ahead with the funrise flagship fund, you can invest in the same kind of real estate investments that empower the world's largest portfolios for decades. start portfolios for decades. start growing your real estate - [narrator] we just signed the lease on our third shop. my assistant went to customink.com to get new uniforms with all the locations. he found great products, uploaded new art, and had boxes sent to all the shops. custom ink makes it so easy. get started today at customink.com. what tractor supply customers experience is personalized service. made possible by t-mobile for business. with t-mobile's reliable 5g business internet. employees get the information they need instantly. this is how business goes further with t-mobile for business. to power lunch. well, the die backlash. >> continues. >> this time at the home of one of america's biggest retailers. but what might. people and

investors be missing? the ipo market? it's fired up because one of. >> america's biggest natural. >> gas sellers just went public and just began trading. we'll show you how it's doing. and stargate i and netflix. >> oh my. >> what we all are learning from some of the massive. earnings that are rolling out kelly. >> and it's only going to get more massive next week. stocks are turning lower this afternoon after the s&p hit new record highs earlier on 61. 28 is the new high water mark. but we're actually kind of losing momentum here throughout the afternoon into the weekend. the s&p right now down a third of a percent 6/10 there for the nasdaq. all the averages are up about 2% for the week though novo nordisk shares are jumping. the trial for a new weight loss drug showed success 22% body weight loss in an early trial covering 125 people. those shares are up 8%, though they're still down 16% on the year. and quantum is back in the news. rigetti is the most actively traded stock on the new york stock exchange today. it's up 3% today, 40%

this week, almost 14 a share and flattish on the year after a big drop from those jensen wong comments when he questioned when quantum brian would actually arrive. >> well, the four pizzas we had for lunch as a show, not in that novo nordisk study. all right, kelly, thank you. we've got a lot more to do this hour, but let's start here with some news in retail. as one of america's biggest retailers just decided to back away from some dei initiatives. cnbc retail reporter melissa repko is here with more on that melissa. >> so target said today that it's backing away from some major dei programs, including pledges it made after the police involved. >> murder of. >> george floyd and the company's hometown of minneapolis. among its changes, the retailer said it will drop its three year diversity, equity and inclusion goals, no longer participate in external diversity focused surveys like the human rights campaign's corporate equality index, and end, a supplier program specifically aimed at carrying more products. from black and minority owned businesses. target announced these changes in a letter to employees, which

was viewed by cnbc. target joins a growing list of companies that have walked back dei efforts, including tractor supply, walmart. and mcdonald's. its announcement comes the same week that president trump signed an executive order ending the government's. >> dei programs. >> and putting federal officials overseeing. those programs on leave. but not all companies have joined the trend. costco said thursday that more than 98% of shareholders rejected a proposal to evaluate risks of its dei programs. costco's board of directors had urged shareholders to vote it down. i thought that was interesting as well, because costco says, we've been in this for a long time. we think it benefits our selection at the stores. it benefits, benefits innovation at the company. so they really pushed to retain it. and shareholders actually i guess agreed with them. >> yes. >> that is definitely the outlier that we've heard in recent weeks. but that's one of the big questions here with target. it's notable that they changed their. >> approach with suppliers. >> that was something they were also. >> pushing towards. >> something we've heard from ulta. and sephora and a number

of other brands that have said it's good business to. have a lot of different. >> newer brands. >> from different types. of entrepreneurs on shelves. do you think a lot of them are going to pursue the same goals under a different name? that's a good question, and it's hard to say. >> i am. >> going to follow up with target to ask them what their plans are going forward, but we've seen a little bit of. >> that happen. >> after the affirmative action decision. by supreme court, where. >> colleges have come up. >> with different ways to approach diversity, that that. maybe were just structured differently. >> and we. >> may see. >> this in the corporate world too. >> yeah. melissa, thanks. appreciate it. melissa repko reporting there. as we mentioned, target's actions are a growing trend across corporate america. and it's a focal point, a major one of the new administration, president trump's executive order earlier this week calling di programs illegal and discriminatory. here to discuss heidi heitkamp, former senator of north dakota, and john hope bryant, who is founder of operation hope. welcome to you both. senator, i'll start with you. this does appear to be a major turning point in the culture. no. >> well who knows? >> i mean, i think your point of

are we going to see these policies of, you know, that that could be profitable because you're offering more vibrant. >> products, you are bringing. more creative people. >> to the to the business table as you're talking about challenges. >> so what you know. >> dei now has a bad name. this all started in earnest during the debate over the gaza challenge and universities. but you know what? corporations should always. >> be looking. >> at is are these policies benefiting shareholders? are they benefiting your consumers? and i expect that, as you. saw costco say, that there's going a lot of people say, look, it may be impolitic to use dei, but we're going to pursue the same kind of diversity in our thinking. and who's sitting around the table making decisions that we always have because it's. >> good for the company. >> it's good for the bottom line. >> john hope bryant this is probably an issue as well where, you know, a company like costco

that says this has been a long term part of our culture. here's the results we can show from it. here's why we're sticking with it. it's probably going to get different outcome and make a different decision than a company that was maybe newer to this and is a little bit more nervous or unsure about whether to retain that program going forward. >> correct. also, costco. i believe, understands the 16.3 number that i'm looking at. and kelly, you'll love this number. and the senator is right. by the way the 16.3 number is trillion. that's all i hope your audience is sitting down so they don't fall down. diverse markets and women in america. of our $27 trillion gdp is 16.3 trillion. let that sink in for a minute. that's 60% of the us economy. 60. so i like math because it doesn't have an opinion. costco is looking at the math and saying, do i want more customers or. >> do i want. >> them to go someplace else? do i want more employees who can

