>> 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 andrew ross sorkin and yes joe kernan. he's back. how are you doing? >> the hair is back. i'm working on it. it's quite a bit of work. >> nice to. >> see you, sir. thank you. welcome back. thank you. it's good to be back. a lot of people were were concerned. >> a lot of people. >> worried about you. a lot of people were concerned. i'm good, i'm good. it was a real thing. i've. i don't have my appendix. and now i don't have a gallbladder. and the rest of them, i think i want to keep you know, i don't the other organs. yeah. there's two you can kind

of get by without. >> those are it. >> and the gallbladder. i'm i'm. i'll let you know how that how that goes. it it it apparently does perform some importance. yes. that when you get my tonsils. right. yeah. i don't have those either. those aren't really full organs. but i think eventually, from what i'm reading, you give it time and the bile goes, well, we don't need to get into everything, but it goes to the intestine instead of being stored, and things eventually start working like they're supposed to. but it can. it can take a while. so bear with me today, being here, if something weird seems to be happening, just wait till a break to ask me or. >> yeah, i, i didn't want to say anything while you were gone. it's not our story to tell. i wanted you to be able to tell it. but we are very happy that you're back. >> thank you. >> and concerned. >> and it can be a. i read about

it. i didn't realize that it can be dangerous. it was because it was a gangrenous, which, if you have anything on your body that's gangrenous, it's probably something that needs to go. but you know how long i've talked to you about gerd? it was never gerd. i don't think it was always pancreatitis. >> that's what shocked me. i think you've been dealing with. >> this for. >> i have a year. >> and, you know, you can look at me and say, okay, geezer, you know, all these things are happening. this can happen to people in their 20s and 30s. >> and as i told you. by text, the. >> good news. >> is the doctor did not remove. >> my humor. you know what? if you if you have this happen. >> it is intact. >> if you have this happen, you need your sense. and you know what? i don't want to overstate it. it's laparoscopic. it's not, you know, but it's you know, i'm sore and trying to trying to adjust. but i'm glad to be back. we're glad to have you. and there's a. >> lot of things. >> happening in the world. >> my man. there are. but i that's one of the things i was saying. we need to pace ourselves. i think we need to pace ourselves because it's a fire hose. and then one thing i

did notice, i looked at the averages. if i'd been on mars for a couple of weeks, what are they? a percentage point off the highs. >> the dow is less than a percent from the high. the s&p is just a percent in less than 2.5% for the nasdaq. >> isn't the ten year. >> every single sector is less than 10% from where you're talking about, and. >> the ten year is 20 basis points lower. >> yes. >> even with the fears of. but that could be worries about the economy. >> well, it could also be what treasury has said just yesterday in terms of kind of extending that longer sales. so they're going to be selling more on the long end because that's what the market wants to buy right now. >> you got to bear with i didn't watch a lot of, you know, i watched a lot of different cable networks. on some its the end of days on on another network. this is the golden age of america is coming. but a lot of times i didn't want to watch really serious news. so i was watching those new sesame street episodes from iraq. i don't know whether you saw that we funded for. >> so this is where the sense of humor piece is still still intact. >> or at least some. >> version of it. >> no, it was iraq. it was 20

million, 20 million. >> u.s, u.s. aid. >> yeah, yeah. i know where you're going. oh, we. never mind. >> yeah. >> but i digress. >> why don't we check out where the markets stand, as joe mentioned. equity futures are right now indicated a little higher. and again, this is coming after you just saw the markets up for two days in a row across all the major averages yesterday the dow was up by 317 points. the s&p was up by 4/10 of a percent. the nasdaq was up by 2/10 of a percent this morning. the dow is indicated up by just over 40 points. nasdaq just in the red. and the s&p is indicated a little higher. treasury yields. if you take a look at what's been happening this morning, the ten year sitting at 443 the two years at 421. so again yields have come down over the last couple of days. part of that could be commentary. but again we'll continue to keep an eye on all of these things as we continue towards the opening bell. >> we'll take this versus 5.5%. if all of a sudden, two weeks after the inauguration, it's fine, you know, then it'd be like it's hitting the fan. so, you know, if you but it could be

we could be on the precipice of anything of a of a market selloff. we could be everybody's short. you saw those articles that people are getting short. we could be on the at the beginning of an inflationary spiral. we need to wait for cpi. >> there's been a lot of talk about that. and the markets have. >> we haven't got a single data point of cpi or ppi before we, you know, slit our wrists. we got to we got to just let's just wait and see what happens. >> let's talk about shares. >> of qualcomm. >> because they are lower this morning. this despite earnings revenue that guidance and that guidance beating estimates on the conference call. executives saying that it's lucrative patent licensing business will not have sales growth this year. this after an agreement with huawei expired, qualcomm received a small fee for makers of 5g connected products that use its technology and the company noting that huawei discussions are still in play. there's a renewal and it is still possible. john ford spoke exclusively to the company's ceo last night about the upbeat guidance our.

>> customers are gaining. >> share in. >> the premium. >> tier is. >> expanding, and this is all end customer demand. it is end customer demand is not channel. and that's a great story. and it's also reflected in our guide for. >> q2, which is above revenue and. >> consensus on eps. >> you told john ford that he believes the release of the latest deep seek ai model is good for qualcomm, because it chips can run the efficient model locally instead of on the cloud. and of course, that puts them in a better position. also, take a look at this. shares of arm holdings, they're also lower. the chip designer beat estimates on the top and bottom lines. the current quarter forecast was in line with expectations. perhaps what was disappointing, though, for investors was that they were looking for the stock's 2025 rally to continue. i'm not sure what the real answer is in terms of why it's come off this, unless it's following some kind of a playbook with qualcomm. but it shouldn't be. and then we should tell you that shares of skyworks. they are plunging the apple supplier forecasting a

revenue decline for its mobile segment in the current quarter. maybe just a collection of all of these things that's really taking place here. on the earnings call, the company saying the reason for the decline is because it used to be the sole supplier for an rf semiconductor used in the iphone. now apple is dual sourcing this type of chip. revenue from apple was 72% of the company's total revenue, so it expects a hit to the bottom line this year and throughout fiscal 2026. >> and shares of ford are lower earnings of $0.39 a share. all right, versus expectations of just $0.33. and revenue also beat, however, 2025 guidance disappointed the street. the company said its forecast is presuming some headwinds related to market factors, and that includes a 2% price declines across the industry, does not factor in potential tariffs yet from the trump administration. ford's electrical electric vehicle business lost just over $5 billion in 2024, including

1.4 billion during just the fourth quarter. but its traditional engine operations and its pro fleet businesses did carry the automaker to profitability. >> and president trump plans to nominate a familiar face to the treasury department. treasury secretary scott bessent announced that jason trennert will be assistant secretary for financial markets. yes, jason, of course, a friend of the show, long time squawk box guest, is the co-founder of strategic research partners. of course, a frequent guest here, going back more than 25. >> do not forget you better. this better not forget when people are trying to get interviews with them and stuff. yeah. who is. >> our long relationship? yeah. secretary bessent also said that luke pettit would be assistant secretary for financial institutions. he worked at hedge fund bridgewater associates and most recently served as senior policy advisor to senator bill hagerty. speaking of secretary bessent, he said in an interview yesterday that he had president trump. he and president trump are focused on the ten year

treasury. he also said that trump is not calling for the fed to lower rates. bessent said that he will only talk about what the fed has done, not what he thinks they should do. he said the president believes that if energy prices are brought down, the tax cut extensions are enacted and the economy is deregulated, that then rates will take care of themselves and the dollar will take care of itself. >> there was a lot of talk about what could he do to the ten year note on his own, irrespective of what the fed could do. so by buying back, i mean what what what what is he capable of? >> he can. it depends if they if they come. >> up with a bond. >> i mean, you sell different. and that's what he was talking about yesterday. sounds like an extension of what janet yellen was doing. >> and what she. >> didn't do. they bring him down and he did not. there's also if they come up with the southern sovereign wealth fund the idea that you could potentially buy things back. but all of this is still theoretical. >> by the way what do we think since i haven't seen you and we haven't talked about it, what do you think of the idea of the

sovereign wealth fund? >> i think it's going to be complicated. where's the money come from? unless you're talking about assets that they've already taken through, right. yeah, everybody's doing it. but those countries also have a lot of oil money and they. >> have surpluses. >> usually they do. >> this is this is like a this is like a company that doesn't have money is levering itself up to go buy stuff. i mean, it's almost that's that's what it is. >> if it worked and you made money, it would help. >> i think the question and the question that even tim scott raised when he was on with us two days ago is you want to make sure that it is not leaning any political direction, not not with the republicans when they're in term in office, not with the democrats when they're in office. and that would be the tricky part, is having an oversight board that makes sure that it doesn't blow with the political winds. >> whoever said we don't like industrial. >> policy, i think that was his way of saying it. >> and we think and we think the government is terrible at picking winners and losers. and here we are. >> we don't like nation building. >> yeah. >> you're looking at condos there. yeah. >> the condos. >> where? in gaza. that's what

he means, which the white house is really walking pretty steadily from that. >> it's crazy. but all i'll say is that the status quo is that we just look at that and don't. i don't know whether thinking outside the box is the way to do it, but it's such an intractable. >> it is an. intractable problem. >> but the idea. >> of displacing palestinians, first of all, where where are they going to go? there aren't companies. >> i wish jordan and egypt i wish. i don't you're not seeing a lot of cooperation from from neighbors that you need cooperation. >> jordan already has a huge number of palestinians that have been there. they've had problems when they've brought them in in the past. and that's the issue. >> that you don't want to just doom. we don't need another 50 years of what we've had, and neither does israel and neither do the palestinians. yeah. >> i would love to find another way to do it. like if there was a way to do that, that does not i by the way, i know people thought it was completely insane when he said that. to me, the only problem with that is, and by the way, with greenland or any of these other things, there's the second. there's two issues. there's the practical for the for the palestinians, but then there's the message it sends to the rest of the world

about, you know, can china go take taiwan because they want to and that's okay. can russia take ukraine. but they don't care about. >> no, but i'm saying. >> once you. >> start to say that you're willing to take other people's things and move people around and do it, just it sort of undoes the order. each situation is different. each situation is, is different and distinct. obviously, taiwan's not not necessarily the same as the panama canal or something. i mean, there are there's some nuance involved in these things for gaza. you know, i'm not the one who's going to figure it out, but it's crazy when he says that. and then all of a sudden, you know, after the initial, you know, just shock and awe, like some reasonable people start saying, well, at least it opens. and in the past, i've always kidded you about when you say it's a conversation we have to have, we have to have that conversation about like taxing unrealized capital gains or something like that where you really don't want to do it, but just saying you want to have the conversation gets you to a point where you're thinking about it a

little bit. >> what i said yesterday is the most charitable take you could possibly come up with. this would be the idea of trying to come up with a marshall plan like situation, but that that would not include displacing palestinians and taking that land from them. but yes. >> the land the way it is now, it's just bomb ridden. something needs rubble. >> and come up with a marshall plan and you can find a way to. >> no one wants to be there now, even if it is a homeland unilaterally. >> i don't think we come in and say, you don't stay there. but yes, the idea of rebuilding and trying to find ways to, to turn it back into something more like it was right, is going to have to be looked into. all right. when we come back, we will get you ready for the trading day ahead. everything from earnings to data to a central bank rate announcement. we'll talk about that next. and later we'll talk foreign policy with expert richard haass. we'll be talking about president trump's announcement on taking over gaza, his negotiations with panama and much, much more. panama and much, much more. squawk box will be right back. investment opportunities

