it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." nvidia sales double, but outlook isn't enough to exceed the lofty expectations. bitcoin pays off in a big way. wealth wipeout in india with adani. first on comments from snowflake's ceo.

what the ealthy is doing with their dollars? $6 million for a banana anyone? it's thursday, november 21st, 2024. you are watching "worldwide exchange" here on cnbc. good thursday morning. thank you for being with us. i'm contessa brewer in for frank holland. let's kickoff the hour with the check of the stock futures. red across the board and the dow coming off its first positive day in five. right now, it is indicated to open lower by almost 100 points. the s&p 500 off fractionally about .2%. the nasdaq indicated to open lower by 100 points. the key today, of course, will be the reaction to the nvidia earnings. third quarter sales almost doubled on the year, but the outlook in line with estimates. the stock is lower in early trade by 3%, but there's a lot of investors hanging on every

word in the earnings call. we'll have more on that in a moment. in crypto, bitcoin has hit a new all-time high trading above $97,000 for the first time ever following a report yesterday that president-elect trump is weighing a new white house initiative devoted solely to crypto. right now, it's higher. bitcoin is higher by 3.5%. we'll be watching this and dive into those details a bit more. once more, investors investing in bitcoin surpassed $100 billion in total assets. we are looking at ishares up 3.5%. same for ark 21 shares. fidelity as well. same for bitcoin trust. that happened yesterday alone. it was your stock of the day yesterday. target shares closed way down. more than 21% for the worst day

since 2022. the retailer just slashed its forecast after missing earnings estimates by 20%, but it looks like we are seeing overnight recovery here. shares up .13% in the early trade. to your stock of the morning and nvidia under pressure and sales nearly doubling from a year ago with all things moving ahead. the pace of the growth is really hitting the stock in the pre-market down 3.2%. cnbc's senior technology correspondent arjun kharpal joins me now. i know it's the talk of the conference where you are, arjun. what's the reaction to where it is and where it's going? >> reporter: well, look, the issue with nvidia overnight was not so much the quarter, which you saw 94% year on year revenue growth. you saw net profit doubling. i think it was the guidance. nvidia said the current quarter expecting $37.5 billion of revenue. now, whilest that was ahead of

consensus, it wasn't a lot. we talk about nvidia and the bar is high and we know the market wants pretty big beats, particularly on forward guidance. still, we heard bullish notes from the company around the blackwell chip, next generation chip, which it shipped 13,000 units to customers. it said the demand is quote staggering. on the earnings call, blackwell was on track to exceed revenue expectations. there were the bullish notes as well. i think the share was for the nature of the guidance that wasn't as big. actually, the other side and conversation i have been having here is the nvidia position in a.i. more broadly. how long can it dominate for and are there new technologies that could disrupt what nvidia does at this point? my sense is that right now, nvidia is the only game in town. all of the big a.i. companies love technology. it managed to build the ecosystem with the chips and software, but going forward,

there is ex-per implementation with come petitorcompetitors. >> investors are not content with inline. they need to lower expectations so nvidia can come in. a huge beat for the analysts means you are getting it right. pretty good job. when you are talking about the forward growth, here is the q4 forecast of 70%. there are a lot of companies that would be thrilled with 70%. why do you think the case for nvidia, especially when you are looking at the wide adoption of the new chips, but the existing chips is just not enough to satisfy what investors want? >> reporter: it's almost unfair at this point, contessa.

at this point, you have a stock up nearly 200% this year alone. investors have been accustomed to the quarters where the company reported plus 200% growth. when they see a growth 70% year on year is just not good enough. the expectations will have to reset. it was impossible for nvidia to continue at the 00% growth rates we were seeing really. yes, expectations will have to reset. i think the company now has to focus on setting those expectations with investors and say, look, we can't continue selling as many chips as we did before. we are still going to have strong revenue. the other point i think i would make here is focus on the margins with nvidia. this is a company that can command gross margins of plus 70%. another fact that many companies would yearn to have as well. so, there are a lot of strong points with nvidia. the question is going into next year is we know the hyper skill

scalers with the infrastructure and is that going to continue next year? that is the one thing that the market is looking closely for. >> we will keep our eye out for that on the day. arjun kharpal joining us from helsinki. thanks. we are watching a wealth wipe out in india tied to the criminal indictment in the united states of gautam adani. shares across his corporate empire are sinking overseas. $15 billion of market value wiped off the books. dan murphy is joining us now from abu dhabi. watching the stocks plummet in reaction. what's the fallout? >> reporter: contessa, we have been tracking this story all day. a major breaking news story in india with global market implications. gautam adani, chairman of the adani group, and one of the world's richest men charged with seven others in the bribery and

