>> it's much more. >> interactive with jim. >> on a daily basis. so i'm able to stay on top. >> of. >> things and actually have gained. >> so much knowledge. >> i watched the morning meeting just about every day. it really kicks off. the day provides a good framework. on what he thinks is going on for today. >> get invested. join the club today. go to cnbc.com. slash join jim. it is 5 a.m. here. at cnbc. >> global headquarters. >> welcome to worldwide exchange. >> here is your five at five. fed chairman. >> jay powell. >> looks to. >> cut through the. >> noise with two days. >> of testimony on. >> capitol hill. >> that starts today. president trump. with a flurry of new executive. >> actions targeting u.s. >> trade. >> government oversight and business interests overseas. this morning. more allies turn rivals are responding. >> sticking with washington. >> and a looming d.c. deadline that could put the trump agenda on. >> ice, plus. >> the elon musk sam altman saga, it takes a very unexpected turn. >> and later, a check. >> on the supermicro stock pop ahead of a potential. nasdaq delisting. >> it is tuesday.

>> february 11th, 2025. >> you're watching. >> worldwide exchange right here. >> on cnbc. >> good morning. thanks so much for being here with us. >> i am. >> frank hollins. >> get you ready for. >> the day ahead. we begin with the major indices coming off a winning day. >> and this morning. >> we see the futures reacting to more tariffs 25% on steel and aluminum. also the threat of higher tariffs on. asian nations. futures right. now in the red across the board. >> taking a look at the. >> s&p down about a third. >> of a percent or just about. 18 points. >> the dow. >> down about. >> a quarter. >> of a. >> percent or about 88 points. >> the nasdaq down. >> just about. >> over a third of a percent, or about 88. >> 89 points as well. >> i want to take a look at the. s&p 500 premarket. >> laggards right now. >> again the s&p. >> just slightly. >> down this morning. >> supermicro right here. >> at the top of the list. >> we just mentioned. >> a potential. >> nasdaq delisting those shares down just about 5.5%. >> inside avery dennison. >> csf. >> cms energy and ptc. rounding out the bottom five here. we also want to take a quick check

of. >> the. >> leaders this morning. >> take a look at the top stocks on the. s&p 500 phillips 66. >> those shares up about 5%. >> cincinnati financial. atmos energy. ameren and latos holdings, all of those rounding out the. >> top five here. >> you see all of them up just about 2.25% to 5%. so those on the. >> winning side of the s&p. >> this morning on. >> the heels of those tariffs. >> we're also watching the markets. take a look at the action you're seeing. >> here hrc. >> dot one that is. >> hot rolled steel. >> that's up. >> about 9%. >> over the. >> last week. aluminum up. just fractionally right now. >> week to date aluminum. >> up just. about 1% on the news of those tariffs. we're also looking at the stocks that are tied to those. >> commodities moving higher as well right now in the pre market. taking a look nucor. >> up 1.75%. >> cleveland-cliffs up about 2.25%. >> we're also seeing. >> u.s. steel those shares moving up about 1.5%. central aluminum and. >> alcoa also. >> higher right. >> now in. >> the pre market. also very quick check on the mac. >> seven that's actually. >> been. >> underperforming since the inauguration. take a look at the. >> mac seven. >> that's in the. >> middle right here. >> this line.

>> that you're seeing right. >> here mac seven actually down more than 1%. however tesla on a 16 day win streak those shares up about 17% since the inauguration. very interesting. tesla literally. >> the inverse. those shares. >> down about 17%. >> since then. >> elon musk. >> obviously very heavily in the news. since the inauguration. we'll be talking. >> more about some of. >> the things that he has going. >> on, including some talk. >> about buying openai coming up just a bit later in the show. >> we also want. >> to take a look at bond yields this morning. >> not a lot of movement in bond yields. >> since the inauguration. >> very different story. >> benchmark at about. >> 4.51 actually moving about ten basis points lower. >> since inauguration day. >> but we're talking about gold now. >> and that's. >> a very different story. >> gold hitting another. >> all time high this morning. you can see it's basically flat down fractionally. but year to date you see gold's up about 11% making big moves since the inauguration. >> as well. and we want to check the dollar the dollar. >> only three day win streak. we've had a lot of tech companies flag the dollar. >> as a. >> headwind when. >> it comes to selling their products. >> in. international markets. >> over the. >> last week. >> the dollar up about a third of a. >> percent just. >> fractionally lower right now. >> but you're seeing directionally the dollar has

been moving. >> higher over the last week or so. the strengthening. >> dollar a real issue for multinational companies. >> and we want. >> to take a quick. check of oil this morning. >> oil on a two day win streak. >> looking at the oil. >> markets right now. >> wti crude the us benchmark up about one and almost a quarter percent. >> similar story. >> for brant crude, the. international benchmark. natural gas also popping up over 1.5%. >> all right that's your setup this morning. now we want to turn. >> back to president trump. >> make his new 25%. >> steel and aluminum tariffs official. >> during an executive order. >> signed. >> at the white. >> house late yesterday. >> also doubling down on his threats of global reciprocal tariffs. >> they've been taking advantage of us for years and years and years, and they've. >> charged us tariffs. >> most of them have charged us almost everyone, i would say almost without exception, they've charged us and we haven't charged them. and it's time to be reciprocal. it's a very, very you'll be hearing that word a lot. reciprocal. if they charge us we charge them. if they're 25 we're at 25. if

