6.6 and the s&p futures up by two points in treasury market today post ppi numbers that were a little hotter than anticipated with the ten-year yielding 4.46 and the two-year at 4.28. that does it for us today and make sure you join us right back here tomorrow and right now it is time for squawk on the street. good thursday morning welcome to squawk on the street in the stock exchange favors it media liberty investor day in the future a steady but the ten- year pops close to 4.5 and the highest since july and the jobless claims lowest since mid may. powell speaks this afternoon and the roadmap begins with

disney's streaming business streaming to a profit on the quarter with a huge gain and shares are rallying ahead of the open. >> media continues to be in focus and i will be joined by john malone, chris winfrey, jerry bruckheimer and others from liberty investor day and calling it quits capri tapestry no surprise that the market is reacting and they are abandoning any plans to merge and the deal was blocked by a federal judge. let's get to disney. up sharply in the pre-market the company benefits from profitability in its streaming business as well as box office successes from films like deadpool and wolverine and inside out 2. it will be the best reaction to earnings in a few decades. >> i am used to short-term guidance and used to hearing okay numbers when it comes to

streaming and not used to good numbers when it comes to movies but used to hearing quantity over quality with analysts comments and i am used to a few local movies thrown in here and people say that ruined things. i don't know. i am not that woke so i don't know but i will say this hugh johnson is making a difference and this is the kind of thing you hear where you feel really good about this with an immediate 12 this will be one of those were i thought i had to defend my life and a lot of people in this thing no longer have to defend their life. you know that was the position when it came back to the 80s after the defeat. >> this could be a real turning point in terms of sentiment and i don't want to put words in

your mouth and i know you have been more positive on the name. >> you have made fun of me every day. it's been the bane of my existence. >> i will make fun of you every day on what i can find to do so for the rest of your life probably even when we no longer do this and i will call you every morning to make fun of you. >> i do have to tell you he is programmed to say good things about it. >> in terms of good things, you are talking now about a six dollar per share number for fiscal year 26. you tell me what the multiple on that should be and we do get a sense for stock price that could be recalibrating so to speak for more growth in have been anticipated and karl mentioned direct to consumer and that number was strong at 253 million in ebit better than anticipated in the studio had a good summer and we talked about

deadpool and wolverine and inside out 2 but even linear while week or may not have been quite as weak it continues to suffer but this is putting it on the right trajectory and i guess when you come back to it, parks continues to be a key question and cannot regain mojo? >> i think parks can and you talk about how the paris olympics through things off and there is far more to do with the weather that people don't talk about when it comes to florida and bob eiger would tell you we have these big ships coming up and i know people may think it isn't that important with a new ship coming in but if you get royal caribbean you will get the region cruise and you said it yourself. if you have a ship you can make a long-term projection. if every single beat except laneer which comes in okay,

then karl i say franchise multiple let's give it a higher one than we thought and that is where i think david could say the s&p is about 23 and isn't this suddenly better than the s&p? i think it is. >> interesting about hearing am talking about linear being more trouble than it is worth to spin out because it helps protect the different demographic and we do have some sound from a few moments ago. listen. >> we have emerged from a period of considerable challenge and disruption and we are well positioned for growth and put in place specific strategy to generate growth across the business and the solid results this quarter are a clear indication they have been successful and given the momentum we see, we believe we

can continue to drive healthy growth beyond this year including our expectation of high single digit adjusted eps growth in fiscal 2025 accelerating to double digit adjusted eps growth in fiscal 20 this -- 26 and 27. >> i was pointing this out they don't do a lot of long-range guidance very often. >> i think there is this nice integration with hulu with disney and hulu did that with the bear. listen, chef karl we have chef then and $15 billion in cash provided by operations and that's an interesting number when you think about what they have to pay comcast >> yes it is funny we haven't gotten a lot of new reporting on where things stand including the value of hulu to your point and there may be more coming when it is ultimately adjudicated but to your point

targeting $3 billion in stock repurchases in fiscal year 25 how does that sound? >> i like to see that dividend growth is there. at one point we thought the idea they could be given any buybacks but this has the appearance of high-growth consumer packaged goods except for experiential and i like it i think there will be a lot of analysts to say this is better than i thought and one thing that is certain is that when you talk about paramount which i know you will do i am much more comfortable with this one and you know i like warner bros. and this is comfort and i find it comfort versus what you are going to be talking about. >> most purchases are underway and it won't close until next

year and it's a different company obviously if you don't have parks and experiences which is a key differentiator given how important that is been to disney overall and continues to be in the your point i spoke with jerry of redbird one of the partners with david ellison and larry ellison who are buying paramount and ben affleck whose artist equity company has a new approach in terms of how they are trying to position video content and bring in all of the people involved in terms of compensation and getting them paid but ben affleck had thoughts on the linear opportunity that i thought were interesting. take a listen. >> hollywood needs more robust entities like paramount and it's bad for the business when competition goes away and it

doesn't function as well when it turns into a lookup police and there is a lot of money to be made in the linear studio space and i would love to meet them and go into that ecosystem and say there will be some difficulties and hard choices but there is tremendous opportunity. >> he does the opportunity at paramount even if you don't. >> he is working for it and i am just saying if you are not working for and analyzing it look at all of these things that disney and the theme parks have, chips and tremendous library and they would be able to monetize that and i do love that interview. i will tell you why. you know who spoke english? ben affleck. it reminds me when people are finally like metallica when they realized we can go on toward make more money and the record companies are screwing us and we can make more money. i feel he spoke in a plane way that made me feel, maybe there

will be more to the people who do this. >> it's not often you get creators weighing in and when they are competent enough they do carry a lot of legitimacy and i do wonder when you hear johnston say i am happy with the mix if it puts the brakes on others who are still in the process of changing their own if disney has already done that. >> take disney out and i thought they did and maybe he will make deals and they say we are done and fine but again it speaks to the idea i can model disney and i don't have to say once they by the film library of warner bros., now i will get excited and a real company doesn't have to do that but it's disney and i can model that. >> on disney the main cable network is espn and they already breakout sports and

they will be launching the direct to consumer espn next summer and that will be important but when it comes to other linear networks maybe they say yes i can go back to that sun valley interview with bob eiger i did in the summer of 2023 where he said nothing is off the table but clearly that is a different approach but it doesn't necessarily move the needle whereas for other companies it is obviously much more vital and at warner bros. discovery if the cable networks that generate almost all the cash flow and direct to consumer start helped contribute which helps pay the interest and pays down the debt into important and we will see what it holds for comcast and the cable networks of our parent company in terms of our future and whether we will be out there and benefit from some first mover advantage and consolidate even more. but it remains to be seen as does the administration's response to any and all of these deals.

i would come back with who knows the attorney general could be matt gaetz and you don't know what they will like and what they won't like when it comes to particular deals. >> i think, david, when you look at disney now it is different than the one you and i saw and espn and it has 90 million and 80 million and that was the discourse was how many subs they had and nobody is even talking about that anymore so thank heaven that is off the table. >> we have move past that. you are right. linear just ended. >> that is it. you bring it up now and i think bob eiger would say what? green bay plays the eagles on monday and what you care and these guys have pivoted. one thing when they pivot you start looking at this company as maybe being the premier experiential company rather than a pitiful helpless giant.

