>> 25%. >> and we've been working to reduce it even further. >> it cannot be about removing all the rules. it's about all of us operating together. >> the partnership with openai to us is a critical partnership. we love it. it's working. >> if you use the us estimates of. >> how much power. we're going to. >> need, we're talking. >> trillions of dollars. >> and it's. >> all for data centers. it's all for ai. monday meltdown. >> stock futures deeply. >> in the red, suggesting. >> suggesting steep. >> losses at the market. >> open the nasdaq. >> on pace. >> to open. >> more. >> than 3%. >> lower the. >> s&p 500, down 2%. investors focused on. >> one word. >> deep c, the. >> $6 million. >> china based chatgpt. >> rival that caught everyone by surprise. >> the early. >> reviews are. >> in, and the tech crowd. >> is raving. >> global chip. >> and tech stocks plunging on. >> what could be a possible. >> rerating of u.s. tech dominance. >> and a reevaluation of. >> the ai valuation. >> it is. >> monday. >> january 27th, 2025.

>> you're watching. >> worldwide exchange right here. >> on cnbc. >> good monday morning. thanks so much for being here with us. >> i am. >> frank collin. let's get. you ready for the trading. >> day ahead. we begin with the check of u.s. futures. >> with the emergence. >> of deep. sea putting. >> pressure on us mega-cap. >> tech names, taking a look at futures we mentioned. >> deep in the red this morning. the s&p down 123. >> points or just. >> about 2%. the dow. looks like it would open. about 370 points lower. the nasdaq the hardest hit. >> on a percentage basis. >> down more than 700 points. >> down more. >> than 3% on. >> a percentage basis. we want to look at the nasdaq 100 laggards right now. >> taking a look. >> you will. >> see a lot of tech names, a lot of. chip names on. >> this list. >> right here at the top though, we see constellation. >> energy those shares. >> down just about 11%. >> followed by. asml again. >> a chip name down double digits. same story for nvidia. >> again down double digits largely on that deep seek news

broadcom and marvell. >> technology the bottom. >> four here all chip names. we want. >> to look at mega-cap tech as well. >> also under pressure along with the. chip trade. again on those reports that deep seek. >> a. >> china based open source large. language model, was able to use less advanced chips to create ai tools. >> that compete. >> with the proprietary models of u.s. tech giants, raising a lot of. questions about the moat for nvidia and companies like openai. taking a look at. megacap tech this morning, we see oracle shares. >> down just about 6%. >> huge week for oracle last week on those project. >> stargate announcements and headlines. >> meta platforms down more than 4%. similar stories for microsoft. amazon and tesla under some deep pressure right now in the premarket. so speaking of tech, it's. >> a. >> huge week. >> for earnings. >> with big. >> tech reports coming up, including apple and meta. you see the list right there. a number of big name companies on that list want to get to those earnings. >> estimate comp services. >> that's where meta is forecast to see 26% growth, with tech forecast to see 15% growth. >> but again. >> the development of deep sea in china and. open ai open

source ai model. >> again. >> raising a lot of questions about the need for the massive increase in capex spending when it comes to these companies. remember. >> meta said. >> 65 billion. microsoft said 80 billion. we'll be talking a lot about that with our guest coming up later in the show. all right. we do want to look at treasuries right now taking a look at treasuries. the ten year the benchmark coming in at 4.53% actually moving lower. over the past week, we've seen an easing of bond yields over the last week. a lot of people thought that some of the proposals from the president would actually lead to. a spike in bond yields. we'd be talking about that as well. david zervos from. jefferies coming up later in the show. and we want to touch on energy oil coming off a losing week, taking a look at the oil market right now. fractional gains wti just below. $75 a barrel again up fractionally. brant crude just just around 7870 a barrel up about a quarter of a percent as well. and we got to take a look at bitcoin. we saw bitcoin under some pressure in recent days. right now trading below 100,000 again. >> at about. >> 99,260 a coin, down about 5.5% right now. remember bitcoin does trade around the clock. if

you're looking here over just about the last couple of days down about 5%. so again bitcoin under some pressure as well. all right. that is your setup. we're also seeing a sea of red around the world. let's check in with our sylvia amaro in london and our jp ong and singapore singapore. excuse me sylvia we're going to start off with you and the european trade. >> right. good morning guys. well, i could be mentioning to you how we had a couple of economic data releases today, how we're heading into an ecb rate decision later this week. but no doubt that the main focus for european investors is also the deep sea story. let me show you what i'm talking about. we have read across all of the major european bourses. in fact, the benchmark is actually on track to see its worst day since october. let me take you to the different sectors so you get a better picture of what's happening here in europe. at the top we have telecoms, but let me show you the worst performing sectors because it is there where we are seeing the more the most important market story today, looking at the worst performing sectors, the pressure

today, it is clearly on the tech sector. we are down more than 5% at this stage. for european tech names, those concerns around the deep sea, what they are and what their developments could mean for the broader sector is the main story today. let me show you in detail the european chip makers, because it is clear that this is front and center for european investors. today we have asthma. asthma, i should say down 15%. looking at b semiconductor also in the netherlands we're down 11% question marks at this stage about what these six developments could mean. the fact that they are announcing ai models that could be built quicker and cheaper. what does this mean really, for the competitors, whether that's the european or indeed the american tech names. >> all right, sylvia, thank you very much. our sylvia mauro live in london. we want to turn to the action in asia now. and a rough session for japanese tech

