i've been through so many of these psych zblls which doesn't show -- yeah, it does. it does show it. 85 was the high now that i'm looking here >> yeah. the. >> we've got to say thank you because we've got to hand >> we. we will have our own party right here right now in the meantime, party on with the guys on "squawk on the street." see you tomorrow. >> thanks for having me. >> thank you good thursday morning. welcome to "squawk on the street." i'm david faber. he's jim cramer, we're live from post nine at the new york stock exchange carl has the morning off a look at futures as we get ready to begin the trading day 30 minutes from now, what jim, and i like to call -- oh, no, it's thursday, isn't it? it's not wednesday thursday. >> your call. >> i don't know what day it is i do know where our road map starts this morning and that is with bitcoin's monster rally

that surges above 100,000 bringing crypto-focused stocks along for the ride, including, of course, robinhood you were hearing from the ceo at the end of "squawk box" there. regulator watch, president-elect trump picks a crypto backer to run the sec. why is the choice could be a roaring sign for those looking for big tech to do big deals meta and elon musk's xai continue to make massive new investments in data centers. we'll get to that. focused on xai and you have of meta new milestones for the stock indices. market indices and for bitcoin as well, jim kind of give your thoughts as we are down 2 here in terms of trading days left in the year. >> maybe a younger generation has decided look, we're going to invest, but invest smartly and invest smartly as opposed to what chairman powell said is to

buy bitcoin. now, i'm always a believer that i should not second-guess people who have made a lot of money whoever is in bitcoin does, because we know about robinhood, which has been the winner, versus e-trade and versus [ inaudible ] and they do it on the base of options and bitcoin. >> you've got -- you have been somewhat critical, i think, it's fair to say of some of the other coins so to speak that have moved up dramatically. >> i own bitcoin we're allowed to own bitcoin i made a lot of money in this. >> some time ago the likes of ripple and others. >> good point. the one chairman gensler has been against, which is i think he's being -- i'm not saying being unfairly, he was against, but the tide of history was advanced by president-elect trump. let's just -- you played trump right you made a lot of money. it's one of the few theories

that worked. >> worked straight ahead i told people buy fannie and freddie, that worked. >> that worked too. >> we still have, you know, a long way to go before they come out of conservatorship. >> what about the idea that a new generation invests more smartly than we do. >> i have no expectation that's true. >> i keep thinking what powell said, which is a store value it's not a store value to these people, it's a store value to me. >> let's listen to what powell said yesterday it is in part a bit of what is behind the latest move, of course, this was at andrew sorkin's deal book extravaganza. take a listen. >> people use bitcoin as a speculative asset, right it's like gold it's just like gold, only it's virtual, digital people are not using it as a form of payment or as a store value. it's highly volatile it's not a competitor for the dollar it's a competitor for gold that's really how i think of it.

>> your point being, though, that's not how those who are buying it think of it. >> correct there are three who buy it, one is the value against gold, another is a belief that the budget deficit is unsustainable so they want to be in something that is not going to be watered down, and the third is people who say you know what, let's roll the dice here and roll the dice people are people who say it's almost like insider information. trump is on board. i will gate on board because he's going to be president that's not bad it's betting the favorite and getting a big payout. >> right. >> nothing wrong with that but what i'm saying, it's let's say you and i ran a streaming channel beside this. >> yep. >> i think you would do a program an hour-long program about musk, about big tech, and an hour long program about these alternative currencies they're not used as currencies ethereum has been. i've bought things with ethereum, nothing really great, but ethereum wasn't part of the package that president-elect

trump wanted, so, i mean, i'm being matter of fact of it it doesn't make sense not to be. it's been fantastic. i think a lot of people out there say, you know what, we're making the money you guys are just stuck on talking about dollar general. >> let's talk about a couple of these picks that are of importance and we've been waiting for for some time for the incoming administration. >> yes. >> they haven't been confirmed paul atkins is trump's pick for the sec. i don't know the man but you well may he leads client work for financial services firm at potomac global partners on an array of matters and has been an sec commissioner - >> right. >> -- in the past. served on the board of vast global markets he has the necessary background - >> no -- >> -- and is a supporter of

cryptto. >> the defense department was a bomb thrower. >> i'm sure the guy up for the fbi is a bomb thrower -- >> but in our world. >> in our world. >> is mainstream. >> yeah. >> populist position to buy. >> what commerce could be a bomb thrower i think. >> yeah. undo intel undo the money. >> i don't know. i mean we'll have to wait and see. again, but as for atkins, expectation is, obviously, he will be confirmed. >> right. >> very early to say. >> another reason to buy bitcoin, that younger people were smarter than older people it is generational >> right. >> mirostrategy turned out to be a terrific way, we were all skeptical, to make a lot of money. the way to buy money is to buy signatures who am i to say -- >> listen. you're a stock guy i think of you as a stock guy. >> i don't want to be a stock guy. i want to pivot. >> you can't pivot at your age. >> i said that to ben stoto.

>> what did he say >> he's younger than i am. >> no pivoting. >> i'm pro. >> pro what? >> pro bitcoin pro crypto i am one of the -- i am in the camp of the $36 trillion budget. that's where i am. i come out with the buy more stance >> you moved from bitcoin to the national debt. >> no -- >> made the transition there. >> three tranche, right. three people who would hold value, president -- powell, i disagree with that as much as don't like to, a great hedge against the ridiculous budget deficit you and i both know. >> yes. >> people who say you know what, president-elect trump told me to buy this, bought it, made a lot of money and you guys insist on talking about kroger kroger. >> i know. >> kroger? >> they have bitcoin younger people, that's why we want to do a streaming show. >> albertson's deal --

>> i'm telling you, what are we second raters? we're like covering -- we're covering college football and they're covering pro. >> find it worrisome when you say things like that. >> like gm stuck with and -- >> the incredible note that maybe gm extricates himself -- >> i want to talk about that and get to a number of stocks -- >> so many things -- >> while we're still talking about appointments of the administration -- >> i want to stay that most of the show -- >> gayle slater, an aide to incoming -- >> vance. >> vice president elect vance. the pick to lead the anti-trust division. >> [ inaudible ]. >> right >> vance is very -- vance said he agrees with lina khan -- >> president-elect trump's as well on his truth social post were fairly notable.