>> no returns to the 80s for nelson? >> no. this is a model company and i wish people at home realized when we say model what it means is there are analysts trying to figure out what to do now hugh johnston tells them what to do and they do it and they recommend the stock. it is what i am used to with a lot of other stocks and almost netflix and there you have to have somebody every day. and tyson paul tomorrow night it will be interesting in david's exclusive with john malone who will soon as you know become the interim ceo and we will get to some other big names on a light week for earnings and nice results out of european companies and you can see more of this in just a can see more of this in just a moment i'm a rock star. great job putting finance and hr

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the street at the annual event for liberty media and its various companies although fewer and fewer of them as part of the liberty family as they once were including news we got yesterday in terms of a charter liberty broadband deal and the move out of the tracking stock of f1 into a physical company as we call it in the fact that the longtime ceo of liberty media will be departing and replaced by john malone and a few weeks ago i went to denver and we taped our annual interview i did with john malone and a lot has changed and he will join me live about an hour or so but shorter and interestingly he talked about how much he missed being a ceo. >> i do enjoy being a ceo. i really do hate being a director. >> you push on the string.

and even if you are a controlled shareholder you're still pushing on a string. you have to suggest patiently to your ceos that they ought to think about this or they ought to think about that. at a courtesy if nothing else you have to bring your board along. they are not always on the same page as you are. it is much less gratifying to be in a big public company worrying about the lawyers in the stock market and the bond market as opposed to owning it and doing it and making a decision on a current basis. so nothing was as much fun as building tci in building liberty and even though we struggled it was wonderful but i do miss the executive being

the excess -- decision-making executive. my wife says, john, you are dreaming if you think you have the energy to be an active ceo again. you can't. you are too old. rupert is my hero and maybe i can make it to 94 but i think i will be doing it from a greater distance when it comes to the public companies. >> of course, he will be interim ceo and we will have an opportunity to ask him what the plan is and does he want to remake liberty media yet again around from the whole co structure that basically will only have f1 and it and it will be interesting to see of course. but he doesn't appear to be ceo for too long if you listen to those comments. >> we have to put this man in context and then great investors in the 80s would come by and you say what are you

buying and it was t calm letter a and that was the symbol. people may not understand that you revered him like you revered buffet but buffet has an entourage and buffet has a conference that is more of a festival and there is malone just doing his thing but he has been remarkable and it was and is an amazing investment. >> it is very hard to track frankly given so much of the complexity around it for so many years in terms of what the ultimate returns were. but he is a technologist at heart as well and we have talked a lot about what will the impact be of the starlink of elon musk on broadband companies like comcast and charter and the ceo of whom i will be speaking with and i asked him does he think it is a real potential competitive threat? >> i think it represents a very real future competitive threat. i think that elon is a very

smart guy. we have been messing around for years and in mid earth and low earth orbit and we couldn't make the economics sustainable. a lot of money has been lost trying that. what he has done has changed the economics just with the cost of launch. so you start out with a pretty radical change in the economic equation. it makes him a very real sustainable competitor and i do believe for initially low density distribution and ultimately perhaps high density. >> i wonder the starship hasn't gone up yet, but it will and it has enormous capacity for carrying satellites. >> it absolutely does and to the degree government wants to help with spectrum and help them was subsidy for low density and it makes him increasingly a factor down the

road. >> did you guys hear that? the government wants to help them and one could imagine that given musks current position that help could be there if he needs it or wants it but there is no shortage of reasons we should be focused in terms of starlink in terms of that competitive, not threat but what it means in the marketplace. >> did you see iron man? >> yes. >> this guy is iron man and he is running things and i think it is even better than morning show in terms of figuring out this. we always felt there could be these people that were in control and now we have one and everything flows from him and i have this starlink and it is fantastic and it is remarkable and i never thought i would be able to cut my bill and have a bigger product and it's a

better mouse trap >> it cut my bill a lot by the way. >> the one question would be how long can these two incredible forces coexist? we saw some reporting yesterday from nbc and the washington post about musk irritating some elements of trump world. >> i don't know. how about if he buys truth social? somebody asked me last night the value of dj t in the lightning round and i thought, i don't know maybe elon musk buys it and bails everybody out. >> the other serious he is there to enforce a congressman who may want to go independent or rogue in finance the primary with no problem. >> it is a new form of politics that we haven't had and it's kind of exciting but i don't know if there will be ulterior motives to the process. but again you nominate a guy

who has been nominated by the justice department to run the justice department and that's the new thing and he was being investigated and now he gets to run it and it's kind of a comeuppance to those investigated and i wouldn't want to be investigated by the guy who runs it. >> you can look at this sixth recall of the year but i bet that elon musk will take aim also. >> yes. oh my god. isn't he the discussion point of so many people there? >> yes. he is the discussion point of so many people . where you are and where i am. how could he not be? he is involved in so many things in the wealthiest man in the world by a long shot at this point and has enormous power as a result of being a government contractor of what he does it tesla and the x platform and of course now enormous potential power within the u.s. government as well.

so we can do nothing but report on elon musk and that is maybe what we should do. maybe a half hour every day and call it the musk our. >> in my team i actually thought about this. i did. call it the musk channel and it would be a must. i am not kidding. people think i'm kidding and i debate this how about a half hour every day about his companies and what he is doing in government and you are telling me that wouldn't kill it? >> you would have some that love it and some who hated. >> kramer, i like you because half the people love you in half despise you and that is a win. >> when we come back we will get the mad dash countdown for the opening bell and there is a nice: tax -- tesla and nvidia and talk about powell this afternoon and whether he turned down the dovish in a moment

this a.i. wave is coming and they want to be ready and they are updating

all of this technology and you saw this with his enterprise performance. many of them are beginning to deploy a.i. applications which, once they get to scale, that will be when the web scale and cloud players building out these training models, those enterprise applications will need to utilize both the data coming out as well as capacity at the front end of those cloud network so these are smart customers. i think they see the long game here. >> the mad dash this morning. >> last night i am not sure i ever saw chuck robbins be as bullish as he was on the strength of economies including europe and one of the things he said is we have meta-and we will take more of those hyper scale and it has been i think, a risk -- i don't know. i thought at 3:00 and 4:00 and

said does anybody know what they are doing and did they listen to the call and the stock is up 30% between quarters but this was the most effusive and enjoyable. i think he did a remarkable job and you have more than 60% of the business being renewable and squawk has worked in so many good things and even in europe and he said europe is good for them and i think we should recognize but if they are winning meta-. >> really quick this is the opening bell on the exchange and celebrating its 30th anniversary listing at the nasdaq and immunotherapy company focused on treatments for cancer and other serious diseases and you have been