stocks. our jp ong has more. indeed. frank. and again everybody deeply mad over what deep tech and the. impact it. >> made on markets and valuations. >> and again, as sylvia pointed out, it really is. >> they can do the job. >> as well. >> as chatgpt. >> but only. >> cheaper, and. thus calling to question the sky high valuations for a lot of these chips. >> will we need as many high. >> end chips as. >> those produced by tsmc to run these. >> ai models that are being demanded? >> will we need. as many. >> pieces of chip making devices and testing. >> equipment made by. >> the likes of tokyo electron and advantest. as we previously thought? and that called into question the valuations for these stocks, which. >> is why you saw. >> their stocks fall precipitously or starkly, at least out in tokyo in today's session. one of the reasons why the nikkei 225 closed in the red. now, you'd think chinese chip related stocks would. also benefit from this news, but not exactly. it's not that simple, it seems. as you can see here, despite the fact that shanghai and the hang seng both closed in the green. smic, the chinese chip maker, actually closed in the red. galaxy core a chip designer actually reported that

they are expecting profits to triple this year, and that's one of the reasons why they saw a bump up. >> but again, nothing. >> sky high. nothing dramatic in terms. >> of their intraday. >> gains today session. the big question though. >> will be is what will. >> happen when we see south korean and taiwanese markets, which are offline for most of this week, come back to come back online. and how the likes of samsung, sk hynix. and tsmc might actually react that we'll have to. >> wait till friday. >> for suffrage south korean markets to come on, and next week for taiwanese markets to come back and start trading. but again, everyone deeply focused on deep sea. frank, back to you. >> all right, jp, thank you very much. we're going to continue this conversation about deep sea bus started growing over the weekend about deep sea latest ai model being more efficient while reportedly costing billions less and running on less advanced nvidia chips. it was released last week. it's already being called a major breakthrough, as the app shows its work and reasoning and answering a user prompt, so the product overtaking chatgpt today on apple's app store, deep sea, which was created by a chinese hedge fund also capturing the attention of leaders at the

world economic forum in davos last week. >> we should take. >> the development. >> out of china. >> very, very seriously. >> what we found. >> is that deep tech, which is the leading chinese ai lab, their model. is actually the top. performing or roughly on par with the best american models. >> if the united. >> states can't lead in this technology. >> we're going. >> to be in a very bad. >> place geopolitically. and a quick check on the ai related stocks, once again, taking a look at nvidia down double digits right now amd down more than 4%, arm down about 9%. microsoft and meta also under a lot of pressure in the premarket. let's talk more about this now with zai, ceo of ai consulting firm malo santo and senior policy advisor at the goldman school of public policy at uc berkeley. x good morning. thank you for joining us. >> good morning. >> thank you. >> for having me today. >> this deep tech news is. >> rocking the. >> ai. >> community around the world. >> yeah i mean it's rocking the markets. it's rocking the ai community. so first just kind of straighten us out. give us give us your perspective. you're certainly an expert on this through your work at the goldman

school of public policy. also, your work with alphabet and microsoft, when we're talking about this ai race between china and the us, what does deep seek represent? the thought was that the us had a significant lead. maybe, you know, four months, six months. has that changed in your mind with this development? >> oh, absolutely. >> i mean, the world has. >> long looked to. >> the united. >> states to be the leader in artificial intelligence, but. >> these recent. >> model releases from china have demonstrated. >> its ability. >> to leapfrog and. >> catch up. >> with u.s. tech giants and achieve groundbreaking results without the luxury. of advanced hardware, which. >> is. >> ultimately challenging everything. >> that we. >> thought was necessary for innovation in the ai space. see, what deep seek represents is that ai innovation isn't necessarily driven by the companies with the largest pockets or the fanciest hardware, but that. >> collaborative development. >> approaches can. >> actually end up providing market. >> leading technologies. so this ai race truly isn't just about us versus china. >> it's about which. >> approach to developing ai is more effective at creating

innovation. is it the private closed source development that we've been following with companies like microsoft, openai and anthropic? or is it open source development? which companies in america like meta are taking that approach, which we've seen with deep. >> seek. >> another ai model coming out of china, which. >> was also. >> released around the same time as deep sea, is called semi k1 five. and what this model does is actually outperforms deep seek in many of its reasoning and mathematics benchmarks, and it offers unlimited free usage, which highlights that this collaborative development is not just a one off success, but a new pattern that's going to shape the ai industry moving forward. and these u.s. tech giants may need to. >> adjust their. >> strategy to keep up. >> so next, we just touched on it in the beginning, but i want to circle back to that. in your mind, is the u.s. still in the lead? some people thought it was six months. i've heard some people say four months or is now just the idea of a lead. has that gone away in some sense? and now is it just more competitive? >> i believe that it's more competitive because deep seek has open sourced its new