they're at ten, we're at ten. and if they're much higher than 25, that's where we are too. so that's having to do with everything. that's not just steel and aluminum. >> i don't know those comments. >> from president trump this morning. eu leaders. >> are certainly responding. >> our julianna tatelbaum joins us now from london. julianna good morning brian. >> good morning. well that's right we heard from the european union just about an hour ago, responding to the u.s. administration's new steel and aluminum tariffs, eu commission president ursula von der leyen saying she deeply regrets the decision and warned that levies will not go unanswered, threatening firm and proportionate countermeasures. it comes after eu trade commissioner maros sefcovic said the bloc remained committed to finding mutually beneficial solutions with the trump administration. he also warned that the white house could be fueling inflation with its move to resume tariffs, calling the measures a lose lose scenario. now, interestingly, from a markets perspective, the equity market as a whole has largely

shrugged off the latest raft of measures. the pan-european stoxx 600 mostly flat in early trade. but those basic resources names are under pressure this morning, underperforming that basket of stocks off about 2% in early trade. frank. >> all right giuliana, thank you very much. >> julianna tatelbaum live in our london newsroom. turning back to the us market. stocks. they may have mostly shrugged off trump's latest tariff move. >> yesterday. >> but today. >> rising trade. >> tensions across the atlantic are injecting some new uncertainty into the markets. >> all this as the fed chair gets set for. >> day one of two days of capitol hill. >> testimony on the. >> economy and. monetary policy. joining me now is alan. >> mcknight. >> chief. >> investment officer. >> at regions wealth management. >> alan, good morning. >> good to. >> see you. >> great to be with you, frank. >> all right. so we're. >> seeing. >> more tariffs. >> from the president. a lot of thought that we may see increased tariffs on asian nations as well. several of them at least. let me ask you when we're talking about your clients and portfolio management, do investors. do they need to respond to these tariffs and policy shifts by. >> shifting. >> their portfolios? or is. >> there another strategy. >> that you're employing?

>> we don't think it's the time to shift right now. >> we think you actually need to be. >> patient and really wait through this uncertainty. there's really no. >> way to get ahead. >> of it. and we know. >> that. >> there's going to be a lot of change. >> on. >> the horizon. >> as we get through. >> trade immigration policy. but the best thing to do right now is. >> to. >> have a strategy and to have allocations to equities and fixed income, but not to hit the panic button. >> all right. so you're. >> saying. >> fixed income right now looks attractive. >> to you. that's interesting. especially with the moves that we've seen in yields actually moving lower since the inauguration. i want to talk to you about. >> two. >> areas of the market. you're pretty bullish on small caps right now. but i want to ask you, what are. >> you telling clients when. >> it comes. >> to mega-cap. >> tech, specifically the mag seven? >> we just showed. >> a chart since the inauguration. mag seven down about 1.5% previously. that was kind of a. safety play. is this a buy the dip moment when it. >> comes to those. >> names, or in your mind? has something structurally changed? >> we think it's not necessarily. >> a buy the. >> dip, but we don't think it's a time to hit the button either. we think that the mag seven can continue to do well. we think the earnings. >> capability for those. >> stocks is incredibly robust,

and so. >> we would actually. >> be long those names. now there are some challenges. within a few of them that we would we would highlight. but we think bottom line is they can still generate. >> prodigious cash flows. >> and you want to be. allocated to them. >> all right. >> you mentioned fixed income. one area of the market that a. >> lot of people are talking. >> about are corporate bonds. what's your view on corporate bonds right now with the idea. >> that we do have. >> a strong economy, but we're seeing a lot. >> of shifts. >> including tariffs, that may change. >> at least. >> some of the ability of the consumer to spend and also some of the costs when it comes to. these businesses. >> we think investment grade. >> corporate bonds. are a. >> great. place to be right now, because you're picking up some of the spread. over treasuries. and yes. >> spreads are a little tight. versus history. but when. >> you look at the balance sheets of a lot of corporate america, particularly in the investment grade side of the house, we think that they're in. good shape. we think they go into. >> the year with. >> fewer defaults, and we think you. >> would actually. >> be well. >> paid going into. investment grade corporate credit. and when you think. >> about how. >> the tariffs and immigration may impact the fixed income markets, we would look to the

comments from winston churchill many years ago when he said, now is not the end, now is not the beginning of the end, but it is perhaps the end of the beginning. >> alan, i don't even know how to interpret. >> that when it comes to corporate bonds. so just. >> to. >> clarify. if it's possibly the end of the. >> beginning, what does that mean. >> when it. >> comes to corporate bonds? you're saying only investment grade. like why not high. >> yield if the economy is. >> very far from an end of the beginning perspective, is that for all the fear right now about rates and what may happen with regard to inflation and trade driving rates higher, we still think that investment grade corporate bonds can do quite well, and we are not in the camp. >> that believes that. >> defaults are going to rise precipitously. and so we think this is the end of the beginning as it relates to an opportunity within investment grade, rather than trying to chase some. >> of the high. >> yield elements of the market. >> all right. alan mcknight, always. >> great. >> to see you. thank you very much. >> thanks for having me, frank. >> all right. we got more to come here on worldwide exchange, including. >> a stock. >> play on infrastructure. >> that you. >> cannot afford to miss. but first, sam altman shuts down

elon musk over his bid to. control openai and a. >> key headwind. >> to resupplying the u.s. housing market. and the critical role that black households play. a very busy hour. still ahead when worldwide. >> exchange returns. stay with >> exchange returns. stay with us. at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real. and you deserve something you love. at cargurus, we get it as the number one most visited car shopping site. we make sure your big deal is the. >> best deal. >> sure, vistaprint prints business. >> cards. >> but we also print these and those and engrave that. we print your brand on everything so customers can notice you, remember you, and fall in love with you. with you. >> if. (grandpa) i'm the richest guy in the world.

