>> a quick final check on the markets. you'll see the dow is off by about 100 points. the nasdaq down by 30. the s&p down by ten. i just want to thank both robert frank and mike santoli for being here today. you guys are awesome. i really appreciate you for such a double duty on a friday. >> fun. >> yeah we appreciate it. you guys have a great weekend and make sure you join us next week. it's right now. time for squawk on the street. >> good friday 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. >> bulls look to build on. >> thursday's all time high. the first new. >> high of the year as. >> the tension also. >> turns to bank of japan. >> hiking rates. >> and the president now jawboning the fed. opec and the banks. a roadmap begins with the movers in the markets two dow stocks, amex. >> and. >> verizon, crossing. >> the. >> tape this morning. major averages. >> still on track. >> for the second positive.

>> week in a row. plus. >> back to the weight. >> loss drug boom. shares of novo nordisk are rallying. >> this as. >> a new obesity drug. it's testing shows. significant weight loss. >> its early. >> trial results. >> though. >> and we're keeping an eye on one. >> of the. >> biggest energy. >> ipos we've seen in a decade. >> venture global. america's second. >> largest lng. >> exporter is set to make. >> its. >> debut right here at. the nyse. >> let's begin. >> with the markets this morning and this s&p record run. jim over. >> the. >> last week and a half best eight session rally since august. >> although not. >> as broad as it was last year. >> no. >> but i. >> do like to see that this is a. >> rally. >> that's not. >> led by apple. it's a rally. >> it's not led. >> by nvidia. >> it's a rally where microsoft seems to be tepid. alphabet kind of here nor there. tesla. you have to reignite. >> it. >> with an. >> adam jonas piece talking about an etf etf. of ai. but you'll see these beautiful. >> one off moves. >> union pacific great quarter versus say csx. or how about the drugs. how about the drugs. i mean last week i was at the j.p.

morgan healthcare conference. yeah. >> and no. >> one liked the drugs. they exploded yesterday. so what i'm saying is, is that many bull markets each day, banks had a bull market. drugs had a bull market. rails had a bull market. i love it. we had a bull market. this is what i want. not brought on one day, but brought up multiple over time. over time. >> it's what. >> you want? >> yes. >> because what. >> creates. >> a healthy market? so. yes. well, that's. >> kind of. >> what i'm saying. i'm just i'm just reiterating. >> what it. >> is you're saying. and i just don't want it to be the same old, same old. like today. there's a piece in the ft. i like the ft. but they were talking about, you know, now things are really stretched. if it's saying one of the magic seven. no, it's not a magic seven rally, for heaven's sake. it's not. and people are worried about microsoft and clippy. two you know, benioff taking a shot at them. i'm not hearing anything. any real mojo for about alphabet. i mean apple. we have another guy today. trim price target. i mean, nvidia can't get out of the 146 way i well i'm just okay. yeah. nvidia

is not. >> how you work. >> so you are. >> it's not a great week. >> so you've got a cyclical playbook. >> in mind. yes. >> well i just think that this is one of those markets where when you have a good quarter bingo. and the only one that's really going up is meta. and it's not going well. amazon's levitating because there are some talk that amazon is going to have much better than expected number. but meta no one yet wants to say listen this is all about. he's the real winner with tiktok. you know you got this bytedance tiktok and it's him. it's about the algo. and zuckerberg's going to have the algo. so i just say let's let's accept this. what zuckerberg. >> is going to. >> have the algo meta i think meta i like reels. i like reels. when i was doing videos, i thought reels had really good. you could do really good commercials in real life. >> and if tiktok does. get banned. >> obviously there are benefits. so that said. >> you know, there was there's. >> no sign. >> do you. >> think it's reflecting. >> in. >> meta's stock price already? the possibility? no. >> we're in the midst. >> of the just the beginning today. right. meta is just five

days is just going up because it's the second year of living, you know, of living efficiently, right? that's what that's going on. because the guy just is like, he's like, when i worked at goldman, it's the deadwood quotient when they would say, listen, you know, you got any deadwood there? we got to like, move. now, it's probably not politically correct to talk about deadwood anymore. check that. it's probably politically correct again. deadwood is back. >> you mean. >> the show deadwood? >> yeah. >> no, no, not the show. it's like, hey, listen, jim, you got to, like, when i used to teach class, and it's. and i only put the bottom five people. i put their names because. what was the point of singing the praises of the good ones? you wanted to. you wanted to make it so the bottom guys were humiliated, right? because it was about humiliation. >> understood. >> that's how you teach. >> got it. well, this this goes. >> back to. >> to welch. >> back in the day. yeah. >> it is. i think he stole from me. i really do. so for me, meanwhile, the whole. things are. >> getting broader. >> and diversifying. >> i mean, you don't like that? >> no. not really. >> i mean, meta to your. >> point. >> is up eight and a half. >> or more percent for the year.

amazon up. seven plus percent. >> microsoft still. >> up 6%. nvidia is up 9.6%. you're sitting here saying it hasn't done anything. >> it's having a. >> very strong. >> start to the year. i'm saying oracle. >> by. >> the way the big winner in. >> big. >> tech up. >> almost 12. i'm saying this particular this this this this this very moment. this second. yeah. well no i'm from the church of what's happening now. i'm saying that this particular joint is not led by the usual suspects, and i like that. look, when you come in every day and apple is down, that is saying something. that's people saying, you know what? i'm not putting the money in apple anymore. i'm going to take that money, which was the largest company on earth. look at that. look at that. that's what i'm talking about. that's not the leader. yeah, no that hasn't. we've been talking about it all week. it's not the leader, right? right. i know. well, and as i said yesterday, and you. >> took. >> offense at it, you've been trying to. >> defend the stock. no, no, i said it's going to come in. i said it's a weak quarter. not only that, but then it got lower. i said all that stuff.

i'm saying that microsoft people microsoft's on its heels. i know that you look like it's up a little, but take a look what microsoft's been year over year. microsoft's not been a winner. oracle was the winner because you know the white house. that's right. all right. but what about the future? that's i don't really care about the past. so is microsoft now. no i want january january in a way to the jan 24 i went to the okay. never mind. we're not going to get the right thing. but what i'm saying is, is that that there are other stocks besides tech. that's all i'm saying. and that yesterday was about health care. it was about health care. and it hasn't been about health care for a long time. the health care stocks, the hmos were terrific. abbott labs was the market leader yesterday. that's new. that's new. >> we're watching hca today. certainly. >> novo with. this with this. >> early 22% weight loss versus 2% placebo. >> okay. one and a half. one and a half. it's early. remember it's a one half trial. now you can make these. you can finagle lilly versus novo. it's very hard to do week to do actual comparisons because some are by

48 weeks. some are shorter weeks, some are bigger. meg. what really matters? boom. eli lilly scripts are way up. and you were looking at the fourth quarter, remember? fourth quarter was disappointment. david ricks came on mad money. he came on our show. what did he say? he said we botched the launch. this is the beginning. wolf puts out the scripts. the numbers for lilly were really good. and that's what i've been waiting for. so we can do this head to head of the phase one and a half. forget that novo is down so much. anything they put out, they can say, hey, listen, this thing causes, you know, it, like, makes you feel better. it wouldn't matter. what matters is that that monjaro and weekly scripts are finally, finally doing good. and they had been not good. >> for a lot of discussion about how it's. >> hard to find. >> this kind. >> of top. >> tier growth in europe anywhere else. >> it is. and yet we've europe is much discussed as being doing well because the rates are so low in germany. >> but bouncing. >> up. >> against all time highs. >> all week. >> i know in japan rate hikes

come, we're in a good time. and yet of course you have to have everyone saying well it's over. it's stretched, it's stretched. it's been stretched now. since when? since august of 1981. when i started, it was very stretched. right. you know, it went up like 80 points in like five weeks. it was stretched. i am just saying, don't play that game. find good stocks. find stocks that are winning and they're going higher. nvidia by the way, was at 142 when i woke up at 3:00, then 146. then it went down to 145. now it's back to 147. it's doing nothing. >> what's meta doing again? >> we talked about it a moment ago, but i am looking at this post from mark zuckerberg. >> that just. >> hit on on facebook. have you. >> guys seen one. defining year? he calls it for ai. >> that's 2025. he expects meta will be the leading assistance serving more than a billion people. lama for of course is their open open source. lm will become the leading state of the art model. >> right. >> some capex. >> numbers. >> in there to. >> power this. >> yeah. >> this guy's meta is building a

two gigawatt plus data center. >> that is. >> so large it. would cover a. >> significant part. >> of manhattan. >> we're going to bring online one gigawatt of compute. >> in 25. >> we'll end the year with more than 1.3 million gpus. >> wow. so you know that. and we're planning. >> to invest. >> and again, jim, i think. >> these may be in line with the numbers. >> so i don't want to say tell me. i'll tell you i know the $65 billion in. >> capex this. >> year. >> 60 to. >> 65 billion. >> that's a number they've been. that's right. well remember he has to have did he say that he's going that meta ai is going to be number one because it isn't. remember when he said that i was going to be number one. yep it isn't. and he said it was going to be by last. this guy's look he's i think this is interesting. >> that. >> he chose that it's going down that he is i think it's not that he's put this out. it didn't have any pizzazz. yeah. massive effort over the coming. >> years will drive our core products and. >> business, unlock. >> historic innovation. >> extend american technology leadership, says mr. zuckerberg. >> why again stocks trading down what what what phrase in that

thing is negative. what phrase? well i don't know. maybe to the 60 to 65 billion in capex this year. >> maybe that is just. >> reiterating what people already anticipated. i know i don't know. look microsoft is doing 80. i mean, by the way, i would point out it's good for video, what i'm aware of. >> in the financing. >> markets and the way that some of these. data center. >> projects are structured. >> you're actually. >> bringing in a. >> good deal of private equity. >> money. >> a lot of it in. >> sort of debt or other kinds of. >> financing. >> but it has the effect. of less the lessening the capex. >> expenditure on paper. >> from a meta. they will. >> they are the tenant. >> they will. >> pay interest. >> in the private credit. markets by. >> borrowing there. >> to a. >> certain extent to help as well. >> so, so but that should we should be i'm saying that the numbers are even larger, but that means we should be looking at free cash flow. that's apples to apples. and we have to find out. free cash flow. that's a good point okay. that's a good point because it can't be triggered by a capitalization.

