andrew, ross stores off 7%. back to you, becky and joe. >> thank you. have a great weekend. let's take a final check on the markets on this friday morning. a little bit of a mixed picture as dom indicated dow up 17 points, the s&p off about 4 points. bitcoin closing in on $100,000. we'll see what happens teen now and monday. have a great weekend. "squawk on the street" begins right now. good friday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber, at post nine of the new york stock exchange. futures fairly steady despite surprisingly weak macro coming out of europe. the private sector there falling into contraction. euro at a two-year low. inflows to u.s. stocks up seven straight weeks. our road map with the winning week for the street. megacap names, nvidia, mta,

alphabet pointing to lower opens. >> we continue to watch that so-called trump trade. this as we await insight into the president-elect's economic team, who is going to run treasury. >> i told you that. >> stark warning from citadel's ken griffin when it comes to tariffs and retail holiday expectation, gap shares are surging. it is seeing some strong demand for the big holiday season. >> let's begin with what has been an eventful week for the market. looking at flows, seven straight weeks of inflows to the u.s., eight straight weeks of outflows out of europe. >> i'm not as negative on europe as others. our market is in a strange boat. every morning between 3:00 and 4:00 a.m. there's a potential short, just -- >> today you asked if it was the rain? >> because there is, obviously, nothing to it. it's based on nothing. i mean it's 7:00 p.m. to 3:00 a.m. not a lot happening.

there's a boring football game on or whatever. and i come in, and i say, well what are they -- let's see what do they have, the shorts have, and i used to joke with david, they would say 90s to 95, about the money over the trends. it used to come on mondays. now it seems to come every day and gets right into the market. you're sitting there thinking wow that's a negative story. geez, ross stores, ross stores, their numbers aren't so great, and williams-sonoma, but they go up so much because there's the short base again. where the short base come from? who's doing it? >> i don't know, jim. >> i imagine you're grateful for it. >> i think it's a question. it's a trampoline. when i see most of the stories i'm not talking about rocket labs or jobi, but the average stock has a short base that is shocking to me. it would be like 2%, 4%, 6%. and they panic.

immediately. because they don't get their way because there's just no real collapse in stock. i'm talking about stocks like upstart, aferm. today there was another patented piece about how affirm raising from 50 to 90. you see these everyday. you see the analysts capitulating. there were so many analysts who were betting that so many stocks were going to collapse and, carl, they didn't, and now people are scrambling because they thought the companies were jokes. look, is rocket lab -- how -- elton john came up with this a long time ago, rocket lab. >> bernie thompson probably wrote the words. >> it's a real company of course more than $100 billion value and moving up, by the way, i mean, man -- >> that's not -- >> hedge fund manager josh resnick who benefitted. he's done a great job on that name. the ap lovin', reddit, micro

strategy, they have been moving -- there's a meme thing going on. the amazon and meta, not alphabet, but not moving, apple, not moving. >> no. >> since, you know, the so-called trump trade seems to be much more focused in these kinds of names. >> there's a lot of it buying of companies that sound like they're good companies and that people believe, and the best example is anything nuclear. the people who make nuclear in this country, they're adamant it's a 2032 issue, but the american people, whoever is doing this buying, they think that those people are wrong and that it's going to be far more immediate. those people are very good people who are in the nuclear industry and they just tell me, jim, don't get -- one told me, don't get so excited. don't get so excited. i am an excitable fella, i admit that. i said things that were positive about etheren and a person said

jim, 2032, stop it. >> small, modular reactors. everything i've read about it you're you're talking five to seven years before they get up and running? >> [ inaudible ]. >> what do i make of it. getting excited by the prospect of it. >> something -- >> something more substantial has to do with carl's chart at the beginning. the wave of money finds itself in mysterious places in bitcoin, but finds itself in the stocks i hear in my lightning round, last night, rocket lab, i said enough, it's going higher. i never used to say that. i don't want to fight the wall of money that flows into this market. >> is it worrisome at all to you, i don't want to say these names are speculative, many decently or if not very good businesses, they're getting pushed to levels -- micro strategy is its own thing, sailor was on "squawk box," used to trade at the value of its

bitcoin and now trades three times that. >> maybe we have this $3 trillion umbrella that is nvidia, apple, microsoft. you know, if you have a $3 trillion company, maybe we have to readjust our thinking. maybe $100 billion is not a big company. >> kind of is the subject of a nice note out of bofa today, hartnett looks at ndx relative to p xx, holding its secular high. if it cracks you would see rotation out of the u.s. exceptionalism trade. a look at that name that relative performance. >> i like that but -- >> what is that showing us, carl? >> relative ndx to spx. the high back in the dotcom boom. if that were to crack, then some of these u.s. ra-ra trades might get a second look. i see. >> what do you think of that? >> that's your area of expertise, along with so many others. >> i'm going to give you my expertise. if you take a look at the stock

of nvidia, which we all think is an unbelievably good stock -- >> unbelievably good company. >> right. >> allow you to say it's an unbelievably good stock. >> a year ago the stock looked like it was selling at 5-0 times forward earnings. turned out to be selling at 20 times earnings because nvidia far exceeded what anyone thought it could do. you could have bought that stock at 20 times earnings last year, 18 times earning before the big ramp and we sit here and think what an overvalued stock. it turned out to be undervalued, radically undervalued versus the s&p, versus general mills. doesn't that show you that -- >> okay. that is a unique, perhaps once-in-a-lifetime kind of move in terms of -- a move -- an increase in earnings. i mean they came in at 23, analysts were expecting like 20 something billion in earnings and they did 60. >> i'm saying, if that's able to do that, maybe we're -- maybe we

are being too negative, that nvidia, the greatest story of all time arguably, turned out to be cheap. that's not how it's supposed to be. >> as a result every other name is cheap? >> no app lovin' cheap? reddit cheap? >> can i finish? no. people say i want the next nvidia, and it might be reddit, maybe ap loven. who am i -- >> i will eel tell you who you a guy on tv yapping about something for 20 years, ran a hedge fund -- >> 26. >> i can see you sitting here in ten minutes saying these things are hot air. >> i'm saying those are two different things. there's a dichotomy, okay. people who say, i want the next nvidia at $3.5 trillion, and there are companies that could be the next nvidia. but people are not discerning. they are saying you know what,

maybe joby is for real. >> first of all, there's not another nvidia. >> how many do you think there are? >> there's only one. >> there are many people who buy lottery tickets every day. >> now we're playing the lottery? >> jobi. we're into flying cars and know what total addressable market could be. >> i'm going to tell you a wild story. do you think there is a man who has maybe the largest super computer in tennessee and spent a fortune on nvidia chips. >> i know a lot, yes. >> tens of billions of dollars. >> not tens of billions. >> hundreds. >> he's going to spend $10 billion probably on chips. >> developing -- david, he's developing humanoids. how crazy is that? i'm saying the crazy stuff is paying off in many -- humanoids, elon musk is developing humanoids, a guy, two billionaires fighting against each other, right, in tweets.