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ledcom. >> welcome back to worldwide exchange. tech and world leaders are gathered in paris this morning for. >> the ai. >> action summit. as countries continue to push for dominance in. >> the space. >> vice president vance addressing the crowd at that

gathering just moments ago, laying out the trump administration's vision for the tech. >> but the trump administration believes that ai will have countless revolutionary applications in economic innovation, job creation, national security, health care, free expression and beyond, and to restrict its development now will not only unfairly benefit incumbents in the space, it would mean paralyzing one of the most promising technologies we have seen in generations. >> and for more, let's bring in anjani mehta, general partner at andreessen horowitz. he's attending the summit and also invest in ai, ai, infrastructure and open source technology. good morning. thank you for joining us. >> thanks for having. >> me, frank. >> all right. so you were there at the summit. >> we just played a bit of what vice president jd. vance had to say. i do want to get your reaction on his comments. he was really focused on. regulation in europe and what he thinks that or how he thinks that regulation may hamstring the. development of ai. >> i think that's right. >> i think. >> it's a pretty good. >> summary of the. >> zeitgeist of this year's

action summit. you know, the. >> theme has been action. >> and acceleration, as opposed to previous years, where there. >> was a lot of pessimism. i think the theme has been optimism. >> for what ai can. >> unlock. >> and there's. >> a ton. >> of. >> excitement and energy. around making sure that open. source ai, which is. >> pretty critical for many of those industries. >> vice president vance. mentioned healthcare, defense. >> finance, you. >> know, open source is critical. >> to that. >> because. >> there's a ton. >> of sensitive. data that's sitting on on. >> the. >> infrastructure of these large enterprises. >> and they need open. >> source to work on their enterprises, on. >> their enterprise infrastructure. so i think it's a pretty good summary. >> of. >> what's been going on here. >> so, andre, we booked you before. we knew a couple of things were going to happen. we booked you before. we knew jd vance was going to be there. so thank you for sharing your perspective on that. also, before we got this headline about the idea that elon musk may. try to buy a. controlling stake. >> in openai. >> i. >> want. >> to get. >> your take on that. >> you're very familiar with the industry. >> you're on the board of mistral. >> you're an early investor in anthropic. what is your what are your thoughts about the possibility of elon musk, who was part. of the creation of openai, possibly having, you know, control or controlling stake in the company?

>> thanks for that question. i'm not. >> an. >> expert on elon's. >> m&a plans, but i. >> will say it's a pretty good sign that ai. >> is. >> becoming part of national infrastructure conversations. >> at the highest levels amongst both. >> business leaders. >> as well as. national leaders. and so while i'm not sure where the actual discussions will. >> go. >> i do think it it means that it's a sign of the times that the leaders of the largest organizations have. >> realized that frontier ai and open. >> source, i have elevated has become elevated to the to the class of. >> general purpose technologies. >> we've only had a. >> handful of these in history, right? we've had. >> electricity. >> the internet. >> and who controls what these models can. >> and can't do has. >> become such a critical. >> topic of. >> debate for both nation state. leaders and folks like elon, that i'm not surprised to hear the kinds of discussions that. >> are happening. >> about openai. >> all right, andre, on that. >> note, please stick around. >> stay right there. we have some breaking news and some new comments from openai ceo sam altman. on the heels of elon musk and his bid to take over openai, we're joined. >> by senior.

>> cnbc senior technology correspondent arjun kharpal. you're live, arjun, from the ai action summit. >> share what. >> you're learning. you just talked to sam altman just moments ago. >> yeah. >> that's right. >> coming off. >> the back. >> of this proposal. >> from elon musk. >> and a consortium led by him to. bid for the nonprofit, part. of the openai business. >> for nearly $100 billion. >> we managed. >> to get a few seconds. >> with sam altman. >> as he. >> was walking. away and asked him about. >> if he's taking this. deal from elon musk seriously. >> let's listen in. >> i think it's to slow down a competitor and try to catch up with. >> his thing. >> but i. >> don't really know. >> yeah, but. >> you know, well, right. to the degree anybody does. >> so sam. altman there saying. >> he thinks it's. >> a bid. >> to slow down the progress. >> of openai. and of course, you've got to remember, elon musk, of. >> course, has his. eye project. >> as well, as well as all the other ai he's. investing in tesla and some of his other businesses. >> look, there's bad blood. >> we know this between elon musk and sam altman.

>> there has. >> been for a long time. elon musk is very upset. about the direction of travel for openai, turning it into a for profit organization. his bid partly the rationale behind that. elon musk has said, is around trying to return openai to its open source roots that will benefit the greater good. so this is a. feud between two. >> tech giants. that certainly is not going. >> away anytime soon. frank. >> yeah, certainly not going away. and i know you'll be covering the very latest. arjun gopal live there at the ai. >> action summit. >> i know you have some other great interviews, so hopefully we'll be talking to you throughout the summit. thank you again. anjali, i want to come back to you. i know you said you're not that familiar with elon musk and his m&a plans and that's very fair. but just your take on what sam altman had. >> to. >> say, his. thoughts that. >> this. could be an attempt to actually slow down the development of ai. >> yeah. look, i think the important thing to realize. >> here is that. >> time is running out for a lot of. people who. >> have taken for granted. >> you know, the their their. leads in this, in this ai infrastructure race. you know, we had people in front of congress testifying just a few months ago that china would take

years to catch up to the us. right. and i think releases like deep sea have shown that actually, that's just not true. and so we're in this moment where multiple countries, multiple nation states, multiple labs have decided that that being at the frontier of ai is just fundamentally too important of a race to not be participating and wholehearted. and i think that's putting a lot of pressure on on multiple closed source folks. you know, clearly, openai is one of those labs that's done a bunch of great work. but i do think, you know, the open source ecosystem is putting a ton of downward pressure on pricing. it's putting a ton of forward pressure on, on on innovation. and i think the reality is that nation states aren't just going to sit around waiting to see what happens in the m&a market. the table stakes here are that you need your own sovereign ai. >> speaking of, we're talking a lot about open source. i feel like we're almost burying the lead. the impact of deep sea. i'm sure that's a big topic of conversation there at the ai action summit. what is the actual result of the development of deep sea? can the idea that

