jim. >> lockheed martin. far more likely to -- >> okay, rob sechan. >> going with where we began which is selling tech but buying value. iw d in the new year. >> big value player. okay. we will shall see. i see all of you, of course, at 3:00 eastern time for the closing bell. s&p is now positive. we will see you then. >> they give her much, scott. welcome to the exchange. i'm in for kelly evans on christmas eve eve. here's what's on. how much of a factor it could become for the fed and for the markets and the trades to make as a result of it. plus, from bit point minor to powering artificial intelligence. core scientific is -- to capitalize on the growing demand for beta centers.

but getting to this point has not exactly been a straight line. the ceo joins us with the risk and rewards of this latest restructuring. and 'tis the season for shopping. it looks very different from last year. coming up ahead, you are looking at one of them by the way behind me. that name is coming up but we are going to begin with today's markets here. what we are seeing is relative positivity ahead of this particular holiday short and trading week. what you're looking at right now, we are just mix on the session but the s&p is up one third of 1%, up 20 points. the nasdaq composite is up two thirds of 1%. the dow industrial is down 60 points for a 1/10 of 1% loss there. the dow industrial is currently at 72,083. so check out shares of both apple and palantir.

both apple and palantir both hit record intraday highs. the only two s&p 500 members to do so before turning slightly negative on the session so far. keep an eye on those two record names right there. another place to watch is the macro markets and the 10 year yield, essentially 4.567% got a go all the way back to may and june to see levels this high. on a year-to-date basis, we are seeing some movement to the upside in terms of yields, especially off of the lows. 4.574 is your last trade there. and then, if you are looking at bitcoin prices, just over the last week and a half, that is off roughly 2% but it's been a staggering move higher, especially since the election so keep an eye on bitcoin prices . we will have more on that

story coming up later this hour. now we learned last week that the fed got the potential policy from the incoming trump administration. figure economics reporter is here with what that could mean for the rate cut trajectory. steve? >> hey, dom, yeah. investors across wall street are doing which is plugging in at least some numbers for the policies yet to be coming -- here is how fed chair jake paul put it in last week's press conference. >> they start to incorporate, you know, highly conditional estimates of economic effects of policies into the forecast at this meeting and said so in the meeting. some people said they didn't do so and some people didn't say whether they did or not. >> so we got a little more detail on friday and cnbc interviews telling me that his

rate path is a little bit more shallow due to uncertainty and potential policies. new york president john williams says he's looking for things that are obviously,, slowing in immigration as well as tariffs. in the in phase of uncertain fiscal policy next year, 15 members riding down that they now see that they are faced with the upside compared with just three in september. how do tariffs affect potential policy? well, tariffs and even retaliatory tariffs could raise the price level but not necessarily the inflation rate. you may end up having to look through the the inflation rate penciled in by the fed. they could delay rate cuts until inflation rate is more clear. all we know now is that some but officials have called it a down payment on potential policy effects. there could be upsides to what we got at the last meeting but

there's also potential downside if the effects end up being more extreme, don. >> so steve, let's talk a little bit about how the markets are in and whatever they they are. her position for the rate movement trajectory for the fed this coming year, if those risks are still in place. doesn't seem as though, from a market perspective, we are in a good spot where the fed can respond in any way, shape or form, to those increasing threats. does there need to be a situation where panic ensues, or do we feel as though just holding off on rate cuts is good enough for a rising inflationary threat, if that were to happen? >> you know, that's an excellent question. really well asked because it shows that the fed has three things it can do. it can cut a little more slowly, it can hold and then in the last instance, i think, is when they might actually raise rates.

i think the way you asked that question is exactly right for at the fed is thinking about it, there's -- the stalling of inflation that happened. that affected the policy and to the other extent was the layering in for the administration and what you heard is -- not necessarily getting in for rate cuts and then as you look at how the market is priced. another one that kind of thinking about. if you are looking at that december 2nd cut, you may be getting up to 50% when you get up to january of 2026 but they are not sure about that, and that's why, dom, they are not sure about the