fraud scheme. alleged adani paid officials $250 million in bribes for solar contracts worth more than $2 billion in profits. as you just saw, that sent adani group shares and affiliates nosediving in asian trade today and in some cases ouble digit declines. adani said the allegations against its chairman are baseless and denied. it is looking for legal recourse. it is looking to reassure stakeholders it is a law abiding organization fully compliant with all lays. laws. contessa. >> hindenberg research came out and said it never waived in its view. adani never refuted its findings

and what you are seeing is there are already talks from the adani crowd that there are opportunities and there will be opportunities in the future. will this have other trickle down effects on other stocks in india? >> reporter: for sure. this has global implications because it could also have a chilling effect on the foreign investment landscape in india. not to mention u.s./india relations as well. of course, you have to remember, contessa, who we are dealing with here. gautam adani is the second richest person in asia. you are right to flag that hindenberg report. this was after 2023 after the report which accused the group of engaging in a brazen stock manipulation and fraud scheme that happened over the course of decades.

hindenberg called this the largest corporate con in history. adani also said those allegations were baseless. he has the legal fire power and funding to push back on this. exactly what happens next remains to be seen. investors, of course, globally, hanging in the balance. >> i will note raymond james head matt orton said the charges don't change the fundamentals of the indian market. we will wait and see for reaction there. thank you, dan, for joining us from the middle east. let's get a check of the top corporate stories with the latest bid to break up google. silvana henao has more. silvana. >> good morning, contessa. the justice department is calling for google to vest the chrome browser. doing so would create a more

equal playing field for investors. google should be prevented from entering into exclusionary agreements with third parties like apple and samsung and be prohibited from giving the search preference within the products. google said it would appeal the decision. wall street journal reporting boeing ceo says the aerospace giant is facing culture problems and can't afford to make another mistake. citing an exclusive recording of the all-hands meeting, the journal said ortberg cites bloated management and wasteful spending and culture of in-fighting and shrinking responsibilities. and starbucks is mulling options in china which could include selling a stake in the businesses or potential strategic partnerships. china is the second biggest market for starbucks, but facing

competition from local brands. >> silvana, thank you. nice to see you. a lot more to come on "worldwide exchange," including the one word every investor needs to know. first, the one market event my next guest says will replace the trump trade in the months ahead. and the snow storm for snowflake and what is ahead. and the look at target's terrible tuesday and if now is the time to buy. a very busy hour still ahead when "worldwide exchange" returns. (grandpa vo) i'm the richest guy in the world. hi baby! (woman 1 vo) i have inherited the best traditions. (woman 2 vo) i have a great boss... it's me. (man 1 vo) i have people, people i can count on. (man 2 vo) i have time to give (grandma vo) and a million stories to share. (grandpa vo) if that's not rich, i don't know what is. (vo) the key to being rich is knowing what counts.

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the markets appear to give nvidia results a lukewarm response as guidance from the most valuable company fails to meet the high bar. joining me now is gene goldman at ceterra. thank you for joining us. there was so much anticipation how this could move the stock. the shares were off 3% in the early trade. this tech part of the market, the broader market rally, the steam that keeps fueling this forward is going to continue, gene? >> thanks for having me back on the show. you see the stock earnings last

night. the big name. we all know who they are. they have driven 25% of the stock move. we have other moves. we say it will be a december to remember in the sense that market volatility will surge. the trump trade is winding down. there's some huge risks on the markets in terms of driving market volatility. the thing that ies me the most is the fed. they will probably not cut as much as they say they will. inflation is picking up. core came in above expectations. you look at core pce, the preferred measure of inflation, the management fees and airline fees and home health care, suggests core pce goes up 2.8% year over year. all of this together, higher bond yields and stronger dollar. high market valuations. volatility is with us for a while. >> economists largely believe if trump tariffs go into effect,

that will drive inflation even higher. the other thing it does is create this unstability, swiss re was warning insurers around the world that there could be a level of unpredictability with the tariffs and trade. we saw lloyds with the report in october warning if there was geopolitical conflict, hypothetical one, that involved the world, it could cost $14 trillion over five years. then jamie dimon at jpmorgan chase in october said geopolitical is his biggest worry before the election. is the market under pricing the instability we're seeing in the world and the "what ifs." >> the market ratio of 22 times forward earnings.