china's caught up, now that we've had a few weeks just to kind of catch our breath and really kind of understand what it all means? and we were talking about meta earlier in the show on a 16 day win streak. one of the companies that does have an open source model. is that really the key when we're talking about tech and ai companies having both a closed and an open source model? >> yeah. so the. important thing to take away from deep sea release is not that it's extraordinarily cheap or it's fantastic engineering. that was sort of expected, like almost like on clockwork. we have open source releases that take what's happening at the frontier and make it more efficient. that's that's sort of known to us. i think. what did catch people by surprise is that this game, for the first time from a lab in china, and i think that's changed the geopolitical calculus a little bit for everybody. but ultimately, the beauty of open source is that the rising tide lifts all boats. >> we the. >> ecosystem compounds on itself. so a lab like mistral in france is able to take some of the best learnings from the deep sea release, integrate the best learnings into its own pipeline, and then put out a model that's even better. and that's just the history of open infrastructure and open source. and i don't think that's changing anytime

soon. i do think what's happening now is that a number of the closed source labs are realizing that the speed at which open source innovation is catching up is much, much faster than they may have expected. >> andre, we're almost out of time, but i want to ask you one other very important question, especially for our audience, has the development of deep sea, because that changed where the money is going. we saw a lot of money going towards ai infrastructure and also energy. does that development does that shift where you're looking to put money to work at or where you're looking to get involved at when it comes to companies? >> look. >> we let mistral series a two years ago, and at the time our thesis was very simple, like the history of computing infrastructure, whether that was storage, networking, compute, databases, the enterprise which is really the vast majority of where productivity comes from, always tends to adopt cheaper, faster and more control. and i just think that's the natural arc of computing history and open ai. open source ai is following the same arc, and so it's not really shifting the direction we've been investing in for a while. but i do think it's energized a lot of us. the speed at which the enterprise is now adopting, especially in the united states open source ai, has been fantastic. i do think

european enterprises are lagging. i think that's been a big topic of conversation. here is what can european enterprises do to cooperate with america and her allies to adopt the latest and greatest in open source ai? so it's the same direction. things are just moving much faster. >> all right. really great to have you on the show. thanks for joining us from the ai action summit. and i know you're out there in the bay, but we're hoping to have you back on sometime. so maybe you can stay up late or set your alarm clock either or either way, but great to. >> have you. i appreciate your. >> time and your insight. >> thank you. >> all right. >> still on deck here on worldwide exchange. wedbush's dan ives. he's here with his two best software ideas to play the ai revolution. a lot to talk about with him. >> stay with us. >> this is a landfill. >> or this. >> room is transformed. what you think of as landfills into engineering marvels that can generate energy while helping protect the natural environment. learn more about our modern

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[ employees snoring ] anything can change the world of work. from hr to payroll, adp designs for the next anything. >> here on cnbc? we are celebrating black heritage and looking at the. economics of the black community. just about half of black households are cost burdened by their mortgage or rental expenses. according to a new report. released today by mckinsey. that's compared to 33% of all americans. >> in that. >> same financial situation. a major factor the national housing shortage. according to mckinsey, there's a shortfall of more than 8 million homes here in the u.s. joining me now to talk much more about this new report, investing in home

unlocking mobility for all and gains for black families is one of the authors, shelley stewart, senior partner at mckinsey and company, also the chair of mckinsey's institute for black economic mobility. shelley, good morning. >> great to see you. >> good morning, frank, and congrats on. >> the show. >> thank you. talking about this new report, you just released it today. i want to kind of. >> broaden this out. >> and kind of just bring this message to our audience. why is it important to fix this issue for black americans? what's the impact if we fix it for not only black americans and all americans on the economy, things like gdp? >> yeah. >> so look, frank, i mean, you hit some of the main. >> stats at. >> the start of. >> this. >> but why does it matter? >> affordable quality housing. drives economic mobility. i mean. >> it provides access to education. >> essential services. >> access to job opportunities. >> and one thing. >> i want to emphasize. >> is affordable. >> housing needs. >> to be in the context of mixed income housing. >> there's been. >> a lot. >> of work done on. >> what will. >> drive economic. >> mobility. and it. >> really is around mixed communities. >> and folks.

>> with lower income. >> living proximate. >> to folks. >> with more resources. and that. >> really gets the economic engine moving. >> so i guess that economic engine moving. can you can you put like a number on it, like what's the impact on gdp or what's the potential impact overall when it comes to inflation and things like that? obviously housing costs are a big part of the inflation story. >> yeah. >> so look you said it. >> as of. >> 2023 we think there are around 8 million. >> units missing. >> if you will. >> in the united states. and we think that that number. >> will. >> continue to grow. >> and could hit around 10 million by 2035 without action. the good news. >> is, if. >> we act across. >> the private, the public and the social sector, we can really, really. >> really address and make a big. >> dent in this. we think it could. >> be worth somewhere around. >> $2 trillion. >> of gdp. by 2035. >> just if you got, you know, 30. >> to 40% of this gap closed. >> so this. >> is really meaningful economic opportunity at the macro level and. >> certainly will change. >> the trajectory of individual lives. >> so it's. >> really important. all right. >> i want to tell you about some other. >> things in the news very quickly. obviously artificial intelligence. we were just

talking about it here on the show. the vice president over in paris at a summit, talking about the development of it there, when we're talking about the black community. what's the potential impact to some of these rapid developments in ai when it comes to holding jobs and potentially also businesses? >> yeah. >> i mean. >> frank, this is a trend that we've been watching. >> for a number. >> of years now. >> and certainly, you. >> know, the advent. >> and. >> popularity of. >> ai as. >> it goes mainstream. >> has only kind of upped. >> the urgency. >> around this. so we estimate. >> that somewhere. >> around 60% of gateway jobs. so, so entry level. jobs could be severely impacted by ai. and ai. and what do we know? >> historically, black americans are disproportionately represented in these. entry level jobs. >> and so. >> this presents a challenge for us all. >> as a society. >> but certainly some groups. >> will be harder hit. and so we've got to be really, really thoughtful about how we, you know, future proof, the skill set, how we build. >> these dynamic. >> systems to up and reskill and really reimagine jobs of the future. as ai. >> automates a lot. >> of the work that. >> that many of us have been doing.