cut. >> center around just what the reaction could be if the inflationary threat blooms again. so steve, thank you so much for the report there. let's use that to dovetail into the next guest here. both say there's maximum noise in the market due to the speculation about a trumpet 2.0 ministration with their plans for the year -- chief investment officer over at summa global investments. also, jenny harrington, the ceo and portfolio manager over at gilman asset. thank you both for being here right now. jenny, let's start with you. you just hurts thieves report. i wonder how much -- you just heard steve's report. how important is it and is it noise in your mind? >> it's noise and i think that noise ends of creating chaos. it's a funny thing, steve is saying things like there's inflation risks on the upside and i'm thinking you know, tariffs and who's going to be in the cabinet and massive wars oversee and what i hear all

that, and i think chaos and i have a really mixed response to that because on the one hand, it makes clients very uncomfortable and it creates amazing opportunity. and the best investments i've ever made have come from chaotic time periods so i'm excited about next year, even though it's a perverse lens. >> david, doesn't seem like chaos right now, despite some of the recent volatility that we have seen. largely, we are still near record highs and it's been a nice march through the course of the last year. what exactly is your outlook in 2025, given the fact that we have already seen massively positivity, massive positivity in the markets over the last 12 to 24 months. >> i appreciate that, dom. i can sense jenny's positive or cautious optimism and i'm very cautiously optimistic about 2025. the fed definitely did something last week.

we don't assume and we don't speculate and now was like well, we do. so this fiscal policy, the tariff news. this would be a lot of short- term volatility in the first half of 2025 but that's going to create opportunity and i do see some really great opportunities. evaluations are stretch but i think we can focus on what i call defensive growers or defensive growth. this is a company that can really defend their higher evaluations, if you will and there's some other things that we can do for 2025 that can make a difference in our portfolios. >> i'm going to have you both went on for one second. we got some breaking news right now. the two-year note option is up and the results are in. rick, over to you. >> yes, and that's why it yields are moving a bit lower, dom. let's go through at 69

billion, the first leg of a three leg refunding for the treasury. totaling hundred 83 billion. tomorrow, five years the day after christmas. we will have seven years. the yield, 4.335. very close to the issue market so priced pretty good. and if you look at all the metrics, they are all close to an average but there is one anomaly here. the anomaly is we had 82.1 in directs and 6.6 direct. now if you add them together, that's 88.7, which is pretty good but i rarely see these types of splits and i think it's because of the holidays or whatever reason, directed bidders, those bidders for insurance companies, pension funds, they laid low, but foreign entities going through primary dealers and 82.1 was a record and they definitely showed up. dealers took 11.3% of the auction, dom. that's less than a 10% average. the grade demand wise, b as in boy and i do think you're going to continue to see pretty good action for the auctions for the rest of the year as many want to buy into the turn at the end

of the year. back to you. >> okay, rick with the latest action there. thank you very much. seems like david and jenny, dealers did not have to take down as much of the offer than they had to and they had to bid at these things but it seems like other investors out there, whether they are direct or indirect bidders, have done it. so maybe david, i will follow up with you. is the two-year note option or any bond option for that matter noise in your mind? >> in some respects, yeah, we have to keep our eye on the longer picture and not become too focused on short-term trading and have a little bit of a longer-term approach with this year, this is a land by economy. we have trade policy problems we are going to work through. we have federal debt to work through. we have geopolitical risks. we have inflation.

these auctions and so there's a lot that we have to shift through this year but the reality is that there's some great opportunities out there. >> jenny, the second of the great opportunities in your mind. one of the pics that you have out there and why? >> so you know, dom, before you said it doesn't seem too chaotic? that's only at the top level. that's what the market -- the minute you dive below that, i'm telling you, it's chaos and whether i will get to my pics because they represent this exactly but whether you look at different sectors, you've got materials down 12% this quarter and that's wild. so we've added new positions to all three of our strategies in the past couple weeks, we added -- 5% earnings growth, 5% yield, because rfk was nominated to the hhs and it was not always he's going to attack all big food. by the way, the stock was down 5% on the year. markets of 2%, we added honda

motors. this is crazy to our international strategy leslie. on is down 15% on the year. look at this chart. the thing plunged after the election because of tariffs. meanwhile, tariffs had very little to no impact on the actual business and it's got a 5%, 5.7% dividend yield. 15% free cash. 15% of its cash of its market cap in cash and has 5% growth in earnings. and then we added trip adviser, another wind impacted by nothing due to the fault of its own company. this is not a dividend yield are but a 14% cash flow field -- yield. down almost 50% for the year when we bought it. why? because there's an overhang of risk from liberty media's ownership on it. so that's what i mean when i say below the surface there's chaos and then you can make hay. it's not a collective as a picture out there. >> crisis eagles danger and opportunity. david, let's talk about your pics. you see them and why? >> so let me bring it up to the -- i would say one of the things they would do is to try