understand the customer base? do i want products on my shelves that reflect that, which is what the senator was saying? this is ultimately not about black or white or red or blue. it's green. but d and i as it is itself, has been weaponized and i believe it's dead. i believe that it is a program. it's dead. and i'm fine with that. i've said that before, but diversity is the future of this country. and because demographics are destiny and 40% of this country is black and brown today, and within ten years it will be a majority of minorities. and my rich friends, my poor friends will do better, if only to stay rich. and so it is. it is a fascinating to me a little bit that you have business people in washington rejecting a business case, which tells me that this is not business as politics. >> and if i go back to the senator for this on a moment, you know, one of the issues that started to get this trend into more hot water, i think, was when it started to hit the levels of quotas and certain practices where people felt it was becoming almost a new form

of racism, to kind of promote what one kind of thing or another over the business case that john is, is fundamentally talking about. so again, i think there's going to be lawyers all over this now who are going to very carefully look at how these programs are structured and what their goals are now. >> well. >> i mean. >> the narrative. >> has always been wrong. >> it should never have been about quotas. >> and when you. look at. >> it, the backlash that you often hear is, well, if it's somebody who is african american or hispanic or a woman in that job, she wasn't as qualified as a man. >> he wasn't. >> as. >> qualified as the white applicant. that's that's completely false narrative. and when you have quotas, it begs that discussion. and i think that the way colleges have responded to this is taking a look at what are kind of historic limitations. what do you want in your student body population without quotas. and so there's ways to accomplish

this without raising the hackles. but i think, as you said, this has been weaponized because now dei is like. >> the. >> horrible thing esgs are the. horrible thing, but they. >> should always. >> have been done because they are good for the bottom line. they're good for the future of your company. you know, i think about myself. you don't want me buying hair products for an african american woman. i wouldn't know what to buy and put in the. store in a major city in, in across the country, you have to have people who have an experience that your customer has. if you're going to be successful selling. >> so john hope bryant, what would your advice be for companies right now who are in the middle of this, maybe boardrooms who are trying to decide right now whether to keep the program or scrap it, or how to achieve those goals, or just make those normal business decisions in a different way. >> when you're being run out of town, get in front of the crowd and make like a parade. turn a negative into a positive. don't fight this dni thing again. it's

not a it's not a rational argument. it's not, it's not. it's just an argument. it's designed to get attention, not results. switch to inclusive economics, which is something that i have framed out in in articles in time and fortune in other ways. you can go and see the data that i've laid out, the business plan for america. it's completely neutral to race. it has not to. the senate is completely, completely correct about the basis. these programs are designed wrong because they're designed emotionally. we're not making a moral argument. we're making a money argument. and it just so happens the money argument actually is quite moral. but we got to go back and refine this. look, an underserved person in detroit should have the same opportunity or sorry, a rural white in west virginia who has been has been kept out of markets and opportunity, theoretically should have the same opportunity to get to get up the ladder as a black male or black female in detroit who's kept up opportunity, who could add to the american gdp. so inclusive economics is just a repairs the ladder. yeah. so we can grow the

economy i would just change the approach. >> thank you both. and again a big news week on this front john hope bryant. senator heidi heitkamp appreciate your time. >> all right. we are just getting started as we head to break a power check on the s&p 500 as we sit close to new records. the worst performer in the index right now is texas instruments. if you're an investor, you've lost 7.5% of your money today. the market simply did not like the earnings. but the top stock today in the entire index. nextera energy. yes, it did miss. on expectations for revenue, but it said it should earn close to what is expected for the year or more, and added it may restart a shuttered nuclear plant in iowa. oh, and by the way, nextera energy ceo john ketcham, he is your exclusive guest right after this, a rare interview tv interview. we're back. >> in a world of uncertainty and

disruption. how will your investments stay 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. >> is cialis daily. >> better than viagra? does it last longer. than viagra? >> our sample. >> packs available. >> get started with a 30 day sample. >> pack. generics now. >> only. >> $1 per tablet. >> at wrexham.com. slash 30. >> does wrexham really work? over 85%. >> of patients said not only does it work, they saw results the very first night. get started with a 30 day sample pack. >> generics now only $1 per tablet at. tablet at. >> wrexham.com slash 30. t-mobile's 5g network connects

a hundred thousand delta employees so they can make every customer feel like they've arrived before they've left the ground. this is how business goes further with t-mobile for business. finding the right path takes experience. as a national leader in municipal investment banking and wealth advisory services hilltopsecurities can help you find the best path to reach your financial goals. with the backing of a diversified financial services enterprise, deep industry knowledge, and a 75-year history of innovation, we don't follow the herd. we lead it.

dave's been very excited about saving big with the comcast business 5-year price lock guarantee. five years? -five years. and he's not alone. -high five. it's five years of reliable gig speed internet. five years of advanced securit. five years of a great rate that won't change. it's back. but only for a limited time. high five. five years? -nope. comcast business 5-year price lock guarantee. powering five years of savings. powering possibilities. comcast business. >> that's my. >> secret to better. >> odor control everywhere.

