ask can ♪ ♪ it is 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." futures in the green. also, president-elect trump names his pick for treasury secretary, hedge fund manager scott bessent. a big week for retail. a new report out today on key holiday spending trends. plus, the ai revolution is next near. and the names that analyst dan ives says he should buy now. a big win for an another

wise stagnant sector. you are watching "worldwide exchange" right here on cnbc. good morning. thanks so much for being with us. i'm frank holland. let's get you ready for the trading day ahead with a check of u.s. stock futures. take a look, in the green across the board. the s&p up half a percent right now, 30 points. the dao up 300 points, highs of the section in the future, looks looking it will hop up more than half a percent higher. nasdaq up 24 points, up over half a percent in the premarket. all of the major averages gained 1.5% or more. the russell, that's the purple line, seeing big upside moves, 4.5%. the nasdaq is up 1.75%. the s&p up over 1.5% on last week. broad based gains for the dow in

the premarket today. looking at dow gainers this morning, well, some gainers in the dow. we will show them in a second. there they be. united health, right there top of the list. up almost 2%. followed by nike up 1.5%. walmart, salesforce, amazon, all firmly in the green in the premarket. those are the dow gainers. we want to check the bond market looking at yields. the bench march, 4.34. this is interesting. right now the yield on the ten-year is a few bases points below where it closed on the day before the election day. right now the two-year, 4.35. the long bond at 4.52. we had a look at bitcoin this morning. getting close to $100,000. it came within 150 on friday. bitcoin up, trading at 98,600, a few bucks over that. you can see over the last week up about 9% as well. that's the morning money setup. now we want to see how europe is shaping up as the trading day gets nder way.

our sylvia morrows in london with a look at the action. good morning. >> good morning, frank. well, we started the week on a positive note. we have the european benchmark in the green and the biggest across the continent trading high. this at a time when it is likely to be very important week in terms of monetary policy. we will get the latest cpi print later on this week at a time when we are seeing the aversions in terms of expectations for what the ecb is going to do in comparison with the fed. but let me tell you what is the biggest story out of european equities this morning. the announcement from unicredit, they have offered to buy italian rival banco bpm in an all-share lead. that's weighing on the shares this morning and sending small esh banks higher. let me show you the numbers. unicredit is down almost 4% at this stage. this because i have been told

there are some concerns about what the bank is going to do in terms of share buy backs going forward. however, banco bpm trading higher out of announcement. i want to tell you about commerzbank. shares at this point are trading lower by more than 5%. indeed, with analysts questioning here what is the strategy for the ceo of unicredit. some people suggesting, frank, that what we're seeing here, this further consolidation for european banking in italy is actually just unicredit waiting for the regulators to approve further moves in the german market. indeed, at this stage we are seeing this bank, unicredit actually trying to expend even more across european continent. >> silvia, thank you very much. silvia amaro live in the newsroom. president-elect announcing

key cabinet picks including his long-awaited choice for treasury secretary, scott bessent. he beat out the front-runner for the job who is now in line for possibly other positions. scott bessent is the founder of hedge fund key square management and before that he spent most of his career at soros capital management including working as cio from 1011 and 2015. he has been a defending of trump's economic policies including tariffs and extending the 2017 tax cuts. following trump's win earlier this month, he laid out his vision for tariff implementation while pushing back on the idea it will lead to more inflation. >> my view and, you know, i don't have a say now, yet or maybe ever, but is that the -- you know, i would recommend that tariffs be layered in gradually,

which would -- the price adjustment would be over a period of time. but i think if you take that price adjustment coupled with all of the other disinflationary things president trump is talking about that we're going to be at or below the 2% inflation target again. >> bessent also railing against the landmark policy of this current administration, the inflation reduction act, calling it a doomsday machine for the budget. among trump's latest cabinet picks including the former omb chairman, laurie chavez deremer for labor. tunk back to wall street, investors appear to be on board with bessent for treasury with his three-three-three rule. cutting budget deficit to 3% by 2028. targeting 3% gdp growth and producing an additional 3 million barrels of oil a day.

