>> i haven't seen any drones. i'm looking for them. they haven't been in my neck of the woods. >> they haven't. okay. all right. dana, thank you. let's get a final check on the market fed week. we're green. it wasn't a great week last week when it was all said and done. ten-year's moved a little higher. >> it is higher. >> inflation, and bitcoin was at 106 at one point. make sure you join us tomorrow. we'll be up here again. it's okay. it's cold. make sure you join us. "squawk on the street" is next. good monday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer. fed decision earnings from nike and fedex, retail sales and pce. dow is down seven straight. that's the longest losing streak in about four years.

it begins with expectations for the fed. investors are awaiting the outlook as we look at this last full trading week of the year. the president-elect continuing to court big business. apple ceo ing at mar-a-lago friday. jeff bezos set for a meeting this weekend. soft bank ceo expected to announce a major investment man-to-man u.s.in the u.s. and honeywell is higher this morning after activist pressure. the company is now considering a sale of its aerospace or i should say, a split -- a split of its aerospace business. jim and i will talk about it. we have been talking about it. we'll continue to. >> yeah. >> let's begin though with the markets ahead of this week's federate decision. we'll see what we get on wednesday. goldman does remove their expectation for a january cut. >> yeah. goldman notes a pretty bullish. i think there's a sense that although you're not supposed to look through about what's supposed to happen, if you look at the data they currently have, which is that other than housing

and what is pretty strong, but the look through is kind of like what david said at goldman which is that the animal spirit's really taking over, and the school business index is incredibly bullish, but what i'm finding, there are so many people who are coming out of the woodwork to say how bad the biden administration was for business, almost to the point you couldn't really talk about it ahead of time, and david, a lot of it is scone concentratede ftc. >> that's not a surprise to anybody who has been listening to us for the last four years. you have been talking about it nonstop. >> i had to relent because i was talking about it nonstop. >> yeah. there was definitely fewer deals perhaps getting done as a result of the regulatory pressure from both khan and jonathan as well at the -- >> cantor. >> at the doj -- >> not going back to paul. >> we know, that but this is beyond that, i think. >> no. i'm just using a flash point.

>> this is the regulatory regime and what that will look like in the incoming administration and what that will mean for business not just in terms of pursuing deals, but just in doing business. >> well, i spoke to three different -- actually, a half dozen ceos in the last five days, and to a person, they all say, i called the president, president biden, and got some assistant, and the assistant says he doesn't want to be in the room with you. these were people, if i told you who they were, you would all say, hey. they were in the room with you. they were here last week when president trump came in. i would say actually two of them are very hardline democrats. one is middle of the road, and they just couldn't believe that they were rebuffed. it's just amazing how -- how ill-advised biden and his people were because they turned away people who really wanted to help him and somehow biden's team thinks anyone who is wealthy is bad news. of course, the opposite here.

>> the markets and economy have found a way to deal with it as the largest part of global market cap, two-thirds, record high. >> i'm looking at the sector. the consumer discretionaries and the oh my, anything happening to a communication services. people who give a million dollars to the president, i think their stock had gone higher. did you notice that coming out? >> uh, yes. >> of course, there is no quid pro quo, but it does seem like there's a year of good feelings between people who really didn't like the biden administration, but we didn't know. >> right. we don't -- i mean, how do you define quid pro quo? >> i'm just saying that it looks like the iden administration was so antithetical to everyone that there is a celebration among businesspeople, but as carl said, what do they -- shouldn't they be celebrating all along? they have had such great performance. it's a great oddity. >> listen.

i think, you know, we'll discuss it. any number of times we continue to, there is an expectation that business is going to be able to do things it wasn't able do over the last fur our years as we he into this new administration, whether it is buy a company that you thought about but didn't pursue because you thought you would get stopped regulatorily, or by the raerl regulate regula thought you would get stopped. there's nothing stopping that fra from flourishing. the other side is the size of tariffs. >> everybody -- >> and the size of the deportations. how broad and deep. i have been seeing recent stories particularly about the deportations that indicate perhaps they may not be as severe as some thought. >> you need robots. >> i think on business, there is still, you know, a hesitancy at least in terms of being able to

have some clarity on those two fronts. >> right. >> because they will both be potentially inflationary. how much? and then rates go into it, and we go from there. >> people -- i know many businesspeople have talked to president-elect trump, and they said it's not as simple as steel. that's 3,000 to 4,000 people. the problem is we're so intertwined and a lot of people felt, you know what? when president trump -- when he was president trump, you thought you were supposed to go for china and px.mexico. seemed like a good deal. mexico seemed favored and they're trying to figure out, why do we go to this country that apparently doesn't like? mexico has to be the place there is some give. >> we think about mexico's relationship to china as china's trying to build some ties between themselves and our country. >> thank you for this. i didn't know. that. >> i haven't sampled that yet. >> it's the best geopolitical

show on air. >> i did watch i think one episode of "lioness." >> stick with it. china and mexico are foes, and china has been flooding the country with autos and what we did, is we moved our auto production down there. germany, you go to puebla, and it's volkswagen. >> we didn't move all our production down there. 2 million -- it's not insignificant. >> it's just that cars go back and forth and back and forth. where do we put the tariff on and take it off? does the president-elect really want to raise the price of beer? dawes he want to raise the price of pacifico? is that what this is about? have you tried victoria? very good. >> what is more important to corporates? not having sort of this roadblock or the ability to move supply chains, operations without fear of running afoul? >> such a great question because it's almost one.

jim, we're so excited. the trotzkys have left the building. >> i'm aware. >> not the government, the workers. that's why it was so interesting. >> yes. >> visited mexico city. >> he's picking through the head and that's never a good thing. suboptimal ice pick, but very quickly, people just say, you know what? look. the tariffs are so convoluted something has to happen, but the idea that they can talk to other companies and maybe combine, they want that so badly, and, you know, it was the handbags. >> it's starting. a conversation, even this morning on something else that we'll be talking about later. >> there's two bags bought. >> we are getting -- companies are moving even more quickly than we thought they were in terms of -- >> right. >> -- ing in dialogue. >> the handbag decision -- that was the high water mark of

stupidity. agreed to by a federal judge. >> go to t.j. maxx. that was a bad decision. t.j. maxx. is she old enough? >> it seems like a lot of your criticism is aimed at judges. the musk pay package, capri tapestry, albertson's-kroger. >> i got a kate spade bag at canal street. i dare you to find, 10 bucks versus are 400. sara eisen. >> there's no way you have a kate spade bag. >> i bought it for someone -- >> not going to name. >> for somebody. i don't know who. speaking of all this, the number of ceos visiting the president-elect continues to grow. sara is here be with some news. >> good morning. yes, we've learned according to sources familiar with the matter

that asa son is there. they will commit to investing $100 billion in the united states between now and 2029, the end of president trump's term, and that he is also pledging to create jobs, 100,000 jobs with this announcement. this may sound a little familiar to you because back in 2016, masa son went to trump tower and he pledged half of that, $50 billion investment with 50,000 jobs to be created in the united states. that was at the time where he was raising money and had just created the vision fund, and so that money did get fulfilled in terms of investments in the united states in hundreds of company investments that the vision fund made including of course, it didn't work out so well, but ultimately he can say promise fulfilled on that one.

