information. >> squawk box weekday mornings, 6 a.m. eastern. >> cnbc to me, ambition is being undaunted by the impossible. being the first woman engineer at google, i got asked all the time, what's it like to be a woman in tech? i didn't feel like a woman at google. i felt like a geek at google. passion is a gender neutralizing force. >> it is. >> 5 a.m. here. >> at cnbc global headquarters. >> welcome to worldwide exchange. >> here is your five at five investors on record. watch after nasdaq's best week since december. >> also intel adding to its. >> historic surge. >> as. >> word surfaces. >> to rivals. they might want to break it up. >> bending to. >> activist pressure, southwest airlines makes what it calls an. unprecedented decision. >> plus, wall. >> street caught. >> between two fed officials. >> split on. >> the central bank's next move. >> and the. doge agenda and one. >> stock. >> strategy that. >> could rise. >> to the occasion. >> it is tuesday. >> february the. >> 18th, 2025. >> you're watching. >> worldwide exchange. >> right here. >> on cnbc. good morning.

>> thank you so much. >> for being here with. >> us i am frank. let's get. >> you ready for. >> the trading. >> day ahead on this. >> holiday. >> shortened week. >> we begin with. >> the major. >> indices coming off a. >> positive week. the nasdaq 100 having its. >> best week of the year. >> take a look. >> this morning we. >> are seeing a bit of a. >> mixed outlook. >> when we look into. futures right now. just take. >> a look. >> the dow. >> actually just turned very fractionally negative. just a short. >> time ago. >> the s&p up. >> just about a quarter of a percent. >> the nasdaq. >> up about. >> a third of a. >> percent or 83 points. >> that's the picture right there. we want to take. >> a quick look at the s&p. >> 500 premarket gainers. going to start off with the gainers this morning. taking a look right here we're seeing. constellation brands. >> those shares up. >> about 9%. >> followed by intel. >> going to. >> talk a lot more about this in two rivals. >> possibly looking. >> to purchase. >> either the company. or pieces of the company. a lot. >> to talk. about there. >> supermicro estee lauder and. >> tapestry rounding. >> out the top five. >> the other. >> side. >> of the coin, the laggards. >> taking a look at those group

of stocks. >> we see. >> delta airlines. those shares falling just about. >> 1.75% this morning. >> allstate, ulta beauty. >> nrg energy and. >> humana rounding. >> out the. bottom five. >> this morning also. >> a. >> very quick check of the. >> etf tracking the countries that are in. >> active tariff discussions. >> with the us. >> take a look here. >> you can. see the. >> china etf. >> the. >> india etf and the. >> also canada etf lower right now. >> the china. >> and. >> the. >> canada one down. >> about three quarters. >> of a percent. >> the india etf fractionally lower. >> no movement. >> in the mexico etf. >> all of these are actually higher over the last week with. >> the. >> exception of the. >> india etf down about 1%. >> you can see it's fractionally. lower right now. also look at bond. >> yields moving. >> lower after. >> that spike. after the hotter than. >> expected cpi read. >> last week. cooling off. >> quite a bit after. >> a ppi report. >> that. >> a lot of people. >> thought. was okay. >> right now, about 4.51%. >> falling. >> about ten. >> basis points from. >> that level that. >> we saw last week. >> also, take a look at. gold coming off its worst close. >> of. >> 2025 on friday. >> however, this morning you can see. >> it's. >> up. >> about three quarters. >> of 1%. >> you see here over the last. >> week, gold falling about. >> a quarter. >> of a percent. >> but again, moving higher. >> this morning. >> after its.

>> lowest close. >> of 2025 on friday. and a quick check. >> on bitcoin. >> what some people. >> consider digital gold. >> take a look here. >> bitcoin. you see bitcoin is fractionally lower right now. but over the last month falling about seven three quarters of a percent almost 8% lower. >> right now trading at. >> about 95,785. >> a coin. >> so you're seeing. a sell off when it comes to. >> bitcoin in recent. >> weeks okay. that is your setup. now it's time for your big money movers. >> three big stock stories of the morning. >> we'll start off with broadcom and taiwan semi. >> they're reportedly. >> eyeing potential deals. >> to break up intel. >> the wall. >> street. >> journal says. >> broadcom has been looking at intel's. chip design. >> and. its marketing. >> business, but would. >> only move ahead. >> if it can. >> find a partner. >> for the manufacturing division. >> taiwan semi is separately explored, controlling some or all. >> of. >> intel's chip plants. >> the journal. >> says broadcom and taiwan semi are not. >> working together. >> and the. >> talks, they are only preliminary, at least right now. >> turning to southwest airlines, cutting. >> 15% of its corporate workforce. >> or about 1700 jobs, a move. >> the ceo says. >> is. >> unprecedented in the airline's 53 year history. >> southwest says the cuts will. >> be focused. >> almost entirely on corporate.

