indicated off by close to 100 points. andrew wrapping things up in davos. phenomenal last several days that have been there i hope you get some well-needed rest maybe in a little bit. >> it ain't over. we got we got president trump in two hours from now. that's right. i'm actually going to go do an interview right now with the governor, sarah huckabee sanders and andy beshear. so a lot more to come. stay tuned and we'll see you tomorrow. >> that's right. right now it's time for squawk on the street. >> good thursday morning. welcome to squawk on the street i'm carl quintanilla with jim cramer david faber at post nine of the new york stock exchange premarket fairly steady following wednesday's intraday high. and that brief trip above 6100. corporate earnings dominate today. jobless claims at a six week high. the president does address davos in a couple of hours. our road map begins with stocks trading near that record territory as investors digest another big batch of earnings reports. plus.

>> elon musk and sam altman continue their online feud on x this over that $500 billion. or it could eventually be a $500 billion stargate project. apple is the worst performing stock in the mac. seven names so far this year. another major firm cuts its price target on the name. >> let's get to this market's record run. as we finally got back above some all time highs. although europe jim year to date is outpacing us. >> i'm surprised because we're getting a lot of reports about how people are more negative about europe than ever. larry fink, the ceo of blackrock, just saying unmitigated negativity. so it's obviously a contra rally if you have to. be there, go to santander because they're going to have the best numbers. but look, i think it's going to be short lived because i try to find companies that are doing really well in europe and i can't really find them. i see many that are doing well in the united states, but some today are reflective of negative things over korea, and we have

to stay close to that. i think that i know david likes me to opine in the first minute and a half about nvidia. there is a company. let's just get this straight. sk hynix, they they do dram, they do nand, they've got high bandwidth. and they were saying that nand was weaker. and they're saying that that dram is weaker, not high bandwidth. but it doesn't matter. people decided the long knives are out again. for nvidia it was at 47 david off of random kind of we're going to get there. stargazer. that's what i call it. but that's that's leading the nasdaq down not apple for once. >> yesterday we saw the move up in any number of the names associated with this project. >> aam we were part of that stoking. >> aam in particular. obviously rene haas joined us in the early part of yesterday's show. but it's clear to me exactly what the benefit to aam initially is. and i think there is still some. >> they have a softbank has a

position. >> yeah right they have. and there's i you know there's still i'm looking at some some decent research this morning. and certainly people come back to the idea. well is softbank going to have to actually if openai and softbank are both contributing 19 billion. that's what they have now put in to writing i believe they're not that liquid today at softbank. so do they have to actually sell some of. >> aam my case is yes. >> i would not comment on it. but i was it was notable how much the stock ran up yesterday. now it's not a big float at all. no. there may be a halfway decent short position. i don't even know jim. but it was notable how much that stock. >> oh, i think you're very right. and you know what renee said. and i've had renee on a number of times, including last week when i was in san francisco. renee is very specific where there are gpus, there are cpus. he makes cpus, and he's got the contracts. and i think that that is important and very real now is a very real enough that it should have gone up so much yesterday. i don't

know, you know what he said last week when he was on the show on mad money. he goes, you know, there are gpus and there are cpus, and when there are ever gpus, then you find arm. so i would not call it regulatory, i would not call it new. but we have a market that has animal spirits, david. and you can say the same thing on thursday as you do today and people take it up. >> you can carl, in part because the numbers being bandied about are just so enormous. now 100 billion is obviously a big number. who knows, if they really get to the 500 billion, it's possible you got the saudis now talking about 600 billion investment over four years. by the way, the saudis are always investing here. a lot of their money ends up here. so it's never clear when you make these kinds of announcements how much of it is actually new. or public capital private. we don't. >> we're still waiting for confirmation on the state news agency report. >> right. and the conversation between right. the saudi leader and. >> they're putting out some pretty big numbers. >> they're putting up some big, big numbers everywhere.

>> big numbers. >> big. big microsoft by the way, 80 billion in capex spend not going to be enough to satisfy openai. no. this was what we talked about at the open of our show yesterday. i think very much importantly. so and i'm glad we focused on it, because that ended up being sort of the back and forth that went on throughout the day yesterday with elon musk chipping in from the side. but really between nadella and altman sort of saying things are fine, but how fine are they really? >> right. look, i think that the stock's reflect the full bore 100 bill. my problem is, is that no one's even coming anywhere near that when they talk about the money that they have. >> right. >> so it may be chimerical, but it's going in the right direction. and i think in terms of stocks instead of just in terms of like oligarchs, the main thing that is people are talking about is that china has reverted to a conversation of no give without a get. we'll give you some nvidia chips if you

send us if you buy some of our soy it's that and that's why nvidia should go up not down. but because of this sk hynix i mean when she came out nvidia immediately went down three. and that's so knee jerk because sk hynix has a lot of different products. we know. and they were called they were called nvidia's man in the room, basically. and that's not true because if you go to sanjay mehrotra, he would tell you, you know, we're the high bandwidth and they're high bandwidth. numbers were very good. i come back and say, i like to look at how nvidia is doing. when i look at nvidia and nvidia is doing fabulously, and that's what people should do, and stop making these analogs, stop doing what they did with apple. >> just by nvidia. >> own nvidia. >> all in own nvidia, because that's what the at the end of the day, all this money just ends up there. >> well it does and remember. >> i mean a lot of it the project that they're talking about does include the build out right now 20 data centers, ten are already underway in abilene, texas, 500,000ft■!s each. so there's a lot i mean, beyond just nvidia. it goes into a data

center. >> i don't think the president is going to go with that last minute 18 front friends that nvidia can do business with. >> no, he's going to do 18 countries that don't get tariffed. >> yeah i mean you know look he's again he's transaction oriented. i don't really know what the biden administration was doing. in the last few weeks. i've been reading a lot about about woodrow wilson in his last year. >> that's great. >> jim. yeah. >> okay. >> mrs. wilson lived in a house i tried to buy, and i lost the bidding war. well, but she was running the country, so it was viewed as the second white house. >> yes. might be a good thing you lost the bidding war for that one. because your insurance bill, as we all know, just keeps going through the roof. you know, he literally. >> he always tries to bring it back to me, and i don't mind. >> no, of. >> course not. but i do think. >> i mean, you did bring it up. >> well, because biden put out a bunch of things at the last minute. rusty brazil. and i was. >> still talking about biden. it's trump now. and there's and he has been awfully busy. >> i was offering a bit of an

historical, you know, kind of insight. >> is it of any value to me in terms of trying to understand the current moment? >> because if you undo everything that biden did, you find that that earnings per share go higher, like the pause on liquefied natural gas that's done. and now companies are going to make a lot more money. okay. i do think that the last things that they did that were prohibitive to nvidia, and they gave all this money to intel, yes, which is a punchline, but that money could make it so intel does. okay, but nvidia was the one that was principally being targeted by biden in the end. >> and you feel like that is no longer going to be the case? >> no, i think that nvidia is going to be something that trump likes. right. but but jensen didn't go to the inauguration. he did have commitments for the holiday in asia. but anyway, i don't get too granular here, david. >> that's okay. >> i think that we have to go right to what happened with microsoft and stargate. >> okay. >> what happened? >> what happened? well. >> yeah, i mean, the you got to talk about oligarchs who are mad

at each other. let's do oligarch mad at each other segment. >> okay. >> you know, sam altman, the stuff on x was hilarious by trump. and as we heard from walter isaacson, it may have been the dark side. trump. >> yes, sam altman and microsoft are clashing. elon musk as well. i mentioned this. the companies are in that joint venture. they don't have as much to fulfill the 500 billion. and yesterday on squawk box, microsoft satya nadella did speak about his company's investment in openai as well. take a listen. >> look. >> all i know. >> is i'm good for my 80 billion. i am going to spend $80 billion building out azure. customers can count on microsoft, with openai models being there everywhere in the world, serving openai models and other models. that's, i think, what i know. >> and i went on from there, jim, as you point out, sort of back and forth on x during the

course of the day. >> i mean, part of the part of the pushback yesterday was this idea that large language models are getting commoditized very quickly. deep seeks one example, and that microsoft essentially is willing to cede what might be a low margin business. >> well, i mean, look, microsoft, i think is actually under pressure. i think that they've got they're being attacked on this clippy two comment by marc benioff this morning. the kiss of death i saw a piece about the supercycle for the pc. we know that supercycle is perceived where there was a coal supercycle. there was this fracking supercycle. and when you see supercycle, that means you're dead. i think the pc so far is dead. and that refers to microsoft. where where is that, david? the pc, what are they doing? >> supercycle i don't know. >> it's going to matter very much to that company's numbers because microsoft you mentioned apple underperforming microsoft hasn't exactly exhibited great. >> wow. you're really negative here on on mister softy. >> well microsoft did not have a great i mean compared to its