you have to get that. but again, you know, when you just think about. meta. just talking. >> about partying, creating data centers that are so large. >> they will cover. >> significant part of manhattan. >> i'm not sure. >> what. >> he talks about in significant. well, you get a sense here. now, you said, by the way, back to our other. >> theme that. >> we'll endlessly talk about. >> you get a. >> sense of the challenges for power and things of that nature. >> well, we have to spend so much time on power because we are beginning to get when i've been dealing with these natural gas companies, it's they're being green lit and they're not being talked about, and they're starting to realize, why is everything being nuclear? because nuclear is 7 to 8 years, okay? 7 to 8 years. and if you go over the ge venmo quarter, it is that's why someone downgraded ge over to that guy doesn't know what he's doing. the ge renova is they've got all bases covered. but it's natural gas but it's natural gas i mean parish. >> data center in louisiana. >> is one of the biggest. >> ones for meta. >> and again i'm telling. >> you the way that they structure. >> this, it's not all. >> their capex. >> or at least. >> it doesn't go down as all of

theirs, because in some of it is. >> private credit is borrowing from they're using the apollo's. >> of. >> the world, for example, to provide it, let's say the entergy project, right. >> that they're. >> the power provider. yes. just huge. the numbers are staggering. >> yeah. >> and this this. >> capex guidance. >> will be. >> hot relative to the street, just above. >> 50 billion. i think. >> that's the number. that's that's what they're going to say. that's how they say it's too expensive. it's higher. i tell you, if you don't spend, the people don't go back over what jensen said. for every dollar you spend, you get $4 in return. so to me, microsoft is the leader in this. and i know that zuckerberg is behind because zuckerberg and by the way, meta, i, i don't know if you guys are using it. i don't really i use chat, i don't use it really. it's wild card weekend, that thing. >> i got. >> to. >> start using. >> gemini a little bit. that does not make the playoffs. i is not in the playoffs. >> we'll talk more. >> about return on some of these investments. cover. the economist is all about how the chinese. >> are. >> doing this for a lot less money. but julia boorstin is watching these particular meta numbers. morning julia. >> good morning carl. yeah let's

just put these capex numbers in context here 60 to 65 billion on capex this year. as meta says, that they were going to be growing their ai teams significantly, also saying they'll have the capital to continue investing in the years ahead. he is saying this is a massive ramp up in spending on ai. to put this in context, it's up from $38 billion in capex in 2024, and analysts have been looking for 51 to 53 billion in capex for this year. so that's meaningfully ahead of that. zuckerberg also talking about expectations for that meta ai assistant tool to significantly grow in terms of its reach. so the last number they reported for meta ai was 500 million at the end of the third quarter. that was at the end of october. now they're saying they expect to hit a billion users of meta ai this year. so a doubling this year. and just talking more about the importance of ai. remember, this is a company that pivoted from focusing on ads and social media to the metaverse. and now it's really about ai driving everything going

forward. >> meta sometimes does nothing but pivot well. >> so they are. good and he's a competitive guy, and the more you spend still, the better. i know there's still this camp out there which says, look, it's got to slow down. and there are a lot of people telling you it's. >> understated, too. >> i'm telling. >> you. >> because. >> of the financing. >> arrangements as well, i would like even higher. but you're talking about you're talking about blackstone. it's about blue owl. who are you talking about? all of them are providing. >> credit to the building of these data centers. >> well, then therefore meta, you know. pays well or, and or whomever will pay interest interest variable y as opposed to just showing even more capex, which they say they have the wherewithal to do it. why is my saying that out of the money, that's. >> a. >> different situation entirely that you're talking about? no, no, i'm just saying that that you're talking musk was saying that none of the money about about the stargate thing. he's not talking about this. no, no, no, i'm just saying that there are people who think that it's that that new entity that that to get in this game. there's only a couple of companies in this game. there's an enormous

amount of capital. >> that wants to help. >> finance a. >> lot of this stuff. absolutely. if it can get a return and you should have asked larry, are the biggest companies in the world. >> nobody's questioning. >> their credit, their. >> ability to pay you. >> back 100 billion. >> the first 100 billion. >> is more. >> than double the cash on hand. for soft we come back. blue chip earnings. >> from amex. >> from amex. >> and verizon of course. at morgan stanley, old school hard work meets bold new thinking. ( ♪♪ ) partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley.

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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 dude, i really need a new phone. check out my new samsung galaxy s25 ultra. it's got galaxy ai. imagine this thing running on our superfast xfinity mobile network. and i also heard that it can do multiple things with a single command. —with google gemini. let me try it. add recipes with overripe bananas to my “dessert ideas” note. that's what you chose to ask it? i had other things planned. ask how to get up to one thousand dollars off the new samsung galaxy s25 ultra with xfinity mobile.

feel amazing and is something that we get to use every day. earnings from a pair of dow components, american express and verizon. jim. interesting provisions at amex down ten year on year. >> yeah look i know and what i think that's most impressive about amex. and i think that would really perplex jay powell. the spend is insane in this country. the amount of people traveling the bump up to first class from commercial from the second class, we'll call it david. the amount of people,

just the frequency which people are having dinner out, i don't know what to say. there's a burst of optimism that is being translated into spend, particularly for younger people, that i'm just flabbergasted. >> millennials were up 16. >> they just can't stop expenses. >> hot. is that. >> explain the stock today. >> oh, i think that this is the last four quarters i was talking to steve squeri. this keeps happening. the stock goes up huge ahead. i mean, there's one of the greatest charts of all time. and then people say, oh, it wasn't, you know, 8 to 10. he gave you 8 to 10. so it didn't blow things away. i mean, this guy is delivering a level of consistency that is so much better than everybody else. you can take all those fintech stories and this is just the best one. the cap, by the way, capital one when they merged with discover is going to be really, really fabulous. i'm working a lot on that one. but american express no flies. good quarter. steve squeri doing a terrific job. at one point the stock was down 12. i don't know who does this ahead of the quarter, but when i speak to them, i just think just wow. and

their customers love it. they do a deal with gold card and dunkin donuts and lyft on dunkin donuts is gigantic. the deals young people know how to get. they look at deals. you probably get your car. you know, you just use your card. i mean, these people, it's like they got points for everything. i know i utilize, i they got points for this coffee that i had this morning. also there's so many specific cards. i mean, if you fly in delta, maybe. >> you want. >> the delta american express card, not. >> just the american. >> express card, because. >> it really will help you and or so many other. more specific reward programs. >> also ties. >> into burberry's. >> numbers, which, although down four. >> were a lot better than. >> people thought thanks. >> to north america. i'm used to them being down double digits like breitling. breitling surviving in north america. i just we're spending so much. i don't know how they can cut. i wanted to cut. you can listen to csx. you wanted to cut like a thousand times. >> you heard. the president knows. >> better than the fed. >> he demanded. he demanded it. >> it's been demanded. >> well, he demands. lower interest rates. he's still banking it. bank of america. are

you done with that? no. there's some things going around. i mean, things are happening very fast, and i want so much to slow it down. peggy noonan with a fantastic piece about the burst of energy. some good, some bad. i love peggy noonan forever, but it really writes for the journal. but i just find that there's a you got to be a little filtered. i said last night on. >> you did say that? >> yes. >> not every utterance by the president. >> is an investing opportunity. >> yeah, a lot of people want to do that. oil and gas. they want to do it with interest rates. and they have to remember that he doesn't have the authority. i mean. >> look, he moved coal. you pointed that out. >> i knew he'd go for coal. i knew because, david, coal is so dirty. so dirty that it's clean. it's clean coal. it's clean. dirty coal. don't you love that? i have i have three cows. they're bathing. >> let's not do the cow. >> yeah, let's not go. >> there again, please. >> on the cows. i'm just going to say they're so dirty. they're clean. got it. okay, i got it. yeah. we have to be what we say we are. what is that?

>> we're going to explain that it's maclaurin. >> oh, by the way, i want to clear one thing up because josh. so josh harris is from chevy chase, maryland. it's his wife from roslyn. i apologize josh. josh is the greatest owner. i don't know how to hate him. he's the burgundy. i won't say the name. you're going to have to hate him. >> because if you're. >> eagles. >> you got. >> to get him. i can't hate this guy. josh harris i want to despise him. i can't hate him. he's killing me. >> we'll get. >> to. >> verizon and cramer's. mad dash. and this final opening bell of the week in just a minute. >> 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're a leader in public and private markets, digital assets and custom tax management, empowering advisors with solutions to build the portfolios of the future today.