a sharp-move in the ten-year yield that you see there on friday. the dollar index, look at the move as well there. you are seeing moves in reaction to bessent being elected as trump's pick for treasury. he has to be confirmed. the dollar is up about 3% month to date. the u.s. stock futures solidly in the green and the russell 2000 up more than 1% in the premarket. joining me is mark anderson, co-head of global asset allocation of ubs global wealth management. good to see you. >> good morning. good to be here. >> you recently published 2025 outlook and in it say the u.s. is attractive. you have a best-case scenario for the u.s. where there's less regulation and lower taxes. with the potential pick of bessent as treasury secretary, does it change the view in any

way? >> it seems scott bessent is a good pick for treasury here. we have u.s. ten-year yields down to 4% over the next four months. we think it is confirming that the u.s. budget deficit is not going to run too far away. in fact, we do think that the u.s. equity market is well positioned for the year ahead. we have 6,600 for s&p 500 target at the end of the year. we both see inflation rates coming down but also ai continuing to be sort of a driver of growth in technology stocks. but also sectors like financials, utilities performing very well in the year 2025, which we call roaring '20s, the next stage. >> i saw something in your notes. it is potentially once again the '20s, acolluding to the previous recording '20s. we will show a chart of both gold and dollars since election day, moving in the opposite

direction. the dollar is up about 3%, gold down about 3% roughly right here. what change are you seeing that will reverse the trade we have seen since the election? >> first of all when we look at the u.s. dollar we recognize in the short term it is well supported from a strong u.s. economy, the fed that might not be cutting as much as counterparts around year. the whole valuation we are seeing in the dollar and the degree of normalization from fed funds rates from the current it is likely to leave the dollar somewhat weak esh. we look for it to go towards 7.5, so we think some of the tariffs is likely to be negative for the chinese economy and we're likely to see a bit of devaluation of its dollar, the chinese yen, the currency. on gold, we think it is the target of 2,900 at the end of 2025, that's driven by what is

still excessive debt levels, lower inflation and rates, but also a need for global investors to diversify out of some of their fiat currencies and generally speaking from the dollar trend. >> it is a good time for alternative. you gave us two different areas looking at alternatives, it is data centers and multifamily housing. i want to start with data centers. how would you play data centers? would it be reads or etfs? the shares are up in the data center space up 16% in equinix. the etf is lagging, so in your mind is it more of a single-stock story when you want to play the data centers or would you do maybe an alternative asset manager like a blackstone that owns a lot of these? how would you play it? >> we are looking for the best as managers out there and we

like some of the alternative private marketplace we have on the shelf. we definitely go diversified into this investment but some of the more active managers that we have on the shelf, that's something that we like. broadly speaking the reason we like real estate is, of course, we ee interest rates coming down, mortgage rates are coming down. we tend to like commercial real estate as one of them and then multifamily homes, that's particularly in the u.s. and europe. we shy a little bit away from places like china and the uk. >> last but not least, interesting part of the note, you have a commodity pick in here. your commodity pick is copper. kind of a wild ride for copper, up 5% year-to-date. what are you seeing in copper? what's the opportunity there going into next year? >> something we are talking a lot about, frank, in this year ahead is power and resources. with the whole ai trend, the demand for electricity is going up quite strong. so we are looking at some of the

value chain. we basically predict for demand to double for the next few years and we think it is going to create prices that are moving upwards and it continues to be as we see more electrical vehicles, et cetera, the demand for some of the gpus that is rising quite strongly as well. >> mark andersen from ubs. great to see you. thanks very much. >> thanks for having me. we have more to come on "worldwide exchange" including dan ives with new names to help capitalize on the ai revolution. first, a retail trend tracker ahead of one of the biggest shopping weekends of the year and what could be good news for a stock up 30% on the year. plus, big box weekend boosting paramount but disney may get the last laugh. later, what one person under trump thinks about the treasury pick ahead when "worldwide

exchange" returns.

