morning up to 75.96. tomorrow, andrew, a big line-up of guests and a lot of common themes to kind of run through with some of these interviews. seeing how people are reacting to the incoming trump administration and the changes they're making >> good wednesday morning. >> welcome to squawk. >> on the street. i'm carl quinta good wednesday morning. welcome just walk on the street. push from the white house. goals have their sights set on fresh record highs. s&p less than 1% away. stronger rulings from netflix, united in proctor. r tailwind along with his a.i. infrastructure push from the white house it will go up near 10% premarket. road map begins with stocks looking to build on yesterday's

gains but jamie diamond warns the u.s. stock market is inflated. >> netflix shares surging this morning after the company beat on the top and bottom lines and the subscriber addition since raising its 2025 revenue forecast and now has over 300 million subscribers around the world. and that big tech announcement that was made yesterday by president trump, softbank, oracle, open a.i. they are a joint venture that will eventually invest as many as hundreds of billions in a.i. infrastructure in the u.s. we are going to talk to one of the key technology partners in that. and you think, well, it's for show. we that is ceo rene haas. that's coming up very shortly. >> let's begin with the markets. i know you are looking at some of the follow-through to what the stargate might eventually bring to all kinds of suppliers. >> yeah. initially, excuse me, initially you see these things and you

think, well, it is for show. we all know that oracle said -- remember when they need 1000 data centers? [ inaudible ] were to have rene haas. big position in that and then you step back and you say wait a second, a.i. is the partner here. you know, you see sam waltman up there meme guys coming in and saying, you know what, hey, this could work because we already knew ora second. i thought he was microsoft's guy. then he is not. and then you realize, you know what? there's something big going on here. bigger than you think. what drives oracle of 16 not because of mean guys coming in and saying, you know what? hey, they already knew oracle was going to do this but maybe there is a reshuffling of the alliance and the alliance could be in play, david. >> that is a take away this morning, at least. yesterday as he watched oracle share search on this announcement again, to your point, it's a big number but i can go back and give you big numbers before. in september probably something we barely covered. blackrock, gip, microsoft, and

gx launched a new a.i. partnership. i reference this because i was $100 billion for data centers over time. the numbers here over time, they are enormous but we all know the build needs to continue to take place but to the point you are making, jim, what i'm hearing as well this morning is that it is, kind of, seen as the end of exclusivity in terms of the financing for microsoft for open a.i. now, they put a statement out in which they talk about their partnership continues and they, you know, -- the duration of our contract through 2030. our partnership remains in place with access to open a.i. ip. our access and exclusivity with open a.i.'s, apis all continuing forward but it is oracle now that is clearly also a partner of open a.i. to the future i think that has that stock moving and it has many market participants focused. not on the stargate announcement and the numbers but on that. >> people have to understand

the fluid nature of things. you parse these things, but i think bank of america is the right call. partnership provides potential skill benefits to oracle. is often open a.i. were planning to launch a joint venture involving microsoft. hundred billion dollars in joint funding. oracle might have replaced microsoft in an open a.i. joint venture. this would be extraordinary. you know, i don't know whether allison was doing a dance yesterday because he was so happy about this announcement but because he may have a real clue here an >> he was talking about. one of the greatest fools ames in history.

>> it was interesting to see must reply to open a.i.'s post yesterday saying, quote, they don't actually have the money. there are some fissures in here somewhere. >> he was talking about softbank in particular and when you look at softbank and what they have on hand and everything else, they don't have the money. something we can talk. no. they have a lot of arm. if we want to sell some arms. then you can have the money. >> if you don't ask it that we have not done our jobs. >> i can ask it if you don't want to. >> [ laughter ] we are not a commercial? >> sorry. that does raise the question. >> it's shocking. >> the numbers are going to be extraordinary. we know that. we talk about it every day in terms of what needs to be built to continue to support the infrastructure that needs to be powering all of these a.i. models whether they be the large language models are smaller models or whatever they may be

continues. and you're seeing the numbers which are extraordinary. >> well, had there been a we are all our entering we know the numbers are enormous. you want to be in the data center business right now. at some point you may not want to be because perhaps some of these monies will not go for great return. everyone is running to do figuring out how to finance these things. private equity, everybody. it's a gold rush. it continues and you are seeing the numbers which are extraordinary. >> had there been a doubt in people's minds about nvidia which is at the same price as it was in june that nvidia may not have the orders it needs. that was andy yesterday because obviously this team would want everything it could. i think that the whole sovereign nation kerfuffle that biden put in at the last minute with 18 friends who can get nvidia that's going to be put aside. i don't think that there is any sense that there is any water being held by that. nvidia may be crucial in something that we had not thought of. the president wants a smaller trade deficit with china. one way to do it is to have them have all the nvidia chips they want provided they are not using -- we can argue how could that ever be. i think this president is trying to get everybody's trade

defici went to peter navarro yesterday and haven't had a chance. he's doing a lot of us and nvidia is the crucial way to do it. that has the most -- it ain't soybean. this is real. >> wears the balance between reducing the trade deficit, boosting our exports, and maintaining some semblance of safety around a.i.? >> i went to peter navarro yesterday. he's doing a lot of things but peter would be a leader on what is going to happen with the actual intellectual property because he taught me the idea that intellectual property is something that can't be trusted once you give it to china. i would say that i come back as putting my hat on and say, all right, nvidia has not been able to break out since june. a lot of people feel the stock is over. and then you wake up this morning and you realize that larry [ inaudible ]. >> yeah. i do wonder, deirdre has been doing reporting on this chinese large language model or a.i. chat bot and the like, deep seek which they say they have financed with a fraction of the money that they do not have

access, obviously, to the high- end compute that are a.i. players do, open a.i. and on from there and yet, it's putting out numbers or performance numbers that are very similar. what is going on with that and what does that mean? nobody seems to have the answers. >> when you are as visible with nvidia as i am you are like a magnet. someone came up to me with a very well-capitalized outfit saying, look, we have got -- i think it's scale. i think it's the ability to be able to manufacture with 45 plants going on right now. they go 10 times faster than nvidia. i go that's terrific. i remember when intel had the 386 and there were companies that had something that was 10 times faster and not even know where those companies went to. i think it is scale. i think it's the ability to be able to manufacture with 45 plants going on right now and

the idea of the payback which seems to be left out of the equation all the time. how many times has jensen said the payback is 4-1 the moment you get blackwell versus my friend michael yesterday, he still talking about being a big drag on free cash flow. i'm a believer that you make money when you get an nvidia blackwell. and that means it has got a valuable project. valuable. what you got? >> yeah. >> really? >> again, back to, sort of, the leaderboard here and what is moving at oracle. i'm going to reference a note here from ubs. it goes back to what we were saying at the start but i think it's important for people to understand. they think that microsoft is exclusively a financing open a.i. and it no longer makes sense from a risk and capital allocation standpoint. put another way, open a.i.'s massive scale ambitions in terms of retired gpu compute namely buying nvidia chips may have been running up against microsoft's desire to exclusively serve them. at some point, we will have some sound from sonia and a

della who was with andrew this morning answering that question but i will leave it there for now. >> let's get some people who are in the room. rene haas has been by virtue of the fact that -- is a crucial partner. stargate is one of the first technology partners. we rene haas was very informed about the situation. worked, by the way, at nvidia and a large shareholder . so, great to see you. please explain to us how important this really is because i initially thought that some of these things are just political but stargate seems to be suddenly jumping ahead of everybody in terms of its importance here. >> good morning, chairman and david and team. it's a pretty big deal when you just think about the scale of investment that we are talking about. you know, $500 billion. i think it is probably the largest infrastructure of any investment of any kind in history and a.i., and we've

talked about this a lot of times, requires it. you need a tremendous amount of energy. you need a lot of land. you need a lot of compute and you need a little power and that's where arm fits in but it's a big, big deal. >> okay, so, compute, when i hear it, says to me that your friend jensen is going to be the major player when it comes to that. can you shed a little light? i know that jensen wasn't available or talking about yesterday but it's kind of the elephant to the room, isn't it? >> technology partners right now microsoft, nvidia, arm, open a.i., and oracle and nvidia's grace blackwell which we talked about many times, the cpu there is arm, the gp is blackwell. they're going to be the primary technology partner off the bat. with $500 billion of investment in just the amount of problems that need to be solved over time i think there is opportunity for more players right now it is a great day for

grace blackwell and it's a great day for arm. >> i'm sorry. i hate to get too granular on this thing. i know it is not really her world and i'm putting you on the spot here but we are trying to figure out open a.i.'s relationship with microsoft and open a.i.'s relationship with oracle after yesterday because i had always thought that it would not be -- dave and i talk about this, that open a.i. was microsoft and now it looks like open a.i.'s partnering with oracle and that would not be something that i would've thought was going to occur 48 hours ago. >> yeah, you know, it's probably an area that sam and sasha should comment on rather than myself but one of the things when you look at stargate has been the vision and the vision of softbank to be very instrumental in making this happen. -- is the chairman and as a result i think he has been very integral in making this happen and this obviously also not of happened with fantastic support.

