access to market experts to help you identify opportunities in any market. >> unrivaled access, essential tools. >> that's cnbc pro, everything you need all in one place from a source you trust. >> go pro with a flash sale offer for a limited time at cnbc.com. slash pro flash terms and restrictions apply. >> it is 5 a.m. here at cnbc. >> global headquarters. >> welcome to worldwide exchange. >> here is. >> your five at five. >> big trouble. >> in big tech this. >> morning as two mac. >> seven names. >> they move. >> lower with. >> the us-china. trade war. >> hitting investors capex concerns. >> shares of alphabet. >> they're getting hit. >> this morning on. >> surging ai spending. we're going to look at the. >> impact on the. >> futures and they just. >> don't get it. >> jim cramer out with what. >> he calls hard truths for market bears. >> and doubters. >> of the trump agenda. plus checks. >> and. >> balances versus. >> elon musk. >> a look at his controversial first few weeks in dc. and later the chipmaker scrapping its

outlook after. months of falling short. >> in that space. >> it is wednesday, february the 5th, 2025. >> you're watching worldwide. >> exchange right here. >> on cnbc. >> good morning. >> thanks so much. >> for being here with us. >> i am frank collin. >> we're going to get to the markets. >> in just a moment. >> but first some. breaking news out just. >> over about an hour ago. >> china is reportedly laying the groundwork for a potential. probe into apple. >> its app. >> store, and the. >> fees the company. >> charges chinese app developers. china accounts for about 16%. >> of. apple revenue. >> the move comes just one. >> day. >> after beijing. >> opened an. >> antitrust probe into. >> google as part of its trade. >> war with. >> the u.s. >> again, we right now, we. >> have. >> also alphabet. >> falling after earnings, a miss on cloud revenue and its capex spending. they both appear to be weighing on this stock. >> quick check. >> of both. >> apple and alphabet shares. >> right now you can. >> see apple down just about 2.25%. alphabet down almost 7.5%. now we want to. >> turn to futures. >> those two mac. seven names

falling. >> in the. >> premarket, adding to an already rough. >> morning on wall street. >> we're going to take a look at the. >> futures right now. you can. >> see in. >> the red across the board the. s&p down. >> about 40 points. >> the dow looks like it would open about. >> 140 points lower. >> the nasdaq the hardest. >> hit down. 228 points. >> more than 1%. we want to take a look at the nasdaq 100 premarket. laggards right now. >> of course alphabet is on this list right here. >> in the number two spot. >> down about 7.5%. amd another earnings mover falling about 8.5%. >> pdt holdings. mondelez and apple. >> we already hit on. >> apple rounding out. >> the bottom five. we look at the. >> leaders and right. >> now as well. >> take a look at the leaders right here. >> ea electronic. >> arts video game maker up just over 3%. another chip maker broadcom. marvell technology paypal here on the top five. also constellation. >> energy rounding out. >> the top five. >> of the nasdaq 100. >> this morning. >> we're also tracking. >> etfs that are. >> tied. >> to china, canada and mexico. of course, the three countries right. >> now involved. >> in some trade and tariff wars or just, you. >> know. >> conversations. >> if you will. especially when we're talking about. >> canada and mexico. so take a look right here. you can see

the. etfs tied. >> to china. >> all moving lower. >> right now this is the sky. >> we've been following. >> this one. >> down. >> about 1.75%. >> similar story for the fxi. this is a china large cap stock etf. the kweb right here. this internet and tech etf. >> falling even. >> harder down about 2.5%. >> so the etf tied to. >> canada up 1.75%. >> the mexican. >> etf also under pressure. >> down about. >> one and. >> three quarters. >> of 1%. >> i want to take a quick. >> check of the bond. >> market this morning. >> not a lot. >> of movement in the bond. >> market actually. >> if you. >> take a look. >> at bond yields. >> actually moving a bit. >> lower right now. >> the benchmark at. >> 4.47 this morning. >> different story. >> when. it comes to gold. >> gold hitting a new record high. >> investors continue to pile. >> into. >> gold as. >> a safety play. >> as we see this tariff and trade. >> war. >> heat up. >> right now, you can. >> see gold's. >> up three. >> quarters of 1%. >> year. >> to date. >> it's almost. >> up 10% again. >> gold hitting an. >> all time high. >> when you look at. >> oil and. >> natural. gas this. morning as well. seeing oil. >> pulling back. >> this morning. the trade. >> war, one of the factors. >> both wti.

>> the u.s. benchmark. >> and brant crude. the international benchmark, both pushing pulling. >> back. >> about three. >> quarters of 1%. natural gas getting hit. harder pulling back more than 1.5%. and we. >> got to take. >> a look at bitcoin. >> yesterday we saw bitcoin. >> nearly hit 100,000. it's also pulled back right now trading at about 97,500. >> a coin. >> down about one and a quarter of a percent right now in the last. >> week you. >> can. >> see bitcoin. >> down more. >> than 6%. >> all right. >> that is our setup. >> now we want to turn back to that breaking news. and apple. >> facing fresh pressure at the. open becoming the latest. victim of the. >> us-china trade war. >> cnbc senior. >> technology correspondent arjun kharpal he joins us now from london covering all things tech. arjun good morning. >> good morning frank. and you're right. apple shares under pressure in the premarket. >> after a report. >> that china is considering a probe into the tech giant's policies and app store fees. the state administration for market regulation. >> is looking. >> into policies that include apple. taking a cut of as much as 30% on in-app spending, as well as blocking third party payment services and app stores, according to this bloomberg. >> report wednesday. china's market. >> regulator has not decided yet whether to.