>> let's call spade a spade. kanter is more -- >> jonathan kanter who has the job now -- >> more reasonable -- >> -- stifling competition in our innovative sector and using the market power to crack down on the rights of so many americans as well as those of little tech. that was in the post in which he nominated slater i've been saying we can't rush to judgment here in terms of m&a. there are going to be sectors where it will absolutely be not a free-for-all certainly a great deal of activity but there will be other sectors and perhaps this means that big tech will not be participating - >> [ inaudible ]. >> -- where you will not see as much everybody dreams big beets is still the largest deal. what amazon might do or meta this would say you can keep dreaming but those are dreams you will not do anything

alphabet and rounding out with whoever you want to call the other -- microsoft. >> if you want to do the analog, they're pro-trade desk, anti-google, okay. how things are set up. trade desk an insurgent against google pro shopify, anti-amazon shopify in small business. they're populist these are raise less. >> got it. >> william jennings bryant. >> he was a populist. >> we're not going to sacrifice mankind on big tech. >> i love when you have quotes from way back when from your childhood, early days. >> burn down the cities -- never mind but i think this is really important. really important pick. because it makes nathan canter, had a buying against big tech this is not a bias against big tech. >> people have asked, for

example, will the monopoly case against google where you've already won the doj, but it's about recommend medies will that continue yes. >> do you think they want -- 1998 google made this deal to pay apple. when was that deal >> i know. i don't even know if we have this because sundar pichai was the guest with andrew and did ask about regulatory, how much time he spends on it and mr. pichai says not that much time on it. >> that's a mistake in allocation of time. >> he says he's much more focused on developing the next technologies and particularly ai. >> rockefeller was initially not that involved with the standard oil case. >> yeah. >> this antitrust department, oil made a lot of money -- thes- let's take a listen to andrew's

questioning of alphabet ceo in terms of the incoming trump administration and what it might mean for his company slash industry. >> in my conversations with him, he's definitely very focused on american competitiveness, particularly in technology, including ai. look, i think there's a real opportunity in this moment, one of the constraints for ai could be the infrastructure we have in this country, including energy, at the rate at which we can build things i think there are real areas where i think, you know, he's thinking about and commented to making a difference. hopefully we can make progress there. >> it may very well mean you can't do a deal, but there is optimism about eliminating regulation, bezos also followed and talked about his hopes and when it comes to permitting and things of that nature.

you know well, oil and gas, talked about it for years, but also for electricity provisions of new as we need so much new energy to power these data centers. >> like energy, the louisiana power company, snagging meta deal to be a gigantic deal because energy has nuclear power. i want to go back to the vance thought is we do not want big tech telling us what to do and big tech has a bias and big tech has a liberal bias and we're not going to tolerate that because you voted for trump and trump does not share the liberal bias. that's what sundar pichai should have been talking about. how do you eliminate the idea when you hit up the cue vance thinks what comes up are left wing things. that a company called google tells us what to think it's not about technology. it's about freedom of thought. by the way i don't share the view, but that doesn't -- >> finally, i do want to end

with one that is happening an impact on the stock market before we move on and take a break. >> going to go ferguson, ftc. >> no. >> we'll have to -- >> frank is haveano, social security administration or has been asked to do that and has said i believe on a conference call just concluded in which he indicated to telling people he is, in fact, planning on taking that job if and when he gets confirmed. fiserve shares are down. >> he's an operator. >> he's a tough guy, on our network many times no nonsense. fin tech guy from traditional banking. jpmorgan made a lot of money great things -- >> $122 billion company. >> has done a great job. i think he's a remarkable executive and good gardener.

>> good gardener >> his tomatoes, his cucumbers in particular. >> i wasn't aware of that. but i've known frank as years as well from when he was at jpmorgan, of course. >> yes. >> interesting pick. we'll show you the stock price a bit later. we have a lot more -- >> we have to go ftc look lu look at that. that is -- you know what, if you bought when he came, you made a lot of money. >> yeah. >> like bitcoin and the younger people bought frank, frank did great, that's the kind of thing people are looking for. >> it has gone very well headquartered near here. >> i know. >> they have a lot of divisions. >> i know they do. >> not necessarily -- we have so much that i actually want to blend in i want to go to 1015 -- >> you saw it yesterday. >> what happened yesterday

>> it went over. >> what went over? >> the deal -- >> you're still reliving last year when they cut into "mad money" with musk >> i am not. >> you probably freaked out. >> i am not. my wife goes did he run over no everybody took care of it. she loves -- >> take a break. get your papers in order up next we're going to -- >> going ftc. >> up next the latest on that deadly shooting of unitedhealthcare ceo in midtown manhattan yesterday. back after a couple minutes. (vo) this holiday, verizon will turn your old or broken phone into a gift. trade in any phone, in any condition and get samsung galaxy s24+ with circle to search, and watch and tab. all three on us. survive the holidays with samsung, powered by verizon.

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the manhunt from gunman who fatally shot unitedhealthcare brian thompson continues today bertha coombs has the latest for us. >> still no arrest in the murder

of unitedhealthcare ceo brian thompson investigators have been scouring midtown security cams but this morning they're focusing on writings left on the shell casings at the crime scene according to investigators briefed on the situation the nypd believed the gunman may have written messages on those casings. officials say the writings found said "defend, deny, and depose" which may potentially go to a motive for the shooting. that is a phrase that echos a book about overall insurance industry denials titled "delay, deny, defend" in which author jay feinman argues claims, denial and litigation have become a business strategy for the insurance industry overall brian thompson's wife told nbc news that her husband had been receiving threats and alluded to them perhaps being tied to insurance coverage

claims denial and health uninsurance have come into focus. senate democrats put out a report putting a pattern of claim denials in medicare advantage plans by cvs, humana, and united health for post acute care when people are released to rehab after hospitalized that report claims between 2019 and 2022 the rate of denials had gone from about 9% to more than 22%. despite those appearance threats brian thompson did not appear to have any security coverage yesterday. he was walking alone when he was shot as he headed to unitedhealth group's meeting at the hilton david? >> thank you, bertha certainly one of the outcomes sadly will probably be an increase in security for many senior corporate officials as a result of this tragedy >> just so [ inaudible ].

>> yeah. >> just took your breath away. >> it does let's take a quick break and then we're going to come back with a lot more news for you in terms of a lot of stocks that are movinghimoin ts rng. we'll have jim's mad dash. "squawk on the street" right back it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities.