that was fantastic support of the incoming administration. there is a lot of work required to get all these permits done, expedited, regulations put in place that can be fast-track to make all this happen. that is why it was such a big day yesterday and why the venue that was chosen was at the white house. >> renee, you know, i obviously never question the ambitions of mosso but those are questioning the ability to actually finances including elon musk who said simply in a tweet something doesn't have the money. now what they do have is an awful lot of arm. do you have an understanding at all? i know how often you do speak to mosso of how this is going to be financed and whether this would include perhaps selling some of the ownership stake in arm? >> one of the things that was mentioned yesterday was mg x involvement as a financing partner and more details are going to come out relative to all of that.

i won't try to take on elon street. i heard about it this morning but i did not see it. i would say rest assured that you would not have the individuals you saw yesterday and the president altogether with such an announcement if there wasn't a lot of backing it from a financial standpoint. >> is it your understanding or expectation that softbank will retain its current enormous stake in arm? >> i can't really comment on that, david. as he was nigh chat about many times, mosso loves arm. they love the long-term potential of the company. can't comment any further. >> the numbers are staggering. we talk about them all the time. half $1 trillion here, another hundred billion there. i mean, my god. do you believe that the return will be justified in the

enormous expense that is taking place right now when it comes to the applications from a.i. that we are all anticipating? >> you know, david, you and i chatted about this many times. i'm very much an a.i. bowl. when you look at some of the things that a.i. will be able to enable let's just look at drug investment and drug research. drugs can take 10 to 20 years to develop. when you started the baselevel, 95% of those efforts fail. we still do lab testing on animals. approvals take a long time. a.i. can shrink all of those development times. not only in terms of developing great drugs faster and sooner but developing drugs that we can even do today i.e. cancer drugs that carry your genome sequence. i think there will be huge, huge returns in many disruptive areas. menace it is one of the areas i am personally most excited about. >> there was his, kind of, for lack of a better term, kooky thing that came out the previous administration is a midnight thing over the weekend about how we have 18 friends in

the world. 18 friends who would be able to get nvidia sales. the country say you can't just catch. that was something that seemed like an aggressive taking of everything we have ever done in this country and turned it upside down. do think that thing is just going to go away just because of the patent absurdity of the biden administration singh who are friends are and who can get nvidia blackwell? >> i was in washington the last two, three days. i was very fortunate to be a part of the inauguration and all the events around it. i had a chance to talk to a lot of people including many new people who are part of the incoming administration. the one thing i was struck by was just the sheer intent of velocity of change. could be that the current administration realizes that this term is only four years. it just could be they've been thinking about this for quite some time but i was really struck by the fact that there

is been a lot of thinking already about all of these areas. it is a very action oriented agenda. i think you see that by the fact that 28 hours after president trump took office he is in the white house with the larry talking about an advance -- events in the u.s. we will thinks happen more quickly than the previous administration. >> what about the possibility of picking companies that the united states should back and spending more money? is a president concerned about where the money went and whether the program was a good one? >> what they're looking at is there is a realization that semiconductors are critical obviously to everything we do. stargate. we will need them. it's a very complex ecosystem. a lot of the materials and equipment comes from other parts of the world. it's not as simple as going into u.s. company and injecting

capital. there's a lot of things to think about the ecosystem. i will say in conversations that i had with folks over the last two, three days there is been a lot of thinking about it already. >> we were talking earlier about china and this deep seek that my colleague has been reporting on which seems to be having results that approximate those of anthropic or open a.i. or any of our biggest names using a lot less compute power. i know you still do a decent amount of business in china but i'm curious if you have any reflections at all on that or whether it is a sign, perhaps, that all this compute power is not necessarily something that is needed. i know it relies, my understanding is deep seek is being trained on open a.i. at i would love to get some insights from you if you have any. >> you know, i think when you look at just the pace of innovation that's taking place with open a.i., for example,

there's chatgpt which we all know about and is an amazing project. the reasoning tools, their proprietary open a.i. have amazing capabilities and these new tracks of reasoning tools are innovating so fast that from my vantage point i think open a.i. has a fantastic position. i can't comment too much on the deep seek. i haven't seen much of its output but i will say that some of the advantages that open a.i. has seen with the reasoning tools has been amazing and i do expect them to continue at a later year. >> had to go back to something so pedestrian but every day we hear about how the cell phone market has ceased to be a growth industry. particularly apple which i know you're not reluctant to talk about because you are friends with them but it seems that the world has decided that the cell phone business over. what the is that about? >> i think that is a bit premature. as we talked about, you know, last week, jim, the high-end phones, the phone segments

which don't necessarily upgrade is often are pretty strong and i think there will be a tipping point where some of these a.i. applications that need to run locally and they need to run locally because of security, because of power and other reasons, will continue to drive growth for them. i think it's demise is greatly exaggerated in my opinion. >> i always appreciate your rational approach. it differs from wall street so i find it refreshing. rene haas. thanks much for coming to the show. >> thank you. >> we come back this morning, ow alix surging on record sub grthnd a new round of price hikes. we take a look at the premarket. we get to proctor, united, j&j, capital one and others when we return. [ employees snoring ] anything can change the world of work. from hr to payroll, adp designs for the next anything. as your host, i have some rules.

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income alternatives and responsible investing. >> all right. all right. let's get to our mad dash. they've already started the cheering here at new york stock exchange. where we going? would you want to do? >> i want to talk about ford. looks like there is inventory issues. david, there's two markets right now. there's two economies per the housing market which we are not getting that great numbers from and then there's autos which the numbers are terrible. including by the way on semi and an xp. and then there is this ford which is emblematic to me of the fact that there are still partial economies that the fed can help. and we are not focused on that right now. we are focused on all the exciting things going on in washington. these companies, i know the president wants to make it so that mexico loses capacity and

it goes to america but that would be there for high cost. >> in a race cost without a doubt for the american consumer. in the crosshairs is this value trap. >> value trap. >> yes. because it sells it and it's mobile. now, i mean, you know, you could say wait a second the vic -- banks are of value trap. i'm not talking about that. i'm talking about a situation where you would think this is what you want to buy. you have a president that has come in and the economy is getting exciting again. this is the kind of thing that could really do well and the answer is no. warranty problems. jim was up yesterday. that it was about as far as you are going to get. steel companies are going up. housing companies are going up. that's a big part of the economy. >> they manufacture and must appeared do know offhand? >> they do. i mean, philip knows the

numbers offhand. i don't know them. >> they do. i'm just saying, be careful. not everything is being lifted here. and a lot of it is the reason why they are not doing well. i think some of it is because when the fed cut rates more rates went up. that was the dial until this administration and you're never going to hear from them again. these peaceful our regional fed people. we have a washington that is controlling the debate. before we had various fed heads were important. i think they're going to vie for importance in terms of what happens in terms of a vibrant white house whether you like it or not. >> interesting. the desk says the most interesting thing about stargate isn't the money or the principles but if you think back to two 2017 it was old- line companies that trumps was up writing himself with. they're pretty absent. there morning his victory. it's different this time. >> if you go back over the

councils that were disbanded, what he would see are a lot of traditional industrialists and drug companies. these were the people that were not drawn by elon musk. elon musk is change the equation. by the way, there's a lot of talk now about where is elon in terms of having people [ inaudible ]. seem to have them. it's almost like it's being marginalized from day one by being like a lawyer or an eccentric when it comes to the department of defense. that is got to change. if musk wants to be meaningful he has to say listen, i don't want to sit at the table i want the table. >> there are reports that he is a white house email now. we'll talk more about musk's influence. advertising and analytics platform, focus on oncology and rare disease.