>> formally open. >> this investigation. >> into apple. >> and cnbc has. >> reached out to both apple and the chinese. ministry of commerce as well. the european union. >> remember, also. >> looked into similar. >> issues around. >> apple's app store. >> practices and forced. >> the company to change. >> some of those practices. and of. >> course, this. >> comes on. >> the. >> back of. rising us-china tensions with a number of american. >> tech firms. >> including google, facing scrutiny from china. >> now, let me switch tack to alphabet. who shares. are also. >> in focus this. >> morning and lower in the premarket. it's after the results. >> and their results really. >> took on new meaning. in the wake of the deep sea news a few days. >> ago. >> showing efficiencies in those ai models going into this tech earnings season. i think the question really from investors was this can. >> big tech justify massive. ai capex? and looking. >> at google results, we got the smallest. beat on earnings and the smallest miss on revenue. but the market. >> really wanted. >> a massive beat. >> on both numbers here. the other reasons. >> as. >> well why shares were down. >> keeping in mind what. >> i just said about deep tech as well. >> alphabet committed. in the

quarter in. >> the year $75. >> billion in. >> capex, way. >> ahead of estimates. and there were. >> lots of. >> focus on the cloud. >> division. >> which. >> while it showed. >> a 30% rise in revenue and a big jump in operating profit. still, with the revenue in the quarter just under $12 billion, it was a miss. >> on. >> those lofty market expectations. this added to downside on the shares as well as this is really the area where the market wanted. >> to see a beat. >> particularly with. >> that massive capex. >> alphabet executives said on the call that there is. >> more demand. >> than. >> capacity around cloud and ai. >> ordinarily. >> this would have been good, but. >> again, given the uncertainty created by deep sea. >> this weighed on the shares. >> there were some bright spots. however, very. >> quickly youtube revenue came. >> in just over $10 billion. >> which was ahead. >> of estimates. >> but overall, the capex. >> that cloudiness and continued uncertainty around ai investment continues to weigh on alphabet stock in the premarket. frank. >> all right, arjun gopal, good to. >> see you as always. >> thank you very much. >> well, alphabet and. >> apple, they're certainly playing. >> a. >> role in. >> the downside. >> moves in the premarket this morning. but as. >> our jim cramer points out the white house may.

>> be just. >> as if not more important for the market's. >> next move. >> people on wall street. you better start taking the president of the united states more seriously, or else you're going to keep losing money. look, you don't have to like them, but i'm begging you, listen to his words. now, i know that the president said on friday that he doesn't care what the stock market says about his tariffs, but that's not because he's oblivious to the market like his predecessor was. it's because the sellers don't get the plan. they're the oblivious ones. they don't get that he's trying to do something that will ultimately end up being really good for the stock market, and that's how the stock market could rally. >> joining me. >> now. >> is ryan mitrione. >> investment management partner at the callan family office. with more than $7 billion under management. ryan good morning. >> good to see you. >> good morning. >> thanks for having me, frank. >> well. >> you just heard from our jim cramer. his point was certainly made on monday when. >> a lot of. >> investors seem to be caught off sides when. >> it came to the. >> tariff announcements, do. you believe that the president right now. >> what he says. >> his actions, the things. >> that he says. >> and doesn't, says. >> the call that he. didn't have with xi.

>> is that. >> the biggest. >> factor in the market. >> today. >> in your mind? >> i think it's no doubt. >> driving some short term market moves. i mean, it's the. >> volatility we're. >> seeing coming. >> around the tariff. >> and commentary. tariffs haven't been unexpected, but the reactions. >> to it where. >> it's going. >> market trying to digest is. >> that is this a. >> short term. >> negotiating tactic. >> is this going to have some kind of longer. term play that's. >> going to be more sustainable? >> it's absolutely. >> driving the markets. but that's. >> we expect to see that play. >> out, you know, over the shorter term. >> and we'll see. >> you know. >> kind of how this plays out as far as what settles in and ends up being there from a tariff perspective in. >> the. >> longer term. >> during some of this trade tensions. >> the tariff war, however you want to describe it, we've seen a lot of volatility in the market in previous months. >> for the last. >> two years or so, we've seen. >> a lot of investors. >> go to tech for safety. when we've seen volatility.

>> with some of the. >> things that we're seeing right now, alphabet. >> potentially being. >> probed, google. potentially being probed. >> does that. >> does that change. >> that thesis. >> that this. >> trade war might. >> actually hit. those tech. >> companies as well? and i'd also. >> like. >> to very quickly. >> get your take. >> on the alphabet earnings. >> yeah. i mean, if this turns into a full blown trade war with. >> a. >> focus on tech, that that will be a concern. tech has. >> been a safe haven play. >> these are. >> big. >> big companies with fortress. balance sheets. >> that. >> you know, that have been driving. >> the market performance. >> we've seen. >> mixed mixed results. >> from earnings. >> overall, it's been pretty strong. the capex spend is. >> a little. >> bit. >> you know. >> causing some concern following the deep seek announcement. but we've seen big tech committed to making these. big capex spends. we saw it with. >> microsoft and meta as well. >> and that they're committed to continuing to drive. their ai development forward. >> even in. >> the wake of the deep seek announcements. >> so you. >> mentioned the consumer in. >> your notes to us that.