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publicly traded companies. honeywell also reported quarterly results. earnings and revenue topped expectations, but the full year guidance was below estimates and people obviously are likening this to the success that ge has had. and it has. if you haven't looked at the stock of, of the, the, the two remaining ge entities, it's basically twice as much as it was. >> a year ago. the energy system was a little stronger before the deep sea announcement that came out. it lost about 20%. >> but it's. >> doubled that announcement. >> but the from the from the way it was when they were when they were together. >> yeah. a long painful process to get them there. but but yes. on today's squawk planner, the bank of england's latest rate decision is due at 7 a.m. eastern time. markets are pricing in a 94% chance that the boe will cut rates by a quarter point. the central bank will also publish its latest projections for the economy. the british pound is lower against the dollar ahead of that decision. on the data front,

back here in the united states, we'll be getting weekly jobless claims and fourth quarter productivity numbers at 8:30 a.m. eastern time. among this morning's earnings highlights, we'll be hearing from bristol-myers squibb, eli lilly, yum brands and under armor. so let's take a closer look at the markets this morning. joining us to do just that is martin norton. she is in power investments chief investment strategist. and marta, all of the things that are swirling out there, whether you look at the political front, whether you look at the earnings front, whether you look at the data front, what is grabbing most attention with investors these days? >> well, i mean, if it were earlier in the week. >> of course it would be the tariff narrative and fiscal uncertainty generally. but i think right now, as we're moving and focusing more on earnings, and we're seeing all these capex announcements as it relates to ai, i think we're returning to that narrative that we had last week around deep sea and how us companies are responding to that. and, of course, right now we're seeing that the tech titans are not backing off their capex plans at all, which would

suggest that the focus is more on expectations around demand and use cases than it is around efficiency and maybe a cheaper way to do things. >> which means what from the investing perspective, go ahead and continue to load up on the companies that have done so well with ai as the forefront. >> well, you know, i think that, you know, that's an understandable narrative, but i think the real question mark that investors face as it relates to ai and potentially as it relates to the market overal, is the question of valuation. and i think this is the single concern that i have. i know we're talking about a whole lot of different moving parts these days, but i think it's pedantic, is as pedantic as a valuation consideration when we're taking a look at the different sectors of the us market, and we're looking at their valuation time series going back to the 1990s, we're seeing a lot of these sectors in the highest deciles in terms of their valuations. and of course, this is particularly true for an area like technology where it's in the highest decile. and when we look at forward returns from

those types of valuations, we see that there's a higher risk of a sell off. and of course that's a well understood point. but i think it's worth raising that valuation is one of the larger, though pedantic, concerns that investors face in 2025. >> i mean, i guess it just makes stocks very vulnerable to any punctuation or any puncture points that that might come up. any, any headline can really throw things off and change the narrative pretty quickly. >> that's exactly right. and that's what we're seeing so far in 2025. so of course we had deep sea rattle the markets with concerns around efficiency. and we saw the nvidia response to that. there's been a bit of a recovery, but it certainly isn't back to where it was. and then we see the tariff concerns. and you know we can speak about that in a number of different ways. there's a number of different ways to slice that. but that is something that can rattle the markets as well. so it's not necessarily looking at the macro picture and saying, hey, we're in a really devastating or terrifying backdrop. actually, there's a lot to like about today's economy in the in the

general backdrop that we're operating in. but there's still a question mark on valuation and what's already priced in. >> so what do you do in that scenario? do you save some dry powder? do you try and buy on the dips because there haven't been that many. and every time there's a pullback of 3 or 4%, it seems like money kind of floods into the zone. >> well, there is that buy the dip mentality that i think has been baked into investor psychology because there hasn't really been a good cleansing for quite some time to your point. but i think a larger point that i would call for is this idea of balance over conviction. so not necessarily picking certain segments of the market because there's such a great narrative or such a great valuation argument for them, but instead making sure that the portfolios are well calibrated. and i'd actually say that that requires an active decision, because as we take a look at the broad market indexes, we know they're very top heavy. we know $0.30 or more of every dollar is going to the mega-cap names and the s&p 500. so that requires investors to do some recalibration on

their own and actually introduce small caps to a portfolio. and, you know, small caps have their own concerns, but there's a relative valuation argument for them. and there's also a bit of maybe a benign environment in the sense that from a fiscal standpoint, at least the domestic producers. and that seems to be in favor with the current administration. >> okay. marta, thank you for joining us this morning. we appreciate it. >> my pleasure. >> okay. coming up on the other side of this, google is the latest company to roll back dei initiatives, the company now citing its role as a government contractor as the reason. we'll talk about all of it when we come back. and later we're going to also talk about the doge team's effort to cut government programs. we're going to do that with mick mulvaney. he served as chief of staff in the first trump administration. squawk box returns after this. >> this cnbc program is sponsored by baird. visit baird.

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status quo? scan this code or go to cnbc.com. slash disruptors to apply now. entries closing soon. >> alphabet's google is eliminating its goal of hiring more employees from historically underrepresented groups or die. in an email to employees yesterday, the company said it would no longer set hiring targets to improve representation in its workforce. google said it was evaluating whether to release annual diversity reports, which it has been doing since 2014. the company said it was evaluating the changes because it's a federal contractor and it is required to comply with recent court decisions and executive orders. it's also reviewing dei related grants, training and

initiatives, including those that, in its words, raise risk or that aren't as impactful as we'd hoped. >> meantime, lawmakers plan to introduce a bill today that would ban deep sex chat bot from government owned devices. that's according to the wall street journal reports, saying that it's citing in the bill security concerns that the app could provide user information to the chinese government. the bill was written by illinois republican republican congressman darin lahood and new jersey democratic congressman josh gottheimer. it echoes the strategy that congress used to ban tiktok from government devices. interestingly, of course, microsoft's azure now also amazon all hosting the service and the service is technically open source. >> so did you see. >> the read the code? >> did you see the report from the company that said the web based download? yes, they were they. a i think street signs or power lunch yesterday. kelly

evans interviewed the ceo behind that report. reuters did verify it with other computer scientists as well, that there is some unusual code though there that looks like it's china telecom and that that could be lifting login information from the web. >> right. no, no, i've seen that. there's questions about it. what i don't understand about it completely is you do have as i said, you have microsoft and you have amazon and you have all sorts of people now, us, big us companies that have decided to host this platform. yeah. on an open source basis, there's been a lot of people who've looked through the code. there really are. from what i gather, there's that company and there's 1 or 2 other companies that have raised these concerns. but oddly, the biggest companies in the world haven't. i'm not sure i understand why that would be. >> i think they've simply raised questions. they that that company did not go and look at the services hosted by amazon or by microsoft or any of the rest of them. this was simply that

download, and it was inconclusive as to whether they were actually taking the information. they just said the language was kind of hidden, and if you broke down to it, it could potentially be that case, right? yeah. >> all right. coming up, we're going to take you live to new orleans, where super bowl preparations are underway. alex sherman joins us with some new comments from kansas city chiefs owner clark hunt. that's coming up next. and as we head to break, here's a look at yesterday's s&p 500 winners and losers. >> executive edge is sponsored by at&t business. next level by at&t business. next level moments need the next level it all started with a small business idea. it's a pillow with a speaker in it! that's right craig. pulling in the perfect team to get the job done. i'm just here for the internets. at&t, it's super-fast!

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now for free. visit otter.ai or download the app. >> we had two transactions. that took place. >> before year end. >> that included private equity. i know that there are several other teams out there exploring, potentially bringing in a private equity partner. we think it's. >> a. >> great new source of capital for the league. it will create flexibility for owners who have a need from a liquidity

standpoint, or have a need from a capital investment standpoint, like a stadium. >> would you ever consider selling 10%? >> i won't. >> say never. it's not something our family is focused on on right now. but i do think just having more options from a liquidity standpoint is beneficial to everybody, including kansas city chiefs. >> that was our alex sherman talking with kansas city chiefs owner clark hunt on the role of ppe in the nfl private equity. alex joins us now from new orleans where the super bowl will be played this weekend. almost too much success. that's what i'm starting to read now, alex, that we're bored with the chiefs. but i don't know. should we be bored with excellence? >> i mean. >> i actually. >> asked clark. >> hunt that. i said, are you bored with this? and he was like, absolutely not. so at least the chiefs fans, i think, are very much not bored with this. and there has been a surge in chiefs fans. that's another

thing that clark hunt told me. he said, in part due to the taylor swift effect, of course, dating travis kelce, that the chiefs fan base rose 30% last year even higher with young female girls. so i think the league is probably quite pleased that the chiefs are back here. even if, you know, the other fan bases are growing frustrated that their favorite teams aren't in the super bowl. >> are ticket sales at back to showing some good gains at this point, or was that just a brief? i mean, i read some things that it i mean ratings for the last couple of games were all time highs, i think. but is there any disappointment that you can discern? i mean, this i think the eagles have as good a shot as anyone's had in recent years. yeah. of doing it this as well as. >> they and they had a. >> couple of years they've been. yeah. and they've been peaking. should be a great to be a great game. >> i mean it certainly should be

a great game. and if you look back to the several of the other kansas city chiefs super bowls, both games against the 49 ers and the other game against the eagles, all of them that they won. they were all great games. they were all they all came right down to the wire. so and the chiefs have a phenomenal record this year. but they've won by one score over and over and over again. so if you've been paying attention i think you can expect that this one will be another great game. it's just it's always difficult to beat patrick mahomes in those close games that seemingly, no matter what team you are. of course, another big controversy this week has been well, are the referees helping the chiefs? i asked clark hunt about that too. i said, look, are you annoyed by this? all of these fans saying that the refs are in league with the chiefs. and he said, you know what? it just comes with the territory of being a dominant team. it happened to the 1990s bulls, where everyone said michael jordan got all the calls. it happened with tom brady and the patriots, where people accused him of cheating. and now it's happening with the chiefs. so he said he it doesn't bother him. he just sort of laughs it off. >> yeah. some of those games i

there are at least 3 or 4 where either you know something hit the goalpost. i mean some of the craziest stuff that's ever happened in football happened. and the chiefs always were on the winning end of things. it was kind of weird. i mean, it's just the luck, i guess. but there were like 4 or 5 games like that. >> well, right. they had that kind of weird is why everybody is logged on to the conspiracy theories. because you're right. it has been sort of weird. one interesting note, you mentioned the ticket sales. a bizarre thing has happened this week where on the secondary market, the cheapest tickets have actually plummeted. they're 50% lower, 55 zero than last year's game. so some of that probably does speak to this chiefs fatigue. and then the rest of it just i think speaks to the fact that hotels are a lot more expensive in new orleans. there's different markets involved in this game. not that the eagles market is a market that wouldn't travel. but there's a number of different factors, i think, that have played into that, where i think there's a little bit of concern

among league executives. i spoke with chief business officer brian rolapp here yesterday too, where he said, look, we talk about the price of super bowl tickets all the time, but there's only so much the league can do about it because this is all happening on the secondary market. they can just price the tickets at face value. whatever happens after that, they only have so much control. >> yeah, the last game or the game before. i mean, mahomes was he had like a foot to go before he hit the ground as it left his hand into the end zone. who was that to kelce i think too i mean just and that's not luck that's mahomes. so you got to take that into account too. all right alex thank you. today's cnbc sports podcast has now launched on apple, spotify and major podcast platforms. be sure to check it out. >> we will be doing that. plus, when we come back, we're going to talk about what elon musk doge department could cut from the federal government and perhaps what it shouldn't cut. we're going to do that with mick mulvaney, somebody who knows

budgets very, very well. but right now, as we head to a break, take a look at the major currencies. squawk box coming back in just a moment. >> currency check is sponsored by interactive brokers. the best informed investors choose interactive brokers on. >> $100,000 margin loan. >> interactive brokers. >> charges just 5.83%. do you know how much your broker charges? fidelity and schwab charge over one and a half times as much. e-trade is even higher. move your account. >> to interactive. >> brokers and. >> save at least $5,200 or much more if you're trading big more if you're trading big bucks.

