general word. >> you can watch the whole thing at cnbc.com/sport. great stuff. >> can we say eli manning? forget it, we don't know anything about him, but we love him, and i think he's right about all of this. ken, appreciate you joining us. ken squire has been our guest host all hour long. thank you for watching "power lunch." >> "closing bell" starts next. >> i'm scott wapner from post nine. we begin with nvidia and apple, the former reversing, the latter slumping. shares were downgraded to sell today and both are dragging on the nasdaq in this final stretch. we'll show you the majors and you'll see what i'm talking about with 60 to go in regulation. what started as a record-setting day for nvidia following jensen huang's speech has turned into the worst day for shares since september. he's speaking again this hour.

most of the other big names are also lower, tesla got smacked today. that doesn't happen very often, either. rising yields, they could be part of the problem with the market today. some stronger economic data sending the 30-year to its highest level in more than a year. the ten-year today is also moving higher. it has been lately, almost 470 now. something to watch closely. we will, of course. it takes us to our talk of the tape. today's price action, and arguably the two most popular stocks on the street, nvidia and apple. we have reports on both. we begin with kristina partsinevelos following the chipmaker and that decline. >> you mentioned the stock making a u-turn, down about 5.5% on the heels of jensen huang's keynote. there were new products and tech in the gaming and robotic space, but some alysts argue there went enough information around they're upcoming platforms, and data centers are their biggest

contributor of revenue, so people care. keep in mind, this drop does come after the stock closed at an all-time just yesterday, so it could be a reflection of profit taking post keynote. other companies that got a name drop, like micron and aurora are up 30%. shares, though, could rebound in the next 30 minutes or so. the ceo and cfo sat down for an analyst q&a. traders are hoping for more details about the blackwell shipments and data center growth heading into 2026. it's going to be all about sustainability. >> if nothing else, it shows you how high the bar now is, right? >> when you have this substantial double-digit growth we've had over the last little while, blowing out of the park with every single earnings report, of course, expectations are high. and now sustainability is a major concern. >> yeah. all right, you'll let us know what he says at the bottom of the hour. >> definitely. >> thank you, kristina

partsinevelos. steve kovach now for a look at apple and an interesting downgrade today. you do not see a sell call all that often. and they're really looking at that rise that the stock had since we sat together at wwdc, and saying kind of punk, based on what? >> that's exactly right. this is coming from moffettnathanson, putting the price target at $188, 22% downside from now and it's blowing up the bullish narrative that apple intelligence is going to spur a growth cycle. they're basically saying it's already baked into the price before the apple intelligence launch. also saying consumers are luke warm on apple's ai features that have launched so far, the chatgpt integration and summarizing notifications. also saying there's no evidence of an ai upgrade cycle, adding, quote, consumers are unmoved by ai functionality. and then the challenge in china casting some doubt here that

apple will be able to get apple intelligence approved by the government, which needs to happen before apple can launch apple intelligence in that country. huge, important feature, obviously, for chinese consumers over there. and on top of that, pointing out other recent headwinds that includes google losing its anti-trust trial, which puts the billions it pays to apple every year at risk. that's going to take many years to work its way through the courts. despite all these s, moffettnathanson saying apple is a strong company, just overvalued and too expensive, especially in comparison to the other mag seven names. also praising apple's relatively low capex spend on artificial intelligence, compared to companies like microsoft that are spending tens of billions a quarter. on top of that, we saw a huge run on apple shares in december, just basically on no news. moffettnathanson in this note just pointing out, there's some disappointing little bits and nuggets that have come out over

the last several weeks that people weren't paying enough attention to, hence their downgrade. >> $188, the new price target. steve, thank you. let's bring in liz young thomas now to talk about this. interesting price action. certainly in these stocks. but also in tech, which was such a winner a day ago. now such a loser today. >> yeah, so if we rewind to the day after the election and look at the tech sector broadly, 81% of the names were trading above their 200-day moving average. today that's at 41%. there's been a serious deterioration in the number of names trading above that average. but the sector itself is up 0.6% over that period. what does that tell you? it tells you that concentration has returned, the average stock and some of the internals are weaker, but concentration is here. that makes the rally more fragile. so there are a few things that you can think about. there's also the idea that overbought territory, so 4% of