>> you know, traditionally. >> interesting stat from one of your reports. only 2% of tech companies here in the u.s. are black owned. one last topic we got to touch on tariffs back in the news today with steel and aluminum tariffs. is there a tariff impact on black businesses. a lot of people don't know this. but the overwhelming majority of black businesses are solo entrepreneurs. just that one person that owns the business working in the business, how does that impact them? >> yeah. frank, look, i mean, the. >> the obviously the tariff discussion is moving quickly. it's incredibly. >> complex to kind of untangle the net. >> impact of. >> all the different. tariffs that are being discussed. >> so i think it's a bit. >> early to speculate. but what we do know is that. >> inflation tends to disproportionately harm black americans. >> and also. >> black businesses that tend to be a bit smaller. >> and so no sense. yet for where this is going. >> but one thing that i noted. >> that i know you're. >> aware of is. >> there's been some. >> rising expectations around inflation over the. >> last couple. >> of weeks. and as you know. >> expectations of inflation. >> can trigger reality. >> and so watching. >> very, very closely what

happens here. and, you know, black americans and black families, they don't have the savings or the income space to really weather additional inflation. >> so this is something that i'm quite concerned about. >> and watching closely. >> all right. shelly stewart senior partner mckinsey. always great to have you on to talk about some of the economics of the black community on black history month. new report live on the mckinsey. website this morning. thank you again. always good to see you. >> thanks, frank. >> all right. as we head to break. >> here on worldwide exchange, we're watching the price of gold already up 8% this month and hitting an all time high this morning. taking a look right now. gold basically flat for actually lower. but you can see here on the chart year to date up double digits. also worth watching. two etfs that are riding that rally the vaneck gold miners etf, ticker gdx. that's up 3% yesterday and up 17% over the last month. very similar story with the spider gld up six weeks straight and sitting right at an all time high. that's its longest weekly win streak since all the way back in 2020. remember that was the pandemic. we're back right after this. >> stay with us.

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>> they're plotting a lot of things, and. >> so far. >> it's gotten. >> them nothing. >> and they went. >> they impeached. >> me. >> they indicted me. they did everything. >> you can do. >> they're just corrupt. >> people and. >> you have. >> to handle. >> it as it comes. >> the good news is the american public. >> is smart.

>> and they understand it. >> they get. >> it 100%. >> and these people are not the same people. they were they're they're trying. >> they're fighting so hard. >> but it's not sticking. that was president. >> trump during an interview last. >> night. >> already laying blame on the congressional democrats over a potential government shutdown. this despite the fact they're still just about a month to go until that deadline actually hits. welcome back to worldwide exchange. i'm frank collin. coming up this half an hour, the latest on the demands the democrats are making from republicans to get a deal done and keep the government funding. but first, a quick check of the markets as we kick off this half hour. >> on the show. us stock futures. >> with the major indices coming off a winning day. but this morning really reacting to tariffs on 25% on steel and aluminum. also the threat of higher tariffs on asian asian nations. you see the futures right now in the red across the board. right now the s&p down about 17 points down just around a quarter of a percent. the dow down about 73 points. under a quarter of a percent. the nasdaq down just over a third of a

percent or just about 90 points. i also want to take a quick look at the nasdaq 100 premarket laggards this morning. you see right here pdt holdings. that's an asian equity right there listed here in the us or asian company i should say down about two and a third of a percent. nvidia those shares down about 1.25%. marvell technology and micron rounding out the bottom. the nasdaq laggards. i also want to take a quick look at the leaders this morning. >> on the. >> nasdaq 100. you're seeing here right at the top of the list. global foundries. >> those. >> shares up two and three quarters of 1% followed by paychex mongodb. that's a kind of a data company when it comes to ai. those shares up about a half a percent. baker hughes energy company up about a half a percent as well. on the heels of on the heels of those tariffs, we're watching the metal markets take a look at the moves when it comes to steel and aluminum. you see right here steel. that's the first one. the blue line big jumps right there over the last week. steel up over. >> 9% over. >> the last week. aluminum also rising fractionally higher over the last week. but week to date up about 1%. and the stocks tied to those commodities also moving higher this morning. taking a look in the premarket you see nucor up almost 2% in the

premarket cleveland-cliffs. however much bigger jump up almost 4% in the premarket century. aluminum up just about 2.5% as well again in the premarket. seeing some big moves when it comes to those stocks tied to those commodities. and a quick check of bond yields. not a lot of action when it comes to bond yields since the inauguration, especially the benchmark at 4.52%, actually going down about ten basis points since inauguration day. different story for the dollar. we're seeing the dollar on a three day win streak right now. a quick check of the greenback fractionally lower right now basically flat. but over the last week moving about a quarter of a percent and a quick check of oil on a two day win streak. earlier we saw wti and brant crude up about 1% moving a bit higher right now both of them up about one and a third of a percent right now. all right. that's a quick set up this morning i want to take a look back at tech. and we're watching shares of meta platforms riding a record 16 day win streak and by far outperforming the rest of the mag seven so far this year, especially tesla meta riding high partially on its ai ambitions. but there's another sector of the market. my next guest says is also primed for a