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>> why would you invest in a stock right now? >> this is a company that will benefit from the theme of nearshoring. >> actionable moves. >> microsoft or qualcomm. those are the type of companies that we're talking about. buying the dip. >> where would you put money to work? >> one key earnings. >> i'm. >> watching is fedex. >> amazon. >> the valuation. >> is pretty compelling at about 14 times ebitda. >> it pays to be an early riser. frank holland worldwide exchange weekdays at 5 a.m. eastern. cnbc. >> welcome back to squawk box. the doge cuts have begun, and while elon musk says that he expects to save trillions of dollars by the end of the fiscal year, our next guest says that while he supports doge, current trends suggest it would take him until about 2065 to save that much. a former white house chief of staff in the first trump administration, mick mulvaney, is here. he also served as the director of the omb and cfpb. he's also co-chair of acton strategic advisors. good morning to you. lots of debate about what's possible, what's not. there's some excitement about

it. there's also a whole bunch of folks out there that are anxious about it. let's just talk about mick to begin with. what you think actually is realistic. and also we should just define what what elon has said. obviously he's talked about $2 trillion, talked about $1 trillion at one point. he's talked about less than that. so i don't want to put words in his mouth either at this point. but what do you think is possible? >> yeah. >> good morning andrew. >> in terms of. >> the dollar. >> amounts, the reason. >> i said it would take 40 years is it took them two weeks to save the first billion. a trillion is a thousand billion. so it's 2000 weeks, which is about 40 years. so if they're going to really save a lot of money, they're going to have to move a lot faster. i don't think that that doge is going to actually be able to save money directly. it's set up within the old us, us digital services within omb, and they don't have the authority to actually spend less. what they've got the ability to do is what you've seen here in the first two and a half weeks, which is shine the light on where the waste, fraud and abuse is. then i think it's

going to be up to other people to step in and fix it. so i think it does serve a role, but it won't be direct. >> well, that's what i wanted to ask you about because that's where the anxiety appears to be right there. look, i would think it would be very good to shine a light on all of this. and the good news is, he has gone to the places where you would find find out exactly what's going on. i think a lot of people are surprised that he's inside of these things. the question is, is it a read only situation? meaning he's in there and he can he can expose potentially, you know, payments that shouldn't be made or questionable payments or things of that sort. or is he able to actually, as he likes to say, quote, delete. and you know, whether he has unilateral ability to do that just yesterday. obviously there's a lot of conjecture about, you know, subscriptions to things like politico and other things or politico pro, i should say, and other things, and whether those payments should be made or exactly the kinds of payments that usaid is making. is your

view that a he's he's doing things he either shouldn't be doing. but the second piece is this idea that congress appropriates a certain amount of money and says, go do this can. do you believe the president? this is a constitutional question to some degree, can actually come in and say, we don't really need to spend all that money on that? >> yeah, 3 or 4 really, really good questions. let's take that last one first, because that's probably the most interesting because it is a constitutional question. that's what a lot of this is about, andrew. that's what all of this is sort of building up to. it's the question of impoundment. and it goes back a hundred years to where if congress says, let's spend $100, does that mean the president has to spend $100 or cannot spend more than $100? now, in 1974, the budget control budget and impoundment control act, congress said, look, if we spend 100, say you have to spend 100, then you must spend 100. presidents have chafed under that forever, especially republican presidents. there's a lot of republicans, including

those in the building behind me, who don't think that's constitutional and that a president should be able to say, you know what? if congress told me to spend 100, but 4 or 5 of that is on stuff i really don't like. it's on die stuff. it's on politico pro subscriptions that i have the ability as the executive to say, no, we are not going to spend that. that's the big battle here. you can doge is a fascinating conversation. there's no question about it. the stuff that usaid is a fascinating question. but at the end of the day, this is the big fight between the building behind me and the building down the street. >> is it the idea of the presidential line item veto, though? and how does that play out? if there's a first of all, i'm not sure that the republican led congress is going to complain or go against what they're doing right now. but you can imagine that it's something that's going to play out in the courts. and i just wonder that what that means for elon musk and anybody else associated with this, the idea of getting dragged in for lord knows how many depositions you might have to deal with down the road.

>> oh yeah, listen, there's going to be lawsuits. when the memo came out from omb, it feels like it was six months ago, but i guess it was six days ago. on the funding pause. there was a lot of us, myself included, who thought this was the first chess move. this was the first move that said, you know what? what we want is we want to get sued. i'm talking now about the trump administration, because what we want to do is get sued in 5 or 6 different circuits so that we can have a difference in the court of courts of appeals on impoundment, so that we can get to the supreme court. that's where i think this is headed. again, you can have fascinating conversations about doge. i remember sitting at cfpb, becky a couple years back asking a question. you know, look, nobody's coming to work today, do we? are we worried that any of these folks are working another job when they're back at home? and i was told by the career staff, there's no way we can find it. well, doge found that here in the first two weeks on the job. so there's some really good things happening with doge, but it's sort of a sort of a sidebar to the bigger discussion about the fight between the white house and the congress over impoundment. >> and, mick, the other question

i have is, you know, we're hearing now about, you know, various payments that people say could be questionable. we raise this issue of politico pro, which, by the way, most companies subscribe to and parts of the government subscribe to because hopefully they offer services and news that is of value. they may charge a lot for it, but but that's what it is. how do you think the public should think about some of these things that we're learning about? i mean, the other pieces we're hearing about usaid. and, you know, joe, we were making a joke earlier about, you know, payments to sesame street to do a sesame street in iraq and how we're supposed to think about that. you know, i know that, you know, there's some republicans that like that or have liked that agency because they compared it to what, you know, china does with, you know, the belt and road initiative in terms of just influence around the world in certain places. >> yeah. soft power is real. there's no question about it. and what i keep trying to remind people of $1 billion is a lot of

money. $100 billion is a really lot of money. and when you're going to spend that much money like the building does behind me on a regular basis, there's going to be some good stuff that you can do and some bad stuff. the question is, how do you go in and figure out, oh, let's do this, but not this? your point on politico pro, for example. and i hate to give them the free advertising, but there we go is a good one. we used to pay for that in my office when i was in congress. we used it as a service. usaid was giving them $8 million a year, apparently, according to the to the information that came out here in the last couple of days, you have to wonder, is that for subscriptions or is there something more to that? this is a debate we've never had. this is the stuff that sort of it. >> was. >> weird in the. >> background, but it was weird coming right out, wasn't it? the politico, the former with tara palmeri, weren't they at politico where she said they said absolutely no laptop coverage at politico. wasn't that the week before. and it just if it's not quid pro quo at least sort of smells like it

mick. it almost looks like they went. >> just just as a point of fact. and i don't know the i don't know enough about this. the folks who who run politico came out yesterday and said very explicitly that they have never been funded or subsidized by the government in any way whatsoever. so we have to. >> they can still say that. >> but still are. and whether that was a subscription to whether that was a subscription to just a lot of politico pro's, i'm not sure what that was. also, there were a whole bunch of payments made to all sorts of media organizations. >> supposedly nobody pays that much for what cnbc now we're worth that much. >> well, no. no. but there's also, you know, u.s. department of health, u.s. department of health, others that that advertise in in in publications. the army, by the way, advertises in public. i mean, people forget the u.s. government, for better or worse, does have to advertise in places. they have to spend money in places. so i don't know enough about this, and i'm not defending it, and i but. >> i don't know enough about it. >> but i also just i want to put

it out there because i'm a little anxious that, you know, we're looking at some of these numbers and we don't totally know what they all mean. yeah. >> you're right, andrew, but look, what are we doing? we're having a debate that we otherwise would not have had. nobody even knew about this. in fact, congress has said in the past they tried to get samantha powell, who is running usaid, to give them this information, and she wouldn't that's that's the that's what that's what excites me here is that we're finally getting good data. go back to my example of the cfpb. now we might find out if there are federal workers who are getting two checks. they're working the government and a side hustle on the on the days they're not coming back. >> so i agree i agree with you. if you can see these things, that's very helpful. and look to me in the in the grander context to use politico as an example. the best way to use this information would be for all of these agencies through elon musk, to be able to say, oh, you know what? this agency is buying these things, this agency is buying these subscriptions, this agency is buying these subscriptions. we the government is buying, you know, whatever x thousand subscriptions, because we're doing that, we should actually all go in together as

all of these agencies as one and call up politico and say, you know what? actually, we still want all of this, but but we realize that we're like a huge piece of this. we want a better deal, right? i mean, that's typically like a big one of the reasons what a big conglomerate does is say, okay, we're going to renegotiate our deals because we actually now have more leverage in these things. that, to me, seems like a better way to use it than necessarily to sort of do it by sort of the rhetoric of what people on x or other places think or like. i mean, i think that's a little bit what i also worry about, just the influence, the sort of public influence, not that we shouldn't see this stuff, but on sort of what people think is right or wrong. and in the day to day job, as you said, you may like that service. the public may think, well, that seems like a very expensive service, right? yeah. >> well, look, there's two ways to look at efficiency, right? it's either getting the same for less or getting more for the same. this is why when folks ask

me yesterday about doge going into the department of transportation, i said, are they just going to cut spending over there? and like, no, this is great. if we can get a better department of transportation for the same amount of money, that is efficiency. if you can take that attitude across the entire government, it's what republicans have said they've wanted for a really, really long time. look, i get the fact that elon musk isn't elected. i got news for you. nobody in the executive branch is elected except donald trump and jd vance. i certainly wasn't elected when i ran the office of management budget or cfpb. so but these are good conversations to have. i think they're healthy. it's messy because we don't do it in washington. but it's good that it's happening after after too long of a wait. >> okay, mick mulvaney, it's always a longer conversation and i hope to have an opportunity. we all want to talk to you more about it soon. thanks. >> when we come back, quarterly results from eli lilly and bristol-myers, bristol-myers bristol-myers, bristol-myers squibb squawk box will be (grunting) at morgan stanley, old school hard work

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that's my secret to better odor control everywhere. >> eli lilly just reported earnings. angelica peoples has the numbers for that. angelica, what do we what do we see here? >> hey, becky. so lilly. >> is reporting. >> a beat. >> on adjusted profit. >> so q4. earnings coming. >> at $5.32 a share versus the 4.95 that the street was looking for. remember they already told us what to expect for revenue. so i want to get into the guidance. 2025 adjusted eps in that range is in line with what the street is expecting. but i also want. to look at the slides that they just posted. lilly is now saying that we should get the first phase three data for one of its next generation obesity drugs, right? a true tide later this year. now this study is in people with obesity

and osteoarthritis. and it was originally supposed to wrap up in february. so it's only a difference of a few months. but that means that we're going to get data from reddit, true tide, and also lilly's experimental pill or for glipr1 all this year. so 2025 is shaping up to be a very, very big year for lilly. becky. >> angelica. thank you. we're keeping an eye on the stock right now. it's up by just over 2%. >> it is just before 7 a.m, just about 658. for those of you who are up early and maybe hit your alarm before some people you know have that 7 a.m. alarm that other people might have a 657 alarm. some people have a six. anyway, it's right before 7:00. it is on the 7:00 on the east coast. that is for those of you who are just waking up, i'm andrew ross sorkin, along with yes, joe kernan in the house and becky quick, all three of us together. welcome back. >> thank you. >> glad to see you. glad to. >> be here. for those who didn't wake up early at six to see you. so now they have an opportunity at seven. >> you do miss being involved. i

can tell you that being part of something, whatever it is, whatever this is. >> we're glad you're healthy. everybody glad. >> you're here. >> that is true. everybody needs a purpose in. >> life, right? >> we got a whole bunch of stories to tell you about this morning. president trump making some more comments about gaza. he posted on truth social that under his plan, the gaza strip would be handed over to the u.s. by israel at the conclusion of fighting, the u.s. would slowly and carefully begin construction of what would become, quote, one of the greatest and most spectacular developments of its kind, and that no soldier would be needed. he's saying, we're going to talk a lot more about this foreign policy and what it could all mean with richard haass, formerly of the cfr, in just a couple of minutes, you could feel the sort of real estate developer and in trump talking about what this could mean, and we'll get into it. meantime, alphabet's google eliminating its goal of hiring more employees from historically underrepresented groups in an email to employees. but just yesterday, the company said it would no longer set hiring

targets to improve representation in its workforce. the company said it was evaluating the changes because it is a federal contractor and openai getting in on the game. the wall street journal reporting the maker of chatgpt, expected to air its first tv commercial during the super bowl. so if you didn't know about chatgpt before, many, many millions will learn about it on sunday. >> let's take a look at the futures this morning. things are pulling back a little bit. we had seen the futures a little higher earlier, at least for the dow and the s&p 500. right now it looks like the dow is up by about six points s&p futures up by about three. nasdaq has indicated off by about 27. but of course this comes after two days in a row of gains for all three of the major averages. let's get over to dom chu. he's been taking a look at this morning's pre market movers. and dom probably worth noting that for the week so far the markets are higher and just within striking distance of all time highs for all three major averages. >> absolutely right becky i mean give or take a fraction of a

percent. you're about a percent away from the dow in the s&p and roughly 3% away from record highs for the nasdaq composite. so yes, despite everything that's going on, we're still a stone's throw away from those rarefied air levels. so let's start things off, becky, to your point with the check on some of the earnings movers so far. honeywell shares are right now they're volatile. they were up pretty decently. now they're down just around 3.5%. after reporting quarterly results. its fourth quarter earnings and revenue coming in above expectations. but the full year guidance did miss some analyst estimates. now here's the big one, though. honeywell also formally announced it plans to split into three independent companies. this includes separating its automation and aerospace business and moving ahead with plans to spin off its advanced materials arm. so there was some reporting on that that drove some volatility upside. and now that it's formal, we've seen some of the downside moves 3.5%. now for more on this tune in to squawk in the squawk on the street in the 9 a.m. hour for an interview with honeywell ceo. you can see there vimal kapoor will give us some more details, perhaps on what's going to happen with the split up

there. meanwhile, skyworks is plunging down around probably 2,930% or so right now. the chip makers forecast is disappointing for revenue for its mobile segment in the current quarter. skyworks also said on the earnings call that the company used to be the sole supplier for an rf semiconductor used in the iphone, but now apple is dual sourcing that particular chip. around 72% of the company's revenues come from apple, so skyworks expects to take a hit to its bottom line this year and throughout fiscal year 2026. skyworks big apple supplier down 30%. and then its strategy now the company formerly known as microstrategy, is up just about a percent or so. the software company and of course largest corporate holder of bitcoin has just rebranded itself as strategy and unveiled a new logo with a bitcoin be again also coming up with results for the fourth quarter and a net loss. but the company is also followed by investors more for its crypto holdings and not its business overall. so microstrategy turning more into a bitcoin treasury type company. becky.