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welcome back to "worldwide exchange." the holiday shopping season officially kicks off on black friday, though many consumers have taken advantage of early deals since back before halloween. the outlook is merry and bright according to a new survey by deloitte. let's get more details.

brian, good morning, great to have you on board. >> hey, frank. how are you today? >> this is interesting. a 15% increase according to your survey when it comes to spending between black friday and cyber mornings. it is also the shortest possible period of the holiday shopping season between thanksgiving and christmas. is the increase due to the fact people think they have less time or are people going to procrastinate and wait until the last minute? i'm personally a procrastinator. >> so am i. i think a few reasons. the late november thanksgiving. we have also seen while customers are still wary about inflation their perception of their own economic status and how they feel about themselves going into next year is up about 9% versus this same time last holiday season. so that's another thing driving purchases. we also saw corrie tail sales in october up 5.4% which is usually a good bellwether for what we expect to see during the rest of the holiday season. shoppers this year indicated

they will be spending half of their holiday budgets between black friday/cyber monday. so we think it will be a strong event this year. >> what does it mean about the rest of the holiday season? if people buy early do they continue to buy because they see deals or see other things they want, or do people when they buy this early historically at least, do they tend to do shopping early and say, hey, it is done, and wait for christmas to come in. >> historically you would see a strong promotion allie vent black friday/cyber monday. the idea came black friday was when they would make their profits for the year, the biggest day of the year for them. we're seeing a shift in consumer behavior where they're becoming more intent promotionally and event driven. part is due to the higher prices tied to inflation, but customers are looking for where to find the best deal. in fact, this black friday we expect for the first time to see the online channel surpass the

amount of sales made in physical stores. part of the reason is shoppers have started to put items in their carts without yet making the transaction, while waiting for promotional events to get the better price. there's a bit of a shift in behavior this year. >> an interesting trend. there's also a shift in behavior when it comes to payment. according to data, 53% plan to use credit cards and 29% plan to use buy now and pay later options. what does this tell us about the consumer right now that more than half will use credit cards, more than a quarter plan to ubpml? >> and those numbers go higher looking at demographics. about 72% usage rate expected amongst millennials this year. the reason is the desire to make the season merry and bright. i think people have been dealing with inflation for the past year or so, struggling with higher prices, and are really excited about celebrating the holidays with those they care about.

they're looking to credit cards and buy now, pay later options as financing methods to focus on the season and defer the financial responsibilities to later next year. >> people also seem to be excited about celebrating the holiday season for yourselves. according to your data 48% of people, just about half, plan to use black friday/cyber monday to buy a gift for themselves and they're spending quite a bit of bucks on themselves. $280 average spend. what are they buying? what are we all buying for ourselves? >> yeah, i mean they say you can't care for others if you don't care yourself first, right? we are seeing clothing, accessories is one product category, whether it is self gifting or gifting for others. electronics is number two, toys at number three. we are seeing significant growth in health and wellness as a category, and pets as a category continues to grow every year. >> brian mccarthy from deloitte. great to have you here. thank you very much. >> thank you. coming up on "worldwide

exchange" paramount and universal may be big box office winners but it could be a winner-take-all seonas with disney coming out on top. the full story coming up after the break. ♪♪ [inner monologue] 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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million. it is the sequel to the original block boster that came out in 2000 and won best picture. all-timeline. are you not entertained. it gets hollywood to the best weekend since ""deadpool" and "wolverine" came out in july. great to have you here. >> thanks for having me. >> did you coin glicked? are you one of the people? >> i wish i had. it is a fun nickname for the two movies, and i do think that maybe there was a bit of hype and people were going to see both films at the box office this weekend. >> did we settle whether or not you should sing in the movie theater during the movie or not? that's a joke. but on a serious note, how big of a success is this? let's put it in perspective. how big a success was "wicked" and put it in the landscape of the movie business.