>> all right, one of the biggest ipos in years happening today at the new york stock exchange. and it should be a company our viewers know pretty well. it's called venture global. they do a lot of things. but on a basic level they sell liquefied natural gas by giant ship all over the world. stock opening today a little below the ipo price. they opened up at $24.05. they did go public at 25 bucks a share, but the company now has a market valuation of roughly $60 billion. kelly recently had a meeting with the ceo, mike sabol, and he reiterated how bullish the company is on america's ability to sell lng to europe and to asia. big didn't go maybe as well as what some hoped for, but still venture global, a big ipo, whatever the sector. >> huge company in a very hot space right now. so again, i'm a little surprised that this wasn't a hot ipo that had to. but if they priced it too high, had to walk it back. whatever the case may be, even i wonder to some extent whether this idea that there's going to be so much supply coming in, whether it's

on the gas side or the oil side, makes people go, well, well, let's see what exactly that means for the price and their profitability. >> yes. and a main beneficiary of the end of the lng pause to their calcasieu pass. number two export facility. speaking of energy, the best performing stock in the s&p 500 right now, as we just showed you, is nextera energy. it is the biggest renewable energy generator in america now in earnings. revenue did miss some wall street estimates today. but the ceo was also bullish on natural gas and on nuclear high. that's the nuclear federal energy regulatory commission here in a first on cnbc interview is john ketcham, chairman, president and ceo of nextera energy. john, i don't know if that was your pr people calling. anyway, i appreciate you coming on the program. you reminded wall street and investors today in your conference call, and i thought this was fascinating that you and florida power and light, sort of the former, the current company with the former name that you guys have is not just the biggest renewables generator

in america. you also have the largest natural gas fleet in america. and you may restart a nuclear plant in iowa. talk to us about that. and also why you and your team felt it was important to reiterate to investors, listen, we're huge renewable generators, but we also are huge energy generators. generally. >> well, you know, we are. >> a really. >> unique company. >> yeah, we are. >> in. >> all of the above company. >> we own. >> a rate regulated. >> utility in florida. power and light. >> as you. >> mentioned. >> the largest. >> rate. >> regulated utility. >> in the. >> united states. >> we're the. >> largest generator. >> and. operator of natural gas. >> fired generation. >> in the country. >> we're one of the largest nuclear operators. >> as. >> well. >> and we're the largest renewables. >> company building. >> storage. battery storage. >> facilities as well. >> so we. >> do it all. >> and today. >> we announced. our entree back.

>> into gas, which. >> is something that. >> we have. >> a long, long history in. >> again, nobody. >> has. built more gas fired generation in this country. over the last 20 years. the next. >> era energy. >> so this. >> is a natural. foray for us. and we've entered into a framework. >> agreement with. >> ge for nova. >> so combines. >> not. >> only the. >> nation's largest. >> builder of natural. >> gas. fired generation, together. with the company that sells more gas turbines than anybody else. >> in the united. >> states, and has some of the best. technology and best solutions. and so we think. >> that is. >> a great. >> fit. >> when you mix those two together. and coming on the heels of the new administration's. energy dominance. >> agenda. >> you know. >> we are going to. >> play a. >> huge part in that. and you think about. >> our. >> ability to combine all types of generation. i talked about gas fired generation, but nuclear as well, which you just mentioned. we have recently filed with the nrc an

application to restart that facility and to get. >> the operating. >> license moving forward. >> we still. >> have a little bit more work to do in terms of finding the customer to make that. that project come. >> to fruition. >> john, i want to i want to jump in here and i appreciate it. it's like a week where we have a little more time, but but i want to i wonder if this is a pivot a little bit by next year and if it is or isn't going to that. but also here's the reality. okay, i think america i think america is waking up to something that we've been talking about for years on this network, which is the demand side of energy is only growing, and we have ten inches of snow on the ground in milton, florida, as of yesterday. demand for power and heat spiking people. ultimately, they're going to care how they get it, but they want to make sure first that they do get it. is this a pivot by nextera, and do you feel like there is a reawakening in america with this country saying, my gosh, we want to be climate and carbon smart. but at

the core of it, we also need to make sure the lights and the heat work. the key. >> is that we're going to need it all. we're going to need renewables. we're going to need battery storage. we're going to need gas fired generation. >> we're going. >> to. >> need nuclear. and why are we going to need it all? because power demand is higher than it's ever been. we are anticipating the demand for power to increase six fold over the next 20 years, compared to the prior 20. we haven't seen this kind of demand for power since the industrial revolution. that's why nextera plans to invest $120. >> billion. >> of capital over the next four years, and it's going to come from all generation resources. >> but one. >> of the points i want to make is that not all generation is created equally in terms of the ability to deliver it to market on a, on a linear timeline. so, for example, renewables can be delivered right now. they're ready right now. they can they can accommodate that demand. >> today.

>> gas fired generation for example, under the framework agreement we announced today, won't be ready until 2030 or beyond. >> at scale. >> and then. >> nuclear, you. >> know. >> beyond that, because it's a lot of it's first of a kind technology other than the restarts that we're announcing with duane arnold. so it's going to be a really, really important for this country to mix those technologies together. renewables for low cost energy, because it's available today, backed up by baseload. >> generation from. >> gas fired generation and nuclear. that comes a little later. >> can you get it? talk to us, duane arnold, this nuclear power plant in iowa, can you get a little deeper into that? because i was reading your earnings call. transcript. john, it was like we're thinking about it. we're looking at it. we're is this happening? is nextera energy going to 100% reach this power plant? if and i know it's you can't control what dc does if it is approved by washington dc. because i do worry. and i'm going to bring up homer simpson.