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>> different active etfs. >> join the club and let me teach you to become a better investor. >> jim cramer. >> is the. >> best teacher. >> that i've ever found because he's honest. >> and he's transparent. >> get invested. join the club today. go to cnbc.com. slash join jim. >> take a look at some s&p laggards texans right in the middle there. we're going to talk a lot about what their commentary is doing to some of the analog yesterday on semi. >> adi and. >> nxp and others and csx. we'll be talking about the rails as well as they visit us later in the morning. meantime opening bell coming up in just about 4.5 minutes. don't go anywhere. >> 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

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resilient? we've been navigating change for 125 years, always looking forward, anticipating risks and trusted to manage over $1 trillion in assets worldwide. solving for the needs of investors today and tomorrow. that's the power of nuveen. >> the opening bell is brought to you by nuveen, a leader in income alternatives and responsible investing. >> let's get to the. last mad. >> dash of. >> the week. >> of course, we got an opening bell coming up in a couple of minutes. >> texas instruments reported numbers. >> stock looking down. it looks as. >> though. >> jim, it's. >> focused more on core industrial and automotive end. >> markets not being that strong. people keep wanting texas instruments to be something other than it is. it's

an industrial company. very good. but 20% of the business in china, by the way, loved in china and why people think they can divorce themselves from the end market, particularly of auto and industrial, is crazy. you're going to have joe henry, the ceo of csx, joining us later. you know, he said, what's weak? automotive. interest rate, sensitive things, housing. you know, texas instruments is an industrial company and it trades like one. and these analysts keep thinking it's going to trade like the texas instruments of 1982 84. they ought to get with the program. i think the texas instruments is very forthcoming. they used to be less forthcoming, but they're basically saying, look, our markets aren't that good and they can't outrun their own markets. i'm looking. >> at some research from. >> stacy rasgon that at bernstein, who's kind of the ax. >> in a lot of these stocks, thinks. >> numbers remain way too high. his new. >> model has the company. >> doing about $5 in. eps in 2025. >> if you want to back. >> into a multiple. >> that's still pretty high. and that's why i frankly, while i love the fact that there's straight forward that they're

not doing well in embedded, they're saying, listen, we're missing, we're missing, we're missing. people are just saying, enough already. start making. and yet if you were talking, you know, let's say we went to liam griffin at skype solutions saying, listen, i can't outrun cell phones. not everybody sells into the data center. not everyone sells in the data center, and everybody seems to want nothing. but we're in the selling to the hot markets. texas instruments doesn't play that. nobody can hear you. >> it's not. worth talking. no. >> you can't hear me. i'm going to tell you. i think it's safe to say you have a good day. >> you're doing great, jim. >> it's jalen carter. doesn't take that and be who you say you are. can they hear me yet? oh, okay. i think the csx when you start having only fertilizers and you know i can talk birx or i can talk saquon it's your call. i just think that the industrial economy justifies everything that that that trump wants to lower rates and the,

the consumer economy says don't lower rates. and i think that the most intimidating thing for the president to read would be how great things are small to medium sized businesses where the real strength is coming. since his election, if you look at amex, there's a delta after the election. >> yeah, i mean, there's been some explanations. >> for that. >> getting in front of tariffs, a lot of port arrivals happening. stock front loading. we'll see. >> by the way big day here at the big. >> board venture global lng celebrating its ipo. that's going to be the biggest since july. we're going to talk to the ceo in about half an hour at the nasdaq. also celebrating an ibm ipo, a pharma focused on the treatment of hematological malignancies. >> these deals where they then write a check to thermo fisher, they write a check to a danaher. we're getting these deals. they're all sottovoce. nobody's big enough. now. meanwhile, this venture global is gigantic. it reminds me it's kind of like, you know, it's a cheniere. okay, let's just call it a cheniere.

and cheniere has been an unbelievable story. i remember when cheniere was the $2, but. >> we had jack on the other day, right? >> i mean, because what happened is, is that we ended up having to reverse all the pipes when the when cheniere started natural gas, we were importing. then they turned to an export venture. they're not making, you know, they're not they have revenue revenue down. they have revenue. i mean it's their approach is a bit different. >> in terms of actually making. >> the trains the, the, the huge facilities in which the. natural gas. >> is first cooled so that it's. >> liquefied and. >> then send off in tankers. they have. >> a different approach that they say makes it. >> it moves things up. >> much more quickly in terms of constructing these. >> things, plus being able to start to actually ship prior to when they're fully completed. you know, we'll we'll talk with them about it. the pricing, carlos, you know, did come. >> well down right down, way down. by the way, this is the kind of stuff that was put on pause by the president, president biden, you remember you told me not to mention biden said that was a waste of time. i

got a lot of critical feedback from you, from people about that, because the fact is that he was president and he put a pause on it right about now last year, and he delayed a lot of projects. and this one got through because it was already done. that's why it's doing quite well. but, you know, we got to go down to calcasieu parish and plaquemines parish to see how well they're really doing, and i'm ready if you are. >> i've been there before. by the way. this is going to imply. about a 60 billion plus valuation. and because i don't think we're expecting the first trade until maybe after lunch after noon. >> wow. well, look, i mean, if you want to talk, if you want to play on what the president is saying about how we can weaponize it, weaponize liquefied natural gas, this is it. people really want to be in this business, want to own stocks in this business, because it is going to be the biggest thing that we export. you know, it's the question is, are we going to export so much that domestically because we need it for the data centers that the customer is going to be squeezed

by a nat gas prices, nat gas can go to five. that would be something. >> he definitely a few things yesterday when it comes to ukraine. he said you got to talk to china. yes. when it comes to oil got to talk to opec right, right. and he did move oil. in fact oil is on pace for the worst week since november. back below 75. >> everyone the ceos i speak to in oil are all saying listen we're going to hold. it's kind of a braveheart thing. they're not going to break. and they all are kind of united, but they don't fix prices. some people, the ftc felt that they fixed prices. that's nonsense. but i do think that they've all said, listen, we're making a ton of money. we're not going to go down the path the president wants. so there's going to be a test of wills. >> meantime, he said, we don't need canadian oil. we don't need canadian lumber. we don't need canadian made cars. >> people should take a look at a canadian vacation because this thing is plummeting. my this canadian dollar. david. yes? i'm telling you how to switch all your vacation plans to canada. not say no. i'm kidding. i'm not

kidding. i'm not kidding. the prices are insane. it's like crazy, really. in canada, the prices are insane. great. can't wait. beautiful place. get it? >> things have been a third cheaper there for a while, but this isn't. >> even a no now. it's like, you know, i'm. yeah, if i was in touch with a hotel and i said, you guys haven't cut your price. oh, no, jim, that's that's in canadian dollars. i'm saying, oh my god, you're down. you're down 30% from 18 months ago. i can't believe what's going on up there in our 51st state. oh, yeah. >> you've seen the hats that are going viral. canada's not for sale, i assume. >> i don't know, if i were from canada, i'd probably be a little insulted, but i. you know, i've been known to be a hothead. yeah, occasionally. >> thankfully, rarely here on this set. >> no, norris is coming down because people realize this is a phase one trial. 125 patients. >> no vote. >> the no. >> vote trial, phase one. >> 125 patients. it did show at the. >> furthest end, i think. 22%

weight loss. >> versus the placebo down 2%. >> yeah. you got to be really careful on these on these trials. you do. at the same. >> time, it's not as though. >> they don't. >> already have a drug on the market. >> that is very little is going to have louis is going to have a pill. they really had something in 23 saying that they have a pill and it said 26. >> did he say that. >> to you? no, no, not for the pill, not for the pill, not for the pill. i just when are. >> they going to have. >> the pill? well it depends again it depends on the dose. you know and you know. and does it lose 18. does it lose 22. there's not a single apples to apples comparison that i can find at lilly versus novo this morning. not one looked at every single data test that there is not one. david. what do you. >> mean? i'm sorry? >> what do you. well, because there's, you know, ones, 22 ones, you know, you get there's different migs and there's different weeks. yes. you know, you can't compare an 18 week to a 36 week course. and there's just lots of different guesswork. and i prefer when i spoke with david ricks last week, you got to be really

careful. what really matters is scripts. and that's why that's why lilly is up today. it's about the scripts, not about the pill. and the scripts are now turning up after a really. disastrous fourth quarter for lilly. disastrous? yeah. really terrible. no. >> you've discussed it. >> now where did i get that from david ricks, who told me. listen, we botched it. i wanted to say, hey, listen, don't use that word. but he's, you know, he's the ceo. and i'm just a just a guy. yeah, i'm just a guy who says, be who you say you are, right. be who you say you are. that's the that's the commander's rallying call. be who you say you are. yeah. okay. who do you say you are? no, it doesn't make any sense. be easier. i'm quinyon mitchell. that's who i am. >> verizon shares are up almost 2% on earnings. >> that number. >> we never got to it. you know decent numbers all around i always fixed wireless. was supposed to have run its course at this point and it hasn't. >> are you talking broadband.