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we've got an opening bell about five minutes away. as you take a look at what appear to be at least the gainers in the early going when we get started on the nasdaq catch us any time anywhere if you want to listen and follow the "squawk on thetrt" opening bell podcast

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the opening bell is brought in to you by - all right. let's get to a mad dash. a couple minutes before the opening bell we'll talk broadly about spending on chips. >> nvidia. >> for the data centers at both meta and the one i've been reporting on a lot xai the numbers just keep going up some of the reporting on xai i find it hard to imagine right now. >> i want to offer a theory, this is on meta ai, musk it has become almost like when you have a hot deal, a hot ipo, where funds circle want 10% of the deal, with the idea they'll

get whatever the numbers we're hearing musk want, has 100,000, would like 10 x, he wants a million, $30 billion check to nvidia. i think he put in for a million hoped to get 100,000. >> that's the story. listen, i've been following this and file as though i have a good sense on it. my last reporting when they raised $5 billion, maybe as much as 6, it hasn't closed yet, the latest round at $50 billion, that was to buy another 100,000 chips. remember this is the memphis data center he put together in 19 days, jensen huang has talked about it, never seen anything like it. he didn't even get permits by the way for the natural gas that's powering that thing many people i spoke to in the power industry said impossible he got the permits but he did it because he's musk he asks for forgiveness later and does it. another 100,000 incredible. >> a million. >> they can't make them. it does say why is nvidia not

up you read the ory, put this together with what zuckerberg is doing in north louisiana and come back and say look the man is great now, david, i've been doing work on the various systems meta ai, very inferior, chatgpt. not even in the running yet. >> [ inaudible ]. >> here at the big board as we take a look the cnbc realtime exchange we have bath and body works. >> okay. >> very excited about candle day. >> who wouldn't be. >> really. >> we're going to speak with gina boswell in the next hour, the ceo of bath and body works at the nasdaq, an old favorite of yours, tractor supply did the honors. >> it's been so great, and a lot of that is how lawton, who is a merchant, when you get a merchant running that place, you

do more than just carhart. i have them on all the time. because i do think that when you think about hall, his background was macy's and he's crushing it. $30 billion company. his background macy's. $30 billion for tractor supply macy's is $4 billion, 4.6. >> amazing >> they actually have a great veterinary product and clothes, cheaper than carhart -- [ inaudible ]. >> i am looking at fiserv shares we talked about that the first time i can remember a real impact on a particular stock from a potential administrative appointment frank bisignano who has overseen a great deal of appreciative value at fiserv the time he's been the ceo has been nominated to serve as the commissioner of the social security administration >> there are two grown -- >> do we have the sound from the conference call he had let's take a listen to

bisignano's comments to his employees and potentially investors about that potential appointment. >> the social security administrative office commissioner is not really a glamour job. it's not a job that you can probably ever name one of those commissioners. you know, what was said to me is, you know -- i talked to a lot of very, very, very senior people who have watched me in my career and you can guess who they are and they said if somebody could fix social security this guy can do it. so i feel like i'm doing what's right for the country. i'm not going anywhere a lot of highway between here and the confirmation we have a succession plan. we have lots of thoughts around it

we've always had it. worked on it from my first day we have lots of options on how to do it >> can't say that he sounds overly enthused about the whole thing. >> frank can be -- he can be low key about things nothing low key is how much money he made for people he's a grownup when it comes to fin tech and i think he's done a remarkable job two grownups in the fin tech world, david there is frank bisignano, and his stock up 51%, and then there is fico, the other one, which has done a remarkable job. i've had them on, will lancing, up 104%. it's not just all square -- >> not all affirm. payments is a good business. >> yeah. >> payments. >> payments. >> payments and plastics. >> yep for sure >> in philadelphia payment is -- that's another way to save pavement

like valentine's day. >> what we were discussing prior to the open and then, of course, we got drowned out as well, talking about xai. their plans and spending i've outlined them a million nvidia chips over time perhaps, but in the immediate term, 5 billion or more likely going to that, double the capacity of the memphis data center that is already the world's largest super computer hub as jensen huang describes them you mentioned meta a story they're going to be building a $10 billion ai data center in louisiana and, again, jim, to your point, doesn't this all point to the continued demand for nvidia's chips, the latest being blackwell, which is just going into service now. >> just now. michael dell would tell you, do not get ahead of yourself. these guys are still buying the previous generation or even the generation for that from nvidia because it's a software situation. you can get those and download

the new software one thing that jensen as ceo those chips are not like the 46 and then you get [ inaudible ] it's the opposite. they still work. i had drew marsh on, the ceo of all things energy, and he was hinting there was a colossal contract why would you go to energy nuclear power. the outage in the 2012 super bowl game, and thought the super bowl would never go back to louisiana it was a nuclear power issue talking to another kind of power company that wasn't nuclear. entergy has been at the forefront of nuke, but, you know, it's hard to build them now. >> listen, we talk about these small modular reactors - >> right. >> -- that are being promised. it's going to be years until they're delivered. some question the technology the fact is you have over 600 submarines and ships that operate on the similar technology small module dew lar

reactors around the world these data centers are getting built quick. musk and what he did in memphis. he basically brought in turbines and started a natural gas plant to power his. >> i would just go buy a natural gas company so i have a source natural gas -- >> you're going to hear about behind the meter, you are not committed to the transmission grid you are providing power to the data centers i think it's five -- i've been trying to learn more about this. 500 megawatts is like the city of pittsburgh. you have to put these things in perspective. the amount of power they consume is -- is jaw dropping. >> right one of the reasons why blackwell is because it's a lot more power for not that much more electricity. the companies involved in the data center we've got liquid cooling, that matters very much. >> it does you need -- these things generate so much heat so you

need to cool them. that's the latest way to do it. >> we've made a huge investment in the upgrade of data centers for the travel trust last day for the sale. there i am >> wow. >> but there is -- like yesterday was, i don't follow that stuff i will tell you, one of the great thesis of all time allah bitcoin is the data center, a piece of the data center, wow, these things are being put up all over the country oracle, larry ellison, so brilliant, as is are all the ellisons, except the one that's not connected, the good ellisons, so to speak -- >> she has no relation to that family what are you doing what are you doing >> i'm just saying people hear that i want to make it clear she has nothing to do with larry whom i worship but he doesn't care for me that's why katz is kind of -- >> like palantir. >> long line of people who

don't -- for you. >> i did everything i can to try to change that and i have failed. >> you should give up. >> yeah. >> larry likes me. >> i know. >> he doesn't. i've never -- actually never even -- >> ad mire him i don't care >> the world's richest men, one of them was on stage yesterday as well with our andrew sorkin at the extravaganza, mr. bezos. >> rich guy. >> who also talked about the fact that he's working harder than ever, chairman of amazon, spending a lot of time on blue origin, but spending a lot of time on amazon he did on the stage with andrew also discuss broadly speaking the country, the theme we're hearing from a lot of business leaders, which is that we would benefit from less regulation, that we might be able to unleash a higher rate of growth and in his opinion, that higher rate of growth is what will get us away

from any sort of worries about our national debt. it's not -- it's got to be the gdp, not the -- not the debt itself. >> larry fink view from blackrock. i share that view. but i also would hedge it with bitcoin. in case it -- >> goes badly. >> what bezos told andrew yesterday the last session at deal book. >> this country is so set up - >> right. >> -- to grow. all of our economic problems, if you look at the deficit -- i mean, you know, the debt, the national debt and how gigantic it is as a portion of gdp, these are real problems and they're real long-term problems and the way out of them is by outgrowing them you're going to get -- you're going to solve the problem of the national debt by making it a smaller percentage of gdp. not by have shrinking the