peer group. it the stock was not as good a performer last year as we know. >> what what any. have you talked to anyone who has an ai pc who says, wow, you ought to see what i have. >> we're waiting for that to happen during holiday. we didn't get it did help best buy. we talked to hp yesterday. still waiting. >> i have a i have a chapel trust. i have my meeting, my monthly meeting, and i have best buy on it and i don't have anything good to say. and we have positions where, you know what, i don't have anything good to say. and that is because i believed in the ai pc and we got to drop it. by the way, we got to stop talking about how the ai pc is going to take the world by storm because nobody cares. >> why is that? why do you think that's the case? >> because you can hit up gpt. you can do whatever you want. >> you don't need. >> it, you don't need it. and because i think benioff is right, by the way, benioff's agent force, we got a comment today that it's going to add. i don't know if you saw that with goldman that it's going to add 2% to their numbers. >> top line revenue. >> yeah. and there's remember

there's 12 commercials with matthew mcconaughey who is by the way a washington commanders fan, which means he's a little bit ill advised ahead of a game. but i think that these ads are working, my sources say. and not only that, but let's go a step further. there was a double downgrade of veeva today by goldman. i think mark benioff is targeting veeva, which is a, you know, a vertical healthcare vertical. and it works perfectly. >> for it. so this indifference between this indifference on i, pc wise and apple wise is do those two stories rhyme. >> apple i mean somebody you know, another guy, the goldman guy said, look i'm below the consensus. well you know what? the consensus is full of apple. it doesn't matter anymore. the consensus is like, why don't we just get the consensus to move? so when it disappoints, it doesn't disappoint as badly. and remember what people always talk about is it's not this quarter, it's the estimate cut that i know that nobody else knows.

everyone knows there's going to be an estimate. >> you've been defending all week. stock keeps going down. >> no, no i said this probably i said it at my morning meeting and i said it could go to 190. why is that the defense. right. how can the defense is that. >> well you've been you've been saying you. >> took. >> some off. >> i took some off. >> while ago. you said you always say own it. don't trade it. >> yeah. but you know. that this. >> is all known. there was every time you talk about it that should be in the stock price. already. you've been talking some. >> stupid series of stupid buyers who took it up way beyond where it should be. i don't know what they're thinking, but they're losers. and that's okay, because remember, you have every right to be a loser in this business. nobody says you don't have that. you all. everyone makes the playoffs. i think the ai hardware supercycle morgan stanley piece is perhaps the most damning piece i've read, because there's absolutely no evidence of a supercycle whatsoever. >> that's probably the most negative thing you've said about ai in general in the past. >> few quarters. the one part, i mean, i think ai is very good when you listen to what jamie dimon has to say, the ai is very

good when you listen to what marc benioff has to say. but the pc, i think i thought we were all going to upgrade and now we're all in wait and see mode. and the people i know who have it haven't used it. or there's a button there and it doesn't work. >> did you hear the kid from scale ai who joined andrew in the last hour talking about $10 billion to $1 trillion over the next few years in terms of revenues from ai. he's a believer. yeah. he's chatgpt by the way, does keep improving. it does keep getting better. >> i use it every day. >> there's a story in the times today about the inability to create a test that is hard enough for ai. they're coming up with questions that. >> i had one. i mean, they went because they went, remember gpt oh one was when? now it can start to reason. now they're talking about oh three. >> do you pay for the pay for the one. >> i paid for a while. and then i stopped because i was not using it in any way that was worth, i mean, 20 bucks a month. >> i'm gonna give you a sample. i'm doing a comparison of johnson and johnson's antidepressant drug versus bristol-myers, and you start at

chatgpt. you really do. and it's very authoritative, and it tells you who to go to. and i think it's extraordinary. it's an extraordinarily good product. i don't think i think i'm on chatgpt maybe, maybe five times before i come down here ten times before i do mad money. there's nothing i don't run through because i don't want to make a mistake. not necessarily that it's not hallucinating. >> to say does. does it make mistakes? >> i mean, look, i when i go in and find out whether abbott has all these drugs that i think are double digit, i just check how many drugs does abbott have. any products are double digit. i suggest anyone use it before they buy a stock. it's that goo. and i use meta. i use, you know, i use the other guy's perplexity and they're fun. meta is fun. it doesn't really have a lot. right. the other guys well, meta gives you, i don't know anything, which is fine. i like that, i like i like candor, but i even like better. i like the answers. >> sounds like it's improving your productivity, that's for sure. >> oh my god, no. it's fabulous. i mean, i got this point really,

really early. i'm doing this piece about the billionaires who surround trump. you know, you got to check, see what you know, see what they're saying most. right. ramaswamy what did he really do? did he was he angry or did he just decide to go for a run for ohio? and i think that the billionaires reminds me very much of survivor meets trader. and of course the apprentice and jeff probst, white house. >> that would be that would be a good one. survivor white house edition, don't you think? yeah. >> i'm planning this already. or will you get on the phone with kavanaugh? oligarch call. >> kavanaugh would. >> be great. president of comcast. >> yes, sure. >> i'll get right on it. >> and it was worked at jpmorgan, which is great background. >> it's true, although not for that much longer going to be, you know, phone call. we need to make. no. >> take a look at the pre-market little mix this morning. we'll get to some corporate results including ge on the move pre-market. also some airlines on the tape as we got to the

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brighthouse financial build for what's ahead. >> don't miss a members only event. >> the club. >> is really about empowerment, empowering you to manage your own money. >> join the cnbc investing club to access jim's monthly meeting. go to cnbc.com slash monthly meeting. >> welcome back. a number of earnings to get to this morning karl mentioned electronic arts will also deal with ge. but right now in the mad dash we're going to take a look at union pacific. >> yes. let's talk about the real world. here's a gigantic railroad that reported excellent numbers jim venice now running it. precision railroading. the operating ratio, which of course you want to go lower was superb. and david, i've got to tell you, they've got strong core pricing gains for industrials, which i think is where you're going to do very well. premium strength to international west coast imports. this is really good. and they have intermodal growth. i've got to tell you this is maybe one of the great reports. now i'm going to go i'm going to

go a step too far. all right. but the president is an all energy guy. west virginia, wyoming, pennsylvania, the three biggest coal producers wyoming at the top okay. coal. i think coal is going to come back in fashion i do, yes, i do. it went down. >> why? how? >> well, those three states went for trump. >> they did. but i mean, well, it seems as though the power providers are. >> and that's. oh. >> you're phasing it out. >> you're good, you're good. you're like a pumpkin. you're like pumpkin. you're good, you're good. okay, here's the deal. natural gas i think is going to five. and at that point they switch. >> natural gas simply will become so expensive that it will make sense. >> yes. >> because it's really. >> cold all over the country. and we're going to export a lot that drives up the union pacific. and by the way, coal was 30% of our baseload, of our of how we heated things in ten years ago. and now it's down to 15%. and, david, i think that the coal supercycle, which was

of course, about as stupid as anything you've ever seen, is going to be back, but i think because natural gas is going up and i think we all have to accept the fact that that means powder river, basin coal and alliance resources. that's the 19. 9% yield. absurd that coal could come back. but remember, president trump. >> didn't like windmills. >> you don't like windmills like he saved the whales. it was maybe one of the no star trek two, right? that was the best one. >> the windmills affect the whales, but there may be a link. and now the whales will be healthier. >> who is the. who is the villain of star trek two? >> i don't remember. >> ricardo montalban. >> oh, yes, ricardo montalban, of course. >> one of the great one. i'll put an earwig in your ear for that. >> of course. all right. we got an opening bell just a few minutes away. don't forget, you can catch us anytime and anywhere by listening to and following the squawk on the street opening bell podcast. >> davos 2025 andrew ross sorkin and sara eisen sit down with

world business leaders on the geopolitical outlook and key global economic issues. the sta.

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course those monster sub numbers. and then jim they're leading the oscar nominations today amelia perez with 13 is going to make it the most nominated non-english film ever. >> the content is in. that's what the call was about was the content and engagement. if you have great engagement you it's from this great content. it doesn't matter what country it's from. this is indicative of a network, so to speak, that is not distracted by problems involving linear. >> managing linear. >> that was incredible. but you know, look, i mean, i read their conference call for two reasons. i first read it because i want to know the numbers. the second i furiously write everything down so i can watch it. it is the most entertaining of all conference calls. it's joyful the amount of people want to watch it, the fact that there are only 10% of the world. they do expect that everyone in the world will watch it. david, i find that the netflix story is a story of brain over brawn.