that old company that you worked for. >> well no. net net additions 408,000. total fixed wireless access. net additions were 373,000in the fourth quarter. they got 4.6 million fixed wireless subscribers. you can remember way back when we talked about 5g. >> and yeah. >> there were questions. could you actually could it replace broadband in the home? and many people said, well, it can't get through the trees and it doesn't really propagate that well. well, in certain areas it seems to be doing very well. >> how about t-mobile. >> yeah. and you obviously have a fiber strategy as well. at&t certainly very aggressive verizon buying frontier t-mobile has done some things there. all of which takes you back to comcast and charter. and you know they are moving into wireless. but is it enough to offset the competition they're seeing. and then of course there's starlink, which we talk about all the time as well. >> which has got the rap against

starlink that i'm getting from the pushback that i'm hearing from some of the tell me that when you put them all up, like even even when united starts, it's going to slow down. there'll be latency. they can't handle that. right. >> well, they've got to put up a lot more satellites. but he's going to be able to once that starship's going up he's going to be able to deploy so many satellites. he being elon musk. >> elon musk. has anyone been following him on x? >> i mean yeah, we've been watching his commentary i guess you could call it. yes. which got trashed by the anti-defamation league yesterday. >> he seems very much focused on the 1930s germany. >> oh, don't say that. that's. you can't analogize that. >> really i can't why he keeps doing it. >> well, because that implies things that you know, i'm just saying. >> i didn't say anything other than what i just. he's focused on. well. >> meantime, yesterday in europe, there was an image projected of him doing that salute on the wall of a factory at tesla today, adam jonas takes a crack at what the trump incentive opposition is going to

do to penetration. and he is bringing some numbers down. >> yeah, i just think that jonas has the zeitgeist on that. but i do think that jonas is completely, you know, this is going to be he mentions the he mentions the jen-hsun huang ces speech. now, he does not have the time's right about how much jen-hsun huang spent on humanoids. but there's only one way to play humanoids, and that is tesla. and that's because of the tennessee, you know, remember, you're talking don't want to conflate the different factories tennessee factory. but what matters is, is that. >> factory. >> tennessee data center, the hoard of chips, memphis data center 100. but it would look like a factory. that's what it looks like. yes. >> it's a. >> factory of ai. yeah, yeah, well, that's what that's what jensen calls it. ai package. but there is a sense that that tesla is the way to play a robot, period. end of story. and that we should stop talking about the number of cars, i mean, and the ev incentives and just get in

there and start buying robots. well, that's. >> right, it's robots. and it's robots. >> the stock is up. >> stock is up 3% so far for the year. >> doubling in a year. >> and it has doubled in a year. >> when it started doubling when the numbers fell apart. yeah obviously x i. >> is the company that is that is also musk controlled company that you're referring to in terms of the data center in memphis that he put up in a record amount of time. incredible. >> it is. >> and has running. i mean, nobody can do. >> that in. >> a way that that that. he's capable of getting motivating people to do things that seemingly are impossible. and then they just set up de facto natural gas plants, essentially. i mean, it's all, you know, without permits, probably. >> right? well, you know that when. we talk. >> about data centers, let's go back to the news we first brought you at the top of the show on meta, which did increase its capex spend, at least in terms of this post from mark zuckerberg talking now about 60 to 65 billion in capex this year

and also growing their ai team significantly and saying they will have the capital to continue investing in the years ahead. and then he made this point that meta is building a two gigawatt plus data center. it's so large it would cover a part, a significant part of manhattan. and they gave us some map. that is a lot of manhattan. now, i don't. >> want a data center in central park. you still have your place? no. >> i think he's got me covered there. yeah. that's. no, he's he's got data center. my apartment has now become a data center. but central park hopefully is not. i do that cut out there is that madison square garden? i'm not quite sure where that is, where they're not putting a data center for some reason. i'm not sure how mayor adams feels about it. >> i'm in. boston becoming a. >> giant data center, but. >> but i'll tell you, david. >> that is the richland parish data center. the power to which is going to have to be well, you just heard it, two gigawatts. >> i mean, my god, i remember when jensen wang didn't like him. he felt he was doing combat. and jensen said to him,

i come in peace. and he said, he's got to change his model to be less combative. and that's exactly what zuckerberg did. and that was the seminal moment for meadow when jensen had dinner with mark and they started talking about collaborating and look at it's just been it's just been one point after another after another. it's really about really. >> we mentioned this economist piece looking at deep seek in china and the way in which they're leveraging. they're narrowing the gap in what they say is a more commoditized product than we think. is any part of you nervous about the amount of money we're pouring into this in aggregate? >> no, i'm not, because i'm a huge believer that this this is the industrial revolution and that there are going to be so many uses that they're going to be that you just have to be in. >> but you've already sort of put some cold water on the notion of an ai pc. we got this apple another price target cut today i'm looking at apple intelligence and the lack of response. >> no, that's absolutely true.

and i think that what we're not thinking about when i went to jensen wang's panel on health care, it's so much bigger than anything involving the ai, pc. i mean, they're really just talking about having the data to really attack every single disease and changing them from fatal to maintenance. now that, you know, there's the you have tremendous number of people involved in trying to do that. then you have stripe. they're doing working with with working with nvidia to be able to do something revolutionary in finance. and then you have the banks working, doing some revolutionary things, trying to get people who are doing s-1s and taking them off. it's those things the pc wasn't ready and it wasn't, by the way, mpc was, was, was amd. now we have. >> that explains. >> what we're going to see now coming out the nvidia pc. but it's too expensive. but it's just not what jensen's focus, his focus is bigger and his

focus is on the trillion dollar amount that we do for building factories. it's about making things, david. making our lives longer. i mean, these are big, right? he's thinking much bigger than than clippy too. yes, yes. i think. >> more of an enterprise story. it's kind of how he used to talk about b2b in the.com boom. >> it's an enterprise company. i mean, when you have 45 factories around the world making this thing and you can't, no one can get enough of it. and then you have outfits writing that it's not doing well. but of course, they think when we get to. >> agi, when we get to when it starts to exceed our abilities, that they can figure out how to use a lot less energy to do what it does. >> the big issue is can they use cryo? and people are really worried that they can they can use cryogenic, they do glasses, they can switch from copper to glass. right. that's being worked on. and the dover product. >> and that will create a much colder environment that will

then lower the energy costs. >> that's one of the reasons why, if you're an american electric power, you don't want to spend billions, because if they come up with something. >> they come up. >> with something that changes. the cryogenic stuff is apparently very exciting. >> i think a cryogenics, i just think of walt disney and ted williams. >> ted williams. >> that's all i think of. i can't help it. are you going to get your brain frozen to maybe bring you back? you're going to be in the cloud anyway? >> i don't know, i'm going to see where i am on that map. >> where are you on that map? you're fine in brooklyn? yeah. he hasn't gone there yet. >> brooklyn. you never know. you never know what microsoft's going to do. >> you never know. microsoft may take. >> over brooklyn, five boroughs. >> i'll take manhattan. >> and then who's going to be queens? i don't know. >> queens is. >> queens is so enormous. >> queens is horrible. >> really awful. >> yeah. meantime. >> staten island are. >> all time highs at 6124. and we're getting some pmi. let's get to rick santelli. hey, rick. >> hi, carl. >> yes a mixed. bag on s&p. >> preliminary january pmis. these include. >> manufacturing services and a composite on the headline. we've

had six. >> consecutive reads. >> below 50. that changes. so the. >> manufacturing headline. >> pmi 50.1. >> that's the best. >> and first. >> time over. >> 50 since. >> june of last year sequentially higher. >> than 49.4. >> now here's where it gets a little weird. >> the next two are. >> sequentially lower and below expectations. >> services takes a hit 52.8. >> that's the weakest. >> since april of last year. and if you look at the composite it was definitely above 50. >> just like services. >> but the weakest since. >> april of 24. >> at 52.4. >> so you see. >> the volatility. >> in ten year yields. >> they've moved. >> up down. >> a little bit. yeah we moved above. >> 50in the headline. but services what we. >> want. >> to pay attention to. and even. >> though it's. >> an expansion. >> mode it is definitely moving a bit down. if we look at the big. >> news. >> of. the morning the bank of. japan raised rates from 0.25 to half. >> of 1%. and their ten. >> year.

>> well, it's hovering around 1.22%. >> it didn't even. >> take out its. >> january 15th high yield close. >> at 1.25%. squawk on the street will return after a short break. >> the bond report is brought to >> the bond report is brought to you by pimco, a louis! okay everybody, that's lunch! (♪♪) mud mask? (♪♪) (♪♪)

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>> if you're not watching severance on apple tv, you should be the best television show in years, and you can tell what a priority it is for apple. when you got tim cook talking to tramell tillman. >> that is something tim cook is a great aficionado of fantastic tv. i remember when he was telling me, you got to watch the morning show. it's like i said, i guess what i mean, he has tremendous taste. he likes you, by the way, in narcos. >> it wasn't me. >> it was pena. he liked you. my tim tim is amazing. i want to just mention you're getting an opportunity here to buy intuitive surgical again. they pre-announced last week in san francisco. i thought, oh darn. i wanted to add it to the club, to the chapel trust. and then it just took off. it was the star of san francisco start of the conference. and then they they announced the regular quarter

today and people suddenly don't like it. give me a break. just go buy ice. it's fantastic. >> yeah. we're going to have our work cut out for us next week. ibm, tesla, intel, apple and fed ecb. >> no, it's. >> gdp, pce no. >> the next two weeks are weeks from hell. there's only eight of them a year. but you better get used to them. and david i don't know. you have to get like prometheus unbound. you have to lift the data center from underneath you. or did you find out that you're okay? >> well, central park is in deep trouble, apparently. yeah. >> and this is a reference to mark zuckerberg putting a i love that map. >> that's great. they did carve out, for some reason sort of the madison square garden area maybe is a knicks fan i don't know. >> do you think if jeff probst if he went the way of joe rogan, we would all be on it. >> but yeah, that's, that's, that's that's some serious real. >> estate there to say about that. oh joe rogan said man. >> he's the man, man. >> speaking of all that, we're staying on top of one of the biggest energy ipos in years.