>> it is the fifth biggest weekend this year. it is a pretty good weekend. i think universal was hoping for something a little bigger but i don't think they will complain at all about this. it is a great weekend for them. it will lead into what probably will be a huge thanksgiving week, you know, this coming week and next weekend. i think universal is thrilled. i think paramount is happy. $55 million for an adult action shon film like "gladiator 2" so i think both are happy now. it came at a cost. they've been marketing these movies for months and it has been expensive, but i think they're happy with performance. it is like a mini barbenheimer. i think they're quite thrilled. >> there's all glicked donna. how important is that for disney and does it set the tone for the season? i don't know about you but i will be to the movies with family because we have family members over, even on christmas

morning or something like that. >> yeah, they've had the biggest movies of the year so far and i think they would love to add another to the list. the noise thing that "moana2" has going for it is that it is a family film so it could slod in nicely with "wicked" and "gladiator 2." they may not be competing for the same audience, so i think it will make for what i suspect been a big thanksgiving weekend. people will be going to all three movies. for disney, it is a big movie for them. moana is a key franchise, and i think they believe it is the potential to expand the franchise and make money for them. >> movie tickets sales were obviously hurt by the pandemic, hovered just below pre-pandemic levels, even right now a bit below that. when we are talking about the movie theater business, i know you're not a stock analyst, but talking about a sin mark, imax

and amc, the trends you are seeing, what does it signal to them? will they have a strong 2025? are we starting to see people going back to the movies? >> if i look at the theater chains and businesses like imax we are seeing people going towards premium screens like imax screens. that's where they want to see the movies, not necessarily in small theaters. cinemar is in a better world, just emerging from bankruptcy. amc is the largest theater chain but they have a lot of debt and they're navigating that. where people want to go to imax, they want to go to the large-format experience, that's critically important. if you are a chain like cinemark with lower debt you are in better shape. as you said, theater chains are not seeing the results since before the pandemic. they improved since 2020 but not quite back to where they were

before. things need to get much better before they get there. >> alex, i will wicked you with glicked donna. people will say you came up with it. >> i'll take it. thank you. double trouble for alphabet, still reeling from last week's antitrust defeat. the regulators targeting the ad buying business with key court arguments today. we will be back with more after this break. at these guys. they are playing great. meanwhile, i'm on the green and all i can think about is all the green i'm spending on 3 kids in college. not to mention the kitchen remodel, and we'd just remodel the bathrooms last month. with empower, i get all of my financial questions answered. so i don't have to worry. so you're like a guru now? oh here it comes— join 18 million americans and take control of your financial future with a real time dashboard and real live conversations. empower. what's next.

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.

♪ ♪ can't tay a tax cut is inflationary and a tariff is inflationary, right? so i don't think they're necessarily inflationary. we are going to see deregulation, which is disinflationary. we will see president trump has said he wants to get energy prices down, disinflationary. and then tariffs are a one-time price adjustment. >> that was key square management founder scott bessent the morning after the election on "squawk box." mr. trump officially tapping the hedge fund manager to help shape the policies, naming him as his pick for treasury secretary. welcome back to "worldwide exchange." i'm frank holland. we will have much more on what a bessent department will mean. first, a a look at the s&pp

about mav a percent or 28, 29 points. the dow off the highs of yerl, looking like it will open just about 300 points higher, up half a percent. similar story for the nasdaq. right there at the top of the list, super micro, those shares up 7.5%. followed by moderna, humana and palantir. looking at the benchmark, the ten-year, that yield at 4.38. kind of a wild ride for the yield on the bench mark in november, but keep in mind we saw a sharp move to the downside after bessent was named as the pick for -- by president-elect trump as treasury secretary. also kind of a wild wide for the yields so far since the election. right now we are a few basis points lower than we opened on the day before the election. watching bitcoin this morning,

looking for the $100,000 milestone. right now it is about $98 thousand 470, up half a percent. it came between $150 of $100,000 on friday. back to the latest developments on the trump transition. the president-elect making his pick for treasury secretary, scott bessent. he has been a vocal supporter of trump. he has also been a harsh critic of the biden administration's inflation reduction act calling it a dooms day machine on the budget. i'm joined by chris campbell, ceo of advisory firm in camera. also we have the founder and ceo that works with bessent on a new etf. flood to have you in the studio.