innovative approaches to training ai models, which allowed them to achieve these remarkable results with less hardware. that means that these new approaches can be integrated. >> by our ai. >> tech giants. the question is, how quickly will they do so, and how will that impact the development of their products moving forward? again, science, especially in technology and in ai development, is not a one sided thing. it's a constant conversation. and china's voice has just gotten louder in the room. >> we're going to talk a lot about valuations when it comes to ai focused companies, specifically an open ai. does this change the valuation in your mind of an open ai? the thought was before that they had a moat, but that moat was scale with their proprietary model. does the idea of these open source models being so fast to get going? and if it's true, by the way, if it's true that it only costs $6 million to build, does that erase that moat? does that diminish that moat that a lot of these u.s. companies have? >> i don't believe. >> that it. >> erases or diminishes the moat as much as it maybe puts a little bit of fear in investors minds and maybe makes them a little bit nervous about, oh,

no, america was so far ahead. can they catch up? now? here's the thing about open ai in particular. they have been heavily focused on reasoning models, but also they just released their new project, product operator, which allows it to control a device which we've seen in things like copilot advances that we have not seen be open sourced on the chinese market, with either deep sea or cmyk 1.5. and again, the advances that were brought out by both of these models can be incorporated in the current and future development techniques of american companies. and news reports around the internet this morning are showing that companies and leaders are looking at how to incorporate these innovations into their own unique proprietary technology. so if anything, i think that this will bolster the competition, make it more exciting, and we're going to see more new products developed as a result, not necessarily see openai or microsoft become irrelevant in their ai developments, but that they're going to be enhanced by this advancements. >> we're almost out of time. i need a quick answer on this one, but i do want to ask you you

just said the word incorporate, not adopt. when we're talking about open source models. you worked at our u.s. tech giants alphabet and microsoft. could we see a similar development happen in our u.s. tech giants, where they put out these open source models and try to take the same strategy that we've seen when it comes to deep sea. >> i think that a lot of u.s. companies already do put out open source models. they just aren't the topic of common conversation. google has gemma, for example. amazon has different open, excuse me models. meta has their own open models that they use as well. i think what we're going to see is a change in the training techniques that will allow us to accomplish more with less hardware, and given that we're already so far advanced and ahead with the amount and the type of hardware that we had, regaining that lead will be easy. once we incorporate the more efficient development processes into our more advanced hardware moving forward. >> x great to have you here on worldwide exchange. thank you for your time and for your insight. >> thank you. >> all right. let's ■now see wht investors with should they be thinking about this morning's action. we want to bring in jason ware albion financial

group chief investment officer jason, good morning. great to see you as well. >> yeah. good morning to you. >> all right. so how are you doing. what we're seeing in the markets this morning nasdaq under deep pressure. the futures down about 3%. we're seeing a lot of these ai focused names that have really driven the market down. i'm thinking about an nvidia down double digits. and oracle had a big pop last week on project stargate down almost 5%. how are you viewing this action? >> yeah. >> deep seek. >> causing deep pressure as you said. and look i mean this ai trade here in. >> the. us has been building. >> up for two. >> years, right. >> we've seen. >> just. >> about every professional investor and indeed every. retail investor tripping. >> over themselves. >> to own. >> nvidia. >> you know. >> to own. >> the hyperscale. >> cloud companies, to own these ai. >> technology leaders. >> here in the us. and, you know, that wasn't going to last forever without some bumps along the way. and here we have this news. like you said, it's been coming around over. >> the last. >> couple of few days. >> this really. >> didn't just. >> happen an. >> hour ago or three hours ago.

this has. >> been something that's been on the radar. >> for those of us invested. >> in the space for a little while now. and, you know, the performance out of. >> these models in china is interesting. >> it's captivating, and it's rerating. >> these stocks. >> in the us in the premarket. >> all right. so it's rerating the stocks i want to talk to you specifically about valuation has the view on valuations on these companies changed with the idea. again if all of this is true that this open source model has created a product that competes with an open ai, that competes with the gemini for about $6 million and happening in just a few months, does that change the valuation of some of these large tech companies that have made big ai bets, or does it change your view on their capex spending? >> yeah. >> i think it does. >> a little bit of both. >> so you. >> have you know, we talk about these tech. companies in the us as if they're. >> a monolith, you. >> know. like us tech. what's the valuation. >> on. >> on the mag seven on the. mega-cap technology complex. >> and the reality. >> is. >> is that each one of. >> these stocks has individual valuations. >> like for example, alphabet is trading at. >> 22 times. >> our earnings. >> estimates this year. >> i don't. >> think you need. >> much of.

>> a rerating. >> on alphabet. >> with the news coming out of china. >> because quite. >> frankly. >> it's trading. >> at a. >> discount to most of the ai complex. >> but then you go over to something like microsoft, which. >> has. had that relationship. >> with open ai for. >> some time, and. >> it's trading at 32 times forward, and it's growing slower. than alphabet. >> so i think. >> there are. >> going to be. >> some valuation. >> changes over. >> the near term. >> as investors digest this information. >> and see where. >> this goes. i don't. >> think we need. >> to see. >> a major step down in. >> valuations, because we're not talking. >> about 50 ps here. >> we're talking. >> about reasonable ps against what are companies with wide moats, lots of cash. >> flow etc. >> so we'll again we'll see where. >> it goes from here. >> jason, i think the question a lot of people are trying to figure out is this a speed bump or is this a roadblock when it comes to the tech rally? again, that's powered the market for the last two years? and are you rerating some of the companies that you have as overweight? you gave us a list. oracle, alphabet and amazon. are you rerating your your view on them and the idea that they should be overweight in the portfolios that you manage? >> no. >> i think it's. >> too early. >> to be doing that. like you

