it is 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here are the "five@5." nasdaq futures are surging more than 1%. part of the jump in fuel by micron that is giving a boost to the chip sector. a rally in china adding to the weekly gains and the s stimulus measures.

breaking news. new york city mayor eric adams is indicted. and congress avoids another shutdown showdown in a late night vote. it's thursday, september 26th, 2024 and you are watching "worldwide exchange" here on cnbc. good morning. thank you so much for being here with us. i'm frank holland. let's get you ready for the trading day ahead. we check on the u.s. stock futures. a mixed session yesterday. the dow snapped a four-session win streak after the intraday high. let's look at the futures right now. in the green across the board. the s&p up about 46 points. the dow looks like it would open over 200 points higher. the nasdaq opening up about 270 points higher. we'll talk much more about that in a moment. micron is the leading stock in the nasdaq and it's also leading chip stocks higher after strong

earnings and fstrong guidance. micron shares up 15%. applied materials up 5%. lam research up almost 4.5%. much more in chips coming up. we are looking at oil on reports that saudi arabia is ready to abandon the price target of $100 a barrel as it prepares to boost its output. you you see crude which is red across the board. wti down 2%. brent crude down a similar level. we are looking at global oil ma majors. exxonmobil down 1%. total energies down 3%. bp down over 4% as well. those global oil majors are trading low near er in the prem. that's the money set up. back to micron. shares are surging after

surprising analysts beat and bullish commentary surrounding artificial intelligence. as we mentioned, global chip stocks are popping on that report as well. senior technology reporter arjun kharpal is joining me from london with more. arjun, good morning. good to see you. >> good morning, frank. good to see you. as you said, micron shares surging on the back of the up beat guidance yesterday. the positive commentary the chip maker says revenue in the fiscal first quarter to come in at $8.7 billion. that is driven by memory chip firms are sensitive to the supply demand picture. last year, memory prices were low with the glut of the chips. now with the supply, prices are rising. that is helping micron up 16% in the pre-market. the company is striking a positive note for the rising demand for smartphones and pcs going into next year. micron is benefitting from the

a.i. boom as you mentioned. one of the supply of the chips for nvidia. data center demand is exceeding supply currently. that is helping the company. micron earnings, i think, speak to the broader chip sector with investors looking for visibility on a.i. chip demand. micron appears to have shown the demands still remains robust and pricing for memory chips looking healthier at this point at well. the economy is boosting global chip markets. samsung and sk hynix is higher in asia. sk hynix is mass producing a memory chip which is helping its stock up 9%. softbank group also seeing a boost as well up 4% at the close in japan. in europe, big semi names with asml and asmi also jumping, frank. big boost across the chip sector

and tech sector globally thanks to micron. frank, back to you. >> it looks like a read through for micron results in other areas of tech. can you spell that out? are we seeing what might be bullish commentary related to consumer electronics or other areas? >> a few things in micron earnings that might give us clues to other areas. in smartphones, sales volumes will continue to grow next year. in pcs, pc growth could accelerate in the second half of next year. that would be good news for mobile and pcsuppliers for qualcomm and intel and samsung. qualcomm shares are higher. micron achieved fiscal revenue in 2024 and expects to grow significantly from here into the next fiscal year as well. the company saying this will be driven by strong growth for a.i. service. we heard last earnings season

from the big tech firms that cap ex is degrgrowing, too. a.i. demand, frank, is staying put and continuing to grow. >> arjun kharpal live from london. thank you. the surge in global chip stokck is part of the story with china. beijing officials say they are not done with the stimulus. we hhave eunice yoon with more. eunice, good morning. >> reporter: hey, frank, president xi jinping and other leaders reaffirmed their government's efforts to stimulate the economy and reach the around 5% growth target by the end of the year. in a readout, they vowed quote sufficient fiscal spending and halting of property market declines.