national debt but grow the gdp you have to grow gdp at three, four, 5% a year and, you know, let the national debt grow slower than that if you can do that, this is a very manageable problem. >> we won't sit here at some point worrying about treasury auctions again. >> no. but i think that he -- look, i don't want to ever have a disagreement between me and jeff bezos, he created one of the greatest companies on earth, that could be a misread of the situation. vance is not talking about being pro amazon he's talking about being pro small business entrepreneur and these people are being squelched by amazon. i am with jeff bezos i am with andrew jassy you have to understand the zeitgeist in washington he's not pro these companies, it's pro the small and medium-sized business that's who elected the president. these companies are not perceived as electing the company. how much he thinkses they

companies have run over people it's nice to think maybe big tech could be unregulated. it's little tech to challenge big tech. >> we come back to the potential appointment of gail slater as head of the enforcement at doj it's a reflection of the priorities made clear in president-elect trump's post in terms of big tech. they don't love it they don't love it >> that's what i'm saying. >> what influence musk will have on that is interesting bezos, at least, believes he was not have a negative influence of competitors of musk, spacex versus blue origin and take it from there but he's big tech too, elon, isn't he >> i think there's going to be favorites. i'm not saying it's a transactional administration sglooshs sglooshs. >> it may be. >> it's not pay to play. >> we don't know. >> tesla shares up 3% this morning, jim. >> tesla is an up stock, what i would call it if i were on a

trading desk goes higher. probably 500 i see nothing in between that 500. >> really? >> in the end, remember how i said that the younger people, they got -- bitcoin because the president-elect told you the president-elect is telling you tesla is going higher. david, have you thought about the ftc and who is going to run it >> i have thought about it, but i don't know who's going to run the ftc. >> told us the inside track. >> tell me. >> andrew ferguson. >> okay. >> republican sworn in 2024. david, he's the person -- >> who is he >> on the commission. >> he was the one that took the most issue with whether it was right for john hess to not be allowed to be involved with the combination of chevron and hess. >> when and if that occurs by the way, it's still in arbitration that is way into the future about the right of first refusal of guyana. >> absolutely. >> mr. hess was barred from being on the board of the

combined company. >> when i read ferguson's piece on this he goes the proposition the comments could move global oil markets is laughable this whole discussion holds no water. in other words, the idea he should be ban is -- >> so if ferguson were to become the ftc chair taking over for lina khan, any sense as to what his -- >> i think he would -- >> -- predisposition would be? >> not as harsh as antitrust >> yeah. >> i think it's a very big -- a lot of room between him and gail slater, who is going to lead the justice department's antitrust. >> let's get to movers this morning on retail. i know on your list here, american eagle, pvh, you tell me five below tell me where you want to go here. >> they talked this morning on "squawk" about the notion of how promotional things are pvh did not deliver on the numbers. i don't think pvh is down --

>> american eagle down sharply. >> american eagle a bad miss 41 cents versus 49 bad comps. that does matter by the way, costco, not the key month. earnings coming up you sell it on that making a mistake. five below the star of the night. people were shocked they had strong sequential growth given the fact that the goods are sourced in china people are willing to buy it. i'm not sure yet disappointing signet the last quarter people don't like the numbers at all, down 9, but that stock goes down hard on the earnings reports costco, what did they say is working? jewelry, gift cards home furnishings, pharmacy, optical and food court, that's important, richard grantee, costco's -- outgoing cfo who said we're not changing the 1 -- $1.50 hot dog. >> that's staying.

>> the slurpee is inexpensive too. >> slurpee equivalent. >> yeah. it's fantastic >> it's interesting. we haven't actually reported at all on the battle for seven and i. 7-eleven. >> enormous company. >> yes. >> wanted it and now you've got the potential for an lbo. >> we'll get to it. >> i thought it was a version of mezcal. >> we'll get to it >> speaking of takeover, shares of hershey up a bit. >> what are you hearing? >> when i was reporting on kellanova i mentioned hershey's name i believe -- obviously, the proxy is out -- they were one of the companies, beca, whatever you want -- that was interested. they weren't there is there any m&a in their future always hard to tell.

the hershey trust, obviously, has significant voting control, and that is what stopped mondelez back in '16 and the state of pennsylvania came to their aid. in '02 wrigley tried. >> it's a gem. >> you know, they're -- maybe in a somewhat difficult position. largely domestic may be a need and desire to broaden their product portfolio. >> i think that all foods are challenged remember, they paid a lot of money, mars, for kellanova. >> mars paid a lot the deal in progress to close. >> do whatever they want smart company. i've met with them very impressed with them we need more consolidation because those companies are not doing that well. >> yep. >> smucker's is not interested they're happy with the portfolio. >> kel nova going to stay at the same price bought at that price. >> kraft heinz never came back yesterday even though the stock was up we had hormel deliver a

terrible number. people are very anti-these stocks because of glp-1. i don't know i don't care for the group i do think that various times there are some that do well, but i had marc klaas on, the swan song, going to be president of the washington commanders, and saw the snacks weren't that good rao's did well the stock, people did not like the quarter. >> did you ask about glp-1s. >> no. he's still there >> right. >> until february. no company admits glp-1s have done anything. the numbers indicate that people don't eat as much. i'll tell you, a shocker, upgrade diagio. that has been -- people won't talk about it. want to know what has been hurt. >> liquor. >> study being done for everything

heavy drinkers are turning into light drinkers. >> yeah. >> jefferies upgrade i don't know >> limits people's sglooshs liquor stocks up -- >> all right. >> there's a rebellion against the rks, the browns. some clears doing okay diagio is heavily brown. >> not good. >> no. >> let's take a break. before we do so, let's do a bond report give you a check on how treasuries are faring this morning. i'm curious as well. i haven't looked in the last 10, 15 minutes 4.205. on the 10-year. >> tattoo that tattoo every day on that. >> tattoo. >> stay in touch with that. >> i will. >> the 10-year is overvalued. >> i did notice i think they're lowering the rate on my account again. >> oh, yeah. >> goldman sachs they won't let you get away with anything. >> goldman sachs i would like to work at the goldman sachs. >> let's take a break and we'll be right back.

with the market more or less treading water, the big banks showing some real strength this morning. citigroup, jpm up over 1%. wells fargo. kind of a nice move. the deregulatory tone would be adding to some investor enthusiasm on what we should point out has been an incredible year for so many of these names, led by goldman sachs' 56% share increase year-to-date. >> what's the price -- 17. around 28, 29, 17. how can you not buy that then say listen -- >> all right. >> terrible. >> think about stop trading because that's coming up next, jim. >> i'm all over it