>> thank you for having me. >> you have been working with him over a year, you are working together on a new etf you have filed but you hope to launch next year. we will get to the etf in a minute. in the time you have been with him can you describe his investment strategy, how he is looking at geopolitics and the politics. >> it will be characterized by greater volatility and more polarization. it needs to be reflected in how your position for the world of tomorrow. historically people would rely on bonds as diversifier, today is question is can you rely on bonds. scott's view is you need a different portfolio approach for the world of tomorrow. that basically anticipates that volatility, that polarization presents new risks. how do you manage the risk in your portfolio? that's what we're focusing on. >> so more volatility, a more divergent geopolitical future,

more geopolitical economy? >> correct. there are geopolitical risks and risks that required different portfolio solutions to address and manage the risks. at the heart is a macro alternative approach to investing. >> , coming over to you, we had henry paulson and mnuchin during the first trump administration. how dow think someone known as a hedge fund manager in particular, how will they fit in this role in your mind? >> i think scott has a great world view. he has played both in the domestic and international markets and has an active risk spin which will be great. i think as president trump has a very ambitious agenda on day one, we're going to have to move very, very quickly as a country to, you know, reregulate and embrace portfolios, tax cut regimes that will allow for greater growths in the domestic economy and the international

economy. i think scott is well positioned to be able to do this. he's trading and so much more, so i think he is known on wall street, rather respected on wall street. it will be great to be able to help manage what could be some maybe turbulent times ahead certainly as we see, you know, economic challenges with china and other trading partners. it certainly will be a real challenge for american consumers and american manufactures. >> you are mentioning trade. i want to play a sound bite for you to listen to. i want to get a reaction for you after this. >> my view and, you know, i don't have a say now, yet or maybe ever, but is that the -- you know, i would recommend that tariffs be layered in gradually, which would -- the price adjustment would be over a period of time. but i think if you take that price adjustment, coupled with all of the other disinflationary

things president trump is talking about, that we're going to be at or below the 2% inflation. >> sound bite is still playing but i think you both get the idea right there. chris, i will come to you. you heard bessent's take when it comes to tariffs. how do you see it playing out with a president i think it is fair to say can be mercurial and change his mind on policy quite a bit? >> having served under him in first term i know well how he uses tariffs. they're an incredibly great leverage for negotiations. he used them well in first administration. i'm certain he'll use them again in this administration, and look to discipline action from former trading partners who offer times cheat, candidly, and they have over decades. it is a really great way to be able to level the playing field so that american consumers in the long run aren't hurt. i also remind the viewers that during the last time there was much -- it was much covered the, quote, unquote, trade war we had

with china where we had to raise tariffs to level the playing field on china, we didn't see the massive inflationary spikes that many people predicted and are predicting today. so i think -- and president trump has always seemed, at least when i was there, kind of across-the-board, more global look at the economy whereas many, many things were extremely disinflationary with regulations, tax cuts, energy policy, really bring down costs across the board. even if there is a temporary blip or price spike because of this, certainly tariffs that would be put in place or taxes on business services bringing into the country, they're offset by the other policies. >> all right. coming over to you, you managed a number of etfs outside the one you are partnering with right now with bessent. can you tell me, how do you view his take on tariffs and the idea

of how he wants to implement it? certainly it could have an impact on the weight loss etf that you run and the near shore that you run? >> our view is tariffs will go up. the question is how much, and will they be used in a discriminatory per spective. we think that reshoring is up materially this year and certainly will increase. short erm term, we think it wil renaissance the industrial side in the u.s. there could be other policy implications that could affect what is happening in the weight loss market. >> i want to talk to you about the etf you were partnering with him on. it will be a multi-asset etf. will it reflect his view of geopolitics? what happens if he is confirmed as treasury secretary? >> i can't tell you what happens in terms if he is treasury

secretary. it was filed in august and it goes into effect next month. the etf focuses some several areas of scott's expertise. for long term investing, not short term speculation, and leveraging scott years of expertise. it reflects the portfolio not only in the bull market like today but in difficult markets where scott has done very well. >> how will it compare to other etfs out there. how would you say it compares to those? >> i think the etf market today is long, speculative, short-term speculative products. this is focused long-term investing which is different in the market today.