jo. andrew it feels good to say that. so welcome back, joe, and i'll send things back over to you guys. >> it's thursday. we have to keep telling myself that. so i were you able to say anything about rory? did i miss that? you. you have been a long time. i have, i don't know, a fan, and i've never seen it. where every single part of the game was just. it's like i don't see how he ever loses another tournament. and how about did pebble not show? it's worth on sunday. i mean that's a day where you can see what the greatest players and greatest golf in the world is like. was that not amazing to watch? >> number number one joe, first of all welcome back. it's great to have you back here. it feels good to have you. it feels like things are back to normal again. so that's number one. number two. yes. so rory everybody who knows watches knows i'm a massive fan. and i think that he's got one of the best games out there. and with the number

of second place finishes and top fives and top tens he's had all season, it was only a matter of time before things started to really click. and so i think this is just the beginning of what could be a spectacular season. and number three, pebble beach, by the way, you know this, but it always shows multiple colors. and it did again this year. right. in some pretty bad weather early on and then and but. >> do we hope for. yes. just in a sick way. if you played i don't know if you played. i've played 14 a lot that that par five. >> yes. and i know. >> i've been short with a three wood many times on my third shot, and rory hit a seven iron in. yeah. but you saw. >> we all saw the line he took, right. the amount of. >> the amount. >> of the amount of that cut off the dogleg he cut off just because he can hit it 350 yards. >> extraordinary. >> insane. >> yeah at&t did great. it's that there's a reason that's what do they call it. what kind of tournament. it's what is. >> now a signature event. signature. it is a signature event. >> it should be the signature to be the fifth major i think. all right. sorry to digress. see, that's the downside of me

getting back. that's the. >> i welcome the digression over here. >> so a lot. >> of people see you guys later. >> on. >> for sure. >> all right. bristol-myers is out with quarterly results. earnings of $1.67 a share was $0.20. $0.21 better than the street was expecting. revenue came in at $12.34 billion, and that beat expectations of just 11.57 billion. but it's the full year guidance that is moving the stock this morning. that was a little disappointing. bristol-myers sees revenue of about $45.5 billion. that's short of what the street was expecting. $47.36 billion. earnings guidance was also below expectations. i believe they're looking for non-gaap earnings of somewhere between $6.55 and $6.85. the consensus was for 6.91. and i think part of the problem, the company is cfo talking david elkins to barron's, saying that they are looking for sales of their multiple myeloma treatment, which is revlimid that has some generic competitors in the united states since 2022. so they're looking for revenue of

that drug to fall somewhere between 2 and 2.5 billion in 2025. that would be down from 5.8 billion last year. also talking about how the stronger dollar is weighing on the guidance for 2022. and that stock is off by about 3.5%. >> yes. >> and the bank of england cutting rates by a quarter point that was expected. and take a quick look at the pound to see the reaction this morning. or maybe not. we can move on. oh there it is. as you can see the euro the yen and the pound. and qualcomm shares. yeah yeah. if you want to look. go ahead. >> check it out. >> feel free. qualcomm shares are low this morning despite a better than expected quarterly results. company cautioned that its patent licensing business won't have sales growth this year after an agreement with huawei expired. jon fortt spoke to qualcomm ceo about the demand in china. >> our customers. >> are gaining share in the premium tier is expanding and this is all end customer demand.

it is end customer demand. it's not channel. and that's a great story. and it's also reflected in our guide for q2, which is above revenue and consensus on eps. >> joining us now is john vigne, keybanc capital markets equity research analyst. were you did it give you pause, the outlook, john, or what's your current thinking on on the prospects for qualcomm? >> i was encouraged. >> with their guidance. >> i mean. >> the results. >> and guidance. were both solidly. >> above expectations. >> i was a little. bit surprised. >> the stock. >> was down pre-market because. >> these numbers were. >> pretty solid all around. they're seeing strength. >> across their. >> smartphone business and high end premium tier. and iot. and automotive. also upside. >> the reaction then is the stock's done well obviously. but

you would use this as a as a point to enter. >> we're sector. >> wait rated. >> on it. so we're not recommending you know long term investors buy qualcomm. but we did feel that the near-term setup with china subsidies them getting 100% share at samsung on the galaxy s 25 was going to be a catalyst for better than expected near-term earnings. >> the time dilation, how quickly things happen in quantum leaps. and i haven't even becky i. the whole new method of ai that costs a 10th as much. have you have you been on it andrew. have you tried it? is it as good as all the others? yeah. >> yeah. >> and it's a 10th. >> it's pretty extraordinary. >> what does it mean? and? and you can weigh in. >> it depends on if you think they stole any of it off of the existing sources that are out there. if you believe that they really had as few.

>> there was a reason. there was a reason that nvidia was like, oh my god, 17%. >> this is the piece. we just don't know. we just don't know. >> john, do you know? >> yeah, i would say, you know, obviously deep seek created a lot of volatility in the markets. i think our view right now is that probably there's probably not a near-term impact in terms of capex spending. we've seen very strong capex outlooks by all the major hyperscalers. but certainly if you look at the innovations and the architectural changes that deep sleep was able to incorporate into its ai models, i would certainly expect over the medium to longer term that that, you know, companies like openai and google would all incorporate these changes into their own llms and which ultimately is going to require less compute flop to kind of train these models. so maybe there's a slight decrease in kind of that longer term accelerated compute tam that we

thought. but the flip side of that is it's going to make ai more broadly available to the mass market. >> but if so, if you did know sorkin, would you do something with nvidia long term? i mean, it just seems like this is a game changer if what they say is true or is it not? >> well, so there's two pieces to this. so if you were to listen to like a satya nadella, he would say that the development of deep seek is just another sign of how much usage there's going to be long term. so yes, it may be cheaper to ultimately create the. >> model. >> but that long term, the sort of usage because of all these open. >> what does that mean for nvidia. >> well, that you'll need that. you'll need as many chips if not more chips. i mean, if you. >> bring more players. >> in, i mean, look, if you look at all the capex spending that's clearly coming out of these, you know, quarterly, not the quarterly numbers, but we're hearing on these calls just that they plan to spend the same way

they were spending a week ago. it seems to not have changed their view. and so. >> we're spending more. >> it's sort of hard to it's sort of hard to look at it at the moment and say they're overspending. having said that, we've gone through these cycles. i mean, i go back, you know, we've talked about 1999 and all the fiber that was laid down. and we back then, it was too much fiber. >> that's what chamath palihapitiya kind of laid out yesterday. he's seen cycles like this before. maybe this is the same thing. i don't know what john thinks, john. >> no, i think we've seen these cycles play out repeatedly. you know, there is always going to be innovation in the market, right? obviously, there's been some innovation here. and in terms of the development of these ai models. right. so deep sea found a way to create a model that that requires less compute flops. so that innovation that i would expect to be incorporated by openai, you know, google, microsoft. and so the longer term, i would say, you know, we probably need to temper what we think the compute tam is for these ai dummy names

like an nvidia, the marvell's and the broadcom's of the world. but, you know, the numbers are still going to be a pretty significant and massive tam out there. >> a lot can happen in that 11 days. i think a lot can happen. unbelievable, john. thank you. yeah. that was like that's all old, old news already. the deep secrets. >> yeah but. >> but but a week or two old. >> but exactly. >> still on your mind. well it's on everyone's mind. >> i knew you'd get on this stupid thing and start seeing if it was just as good as openai or not. and i was going to close. >> i think, actually, by the way, there are certain things i think that are actually better about it, but it's hard to. >> know unless you want to look up what happened in tiananmen square. >> yeah, i saw that stuff too, that that reminded me of. well, never mind. >> but the interesting thing about that is that over time. >> my clients deserve someone who understands their world, someone who listens, who has their best financial interests

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squawk box everybody. shares of bausch and lomb trading lower after the company said that it will not be taken private. at this point. bausch and lomb telling investors that full separation from bausch health remains its goal. but that stock right now is down by about 5.5%. >> meantime, shares of peloton, they're moving higher. the company, reporting a loss of $0.24 a share, was wider than the street expected, but revenue topping expectations coming in at $674 million versus $654 million. and for the full year peloton raising its guidance for adjusted ebitda revenue and free cash flow that stock up about 10% on the back of that news, sitting at $8.40 right about now. and then take a look at under armor shares. they are also higher. earnings coming in at $0.08 a share $0.04 better than expectations. revenue of $1.4 billion. that topped estimates of 1.34 billion. the company raising its annual forecast at this point, now expecting 2025 revenue to decline by approximately 10% versus a prior expectation of low double digit percentages.

low double digit percentage decline. but people liking this. >> coming up much more on the markets, we're going to count down to the opening bell on wall street. also counting down to the super bowl, the sports book and all the all the sports books gearing up for record wagering. but with more competition this time around, we're going to have a live report from new orleans. welcome is coming right back. >> this cnbc program is sponsored by baird. visit baird difference.com. >> no matter why you started your business, your goal is to keep on growing. and with the help of financing from capital,

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the way i approach work post fatherhood, has really trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families like my own. in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. available now at grasa co. >> take a closer look at the markets. joining us now. drew pettitte, citi research u.s. equity strategist. what are we waiting for here? drew, it seems like we're waiting for something. what data points are coming that are most important? is it going to be a cpi or cpi?

we've got a jobs number tomorrow. obviously we've got a very a fire hose of policy and executive orders coming out of out of the trump administration. what what's the market going to key off of. >> the next tweet? >> admittedly. >> it it could. >> be any. >> of the. >> data points as it. >> affects rates. >> it could be any of. >> the. >> policies as we think. >> about. >> you know, potential tariffs and trade. >> and then. >> the last thing that i think we're watching really closely is dollar volatility. i feel like we just moved past the tariff discussion. but maybe that comes back in 30 days. maybe that comes back when we start talking about the house reconciliation bill. but at the end of the day, joe, honestly, any of those things because i think we're in a heightened macro sensitivity world, even though we're in the middle of earnings season. >> are you surprised that the ten year is that the yield is it

has not moved higher? in fact, it's moved lower in the face of tariffs. and what are we doing. we're extending the tax cuts now by but only for five years to save money for the hawks. the we're still going to run a pretty large deficit are we. not in the foreseeable future. >> yeah. that's one of the things that keeps us up at night. look, the ten year at this point is probably responding to the growth outlook, less the inflation outlook. the front end might actually react to the inflation news. so we kind of saw that lately the twos have been a little bit stickier than the tens have been. but honestly when it comes to kind of the long end, if we do want to see rates lower, which i think is really important for markets right now, i think you have to see some some type of spending pull in to some extent, or at least just some, some more fiscal responsibility. like honestly, for the past couple of years, we keep writing about

this. it's really hard to sustain equity valuations at these levels if you have rates pushing higher and higher. >> so that's your problem. it's valuations. that's because i was wondering whether we still need whether the market still wants lower rates. i don't see it just doesn't seem like it's in the cards. given the type of moves that that we're making. >> yeah. there's other things that play into this too. like again, we're not your typical strategist that's going to say oh pe is x you should sell or you should be cautious. but it's basically on a relative basis like pe is at these levels. just put a lot of stress on fundamentals to deliver. i think we're seeing that in the earnings season right now too. so we have macro sensitivity. it leads into you know valuation sensitivity which means i better beat and raise and not just raise for a quarter but raise for a year. if i want my stock to react. well, right now, i

really think with all of the news and all the heightened sensitivity and the reactionary type of, i would say market, we're in, it's probably a really good time to be patient. overall. >> it's going to wait to read to read this, for we have ro khanna coming on a little bit later, but we did have a ceo of news corp, robert thomson, just saying. in terms of business conditions in the united states, we're seeing a tangible increase in business confidence here in the us, the temporary turmoil of transactional tariffs aside, there's a confluence of economic optimism and cultural awakening with the yoke of woke having been lifted. and we believe that these trends should lead to less gratuitous regulation and greater capital formation. i mean, do you see it? could could it be that we're missing out on the big picture and that there could be some positive, i don't know, animal spirits? >> yeah. i don't really know how

to define or model animal spirits, but what i can tell you is for the past few years and honestly, post covid, we've had a little bit of religion instilled in c-suites because we've really focused on free cash flow generation, profitable growth. so now we're getting the tailwind of all of that a few years later, where companies have a lot of financial flexibility. as you get further away from the pandemic and the weird kind of rolling under the surface recessions that we've had, it should be natural that animal spirits get lifted on the margin, to be honest with you, whether you have a democrat or a republican controlled government, all of these business people are looking for ways to improve margins, enhance efficiency. the reason we're kind of pulled up on the fundamentals now is you just had a huge windfall of all of this free cash flow. so yeah, i, i don't disagree with the statement that animal spirits

are rising, how we think about it from a fundamental perspective is you have a ton of operating leverage. you have a ton of cash to put to work now. >> okay, okay. >> thanks, joe. appreciate it. drew pettit. >> all right. when we come back, president trump's proposal to take over and redevelop gaza. we'll be discussing that with foreign policy expert. thanks. okay. thanks a lot. we'll see you later. and squawk box will be right back. >> thank. okay. >> okay. thanks. >> for arm. the answer when >> for arm. the answer when squawk b ♪ (action music) ♪ woah! i can't do it! agh! cut! this gap! it's just too big. bring on the double! aflac! after my hospital stay, aflac helped close the gap by paying me cash for expenses health insurance didn't cover. nothing covers gaps better than the aflac duck. aflaaaaac!