>> it's unclear what won't really stop them, other than perhaps they price this thing at a level that just gets too high. i don't know, i really don't know. there's nothing in their way. >> how can. they be. >> out of. >> everybody else? >> how can they still be so far ahead? how is that possible? don't the other guys have have anything, any horse sense? don't they know anything? don't they have some, some, some idea of what america wants? >> which they do. but i guess there really is something to having a first mover advantage and really establishing and the level of the technology and the interface and so many other things, i think, that work effectively for them. fire country. >> yeah. how about hospitals? where's their hospital. >> show, what. >> kind of cop show they have? i mean, really. >> they. >> got everything. come on david, they got i remember i remember when i got some offers to do confessions of a street actor from from linear tv. >> yes, yes. >> and they said that they had to have me either be a cocaine

addict or that someone had to go to the hospital or someone had to. >> and you had some notes. >> yeah. and i'm like, no, i mean, this is a true story, but no, they would not do it unless someone got shot. and that david is linear and they've been using the exact same formula for 30. i mean, i don't know, since wagon train. >> it's true girl. >> no, no. >> and god forbid you should do the same thing for like 15, 20 years. i mean, that's terrible. >> well, how much money do you make watching wagon train? i mean, ours is about making money. i don't know what theirs is about, by the way, they take so many shots at buying a long sports contract. has anyone done that? >> at the big board today? it is the united states secret service at the nasdaq. it's hong kong pharma digital technology celebrating a recent ipo. as we're back to 6077. jim, i want to get to some of larry fink sound on squawk this morning. he did talk about you know we're in this fed blackout not really having to deal with it ahead of the meeting next week. but he he

talked about scenarios in which the bond market might affect the stock market. take a listen. >> i'm cautiously optimistic. that being said, i could i have scenarios where it could be pretty bad. i believe if we could unlock all this private capital, we're going to have enormous growth. at the same time, some of this is going to create new inflationary pressures. right. and, and, and i do believe that's probably the risk that is not factored into the markets. i think the bond market is going to tell us where we're going. >> he said a trip above five would would shock the market. he said. >> yeah, look, i found that larry was not comforting. i did i do feel that we're going to get some debt issuance and it could be some debt issuance too far. but at the same time, the kind of thing that larry is investing in, david, is things that could give you a high return. and so you kind of when you listen to him, you say to yourself, all right, i know what

to do. i'll be in his infrastructure fund if they let individuals, because i'll get a higher rate. right. but i did not feel great. i did not feel as good as i did before when he was here, where he just talked about, we're going to grow our way out of deficit. i didn't hear that. i didn't hear it. >> well, he's like many other market participants, certainly raising the prospect of higher inflation and therefore the impact that it could have. i you know, again, we're back to waiting. and the two key ingredients, whether they be tariffs and deportations remain sort of an unknown. although early signs suggest when it comes to the cracking down on illegal immigration and the immigrants here, illegal immigrants here, pretty, pretty dire circumstances being created very quickly, right from what the various mandates of the trump administration has put into place at this point. no, but i don't know what that's going to mean longer term still for employment and for how many deportations really are going to take place, jim. >> right. well, look, i think that that's the principal point,

part of inflation, other than they have to get medicare, they're not going to do anything with social security. but one of the things that i now think i'm going to predict on our show, which is that the companies that are in the consumer business, with the exception of airlines right now, are going to have to roll back prices. i mean, i saw a downgrade of boston beer today, beer is too high. beer. beer has to come down. what's the matter, people? >> that's it. you're just you're putting your foot in the ground. that's just beer has got to come down. >> it does. i mean, these these liquor companies, what do they think? that. what are they thinking? that they just, you know, let's keep prices high and people will drink. you don't do that. if you look at that. if you don't sell things in this country, you lower the price. now procter had such superior products. they didn't have to have procter. >> and they talked about raising them further if tariffs happen. >> procter is joyful. contra is really good really good good sec conference call j&j. people were bummed. i wasn't as bummed as people. other people. but i

think we're going to get some rollbacks. and although procter did say private label, not that powerful in there. so they had the best. but that was a very that was a that was an outlier. that and united airlines. >> now i got to imagine you were happy with with ge the div hike, the buyback. >> i talked to larry culp today and i was so glad larry the ceo there's not a problem with supply chain. the orders are amazing. the david just the repair and replace the kind of work they do called service is extraordinary. it didn't go up last time because people were worried about supply chain. that's over toward a force. larry culp. >> and they're talking about 2025 expecting double digit revenue and eps growth with greater than 100% free cash flow conversion, greater than 100%. >> it's a battle between ge aerospace and ge over and over about who's doing better. >> yeah i mean, again, to go back a ways and to give mr. culp

the credit that that he deserves. take a look at the stock price over the last few years, over the split that we all knew eventually would take place, did. and it has resulted in creating a good deal of value. we've talked so often about ge renova, of course, although. perhaps a beneficiary in ways that had not expected in terms of the terms of the ai boom and what that's meant for data centers and power, is ge a beneficiary there? but nonetheless the stock has performed very well. you're talking $200 billion market cap here. another 100. >> no it's. >> over another $120 billion in market cap and no. and then ge healthcare maybe 40 billion. you're getting somewhere. >> no flies on that quarter. and you know larry this is not about the white house. it's not about oligarchs. it's about just just plain out blocking and tackling. which is why carlyle was so depressed in the conference. in the call i had with him, the first thing he mentioned was jayden daniels, because he turns out to be a throw everywhere.

these commander fans, they're everywhere and i have to look. i think jayden daniels is a star and if you don't have a game plan to stop him, then why did he start like that? i was in such a good mood that calls like at 615, i was happy. i was. >> like, why aren't you not in a good mood? your eagles are poised to. >> because it starts. >> with. >> jayden daniels. he starts, hey, listen. and then how he has our number. >> jayden over jalen. that's what you're saying. >> yes he's saying jalen jayden over jalen and the 250 times he watches vr every time. but that's what people do david. when they want to put me in a bad mood, they start by talking about how the commanders are going to stop. >> that's great. yeah. it's not clear to me that culp, despite obviously all his success at ge, has any ability to predict the outcome of games in football. so i wouldn't worry too much about it. okay. >> good, i feel better. yeah, it was a remarkable call and the money created, but you have to go back. when you put all the pieces together, the stock's still not anywhere. still not near the era before him. >> and well in 2000 ge had the highest market cap for a period

of time. we're talking about a half a trillion roughly that level. cisco was once at that level or close to it. >> right. >> and then it was a then it was a steady and significant drop to the point in march of oh nine, it was, wasn't it, carl? and yeah, the cfo came in. keith. sharon, sharon, remember when we were talking about polish mortgages and the stock was around? >> yeah. the polish. >> yeah, i remember housing. that was a scary morning. >> lithuanian language records. >> yeah. almost couldn't turn their commercial paper. and it was almost the end of ge sort of. it's been a long road back but a good one for ge. >> well it's still got a lot of room to get back to where it was when. yeah. >> but you know you add up all the market caps of those companies. it's not you're not you know you're like 300. and where are you 350 or 60 billion. it's not that it's a lot better than 20 billion. well i. >> don't know if you have. no. look, i don't want it. it is good. but when i added them up last time, it was not nearly as much as i think there's a lot of

work. larry would tell you that larry is very self-effacing guy. he is one fabulous executive. fabulous. >> but we've been talking about the diversification of conglomerates for a while. people want to take it a la carte, their business models. and i imagine you think that has with this new administration especially, there's more room to go on that, right? >> dupont i think that that stock. honeywell is worth honeywell. we've got the split that elliott wanted. well, automation aerospace. >> has yet to announce the split. >> let's be clear. and the. >> ceo was on earlier on squawk box. they are. we're still waiting for the official announcement. i think the expectation is they will announce it. jim. right. if they were not to, that would be a. >> surprise when they report the quarter. now the last two quarters have been misses, right. so we're scaling out of it. and for the club okay. because i still think as much as the parts could be worth more than the whole when you miss a quarter, it's bad. dupont did not miss the quarter. still not up. they were going to split into three and then now

splitting into two electric and then chemicals and water. >> as for airlines, american unit revenue domestic swing positive. but this guidance jim a little cloudy. >> but it was because they had a labor contract. how could these analysts not know that giant labor contract. and it was like it was plain as the nose on your face. and they didn't know david. the analysts were the fault of the it's not the fault is in themselves not the stars. >> thank you for that. it's always nice to get a little bit of the bard in the morning. >> a two broody. listen to me. arm holdings is now down 14. you may be on to something about the sale of stock. >> well, i mean, rene haas, the ceo of arm, would not answer the question yesterday. it's an obvious one in terms of where you're going to get the money if you're softbank. and clearly people believe given their very large holding there. and by the way enormous embedded gain that that softbank has enormous fantastic that they might want to sell a bit to help fund that. what is it $19 billion. but it's not immediate. it's not right away that they have to come up with all that money. there's a couple of decent research pieces