huge breakout. joining me now, dan ives, global head of technology research and senior equity analyst at wedbush securities. dan, great to have you back here. noon out this morning. before we get to the note, i got to ask you about meta riding a 16 day win streak. we were showing a chart earlier meta up about 17%, tesla down about 17% since inauguration day. what do you make of those two moves? you also cover evs now. >> yeah. look, i mean. if you. >> look ultimately. >> at meta. i think this is. >> really. >> about them doubling down. >> when. >> it comes. >> to the. >> ai initiatives. >> it's about. monetizing those. >> 3.5 billion. >> day use. >> and i think when you look. >> at this, this. >> could be an incremental. >> $100 per share. >> as they start. >> to. monetize it in terms of tesla. >> but clearly they're definitely seeing headwinds from an ev perspective. >> but we. >> continue to view. >> it's. >> about autonomous. >> it's about. >> ultimately robotics. >> that's really. >> the future. that's why we're bullish on tesla. going back to that whole ai story, we were just talking to a partner, andreessen horowitz, just talking about where he sees the money flowing when it goes to ai. what are you seeing when it comes to not only investor interest, but also the money

going following the development of deep sea and some other developments, when we're talking about big tech and mega-cap tech. >> yeah. >> we just. >> put out a note today. i mean, we're seeing it's. >> about 10%. >> of budget. >> in terms. >> of it. >> budgets. >> in terms. >> of ai spend. >> we're seeing. >> about seven of. >> every ten. >> deals accelerate. >> and i think what. >> you're looking at, if you. >> have 325 billion. >> of capex, it's the multiplier. >> i mean. >> you've talked. >> about this before. for every dollar spent. >> on nvidia. >> chip. >> there's an. >> 8 to $10. >> multiplier across tech. >> across the ecosystem. >> software. >> the use cases. that's where we've. >> seen palantir. >> salesforce and others. i think now we're. >> really starting to see. >> that monetization. >> i believe this is just the beginning of what's really going. >> to be a massive spending wave in 2025. >> let me ask you, you're now and your new note you're saying now is the software era when it comes to ai. >> but at. >> the same time, we have a lot of people talking about, you know, jevons paradox. i just like saying it three times. the idea is that as things become less expensive, you're going to see more investment in ai infrastructure. so why isn't it the infrastructure era with the idea of this jevons paradox that more money is going to flow in there, because usages and use cases are going to grow, and

more money is going to need it for the infrastructure. it'll just be cheaper. yeah. and to that point, in terms of. >> the jevons. >> paradox. it's really actually now. >> unleashing the. software because. >> the use. >> cases are going. >> to be software driven. >> that's why when you. >> look at names like palantir. >> salesforce, mongodb, you. >> know, lasting. >> and i think ultimately oracle and even some. >> of the hyperscalers. >> when you think about. >> how. >> they're going to. >> benefit. >> it's the use cases. >> and i think. >> now this is the software. >> age that's now. >> starting to take place. no doubt the. >> infrastructure is going. >> to continue. >> to be a massive beneficiary. >> but the software. piece this is, i think. >> what the. >> streets are. >> waiting. >> for, the second and third derivatives. all right. we're talking about meta. we're talking about the overall trade. i got to talk to you about palantir. so a lot of debate about palantir. when we look at the analyst analysts like you, many of them, they have a price target that's under where the stock's actually trading. your price target is at 120. where is this stock going. has the valuation got out of control. last time i checked was about 200 times forward earnings. can it actually grow at the rate that the forward pe and a lot of people expect it to including you. >> yeah i. >> mean look we believe.

>> it's the. >> next oracle. >> it's the next salesforce i mean that's. >> our view. in terms of where. >> this is heading. >> because of this. >> what they've. built is unique. in terms of ip. and they i believe. >> when it comes to use cases, they. >> are gaining more. >> and more share. >> and frank, i think it's one way street. they hated 20. >> despised it 50. >> screaming in 100. >> i mean. >> this is. >> a stock that i. >> still think has actually. >> massive upside. >> over the next 3 or. >> 4 years. >> up 53, almost 54% year to date. you're still seeing more upside, by the way, your price target 120 the rest of the street at about 9293 bucks. dan ives always great to have. great to see you. new note out today. a lot of people are going to be reading it. thank you very much. all right. coming up here on worldwide exchange, a potential shutdown showdown taking shape. the demands the democrats are making from president trump and republicans to get a funding deal done with just a few weeks to do so. stay with us. much more on that story coming up. >> at home where routine. >> meets remarkable with unexpected moments of inspiration around every corner

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fraud by management. all right. coming up here on worldwide exchange, the one word that every investor has to hear today and the stock pick that every investor needs to know. plus boosting his bets on china and the stocks that billionaire david tepper is putting his money behind. we'll have much money benice to meet ya. much more on that story coming up my name is david. i've been a pharmacist for 44 years and i'm from flowery branch, georgia. when i have customers come in, i recommend prevagen. number one, because it's effective. does not require a prescription. and i've been taking it quite a while myself and i know it works. and i love it when the customers come back in and tell me, "david, that really works so good for me." makes my day. prevagen. for your brain. increasing. at franklin templeton, we're expanding access to the growing opportunity in private markets,

