it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." nvidia ceo jensen uang teases the latest a.i. frontier calling it a multitrillion dollar opportunity. investors and governments grappling with elon musk and his x feed and a warning what the next four years could bring. a developing story as port workers and operators meet for weeks to avoid a strike. and new development in china and u.s. trade sending shares in china sinking this morning. and stock valuations from

one very unlikely source. it is tuesday, january 7th, 2025. you are watching "worldwide exchange" here on cnbc. ♪ good morning. thank you for being here with us. i'm frank holland. let's get you ready for the trading day ahead. the s&p and nasdaq coming off back-to-back winning days. the market is a bit mixed. s&p lower. the dow would open seven points higher. nasdaq is down 18 points. this action we're seeing here is after a very rare warning from the fed on the state of the stock market. comments yesterday, lisa cook offering a blunt assessment saying, quote, valuations are elevated a number of assets classes including equity and corporate debt suggesting markets re price to perfection.

we want to look at the pre-market gainers on the s&p 500. a chip named micron up 5%. first energy and derna and uber with fmc rounding out the top five. nvidia shares with jensen huang speaking at ces. announcing nvidia's mini desk stop. nvidia sparking a rally. chip nation mes moving higher. similar for intel and broadcom and micron here. we will talk more about the chips and what nvidia's ceo had to say with sara kunst in a moment. the bond market is holding steady. jolts later today and the monthly jobs report on friday.

take a look at the benchmark. 6.2. it is 20 basis points higher than the hawkish cut in december. we want to look at the energy market. specifically oil. wti and brent breaking a winning streak. we start off with oil. oil moving in the opposite direction right now. just fractional moves. important to note wti is above 70 bucks. here on natural gas is a more than 4% pullback. over the last month, natural gas rising double digits. we look at bitcoin rising above $100,000. bitcoin trades around the clock. pulling back .50%. over the last week, bitcoin up 8.5%. that is the set up. we turn back to the big money mover. nvidia. shares are higher in the pre-market after a more than 3% gain yesterday. the stock is up 11% over the

last week. this after ceo jensen huang unveiled the company's latest breakthrough gaming chips on the same architecture that builds the data centers. the 50 series promises everything from graphics to character facial details. >> i've got this incredible graphics card here. blackwell. i'll shrink it and put it in there. does that make any sense? you can't do that without artificial intelligence. >> a lot of show and tell during that press conference with jensen huang. huang announcing an expansion of the omni versus product with physical a.i. such as robotics is a multitrillion dollar opportunity as well as autonomous driving. it can simulate any environment in real-time.

toyota is the first automaker to include the new operating system in the vehicles. huang says it is worth $5 billion a year and it will get bigger. we are watching big money movers overseas and chinese tech stocks sinking as the u.s. a more names to the black list. we have eunice yoon with more on the story. good morning, eunice. >> reporter: frank, the pentagon added a familiar name tencent and eatl to the list. this means the companies are not able to sell to the u.s. military. that hasn't been the issue. what investors are concerned about is the reputational risk and what this could mean for these companies down the road. could they potentially be sanctioned for tencent saw shares down 10%. some include fortnight games.

the company has the super app wechat that everybody uses here and seen as a potential partner with apple on a.i. in china. for catl, one in three evs has a catl battery inside. tesla is one of the biggest customers. ford as well as stellantis work with that company. tencent and catl said the designation by the pentagon is a mistake. they have no military ties. china vowed it would take necessary measures after the pentagon expanded that black list. citi and morningstar do think tencent has the possibility and morningstar said a good chance to be able to get exclusion from the pentagon black list. morningstar said the energy

storage unit would be vulnerable to the pentagon move. frank. >> eunice yoon, live from beijing. we turn to europe and the and what who is a wild card for governments cross europe is elon musk. we have silvia amaro with more on that story. good morning. >> very good morning, frank. with we have seen leaders from france, uk, germany and norway all push back on elon musk in separate comments on monday announcing his influence and warning he should not involve himself in the countries' politics. this comes after the from musk on x ahead of the election in germany. musk accused the british prime minister keir starmer of quote being complicit in rape among other comments. starmer railed against people he described as shredding lies and