to separate out some winners and the losers going forward and so my bias right now is the apple in the google and the meta area. they have some very justifiable evaluations. you can see the growth there in all of those companies and really feel comfortable owning those companies going into 2025. the one i would probably stay away from a little bit is tesla. tesla has a 60 5p and let's face it, you could not wait for elon musk. is going to let you know when it's the right time to get in. is going to signal it to you. so i would definitely be avoiding tesla but i'm going to to get into some of these others and look for opportunities in tesla if it falls too much and elon speaks up this is kind of some opportunities for some people. >> thank you very much both of you. we will see you soon. >> thank you. >> meanwhile. the drama in d.c. may just be starting . emily lakins --

emily wilkins and frank holland with the president-elect latest threat taking control of the panama canal and what the implications are for the global supply train. emily, let's start with you first. >> hey, dom. the messy process to get there really should have-- it shed a lot of light some of the must pass bills congress are going to be for republicans. that includes raising the debt limit, which is currently suspended by a member, the clock is going to begin ticking on january 2nd. experts believe that lawmakers are going to have until the summer to either raise or suspend the debt limit. meanwhile, republicans struck a handshake agreement to -- using a process that won't require democrats and then cut spending by 2.5 trillion. to do that, lawmakers likely need to find some programs like medicare and medicaid but

before any of that, congress is going to need to elect a speaker. mike johnson has the backing of trump and most of his conference but even a few lawmakers could deny johnson the majority that he needs to actually get the gavel. congressman corey mills said republicans have grown frustrated with how many times johnson has had to work with democrats to pass major legislation. slickened and losing confidence with each day and i think we have a lot of -- >> the values that we say we fight for. >> trump is also adding more names to his cabinet. he nominated hedge fund -- and billionaire hospitality and houston rockets owner tilman fertitta to be ambassador to italy. and of course, we will get the senate hearings and then a vote once trump is sworn in. tom? >> all right. a changing dynamic here in 2025 and the congress of the america. thank you, emily.

while the president-elect doesn't just have a different approach to the disk policy -- diplomacy, he also has it with sovereign countries, as well. is floating the idea that the u.s. should retake control of the panama canal. frank holland has more on the why and the what it would do to the supply chain. frank? >> hey there, dom. panama and the panama canal, the latest target for the trump agenda. ships moving cargo, they make about three quarters of the volume at the panama canal and other president-elect is demanding that rates be lowered or he's essentially threatening to repossess the panama canal. >> we will demand that the panama canal be returned to the united states of america. in full, quickly and without question. i'm not going to stand for it. so, to the fficials of panama, please begin it accordingly. >> you can google how the canal got transferred to panama, but

let's get to the -- they can be as high as $300,000 according to -- but so far, no response, however, the president of panama is responding with it -- he has no plans to comply, he even holds the transfer documents. he goes on to say every square meter of the surrounding areas belongs to panama and will continue to do so. the sovereignty and independence of our country are nonnegotiable. mr. trump firing back on truth social, seeming to maintain his demands. he kept it pretty short and sweet. he said we will see about that. this is back in for the certainly making headlines for investors but the bigger issue for the new administration may actually be a two-week period in january. they have set a january 15th deadline with a contract deal. with that one, we could see eight strike. also promised tariffs on -- we also get an earlier than normal lunar new year. historically, there is a -- about two weeks before the

holiday. right around -- you can see a rush of imports into the u.s. and then later, we can see tears have continued to shift the supply chain. >> is there any indication, frank, that we we would even come close to the supply chain chaos that we saw over the last couple of years in the wake of the pandemic? just given the chair frederick and now the panama canal rhetoric, as well. >> that's a really great question. i've been talking to some of these supply chain executives and ceos. a lot of them say that it's already started to shift from the east to west coast ports out of concerns for the strike. tariffs will hit you at any point, if you add that influx of volume from lunar new year, i don't anyone really knows what to expect. it's kind of a perfect storm when it comes to supply-chain. would it be as bad as the pandemic? unlikely, but certainly outside the pandemic and maybe one

bigger supply-chain events of our time. >> frank holland with the latest there. thank you so much. coming up, our next guest says more from going private maybe the latest but not the last retailer going that private route. and there are two names following suit. he joins us with that and some of the unexpected holiday retail winners out there. plus, it's a holiday tradition. alex sherman got media executives to give them their predictions anonymously, of course, for the coming yr.ea alex jones, the biggest and boldest ideas coming up ahead. the exchanges back in two minutes. >> this is the exchange on cnbc.