>> your. >> consumer continues. >> to be strong. >> are you concerned. >> that that. >> dynamic may actually change? and does. >> that change your. >> view of. >> what. >> sectors are, you know, a great investment? >> what sectors you might want to stay. >> away from the idea that tariffs and inflation. >> could actually. >> hit the consumer, hit gdp, and create somewhat of an economic slowdown. >> yeah, the. >> consumer is no doubt a big focus. and really the most important. >> factor in what we're. >> going to. >> see. >> from economic growth going forward. >> and it's. >> been incredibly strong. we saw, you know, 4.2%. spending in the fourth quarter and expects that. >> to remain strong. but if we see tariffs, if we see, you know, prices going up, more inflation. >> we're already seeing, you know, some kind. >> of credit card balances. >> going up, some savings. >> going down. >> a little bit. >> right now. >> consumer remains strong. >> so we're we're. >> still cautiously optimistic that that's. >> going to. >> remain in place. but it will depend how much if we see. >> inflation tick back. >> up that will be a concern. >> and could. >> lead. >> to some more softness in that area.

>> all right ryan great to see you. thank you very much. >> thanks, frank. >> all right. we got a lot more to come here on worldwide exchange, including the. >> fintech bet. one market. >> watcher says. >> has more room to run after a 26% pop over the past year. >> but first. >> a look at elon musk's first few weeks in dc and. why checks. >> and balances. >> they could be a thing of the past. >> for doge. >> plus. >> shares of novo nordisk. they're surging on massive. >> demand for its. >> weight loss. >> drugs, with the. >> ceo telling. >> cnbc about. >> the year ahead. >> and then later, much more on alphabet and why morningstar. says today's sell off. >> is actually a buying opportunity. >> a very. >> a very. >> busy hour still ahead on at ameriprise financial, we know our clients are so much more than clients. they're conquerors and champions, and what matters most to them matters most to us. it's no wonder we have a 4.9 out of 5 client satisfaction rating. ameriprise financial. products. i spend a lot of time

taking care of myself, and i want clothes that fit well that are comfortable. i only shop at one place and that's stayed in liberty. >> 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, call 806 87699.

>> welcome back to worldwide exchange. we're going to turn our attention to dc and robert f kennedy jr. clearing the first hurdle to become the next hhs secretary. you can see here investors are definitely taking notice. >> you can. >> see some sharp moves lower mid day yesterday for vaccine makers. >> the. >> group slightly higher in the premarket today. similar moves for makers of processed foods. we're talking about mondelez. we just mentioned that company earlier. one of the s&p laggards hershey and conagra all hitting fresh 52 week lows. mondelez and hershey. >> are under some. >> pressure once again this morning. you see the sharp. moves to the downside. they're sticking. >> with the health care trade. and shares of novo nordisk are taking off overseas on some blockbuster q4 results. our sylvia amaro is at novo hq in. copenhagen with much more on that story. sylvia. good morning. >> good morning. frank. well, i want you to take a look at the share price move of novo nordisk since. late june to today, ahead

of the market open here in europe. their shares were down 40% today. however, investors are piling back into the stock after novo nordisk beat on the top and bottom lines for the fourth quarter and full year of 2024. however, there's a lot of question marks here about whether the company can continue to deliver. >> the. >> huge amounts of growth that they have provided us with. >> thus far. >> and of course, one of the big questions is can they continue to compete against eli lilly? here's the ceo addressing that argument. >> well, actually, also this quarter we announced that we are seeking, you know, approval of our pill in the us. so we have we go in in a tablet that actually delivers the same weight loss as we do with govi. so we actually think we can compete actually in the us market with a tablet based obesity treatment before lilly can launch. >> so the ceo. >> very confident that novo

nordisk can still compete against eli lilly. and again, their pipeline seems to be quite strong between now and the next year. they also said that their latest drug, called carisma, they will be publishing results in the first quarter of 2025. and investors want to know whether this drug is commercially viable. novo nordisk believes that that's the case, and they believe they will be asking for regulatory approval in early 2026. let's see how this race will continue to unfold for the time being. however, frank no doubt that today is a positive day for novo nordisk. but let's see how things will unfold for the company. >> yes, sylvia. >> we were just looking at. >> a chart. >> right there. >> between novo nordisk and eli lilly. just a. >> big. >> divergence there. eli lilly up, i believe about 18%. novo nordisk falling more than 20%. so a big spread there. our sylvia amaro. >> live. >> in copenhagen. >> thank you very much. good to see you. still on deck here on worldwide exchange. the unlikely foes in president trump's spending plans. and we're not talking about the democrats. a

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senators elizabeth warren and ron wyden, the top democrats overseeing the treasury. they're asking the government accountability office to open a probe into the trump administration's decision to give musk access to that system. the issue marks the latest uproar involving musk as he and his allies, they continue to cause what many people feel is chaos and confusion in dc, and it also raises a lot of questions about his authority within the federal government. for more on this story, let's bring in tim higgins, columnist at the wall street journal and a cnbc contributor. tim, good morning. good to see you. >> good morning. >> so, tim, let me ask you, you're very familiar with elon musk. is this actually chaos and confusion or is there a method behind this madness? is there any other past precedent we can see whether it's how he ran tesla or runs tesla, how he ran, he runs twitter. that can give us a roadmap into what he seems to be doing here with the federal government. >> okay, this is the elon musk playbook. >> you saw. >> it in particular when he took over twitter. he went in there and immediately started. >> kind of. >> attacking the core pillars of the. operation as he tried to get. >> his arms. >> around it, whether it. >> was their spending. whether