touting a bowl europe thesis for a while and it showed up today. >> it is 33% of the business going incredibly strong and they have 3.5 billion so they touch a lot of people and michael was so adamant and we know that amazon and the numbers out of apple are strong and the orders throughout europe are very good and i don't know. it is hard to deny this but in the meantime all everybody talks about his volkswagen with the layoffs and they talk about the bad numbers from -- but it is all china and a lot of it is the chinese come in and dump their ev's but they don't buy any of the german stuff and we keep thinking about germany right now in dispute with russia and i think they want to

go and you cannot decide that 80 million people are in control of that continent and it gets bigger. >> are all of these theories they won't get dollar euro parity they won't get done? >> i think so and those who have wives over there right now and shopping just spending more time going to notre dame and less time going to streets that have way too many. >> speaking of a.i. i know you were impressed by the ams cell guidance? >> not everybody had them right. this is a review of asm l and what you are most worried about is really involved with the chips to make those the most advanced and you thought once again one month ago on october 14 the world stood still and said things are bad and you look at october 14 and you will see that's the beginning of this hardware hatred where

people switch semi-to enterprise software and that could reverse because last night they said we are not cutting and i know that says lobar but the stock was at 670 and went to 680 and 690 and went to 707 all saying maybe we were too negative which will put a floor finally under the semis. >> a few price target videos and this goes to 175 and then you have this report and i know you like this stuff in the journal that they are going to bring some chips tailored to humanoid robots in the first half of next year. >> i continue to be focused on and i think a lot of people are and you dismissed it yesterday and that could be the right move on where these large language models may not be

advancing as quickly as their engineers may have anticipated and am not sure what you are doing with your phone. >> he gave a great speech in indonesia last night and what they did with a huge hit talking about the need to spend a fortune for the state owned enterprises which they will do to build on blackwell and i am looking at my phone and looking at the fruit she sent me from paris but i am talking about indonesia a.i. day which you are talking about because you are busy talking to ben affleck and how is he doing and what is his latest move. this is what i talk about. >> he is doing well filming in new jersey and it sounded like a very interesting project and he is doing very well. >> you had a chance to say a.i.

will democratize technology and it is the great equalizer but i should think about the movie the accountant which i really love. >> in all seriousness are they running out of data? you made this point many times they have a real opportunity to capture more data but the large language models it bears watching and i ran into your friend yesterday been -- bem rights is a lot of people wanted to know why you were there and it was cnbc delivering and not me. >> that is inside but i wish you had been there and everybody was asking me where

you were. >> you can't be two places at once but i think we have to focus on the fact that they may not have enough to train on and go back to what he said that it would be the number one and that's because he is things to train and 3.5 billion people looking at their stuff and can i just tell you when you try to get from chat gpt and instant analysis is somebody of disney and bob eicher forget about it. i had one yesterday who said they don't report until november 17 and i was looking at this conference call and they are wrong too much. they need to get right and they don't even have the latest -- they need ruben. >> they do. i keep saying that all the time. >> you have to focus that this country after country.

>> podcast after podcast after podcast. he is everywhere all at once and maybe he is an avatar as well similar to what andrew sorkin and i did yesterday for delivering also where we had previously created our own avatars as well and and we presented them. listen. >> it is me and her. >> i am david. but don't call me dave. >> good point. never ever call me andy. >> point taken. >> this is us now avatars artificial intelligence and a.i. me is almost as good as squawk box me. >> let's be honest those with the golden years of squawk. >> even your avatar is cutthroat. >> those were completely computer-generated and we did go and have our voice and head movements and images shot but that was not us and that's the

future or in fact that is the present and you can see it's still not quite capturing every emotion or human emotion the way you inflect and speak but it is getting close. >> let's say you ran a dictatorship like 1.4 billion people and you wanted to be able to put people in prison. couldn't you just generate them saying something against whatever government it may be and you say, listen, i am sorry? can't you do that? >> i had not thought of that. that is scary. but, yes. but it leads me to winn resort . the stock is up 2.6% but what i can share is it likely won't be passive for long and a high

likelihood here is become a d and owns 9.9% and it hasn't performed particularly well. >> i think you're onto something and i'm not sure if they appreciate the work craig billings has done. he is the ceo and has been a sub optimal situation versus when maddox was in for the great steve when was in and i don't blame tillman for thinking this is going to this in a handbasket so i hope he does something better. >> thinking about casinos in china. oil consumption there is down six straight months and they follow opec and say they will have 1 million barrels a day next year.

>> ali baba reports tomorrow and that will be people who rave about that even if it is good or bad and the idea that china is stronger than ever or the idea that they are dominant when it comes to military or the idea we have to be worried about that. i think the superiority complex we have about china may change when president elect trump comes into the white house. >> changed for the better or worse? >> i think he could humiliate china and he has these softies he named and maybe instead of 60% they come down to 30%. >> there is a piece they have up that they have installed a lot more unreliable entities and they are better prepared for a trade war than the first time. >> i read that piece. do they know or do they think

they know what president elect trump will do? are they out of their minds to write that piece and i say that's almost propaganda for the chinese because what happens is we don't know what president trump will do in this isn't a regular leader. this is a leader who could say, my team says i should recognize taiwan but i won't do that but in return you will get every soybean we ever made in the last 18 months and people don't understand how the art of a deal is frightening and frightening to everybody he speaks to and why don't people realize that? >> we tried this the first time and you think this would be different. >> i think this president with a about china that he is more prepared to do it he wants and i think he was a little, i don't want to say overstating but he does have a game plan and putting in place people who are statesman and he has a team

in the wings that aren't. >> really quick on some of these trump trades we have seen take place in goldman had a great chart yesterday looking at the same dynamic that happened in 16 i think we have one looking at financial flows the golden prime book but they did peek out in early december. >> they did. that is one of the reasons why you would see an atmosphere that we forget or one where you say you don't know what you're doing and don't forget in 2018 if you go back to them he attacked him day after day and it went from 77 to 68 and one of the great buying opportunities of all time and he did this by bashing some spots that we all think we all forget and we get a lot because of that because he did have a capricious nature and i am not saying he won't be now but he has figured out how to play off some of these countries including europe. i think when i see you k levying fines in our companies i think it will be different and i think he will see that

and say, you know what we don't really care for your products. >> we do have a good example today, and them finding another ,■00 million on these practices they say regarding marketplace but meta is going to appeal. >> i think we will get started here with chris winfrey as well if you don't mind because we are live from liberty media investor day here in new york and the company announcing charter communications yesterday will require liberty broadband and all stock transaction and chris joins me now and we can talk about that. nice to have you. but let's start off. a year ago we were fresh off the disney deal with a included disney + and subsequently you have done many of these new arrangements that include the direct to consumer platform of said company and are you sort

of done, and what you see in terms of hopes and dreams when it comes to video and customers turning off your service? >> we are just beginning and we got over the deal portion and in over a year we completed all of that and not all of it is launched but they will get peacock press piermont plus the disney plus and espn plus and espn flagship when it launches and i forget another one. and of course max and industry leading deal that they put together so max including hbo will go for free to all of our customers so we have those deals and launching those apps and have the ability for them to upgrade for free which we will launch later this year to add that but all of the ad supported program reps are coming in for free and we will put that all so customers can find it in easily activated and we have economic deals but we need to do some additional work