this one, much more ambitious. so i've learned that we can expect this announcement come later this morning, and it's obviously a big deal for president-elect trump who's trying to create investment and jobs. >> he wants money coming in and jobs being created through typically, i think, in his mind, manufacturing, you ? people making things or, you know, maybe at companies. i just wonder, you referenced the $50 billion that the invested into a vision fund into many private companies. >> yep. >> eight, nine years ago, or over that period of time. i don't know how many jobs that created. >> it's hard to calculated. >> is it going to be the same thing this time? >> not necessarily. so what i've learned is this is going to be really focused on amount i. a.i. because we know he has been bullish on a.i. and it could also come in the form of capital investments around a.i. infrastructure. think data centers, ships,

energy production, what's needed around a.i. to build in this country. so that's more along the line of what you've said president-elect trump probably would be interested in, but he's a lot more focused on technology and a.i. certainly than he was last time around. he's got david sacks as the czar on a.i. and crypto. he's now met or will meet with a lot of the big ceos in technology. so i feel like this announcement actually around a.i. is very much on par with what the president-elect is thinking about and hearing about from supporters and advisers. >> i don't know -- did you see those comments about the biden administration and their approach to a.i. and how different it's going to be? he seemed very frustrated with that, although i would point out data centers do not employ many people. building them, but when you get them up and running -- >> a lot of investment. >> not a lot of jobs. this is 100,000 jobs though, right?

>> 100,000 jobs along with -- yeah. $100 billion which is a very large number. >> one area of the economy we don't need money for is a.i. everyone is throwing money at a.i. they are. we need semi, especially intel needs money. they don't have the money to do what they're doing. >> that's part of it. >> that would be terrific if you fulfill that desire, and private and public money found its way into intel. >> it's true, and we know that, you know, they've committed for instance, to investing and openai. this could be part of that investment. they have arm which there could be investments of obviously, in the chip maker and part of that, but the reason i think it's politically so good and important, not just is it investment in the united states which trump himself has been soliciting, and is a sign of faith and bullishness in that message, but also keeping a.i. in the leadership for the united states of america. >> you had this. i'm very glad you broke the story. >> don't you wonder if they would have invested it anyway

and it's just a good opportunity? >> you don't know what the prior benchmark was going to be. >> take this. >> you know how this goes. >> this is where you invest it because frankly there are very few -- there are handful, but very few other places you can invest in the companies. >> now in the good graces of the president making that announcement. >> the qualcomm starts today. they loses, nice to meet you. >> we'll see you later this morning. >> see you in a bit. thanks, guys. when we come back, we'll talk all things elon musk including tesla's big rally and how his support for the president has paid off, and a target increase. take a look at the packed week of earnings. the macro, the fed, back in a moment.

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and 75% since the election. jim, today, web bush goes from 400 to 515. a case, 650. >> i think this story during this period is actually much -- not as much trump and musk as i think as many people think. it's much more that this is now a tech company and it happens to coincide with this period, you know, david, look. a lot of people just say, hey. that's great. they're going to be together, but it's not as if tesla is going to be favored. as a matter of fact, there was a story today that we're on crash. crash is where teslas would be the losers. i think -- >> you have to explain what you mean. on crash, they would be the loser? what does that mean? >> there's a conflict about -- there's a decision that trump may make about scrapping car-crash -- >> they would be a beneficiary of that. >> the other story is out of reuters looking at removing support for evs and chargers. >> that would be bad, right?

but if you're moving for everybody, it's good. i'm just saying it's the news flow that's not why people are buying. >> really? you don't think that people are not buying tesla stock because they -- >> i'm saying the actual news flow about tesla means nothing. the news flow about musk being friendly with trump is everything. >> well, not friendly. i mean, having great influence within the administration. >> they're saying you better hope that some of that is the giant -- the giant nvidia plant, you know, the giant plant -- >> it's not an nvidia plant, but xa.i. >> you can't get this valuation is what i'm saying. >> there's no doubt about that, but -- and i think elon would say the same thing. >> by the way, if you chart the stock price versus forward earnings estimates, they are completely diver gent. >> right. right. >> the earnings estimates are not moving. >> it's got to be about full sub tron, and they're reaching that.

that's what ives mentioned. >> they're driving right now. >> these guys have nothing, but if you say wait a second -- the president is going to be -- >> that's not true. they do have a lot, and they're making great advances, jim, actually, in terms of -- >> you've talked to waymo. i understand that. >> my point is when you talk to people who at least have an understanding of the advances tesla's making as full self-driving, particularly as it ies a.i. to it and large language models, they are significant jumps being made that have not been previously made. so you're talking 10 x instd of 10%. >> you need to have the federal highway system. you need to have trump say, you know what? you can be full self-driving on the highways. >> i don't know if that's going to happen, but they do -- they will benefit from the accident stuff not having to be able to report it and they don't have competitors because they don't need it as much, and i mean,

carl, his net worth is up $76 billion, elon's since the election. not bad -- >> what? >> he's discovered politics and what money can do in politics and i think he's, like, that's not a bad return. $200 billion for a $76 billion? i'll take it. >> this is what we keep hearing. >> jim, it's the nation. >> i was thinking about developing an olive garden network where all i do is talk about that. >> sanders on "meet the press" never before in american history have so few people had so much money and so much power. >> what can i say? >> it seems to be a fair statement. >> the sun came. remember, the sun king of france? >> vaguely, yes. >> not the guilded age. these guys never had -- those guys didn't have the money. jay cool? he's a pauper. he's a pauper. >> he was the operator. >> vanderbilt, none of these guys, right? >> nobody's matching elon musk for money and/or influence.