jen b asks, "how can i get fast download speeds while out and about?" jen, we've engineered xfinity mobile with wifi speeds

up to a gig, so you can download and do much more all at once. it's an idea that's quite attractive. or... another word... -fashionable? i was gonna say- "popular! you're gonna be pop-uuuu-larrr!" can you do defying gravity?! yeah, get my harness. buy one line of unlimited, get one free for a year with xfinity mobile. and see “wicked,” in theaters now.

>> welcome back to the exchange. shares of nordstrom are lower of the company announced plans to go private. the all cash deal is expected to close in the first half of the new year and is valued at more than $6 billion. is funded by nordstrom's founding family and also a mexican retailer, liverpool. our next guest says we could see m&a return to retail as lena con exits and the ftc role gets moved on. joining right now to discuss retail in 2025 is the ceo at -- a former department store executive and that's what we are going to start with. the nordstrom news maybe isn't shocking. they been talking about this for years now.

what are the implications for nordstrom and their investors in the family? >> i think this is great, if you're the nordstrom family and i think if you want to restructure some of your business, you want to do it in a private environment, the kind they want to buy out for years. now we see falling interest rates. it's going to be a more favorable environment in general, m&a. we will certainly see this one get done. and you just said what i think we could see a better environment. i think we are going to see a better environment. we've got falling interest rates and we are going to have a friendlier doj for retail. we may not have for tech but we do for retail. so i certainly think that macy's, the people trying to buy out since i try to buy them out in 1988, and i think that kohl's, which produces lots of cash flow but doesn't have much of an asset base can certainly be bought out, as well. both of those are struggling

retailers and could be restructured much, much more easily as private companies and there's interest and now there is an environment where we can probably borrow the money so yes, i think we are going to see m&a ramp up here. tapestry will probably be back in the game. maybe not we buy pieces of cap rate but we see some m&a there, as well. >> jan , how much of this anticipated m&a, this consolidation activity, is going to be born of perhaps the necessity as opposed to the desire to want to do something like that? how much of this is going to be because retailers have to do it to consolidate in order to stay alive ? smoke -- >> the three of those really do need to be private and i think we will see more of that going on because, you know, walmart, costco, home depot, and 's sporting goods kind of owns the world right now. if you are another retailer, you are already looking around

going well, how do i stay relevant, how do i keep myself of the game? getting bigger is where we need the help. right now in retail, you need to be big, well-capitalized, and being able to reinvest in the business, especially using technology in a.i. >> so those charts that we are trying for guys like walmart and costco are big and they are moving from the lower left to the upper right. that's a good sign. what else we see printers -- winners going into 2025, jan? >> you will see the four i just named but you will still see real interest in luxury starting back because the consumer at the luxury level is going to be healthier in the u.s. and actually think we are going to see some reflation in china and if we do, luxury could get a little better there. then you have to look at people like lb and product -- product. >> good brands, nike, for instance, they are going to be very interesting because we are

seeing interesting apparel and accessories and we are also seeing the ability of the higher and the consumer to spend and that's just going to get better in 2025. we are still struggling at the low-end. that concern, we are still struggling and dealing with 24% more leverage spending in 2019 to buy the same stuff and that's putting a lot of pressure on them. when you get above that in the top couple of quintiles, it's just going to get better. especially when we see tax rates change. we will probably not see them go up so my guess is as long as the jobs are remaining healthier we will see more value coming into real estate, people are going to build use home equity again. i think we will see strength in luxury. >> now i want to do this because we did show our viewers out there and listeners who have been paying attention to sirius xm, a potential winner out there. i would like to go through the