information as far as wide as possible. on monday after musk pinned a tweet to the top of his feed asking if america should liberate the people of london from the government. he is looking to host a chat on x on thursday. his comments come at a pivotal time for europe/u.s. relations as musk is expected to start leading the new department of government efficiency in under two weeks as well. frank, at this stage, i'm wondering how he has time for all of this. you are leading several companies and having a role in the u.s. administration and yet you are still commenting a lot on european politics. >> yes, certainly a lot by elon musk in governments in the u.s. and in europe. silvia amaro, good to see you. silvia was talking about sk

interjecting in politics facing the continent rocked with stagnation and leadership up leefl. what does it mean for investors? >> happy new year, frank. >> we are touching on the disruption from musk and a new administration in the u.s. and potential tariffs. how do you see that impacting the markets? >> european markets have in a way priced in most of these uncertainties through the underperformance in the second half the last year. this is our base case and what we've done with our global allocation in the fourth quarter of last year was to move europe as a tentative overweight as a diversifier from the very one-way positioning just into the u.s. and nothing else. recently, it started to work

somehow, right? europe has been going through lots of political, geopolitical pressure starting with the french election announcements. that, in our view, has brought in the price now. very recently, we upgraded our country allocation france to overweight overweight. speaking of continuing on the political risks you started with, germany snap election is a step in the right direction in our view. it will come with corporate tax cuts with the regulation and easier labor markets. what's not to like when you're corporate. >> interesting. i remember during the french snap elections, that was the reason to see declines in european equities. now the german snap election is

a positive. i want to go to the view on the stoxx 600. you gave us the price target for the stoxx 600 is 570. pretty much 10% upside. i looked our cnbc strategist survey. the average outlook for the s&p 500 this year is 6643. basically a 10% upside. i want to ask you, do you think the opportunity in the u.s. and european markets are even right now? one reason for the divergence is the u.s. tech. the fact that the u.s. has the very big tech companies with the a.i. trade. what equals things out this year? we haven't seen some big surge with the european tech companies. >> there is one thing which will equal it out. that is the broadening of eps. on the top of this political pressure that we spoken about already, europe has under performed since the french election has been announced because of downgrades to the eps. so, from being the most upgraded

eps market in the world in the first half of the year, it ended up being the most downgraded market, right? within the region and within european equities, there are many sectors that actually have undergone eps recessions. in the u.s., the eps hasn't been downgraded at all. mag seven has been upgraded, the rest have been downgraded by a similar range as european index. so the driver of out performance and the out performance of the eps in the u.s. last year has been mag seven has been a.i., right? into this year, the expectation is for these stocks to still grow substantially, but not as much as last year and for the rest of the index in the u.s. to start picking up. that is broadening of the eps. in europe, because of the

recessionary levels with the negative numbers last year, we see almost all of the sectors picking up positive growth rate this year. so, there is going to be a bit of a broadening out of the eps. >> you are saying general broadening when it comes to profit. it equals out the two markets. again, outlook for the s&p, the average one, a 10% increase. your outlook for the stoxx 600, 570. a 10% increase. beata, always great to see you. >> likewise. we have more to come here on "worldwide exchange," including a beaten down consumer stock that our tiffany mcghee says is a buy first. we have all date on the port workers and operators with a critical face-to-face and what a strike could mean for the state of freight. we will speak with the ceo of

arcbest coming up. we have a very busy hour still ahead when "worldwide exchange" returns. stay with us. old school hard work meets bold new thinking. ( ♪♪ ) partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley.

welcome back to "worldwide exchange." contract talks with the union representing 40,000 union workers on the east and west coast are due to start today.

the longshoreman association arguing the threat to u.s. jobs. the two sides do not reach a deal by next wednesday, workers could go on strike and cnbc learned a secret meeting with the members of the association and the united states maritime alliance was held on sunday to try to find common ground on automation. for more, let's bring in neil bradley at the u.s. chamber of commerce. neil, good morning. >> good morning. great to be with you. >> neil, i don't know if you saw the developments with the quote/unquote secret talks. the dispute is automation and semi automation at the ports. do you have a view? >> it is needed. we are talking about basic technology. the basic technology we need to efficiently and safely operate a modern port.