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>> president trump making some more comments about gaza this morning on truth social. the president said the gaza strip would be handed over to the united states by israel at the conclusion of fighting, the u.s. would slowly and carefully begin construction and development. he also said that no soldiers would be needed. joining us right now

to discuss this is council on foreign relations president emeritus richard haass. he's a senior counselor with centerview partners. and, richard, the condemnation from some of the mideast powers has been pretty fast and furious. the wall street journal leads with this today just talking about saudi arabia and jordan saying, forget it. they will have no relations with israel as long as the idea of removing palestinians exists out there. this is certainly walking back to some extent, what the president said earlier in the week. it shocked some people, including it looked like his chief of staff, siouxsie wiles, who was standing behind him watching through all of this. what's the reaction been and where do you think we wind up a week or two from now? >> the reaction. >> is predictably negative. >> this doesn't. resolve the palestinian problem. it actually makes it worse. >> that's one of the rules. >> of the. >> middle east. becky. bad situations can. >> always get worse. >> this is not what the saudis want to see. >> rather than enabling. >> them to normalize. >> with israel. it makes.

>> it more difficult. jordan could become extraordinarily. >> vulnerable, even. >> unstable, destabilized as a as a result of this. >> so i don't think. >> this goes forward. i think the real danger. >> is whether a. >> couple of things, whether it gets in the way of the implementation of the ongoing. >> hostage prisoner exchanges. >> between hamas and israel, whether. >> this encourages. >> the right wing in israel to think that the future should be one of which palestinians are transferred not simply out of gaza, but conceivably out of the west bank, which is another 3 million individuals. so i think if we're lucky, this blows over and that we essentially go back to the difficult, slow work of middle eastern diplomacy, see whether we can get to phase two of the hostage agreement, resume talks between israel and saudi arabia. and the real question is whether this administration and there's no signs of it yet, is prepared to talk honestly to israel and say, hey, you still need a serious day after plan for gaza. you still need to put out some horizons for

palestinians. we're not talking about a palestinian state this month or this year, maybe even this decade, but we've got to open up some process in which we begin to marginalize hamas politically. and we show the palestinians if it's a big if they're willing to live in peace with israel, there's something in it for them at the end of the day. but at the moment, i'll be honest with you, and you got at it a little bit. the lack of a process here, the lack of careful consideration of the options, the history, what this could set in motion. that is not a good sign. >> you know, there had been many people who thought when president trump was elected, that maybe he could negotiate some sort of a truce, some sort of a some sort of a peace between these groups, particularly given his relationships not only with israel but also saudi arabia. if you look at the best case scenario, where do you wind up? >> well, the answer is you could he actually inherits the middle east in no small part because of

israeli military action, which gives him two enormous opportunities. one is with iran. iran has been on its heels and there's real opportunity. and the president talked about this, about negotiating what he called a verifiable peace agreement with iran to deal with its nuclear program. i think that's one real opportunity for the administration not to use force unless it's unless it's essential. and then, secondly, with the palestinians and israel to build on the modest progress that we've seen. but again, that means reining in israeli settler activity, and it means he can have an honest conversation with bibi netanyahu about the future. who better than donald trump if it were joe biden? bibi netanyahu, as we saw, could do an end run around the administration. donald trump is the administration. there's no end run anymore available to the israeli government, almost like only richard nixon could go to china. >> right. donald trump thinking, yeah. >> donald trump has an opportunity, given how he's perceived in israel, to have an

honest conversation with israel and say, hey, we have your back. we want you always to be a secure, prosperous jewish democracy. but here's what you have to do, and that that's his opportunity. it's not to be found in resettling gazans and jordan. it's to be found in making the west bank and ultimately gaza a place of opportunity for palestinians if they if they're willing to live peacefully with israel. >> so let's talk about china, since you brought it up, the issue with china and tariffs maybe not going to go away as quickly and easily as the situation with both canada and mexico seem to it. >> well, in part, there's structural reasons to have tariffs against china, as you and everyone watching this knows, given their massive subsidies, their export led growth and so forth. that said, china's gotten smarter about how to retaliate, and we've seen signs of it already. but no, i think tariffs bqe china. there's some legitimacy for it. you

don't have to if you will conjure up new fentanyl problems or immigration problems like we did with canada when none basically existed. but with china there are real issues. and i think the question is how do you resolve them narrowly in the economic space? but we've also got a much broader agenda with china, its support for russia, what it might do in the south china sea or vis a vis taiwan. and that remains to be seen, which is what is this administration's china policy writ large. >> that does remain to be seen. and, richard, we will have you back to talk about that and much more. thanks for your time today. >> anytime. >> coming up inside the wide world of sports from big trades in the nba, high profile owners selling out. and let's not forget about the big game this weekend in new orleans. boardroom co-founder and ceo rich kleiman is going to join us to break it all down in just a couple of minutes. squawk box coming right back after this. >> in the world.

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the big easy getting ready for the big game. we're going to get a live report from new orleans on the competition for all the wagering. >> you know who's going to be down there. you the president. >> oh it's the first time a sitting president is going to be at a. >> trump supposedly going going there would be the first. >> time we have an interview before. >> yeah, but the interview is something that's been standard fare. but this is the first time a sitting president has actually. >> and it's and it's a fox broadcast. and based on the interview. >> i know. yes he is. it's not always but traditionally it is. but i think in the last few years there have been a couple of instances where biden didn't do the do it live. >> the interesting. and then boardroom co-founder and ceo rich kleiman takes us inside the business end of sports. is there any other end of sports? that's next. squawk box will be right back. >> that sounds dirty. >> yeah. >> 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

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away, and the sportsbooks are getting ready for record breaking wagers and increased competition. contessa brewer joins us now from new orleans with more. hey, contessa. >> hi there joe. yeah. $1.39 billion. that's the estimate of how much americans will wager on the nation's legal licensed sportsbook. according to the american gaming association, last year, that estimate was a total of more than $23 billion. why the big jump? because last year's estimate included office pools, illegal bookies and offshore operators. that illustrates the juggernaut, right. and this year you have cash and crypto.com crowding their way in. robinhood tried just this week ditched its efforts to accept trades through the predictions markets. plus, of course, there's sweepstakes style gambling and offshore markets that are all offering bettors a way to add some additional excitement to this big game with the sportsbook. really want is not to compete with these operators that don't

pay state taxes, haven't paid billions to lobby, legalize and license their platforms, and don't adhere necessarily to know your customer regulations or face potential backlash from regulators over problem gambling concerns. derek stevens, who's the owner and ceo of circa sports, told me it doesn't really make a lot of sense to be paying tens of millions of dollars in taxes and fees to states as a licensee, if a legal business model exists without all of that extra expense. well, i asked chiefs quarterback patrick mahomes whether this whole boom in gambling is good for the game. >> he gets people watching. >> i think that that's. >> good for the sport. but at the end of the day, i want people to realize that it's a game that you play on the playground for recess and the stuff that you just go out there and give everything you love. and i think that's what we try to do on the football field. and i think that's everybody on that football field. >> around new orleans. fanduel

has huge advertising blanketing buildings on canal street. caesars of course, you've seen it all morning in those live shots has named the superdome. and it is unveiling here nearly half $1 million in renovations at its casino and sportsbook and the hotel. i mean, look, this is a great opportunity to win customers customer acquisition opportunities around the super bowl are part by by far the best of the year. you guys might already know this, but the chiefs right now one and a half point favorites. and tomorrow it is an all star gaming lineup starting with fanduel. ceo amy howe will be with you guys again right here on squawk box joe. >> well that's that's great. all right contessa, i'm going to try to figure out exactly what one and a half points really. i never understand what that does for me. but then again i have have. >> but now you can just plug it in and it'll tell you what you would win. >> i know, but but normally i

figured just. why not just do the money line? i don't need your one and a half points because it's never that close. but you know what? it always is. it always it the way that they do. it's amazing. all right. thank you, contessa. maybe you can explain it. >> joining us right now to talk about that, the super bowl. you're going there in just a little bit. the nba and the world of sports boardroom co founder and ceo rich kleiman. also he's got a big announcement with fanatics and fanatic fest which i want to talk about in just a little bit. super bowl. you want to talk super bowl. you want to talk nba first though because i think super bowl. you want to talk about super bowl first. i think the big question that i would just ask you is, you know, we're talking about how president trump is going down there. it's first first time president's gone there. just how i mean, this this super bowl in particular. but all the super bowls have become almost like a mecca, like a like a olympics for the business of the super bowl and the business of sport. meaning you're going down there in large part, i imagine, because it's become a business event. >> without question, without

question. i mean. >> the game itself. >> obviously exciting, but from friday to sunday there's. >> events where. >> networking and brands are taking spaces. >> it's like the davos of. >> yeah. >> in some ways. i mean, i think all those flagship moments on the calendar, super bowl all star have that type of appeal. f1 has started to have it, but there's nothing like super bowl weekend. and i think the fact that so many nfl players also go to the super bowl weekend and there's so much business opportunity for them, like you won't see players in the nba be at the all star weekend or be at a championship game if they're not playing for the most part. but for the super bowl, it's a great opportunity for nfl players as well to make connections, to make money. and there's so much opportunity and so much intersection of all those parts of the sports world. >> okay, i want to go nba because i got to hear you. i just got to hear your take on like 100 different things. okay. first of all lakers, mavs. this trade everybody wants to understand. craziest thing. what is actually happened here. the mavs by the way are apparently returning. you know if you if

you if you bought seats for the for the season you. >> just traded the franchise player. >> why did. >> they. >> do you think has happened here. can you explain it? >> i mean i was surprised, i think everybody was surprised. and i think part of the surprise was also that nobody knew. right. like the nba has taken on this whole world of sources and media and breaking news and allegedly and a lot of times, we all know what's about to happen before it happens. unfortunately, i've been a victim of that. i've had to live with that for a long time. i think in that case, both teams made a very concerted effort to not allow that to become public. it was surprising, clearly, because of the age. i think what's being forgotten in all this conversation is just how incredible anthony davis is. like, this isn't just a throwaway player. this is one of the best players in the nba year after year. the age difference and what. >> what is he, 32? he's 35. >> yeah i mean and listen that's a big age gap in the nba. but when you look at your roster and you know it's an organization and a lot of times you have no

idea what's going on within an organization. there's personalities, there's egos and decisions are made that sometimes don't make sense to fans. and hopefully for dallas, they'll be able to see success in the next few years. >> but i think that's the question. if it doesn't make sense to fans and if they're that angry, does it make sense to the organization? there's a huge risk factor there. yeah. >> but i think ultimately the people in position are there to win. right. and as long as they have their job, it's their job to give themselves the best chance to win. and i would imagine that the fans ultimately want that. and i get it. >> but luka, what he did last year in the playoffs was unbelievable. >> yeah, unbelievable. >> would you do if you were the lakers to lebron i don't know. he steps up. >> you don't. >> know he steps up when he needs to. but he's still what is he 40 something. >> like that. >> yeah he's still. >> i know. but who would you trust to really make it you know showtime again. what what do they who would they need. >> well i'm pretty sure that luka and lebron are going to be showtime. yeah, yeah. i mean.