said. >> is it a speed bump. >> or is this. >> a sea change? >> and in our view, this. >> is likely a. >> speed bump. the last guest you had on was talking about kind of how these technology companies would. >> are likely to incorporate. >> this into what they're doing. and look. >> i think, you know, to your. >> question a moment ago about capex, i think that's really where. >> investors are going to focus. >> over the next little while here. >> we have earnings coming up this. >> week for mega-cap tech. >> and next. >> week we're. >> going to see. >> what they say about some of. >> these capex numbers. in light of this. >> information. >> i'm sure. >> the sell. >> side analysts on the. >> street are going. >> to be peppering management with. questions around capex. spend and what this means for the hardware. >> piece of ai, and we'll see what. >> they have to say. >> but i think for right now, this is probably. >> a bit of. an overreaction. >> is our. >> is our view? >> yeah, i would imagine there'd be a lot of questions. meta. at 65 billion, microsoft at 80 billion. i do think analysts are going to have a few questions about that spend. jason, really great to see you. thank you very much. >> yeah. >> a lot more to come here on worldwide exchange, including if today's deep sea disruption derails jeff kilburg stock pick of the day. but first, what could have been the shortest trade war ever? why donald

trump's columbia playbook? it could just be a sneak peek of what's to come for the next four years. plus, billionaires are making big bets on data centers. why those investments? they could be on some thin ice this morning. we have a very busy hour still ahead on worldwide exchange returns. >> 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, franklin templeton your trusted partner. >> for what's ahead. >> you deserve more from your stake. >> you deserve the only. >> stake that's guaranteed to be perfect every single time. at omaha steaks, we're delivering old school quality with a now

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>> welcome back to worldwide exchange. let's get a quick check on some of this morning's top corporate stories, including what could be the shortest trade war ever. savannah now is here with that story and much more.

savannah. >> hey, frank. >> good morning. that is right. in the span of just a few hours, president trump went from imposing steep tariffs on colombia and threatening more in the weeks ahead, with colombia retaliating to a white house statement last night saying the two sides have come to an agreement with the south american country agreeing to all of the. president's demands. now, the sunday spat coming over the return of deported migrants from the u.s. back to colombia, with colombian. officials refusing to accept the migrants objecting to the use of. shackles and handcuffs. on the detainees. meanwhile, perplexity ai is revising its merger proposal to acquire tiktok's u.s. operations from bytedance. now, the updated terms would include a holding company, newco, and allow for the u.s. government to own up to 50% of the new company, pending a future ipo. now, the deal would involve bytedance handing over tiktok us, minus its core

recommendation algorithm, in exchange for its own investors receiving shares of newco and activist investor ancora holdings is reportedly preparing to wage a proxy war at us steel, demanding it end its efforts to merge with nippon steel, according to the reports. the activist is also pushing. >> for the. >> exit of. u.s. steel ceo frank. and we are seeing shares down about a little over 2% in premarket. >> yeah, very interesting story here. this company continues to be at the center of kind of a political football now involved with potentially an activist investor fight. so a company that i think most investors weren't thinking a lot about. certainly now in the headlines again, savannah, we'll see you a little bit later in the show. thank you. all right. still on deck here on worldwide exchange despite pushback elon musk further involving himself in european politics with some questionable quotes at a german political rally. all this as big banks reportedly look to exit their interest in x. our steve kovach is next with the details. stay with us. meet venue on.

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at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real. gearing up to offload debt from elon musk's acquisition of x, formerly twitter. of course, while the world's wealthiest man throws around his political weight. our steve covac joins us now to break it all down. steve. good morning. >> hey good. morning frank. >> it's been a kind of. >> mix of politics and. >> business with elon musk over the weekend. >> let me start. >> with the. >> business side of things first. >> this came out on. >> friday in.

>> a. wall street. >> journal story saying that some of the big bank backers like bank. >> of america. >> barclays, morgan stanley. >> they're all. >> thinking about offloading. >> their debt that. >> they've taken on when. >> they originally. >> backed elon musk's. takeover of twitter two and a half. >> years or so. >> ago, they're thinking of offloading all that. >> billions in. >> debt at about 90 or $0.95. >> on the dollar. >> to other investors who are interested. in investing now. >> they think because of the way the election turned out, because of elon. musk's involvement in the trump administration and so forth, that x has more upside. >> now. >> at the same. >> time. >> though, frank, we know the. >> business has not. >> been in great shape since musk took over some of the. content moderation decisions he's made. >> over the last couple of years have caused advertisers to get a little. spooked and flee the system. we've heard reports that revenue is just a fraction of what it used to be. and in fact, the wall street journal said there was a memo that went. out to all x employees earlier this month saying that revenue. >> growth is. >> pretty stagnant, that they're barely. >> breaking even, and. that

growth. of user. >> growth, rather is stagnant as well. later on x after that story was printed, elon musk denied ever sending. >> that memo. >> to employees. but the wall street journal did look at something from. >> him. >> that that said those things about x. so the question becomes, who's. >> buying this debt? >> the banks clearly want to get rid of it right now. they don't think it's a good investment. fidelity. >> by the way, another. >> backer of musk has. >> knocked down the valuation of its stake at least 75%. >> and then now let's talk. >> about politics for a second, because over. >> the weekend. >> we did see elon. >> musk make. an appearance. >> at the far. >> right afd rally. this is. weeks ahead. of the election over in germany. he's kind of embraced this party. >> that has some roots. >> in anti-immigration. >> especially muslim. >> integration into germany. >> and he said this one thing, frank. >> that really. >> got people talking. he told the. group that, quote, children should not be guilty of the sins of their parents. >> let alone. >> their grandparents. also saying, quote, there's. >> too. >> much focus on. >> past guilt and we need to move beyond that. >> that was kind. >> of seen as.