you know, we pride ourselves in the united states of having the best infrastructure and best businesses in the world, but we don't have a single port that's in the top 50 in global ports in terms of operations because the leadership of unions like the ila keep opposing the introduction of basic technology into port operations. if you care about the price of goods, if you care about global trade, this is an important fight that's going on right now. it's really important that we have the flexibility to modernize our ports. >> i want to be clear, neil. you are talking about prices for consumers. are you saying that is inflationary? >> absolutely. it costs more to load and unload goods and services through our ports. the longer it takes and the more expensive it is, the more you and i pay for the goods we buy and more exporters pay for the

goods they are trying to sell overseas. this is a lose-lose proposition. that's what this dispute is about. it is important the ila change its position and accept the idea that new technology can actually improve the quality of work for its members and make life better for all americans. >> we heard similar comments yesterday from the trade group for apparel and footwear. i want to ask the chamber, you represent a broad swath of businesses. have you been in touch with the current administration and incoming administration? what are you saying to them? the current administration is not involved in the talks and no representatives from the white house are involved. would you like to see more involvement from the white house or incoming administration? >> i think ultimately we will need involvement from both. last fall with the short three-day strike, we were at the forefront to call the biden administration to intervene and conclude negotiations.

these negotiations are terminal here. the 15th, eight days from now, five days before the inauguration. we can't afford for the current administration to drop the ball on this. if we end up in a strike, which is something we all want to avoid, it's going to be incumbent on the incoming administration to deal with that and its aftermath. no one wants to deal with a strike. these demands by the ila leadership are frankly just unsupported. until we get more reasonableness, i'm worried that we are, indeed, heading toward a strike. >> neil bradley, i appreciate your time and insight on this matter. >> thanks for having me. >> for more on the port labor talks, we're joined by judy mcreynolds from the trucking company arcbest. good morning. >> good morning. happy new year. >> you work with companies and

everyone looking with visibility into the upply chain. what are your customers telling you and how it impacts your business as well? >> we are in touch with a lot of customers, as you mentioned. you know, right before the holiday season, we were talking about many of our customers and, you know, because of disruption like the port strike, potential could be, we hear from our customers the importance of communication and visibility and they also, you know, are especially interested in this whenever we had disruption like this. you know, we see these disruption as happening more often and our role in helping our customers is to help them plan for these and navigate through them. we do a great job of that at arcbest. >> depending on the estimates,

this strike, if it happens, could cost $4.5 billion to $7.5 billion per week. we have the potential of tariffs with the new administration take over on january 20th. are you seeing more of your customers moving their freight to the west coast ports to try to avoid the strike and also tell us what are they doing when it comes to tariffs? what are they saying to you? >> on the west coast, you know, movement there have been reports that customers have been, you know, planning ahead and addressing that, but whenever we think about these things, they really end up being options for customers. you know, we have seen many disruption over the years. you know, we're a company that's been in business nearly 100 years and we've seen economic ups and downs and multiple administrations and pandemic.

what we help our customers do is stay flixable exible with the a to adapt. many of these events are short term in nature and you can navigate through them with some options and different solution development in their supply chains. you know, what we try to do is really help stay close to our customers and help them through the thinking that is needed. maybe better sourcing and capacity for the providers in the event these things happen so we can be sure they got the best outcome. >> trying to mitigate the disruption. i imagine. i want to ask about something that's coming up. a time period in a few weeks from now. mid-january. we hit on the potential for the strike at the ports and the tariffs potentially and earlier

than normal lunar new year. >> yes. >> those are things you have been talking to people about. this is a longer term question. do you think this potential time that could have a lot of congestion and confusion, do you see that potentially breaking the u.s. out of the freight recession we have been talking about for the last two years? does this have the potential to make companies mindful and stack more inventory and reversing some of the declines when it comes to rates we have seen over the last couple of years? >> i think these are all things that could come together and create an environment like that, but what's important to remember is -- is the plans that you can put together to address, you know, the short-term issues. what we like to do is -- is think about these things with our customers over the long term and, you know, there are so many things that have been on the horizon that are important to them.