markets are pricing in everything coming into exact perfection. remember, high valuations, you need low interest rates. geopolitical risks are rising across the world. the thing we watch carefully is the price of oil. we are having a war in the middle east. we have uncertainty with russia and ukraine. oil has barely nudged. geopolitical risk is mounting, but this creates a potential buying opportunity. >> how are you positioning the portfolios? what is the strategy considering the uncertainties? >> this ties one of the big themes for 2025. diversification is back. it is a boring strategy. we are looking at the strategy as the fed cuts rates. the other 493 stocks in the s&p 500. look at small caps and look at midcaps and look at international. cheaper valuation, yes, more risks, and fixed income and high

quality and take advantage of the higher yields right now. >> but the stories of shooting the moon are more interesting. gene, thank you. >> thanks, contessa. coming up here -- well, we'll keep an eye on the markets and trading day ahead, but you can head to cnbc pro at ex-clus insight and analysis. he may have made billions in crypto, but it doesn't mean one makes smart choices with his hard earned casual the cash all time. i'm orry if you are listening on radio. the picture of a banana taped to a white wall. >> i'm going to sell it here. fair warning at $5 million. it's yours.

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22 minutes past the hour. time for the big money movers. starting with shares of snowflake ahead of the open. rising its full year guidance. revenue soared 28% in the most recent quarter. it is calling for 29% growth in the year ahead. look at that. shares in the extended hours up

20.5%. its ceo sat down with jon fortt talking about what is going into the sales. >> it will go from something like $40 billion to $50 billion to over $400 billion in ten years. there's a lot of business. we compete with the hyper scalers and work with them. it is moving from the fixed on-prem systems. it is a lot more adaptable and scaleable. >> shares of palo alto network down almost 5% in the early trade despite raising the sales outlook for the year. current quarter results in line with estimates. the ceo says he sees the multiyear trend continuing. the company announced a 2 for 1

stock split. and novartis raising the sales guidance. as well as new treatments for neurological conditions. the company says revenue will grow 6% a year through 2029. turning to crypto and making one billionaire, one making question able choices with his wealth. robert frank joins us now. people should spend their money the way they want to, but maybe some people have too much money. >> reporter: contessa, you know, this is interesting because the first person that bought this did pretty well. let's go back. sotheby's calling it the most expensive banana sold. people battling for the duct-taped banana. it is by the italian artist

catalan. it went viral when it appeared in 2019 attracting massive crowds and a lot of social media attention. there were three actual, quote, additions sold in 2019. it cost 120,000. the buyer last night was the chinese born crypto investor. he has purchased art before and a $20 million picasso. he has been a big player in nfts. for his $6 million, he will get a roll of duct tape and instructions on installing the banana and a certificate of authenticity. the actual banana will have to be continually replaced because bananas go bad. in a statement, sun says it represents a culture that bridges the world's art and

memes and he would eat the banana as part of the unique artistic experience. more than $1 billion of art is auctioned in new york this week and prices have been strong, including $121 million for this at christie's and selling a monet water lilly. justin sun said a lot of crypto wealth is going into the art market right now. that could not just explain the banana, but strong prices across the board in the art market this week. >> in terms of the art market, you know, you mentioned water lilly. when impressionism first erupted, a lot of people said why would you spend money on it? you can't tell what it is. beauty is in the eye of the beholder. if i were to duct tape a banana to my wall, would it have value?

>> reporter: it would have maybe value to you. what makes this valuable is that certificate of authenticity. it's a bit like an nft. it's like sotheby's where it is the first lot in the auction where they accepted crypto. much like an nft, it is the certificate of authenticity saying this is a an. this gives you the right to say this is an original piece. there are three pieces. without that certificate, contessa, it's not the same banana. >> is there a secondary market? can he sell the same roll of duct tape? >> reporter: he'll set the certificate. whoever bought this in 2019,

everyone said he was crazy. he flipped it for 6 million. that is 25 times the s&p over that same period. >> robert, i appreciate it. coming up, why my next guest is trimming his position in nvidia for greener pastures. we'll be right back. there are some feelings you can get with any sportsbook. ohhh! the highs! no, no, no. the no, no, noooos - oooooooo! the oh, oh, ohhhhs! now whatcha wanna do with this? but the feeling that, no matter what, you're taken care of.