tech is in overbought territory. the only other sector is consumer discretionary. it tells you that you could actually still get a better entry point into some of these tech stocks. then the question becomes, do we want to buy them? is this the beginning of something a little more sinister, or is this somewhat of a buying opportunity? >> what do you think it is? more the former or latter? there's nothing to suggest that this is the former, something more sinister. jensen huang, it's not like he said anything was wrong. he underscored why things are great. >> i think this is a pause in sentiment and i think it should be a pause in sentiment. if you look at yields, the ten-year yield has risen considerably over the last few weeks and the yield curve has steepened. the rational response is that growth stocks should pull back as yields go up. that's not what happened yesterday, but that is what's happening today. that's not what happened for certain periods of 2024, but i think in 2025 that will be the norm. you have to rationalize the

valuations with where yields are, especially with the ten-year above 4.5%. >> i just think that the trend is still positive, people think, the narrative is still overwhelmingly positive because of the new administration coming tax cuts and everything else we've talked about a thousand times already. so that higher rates aren't necessarily going to be such a binary impact on tech. while rates go up, tech goes down, it doesn't necessarily work that way. and it certainly doesn't appear to work that way anymore. you are just going to the benefit of the doubt stocks, if you will, in any period of uncertainty. vix goes up 8%, north of 17, but you just go to the tried and true stocks in any period of uncertainty. i don't know that that relationship between rates and tech really matters as much anymore. >> so what i think -- where i think it does matter, what we're giving back is some of the multiple expansion that's occurred over the last year or two years, in especially the

bigger names. and that's the part that is the most fragile, especially in a yield environment like this. so what we've seen is the yield curve has steepened for six straight weeks in a row. over that same period, the s&p is actually down 1.5%. so we've given back some of the froth, some of those really expanded valuations, and the performance of the s&p, although broadly down 1.5%, cyclicles have outperformed defensives, which is, again, something that should rationally happen, especially if our expectation for 2025 is that we'll have this pro growth, pro cyclical environment. it's not to say that tech is suddenly going to fall out of bed. it's that there's probably opportunity in a yield environment like this for other sectors to do better. so tech -- >> even in a yield environment like this where yields are elevated? i would suggest that that's not going to happen. if yields continue to rise, how is the broadening of the market going to happen? >> it depends why they're rising. if they're rising because we're

engaging in some really detrimental trade wars that are limiting supply, that are going to limit demand, they're going to limit investment for businesses, then equities probably feel the pain. if they're rising because demand is still strong and maybe we've got sticky inflation but inflation that's not necessarily out of control, then you've got pro growth, pro cyclical, growth can stay stable as well and investors start to look for valuation opportunities in places outside of tech that aren't at all-time highs. >> what if they're rising on the expectation of a more inflationary policy stream coming out of d.c.? even if you're going to have better than expected growth, but you're still going to have the potential of more inflationary policies, like inflating the deaf fit deficit even further? >> it keeps the lid on the return potential, we're not going to have another 25% year in that case. but it still allows some of the other sectors to look more attractive. for example, what's happening today, yields did strike in

response to that ism services prices paid component. >> almost 5% on the 30-year, by the way. >> right, which that's a big move and it was a big move in the ten-year, too. so yields spiking on that expectation is an inflationary response, the expectation for fed cuts went down quite a bit afterwards, but still the main pain in the market is in tech. because that's where the discount rate hurts the most. as the discount rate stays elevated, it hurts growth stocks. if this is, again, a pro growth, pro cyclical environment, if you're worried about valuations, there are some cyclical sectors and industry groups that look pretty attractive at these levels, even with elevated yields. >> all right, let's bring in michael now. it's good to have you on our set today. what do you make of what liz had to say about this market? >> thanks, scott, great to be here. i think the markets are struggling with two main components that really matter. we're going from a rotation of

seven or eight names that drove the markets for, let's say, two years, into some of these value names have traded at discounted valuations. at the same time, technology still matters. if you look at our world today, we're in the middle of something that is historical, and we always joke about it, we want to come back for one day in 200 years and see how much technology really changed our world. so there is a rotation from the growth to the value names that are paying dividends in this environment. at the same time, everybody in every household, every office, everywhere you go, the main focus is technology: think about how many apple devices. >> can you have that rotation in an environment where yields are going to remain more elevated than we thought and the fed is going to be cutting a lot less than expected? >> we try to separate equities and yields and fixed income. i know historically what's happening, it has been that way. i think this is a uper abnormal