>> that's and nvidia play. i don't want to emphasize nvidia too much. there's so many exciting things happening. like rene haas said, don't forget healthcare. healthcare is a very big part of a.i. >> right. >> it's not yet and we need that meeting people who leave the industry. people are trying to figure out if there's a center that is better. matthew mcconaughey gets a better tip. >> no. it's not good. it's not good. he deserves a better table. no doubt. >> 20 points shy of the high. yesterday six straight days of two-thirds positive breaks a record that goes back almost a century. >> and yet the s&p oscillator i follow, it slightly over blood. there is a lot more room. i think that i do keep hearing a lot of the graybeard say, well, you know, it's a little too much too soon and i come

back and say there is a considerable part of the market that has done nothing. nothing for years and that is coming on and i am not a small- cap aficionado. that stuff doesn't work. people always try to gin that up and then someone sells a big small-cap derivative at bank of america. they have a good day at the desk. i'm talking about companies that frankly, no, we didn't think all that much of the second-tier tech companies really taking off, semis and haven't done anything lately and you take a look at dell for instance, dell has been a horrible stock. not that dell has been a great stock. oh, yeah. yeah. i think that, while. stocks are having remarkable moves. i'll take that any day the week. the one that has been my go to that i think does really well in this market is broad, up again another four. look at broad calm. it's a $1.1 trillion company that no one has ever heard of. >> i want to say that no one has ever heard of it.

>> it's hyperbole. >> it's an enormous company. had a great year last year which took it into the trillion dollar ranks as one of the largest market cap companies in the world. strength again and all the things they provide into the data center. >> these are making -- when you go to marvel, here's a great example of what you're talking about. take marvel technology, and a billion-dollar company. bought $1 billion worth -- the stock was in the 70s. 125. you could say these are fellow travelers, you could say these are in the data room, evens in the data room. unbelievable. these are stocks that had been paused. it was on pause. what you got? >> i was figuring out larry ellison's latest network numbers.

>> is trying to figure out to buy the stock. >> if we are not paying attention to billionaires, what are we doing? >> the oracle steak alone which is one .145 billion shares is worth about $213 billion today. >> tell me he didn't go 50 yesterday. >> you can reverse time apparently. >> he so rich. >> oracle shares, they are up. >> and athena gave wrote him off. they're not laughing now about larry ellison. s&p gainers. >> well we were. >> talking a l >> we are showing you the whole group here. we haven't talked to netflix at all. >> what is that about? >> we'll get to that in a moment. to finish of this conversation,

talking dell, there's oracle shares. number two in the s&p gainers. we talked a lot this morning about is their new relationship between oracle and open a.i.? what is the real state of the exclusivity in terms of the financing. -- was a guest on squawk box earlier with andrew and dabo swinney was asked about the nature of the relationship. take a listen to what he had to say. >> any time a company that you have sponsored and are essentially an investor and raises money from others it is a good day. a good day for open a.i. and a good day for microsoft and our investors. look, are pictured -- partnership continues. our partnership with open a.i., you talked about exclusivity, open a.i. apis are exclusive. so, nothing changes there. ip access to microsoft continues and, in fact, because of this there will be more ip. therefore we will benefit. open

a.i. committed to a significant -- as her consumption. we are thrilled about that as well. >> there you heard it. by the way, microsoft not suffering. stock is p but oracle is the biggest beneficiary, as we have discussed throughout the morning thus far. guys, let's get to netflix. >> microsoft there was a key no. they're still saying it's good. i don't know. >> who is saying what's good? >> i'm questioning how good microsoft is ever since benioff did this. he is out there slacking. >> he has been questioning the effectiveness of copilot in terms of alienating people in the workplace for some time. you want to talk a little netflix stocks up 13%. now $420 billion market value. why do i mention that?

because netflix market value is equal to that of disney and paramount and warner bros. discovery and comcast. you want to roll them all up, all the streamers, they don't equal or netflix's. they added over 18 million subscribers. they are raising prices again and they say, listen, you know what? it wasn't any one thing that we aired during the quarter whether it was jake paul and mike tyson fight or the nfl games, it wasn't any one thing. it was the totality the sum of all of our programming. >> the engagement once i got in and opposed to other companies that bought individual games and it amounted to nothing. we have to go back to this because we know linear was taking the shots. the shots they took it linear were brutal. being linear. i wonder how you felt about it. >> well, you have to get more specific than that.

>> he said at least we don't have the distraction and managing the decline of linear networks. >> right in front of me too. we have a good improving product. it was devastating to me. i thought you could walk and chew gum. they are saying if you spend a fortune on programming and sports which isn't going to generate a great return and you don't really know how to do it and you don't know how to do programming then you know what? your ford. you are gm. we are tesla. see you later. >> was it a surprise to you that managing the decline of linear cable networks is something that needs to be a focus? >> i wake up every morning and worry about it. how about that? >> you do? i don't. >> it's my business. it's what i did. i worked for newspaper. i'd 52 newspapers and 40 are out of business. >> were going to be executing at a high level where we can create growth opportunities that were not available to us as a company that is part of a larger company. >> you going somewhere?

>> you got to get on board, man. and you've got to stop the negativity, all right? i'm telling you right now i expect you to lead this charge not sitting there pulling us back. we are the company with no name! but we are going forward. >> you are insane. >> maybe the more important thing was doubling ad revenue year on year and then arguing that they're going to double it again. take a listen to what they said last night. >> it's great that all these big swings worked very well in the quarter. to be able to have that translate into revenue growth meaningfully is everything has to be working. the product, the pricing teams, the marketing, the advertising, all of those things have got to be working well and we saw a really strong execution across the board throughout the quarter and throughout the year. >> adding almost 19 million subs. >> you didn't think it's possible and they are still they've captured only 6% of the world. 750 million broadband households. they have so much runway.

more number one shows than all the other streamers combined. they had more than peacock and paramount plus. and she was like i'm trying to make a chicken here, get out of my face. >> we can see whether we see the major consolidation that we talked about. the other players. >> they'll have to merge. that's what you would expect. i'm worried about the disney numbers. >> city resumes and that was the point of moffitt's upgrade to yesterday. >> yes it was. >> along with the d levering efforts. >> listen, that setting themselves up for something at some point in the future in terms of splitting that company into linear cable networks and hbo and or i should say max in

the studio. >> how about the saying that when you buy these big sports contracts versus just cherry picking a couple of good games. >> maybe people want to look back and say you know what he did the right thing. the ratings have not been so great. guys, we've got to get to philip but really quick on ge or nova. >> thank god. this is so big. take a look at ge for nova. we talked about natural gas, how it's going to be used to help our these very data centers that we keep talking about. all the money that's being put into them in memphis. what is elon musk doing? when he built that was 200,000 potential chips there for the largest supercomputer. it's all natural gas and this is the ceo on the call. we've had him on the call.

gas orders, double last year and secured night gigawatts. look what they expect this year. double last year's level and why these agreements are tied to low growth in the u.s. partially driven by data center hyper scale of demand associated with a.i. it's a new world for this company. >> they're trying to hire a big jobs program paid one of most important things that came out of it has not been talked about. scott basically said he did not take back his nuclear stuff being that it is 2023 or 2032. he did say that the orders they are getting now to reboot these key commission are extraordinary. there is going to be a renaissance and it's existing fle of schedule. i asked him, listen, don't do this to me. i'm going to go heavy on this. don't hold me back.