>> a. >> whitewashing. >> so to. >> speak. >> of the country's. >> nazi past. by the way, that is something the afd. >> party or members or leaders of that party. >> have done in the past. >> to. >> kind of. >> trying to overlook. >> some of the. >> tougher parts of the. >> history of that country. >> musk, for several. >> weeks now. >> has been a huge promoter. >> of the afd. and then. >> back to business. frank, this is still. >> a busy week for mr. musk. >> tesla earnings. >> are coming on wednesday after the bell. >> yeah huge week for earnings overall our steve covac with the very latest on elon musk steve thank you very much. coming up here on worldwide exchange we have the one thing that jefferies david zervos is watching for when the fed delivers its latest interest rate decision later this week. it will be an interesting topic there. stay with us. much more worldwide exchange coming up after this. >> are you having a hard. >> time growing. >> your sales? is it tough getting new customers to try info.thscore.com hot sales leads? you'll get unlimited

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>> any car. >> anywhere. >> what deep seek represents is that ai innovation isn't necessarily driven by the companies with the largest pockets or the fanciest hardware, but that collaborative development approaches can actually end up providing market leading technologies. so this ai race truly isn't just about us versus china. it's about which approach to developing ai is more effective at creating innovation. >> that was the ceo of ai consulting firm malo santo earlier on worldwide exchange talking the buzzword of this morning that's hammering the

global markets. that is deep sea futures are deep in the red as investors focus on that chinese startup and the strong buzz around its ai offering, global chip and tech stocks plunging on fresh valuation questions that are circling around the artificial intelligence tree. welcome back to worldwide exchange i'm frank holland. coming up this half an hour. much more on what deep submergence means for the markets and for your money. and a critical week for the tech trade. but first, i want to kick off this half an hour with a check of us stock futures. again, with the emergence of deep sea putting pressure on us tech names, taking a look at futures. we've actually moved lower since we started the show just about a half an hour ago. the s&p down about 145 points, just over 2%. the dow looks like it would open about 430 points lower down well over 1%. nasdaq the hardest hit on a point basis and a percentage basis. you can see right here down more than 850 points, down more than 3%. right now. we want to take a look at the nasdaq 100 premarket laggards taking a look. you see constellation energy right here at the top of the list down more than 14%. the rest of the names

here you see are chip names under quite a bit of pressure on this deep tech news. we see marvell technology and nvidia down double digits. broadcom broadcom down double digits as well asml nearly down double digits a lot of pressure on chip and megacap tech again on these reports that deep sea a china based open source large language model was able to use less advanced chips to create an ai offering that is competitive with proprietary models of u.s. tech giants. again, raising a lot of questions about the moat for companies like nvidia and also like an open ai. okay, speaking of tech, it's a big week for tech earnings. with the big tech reports coming up. we're talking names like apple and meta are also mentioned. tesla communication services forecast to see 26% growth tech about 15% growth. but again the development of deep sea, it could raise a lot of questions about the need for the massive increase in capex spending. and a lot of these companies think about $65 billion when we're talking meta, 80 billion when we're talking microsoft, we're going to move on to treasuries. taking a look at bond yields moving actually lower over the

past week. remember the inauguration was last week. a lot of thoughts about the president's policies and proposals potentially being inflationary and leading to a reaction in the bond market. but right here, you can see just the downward move when it comes to bond yields going into today. right now, the benchmark at 4.52%. and we want to look at energy as well. oil coming off a losing week seeing a bit of a rebound this morning wti up about a half a percent hitting its highest level of this morning trading just over 75 bucks a barrel. brant crude the international benchmark also up about a half a percent trading just below 79 bucks a barrel. and we want to take a look at bitcoin. bitcoin just below 100,000 again right now trading at about 98,000. just under 850 down about 6%. you see in recent days falling about 5% as well. so some pressure on bitcoin as well. all right. that is your setup. now we want to turn our attention to washington and president trump wasting no time in implementing his tariff threat strategy. but it wasn't china, canada or mexico on the receiving end, but instead it was colombia. and while the spat was brief and has seemingly been resolved, it could give us some insight into trump's playbook

for the trade wars ahead. our megan cassella joins us now with much more on this story. megan. good morning. >> frank. >> good morning. >> it was brief. >> but. >> it was. >> dramatic last night. so first a quick recap for anyone who wasn't watching diplomacy play out. >> almost entirely. >> via social media yesterday. this started because colombia. turned away two u.s. military planes full of migrants saying they couldn't land in their country. >> that then prompted. >> president trump to. respond with a wave of threats, most notably. 25% tariffs on all colombian imports, he said, effective immediately. >> colombia's president. >> then said it. >> would respond with tariffs of its own. but before. >> anything took effect, the two sides late last night reached a deal, colombia's government saying the impasse was over and that it would continue accepting migrants as. >> trump. >> was asking them to. the white house also said late last night that. >> while the tariffs had. >> been fully drafted, they would be held in reserve. assuming that colombia holds up its end of the deal. so it all happened in barely 12 hours yesterday, and for the us. >> economy. >> this was not likely to be all that disruptive in the first