to make it customer friendly and we see good take up so far even though it's not the easiest to find and everybody has different passwords but once resolve those issues -- >> it will be a little while? >> yes. when you think about the economic value, it is fantastic and it is nearly $80 of programmer guide included free for customers and effectively free for us and it creates value back in the video product and allows us to market it and attach it to broadband which if you remember we were on the verge of exiting this video business. we meant it. >> we did follow that dispute but you came out of it with this plan that you rolled out but this is the new video cable. >> in fairness they have gotten behind it and they realized that the most value to the consumer to them really comes through this linear approach

and you will see him get behind it matches from the deal perspective but marketing and helping us to make it easy to navigate this space and we had a lack of value in the product which we saw in it will get rolled out in utility and it was through this and the ability to have unified search and discovery really solves the customer problem whether you take the video service or not and the ability to have all of your content in a single place with the voice remote and parent company comcast that we adopted and we were together with them and it is really market-leading. >> you may assume it could help in terms of the continued erosion of video subscribers? >> where it matters for them to have video and where they see value is we want to see that so tremendous value in the video product for those who value the service we provide and it doesn't mean we grow video again and nobody is expecting that.

i am not predicting that but we can be proud of the video product we sell and the price we put because the customer gets value for and it is something they value and it's something better for everybody in the ecosystem because it preserves the best product and value in the market. >> when it comes to growth the focus isn't on video or nobody expects you to grow but on broadband where there is continued hope that you will grow organically and you have been hit by the affordable connectivity program which seems to be running off at this point but is your broadband business growing organically when we set this aside? >> in the third quarter there is some positive seasonality in if you eliminate that we actually grew in q4 less seasonal and i won't get into short-term predictions but the view is with them behind us which it will be after the 4th quarter and cell phone internet as a competitor its level of net add slowing down slightly and we expect to return to a healthy rate of growth for broadband using investments in

broadband but better use of mobile and video products in a way that our competitors can't. >> is it only a function of the money you spend to hook up new areas so to speak? is it from the capitol investments where you expand the footprint are actually organic growth from what exists? >> the rural expansion and investment we have gives us tailwind but even inside of the existing footprint we have the ability to maintain or grow that. >> it doesn't mean you will. >> we will because we have a product that they can replicate our can't replicate and we have a gigabit service everywhere we operate. we don't redline or do it in wealthy neighborhoods and we are upgrading that to be symmetrical and multi-gig but that is not how you use your internet. you use it with wireless and how many times do you connect to the modem and that really isn't the case and no other operator inside of her footprint has the ability to combine wireline and mobile everywhere they operate so

seamless connectivity and convergence everything is talking about that and wireline networks in the value of convergence but only one company who can do that inside of our footprint for you have wireline and wireless everywhere you operate so if you take multi-gig wireline combined with wi-fi and 5g radios which are back up radio, 87% of the mobile traffic is going over the wireline and wi fi network. that is something our competitors don't have and then we price it in a way $30 per line. >> you are talking about that bundled offer? >> if you have internet you can attach that first line for free the first year and $30 thereafter which is a retail rate and not a gimmick. we save customers hundreds of thousands of dollars which is an exceptionally better more faster product and more reliable. >> you had price increases for broadband? >> smaller increases. >> i am a customer. >> if you look at the dollar per gigabit which is gone down

dramatically but if you take a look at this revenue per customer it is growing in the marketplace and it had much higher inflation so i think the ability for us to have revenue growth on internet comes with some modest price increases over time but really through the ability to grow broadband. >> we talked about fixed wireless with 8 million people i think it is over the last three years have chosen to go with it but despite it being an inferior product it seems like it is a real competitive threat. >> at the beginning we underestimated the fact there is a niche portion of the population that has a need for less speed and less reliability and a perceived lower price. i will take a hit on the first two but the third one is in the reality is people think they are saving money but the only

way you can get fixed wireless access is if you overpay for a mobile line 60 or $70 per line. i challenge any customer who thinks they are saving money to look at their bill and i guarantee you are paying close to $200 for a two line household and you can get it for $80 from us today and even at a retail rate and promotional . it would be 140. >> is it enough to sustain you for the future? >> it has been very successful and we have a strategic partnership with verizon and nothing is ever perfect in life but they have been good partners integrate network and it does exist and works well. >> finally we have a new administration coming in seems to be a lot of hope with antitrust and you believe there could be consolidation whether it is a merger of some kind? is is something you think about because it is possible? >> there is a lot of rhetoric right now that the door is wide open and i don't think that is

entirely true and in any administration which we operate you have to think about the operating strategy and it has to be good for customers which means it also has to be good for your employees in your community and shareholders and the operating strategy and it provides the fastest products and save customers money, invest in your employees and we are onshore in the united states. >> nobody else has done that. i tell her team we should have a made in america stamp for us because it is true. we do invest in that quality in not only good for shareholders but good because the government realized we are good for the communities and we have a minimum wage of $20 everywhere we operate and that ties into -- we don't have to do that and not dependent on it but we have been successful and all under a democratic administration so

being a good operator is not only good for shareholders but good for m&a and i don't think the door is just wide open for any type but there is this chatter out there and more than chatter and you have to be careful and be able to demonstrate that you will have value added to consumers. >> always appreciate your time. back to you. >> s&p down seven points and bonds, busy as we have ppi in the headline here to for versus the prior one a ran 110 pot and the fed speaks along with powell in the afternoon and we will see if it differs from the most recent presser in the 10 year would take you back to july one softening a bit in the last few minutes. stay with us

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good thursday morning. welcome to another hour of "squawk on the street. i'm sara eisen with carl keent quintanilla with david faber live today the media investor day. what do you have, david? >> we're going to be talking with greg maffay shortly, the man who has been running liberty media for the last 19 years and announced yesterday that he will be stepping down from that position plenty to talk about with him. and then john malone, both from an interview we did a couple of weeks ago, tape, but also live because there have been so many changes, just in the last couple of weeks

not to mention we'll also have a brief chat as well with jerry bruckheimer, he's done a couple of movies you may have seen along the way, sara. >> looking forward to it and i'm eager for you to ask about f1 as well david, we'll see you later this hour we'll turn to the markets right now. we are giving a little back. the s&p down a little more than a .1%. financials are up again. they have been very strong lately, having a nice day. energy, technology, ies, those sectors are all green. we're now lower for the week, down about a third of 1% nasdaq comps today down a quarter of a percent because you are seeing some of the weakness in the big tech names as well. but, little as far as catalyst we got the ppi report. look at treasury, from flattening of the curve now, trading the ten-year yield, 4.418. two-year, 4.259% there is some buying today, with