hold me back. he goes, okay, you see an opportunity to had five gigawatts of nuclear power between existing facilities and approximately 65 plans. five gigawatts would power approximately 4 million u.s. homes. their time in south carolina. they're talking about doing diablo. they're going to japan where japan is recommissioning after fukushima to london. it is a nuclear renaissance and it is now. >> in the journal today about the south carolina effort. >> big. and that's going to be them. they have the capability of bringing these back online and it is because of the data centers. this is a real good move. offshore wind. bye-bye. >> meantime united shares are up after that q4 beef. airline says they see robust demand trends in the current corridor. morning, phil. >> good morning. that everyone recognized the plan coming together. and that strength is continuing to expect

more growth here in 2025. it's really across the board, and that's one of the great things we've done at united. the team has very robust demand. scott, ceo of united. let's talk about your guidance here after beating the street in the fourth quarter. where's the demand? where is it coming from right now? >> you know, 2023 was really for us the year the plan came together. 2024 was the that everyone recognize a plane coming together and that strength is continuing. expect more growth in 2025. it's across the board and that's one of the great things we have done it united. the team has executed well but we built a diverse stream. all those places are performing well. strength across the board. we will talk more about the outlook and just a bit. >> i have to ask you, we've a new president and we all have a new president. president trump in office. two questions. one, have you talked with him since the election? into, do you think that his transportation department will be less confrontational to the airline industry? >> i have talked to the president. made a great call. he knows a lot about airplanes in the airspace which is wonderful for us because you can talk in detail about it. looking forward i also talk to the nominee, secretary duffy secretary nominated duffy. i think there's a lot of upside for us there. last year even on blue sky

days, 68% of the delays that we had it united were because of air traffic control restrictions and that impacted millions of customers and that is the lowest hanging fruit that we have to really approve things for customers. the bigger point on that is i think it is also why you see so much optimism in the market and around ceos about the new administration because getting the government to run effectively, reducing regulatory burdens can unlock the american innovation and entrepreneurialism that make this country great. >> we talked about unlocking potential. there's more the people that said is now the time with the trump administration that we -- more consolidation in the airline industry? do you think that's a possibility? >> i really don't know if that is possible or not but what i know is at united our standalone plan we had a great strategy going all the way back to covid and we are growing faster than any airline his

ever done. we are winning customers. we are winning customers by choice. they're flying us more and more. we got a really good standalone organic plan. we are focused on executing that. >> i know you have a question for scott. >> scott, congratulations. i never thought i would see the day when an airline is a secular grower not cyclical and that's on you and it's a big deal. i wanted to know whether philosophically you are concerned. you look at the cpi, you know that the federal reserve wants to try to take rates down. the big outliers in cpi are airline tickets, entertainment and insurance. you can charge more for your seats. i'm quite confident of that. are there people in your board who just say we must be responsible and not be a reason why inflation in this country is going much higher because you are that important to the u.s. economy. >> well, we are important to

the u.s. economy. we are huge enabler for the economy. most of the increases in costs, our ticket prices are being driven by cost and my favorite example now is airport cost. in the last five years, the major airports and the three largest metro areas of the country have had a kegger of 9% growth of cost. it now costs $48 on average per customer just for airport fees at the three major new york airports and we have that kind of escalation and cost. we had a couple billion dollars we estimate in costs last year from air traffic control delays. those are costs that wind up as pass-throughs. so, we feel really good about where we are, what we are doing, how much of this is because. >> you're dialing. fares are still cheap in historical terms. great value for travel and we like the path that we are on. >> i have to ask you about your capex guidance for this year. it will be under $7 billion.

previously you said we expect to spend seven to 9 billion. how much of this is because you are dialing back her expectations in terms of the number of new aircraft you expect to see delivered from boeing this year. >> well, it's 100% because of the expectations that boeing will deliver fewer aircraft but what i would say is we will still take more aircraft than anyone in the world has ever done in history. also, recently boeing seems to be back ahead of the curve. boeing is accelerating deliveries. the first time this is happening in years. i think boeing has turned the corner. i feel good about kelly is the ceo and the pat there on. it's not going to happen overnight. it does feel to me that they turn the corner and they are on the way back. >> you been around long enough have you seen it. >> you talk to the people of boeing, you can feel more energy. i think there's plenty of other challenges in the supply chain. they get the most publicity. engines are the biggest challenges. it's not boeing. the engine manufacturers are well behind. for united we are far enough ahead of the curve that it's

not a huge impact on our business. we bought 30 engines from the used aircraft market last year just to get ahead of the curve. with where everyone else's. trying to stay ahead of the curve and anticipate those problems. >> will talk with larry later this week. >> thanks. >> scott kirby, ceo of united airlines on a day when their stock is on an all-time high after beating the street yesterday. >> thanks very much. speaking every acceleration, we didn't get the proctor where organic made a bit of a push. >> i said china was there. china heard them the last couple of times. i think this is by comparison. the numbers are not gigantic but they are better than we thought. versus saint j&j which is still having a problem with china. ge healthcare still having a problem with china. lots of the companies need stimulus from china and i thought it was encouraging that proctor is seeing a turn there. they need to be less of our

energy. >> 20 from coke and devils this morning says the growth is there it's also a function of the percentage of the population moving into the middle class which they think is the reason to keep investing. >> that would return to the days that they go on china. if you've done a lot of business in china year-over- year, i think j&j is being hurt by that. i don't think j&j is being hurt. i think it is a little unfair. the stock is down too much. proctor had a good quarter. not a great quarter. >> speaking of business in china. apple shares are flat on the morning. you just dismiss it. >> i said last night it's going to miss. i saw multiple. >> i did not like that. i did not like that. we sold some stock because it became too big a part of our

portfolio. right. i think it's going lower. they miss the quarter. they're trying to downgrade it. i do think it is a longer-term -- the stock is up thousands of percent since every single time he gets downgraded. that's all i'm saying. that's i'm saying. >> you've made that point and it's a salient point. >> salient. yes. sailing. yes. >> travelers in the meantime, they're saying it's too early to put a number on the catastrophic losses. >> you guys it was a 25% increase. >> second year in a row. >> the president has to take a look at these issues. this is where -- the co-pay. property insurance, that's where they are going to put it. if you want to put a stake in inflation he goes after the

pharmacy benefit. >> why can't everyone sing the same ones? >> i know. why? they're trying to cut price a little bit. >> not this time. >> one man's margin is another opportunity. >> there like there's nobody to go to. there's no alternative. >> try to put together healthcare what's mine? >> i want medicare. thanks for nothing. >> wow. man. you've got some high cost. of. >> companies that have. >> outperformed their industries. >> and the. >> s&p in. >> the last year. >> the ceo of bank of new york mellon, the best performing bank stock over the. last year. about the quarter he just had what

they what they see for the >> next time i speak to the president, i'm going to be over that. spent meantime, sears at the world economic forum. good morning, sarah. >> in morning. it's good to see you guys. we have two great ceos coming up of companies that have outperformed their industries in the s&p in the last year. the ceo bank of new york best- performing bank stock over the last year about the quarter you just had what they see for the trump economy, the fed and much more plus the ceo of williams- sonoma, one of the outperforming retailers about tariffs, consumer housing and much more. that's all coming up n the next hour of squawk on the street. we will be right back. >> the bond report is brought to >> the bond report is brought to you by pimco, a when the temperature drops... you've got two choices. close your eyes and think warm thoughts. or open your eyes and get out here.