>> bezos and musk you're talking about here. >> and i want a piece of that. >> i'll tell you one thing -- >> everyone wants a piece of the action. >> two of the most important magazine covers of the week did not go to the president-elect. cover of "time" and the cover of "the economist," i think we have both feature elon musk. >> look, he dreams. he dreams big. and it turns out that some of them pay off and some people want the next one. best performing stock in the s&p. a stock that you constantly say is overvalued, constantly. pal plan ter. >> i never say that at all. >> it's a device. let me have this device. you know -- ever -- were you in a play? oh, my god. did you ever go out in high school >> yes. and. >> oliver in sixth grade. >> i was in rooney, let me tell you, listen to me, okay. >> one other play. >> go ahead. of course. >> you have stocks like that.

you have stocks. and you say, i'm -- i'm going to be in one. i want to own the next one. and it turns out that there is a next one. >> that could be a very bad strategy, jim. >> well, you -- another thing that's happened is that there's a dichotomy of portfolios. they want to be in these s&p portfolios because they're told you're a knucklehead if you're not but want to make money beyond that, and i think that's fine. and i'm not going to say they're wrong. that's my point, david. i'm not going to say they're wrong. >> i do this all the time to you, but you wrote a book "get rich carefully" and in the book you always say 20% gains don't be afraid of ringing the register. we're looking at gains above that. >> you want to take some off. >> say the exact opposite. >> i'm not -- i'm mercurial but not that arbitrarily. palantir is a great example. the average person says why isn't it at 120. that's what the person says.

i am not going to go against our viewers and say when i say it's absurd it's a 61 and they say why is it? >> what's going to change this urrent emotional period, so to speak? >> what's going to change it? >> yeah. >> if rates go up dramatically. i think it changes. but they have to go up dramatically. >> dramatically from here. >> but i think something new has happened. i think that the people like -- alex karp has figured out a way to get a new shareholder base. it's the base that just says, i am the man. i'm part of the man. >> diamond hands. >> diamond hands. >> how is this not very similar to that period of time as well. >> okay. let's say you had that skeptical attitude to quote will frost at 20. at 30. at 40. at 50. at 60. at 70. at 80. it's at 60. >> i know. >> it's more expensive at 90. alex karp will tell you my stock

is worth 1,000. a guy named ron, a serious professional, and he will use any price target he wants. >> i know. >> anyone he wants. >> david could counter with amc at 390 now at 5. >> well, you have to get out when the gettin' was good there. >> there you go. get out when the get was good and that's where all this was going. at some point the story will change. >> adam aron came on in the '50s, and i'm selling. that's called a wake-up call. aim legs carp is probably buying. >> didn't he buy a gold mine. >> he did. >> i don't know. let me get alex karp on the phone. >> we'll talk box office ahead of a busy weekend for the movie business and the latest on the trump transition and the search for a treasury secretary. so many names to get to including retail, gap, ross stores, intuit and tapestry in a minute. ant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space?

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according to the journal the president-elect has floated the idea of choosing kevin warsh to serve as treasury secretary with the understanding he could be nominated to lead the fed a key issue for trump's pick is enacting his tariff policy but citadel's ken griffin offered a stark warning of those policies at the economic club of new york. >> i am gravely concerned that the rise of tariffs puts us on a slippery slope towards cronyism capital. we know this from the history of economics those same companies that enjoy that momentary sugar rush of having their competitors removed from the battlefield soon become complacent. soon take for granted their newfound economic superiority and become less competitive on both the world stage and less competitive at meeting the needs

of the american consumer. >> by the way he said an activist ftc and doj have taken a bite out of u.s. competitiveness. >> they really have. look, the history is clear the smooth hawley tariff was -- came at the same time it was precipitated to the great dre pressing and we know that tariffs are historically bad in terms of for world commerce. i do think that i have been a fair trader for many years, not a free trader, because free trade didn't work for us, so i'm not against tariffs depending on whether you're trying to dump steel and wreck our steel industry. look what's been done. chinese bringing electric cars. i don't want them coming in. i want our own electric cars. we want to preserve some industries. >> an interesting point the one made more often is it will be inflationary, the tariffs. >> very much. >> i thought it was interesting that griffen went to corny capitalism and the idea that you will make a lot of our companies less competitive because they

will simply come to rely on the fact that everything else is being kept out of our market. >> banana republic. >> right. and -- >> that's what happens. >> ken griffin is right. definitely right. it was an interesting take. by the way when then it comes to treasury roger altman on "squawk box" did a good job of outlining the challenges that will face whoever it is that takes over the treasury job given tariffs, tax policy, that conceivably will grow the deficit, and not to mention a deportation policy which we still don't really know any details on in terms of how many people conceivably will be sent off our shores. warsh, i think there's close to drunkenmiller. >> very close. >> and drunkenmiller has warned about the deficit for a long time. >> i think -- >> am i not incorrect? >> they're floating warsh was

one of the most responsible things a mercurial president-elect has been doing. i thought that was part of the rally this week, wow, kevin warsh, familiar with his work when i worked with larry kudlow. outstanding economist. i don't happen to be on his page all the time but he understand better than -- i'm sure ken griffin would say warsh is a hitter. very good. the other people -- look, you know the -- >> i know marc rowan. >> marc rowan very serious guy. >> very serious. >> i felt very -- i felt appeased and very good about treasury. i also because i favor amazon and google, and what they've done, i like this new attorney general. >> pam bondi from florida. >> she represented -- worked at a friend that represented google and amazon. can't beat that. >> but -- >> what's funny? >> no. i didn't know that. how do you like that? >> i mean her, one of her underlings, if he stays,

jonathan kanter, attorney general for antitrust, it will be interesting, might say listen, this is something that i want to reconsider. however, i would come on and also add that jonathan kanter worked at paul weiss representing google. >> that's not necessarily a sign of anything. >> i mean it's understandable. >> picked to run ftc and enforcement at doj, antitrust enforcement an important one. spent a lot of times these last four years talking about lina khan and jonathan kanter. >> she was a lobbyist. >> there is euphoria in the market that thinks there will be a wave of m&a. a possibility. >> i believe that. >> let's see who is appointed to those jobs because, you know, there is a populous element to the incoming administration. >> there is. >> embodied to a certain extent by vice president vance. >> google is not going down. 2027 time frame before they get in front of the supreme court. >> yeah. yesterday was a -- >> 2027 time frame.

>> goldman reiterates a buy on alphabet and talk about that and the transition, as it applies to bitcoin trying to knock on the door of 100 k and cramer's mad dash and the opening bell in just a minute.

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last mad dash of the week, of course, as we count you down to the final opening bell of the trading week as well. pepsi -- >> david, i don't know how much humus -- i mispronounce it because i'm from philly -- i don't know how much you have in your refrigerator. >> i don't have any right now, but i enjoy a little humus. >> do you like sabra. >> i have found that and other brands that we are available to avail ourselves on a local basis. we have favorites. >> play along. >> sorry. >> well pepsico, owned half of

sabr and for $500 million to the other half. pepsico has been doing much to make its product lineup healthier. taken a lot of salt out, go more natural colors, and just as rfk jr. is going after froot loops i think ramon is positioning his portfolio to say look we are doing what we can. they added chips for people who think there's not a lot of value. they're fighting shrinkflation. i think he's being forward. this acquisition shows me not everybody is going in the wrong direction. so i just so i just applaud this acquisition. >> it's a very small acquisition for a company of this size. >> they can blow it out. but i guess more of a metaphorical issue. i think they're doing what they can and that's very smart. >> the stock has not been a

participant in this rally. >> i told raymone, your stock, the stock is hard to own because every day you get up and there's someone -- you have an rfk and maybe decides he steps on the bag of frito-lays and says this is what's happening. stock goes down. different government. different government. [ bell ringing ] >> more theatrical. more roger ails-like. >> the opening bell in the realtime exchange. brazilian conglomerate rate tha group. at the nasdaq thumb's up media that lets businesses and brands pay through venmo on social media. >> that's exactly -- that's the new america. there you go. there's the company, david. that's jpmorgan five years from now. >> is it really? >> exactly. look we have a lot of different things that are working that maybe people don't think should