this is managed by one of the most experienced investors in the world on the macro side, so it is a very different kind of strategy than the kind of speculative menu we see in etfs today. >> you are advisor, bessent is subdivider but he makes a lot of the decisions. is it his view or your view? >> what i think the etf market could benefit from is professionally managed long-term strategies and that's what this is. this offers folks way to build their portfolio and manage the risk. >> chris, i will give you the last word right here. we are seeing someone who could potentially be the next treasury secretary, known as hedge fund manager, worked under george soros, more known for having a geopolitical view that's a bit more global right now. what should we expect if he is confirmed within the first 100 days. we heard president trump is expected to issue executive

orders and make a lot of moves right away. >> look, i think skos bet cott will be addressing the 2017 tax cuts and making them permanent, using bitcoin, i think there will be regulations put in place along with the independent regulators in place and coordinate with them as well. so this is going to be an enormous amount of activity in first 100 days and, as the president suggested, righting the ship and balancing the equations of the american worker and americans in general feel better about the economy and actually start doing better. >> chris campbell, mauritz, great to have you both on board. thank you very much. dan ives is here with the stocks he says are set to tap in to the ai revolution's next station. we will show you those names coming up next. stay with us. with social sentimentomizas help you find and unlock opportunities in the market.

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developments here are giving us hope for the future. welcome back to "worldwide exchange." we are watching shares of alphabet this morning. closing arguments begin today in the department of justice's antitrust trial involving google's dominance in the online ad market with a ruling to determine the future of those operations. our eamon javers has much more on the case. >> good morning. this is the seconds big antitrust case against google, separate from the search monopoly case that generated headlines last week as the doj pushed for a breakup of the company. in this case the government is

alleging google's advertising business acted as monopoly as positioning as buyer, seller and exchange for internet advertising. google says it built a better product and the government's argument don't hold water. leann mull holland said the doj wants to force google to build tools that would let other companies, who don't have our standards for safety and security, market to our customers and use our technology. the company said ad buyers and sellers benefit from the integration of google's tools and there's already fierce competition in the ad tech market. we expect the hearing in virginia to kick off at 10:00 a.m. both sides have 90 minutes to make their closing arguments, and after that it will be up to the judge. back over to you, frank. >> all right. coming up on "worldwide exchange" we have web bush's dan ives. he is in studio and will show you and talk about the stock that's the mystery today.

he is out with a new note on the ai trade andn aupgrade on the name that's our mystery chart today. stay with us. don't go anywhere.

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♪ ♪ welcome back to "worldwide exchange." here is what to watch in the holiday short week ahead. a busy week for retail earnings with best buy, macy's, nordstrom

and urban outfitters reporting. we have tech, dell, hp and cloud strieng. plenty of economic data out including home sales and core pce. we get fed minutes on tuesday, and black friday officially kicks off the holiday shopping season obviously on friday. plenty for investors to shoe on during the shortened week with all three major ndices off games of more than 1.5% last week. tech was able to pull off a win despite a stumble from nvidia on the back of earnings. the tech sector up last week. dan ives is out with a new nade, upgrading a number of names in space. great to have you here. >> great fob here. what is the word of the day today? >> fire. i think this is a tech market that will be on fire, not just going into the end of the year, this week, but i believe this ai revolution is hitting its next phase and i think it is still

the start of a fourth industrial revolution. >> all right. still the start but you always say it is 9:00. it has to be 9:30. >> i actually said now it is 9:30 to 10:00 p.m. in the ai party that goes until 4:00 a.m. >> you have a number of upgradeness the space, specifically in the software space with regard to ai one is snowflake. the other is elastic. we have been fortunate enough to have the ceo on the show. they do cloud and security as well. why these two names? >> we talk about it a lot on the show. the second derivative, the software piece of ai is here. i think in 2025 that will be the key. you look at elastic, snowflake, names like mongodb, they are following names like palantir in names of the soft cases, the use cases. i believe the software ai age is now here. 2025, that will be front and center. that's why we upgraded those names. >> both of those names recently had earnings actually.