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when you make hese comments does it translate anything? is there an infrastructure issue? do we really have the demand? what is the story of lng? did the previous president destroy the injury by putting it all on hold and i want to know about russia and whether if you lower the price of oil to where navarro said how does russia finance its war? i think there is a lot of things in play and i really want to get down to the basics of how much the president of the united states can really do when it comes to oil. >> it's a key issue for the whole global economy. we'll see you tonight at 6:00 p.m. eastern time as we are just about 13 points shy of all time major day high. still don't go anywhere. cutting costs. >> but getting. rid of all. >> the regulations. >> i will, very simply put america first. >> the trump impact on business and the economy for the first

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davos, switzerland. she'll bring us the latest from there in a moment. all-time highs. tech taking the lead in yields. three movers we're watching. netflix sales are soaring after reporting record sale numbers plus a plan to raise prices. we're going to get the street's take in a minute. proctters in the green thanks to strength in the baby and beauty segments. can watching tech shares like softbank and oracle. the president announcing a massive a.i. infrastructure investment backed by oracle, open a.i., and softbank, a lot more ahead on that later this hour. >> all right, we're getting some economic data on the tape across right now. for that we'll go over to rick santelli. >> this is the summer leading economic indicators, and boy, they've been running negative for years. and once again minus 0.10% as expected. in the rearview mirror the only

positive of the year up 0.3 is positive up 0.4. just to put a face on it these 12 months we had one zero month unchanged, that was in february. and like i said up 0.4 up best '21. and if we look at what's going on really this week the inauguration and the equity markets are quite green, interest trades nearly well-behaved as you pointed out, nearly unchanged. 457 and a ten and remember we did briefly last week touch back intraday, touched 5% on the bond. we do seem to be consolidating. spent no time under 4.5%. many traders consider that the best yield support. david, back to you.

>> we're going to get to netflix now. the company did beat across the board at reported record subscriber submissions. joining us now is michael morris. he raise his price target to $1,100 and maintains a buy. why more runway ahead in. >> well, there's a couple of things here. the first is that the penetration for the business on a global basis is still fairly low based on the information that we have about how many broadband households there are globally. so to put that in some perspective right now there are about 750 million broadband households worldwide excluding the markets of china and russia, and the company has 300 million subscribers at the moment, right? so in the u.s. the first market, the most successful market about two-thirds of households have the netflix service whereas outside the u.s. only about one-third have the service. so we still see a lot of runway

for member growth. and keep in mind this company just grew their u.s. households by another 4 to 5 million, a market many people thought was already saturated. >> that was something we had to spend on some quarters ago. you know, is the pricing power there for the rest of the world? we know what we may be paying here in the u.s. what are we seeing in terms of average price around the rest of the world and how profitable those subs are? >> well, in aggregate including the u.s. and worldwide subscribers you're seeing both pricing power and profit expansion. so when you look at the average revenue per user, it's going up across the board, and you see the company able to take price increases in a number of markets. last night they announced that they were taking price increases in several markets including the u.s. so you're seeing that come up on average across the board. and of course, the profit margins continue to expand. they're going to approach 30% operating profit margin. the guidance is 29% for the year. that's an upward revision as

well. so you're seeing both of those things. now, to get a little more to the point, as you expand your subscriber base in lower price markets, your average revenue per user across the entire base does take some pressure, but that's a really good problem to have when you think about both the pricing power in those markets and the number of subscribers you're adding. and of course we haven't talked about it yet but the fact they've added advertising a significant part of their growth paradigm is just a great part of the story. >> yeah, we talked a bit about the doubling and the doubling that's going to happen again on that front, michael. i wonder where you think pricing hits a ceiling in that it might stimulate some term, are we anywhere near that? >> i don't think so, frankly. when you look at how much engagement the platform has which is 2 hours a day per household and a number that continues to grow, the company right now is about 8.5% of tv time share and growing, right? so less than 10% of tv time

share hit a new record in december as that grows, and a price point that is still well below that benchmark that is the bundle. we think they still have pricing power. the introduction of advertising as a way for consumers to compensate the company just gives more choice to the consumer as a way they want to engage with the platform. really you've given the consumer different options how to spend time and how to compensate the platform, and we think they'll continue to have pricing power. right now it's going to be about digesting these price increases they've just announced. >> it may have the effect of pushing people to the ad tier. they continue to talk about it as modest now but with grand ambitions. >> we have really big expectations for the advertising tier to be honest with you. so to put that in perspective we estimate advertising a midsingle digit revenue for the company, about 5 or 6% in the coming

year, but it's a very large part of the growth. we think it's as much as a third of the revenue growth for the business in the coming year. that comes from both consumers who have taken the advertising supported tier and who engage with the service at very similar levels to those who take the ad-free tier. but it's also these live programs that go across the entire subscriber base, even those that are premium and ad-free subscriber on most programming, they do see advertisements on live programming like the nfl, like wee, and these are all expanding that revenue source for the business. and right now the high-water mark for the industry is hulu, with respect to how much revenue they generate is 3 billion annually. i think netflix is exceeding 1 billion, and i think they'll be able to grow through that number over time. >> the best parlor game over the years, michael, has been watching the things the company said they'd never do and eventually did and had huge

success doing -- original programming, live sports, password management. is there something left, you think, they could do a 180 on and again win? >> well, i don't know it's a full 180 at this point, but the biggest thing to me would be full investment into the sports area. i think that the company doesn't want to buy full seasons of sports rights in most cases because that revenue is really being generated by the bundle. the economics don't make sense for netflix at this point. but i think event programming, individual things like the nfl games they did as opposed to a full season, and content that has global appeal. they did a deal for the upcoming women's world cup. these are content and sports investments that really leverage what netflix does best, which is reach a lot of people all the time on a global basis. and i do think that you will see the company get that netflix effect in some of their deals going forward, and they will expand their live and sports

programming offering. >> real quick, michael. you've been so positive. is there anything that gives you pause either for the company's execution or simply for the stock price itself in. >> we always try to look at the full picture and not have high highs or low lows, as we like to say. and after a quarter like this, you always have the risk where do we go from here? how does it get much better the i actually think some of the best stock ideas right now are some of the follow ones, other streamers that should benefit from the strength that netflix has. but when i look at a full year basis, i still think there's a lot of runway. a lot of runway for subscriptions, a lot of runway for engagement, and a lot of runway for the new products like we said whether it's advertising, new investments for video games, new content genres. frankly we stay very long the stock and we encourage people to hold it. >> thank you. >> let's get back to sarah in davos talking to some of the

world's top business leaders. >> good morning to you, carl and david. we've got a lot of interviews coming to you this hour from davos capturing the sentiment and buzz around here, and it's most related to president donald trump who is set to address the davos crowd tomorrow morning at 11:00 a.m. eastern virtually followed by a round table discussion. everyone's trying to adapt to a new business environment both global companies and u.s. domestic companies. andrew earlier talked to jeremy dimon long time ceo about some of these issues, and listen to what he said about the market, which i think is interesting. always pay attention to dimon when it comes to asset values, and he has a strong opinion. >> i think asset prices are kind of inflated. by any measure the top 10 or 15% of the u.s. stock market, but it's not true of stock markets around the world.

credit spreads are at all-time highs. so they're elevated, and you need fairly good outcomes to justify those prices. and we're all hoping for that, and i think having strategies helps make that happen, but there are negatives out there and they can tend to surprise you. >> not totally inconsistent with what dimon himself, guys, has been saying for a while. you'll remember back in 2022 when he warned of a hurricane coming. the hurricane never materialized. he's still focused on the same risks he's always been. geopolitical risks, high global deficit spending, risk of higher inflation rates. but it was notable because he talked about the market, which now as we're watching is near an all-time high and has this further trump boost, still sees it sounds like as pretty expensive. >> yeah, my favorite moment i think when andrew tried to get him to talk about bitcoin, and he said i'm not talking about bitcoin. you guys talk about it plenty

just like you used to talk about aol all the time. >> yeah, consistent i guess with his view there, not changing. we are going to talk on "money movers" with jim breyer, carl, who he's been invested in bitcoin since back in 2013. bitcoin was under $100, and he has a lot of conviction and has been one of his best investments and now solana as well. now the talk is does the trump meme continue hurt legitimacy, the fact it's attracted so much money on pure speculation, does that say something about bitcoin overall? i think that's where the conversation has moved around bitcoin. as far as everything else, a lot of it is reacting to some of these executive words that trump has signed. he's moved very quickly, and it's affected a lot of businesses. one of the executive orders is on evs, getting rid of the so-called ev mandate that president biden put in place where the target is to have half of u.s. cars as evs by 2030.