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a high successful year what is interesting about this, interesting or slap in the face, they say there's sum of the parts. that's $120. david, the stock is 116. >> well -- >> is it really just worth -- >> nobody is talking about breaking it up anyway. >> it's ridiculous worth substantially more it's a big club name the movies are on target theme parks are up next year given the reset. the movie schedule so positive why would you bet against these guys and betting it's 120 is a bet against them i don't like it. a price target of 120 seems absurd to me >> speaking of espn plus's is interesting in terms of its inclusion of gambling. what do you got on the show tonight? >> an idea, i think your a sense ittive to this, why the new ipos are up, high, high, high

where are the ipos we've got a theory about why the market has been so buoyant and that is because, well, there's no money -- you don't have to sell, i don't know, meta to buy musk, the musk stocks. >> interesting. >> i want to mary hear about th. >> it's not just big tech that's a winner it's little tech. >> don't forget that. >> i won't. >> read vance's writings vance is more lina khan -- people are misreading this so badly including the titans that spoke yesterday. >> all right jim, thank you >> thank you, david. >> have a great rest of the day my friend. >> it's a good day. >> good. >> slated to be a good day. >> get yourself a candle fundstrat's tom lee on everything on what's next for ept retoitin ke ihe

good thursday morning. welcome to another hour of "squawk on the street. david favor with leslie picker and mike santoli carl and sarah both have the morning off. let's give you a quick look at the markets and treasuries as well the s&p up barely as you can see there. let's call it all the broader indices up barely. the 10-year hanging out around 4.21%. >> we are 30 minutes into the trading session. here are some big movers we're watching bitcoin hitting a major milestone. 100,000 for the first time ever, and crypto related stocks riding that rally coinbase trading higher. microstrategy up 4%. bitcoin up 50% since the presidential election. much more on the crypto trade coming up. shares of american eagle plunging double digits the retailer cut its full year

forecast pvh also dropping on a disappointing holiday outlook. shares of robinhood higher ceo vlad tenev says the company is considering expanding into sports betting in some way that stock a big winner year to date up just over 1% right now. >> another big beneficiary as well of the bitcoin boom, so to speak. >> yes. >> the dow, s&p and nasdaq are all coming off what are fresh record highs technology and consumer discretionary with -- they're making me read this. they know i can't stand the dow. 45,000 first time ever it is up 25% ever despite being a statistically insignificant index as mike santoli can tell you a lot about. the s&p is up more than 30%. i've got it up 27.6% year to date. >> one year. >> nasdaq, wow, 40%. again, that's one year 31.5% year to date

mike, i went through all the numbers. >> yeah. >> the mag 7, the big teek seems to be having a bit of a comeback in the end of the year. >> yes migrating back in that direction. nasdaq 100 up by 2.5%. the average stock, median stock is down 3/4 of 1%. it reflects how the market is in this kind of almost clockwork rotational mode right now where it's going to hold levels near highs and 's allowing cyclicals. i think this is typical once a rally is rolling for a while, you look for things that haven't moved that much and aren't that extended if you look at the nasdaq 100 to the equal weighted s&p, it was never fully out of the game. in other words, it built up this huge lead going into the middle part of this year. a huge spike you see that there around july of this year >> yeah. >> here it was dominating everything nvidia was the only stock that mattered we remember those days

then it had this big relative pullback it never really gave back the outperformance it's gone kind of sideways the market character is it's more inclusive but it's not keeping those stocks on the sidelines specifically again, i'll go back to microsoft and amazon and apple these stocks that really just churned sideways for a while it's also coinciding probably not coincidentally with the fact that the economic surprise index has kind of rolled over. some of the economic numbers in real time are a little softer. yesterday's ism services, going to wait for the jobs number. you have jolts that was okay, but the idea here is that everybody got built up about cyclicals, banks and industrials after the election for probably plausible reasons, and in the near term though the data aren't really showing an acceleration therefore, yields have come back into a pretty comfortable spot. >> all mag 7 not created equal

apple, microsoft underperforming the s&p. meta, incredible year. then there's nvidia which stands alone. >> exactly that's probably to the good. a little bit of differentiation. >> dispersion so to speak. >> dispersion has been the story. in fact, you look at nvidia. it often trades inverse to other semis on a given day either we're buying the quality winner or we're buying the field or vice versa. of course bitcoin's a big part of this in terms of the speculative energy in a different part of the market almost entirely separate from the megacaps >> the chart you showed, the nasdaq 100 versus the equal weight s&p, you do see the tick up which is emblematic when you see the tick up do you tend to see a breakout of the nasdaq 100 >> i don't think it's conclusive all of a sudden we'll go back into that mode where the one stocks are the locomotive for the market it could happen. i would think that could be the way the market plays defense

you see the speculative part of this market is revving right now. it almost feels like it wants to just burst to have a replay of early 2021 we don't have any ipos yet the etf has really taken on a big recovery move even though those stocks, they're not ipos anymore. >> right. >> most of them are two years old. but they are lower quality, you know, sort of less mature companies. >> the ipo aspect is important because the more ipos you have, the more retail interests you tend to have in the market as well >> totally. >> it creates a flywheel effect. >> reinforcing itself. speaks of the risk on parts of the market, bitcoin's monster rally hitting is 00,000 for the first time ever. the crypto up more than 140% this year, up 50% since the presidential election. jay powell speaking about bitcoin yesterday. >> people use bitcoin as a

speculative asset, right it's just like gold. it's virtual, it's digital people are not using it as a form of payment or as a store of value. it's highly volatile it's not a competitor for the dollar, it's really a competitor for gold that's really how i think of it. the. >> all right let's bring in cnbc's tania mckeel with what's driving that move and what the chatter is about. where prices go. le is 100,000 significant? is it just kind of a, you know, part of a longer journey here, tania? >> yeah, leslie. definitely significant really exciting day for a lot of bitcoiners with a lot of ridicule through the 70%, 80% draw downs from previous bitcoin records. it is a day of reflection for a lot of them. looking forward, i think many of them were seeing this as just the beginning. remember, we're likening to bitcoin like gold, gold market cap is still 13 or so x, the

market cap of bitcoin today. you know, the regulation story i think definitely those comments by powell are helping this most recent boost in bitcoin, but if you just take out the post election story, take out all of the excitement around a national strategic bitcoin reserve where the efforts we're seeing internationally and among the states here in the u.s., just look at the supply and demand dynamics only seven months out from the bitcoin happening. that happened in april and that is that technical event that slows the spike of bitcoin you have all of this demand coming in through the bitcoin ets. with friendlier regulation coming in the year ahead, that demand you'll likely see grow and grow and grow. you see all of these calls happening for $200,000 by the end of 2025. so if you still think that that is a little bit crazy, just, you know, think about the regulation environment next year and supply and demand dynamics.