time in history. the way technology is changing our world, is it going to be ai, nuclear energy? we're in the middle of some expansion on a technological revolution that really, i think it's outside of any historical focus that we've had relative to yields, relative to rates. and so if in this world we separate what rates do versus what equities do and what companies do, i think you can have expansion of these companies, especially in the value companies. these names haven't moved for, whatever, three years. at the same time, you still have 12% growth, i think you mentioned, on nvidia, and so everybody is trying to figure out, the markets are trying to figure out the environment. it's in such a unique place and abnormal place, that you can have both happen at the same time, which is unlike historical times. >> is the positive story here

still intact? >> i think so, scott. in terms of the overall market outlook for 2025, i think you're still going to have positive returns in 2025. most people believe we're in that 8% to 10% return year, nothing like the 20% plus returns we've seen in the last two years. i think you're still going to get decent returns. i think the other thing is that the path to get there is just going to be very different than the last two years. it's probably going to be more volatile, we have so many different crosscurrents, whether it's on the growth side, the inflation side, policy changes. so those are going to probably rattle markets at times, but i think they're going to be overall just buying opportunities in the long term. >> how are you looking, liz, at the volatility, despite all of the optimism about, you know, the new policies of the new administration? it is likely to be more volatile, because, i mean,

mr. trump, president-elect trump, he's just more volatile, right? social media this, social media that, this is true, that's not true. things can change in an instant. but the overall story is deemed to be very positive. >> yeah, so -- >> but with the caveat of probably more volatility. >> at least for the first quarter, and maybe the first half. because we're in this weird waiting game. there's still headline risks, there's still comments happening. and they're moving markets in the meantime. but we don't have clarity. we don't have certainty about what the policies will actually be. >> we've seen this movie before. >> we have seen this movie before. and i think there's actually a good debate going on right now about will this administration look the same as the first time he was in office. and can we rely on those same stocks to do well? can we rely on a rising a dollar in a trade war? can we rely on cyclical sectors to do well? we expected energy to do well and it didn't do well. that's the debate that's going on and what markets are grappling with in this period

where we haven't gotten to inauguration, we don't have cabinet members confirmed. we don't know what these policies are and how much will get through congress and be enacted, and whether or not the policies will actually be as strong as what the market has already priced in. so there's a real risk out there that what the market is expecting doesn't come true. and that can be good or bad, depending on which policy we're talking about. so the volatility right now, i think, is the market trying to figure out which direction this is going to go. >> do you think we put too much of the cart before the horse? everybody got, as i said, all bulled up about what's likely to happen in their mind, and maybe it's going to be more choppy, maybe it's going to be more volatile? maybe 2025 is a two-half story, one is good, one is bad, you just have to decide which one is going to be such? >> that's a great point. i think the market got a little bit ahmed of the economy and the horse in this scenario. and like we spoke about earlier, we're -- for our clients, the allocation that matters is an

allocation to alternatives. that's how you limit the volatility. you need 20% to 30% in alternative investments, and when this volatility happens and when it's happened in the past, especially in '22 when everything was down, you see alternatives outperform. and everyone is chasing the hot dot, everyone is chasing all these investments that really are getting great returns. >> like private credit. >> private credit, hedge funds, market neutral funds. anything that's non-correlated to the markets. >> sports? >> sports, yeah. look, we do a lot with athletes and entertainers, and what's going on with n.i.l. right now is crazy. and there's many very smart ceos who are talking about the going-forward world of college sports is you're going to have private owners of college sports teams. you're going to have private equity companies, private billionaires running and owning college sport teams. and now everything is happening

so much sooner. these kids are getting recruited and thrown money, eighth, ninth, tenth grade. i don't care where you come from, what kind of background you have, nobody knows what to do with that money at that young age. >> you're trying to give your clients exposure to that new investing universe? >> 100%. that's a crucial component to the development of any evolution of investments. think about how investments have evolved over the last 40 years. it used to be one equity, one bond. now 20% to 40% of their portfolios is going to be in alternative investment. >> 60/40, forget it at this point. i've seen you and your colleagues from wealth enhancement group at conferences. you're thinking about this for your clients as well. so what does the best portfolio, do you think, breakdown look like for this new year and this new world? >> sure. so, you know, instead of a 60/40

portfolio, we've definitely seen a little bit of a move more toward a 50/30/20, with that 20% being in alternatives. and that 20% can reflect a similar allocation, so you can have private equity and private credit within your 20% allocation split up in that 60/40 realm. so we are seeing a lot of that get reflected in many of our client portfolios, simply because both the return stream could be better and overall that volatility side of things really gets dampened by that private exposure. >> do you have a thought on this? i know we talk equities almost all the time. but there were times where you really liked credit, parts of credit. now people say that's more attractive again with yields going up. now you have competition once again for stocks, and maybe you're thinking about alternatives, too. >> i mean, as yields rise and if they stay stuck at high levels, you can get paid in credit.