so andrew got a chance to talk to uber's ceo and asked him if that would have an impact on their decision because they've been very focused in prioritizing evs as the future. listen to what he said. >> we're going to keep doing what we're doing, and i think anyone who bases their business plan based on government subsidies is not doing the right thing. sure they help, but the fundamentals for us continue to be there, and we'll keep on in our business as we have pbefore. we don't need subsidies for evs to succeed at uber, and we continue to increase them because they're actually a really good product and of course they're good for the environment. >> so staying the course on evs, which another big theme here at davos, guys, esg being politicized, companies are rolling back publicly at least some of these policies, but privately what they're talking about is they're keeping their values, and they're still focused on it even though it's not sort of the same vibe under a trump presidency. we're going to talk more about

all of these issues. this hour the ceo of bank of new york live with me here in davos. stock has been a big outperformer over the last year, better than nearly every other bank. and later laura alber, ceo of williams sonoma. we're back in two. totals fund management platform. so we're finding new efficiencies and multiplying margins. >> so. >> you can mind your. >> business so you can mind your business. >> no, that's not what. >> i meant. you all. >> should. >> be laughing harder. >> your cardiovascular health impacts everything. >> and we. >> mean everything. blood pressure. circulation and energy production for starters. so here's a radical new approach to cardiovascular health support from the brand, with more five

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outperforming the s&p 500 and big banks. joining us now is bank of new york ceo robin vince to discuss the business, the outlook under a new administration, which has been a hot topic here at davos. i thought on your earnings call you sounded even more bullish than other bank ceos in terms of how you view the economy right now. >> look, it's good to be with you from davos. you have people from all over the world, clients, policy makers all coming together so you get a sense what's going on. the reason we were opt myic in our outlook overall is capital markets are critical in enabling growth. and growth is kind of the word in davos right now, which is every country in the world needs it. i was in japan a couple of months ago. here in europe they obviously have some growth challenges. president trump said that it's a top priority for the u.s., and so with growth the word of the day capital markets -- we're in the capital markets platforms business, so what's good for the world is good for capital markets, and we want to help our

clients navigate through all of that. >> did the u.s. drawing global capital, that's been the theme, right, the u.s. exceptionalism. you oversee over $2 trillion in assets. do you expect that to continue? >> $2 trillion in assets we actually manage, $52 trillion in assets we actually custody as well. we have all these different platforms, but it's those platforms that give us the touch points to see what's going on. so what's happening? president trump is clearly trying to attract investment into the u.s. he wants to drive the u.s. economy forward, but now we've got a competition for growth around the world because europe needs growth, japan needs growth, the middle east is fueling growth. and so we've got this big need for financing, for investment that's really ultimately -- >> does that matter at this point? >> well, you know, the u.s. has a great set of opportunities. it's got a good hand. it's got to play the hand well. we've worked with a lot of different incoming administrations. our first as a company was george washington's administration. we're actually older than the

nation, but there is this competition right now for this opportunity. and so davos represents a place where people come together and they're competing for that scarce capital and the opportunity to deploy it. >> what about bank regulation or deregulation under president trump? there has been a lot of optimism about it. do you think too much compared to actually what could materialize? >> well, i'm optimistic most of all about if we can just have -- if we can declare victory on all the great work that's being done, raise capital levels, raising liquidity. now we need stability. we need a level playing field, and we need some predictability. that i think is what bank ceos are most excited about. we're not on a big deregulatory tirade. we just want to make sure we understand the rules of the road and we can help clients really navigate all of that and be in this sort of pro-breath unlocking mode as opposed to rule on top of rule on top of rule, or maybe if you're in the eu maybe bureaucracy and red

tape piled on sort of difficult to do business. i think that's what european policy makers are focused on here and in the u.s. the same thing. how do we unlock in a sensible way? no one wants to be on a boom and bust cycle. we just want to be on the next leg of the cycle. >> you have a very different business model than goldman sachs, so what's been working for you? >> well, we've been focused on clients and helping clients grow and growing with clients. i'll give you a good example. as a firm we have a lot of different businesses. most clients need one or two or of those businesses. they didn't know three or four or ten of our businesses and, and we have these market leading platforms. one fun stat, clients who do three or more things with us, they grew 30% last year. in fact, clients who do more things with us who know us better, they actually appreciate being in line more, and we have a better relationship with them. so we've been bringing our businesses together, really

aligning them, serving clients better, and you're seeing it show up in the numbers. and honestly we just feel like we're getting started on the journey and we're excited about it. >> room to run here? >> i won't comment on the stock price, but certainly in the opportunities set for us, we think we've got more to do. >> you mentioned all the money that you see that you have in custody, so i'm curious what you make of sentiment right now given jamie dimon we just played a sound bite thinks that asset values are high right now and a lot has to go well for that to happen, whether you agree with that given what you see. >> you have to look at different asset classes around the world and so there are going to be different opportunities and challenges. the stock market is clearly well-valued. there are some sectors particularly highly valued, others have a bit more of a discount. i agree with jamie in one key respect, which is it's very important not to be complacent. the markets have had a big run up, we're all risk managers at the end of the day. asset allocation is first and

foremost about smart risk management. i think in the equity market you have to be thinking about tat am. our data shows us -- we have a mood index which actually shows us the flows of funds across the world with all the asset classes, and interestingly it had taken a little bit of a dip towards the end of last year but actually rebounded back towards a slightly more neutral space. so the data doesn't support nesarily an immediate correction, but markets have been exuberant, so you've got to be prepared. you see that last august you can have a flash and suddenly market prices can go down. it's not just equity markets either. fixed income markets matter. the world needs a lot of fixed income capital. >> you expect rates to stay high? >> at the longer end that would be our base case. i mean the fed's going to navigate through on inflation side. it's going to deal with the short-term rate, feds fund rate. that's what they control. ultimately further out the curve is going to be driven yes, historically be inflation, which

always matters. yes, with any fears of that potentially going wrong. but the biggest factor we think at the moment is going to be the flow of funds. supply and demand for money. there are a lot of people who want to borrow money in order to be able to fund interesting investments, and that's true of almost every country in the world. >> yeah, we're going to have to -- hopefully we'll get a lot of demand for that supply. >> it's a great problem to have, which is demand for capital to fuel growth, but still there's a lot of it. public markets, private markets, and public sector and private companies all competing for a finite set of money. that's going to raise the price at some point. >> when do you think the fed does this year? >> right now they've said or clearly indicated they're on hold. that seems like a reasonable bet right now. is it possible we get another cut, maybe two, those things are possible, and we're going to have to see the data. but from where we are right now, although we don't bet on a rate hike, you can't be complacent about that either. you never know. it's not our base case, not our expectation, but we have to keep

an eye on all these things. >> the ceo of bank of new york melon. hear a lot more from davos when the ceo of williams sonoma joins us later this hour. meantime as we go to break, watch shares of j&j today. you can catch us anytime, anywhere listen to the squawk on the street podcast available now on spotify, apple music and more, as we're about even with an all-time closing high on the s&p. back in a moment. forward, anticipating risks and trusted to manage over $1 trillion in assets worldwide. solving for the needs of investors today and tomorrow. that's the power of nuveen.