work and i think a lot of it, like i like the shorts that happen between 3:00 and 4:00 a.m. if you're shorting affirm and max does a monster good quarter and makes -- announces new amazon and much lower default rates than the average bank you're shorting the wrong stock. therefore affirm doubles. that's what i'm saying. you have a short base that's wrong. i don't know, redeveloped the short base. you have a good quarter. kind of reverse charismatic guy that makes you feel like a knucklehead and turns out he's kind of nice and next thing you know you have a stock that doubles and that's the market we have. is it expensive at 33? i don't know if it follows the nvidia formula maybe selling at 20 times earnings. >> our viewers did see the left part of that chart which took you back to the last time or not -- i'm not saying this is akin to that, but where there was a great deal of speculation, 21, 22, you remember that

period. >> people lost a lot of money. >> yes. >> it could happen again. it's not happening yet. how about that. if you want to tell people to take your basis out that's what i'll do. look at sofi. in may of last year we had sofi on when out at the ritz-carlton in santa barbara. the stock at 6. i said to anthony noto, i need you to tell me is your company a joke? what the hell are you doing? that was kind of the thesis. >> yeah. >> he said my company is not a joke but we're going to do this, and this. he did every one of them and you caught more than a double pu listened to anthony noto a very big guy at goldman who was an army ranger, terrific in turning twitter. >> cfo of the nfl. >> we followed him since his days as a tech analyst during the dotcom boom, internet. >> if you suspended your boom and listened toantry in and bought the stock you got a double. >> back to new highs at 26?

>> no. because that was when it was over enthusiastic. not back to new lows at 5. i think that stock went to 20 i would tell people, guys you have to take something off the table. i can't yet because it's got a word that is -- that david is going to criticize me for, it says be careful. david, it has -- >> momentum. >> uh-huh. >> that's what you seem to be discussing this morning really. you're just talking about not getting in the way. >> i think warner brothers discovery has momentum. >> not this morn. not this morning. >> evening. >> but you're right. you know, as we talk about the spinoff of our own company along with any number of other cable networks from comcast, comcast stock has reacted a bit to that. but the big winner lately has been good old warner brothers discovery. >> right. >> which take a look -- there's comcast our parent company, take

a look at one month on wbd because it's up from the mid 7s. look at that. >> look at that. >> 36% move. >> you bought that stock you're happy and now going to find the next warner brothers discovery. this is money. you cash that out and get ten bucks. not like you only get seven. what? >> there's a couple of things here i would note. one is, that -- i mean there is -- i talk to john malone a few weeks back. i want to share as much his thoughts about it because he still owns 18 plus million shares of this company. but frankly, he's eclipsed by a guy i mentioned earlier by jericho, a hedge fund that's been focused on tnt for many years, had an incredible year because of the ownership of applovin, last showed jericho owning 22.4 million shares, maybe they've been buying more. you know, what is the reasoning behind it?

i will go to malone and you can at least hear -- i got something from our interview a few weeks back on sort of netflix and warner brothers discovery and what he hopes will happen. take a listen. >> the number one attribute i thought discovery brought to the table was international presence. discovery had worked very hard to develop relationships internationally pretty much every country on the planet in local language with local content, with local sports, on multiple channels and if you were going to introduce new programming, entertainment programming, the warner brothers guys historically had licensed their programming to anybody who wanted to buy it internationally. so warner brothers had no real opportunity to launch an

international service because all their -- all their content, all their important content, is tied up and was tied up for years in advance. >> so, you know, certainly he sees an opportunity for international. the -- what i wanted to actually show you guys as well was, ebitda netflix and ebitda of warner brothers discovery, very similar. revenues very similar. and yet, obviously, you've got one that's valued at 12 times the other and malone's point sometimes -- >> $70 billion -- >> sometimes you need to be patient and if you can stabilize the revenue stream you don't have to grow it, just stabilize it, things are looking different. >> max international, look i'm totally -- you taught me to study malone and malone is right. if zaslav were to blow out international the stock deserves to be higher. >> maybe not but he has not been right. as i said during our interview -- >> true. >> a disaster. >> well if you bought sofi at 24

you're wrong, bought at 6 you were right. this company, this internet, you blow out max add a couple channels to it do sports, holy cow. >> anyway -- >> no debt comes due until '27. >> very nice move heading into the end of the year after being down as much as 30 or 40%. >> what's interesting about if you chart wbd against the ten-year it's been able to look past the little pop-up in rates because of the prospect of better m&a. >> and a lot of -- this thing could be self-fulfilling if the stock goes up, a virtuous circle. >> good point as well. >> people start thinking it's not going to go under, maybe it's real, offer programming, maybe part of it, and it becomes the ticket. >> yeah. on m&a front, jim, love to run -- honeywell, they're selling their personal protective equipment unit. >> that was announced. >> that's not what elliott is looking for. >> no. >> let's not forget, by the way,

largest activist position of all time last week's news, over $5 billion. >> that's why we have it for the travel trust. last two quarters -- >> they want them to pursue a truce split. >> look at rtx and wealth created and it's similar, and i understand that kapore just started and argue give him more time but elliott is not going to give him more time. elliott on the move. >> between starbucks, southwest and this. pots boiling. >> they have been active. >> as always rigorous, when you sit down and what they have to say about honeywell makes sense. >> texas instruments another one. >> very busy this year. >> take a look at what happened to salesforce when mark invited these people in. happy birthday to lynne benioff, 50. >> crm best dow name over three months. >> this is a person, this

company was -- gave a shout out to jensen, shouted them out on his call saying they've got the right kind of agent and -- >> you're a believer in agent force. >> absolutely. i'm going to give you a word i think is going to sum up what you need to be thinking about and get involved, agentick. >> you used that yesterday. >> i know. people just catching all. >> agent right in the enterprise. >> salesforce about trying to -- when you see the ads, i'm told woody harrelson, from first season, that was a first season. true detective, that one you mean, going to be together? >> you know, i'm hearing. i'm hearing. i'm hearing that could happen. >> okay. >> might be being filmed right now. >> or be a humanoid replica of woody harrelson. >> no. i'm thinking woody harrelson

might be -- i don't know. i don't want to put that out. that's speculation like kevin warsh. same kind of thing. look at that stock. that was marc benioff, remember what i told you about the activist, please stop calling me, mark, as opposed to he never returns my call. would you please stop calling me. i get a call from you every day. dan senor, i think one of the -- he's fun -- >> at elliott. >> yeah. like he was -- >> well -- >> marc sending emojis in the middle of the night. >> went on the board. obviously, jeff smith kind of started it all off. >> he was a little blown away by marc's embrace. >> worked out well. >> yeah. >> but that's what you have to do. when elliott knocks -- >> what do you make of benioff coming after microsoft, and its copilot. >> like last night. >> every day. >> not almost every day. >> satya nadella was on with jon fortt defending copilot and what

it can do for people in the enterprise and the efeshsys that it can introduce. >> i told marc that the great thing about microsoft is they pivot. it could get better. i don't want to go against microsoft. they have a lot of smart people there. it could get better. right now it does not seem to be attracting a lot of -- it seems very hot -- came out hot. >> yep. >> and now it's not hot. that's true. but then it's going to be repurposed. >> it is the laggard this year of the big seven, right. >> and the ai piece hate been a -- has turn out to be a bust. i thought it was a christmas gift. what we hear from best buy, jpmorgan reiterates best buy will have a bad quarter but people will like it. that's a bad chart. >> low 400s since july. >> it really -- yeah. >> i'm going to give you for the ages chart and you'll never

forget it. sest to remember in the world. i want the chart put up. it defines this moment. company called dave. >> dave. >> digital banking system company. >> -a-v-d-a-v-e? >> banking applications like bill products for applovin. applovin for banks. dave. so when you go home, i want you to be thinking i want to find the next dave. >> oh, my. >> you really did that. you went there? >> i didn't give dave and buster. >> no. stock is up 1400%. >> right. that's what i want you to understand. people looking for the next dave. who is going to fault them? i happen to have dave right here. >> got here always. >> i don't like dave, but that's okay. >> i'm looking for ross. and i found it. ross stores. >> yep. >> what? >> nothing. well done. >> thank you very much. >> you're welcome. >> don rickles one of my favorite the, as he should be.