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to your brokerage accounts. become a smarter investor with the power of cnbc pro, go to cnbc.com slash get pro now. >> good friday morning. welcome to another hour of squawk on the street i'm carl quintanilla with leslie picker and david faber here at post nine of the new york stock exchange. sara eisen has the morning off. got some all time highs once again on the s&p at 6126. yields coming down a bit at the short end on a surprisingly soft services pmi a moment ago. we'll talk about that in a moment. plus a big interview in just a moment as well. the ceo of energy group venture global is with us going public at the big board and one of the biggest energy ipos in a decade. >> and this friday. >> we are 30. >> minutes into. >> the trading session here. >> three big movers. >> we are watching. >> american express under. pressure despite beating estimates, reporting record card member spending and raising. >> its dividend. >> that said, the stock has been a big outperformer. >> over the last.

>> year and shares are down about 3.2% this morning. verizon also. >> beating estimates. >> higher prices for its plans, helping boost revenue. the company adding nearly a million subscribers across mobile and broadband. the street likes what it sees. stock up 1.25%. >> and. >> shares of. >> novo nordisk. >> popping higher after the pharma giant reported positive early stage results for its once weekly obesity drug. those shares currently up about 7.5%. >> we've got some economic data just crossing the tape. rick santelli has it for us rick. yes. and there's more weakness here. now these are the. >> july january final. >> read on. university of michigan sentiment.he mid-month. >> read on the headline number was 73.2. >> it moves. down to 71.1. >> that's a. >> big, big move. >> usually for. >> a. >> two week look. >> and that is the weakest. >> level since. >> october of. last year. >> if you look at current conditions very similar. it's also less. >> than the 77.9. mid-month read at 74. that's the weakest since. november of.

>> last year. >> finally, expectations. same scenario 70.2 mid-month. >> final read 69.3. >> that is the. >> weakest going. >> back to july. >> of last year. >> now let's look at the inflation numbers. >> 3.3 was mid-month. >> on one year. >> it remains at 3.3. >> 3.3 is the highest since november of 23. finally, the. >> 5 to 10 year. >> inflation actually moved down. it was. somewhat expected. >> but a little bit. surprising nonetheless. >> 3.3 was. >> our mid-month read. >> moves to. >> 3.23.2 would be the. >> smallest amount. >> or i guess however you looked at it. >> that's the highest. >> level actually, going back to april of 21, the last read we had in december was 3%, and our december existing. >> home. >> sales a little bit better than. >> expected, 4.24. >> million seasonally adjusted annualized units. and that is up a couple of percent from last month's 4.15 million seasonally. >> adjusted annualized units.

>> we see right now. >> that ten's. hovering at 4.64. it's basically unchanged on the day. >> up two. >> on the week. yield curve has steepened because at 425 you're down. four basis points on the week on a two year note. >> carl. >> back to you. >> all right rick. valuable information rick santelli. thanks. meantime, as we mentioned at the top of the hour, a fresh record high at the open today. nasdaq is getting a little bit closer to a record high. and now mike santoli we got these softer pmis and this touch lower on umesh as well. >> yeah carl. and so that's a little bit of a test. because we did come into this year with i think one of the hurdles being high expectations for both the economy and earnings. so far so good. i mean i don't think anybody is thinking that these numbers are are make or break, but definitely raise the possibility that the 3% real gdp pace that we seem to have exited 2024 at, according to the atlanta fed, maybe we're going to be in for a little bit of a rethink or moderation. however, so far year to date, it's been actually kind of a pretty inclusive rally. you have small

caps, the nasdaq and the s&p 500 all up almost the same 4%. the majority of stocks had a very tough december. we reset sentiment lower. and i think you're benefiting this week from essentially the lower hurdle that's implied by those stocks having pulled back. and they're picking up again. i do think it's interesting that we're back at a new high in the s&p 500, the first one since december 6th. and the ten year treasury yield is a half percentage point higher right now than it was on december 6th. it was about 415 back then. now we're higher on the s&p 500 by a little bit. and you're up a half a point in in yields. that is exactly the pattern we've seen over recent years, which is a shoot higher in yields. creates a little bit of a scare, creates this test of whether the economy can handle it. stocks back off a little bit. and then as yields stop going up they don't become unanchored completely and stop short of some critical levels. and you're able to get the relief rally. and then you make your peace with where yields are. i just want to mention one other thing in terms of expectations and public

excitement for the stock market. look at the chart of robinhood. obviously, the most levered stock to broad investor retail investor activity. you see this is just a six month chart. now goldman's had a great six months up 30%. robinhood makes it look like look like nothing here. so you have this speculative flow on one side of the market so far has not really boiled over, but something absolutely to keep watch on. >> mike. >> i'm curious, you've got this piece here. >> showing that. >> u.s. stocks. >> are. >> at their. >> most expensive relative. >> to bonds. >> since about 2002. the equity risk. premium you're. >> referring to there. >> but at. >> the same time, you've got this relatively concentrated market, pretty high. dispersion among names and the rest of the. world that a lot of people will. >> come on our air. >> and say, well, you know, the us has. this exceptionalism aspect to it, that it's kind of the only place to put our money right now. when you hear things like that. >> what does. >> it make you think about the prospect for the stocks to just go higher. >> from here?

>> yeah, i mean, first of all, let's say i think that the valuation of our equity market, as you say, very top heavy, but also has become a very growthy quality index. and so that's created this very long term stair step higher in the normal, so to speak, pe ratio let's say. now when you're comparing it to yields i'm a little bit dismissive of this as being some kind of decisive indicator that earnings yield versus treasury yield. because for most of the 80s and 90s stocks didn't look very attractive on that measure. and yet the stock market went up for the most part, a lot in the 80s and the 90s. and so what it mostly tells me now is that treasury yields have normalized back to their long term range in the 4 or 5% area, which is where they were, let's say, in the late 90s. so i don't think that it's somehow this trigger point that says, okay, everybody should be rotating out of equities into into stocks, into bonds. on some level, that might happen for asset allocation models. i think we already know s&p is at 22 times earnings

regardless of where yields are. and you have to have earnings growth start to justify that over time. unless you feel like the magic seven are just going to keep, you know printing money and go ever higher in valuation. >> finally mike you've been good about keeping an eye on pockets of i guess, what some would call froth. you've been watching these quantum names. you've been watching certainly the meme coin dynamic. you had sorkin on squawk this morning. to what degree does that remain a focal point for you? >> it's a constant focal point, carl, although i don't want to use it as a as an excuse to say, okay, we finally gone around the bend and now the extreme extremes have been reached. and it's real dangerous for the overall market. for now, i think it's just a feature of how this market trades. we do have this kind of very short term oriented trading flow in some areas, and i think it's almost adjacent to crypto. it's adjacent to candidly sports betting, the zero data expiration options. but it's not to me really creating an overall tone in the

market that says we've gone nuts. and i'm not seeing that in overall margin debt levels. i'm not seeing that in professional investor and hedge fund positioning. so for now, it's a little bit of a side current that we keep an eye on and be aware that there is just this sort of recklessness, or at least speculative energy, that is going to be active for a while. as long as, you know, the overall market hangs in there. and we have these exciting themes that you can play in whatever distant way, like quantum. >> mike thank you. mike santoli right here back at the new york stock exchange. well it is one of the largest energy ipos we've seen in years. it made its debut today. lng exporter venture global going public right here at the new york stock exchange. it is a first real test of the ipo market at least under the new administration. joining us now is venture global ceo mike sabol. mike nice to have you. congrats. >> great to be here. thank you very much. >> you know, how do you differentiate your company from competitors such as cheniere or freeport, which is a private

company in reading the s-1, it seems to be in part the way that you actually manufacture and construct your trains in terms of a different way and perhaps more speed. >> is that correct? >> no. that's correct. we're the first ones ever to shrink the. >> size of the liquefaction. >> train to where we can build it in a factory, and it's originally how my partner and i, bob pender, were thinking about. it is really a dell servers with aws replacing ibm mainframe computing. and that actually was part of the conversation that we had way back with jeff immelt 14 years ago. >> does that enable you to do it at a cheaper cost, and i wonder, i mean, so many of these things still have cost overruns. you manage them in a way that perhaps your competitors don't as well. is that fair to say? >> yeah, we think that we're by far the lowest cost liquefier in the world. and it's an exported gas market. so it's a commodity market. so having low low cost is key to rapid growth. and i think we're one of the fastest growing energy companies in the