whenever we look at the priorities our customers are experiencing, they talk to us about, you know, the importance of tech and efficiency in their supply chains. we hear a lot about communication and visibility and, you know, their margins are squeezed especially when certain events like this happen. so, there's an overriding theme which is to improve efficiency and reduce costs. the customers we do business with are really focused on that this year. we've been doing some work in our city routes, you know, that have really optimized those. we saved $13 million in savings last year and we're looking forward to doing more and using a.i. to anticipate demand and help us optimize our pickup routes. you and i talked before about bots. it's another solution that can

help with ies with customers. cutting trailer time from hours to minutes. on the smart autonomy side, we can reduce operating cost by 40% by having a human in the loop with the autonomous and remotely driven forklifts. >> judy, the supply chain is a big theme this year. we have to bring you back to talk specifically about that. it's been great talking to you today. thank you for your time and insight. it is greatly appreciated. >> thank you, frank. >> thank you. automation at ports is a rising trend going forward with port officials in rotterdam say it is important to increase the efficiency of speed. if you are looking to invest, zpmc is a shanghai listed crane maker expected to see benefits from the automation trend. there are two others as well

which make equipment and components needed for port automation. software for automation is the biggest long term opportunity. to power automated rerepetitive tasks. the supply chain is expected for than after price software or erp. s.a.p. has a quarter of the market. as we head to break, a check of palantir shares. the stock shedding 5% yesterday. we will take a look at the moves right now. palantir shares up fractionally. morgan stanley with a warning the stock could fall further. palantir has declined six of the last seven trading sessions. much more "worldwide exchange" coming up after this. stay with us.

you've got this incredible graphics card here. blackwell. i'm going to shrink it and put it in there. does that ake any sense? you can do that with our artificial intelligence. >> so, that was nvidia ceo jensen huang giving the keynote address at ces last night with the chips on artificial intelligence. this on the nvidia shares hitting a record high yesterday pushing higher in the pre-market. welcome back to "worldwide

exchange." i'm frank holland. we will have more on jensen huang and the stock that has been treading water since the election. let kick off with the check of the u.s. stock futures with the s&p and nasdaq coming off back-to-back winning days. futures solidly in the green. it was a mixed picture a half hour ago. the dow would open up 40 points higher. the nasdaq 20 points higher as well. this action we are seeing comes after a rare warning from the fed on the state of the stock market. in comments yesterday, fed governor lisa cook offering assessment that valuations are elevated in a number ever asset classes including equity and corporate debt. suggesting that markets are priced to perfection and susceptible to large declines. a very blunt warning there. the nasdaq pre-gainers. micron chip name. nvidia is set to open at an all-time high.

coca-cola and monster befrmg and call qualcomm. jensen huang spoke at ces announcing a.i. chips for cars and gaming. he announced a mini desktop. we will talk more about that coming up. bonds are holding steady. jolts and the jobs report on friday. we want to look at energy. wti and brent breaking a five-day winning streak and natural gas pulling back. take a look. natural gas down 4% right now. wti and brent were lower earlier. now wti up .25%. brent crude above $75 a barrel.

up .50%. bitcoin off to the strong start to the week. rising above $100,000. pulling back .50%. over the last week, rising more than than 8%. that is the set up. we turn back to the top stock story. nvidia. hitting an all-time high after yesterday's 3% pop. global chip stocks are rallying along with it. look at the board. micron, we mentioned. marvell up .50%. similar for amd. asml up .75% of 1%. this action after jensen huang took the stage at ces last night offering gaming chip on the blockbuster blackwell chip and expansion of the omni verse product which huang says is a

multitrillion dollar opportunity. speaking of opportunities, aurora innovation based in pittsburgh to deploy driverless trucks at scale. joining me now is sara kunst. good to see you. >> good to see you. >> nvidia set to open up at a fresh record all-time high. what did you make of what you heard from jensen huang? do you see this being good for the rest of the a.i. trade? >> i think it will be as one goes nvidia. we see it goes kind of the market around high tech and certainly around a.i. you know, i liked that it wasn't just a hey, guys, we have a new chip coming. to some extent, that gets easy to promise and say, but we don't know when yet and kick the can. these are real -- these are real actionable items and real things that are going to be really useful in robotics and

self-driving cars and showing the widening in high the a.i. t. jensen has been doing this for a very long time and wants to take this moment to remind people they can do it in every category. it is not just about chatgpt and a.i. bots. >> you say it is a wait and see for the a.i. trade. why is it a wait and see? we heard from jensen huang. not surprising he is bullish about his company. a.i. involved in other areas in the market. gaming and also put out their own mini desktop computer which was interesting. why isn't this just bullish across the board? why do you have some reservations? >> to some extent, it is because how high the market already is. we see it in the after hours trading after the keynote. nvidia didn't jump a ton, but