it was the. human resources capacity. >> whether it. >> was looking. at the. >> leases that the. >> company had. >> around the world. >> around the country. >> and now that. >> he's in washington. it looks. >> like he's doing exactly the same. >> thing. >> really trying to get his hands on the levers of how. >> the government. >> operates. really in a fundamental way. >> and that's through. >> people. >> money and buildings. >> all right. a lot of reports out about some of. >> the steps that he's. >> taking when it comes to the government, you know, going into. the gsa buildings, you know, telling people just basically not to come into work and things like that. is the goal to fail fast, or is the idea that these are individual wins every time he gets these kind of things that are going to build on the momentum of what he's trying to do. like, you know, sometimes in tech, you see, you want you want to fail fast and learn from it. is he trying to learn from these things, or are. these little wins that he thinks he can build on? >> you hit. >> on a very. >> interesting idea. >> one of the kind of key. >> management philosophies. >> that. elon musk has talked about. >> over the years is. >> this one idea of. momentum

that. >> a. win builds on. >> a. >> win. >> and. that he. >> wants to. >> have the appearance. >> of momentum. >> going forward, that it helps the organization. >> kind of succeed. >> it helps him create power. >> to just kind. >> of move forward. >> that. >> to stop. >> and to. >> kind of think about. >> something is a. >> decision unto. >> itself, not to be doing something. >> and so he wants momentum. >> and what. >> you see. >> here. >> in the last three weeks. >> is a lot of. >> apparent momentum. >> it's not clear that he's actually winning, but it looks like. >> he's doing stuff. >> and that. >> is one of the. >> classic elon musk playbook things. >> all right. >> speaking of books. >> you are an elon musk biographer. as i mentioned. you know him very well. i want to ask you, how does he deal. with confusion. with failure, with pushback from other people just as a person? he is. >> certainly. >> facing a lot of pushback. we've seen unions file lawsuits, seems to be a lot of litigation coming up and on the way. >> it's been said that one. >> of his superpowers. >> is his conviction. >> that he can. >> be right, that.

>> he. >> is right. with these things. that going to mars. >> is possible, that. changing the. world from gasoline. >> powered cars to. >> electric cars. >> is possible. >> he faced. >> a lot of pushback. >> on all. >> of those things in his business endeavors. so when you hear, you know, people unhappy with him in government, you see people protesting. that's almost like rocket fuel. >> to this man. >> people tell. him no all the time. he likes. >> to show. >> them that they're wrong. it's almost as if. he is operating. >> with a chip. >> on his shoulder. >> all right, tim higgins, great to see you. thank you very much. >> appreciate it. >> thank you. >> all right. sticking with washington and president trump's agenda, facing hurdles not from democrats but from within his own party. republican fiscal hawks. they're putting their foot down over policy and its impact on the deficit. emily wilkins. >> joins us. >> now with much more on that story. emily. good morning. >> good morning frank. well, yeah, this massive. >> bill to advance. trump's agenda. >> it's getting stuck in a debate. >> over federal spending. >> speaker mike. johnson initially said that this was

going to be the week that. >> republicans take. >> the first. >> steps to pass. >> the. >> massive bill. >> that would. include taxes. >> energy. >> border security. >> but gop. >> infighting over the cost. >> has really held up the process. congressman ralph norman, he's a member of the freedom. >> caucus, and. >> he sits on the panel that oversees. >> this budget. >> told me that he wants to see 2 to $5 trillion in cuts. but so far, house leadership has only proposed a few hundred billion. eric burleson, another freedom caucus member, said that lawmakers have reached a precipice when it comes to the debt. >> regardless of how. >> much we cut in taxes, unless we start cutting spending, we're not going to deal with the. >> real problems. >> that are facing. >> america long term. and so i cannot, i can't i'm going. >> to. >> have a. >> really, really. >> hard time getting. >> behind anything. >> that exacerbates. >> our deficit. >> this massive bill is going to be the first big test for this new republican majority to show exactly how serious they are about cutting spending. but

johnson and other republican leaders, they are trying to be strategic here because, remember, republicans are using this really unique process that requires them to first agree on the maximum that they can spend, and then go ahead and fill in all the details of the bill. so the more cuts that they lock in right now at the start of the process, the less wiggle room they're going to have later on when they're trying to negotiate the exact details for things like tax on tips or the salt deduction. but if the house doesn't reach an agreement soon, the senate has signaled that they will be ready to go ahead and move first, which likely likely means that taxes are going to be removed from this initial massive bill and have to wait until. >> later in the year. >> frank. >> all right. emily wilkins reporting live from d.c. emily, thank you very much. as we head to break now, we're watching japanese listed shares of nissan and honda. you can see honda shares surging up over 8%. nissan motor shares down almost 5%. this is on reports the two are actually considering calling off their merger talks. reports adding the two companies boards

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feasible. and that's the opportunity space. you know, it's as big as it becomes. and that's why you're seeing. >> us invest to. >> meet that moment. >> that was alphabet. >> ceo sundar pichai on the earnings call last night, talking the company's big investments around ai. investors, however, are feeling less convinced around all that spending. you can see right here the stock is sliding down more than 7%. welcome back to worldwide exchange i'm frank holland. coming up this half an hour. why our next guest is not concerned about that quarterly read. offering a very bullish view on alphabet shares. but first kick off this half an hour with a check of u.s. stock futures. taking a look. you can see we are in the red across the board right now. the s&p down 33 points. the dow looks like it would open about 94 points lower. the nasdaq. >> the hardest. >> hit down about 200 points down right around 1%. two tech giants in focus. breaking news this morning. china reportedly laying the groundwork for a potential probe into apple and its app store. meanwhile, google shares sliding on the back of its earnings and concerns around the cloud and its capex, spending much more on both of