world right now. >> you are in arbitration with a number of your key customers. i think seven of your originals, including bp and shell. i'm trying to understand it myself, but it seems as though they claim that, you know, that you. sorry you're selling at a much higher rate right now and not honoring their contracts. what do you tell people about that arbitration in terms of why you think it's not going to be perhaps a threat to your business? >> yeah. it's not. we're absolutely consistent with all our contracts, and we use the same contracts that the entire industry uses. they're all dictated by the project finance banks. when we complete calcasieu pass, which. is the facility that that you're talking about, will be the second or third fastest facility that's ever been built. and, you know, our primary regulator is ferc. and ferc has said we're not in service, we're not complete. and until you complete the facility, we're generating

commissioning cargoes. but because of the unique way that we produce our liquefaction, with our modular trains, we produce a lot more during construction than anybody ever has before. all those customers know that, and ultimately, they'll enjoy all 20 years of those contracts and they haven't lost any money at all. >> but right now, you're able to sell at a higher price than under those contracts. >> that's correct. >> because what. >> happened with that facility? >> so what happens when you do? does it then bring your profitability down? >> well, we. >> have we have another facility coming right behind it that's twice as large. and then in fact, the third facility we're taking delivery of our liquefaction trains the end of next quarter. and so we're ramping up again the fastest in the world. and, and with with that facility, with the largest producer in the united states and second largest in the world. >> ultimately. what does that mean for financials? >> because i know you said that

you're. >> among the fastest growing. >> we are. >> but i'm looking at your. >> s-1. >> and i see in the nine. >> months through. september that revenue. >> declined that that amount came. >> in about. >> half. >> the amount that it was. >> in 2023. >> same two with. >> the bottom line as well. so by what metric are you growing and when does that filter into actual financial growth. >> well, what you're looking at there is, is when you put trains in service under gaap accounting, you switch from. a income to actually accruing a net a the cash earnings as just reduction in the capital cost of the facility. so the earnings were the cash earnings were ramping up. but the accounting treatment as you're turning the facility on changes. so the steepness of the cash earnings is actually significant. >> so then what are you projecting for this year. >> we significant. >> significant earnings growth. we're going from operating 18 liquefaction trains on our way

to 54 on our way to 90. and so as you turn on a train that produces a commodity, you earn a lot more money. ultimately our business is that we manufacture and operate machines that produce money manufacturers and commodity and gas is one of the most important in short supply commodities in the world right now. and with the investments in in data centers, which is going to have to be supplied with growth and in gas fired electricity production, we're we're in a very key position here. >> i was going to ask you to help viewers understand how you see global demand inflecting and how how policy changes are going to affect the industry as well. and you specifically. >> yeah, no, absolutely. the trump administration has made very clear they support growing lng exports. and it's going to benefit cp2 the most because we've invested over $54 billion to get to where we are today and

are developing more liquefaction capacity today than the largest producer in the world has in line right now, which is qatar. in the next five years, we'll be able to bring on more than qatar has has today in production. >> in trying to understand when you do start to honor all of these sale and purchase agreements that you've already put in place, what is the price at which those are averaging? >> the existing contracts at calcasieu pass, we've disclosed, are around $2 per mmbtu. >> right. >> and, and so those are among the most attractive contracts in the world. they're comparable to other contracts in the market. >> that's a that's a profitable contract for you right now, but far less than what you're doing with these commissioning. i mean, given where things are. >> right now, it is we produce substantial excess capacity in addition to the nameplate capacity in our industry. you know, those are extremely profitable for us. and at that price point, i think we're

probably the only company in our industry that would be profitable at that point. so. >> all right, you know, if all of your long term contracts are profitable once commissioning is over, yes, that that's going to be the case. >> yeah, absolutely. yeah. that facility is because of the uniqueness of how we build our facilities with lots of small trains that require you to commission over a longer period of time. we largely pay for our facilities during construction. right. so that then our machines manufacture money commodity for 50 or 60 years, whereas the rest of the industry, the incumbents, amortize the costs of their machines over 20 years. and so our, our advantage on the market is significant and it's accelerating. >> so i read it right. a lot of the stuff's manufactured in italy. did i see that. that's right. >> that's former our great partner now baker hughes. but as ge oil and gas facilities outside of florence and it's one of the best fabrication facilities in the world and they manufacture the key motors and

compressors as well. >> so any concerns at all about tariffs in terms of where we are right now in manufacturing something overseas and bringing it back here? >> no, we watch it. i think we're in good shape there. we went through manufacturing there during the first trump administration. and what they do over there is very unique. and we're able to actually navigate the tariffs successfully. and plus, as trump said, you know, increasing orders for lng will moderate his plans for tariffs. >> meantime getting indications on the price we'll open a little bit higher at this point at post six. talk about the calculus of going public. when did you start thinking about it? what's it going to allow you to do? >> well, we started we started thinking about about a year ago. we as i mentioned before, we've raised about $54 billion of equity and the equity all private at this point. and so layering in $2 billion of public capital gives us a tremendous optionality to manage the growth. our plans are to spend

$70 billion in investments in louisiana based projects in the next 5 or 6 years. and so having the ability to utilize public currency, along with, with earnings and existing debt financing is going to enable us to grow fast. >> well, mike, we wish you all the all the luck. >> thank you very much. >> appreciate it. we'll be watching closely for the open. >> thank you. thank you very much. appreciate it. thanks. bye. >> as we head to a break, let's give you a roadmap for the rest of the hour. shares of csx, they're down this on the back of its latest earnings. company ceo is going to join us. we'll get an outlook. >> boeing issued this big warning ahead of earnings on tuesday. we're going to break down what they said last night what it's doing to the stock. >> and president. >> trump taking. >> aim at the big banks. we'll discuss the fallout. big show ahead. squawk on the street is back after this break. don't go away. >> meat edible garden symbol edible on the nasdaq. a leader in fresh and sustainable. better

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gina's got the look. that never gets old. talk about easier investing. >> solar generator and free panel. at four patriots.com. >> by the way, speaking of you and you've done a fantastic job, but i hope you start opening your bank to conservatives, because many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called bank of america, this conservative. they don't take conservative business. and i don't know if the regulators mandated that because of biden or what, but

you and jamie and everybody, i hope you're going to open your banks to conservatives because what you're doing is wrong. >> mr. president, i'll. >> say. >> that your friend johnny will said hello, told me to tell you hello. >> and we. >> look forward to sponsoring the world cup when it comes. >> president trump not mincing words at the world economic. >> forum in davos. >> switzerland. >> yesterday. >> his first appearance at. >> a major global event. >> since returning. >> to the white house. >> now. >> despite his claims. >> bank of america. >> and jp morgan. >> chase deny any. >> refusal of service on political. >> grounds, a bank of america. >> official telling cnbc. >> quote, we serve more than 70. >> million clients. we welcome. >> conservatives and have no. political litmus test. >> a statement from. >> jp morgan. >> said, quote, we have never and would never close an account for political reasons. >> full stop. >> we followed the law and. >> guidance from our. regulators and. have long. >> said there are problems with the current. >> framework washington. >> must address. we welcome the

opportunity to work with the new administration and congress on ways to remove regulatory ambiguity while maintaining our country's ability to address. >> financial crime. so this. >> important context here is that oftentimes when these big banks shut an account down, they. >> don't give the customer or. former customer in these cases a reason why. >> so it's. >> easy for the customers to jump to conclusions. it's because of their political or. religious affiliation. and oftentimes. >> it has. >> something to do with. >> a regulatory issue that the. >> bank. >> has come. >> across, whether it be in. >> two cases. >> that bank of america. >> highlighted publicly. >> one was doing business in. >> a sanctioned country, and. another was offering debt collection. >> services in africa. >> both of those things were. against the bank's. >> regulatory requirements, and therefore. >> they had. >> to shut the account down. but it it. >> seems like a gray area from the outside. >> because you're never necessarily told why the account is. >> shuttered, right?

>> yeah. i was unfamiliar with this criticism, but i guess it's reverberated around in certain areas. and the president was aware of some part of it. >> well, marc andreessen went to town on it, on joe rogan a few weeks ago talking about especially the crypto industry getting debanked, in his words. but it's interesting, you know, the industry has been celebrating this deregulatory environment. but the push i mean, the flip side will be a president who does not hesitate to embarrass you in front of the entire planet. >> right. and you. >> heard this from the cfpb current director. >> i'm not sure how much longer he will hold that post. >> but rohit. >> chopra was. on squawk. >> box this morning. >> and it seemed like this was actually. an area. >> where. >> he and the president align in terms of making sure that there is no discriminatory practices when it comes to the. >> banks and who they. >> decide to service and who. >> they decide to close. >> the accounts. >> for now, it's. >> worth noting that the banking industry is one of the most regulated institutions. >> and complexes that we have in this. >> country, and so. >> they are. constantly

monitored for discriminatory activity. >> they have to follow those rules very closely. they have, you. >> know, very close ties with. >> their regulators, constantly discussing everything. >> and so it's something that they're not. >> able and they don't do necessarily unilaterally without very close oversight. >> you know, not brian moynihan's finest moment, i think, fair to say. i mean, listen, very difficult in that environment, i get it. but you would have expected some sort of rebuttal something, wouldn't you have, just instead of referencing the world cup? i mean, unless he didn't hear it. >> right, then. >> that's that's an open question whether or not he heard the question. but. >> you know, it's something. >> that the bank has been, you. >> know. >> discussing for a year. plus at this point in time, they had 15 attorneys, generals. write them a letter alleging this discrimination on political and religious grounds. >> back in. >> april of 2024. they wrote a very detailed letter back saying, we don't discriminate. these are the reasons why we

have closed, you know, the accounts. and so the issue of banking is one that kind of pops up into the political vernacular and then hibernates, because after that back and forth, it kind of went away for a little bit. right. and then. resurfaced again. >> was very familiar with the letter that was written in response, and so could have addressed it in some way. >> yeah. that wasn't the first time he'd heard of the issue. you can guarantee that. >> yeah. although, as eric dezenhall said on squawk, it's kind of like that in his words, that saying, don't wrestle with a pig because you get dirty and the pig likes it. that's how eric put it on squawk this morning. difficult to push back against the president on an open mic in. >> a public, very. >> public forum. yeah. when we come back, the ceo of csx is with us breaking down results, which do have those shares a bit lower today and one of the biggest laggards on the s&p as biggest laggards on the s&p as we have gone red overa only the servicenow platform puts ai agents to work across your company. they deal with the small stuff that bogs you down. agents like secret agents? you know... i once played a secret agent. - oh... - oh i miss that one.