this morning sort of trying to understand where the money is going to go and how it's going to flow, and how much ends up in nvidia and how many, you know. >> i don't know how much. credit jensen wong's going to give you when you buy it. you know, jensen, just you know, with this with this blackwell. what people are confused about, there's 45 factories working on it with a lot of factories, and they build it on site. then they have to disassemble it and then they have to assemble it again, which is why it can't put it on trucks. and it's why people keep hearing that it's not it's not going well. no, it's a giant. it's like it's not just a little pc chip. >> i get it, okay? i get it. >> the ai. >> blackwell's shipping in volume right now. >> yes it is. although there's outfits that always say it isn't. that means what? they think that jensen is a liar. he's demonstrated over and over again that he's as good as good as it gets in terms of what i call the truth. o best buy is up $0.34 on the. maybe that's on the ai. >> pc, supercycle. >> ai, pc. >> you know what's gotten some

chatter this morning, jim, is that tariff exposed names are outperforming this week. isn't that you had jamie say get over it. you had the wto chief say chill on the notion that tariffs are somehow going to bite into corporate results. >> well, look, i do think that when you hear trump talk about it, he's really just saying, listen, we've got a big trade deficit with you and we're going to put a tariff on. and unless you buy our stuff and that therefore people are not as worried. i still come back with mexico, for instance. i look at constellation brands, which is the worst stock that might one of the worst stocks that my trust has ever owned. and a lot of that i think is, well, this is the no drink beer. but also people are very worried about a tariff there. people are worried about people. well look at that. who says, you know what, that is a chart of my stupid brain right there. you see my cortex. and that's my cerebellum right there. >> really? >> yeah. >> you're really taking a little self-loathing today. >> i don't i never mind

self-loathing. yeah. i think it's a good thing to have. i call it self registration. just, you know, and. >> yeah, in moderation. you don't want to oversell. >> well, i drink in moderation. >> that's good. >> right? this is modelo. this is. >> you're at an age where. >> you probably going. >> to be cutting back. >> a lot more. he's an unbelievable writer on this. reminded me that this is the best house in a neighborhood that is so horrible that you don't want to be in the neighborhood. he's right here, kids. >> today they're just not drinking anymore. >> yeah. >> you see the year on year whiskey numbers. >> oh, god. whiskey is so horrible. yeah. i mean, you know. >> the nielsen. >> numbers come out, the browns are just. rye is doing rye. stick. the pumpernickel. >> partner picked the wrong time to launch a mezcal brand. >> yes. no, no. it's coffee. >> spirits are up. they are? >> yes, they are. and mezcal is up 12%. so how dare you say that? >> i just just asking, just inquiring. >> well, i don't want you to go. my wife fosforo. no, we. look, that's why i get the nielsen numbers. but beer and carl's right. i mean, hey, by the way,

that stuff, clooney stuff. >> yeah. >> yeah, diageo overpaid for that thing. >> well, casamigos. >> yeah. >> yeah, they sure did. >> it was down like 18%. but i have to tell you that when i look at liquor, brown-forman put money away from jack daniels. they thought they could get away with it. they put it like on tennessee honey. they didn't support their main brand i don't know. wow. look at that. >> that's incredible. and then the layoffs last week 12% of the workforce. >> people were buying their barrels. you know, guys with long barrels. when i went to texas two years ago, i said, listen, i got barrels, barrels. would you like to buy some barrels? no, bob, like they were trading barrels. >> oh, the actual barrels. >> yeah. they trading. >> barrels, right? >> yeah. >> right. >> and it felt to me like serrano or. >> something barrel over capacity. yeah. i wanted to come back to e.a. carl did mention it briefly, but it is one of the biggest losers we've got this morning. and again it does go to the particularly the soccer side of it. the comps were tough. they didn't maintain that

momentum post. some say the 2024 copa america and the euro cup summer olympics. a lot of things that may have led to that. but you can see down 17%. engagement trends also lower. so you do have a number of quarters. got at least 1 or 2 downgrades this morning. >> do you think that there should be a reflection on take-two, which has got grand theft auto next year? >> i don't know. >> i don't think. >> you don't. why not? >> well, because i. >> think it's very sports related. >> it's sui generis. i think electronic arts is somehow done things wrong. and i think strauss zelnick is doing things right. i wonder whether gaming's gotten too expensive. >> gaming overall. you mean the actual cost of the game? >> my theory is that things are going to have to roll back prices. things got too expensive now. disney. this morning, goldman puts out a piece upside surprise expected. >> yeah reiterating a buy. >> i thought that was. >> a couple positive notes on disney lately. >> given the fires. given the fact that milton and la. >> disney attended disneyland,

attendance apparently not really affected much. >> no. and you know that there is a theory that when universal opens its new park, that people will actually go, that that's actually positive. >> and they'll hit both parks in a sense positive. >> and that's because. >> that is demonstrated the numbers. bob iger has the numbers. >> right. you go for all yes. >> and linear. there is not a drag linear. they've managed to be able to salvage it i don't know i think i wish they hadn't done the piece because my trust owns it. and i was hoping for an upside surprise. you can borrow they're borrowing the upside surprise which is not good. >> i know you mentioned palantir this morning, which is trying to get back to highs of the year so far. >> that can't be stopped now. palantir, by the way, is so far not really at the seat of the table that i always thought that they'd be at the defense department. and i think what we have to watch is the defense department going to defeat doge. and if they defeat doge, they're going to then palantir is not going to be as successful as i

really want them to be, because palantir has got ways to be able to cut the budget, the defense budget, and be, i think, better warfighters. i think the balance. >> it's the strength of their commercial business, that's also powerful. >> yes. >> no, it's not just the. >> palantir i finished. i read the autobiography of alex karp when i was out in california. >> you did? >> yeah. it was generated by. >> i didn't know there was one. >> oh, take a look. go to go to amazon, but don't buy it, because i think it was generated by chatgpt and it had a lot of mistakes. >> what was his expertise in shooting? was it. >> his unbelievable marksmanship? maybe the best shot in the world? i think he could be in the olympics. he's from philadelphia. well, the haverford, then he went to study with goethe. he went to germany. he speaks multiple languages. he's smarter than everyone in the world except for elon musk. >> nobody's smarter than him. what's that. you mumbled? nobody is smarter than him. he does do some very odd things on a some

very odd things. >> the man. >> i'm kidding, i don't know. i don't he's they're all incredible. they're amazing. >> they're incredible. they're the, the, the oligarchs are, are better than you and me. it's fitzgerald. >> we cover them almost like stocks now. >> yes. john o'hara and fitzgerald. that's for you. if you want to learn about what ultimately happens, we can go. >> and maybe they should all launch their own coins. like the president has. >> did you ever read somerset maugham? moon and sixpence? charles strickland that's who musk is. charles strickland. >> yeah, we didn't we didn't get to some stuff on musk today. maybe later as we go to break watch bonds. we're still in that fed blackout window. but we did get jobless claims today. 223 a little ahead, a six week high continuing claims highest since 2021. and the ten year climbing back to 4.65. stay with us.

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>> good morning. we are. >> live from davos switzerland. again expecting president trump to address the crowd virtually at 11 a.m. eastern time. ahead of that we've got two great interviews for you the ceo of pinterest bill ready with us. and also the executive chairman of sheehan to talk tariffs, us-china trade relationship and much more. that's all coming up next hour on squawk on the street. we'll be right back. >> in today's always on world, even a moment of downtime can cost your business big. >> at americaneagle.com. >> we provide 24 over seven 365. monitoring and support for your applications across all cloud platforms. affordable, customized solutions that work as an extension of your team. we do this all the time. let us handle the risk so you can focus on what matters most. we'll keep your cloud running so you don't your cloud running so you don't have to contact it's a smart move to get a second opinion. you do it when you're looking for a contractor.

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bonuses, trying to get creators to start migrating in case tiktok goes well. >> i think that's good. plus, it's another year of efficiency. i think that look, i think meta's going to blow it away because they are the most sophisticated when it comes to how to do an ad, and that's what you really want. and you can you can cut out the middleman here. zuckerberg, they designed the ad campaign. they're keeping the people who are the biggest developers and the best, and they're the ones now, i don't know if the oakleys i have the ray-bans, they're fabulous. and i know that's just an asterisk, but wow. and so maybe he's allowed to go on rogan and talk about taekwondo or whatever. i mean, when you deliver those numbers, you can hunt all you want. my property. i'll let you kill anything. well, not i mean, not. >> not those two nice cows. >> three cows. that one had a baby. i didn't even know it was a girl. holy cow! i had to castrate the bull. >> holy cow! >> i had to castrate the bull! >> holy cow! >> because the bull was trying to have sex with his mother.