authorizes are considering $142 billion capital injection of state banks funded via the special sovereign bonds. separate to that, the government announced one-time cash payouts or cash handouts to the very poor around the upcoming october national holiday. this flurry of announcements has lifted stocks here which hit a four-month high. this is despite the fact, frank, that we don't have a whole lot of specifics can the fiscal spending or cash handouts. >> eunice, thank you very much. eunice yoon live from beijing. let's get insight on the trading in the u.s. ben emons is with us. ben, good morning. it's good to see you. >> good morning, frank. >> let's start with the micron news. micron shares surging this morning after the upbeat commentary and forward guidance. how do you think that influences the rest of the market with the nasdaq youup over 1% in the

pre-market? >> frank, this is a market that wants to continue to move higher. as you summed up in the presenting segmprevious segment, you have stimulus and the rates and swiss central bank lowering rates. micron upgrading the outlook and coming together expresses itself and the sectors with the most growth which is the technology sector. you notice rotation underneath going on. if you look at what is happening in china with the stimulus, you see the materials and staples rally on the back of that. it will have an effect on our system. this is cyclical coming through the market. >> you are seeing a cyclical recovery. you touched on the european central banks. we will talk about the fed later on in the show. we have a lot of fed speakers out today. eight of them, including michelle bowman, the lone

dissenter in the last meeting the fed had. what is your take on the commentary from the fed? is it too influential to the markets? >> it will be influential. if you take the speech from her last night, she makes, i think, a signal about the fed stepping on the accelerator, meaning going faster to arrest the rise in the unemployment rate. bowman on the other side saying if you do that, there is a risk you lose your free lunch. the fed speakers are trying to balance each other out. i think on balance, frank, this is a fed that wants to move faster here to make sure it stays at 4%. >> ben, you mentioned inflation. we obviously get pce tomorrow.

those inflation concerns or thoughts led to yields on the long end of the bond curve moving higher. how do you look at bonds right now? are you seeing opportunities in bonds? we are seeingthe short end where they are dliecline. where would you see the opportunities right now? >> i do think, frank, the yield curve is expressing the economy. it is pricing in the bit of a stronger growth picture into the fourth quarter. i do think the fed could reach 4% or higher. on the short end of the yield curve, the fed can go faster. if you want to buy bonds, you want to be in the short-end or medium-end curve. i don't think that's a good place to be. be careful with the duration risk in the portfolio.

stay on the short end of the yield curve. >> what about gold? we continue to see gold hit records. we are seeing gold hit records in the volatility space as well. >> gold is easing on the federal reserve and it brings rates down which is good for gold in the final month before the election. gold letgets a lift from that. on the news coming out that opec is going to increase supply and concerning with an oversupplied market. bifurcated picture. low energy prices potentially going down with inflation and gold going higher. >> ben emons from fed watch. for more on the trading day ahead, go to cnbc.com/pro. we turn to capitol hill and developing story as congress avoids yet another government shutdown. the senate passed the funding

bill by 78-18. the bill needed 60 votes to pass and all 18 no votes were republicans. it comes hours after the republicans in the house passed the measure that funds the government through december 20th. the legislation will provide $231 million in additional money for the secret service, but does not include a proposal to require americans nationwide to show citizenship to register to vote. that was the proposal championed by former president trump. we have breaking news in new york city. new york city mayor eric adams has been indicted by the manhattan u.s. attorney's office. the indictment will remain sealed until later today accuses him of criminal conduct related to donations to his 2021 campaign. he always knew if i stood any gr my ground, i would be a target.

the indictment comes after the series of high-level resignations from the adams administration as it faces four federal probes. more on the story throughout the hour and day on cnbc. we have more to come here on "worldwide exchange," including one word that investors have to know today, but first, more on the semi stock surge and the micron's bounce may not be a one-day event. later, dgiigng in the crude crush and why saudi arabia could be preparing for a new normal. we have a very busy hour still head when "worldwide exchange" returns. stay with us. welcome to ameriprise. i'm sam morrison. my brother max recommended you. so, my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcía's, love working with you.

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welcome back to "worldwide exchange." world and business leaders in new york city for climate week to address rising temperatures. artificial intelligence could play a big role, but the computing power needed to operate that tech also requires massive amounts of energy. i'm joined by the global head of sustainability at nokia. good to have you. >> thanks for having me, frank. >> nokia. you are working on a.i. and stability. a big issue going forward. i'm looking at your data. the mission footprint of the landscape doubled over the last 15 years. obviously, a.i. data centers use a lot of power. tell me where you see the trend going and how can we make it sustainable? >> look, the project of energy

demand is huge depending on the study you believe in. it's going to go double the next few years. let me break down the issue in two areas. one is the energy consumption in the data centers itself. this is where the discussion at the new york climate week has happened and much of the concerns from the environmental specialists and technology has been. nokia has been working with data providers on this issue. we announced a deal last week which is put be hyper scaler cloud in the data centers. we are working with them to build a huge wide area infrastructure in the u.s. as well as europe to get to 30% more traffic in the data centers with the same energy. that is the same part. the second part is to be able to get the data traffic carrying the a.i. workload from the