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we'll ship more lackwells

next quarter than this and we'll ship more blackwells the quarter after that than our first quarter. so, that puts it in perspective. we're really at the beginning of -- of wo fundamental shifts in computing that is really quite significant. >> that was nvidia ceo jensen huang on the call last night on the back of another solid quarter eating expectations, but not beating them in a the stellar enough way for the investors. you see that stock is down more than 3% in the extended trade. welcome back to "worldwide exchange" on this thursday. i'm contessa brewer in for frank holland. we have the numbers. first, let's get a check of the broader markets. kick off the check of the u.s. stock futures. right now, you are seeing red popping back up.

you see the s&p 500 is implied to open lower by 20 points. the dow jones industrial average is down 83. nasdaq futures off 93. also watching bitcoin trading above $95,000 for the first time ever following the announcement that president-elect trump is considering a white house stance on crypto. you see bitcoin at $97,95. the u.s. investors have surpassed $100 billion in total assets ten months after the debut. you can see they are all up 3.5%. let's turn to the big money mover of the day, possibly of the week. nvidia third quarter results beat estimates. demand for the a.i. chips booming. the company's forecasting the slowest revenue growth in seven quarters which, you know, just

doesn't meet the lofty expectation of investors. nvidia's in the process of launching the new blackwell chips which will weigh on the gross margins, but improve over time. on the earnings call, the cfo said blackwell has been embraced by customers and will exceed the sales in the fourth quarter. >> blackwell demand is staggering. we are racing to scale supply to meet the incredible demand customers are placing on us. >> let's get more with james cakmak at clockwise capital. the innovation etf. james, good to talk to you this morning. my understanding is it was really the forward guidance for this quarter which still shows remarkable growth at, you know, implied 0% last year, but down

from the 250% to 260% from the previous year. is that really what this is all about? the sky high expectations where you have investors chasing the dragon? >> nvidia, if you look at it on the surface and the expectations, these numbers were good. there's a lot to like. however, you know, the buy side expectations tend to trend ahead of the published expectations. that's exactly what happened this quarter. as you look forward, it was $1 billion to $1.5 billion light on the forward guidance and revenue. the fact of the matter is the stocks have the tremendous run. yes, it is still a holding in the etf and hedge fund, but we have been trimming semiconductor stocks and include nvidia from the top weight to the medium weight and exiting the space as much as we could and rotating to

other areas because the relative value we saw was more favorable elsewhere. >> i want to -- i want to loop back in and find out those other areas are. in the meantime, when you are on the call, what are the bright spots? what are you looking at in these areas that keep us anticipating and tantilized for what comes next? >> on the supply level, it is constrained relative to demand. that trend, we think, will continue for the foreseeable future. when you look at estimates, you see how much is baked in. we look at the reality and the published estimates. other areas that are positive, you know, the data center revenue really hit the boat at $30 million. gaming is doing well. margins to continue north of 70%. a lot to like in nvidia. it is an incredibly important

company. one we will continue to hold. the question is what is that weight relative to the benchmark. >> i know you've liked -- that you have been rotating out of the semis broadly. >> mm-hmm. >> what do you still like in that area? where do you still find room to run? >> within semis specifically? we're basically down to nvidia and smaller weights in intel and global foundry. we have been systematically cutting across mega-tech. mega-cap tech as well. we think lower cap or smaller cap market area such as software are attractive. we like commodities. we feel inflation might persist. right now, our outsized exposure is crypto and crypto proxies. we think the trend is our friend in that area from robinhood with

the proxy to coinbase to bitcoin directly. >> if you look at what bitcoin is doing even while you and i are talking, up 3.5%. it looks like that position is paying off for you. james cakmak, thank you. coming up, donald trump is not on the job for another two months, but already facing an issue within the party. details after this.

donald trump still has two months until he retakes the white house, but a fight is brewing among republicans over extending the 2017 tax package and what it means for the balloons deficit. emily wilkins is joining us with more. election night as we were here in inglewood cliffs, almost every guest we had on, was talking, emily, talking about the deficit and overshadowing problems or initiatives that trump wants to accomplish. >> reporter: contessa, that is a huge concern for a number of folks out there and taxes are definitely something because of the deadline at the end of 2025. republicans are aiming to get the major tax package and wants to get it done within the first 100 days. that would extend the 2017 tax law that is expected to expire