actually the nuclear technician cartoon character. do we have the people four and five and six years later to run these plants? >> we do, we do. and it's. >> going to get built. >> as long as we get. >> a contract to support the cost, we're optimistic we can. there's a lot of interest from data center companies around duane arnold in terms of the people to run it, i feel very comfortable. we have a centralized operation. the way we approach nuclear operations here at nextera. so we already have engineers and. folks that do a lot of the legwork around nuclear plants that work on all of our plants that we have today. so adding another one won't actually create much of a demand and workforce. other than the operators that will be. located at the plant. and we have a continuous operation training program. so we're very well suited to accommodate bringing duane arnold. >> back online. >> well, that'd be fascinating to see if we can do that. if you and i have a feeling that given all the data center

announcements, john, you and your team are not going to have a problem finding a contract for all that power. john ketcham, chairman, president and ceo of nextera energy. top performer in the s&p 500 right now, john. thank you. see you soon. >> very hot. thank you. along with ge partner for a lot of this after the break the earnings season special. we hear it every quarter. the new hot phrase it's maybe inflation. if you want to blame something. if you want to boost mention i. now there's a new word dominating earnings calls. the reveal is earnings calls. the reveal is next. ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ at state street, we know everyone's trying to get somewhere. ♪♪ take the next step toward your future, by investing in the s&p 500 with spy. getting there starts here.

down. >> to how. >> you sit, which is why our technology is. >> light years. >> ahead with our groundbreaking lmax technology bringing hot, cold and touch into one extraordinary seating experience. >> at x-chair. >> we've got our eye on the future of work so you can focus on the present. start the new year in style with premium comfort and exceptional support for limited time. >> get up to $290. >> off with qmt included. free. my clients deserve. someone who understands their world. someone who listens, who. >> has. their best. >> financial interests at the center. >> of every decision. >> our business is built around being responsive. >> to our client's ever changing. >> needs as an advisor, as. >> there are a. custody services provider. >> i see. >> my. client's success as my. >> own because. >> when they grow. >> we grow with them. >> for over 25 years. >> we've. been committed. >> to. >> rias, and that's why.

>> i chose tradepmr. >> so are you guys. >> still thinking. >> about going. >> to italy? >> yeah, just booked the flights. oh, great. you guys are gonna love it. >> we went last year and it was just so beautiful. frank. >> frank! you okay? bud, this is the best steak i've ever had. right? and i get them every month. >> nothing compares to the taste. >> of omaha steaks. >> guaranteed. >> save $30. >> save $30. >> on ehh... hmm. oh, that's very, uh... - right? - mmm... this store doesn't have agentforce, so an ai agent didn't tip off the stylist as to what i might actually wear. - yes. - oh. that's a commitment. [glass knocked] hey bud! whaddaya think? you know, people can see you out here. ha ha ha ha, yeah, yeah, right, right, ha ha. love you, too. agentforce helps retailers prevent fashion fails. it's what ai was meant to be. ♪♪

lot. >> of people to get financially savvy. squawk box and cnbc. it is my home. it's the greatest job in the world. >> all right. welcome back to power lunch and happy friday by the way. well we may not be there right now but earlier today the s&p 500 rather quietly hit a new record. don't tell anybody. but even with these gains, there are minefields everywhere for investors. here's one. maybe today, citigroup sent this chart out to clients. more and more companies are using the t word in their earnings calls. that t word is tariffs. that's right. and your next guest says that is just one thing to watch in a stock market that may be priced if not at perfection.

pretty doggone close. peter mallouk is the president and ceo of creative planning. they have got a cool $350 billion under management and frequently rated one of, if not the top ranked financial and wealth advisory firms in the united states. peter is also a good follow on social media. i think of tariff as another word for tax. some people might disagree. and so if i'm hearing all these tariff and, you know, tax like references on earnings calls, peter, in a market that is at what, 27 times forward earnings. i could i could give you a good reason to be a little nervous about stocks. >> yeah. first of all. >> well it's. >> great to see you on the air. >> that was a short lived absence which was expected. you're one of the. >> best and you're. >> a great. >> follower on twitter too. >> but okay. >> to your question about tariffs. >> but basically the market. >> by almost. every measure is. >> very, very hot, very. >> high valuations. >> in the top ten. >> 15% by almost every measure.

>> now that's. >> priced to perfection. >> but we are in kind of a. on its face a perfect environment. you have. >> very low. >> unemployment that seems very. >> persistent no matter what. >> we do. >> you have growing earnings that seems persistent no matter what we do. you've got an ai revolution that is real and. >> just getting. >> started. >> and you've. >> got. >> a very pro-business administration that is all priced in. and the thing about the markets. >> is things. >> don't ever stay perfect. >> and. there's not a lot. >> of room. >> to move here. >> and tariffs i think. >> is a big, real issue. >> a lot of people forget this. >> but this. >> isn't our first rodeo with tariffs. trump had a little bit. >> of a tariff. >> war about 5 or 6 years ago in. >> december, and. >> the market went down 19.6% in just a couple of weeks. most people didn't notice it. >> was the end. >> of the. >> year holidays. >> and it turned around so quickly when we. >> settled our little tariff dispute. >> with china. >> i don't. >> think this go around is going to be so easy, and. i'm not sure the markets are. >> ready for it. i think trump is clearly. >> posturing and being very aggressive. and we're not just talking about china now. >> we're talking about canada

and mexico and europe, but basically having. >> an. >> economic war with everybody. >> now you can make the case. >> the long run. >> this is better for america. and i. >> think it is. >> i think what he's doing is he's going to say we're going to put all these tariffs, actually put tariffs in place and then get concessions and then remove the tariffs. so in the long run it'll be fine. but brace. >> yourself for what the. >> markets may do in the short run. i just we've been a. >> long time without. >> a correction. and when it. happens people are going to freak out. and i think. >> that. >> this would be one of many things that could trigger the correction that may be overdue. >> speaking of that correction, peter, a lot of people say, why bother waiting and worrying about exactly when it will happen? i'm just going to stay long, you know, not not you know, i'm not talking about active managers, right? i'm talking about when you're trying to build wealth for the long run. is there any reason to call that strategy? just stay long and wait. wait it out. any reason to call that into question? >> no. >> i love that kelly. >> and i. >> actually, i'm so glad you're clarifying this, because i'm not suggesting anybody go to the sidelines and wait this out. >> there's a. >> lot of stuff that i think can