story behind our mystery charge and why you think this retailer is a winner. >> i don't see your mystery chart up there. >> well, okay. i will put it up there and that right there is tractor supply. tractor supply is up 25% so far year to date. do you think maybe this is a stock that could see momentum to the upside? >> i think both of the -- and tractor supply are benefiting from the trange phenomenon we see for several years now which is western country gentlemen, all that stuff is very, very strong and maybe we thought it would start to fade at some point in time but there is no evidence of that happening. that whole east those -- ethos, maybe we jump the shark when beyonci■went country but it didn't. it just made it more relevant. i think the benefits from this

whole concept. tractor supply does but certainly boot barn does and i think they are showing really strength here for the fourth quarter and i think they ill into 2025. so yeah. i'm really excited about that side of the business, especially for those smaller players, because it's tough being a smaller player right now in retailers. >> this is the -- comes to an end. jan kniffen, thank you so much for the boot trade in the tractor trade. have a happy holiday, sir. >> thank you point it's not just competition that can change -- oaken geopolitics. we have the latest and who is positioned. we are not talking about just nvidia. that's coming up next.

♪ [music] i could unlock my front door ♪ ♪ while i dine in baltimore ♪ ♪ no lock box to explain ♪ ♪ ♪ at 9:00 the doors would lock up ♪ ♪ save me from forgetful slip-ups ♪ ♪ if my home just had a brain ♪ ♪ ♪ i could make a custom pin ♪ ♪ watch the dog walker get in ♪ ♪ so ziggy won't complain ♪ ♪ ♪ when my in-law comes a-knockin' ♪ ♪ i can open, maybe lock it ♪ ♪ if my home just had a brain ♪ (♪♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪♪)

surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com well -- welcome back to the exchange. this is your cnbc news update. after he was thrown off a horse. his office says he was riding on horseback with family members when he was bucked off a new horse and was injured. he is alert and is expected to stay in the hospital in omaha for several days. sweetest foreign minister says china has denied a request

for prosecutors to conduct an investigation on a chinese strip suspected of intentionally cutting to undersea cables in the baltic sea. news comes as they pledged to cooperate with local authorities. the ship named -- was boarded by swedish police and other authorities last week. and ask is raising prices for its top-tier u.s. subscriptions by nearly 40%. the change came into effect over the weekend. the elon musk own platforms of the increase would fuel concentrator payouts. dropped ads from the premium subscription. back to you, dom. >> thank you so much for that update. increased competition already impacting ships right now and that's continuing into 2025. what the bigger risk could be geopolitical in nature. with taiwan as the major headwind in 2025. what to expect for today's tech check. >> well, dom, invidious competitive landscape is evolving real time. tech giants like openai and --

however, when a retains to amd, which has seen main competition with nvidia, they are not a believer and it coincides with new research about a new have a analysis that looks at new amd software compares nvidia and they found that nvidia scored well above amd. some of the wildcards, bank of america is launching into 2025, sentiment around a.i., china's recovery, and the prospect of tariffs. president-elect trump has already threatened to put tariffs on taiwan semiconductors, the main manufacturer of cutting-edge chips and experts say that taiwan could potentially be a bargaining chip in u.s.-china trade negotiations. >> i think we will see president trump take a hard line on china but on taiwan and other issues of china's concern, we will see less hard- line from trump as we saw during the biden

administration. biden stated unequivocally on four occasions that if china attacks taiwan, the united states will defend it. president trump has already blocked back that statement. >> christopher add that it president-elect trump makes a deal with russia and allows part of ukraine to be annexed, that could embolden china to make a move on taiwan. that's why the sector is so vulnerable to foreign policy. >> how likely would it e for anything like that to happen in the first year of a trump administration when you could argue that any political entity in the world would be trying to feel out what exactly a trump administration 2.0 is going to look like? >> at this point, as we had that conversation with mark christopher. very low risk of any type of invasion into taiwan. is still a potential risk that was barely not on the table for

the last four years and now something they will be watching very closely as we see these discussions continue between the united states and china and how taiwan could factor into those discussions. >> all right. seema mody with the latest on the chip industry. thank you very much for that. coming up on the show, netflix is the standout media stop -- stock this year, what does he has gained a respectable 23%, but the nes going through big changes like paramount, comcast, our parent company, for now, and warner bros. discovery are down on the year. we will look at what executives expect to see in the new year and how the landscape to shift even further in 2025. the story is coming up next. - right? - mmm... this store doesn't have agentforce, so an ai agent didn't tip off the stylist >> tech check is sponsored by comcast business, powering possibilities. that's a commitment. [glass knocked] hey bud! whaddaya think? you know, people can see you out here. ha ha ha ha, yeah, yeah, right, right, ha ha. love you, too. agentforce helps retailers prevent fashion fails. it's what ai was meant to be. ♪♪