>> well, we learn more about this tonight on mad money. >> sex with the mother? >> yeah. >> no, no, we have a monthly. i saw it, it was happening. >> let's. do i sell green instead? >> yeah. stocks down. but, you know, they never collapsed like everyone told me. wow. what did roger. roger. we get? >> roger incest. >> here at the. >> end of the show. >> roger and macy, you can't do that. you can't do that. can't allow it. it's not right. okay. and i do think and we'll talk about disney. we'll talk about meta. we'll talk about best buy. we'll talk about constellation brands. great. and brandon better bail me out here with a good positive brandon gomes bit. something positive about beer i need it. >> look forward to the meeting. jim at noon. thank you. we'll see you soon. and tonight at 6 p.m. eastern time. split market p.m. eastern time. split market s&p slightly red. dow up 100. (wind, rain and rolling thunder) (♪♪) nobody's born with grit. british anncr: rose is really struggling. it's something you build over time. american anncr: that's twenty-one missed cuts in a row.

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>> i'm carl quintanilla with david faber here at post nine of the new york stock exchange sarah is in davos at the world economic forum. a lot more from sarah coming up this hour. meantime watching the markets. we came off those record highs yesterday around 6100. a little softer today 6082. dow holding on to some gains up about 80. some big movers we're watching. ge aerospace is the top gainer in the s&p after blowing past estimates. electronic arts going in the opposite direction slashing some full year guidance due to bookings on some underperforming games. and apple is the worst performing mag seven name on the year now firmly in correction territory as goldman cuts their target down to 280. meantime, the s&p tech sector is coming off the best day since november, powering both the s&p and the nasdaq, as we said to those fresh record highs. joining us this morning t rowe price portfolio manager tony wong. he runs the t rowe science and tech fund $10 billion in assets under

management. some top holdings include nvidia, alphabet, meta and microsoft. tony good to see you. thanks for kicking off the hour. >> absolutely. >> thank you. are you seeing some divergences within tech? we talked a bit about some softness in apple. microsoft has been a focus lately. are there some winners and losers taking shape in this early part of the year? >> yeah. >> i think that what we're seeing. >> is, you know. >> going forward, there's a big focus on ai still. and, you know, there's a view that who has the most immediate gains in ai. and i think that you're seeing that, you know, meta continues to be kind of out in front with their build outs. i think you see microsoft being pretty front footed, especially from here, you know. and so i think that, you know, when you see look at apple like i think that some of their features are going to be on a slower rollout. so that's why you see more of a divergence. in addition, some softer macro in china that's probably, you know, creating some more softness in the iphone. so i think that that's

probably the setup here going you know into into next year is like there's still a focus on ai and like who has kind of those features and core competencies there. >> right. what do you think of this stargate news this week. how does it move the needle and where is the effect going to be felt the most? is it still within some hardware elements like answering some worries about nvidia demand? >> well, i thought it was pretty exciting. i mean, you see that trump making that big announcement with sam altman on larry ellison and, you know, launching into this golden age of ai infrastructure. and i think that the market has always been over the last year searching for how sustainable is this. and when you have like $500 billion of spend that's being talked about, i think that creates more sustainability over the multiyear. and i think that this benefits a lot of, you know, us tech companies. and it shows that, like, you know, the executive order is probably will clear the way for better data

center build outs, you know, just through regulation. and, you know, in power and ai. and so i think it's a big positive. and, you know, you can probably see it throughout the semi value chain as well, tony. >> and looking at the holdings and your percentage ownership in your science and technology fund. no surprise. nvidia obviously is your largest holding at least as the numbers i have, which may be slightly dated. you know, i do notice apple perhaps underweight, at least in terms of a reflection of its market cap versus some of the others. why is that? >> yeah, i think that, you know, i think over the long term, like i am very bullish on this ai infrastructure build out. you kind of have to build out the infrastructure and then develop the apps on it. you know, i think apple continues to be a great company. you know, i don't think you can count them out on on any means. their ecosystem is still quite strong. i think that when you know my framework, we're always like adjusting, you know, positions. but i like both

companies long term. i do think that in this this we are in the early innings of ai infrastructure build out. nvidia continues to be the platform that everybody kind of is building on. and you look at their new products that are just improving the performance, you know, by leaps and bounds. and so i think that's what's exciting. and i think the stargate news, you know, a lot of the infrastructure is still going to be built on nvidia because they're a full stack company. so you know, to me, i think that's what's exciting about the multi-year here. >> right. >> you know, i could see any number of other funds that had similar weightings to a certain extent in some of these mega-cap names. we just saw sort of a pie chart, 51% being the other. how would you describe the others in the science and technology fund in terms of at least? i would think that's where you're potentially going to outperform to the extent you're able to outperform. what what characterizes that that piece of your pie. >> yeah, i think that our, our

framework here is largely idiosyncratic. companies that are well positioned competitively, that have tailwinds behind them in terms of being secular growers. in addition, i think that we are also macro aware here in that, you know, we don't just buy and hold, but we are constantly managing position sizing and risk management. and so, you know, i would say the rest of the 50%, i think of them as a mix of compounders that we think can outperform through the cycle as well as some, you know, maybe earlier stage mid cap companies that could have a lot of upside. but we want to make sure we position those, you know, in terms of the right size. so you know in the portfolio, you know there's a smattering of like companies that we think have a lot of upside. >> right. well i would hope so. that's what you're expected to do when you talk about being macro aware, what right now would be, perhaps the thing that gives you the most concern when

it comes to the macro environment? >> yeah, i think there's always concern about the macro. i think when people are like not concerned about the macro, that's probably what gives me most concern. and so i try to be a little bit countercyclical. i think that here you do have kind of main street pretty depressed. you know rates are high. and you know ai's been strong. but you know, i think that's kind of masked a lot of the weakness in the market from other companies. and so, you know, i'm optimistic i think going forward that, you know, we could have, you know, kind of a better economy and that could help, you know, broaden out the breadth of the market. and, you know, but at the same time, i think that leadership among u.s. tech companies continues to be very strong. and so with the better macro, i think that could help as well. so i'm pretty constructive. i think that, you know, we there's a lot of reasons to be optimistic, you know, going forward. >> all right. so there's not a concern i mean i asked you what

what your biggest concern is you didn't give me one. >> well, i think that there's a lot of concerns out there that people talk about, you know, like, you know, high rates, you know, inflation, you know, jobless claims. so i think that those are all concerns that are also in my mind. but i think that the fact that people are talking about it so much gives me a sense of that. it is like somewhat baked in there. and so, you know, you look at like where ism's are right now, like some of the lowest readings, but they're getting better. and so i would say that from my perspective, it's all about like, you know, are things getting better or or not. and so, you know, i think there are these concerns that i just named, i don't think i have any unique concerns, but to me, it those are things that can be transitory. got it tony. >> appreciate it. good setup. as we continue to watch whether this market will truly broaden and stay broader in the quarters to come, talk soon. thanks, tony

wong, let's get back to sarah and davos, talking to some of the world's top business leaders all week long. hey sarah. >> hey good morning carl and david. so one big change in davos here at the world economic forum this year. the war on dei diversity equity and inclusion which is front and center for the white house right now, is also top of mind for a lot of the ceos here in davos. it is the subject of a lot of the conversations, both on the record, on our air and also privately. and that is renaming dei. look, in the first 48 hours of his presidency, president trump actually issued an executive order on this subject to show that they were serious on this. now it only relates to the federal government, but there is indication that more is coming for corporate america. the eo, i just want to read this terminates illegal dei mandates, policies, programs, preferences and activities in the us government. this is a big change guys, because dei and before that esg policies have been very

popular. discussion points and initiatives here in the davos crowd don't hear much about esg anymore. and now there's discussion about how to change dei for the current environment. and here's what i've learned from most of the ceos that i've talked to about this subject. the naming is changing. the external communication around these initiatives are changing, but the substance of them is not changing all that much. maybe some policy tweaks, which was already going on well before president trump came into the white house. really a lot of it started around the supreme court ruling against affirmative action in colleges and universities. but that has evolved. but companies have not abandoned. all of a sudden, their values, say, around promoting a diverse and equal and inclusive workplace. alexander wang spoke with andrew ross sorkin earlier. he's the ceo of scale ai. he's been making waves here and sort of big on this discussion about dei. he talks about more of a

meritocracy. listen to what he said on squawk earlier. >> we operate in an incredibly competitive and fast moving industry in ai, and i don't have any option but to hire the best and most brilliant and most capable people for every single job inside my company. so as a result, we have no option but to be meritocratic and to practice mta. and in the process, we achieve diversity. >> by the way, his mta is merit and excellence and intelligence should also note that he is facing some internal lawsuits over labor. but still, this is what people are talking about. and the other thing is the same thing. you guys are talking about this, this battle, epic battle unfolding between altman, sam altman and elon musk over the new $500 billion initiative to build ai infrastructure. can they afford it? can it be done? we've all seen the public fight play out on x and everyone's talking about it here. jim breyer, who is a noted venture capitalist, he knows all of these players involved. i asked him about it and he also was

pretty skeptical. listen. >> it's a. nine and a half. >> out of ten. >> ten being impossible, but. >> larry ellison's genius and elon. >> musk, who commented on it. is a genius. >> and so. >> he said they didn't have enough money. >> he did. >> elon's not. >> wrong very often. >> so you're also you think it's just what? too big, too expensive. >> too big, too expensive. it's great if it happens for a lot of startups and entrepreneurial companies, but big capital expenditure projects like this tend to not work over time. >> and he has had experience and is sort of has a front row to what's going on with the build out of ai in the us and abroad. after the break. some great conversations coming up this hour. the ceo of pinterest is live with me here in davos. and then later we're going to talk to the executive chair of shein, to the executive chair of shein, us, china. we're back in he looks down at his queen, and says... (in atrocious french) au revoir mon amour. a bientot