i think that is an option. gold continues to be my alternative of choice, that surprises nobody. not bitcoin, but gold definitely does. and gold has taken it on the chin as the dollar has risen, as it should. but i still think that it's an important allocation in a portfolio, especially if we think that geopolitical risks and currency risks are going to stick around. >> we'll leave it there. thank you. thanks for being here. we're just getting started. up next, venture capitalist rashaun williams is back to us just after the break. we're live at the new york stock exchange. you're watching "closing bell" on cnbc.

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i'm told anthropic is raising a new mega funding round, a $60 billion valuation, this is according to a source familiar with that deal. it's a $2 billion financing being led by light speed and i'm told it's ongoing and numbers could shift throughout. this is one of the most valuable ai names, jumping from an $18 billion to $40 billion last year. anthropic was started by openai. it's backed by amazon, which has invested roughly $8 billion into the startup. it does compete with openai, google, meta and others. an anthropic spokesperson declined to comment. it does mark the latest frenzy in ai funding in the valley. it's a signal of demand for some of the quality ai firms. think of openai, exit ai, the companies that raised mega funding rounds late last year. >> big money.

thank you. let's bring in rashaun williams. welcome back. nice to see you and happy new year. >> happy new year. good to see you. >> so there was a lot of optimism, obviously, coming into 2025, about a rebirth of ipos, animal spirits and all of that, which we talked about several times over the course of '24. do you think that was unfounded optimism? >> you know, i don't think so. there's so many things that have to go right for the tech ipo space to open back up. all of these things have to align perfectly. and, unfortunately, they didn't. so we still have to hold onto it because so much is riding on it. although i will say the secondary market, which was a stepchild to primary market liquidity events a few years ago is creating liquidity for founders and employees and there's so much funding, guys have a war chest of capital to last through the downturn on the tech ipo side. >> what's the most interesting

thing to you right now in your world of -- the capital you have and where you're trying to deploy it, what seems to be the most interesting thing to you these days? >> i've never felt more popular at an alternative investment manager than the last 12 months. i was listening to some of the other folks on your show and everyone is allocating alternatives as a core part of portfolios now. and we've been playing that drum for a long time. there are two things that everyone is talking about in my world. you just talked about it with late-stage ai companies. late-stage tech, specifically ai and cyber, driving activity in my personal portfolio and in our funds. and then sports teams. you already know, it's a non-correlated or low correlated asset class, trading at multiple levels, just like software companies five or six years ago. they're generating the most interest with investment advisers and retail investors that i'm seeing in several years. >> you're in lp with the

falcons, let's get that out there. we've mentioned it many times, but just so people remember your pullover, notwithstanding, your quarter zip that i noticed, you have the logo on yet again. but do you see an endless runway for valuations in sports? and do you think at some point it gets into bubble-like territory? how do you view it when now seemingly, as you just referenced yourself, everybody is talking about it? >> yeah, this is the same conversation i had eight years ago about late-stage tech. remember when there were only four companies that were valued at over a billion dollars and they were profitable and everyone called it a bubble? now we have trillion dollar companies and over 100 companies that are valued at over a billion. we're in that space with sports franchises. what's the key to this equation is not the valuations, it's going to sound crazy. it's revenue. revenue is driving valuations.

the multiples are staying the same. all the revenue is coming from national media rights. so the streamers and the media companies are all paying these sports teams, because the top 80 to 90 of the television broadcasts are all live sports events and politics. so it's driving all of the viewership, which is driving these big mega deals, like you saw with the nba, increasing revenue. and these are ten-year deals. if i'm an investor looking at a stream of cash flow with a tier 1 creditor that is not correlated to the stock market and is kind of exciting, i want to have my assets in some kind of basketball or football club if i can. if you want to ride the wave of ai and get access to the next generation of companies that are private, going public, you want to look at some of these private ai companies. but the multiples are stable. >> it's such a brave new world when you really think about it.