those stories coming up in just a moment. speaking of china this morning, we are tracking etfs that are tied to china, canada and mexico. of course, we have that tariff and trade war going on. so take a look right here. you can see these chinese etfs. they are falling right now the mcci the fxi and the kweb. all three of these in the red. the k web is up. internet and tech focused etf down the hardest down about 2.5%. also seeing the i.w.w. etf tied to mexico down about one and three quarters of 1%. we want to check the bond market as well. not really seeing a lot of movement except a bit to the downside when we're looking at the bond market, maybe surprisingly, with a lot of these tariff announcements, the benchmark actually falling a few basis points from what we saw yesterday, right now at 4.47. however, a lot of movement in the commodity markets, specifically gold. gold hitting a new all time high. investors just piling into gold as a safe haven with a lot of these trade tensions going on, gold up about three quarters of 1%. you can see year to date it's up just about 10% as well. also want to take a quick check of oil and natural gas. we've seen that move lower throughout the

morning. so we're seeing it right now. wti and brant crude both down about three quarters of 1%. natural gas a bit harder. hit down about 1.5% right now. and a quick check of bitcoin. we've seen bitcoin under some pressure as well. right now bitcoin trading at about 97,985 a coin down about three quarters of 1% over the last week. bitcoin falling about 6% as well. okay. that is your setup now. we want to turn back to that breaking news on apple and china, reportedly looking at a potential probe of the tech giant over its app store there. the stock under some pressure this morning as a result of that apparent development. you can see apple shares down just about 2.5%. our eunice yoon joins us on the cnbc news line with much more on this story. eunice. >> thanks, frank. >> well, chinese. >> regulators. >> as you said, are reportedly considering launching an investigation into apple for. >> anti-competitive practices. now bloomberg is reporting this. cnbc reached out to apple and the government, but so far did. >> not get a response. >> the issue. >> is apple's. >> policy that requires a. >> company to get a cut of as. >> much as. >> 30% of. >> all.

>> revenues of the transactions on the apps. on its platform. this has been a long standing point of contention between apple and its partners, as well as the government. >> in fact, late last september, the global times. >> which is a. >> communist party. >> paper, had described. >> it. >> as the apple tax and. called it a monopoly that would be unfair to consumers. now. >> this comes as. >> apple has been struggling to maintain its market share in china, and is also seeking government approval to bring its ai services into the country. >> the report. >> also comes as china and the u.s. have. entered another round of trade disputes. >> with the. >> chinese government. just yesterday. >> announcing tariffs and then. >> taking actions. against u.s. companies. such as google for trump's increase. >> of tariffs. >> frank. >> so. >> eunice, a question for you. before or yesterday, i should say, we thought that president trump and president xi were going to have some type of conversation about the tariffs and the trade war. and then we saw the president say, well, he's actually in no rush to actually talk to president xi. when you're there in china, what's what's the response to.

the idea that the president, quote unquote, no rush to talk to president xi. and is there a sense that this is simply retaliation? this probe did start before the trump administration, but is there a sense this is just a response to that? what some people may consider a snub? >> i think. >> the sense here. >> is. >> that the. both sides are are. >> raising the stakes. that president trump had. you know, the. >> two are expected to be. >> speaking in the next couple. of days. >> of what. >> from president trump. >> we heard that. >> the us postal service. >> is no. >> longer going to be. receiving packages. >> small packages from china. >> or hong kong. and then. >> this comes after the. >> president had also closed. >> a trade loophole. that does affect. >> a lot. of small time retailers here. so the way that this is going, where we see these tit for tat actions on both sides, is leading people to believe that. >> both sides. >> are raising the stakes, as i said, and that eventually. >> this could. >> mean that we would see a broader economic discussion. >> our eunice yoon, thank you

very much. good to. >> see you as always. >> all right. turn our attention back to tech and to alphabet. dropping after the company's fourth quarter earnings beat. but the company also missed revenue estimates. google cloud revenue also falling short as growth slowed to 30% from 35% in the previous quarter. remember, microsoft also reported weaker growth for its cloud business just last week. alphabet has been spending heavily to build out its ai infrastructure for search and for cloud, and that will continue this year. it plans to spend $75 billion this year. that is 30% more than wall street expected. that includes up to $18 billion this quarter. let's get more on this with ahmed khan equity analyst at morningstar. good morning. good to see you. >> good morning frank. good to be here. >> so i want to get your reaction to the quarter. and also you have a price target of 237 for the stock. your peers the consensus is about 216. are you still more bullish than the rest of the street? any sense of a change in how you view this company. >> for sure. so we are. more

optimistic or more. bullish about alphabet's outlook when it. >> comes to actually. >> monetizing search. >> we continue. >> to think that apple. >> alphabet's full stack approach. we have the infrastructure. >> you have the. >> application. you have advertising. >> you have software, all. >> of them being enhanced. >> by ai is going to be a is going to be a. >> big. >> opportunity unlock. for alphabet. >> all right. so i want to get your take on the capex spending 75 billion. it was considerably higher than the street was looking for more than 30% higher. is this a situation that we're saying we saw this in meta a few quarters back. are investors dinging this stock because of this capex spending? have investors finally said enough is enough? and do you think deep seek is playing a part in that? >> so i'll. >> just say. >> that two things. >> work together. so let's say if. >> alphabet's report. had come. out and google cloud. >> had continued. >> to accelerate, and then the capex bill was. >> the same. >> as what we. saw or the expected bill, rather, i.