when you think about it and you open at an all-time high, how much more do people want to load in? the reality is to some extent, the market re-digested this. things that are incrementally good, will be less market moving for the broader market. i certainly think that, you know, the taiwan semiconductor asml is in a different position than microsoft mainly riding the a.i. trade on what i would think of as v-1 a.i. the chat bots and things consumers are accessing versus robot you cans and self-driving cars. it is not across the board and up to the right. >> sarah, this is good for nvidia and the a.i. trade. marvell and broadcom have gained since the election. is this potentially bad for

them? will we see more flows back from nvidia and back to the other chip names in your ind? >> these aren't new companies. i would guess that broadcom is going to have a good run. i guess marvell is going to have a good run as long as fundamentals continue to be good. i suspect those will remain the darlings for a while. >> sarah kunst, we have to leave the conversation there. great to sigh.ee you. coming up on "worldwide exchange," the new call in t pullback on the star. stay with us. that's very, - right? - mmm... this store doesn't have agentforce, so an ai agent didn't tip off the stylist as to what i might actually wear. - yes. - oh. that's a commitment. [glass knocked]

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welcome back. time for the morning call sheet. truist initiates wells fargo and what it calls a pick up in animal spirits. we have another coverage initiation on piper from pepsi on the $171 price target. piper sees the opportunities in the pullback and frit-o-lay division. and rbc capital upgrades carvana. given the turn around last year, it sees the pullback as a buying

opportunity. coming up, caution ahead, salesforce on the downgreat.ade. take a look at shares right now falling in the pre-market. stay with us. you know, at verizon, we'll pay off your phone. and you'll get iphone 16 pro with apple intelligence, on us. now with genmoji. that's a value of up to eighteen hundred dollars. only on verizon.

welcome back to "worldwide exchange." shares of salesforce were

downgraded yesterday. what your next guest thinks the agentforce will add to the platform. greg moskowitz is the analyst at mizuho. >> good morning, frank. >> trading at 330 right now. what is giving you confidence in salesforce moving that much higher? >> absolutely. it comes down to what you mentioned at the beginning. agentforce. we are excited about this. this is the suite out of the box autonomous agent with sales and customer support or service and marketing and commerce and at this point or as of mid-december, frank, they signed over 1,000 paid deals for agentforce. that is bumping up against the 1% penetration rate.

this is only available since the last week of october. that's really remarkable ascent in a short period of time. when you look at what agentforce delivers, it has a powerful roi and as long as that is in tact, that is what we see in the early days. we think the demand is going to be very strong and sustaining for salesforce and that should drive bookings for the company. drive bookings for the company. that's what has us excited ♪♪ well would you look at that? jerry, you've got to see this. i've seen it. trust me, after 15 walks, it gets a little old. ugh. i really should be retired by now. wish i'd invested when i had the chance... to the moon!

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welcome back to "worldwide exchange." welcome back greg from mizuho. greg, apologies for the tech tall ies. we showed a chart a few minutes ago since agentforce was unveiled. why do you think investors are not seeing the same opportunities that you are seeing? >> sure. i say a couple of things, frank. first of all, when rce was unveiled in september, the stock did have a very good run and was a significant out performer in the nasdaq.

we tracked with agentforce 2.0, but we have to look at what the stock did the last three or four months. this is the more important point, when we talk about a wave of new technology, this can take a little bit of time. it can take time to build, time for customers to really alesce behind it. i would go back to the fact we are almost at a 1% penetration rate in a short period of time of six weeks of a very large company. salesforce has an roi which shows that the average customer and this is their th, the average customer will see a 4x return. anything close to that holds, we think you will see some very long dated demand for

agentforce. >> greg, we have to leave it there. thank you very much. >> thank you. time for a check on the top corporate stories and additions to meta's board. silvana henao is here with that. silvana, good morning. >> good morning, frank. meta platforms naming three directors to the board. dana white. white is a close friend of president-elect trump and spoke at the republican national convention and on election night. shares of ulta beauty moving higher ter the retailer forecast an up beat fourth quarter thanks to strong demand in the holiday season. ulta is promoting president and coo to the new ceo. we are seeing shares up 1%. stryker striking a deal for $4.9 billion this cash or about $80 a share.

inari stock jumped 30% yesterday and it is up more than 20% in extended trading. semafor is reporting that michelle bowman is looking to replace michael barr who is stepping down of supervision next month. barr has been a dissenting voice on the fmoc. frank. >> silvana, thank you. coming up on "worldwide exchange," the bull market not letting up according to the next guest. thfuamta te ndenlshat will carry over well into 2025. stay with us. we'll be right back.