increase. volatility this year from. an unexpected direction. interest rates could go to the. >> inflationary aspects. >> of not just tariffs but this new immigration policy. >> there's all. >> kinds of things i think people are just expecting up and to the right. you know, first time trump was in office, 12 straight months of the market going up. i don't think that had ever happened before or since. i don't see that happening here, but i don't i'm not suggesting to stay on the sidelines. i'm suggesting there may be opportunity. this is going to be great for the long term investor and whatever allocation you've got, focus on the long run and you may get a gift. we are able to rebalance into some weakness. >> you know, it's like you look around the world, peter, and i've been critical of the german economy. it's a disaster. their environmental record may be good, but their energy record is horrible. but that aside, it's just another proof that the stock market and the economy can often be different things because the german stock market. yes. kelly, i know your lead producer for the 1:00 is from germany. the german stock market has outperformed the s&p 500

over the last six months. it's the second best behind slovenia, which i'm told is nearby anyway in the world. and i bring this up because it shows that markets are not always economies and is troubled as the german economy is. their borrowing costs are so much lower, peter, because of it. and maybe there are better opportunities than the big cap us things around the world. >> i mean, if you look at. >> vanguard, blackrock, goldman, all of them at the turn of the decade, and i think at the beginning of this year. >> almost all of them, if. >> not. >> all. >> of. them suggested, you know, international would do better than the us, small cap would do better than large. and of course, we know this decade last year has not been the case, and everyone's waiting for that great rotation. and you see value. i mean, by every measure there is more value to be had overseas. but you know what i mean? this this ai revolution, it's happening almost entirely in the united states. it's happening the majority in just 7 to 10 stocks. almost all of those are in the s&p 500. that's

really what's created. >> this big. >> valuation difference. and i don't see anything in the short run really changing those things. but there's no question that you should have your eggs in different baskets because the us market is priced to perfection, because we're in a near perfect environment and the rest of the world is priced not on a disaster, but on the brink of disaster. and so they're all just about where they're supposed to be. and it wouldn't surprise me if we finally get this rotation, although i'm not smart enough to time that. >> well, i would say, thank god the stock market's up because who can afford eggs? >> well, right. and peter, i was just going to say in terms of potential, you know, headwinds. the only one i'm keeping an eye on and i don't know how close you follow this is deep tech. because all of these valuations built up in nvidia and all the power stocks and all the data center and all the compute that's going into that is under on the premise that we need these mega investments in order to stay at the leading edge. and if that's not true, and if you can get a good result a lot less expensively, i do wonder what that means for some of the biggest stocks. >> yeah, i think we've got. >> a lot. >> i think there's going to be

massive, massive, massive investment in this space. and anything that we find that creates efficiency or lower cost way to do something is going to be offset by the massive demand, the incredible revolution that 2000 years from now, if the earth is somehow still spinning, they're going to be talking about this time in in economics books and in civilization books. and so i think we i don't think it's possible for us to meet all of the energy demands and everything else that we're be alive. because i'll tell you what, people our age not only got i remember i was in those. oh, nice. yeah. thank you. i'll age myself. thank you very much. >> but you know what i mean. we got to watch the internet literally be created. >> i said to my husband the other day, this feels like the most. >> you could say, eric, he's a friend of mine.

>> be alive. since the internet was literally first coming on the scene every single day, we're like, should we mess around with it? i mean, it's thank you for the kind words. i appreciate it. >> let's turn to the bond markets now with yields slightly lower today after the president said he'll demand lower rates. and with the meeting for the fed looming next week rick santelli joining us from chicago. we're highlighting the two year there rick. >> yeah yeah. you know i have to get to that. you know the president demanding lower rates. you're not going to be able to get what you demand when it comes to interest rates. however he also wants to bring down electric costs, energy costs, grid costs and remove subsidies. that alone could make a huge difference on inflation. so there's a definite two sided coin here. when it looks at inflation and interest rates, we need to take the other side and consideration. now let's look at what happened with that two

year. if you look at the two year at 945 eastern boy the bottom falls out. you see a lot of buying pushing yields down. what happened then. that's when we saw the services pmi move from 56.8 to 52.8. it's preliminary jam read. so that was weaker than expected. and if you open the chart up to a week to date of ten, you could see that, you know, on wednesday we had a higher high than tuesday. on thursday yesterday we had a higher high than wednesday. today we do not have a higher yield than we did yesterday. we're breaking the pattern. so it's turning down a bit. but yet we see that two year note yields are down on the week. suddenly a couple of basis points ten year or down one. so we're almost a parallel shift on the yield curve. but the big story this week is the dollar index. look at a week to date of the dollar index as it sits now it's going to be closing the week just this one week down 1.7%. and if you open the chart up, it most likely is going to be on pace for the lowest close in six

weeks. and talking about how the german stock market could do so well, well, look at their currency. they're an export economy. germany has put back to back to back to back quarters of negative gdp. many are betting the central bank is going to ease a whole lot, and that may be putting a life back into that german economy. back to you, rick. >> thank you. i appreciate you mentioning rick santelli. lots more show ahead. but next the ai wave lifting all ships. oracle having its best week since 2021 after the stargate announcement. and big tech is on deck to report next week. analysts are desperate to see what they have to say, and we'll have some details next. >> the bond report is brought to you by pimco, a global leader in active fixed income. >> are you investing in municipal bonds that will fund roads and bridges? think of assured guaranty as bond