>> i thought dangerfield was good. >> come back to the biggest companies. alphabet shares are down again. >> that's people -- >> i don't know if it's the antitrust case or this story that has -- >> drop it -- >> openai trying to introduce a browser and just continue to come with features that could threaten google's monopoly and search. >> journalists trying to knock the stock down. trying to -- oh, it's the information. remember, they wrote the story. >> they have a lot of very good journalists there. i don't understand what your issues are. >> i don't care. they did a story about -- about -- about -- blackwell running hot. >> i know. you have taken personal offense to this story. >> yes, i did. because that story was a lie. >> i don't know about that. and they do good work there. i'll defend them a bitp i could care less but i'm saying. >> dave, ross, the work was bad

on that. maybe they did do good work on that. it got people out of the stock. i say own it, don't trade it. i knew he was going to do that. my cuff links are nvidia. >> oh, your dog. >> yeah. >> my dog nvidia, answered to nipds as long as you had a t-bone steak in your hands. >> what was the dog's actual name? >> everest. >> i told you. i do think that that story about run hot was a shame and michael dell would have told you it was wrong and so would -- i didn't talk to superior micro, that's a problematic situation, you can't refute a story a few days before your report. >> what was the information supposed to do wait until earnings and publish? >> it wasn't true. >> this is what the company says? >> yes. >>s i worked hard to try to find who -- why it was late because

of heat when it wasn't late, and it wasn't heat. >> it was all made up -- >> i'm not going to necessarily believe that. >> i ran the street.com i would put out a piece saying you know what i didn't get this one right and that would make me a more credible organization. that's what credible organizations -- >> reddit shares are down only about 7%. newhouse family selling stock, perhaps as much as 7.8 million shares offered. >> a chance to get in to a company that -- buy that stock. okay. buy that stock. this is one of the great stories. it hasn't had a break since the last quarter. steve huffman is a fantastic exec. i got to tell you, you have to train your model using reddit. >> right. >> it's fantastic. >> used by many of the large models. >> meta. >> they use it to train. >> it's fantastic. >> real world interactions with people. >> reddit part and parcel what i

was talking about, the palantir situation. >> a new kind of trader investor. >> yeah. >> they also -- they'll say listen did you buy bitcoin? i mean you think you're so hot with your shooting me down. did you buy bitcoin? alex karp, bitcoin, reddit. these are all part of the same piece, suspend your judgment and buy nvidia 50 times earnings and apparently bought it at 20, reddit, pushing reddit when it came public. i spent a lot of time with huffman. >> is your next book called "suspend your judgment by jim cramer". >> buy anything at any price it doesn't matter. >> no. >> you want to rerate everything. the stock market should be rerated because of what one company is doing. >> if you read the conference call, third one in a row, read the conference call, nvidia was

a $500 billion company 18 months ago. and it's a $3.5 trillion. >> that captures people's imagination. >> yes. >> i'm saying it's not 2,000. the companies are like rocket lab has actual revenues. it makes -- i'm just saying that you must -- nvidia is down. oh, no. i've heard people say oh, my god, nvidia, you got me at nvidia thanks for nothing. i'm just saying, suspend your judgment was incorrect. what i mean to say rocket lab, when you look at it, turns out to have real revenues and a nice revenue ramp and good business model and visionary ceo. it's entirely possible that that could be a -- it could -- i don't want to say spacex. >> people don't want a repeat of was to. >> they don't want a repeat of those names like affirm coming out of '21 into '22 and '23 and hat a very different market

then. >> but he -- >> they don't want that either. >> he's real. there's an 8% short position on affirm. >> you can be real but also realistic. >> making mun money. the credit rating is better than banks. i'm in the fighting affirm. i'm not fighting it. one day i will fight it. i don't need to fight it yet. >> the street is in your corner today. dow is up almost 300. >> who is shorting it? when i was -- at 3:00 a.m., you saw my post >> i did. >> first one i saw. >> 3:20 a.m. who is shorting this? what kind of knucklehead maybe because it's raining that's why they're shorting it. >> the macro not as constructive in europe and now our turn. rick santelli, good morning, rick. data matters, 9:45, look at stocks move higher, rates higher because s&p global pmis are moving higher. we look at manufacturing, still under 50. the fifth consecutive month under 50. at 48.8 it's sequentially higher

and actually the best since july of this year. now let's get to the meat here. services, zoom zoom zoming up to 57. it's a 22nd consecutive reading above 50 and this one is the best since march of '22. if we look at the composite, obviously, affecting the positive way by the strong services side, it's at 55.3. that is the best read since april of '22 and also the 22nd consecutive reading above 50. we see interest rates moving up. if you look at a two-year right now at 4.35, it's unchanged on the day and it's up 4 on the week. if we look at 10s at 4.41, it's minus 1 on the day and minus 3 on the week and it's the ninth consecutive session that 4.41 has been in the range. one other thing, bund yields about ready to close at a one

month low yield. 11 basis points range, german gdp. "squawk on the street" will return after a short break. hi, i'm damian clark. i'm here to help you understand how to get the most from medicare. if you're eligible for medicare, it's a good idea to have original medicare. it gives you coverage for doctor office visits and hospital stays. but if you want even more benefits, you can choose a medicare advantage plan like the ones offered at humana. our plans combine original medicare with extra benefits in a single, convenient plan with $0 or low monthly plan premiums. these plans could even

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s what a week it's been. week-to-date gainers. you'll see software. we mentioned smci on the heels of the auditor and plans to avoid delisting. up 82% on the week. 5960 s&p as we got genre arrows on every sector. stop trading with jim is coming up next. calling each other rock stars. and using workday to put finance and h.r. on one platform. tim, you are a rock star. using responsible ai doesn't make you a rock star. it kinda does. you are not rock stars.