device to the data center. this is where networks come in. i like to say this is where a lot of the innovation and networking has happened in the last few years. we have come up with chip sets which have been reducing the energy consumption between 60% to 75% over the generations. on top of that, our renowned research labs has been working on six technologies which is trying to address the traffic growth 10x and reducing the energy consumption in half. >> we are getting a bit into the weeds. it sounds like you are saying there are specific points to reduce energy consumption and chips is this area. >> it is. >> what can we do to reduce energy consumption because we need more power to run the data centers? >> that's right. of course, there is a lot of innovation that goes into the silicon which reduces the power

consumption beat at the level or i.p. level. the chips that are manufactured are working on that. i would also draw the attention to not just the chip set level, but how you use a.i. in the infrastructure. today, a lot of the energy consumption in the network ises in devices and not using the data consumption. we are working to make sure when a network is not used, the power consumption goes down. a.i. has been useful. >> let's talk about this more broadly. according to your data, by 2030, the amount of power you use is 9% of capacity. how can you make that amount of power sustainable? is that going to come from solar power or wind farms? what is the method to power this much when it comes to data centers? >> yeah, it is a huge challenge

for every economy and there's lots of public policy interventions that are needed to get there. i would like to point out the sector with power and other sectors which are the higher greenhouse gas emissions are consuming a lot of power as well as greenhouse gas emission. this is where nokia has been working also with many of the industrial customers. we are trying to bring the power of digitalization to physical industries like the industries i mentioned. nokia has been working with 760 enterprises around the world to put this networking in their networks. including many in the energy sector. that energy sector transformation using the d

digitalization is enabling them to make that happen. we launched the sustainability calculator. it helps companies, including energy companies and power companies and ports and mines to understand the impact of networking technology on their sustainability like greenhouse gas emissions or improve the health and safety of workers. >> interesting. here for climate week. enjoy your sessions here with your colleagues. sustainability and a.i. is a topic for many years to come. thank you very much. >> thank you. coming up on "worldwide exchange," vice president harris sharpens her economic agenda with 40 days to go. as we head to break, look at stock futures. in the green across the board right now. you see the nasdaq is the leader

up 1.3%. the dow would open up 200 points higher. we're looking at the nasdaq gainers. micron right there at the top of the list. a t loof stimulus in china giving a boost to chinese equities and chip makers getting a boost on the micron report. we are back right after this. ♪ now the s strong ♪ ♪ stronger than the flames ♪ ♪ the flame is in the heart ♪ ♪ and the heart is in the work ♪ ♪ the work builds the life ♪ ♪ where we're safe at home... ♪ jpmorganchase invests in manufacturing to help create stronger communities. ♪ make the green grass grow all around all around ♪ ♪ make the green grass grow all around ♪ ♪♪

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welcome back to "worldwide exchange." turning to the 2024 election. vice president harris outlining her economic policies on the campaign trail yesterday speaking in pittsburgh. saying it would be partially paid for by reforming international taxes. speaking with our colleagues at msnbc last night, harris called on the taxes on the wealthiest americans. >> i'm not mad at anybody for being rich, but they should pay their fair share. tax cuts for the billionaires and top corporations in our country and then not really paying much attention to middle class families. my perspective on the economy is

when you grow the middle class, america's economy is stronger. >> turning to the cfo survey for q3, the collection is 40 days away. 13% say they are still not sure about the outcome. this is a revesrsal ago when 48 believe trump would beat then candidate biden. this survey was taken between august 19th and september 19th. during that time we had the first debate with harris and trump and a 50-basis point cut and the 3% tech gain. in the climate, the majority of cfos believed harris would win the election, but 55% say trump has the best plan for the

economy and to bring down inflation. 38% say inflation is the biggest issue for their business. we asked about the congressional races. we believe we will see no major changes after the election with republicans in control of the house and democrats in the senate. some see a flip flop. nearly a quarter say they expect a republican sweep. we asked about the tax cuts and jobs act that will expire in 2025. various opinion thes there. coming up, more stimulus measures from beijing. we will check the overseas action. and openai is looking for a shift and one that could make ceo sam altman a very rich man. stay with us. calling each other rock stars. and using workday to put >> announcer: cnbc cfo council is brought to you by workday. the platform for a changing world.