place. it's just over $50 billion in total trade annually with colombia, which makes them not even in the top 20 when it comes to the largest u.s. trading partners. but this was the first chance for us to really see. >> trump's entire. >> approach to tariffs play. >> out. >> in real time. we learned, for one, that. >> he planned. >> to declare. >> an economic. >> emergency in order to get these tariffs through. that's something that does. give him the authority. >> to. >> impose tariffs, but it. >> also leaves. >> him vulnerable. >> to legal challenges. and he hadn't. >> yet confirmed that was. going to be. his approach. >> now we know it. >> will be. and we. also saw that, at least in this. >> instance. >> that the tariffs. >> were a negotiating threat. and not. >> a revenue raiser. >> there's been. >> a lot of hope on wall street in particular, that this is all all of this tariff talk is. going to. >> be more. >> bluster than it is bite. and frank, at least in this first instance. >> that turned out. >> to be true. frank. >> all right. meghan costello, live from d.c. meghan, great to see you as always. thank you. all right. trump's tariff spat with colombia, the latest action in a busy first week of his return to the white house. for more, let's bring in david

zervos, chief market strategist at jefferies and a cnbc contributor. david, good morning. good to see you. >> good morning frank. >> all right. so let's start off with this whole colombia tariff thing. i think megan kind of spelled it out. it wasn't supposed to be a revenue generator. it was more of a weapon for a political fight. how do you view that when it comes to these some of these tariff proposals, when it comes to canada, mexico, etc? >> i think. it's a bit of a. >> sign of relief. >> for the markets. >> you know, the president. has said he's going to add a. >> third storyline. >> or usage for tariffs. >> and this was the. >> one we saw. >> it's geopolitical. >> in nature. >> moving geopolitical needles. >> not for revenue raising not to balance trade imbalances. >> which is. >> what we've. >> typically seen trade. tariffs used for in the past. and now we're seeing it. used purely in a geopolitical way. >> this really as megan. >> did a great job highlighting, really didn't have a lot of macroeconomic impact on the economy, but. >> it really. moved the. >> needle with something else, which was the prisoner exchanges

and the deportation efforts. and we're going to. see this as a huge win, and i think the markets will like it, frank. the markets will like the fact that these are strategic in nature, not for economic reasons, not for macroeconomic reasons, but for other policies. geopolitical related policies, so that the risk of. >> a. >> universal tariff or something much more aggressive on the macroeconomic side might have gone. down a little bit. and i think the markets will like that. >> all right. so you think the markets like this whole we're calling it terror spat. but the markets don't seem to like this development of deep sea out of china, an open source ai model. so we do have to go back. last week, the president signing an executive order around ai that some people thought were concerning. some of the parameters of it were concerning when it came to national security. has this whole view about ai in this administration. does deep sea change this in any way, whether we're talking project stargate, that executive order, or the idea that these tech giants are going to be working hand in hand with this administration. >> i think. >> the you. >> got.

>> to step back and think about innovation, the. >> the. >> way innovation works. it disrupts and. >> we. >> rotate into. >> new innovations all the time. sometimes it happens. >> quickly, sometimes. it happens slowly. >> but the real underlying positive, even though everybody's looking at red on their screens. >> and seeing two. >> three, 4% in some of the aggregates is that we're going to open up ai or whatever innovation we're talking about on a day to the masses at a much lower price. and the key word is lower words, lower price. this is disinflationary. this is going to open up the fed discussion. >> this is going. >> to open up. why are rates here. >> why do. >> we need restrictive policy. if we've got huge positive supply shocks. this is a positive supply shock. driving innovation and prices and input costs lower. the market will seize on that. as you pointed out. >> earlier. >> bond yields. >> are down ten basis points. >> that's a relief. >> that's a. >> positive for the market. you're going to see things like

the real estate sector and other sectors like that. but more importantly this is going to open. if it works and we are all novices here. i'm certainly a novice here. but i just look at it in the context of innovation over any sector at any time. this is all quite disinflationary and a positive growth story. it makes the cost of doing business in ai go down. there's going to be losers in that. but the overall market wins. >> all right. so you mentioned another topic i want to talk to you about the federal reserve. the president at the world economic forum, speaking remotely, said that he wants to see interest rates lower and he believes afterwards he actually spoke at the white house that he knows more about interest rates than jay powell himself. we just talked about it both kind of back and forth bond yields. they have not spiked. we haven't seen bond vigilantes respond to any proposals or the idea of any kind of disruption in your mind. when we look ahead to the fed meeting and the decision later this week, has the have the consequences, have they changed after what the president said? do we read the what jay powell has to say in a different way, following what the president

said? >> well, i think look, this is a new way of communicating. >> a president. >> that operates in a completely different way than any president. >> we've really. >> been watching. >> certainly vis a vis. >> the fed. in our careers. >> it's always been. >> taboo for presidents or executive branch officials to push an interest rate view. but this president is unconventional, and we're seeing. >> that in every way, shape. >> and form. and it shouldn't be surprising that he's going to weigh in with a view on interest rates. in fact, he said, i will i would like to do this. he didn't say, i want to sit on the committee, but he wants to say, this is my view. and i think if jay powell. >> were really calculating. >> this correctly. >> he's got a year left. >> he would sort of embrace it and just go, you know what, we'll take everybody's view. everybody with a talented history. >> in. >> understanding the interest rate impact on the economy. we welcome the discussion with the president and his team on interest rates and, and monetary policy more generally. why pick