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night and that stock looks like it's expensive but long-term chart it came public at a high price and it's come back. i don't want to fight. >> had him on your show last night. >> he's a terrific one. that was a good, fantastic term. congratulations. >> we have a sunday night game. stafford. going to be a very good game, very competitive. >> hope devonta plays. >> missed two practices. i want everyone to watch, nbc, great coverage. >> we'll see you tonight. "mad money," 6:00 p.m. eastern. nice gains for a fdariy. dow up 315. don't go anywhere. if we focus on the mortgage market and follow the life of a loan from origination right through its pricing in the capital markets, our data science capabilities can provide a deep level of insight. at ice we have extensive data sets, especially around three pillars. the property, the mortgage and mortgage performance. this trifecta of data and its history

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[ screeching ] [ chuckling ] is a bit of a data scien[ vocalizing ]ail. that's a choice. [ vocalizing ] think of what we could do together. good friday morning. welcome to another hour of "squawk on the street." i'm carl quintanilla with sara eisen is on assignment.

best day for the dow since november 6th. up almost 300 points. 5966 s&p. the best pmis since 2022 has lifted the front evidence of the curve although the 10-year remains suppressed. >> 30 minutes into the trading session here are three movers that we're watching. shares of gap soaring the retailer raising its sales outlook after reporting market share growth in the third quarter. the stock had a volatile ride this year and a turnaround story shares up right now. shares of intuit are falling after its earnings guidance came in below street estimates delaying promotions for its desktop version of turbo tax and we are continuing to keep a close eye on the crypto trade. bitcoin hitting new all-time highs again, hitting $98,525. we are getting so much closer to $100,000 milestone. lot of chatter overbought here. more on this straight ahead in

the show. >> let's get umich with rick santelli. hey, rick. >> yes. there's more data hire, carl. we look at university of michigan, these are november finals. we take the mid-month reads and toss them. 73.0 the mid-month read that becomes 71.8. that gets downgraded a bit. look at current conditions, that gets downgraded to 63.9 from 64.4. and if we continue to look at the downgrades university of michigan expectations what lies ahead 78.5. the inflation data the one-year remains 2.6%, made progress, when released mid month the lowest month over month one-year inflation back to december of 2020 when it was at 2.5. but the five to ten-year

inflation is sticky and moves from 3.1 to 3.2. 3.2 equals where we were in november of last year. to find a higher number get this, you have to go all the way back to june of '8 when 3.4. that's most likely going to keep some of those lighter, full month reads on the sentiment under wraps a bit and in the long end you got it right, carl, squeamish here at 4.40 down 4 on the week, the 2s at 4.35 are up 4 on the week. 2s to 10s moving 8 basis points on the week. back to you, david. >> all right. rick, thank you. rick santelli. it has been a volatile week for the mag seven names. a winning week for stocks. mike santoli, of course, tracking all of the action. let's get over to him now as he wrap up this week. >> david, i mean look the mag seven first of all a lot of differentiation among those

stocks, alphabet lowest ever relative valuation and then tesla getting a jolt from the election sentiment and all the rest. they've done what they're supposed to do in terms of delivering results and operating cash flows and everything else. the issue is we had this telegraphed that earnings growth is less scarce, not as concentrated in the stocks and broadening out and therefore the market performance has been broadening out. if you look since the low from early august after we had that little pullback, the average stock in the s&p 500 or the median stock has doubled the performance of the mag seven. so clearly this is what people had wanted to see. you are seeing a little bit more of an all inclusive market. this week somewhat mirrored that although i have to say, even outside the s&p 500 as we've discussed a lot of the sort of high energy moves are in even less -- more speculative stuff and less about today.

>> we spent a lot of time talking about that with jim at the top of the last hour as you put it, the high energy moves in more speculative names. i don't know if there's anything history can show us or what you think is causing it, but i'm curious to hear your thoughts. >> i mean, clearly there is this sort of hot money flow that is mostly concentrated in crypto. i think the bitcoin move is essentially the beacon of all of this creating the sense of just open-ended upside. there was definitely after the election a massive short squeeze, one of the best performing factors yesterday was heavily shorted, telecom medium and technology stocks and you have the offsides positioning and then just really active retail flows. you look at some of the double or triple leverage long etfs and they're surging in assets relative to the other. so everyone knows the year-end rally, the backdrop favorable

and the play money in working in the market. the big cap indexes having these constructive and orderly uptrends and not really giving in to that kind of frothy action. >> yolo, the word you've used. >> that's right. >> today. >> i belatedly have adopted that acronym. >> we'll see you next hour. mike santoli. thank you. >> let's dig into the broader markets with a second trump administration. how should investors best position trades with an ai and tech. our next guest examines positions in nvidia and tesla. ben snyder goldman sachs u.s. equity strategist joins us on set. welcome. >> good to be with why you. >> yolo, a yolo, fomo, frothy market to you or is this exactly what you expect given seasonality and the fact we got through a presidential election, red wave and earnings continuing to power higher. >> before the election the

outlook looked solid. 11% next year. the fed in the progress of a cutting cycle. that's a good backdrop. the question is how much has that changed post-election? if i look at what the market is telling us, it's incre mentally more confident in the growth outlook. >> what are you confident in and buying in this market right now? >> one thing we've been focusing on is the extremely elevated degree of concentration in the market and relatively elevated valuation multiples compared to history. if you pair that with a pretty good fundamental backdrop i was discussing, there should still be very attractive pockets of the equity market for investors to look at and for us, one interesting and overlooked pocket is mid cap equities. you have this big group of stocks they trade with very large market caps, high profitability and investors have overlooked them. the result they trade almost exactly in line with the historical valuation multiples. >> so in terms of the tech

trade, we got nvidia earnings this week, that was seen as kind of a key catalyst one way or the other for the broader markets didn't play out that way. even though it was a beat and raise quarter it wasn't as strong as investors were hoping and the street wases which -- whispering and we're poised for gains. what does that tell us about the concentration and rotation we're seeing? >> it's clear that the mag seven or the ai stocks whatever group you want to look at, the earnings growth es. it's clear the acceleration in that growth seems to be slowing and the beats we're seeing every quarter are getting a little bit smaller every quarter and investors are asking themselves what's the in -- next part of the ai trade. software. phase three of the ai trade. investors have been focused on semiconductors and then on the broader infrastructure what we call phase two including electrical utilities and now it's time to start looking at phase three which is mostly the

software companies that can use ai to generate revenues for themselves. >> although the move lately has been out of chips and into software so is that story well understood by the street? >> i think it's starting to be understood. this week we published our quarterly analysis of position filings in a hedge fund universe. almost 800 hedge funds. of course we saw something we see almost every quarter the mag seven are the most popular long positions. but what we also saw is on average, funds shifted a little bit away from those stocks and towards software and this you -- was really the first quarter. >> we think it's the beginning. >> we've been making jokes about the 12-month index projections around 6500 s&p. is that sort of a standard let's give it 10% because so much of policy right now is not clear? what's on the way. >> there's certainly a lot of policy uncertainty. we're trying to work with what we have and where we have clarity. as i mentioned one place we have clarity is the health of the

economy and earnings growth. even before the election forecasting about 11% earnings growth for next year. that corresponds at 10 or 11% return. >> the question then is what is a baseline china tariff? no one knows. some base cases are taking it to 60? >> our base case smaller than 60, assuming a 20% tariff. expecting modest tax cuts, deregulation. when we put that together it nets out to not a major change for earnings but, of course, we'll be watching the headlines like everyone else. >> mid caps and small caps have benefitted as a result of the belief there's going to be a lower tax rate domestically. can that play out? >> mid caps benefit from strong earnings growth, insulated from tariffs because they tend to be more domestic facing and exposed to the u.s. economy. deregulation, tax cuts, they should outperform. we have to see what policies are implemented in late january. >> lot of wait and see at this

point. >> i think that's right. >> a note from you guys in the last few weeks was the longer term look at maybe suppressed returns over a decade relative to prior decades because of that concentration and kostin talked about that. has that view evolved in recent weeks at all? >> looking out at ten years plus shouldn't change very much week to week, hasn't changed week to week for us. we're trying to think about the world in two rides. what does growth look like, policy look like, mean for investors in 2025? when i look out ten years it's hard to know what the next administration will be. we're really thinking more about where valuations today, where is concentration today and it's hard to argue with the fact that those are high compared to history >> how do you game out the trajectory of rate cuts from the fed. quite a bit of fed speak this week. officials are tilting a little more hawkish or cautious looking to 2025. we've seen the backup in yields in the two-year. what does that do to the equity

picture especially if you continue to see that move higher? >> when it comes to equities rates are important, but i think it's important to differentiate two questions. first, why are rates moving? if it turns out yields are moving higher or fed cutting less because the economy is very healthy that's a fine backdrop for stocks. if it turns out it's because of concerns about the deficit or concerns about inflation, that's a different story but right now that doesn't seem to be the case. seems more that the economy is running at a healthy rate and how much does the fed need to cut against that backdrop? >> we'll find out. ben snyder, thanks for joining us. >> as we head to break, here's our road map for the hour. the latest on president-elect possible treasury pick. we'll head live to west palm beach. >> bitcoin hits new all-time highs and crypto related names continue to be on the move. we're going to be continuing to trap all of that action. >> shaping up to be a big weekend for the box office with the release of "wicked" and "gladiator 2."