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>> what do. >> you think we can expect from this second trump administration? >> i think radical change. i think tiktok. >> will be. >> allowed. >> to continue. >> in this country, but. >> there will be a shift in ownership. >> the main thing is not just 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 dave's been very excited about saving big with the comcast business 5-year price lock guarantee. five years? -five years. and he's not alone. -high five. it's five years of reliable gig speed internet. five years of advanced securit. five years of a great rate that won't change. it's back. but only for a limited time. high five. five years? -nope. comcast business 5-year price lock guarantee. powering five years of savings. powering possibilities. comcast business. gina costa... looking simply stunning... what's this? she's opening her fidelity app....

to buy that stock... with no fees or commissions... because what does gina got? gina's got the look. that never gets old. talk about easier investing. that's my secret to better odor control everywhere. >> let's talk about the state of social media. a hectic time between a tenuous tiktok ban and growing concerns over online safety. joining me now here in davos is pinterest ceo bill ready. it's great to see you. >> yeah thanks for having me. great to. >> see you as well. we are expecting to hear from president trump. he's going to beam in here virtually in davos about 45 minutes. i'm curious which of the trump policies you're watching as it relates to your business closely. >> well what i would say.

>> you know, overall there's i. >> think a lot. >> of optimism. >> amongst the. >> business community here. >> that, you. >> know, there's you know, this is a forum where you come, as you know, business leaders to engage with political leaders. and the fact that, you know, we have a new administration, we're you know, the president brings a deep background in business and is clearly engaging on business issues and looking to find common sense solutions to those things, i think is driving a lot of optimism, particularly amongst the business community here. i think the discussions on ai are a place that ai is core to our business. so seeing a lot of great discussion around that and the advancement of ai as well as things around, how do we make sure we do that in a safe and thoughtful way? >> safety is key for you, and you've announced new initiatives, including recently. now you you don't want kids to have phones in schools. >> yeah, youth online safety is really the primary topic we're here to discuss. and it's been a focus for us for quite some time. we've been focused on proving that there's a more positive business model for social media, and it's a huge part of why we're winning with

gen z. and so most recently, we've called for phone free schools to really give students a chance to focus in the classroom. it has a lot of great bipartisan momentum. parents, educators. it really is. >> it's something you want to pass, like at the state level, federal. >> so i think there's really great momentum at state and federal level around these things. and i think great momentum that as schools are implementing this, you're seeing that not only are parents and teachers happier, students are saying, oh, it's so nice to get to focus again. and i think this is a discussion that, you know, we're really trying to push here around youth online safety and youth online well-being more broadly is that we've seen, as we've adopted these things, that some of these things that people thought were not going to be good. for example, we were the first in the industry, so the only in the industry to do private only for under 16. people thought when we did that, that would lead to a decline in our platform. but gen z is now our largest, fastest growing demographic. and the number one reason they say they come to pinterest is they say, is they say that they see it as an oasis away from the toxicity they experience elsewhere. so i think

there's real consumer demand for more positive alternatives in social media for safe spaces. and so i think this is both a really important discussion around how we solve for youth online safety, youth mental well-being. but it's also something where there's real demand coming from consumers and gen z and youth themselves. >> i know you have been banging the drum on this idea that social media can be positive and doesn't have to be amplified by negative algorithms. so what do you think of tiktok? >> you know, i think, you know, we've been very focused on how we go present an alternative. so, you know, we are focused on how we can build a platform that helps people find the inspiration to build a life they love. and so we focus not on, you know, the things that make you view the most, which is what a lot of other platforms have optimized for is like, how do they keep you looking at the screen the longest? we've optimized for things that are going to help you find what you're looking for. we're a visual search and discovery platform. 50% plus of our users are there to shop, so we're focused on helping connect people with the things that they're looking for to build a better life, and things that

will help them take action in the real world, which is very different than a view time optimization. we're very different platform. >> well, we're watching the tiktok drama play out. if it does result ultimately in a ban, as the legislation calls for, would that be a net positive for your business? is there crossover? >> well, you know, we certainly you know, we're not sitting around waiting for the demise of other platforms. we're focused on how we can do something really great and showing that there's an alternative for consumers in a more positive space. but i think there's real demand about it. well, i think that, you know, we've seen, you know, for the last multiple years that we've attracted a lot of gen z by doing something very different than others. but we have more recently, as there's been uncertainty with other platforms. you know, we've seen that, for example, our uploads of video content have increased significantly, creators coming to the platform increasing significantly as there's uncertainty with other platforms. so certainly there are some of those things that, you know, may create some opportunity. but again, we're very focused on charting our own path, and we're seeing that work quite well. it's a big part of the momentum in the platform and

why we're winning with gen z. >> i mean, you're clearly very values based. and you think about that, you know, in terms of your business and not just eyeballs. i am curious then i was just talking about the sort of push against dei that we're hearing companies talking about. and one thing i've learned is it sounds like it's a push against the language more than anything. how do you interpret this whole debate? >> you know, we've been you know, we're a platform for more than half a billion users. more than 80% of those are outside the united states. people on our platform come from all walks of life, from all different backgrounds. and so we've been very focused, been very focused on how we drive inclusivity in our platform with things like inclusive ai, with things like diversity by default in our feed. >> but are you changing anything? >> we're not. and the reason is that what we have seen is we've done things like diversity by default in our feed or inclusive ai. it's actually leading to better engagement. there's consumer demand for it. it's good for our business. for example, as we introduce body type ranges that made it so that people, you know, people could see more people like themselves

that people don't just want to see, you know, what the average fashion model looks like. they want to see what average people look like. that actually led to 66% higher engagement with that, with that feature of body type ranges. so again, we serve a wide range of diverse users. and so we need to make sure that we're being inclusive. and we're seeing that it's good for business. and so we've been demonstrating. so you're not going to continue. >> that bill. the stock underperformed last year. the overall market. how does the advertising market look going forward this year. you talked about the optimism which is palpable. is it leading to bigger ad spend. >> well you know we're in a quiet period right now. so i can't comment on current quarter. but the things we've talked about in prior quarters is that, you know, if you just look at the business performance, you know, don't comment on stock price. but if you just look at the business performance, which is where we focus, you know, our last earnings call we talked about over the trailing 12 months, we more than tripled the growth rate of our revenue. and you

know gen z is now our largest, fastest growing demographic. we've put up nine consecutive quarters of user growth, become one of the fastest growing. what do you. >> think investors are missing? >> well, you know, it always depends on what time range you look at if you zoom out a little further. so yeah, if you start from start of my tenure, i think it's a different look. but we stay focused on the business fundamentals. and the business fundamentals for pinterest have never been stronger with, you know, the revenue growth rate tripling on the trailing 12 months and margins expanding, you know, user user growth and engagement continuing at all time highs. the fundamentals have never been better. and a lot of the things i've been talking about around youth, online safety being a more positive space, we're seeing that really, really resonate and work for our users and our advertisers. >> well, bill, it's great to catch up on all the hot topics. thank you. and thank you, sir. you hear bill ready, ceo of pinterest a lot more for you from davos here. do not miss the executive chairman of e-commerce giant sheehan later this hour. carl, back over to you. >> all right sara we'll see you in a bit. sara eisen in davos a quick check on stocks. nearly an hour into trading this morning. some mild weakness on the s&p. dow is hanging into gains though

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meeting. cnbc live. >> ambitiously. >> welcome back to squawk on the street i'm bertha coombs with your cnbc news update. firefighters in california say they are starting to get the upper hand against a new wildfire that started just wednesday north of los angeles, which has already grown to more than 10,000 acres. about 50,000 people, though, still are currently under evacuation warnings or orders as the flames from the hughes fire continue to spread. cal fire says though it is currently about 14% contained. a federal judge will hear the first arguments today against president trump's executive order ending the constitutional guarantee of birthright citizenship. he will hear arguments from arizona, illinois, oregon and washington to block that order. it is one of five lawsuits over the action brought by 22 states, and emilia

perez, the brutalist and wicked, led the nominations this morning for this year's academy awards. emilia perez, the genre busting musical about a mexican drug cartel boss, scored 13 nods, including for best picture and original score. meanwhile, the brutalist and wicked from our sister company universal pictures each received ten nominations. david, i've seen wicked and emilia perez, but we still can't stream the brutalist, so guess i'll have to hold off on that one. >> now, brutalist is still in in theaters. i want to see that i did very much enjoy emilia. >> wasn't it great? >> yes. zoe saldana, of course. queens native like me. so she's got a lot of other things going for it too. bertha. thank you. elon musk and sam altman sparring over the $500 billion stargate deal that was announced of course, the other day. we'll have more on that. and a closer look at why these two tech titans are both cozying up to