>> i'm just saying it's more about tesla, the ethos than it is tesla the car. dan ives is about technology. >> by the way, dan's target doesn't even value optimists in anything. >> he's been dead right, but the person -- dan ives' jacket and things, lost, okay? that's the name of the team. can you imagine? dan ives, that. >> like the seahawks uniforms. >> they ought to just throw those -- burn those right now. >> we'll get cramer's mad dash and the opening bell on this monday. we'll get that in about eight minutes.

take a look at premarket gainers. the nasdaq 100, and micron is in there, and broad com as well. we'll talk honeywell. we'll get some changes to the index as well, and we'll talk palantir, and exxon as well. opening bell coming up in 4 1/2 minutes. you can catch us any time, anywhere. listen to "squawk on the street" opening bell podcast.

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>> all right. let's get to a mad dash.

i have an opening bell for you soon as well. talked a bit of tesla. let's keep it on autos. let's talk about ford. >> sla's got mojo. that's technical term for stock going higher and ford does not have mojo. this is one of the reasons what can save the fed when they cut. ford has an inventory in 96 days. that says to me, way too much, and by the way, that's far more than gm. wow. i mean, gm and stellantis have much lower. they have this gigantic cumulative gap of $8.5 billion warranty. they have warranties and extended warranties with a cross of fixing. the cost of fixing is way too high, and parts are going up too during the covid period. that's a very tough one. >> they have it as a -- >> no. >> you got rid of it, right? >> we got rid of it because i couldn't take the ridicule.

the ridicule got to me and boeing at 240. we can go 2 for 2. >> let's get the opening bell here in the cnbc altime exchange. investment management celebrating the long five active etfs. we'll talk with this, in about half an hour. that's the nasdaq technology. a provider of education software in china celebrating its recent ipo. by the way, retail sales in china, 3%. estimate was for 5%. >> i remember during this period where we had stagflation. we gained these numbers and start worrying and they have to start printing money to get these going. they are in that same vicious cycle. peter navarro -- >> on squawk" tomorrow. >> you won't hear a lot of positive things about china from peter. >> no. china doesn't have a lot of positive things to say about its

economy, but any number of other things, an interesting story in "the wall street journal," just about unrest in the country. it is of course, being kept -- kept to a minimum in terms of people being aware of it on social media, or various reports, but, you know, people upset about their properties value going down, younger people unable to get jobs or only low-quality jobs. there are a lot of questions about the chinese economy obviously as we head into a trump administration, where there are even more questions in terms of how draconian the potential tariffs will be, what the response will be as well. all that said, the chinese are going to dominate. they dominate in battery technology around the world. they dominate in solar and they will dominate in evs it would seem as well back to talking about ford. >> yeah. i mean, look. i think that evs, when you go to these different countries, it's just nothing but their evs. they're everywhere. >> we're kind of blind to it

here here, but if you go to israel or europe -- >> my wife ran into a lincoln. it's the chinese -- i think they're trying to do -- maybe the president -- president-elect when he was here, he was saying he was a good friend of xi. maybe there will be a situation in the navarro camp, which is pushing china over, and maybe the president does something personal to make things a little better, but where we win, and we haven't won -- >> i don't know. it's so interesting, you know, their answer to a lackluster consumer seems to be just continue to supercharge exports and manufacturing which is only going to make their goods even cheaper and/or bring them into the crosshairs of so many. it's not just the u.s. obviously it's europe when it comes to evs. you talk about ford. volkswagen, idling plant, stellantis having issues. >> california is on track to

surpass the german economy. >> there are some real serious issues at the heart of europe now. it's not about the periphery any longer. as i said the other day, i think france's borrowing rates are higher than greece's. >> the french downgrade. there are a lot of people who feel there's no other place to invest other than the u.s. it's kind of our period. i know a lot of people investing in mexico until president-elect trump decided to try to take shot at mexico. not a shot. i mean, really kind of a wholesale change for how we deal with mexico. i care tremendously about that. >> but yeah. i mean, it's going to be fascinating to watch and again, back to evs themselves, any market in which there is not a domestic company that produces, the chinese are going to -- they're going to dominate. they can come in at half the price. half of all new auto sales in china by the way are evs now, or more than half. >> if you go to talk to pfizer, if you go to talk to merck, if you go to talk to johnson & johnson, any medical equipment,

they have just shut us down. the guardasil, they've got vaccines sitting in warehouses. j&j has been crushed in terms of medical device. the year over year from dana is terrible. you just -- it's life science. they have not tried to stimulate where they with you thought the would, which is med tech and pharma. they've got to take care of their people. i really question it. >> yeah. well, maybe the administration doesn't need as many -- maybe these masa-type announcements are going to come because as you say, there is no alternative. literally tina, but the country is not stocks. >> no. no. look. we are -- >> where else are you going to invest? it's true. where are you going to go? >> and i think that by the way -- >> a.i. in germany? there isn't any. >> ooirm i'm getting less worri about -- i think the robots are

going to be able to take up a lot of the jobs because of a change in immigration policy. >> well, that would be the one potential -- not necessarily a positive, but yeah. >> you're with me? >> if the robots are here in time. i don't know that they're going to be able to take all of those jobs and meet processing plants. we're going to have robots doing that? >> construction, ing, meat processing. >> you're going to have robots doing the roofs and a gricultur, picking everything? >> i don't know. >> plucking. and by the way, yeah. doing that very hard work in the meat processing plant. >> the costco chickens? i don't know. >> that's true. you don't. >> nobody does. >> you see a lot of robots. >> you'll see them running around the streets? >> i don't know. you don't know. >> of course, you don't know. >> i'll go out to the conference where jansen long speeds in march, i will hear. last year i saw things that were loading things at warehouses.

>> yeah. >> this year it will be -- everything has been off nvidia. nvidia is done. it's done. how did it get to be done? >> there's a lot of desk notes today saying, is it a source of funds? if you want to broaden your a.i. infrastructure exposure and buy sienna, and dell, and marvel. >> i think marvell is doing fine, and there's a lot of lining up with amazon, and this anti- anti- anti-nvidia, it has to do with amazon. if you speak to amazon, they're hoping nvidia will send them the chips they need. >> they're trying to develop their own. they're using marvell to help them do that. >> of course. >> looking forward to that interview. >> my show's on at 6:00. >> i'm aware. >> i got two people who don't watch my show. my wife -- >> and david. >> my wife says to me over the weekend, she goes, i hear you were fawning when you spoke to the president-elect. i said, did you watch it?

why would i watch it? i'm busy. >> that's all right. it's okay. people are busy. nobody in my family, you know, it's okay. >> it was big for me. i guess -- what do i have to do? interview lincoln? >> that i would watch. i hear sorkin got him though. >> that's it. that's it with that thing. i'm done with that. we're not taking that next year. >> he had lincoln. >> i'm not taking lincoln. >> we're not taking lincoln. >> lincoln was -- >> he was between altman and jensen, yeah. i mean, come on. >> i have had it. >> nothing, huh? >> alphabet, guys, continuing this end of year run. >> what is that about? >> it is taking it from what had been equal to the s&p's performance, if not a bit below that to far outperforming. i don't know if it talks about -- seems hard to talk about the momentum which is decades away, maybe.