insurance as your guardrail. assured guaranty a stronger bond. >> don't buy another stock before reading this book, because when you see the returns you could be making on options versus stocks, you'll realize that in today's market, buying and holding stocks alone is not an option. the simple, beginner friendly option strategies you'll learn in our new book could take your investing returns to a whole new level, and today we'll give you a copy for free. get your free copy while they last at. it's not an option.com it's not an option. .com. >> introducing aztec. >> minerals listed on the otcqb in the toronto venture exchange. gold and silver prices have surged to multi-decade highs, creating a strong backdrop for precious metals exploration. aztec minerals is drilling in tombstone, arizona, a historic high grade silver and gold mining district with significant expansion potential, with additional drill results expected soon and having private ownership of both surface and mineral rights. aztec minerals

mineral rights. aztec minerals is positioned for growth symbol what tractor supply customers experience is personalized service. made possible by t-mobile for business. with t-mobile's reliable 5g business internet. employees get the information they need instantly. this is how business goes further with t-mobile for business. scan this code or go to scan this code or go to cnbc.com. slash disruptors finding the right path takes experience. as a national leader in municipal investment banking and wealth advisory services hilltopsecurities can help you find the best path to reach your financial goals. with the backing of a diversified financial services enterprise, deep industry knowledge, and a 75-year history of innovation, we don't follow the herd. we lead it.

for all those making it big out there... ...shouldn't your mobile service be able to keep up with you? get wifi speeds up to a gig at home and on the go. introducing powerboost, only from xfinity mobile. now that's big. xfinity internet customers, cut your mobile bill in half vs. t-mobile, verizon, and at&t for your first year. plus, ask how to get the new samsung galaxy s25+ on us. 3835. >> welcome back to power lunch. i'm kate rooney with your cnbc news update. thousands of anti-abortion demonstrators are in washington, d.c, this afternoon for the 52nd annual march for life. president trump prerecorded a video for the event, and vice president jd vance appeared in person for a speech calling president trump the most pro-family, pro-life

president of our lifetime. meanwhile, the leader of ontario, which is canada's most populous province, said he's going to be calling for early elections because of the need for strong mandates to fight president trump's plan to impose tariffs on canadian exports. doug ford says he's going to dissolve his government next week and call for an election on tuesday to allow for voting in february, about four months earlier than planned. and los angeles prosecutors said this afternoon they will not charge shock rocker marilyn manson following a years long investigation into allegations of sexual assault and domestic violence, according to the la district attorney. the allegations are too old under the law, and there's not enough evidence to charge the 56 year old, whose real name is brian warner. guys, back over to you. >> all right, kate, thank you very much, kate rooney. and welcome back. that stargate announcement earlier this week opened the floodgates for tech shares of microsoft up 3%, oracle more than 14% and on pace

for its best week since 2021. today. meta saying they will begin testing ai powered ads and threads up 2% a little less now on that news that stock has tripled in five years. it's also set to report next week, along with apple, intel and others. which of these could get the next ai fueled boost? joining us to discuss that, stefan slawinski is the global head of software research at bnp paribas. all right, stefan, you stick with the obvious. you go for the not so obvious under the radar names. welcome. what do you do? >> yeah. hi, kelly. thanks for having me. so yeah, big, big week coming up next week to focus on fundamentals. i think the big names are still going to be quite dominant. the main one of course is going to be microsoft. so you know meta announced their big capex plan for this year. so they stole a little bit of their own thunder from next week. so i think the focus is going to be on microsoft next week, and especially that microsoft azure cloud computing business. can they guide for acceleration. will that e is ai trade? we think it will. >> so you know i think a lot of

investors in these names are torn between going, okay, i'm just sticking with the mag seven. this is the only sure thing in the market. and between thinking, nope, i'm going to get in and it's going to be the peak and i've missed the whole run and it's time to rotate into energy. >> yeah, i think when you look at the larger stocks, the mag seven. but you know, within that, if you look at microsoft, you look at google, you look at meta, you still have quite reasonable valuations on some of them. and especially on the enterprise side, you could see revenue growth accelerating here. so i mentioned microsoft with azure. you know they should do 32% growth in that fiscal q2. and maybe guide for 3,334%. so we're getting that acceleration likely to come through as capacity comes online. you also have microsoft 365 copilot their enterprise product. they're in the office suite. again feedback's been a bit mixed, but we think they come out with data that show that, you know, you may have already sold 10 million seats of copilot, where again, that's jen psaki monetization. and i think the interesting and

exciting thing, especially for microsoft, with that stargate announcement you referred to, we could see capex growth really significantly slow. so we could be reaching that point on microsoft, where revenue growth is accelerating, capex growth is slowing, and investors can get more confident around those returns. >> yeah, no. which again, might be a really important turning point. so you like microsoft, alphabet, oracle, sap, all of those names who are you underperform on in your space and why? >> we're a bit more cautious on meta for example. so i think it will be more difficult year for meta. they announced the 65 or 60 to 65 billion of capex coming this next year. that's a 60% increase at the high end. so we're seeing capex really ballooning there. they don't have the monetization mechanisms that a google and amazon or microsoft does. so meta is still 98% reliant on advertising. so they're they're building out their llama model. they're building out meta ai. but the monetization is still uncertain. and then finally you have revenue growth slowing. so in q4 maybe 17%, but we could be

slowing down into the low teens as we go into 2025. so again, you don't have those accelerations of their enterprise cloud computing businesses like you'll see at google or amazon. and you also have less events this year that are going to help advertising. so we think the setup is a little bit tricky. after a very impressive run over the last over the last few years for meta. so we are underperform on that one heading into 2025. >> well, we always like hearing the contrarian take because, you know, everyone else sees it just, you know, only going higher. stefan, thanks for joining us. it'll be a fun and busy week next week. stefan slowinski with bnp. appreciate it. >> all right. on deck. why a possible plan by president trump has the bitcoin bulls very happy right now. >> crypto watch is sponsored by crypto.com. crypto.com is america's premier