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♪ ♪ ♪ something has changed within me ♪ ♪ it's time to try defying gravity ♪ ♪ ♪ welcome back to "squawk on the street." the president-elect naming more picks to his top team. we're waiting on treasury. meghan is in west palm beach with the latest this hour. hey, meghan. >> carl, that's right. a lot of moving pieces down here. at least one new name becoming

official overnight trump announcing he would tap pam bondi the former attorney general of florida to be his next pick to lead the justice department. bondi is about as loyal as they come in trump world. she was part of his impeachment defense in 2020 and then later that year part of the team that tried to overturn those election results. it goes back further than that. as florida's attorney general back in 2013, she declined to take on a case involving trump university. her office received about two dozen complaints about it. aides said she was considering it and then took in about $25,000 campaign donation from trump and then decided not to join the case. now both sides deny any quid pro quo but shows you how far back their relationship goes and we'll see if any of that comes up in her confirmation process. her nomination coming out a few hours after matt gaetz, trump's first pick for attorney general, withdrew his name from consideration. gaetz was always likely to have trouble getting confirmed by the senate and after spending the day meeting with senators his nomination appeared to be proving a distraction and that

there was no time in this transition for what he called a needlessly protracted washington scuffle. so, guys, gaetz out, bondi in, and amidst all of that we wait for a treasury secretary. we also continue to think that the short list we've been talking about all week remains the short list of contenders trump is considering but know he was meant to have wrapped up interviews with those four on wednesday and thought the pick was imminent yesterday. the longer that time goes on the more speculation we keep hearing that trump may not be satisfied with any of those picks and the search might have to broaden even further. guys? >> as we discussed yesterday, the other good story right now d.o.g.e. we've had the op-ed by ramaswamy and musk now these d.o.g.e. casts where they're going talk about it on youtube and marjorie taylor greene cooperating with house oversight. what do we know about that. >> absolutely. i think one point to make a note of on that committee it's part of house oversight not part of house appropriations which, of

course, controls more of the funding. i think that's one sign that folks i was talking to including emily wilkins who pointed out that shows it might be more for show than meant to have real authority. the oversight committee can of course call people to the hill and talk to them about it. what we know is that this is going to be a big fight and in that op-ed, i thought it was interesting how they said that the law was on their side and they also believed that the supreme court was on their side in all of this. while some would say they wouldn't have the authority to do anything they might have to take this to the courts and they think they'll win. something to watch. >> meghan, thank you. keep an eye out for anybody going in and out of mar-a-lago potentially going to be the next treasury secretary. >> you bet. >> down there in. stock market up about 3% since the election confidence surging beyond stocks. senior economics reporter steve liesman is here and has more on what that means. steve? >> hey, david. yeah, several recent regional fed surveys registering a surge

in economic optimism that shows post-election enthusiasm among businesses is not limited just to wall street but it also comes with a rise in the gauge of policy uncertainty that could limit how much real economic gains come from that optimism. the philly fed manufacturing survey outlook, six months down the road for business conditions, rising 20 points to 56.6. that's the highest level since 2021 while the assessment of current conditions remains depressed. kansas city fed six month outlook jumping four points to its highest level since january. the new york fed empire state survey, 43 point surge in the current conditions. that's the biggest gain s since the pandemic. the gains can be linked to increases in new orders for capital goods, not one for one but a good match there proxy for business investment. it has been lackluster the past

several years might be set for an upturn here. the regional fed surveys conducted largely after the election. and suggests the optimism over tax cuts and dae regulation that gripped wall street capturing the imagination of leaders in the manufacturing sector. it could also coinside with a bottoming of the manufacturing sector as well. but rise in economic policy uncertainty could limit the real economic effects. a measure of the uncertainty from the universities of san francisco and chicago traun from newspaper articles shows an increase linked to the unknowns of the trump administration's tariff policies with the lack of charity on taxes and deficits. the gains in optimism they highlight a challenge for the trump administration which has generated hope among investors and business leaders, also has to deliver, though, on the hopes it was low income and working-class americans who shifted towards republicans and ultimately won president-elect

trump the election. >> the part of the economy that has been basically in recession, could be bottoming or turning. what do we need to be watching closely to see that that's actually being realized? >> i think the order -- good question, by the way. the orders for capital investment are one thing to watch as well. these surveys, you know, i think what we find when we look at this, post-election surge, are going to have a partisan aspect to them so you want to be a little careful to see that the surge in optimism remains and watch the actual policies that come and watch that uncertainty because on the one hand you could y hey, good stuff is coming and a good time to make an investment but if you don't know when it's coming, how it's coming, that's going to limit the kind of calculations for these big investments that are going to kind of move the needle. also a big surge into the tech investment and the question is whether or not some of the more sort of old line investment ideas if they start to get some

traction there. >> all right. this is great insights as always, steve. we've got martin marietta on "closing bell: overtime." indicator of some of this industrial activity and these projects coming to fruition. we have to ask him these quest. questions. >> still to come tracking bitcoin up 40% in the month of 'lta aloerlo. wel ke cser look that's next. sors move forward by building agile etfs designed to outperform the index. that's the power of curiosity. better questions can lead to better solutions. t. rowe price. invest with confidence. humana medicare advantage plans. carry this card and you could have the power to unlock benefits beyond original medicare. these are convenient plans that offer all of the benefits of original medicare, plus extra coverage and benefits. with a humana medicare advantage plan, you could get doctor, hospital and prescription