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for what's ahead. >> cnbc live ambitiously, davos 2025. andrew ross sorkin and sara eisen sit down with world business leaders. >> on the. >> geopolitical outlook and key global economic issues. the ultimate power summit special reports all day cnbc. >> as we said before the as we said before the break, 60, 90 our closing high record on the s&p 500. we're right about there as we're up 40 points. techs doing a lot of heavy lifting this morning. netflix, oracle, microsoft, let's get a news update. >> as carl said with your cnbc news update at this hour. the rare winter storm that slammed texas has moved east to bring snow, sleet, and freezing rain to northern georgia,

florida, and carolinas. the system dumped more than 7 inches of snow on new orleans smashing the city's old record of 2.7 inches setback in 1963. meanwhile a blast of arctic air is bringing subzero temperatures in north east. turkey detained nine people as part of an investigation into a fire that killed people and injured others. survivors said they heard no fire alarms during the incident. the hotel pledged full cooperation with the investigation. and prince harry called the settlement of a lawsuit with the u.k. tabloids a monumental victory today and actually also called for a police investigation into news group newspapers, offering a full and unequivocal apology -- this is the newspaper to prince harry for a quote, serious intrusion by the sun when they probed into his private life. the company also appall jszed

for the treatment of his late mother, princess diana. >> christina, thank you. up next president trump announces up to $500 billion in private sector a.i. infrastructure investments. we're going to take a closer look at the deal and of course who stands to benefit the most. that'll be next. it's a smart move to get a second opinion. you do it when you're looking for a contractor. you definitely do it with medical advice. so why not with your stock market investments? we can help you see opportunities you may be missing. at hennion & walsh it only takes a second to schedule your free second opinion. so what's there to lose? speak to hennion & walsh. the second opinion people. >> like, a lot better. these

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talk about easier investing. >> together, these world leading together these world leading technology giants are announcing the formation of starigate, so put that name down in your books because i think you're going to hear a lot about it in the future. a new american company that will invest $500 billion at least in a.i. infrastructure in the united states and very

quickly -- moving very rapidly, creating over 100,000 american jobs almost immediately. >> that was president trump yesterday announcing a massive a.i. infrastructure plan, some of the world's most prominent technology leaders pledging to invest an initial $100 billion, but it could be up to half a trillion over the next four years, and as you heard the project is called star gate. kate rooney is here to break down what it means for open a.i., one of the important partners of it. steve kovak also looking at microsoft. steve, i want to start with you. we spent a good amount of the 9:00 hour at the top of the hour discussing the implications for microsoft on what appears to be sort of a deepening connection between oracle and open a.i. and the expiration, so to speak, over time of the exclusivity of financing by microsoft. so what do we know or what do we surmise here? >> yeah, david, this is what we're seeing. it's microsoft sort of losing its grip it once had over open

a.i. until yesterday it was the exclusive provider of open a.i., and now instead of being the exclusive provider it has what it calls the right of first refusal. open a.i. it'll come to microsoft saying we need this cloud capacity for x, y, and z what we want to do, and microsoft can say we don't have the capacity to serve you, you need to go to someone else. it's very they're going to oracle right now, but it also also opens up the window for hyperscalers like google and amazon and hp, and dell, they can all get in on the game as well. that's also what the star gate thing is about is open using its own money and own cash to invest in cloud capacity. we heard the ceo of microsoft say several times throughout the last year that they literally don't have the cloud capacity to keep up with the enormous demand they're seeing for artificial intelligence. that's not just open a.i. that's other open source models. that includes meta's models and

so many other models that are also running on azure cloud servers. that's why microsoft said they're going to spend $80 billion this fiscal year ending at this summer just to build out a.i. infrastructure, half of which is going to be happening here. and so all that money is effectively, yes, going to go towards nvidia. this is great news for nvidia and all these other companies, but what we're seeing now is microsoft losing that exclusivity on the cloud. it makes a lot of money from having this cloud deal with open a.i. the more open a.i. activity that happens on azure cloud servers, the more money both companies end up making, so this is potentially just because they don't have the capacity to do it, they can -- they're kind of seeding some of that potential revenue growth to other cloud providers. >> yeah, kate, from the open a.i. side, do we have a sense -- there have been and i'm sure you heard it talk in the marketplace about a deterioration in the relationship in some way, but do you have a sense what the

conversation was? was it open sai saying we need more, you can't give it to us, or i don't know. you tell me. >> no, that's what i'm hearing from sources, david, is a little bit of the lead up to this. and it's that capacity that steve talked about, the demand and you're seeing that spill over to oracle. one interesting thing i'm hearing from sources out here is the relationship between the ceo of open a.i., sam altman, and larry elison. that has gotten closer since they struck this partnership back in june. the two of them seem to be aligned as far as the big spending with a.i. infrastructure. i'm told that personal relationship has gotten much closer, which is really interesting. the other thing i'm hearing softbank is a big part of this, and that's another personal relationship. ceo sam altman and, david, you know well. they've been banging the table for this level of infrastructure. they need this stratospheric level of spending. another thing i'm hearing as

well, yes, this would have been driven by the private sector had this announcement had not happened yesterday. these companies still would have been pouring billions in. it is a way to underwrite this type of deal, to say you have the confidence of the u.s. government, you have the support of donald trump, and symbolically this was a massive deal for open a.i. and sam altman if you think about the animosity, the feud between elon musk and sam altman that has been so public, musk of course a key advisor of president trump, and sam altman got his moment yesterday. it was sort of his debutante moment up there at the podium and getting the approval from president trump. there was this question what is open a.i.'s role going to be in this new administration, are they going to be iced out of these deals? we got proof yesterday that is not the case. sam altman, president trump called him the leading expert on a.i. so that was just a big moment for him. >> yeah, steve, two things. one is the fact musk threw some shade on a top white house priority kind of brings into sharp relief some of the feuds

kate references. the other talk on the street this could potentially overtime power government a.i. usage, and that could be a liability for things like amazon, for example. >> yeah, that's exactly right. it's going to take time to build these things out, too. and amazon and microsoft, they already have the government contracts pretty wrapped a. we know there's been some security issues there. on the elon musk front, yeah, that was a very rare refute of trump right there in a very public way responding that he doesn't think -- this was on twitter or on x rather, posting that he doesn't think softbank even has the money it's promising to commit. we have our own questions about whether it's $100 billion or $500 billion, or whatever number you want to throw out there, whether or not that spending is actually going to happen, on top of that whether that number is actually going to result in jobs. like i said some of this money you can consider this free money for nvidia. they are the real winner here. it's not the other companies that are making this

announcement with president trump. nvidia is going to get a big chunk of these enormous piles of cash that we keep talking about. and, yes, elon musk, by the way, he's built his own full tech stock in a really rapid amount of time at that colossus center outside of memphis, tennessee. and we're seeing now open a.i. come out with its own answer to that. not just one center but they're talking about multiple of these big super computer clusters throughout the united states starting in texas. to kate's point, this has already been in the works. they're already constructing that first star gate data center right now. >> it's a great point you're both making. kate, obviously, there's been other announcements back in september from blackrock and microsoft, for example, and global infrastructure partners, a part of black rock, $100 billion. the numbers keep piling up. whether or not we'll actually see return remains unclear. >> that's actually the point. >> back to the feud, they're still suing each other, right?

musk is still suing open a.i. that's still in court and got a ways to go, correct? >> yeah, that's very much still happening and it's over the non-profit status of open a.i. they've both been so public about that feud. you mentioned the other infrastructure projects out there. one of it names in this announcement too is mg x. and so you're seeing a lot of foreign investment come here, too. i think the big question is the return on that and how attractive it is from a provincial return standpoint. open a.i. has really laid the groundwork for this. a week ago we talked about this blueprint they were laying out. they said it's all going to be driven by public sector. there's clearly dry power eager to invest in this type of thing. >> we didn't even talk about cement and building materials and whether this pushes the ism number back above 50 after all this time. a lot to be answered. meantime, united airlines adding to out-performance on the year after a strong top and bottom

line beat. speaking of outperformers check out shares of williams sonoma, doubling over the last year. the ceo going to join us with a fresh read on the consumer when we get back to davos in a moment. years, always innovating. today we're. a leader in public and private markets. >> digital assets. >> and custom. >> tax management. >> empowering advisors with solutions to build the portfolios of the future. >> today, franklin templeton, your. >> trusted partner for what's ahead. >> okay, ready to watch this one second. i got to finish my laundry. yes, it's girls night. >> one second. >> i use rinse. what's rinse? the company that will pick up, wash, fold. >> and deliver. >> your laundry. >> and dry cleaning at the touch of a button. i do. >> not trust other people.