i don't know, jim. come up with your own -- >> youtube. youtube's doing incredibly well. >> they're doing amazingly well. >> they got the nfl right by the way. that was a brilliant move. they don't talk about it. >> youtube tv raising its price to $82.99 a month as to january. >> we had someone in the justice department who was hoping to take this company and turn it into a greyhound bus come carrier. >> you don't think this is about willow and gemini and gm cruz? >> cruz dropping out and gemini i'm starting to like a little more. >> are you? >> yeah. >> what do you use? >> i use chat mostly. >> what do you use? >> not much. >> he hasn't used it. >> not at all. >> i have to incorporate it. ooh i'm waiting until i have my own agent. >> look first, and otherwise you'll finds yourself in that terrible plagiarism thing.

>> i can't. i can't even have it write anything for me still. i write my own stuff. i write my own material. >> so do i. nvidia's now down because of you. >> yes, because of me. >> it's going to be down a buck and a half. >> i'm not changing my mind on nvidia. >> i bet you aren't. you haven't. you have been right not to. lets get to honeywell. >> i'm sick of nvidia. >> it's the story we have been following, of course. largest activist position of all-time probably, elliott, talking $5 billion in honeywell, pushing the company to separate its key parts. basically take aerospace, making its own company and leave the rest. the company now says, okay. we will consider doing that. the director continues the comprehensive business or the -- portfolio. they say, we will explore additional strategic alternatives for unlocking

shareholder value, and there it is. including the potential separation of its aerospace business. and then you get a separate statement from elliott, kind of constructive as well. one paragraph just saying, we welcome that. thank you guys for looking into it, and we think the transformation that you and the team are leading represents the right course for honeywell. you've always been one that believed that would be the right course. >> yes. >> by the way, we're going to know fairly soon. >> right. >> this is by the end of january, perhaps or latest early february, they will tell us the conclusion of this exploration. it does seem to be leaning i'm saying towards -- >> i think so. >> it's a likelihood they will do it. what do you think? >> this cohort is selling between 39 and 45 times earning. if you take ge, you look at this -- the comps, and they're just so extraordinary, and

you've got this company which is not delivering and frankly last three-quarters have been done. more importantly, this is -- this would be the one we're looking at that hasn't moved yet. i think it's brilliant. i really do. it's a very large position, and i think it's very open. >> and joint -- >> tremendous open mindedness. >> you don't believe this current stock applies or price reflects the real possibility and/or inclusion of them actually having a separation. >> if it wasn't 235 early they are morning, people will understand what this will mean, but then you've got this problem, of how long it's going to take, and people -- i mean, look at dupont. they're splitting into three companies. people have forgotten about it. >> yep. >> it's just been forever. >> it has been forever. they take a long time. obviously it took years and years for ge to separate itself. that said, the value delivered has been enormous. a great relief to many, you

know, people who were relying on that stock to a certain extent to help fund their retirement. >> it's come all the way back, but you know it's still not anywhere where it is. >> no, but ge itself, for nova health care, you add them up, and it's pretty good. helped deliver no doubt about that. it took years. it took more than a couple of years. >> from -- >> years. >> for nova, it turned out to be data center. >> he got lucky. >> it was the ta center. >> didn't pour cold water on it. data centers are being built everywhere. my point is when it comes to employment, once you have a data center up and running, it's not a lot of people who work there. >> i totally admit that. it was mercurial, and arbitrary, and i felt it was due. >> i appreciate that. that you at least -- i'll take that as an apology. >> and palantir's down. what do you make of that? they're not allowed to go down. a distant moon ago, they're not going could be.

>> interesting especially since microstrategy and exxon were there going into the index on the 23rd. moderna gets there. >> moderna i guess is one of the great fizzles i've ever seen. kpon is axon we talk about it, but they came from being a great records company. they turn outside to be one of the great software and service companies and everyone is focused on says lesforce and yo know i am too. >> i know you are. ooirm aware. i'm waiting for my own agent. it's coming. i know it is coming. i know -- >> i wish it wasn't. >> he'll make my own agent, i'm sure. >> when you see the ales and advertisements, you'll say, you know what? can i sign up? i don't want to talk to humans ever again. >> right. the matthew mcconaughey-inspired advertisements.

and woody harrelson. that's a strong duo. >> "true detective." >> season 25, yeah. indeed. >> the first one, i don't know. >> louisiana. >> guys, it is a distressing subject, t one that should be mentioned, a couple of weeks since that horrific murder of brian thompson, ceo of unitedhealthcare, not unitedhealthcare group, but united -- not united health group. that stock has lost -- that company's lost about $75 billion, maybe $80 billion in market value. cvs as well. cigna, look at the declines, guys. because of the ongoing -- i don't, you know, i'm not trying to character -- debate, if you want to call it that. >> i think that's fair. >> the debate it has brought to the floor in terms of just the

vitriol and hatred some of these people have for the health insurers. >> if you take them at face value, their statement indicate that is they actually approve a great deal. >> big health insurer helping drain its drug copay funds. i mean, look at those percentage declines. there's nothing else to point to specifically. you did have -- you write what last week house republicans announced in investigating whether cbs violated any trust law by blocking independent pharmacies from using cost-saving tools outside of the network. you had also elizabeth warren and josh hawley, bipartisan, introduced the patients before monopolies act which prevent a parent company of a pharmacy insurer from owning one of those pharmacy businesses. there are real things happening as well, but those percentage declines are stunning. >> it's become, you know, it's anecdotal, but the most hated industry in america.