a fight? i think picking a fight now doesn't make a ton of sense. i understood why. >> he did. >> it in 2018. he was building his legacy. jay has a wonderful legacy of having, you know, fought back against the great covid inflation and largely won it. he's got to ride this out for another year. and he could just go ahead and say, you know what? we're going to we're going to sort of look at everything that all of the officials in the trump administration, including the president himself, say about interest rates. they're talented folks with a, with. >> a with. >> views that we would like to understand and discuss and move forward from there. i. >> we got to move forward from here. i don't i don't mean to cut you off, but we got to move forward ourselves. it is important to note you are definitely a trump supporter and you have been very pro. a lot of these policies and proposals want to just keep it all in context. david zervos from jefferies, always great to see you. thank you very much. >> thanks, frank. >> all right. coming up here on worldwide exchange. billionaires betting big on one key slice of the ai arms race. the stocks at the center of a data center

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to be really rattling the us markets. the idea is they developed it very quickly and also relatively inexpensively for around $6 million, according to the developers of deep sea. and we are seeing chip stocks under pressure on this news. also on the reports that they used less advanced chips for these developments. nvidia shares down double digits along with asml. we're also looking at energy stocks again around the thought that there was a big need for energy and a big run up in nuclear stocks around all this ai hype, you can see it's clearly moving the other direction. this morning. a lot of these companies down double digits right now. constellation energy, the biggest laggard on the s&p and the nasdaq this morning. and we're also watching shares of vertiv holdings among other services. the company provides cooling systems for data centers. those shares are up more than 170% over the last year. you can see right here down just about 18% this morning. much more worldwide exchange coming up. stay with us. >> there is one death.

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leaders. >> oracle's larry ellison. >> meta's mark zuckerberg. >> microsoft's satya nadella and a. >> number of international. business tycoons. >> from japan's masayoshi son. as we saw last week. dubai tycoon hussain sajwani. >> and most recently. >> india's mukesh ambani. who we're hearing is planning to stand up. >> the world's. >> largest data center of three gigawatts in india, which, by the way, is twice the size of. any data center in the us. >> all this money chasing ai. >> at. >> the same time raising the question as wells fargo's tech. >> team put last. >> night, is. >> big tech. >> massively overspending on. graphics processing units? and could this resemble the overbuild of telecom in the. early 2000? >> we know how that panned out. the other fear. >> is around efficiency. >> as we've. >> been discussing this morning. china's ai competitor deep tech is reportedly running on fewer and older nvidia chips and producing what many argue is a similar model to open ai. >> it does, however, create. opportunities for data center. >> equipment players like vertiv, eaton and ge venmo have run up recently, the. ceo of ge

vranova telling me. >> last week that gas. power orders remain strong going. >> into 2030. but as you can see, all these stocks are. >> trading down. >> right now. >> and then for the international. >> build out. analysts at jefferies. >> say schneider electric in france is usually the first name. investors use as a data center proxy for exposure overseas. you'll see that stock. >> down about 10% at. >> this hour, frank. >> so i mean acima i think just a few days ago, probably everybody thought, oh, building data centers, great idea. you need to build them up as much as you can. meta announcing 65 billion microsoft 80 billion has the view on this big spend on data centers. do you think it's changed significantly in just a few days with the emergence of deep sea? >> well, i think. >> data centers, of course, as. >> you know, play a critical role. >> in the build out of artificial intelligence. >> and i think this moment. may signify an important pivot for. >> the ai. >> landscape. >> pushing. >> these companies to. >> perhaps think more strategically. >> about. >> how efficient they're being. >> with their capital. >> and clearly, markets this

morning. >> investors, you could say. >> are rethinking whether the big capex numbers these companies are shelling out, whether that's. >> actually justified. >> i would. >> point out there's a new. >> note from bank of america there. >> saying, ultimately, these uncoverings from. >> deep tech are. >> bullish for the entire. >> sector because it's. >> going to. >> be a reality check for all these technology. >> companies to be more efficient with how much they're spending on ai. frank. >> all right. our seema mody. seema, great to see you as always. thank you very much. coming up the tech stock not in the mag seven. our next guest says is a must watch this week that name up about 14% since the inauguration. we will reveal our inauguration. we will reveal our mystery chart coming up next. (grunting) 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

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on us with a qualifying trade in. call, click or visit an xfinity store today. from eli lilly. see if you qualify at irokotv. >> sales are. 6.1 million. >> whoa! >> the sweet sound of success. >> that sounds like a real business. >> don't miss a cnbc premiere episode of shark tank tomorrow, 9:00 eastern. why change? >> why disrupt? one of the. >> hardest things to do in business. >> is fix. >> something that isn't broken. that's where ambition can play a really powerful role.