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there was a robust debate even after jackson hole if they were going to go with 25 or 50 basis points. finally, when the chair concluded he had the votes and the support to do it, i think that's probably then they did some of the backgrounding in order to get the markets prepared for the larger cut.

>> that was governor daniel trujillo around the 50-basis point cut decision. coming up, we will look at the impact of the fed officials speaking on the markets with former fed vice chairman roger ferguson. welcome back. i'm frank holland. let's get a look at the u.s. stock futures. we mentioned all morning long in the green. the dow would open up 200 points higher. nasdaq is up 270 points. big part of the pre-market action especially for the nasdaq is micron and st taking other c stocks with. shares up 15%. intel up 2.5%. nvidia, the big weighting in the nasdaq and s&p. those shares up almost 2%. we check on the bond market as

we await durable goods data later this morning. we have seen the ten-year yield at 3.77. important to note, the 30-year is also creeping up. right now, the yield is 4.12. remember, we get pce tomorrow. we are watching the markets in asia. the top leaders held a meeting on the efforts to support the economy promising more stimulus measures in the months ahead. also, bloomberg is reporting that china is weighing a $142 billion it capital inn tejectio into the compauntry's top banks. china tech stocks here with xiaomi up 4.5%. we are seeing the property sector with the double digit gains. take a look at the board. china vanke is up 22%.

china resources land is up 21%. take a look outside of the stock markets here in the u.s. and asia, we are looking at energy and specifically oil. it is dropping today reversing t the gains on the report that saudi arabia is looking to be ready to abandon the $100 a barrel crud e target. we have dan murphy with more. >> reporter: good morning, frank. there are several catalysts in play. first of all, the financial times report thankt you mention saying saudi arabia could shift and abandoning the $100 prioce target and pumping more oil. frank, i have to point out saudi arabia does not have an official

price cartarget. opec plus does not have an official price target. no official i interviewed mentioned an official price target. they have a plan to manage supply. this report is more likely a warning shot to the countries within opec who are not co comp compliant. the group is preparing to unwind voluntary curves in the coming months. perhaps, it has been strategically placed and, perhaps, well timed. what we are seeing is oil prices looking weak with wti down almost 10% for the month. market investors, perhaps here, also adjusting to a new normal because what we've seen is chinese stimulus and fed cut not being enough to offset fears of higher supply and demand concerns out of china. when you look at the overall situation, wti is down to below

$70 u.s. betterper barrel. it's bad news for saudi arabia. its break even number is $76 per barrel. producers in a challenging spot here, frank. >> it seems. oil is volatile this year. we were talking about in april when i was in london. when i was there, you saw tension in the middle east and caused a spike. i want to ask speaking of the tensions, is the geopolitical risk premium in oil giving rise to the tensions we are seeing once again? >> reporter: absolutely. there is a geopolitical risk p premium playing out in the price. we see talks of a cease-fire with israel and hezbollah is not correct. the prime minister out with a statement a short time ago. fighting will continue at full force. that geopolitical risk premium

has kept a floor under prices today. crude is pulling back, but, of course, we have seen a risk of all-out war continuing to be in play here which means prices are staying big to some extent. frank. >> dan murphy live in dubai. thank you. the fed delivered the first rate cut in four years and investors are still split on the fed's next move. we will hear from jay powell and kugler and bowman. bowman was the only dissenting vote at the meeting last week. we heard mixed messages. austan goolsbee said policymakers can't be behind the curve for the u.s. to achieve the soft landing. raphael bostic said the fed doesn't need to go on a mad dash to lower rates. we have roger ferguson with us. roger, good morning.

as always, great to see you. >> good morning, frank. nice to see you. >> roger, what do you make of us hearing from so many fed officials? obviously, they are speak bing about the economy and moving markets. what's your general take on it? >> first, it is not a departure what from what we have seen in recent years. after the blackout period, the fed opfficials are speaking. it is a lot to have on one day, but that's the trend. i think what's going to happen is a consistent message which is we don't want to fall behind the curve. some with risks more balanced. there will be some on 25 versus 50 points. you see someone going on 50 and others say no need for a mad dash. i think volatility is going to come from a second place which

is the fed will continue to emphasize it is data dependent and, hence, every release dealing with the labor market will get outside reactions as the fed will determine when the data release will lead to a 25-basis point or 50-basis point cut at the november meeting. >> right now pricing in 61% chance of the 50-basis point cut at the november meeting. you hear some people say this and some people say that. i want to talk about michelle bowman. the only dissenting voice at the meeting last week. >> i think you should listen to governor bowman for sure to first articulate for feeling 25 was better than 50. i think it came down to a judgment call as opposed to a strong disagreement about strategy. i think she was prepared to cut, it was just how much. i think you listen to chair