lower treasury yields, backing off the high levels we saw post election 30 minutes into the trading session. here are three big movers we are watching disney shares rallied after the company said that profit would jump over the next three years we're going to break it all down for you in a moment. and another day of volatility in the crypto-related stocks as bitcoin fails to hold above 90,000 but, still, quite a climb. and then watching shares of tapestry and capri, the retailers today calling off their more than $8 billion megamerger we'll take a closer look at what that means for the future of both of these stocks and the fashion houses let's start with the big number that we got today, carl, on inflation, which is ppi. this is the wholesale look at inflation. yesterday, we got the consumer price inflation. on ppi, it is kind of a similar story. pretty much in line, but still points to some stubbornness in getting down that last mile to 2% there is the monthly figure we got at .3% inflation you know, economists are writing

this morning that it doesn't set us off trend here is the trend, you saw the big inflation spikes coming out of covid, both on cpi and ppi, which is at the wholesale level and you've seen the progress as they have come down. but we're not all the way down and just to correct, the final demand numbers on the month are .2% from a month earlier if you look year over year, at 2.4% on ppi. you want to get down to 2% core, which has been a little bit more stubborn if you take out food and energy at 3.1% you could look at these numbers and here is pce, which the fed pays really close attention to and some of the inputs of ppi will go into pce, carl, but you can look at this number and say progress has stalled as we have gotten to these lower levels and so, maybe the fed should be or will be a little bit more cautious when it comes to the rate cuts. what does that mean for december the market still thinks we're going to get a cut in december the jobs report will be really important on that front and the november input, the november

data is going to be important as well because we'll see if we get another month in a row of stubbornness and lack of progress on the inflation front. bank of america economists say today, not a time to panic, but fed should be cautious about it. >> yeah, a lot of base case, 25 basis points for december. some people pointed to the idea that some of the firmness in some categories was a little idiosyncratic. used cars was a good example of that airfares where we got a month on month pop don't feed to pce. >> month on month, biggest increase since the end of 2022 healthcare mostly stronger the portfolio services, which portfolio management fees which does feed in, that was also 3.6% rise, the most in six months why? stock prices are higher. that helps those fees. so, sure, they're going to have to parse the data. overall, the 2.2% increase after

revised .1% increase in september is worth watching that trend because we don't want those monthly increases to continue to get bigger by the way, great information from delivering alpha, our conference yesterday, from big name investors on this inflation story, you know, listen to what david einhorn said about worries about inflation. he thinks it is going to stick around listen >> we have increased our bets on inflation. i think that we're going to have another inflection up inflation. i think that what the policy mix that is being proposed, i think it is inflationary and i think that we'll see more of that over the next few years. >> the green light founder, hedge fund manager worries about inflation. i spoke with nelson peltz who is very optimistic about the trump win and the policies we're about to see listen >> we have got issues that we have to resolve. we have got issues that we have

to deal with we have got to fix our balance sheet. we have got to get this immigration problem finally behind us. and i think trump is going to do that i really do. i think he's going to deal with those issues head on, i like the fact that he's putting a cabinet together right away. we're not waiting a month to pick one at a time, and do all that stuff, he's got a plan. i think he's going to do -- i think he's going to do a good job. >> of course, peltz has been a supporter of donald trump. actually said even made the match between elon musk and donald trump during this election cycle so i ask, what about the tariffs, is that something to worry about for investors and companies, for countries here's what peltz predicts on that >> i think trump is right. i think the threat of the tariffs will bring these guys in

line i think we need that >> so it is a negotiating ploy. >> i think that's what it is i could be wrong i don't know, but, you know, that's a good way to start the negotiation. that's his style >> in other words, using the tariffs as leverage, like he did last time, but not going through with every, you know, every threat that he has made, just using it as a negotiating standpoint for something that peltz and a lot of others who supported trump have come around to this idea that we are treated unfairly on a global stage when it -- why does the chevy cost $100,000 in europe why do we have more onerous trade terms with our closest trading partners and trying to level that playing field is something obviously president-elect trump has been focused on. >> markets, of course, can't really delineate between what is a threat and negotiating tactic and what is actual policy. watch lumber, lumber is a great example of the market trying to get in front of whatever is going to come and it has gone higher and that's what we're

seeing in some of these macro prints when it comes to prices. >> absolutely. i also thought it was interesting, just lastly, that, you know, the fed is really coming out hard defending their independence now, just because of everything that is going on in washington and the discussion around trump and really putting pressure on the fed. adriana kugler comes out and defends independent central banks, they have better economic outcomes, the independence boosts credibility to fight inflation, research shows advanced economies with independent central banks have lower inflation which we know and pointed out before, but this sort of public campaign has officially begun where they're trying to defend and convince the public and probably members of congress too, the independence is sacred. >> we'll get powell at 3:00 this afternoon. disney is surging after narrowly beating estimates on the top and bottom line. profit will increase for the next three years michael moore joins us this morning, buy rating and target

of 110 michael, with this reaction to earnings, which i think is the biggest earnings gap higher in a couple of decades, does your target change? >> well, i can't really talk about whether the target will change or not, but what i will point out is that, number one, i think the most important take away from this call was management providing multiyear guidance for earnings, which shows a lot of confidence that they have in their visibility into the model we can talk about that more. but when you look at what that guidance implies for earnings growth, relative to where consensus was and where we were prior to this print, you can see that we were below what the company is now guiding to so we look at that favorably. >> the other thing we were talking about this morning with jim and david was hugh johnston's point on "squawk" that the mix, the business mix he's very happy with, linear doesn't seem to be an orphan you need to spin away. does that make disney the cleanest model to evaluate right now in media >> well, that's a tough to

answer that. i don't know if i call it the cleanest just because it has a diversity of assets. so there are challenges. one of the things you and i have spoken about in the past is the parks was always this part of the business that investors could depend on as being solid, and that was called into question over the last couple of quarters with some concerns about the consumer so i don't know if i would say cleanest however, we do agree with the comments that hugh made earlier today about the asset base, we long believed that companies like disney that have very strong content bases and intellectual property bases don't need to divest old media, they just need to make sure that they're using every different window they have to reach the consumer and the most effective way both for current monetization and for future growth >> what about sports flat numbers there, was that a weak spot and how much do investors pay attention to it? >> i think sports is very important for the business the company made what i think is

a very compelling point about sports first of all, i think that there is some complication in the company's results with respect to sports in the u.s. and sports outside of the u.s., which has been a bit more of a drag on the business than the health of the espn business as we know it in the u.s. but when we look forward, and think about what the growth potential of this company is, that sports asset is a big part of that and that really is centered on this espn flagship product that is scheduled to launch in fall of 2025 that is a stand alone ing espn product that we think will help broaden the company's ability to reach consumers remember, at this point, roughly half the homes in the u.s. have paid tv. which means roughly half the homes can get espn there is another large group of people out there who are broadband only subscribers who would like to subscribe to a service if they could just get that and we're excited that disney is going to meet them there and disney is also looking at ways to combine that espn product with the disney

streaming product and that type of bundle is an asset to a company that has this diversity of content >> when it comes to parks, we're in a tape this morning, where the airlines are doing well, barclays upgrades a couple of them, raises targets they think next year the environment around travel is going to do well we got new investors in wind casinos are doing all right. what is your feeling about parks and experiences in '25 >> i feel very good about parks. so, just taking a step back, i would say we have been bullish on this company and we felt that investors had gotten -- become overly negative on this parks dynamic because we were seeing really healthy trends and travel outside of this company. we just struggled to understand how this would be the one company that would underperform on travel trends relative to everything else that we're seeing so i think the guidance that they just gave provided a couple of areas of comfort. one, they grew this quarter on the domestic business, even when they had incremental investments