to go further, you need to be ready for what's down the road. as energy demand continues to rise, we're harnessing breakthrough innovations to increase production in the u.s. gulf of mexico. our latest deepwater development, anchor, produces previously inaccessible oil and natural gas, allowing us to deliver the energy we all need today so everyone can follow their own road. that's energy in progress.

doors can take us to new adventures and long-term goals. your dedicated fidelity advisor can help you open those doors. by helping you create a comprehensive wealth plan, with the right balance of risk and reward. doors were meant to be opened.

>> welcome back to the exchange. is been a big year for media deals and shakeups, as well, most recently with our own parent company, comcast. as well as warner bros. discovery, both announcing corporate structure overhauls. so what exactly will 2025 bring? joining me now to discuss this is meant ceo mark douglas, along with our cnbc.com sports reporter, alex sherman. gents, thank ou so much for being here.

from anonymous media executives is out on cnbc.com today. go to the website and check out that story. maybe alex, we will start with you on setting the stage for what 2025 could potentially look like if this predictive reporting that you have been doing for a media executives comes to fruition. >> look, the list is a little bit skewed because i told all the media executives to be bold with this was probably a little more aggressive than what will happen but there's definitely a couple of themes that you can pull away from it. one is that executives expect m&a to come roaring back and the media entertainment industry in 2025. it's not that it's completely gone away but you know, the last you are to, things have been a little bit slower than what it was prior to that. there's a lot of hope that they trump administration will bring a softer regulatory regime, which will lead to consolidation with our parent company, with warner bros.

discovery, with fox potentially, all of those companies were mentioned in a variety of different ways because we party seen one deal with paramount global merging with sky dance media. if that's approved next year, it's also possible that the company can quickly turn around and divest assets. that's one thing. the other thing is this has been ongoing now for years. it's always a big game of who's going to take over for bob geiger. -- bob geiger. several executives that -- walden won't be named bob iger's successor and effect will leave the company. is a pretty bold action. >> the person who is not anonymous is mark douglas. the cbo of -- the ceo of red mountain.

what you think is going to be the biggest thing in your mind that changes the landscape in 25? >> it's a couple of things. there will definitely be a lot of m&a. you have to remain relatively small and have a very specialized product that entertainment consumers really love or you have to go really big with some massive catalog that people want when they turn on their tv that you are the first place they want to go. is going to lead to a lot of consolidation. is definitely true. i do think going back to the disney protection, it has to be someone with a really strong knowledge of streaming that the company is there, all the media companies that are going to survive are like all in on streaming so i don't see disney going to kind of an older, i

don't mean age wise some of the more traditional, you know, kind of media executive. i think that they will be going with someone who really understands the streaming business and would likely, someone already within the company, i think. >> mark, we consider you an expert on streaming and digital media. your company, mountain, does a lot of targeted advertising when it comes to connected televisions in the way people stream their different types of products. i wonder if you could kind of tell us a little bit about what you think the media and advertising market does look like for this coming year, as well. can we expect to see some kind of growth there with regard to digital marketing and how it is targeted towards consumers of connected televisions? >> i think it will, and for the reasons you stated, but it could take a bit longer.

essentially, everyone knows the industry is in a transition but i think the part that not everyone knows is how much the sales organizations in these companies are transitioning the streaming first, which is meeting data first, targeted first, like the days of picking shows. this is not the year upfronts are going to disappear but we are on a path to that. even the largest brands, who is the exact consumer i'm trying to reach and wherever they are watching tv? there's this big push towards truly targeted advertising, even from a large brand advertising and think that's going to lead to a lot of growth. is going to, what mountain has been doing is drawing in the midsize advertising into the market for the first time. i think the domination is going to lead to a lot of growth for a lot of media companies. >> alex, just a few moments right now. as a media report, was the biggest thing you're watching for for 2025? >> the biggest media and sports story is the launch of espn's flagship streaming service.