at the end of 2025. one of the first things lawmakers will have to figure out is how much of the package needs to be offset. right now, the full extension of the tax cuts could add $5 trillion to the deficit according to the congressional budget office. some who oversee the bill like mike crapo, as the chair of the finance committee. he is disputing the bill needs to be offset given it is a continuation of current policy. slim margins mean deficit hawks could exert a lot of issues. >> we need to make sure that we are not having the -- not only is the deficit neutral, but reducing the deficit. i'm a voice for saying those that need to be factored in. >> reporter: lawmakers are considering a number of ways to

raise revenue at this point. that includes cutting clean energy, tax credits and including ones for electric vehicles and using funds raised by tariffs to offset the cuts and even looking at entitlement programs like medicare and medicaid. lawmakers are looking to new provisions to the tax package. that could include tips and cap on state and local tax deductions. both things trump talked about on the campaign trail. we're still early in negotiations, but this is set to be a major debate in the 2025 tax battle. contessa. >> could it maybe for strange political bed fellows in washington, d.c. to get behind more efficiency in government? >> reporter: it absolutely could. we will have to see exactly what the size of the deficit hawk group is going to be. they certainly know they are in the minority. again, it will take a handful of

them to hold up the process. of course, the other big question if trump really wants to get this done, how much pressure can he exert on the lawmakers to go ahead and back a bill that might wind up adding to the deficit when it gets scored and through. i think we still have yet to see how the dynamics play out for next year. certainly at this point, you have a number of lawmakers concerned about the deficit and don't think they could go ahead and back a bill that's going to add $5 trillion to it. >> it's easy to take that stand unless the cuts suddenly hit close to home and it is your constituents voting and it matters. we'll see what happens. emily, thank you. ahead, the one word every investor needs to hear today and the stock pick every investor needs to know. can't stop? bitcoin continuing to test new highs. $97,605 right now. the signals out of washington helping to add to its post-election run.

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♪♪ well would you look at that? jerry, you've got to see this. i've seen it. trust me, after 15 walks, it gets a little old. ugh. i really should be retired by now. wish i'd invested when i had the chance... to the moon! unbelievable. stop waiting. start investing. e*trade ® from morgan stanley. welcome back. we're watching bitcoin continuing to climb this morning. right now, it's up 3.3% at $97,550 testing new record highs trading above the 97,000 mark for the first time because we're seeing a lot of optimism round

the trump administration pro-crypto stance. right now, you see 3.34% higher. cnbc ing reporter joins us now. are there skeptics fuelling what we are seeing now? >> reporter: contessa, good morning. we did see the big overnight move in the futures market. during asia trading, you did see a big spike in funding rates and open interest and that coincided with the premium on exchange on spot and crypto exchange dropping at the same time. that is the point where you saw the price of bitcoin go a little bit higher. we're really inching toward the 100 k mark that the crypto community has been waiting for so long. you could see that as soon as today. there is a lot of optimism and bullishness in the market right now. this is, this is over a long term. that said, i would say that, you

know, rob has a note out today with a note with that 100 k level could be interesting. that is a big round number like that and psychological level is a point where you see people pull back for a solid period of time or ignore overbought signals and pile in. it will be very interesting. >> how important -- how important is donald trump's promises on the crypto front? the ideas he is going to be in the white house and champion opportunities in this space? >> reporter: it's huge, contessa. i mean, the crypto industry has felt so held back by the biden administration and it's -- it's lack of regulatory clarity that it provided the industry. you know, the industry is getting a lot of fuel right now from watching this trump transition and appointments. the treasury secretary appointment has become dramatic for sure. i think that might be the most

important one. the chair of the s.e.c., of course, very important. you know, news about the potential crypto czar joining the white house would be very good, but, you know, people i talk to in d.c. say with the s.e.c., there's no way it could get worse than it was under gary gensler. then with the crypto czar, there's not much you can do without that leadership from the treasury. i think that's going to be the key move to watch. >> i also note that we are seeing other currencies moving higher like litecoin is up 6% and the spot etfs with the inflows as well. >> reporter: absolutely. the alt coins that you have seen have outsized gains since the election. those will probably fade. you see that a lot when bitcoin goes to all-time highs, you know you are in a bull run. when people start to pile into

the further end of the risk curve. you will start to see the alt coin rally fade and focus more on, you know, revenue driving networks like ethereum or solana. bitcoin is in its own camp. it is in a black and white area. it trades for the long term. the institutional interest will grow. >> all right. so much excitement around the moves we are seeing. thank you. we have a news alert. the consumer financial bureau is issuing rules in order to protect consumer price as vacy data. think google and apple pay and venmo. that excludes crypto. we'll keep our eye on that throughout the day.

