmill of constantly having to go to the next data point, need reassurance the economy is holding together i do think there's some suspense around the fed next week a dovish message probably should be enough right now, inflation and gdp, that's a pretty comfortable zone but does require people day-to-day to suggest we're not seeing any sudden or worrisome weakness and the market was prime to be receptive to that.

the indexes are not getting anything like escape velocity here just the bond market priced for something bad doesn't mean we'll be getting it right away >> we'll be watching rates, wo watching the majors. nvidia will go out better than 8% i will see you tomorrow from one market here in san francisco i'll send it now into "o.t." with morgan and jon. that bell marks the end of regulation, the folded flag foundation ringing the closing bell at the new york stock exchange on this september 11, doing the honors at the nasdaq the dow climbing back from a nearly 750-point loss. the tech sector seeing the bigges