>> in. >> driving the. >> kind. >> of change we experience at. fortune brands innovations. >> i. >> fundamentally believe if. we don't disrupt. >> we. >> will be disrupted. >> there is. >> a clear. >> need for products that. >> are going to make people safer. >> that are going to make environments. >> better. >> that can. >> be good. for business. >> good for. >> people and. >> good for the. >> planet all. >> at the same time. all three. >> welcome back to worldwide exchange. take another look at the markets. also a big week on tap for investors futures. right now you can see our deep in the red. the nasdaq down more than 1000 points right now. that's more than 3%. the dow looks like it would open more than 400 points lower. the s&p also under quite a bit of pressure down more than 2% as well. with that, let's bring in jeff kilburg, founder and ceo of jm financial and a cnbc contributor. jeff, good morning. how are you? >> well, frank. >> i'm seeing a lot of red out there this morning, so i'm a little concerned. >> yeah, a little concerned. so why don't we get to your word of the day? it's deep. why did you

pick that word? i mean, it seems obvious, but what are you focused on when it comes to this? >> well, deep six is open ai. that came out of nowhere. it feels like almost someone went into a junkyard and put together a bunch of parts, and all of a sudden it's the number one app on the app store. so it surpassed chatgpt. and it's really threatening nvidia. and remember, frank, nvidia is the number. >> one. >> company in the world. maybe not after today, but deep seek is a word you heard all week and you're going to hear all day today. and it really is. >> fascinating because. >> this could be the pin that pops the mag seven bubble. >> all right. again, we want to highlight to the audience. nasdaq futures down more than 1000 points. that's actually 5%. so again deep selling pressure on a lot of these big tech names. i want to get to your pick today. and i want to know if you if you're changing your mind when it comes to this pick. so jeff, what is your pick for us today and why. >> my stock. >> pick of the day, which is tough in any tech sector with a down day like today. but it's oracle. oracle is an essential 40 name that we believe is essential to the us economy. and

more importantly, we look at what's going on with tiktok. we are seeing tiktok maybe having the ability, a lot of rumors going around that president trump is going to move the tiktok ownership into oracle. therefore, i know it's down 7% premarket today. frank, i want to own oracle from a longer term perspective, specifically if it actually owns tiktok. if you look at the last two years, up 31% in 2023, up 60% in 2024. i think oracle is where you want to be. >> all right. let's talk about big tech earnings. coming up a lot of questions about the deep tech impact on a lot of these companies, especially when it comes to guidance and also potentially a lot of questions when it comes to their capex spending. i've been talking about it all morning long. meta. at $65 billion microsoft did $80 billion. you as an investor has this changed this development of deep sea. has it changed your view when it comes to this massive capex spending. >> well, i think. that's been fascinating. if you look at the last two years, microsoft has been the only big tech or magic seven name that's been scrutinized for its capital expenditure. look at last week what happened with meta. we saw meta come out and say they're increasing their capex spending

for the year from $40 billion to $65 billion. they celebrated that the stock price went to a new all time high. now with the deep seek all of a sudden. number one. on the app store, you are seeing it rival and suggest are we spending too much? if you look at what deep sea is actually doing when you break it down, frank, all these gpus that nvidia makes the really high profit, the blackwells, the $40,000 gpus that they have 90% margins. you are now seeing those maybe not being necessary anymore. so now they're going to be questioning. on the capex spend. and i think if you think about the model itself, if you can build a model for 2%, typical model training is over $100 million. deep sea did it for under $6 million. so that in itself is fascinating to me. it's going to make stock pressure on all those tech sectors. >> all right. so jeff, we got to get going. i need a very quick answer. does this change your view when it comes to nvidia broadcom. any of these chip names that are under deep pressure. and again part of a cyclical part of the market as well. >> nvidia. absolutely. yes 90% margins are going way down. competition is good frank. >> all right jeff we're going to leave it there. your pick for us

today. oracle not too concerned about the selling today. you have a lot of ideas. and that the tiktok potential could be a boost to the stock. again jeff kilburg good to see you. we want to take one more quick look at futures before we let you go. again, the market is under a lot of pressure. this morning we just showed the nasdaq. a short time ago down more than 1000 points. it's about four and a half 5%. with that we are going to leave you. thank you for watching worldwide exchange. squawk box starts right now. >> good morning. >> investors waking. >> up to. >> a. >> major selloff. >> on wall street. >> the emergence. >> of china's. deep seek ai now putting pressure on tech names around. >> the globe. >> we're going to talk about it. some of the most widely held mega-cap names are falling. >> and they are falling. >> sharply, along with energy stocks and yes, bitcoin as well. we're going. >> to run through. >> the big decliners and then new overnight. in addition, colombia and the. us pulling back from what seemed like the brink of a trade war over the weekend after colombia's president backing down on allowing flights to deported migrants from the us to land. it

is monday, january 27th, 2025. and wow, there's a lot going on. squawk box begins right now. >> good morning, everyone, and welcome to squawk box right here on cnbc. we're live from the. >> nasdaq market. >> site in. times square. i'm becky quick along with. >> andrew ross. sorkin joe is out today. let's take a look at what's. >> been happening with the us equity futures. >> andrew teed. >> this up. you are looking at some massive. shifts this morning. >> in what the. >> market is assessing when. >> it comes to ai. deep seat really changing things. we're going. >> to talk more about that in just a moment. but check out the impact. >> on the major averages. dow futures. >> are indicated down. >> by about 430 points. >> right now. >> you've got the s&p futures indicated. down 160. >> points in