powell because he will be reflecting his points of view, obviously. there are a number of other governors with a point of view as well. i would say listen to all of them. don't over-listen to any one of them. at the end of the day, the consensus is not merged on the next move. they are data dependent. they will be whipsawed as they layout the perspective. the nuances will not be critical until the next meeting in early november. >> roger, the fed continues to say it's data dependent and people coming out with the last meeting and how we move forward and two economic reports coming out. pce tomorrow and the jobs report a week after tomorrow. i have to ask with all these fed speakers coming out, should we listen to the reports? is that more important? >> i think the fed will speak about the rationale for where

they are and why they moved. that is backward looking. you will see others talk about strategy and pacing. i think they haven't decided, no one could have decided when the next move should be down 25 or 50 until they see some of the reports. so, you know, this data dependent question first means decisions have not been made until data comes in. we have six weeks until the next meeting. secondly, the risk to the market is the market is overfocused on a data release and the fed is not data dependent. i think everyone should take a step back and see the entire picture and wait for several data releases to get a general trend and then there will be greater clarity as we get to the end of october and early november. >> we have a way to go until november and few economic reports to go. roger ferguson, great to see

you. thank you very much. >> thank you. coming up on "worldwide exchange," a major shift for en as the poster child of a.i. movement looks to overall how it does business and faces top talent heading for the exit. we're back in just a moment. o in 7 days, t with significant improvement over time. ( ♪♪ ) (aaron) i own a lot of businesses... with significant improvement over time. so my tech and my network need to keep up. thank you, verizon business. (kevin) now our businesses get fast and reliable internet from the same network that powers our phones. (aaron) so whatever's next... we're cooking with fire. (vo) switch to the partner businesses rely on.

tamra, izzy and emma... no one puts more love into logistics than these three. you need them. they need a retirement plan. work with principal so we can help you with a plan that's right for your team. let our expertise round out yours. welcome back to "worldwide exchange." new chains to openai and not everyone is on board. silvana henao has more.

>> sources tell us that openai is working on a plan to restructure its core business into a for-profit corporation. one that will no longer be controlled by its non-profit board. it will continue to exist and own a minority statke in the for-profit sector. sam altman will receive a paycheck for the first time. the exit of the company includes executives announcing their departures via x yesterday afternoon. all this as openai negotiates a new $6.5 billion financing round that would value the company at $150 billion contingent on the new corporate structure. unclear if the executive exits

have an impact on the funding round. frank. thank you. coming up on "worldwide exchange," the one word every investor needs to know today and the chip rlyal fueled by micron. my next guest says it could be on a run. right now, shares are up 15%. stay with us. commend us. ameriprise financial. advice worth talking about. when it comes to amgen's life-changing medical breakthroughs, every second counts. but without investment, those breakthroughs are often paused. citi's seamlessly connected banking, markets and services businesses, deliver global financial solutions. so our client can keep investing in innovations for patients around the world. without pause. for the love of moving our clients forward. for the love of progress.

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we are turning back to the top stock story micron. shares up 15.5% after surprising analysts with the beat and bullish comments on the memory chips. that provides a boost to global chip stocks. you can see intel shares up 2.5%. nvidia up 1.75%. same for amd. let's bring in steven fox of fox advisors. steven, great to you have here. >> good to be here, frank. >> you have a price target of 120. considerably more bullish than the street of $96. what are you seeing in the company? >> i think the complexity of what they're trying to do is something to keep in mind. the inventory of smartphones and pcs are things companies are doing because they can't get chips related to r.a.m.

as they do products, the margins will be better than prior cycles. you are seeing tighter supply. >> you are saying they are doing more products. i want to dig into the bullish commentary. in calendar '25, they expect the demand growth to be in the mid teen range. that is a jump with the inventory levels being high. is this demand from smartphones or pcs or other tech? >> it is coming from data centers which oems to buy ahead more than they would like and they see prices are going to go up because micron is dedicated more capacity to products like high bandwidth memory. they are getting a better mix and also seeing a tighter supply. i think that was the big take away as supply is still tight if not tighter than micron saw 90 days ago.