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justice to pause enforcing a nearly 50 year old law prohibiting u.s. companies from bribing foreign governments to obtain or retain business. the president says the law, as it stands, puts u.s. puts u.s. businesses at an economic disadvantage. >> it sounds so good, but it's so bad. it hurts the country. and many, many deals are unable to be made because of it. nobody wants to do business because they don't want to feel like every time they pick up a phone, they're going to jail. so we'll sign this. >> we're also. >> tracking the latest that the u.s, u.s. office of government ethics, the independent agency, says the president has just removed its director, despite being nominated by president biden and confirmed for a five year term. over just this past november. the agency works to prevent financial conflicts of interest in the executive branch. sticking with d.c. and president trump's whirlwind of executive orders, and that have so far become the hallmark of his three week old presidency, and they could be facing the first major roadblock as soon as next month. and the one group

and one group, capitol hill one group on capitol hill is looking to capitalize. emily wilkins joins us now with much more on this story. emily. >> frank. >> good morning. >> well, yeah, senate republicans. >> are going to need democrats help to keep. >> the government. >> running after. >> march 14th. but democrats. >> are beginning. >> to ask. >> why. >> they should work to keep. >> the. >> government open. when trump is going ahead and shuttering agencies. >> like. >> usaid. >> cfpb. >> two groups that were funded just last december with bipartisan support. >> the top. >> democrat on the panel. >> overseeing spending. >> rosa delauro. >> said that she needs. >> assurances that. >> the funding. >> that congress. >> is going. >> to pass. >> will be. implemented by trump. >> listen to how she spoke. >> about trump's actions on. >> msnbc yesterday. >> stealing by the appropriated. >> funds runs into the. >> daunting power. >> the power of the. >> purse. >> which rests with the. >> congress and that is in the constitution. >> of the united states. >> do you think we're not going to fight back on that issue?

>> lawmakers are also. >> worried that trump isn't. >> listening to court orders. to release funding. democratic senator andy kim told meet the press that he can't support what he calls. >> trump's lawless actions. >> i've worked in government. i've worked through multiple government shutdowns. i would be the last person to want to get to. >> that stage. >> but we are at a point where we are basically on the cusp of a constitutional crisis, seeing this administration taking steps that are so clearly illegal. >> currently. >> top republicans. >> and democrats. >> are continuing to work on a. >> funding bill. >> and of. >> course, we'll be watching closely to see if usaid, cfpb. and others. >> are funded by. >> congress. >> as they were in the past. >> frank. >> well, i mean, i mean, emily, that's a really interesting question about usaid, usaid, and also the other agency we're talking about. obviously, the republicans have control over the congress. what are you hearing when it comes to some of these moves from elon musk and doge when it comes to their funding and just actually their

existence? what are you hearing from congressional republicans? >> it's been interesting. >> with congressional republicans. >> you know, last night, a number. >> of them. >> did tell reporters that. >> court orders. >> for this funding. >> to continue, that the court should. >> be obeyed. >> noting that they are an equal third branch of government. >> but at. >> this. >> point. >> there. >> also seems. >> to be a bit. >> of a willingness. >> from republicans in congress. >> to kind. >> of let. >> trump and musk do. >> what. >> they want. >> they note that, you know, trump is the. >> president. >> that he. has the. >> power to. >> do certain things. >> i think. >> a. >> lot of questions is what the trickle down effects here are going to be. >> i mean. >> just removing. >> certain people from certain posts. i think the average. american doesn't necessarily. >> notice that when. >> they wake up. >> in the morning. >> i think the question is going to be when. >> do the when does. >> the average american start noticing a lack of individuals in the government or a lack. >> of. >> services being offered? >> and when those. impacts start. >> happening. >> i'm going to be very. >> interested to see what. >> the. >> response is. >> then on capitol hill. >> all right. ollie watkins live in dc. emily great to see you. thank you very much. coming up

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>> me, i've given. >> myself a. >> small raise. >> join me at chime comm. >> support black heritage month when you join the sharks and shop the tank. >> yum crumbs is here to stay. >> scan the. >> code. >> shop the tank. >> tonight, 9:00 eastern cnbc. >> as a. >> fan. >> when you see this, it's all about. >> the numbers. >> we know he wants to hold on to the nba. the question really is how much more will he have to pay? >> a lot of the revenue. streams are guaranteed. >> team values. >> continuing to soar. the countdown is on. cnbc sport. official nba team valuations revealed friday in squawk box. >> welcome back to worldwide exchange. as we close in on the 6 a.m. hour, here's a few of the big stories that we're following this morning. sam altman

speaking to cnbc this morning, commenting on a bid by an investment group led by elon musk to buy the nonprofit group that controls openai, one that he rejected in a tweet on x, and then he actually offered to buy x from musk instead. altman, speaking with arjun gopal at the ai action summit in paris just a short time ago. >> i think it's to slow down. a competitor and try to catch up. >> with his thing, but i don't really know. >> yeah, but you know. >> well, right. >> to the degree anybody. >> does. fed chair jay powell is on capitol hill for the first of two days of testimony on the economy and monetary policy, going in front of the senate banking committee at 10 a.m. eastern. david tepper boosting his everything china bet the billionaire founder of appaloosa management disclosing in an sec filing he added to his stake in alibaba, jd.com and tamu tamu owner, i should say pdt holdings in the fourth quarter and his holdings in chinese etfs such as the fxi and the k. eu commission chief ursula von der leyen, vowing u.s. tariffs on steel and

aluminum imports will not go unanswered. that's a quote. speaking this morning, she said tariffs will trigger tough countermeasures from the eu. bp's fourth quarter profit dropping to a four year low as weak margins hurt its refining business. the oil giant unveiling a new $1.75 billion buyback just days after reports that activist investor elliott management has built up a stake in the company. kering's revenue falling 12% in the fourth quarter, less than expected sales for its flagship gucci label dropping nearly 25%, although the company says it's seeing some slight improvement in asia and in north america. and novartis striking a deal to buy anthos therapeutics for up to $3.1 billion. anthos is a private biotech firm that's majority owned by blackstone's life sciences business. all right, turn it back to the markets. futures under some pressure today. while gold touches a fresh high a possible sign of caution by investors on the back of president trump's new tariff moves. let's now bring in victoria greene, founding partner and chief investment officer at g squared private wealth. she is also a cnbc contributor. vicky good morning. good to see you.