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♪ the thesis of the shorts is, if the premium and the equity disappears we can't make money. what they miss is when we actually borrow money at 6% and invest it in bitcoin and bitcoin goes up 30%, and by the way bitcoin is going up 60%, we're getting a 90% spread, but it would be 80% btc spread, which means that $3 billion fixed income raise and preferreds or

bonds generates the same $125 a share and $30 billion over ten years. >> that was micro strategy's michael saylor responding to citron's short position in the company. the stock rebounding. it did drop 16% yesterday. it has been on an amazing tear all year and certainly since the election. and behind bitcoin's surge as well hitting all-time highs. moved up a lot more, in fact, than bitcoin has during that period. dominic chu back at hq. there's been so many moves in crypto and crypto related names. >> it's crazy how volatile things have been so far. to kind of emphasize your point about micro strategy, the roller coaster ride has been mostly to the upside over the course of just the last few weeks here. especially since the election. over the last year, 722% gain, but for the better part of the year you can see it was kind of moving between a channel here

but micro strategy leveraged to the bitcoin trade. as you have been pointing out the record highs. it's at 98,480. the high watermark we did hit was around 99,525 earlier today. we were less than $500 away from hitting that six figure mark the 100,000 move here. by the way from a market cap perspective you were talking about a $730 billion market cap a year ago an that market cap according to taut from coin market stands at $1.95 trillion everyall. bitcoin prices nearly $2 trillion. since the election is when we've seen most of the action so far. look at the names within the bitcoin ecosystem, levered to it, like coinbase, robinhood, riot platforms, all since the election up between 20 to 55%. point has been the real

outperformer there. as the adoption picks up and chatter about deregulation and crypto currencies and more further regulation of certain aspects of it, keep an eye on those names, carl. back over to you. >> thank you very much. dominic chu. getting scotus decisions out of d.c. let's get to eamon javers. >> we have an interesting and unusual ruling from the supreme court in a case involving facebook and meta. the ruling a case involving facebook is now dismissed as improvidently granted. the supreme court saying we should never have taken this case in the first place. that means a lower court ruling will stand from the ninth circuit hear in this case and that would seem to be bad news for facebook. how bad? that's some nuance and up for interpretation. we're waiting for facebook to comment. they don't have a comment ready just yet. but this case was all about the

cambridge analytica scandal in the last decade and the question was whether or not facebook was fair to investors in its disclosures in sec filings about risk factors that it faced. if it knew that there was a certain risk that had already occurred and only disclosed that risk as a possible hypothetical when speaking to investors, but knowing that it was an actual real situation that had already happened, was that fair to investors? that case they're facing shareholder lawsuits around that. it went up to the supreme court and now back down again. the supreme court taking a pass here on making a decision, so facebook called the ninth circuit ruling extreme at the time that the ruling happened saying it opens up companies to sort of rearview mirror lawsuits saying they should have disclosed x and y risks which they should have known about the past. we'll see what facebook has to say about this decision from the supreme court here, but the supreme court taking a pass on a facebook case at the highest court. back to you.

>> what a week for social. this part, the bill in australia if passed would ban social media for kids under 16. you had adam from meta yesterday talk about threads trying to respond to bluesky emphasizing less on the algorithm and more on the actual people you follow. but on this one i wonder what you think some of the broader implications may be. >> well if you're an other company looking at this and you are filing reports with the sec the question is how much do you have to change what your filings say about known risk factors as you go forward and do you have to disclose things that you might not have disclosed in the past? i think a lot of lawyers will burn a lot of billable hours looking at this rulg from the ninth circuit to decide what it means for them in terms of anything they know about a negative factor that has impacted their company and whether they have to disclose that or not. i think there's going to be a lot of wiggle room here and room for interpretation but, you know, spinning forward, you look

at this incoming trump administration and what its policies will be toward big tech and you can imagine a world where things get different for washington in months and years to come. >> eamon javers, thank you. well, want to bring your attention to the latest space flight the ninth human space flight commercial human by blue origin with its orbital vehicle. countdown happening right now. and it's going to carry a six person crew just past the edge of space, past the carmen line. a 10 to 11 minute suborbital trip. they will see the curve tour of the earth. 28th launch of blue origins vehicle overall the ninth space tourism mission. so that is west texas on your screen. let's listen in to the countdown. >> five, four. command engine start. two. one. ignition.

liftoff. >> new shepard has cleared the tower and is heading to space. follow along with us on your screen. we have velocity picking up. >> six-person crew including emily known as the space gal, best-selling author, science communicator, hosted a number of shows. you also have some repeat blue origin customers which speaks to, perhaps, the appeal of traveling to the edge of space. and, of course, this is the latest mission as i just mentioned for jeff bezos blue origin which has other projects under way including its orbital semi reusable rocket new glen

which is still pushing towards possibly a lauchb, a first launch, before the end of this year and just earlier this week blue origin and spacex getting award new contracts by nasa for their lunar lander projects as well. keep an eye on that. this is a ten-minute flight past the edge of space and it's the latest in the commercial space evolution, this era we talk about. >> paying passengers on here. >>ing by a passengers. we don't know how much they are paying but they are paying. >> speaking of spacex after the heavy launch this week, comments about another 400 maybe launches in the next four years. we could get used to this stuff. >> we have ambitious comments from the president and coo of spacex, perhaps, unsurprisingly how elon musk's companies operate, put ambitious forecasts out there, maybe they hit them on time maybe they don't but at some point they typically do and i think that's the thing to watch when talking about

d.o.g.e. and policy implications and deficit implications. taking that approach, that lean and mean move fast approach, disruptive approach to government is going to be very interesting to watch. >> meanwhile, losing some of the opening gains. dow up 190. curb is higher across-the-board better than expected pmis and elevated number on he university of michigan five-year inflioatns up to 3.2. back in a moment. and, my favorite touch, it's the only site that always connects you to the listing agent. feels like a work of art! (marci) lovely. what about the app? (luke) uh-oh! look what i did. it's ringing. hello? hello? (marci) they can't hear you. (luke) hello? (marci) because you glued a frame over the microphone. (luke) i think i've glued the frame over the microphone. (vo) ding dong! homes-dot-com. we've done your home work.

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welcome back. silvana henao with your news update. a health alert for u.s. citizens traveling after a sixth person died from drinking tainted alcohol. u.s. officials have not confirmed his identify and not clear yet where the methanol laced drinks came from. local police say a number of

people have been detained in the case but no charges have been filed yet. the ex-girlfriend of former marvell actor jonathan majors dropped a civil lawsuit accusing him of assault and defamation. she filed the suit shortly after majors' conviction last december on two counts of misdemeanor assault for attacking her in the back seat of an suv. according to a court filing the civil suit was dismissed with prejudice. and former philadelphia eagles center jason kelce is taking his talents to late night tv. he will host a they call it late night with jason kelce on espn starting in january and the show which starts at 1:00 a.m. will be filmed in front of a live audience on friday nights in philadelphia. morgan? >> i'm sure there will be viewers for that. thank you. president-elect trump's pick for energy secretary chris wright has to make major moves

before joining the cabinet. pippa stevens joins us to explain. >> this is not the first time a president-elect has tapped an executive for a can be netanyahu position but it can be compli -- cabinet position but it can be difficult. to ease the blow of going from the public to private sector you're allowed to defer capital gains taxes. liberty energy ceo chris wright who is the nominee owns 2.2 million shares of the company world $39 million. once the u.s. office of government ethics decides what he needs to sell he will be issued a certificate of divestiture allowing him to roll the taxes and 90 days to sell the stock and 60 days to reinvest the proceeds if he wants to take advantage of the tax deferral. restrictions with three choices, blind trust, diversified mutual

funds or u.s. treasury ies. he will have to pay capital gains on that sell and the prior sell. he does own about $13.1 million worth of restricted and performance shares that have not vested which he will most likely have to forfeit. >> it's important to keep note of as we have an administration that's going to rely heavily on private sector. thank you very much, pippa stevens. >> rading down on similar dynamics with howard lutnick as well. >> apollo shares have rebounded as rowan's chances have seemed to decline perhaps. but i did note. if he were to leave there's a lot of stock he owns so that would be potentially market moving and not to mention he's led a revamp of their strategy. >> the other trump trades. >> exactly. >> we'll keep our eye. street wants the treasury name as soon as possible. still still to come a big weekend ahead for the movie

industry with "wicked" a nd "gladiator." we'll talk with the chief of imax in a moment. don't go away.