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coming in light for the quarter after weakness in their fuel surcharge and coal segments. more than ten firms trimming their price targets on the name this morning. >> speaking of which, i want to bring in our morgan brennan with a very special guest here at post nine this morning. hey, morgan. >> hey, good morning guys. and yes, we want to bring in the ceo and president of csx, joe henry. joe, it's great to have you. >> on the show. >> good morning. morgan. >> thanks for having me. >> all right, so that's exactly where i want to start, because one of the things that's disappointing investors this morning is your 2025 outlook. and we don't always talk about it because it's not the big booming business it once was for the railroads. but it is still a sizable business. and it is one of your most profitable businesses. and that's coal. so how is coal factoring into your outlook? what are your expectations for that market in 2025? >> yeah, morgan coal. >> is actually our second largest. >> segment of our customer. >> base after chemicals. and. >> and that's. >> largely driven by. >> export coal. >> which metallurgical. >> coal is a big export product for. >> the united. states into places like india.

>> and eastern. >> europe and asia. >> and that volume. >> on export coal grew 9% last. >> year, even with the francis scott key bridge. >> collapse. >> you know. >> blocking our coal. >> terminal for shipping. >> for. >> 9 or 7. >> weeks last year. the problem is, is. >> actually not problem. >> but the. >> challenge is our. >> rates for export coal for our customers are tied to the pricing. >> externally in. >> the environment. and that pricing has come down. so our revenues. >> come. >> down with. >> it, even though the. >> volume is still. >> growing on the export side. >> okay. yesterday we had president trump at davos who was talking about and we've seen it in in general this week since he took office, many dozens of executive orders to unleash this in part energy renaissance here in the us. but yesterday at davos, who even brings up coal as a possible fuel source to build out ai and power ai infrastructure. so how do you expect that to play out domestically? is csx positioned from an infrastructure standpoint to benefit from it? >> well. >> we could be. i mean. thermal coal, which is. >> used. >> for. >> the. utilities to generate.

>> power for the united. >> states, has. >> been in decline. it was last year as well. there are. some planned utility closures. >> actually this. >> later this year. >> but when. >> natural gas prices. >> rise and. >> there's more energy. >> demand. >> there's more demand for thermal coal. >> matter of fact, we're. >> seeing that right now with our customers, with. the. >> cold spell. >> going through the united states, especially the southern part. our customers are coming back asking for more coal. >> because they're using. >> more thermal coal. and as new as the. >> natural gas prices. >> rise. the cost benefit relationship. >> with coal changes. so there could. >> be more demand. >> for thermal coal this year. that's something we're looking. >> at and possibly anticipating for. >> the year. >> of course, we look at the other parts of your business. merchandise basically came in in line. intermodal was stronger than expected. what are you seeing across the different types of goods that you're moving right now? how much of this, particularly on the intermodal side, was perhaps pull forward ahead of a possible port strike, which we know has since been resolved? >> yeah, there was some. talk about. possibly the intermodal business, especially in the international. >> side, coming. >> in a little heavier because of the threat of the port strike

on the east and also because of tariffs. >> we don't really see. >> that volume moving. >> as much related to that. >> we've talked to our customers. >> they believe that there is still. >> consumer demand. >> out there. >> what we are. >> seeing overall is the interest rate sensitive. >> parts of the market. >> automotive. >> steel. >> housing still under some pressure. >> you saw auto shipments. >> were down last quarter. >> they're actually slow to start the year. this year steel continues to be down. >> so we're looking. >> for obviously. >> interest. >> rate improvement over time. >> to help with that. >> but there are there. is strength in several markets. >> ag and. >> food chemicals. >> have been up. >> all year and continue to be strong. forest products are up, you know, pulp and paper board, that kind of thing. >> so it's a. >> mixed bag. coal demand externally. on the export side. >> is strong as well. love to see the interest rates come down to help auto. >> and housing especially. >> how are you gaming out trade policy this year and beyond? i mean february 1st we could potentially start to see more duties levied on goods coming across the border from mexico and canada. there's also talk about some of these imports from china. you'll be on the front

lines of any of those shifts that we see. >> yeah, sure. i mean, certainly. >> on the international intermodal. >> side, the things that come into the ports that could be affected by terrorists. >> we go back and look at. >> the first trump administration. >> though there. >> wasn't a dramatic change in imports from a volume standpoint, you know, because currency and other cost adjustments took place in some respects. >> we'll see what. >> happens obviously going forward. >> but if you think. >> about it, if the us economy starts. >> growing more. >> than it is today, especially the industrial part of the economy, it will benefit us and the railroads in general because, you know, we move a lot of the heavy goods and the materials that go into that. so we're optimistic. >> that. >> there's going. >> to be policies in. >> place that will help grow the economic. >> economy. the economy. >> of the united states, especially the industrial side. >> which has been pretty much. >> flat to down over the last couple of years. >> and of course, we did get that flash manufacturing pmi reading that, that showed that we're seeing the industrial part of the economy at least last month back in expansion territory. just a question about csx specifically. and that is last year you were faced with

what i'll call, for lack of a better term, a number of god events, whether it was hurricanes, whether it was that baltimore bridge collapse, how do you navigate that as you come out the other side of it, especially at a time where precision scheduled railroading and cost controls are still very much in focus across the broader rail industry right now. >> yeah. >> it's a great question mark. >> i mean, if you look. >> at that, look at it. we grew volume. >> each quarter. >> last year, all four quarters for the first time in ten years. so our customers are responding to the service we're providing and the great work that our team is doing to do that. and the second half of the year, we grew volume and hold our held our manpower flat. so we saw the productivity improvements. our net promoter scores in the last two quarters were the highest they've ever been. so the fundamentals of the business growing volume, getting pricing for merchandise, providing great service are happening. we had the two hurricanes that hit us hard in the second half of the year. we had the francis scott key bridge you talked about, and we've had we've had fuel surcharge lower on revenue and of course the coal prices. >> but the fundamentals. >> are strong and we feel good about where we're going now. we

have two major projects this year. we're redoing the howard street tunnel in baltimore to be able to double stack intermodal throughout the east coast. a big deal to us. going to be some costs on that, and it's costing us $400 million to rebuild the blue ridge subdivision of our railroad, which was hurt by hurricane helene. so we have some big projects. >> but once. >> we get through those and we see the industrial economy come back, we feel really good about where we are in the cycle. >> okay. joe hinrichs, ceo of csx, thanks for joining us. standing in front of a locomotive. a little chilly in florida as well. >> the deep south got hit this week. morgan. thanks. see you later. morgan. brennan. let's get a news update this morning as well with contessa brewer. hey, contessa. >> hi there. carl. >> president trump. >> is traveling. >> today to visit disaster zones. >> in. >> north carolina and. in california. he's first going to stop. >> in asheville, north. >> carolina. >> which was. >> of course, devastated. >> by. hurricane helene. >> last september. and then trump will fly to los angeles and view the devastation from the wildfires. so far, they've killed 28 people and, of course, destroyed thousands of homes. and they're still burning in some places. then trump plans to

end his. >> day in. >> las vegas. the white house says migrant deportation flights have begun, and sources tell nbc news a military plane departed el paso, texas, yesterday afternoon carrying as many as 80 migrants on it to guatemala. guatemalan authorities say they expect as many as five flights to arrive this week, and russian president vladimir putin said moscow is open to starting talks with ukraine. earlier this week, president trump indicated he would impose taxes, tariffs and sanctions on russia if it does not end its war with kyiv soon. putin also signaled he's open to a conversation with president trump on energy prices. we'll be following that closely, of course. carl. >> contessa. thank you. coming up after the break, the global economic outlook according to some of the world's biggest financial leaders. you'll hear from imf managing director kristalina georgieva, ecb president lagarde, and more when we're back in a minute. >> real time exchange sector sword is sponsored by sector

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this morning with a high profile panel moderated by our own sara eisen, ecb president christine lagarde, imf chief kristalina georgieva, blackrock's larry fink, as well as saudi arabia's minister for the economy and planning and the president of singapore. they touched on everything from inflation to rates to tariffs and beyond. here are some highlights. >> you can't have. >> a global discussion. >> these days without talking about inflation. >> or that's. >> been. >> the. >> case in. >> the last few years. >> certainly a. >> managing director. >> have we put the. >> inflation. >> genie back. >> in the bottle. >> well, president. >> lagarde just sounded. >> pretty optimistic. >> so that is a very, very good question. here is the bottle. here is. >> the genie. >> the head. >> of the genie is in the bottle. most of the body of the genie is in the bottle.