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welcome back to "worldwide exchange." the market coming off a mixed session with the s&p 500 fueled by chip stocks. let's bring in tiffany mcghee. tiffany, good morning. good to see you. >> good morning, frank. happy new year. >> we're looking at futures moving higher. i want your word of the day. how do you see today shaping up? >> my word of the day is uncertainty. santa did not give us a surprise in 2024. 2024 was still a gift. s&p 500 up 57 record highs and

20% plus returns. the question is can that continue. the only certainty is uncertainty around tariffs and taxes and interest rates and regarding the new administration. there's a difference between row posing policy and executing policy. we're watching that ball right now. >> you are watching a lot of uncertainty. we are seeing market volatility in recent weeks. in your mind, have the dips we seen viable dips or a sign of more trouble to come in the market? >> i think they're viable dips, right? the fundamental drivers of stocks in 2024 are still in play right now. we're expecting continued economic growth, increased corporate earnings and fed policy. we have strong consumer supported by a strong labor market, rising wages. wages are rising faster than flags right inflation right now. we really expect the bull market should push forward. we do expect some volatility,

right? you know, after last year's gains, we might see moderation as well. again, a little bit of uncertainty as i was talking about earlier around the new administration and their policies, but here's the big thing, frank. we don't see anything that would really derail the current bull market. bull markets are stopped in three ways. some crazy shocking event, fed rate hikes or recession. we just don't see the last two. >> you don't see anything. i want to ask about fed governor lisa cook and warning about valuations are elevated and equities and corporate debt saying the market is priced to perfection. does that concern you? the high valuation situation in her comments? >> you know, we've been there before. i definitely understand what she's saying. at the end of the day, you have to pay attention to the fundamentals which are strong and still in play. >> tiffany, i want to get to your pick. you are talking about the consumer earlier. what is your pick for us today

and why? >> listen, we do expect volatility going forward. i think investors should lean into the volatility because it potentially could be short lived. we have a lot of consumer staples. i'm glad silvana brought up ulta. ulta is my pick for the year. they raised guidance for q4. the interesting thing is q4 earnings typically represent 30% of the annual sales. they're excellent -- they have an excellent position right now. the biggest competitor is sephora. they are right in there. they have a new ceo that has been with the company for ten years. they have big things from her. they are poised to turn that around. big things to come for ulta. >> you say big things to come. you have a lot of con if fi you have a lot of con if dence the consumer. are you big on the beauty names

with estee lauder. are you strong going into the economy this year? >> you know, beauty is not a nice to have, it's a must have. i would encourage anyone who walked in ulta osephora, it looked end of days for both of those on the stores. beauty is here to stay. i know there are a lot of other companies and brands trying to get into the game. again, ulta and sephora are positioned best to continue to keep their market share and gain more. >> tiffany mcghee, your pick is ulta beauty. thanks. >> thanks, frank. here is what to watch today. the latest at ism services and jolts at 10:00 a.m. tom barkin speaks at 8:00 a.m. the dock workers and port

operators resume labor talks today. lina khan will join "squawk box" on the first on cnbc interview this morning. it wit be anll be an exit inter. one more look at futures before we let you go. still in the green across the board. the dow would open 40 points higher. that does it for "worldwide exchange." "squawk box" starts right now. good morning. tencent shares tumbling in hong kong trading overnight after the u.s. department of defense included in in a list of chinese military companies. dana white, the head of the ufc is joining meta's board. perfect fit. details from the announcement straight ahead. and mcdonald's is the latest company to announce changes in the dei plans. it's tuesday, january 7th, 2025 and "squawk box" begins right now.

♪ good morning, welcome to squawk box here on cnbc. we are live from the nasdaq marketplace. welcome back. we are all three together for the first time in a while. for his first time we are together this year. happy new year. to curb your enthusiasm. it is just too late. except for that yesterday was the first week back for everybody. for i think the third is too late, according to him. when anybody says it to him, he does not just say whatever. is for i said that larry david