while the attention on chip stocks remains trained on nvidia one chart watcher checking out another megacap tech stock that reported earnings on the same day but isn't getting nearly the amount of attention it deserves and that might make it a nice edition to your buy list. tune in to our market navigator segment on "power lunch" to find out which one it is 2:00 p.m. eastern time.

shares of amazon up slightly. the company announcing it is investing another $4 billion in the ai start-up anthropic the company behind the chat bot founded by openai research executives or former executives of openai. the new funding brings the tech giant's total investment to $8 billion. though amazon is going to retain its position as a minority investor. let's get to kate rooney

with a news alert. >> hey, morgan. i got off the phone with dan gallagher the former sec commissioner. he is robinhood's chief legal officer right now, and he has been rumored as trump's pick for new sec chair. he spoke for the first time on the record about the rumors and he's not going to take that role. i have made it clear to the relevant people that i am not interested in being considered for the role. the way things are going at robinhood, robinhood enjoying good times and they've been through tough times but the company has been performing and analysts on wall street are seeing and giving it credit. the stock up ability 30% in the past month or so. says he could have more of an impact on financial markets within robinhood in some ways than if he went back to the sec. he would hope he would have a voice when it comes to the market structure issues through the administration. he was bullish on whoever the new chair is. gary gensler said he was going

to step down january 20th, widely regarded as an enemy of crypto. sued coinbase. robinhood shares up 30%. there has been a hope that there's a less hostile environment when it comes to the sec. might let them ship products faster. on the sec appointment jokes like having a friend who buys a boat. every name floated is someone he likes and respects and has worked with. it's going to be hard to go wrong with the names he has floated out there whether that's folks like paul yads adkins. back to you. >> he was very much -- this was newsy for folks tracking this in the crypto world because he was seen as the name being floated for sec. what is your sense of others that might be on the short list if he's removing himself from the situation. >> it was interesting, interviewed the ceo of

robinhood, and he described dan gallagher as the crypto king this week. there was hope he might be in that chair. the hope among the crypto crowd out there in terms of a new sec chair, even if it isn't who comes directly from that industry, boosts regulation, anybody but gary gensler would be seen as bullish and huge impact from some of the funding. as you look at gary gensler's social media he's getting slammed by the people who supported whether house members or donated to trump on being sort of single issue crypto vote percent percent -- voters. anyone else in the sec is seen as good news. >>. >> thanks for bringing us that breaking news. up next shaping up to be a big weekend at the box office. "wicked" and "gladiator 2." hoping to recapture the magic of barbenheimer. we'll speak with the ceo of imax to find out what he's expecting. stay with us. we build them.

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dad: hey boss. you okay? son: i said i'm fine. ♪ dad: you can talk to me. son: it's been really, really hard for me. with us want to clarify something on reddit citing the family that has 7.8 million shares selling the stock. the latest reports they're in

the selling, they will use the shares for a new credit facility that they will use to, obviously, take in some funds, abortion rights against but borrow against those shares. movement after an incredible run for reddit shares over the last few weeks. >> it's a big weekend ahead for the box office as "gladiator 2" and "wicked" hit theaters. the anticipated big box office weekend coined glshgs licked and imax plans to deliver in 2025. rich gelfond joins us on set to talk about what's in store for the weekend on a stock which we're looking has been crushing it so far this year. >> yeah. it's been a good time and i think there are two reasons. one, i think the narrative around theatrical in general has been better, premium has been better. there was -- everybody thought streaming was the answer to everything, right. you were going to lock yourself

in your house, chain yourself to the couch and what a shock. it didn't turn out that way. >> during covid when you were having to think about what happens if we don't exit this the a while, what other toys can we bring in safely. that's all a distant memory. >> yeah. actually that might have been a different guest. i was a believer in theatrical and covid you locked in your house, you're going to watch in your house. once you're allowed out again. that's not only proven true for movies, but you look at concerts, sporting events, races, people came out with a bang and, you know, this weekend is really we're going to see the culmination of that. >> what's on the line for the quarter mostly? we're trying to catch up here, right, on q4 box office overall? >> we are. the quarter didn't start that strong overall. but i think this weekend is going to be big, but what's more interesting to me is what comes.

there are numbers like $200 million domestic box office for this weekend, but i'll go out a him and say next weekend is going to be bigger. in addition to these two, "gladiator" and "wicked," next week "moana" one of disney's biggest movies of all time. all three of those on a global basis and i think a lot of records will be shattered. >> how does this position us for 2025? a lot of talk last year with the strikes an freeze on content being created you were going to see an elongated cycle. is the expectation that things that got delayed come to fruition next year? >> i think that's what's starting to happen even know. they probably wouldn't have planned three blockbusters of this type at the same time. usually they would have spread them out. for '25, you know, as carl alluded to, we guided to a much larger box office than this year

and that's because so many films that were in the cue, whether that's formula one or these three marvell movies or tom cruise's next movie "mission impossible 8" the new "superman" coming out, i can't remember all of them and at imax we have 14 movies we've filmed with imax cameras which is about double we've ever had in our history. i see this thanksgiving as kind of the on ramp for 2025 and i think one reason off the stocks and ours included have done well is people aren't only looking at the next few weekends. it's an insight into '25. '26 is even, you know, more crazy. at the end of '25 you have avatar which will play into '26. in '26 the avenger, chris nolan movie, "dune 3". >> "star wars." what kind of you can you forget

"star wars." >> i can't remember the last time we brought you on where your stock price was up 60 plus percent. how long have you been ceo of this company. >> >> 31 years. >> the best performance you've seen in the year of the stock. >> i don't know. >> you're at a five-year high. >> i remember years, back, we're the only ones still alive. >> 31 years is how long i've been here and how long you've been ceo. >> i would come on and you say it's a good story, but when is the stock going to move? >> true. >> i'm happy to be back today and say it's happening now. >> do you think you can sustain that given what you outlined in terms of the schedule for '25 and '26? >> i do. when you forget "star wars" or "avatar" it's really crazy. >> well, david did a great interview with ben affleck last week and part of the discussion about ai not infringing on the art, but maybe the process, the production. you can bang out another season

of a show or maybe another film. i wonder if you think the schedule can accelerate safely given costs? >> a related anecdote i was on the set of the new "star wars" mandalorian and thinking about how to use ai. they have a library of like ten films with outtakes and all of that data and if you put in the computer light saber, you know, you have so many looks of so many. so i do think especially for some of these franchises, that ai is going to make a big difference to them. >> i wonder it that means we're entering a sweet spot if the promise of ai is realized. james cameron came on as filming avatar and said the same thing and for these big budget blockbuster expected movies if you can do more with less as you drive sales at the box office and in the theater whether this is now going to be a golden age

in terms of profitability? >> i do think so. but i'll put an asterisk on it. every new innovation you think is going to save money will create more content and opportunities but hollywood always finds new ways to spend money. on the other one i'll leave that out there. >> like when you get a raise the life stays the same and you spend more. >> like the government. >> we can't wait for this weekend. good to see you. >> thank you. >> our live market coverage continues. vere weekend, everybody. answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare supplement should have". it's your free, just for calling the number on your screen. and when you call, a knowledgeable, licensed agent-producer can answer any questions you have and help you choose the plan that's right for you. the

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good friday morning, welcome to money movers here at post 9 of the new york stock exchange. u.s. stocks set to see one of the largest monthly inflowses on record. jp morgan will lay out its year end playbook this hour. and mortgage rates above 7%. we will check in with the ceo of red fin to see when buyers can expect release. and on pace for the best day since may, we will hear from the spending of the ceo and state of the consum