>> kind of. >> getting stuck there though. >> but the legs are kind of hanging still out. we need to push it all the way. >> down. >> and it is remarkable how much progress the world has made. and i want to say something that we, in our worries about today and tomorrow, we not always reflect on when we look into the past. over the last decades, every inflation episode would require interest rates to go up and the response would be inflation would go down. but at the price of recession. this is the first time so far when inflation is being brought down. interest rates are still somewhat high. and yet we have admittedly below historic average, but still

quite a positive growth. >> larry fink warns. >> of inflation. >> we're not. >> done. >> with inflation. larry is very worried. >> about inflation. >> why? >> i'm not terribly. >> worried. but do you. >> think the market is being. >> too complacent. >> about the. >> inflation story? i think. >> the bond market is the. best reflection of what's. >> going on in the world. it is the barometer for every politician, for. >> every central bank. >> it really informs. >> us. every day. >> where the. >> mood of the global economy. and that. i believe the bond market is indicating. >> that inflation may be. higher than. >> we think. the genie may be coming out of the bottle. >> do you. >> think the fed's done cutting rates this year? >> no. they still have room. >> to cut. >> that will create. >> a more steepening of the yield curve. so i. >> think, you know. >> the next few. months of data.

>> and information will. >> identify it. i would say. >> to you the. >> economy is. >> very strong. >> it was. it was very strong in the fourth quarter. >> i think when. >> it. comes to the. >> inflationary outlook. >> a lot. >> will depend on. >> trade policy. >> with the. >> us and tariffs. >> right. >> i mean. >> is anybody on this stage a fan. >> of tariffs? >> no. >> no one. >> thinks it's a good idea. president trump. >> yesterday said. that the. >> eu does not. >> treat the us fairly. >> on trade. and that. >> he has some big complaints. >> is that true? >> this is a true or false question. >> is it. >> true that the eu has not been. >> fair with the us? >> there is no way i can. >> say. yes or no. >> okay. what i believe is that he is looking very carefully at surplus versus deficit in the in the current account. and in the trade balance in particular focusing on that. and i think that you have to look very

carefully under the hood, as kristalina was saying, you have to look at the goods exchanges, you have to look at the services exchanges, you have to look at the capital account. it cannot just be black and white. what is true is that there has to be negotiations. there has to be trade relationships that are organized in a framework that is giving confidence to the partners. it cannot be about, you know, removing all the rules, ignoring the institutions the world has, what, 190 plus countries that are members of the imf, the world bank, the wto, 191. and it's about all of us operating together. as carmen said earlier on. so yes, you sit at the table. yes. you negotiate. yes. some countries are in a stronger position than others, but we all need each other. if there is one thing that the europeans have learned over the course of time since

the end of the second world war, is that you cannot go alone. >> it's been a remarkable week of commentary, both in and out of davos, about this new era, if in fact, freer trade is going to get minimized a bit. whether or not they need to start thinking about europe as a stronger block on their own, whether they need to start establishing stronger ties with china, if, depending on how strong our stance is on tariffs. >> it feels. >> like the alarm bells, though, are not ringing maybe as loudly as they were eight years ago surrounding the tariff issue. maybe because we've seen this movie before, maybe because they weren't in full force right out of the gate on day one. and so people are taking more of a measured tone. but you heard it there, too, that they're kind of positives. there are negatives. it's more a matter of kind of how you use them and how you deploy them and what that means for the global world world order. >> yeah. still to be seen on so many fronts. again, the chinese seem to be taking some comfort, perhaps from the fact that nothing has yet happened. and some of the language from the

president has been perhaps softer than might have been anticipated. >> rather not got a lot of play yesterday. yes. and in fact, some tariff exposed names did pretty well this week. yeah. in the markets. >> yeah. it seems like february 1st may be the date to watch. >> certainly mexico and canada. >> for whether he deploys those. yeah. take a look. >> at texas instruments today under pressure after guidance came up short of estimates that stock down about 5% right now. >> and speaking of laggards check out the biggest losers on the s&p this week. electronic arts down about 18% for solar down more than 11%. we're back in a moment. >> these mushrooms make you feel

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>> business so you can mind. >> your business. >> no, no that's. >> not what i meant. you all. >> should. >> be laughing harder. >> the trump presidency begins. >> 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 hundred days and beyond. cnbc. >> keeping an eye on indications for that very large energy ipo venture global. we spoke to the ceo a little bit ago. 2550 to 2650. you can see right there is where we may open. pippa stephens been tracking that action. interesting company,

interesting sort of backstory as well. >> yeah. and right now we're. seeing 2650 at the top of that. potential range. and this of. >> course does. >> come after. >> venture global. >> priced at its mid range. >> in what was already. >> a pared down ipo. the company said last night. >> it will sell 70 million shares. >> at $25 per share, raising 1.75. >> billion for. >> a valuation. >> of about 60.5. >> billion. >> a far cry from the initial target of 2.3 billion out of $110 billion valuation, which andrew gillick from inverness told me was frankly aspirational. still, it is the biggest u.s. oil and gas ipo in a decade and the fourth largest since 2000 and a valuation of 60 billion. it will also be the 10th largest publicly traded oil and gas company. now, venture global is one of the only ways to get access to a pure play lng company, an industry that is expected to benefit heavily from president trump. the company currently exports from two facilities in louisiana and has other projects in development. but more broadly, venture

global's ipo is seen as testing the waters in terms of investor appetite for traditional energy stocks, and if it's ultimately successful, it could kick off a new wave of energy ipos. guys. >> we can't wait. any idea on timing for first trade? >> we're hearing probably after 12. but we're still figuring it out. yeah the orders are still coming in. >> it's nice to get some activity back on the floor on new issues. we'll see you soon. pippa. thank you. coming up next hour on money movers president kicking off his first week in office with this blitz of policy actions. what it means for stocks with morgan stanley's head of public policy research. plus, boeing's capping off a tough year with this massive loss announcement. we'll get earnings in the beginning of next week. talk about what it's doing to the stock today after a break. >> assured guarantees bond insurance was protecting investors and municipal green bonds before they were even bonds before they were even called green bonds after last month's massive solar flare added a 25th hour to the day,

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only $1 per tablet at wrexham.com. slash 30. >> from a door plug blowout to a labor strike and layoffs. it was a very tough 2024 for boeing, now warning of another quarter of big losses. our phil lebeau is here with the latest in a sense of what we might get next week in earnings. hey phil. >> and carl, next week is what people will be focused on. and that's why we're not seeing a whole lot of reaction in shares of boeing today to this warning that was issued yesterday afternoon from the company. news flash the fourth quarter was terrible for the company. net loss of approximately $4

billion. everybody knew it was going to be. terrible approximately in that range. operating cash flow -3.5 billion. and they took total charges a number of them $2.8 billion. the primary cause for the problems in the fourth quarter, at least on the commercial side, it was the seven week strike by the machinist union shut down production for all of october. a little bit of november, and they really had limited production through the remainder of the year, certainly on the 737 max line. as a result, the commercial airplane business took a charge of 1.1 billion. the analysts today are all saying the same thing. yeah, we knew q4 was bad. tell us what to expect for 2025. ken herbert at rbc says the prevailing view will be to wait for better visibility on the production increases, which should show evidence in the first half of 25. then there's matt akers at wells, saying we don't think the quarter matters as much as where boeing guides for 2025. fortunately, we'll get some information about that guidance. hopefully, we'll get a lot of detail about it next week.

that's when boeing will be reporting officially its q4 results, but more importantly, giving us guidance for 2025. the first quarter, and perhaps when we talk with kelly ortberg on squawk on the street exclusively next tuesday, he will go into greater detail about how he feels with the increase of the planned increase in production with the 737 max. because, guys, at the end of the day, that's that's the key here. you want to get back to positive free cash flow. get the max production back up to 38 per month. >> comments we got from sean duffy this week. nominee for dot chief. doesn't sound like that. caps going to be lifted. >> yeah i think there's optimism that it will be lifted, especially considering people are saying they are starting to show real progress on improving production. they continue doing that. yeah. they can go beyond 38 later this year if they can continue making that progress. >> phil thank you. phil lebeau

on on boeing real quickly as we wrap up this hour. of course, a lot more market coverage coming straight ahead. meta shares new high. they're up some almost 1%. we got a new capex target for the year, 60 to 65 billion from mark zuckerberg. in a facebook post that happened towards the 9:00 hour. and then the map, of course, of how large that data center they're building in louisiana is eventually going to be. yeah, most of manhattan would be covered by one data center. of course, you measure it by how much power it takes in two gigawatts. it's hard to imagine some of it. of course, tens of billions going into it. we've got a lot more live market we've got a lot more live market coverage for you. str (♪♪) (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish.

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