>> yeah. how about doubling the price there, tania what are some of the specific catalysts you think that investors should be watching for in obviously there's a whole deregulatory environment are there specific aspects that investors are focused on >> i would say, leslie, the focus is on more regulation. the problem that the crypto industry has had with d.c. and specifically with the securities and exchange commission is that there was a lack of regulation i do hear the word deregulation thrown out a lot -- thrown around a lot i do think what they've wanted is more regulation that's going to be clear and allow the industry to thrive so -- and i think that those are two separate stories there because there's been all of this it excitement about a strategic bitcoin reserve nationally that's definitely going to send the price of bitcoin higher. you look at the regulatory environment being a little bit friendlier next year and, you know, i think you can see a lot

more coming out of businesses that's going to benefit coin base, that's going to benefit micro strategy and any other public companies that you might see in the year ahead with better, more favorable regulatory environment. >> the theory with that strategic reserve is honing to spur demand to the up side let's get more on bitcoin's milestone in the state of the record stocks. tom lee joins us on set today. hi, tom. >> hello. >> based on what tania was describing with regard to bitcoin, what do you think this most recent rally says about the overall risk appetite in the market right now >> well, it's -- it's really telling us investors are pro risk i think it also just signals how much capital has been idol for the last couple of years, either parked in money market cash or waiting to see if the economy survived so i think bitcoin rising is to me breaking out of a holding

pattern is a precursor to what the s&p is going to do. >> speaking of the moves in the broader markets, you say the road to the 6300 market is paved with bumps what do you expect investors to see ahead that may slow them down what are some of the key markers that you're looking for? >> i think there's a lot of macros to digest tomorrow is the jobs report. i think investors are fearful it's going to be too strong because of the hurricane and seasonal adjustments so it's going to be a big number next week is cpi, which has been running a little hot and fed chair powell spoke about that earlier this week. then of course on the 18th is the fmoc rate decision i think once we're through these events, investors can actually then invest into sort of that christmas santa claus rally. so i think 6300 is still very doable. >> you're basically saying don't go away after the 18th because there may be some additional up side towards the end of the year >> yes or buy the dips. >> you suggest there that we're

in a good news is bad news for stocks environment why should the market be concerned if the fed is going to be less aggressive in terms of cut being rates? >> i think there's a conceptual change that the market has to get used to which is let's say earlier this year when the fed started cutting people thought five cuts is good for stocks in 2025 so the number gets reduced, it's bearish. i think as we get into 2025 the market's going to shift to thinking the fewest cuts possible next year is the best case because it elongates the dovish cycle i think we have to flip the script but it's going to take some time. >> hasn't that been the case all year in january the market was implying six or seven cuts we're only getting a few we've slowed the pace. the two-year yield is not far below fed funds. the market's already registered slower is better >> that's right. i think it's -- i would say it's not a consensus accepted view

because, for instance, when fed chair powell spoke about taking things a little slower the market got weak and then maybe had a rethink. i think it's going to take a while until markets realize one cut is actually quite bullish. >> are you surprised equities haven't reacted to some of the political turmoil abroad, south korea, france, elsewhere >> in some ways i think the stock market had been already pricing this in. as you know, this year has been a pretty significant divergence between u.s. versus europe and u.s. versus emerging markets and china's failed rally i think in some ways the market is not surprised maybe it was even pricing in through currencies and equity prices. >> tom, i'm going back a long ways to our long relationship. do you still even track active managers and how much, you know, they're trailing their bogeys at all? >> yes. >> whether that's a factor in any way? >> yeah. in fact, we've been cleaning up that data. as you know, in the last ten years there's been a big change in the number of managers. it's good -- it's kind of a good

and bad year because active managers that tactically went cyclical, more offensive or tech have been having banner years. we have so many clients that are beating their benchmark by six, seven, eight -- these are unheard of outperformance, but it's a small number. as you know, when you look at the world more towards macro or market neutral, it's been very tough. >> what did these people get right this year that are significantly outperforming their bogeys, so to speak? >> i think it's a psychology decision they made, which is the companies were telling me things are fine even -- so at the start of this year macro people may have told you a recession is coming or the fed is going to break something. people saw their companies are doing fine the ones that bet on their companies have had great years. >> going back to bitcoin, tania said there's an expectation it could reach 200,000 in 2025. what's your base case? >> well, our official sort of contours for next year come out on december 11th which includes

our views on bitcoin, but i can sort of give you broader observations. >> any little preview? could you like -- >> sure. we're still in the middle of a heavy cycle. i don't think 100,000 is the ceiling. you know, it's really bitcoin has proven it's now worth 10% of gold, which you mentioned. it's probably going to equate to have the same network goal, that's 950,000. >> it's more like 1/6 of gold. 2 trillion bitcoin, 13 trillion other cryptos. >> true. if you count all above-ground gold versus just industrial zbloeld gold >> right. >> in people's teeth. >> that's how you get 20 trillion. >> tom lee, thank you very much. >> thank you be. >> appreciate it. as we head to a break, let's give you a roadmap for the rest of the hour. the state of retail going into the crucial part of the holiday shopping season.

the ceo of bath and body works joining us the company did ring the opening bell here at the nyc. plus, meta investing $10 million to set up an ai data center and turning to nuclear to fuel the a we'll tell you who the winner could be. a sudden rally in the art market we'll tell you what's fueling it a big show ahead "squawk on the street" is up after this break don't go away.

welcome back to "squawk on the street." police are still searching for a suspect in the motive in that early morning murder of unitedhealth exec brian thompson that was yesterday morning let's get over to bertha combs for the latest on the investigation and the search bertha >> david, investigators this morning are focusing on evidence at the crime scene itself and the murder of unitedhealth care ceo brian thompson nypd says it appears the gunman left writings on at least three

shell casings. they may elude to a message. the writings found were defend, deny and depose. many are saying this is a phrase that echos a book about the insurance industry denials titled "delay, deny, defend" in which author jay fineman argues claims, denials, litigation have become a defense strategy for the insurance industry overall brian thompson's widow told nbc news that her husband had been receiving threats and eluded to them perhaps being tied to insurance coverage, yet despite the apparent threats, thompson did not appear to have any security coverage yesterday as he walked alone when he was shot headed to united health group's investor day meeting among large corporations, executive security is becoming a bigger focus according to data group alpha sense. recent proxy statements, you've seen 20% of s&p 500 companies

list some kind of security benefit for chief executives i believe we have that graphic -- that's the incorrect graphic for this story often -- there we are. and you've seen that growing a lot of it is often providing private jet service. it's u just over 15% of companies a decade ago in health care we've seen cigna, humana, cvs disclose such benefits in their proxy statements unitedhealthcare ceo receives private jet service. walgreens goes further saying that the company is also providing ceo tim wentworth with home security services, quote, to protect mr. wentworth against possible security threats to him and his family members, the company requires that wentworth accept such personal security protection while he serves as ceo. the company believes the costs of the security are appropriate and necessary, particularly in

light of the heightened risk environment in the retail pharmacy industry. in an environment where vaccines have now become more controversial according to proxy statements in 2023, moderna spent over a million dollars on executive protection for ceo stefan bancel while pfizer protected ceo albert la. certainly with this shooting there will be a lot more focus on this. >> absolutely. bertha, thank you for following this delinsty.evopg or "squawk on the street" will be right back don't go away.