>> for how long? >> i think i don't think lebron's going to play that much longer. >> well i don't think that's breaking news. he's 40 years old but i. >> saw a year. >> or two. >> i don't know. >> so who do you. he's still. >> at an. >> elite level. >> still at an elite level. i think that's ultimately why the lakers in, you know, in a lot of people's opinion won the trade, even though i think there's an argument on both sides, the shock value around luka being traded has a lot to do with everyone's uproar. but for the lakers, they've got somebody to build around, which they've consistently done decade after decade. and i think in that regard, they made a great move for the organization. >> let me ask you a different question. and i, i got a tweet i want to show you this is a chamath palihapitiya, because it's a bigger question about the nba writ large. it's actually in the context of this trade. but i think it's you may have an opinion about this. i think we have it. do we have do we have do we have this tweet, this is chamath saying the following. he said i sold my ownership in the warriors last year, in part because i was pretty sure competitive a competition for

the nba was coming, a la the liv golf versus pga. the speculated antics below. this is about why they made the trade only reinforced the likelihood that a group of well-heeled investors with 5 to $10 billion could quickly stand up. a competitor to the nba. obviously, lebron's partner, maverick carter, is trying to build a three on three league, a. >> three on three league. >> well, what do you think it's going to turn into? >> no i'm just saying it's not three on three. listen, i think when you've had let's say one organization that's existed in a particular field like the nba has, and i am as big an nba fan as there is, there is room for disruption. we've seen that. and i think ultimately the way the nba has operated historically. and again, i want to preface, adam, i love the nba, but there is a 82 game schedule. you know it's rigorous. as you see players do not have kind of control over where they're going. if you're playing in a city or get traded to a city

that's away from your family, and nobody should ask for sympathy for this matter. but this is what it means to be in the nba. and if there was an alternative that allowed these players to have a more condensed schedule to play in different markets that don't normally play in, to be able to live at home with their family, compete on a shorter schedule and time frame. it's all about how you approach it, but i don't think it's so crazy to think that those guys. >> let me ask the direct. so you're correct. you're kevin durant's man. would kevin go off and play in another league? >> well, i'm his manager. >> right. >> and his business partner. yes. and i mean, kevin is i mean, i know, i don't know, i don't know. yes, potentially. actually, if there was an opportunity for kevin to extend his nba career and he wanted to be somewhere, he loves playing basketball. and the economics made sense and the opportunity made sense. and i think the guys that are putting this together obviously are the right people to do this, and i think they have the right vision. >> and do you see them putting together a competitor to the

nba, or do you see them putting an extension onto the nba effectively meaning like, do you think this is actually going to compete directly with it or. >> alternative. >> do you think? but do you think that that you'll end up having players play in the nba and this will end up becoming like a summer league? >> no, i don't think this from i don't think the way this is structured is meant to be end. but i think that ultimately an option, an alternative for a player. there's 480 500 players in the nba, right? right. there's a lot of great nba players. there's nba players that are coming from overseas. and i think it's the optionality, and i think that the disruption is probably going to be great for the nba, and it will be a great opportunity for the players that choose to go there. >> it's not just disruption from that. it's also from the college leagues. at this point. nil has changed that game. yeah, not just for basketball, also for football. but that's that's a weird competitive situation where you have players who might stick around and play college instead of going to the professional leagues. and some players who would have never gotten picked up by the professional leagues staying and making a lot of money. >> yeah, i don't know how many

college kids will bypass the professional leagues for nil. >> robert kraft was telling me about one that did it. >> yes. i mean, i guess if somebody's on the cusp or they're not sure where they'll be drafted and they're getting offered big money, but i, you know, listen, this is a drastic shift from the way it used to be. and the way it used to be wasn't right at all either. so i think the idea that there's some unregulated or evolving regulation is not so crazy, but the players deserve to get paid. and it's not just nfl. i mean the college football players and college basketball players. i think what gets lost is all these opportunities that nfl has afforded athletes in other sports. >> why do you think this would benefit the nba by the way? >> well, i just think that there's optionality. and i think that. >> i think if you're the nba, you'd say this is terrible. >> for sure, but the nba is not going anywhere. and the storylines and the stakes and the narratives and the fan bases and like becky was talking about whether it related to luka, that's not going anywhere. and there's an incredible amount of great players. so to think that there's not an opportunity for a different structure or a

different league to operate is just not realistic. i mean, if you look at what unrivaled is doing, the wnba, it's not the wnba, wnba players playing in this league. it doesn't happen at the same time. but i think it's ultimately just kept the conversation going around the wnba and how exciting it is. so listen, if players decide to play longer because they don't want to play an 82 g schedule anymore because they're 41 or 42 years old and they can go play a shorter, more condensed schedule. or if there's international players that feel like they want to stay abroad, i just think the optionality of it and the creativity around it is exciting. >> i want to talk fanatics fest, but just one. >> yeah, that's. >> why i'm here. i know one kevin question though. oh man. no. any chance that he would go to the mavs? because there's been i don't know if you saw there's been some gossip about that. >> you just asked me if he was going to play in this other league. >> i know now. >> caught me off guard. you had me stuttering and i said that potentially. right. i think

everything's on the table. i don't know what happens in sports anymore, man. like i, i try to stay close to the, to the vest because, you know, doing this for this long, when you get it out into the public and the public has a point of view, it somehow dictates real life. i try to keep everything. >> okay. okay. well, let me ask you this then. so you fanatics vest. you have you do have a big announcement. >> yes. >> so this this june there's going to be another fanatics. >> yes. so we. >> you guys are doing something pretty interesting with them. >> yes. so there will be another fanatics fest and i'm sure consecutive fanatics fest, as you know, michael will continue doing bigger and better. but for us, we partnered with michael on a program called chapter next, which is going to be a three day career intensive. it's going to be june 18th to 20th leading into fanatics fest, and it's meant to kinccelerat athletes and their management teams business education, business opportunity, understanding of business, creating a network for them. and we'll do another one again in december so we can accommodate the nwsl, the wnba and major league baseball, the three leagues that won't be able to participate during june. >> so basically this is a training program of sorts. yeah. for the athletes themselves and

their and. >> their and their teams. right. michael had a version of this in november. you know i think for michael, he always looked at fanatics and knew that some of the fan participation and the athletes giving back to fans and athletes playing such a big part in fanatics, it was his duty to be able to do more for athletes and continue to offer opportunities. so he did this and i think it was very successful. he came to us to partner, and i think our element that we bring is brand building and storytelling. we partner with usc to create the curriculum. it'll be one on one mentorship, curated panels, ceo dinners, and it'll all culminate into fanatics fest. and then once they finish, they'll get a program membership to the boardroom members club, and we'll have a boardroom meeting house at fanatics fest. and we'll continue to do this and give back to these athletes. >> is this a whole new like, business extension for you long term? >> well, it's basically what boardroom is now. i mean, the whole idea of what we've always done is democratizing this kind of insider information and curating rooms and bringing people together. michael has the biggest global sports platform in the world, and i think for us, it's just continuing to give

these athletes opportunities, creating this community. and for us that's connectivity and that's more information sharing and building of our our world. >> rich kleiman, thank you. >> thank you guys. >> we're looking forward to it. you to have fun. the super bowl. >> thank go away. don't go. >> after okay. >> in the meantime we should tell you it is 8 a.m. on the east coast and you are watching squawk box right here on cnbc. i'm becky quick along with joe kernan and andrew ross sorkin. and among today's top stories. sources. sources are telling nbc that more than 40,000 federal workers have accepted buyout offers from the trump administration that would allow the employees to continue to receive pay and benefits through the end of september. but that is still well short of what the administration has been hoping for. in addition, nbc news is reporting top education officials told staffers yesterday that their buyout plan can be taken away later, even if workers agree to the package now. today is supposed to be the deadline for government employees to accept the offers. retailers in china that use the sheehan and tamu marketplaces

say that they've been asked to start paying a new 30% tax. that's according to a bloomberg report that says logistics agents told vendors about those charges late last night. this follows the new 10% tariff that president trump slapped on china over the weekend, and tech firm turned bitcoin development company microstrategy has dropped the micro. the company is just renaming itself strategy. in its latest earnings report, strategy says that it has acquired about 219,000 bitcoins since the end of the third quarter for more than $20 billion. the company now holds about 2% of the total supply of bitcoin. wow. let's take a look at the futures this morning. it is. >> right there. you got 68 points on the dow. looking up s&p 500 about 14 points. the nasdaq up about 11 points. let me get straight over to dom chu. he's got a look at this morning's pre-market movers dom. >> hey good morning andrew. good morning becky. good morning joe. we're going to kick things off with two pharmaceutical movers on earnings. eli lilly right now

just up around maybe a percent or so after reporting mixed results for the quarter in the last hour. earnings did come in above estimates but sales fell short of expectations. quarterly revenues, though, still saw a 45% jump over the same time last year. sales of eli lilly's blockbuster weight loss drug and also its diabetes drug mounjaro, soared but saw lower realized prices. now, those figures were consistent. again, consistent with the preliminary results the company issued back in january when lilly slashed his 2024 revenue guidance, saying that demand for these drugs would not meet some of the loftier expectations that have been out there. so eli lilly, up 1.5%. bristol-myers squibb is moving in the other direction. shares are down just about 4.5% right now, despite beating earnings and revenue estimates. but the company's full year guidance fell short of expectations. bristol-myers also said it plans to expand its ongoing cost savings efforts by slashing $2 billion in costs by the end of 2027. and we're going to end on a sweeter note. shares of hershey up nearly 3% right now

after posting quarterly profits and sales that beat expectations. the chocolate maker expects net sales to grow by at least 2% this year due to price increases, as cocoa costs remain a pressure point. the company also added that earnings per share for the full year would fall in 2025, citing, among other things, commodity costs, tax rates and whatnot. so ahead of valentine's day. hershey a sweet move. 3.5%. becky i'll send things back over to you. >> oh, that's very sweet. thank you. tom. we will see you in just a little bit when we come back. california congressman ro khanna will join us to tell us what he thinks about president trump's tariff policy and elon musk's attempts to slash government spending. squawk box government spending. squawk box will be back in just a moment. help us retire. it's a simple ask of our elected leaders. but the tax treatment we rely on to grow our 401(k)s, iras,

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elon musk's efforts to downsize the government and more. let's welcome congressman ro khanna of california, whose district is in the heart of silicon valley, and oh my god, it looks like donald trump. the outfit today, bro. that was nice of you to do that. reaching across the aisle. we are we are out across the two of us. so we're going to look for some some things we can nod to each other on a day. but having been home for a couple of weeks and watching the coverage row, it's once again fire hose trying to get a drink out of a fire hose. and i'm just wondering, you know, we've got impeachment. the articles of impeachment already introduced. and, you know, chuck and maxine chanting we shall overcome. and then on

the other side, i see that this is the golden age of america, and the greatest days are ahead. it's a little bit hard to sift through all of it. and i'm just wondering, as a business guy in silicon valley valley, you must not hate everything, but i'm sure your eyebrows are raised at a few things. >> well, joe. >> look. >> when the president. >> and elon. >> musk said that they. wanted to bring. transparency to. >> government and. >> expose waste. >> and fraud. i was. >> one. >> of the democrats. >> who said. >> okay. >> let's work. >> to see where that can happen. >> let's look at. >> the five crimes and the. >> defense department. >> let's look at programs to make sure they're effective. the problem i have, and the reason that, you know, musk actually attacked me yesterday on twitter. the problem i have is come to congress, show where the fraud is, show where the wasteful spending is, and force an up or down vote. don't make that decision unilaterally. that

just in my view, violates the constitution. so if he wants to show that there's a lot of wasteful spending, come to congress and force us to vote on it. >> rody, do you think any of the i mean, opening up the hood? i think this is what you're saying, opening up the hood and looking at where we're spending is something that it'd be hard for anyone to say that that's that's not a good idea. but how he does it, what's what's constitutional, what the president can allow him to do. where's the guidebook? do you think congress should be have the oversight there? >> well, look, article one of the constitution says congress should spend. now, the president and musk and others. >> do you guys ever listen? do you guys ever listen to that? >> well, their view is, oh, we can only set what the maximum is. they don't. if we mandate some spending, they don't have to follow the maximum. joe, imagine that someone from the

left becomes president. congress says we need $800 billion mandated for the defense budget. and you have someone from the left as president saying, no, we only are going to spend $300 billion. i mean, that's ridiculous. of course you have to spend what congress appropriates. and that's the argument i think they are likely to find awful examples of wasteful spending. i don't contest that. i'm sure they can legitimately offer transparency and sunlight to the american people. just come to congress, show us the what you're finding, and then force up or down votes. and if rhokana still votes for those wasteful spending, i'll have to answer back home. instead, the approach they're taking, which is just to stop the payments or make these decisions unilaterally, i don't think it's effective. i actually have a partner with congress to tell the american people what's wrong. and if you have a good case, the american people will demand those cuts. >> both parties are not monolithic, obviously, at this

point. but what is the role of that you see for yourself or democrats in general? is it purely the loyal opposition at this point, or do you, do you do you want to try to i don't know, try to jump on board certain things that that you think might actually be. i don't even know if it's worth hoping for that anymore, given given the last, i don't know, ten, 12 years. but is that all a democrat can can be with, with some of the stuff that president trump is proposing, it gets a lot of hair on fire. i did see that when i was at, you know, watching at home row. is it possible to work at all with this administration for someone like you? >> well, i had like i said, i had said on wasteful spending, particularly on what. about other things on defense? well, on many on, on on manufacturing. i mean, if we want to look at investing in building the next generation of steel, the next generation of aluminum,