and there was concerns about the consumer attendance was flat, but still have a lot of pricing power. two, they guided to pretty healthy growth, mid to high single digit on operating profit in the coming year, even as they are investing in some new cruise ships. and, three, there has been some concern about competition, comcast is opening a very large park in orlando in may of 2025 and the company addressed on the earnings call that that was incorporated in the way they were thinking about the coming year i think they did a great job both of addressing some concerns and also showing some strength >> i mean, i've got the proxy fight on my mind because i was talking to nelson peltz yesterday for delivering alpha he talked about it he lost that company one in april. i wonder if some of the criticisms are still valid or whether they have solved for it. they put james gorman in and peltz said he thinks he will

pick someone good. he also thinks iger will be gone in 2025, which is earlier than when the contract ends could do you have a clear picture on the long-term growth the guidance is good hugh johnston is there, new cfo in town. what about the overall strategy and some of those issues >> yeah, yes, it is a very fair question so, i take just one step back and say, a lot of concern that we heard from investors during the proxy fight was that disney pushed really hard to put a best foot forward to win that fight and then wasn't able to deliver against that immediately after the fight was over and i think there is validity to that and you saw it in the move in the stock price the company was focused on that, the management team. but to address your question, as i look at it now, there are a number of things in place that give us confidence in '25 and beyond number one, on the topic of succession, they have put in a new chairman, with a focus and with a great track record. number two, they put this

long-term guidance in place that is based on a lot of the work that they have done during those tougher quarters and, number three, and we talk about this a lot, this is a content company at its core. they had to fix the content cycle and the evidence is very strong that they did fix that content engine, showed during 2024, and a very robust pipeline into '25 which should drive continued growth for them. >> well, after dramatically underperforming, the broader indices in august, almost back to even with the s&p for the year, talkbo aut a comeback. michael, thanks so much, talk soon michael morris over at guggenheim. more on tapestry and capri after this

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welcome back to "squawk on the street." big news in the retail world, tapestry, the parent company of coach, kate spade and stuart weitzman calling off its merger plan with capri. the two, quote, mutually agreed that terminating the deal at this time is in the best interest of both companies this comes after the ftc successfully sued to block the megadeal, saying the tie-up would hurt consumers tapestry's ceo saying in a statement, quote, we have always had multiple paths to growth and our decision today clarifies the forward strategy building on our successful first quarter, we will move with speed and boldness to accelerate growth for our organic business. she is going to join us exclusively tomorrow on ey movers," actually here on

"squawk on the street," to talk about the path forward for this company as a stand alone company, because she has spent the last year trying to make the case for why they should buy capri, which is the parent company of jimmy choo, versace the stocks are moving in different directions today they have been moving in different directions for a while because they have been executing completely differently and have had completely different cultural resonance and sales growth, just over the past year or so. you can look at the last quarter as an example, double digit declines at capri for michael kors it hasn't been growing tapestry on the other hand, coach is its dominant brand, has shown sales growth, has seen this turn around post covid, so a lot more confidence and bullishness around that name they also increased their share buybacks as a result and -- >> this, again, goes back to when the deal looked like it was

going to not happen and that is maybe they're grateful it won't. that was the immediate reaction from the sale side >> they wanted this deal to happen, thought they could convince a judge to do it, they clearly could not in this kind of antitrust environment, but no question, they're in much stronger shape now and the company has gone in completely different directions. interesting to talk about what the future of capri might be if they'll sell off the businesses or what. when we come back, david's exuse clivwith liberty media's outgoing cfo greg maffei we'll be right back.

oh, welcome back we're live at liberty's media investor day the company announcing plans to spin off a number of its assets, formula one auto racing in a separate publicly traded company as well. ceo greg maffei is announcing he's going to be stepping down at the end of the year and who better to have -- to ask about that than the man himself. >> thank you for having me, david. >> a lot of years of doing liberty media day. it has been a great fun for me

through the years. let's start off from the news yesterday involving you. why are you leaving after 19 years as this company's ceo? >> i think john phrased it well, we really accomplished the mission. we bought a series of businesses, many of which performed very well, but they were less than the optimal structure. over last year we freed the braves as a stand alone company, had a transition agreement there where they're out on their own, we have taken our stake in sirius xm and merged and spun it and reattributed it to sirius, stand alone company now, still chairman of that we have taken our stake in charter, and effectively now have a agreed upon deal to merge that in. and lastly we announced yesterday we were spinning out our stake in live nation through liberty live so really all of the pieces that were there of liberty media are separately and liberty media is

a pure play in motorsport with f1 and the pending acquisition of dorna. >> can't you figure out something new to do? you're a creative guy. most of your career, i've seen you do all sorts of things why not stay and figure out another chapter at liberty >> there will be another chapter at liberty, but i got to declare victory on the ones i did. and we had some great deals, very lucky, had great management teams drive them and seemed like a good time to say all the table is cleaned up there, all the stage is set, and my contract was expiring at the end of the year. and i thought i would go check out another chapter. i'm going to continue to be an adviser, i'm going to continue to be on a bunch of our boards including livenation and charter. but i've got one more act in me. >> you do, all right give us a sense, give me a preview, what are you thinking >> i'm not thinking anything, david. i've been lucky. i was thinking about it as running into this, the last three jobs that i've had somebody approached me i didn't really go out and look.

i was somebody kind enough to say, hey, that's interesting, and i did it i never stepped back and said what do i really want to do and think about? i'll take a little break. >> there is a cable company that -- spin-off that may occur fairly soon. there may be some real opportunities there for deal-making and things like that i don't know if you're interested. >> that's your world now >> yeah, that is my world. used to be your world for a certain extent as well i want to come to the -- a couple of things announced yesterday, the liberty broadband transaction expected you got the ratio ironed out i assume the two stocks will trade on top of each other why is it going to take until june of '27 to get this deal completed? >> i think there are a couple of things first, we have some actions we're going to take with respect to gci, which was also a part of liberty broadband, but not included in the transaction with charter. we'll see how long that takes from a regulatory perspective. i think charter appreciates the

participation of liberty in -- on the board, and as a strategic partner. and so this gives us some time to work together still i think we still believe there is upside in the charter stock. >> you have options too. >> i do. >> you can live to see those actually come into the money in a real way >> i -- you know, we have seen charter come off its highs, but if you look at us, we're still up about probably close to 3x on our position, 2.6 times on our position it has been a good investment for us. >> yeah. do you have any sense in terms of trying to measure the investment performance that has occurred under your leadership, because it has got to be extraordinarily difficult given i don't even know how many transactions you guys have done. >> we do track that. we show that every year at investor day it shows that over the 19 years of something like 17% compounded, compared to s&p of 11 compounded, and, you know, i think if you -- >> the last couple of years have not been particularly good.