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care. oh, take a look at shares of uber sorry. we were talking about the banks. they're moving lower this morning. you may ask why. i'm going to tell you. alphabet owned waymo said it will be expanding its fleet into miami. plans to offer paid rides to users by 2026. they will only be able to hail rides through the waymo one app. that cuts out any rivals we see uber react whether it's advancements or announcements

like this from what is the leader when it comes to self-driving taxis in waymo. >> competitive environment, indeed the average u.s. consumer is expected to spend around $1,000 this holiday season. nearly $1 trillion in total could a shortened time frame between thanksgiving and christmas put pressure on retailers. the next guest is kicking off the 13th year of candle day promotions joining us as the first tv interview forbath and body works, gina broadwell. first cnbc interview since taking the roll nearly two years ago. i wish there was smellivision. you can smell the candle day provisions here. how would you characterize the appetite to spend, what consumers are spending on and how you're positioned for this holiday season >> yeah. the so our customers love holiday.

they love fragrance and they love bath and body works so they are quite interested in joining and coming into our 1800 stores in the u.s. and, you know, picking up their favorite products, their favorite fragrances one of them is on the floor, winter candy apple, which is celebrating its 25th anniversary. huge milestone for us. the consumers are interested they can pick up gifts we have a gift range across a wide variety of price points from 10 to $50 we're really excited bath and body works is synonymous with the holiday season this is when we hire 30,000 seasonal associates that come and join us. >> you hire 30,000 seasonal -- >> yes. >> in your stores, brick and mortar stores? >> correct they bring the joy like no other. that's what we're in the business of, affordable luxuries, bringing joy to consumers tluf the power of

fragrance. >> what is the moat here you have a lot of competition at varying price points what is your competitive advantage? how do you keep customers kind of coming back and staying loyal, especially throughout all of these years >> a couple of things. first of all, we are in, as i said, 1800 stores here in the u.s. and we're selling body care, we're selling home fragrances, soaps, so forth. you can find our products in nearly 40% of u.s. households. we are there in terms of what is differentiated about our model is that we're a vertically integrated model we have perhaps the fastest agile supply chain we can actually get our products to the stores within weeks, not months if we have a best seller, for example, suppose winter candy apple is selling out literally tomorrow because it's the beginning of candle day, we can chase and get that product quickly. in addition, we have these incredible store associates that bring to life this

differentiated story telling that is fragrance. if you think about what that means for especially during holiday season, it really has to be this deep immersive experience i think between that back end and that front end is where the magic is. >> is that mostly u.s. based i ask because i know you have a big international push in terms of opening stores abroad in terms of your supply chain we're looking at issues related to tariffs, deglobalization. how are you thinking about kind of your international exposure given some of these macro trends >> we for the last several years have been near shoring and on shoring our production we're pleased to say where we sit is 85% of our production is actually in north america. we feel relatively protected there as well. also, it's not just about tariffs, it's about speed and agility. for both reasons we're pleased with where we sit. gina >> have men become a larger component of your overall sales? will that continue and you have momentum behind it >> yes, absolutely

we launched men years ago. it is one of our adjacent categories it is a very fast growing category for us. we have some top selling fragrances like ocean. we just introduced another, flanker. we actually launched our first purchase with purchase which is a bit of a gym bag with a collection we're very excited about our men's business and we have women buying for men and we have men buying for men so it's amazing to see whether it's online or in stores, the men's shop is how it's portrayed in this the store. you can pretty much pick up anything including some really award-winning baird care we're pleased with the performance and it remains one of our fastest growing segments. >> e lent. gina, thank you very much. >> thank you for having me. let's get a news update now. the house task force investigating july's attempted assassination of president-elect trump is holding its last hearing right now. the acting director of the

secret service said this morning he has implemented various changes to prevent what happened at trump's butler, pennsylvania, rally from ever happening again. that includes expanding the use of drones at venues and providing trump the highest possible level of security in the aftermath of the attempt syrian rebels entered the key city of hama today following weeks of are intense fighting with government forces the syrian army says its units have withdrawn from the city as a result insurgents have set their sight on the central city of hams. ousted french prime minister michelle barn yeah michele barnier handed in his resignation. he has been asked to stay on until a new prime minister is nominated. still ahead, the man advising companies on their multi-billion dollar financing

is johnny fein will be here after the break. you can catch the 10 a.m. hour of "squawk on the street" any time and anywhere because it's a podcast. "squawk on the street" podcast available now on spotify, apple music and all your vendors we'rba ia nue ckn mite any cond. for a limited time, get iphone 16 pro with apple intelligence. get four on us. only on verizon.

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another cut as soon as we think? >> i think we'll get another cult at the december meeting, then i think as we move into 2025 there's so much uncertainty with respect to the new administration's policies and how that might impact inflation that i think there's every chance that they could pause quicker than necessarily some forecasters or the market anticipate i still the think that the trend's intact, it's just a case of where does this easing cycle end and really does it look like a traditional easing cycle or does it look quite different. >> right role play here i'm a big corporation. i've got a nice credit rating. i'm a goldman client johnny, when do i issue? i have to do some refinancing. i know they're coming up, maybe next year. i have some flexibility. long term, short term, what should i do? >> it's hard to look a gift horse in the mouth in terms of the financing environment that exists today we'll talk about the spread component as well as the base yield component. spreads in terms of ig credit

are at multi-decade highs. very close to those levels that component i think is more or less a no brainer in that you'd want to take advantage of the spread environment that exists today as well as the execution conditions which have been very affable all year. >> goodly quit at this?-- good y they've been excellent then you talk about the base rate we've had a nice rally in longer yields since we had the spike post election. since scott bessent was nominated as treasury secretary and all of a sudden there tends to be a perspective buy the market that will have more fiscal discipline than we had envisaged in a sweep scenario. that's created downward pressure on term yields we're not at the levels we had during qe but when we look at and evaluate the levels of 10 and 30-year treasuries, we think

they're attractive in terms of locking in in an environment where we've mentioned there's a lot of speculation on front end rates here i would expect the front end rate directions to ultimately determine whether the long end trades up or down from here. >> right although we can all interpret what may happen but we don't know when it comes to the department of government efficiency and/or central tax cuts there are plenty of things that could leave us here. >> it's the direct it's pretty attractive environment to consider financing. than we had anticipated.

the issue today. there is an advantage of what they see as being very attractive financing conditions. >> earlier this week we saw. part of the just if i for the deal was private credit expanding. is there investment grade corporates i you feel it has a place. the capital markets.