now private equity has access to the nfl in a way it never did. now we're hearing about, as we were just talking about with one of our guests prior, the opportunity to invest in college teams and programs, which never existed before. and expecting some sort of return from that. is that attractive to you? >> not me specifically, but it is to certain investors. i prefer bond-like risk and private equity-like returns. i consider the college frontier as more emerging growth stage or early stage. i like the sophisticated leagues, the dominant monopolies and not the areas that are on the fringe, right? but if you are a sophisticated investor and you can look at a stream of cash flow and you can look at the risk associated with the creditors of that stream of cash flow, and you can underwrite, i think it's a huge play or a quasi capital structure on the media companies who are paying the media rights. forget about the colleges.

who are the colleges receiving money from? what type of contracts do they have over a ten-year period? what are the credit worthiness? that's what you underwrite. that's why everyone is excited about this asset class. >> you guys find your quarterback of the future in penix? >> i love all of our quarterbacks. i don't have an opinion about who we work with. as long as we win. i think what arthur blank and the team has done has been amazing. i'm telling you, i didn't understand how big of a deal football was, but it is a really big deal. that's why you see these investors flocking, because the viewership. it's just a dominant industry. but it's very exciting and we're so proud of all of our players and everything we did. hopefully we're back at it next year doing even better. >> we'll talk to you son. appreciate it. sticking with sports and football, cnbc sports' alex sherman just caught up with the two-time super bowl mvp, and

hall of fame ballot quarterback, eli manning. what did you talk about? >> you just rashaun talk about how everyone wants to become an investor in the nfl. i asked eli manning, do you want to become a minority investor in the nfl? tom brady already did it. take a listen here what he had to say. >> i think it would be an interesting opportunity to pursue. i think there's probably only one team i would be interested in pursuing, and it's the one i played for for 16 years, and it's local and makes the most sense. but we've got to figure out if they would ever sell a little bit or how that might happen for the giants. >> so the morrow family has owned the giants since 1925, its founding. i did reach out to the giants. they said they declined to comment. so i don't know if the family is seriously thinking about this or not. based on that answer, it certainly sounds like eli manning has thought about it a little bit and has narrowed it

focus down to the team he's most associated with. >> i know what he says, that that would be the only interest that he would have. but if you look at, say, tom brady, for example, the team that he took -- >> the raiders. >> who had no affiliation. and he is only at the beginning of what i think is going to be a long runway where he has more and more say in where the direction of the franchise goes. >> i asked eli about that and he said he's looking for a passion, a post-football passion. of course, he's involved with a private equity firm, brand velocity. the nfl has limited the amount of private equity firms that can take a stake. his private equity firm is not one of the seven they've chosen at this point. so any investment would have to be an individual one. and i think he narrowed it in on the giants because that's where his passion is. >> oh, sure. >> so as he thinks about what he wants to do post football, he's involved in the manning cast, he has a pe play, a minority stake in the giants would probably round out his own sort of passion project, while also

being a good investment. >> good stuff, alex, thanks. up next, star technician jeff degraaf is flagging a big potential risk to stocks, thanks to o k pt neeyarof the market. we'll tell you exactly what it is next. (♪♪) 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

treasury yields putting pressure on the market. the ten-year hitting its highest level since late april. our next guest digging into the charts to see how much more pain the bond market could inflict on

stocks. renaissance macro research chairman jeff degraaf joins us now. that's the main culprit, the backup in yields in the 10, 30, almost all along the curve? >> i do. i think it's important and you're seeing it in those areas that are most sensitive to rates. the two exceptions being banks, but i think that's a deregulation story. and utilities, which i think is a little bit of an ai story. but other than those two one-offs, our sensitivity work that looks at what gets most impacted by rates and one deviation move in rates is pretty consistent. >> it's obvious the kinds of sectors, i suppose, that you would look at, utilities, reads, and things that are proxies for yields. but how deep does this end up going, do you think, if rates remain either this elevated or back up even further? >> that's the billion dollar question right now.