president talked about that on the campaign trail that we've hollowed out manufacturing. if he had ideas saying, look, if americans invest, american companies invest here, they get some tax incentive and investment tax incentive. i'd work there. i'd work with don bacon on the armed services committee. we have a view that we've got to make certain investments in cybersecurity to make sure that we stay ahead of china. i'd work on shipbuilding. we're way behind china when it comes to building ships. so there are areas that, of course, we can work together on. i to let's do a manhattan project, you could call it the trump manhattan project, but have i actually used to cure disease or to improve battery storage? but instead he's chosen, honestly, joe, he's chosen to govern more, you know, with with with his base. he won. he has to he's made that choice. he's got to be willing to reach out. >> congressman, i want to go

back to musk and doge and what they're doing, and in particular go to this idea, which is, look, i think it's hard to argue with the idea of putting transparency on, you know, what government does, how government spends. i think it's broadly helpful for the public to understand all of those things. the question i'd ask you, though, is not just about freezing payments or quote unquote, deleting payments, but how he's going about doing that, getting into some of these systems i imagine he's going to want to have ai do some assessments of these kind of payments. but to do that, you actually have to take that data and effectively put it into some kind of ai system. he obviously owns x, ai and other things. how do you think that that broadly, to the extent it's going to be overseen? and i know that's the big concern right now, which is that it's not being overseen. how would you want that to happen practically? >> well, what it should happen with the protection of privacy. so my understanding is that he's

hired certain people who weren't in the government that they've been now given access over very sensitive information. i rather that there would be people who have been vetted and cleared through the federal government who have been there for a while, who have access to this information. and there should be clear guidelines, ethical guidelines by the justice department, career individuals on protecting privacy. so you don't just have a bunch of folks get the data and run it through ai and come out with models. here's the thing. look, some of this works in silicon valley. it's move fast, break things. you're going to go build a company. but you're talking now about the greatest institution in human history, 250 years of the american government and the stake of millions of people. it's just a different way of governing. and they have to protect the basic rules. and in the constitution. >> so, well, you have a unique

vantage point with, you know, who who you represent out in that part of, of the world. and it's a great business environment, obviously. and i see such angst and worry and concern. i want to just and i don't know whether this guy is going to be right. he's a ceo of news corp. but i read that this this morning. and i thought of you just to read it for you to see if you're feeling this at all out, out in silicon valley. but robert thompson, the ceo, says we're seeing a tangible increase in business confidence here in the us since the election. the temporary turmoil of some of these transactional tariffs aside, there's the confluence of economic optimism and a cultural awakening with the yoke of woke having been lifted. we believe that these trends should lead to, and this would be amazing if it did less gratuitous regulation, greater capital formation and increased opportunities for all americans.

that's that's it in a nutshell. is it possible? is it can we is it stupid to think of morning in america with donald trump as president, or is that anathema to any democrat? >> joe, let me say this. look, are there is there a need for some regulatory reform, for some permitting reform? of course there is. but silicon valley was doing fine. it was booming. candidly, before donald trump, you had nvidia, as your show reported record profits. you had apple doing really well, google doing really well, tesla doing really well. the problem in this country that trump correctly identified is you had the hollowing out of manufacturing. you had a lot of people in the working and middle class who weren't doing well. you had a lot of factory towns hollowed out. and i guess my question is, what is he doing so far for them? i was in johnstown, pennsylvania. a woman said the reason she voted for him is he wasn't going to tax overtime and

he wasn't going to tax tips. and so far, at least, we haven't heard that part of his agenda. is it going to be good for silicon valley? silicon valley is going to do great in this next 20 years. my concern is about ordinary americans across the rest of the country. row very quickly. i hear your point about thinking it's great that elon musk is finding all of this wasteful potential spending, potentially wasteful spending that's out there. i hear your point about wanting it to come to congress. i don't know that the republican congress is going to go with that. do you think this just plays out in the courts and we'll see what happens? this long term battle that's been taking place between congress and the executive branch about who really controls the ultimate, say, in what gets spent. >> i do think it goes to the supreme court. i think ultimately they find the impoundment act constitutional, which says that the congress can mandate not just a ceiling, but the actual spending amounts. but i also think it's going to happen in the debt ceiling debate. look, you're going to have members of congress, at

least on my side, say that the president needs to spend what congress appropriates if he wants democratic votes on the debt ceiling, and he's going to need democratic votes on the debt ceiling. so it's a tough time for the country. but i do believe that congress will assert itself, and this will work out to preserve our democracy. but i just wish they would bring it to congress. that would avoid a lot of the contention. >> you missed your chance, roe. i'm hearing from people you should have said it's it is morning in america mou r n i n g morning. >> and that's your role. you know the joe roe tickets are becoming harder, but you can be the sunny. >> never been joe joe never been joe ro ro joe i want the cushy vp. you know go somewhere and pretend i'm doing. i don't want the real job. that's you, baby, and you're dressed for it and you're dressed for it today. ro. thanks. thanks for. >> thank you. >> all right. good to see you. we'll see you again soon.

thanks. >> all right. when we come back, google the latest company to scrap diversity goals. after a break, we'll talk about what this could mean for u.s. tech dominance and artificial intelligence. stay tuned. you're intelligence. stay tuned. you're watching squawk box on ♪♪ [inner monologue] this is going to sound crazy. but i know these attack vectors. oh, had a little upgrade have we? ♪♪ okay, so that's how you want to play. ♪♪ pl fba. >> do these. >> words make your traditional. >> cpa's head explode? >> help yourself. >> it's time for an accounting team. >> that gets your business. we're making sense of. >> modern day accounting, one. >> acronym at a time.

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to that next level. exclusive 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. >> welcome back to squawk box. google becoming the latest company to make major changes to its dei program. i want to get over to julia boorstin. she joins us now with a look at the death of dei at tech companies and what it could mean for the future. good morning. >> good morning andrew. >> well, google is eliminating. >> its goal of hiring. >> more employees from historically. >> underrepresented groups. >> this follows similar moves. >> by amazon and meta to. >> change up their. >> dei policies. google saying,

quote, we're committed to creating a workplace where all our employees can succeed and have equal opportunities. and over the last year, we've been reviewing our programs designed to help us get there. now, over the past decades, the tech giants. repeatedly shared their diversity. >> goals and. >> transparency around the gender and racial breakdown of their employee base. progress to diversify, though, has stalled. a report issued by the equal employment opportunity commission last year found that the hi tech workforce was less than 23% female in 2022, that number effectively unchanged over the prior two decades. that the hi tech workforce is far less racially and ethnically diverse than the total u.s. workforce. but a leading expert in this space, joel emerson, who is ceo of paradigm, a platform which helps companies improve culture and inclusion policies, sees a positive evolution as companies evaluate which initiatives are actually valuable to their employees. this is a shift away from marketing partnerships and high

visibility external initiatives and more. focus now on fair, data driven hiring and promotion practices. but with women comprising a reported 18% of ai researchers, if tech companies don't follow through on their new promises, the risks of building ai tools without a diverse workforce are significant and could perpetuate biases. or if tools are designed for just one part of the population, could leave others behind. already, women are using ai far less frequently than men are. andrew. >> it's a pretty fascinating switch. i'm curious what you're hearing just from people sort of longer term, not just at the at the top of these institutions, but lower down. whether you think that there's going to be pressure that builds either way on this at this point. >> well, look, i think it was so interesting to talk to joel emerson about this because she's really in the weeds. and she

said that for years she's been frustrated to see companies spend millions of dollars on these sort of dei marketing partnerships that were all about sharing how diverse the company is. but really, we're disconnected from what companies were actually doing internally. so talking to other employees, you know, not at the top of these companies, but lower level, a lot of them are saying they don't really expect a lot of things to change, that a lot of this is semantics. or they see a reevaluation of some of the policies, but that if we're ten years into this dei process, that maybe we need to redefine, what is dei even mean? maybe that's not a useful term. maybe we just need to think of effective hiring practices. and andrew, there's so much data about the fact that diverse workforces, diverse leadership teams are more effective. if we're just focusing on those numbers, then companies are going to be thinking about how do we make sure we have the best team. and likely that means evaluating an incredibly diverse pool of applicants and making sure they're hiring fairly

right. >> julia boorstin thank you. >> all right. we are just a few seconds away from an initial jobless claims. we're also getting fourth quarter productivity numbers. the futures ahead of that i have turned positive across the board. dow futures up by about 45. the nasdaq indicator up by ten. the s&p futures are up by just over 13. rick santelli is standing by at the cme in chicago. and rick the numbers yes. >> let's start. >> out with non-farm productivity. now this is our first glimpse at fourth quarter expecting up 1.2%. and boy that's exactly where it is now. listen we all know that back in the day alan greenspan said nonfarm productivity was the kind of sweet spot, the special sauce of the us economy. well, we're slipping just a bit. if you look at this number at 1.2, that would be the lightest since the first quarter of 24, when it was 0.7. so we are starting to slip a bit from better levels. unit labor costs, they're moderating still, even in a less

productive environment, we're expecting 3.4 comes in less a 3.0. but that's where the good news ends because sequentially it zoomed. our last look was 0.8. so if you look at three. 3% would be the highest unit labor cost since also the first quarter of 24 when it was 8.5%. now let's look at initial claims. and in the rear view mirror there's not much in the way of holiday, so seasonal adjustments probably aren't an issue. 219,000 from a slightly revised 208,000. so we're up 11,000 219,000. believe it or not, it would be the highest level since the second week of january. so it's remained very, very tame. the last time we were back above 250,000, kind of that psychological area. well, that was in october of 23, october 23rd. this is really, really been an unbelievable long run. under 250,000. and finally,

continuing claims come in at 1,000,886. basically close, maybe a little high based on expectations in the rear view mirror, 1,850,000. and what's unique here is, is that we did have our one number literally right on 1.9 million. that was the second week in january, not that long ago, and that was the highest read going back to, well, let's see, november of 21. so it's been a long time. we do see some subtle revisions coming in late on productivity unit labor costs, but the really kind of inconsequential. the reality is the sequentially nonfarm productivity is lower and unit labor costs are higher. we see interest rates. well, they haven't moved a lot for 4.43%, up one basis point in a ten year. basically, it closed at the lowest yield since basically the second week in december. same basically true for a two year. with regard to a cop,

let's just say the lowest yield closes of the year. and currently at 420, we're up one basis point as well in the two year maybe what's really notable if you look at the twos ten spread, it's hovering in the low 20s. it's basically 20 basis points flatter than it was not that long ago. i think that's significant. if i had to really oversimplify what that saying, i would say there's some nervousness about the economy and the grand scheme of things. and i think that nervousness isn't founded in a lot of the data points that i bring out every morning. i think it's more grounded in uncertainty in many programs. of course, there's a lot going on with this new administration and how to interpret it. well, let's just put it this way. cnbc has the disruptor 50. well, i think we have a 47 administration that's disrupting 50 states. joe, back to you. >> because, rick, that's what this is how i was going to phrase it to you before you said any of those things. it's quiet,

too quiet in the markets. nothing is happening. we've got what it's cliched, but a fire hose of stuff coming, trying to get a drink out of out of out of washington. and the way the media is covering it and everything else, things are either going to hit the fan so badly and the rug is going to be pulled out from under everything, or things are going to get better with with deregulation, i it either side has this narrative that's so over the top with hyperbole. i want you to tell me what is the first data point that we're going to see to figure out whether, you know, winter's coming or whether it's the dawn of a new age, because it just depends on where you're sitting on, on what you believe is happening. what data point is it? >> that simple? i can make that simple, i think. but one of the simple things to watch is the twos ten spread. i think that you want to see that steepen re steepen a little bit, and i think that would be a very good

sign. i also think that anything that gives us early glimpses of growth will be a big positive, because in the end we can have everything's grounded in politics. obviously, as you pointed out, one side sees it a certain way, the other side sees it a certain way. you know, the way i see it, that the market, the market is always right. it isn't always right in terms of where the future is versus where it is today, but it synthesizes all the relevant data in real time, in the present moment. and in my opinion, when i see the wall street journal, right. is the market underestimating what's going on with this administration? i say, no, i think the market is the only sane entity in the room right now. >> yeah. you know, if the market if the angst and the panic about the tariffs that we saw a couple of days ago was reflected in the market, we'd be down about 5000 in the bond. the ten year would be at 6%. instead yields have dropped and the markets are less