>> don't think investors. >> would have. >> would have sold. >> the stock off. i think the worry. >> is that. >> you're increasing capex. >> while google cloud decelerated. >> so that creates for an uncomfortable situation for investors to be in. but again, as i. >> said. >> i mean, i monetization is not going to come only through google cloud. i mean, google cloud. one thing i would say is that the. dsl in. google cloud. >> google cloud itself has. >> gcp, which is the. >> actual cloud. >> infrastructure business, and then workspace. and you can. >> imagine workspace. >> to the. >> productivity suite. >> that alphabet has would be growing at a, at a much lower. growth rate. >> than the actual. >> cloud infrastructure business. so i think we think there's. >> a. >> there's more to. >> more than meets the eye. >> all right. so more than meets the eye. one other area a lot of people are looking at when it comes to gemini and also alphabet's vertex ai. it's their developer platform. what kind of adoption are you seeing there? there was some sense that alphabet was a bit behind when it came to the ai race. what's

your take now after this quarter? >> so first. >> of. >> all. >> from the. >> onset, we. >> had the position that we did not view alphabet. >> as an ai laggard. >> so a few. >> things that i'll say on that. is like i mean, if you look at google. >> search, it. >> was. >> not the first search engine. youtube was. >> the first. >> digital video platform. was not the first browser. so the fact that. google or alphabet did not have like a. >> chatgpt equivalent in november. >> 2022. >> did not sort. >> of like. >> demerit. the entire. >> sort of ai. >> approach to the. >> company has built. >> up from. >> our perspective. >> in terms of the actual traction or adoption with users. i think the developers building on, on, on, on. google's ai platform more than. doubled over the last six months. >> if you look. >> at various. >> third party leaderboards. fo. >> large language. >> models. alphabet has.

>> three out of the top five llms. >> on the market. >> right now. >> so all of. these things clearly show. >> that that. >> that alphabet. has the ai chops. >> all right. i'm going to leave the conversation there. your price target on alphabet 237. alphabet shares under quite a bit of pressure after earnings. thank you for your time. all right. we're going to turn to some more big money movers this morning. let's get it. let's get going with it. chipotle shares they're under some pressure after disappointing with its same store sales forecast for this year and some comments about weaker traffic last month, earnings did top expectations. the company is also downplaying the threat of potential trump tariffs on mexico, saying it only gets about half of its avocados from that country. shares of chipotle they're down more than 6%. shares of amd they're also under some pressure this morning. profits topping expectations. but data center revenue that missed estimates. amd did not break out a specific revenue number or forecast for its ai chips, as it has done in in previous quarters. amd shares they're down more than 8%, and

snap shares they're jumping on better than expected profit and revenue. revenue climbing 14% from a year ago. the company did issue a disappointing forecast for its first quarter. however, shares of snap are up just about 3.5%. and as we head to break a market flash on pdt holdings, parent company of chinese e-commerce giants xian and temu, semafor reporting the u.s. is considering adding the retailers to a forced labor list report, as the trump administration has not made a final decision on that matter, and they could ultimately decide against that designation. both companies have denied the. >> use of. >> forced labor in the past. take a look at shares of pdt take a look at shares of pdt down nearly 6%. we're back right (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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the key to being rich is knowing what counts. china's foreign ministry this morning saying the us decision to suppress and threaten china over concerns around fentanyl is not the right way to interact. that's a quote. the comments come after president trump threw cold water on hopes for a call with chinese president xi jinping, saying yesterday he's, quote, in no rush to do so. following his decision to slap fresh tariffs on chinese imports. our seema mody is here with the key details that investors should be watching. seema. good morning. >> well, frank. good morning. many companies. >> as you know, have been. >> diversifying their. >> footprint away. >> from china into other. >> low cost countries. >> across south asia. >> covid and supply chain shortages. >> really. >> started this trend. >> and us-china. >> trade tensions. >> which really kicked up. >> in 2019, only. >> put more pressure on executives. >> to near shore. >> foreign direct. >> investments into asian

economies, including indonesia, malaysia, philippines. >> rose to. >> $240 billion in 2023. >> that's compared to. >> an annual. >> average of. >> $190 billion billion. >> in the. >> prior two years. now we. >> know apple has. >> been. >> really at the forefront. >> of this trend, with an. >> estimated 10 to 15% of iphones manufactured. >> in india, a portion of. wearables assembled in vietnam. >> intel. >> globalfoundries and infineon expanded into malaysia in recent years. now in the. >> industrial space. >> general electric caterpillar. >> defense player lockheed. >> martin have expanded. >> into. >> india and. >> diversification is. >> paying off. >> caterpillar ceo jim umpleby recently telling investors. >> there's a lot of. >> discussions going. >> on around tariffs. >> we are a global manufacturer. >> our largest. >> manufacturing presence. >> is in. >> the us. >> and we. >> are a. net exporter outside. >> of the us. >> and that. positions us pretty well. >> he says. >> versus many other. companies out there. >> now. >> three m. >> ingersoll-rand and timken. >> are among. >> the industrial operators. >> at goldman sachs. >> strategists say. >> are more. >> vulnerable, vulnerable.