with that wants, which is going to be around august of 2025, it's at least possible that hundreds of thousands of millions of people over the next several months cancel cable, now that espn is available for the first time. if that happens, it will be just yet another catechistic event for the cable tv landscape and it's no wonder that you have seen comcast now spinning out its cable networks, warner bros. discovery splitting its company into two separated cable for the rest of the business. we know that's going to be a bad event for the cable landscape. we just don't know how bad. that's something i'm definitely keeping in mind for 2025. >> mark, the same question for you. the biggest thing you're watching in 2025? >> i think what was just said is a really important point. espn, you know, basically being truly available on streaming is a big deal. it's also going to generate a lot of bad dollars anything going back to my previous point, i think that it's going

to be the year that starts the death of the up front. it's just not going to be as important in 2025, leading it and also leading into 2026. >> the paradigm shift is afoot. mark douglas, the mound ceo, thank you so much. happy holidays to you both. >> thank you. coming up, prices fell to their lowest in more than two years but that's not enough to get the -- out of negative territory. fell slightly today. taylor morrison, the best- performing only talking about percent. the exchanges back after this.

is a bitcoin etf the same as owning bitcoin directly? while bitcoin etfs might offer a familiar face, they lack the true ownership and flexibility of directly investing in bitcoin. with itrustcapital you can buy and sell real bitcoin 24/ 7 with the tax advantages of an ira. real bitcoin means no middleman, no restricted stock market hours. choose the path of direct bitcoin investment with itrustcapital because access equals opportunity. invest in bitcoin at itrustcapital.com today. big news for mahomes! i'm switching to iphone 16 pro at t-mobile! it's built for apple intelligence. that's like peanut butter on jelly... on gold.

get four iphone 16 pro on us, plus four lines for $25 bucks. what a deal. ya'll giving it away too fast t-mobile, slow down. >> coming up on the show. shares of the scientific going up of 300%, but the merge from bankruptcy earlier this year so there's a little bit of context. the bitcoin minor entered chapter 11 back in 2022 after crypto prices plunge, but it's

back in a big way and its transformation continues. we are going to talk with the ceo about the company and its a.i. ambitions coming up next. nd se. [sending swoosh] we have tight turnarounds. at&t business helps us deliver. okay! client wants his head bigger. wow, fast response. sent! okay, oop! even bigger. sent. [sending swoosh, notification alert] still bigger. okay, yeah i'm not doing that— [typing noises, sending swoosh] i think it still looks good! [notification alert] oh — even bigger. [cheerful music] [phone ringing] not all multimillionaires build their wealth the same way, you have... the fearless investor. the type a cpa.

the boot strapper. the boot maker. hee-ha. but many do have something in common. we all trust schwab with our wealth. thanks to our award-winning service, low costs and transparent advice, every day, over a million multi-millionaires, trust schwab with more than three trillion dollars of their wealth. ♪♪ where can nfl fans get a great deal that turns christmas day of their wealth. into game day? x marks the spot. the nfl is streaming christmas day games

exclusively on netflix, and you don't want to miss a moment. gather round the game because nothing says holidays like family and football. now xfinity customers can add streamsaver including netflix, peacock, and apple tv+ for just $15 a month. stuff your stockings with tons of entertainment and tons of savings. bring on the good stuff. xfinity. doors can take us to new adventures and long-term goals. your dedicated fidelity advisor can help you open those doors. by helping you create a comprehensive wealth plan, with the right balance of risk and reward. doors were meant to be opened. >> welcome back to the exchange. display last week big trop after the hawkish outlet,

bitcoin prices have doubled for this year up nearly hundred 10%. now i very different story from just two years ago when the cryptocurrency fell by around 64%. that plunged minor and exchanges into bankruptcy protection, including or scientific after one of its biggest clients, now defunct crypto lender celsius holdings, could not pay its massive power bills, but the company is emerging earlier this year and is now using its digital infrastructure to accommodate another industry with high power demands, and that is artificial intelligence. so joining me now is adam sullivan, the ceo of course scientific. adam, thanks so much for being here. just being around the kind of moves that your stock is seeing, can you take us through what it's been like over the last year to take your big coin mining presence and then gradually shift it over towards