than a percentage point off a high. so what was that all about? >> i completely agree. now i would put one asterisk out there. i do think in the future things are going to get significantly better. animal spirits are a good thing in my opinion. we're not going to spend a lot of time under 4.5% in a ten, and not a lot of time under four and three quarters and a 30, so enjoy it while it lasts. if you're liking lower interest rates okay. >> all right. thank you rick santelli. and i'm sure we'll be talking to you tomorrow. is it jobs friday. yeah steve. >> liesman big. >> revisions maybe benchmark annual revisions. >> liesman joins us now. that's kind of the first real data point. we're getting it. and that's that's not really a new data point, is it? it's kind of a rear view mirror steve. >> yeah it is joe. but it'll kind of point the way to the issue about immigration. what's going to happen with rick was just talking about is this historic upward revision to

population growth and to the labor force, as well as to the jobs in the household survey and some adjustment in the in the establishment survey? but what's happened is the census has now taken account for the three years or four years of immigration, undocumented immigration, document integration, whatever immigration, they're now putting that into the numbers, joe, and it's going to be the biggest upward revision. and it's going to point to the issue of, well, what did how did that undocumented immigration affect the economy? now that we seem to be going the other way? i want to answer your question to rick, though, in a more clinical way, if you don't mind, which is what would i be looking for? rick used that term animal spirits. well, animal spirits can show up in the data. and what happens is what i'd be looking for is all of this business optimism. you talked about it in the last segment. in the last half hour. it'll show up in capital spending, equipment spending. those are things where we'll see

if the ceos put their optimism, where their mouth is, so to speak, or put their money where their optimism is. and so that's one place i'll be looking you might want to see over time, joe, if there are rises in jobless claims in places like maryland, virginia and the district of columbia, what happens to these workers that are laid off? do they end up on the jobless claims rolls, or do they find new work? one thing we're seeing in the claims numbers, joe, is not a lot of firing, and we'll see tomorrow how much hiring is going on. that's another sign of business confidence. so business confidence people can say a lot of things. we'll see it if it shows up in the data. >> and i would hope that the market does its job and, you know, discounts all this stuff. that's where we always look. and it's not telling us anything really at this point. >> no. >> tenure either. conflicting. oh we live in interesting times. maybe in the first 100 days we

might not know any. all the stuff that's happening in 100 days, we may not know whether it's good or bad for the markets. >> joe. >> joe, i only got two words for you. are you ready? >> f off. what? >> what i. >> know that's a letter. in a word. actually, no. what are the two words? >> welcome back. >> oh, welcome. oh, thank you, thank you. steve, when you said clinical you you said clinical. i'm going to be clinical. i cringed for a second because i just surprised. >> we. haven't commented. on just how stylish mr. liesman looks. >> he does look. he does look cool. i'm trying to think of who you remind me of there. someone much smarter than the old steve. for some reason, that's what for some reason, that's what glasses do, and that's >> no application fee if you apply by february 12 at university of maryland global campus, offering online and hybrid courses and lifetime career services. learn about our more than 135 degrees and certificates at umgc.edu.

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so much more david marcus. he previously led crypto and payments at meta, is the former president of paypal. he's now ceo of lightspark, a company he launched in 2022 that's building payment infrastructure on the bitcoin blockchain. good morning to you. it's been a while but it's nice to see you. david. >> good morning. >> let's try to i'm just you know we're sort of seeing this revolution at least inside of washington. it appears around how congress and how this administration is going to think about crypto and specifically bitcoin, and how you think that the things might manifest if you could just sort of walk us through the permutations in your mind from a regulatory perspective, not just on the regulation, but also on the strategic reserve and things like that, how this changes things. >> well. >> it's a. >> brand new day. >> for crypto. >> in america, frankly. >> and speaking as someone. >> who tried. >> to launch. >> a project. >> and. >> worked really. >> hard to. >> get it. >> off the ground. >> here at. >> home, and. >> having.

>> it shut down by. >> the. >> us government. to having. >> conversations about regulatory clarity of. >> bitcoin strategic. >> reserve and. >> really doing. >> whatever it. >> takes. >> frankly. >> for america. >> to lead. >> in. >> this revolution. >> that will completely rewire our. whole our whole financial system is quite a polarity flip of. of atmosphere and energy for our entire industry. so. you know, i'm very, very happy and excited. >> for what's coming. >> i think we're very close to the precipice when it comes to falling behind here. and so it's really amazing to me. >> what is the. >> strategic reserve do in your mind? well. >> look, i think. >> push up the price of bitcoin. >> well, you know, i think first of all, if you look at the strategic reserves that the us government holds in gold, you know, we're the number one holder of gold in the world. and arguably if you think of bitcoin as a better version of gold

digital gold, why not allocate a portion of that reserve or rebalance a portion of that reserve to the better version? and, you know, i think, you know, there's just a lot more opportunity for growth and appreciation of bitcoin than, than gold in the next couple of decades. so i think it's a wise decision. >> potentially taxpayers would pay for this. >> well, i think that, you know, if you reallocate from the existing reserve, it doesn't necessarily have to be, you know, an increase in tax burden for the american taxpayer. >> you know, there has been some some view that that there's been bitcoin that's been confiscated that would go into this reserve. >> yes, i think that would be, in my opinion, a first good step. the us government has been selling on the market, seized bitcoin as part of law enforcement activities. and i think that as a first step, like

not selling the seized bitcoin would be a good conservative baby step in the right direction. >> you know, we often talk about america first. and there is an argument to be made that if bitcoin becomes truly, you know, a global currency, if you will, and i don't know how much of a global currency becomes or you think it becomes more like gold. but if it were to be a currency, you could argue that it's actually a national security threat, that it's actually against the interests of the us dollar. >> yeah, i hear that argument. but i think, you know, the point is that bitcoin is not a very good unit of account or currency because it's volatile in nature. you know, our goods and services are denominated in dollars. and so i don't see a bitcoin threatening the supremacy of the dollar as a unit of account. and so i think that point is not real, frankly. >> and i did i thought if.

>> you succeed, meaning what your company specifically does, which is trying to build these rails that actually let it be a currency to some degree, right? i mean, if you succeed, doesn't that make it more of a currency? >> no, actually, because the way that we use bitcoin at lightspark to build an open money grid for the world is really to use bitcoin in the background as small fragments of bitcoin traveling in real time on the internet as a neutral settlement asset between fiat currencies and with the support of stablecoin coming up at the end of this month. actually on top of bitcoin for the first time. and so, you know, we don't intend to actually enable consumers or businesses to use bitcoin as the main unit of account for transactions. we just want to interoperate domestic real time payment systems and ensure that they can actually move value between one another with a better system than swift and correspondent banking that moves $5 trillion a

day, 50 years plus after it was invented. and, you know, running on archaic rails and t plus two and all of those issues that that we know. >> david, what do you make of the president's family's role and ownership of various crypto assets? you saw his son recently endorsed ether. the family has, you know, projects on eth. do you think the public should be concerned about that? >> well, look, i think the president is running the country. i think his family should have the right to pursue their own economic interests and activities. and, you know, i think david sax framed it well that, you know, those types of assets, the meme coins are more like collectibles. and, you know, if you have a strong brand and you want to attach it to a collectible, why not do that?

but, you know, that's not my area of interest. particularly, i'm more interested in leveraging the technology that bitcoin is to build an open payment system for the world and really build utility with the technology, rather than trading assets. but you know. >> well, no. the reason i ask, though, is people talk about the conflicts. they want to understand where the president stands, where the administration stands. and historically, we've had lots of different rules that have tried to prevent these types of conflicts that, somewhat inexplicably, this time, we've decided that we're not interested in that at this time. why is that? >> i mean, there's so much i could say about this. like, you know, there's this famous nancy pelosi tracker of investments. and so i could go on and on about this and i think, you know, do you think it would be better to be president, do. >> you think, for the credibility of all. no. look, by the way, i agree with you. i've been very outspoken about, you know, the fact that congress should not be trading stocks.

the fact that it has always appeared, whether you whether you believe that nancy pelosi actually was, was, was involved in insider trading from the outside, there was an appearance, right? there was the appearance unto itself is the thing that undermines the credibility of all of this. no question. and so if that is the case, if you can make that argument, it's not if we can agree that that all of this looks bad, shouldn't we be doing something about that? >> well, i think, you know, it cuts both ways, right. and especially with new technologies like like crypto assets right now, there is actually a rule that if you're a regulator in the united states government, you cannot actually own crypto assets, which is kind of a little bit of a problem somehow, because it's hard for you as a regulator to really understand the technology if you can't actually touch it. and, you know, crypto is a wide array of things, it can be, you know, meme coins, it can be bitcoin, it can be ether, it can be defi,

it can be nfts. and if you as a regulator, can't actually touch the new technology that you're supposed to regulate, it's really hard, in my opinion, for you to understand what you're regulating. so i personally feel that this is slightly different, but we of course have to be cautious about conflicts of interests. and, and, you know, try to try to balance these two. >> it's a longer conversation. we got to run. but real quick. what do you think bitcoin is going to be worth. i mean i think everybody's trying to figure this out at this point. do you think it's you know people have talked about a floor being 70,000. but there's other people who say the ceiling could be, you know, you're in mr. saylor's world, many millions of dollars. >> yeah. >> i mean, look, i think michael is always very bullish. obviously, clearly. and i think i tend to think that he's been more right than wrong. clearly. and so i am actually very bullish. and i think that bitcoin could be in $1 million

plus a bitcoin over the course of the next decade or so. >> okay. longer time horizon david, we hope to have you back a lot more a lot sooner than a decade from now. talk to you soon. >> thank you. >> thanks for having me. >> coming right back after this. >> in a world of. >> uncertainty and disruption, how will your investments stay resilient? we've been navigating change for 125 years, always looking forward, anticipating risks, and trusted to manage over $1 trillion in assets worldwide. solving for the needs of investors today and tomorrow. that's the power of nuveen. >> i wonder if this golf cart has hands. >> free driving. >> no. >> it didn't. >> but my sketches. >> slip into a completely. >> hands free. >> i just step in.

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thoughtful.

>> living thuma. >> all right welcome back everybody. amazon set to report fourth quarter results after the bell. joining us right now is cfra analyst arun sundaram. arun i think the big issue here is you know not looking at amazon as a retailer, but looking at them as a cloud services provider. after what we've seen from both google cloud and from azure at microsoft, both of them kind of missing expectations for the december quarter. what do you think is going to happen with aws? >> hey, hey. thanks for having me. >> yeah. so i think what amazon needs to hit. >> is 19%. >> aws growth. >> if they. >> do. >> that would. >> represent stable. >> growth from q2 and q3. >> of last year. >> but yeah. >> i mean, given. >> what we've seen with with google and microsoft. they they both saw a pretty sizable deceleration in growth compared to the previous quarters. so i think there is some risk that we could see some some deceleration at amazon, potentially 18%, 17% growth. you know, i think if amazon hits 20% growth, that will get investors really excited because that would be, you know, a re-acceleration from

the previous quarters. and, you know, we might be having questions about whether amazon is gaining market share at the expense of some of these other cloud providers. but really, yeah, i mean, investors tend to overly focus on, on, on aws. and really the bogey is 19% aws growth. >> the issue we will be watching on the retail side of things is what, if anything, they say about the potential impacts of these tariffs that have come into play this week. >> yeah. >> yeah. >> i. think that's that's partly why we're expecting potentially a more conservative guidance for q1 because of potential tariff risks. also, the stronger us dollar could eat into some some profits there. but i think you know overall i think tariffs yeah yeah it's certainly a headwind for all retailers. but you know it tends to disproportionately impact the smaller retailers. and at the end of the day you know even back during the first trade war back in 2018 2019 amazon you know turned out just just okay. and so i think these larger retailers will will, you know, find a better way to navigate through these tariffs. >> i mean we're out of time. but very quickly would you buy ahead

of the earnings tonight. >> yeah we would we still we have a buy rating. and our price target is 261 right now. and we do see upside. we're pretty excited about the margin free cash flow growth that we're expected to see at amazon over the next few years. we do think amazon could even announce a large share buyback at some point in the future, given the inflection in free cash flow. >> so yeah. >> we got to go. i'm sorry we're out of time, but it's great to see you. thank you. that does it for us today. right now it's time for squawk on the street. >> good thursday morning. >> welcome to squawk on the street. >> i'm carl quintanilla. >> with jim cramer david faber at post nine of the new york stock exchange. s&p is going to flirt once again in the neighborhood of all time highs, as shares of tech and financial giants stay pretty solid. yields remain subdued. ten year 442. that jobs number, of course, is on deck tomorrow. our road map begins with the chips shares of qualcomm and arm under a little pressure despite respective quarterly beats. do not miss arms chief renee haass is going to join us in the next hour. >> as