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during our vera desk sale. >> well, it's turning into a billionaire battle over that massive ai infrastructure project dubbed stargate. elon musk landed the first blow, alleging that the tech giants behind the initiative don't actually have the cash to back it up. openai sam altman fired back yesterday, saying, quote, wrong. as you surely know, microsoft ceo satya nadella also weighing in yesterday, of course, on squawk box, saying he's good for $80 billion. of course, much of that is for azure. musk took to x again this morning, saying, on the other hand, satya definitely does have the money. to which nadella replied and all this money is not about hyping ai, but it's about building useful things for the real world. and it's still going on. just a few moments ago, sam altman posted just one more mean tweet, and then maybe you'll love yourself. i don't

even know exactly what that means. carl. any ideas? >> no. but yesterday a lot of the chatter on the tape was reminded people of ackman, icahn going back over a decade, but with much grander things at stake. wouldn't you agree? >> without a doubt. and let's not forget of course there is significant litigation between, say, elon musk and openai. sam altman elon musk was one of the founders and in fact, the main contributors to the creation of openai, the key initiative being safe ai. and they are at each other in any number of ways. but it was altman at the podium the other day to announce stargate with the president. musk was not there. let's bring in steve kovach. give us a bit more on color here. why? they're at each other. what? what's at stake? and, you know, where does it all end up? of course, is the question. we can all take bets on how long musk is going to going to continue, for example, at doge and sort of in that very

strong relationship with the president. >> yeah. and it sounds like he's actually been in the white house now. and i'll borrow a term from carl that he's been posting on blue sky the last couple of days. it's like watching the real housewives of silicon valley really go at each other. you used to have to tune in to cnbc a decade ago, like you guys said, to watch billionaires have a fight like this. and not only that, though, this is for a fight over the affections of the new president. the president is putting his muster behind this stargate project. of course, as we've been saying over the last couple of days here on air that this project was in the works before trump was even elected to be president. this was going to happen regardless of who is president, but to have the full force of the government behind it, to have trump rescind that ai safety order from the biden administration, kind of opening up to give these guys free rein to do what they want. but it's hard to read anything but elon musk here, having sour grapes over sam altman. remember, elon musk was one of the co-founders of openai. he had the chance today to be part of the hardest

startup on the planet, one of the fastest growing startups in the history of technology. and instead, he divorced himself from that company over a difference of opinion of how it should be run, nonprofit or profit. he wanted to be ceo at one point, according to emails that openai has released. and now we're seeing these two kind of snipe at each other after they both get into the president's ear. both appear with the president in recent days, and this is what we're seeing play out. you're looking at the tweets right now about how these two are just really sniping at each other. they have no love for each other. and by the way, guys, all these ceos that we saw earlier in this week that were standing behind or sitting behind president trump when he was inaugurated on monday. none of these ceos really have much love for each other. you will never hear google say a nice word about oracle. you'll never hear microsoft say a nice word about google either. you'll never hear apple say a nice word about meta and vice versa. so these guys are all competitors and all trying to kind of battle for the

affections of president trump as they kind of live under the thumb of what he's doing right now, which is potentially slapping tariffs on apple, potentially, you know, all these threats that he made in the election against some of these people. we're seeing all of this come into play and really play favor. sam altman, by the way, has completely reversed his positioning around trump. there are some tweets that have been dug up since this battle. kind of got between these two guys. we've seen altman say things in the past, very anti-trump tweets and positioning about that, and now he's kind of taking the other turn and saying he's seen trump in action, he's seen trump in person, and he has a very different opinion of him now. guys. >> yeah, it's fascinating to watch. of course, worth mentioning as well is elon musk's ai initiative my last reporting obviously they raised that $6 billion at a 50 plus billion dollar $51 billion valuation. but it's only going up from here is the expectation

as well as if and when they continue to raise additional capital. steve thank you. thanks, guys. steve kovach. our next guest says the stargate project is positive for nvidia for arm, alongside high bandwidth memory plays such as arista networks. wells fargo's aaron rakers joins us now. yeah. aaron, what's the takeaway? i mean, the big number obviously 100 billion maybe going as much as a half a trillion, even though there are some questions about who has the money and how. over what period of time it will be spent. >> yeah. >> i think. >> the takeaway here is that we've. got another, you know, leg to this ai narrative that's going to continue around, you know, not just the semiconductor names but also the infrastructure play. so as. >> you mentioned. >> you know. >> our favorite names here. >> high bandwidth memory. we saw hynix report last night. i think it was a 350 plus percent growth in their high bandwidth memory revenue this last quarter. >> micron plays on that same theme. and then i think. >> increasingly what. >> we're looking. >> at is that these. >> aren't singular. >> data centers anymore. >> you're connecting. >> multiple data centers together. so this

interconnectivity i think is a good play for somebody like a marvell. >> and then as. >> you pointed out, we do like a wrist on. >> the back end. >> fabric side, the. networking side of this, these are big numbers. we think this drives another. >> leg of the narrative to this a ai investment. >> cycle thesis. >> yeah. so you're not doubting at all whether the i mean again you can just look at the hyperscalers in terms of their capex plans this year and i assume back into enormous numbers for any number of the beneficiaries when these things get built. how long do you see this cycle going? >> yeah. >> so we. >> see a very. >> good. >> setup for 2025. >> and we think there's. >> you know, as. >> we. >> go through this year. >> there's. >> visibility into next year. i mean again having hynix. report last night. >> they had alluded. >> to the fact that they'd start to get visibility on. how their high bandwidth memory business looks into 2026 by the mid part of this year. so we think that, you know, this investment cycle has legs this year and into 26. and we'll debate on what 27

looks like as we move forward. but definitely i think we want to also not just play nvidia, but the people that play into nvidia around this connectivity and the memory side. >> yeah, the names coherence getting a lot of attention. sienna, you mentioned arista, but do you think we would start to get early clues about the impact in q2 results let's say? >> yeah, i think i think the indicators will be there. i mean, these are long cycle products, right? you know, these gpus take a long time to build and produce high bandwidth memory, takes up three x more wafer starts than traditional dram on the memory side. so we think there's definitely visibility involved here as we move through the first half of the year and into the back part of 2026, we think we start to build that visibility beyond just the back half of the calendar year. >> when people talk about friction on this effort, we mentioned the financing. but the other thing that got attention yesterday was the permitting. and whether or not expedited permitting would allow this to happen faster than the market thinks. which do you think we

should be paying more attention to? >> yeah, i definitely think, you know, the permitting is important, but i think the power availability. so one of the things that i think is important to note here is that there's clear, you know, indications that they've already started on this project. right. there's two data centers being built in abilene, texas that was announced actually late last year. so we're already down this path. i think there's been articles actually, as of even this morning, talking about two gigawatts of capacity from an electric perspective, power perspective already to this data center site in abilene. so, you know, think about it this way. you've got, you know, two data centers. that's that's basically eight buildings, 100,000 plus square foot in size. ten data centers, obviously, would be 40 buildings. and you got to connect these things together. so permitting power availability, all those things are something that we want to keep an eye on. >> yeah. and we try as well here of course, talking every day about the need for so much additional power as well. aaron

always appreciate it. thank you. thanks. >> check out some laggards on the s&p this morning. we mentioned e slumping on this disappointing guidance regarding their bookings related mostly to their soccer franchise. freeports in there as well. another earnings mover today. when we return we'll go back to davos and interview. you do not want to miss the executive vice chairman of e-commerce goliath sheehan is with us after a break. >> i spotlight is sponsored by accenture. >> welcome to reinvented with accenture. today i'm here with margherita della valle, ceo of vodafone. a lot of what you're doing is about courageous leadership, radical change. right. that takes a courageous leader. >> we need to acknowledge that change is hard and change is not simple. change always adds a layer of complexity. >> i love that i often talk about the need for ruthless

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now is sheehan executive chairman donald tang. welcome. it's nice to have you. >> well thank. >> you for having me. it's great to be here. >> yeah. so we are you know, waiting for president trump to speak to davos virtually under 20 minutes. he's gotten very busy in his first few days in office. i am curious as a company that does a lot of business in the us based in singapore, manufacturing in china. what kind of policies you're looking out for that would affect you most? >> well. >> before i answer that question, let me share with you and your audience about who we are, what she does. she is a global online on demand e-commerce company, a profitable growth company at scale. we are a tech enabled retailer of fashion and lifestyle products, doing business over 150 countries. and as you know that

we're often mislabeled as a fast fashion company. and in fact, we are not a fast fashion company. we are a fashion on demand. and let me tell you the difference. the difference is fast fashion companies and traditional retailers, they mass produce the products they want you to wear that we on the other hand, with the on demand business model, we might grow, produce the styles you want us to manufacture. so we actually make the things according to the style you pick. >> it's way faster than a zara, for instance. >> well, we deliver to you. and then also by implementing the on demand model that we actually eliminate most amount of unsold, unnecessary inventories and passing those savings to you, the consumers, and to give you the value for money. right. so these are the things that we anchor the consumer first as our principal and made us a successful company for the last 12 years.