>> to trade. tensions. and frank, while china's. >> retaliatory tariffs do include farm equipment, analysts. >> point. >> out that. >> about 6% of. >> john deere sales go to. >> asia, africa and middle east, so not. >> a huge hit. however. >> if china does add agriculture to. >> its list of. >> tariffs. >> that would be more harmful to deere and some of. >> the other. farm equipment names. >> so in response to all this tariff tensions, i'm not sure if this was discussed on any of these earnings calls, but these companies considering moving even more production here in the us. we've seen kind of a wave of foreign direct investment, specifically in mexico, to try to get around china tensions. but is there are there any concrete plans to actually build more things here in the us? >> you know, it's interesting, frank, from. the recent. >> earnings calls this. >> the expectation. >> is that ceos. >> will sort of. >> take a. >> little bit. >> of a mini. >> break and. >> reduce capital spending in. recent in the next couple of months. >> because as you. >> know, trade. >> policy is being redefined. and so i think we're expecting them. to sit tight. and then once. >> policy is more clear, we'll see start to see that. reshoring

trend pick up. >> seema mody thank you very much. great reporting as always and good to see you. coming up here on worldwide exchange, the one word that every investor has to hear today and the stock pick that every investor needs to know. plus disney hoping for some magic with its latest earnings. they're set to cross in just about an hour. the numbers our next guest says are a must watch from the entertainment giant. shares of disney pretty much flat right now in the premarket over the last three months, up over 17%. >> stay with us. >> welcome to. >> reinvented with accenture. today i'm here with. >> margherita della valle, ceo of vodafone. >> you were employee. >> 25 in vodafone italy. today you're the ceo. of vodafone. what is your strategy and vision. >> for the future? we are changing our culture to. >> really focus. >> on our customers. we need to acknowledge that change is. >> hard. >> but if people. understand it's for the. right reason, then you get the power. >> of the. >> organization with you. 20

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>> welcome back to worldwide exchange. disney reports first quarter results in the next hour. investors will likely be focused on the streaming business, which turned profitable last year, and the theme parks after disney world was affected by the hurricanes that hit florida last fall. wall street will also be listening for any comments on the search for ceo bob iger's successor. he's expected to hand over the reins early next year. joining me now is john holic, media and telecom analyst at ubs. john good morning. great to have you here. thanks for having me. why don't we start here, john. your price target is at 120. the rest of the street's at about 128. why are you less bullish than your peers? what are you seeing? >> well we are bullish. >> on the stock for sure. like i said we have a buy rating on it. but we think this quarter is going to. we're expecting $1.36 earnings which is about 10% earnings growth. and we really have what i think is a more back end. loaded year. things are going to start off a little bit slow especially in the parts business but ramp through the year. but no we still. see plenty of. >> upside. >> for the company. all right. we're talking about that streaming business. a lot of people are going to be focused

on. what are you expecting there. we've seen netflix make some major strides when it comes to live programing. not necessarily, you know, pro sports, but boxing matches and other things like that, including wwe. are you expecting to see continued growth when it comes to the streaming business of disney plus and the other streaming areas? absolutely. this quarter, actually, we think. >> they're going. >> to. >> lose subs. >> slightly, and that's in line with the company's guidance. and that's really based on. the october price increase that they had. as we move through the year though, they've got a great stream of content and they're going to move forward with their password sharing initiatives. >> which really. >> did give netflix. >> a big boost. >> and we expect a smaller but. >> similar boost at disney. >> this year. all right. is this the quarter, john? is this the quarter when we finally find out about bob iger's successor, we kind of mentioned that was one of the things that people are going to be watching. but are you expecting to hear a definitive plan about the next chapter for disney leadership? >> we're not actually. >> i do think that dana walden is. >> well positioned within. >> the company to take the reins. >> when bob. >> does retire.

>> but i don't think that. >> we're going. >> to hear it. it's possible. >> obviously. >> that they could they could have some say something. but, you know, the board is in the midst of a sort of full review of the of the candidates, both internal candidates and external candidates. and i think that that that process really just started in the last. few months. so i don't think that. >> this is. >> the quarter where we're going to get the results. >> of that. but they. >> could give us an update and then a sense of where they stand. all right. john holt, great to see you as always. thank you very much. thank you. for viewers, you don't want to miss a first on cnbc interview with disney's cfo on the back of those results. that's on squawk box just after 7 a.m. eastern time. all right. coming up here on worldwide exchange, the fintech player our next guest says is a buy. despite a kind of sluggish start to 2025. that stock down more than 8% so far this year. our mystery chart revealed after the break. and as we head to break, we're checking on shares of sirius xm. berkshire hathaway buying another $54 million worth of that stock. berkshire now owns more than 35% of sirius shares.

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down about 81 points. just under a quarter of a percent. the nasdaq hardest hit down nearly 1%. more than 200 points. two tech giants weighing heavily this morning between china's reported preliminary probe into apple and alphabet. it's had a pretty rough q4 report. you can see both of those stocks down. apple down more than 2.5%. alphabet down more than 7%. with that, let's bring in david katz, chief investment officer at matrix asset advisors. david, good morning. how are you? >> nice to be here. >> i want to get your take on what you're how you see the apple and google or alphabet, i should say under quite a bit of pressure in the premarket for two very different reasons. but in general, tech under pressure right now. >> well. >> it's going to be a difficult year in terms of. lots of headline risk. >> apple is a good example of that. >> trade wars are. >> a tough thing. this is. one of china's retaliations. we would not get overly. concerned about it. we think apple is. >> well positioned for. >> the year. if the stock were to sell off anything. >> more meaningfully, we. >> would. >> probably step in and start to add to that position. >> in terms of google.