>> why i'm asking you. >> of course. we have to get through 475, that's a pretty important number. we're right there, so that's an important number for nominal yields. i think one of the things to watch right here -- and this is good news, actually, is we're not seeing these higher nominal yields push their way into credit spreads. so if we look at bb versus bbb spreads, they're still very close to the cycle lows. if we look at corporate spreads versus the treasury, those are also very close to the cycle lows. what that says, sooner or later that's going to -- higher nominal yields will start to hit aggregate demand and that then starts to slow things down and you start to see those spreads widen. that's not happening yet, but i do think that the elevated risks of a policy mistakes are certainly in play. probably the highest we've seen, if not for the cycle, at least for the last six or so months since the fed first cut rates back in september. so i think we're right there and

i think the market is telling us that it's teetering on this differential, if you will, in terms of valuation and earnings yield, and what you're able to get from the treasury, with obviously substantially less risk. >> tech is getting destroyed today. nasdaq is down 440, as i asked you that question. 2.25%. many of the biggest names, obviously we led the show with nvidia hitting this record high, crossing apple for the largest market cap company in the world. now down more than 6%. where is this trade going from here, according to the charts? >> well, nvidia is really the standout for semis, right? when we look at semis -- and we've been more cautious on semis for at least a quarter now, nvidia kind of being the exception to that rule. lets still enough trend, there's a ton of support down around $125, so that's good news. when we look at semiconductors, you know, holistically,

everything from qualcomm to intel to nvidia, the group is not that strong. so i think there is a cyclical component to it. they're as overvalued as they were in our work back in 2000, then nvidia barely existed. it was more the qualcomms and intels of the world. just a reminder to viewers that technology is cyclical. there are new winners and new losers in every cycle. i do think what we're seeing in technology, i think semiconductors are one of the more vulnerable spaces. we're focusing our efforts and suggesting to our clients to remain in software and to look at adding to exposure there. they look better. >> do you think the market in any way is onto, if you will, what's about to happen over the next handful of months and the volatility that could happen as a result of the new administration coming in, new policies that he wants to get done quickly, tariffs that could

happen sooner than people may be willing to believe or the size of which, the scope of which, the strength of which could be a little more unsettling, what the talk of tax cuts could mean for rates going up further? do you think the market is on to that? as positive as the outlook still feels like it is, i'm not saying the trend is all of a sudden going to reverse itself, but the market seems to be on to something. >> look, i make my living by believing that, right? i believe that the market is a discounting mechanism that it might not be obvious to us today what the market is pricing in for next month or even next year. but the market is omnipotent in its wisdom. i think there's something there. the good news is, we look at what we call the policy uncertainty index, we use it out of stanford, the baker bloom and uncertainty index. what's refreshing, when you look

at policy and certainty, when this is spiking, so uncertainty is high, when we look at that out three, six months, it's actually very bullish for the markets. in other words, by the time uncertainty hits us today and we can kind of quantitatively analyze it, it's too late to do anything about it and you actually want to be an investor in those high uncertain times, because usually it ends up ameliorating itself. we did start the year off from an oversold condition, so that's good. it's not a deep oversold condition. so i like that. i actually think probably the biggest impediment to equities for 2025 is just this wall of worry that's been extinguished over the last year. we started 2024 with a lot of skeptics, a lot of skepticism in the market. we were bullish for 2024. we're starting 2025 not in that same mental state.

i think that expectation game is probably going to keep us into more of a consolidation slash collection in the first quarter, but i think that ends up resolving itself for the remainder of the year. >> i don't know that last september many people had much, much higher yields on their bingo card at that particular time than what we have in front of us now. jeff, we'll talk to you soon. nvidia ceo jensen huang speaking at ces. we've got the highlights after the break. back on the bell after this.

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we're less than 15 from the closing bell. nvidia ceo jensen huang speaking as we speak at ces. let's send it to kristina partsinevelos now for more of what he is saying today. >> yeah, stacey raskin asked specifically about shipments for blackwell, as well as hopper, the previous iteration of gpus. stacey wanted to know if near-term guidance was going to change. jensen huang said, quote, we're not changing our guidance, i thought we did a pretty good job describing it. the ceo you can see on the left-hand side of the screen, she also said that both blackwell and hopper are shipping this actual quarter,

which ends at the end of january. the total of both categories is growing and she said, quote, they're shipping several billions of dollars, but she wouldn't provide an actual number. and she also said, we'll probably do a little bit more. so that question was in regards to guidance and how much they're going to ship in this current quarter, because they said they were shipping more than they previously anticipated on the last earnings call in november. and then he did get asked a question about why were they using media tech to work with media tech, a taiwanese company. jensen huang said they have no trouble partnering with other companies and other people. and so the conversation has now shifted over to the pc opportunity. but i'm on air, so i can't listen. >> go listen. we'll let you off air. christina, thanks. all right, thank you. still ahead, bitcoin falling. we'll tell you what's behind the big dip and how the rest of the crypto world is faring right after this.