>> it is traded. and they look the same the credit disintermediates a lot of that business and in the public indicated the competitive procession for your bonds the sheets might have pleasures of security for that it creates the aggressive playing in. we originate a lot of structured finance transactions at goldman sacks.

and in so farr as the public broadly. i don't really see it. and one of the popular you're seeing roughly $175 billion of acquisition related financing in u.s. dollar ig this year and it's growing and now the stock financings, sponsor financings, what we care about from my credit market's

perspective is corporate, uncorporate, finance provide volumes over the years so i do think. and there's a tailwind the higher m&a and it's an extra 2or $300 billion. >> christmas at goldman sachs. 55%. >> all right have a good holiday. >> you, too, thank you for having me. >> as we head to the break ambitious ai plans we have the details after the break. trend tracker is sponsored

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it's not quite mission accomplished when it comes to the war on inflation there are signs it can be more of a problem doesn't and we have the segment. later today on "power lunch" at 2 p.m. eastern time.

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getting really good at building computer data centers. >> that was sam altman talking ai and data centers. meta announces it will invest $10 billion. this is setting up an ai data center in louisiana. what will be the tech company's largest in the world our next guest says the hyper scaler's long-term value for nuclear power. joining us with picks, nicholas andella. power is the gating issue to the ceasing -- never ceasing demand for data centers and their compute power. nuclear. it still seems as though it's a long time so i want to start there. give me the time line that is reasonable to expect for these smrs and others to actually begin to operate to provide the needed power >> well, you're absolutely right, david thanks for having me meta put out that rfp a couple of days ago asking for one to

four gigawatts of new nuclear by 2030 2030 is absolutely ambitious we do think new nuclear if you started today would take anywhere from probably eight to ten years to build now the utilities sector is very well positioned here, actually, if you think about it, the last nuclear renaissance that we went through, there are plenty of sites that have early site permits or cols. that allows southeast utilities to be better positioned than others to capitalize on this trend if they were to make the commitments. what we've seen out of meta with that rfp we think is laying the groundwork for additional large scale and smr commitments in 2025 >> yeah. all right. let's start with the smr side. i mean, some say, well, the technology's not proven, others say of course it is. either way it's going to be a while. give our viewers your expectations for the ability of some of these smaller companies to get these things up and running for the hyper scalers

and what the opportunity may be. >> look, it is going to take a lot but what we are seeing now, i'll speak specifically from the regulated utility standpoint, they are more interested at this juncture from doing smrs you've seen certain frameworks like the amazon, dominion mou where amazon would essentially be there working through the construction and then potentially being able to kind of transfer in that first of a kind technology to dominion. from there you'd probably see the utilities kind of step in and build these themselves, but i do believe that this is somewhat first of a kind technology risk and you're going to see that to be shouldered to some of the smaller, more speculative companies. >> as for the larger guys, if you come into this year saying, hey, buy these stocks because there's going to be -- suddenly everybody is going to realize there's enormous demand for power.

you would have been right. do you still buy them here given the move up in so many of these names that has occurred already? >> we do agree to still buy them here we say that because with the growing -- the ever growing demand environment there will be a mismatch in supply and demand into the late dick kade. as you see ais and data centers start to up tick 2027, 2028 we're not going to have enough resources in this country to supplement that demand gas turbines are largely sold out between now and 2029 we already know how much renewables we can kind of bring onto the grid etween now and 2026, 2027 we don't really see the ability for those numbers to really go up at the same time, we've seen virtually every single demand forecast across this country double in the last year and we're finally seeing regulated utilities start to have earnings revigtss from this, like entergy.

so the names that we really like into next year, entergy as well as dominion, who we think can capitalize on the regulated side and the ipp side, we still think that these companies are going to benefit from higher power prices, tallon and constellation are names we like there. >> we've been following them all more than perhaps we thought when this year began nicolas, thank you appreciate your time >> thank you coming up on money movers, the ceo of kroger braking down the quarterly results and the latest on the merger efforts with albertson's "squawk on the street" heads live to miami beach. take a super fast plane to get here for one of the art maet biggest events of the year the details after this

hive digital technologies is a first mover in the crypto space. combining sustainable bitcoin mining, strong asset holdings and a focus on ai and high performance computing data centers join hive in driving digital innovation. hive digital technologies. (intercom) t minus 10... (janet) so much space! that open kitchen!ata centers join hive in driving (tanya) ...definitely the one! (ethan) but how can you sell your house when we're stuck on a space station for months???!!! (brian) opendoor gives you the flexibility to sell and buy on your timeline. (janet) nice! (intercom) flightdeck, see you at the house warming.

nate jones... lines things up... checks his fidelity app... looks to outside analysts to get a second opinion. nate likes what he sees... and he places the trade... talk about easier investing. the so-called super bowl of the art world currently underway in miami beach let's get to robert frank. he's got more for us robert >> reporter: more than 80,000 collectors are expected to descend here in miami in the next few days. having a barometer of the art market and a test for next year.

so far dealers are telling me sales are stronger due to rising stock markets and a lot of wealth creation and crypto as we see today reaching $100,000. the crypto folks -- >> robert, you know what, i'm going to stop robert either his mic isn't on or wasn't attached properly hopefully -- >> it was the tornado. it was the tornado art thing that was -- >> hopefully we can get back to him. been there, done that. happens a lot. >> i think he was starting to say the crypto money is -- >> miami, of course, is the center of it that's art boswell that he's dealing with right now >> right. >> hoping we can get him back. there he is. robert, let's give it another go round two. >> yeah, david as i was saying, the crypto folks, they were gone for a while. they are back and a lot of that wealth that we're seeing created from the stock market in crypto is here. let's take a listen.

the. >> i can say from firsthand experience walking these halls, we're seeing a lot of digital native people that have money in that sphere but a lot more broadly that are now here. the nft thing has come and gone but we're starting to see a transformation and transition of that audience looking at art more seriously >> reporter: it's also very international crowd. collectors from 80 countries coming here. yesterday lionardo dicaprio was around i counted 12 billionaires yesterday. some of the works they tried to buy yesterday were already sold out just hours after the fair opened now for more on the art world and where the wealthy are spending you can go to my "inside wealth" newsletter cnbc.com/insidewealth. guys >> since we didn't hear everything you said at the top is there a sign here that the art market is having a significant rebound or

acceleration >> reporter: i don't know how significant it will be, david. it's been in decline for two years, especially the first half of the year sales at auction were down about 20%. the november sales in new york were quite strong all though still down from last year. what i'm hearing here at art bosel is that the bidding, the demand is stronger than last year it isn't certainly signs of a recovery we'll see if it extends into next year and whether it will be strong or not. right now, a lot of optimism based, gain, on stocks, crypto and post election. >> all right well, we don't have time to discuss what it is you're standing right behind there. but i like it. i like it. the all right. our live market coverage continues after this

good thursday morning and welcome to "money movers." i'm leslie picker and today all-time highs s&p and nasdaq hitting new records. off a record close bitcoin topping