coming up, more on the big store story and nvidia and if the post-earnings pullback is denting our next guest's optimism on the market's next steps. we'll be right back. ] this is going to sound crazy. but i know these attack vectors. oh, had a little upgrade have we? ♪♪ okay, so that's how you want to play. ♪♪

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welcome back to "worldwide

exchange." here's what we are watching today. a busy day for retail earnings with bj's and gap and ross stores reporting. several fed heads speaking, cleveland and chicago and kansas city bank presidents. let's get a check of u.s. stock futures where we have seen things moving lower on the day. dow jones industrial average now implied to open off by 63 points. s&p down fractionally and the nasdaq off 78 points. we have been talking about them all morning. the two major market stories. nvidia and bitcoin. nvidia shares lower after reporting earnings that beat expectations down by 3% and bitcoin moving in the opposite direction up 3.5%. let's get the technical take and bring in craig johnson at piper sandler. great to see you, craig. let's start with bitcoin. we're testing new highs today. we went above the 97,000 mark. give me a sense of what the

charts tell you about bitcoin. >> good morning, contessa. in terms of the charts on bitcoin, the chart is ing six months, contessa, and now starting to breakout to the upside. that is a bullish sign. when we look at bitcoin itself and you do a messerasured objec, we see a high of $130,000. >> if we reach $100,000 today, which is possible, will you see more fuel? >> you will see more people chasing it. it is working. we're looking for trend. we'll trade anything whether it is commodities or bitcoin or futures. you name it. >> with nvidia, there was hype over the earnings report. the reaction has been subdued. shares off 3% in the early trade. what do you read into the technicals of nvidia? >> first and foremost, let's talk about sentiment around it. expectations do matter. when you look at what you are

seeing, they beat most met tricks ricks across the board. he raised his numbers up. >> you are a hometown fan of target. it's had its worst day yesterday after the reports. give me a sense of target. >> sense of target and the charts, it's on sale clearly. it pulled back and the price gap needs to be filled. you could see down side to 113. at this point in time, when you enter a price gap, you typically close, contessa. that means more down side. >> your word of the day is new highs. we have seen them. new highs on new highs. >> our highs if you want to put it into that is the word of the day. that is a market that will continue to push higher. we will continue to see highs in the russell 2000. it is more about smid caps going forward this year and next year.

keep in mind, post-election from the day to the end of the year, 82% of the time, we have seen small and midcap stocks out perform the s&p 500. that's going continue to and into 2025. >> you said sentiment matters. to me, watching investor sentiment, it looks like the enthusiasm, though, is on these sky rocketing stocks. everyone wants the amazing story where you are hitting sky high highs. >> true. also, if you break down the advance for the bull market for the last two years, it has not been the mag seven that has been among the strongest names. only two of the mag seven have been in the top 50 performing stocks. it was nvidia and meta. other stocks performed better. palo industries on the industrial side of the world actually you out performed nvidia in terms of performance. >> really, we need to call the dynamic duo. >> thank you. >> craig, thank you for being

here. as we close in on the 6:00 a.m. hour, the stories we are tracking this hour. the justice department calling for google to divest chrome. kelly ortberg highlighting wasteful spending at boeing. and gautam adani accused of driving $250 million bribery schemes. ing out $15 billion of value. adani is dahling 52%. shares of snowflake surging ahead of the open. the company raising its full-year guidance. it's up 22%. boston fed president said more interest rate cuts are needed, but should proceed

carefully. collins said they are well positioned to address inflation and employment. and the wall street journal reporting that musk's start up raised $5 billion. that does it for me on "worldwide exchange." "squawk box" starts right now. good morning. nvidia shares putting pressure on the futures. the a.i. chip maker sales doubled, but just wasn't enough for wall street. maybe it was the outlook. bitcoin continues to boom. currency surging this morning closing in on $98,000. the top banana in duct tape probably the most spent on those two items ever. it's thursday, november 21st, 2024 and "squawk box" begins

right now. good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. the u.s. equity futures right now are a little bit weaker. the dow futures are off 60 points. nasdaq futures down 70. s&p futures down 15. it comes after a mixed day for the markets yesterday. the nasdaq a little lower. s&p and dow a little higher. you did see 6 of the 11 sectors higher. a mix across the board. treasury yields are down coming under pressure. it is back below 4.4% for the ten-year treasury at 4.39. the two-year sitting at 4.30. oil prices ticki