>> on media, no. particularly given the space we came from, that's pretty good performance. >> yeah, no. 17% is great you mentioned sirius as well it is its own entity now berkshire is the largest single shareholder there. >> they are. >> you're still chairman. >> i am. >> what about the future of that entity there are some who believe you could cut sg&a a lot, run it for cash flow, maybe better in private hands. do you have any thoughts >> first, sirius is blessed with great content, great youth customer experience and very loyal fan base it has been more challenging to find growth off the car platform and i think the company is thinking about ways to maximize its value in light of that so stay tuned. i think they got a great -- some great strategies they'll roll out shortly. >> you want to give me any hints? >> i think they're going to think about how to rationalize what the offerings are to the consumer and recognizing that we have this loyal base, how do we get the most out of them, what

adjacencies make the most sense and what do we not chase >> and f1, which will be its own pure play, it is run by your ceo out of london. malone is going to take over as interim ceo of the holding company. what do you see as the future in terms of that asset? >> i think f1 is incredibly well positioned probably the company i'm proudest to have been involved we really -- liberty bought it, helped change the strategy, brought in chase carrie, did an amazing job, but business is very well positioned i outlined some of it in our slides today growing the global partnership since 2019, compounded sponsorship at 16% we compounded all the revenue streams, something like 12%. really been a hallmark what sports wants to be growing fan interest with things like striving to survive, the

model everyone else is trying to follow. >> to you see it growing organically -- there is always thoughts, well, the saudis would love to own it potentially, the pif, they may be able to be a larger shareholder as a result of the change in terms of what is taking place. is there a future of it potentially being acquired, do you think? >> i don't think there is a plan to sell it it has a great future. i suspect the board of liberty will be appropriate stewards of the shareholder capital. >> and, greg, as somebody who watched the media landscape and been part of it for a quarter century or more, where do you see opportunity right now, particularly as of the beginning of next year, you're going to sort of be a free agent, able to kind of seek opportunity if you see it where would you think -- there is something interesting, there is either an opportunity to turn something around or there is something that is undervalued? >> i'm not announcing my target list today but i'm going to look for opportunities. i do think you've seen the traditional media landscape, be

very, very tough the technology players have come in a strong way. and they have huge tailwinds the reality that a.i. will change the landscape for them, and is a continuing cycle of upgrades is very interesting so we'll watch and see where that all brings us. >> that's all you're going to give me? >> all i'm going to give you. >> taking any time off >> i am. i'm going skiing. >> you're not retiring in any way? >> i don't think so. first of all -- >> don't do that i don't like to see retirement. >> i'm going to be chairman of three or four companies and a few more boards. i'm going to think about what else i want to do. >> greg, always been a pleasure and i have a feeling we'll be sitting down again probably the not too distant future. >> thank you, david. >> you're welcome. greg maffei, the ceo of liberty media. back to you. >> thanks, the biggest gainers on the s&p, we'll talk about that as we get a moderate tape, down 25 points, hanging on to 5980 or so more after the break

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just over an hour into trading, some moderate weakness here as s&p settles back below 5980 ten-year did get to 446 or so, which did take out the early november high. we'll take you back to early july, but since settled back on the heels of the ppi number. top sectors, financials, utilities, healthcare and consumer discretionary do lag. a news update with silvana henao. >> good morning to you a judge forced jones to sell infowars to pay back families in defamation judgments for his unfounded claims that the shooting was a hoax. the satirical news company says the sandy hook nonprofit every town for gun safety will be the exclusive advertiser in the new venture. regulators announced an $841

million fine today for facebook parent meta. they accuse the company of anticompetitive behavior for automatically exposing facebook users to the market place classified ads business. regulators say that gave marketplace advantages competitors could not match. meta says the decision fails to prove the claims and vowed to appeal and amazon shut down a secretive effort last month to develop an at home fertility tracker. that is according to internal documents and people familiar with the matter. the sources tell cnbc the company had been working to launch the device and a companion smartphone app for the past four years. back to you. >> sounds useful thank you, silvana. super micro continues to slide, down 20% on the week. under pressure again this morning after announcing yesterday it would delay filing reports for its september quarter. growing fears the stock could be

delisted from the nasdaq as well after the break, "squawk on the street" heading back to liberty media day. david, what do you have ahead? >> sara, the man behind it all, of course, john malone, who started liberty media and will be taking over as interim ceo of what's lt,ef which is essentially f1 he will be joining me for a live interview, a live interview coming up next it is truly about the journey. (cheering) (♪♪) (♪♪) (♪♪) (♪♪) (♪♪)

the international energy agency's latest monthly report forecasts that crude oil supplies will outstrip demand by a million barrels a day next year add that to an already weaker oil trade since donald trump's election win and you would think that oil should be lower again today, but it is on the rise tune into our market navigator segment on "power lunch" to find out how and when to play it 2:00 p.m. eastern time. the bootmaker. yeehaw [narrator] but many do have something in common. we all trust schwab with our wealth.

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hours in terms of announcements, ceo transition, dealing with charters, spin off of key assets and now i'm pleased to be joined by liberty media's chairman john malone, soon to be as well the interim ceo of the company john, so glad we could do this in addition to our annual sit-down that we did a couple of weeks ago that i should say will be available on our cnbc pro starting later today what is going to happen now, john, to liberty media, specifically to f1, which is going to comprise what many investors will consider the company? >> first of all, david, i watching greg being interviewed and listening to his presentation this morning, he is a fabulous executive he's done wonderful things for me and my shareholders and we certainly hope that our futures will come back together at some

point when he's rested up. and i certainly personally would invest in anything greg wants to do so i can't say enough about greg positively just simplification really ean that each one of the liberty vehicles will be separate public companies defined really by a singular set of businesses so, formula 1 becomes an asset-backed company in the racing business, with f1 and dorna, with one balance sheet, and with the current ownership structure. as you know, i'm effectively the control shareholder of a number of businesses through my voting position i will continue to vote approximately 49% of the votes

in formula 1 we will find a ceo for a holding company who will continue to support stefano and the management team. greg has assembled a great group of people at headquarters who will do the burden at 83 years old, going 84, i'm unlikely to be highly active ceo. so, my role is entirely transitional to support the team, seek to change the board of directors of liberty media in order to better focus on the racing businesses. and also to try and use my creative spirits to create the generation floor of liberty media, which would probably not be added on to formula 1, probably a separate undertaking.