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power e*trade's easy-to-use tools make complex trading less complicated. custom scans can help you find new trading opportunities, while an earnings tool helps you plan your trades and stay on top of the market. e*trade from morgan stanley. ♪♪ the market zone is sponsored by e-trade from morgan stanley. we're in the closing bell market zone. cnbc markets commentator mike santelli to break down the crucial moments. tesla under pressure after a downgrade at b of a. and digging into the big moves in crypto as well. michael, we'll start with you on a pretty ugly day. >> yeah, this market has been unable to settle down, to lock into gear and take advantage of seasonal tailwinds, new january money. the source of the pressure, we're talking about coming from

yields, and also just apprehension as to what the yields are telling us, and whether it's really going to force a test of what the real economy can handle. i think that's the self-reinforcing anxiety here. very weak breadth over the course of the day. started strong and then weakened out. that being said, you still can't get away from the idea that there's this new year churn, buying laggards, selling last year's leaders. the best three stocks in the s&p last year were pallen steer, vista and nvidia. the three worst, walgreens, intel, moderna, all up. energy is up. you have this weird inversion instinct alongside a lack of confidence and conviction that's colliding with everybody being positioned behind the bullish consensus. >> phil lebeau, tell me about tesla that got downgraded at bank of america to neutral.

i misspoke earlier. i said it was sell. it was most decidedly not. it was neutral from buy. >> it's neutral. we'll go over this note in a little bit, scott. it was not like b of a was coming out and saying get rid of this stock. it was hardly that at all. really, three headwinds against tesla. the b of a downgrade, the nhtsa launching a new investigation and then a battery supplier, a supplier for tesla in china that is in focus for potential ties with the chinese military. let's talk about the downgrade by b of a. they cut it to neutral but they're raising the price target from $490 to $500 and they're saying a lot of this is built into the valuation because of the anticipation of the robotaxi. that said, there are a number of things that are uncertain in the future, everything from the development of the robotaxi to autonomous vehicle technology, to what happens with tesla as it

faces more competition. put all that together, and that's what you have in the b of a note. as for the nhtsa probe, it is looking at the smart technology if you can say my car needs to park itself or come back and pick me up. nhtsa says there have been 12 incidents they're looking into. we have seen over the last year, year and a half, if nhtsa launches a probe, it gets attention but it certainly does not have a long-term weight on the stock. >> okay, phil, thank you. now talking about crypto, and crypto stocks. what do you see? >> bitcoin sliding below 97,000 today, so about 10% off of its recent record. investors were sort of anticipating this. it's got such a strong setup for 2025, with the promise and hope for clearer crypto regulation. and history shows bull market pullbacks of 30% are normal for bitcoin. speed bumps will come from the macro, and today, specifically

concerns about stickier inflation. the bitcoin loss today is more mild compared to the broader crypto market that is down about 7%, as measured by the coin desk 20 index. smaller riskier coins leading the market lower. and you can see that reflected in coin-based shares, down 8% now. two stocks that are more closely tied to bitcoin versus the broader market are standouts today. both down double digits all day, scott. >> thank you. we're going to be a prisoner, mike, to yields until we're not. i mean, as you said, you've got to decide where they're going up. and if you can get past this uncertainty now to say, well, they are going up for the right reasons, then maybe the market psychology turns. but who knows. >> and you're at these levels where i keep saying it, it looks like on the charts this should be kind of exhausting itself. it should be attracting buyers with real yields.

we do have fed minutes, more fed speak, jobs numbers. maybe that's going to clarify the situation enough to where you do actually get a little bit of relief on that front. we'll have to wait a day or two to see. >> we'll go across the board. nasdaq leading.across the boardd finish here. nasdaq leading. the bell marks the end of regulation. bond blocks at the new york stock exchange. high flyers, palantir and nvidia, tesla and bitcoin leading the declines today as stocks close early in the red and bond yields move higher. that's the score card on wall street. welcome to "closing bell: overtime." i'm jon fortt with morgan brennan. >> a rare interview with the ceo