>> "washington post" today takes a crack at how many more claims are being denied. it's hard to get national data, but they do say for example, maryland where they report that the number of claims denied by the insurers that are regulated there has risen nearly 40% since 2019. that sounds like a high number, but who knows? >> and then you're kind of locked in when you go through an open period. then you get bills. the bills go from $6,000 to $14,000. >> we all share in the frustration of having something that you expect that would be covered that wouldn't be, and having to argue about something and it only continues to get worse. >> so what happens? what happens? you have bipartisan -- the stocks reflecting something actually does come from this. >> yeah. >> they were working on it. >> i mean, unh still

$475 billion market value company, but having shed a good amount of market cap. >> it's very tough. i just wish mayckol ichael was alive because he would tell you there's great inefficiencies and his care was considered to be as good or better than the guys you charge a lot, yet he charged much less. i was always trying to figure out, how is that possible, michael? he said, because we're good businesspeople and we try to make money for shareholders and we do in a way that is good for everybody, and michael was the dean, and then they lost their dean when he passed away, and now it's just a free fire. i don't mean to use that term, but these companies are really just the disliked companies. >> meanwhile, tech definitely overshadowing everything this morning. busy morning for i sz. let's get to rick santelli. >> indeed. watch the interest rates move up. s&p global pmis for the december

and these are preliminaries and they're better than expected. two out of three, 48.3 on manufacturing. that's the one that isn't better. sequentially lower. sixth consecutive read under 50. the weakest since september, and here's the reason rates are moving up. the service sector is booming. 58.5. that's the highest number of the year and if you look at the composite, 56.6. that is the best since march of '22, and definitely well above the 54.9 in theerer rear-view mirror. it's about services and rates now. while we're hovering at 4.39, we see the matureries are also moving up and that's down a couple of basis points, and we want to paint -- excuse me. almost up to 4.24% getting very close to unchanged. remember, 4.40% is the recent

high. we want the pay very close attention to that level, and do keep tune to this channel because "squawk on the street" will return after a very short break.

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take a look at netflix today. loop today says it has rarely if ever looked better positioned than it does right now, but they look at some valuations, jim, on forward revenue, getting to levels where it has topped out. they downgrade to hold. >> was there anything more obvious than tesla? they sm eeso easy. >> we'll watch that although as we said, nasdaq definitely taking all the oxygen out of the room this morning.

stock trading with jim is coming up next. i'm a rock star. great job putting finance and hr on one platform with workday. thank you! guys, can you keep it down. i'm working. you people are (guitar noises). hand over the air guitar. i've got another one.

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restoration hardware. rh is one of the most heavily short stocks in the market. the ceo just moving towards the first quarter, and a lot of people felt like he was too bullish in his projections. he's been spot on. one of the most accurate ceos about what's going to happen. as this one comes in, i know it seems high, but it's a winner, and as the rates come down, it's an even bigger winner and i think people don't understand worldwide ambitions are paying off here. very interesting choice. >> we talked about it on friday too. >> yep. i just think that coming down, that's one you got to be very, very cautious if you are thinking about shorting, very dangerous. >> marvell tonight? >> yeah, and it's -- look. that's matt murphy. he's just -- matt bought a ton of stock, 40 points ago. he was very visible about it and said, i think the stock's going higher. he did -- in terms of visible opportunities where you watch insider buying, there was nothing like this, and yet people didn't think anything of

his million dollar buy, and you got to get -- people have to understand there are still some things out there that happen -- some wisdom, like, insider buying. you don't buy for any reason thinking the stocks will go up. you sell for a million reasons. you only buy for the one reason. >> finally, somebody's explained it to me. >> i geminied it. >> we'll see you at 6:00. "mad money." >> those green arrows, though market breadth, negative yet again. don't go anywhere.

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go good monday morning. welcome to another hour of squawk on the street. live as always from live of new york stock exchange. last full trading week of the year without the holidays.

we've got the s&p up a third of a one percent. tech is leading again. it's been a tech rally, continued up 63 points right now on the dow. broad-based rally ahead of big week, federal reserve right in the middle. take a look at treasuries right now and how we're starting. remember, this trend we've seen, they've been higher over the last week, a little lower this morning. 4.385%. there's some buying this week. 30 minutes into this trading session, here are some movers we're watching. bitcoin hitting a new record high, topping $106. microstrategy among them, being added to the nasdaq 100. we'll talk to the ceo next hour. shares of broadcom continue

their big rally. the stock getting a number of price target hikes this morning. broadcom is now the eighth u.s. company to top $1 trillion in market cap. guys, i mentioned the fed, we do get a big report on friday the fed's preferred measure, data on inflation, we'll get some big earnings this week as well, micron and nike. good teams on consumers and ship demand. the fed, not a lot of mystery going into this week, the market is priced for more than 90% that the fed cuts rates. it's an interesting situation, because it's not an obvious case about the fed cutting rates and what they might do next year, we'll get the docs this week, which is the projection of how many rate cuts there will be over the next few years.

article this morning from the wall street journal, the fed's game plan on interest rates keeps shifting. he does say in the article basically that the fed is on track to cut interest rates, but also notes that some officials are concerned about inflation and the potential for cutting too far, it will be a harder case to make, which is something we've been talking about here, the latest inflation rate, especially cpi showing that, look, the trek down from 3% to 2%, the last mile inflation is proving stubborn and sticky, at the same time, the jobs market, the fed's worried about, it's lost momentum, is very strong still and speaks to a tight labor market. the case for cutting is not as clear. medium was at four cuts next year. now the market's at half of that.

>> certainly the goldman are fewer in number. they take away january. they're left with march, june and september for cuts. >> that's still more than the market is at this point. there's a chart this morning that was going around which shows basically the market expectations for, here we go, this is a little complicated. green is market expectations for fed cuts. '24 we see. '25, only two. that's why it's not as steep. then market is expecting on hold. yellow dots in between that's the fed's own rate projection, what you need to know here, basically is that the last time we got the dots, the fed thought that it was going down to 3375. now the market is 3385 for the end of the year. the market expect fewer cuts than the fed.

it's good tell on how hawkish the different members of the fed really are. the commentary for the weekend, apollo, we followed his work, he has been saying the fed doesn't need to cut, inflation's still sticky, the economy is still strong. recent uptrend in inflation, combined a strong economic momentum is pointing towards a rebound in inflation in 2025 and not a softening in justify fed cuts. the probability is rising that the fed may have to raise interest rates in 2025. >> the ceo has questioned the need for cuts in the past as well. >> the data has moved in their favor, that's the difference now, the case for cutting, he's the only one talking about a

rate hike, however some of the trump policies implemented unclear what the impact would be on inflation. if they're inflationary you'll hear that chatter ramp up again. after a full 100 basis points of cuts in september, we expect fed chair jerome powell will use his press conference after the fomc meet to signal the fed is on pause from further easing for now. the framing of a hawkish cut could be coming this week. >> yeah, and fears the middle of the last year we'd get a dramatic melt-up. >> it's hard to argue financial conditions are asking for a rate cut now, stocks at a record high, it's interesting what's happened with cuts, steady climb up in treasury yields, more firm inflation data, doesn't

necessarily -- with the fed cutting. meantime with the stock market higher, etfs has seen $250 billion, breaking the previous record in 2021. wall street firms trying to meet the demand. now pivoting to active etfs over $250 billion of inflows to year to date. welcome back. congratulations. >> thank you. glad to be here. >> brought a huge crew. talk about where active sits right now in the year it's having. >> what's interesting, we launched the first mutual fund 100 years ago, it allowed individual investors to invest in the market. we celebrated the anniversary earlier this year, now we issued five active etfs last week, it's about taking existing capabilities putting them in the

etf vehicle and so, launching the first mutual fund, excited about that, and now on the floor this morning, celebrating the launch of the etfs. we do see a lot of demand for clients looking for active risk managed products, capabilities we're bringing within our etfs. >> what's the mod for these days. i'm sure you got it done. i speak to a lot of active managers all day for my job, but many trail the markets, they use risk adjusting as one of the keys as to why they do it. what do you say. >> the biggest challenge when you think about the indices themselves, fully diversified indices has been much easier to beat, indexes include u.s.