overhead and leadership positions. the company has been under a lot of pressure. >> from activist investor. >> elliott management to boost the stock price, which is actually down 10% this year. take a look at southwest shares. they're up about one and three quarters of 1% right now. we're also. taking shares of meta after they extended. >> their winning streak. >> to 20. >> straight days. >> on friday. >> the stock's up over 20% over that time period, as investors are confident that meta can translate its massive investment in ai into strong returns. taking a look right now, meta platform shares actually down about. >> a third. >> of a percent right now in the premarket. that streak possibly in jeopardy. but again, it's the premarket. a lot can happen during the regular session. all right. now we want to turn to the early trade over in europe dealing. >> with records. >> of its own. our julianna tatelbaum is live in london with a look at that action. julianna. good morning. >> frank. good morning. well, here in europe this morning, investors seem to be searching for direction, keeping a close eye on geopolitics, with european leaders under pressure to respond to calls from the us for more support in ukraine. so

that's in back of mind for investors. as for the overall market performance, you've got a bit of red on the board for the ftse 100. the xetra, dax, the cac40 and the ftse mid is the contrasting bourse. so this morning that market is up by about 4/10 of a percent. we are seeing defense stocks continue to outperform. a second straight day of strong gains for the defense sector. european leaders discussing boosting spending. i want to call your attention to some of the key movers hensoldt up 3% this morning that stock up around 20% in the last week. we've got rank shares up nearly 7% today in the defense space. that stock is up close to 30% in the last week. one comment that stuck out to me this morning frank came from jim reid at deutsche bank. he in a morning note to investors paraphrasing lenin, saying there are days when decades happen and the potential implications of the events of the last five days are huge. so just captures the scale of what could happen and the changes that could come to europe and its security picture in the coming weeks. frank.

>> all right, giuliana, thank you very much. >> julianna tatelbaum. >> live in our london newsroom. turning back to. >> the u.s. >> markets, fed governor christopher. >> waller says. >> recent data supports. >> keeping. >> interest rates on hold. but if inflation behaves like it did in 2024, the fed could get back to cutting sometime this year. speaking in australia, waller. >> says last. >> week's cpi was quote unquote mildly disappointing, but forecasts for the fed's preferred gauge of inflation, or pce, they're just a bit less alarming. waller also playing down the prospect tariffs imposed by president trump will stoke inflation, saying they would only lead to. modest price increases. joining me now is ross mayfield, investment strategist at baird. ross good morning. good to see you. >> good morning. thanks for having me. >> all right. so cpi described at least by waller mildly disappointing. i think it was a shock to a lot of other people. we saw bond yields spike that the ppi was just okay. coming up this week actually tomorrow we get those fed minutes. how do you see the market reacting and how does that potentially impact your thesis. that we're actually more likely to see 2 to 3 cuts this year than a hike, as some people have been positing

putting out there? >> yeah, i. >> think my primary. >> thought around that is the biggest weight. >> in the cpi. >> basket is rents. >> and shelter, right? it's not talked. >> about nearly as much. >> as tariffs or energy. >> or some of the things that drive some of the month to month volatility. but we see this slow downward. >> pressure on. >> rents and shelter. and i think that means by, you know, the. >> mid to the back half of the year. the core inflation picture and core pce picture. which the fed cares a lot about. >> will look good enough for them to. >> cut 1. >> or. >> 2. >> potentially even. >> three more times, especially if we have. >> more data like retail sales we saw last week. so. >> you know, the fed is worried about the recent pop in inflation. >> they're thinking about tariffs. >> but i think. >> the picture is just fine. and i think they'll be able to resume cutting in the back half. >> of the year. >> all right. so you see again those cuts coming in the back half of the year. i want to talk about what's going on right now. specifically last week in the markets we saw tech regain leadership. tech was the best performing sector last week. what does that say to you as a lot of people are wringing their hands about frothiness in the market and these elevated valuations, the fact that a lot of these stocks that have these