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brokerage accounts, plus cnbc global market news and analysis tailored to your holdings. become a smarter investor with the power of cnbc pro. go to cnbc.com. slash get pro now. >> welcome welcome back to "squawk on the street." let's continue our davos coverage withest on the retail and consumer. joining me now is ceo laura alber. nice to see you. >> thank you. >> everyone's talking about the new administration and what some of the trump policies will mean for business. how do you look at it as it relates to what you do? >> let's just remember the most important thing for the success of our business is our consumer response. and that's, you know, if the product's good, everything's good. and that is the most important thing. that's what we've been focused on, and everything else is secondary. you know, and so we've been hard at work during this time when

housing hasn't been robust. we've been working so hard on innovation to really be ready when the consumer comes back to buy furniture. and, you know, as much as i'm not counting on an uptick, i'm also not counting on things to be worse, right? i can't imagine that housing is going to be worse this year. and when that picks up and furniture picks up, it's going to be great for us. >> i was going to ask what your housing outlook was for -- >> it's talk to me day guy day, and there's different things you hear or read. but, you know, that's not in our business plan. imagine what it is today and how do you comp what you're doing today? how do you do a better job with more units, more exciting product different from the competition, better value. and also remember the business we're in, which is different from a lot of people here at davos, is decorating homes. and that's not easy. it's not an easy thing to do. it's dimensional, it's expensive. people make mistakes, and so

what we're doing that's exciting is using tech to help you do a better job of decorating your space. >> so what does that look like? >> so in addition to the incredible people in our stores, and you know we have people who will come to your home and do the whole place for you, we have brought to life tools online, so we have that virtual designer. and over time that's going to continue to be even better so that you don't even have to talk to a person. >> a.i.-powered. >> yes, a.i.-powered. we're working on right now we have our room planner that's 3-d, and that's been successful. we get great engagement from our consumers. if you don't want to do it yourself, our sales associate will show you your space done with our product. if you're looking and want to compare, you can do that on that tool, which is super fun. now, imagine, if that tool then is helping you avoid design plis steaks. so it says to you, look, you

can't put this armoire this close to the doorway because you won't be able to open the door. it's going to know all that because those are the mistake. the biggest mistake when people furnish their homes is they put too much furniture in it. i know this isn't really answering your question, but this is important. this is what we do. >> i was going to ask you what -- you have so many different categories across so many different brands, what the growth drivers are. >> product innovation. what's great about the business of home furnishings versus apparel is that the cycle's longer. if you get one thing that's working and it's a new thing and it's a coffee table, you can turn around and do a dining table, the bed, all the pieces that go with it that, and you have a longer life cycle before that starts to go downhill. it's not a season, it's years. >> you reference americans aren't spending as much on their homes. >> i don't know -- americans, the housing has changed.

it's been slow. >> covid. it's come back. i wonder what you're seeing broadly now. is there a pickup again? >> well, it's gotten sequentially better all year. you've seen our numbers, but it still hasn't been robust, you know? we want growth. we're not looking for flat. we're looking for growth, and that's really our focus is what are those growth driver going to be even if housing doesn't get better? >> right, i mean your stock has doubled in the last year even in a weaker environment. >> it's been great because people have finally noticed the earnings power of our platform. we have multiple brands, and we've been so focused on the customer experience. covid was good for the top line, but with that came a lot of retention with the consumer. things were late and damages and people were frustrated and costs went up. and we knew that when that was over, we had an opportunity for us to do a better job for the consumer. and so we've been taking out costs by getting etter service.

>> what about tariffs? >> tariffs, i mean they happened before. >> right, but he's talking about more widespread tariffs right now. how exposed are you to china versus other markets? and who's going to pay for them? >> so we've reduced our china exposure from 50 to 25%. that's our last published number, and we've been working to reduce it even further. the great news is we design our products ourselves so we can move them around, and we've seen this coming. the last time this happened we were ahead of the curve. you can go back and look at the tapes and then see what happened, and we were able to get through it. and we did move a lot out, but we also, you know, were able to come up with new, great other places to do business and better products. it affected everyone. we don't have as much exposure as others. >> but if he goes forward with 10% tariffs now, which better than 60 on china, will we immediately see an impact on prices for furniture? >> we'll see. i expect we'll have a lot of

help from our partners because they don't want to lose the business, and we've already begun to move a lot of things so that the 25 is going to not be 25 either. >> in china exposure. >> yeah. >> sounds like it's down from that. laura, thank you. good to catch up with you always. laura alber ceo of williams sonoma. we're not done. don't mess long time investor jim breyer, all these a.i. headlines and also where he's been investing for a long time. plus a fresh read on a.i., enrique lores. all kicks off at 11:00 a.m. carl, back over to you. >> look forward to hearing from both of them. that's not all on money movers. ceo of databricks talking about that investment. more than three quarters of analysts call it a buy, and they stepteju rord. we're going to tell you what company it is and break down some of those numbers in a minute.

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performing industrial stock to start the year, up more than 30%, reporting some fresh numbers this morning even though the bottom line number was a little unclear compared to the estimate. >> yeah. although, you know, once again they -- carl, they sort of indicated so much has gone straight up in terms of their demand particularly for natural gas. let's get over to seema modi who's got more from the ceo on the phone. >> just got off the phone with scott, the ceo of ge vernova, and he confirmed to me ge vernova is working with all three companies involved in oracle, softbank and open a.i. he also hinted at more federal announcements tied to energy in the coming weeks, ge vernova will be playing a key role there, so a little bit of a tease. q4 earnings fall more than expected, and trump temporarily halting the permitting of wind energy projects announced yesterday only adds more pressure to the business, which

currently makes up just about 27% of the company's total sales. he said it's very clear this administration is in favor of defashionable power, and that is where vernova is investing more. he adds customers are becoming more receptive to higher pricing given the exorbitant demand for powering data centers in exchange for faster lead times. we did see a bit of a holiday pause, but that doesn't seem to be worrying the analyst community right now. as to whether a.i. demand for energy starts to die off, he just isn't seeing it with orders out to 2030 and beyond. we're looking at the stock up about 3%, guys. >> yeah, i mean, on the call they talked about a doubling of their -- their bookings in terms of gas orders. so he just sees that continuing potentially for some time to come, seema? >> that seems to be the case, david, that this idea as they work with hyperscalers to provide the gas power needs for the data center buildout, that they are accepting orders up to

2030, so it next five years, but even beyond that. so if you were to use that as sort of a metric to understand how much demand there will be for artificial intelligence and just the broader ecosystem, there seems to be a long pipeline here. >> and what about nuclear? anything to say there? obviously we've had so much discussion about small modular reactors and the importance they will provide in terms of increasing the capacity. >> yes, he did mention the fact that they are leaning more into small modular reactors, nuclear energy that while in 2025 is the year for gas, nuclear is vad ansing, too. but it's just a longer time line they're working with for those type of projects as they work with utilities and signing specific utilities across the nation up for those projects. david. >> that is the push and pull right now between nuclear and gas. what an interesting. >> right. >> -- intraindustry standoff we've got going. >> and of course it's all of the above is what you'll hear from

so many, although these days wind is certainly not the favorite. >> there are a couple of notes looking at grid renewal historically some argue was seen as a blue initiative, and that has definitely flipped. it's very much in the wheel house right now. >> in texas they've got more windmills i believe. we've got live market coverage for you straight ahead with the nasdaq the best performing in the indices up some 1.2%. we're right back. >> does this sound like. >> you or the. >> person you sleep next to? it might be an undiagnosed sleep disorder. stop living life half awake. get tested, and get

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and i couldn't be prouder. your own money. >> join the cnbc investing club to access jim's monthly meeting. go to cnbc.com slash monthly meeting. >> good wednesday morning. welcome to money movers i'm carl good wednesday morning. welcome to "money movers." sarah iseman is on assignment in davos. the s&p just a few points away from another all-time high. katie koch is with us how her firm is deploying the $200 million in assets. >> and jim breyer, who ed nvidia an underappreciated ai play is on the show.