artificial intelligence? >> yes. thanks for having me on, first. for us at core scientific, we have to look at our roots as a company. we built one of the largest bit coin mining infrastructure -- across north america. so we take in that same team and apply them to the unofficial intelligence world and that's made a world of difference for the company. signed some of the larger states in our contracts in 2024 across any data center company. so it's completely change core scientific. we look forward to continuing to the high-performance in 2025. mike has it been a seamless transition to pivot a little bit away from that bit coin and -- >> services for some of those new york clients out there and what exactly does the resource allocation look like from a corporate perspective? >> this is a reallocation of our developing sources. so we are focused on building up new sites and new clients. our country -- company has

completely changed where we are developing some of the largest high-performance insights in north america and potentially the world, as well, which is something that we are really excited about. we just announced the texas facility, which is going to be one of the largest supercomputers in the united states. >> what exactly has been the biggest challenge for a company like core cientific to ramp up or change its business model to accommodate this a.i. demand? it has been surging, in all honesty. >> it all comes down to the team. all the hyperscalers and large enterprises that are looking for data center capacity are looking for experienced teams that can handle the infrastructure development side because this is something that's just completely overwhelming to all of these large tech companies.

their building so many data centers and so many different locations that they need to have an experienced team that they can trust and if you think about it, you know, 100 megawatt facility, over $1 billion in infrastructure. there's a large investment from these large tech companies and they are not just going to hand them to any type of company that doesn't have experience for these large next generation data centers. >> adam, we showed a graphic about the power to man coming from your a.i. side of the business versus the cryptocurrency side of things. in the next say maybe one to three years, how exactly do see that trajectory moving? is it going to be keeping on in that same trajectory, moving away from bitcoin and crypto mining and much more towards a.i.? or do you consider yourself seeing at least a large portion of your business relatively speaking still dedicated to crypto mining? >> we have announced we have 900 megawatts dedicated to a.i. that something that's going to continue to grow in the future. a little more broadly at this industry, and by 2030, many of the industry experts are saying that the demand for power just in the united states, just from the data center -- and so that

means that we create a runway, we have these large sites that we are talking about, the party announced a few of them but this is really where the future of this company is going. continue to develop large-scale data center sites that really make us compatible with the -- >> and adam, before we let you go, for the companies that you partner with on the backend to help that for you? >> we have a great relationship with all the utilities. that's one of the biggest parts about being a big data center company is having a strong partnership across the united states. just as many utilities and so you have to approach all these utilities with a mind-set that you are a partner with them because, if you don't, you end up opposed to what is the most important part of a data center company, which is having access to the -- >> adam sullivan, at core scientific, thank you so much for the thoughts on a.i. and crypto. happy holidays, sir. >> you as well. >> that does it for us.

keep it right here on cnbc, that does it for us. powell will be on the other side of the break. them. we build them. and one day, we have to let them soar. ♪ i'm always coming home ♪ to go further, you need to be ready for what's down the road. as energy demand continues to rise, we're harnessing breakthrough innovations to increase production in the u.s. gulf of mexico. our latest deepwater development, anchor, produces previously inaccessible oil and natural gas, allowing us to deliver the energy we all need today so everyone can follow their own road. that's energy in progress. (♪♪) (♪♪)

what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com ♪ [music] i could unlock my front door ♪ investment objectives, risks♪ while i dineenses in baltimore ♪ ♪ no lock box to explain ♪ ♪ ♪ at 9:00 the doors would lock up ♪ ♪ save me from forgetful slip-ups ♪ ♪ if my home just had a brain ♪ ♪ ♪ i could make a custom pin ♪ ♪ watch the dog walker get in ♪ ♪ so ziggy won't complain ♪ ♪ ♪ when my in-law comes a-knockin' ♪ ♪ i can open, maybe lock it ♪ ♪ if my home just had a brain ♪ since 2019, john deere has invested more than $2 billion in our american factories. today, we're nearly 30,000 u.s. employees strong.

in more than 60 u.s. based facilities, across 16 states, we couldn't be more proud to play our part in supporting americans who work the land and build a better tomorrow. ♪♪ nothing runs like a deere™. hi, i'm mike santoli and today we've got a special edition of "power lunch" for you. we're stuffing your stockings with stock picks. we're going shopping in tech and health care and in energy and for those last-minute small caps to get you ready for christmas and the new year. we also took viewer suggestions on social media and our traders