>> they had a good but not. great quarter. the market wanted great. >> the market is. >> really emotionally. >> charged and very momentum driven. >> stock was. >> up $5 before. >> the. >> release, then sold off significantly. >> we turn. the sound down a. >> little bit. the stock. >> sells at 22 times earnings. >> has a very. >> good outlook. we're very. >> comfortable with their significant increase in capital. spending because. >> they don't have enough capacity. >> for ai. >> so we think it's. smart investing. >> 22 times earnings. >> we like the stock. >> we would buy anything under. >> 190 we think. is a. >> good entry place for the stock. >> so don't get too. >> caught up in the day to day volatility on these names. >> all right. anything under 190 right now the stock trading about one 9175 i want to get your word of the day. how do you see today shaping up. >> the word of. >> the day is guarded. >> it's going to be. >> a tough year. >> this year we would be a little bit. >> more cautious. >> about the market. >> we would. >> buy into. >> any significant weakness. we would not. >> chase the rallies. >> so you're saying you don't want to chase the rallies right now? what do you think about some of the volatility that

we're seeing related to the tariff and the trade war? yesterday we saw the markets moving higher on the thoughts that the president and the chinese president would have some type of conversation about tariffs. and potentially we could see another one of those 30 day pauses. that didn't happen. president trump says he's in no rush. does that concern you about investing in this environment right now with that, you know, potential for volatility? >> no. we think you have to expect. >> that volatility. >> this is going to be a complicated. >> year. >> as the administration implements a number of their programs. >> one thing that. >> you can see clearly about trump is. >> he changes. >> his mind. >> there's no predictability. so we think if you. >> try to trade around it you're going to lose your mind. >> we think you have to. >> have a longer term perspective. we think ultimately. >> the year. >> is. going to. >> be. >> okay, but not. >> nearly as good as last. year or the year before. >> the market does 9%. >> that would. >> be terrific. >> and what that means is if the market's up 8%, don't chase that rally when the. >> market sells. >> off because of trade concerns, we'd buy. >> into that. >> sort of weakness. >> all right. with that in mind, david, what is your pick for us today? >> pick of the day is paypal.

>> they had a good but not great quarter yesterday. >> the market. >> had some disappointments. >> on certain things. they upped guidance. they beat the numbers. >> yet the stock. >> sold off about 12%. >> we think if you look through the. >> short term noise and. >> there's. >> a lot. >> of short term noise. >> they have. >> a really good ceo. they have a turnaround plan that's working. stocks at 15.8 times earnings. they're buying. >> 8% of the stock back. >> all really. good things. >> we think if you. >> buy the. >> stock on. >> this significant sell. >> off that by the end of. >> the year. >> the stock. >> easily could. be 90. >> to $100. >> we think this is a great. entry point. >> you know, we talk a lot about financials potentially being a safe harbor. a lot of banks have put out notes about that. do you count this also i know the stock is down about 8% year to date, but do you count this as a safe harbor and also a potential beneficiary of less regulation? >> no, we wouldn't look at it that way. we look. >> at it more as a technology company. so it is going to be volatile. but you're buying. >> it at the lower end of its range in. >> terms of financials. >> as a safe harbor. >> you know, we've been on with you a lot. >> over the last few years.

>> we like financials. >> we've done very. >> well with them. we are less enthusiastic about them now. >> we think they'll do fine. fundamentals are good. less regulation very good. but in a volatile and stock market environment. >> they do. >> tend to be volatile. >> so we. >> like our financials. we don't think you want to jump in. >> both. >> feet with new money and. >> financials right here. >> but we. >> do think they're going to have a fine year. >> all right david katz your pick for today. it is paypal. thank you very much. great to see you as always. >> absolutely. have a great day. >> thanks. >> all right. here's what to watch. today. we get economic data including weekly mortgage apps and adp employment figures. several fed bank chiefs. they're also speaking throughout the day. and the earnings parade just continues with results from disney, ford, uber and qualcomm. and then on the back of earnings, uber ceo will speak with squawk on the street coming up at 9 a.m. eastern. also we're going to have ford ceo. he's going to do the same thing. speaking with closing bell overtime in a first phone conversation at 4 p.m. eastern time. before we let you go, one more quick look at the futures we've been mentioning all morning long in the red. a potential probe by chinese

regulators on apple and also earnings from alphabet weighing on the futures. right now you're seeing the s&p down about 31 points. the dow looks like it would open about 80 points lower. the nasdaq the hardest hit down nearly 200 points nearly 1% lower. quick check on apple and google as well. both under quite a bit of pressure. that does it for us. squawk box starts right now. >> good morning. >> president trump. >> announcing a. >> proposal for the u.s. >> to. >> take long. >> term control. >> of gaza. we will. >> take you live to washington, d.c. >> alphabet shares. >> falling after. >> revenue missed the street's expectations. >> the company. >> also. >> announcing plans for a spending spree. >> we have. >> the details straight ahead. and apple. >> shares also. >> falling after. >> a report said regulators. >> in china. >> are considering a. >> probe of the company's app store practices. >> it is. >> wednesday. >> february 5th, 2025, and squawk box. >> begins. >> right now.

>> good morning. >> everybody. >> and welcome. >> to. >> squawk box. >> right here. >> on cnbc. >> we are live. >> from the nasdaq market site. >> in. >> times square. >> i'm becky quick. >> along with mike santoli. >> and robert. >> frank joe and andrew are. >> off today. gentlemen welcome. >> good to be here. >> good to be here. looking good in the suits. >> across the board here. >> let's take a look at what's. >> happening with the us equity futures. >> at this hour. >> you'll see right now. >> there are some. >> declines at this point. >> dow futures off by. >> about 80 points. >> s&p futures. >> down by just over. 30 points. the nasdaq down by. close to 200 points. this does come after the markets. all three major averages. >> saw their first positive session in. >> the last three. we'll continue to watch and see what's happening with some of these things, but obviously some of the pressures that we've seen with these technology shares overnight adding pressure, especially to the nasdaq. >> alphabet for sure. amd as well. and so yeah, a little bit of a setback. you know we actually did a round