crypto platform. >> nothing stands still. not technology, not the market, and not franklin templeton. we've been a firm in motion for over 75 years, always innovating. today, we are a leader in public and private markets, digital assets and custom tax management, empowering advisors with solutions to build the portfolios of the future. today. franklin templeton, your trusted partner for what's ahead. >> what happens when you drink rice? mushroom coffee? you start to feel a calm, level headed focus. that's lion's mane. time to lock in shiitakes keep you feeling healthy. king trumpets help with overall longevity, and cordyceps bring you that boost of energy you love. so what happens when you drink rice? mushroom coffee? your day gets mushroom coffee? your day gets better, a lot better. and

got eyelid itching, crusties and swelling that won't go away? it could be... demodex blepharitis! and we're demodex mites. we're very common and super irritating to your eyelids... but we love making ourselves comfortable here! oh, yeah...steam time! if demodex mites are partying it up on your eyelids... it's time to eliminate the root of the problem with xdemvy. with one drop in each eye twice a day... you can kill the mites in just six weeks. xdemvy is the first and only fda-approved treatment that kills the mites that cause demodex blepharitis, a common eyelid disease. avoid touching the tip of the bottle to your eye or other surfaces to minimize contamination. wait 15 minutes before inserting contact lenses. in clinical trials, the most common side effects were stinging and burning in one out of ten patients. party's over folks.... it's not you, it's demodex mites. talk to your eye doctor today.

custom ink helps us motivate our students with custom gear. we love how custom ink takes care of everything we need so we can focus on the kids. we make it easy to wow all your groups with high quality custom apparel, accessories, and promo products, all backed by our guarantee at customink.com. >> overtime is about. >> understanding what just happened in the markets that day and preparing for tomorrow. i'm looking to talk to all investors, sophisticated investors, beginning investors. i'm always learning. >> closing bell overtime for eastern cnbc. >> all right welcome back to power lunch. bitcoin is booming again. it is not only back above 105,000. it is near 106,000. one reason may be this president

trump signing an executive order that many believe will clear the way for the creation of a national bitcoin stockpile, kind of like a strategic petroleum reserve, except it's a strategic crypto reserve. mackenzie sigalos is down in d.c. she's been going to all the all the hot events down there around bitcoin. there's definitely a buzz around crypto with president trump. >> there certainly is brian. and donald trump has been delivering on a lot of the promises that he made to the crypto industry on the campaign trail. the latest is a sweeping executive order thursday that promotes digital asset adoption in the u.s. the centerpiece is a new industry working group, which will evaluate the potential of taking cryptocurrency seized by the government and holding it in a national stockpile. also, in the order protecting bitcoin miners and software developers from what the president called persecution and promoting u.s. dollar pegged stablecoins while banning a digital dollar from the fed. still, the moves fell

short of enacting some of the industry's biggest wish list items, like directing the u.s. to start buying bitcoin directly and holding it in a reserve. there are also still questions about how much this order can do without the buy in of congress. meantime, though, we've seen a few big changes at the sec this week. late yesterday, it withdrew a controversial accounting rule that some said made institutional crypto adoption more difficult. already, the ceos of wall street's biggest banks are signaling a legitimate interest in expanding their digital offerings. brian. >> all right. you went to all the hot parties that i didn't get invited to, kelly pride, did i? did not. you were there. so i'm going to put you on the spot. mac, what are people saying? i know, listen, it's obviously bitcoin is 106,000 bucks. whatever it is. now what are people saying behind the scenes? you talk to all of them. what's their real vibe? >> so on friday you had the first ever crypto inaugural ball, where you weren't just seeing the heads of all the crypto exchanges and bitcoin mining firms coming into town, but also the speaker of the house, multiple senators and

congressmen. trump's picks to lead treasury, commerce, and then even paul atkins was reportedly getting drinks with a crypto firm ahead of that crypto ball. and what people were collectively talking about was enthusiasm around seeing hard and fast rules on crypto. and even though this executive order was perhaps light on certain items on the wish list, you know, it stopped short of creating this sort of strategic crypto stockpile. what it did do was create this working group. so a lot of people over the weekend stayed in town to have conversations with trump's new team to talk about who might be on this working group, what would be realistic? the eo is really just the first step. and as i said, brian, so much action out of the sec just this week, that rollback of sab 121, that newccounting rule that's a game changer for banks being able to custody cryptocurrency. a lot of pent up demand there. >> it's a great point mackenzie. thanks. appreciate it mackenzie sigalos looking fresh by the way. after a fun filled weekend, i guess it was. >> several we didn't get. where's our invites?

>> maybe next year. texas instruments is not exactly a chip off the old block. not every semi stock can be nvidia. it's taking a big dip on weak guidance. we'll trade that name and others in three stock lunch. >> in a world of uncertainty and disruption, how will your investments stay 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. >> with the. >> fundrise flagship fund, you can invest in the same kind of real estate investments that empower the world's largest portfolios for decades. to start growing your real estate portfolio today, with the fundrise flagship fund.

>> when you use point me, you need fewer points for every trip, like 50 to 90% less than your credit card travel portal. so a round trip flight to italy that may have cost 150,000 points drops to just 35,000 points drops to just 35,000 points it all started with a small business idea. it's a pillow with a speaker in it! that's right craig. pulling in the perfect team to get the job done. i'm just here for the internets. at&t, it's super-fast! you locked us out?! and when thrown a curveball... arrggghh! ahhhh! [crashing sounds] we had everything we needed. is the internet out? don't worry, we have at&t internet back-up. the next level network for small business. ♪♪ i sold a pillow! wealthy become ultra wealthy. robert frank's high net worth (vo) fargo is your virtual assistant from wells fargo. (woman) oh, come on! come on!