>> what about tariffs then as a company that sells a lot in the us but manufactures abroad? >> well. >> in. >> china, right? >> let me take you back to the principles again. availability, accessibility and affordability. those are the three things that we do as an anchor. and as long as we keep on following this playbook, which helped us to be so successful, incredibly popular with the consumers and adding a laser focused accountability to big a, and then we can do anything and then continue to be a successful company using those customer first principle. >> one of the things that's so appealing, and why shannon has just been explosively growing in the united states, has been the low price points. so i do wonder if that if you are able to mainta t we do see higher tariffs. well, china. >> affordability is the anchor is one of very important things. yes. but it's the whole package of it. it's a value for money. and as long as all of those policies are applied or new rules are applied equally and fairly to all that, we can

continue to face on these same principles and continue to deliver the best products for our customers. >> still undercut. are you watching the tiktok saga and seeing how that plays out, and would that affect you at all? >> so we're going to focus on that accountability and whatever we do and continue to do what we do. >> what's the growth been like in the us? >> it's been incredible. you know, so it's a company. we're addressing a, you know, $2.3 trillion of the fashion addressable market. and we have been profitable since the inception. and the growth has been robust. now we want to make sure we pay attention to the longevity of growth, not the speed of growth. we wanted to pay attention to the steadiness of the net margin, profit margin, not the volatility of it. if we can embrace all these things and continue to execute our strategy according to the four a's, we're very excited

about the outlook. >> well, it sounds like you are. you're gearing up for to speak to investors about an ipo. and we've reported there have been lots of reports that that's coming soon. and the latest is that you're actually eyeing london for an ipo. can you confirm that. >> sarah, you know, i cannot talk to you about that, but i what i can tell you is to sort of discuss about the reason why we want to be a public company, being a public company embraces the very universal and unique mechanism for accountability. so if we can embrace that, that create most amount of public trust, that is so crucial for this company, for the long term growth. that's the most important reason why we want to go public. >> what about some of the other you faced some some criticism and negative pieces, reports, investigations around everything from the cotton production to copyright issues. how are you managing some of those issues?

>> it's the same thing. it's a three a's and plus accountability. as long as we abide with the laws and rules and ethics of every single country that we operate within. and if we do that and hold us accountable to the high standard of the industry and the country's standards, for us, we're good. >> what about. i know you've spent a lot of time in washington, dc, and, you know, it's always sort of political hot button issue. are lawmakers receptive? do they understand what you do? have you been able to make your case? >> well, what we can do is focusing on accountability, answering questions in a way that, according to all of the mechanisms, according to all of the rules and the will will do just fine. the way that we're going to do it is to focus on accountability, focusing on transparency. that's part of the reason we wanted to go public. >> and focusing on supply chain. i know you've diversified and you've you've done it in other markets, for instance, like brazil where you've opened. what what sort of markets are you

eyeing next and what what is how do you figure out what your total addressable market is? >> well, the whole thing is you have to go back to the very principle. it's the consumer. you know, how we can find ways, the better ways to continue to improve our product quality, for the better value for the consumers. this is the similar to what the administration, you know, and the president trump's directive to create a better economy, less regulation or more appropriate regulation for better growth to do it to push for less inflation, which we will be able to contribute. all of those things will be very good for the consumers ultimately for us. >> donald, it's great to catch up with you. thank you. k posted. of course. >> keep on inviting me. i'd love to come. >> back always. thank you. donald tang, executive chair of she. and do not miss much more from davos next hour on money movers. you're going to hear from president trump. mowgli's

founder, chairman and ceo ken morris will join us as well with some reaction and market predictions on the other side, carl. >> before that, sarah, of course, the president, as you said, set to make that special virtual address to the group in just about ten minutes. what investors should know. of course, we'll check in with sarah on the other side of that. stay with us. >> nothing stands still. not technology, not the market. >> and not. >> franklin templeton. >> we've been a firm in motion for over. >> 75 years. >> always innovating. >> today. >> we are 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. >> meet venue on the nyse. >> american symbol venue. >> disrupting a multibillion. >> dollar live music industry.

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mind. get your solar generator and free panel at four patriots.com. >> well, as carl just said, president trump is set to make a special virtual address at davos in just a few minutes, making casellas here. she's going to help us sort of figure out what we want to keep an eye out for. megan. >> hey, david. >> good morning. >> so this is a chance for trump to at least virtually address a gathering that he's been looming over all week long. he'll have prepared remarks and a q&a with the audience. and the question for this speech is really what kind of tone president trump strikes with this crowd. he famously is not a fan of multilateral organizations the world health organization, world trade organization. he tends to shun international cooperation overall, and that's been a source of some apprehension in davos this week. we've heard lots of reactions to tariffs, looming tariffs and his first america first agenda, what that could mean for the global economy. but that said, this is also a group and an audience that trump wants to impress. he cares deeply about market reaction and likely will not

want to say anything today that wouldn't be well received. there's also a lot on his policy agenda that this crowd would welcome deregulation, especially on the energy front, the ai infrastructure rollout we've been talking about. so as he speaks, guys, keep an eye on how he straddles those two lanes and what signal he's really trying to send in this first major speech on the global stage. david. >> yeah, interestingly, megan banks are one of the names or one of the groups that are definitely on the move today. all time highs for goldman capital one, discover, jpmorgan, aj visa, wells. the other element to watch i think might be sanctions. after his comments yesterday about the potential to add fresh sanctions on russia, something that actually got pretty well received by nato today. >> absolutely. the russia sanctions and the tariff threat on russia yesterday as well. and that was something, carl, that was a huge topic of discussion in scott bessent, the incoming treasury secretary's nomination hearing confirmation hearing last week, with sanctions coming out really strong, saying he thought the last administration didn't come out strong enough on

sanctions, saying we were too dependent on our adversaries for oil. that's why we weren't coming on stronger. so you can see the connection there with this sort of drill, drill, drill energy agenda with coming on stronger on sanctions as well. you're very right that that could be a topic. and mentioning the banks as well. there's been a lot of optimism in davos. you're absolutely right. that's one group that is really thinking they'll benefit from a friendlier administration with trump in the white house than they did under president biden. >> and you know, i know you keep track more closely than many in fact, perhaps any do in terms of what we're likely to get on tariffs. what's the latest chatter, whether it be 10% across the board mexico and canada, not china. yes, china. where are we megan. >> there's a lot going on on that front. february 1st is the date that we're watching. that's what he said is the deadline for when he wants to impose 25% on canada and mexico and 10% on china, my view, and from from my understanding, from reporting is that that's still a negotiating point, that he's still trying to get canada and mexico to the

table, potentially to reopen that usmca trade deal a little bit earlier than the next summer deadline that that's already been in place. so we're still watching that. he's likely to wait until his trade team is in place, and that could take a few weeks longer before we get any real movement. but i would definitely expect those tariff threats to continue. >> all right. and you'll be watching them closely for us, megan. thank you. megan cassella from washington dc. we're taking a look at a market here. it's sort of a mixed message. we've got the nasdaq down about a quarter of 1%. the broader market s&p as you see up ever so slightly. apple shares are up for the first time in a bit. stock is still down 10% year to date. we've got a lot more date. we've got a lot more coverage check in time is 3:00 it's 2:55. i know. is this what he's doing now? as your host, i have some rules. first, no showers longer than 5 minutes. this isn't a spa. no games. no fun. yes, coach. (♪♪)

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portfolio, helping you grow your wealth year after year. start growing your real estate portfolio today with the fundrise flagship fund. >> every day. >> i'm reading extensively. i'm checking the markets throughout the trading session, working the phones, talking. >> to sources, and doing my own reporting to share. >> insights. >> information, and all of the details that you need. >> to. >> be. able to. >> make money. >> good thursday morning. welcome to money movers. i'm carl quintanilla with leslie picker here at post nine of the new york stock exchange. we are awaiting remarks from the president, who will speak virtually at davos in a few moments and then take questions from a number of business leaders. we will bring you there live. when that begins. we're looking at some pictures already of the line to get into the room where that will be broadcast. meantime markets close to session highs. dow is up 180. s&p has actually flipped positive in the last few moments. as we await those comments