equities, they're very difficult to beat. you're limited to top five names, can't be more than 25% of the portfolio. so, we've done a lot of work around this. the market concentrated as it is today, they tend to underperform in the future, we think clients should be looking to broad. ening exposure away from the mag 7. >> i mean, so it's worrisome sign that 31, depends on the date, 31%, 32% of s&p is concentrated in seven stocks, is that concerning to you overall for the market. >> yes, russell 100 growth, it's concerning. the market will rotate away from that to the point on flows are going to be incredibly exposed to that because that's where flows have gone trying to chase that u.s. exposure. >> what should they be diversifying at this point into, they're still pretty dominant.

>> if you think about diversifying fixed income, diversify value, those mag 7 stocks are all growth and momentum and nine u.s. stocks which have trailed u.s. stocks pretty meaningful. >> meta, they're kind of value end growth to be fair. >> yeah, but, you know the growth rates on those stocks, the way they'll end up underperforming it gets cut. they're still good companies well into the future, when growth slows relative to expectations that's how they'll underperform. >> a period of real policy uncertainty, the fed's not going to know, corporates aren't going to know. >> i think the market's waiting for the next administration and you know the administration inherits a really strong economy, a very strong labor

market and i think policy from here will dictate what the fed does and how the markets ultimately respond to that. i think the markets if you look at how ek ies to melt-up. they're not anticipating worst case on tariffs. i think the market is appropriately priced. if they become riskier, a downside for the market. a cut this week makes sense. i think your earlier point on where they go from here, it's uncertain from this point in time. inflation around 3%, not getting to the 2% goal they have. even at 3% relative to policy rate, the fed was running pretty tight policy, they were concerned about pushing the economy into a recession, they have time to ease and wait and to see how things transpire next year. >> how did that first mutual

fund do over time, do we know mostly dividend-related fund. >> it still exists today. so clients that have inherited that hopefully from 1924 have done really well over that period of time. invested through depression, wars, the pandemic, so our message always to clients, you talk about mag 7, long-term investing, staying well diversified is typical of that. >> again, congratulations. >> thank you. as we go to break, roadmap for the rest of the hour, time is ticking to buy your gifts this holiday shopping season, we'll get the pulse of the consumer. plus, softbank's ceo headed to mar-a-lago to meet trump. an investment in the united states. the fed as you heard of course getting ready for what

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customers and strength in accessories and beauty purchases. the tanger outlet ceo joins us. how is it going this holiday shopping season. >> starting out great, november was a really strong month and that led right into december, so so far, the customer's showing up and they're spending. >> is it broad across categories? >> yeah, you know, again, some of the categories that might be struggling at full price particularly in the value channel, customers lining up to buy products, athletic footwear. health and beauty category has been great. it's been great for us. sephora opened for a quarter they've got a great customer base and they're doing a great job of drawing a local customer into our center. >> new customers that wouldn't normally shop -- >> new customers, younger

customers, we're finding that customer coming. >> did you see a big release in spending intention after the election was decided. >> yes. i think was uncertainty in the marketplace and post-election once there's more certainty, definitely i think people were willing to go out and spend. >> the compressed holiday season. >> that's right, right after halloween, the customer coming back as soon as november 1st, stores started being decorated in november, traffic was terrific. a great selling day was december 1st that led to a nice pickup in december. >> what about prices. sephora doesn't do outlet prices, how good are the deals? >> i think retailers are promotional across all channels. in our space it's promotional

every day, customers think outlet price for high-end brands at everyday pricing. to get them in the door at value. >> 40% off, 50%. >> as much as 70% off. particularly on selected items. some stores don't discount as deeply as others, you get into stores like j. crew, coach or ralph lauren. >> a sign that they're not doing well? >> i don't think so. meet the customer where they are and trading them up. come into their ecosystem at a price they can afford and then they own that consumer, can trade them up throughout their store and price points. >> we keep hearing about inventory stockpiling as retailers try to get in ahead of tariffs, is that a real thing. >> what was interesting when we were walking stores last week, there are boxes and boxes of

inventory in the stores themselves, some of them taking up space in the store front windows, now it's pretty amazing thing to see but it's great there's inventory. you can't sell what you don't have in the store. lot of inventories in the stores. >> we're looking at your stock, it's done well this year. you just did a deal that's not an outlet mall. >> two shopping centers, as we've been post-covid, when we lost a lot of retailers, structurally left the business we made some really good decisions to bring in alternative uses to our centers, food was never a category that was known in the outlet business before, we brought at will of food users, entertainment, we find that that works. we built teams to support the growth of those different uses

in our centers, so as we look to develop and grow our platform building right now is probably just too expensive, so for us growing by acquisition makes the most amount of sense, our balance sheet is built for growth, trading at one of the debt ratios. because of that we got great access to capital. our investors are saying we'd love to see you grow and there's a huge population of non-outlet open-air centers that are right in our strike zone for what we're looking for to grow our portfolio. >> geographically where would you like to expand. >> the south, sun belt. but that's the geography looking for. >> are retailers opening new store right now? >> they are. the center we just bought in arkansas has the only apple in the entire state, so a lot of

brands that are looking to grow their platform, get bigger and grow their store count are looking for the best shopping centers in the secondary geographies in order to expand their store count. brands like lululemon, athleta coming in to these shopping centers to get closer and closer to the consumers. >> continue to follow this strategy. thank you. >> thank you for having me. up next, details on the big news that we broke earlier this morning, softbank's in mar-a-gola today with president-elect trump set to announce a massive investment in the united states. we'll see details when we come right back.