>> good morning frank. >> all right. i think we're seeing some reaction to these new tariffs in the markets right now. the threat of also potentially additional tariffs against asian nations. what's your word of the day for investors. >> it's composure. there is so much news flying back and forth. you kind of just need to sit a little bit still and. >> let this marinate. we call it not. >> panicking right. >> so all. of these new steel and aluminum tariffs that are coming in march. >> but there's a lot that can change between now. >> and march. it feels like that will be eons and decades. between now and march 12th. and so. >> for me, it's sometimes you need to step back, let this develop. >> don't panic. kneejerk. >> sell or buy things just. >> because of one. >> one announcement was made because there are many. >> announcements that have been made on trade. >> and tariffs, and they are. >> likely going to continue. >> to develop because we. >> know he loves. >> to use maximum power. >> he loves. >> to. use this as. >> a negotiating tool. >> so i. >> just caution everybody to step back, take a. >> deep. breath and don't. >> panic about anything. >> all right. so we don't want to pre panic about anything. but do we want to pay a close attention to what jay powell has to say and make any moves in response. obviously going to be

a lot of questions about his view on some of these tariffs and some of these other shifts when it comes to trade and economic policy. how do you think that investors should read what he says today or what you expect him to say today? at least. >> i think i expect him to be very open ended, that they're going to be. >> data dependent, that they're going to be independent. i think he's going to fiercely. defend the fed's role. and the fed's. >> need to. >> remain independent from. >> the executive branch. >> you know, i. >> think i've been actually very impressed on. >> how he's handled some of the pressures thrown at him. but i don't think he's going. >> to say definitively. >> oh we're going to tilt hawkish or dovish. i think they're going to talk about risks to the labor market. they're going to talk about risks to inflation with tariffs. but again as they said that they're less press conference. >> until we have more details. >> on exactly what these tariffs are it's. >> very difficult. >> for. >> them to model out. >> so i think. >> again the. >> fed's going to kind of. >> stay and wait and see where these. >> data trends lead because. >> it. could be. inflationary or you could have. >> labor problems. but right now. >> there are a lot of what ifs and not a lot. >> of actual. data saying, >> hey, this is what's occurring in the markets beyond like eggs being very expensive. obviously,

that's a trend we're all aware of right now. >> i'm very much aware of that one. we had dan ives from wedbush on the show earlier. he says right now is the software era when it comes to the ai trade. i know you have a pick for us today as well, focused on that ai trade. what is your pick for us today and why? >> it's quanta resources. it's a little bit lesser known name. it's more on the ai infrastructure. and they got hammered on deep sync day. right. they were down 18%. they're still down about 13% from their all time highs. but i love this play. even if you took out the data center ai play, which i don't think is valid, you still have so much growth because our grid is so old. we built all of this stuff in the 60s and 70s. we're having to rebuild it. we're having to harden power lines, we're having to bury power lines. we're having actual increases in demands for power outside of data centers. but also look at what all the mega-caps said today or this week. i'm sorry, regarding earnings, $325 billion in capex between meta, google, amazon and microsoft, there is no there's going to be no problems building data centers. there's so much demand for it. so i don't think the fall it took after deep sea is valid. so

for me, i love this place. still on supporting ai. >> all right. you have a couple other picks for us. quanta services is your main pick. we're just showing the chart right there. you're also bullish on meta. we were just talking about it earlier in the show on a 16 day win streak. your take on that. >> yeah it's hard to bet against it right. it's almost like roulette coming up. read 16 times in a row. you just got to keep rolling with the hot hand. but look they're they're the company that is actually implementing ai to drive revenues further. and i love that because they're getting better response from their ad rates. their revenue is all ad based. but they continue to expand. so they have reels, they've got threads, they've got instagram, they've got all of these different platforms, and they're doing a better job of getting and monetizing ads, and they're keeping their advertisers extremely happy. so for me, i look at this and say, what companies implementing ai to drive better revenues. and to me that's meta. >> all right vicky green, your pick for us today quintus, thank you very much. always great to see you. >> thanks, frank. >> all right. here's what to watch today. in just a few moments, we get the latest look at the health of small businesses. also, fed chairman

jay powell will testify before the senate banking committee this morning. we will also hear from other fed heads, including the presidents of the new york and cleveland banks. and then on the earnings front, we've got some big ones coming up. we get the results from coca-cola, doordash, lyft, as well as zillow. big day of earnings today as well. that does it for us. squawk box starts right now. >> good morning. >> openai ceo. >> sam altman rejecting an unsolicited. >> bid from elon musk. >> to buy his company. >> details are straight ahead. >> president trump signing some new executive orders, ramping. >> up tariffs. >> on steel and aluminum. overnight, the president of. >> the european commission. >> vowing to. >> retaliate. >> plus, activist. >> elliott management has more than doubled its stake in a major oil refiner. >> that one right there and is pushing. >> for changes. >> it's tuesday. >> february 11th. >> now 2025. >> and squawk box. >> begins right now.

>> good morning, everybody, and. welcome back to squawk box. >> or. >> welcome to squawk box. if you. >> weren't with us yesterday this. >> is cnbc. >> and we are live from the nasdaq market. >> site. >> in times square. i'm becky. >> quick along with joe kernan and. >> andrew ross sorkin. >> here we go. it's a tuesday. u.s. equity futures at this hour are in the red. dow futures down by about 100 points below fair value. nasdaq futures off by just over 100 points. the s&p futures down by about 22. let's take a look at what's been happening with treasury yields. you'll see right now that. >> the ten. >> year is sitting above 4.5%. >> 452 the two. >> year is a little higher as well. it's at 428. and then you have gold hitting a record high. it settled above $2,900 for the first time yesterday. this morning, sitting at $2,929.50 an ounce. you've also gotth