we will show the charts. big jump. snowflake is up 25% since earnings. elastic is up over 20% since earnings. what will push them higher? what else will happen that will be the catalyst? >> that's the appetizer in terms of where i believe the stocks are going because now the consumption model, what is happening across enterprise ai, obviously it starts with godfather he adjuncts in nvidia but look at the consumption piece. the lm models that you will start to see, i believe the growth is underestimated 15% to 20%. that's why you look at names like snowflake, elastic, mongo, it all starts with palantir but the software is here and it is the beginning. >> how does the idea of bond yields play a part of this? i want to ask you. probably in 2022 we were talking about bond yields, talking about the stronger dollar. in fact, the dollar is higher than it was in june of 2022 when

microsoft formed, when salesforce formed. how did those things play a factor in the tech trade? >> that could be a headwind. the difference is a lot of that is factored into guidance and we have to see if it continues in terms of dollar strength. we are in a much different situation today relative to what i think we see from a demand perspective. that tightening environment that really was a big hurdle in terms of software, we are seeing the opposite of it because of where the ai revolution plays. i think even though you could have some currency headwinds, it is not getting in the way of what i believe is we're going to be talking about nasdaq 20,000. i believe in the next two years nasdaq 25,000 is something we will be talking about. >> so in your picks for us today, snowflake and elastic, i want to talk about deregulation, the idea of changes when it comes to the ftc and other areas that are regulators. does it help them or are they neutral? >> i believe they're bullish. this will be significant in

terms of deal making. these are companies that will go on the offensive. on the other hand you will have massive m & a from strategic and well from the m&a side. that's why software underperformed. if you look at 2025, a year from here we're sitting here and going like software is fire because it is the start of what i view, 9:30, 10:00 p.m. is the ai revolution. we are talking about $2 trillion ai capex. now software, they were on the velvet ropes behind nvidia, the hyper scalers, they were like let us into the party. the party is here. >> i want to get to the mystery chart, it was palantir. they're having a huge year so far and you raised the price target. you are at 75 bucks. the street is at 37 bucks. what's going to continue to move this high sner. >> the heaters will continue to heat in terms of the bears and palantir.

they're underestimating when it comes to the software, the use cases, there's no product out there that matches what i believe that the team has done in ai. i think the enterprise piece, we are talking about something that could ultimately be billions of revenue. when you look at what this means, $75, be like, oh, it is expensive. i look out three, four years from now, could palantir be the next oracle, the next salesforce, the next sap? that's what i think we are talking about. look, the bears will come out of hibernation, talk about valuation. just to start what i believe for the messy of a.i. >> your picks, elastic, snowflake and raising your price at palantir. you are double the street right now. you raised the price on salesforce. you seem to be bullish about ai and now software. dan ives, great to have you. >> thank you for being here as we close in on the 6:00 a.m. hour we want to switch

gears. here is a check on the big stories we are following. deal makes overseas. italy's unicredit is offering to buy banco bpm. if the deal goes through it would merge two of the country's largest lenders. in the u.s., "wicked" flying high in the box office debut. the film from universal owned by our parent company, comcast, becoming the third biggest domestic debut of the year. mean while, the other debut, "gladiator 2" pulling in more than $55 million. bloomberg apple ceo tim cook is back in china for third time this year. cook's appearance at a supplier's conference coincides with china's premiere holding an important meeting with a group of foreign executives. among them is nvidia. the advise manager and the chip executive vp came together in beijing today. elsewhere, the steel-making

coal mine, pea body. third quarter securities filing show the california public employee as retirement system cut investment in ge aerospace, but it bought more shares of at&t and in costco. that will good morning. stock futures pointing big jump at the open even after what happened on friday. bitcoin still within striking distance of $100,000. we'll show you what's moving right now. a key pick from president- elect trump tapping scott bessent to be his treasury secretary. we'll break down the weekend announcements from the transition team. big weekend at the box office for wicked and gladiator

ii. take your pick. details straight ahead. monday, november 25th. it's like a mini barbenheimer. squawk box begins right now. good morning, everybody. welcome to squawk box right here on cnbc. we're live from the nasdaq market site in time square. if you check out u.s. equity futures you'll see as joe mentioned the dow is up by over 300 points above fair value. got the s&p futures up by about 31. nasdaq indicated up by 134. that's adding to the gains