hive digital technologies is embracing the ai boom by supercharging its data centers with nvidia gpu chips, a move that diversifies hive's revenue

streams and solidifies its position as a leader in the digital economy. hive digital technologies. big news today as we broke this morning, softbank ceo is the latest billionaire invtor making his way down to mar-a-lago to meet with president-elect trump, but they've got a big announcement coming today, $100 billion investment in the united states. over the next four years. son also promising as part of this creating 100,000 jobs and

it's all focused on a.i. and related infrastructure, this all according to sources familiar with the matter, although the trump camp has now confirmed it and that there will be a news conference between president-elect trump and masa son at mar-a-lago 11:00 a.m. look, a son did this similar thing back in 2016 at the onset at the last trump administration, we promised $50 million, 50,000 jobs to be created that was at the start of the vision fund when they just raised $100 billion and so they deployed that capital and they delivered on the promise in the form of investing in hundreds of companies in the united states. it didn't go so well. doordash and slack and some of the others. >> a.i.-related companies -- >> it's also doubled. >> who was really on a.i. i remember from our 2019

interview, very early on, but didn't actually deploy as much capital as he wished he had. >> doing better lately. >> our arm has done well lately. >> but not today. they'll be commencing litigation with qualcomm, very important for both companies. your point is an interesting one the question is, what about the actual jobs? kind of the thing that we don't really track, you hear the headline and then it's very hard to pinpoint where the jobs really take place or they actually occur. >> especially in an a.i. world. but the point is, it's a little bit different because it could come in the form of venture investment, but also in capital,

you know capital intensive investment around infrastructure, data centers -- chips, or energy production, and you know -- >> maybe if arm were to invest in its own fabulous that would be something. i have no idea if that would be the case, it's a tough -- not clear why they would want to, but you never know. >> we want to make chips in this country, part of the strategic objective. no details on what it is. but it's a big projection. ma is, a has a history of raising money and partnering with outside investors. >> the vision fund. saudi private investment fund. >> he did deliver. there are questions, because a lot of people look at foxconn, promises that were announced in a public way, but that didn't

pan out as expected but you can point to the vision funds $50 billion over the last trump administration for why there's reason for optimism. >> sarah it's not clear -- where else are you going to invest? this is the old first vision fund, where are you going to put it? nowhere else to go. >> they have investments in china and others as well. >> yes. greatest investment he ever made was a chinese company, alibaba. >> given the trajectory of a.i. he thinks he was going to be at versus the one he is. he's all about a.i. now. so clearly, look, politically this is a win. trump's not even the president right now, he's made mar-a-lago the center of the universe announcing investments $100 dl

billion. >> it's kind of an investment, announcement but it's encapsulating that would have occurred regardless. >> smart politics. >> yes, smart politics. >> optics. >> yes. after the break, one of the biggest names in real estate in new york, bill rudin. the outlook for commercial real estate. new york city. the proliferation of scaffolding everywhere that drives me insane. i don't know what you want to talk about. all right, he's coming up next.

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reporting to be assad. russia evacuated him from damascus. seven tourists including one american were hospitalized in fiji in a suspected case of alcohol poisoning. they were drinking cocktails at that bar at a five-star resort, later sent to the hospital after experiencing nausea, vomiting, five of the tourists have been discharged, two remain hospital issed today in stable condition. and americans will be able to pay to play if the ryder cup. each of the 12 players and the captain will receive $200,000 stipend and $300,000 to distribute to charity. previously players only received $200,000 for charity. carl. >> pippa, thanks. let's turn to some commercial real estate this morning. our next guest, he says office leasing is at a post-pandemic

high and post-election has seen the return of some major transactions like the refinance of rockefeller center. bill rudin. >> happy holidays. my children run the business. i just show up every once in a while and watch them do their thing. >> we've been talking about recovery, tenants are scrambling. you come on with some numbers. >> i think the demise of office and new york city have been greatly exaggerated. i was here two years ago almost to the day when the mayor announced his city of yes program that was passed a couple of weeks ago to increase conversions of office buildings to residential. 2024, highest volume since 2019. will hit $40 million or close to

$40 million. we have the second largest lease signed this year in mid-summer with blackstone, they took over a 1 million feet. bloomberg took a million feet renewal on lexington and 3rd. nyu just took 1.1 million, so you're seeing whole diversification of the market in a positive way. tech companies are back in play, they've been out of the market -- >> are they back. meta, i mean, amazon, what we kept getting they're either delaying or they're not going to fulfill their previous commitments. >> apple just took space, amazon just took 300,000 feet on the west side. they're rumored to be looking for another big block of space on the east side. the tech companies are in, financial service lawyers,

account ants have been growing, we have a building in times square that over 65% leased. a law firm from atlanta and an accounting firm from the city, so it's -- >> the bad times are over, the worries about remote work and the fact -- we're still only 50%, 60% -- >> no, we're at 90% midweek in our buildings. i think that's a trend. >> tuesday, wednesday, thursday. >> but they got to take the space. >> monday is getting better, friday is slow. the definition of work has changed, class b is definitely an issue but that's where this conversion concept is going to move forward. probably about 20 million feet over the next four, five years. we have a building right around the corner, 55 broad, we just started leasing. we're 10% leased at over $100 a foot.

>> capital's going to be there for those kinds of conversions you'll be able to generate a real return, some are more difficults than others. >> no question. we've got several buildings in our portfolio that we're look at conversions, there's capital. the banks are coming back into the market. >> listen, on pace to be optimistic. no doubt. carl agrees with me. we go back and forth on new york booster club, but there was that journal piece a couple of weeks ago about old line real estate was selling something. >> we did sell some properties because we looked at the future and we determined that owning certain class of buildings that need significant amount of capital aren't the way to go. we can deploy that capital into buildings that makes sense.

we'll be looking at other opportunities, so i think that's positive thing. as i said before, probably 20 million feet of apartments, office building will be converted. we need more housing. you're looking for an apartment, so it's in order for us to grow our economy we need to be able to provide the housing inventory at all levels. the market rate. middle income. affordable. >> what happens to this development and activity if the fed stops cutting interest rates, because that's been helpful. >> no question about it, since september there's been a sea change in terms of deals being done, finding debt and equity, the equity is coming in from all over the country, last few years no one investing in new york, we're seeing $10 billion between

multifamily and commercial of deals done this year compared to six or 7 billion last year, 40% increase and we're talking before i was on one of your other shows, in march of 2023, we talked about the credit markets, silicon bank at the market, would i buy a reit stock, i'm long on real estate, i'm not in the target market, if i'm an investor if i see the stock down 40%, 60%, good idea. >> obviously one vanderbilt has been helpful for that. >> no question. >> what if ratings stop going