>> so, all right, another generation of liberty media. i mean, john, you and i couple of weeks ago, i encourage people to watch our long interview as well that -- when we make it available. you talked about simplification. you talked a lot about the fact that you're going to be 84 years old, that your wife is encouraging you to make things simple, get, you know, sort of have the eggs in plan so to speak. you wanted to attack the discounts that your various securities traded at in part because of the complexity around them and the impatience that investors have when i hear you say next generation of liberty media, i wonder what does that look like and what are you talking about and who is going to lead it? >> well, i guess i'm going to lead it in the sense that i can be the strategic player. i have to find the appropriate ceo, the liberty media team that

greg has assembled to do all the wonderful things that have been done over the last 19 years is perfectly capable of doing more than one thing i'm thinking that the liberty media team, a little bit of my capital, perhaps, and some innovation can put together the next gen liberty it may not be in the media business as you know -- >> it might be in another -- another business, okay >> yeah, i have a widely dispersed set of personal assets, so, i think the scope can be quite broad but we're looking for opportunity. in order to build a business and bootstrap it, you have to be complex. you have to use the tax attributes, you have to figure out your way around all the regulatory issues that are

involved in being a public vehicle. the antitrust issues, the, you know, the structural issues, and so as we try to build generation 4, expect something completely different, very innovative, i hope, and so it is not over for liberty media. or this -- let me call this staff of liberty media liberty media itself probably morphs into formula 1 or a, you know, a holding company for racing businesses. >> and then, right, and then you move on to potentially different fronts as for formula 1, john, do you see it continuing as an independent company? is there the possibility that you would entertain offers for formula 1 if they were at the right price? >> i have concluded after all

these years that i want to use my control to maximize the value for my shareholders. i have not taken or sought a control premium really on any transaction in the last 20 years. so, i'm willing to trade up my control position if it is in the long-term interest of my shareholders i think that's happening in the charter broadband merger that happened with liberty, sirius, it could happen with the atlanta braves, whatever is best for the organization and the shareholders, taking a long-term view i used to say the door is always open but, i believe formula 1 has a very bright future as is, and the management team has done a brilliant job, it has a very

powerful brand now that can be expanded on. and there are many opportunities to expand in the racing business synergistically. i think that -- i think i'm certainly going to watch it for a few years before any decision that it would be better off combining with something else. >> speaking of combinations, we have a new administration coming into power you and i have talked deals for many, many years in terms of the possibilities. i had chris winfrey, a short time ago do you think there is going to be a possibility for combinations that perhaps have not been possible under the current administration, a la cable, cable and wireless, comcast and charter. or are we moving too fast here

to imagine that? >> no, i think the -- backward looking. and i think it needs to look forward. we now have media world that is dominated by big tech. massive balance sheets, sort of unlimited elbow room, bringing in new technologies. and the ability of the existing players to consolidate charter, for instance, restricted 30% of the u.s. is kind of silly. and similarly the media companies need to combine to have enough scale to continue to play, let alone to dominate. so, i do think, and i'm hopeful that with this change in administration we'll see a more

forward-looking attitude about competitors and competition. the airline industry doesn't require every airline to have its own airport. or every trucking company to build its own highways in corporation amongst businesses to reduce capital expenditures and improve efficiency of operation seems to be logical and should be strongly supported by regulators rather than opposed. >> right that's something you -- a theme you discussed many times in terms of net neutrality and what that imposes on many of the carriers as well, distributors and the fact that so much capital has been spent by the overbuilders john, i want to move through a couple of things here. not our typical lengthy sit-down on sirius, which you mentioned earlier, which trades its own, what is your thought about that company? i asked greg about it as well. i asked in part because some

investors have thought to me, brought up to me the idea you could cut sg&a there, it might be better as a private company what are your thoughts >> well, i'm a -- taking a much bigger stake you know, greg is chairing there there -- manage a maturing business -- >> yeah, unfortunately we're taking a lot of hits on john's feed there i would encourage people to -- we will perhaps share more of our long sit-down as well on our air, but i would encourage people to go to cnbc pro as well many of these questions were asked and answered there but, guys, always interesting to hear from malone, of course, and

in particular i thought about what the plans are here for f1 as this company changes dramatically and simplifies even though it will be interesting to see him as an interim ceo of the holding company for some period of time. sara >> if you get him back, be sure to ask him if he thinks lando has a shot at winning the championship, which is the most important question right now on f1. >> maybe, yeah, well, maybe -- that was better asked of maffei, i don't know >> ask either of them. >> i'll make sure to do that. >> i'm rooting for him great set of interviews, going deep on liberty and the future of changing company. we'll come back to you a little bit later. david faber. >> okay. >> as we close out the hour, yesterday delivering alpha, we had a good discussion with ann walsh of guggenheim about this new administration, impact on the markets and the new environment for rates. take a listen. >> i think we're in really early innings of the artificial intelligence world and the

paradigm in terms of investment and in effect. we will over the course of time see the productivity increases and the benefits right now we're really at the very early parts of investment and that's still all the buildout, whether we talk about infrastructure buildout for data centers, or power that needed -- that is going to be needed to power artificial intelligence efforts, capex is in the early, early days and i think this has got a long multiyear, certainly even multidecade potential in terms of impact on productivity and investment i don't think we're anywhere near getting topped out on the investment >> those comments come after a number of recent reports do question whether or not we're getting into some plateauing in the power of generative a.i. from the likes of openai and google and anthropic though sam altman did tweet a few hours ago, there is no wall. that's all he said and we can only guess at what he was referring to this may well be it.

>> right, that the innovation is full speed ahead, i guess, despite some of the concerns about the contrary, i think, they were highlighted on the podcast. nvidia up again, up 1.6% not sure what anne was referring to, if that means stay long nvidia or what i also -- this came up in the conversation with nelson peltz too, he invested in more old school consumer companies, we talked about unilever in particular and he made an interesting analogy to other companies that have been shells of themselves and haven't used technology in an effective way when he looks at brands, he looks at dove soap which everybody always wants how they're using this gen a.i. to power marketing and produce efficiencies and productivity. it is an analysis tool for all investors, even in stocks that don't have anything to do with chips. >> yet >> yet exactly. andrew and david showed off their avatars. that's just what's possible

today. nvidia, we're going to get earnings next week three interesting calls on the stock today. optum to 175 they argue the revenue upside may not be as potent this quarter as it has been in prior quarters the average revenue beat is $2 billion. >> a good run. high bar when it comes to earnings expectations. we do have a number of earnings that we didn't hit today, and some of the highlights about what they say about where we are with the consumer, we mentioned disney is a winner on earnings i wanted to highlight this point from hugh johnson, the cfo he said we expect to the consumer to strengthen through the course of the year, which reminded me of powell saying 2025 may look better than 2024 advanced auto parts ceo said sales softness that began in early q3 persisted through the quarter.

it is such a bifurcation based on where you sit in terms of the industry burberry too, mixed signals as always. >> the airlines and hotels getting a nice play today, upgrade over at barclays, tillman fertitta, we'll see what that means for the coming year when it metocos travel, both corporate and leisure. in the meantime, "money movers" begins after this.

good thursday morning again, welcome to money movers, i'm sara eisen with carl quintanilla, live from post nine of the new york stock exchange another inflation reading today showing the fed is getting closer to its goal of 2% as this week's data changed the narrative for many rate cuts that we should expect going forward? deutsche bank's chief global strategist says yes. and from bad boys to pirates of the caribbean, to "top gun," jerry bruckheimer has been one of hollywood's most prominent and successful directors he'll join us to talk about the future of the industry and the role that a.i. will play plus the future of energy under a new administration the ceo of oil giant shel