>> it is interesting you say it is mostly data center. we have a.i. phones coming out. we have meta with headsets and apple with headsets. is any of that driving that consumer demanded will pick up for these things for smartphones which is the biggest sector out of all those things? >> i don't mean to downplay smartphone demand or pc demand. it's recovering. as you get into the cycles, you will see the need for more content of d-r.a.m. it is not here yet, but the companies are starting to think about it. >> let me ask you of someone who focuses on the chip sector. if investors get this right, this is a read through. different companies make different types of chips for different applications. is this bullish for the sector or the report from micron bullish from certain stocks?

which ones would you point to as being the most bullish? >> my comment is an animal of its own because of d-r.a.m. and nam. you can draw a broader theme around the supply chains in general. what micron is benefits from is the data center trying to solve the very hard to solve problems with gen-a.i. compute. i was in guatemala last month and the shieer complexity of ho it affects everything in the data center as you ramp gen a.i. is hard to do. that is what micron is doing. you have a play on the fact that supply is being added in a very, very disciplined manner as you

mix up the products you sell. >> steven fox, rating on micron is a buy. price target is 120. thank you very much. >> thank you. coming up on "worldwide exchange," looking to get momentum back. the nasdaqov up er 1%. the a.i. adjacent sector our next guest says is high on her shopping list. we'll tell you what it is when we come back right after this break. stay with us. personalized financial advice from ameriprise can do more than help you reach your goals. i can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about.

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welcome back to "worldwide exchange." as we close in on the 6:00 a.m., here are the stories you may have missed. mayor eric adams has been indicted by the manhattan d district attorney's office. and the swift passage after the republicans removed the proposal demanded by former president trump requiring proof of citizenship to vote. shares of h&m abandoning the full year earnings after a lower than expected operating profit for the most recent quarter. american eagle is filing a lawsuit against amazon. the complaint accuses amazon of deceiving shoppers in the ads and organic search results.

southwest revealing the turn around strategy to investors today. the presentation coming as the u.s. budget carrier faces pressure from investors looking to shakeup management. and hurricane helene is looking to make category 4 strength by the time it makes land fall tonight. turning to the trading day ahead. the major averages are still on track for the first positive gains in september in the past phi years. let's bring in katharine ro rooney-vera with more. >> hi, frank. >> what is your word of the day? >> the word is consumer. we have information coming out today and tomorrow as well. of course, jobless claims and gdp revisions with pending home sales and core pce. i think the labor market drives

the consumer and the consumer drives the historically, when t fed cuts rates and the yield curve ininverts, that is the biggest risk of moving into a downturn. i'm focus odd ed on the consume >> let's talk about how the fed drives the markets. we have jay powell speaking today and michelle bowman. how do you see the fed looking with those moves? >> i think everyone will be laser focused on where everyone goes from here after the initial 50-basis cut. will it be 25 or 50? the market will be moved by what the federal reserve does. the core pce will be critical to that point if we exaccelerate t 2.7%. we can see the target has not

been hit. i think the focus of the fed is going to be overwhelmingly lopsided on the employment part of the dual mandate assuming inflation will get there. i'll add one more thing, frank. the housing market accounts for one full percentage point of the 2.6% or 2.7% of core pce. if the housing market decelerates with rents, the fed could get there with the rollover in economic activity. >> it was your pick to start the year as well which is utilities. do you see more upside? what would be the driver for most upside? do you think most is priced in? >> yeah. last year, utilities was devastdea devastated. i would add to utilities with a.i. if you think as a lot of the markets do, that everything is

awesome and that trade will continue to move higher and u.s. economy avoids recession and a.i. leads the market, what is the second derivative? a.i. requires real estate. that is the principle reason i like the utilities trade and one of the top performing sectors in the s&p. >> kathryn, we have to leave it there. great to see you. one more look at futures in the green across the board. that does it for "worldwide exchange." "squawk box" starts right now. good morning. global chip stocks surging this morning. it has to do with micron which reported up beat guidance for sales of the memory chips used in artificial intelligence. another surge in china stocks as president xi jinping and other leaders talk about stimulating the market. and new york mayor eric adams indicted on federal criminal charges. we'll tell you what we know so

far. it's thursday, september 26th, 2024 and "squawk box" starts right now. ♪ good morning, everybody. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. that was an actual fly that landed on my nose. >> again? that's always good. >> i'm becky quick along with joe kernen and andrew ross sorkin. we have three big interviews you don't want to miss today. we're looking forward to it. the futures are looking up this morning, too. check things out. the dow indicated up 200 points. s&p futures up 45. the nasdaq up by 273.