(vo) fargo lets you do this: (woman) fargo, turn off my debit card! (woman) i found it! i found my card! (vo) and also, this: (woman) fargo, turn on my debit card. (vo) do you fargo? you can, with wells fargo. what else can fargo do? quickly tell you what you spend on things like food. (dad) fargo, what did i spend on groceries this month? (son) hey dad, can the guys stay for dinner? (dad) no... (vo) learn more at wellsfargo.com/getfargo. that's my secret to better odor control everywhere.

>> with income products from brighthouse financial, you can turn a portion of your portfolio into guaranteed lifetime income for whatever the occasion calls for whatever the occasion calls for. after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" i'm thinking company wide power nap. [ employees snoring ] anything can change the world of work. from hr to payroll, adp designs for the next anything. pediatric cancer starts in the bones and often spreads to the lungs. there are no treatments when it spreads to the lungs. now, os therapies ost on the nyse. american is reporting

immunotherapy trial results that could lead to a 2025 approval ost grandfathered into fda's priority review voucher program. revenue could reach $500 million. os therapies stock symbol osx. >> when you sell with the real reel, we handle photography, pricing, shipping, customer service, and so much more. resale is what we do. so you have time to do you first time consignors get $100 extra. terms apply. >> to make effective, healthy blood pressure support supplements takes more than innovation. it takes vision. that's why we founded human to revolutionize how you look at your health with supplements like super beats that put your cardiovascular system at the center. effective, convenient, and easy to enjoy. cardiovascular support for every day. inspired by innovative science with clinically studied ingredients like the grape seed extract in our heart. juice for nearly two times more effective

blood pressure support than diet and exercise alone. to help you do more and be more. that's our vision. it's why we're leading the way, because cardiovascular support is about more than just your heart health. it's about everything your heart beats for. get a free month supply plus free shipping on all bundles at free shipping on all bundles at live human.com. ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ at state street, we know everyone's trying to get somewhere.

♪♪ take the next step toward your future, by investing in the s&p 500 with spy. getting there starts here. we do three different trades, three stock stories. why they matter to you here to do the honors is michael landsberg, cio at landsburg private wealth management. michael, welcome. let's start with verizon. they're actually hired today after posting their strongest quarterly wireless subscriber growth in nearly five years. and they only get a 1.5% boost. what do you do with the stock? >> i don't like the stock at all. i mean, i look back 2007, the iphone came out. 2025 we got the iphone 16. verizon stock price is the same 40 bucks, then 40 bucks. now. it's just not a stock that we want to own. it's kind of like your grandparents dividend stock. i don't think it's a name that you want to keep. if you have it, sell it.

if you don't, don't own it. >> it's crazy. they spend all this money, they do all these things for us, and we're just like, forget you. all right, so what about texas instruments? they're down 7% today for the worst day in three years. after disappointing guidance below estimates. what ails this one? and would you pick it up here. >> the issue really is they're not in the cool part of tech. i mean, semiconductors you talked about before, generative ai is kind of where the place to be is, and that's where all the growth is. they have very little exposure there. the other issue i have is thes is not cheap. soi get if you don't have a lot of ai exposure, but i shouldn't be paying over 30 times for next year's earnings when earnings aren't going to grow much. there's better places to be in semi with exposure to ai that isn't much more expensive than this, so that's where i'd be. obviously it's down for a good reason because margins aren't there, but i'd stay away. >> all right so a sell and a sell. so this one better be a buy. oh and it's twilio up 20% today. biggest gain since 2020. they had better than expected forecast ahead of their earnings for this name. we don't even talk about it that much. what do

you do here. >> i'm going to give it a hold. and here's why. the stock was $400 in 2021. and they've gotten, you know, kind of crushed. the issue has never been revenue growth. they've had revenue growth for like 11 straight years. it just seems like management's never talked about making any money. it's never been a profitable this time actually we're hearing discussions of profitability and margins. and i think that's going to be exciting about the stock and where it can go. we still think you can wait a quarter or two to make sure that it's actually real action, not just talk, but obviously at one 4137, it's got a lot of room before it gets back to 392. so i think you can wait a quarter or two. but if it continues to do well, margins get better. i think it's something you could pick up down the road. >> anything you're picking up ahead of earnings next week. the big the big names, the biggies. >> i think the biggies. most people have a lot of exposure to the biggies. i mean, so when we look at some of those names, i think you've got those. i mean, we've been exciting. what's been happening with bank earnings has been a good tell. and i think

continue. big tech continues to be the place to be. i think you can broaden your exposure not just to the mag seven, but some of those other names i think have been driving this rally more recently. >> michael. appreciate it. michael landsberg, bennett private wealth. >> all right. well, hey, i'm off monday for a speaking thing that's not giving a speech. >> can we carry it live? >> no. >> well. >> thanks for watching, everyone. i'll see you tuesday. >> sounds good. closing bell starts right now. >> all right, guys, welcome to closing bell. i'm scott wapner live from post nine here at the new york stock exchange on this friday. this make or break hour begins with another solid week for stocks. and what lies ahead. with megacap earnings on deck and looming large, we'll ask super investor bill gurley, who stands to win the ai arms race and the personality clash between elon musk and sam altman. he'll join me momentarily in a cnbc exclusive interview. in the meantime, the scorecard with 60 to go in the week looks like this lower across the board. a little bit of a holding pattern, i think you could say ahead