down. >> i think it depends -- >> you mentioned the b office, not all of them are going to get converted. >> no, lot of them have capital structures. do some of them have to get torn down, when do we get to that point? >> the wall of debt, the trillion and a half, you know it's a slow burn, and there are buildings, we're seeing market discovery, we're seeing people start buying, whether it's 200 bucks a foot or 300 bucks a foot. just a deal at 2 park avenue with haddad, the clothing company, they just bought 2 park avenue for $50 a foot. they'll put their people in there. to answer about interest rate s it depends on the economy. new york city has created 60,000 since 2022 -- two new

businesses, we have the highest private sector jobs ever, 4 million jobs, over 4 million, and our economy in new york is a trillion-dollar economy, that's pretty strong economy, so if rates stabilize and stay where they are i think we'll be okay, i'd love for them to keep going down but we'll see what happens. >> one last question, a local story, but it has gotten national attention, congestion pricing, positive for the city budget. >> we'll have to see the governor lowered the price, cut it in almost half, but we need to fund the mta, it's the life blood of our city. we have millions and millions of people every day getting on the subway using mass transit. we'll have to see what happens. we've been supportive of congestive pricing. >> one thing working in your

favor the traffic has been terrible in new york city again. >> it's the holidays. >> have you forced you on to subway yet? yes, because the ubers are too expensive. >> restaurants you can't get a reservation, the city is back. i think we're doing okay. i'll keep saying that until david agrees with me. >> good luck. believe me, new york always finds a way. we just don't ever live up to our potential. if our government knew what it was doing. >> 40 million feet. >> 400 years, bill, thank you. >> have a happy holiday, everybody. after the break, qualcomm and arm holdings, facing off in delaware court this morning in a case that could disrupt the future of a.i. computing. we'll share details when squawk

on the street comes right back.

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> coffee, bigger rush on getting on the trade, one bean counter, tune into our market navigator segment today in power lunch 2:00 p.m. eastern time.

qualcomm and executives of arm are in legal court today, could cost qualcomm billions of s.it's a big case,that opening have been begun in delaware.

here's what's going on. arm holdings is accusing equal kovm of breaching a licensing agreement that gives qualcomm to arm's designs using all of its chips. so valuable if qualcomm is denied access it could have ripple effects across the industry. qualcomm is calling the lawsuit is unfounded threat. but if arm which is backed by softbank, qualcomm could be forced to pay higher royalties. qualcomm has a history of settling legal disputes. looking back to the one with apple they went to opening statements but settled shortly after. analysts at bernstein are betting on the same with this lawsuit. the ceo is expected to testify

in the next 24 hours. the ceo of qualcomm on wednesday. >> it could settle at any moment. if it doesn't, what do we expect in terms of the length of trial. >> one week. if arguments are convincing enough, if the judge makes a ruling by friday, if not if a jury is involved it could take longer than that. going into the holidays or perhaps after. >> so what ultimately is at stake here? >> what at stake is qualcomm's access to this very important design architect. if it doesn't get access to that, then all the chips used across the automotive sector, google android phone, those are all at risk. >> i mean, what does the street think about >> it the street so far is expecting a settlement between the two companies.

arm doesn't have a history of going after companies. under the ceo appointed in 2022 the company has taken sort of a more aggressive approach, not just seeing itself as a supplier, but potentially at some point a customer as well. >> thank you. seeing both stockses down today. the nasdaq 100 shuffling its lineup. adding some of the best performing stocks of the year to the index. our dom chu tracking some of the changes. >> it does happen, at least once a year when you look at ascending-type stocks, let's take a look at the ones in play right now. we're seeing some intra-day positivity across some of the names, but microstrategy and axon enterprise, three stocks that are going in. big run-up on friday with the announcement.

but take a look at the trajectory of some of these names. first of all, palantier, massive moves higher, you can see there, they've really climbed up the market cap leaderboard, the kind of moves we've seen here, meanwhile the stocks they're replacing have gone in the opposite direction. not indicative of that larger cap nasdaq theme. the ones we replaced, supermicrocomputer. now, as for where the analysts are seeing some of maybe future action for some of these stocks one thing that's going to be curious to watch out for is how much some of these stocks have run-up. it has a 52% hold of analysts that hold them. maybe 42% downside if it goes to consensus price target.

axion trading right where the target price is. microstrategy, 91% buy. crypto trade is still resonating with the sell side analysts on wall street. don't miss executive chair michael saylor, his thoughts on joining the nsdq. stay with us. ♪ snow day by caitlyn smith ♪

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great job, everybody! as we broke the news earlier president-elect trump is set to speak at mar-a-lago at the top of the next hour, to announce this $100 billion investment from softbank's masa son, ceo of that japanese firm. let's bring the head of the event. masa-son was at trump tower back in 2016, but this time it's in florida and it's double the amount of both jobs promised and investment into the u.s. >> the trump campaign was absolutely built for moments like this, a big prestigious announcement impacting americans, this is what trump campaigned for. for a moment like this this is a

big one for the trump team down in mar-a-lago. of course you do remember as you say sarah, that first masa-son announced back in 2016, that one kind of came down the elevator unexpectedly, they walked up to the press pool, then they kind of held up a printout on paper his power point deck to show what the proposal was for the $50 billion. this time we're expecting something more formalized. a little bit more of a press conference. we don't know exactly what we're going to see in terms of whether trump will take questions for the press, what kind of interaction there's going to be between the two men and what kind of promises there will be in terms of softbank is going to deploy this money, whether they can raise it over the next six months or a year in either case. so a lot to work for here in this next hour or so. >> yeah, i mean, as i understand it's going to be a press

conference-style according to sources reporting all this. the question is, what does masa-son get, a good look to come out with president-elect, exactly what trump wants, the investment, the job creation, what does masa get, again, president-elect trump recently said we're going to cut the red tape if you're investing a billion dollars. he's promising $100 billion. >> raising a fund right now and you're looking for donors to give you money, appearing alongside the president of the united states that's enormous political cover, people being told that the president backs this particular fund, he sees this as a poz fif for the u.s. government and the american people in general. if he's going out to institutional investors or individual investors trying to raise money this is a huge marketing opportunity for him to

go out and sell that new fund. >> thank you. we'll be staying tuned of course to watch for masa and plenty trump. as we wrap up here, at least this hour, wanted to put up a chart of alphabet over the last ten years, shares up 3.7% right now, continuing the significant gain over 16% just a month to date and far outperforming the s&p now during the course of the year in which that wasn't largely the case. got a lot more market coverage for you straight ahead. is it me... or is work not working? at least, not the way it could work.

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masa son. live at post nine at the new york stock exchange. today, change is coming to the nasdaq 100 including the addition of micro strategy. michael sailor is going to be with us. a massive holder of bitcoin, which hit a high today, still holding abov