elevated valuations have retook leadership, at least for last week. >> yeah. i mean, if you're worried about. >> valuation, this has. >> been a tough market. >> for, you know, not just. >> the last couple of years but the last decade really. i'm happy. >> to see the cyclical leadership. >> and the. >> big names at the top of the market. >> reassume some leadership. >> you know. >> we're. >> seeing other corners of the market. >> work, things like. >> financials have worked. >> things like discretionary. >> you know, has largely worked. >> some some sub industries, some cyclical sub. industries that. >> have worked. so it's. not a monolithic market that's just focused. >> on big tech. a very narrow market like we. >> saw in 2023. >> so as long as big tech is leadership and there's. things working underneath the surface. >> that's fine. >> by me. i'm glad to see the big names working. >> and if people are. >> invested in cap. >> weighted indexes that. >> if those names. >> aren't working. >> you know, people don't. >> feel the breadth of the gains. >> in the market. >> one thing i want to talk to you about is tariffs. so again, we heard weiler kind of downplay tariffs. this will only lead to modest price increases. but i think a lot of other parts of the market have become very concerned about tariffs. we were showing a board earlier in the show the indices tracking some of the countries in active

tariff discussions trading lower this morning. but with the exception of the india all higher over the last week. in your mind, when investors are looking at the us markets and also foreign markets, how does tariffs, how do they play a part? i mean, are tariffs a sign like a kind of a yellow light. maybe you should slow down. is it a green light with the idea that the worst is already priced in, or do you think there could be more pain ahead due to due specifically to tariffs? just to be clear. >> yeah. >> i think. >> it's obviously the number one question that we're being asked. by clients. i think the number one question facing the markets is what are the extent of the tariffs, when do they go into place and. >> on who? >> i think the markets. >> lesson so. >> far has been. that most. >> countries are open for negotiation, and that's a positive sign, right, that the lessons from mexico, canada, colombia are that if you're willing to negotiate and offer concessions either on the trade picture or on other things that the. >> trump administration. >> wants, tariffs don't necessarily need to be as punitive as maybe we saw in the campaign trail. so i think it's a yellow light, to use your terminology. i don't think it's a red light. certainly the

lesson from. >> the first trump. >> term is trade. >> wars and tariffs. >> were not all that inflationary. you know, inflation remained pretty well anchored. through trump's first term until covid 19. so, you know. >> the fed is taking him into calculus. >> i'm not sure that that fits. >> with their data driven. >> approach, but i think it's a yellow light for now. unfortunately, we're just kind of trapped in wait and see mode. >> all right ross mayfield great to see you as always. thank you very much. >> thanks for having me. >> all right. a lot more. to come here. >> on worldwide. >> exchange, including a bullish take on a beaten up cyber stock play. but first, china's president xi jinping goes face to face with some of his country's top business leaders, appearing to take a page out of president trump's playbook. plus, much more on intel's possible breakup. >> and if. >> there's any upside left for this recently red hot stock. and then later, the dc does trade. one wall street expert is watching and says investors they should be watching as well. we should be watching as well. we have a (wind, rain and rolling thunder) (♪♪) nobody's born with grit. british anncr: rose is really struggling. it's something you build over time.

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amazing and is something that we get to use every day. welcome back to worldwide exchange. chinese president xi jinping looking to hit the reset button with his country's private sector. taking a page from president trump's playbook. or perhaps it might actually be the other way around. our eunice yoon is live in beijing with much more on this story. eunice. >> hey, frank. well, when it comes. >> to. >> getting private. >> businesses in line with the government's goal. >> i think. >> that president xi is well ahead on monday. >> president xi. >> jinping convened a rare meeting with. >> china's business. >> elite and called. on them to, quote, fully.

>> display their talents. now, this. >> event is being. >> read by. >> investors that after. years of. >> cracking down. >> on the private. >> sector, as well as entrepreneurs. >> and the chinese tech. >> sector, that. >> president xi. >> jinping might be. changing tactics. >> and easing up a bit on their activities. it's also seen as a tacit admission that beijing might. need the private sector, and especially the chinese tech sector, in order to compete with the us, as well as president trump. some of those who. had speaking roles were companies that were in direct competition with u.s. companies. >> for example. >> the founder. >> of huawei. >> apple rival. >> also. >> the chiefs. >> of tesla competitor. >> byd and the lesser known. >> human robotics. >> company called unitree. >> the founder. >> of deep sea, a. potential competitor to. >> open ai. >> was also. >> present in. >> hong kong. >> investors were. >> bidding up the. >> shares of those companies that were on the guest list of president xi jinping, and also.

>> selling out. >> of shares of companies that were not on the list, such as baidu and jd. and one other notable. >> attendee. >> frank. >> was alibaba's. >> jack ma. >> he had largely. disappeared from public. >> life, and. >> this came after. >> beijing had. >> forced the scrapping of. >> the ipo. >> of his fintech group, ant group. if you remember that several years ago. >> yeah, certainly. eunice, i definitely remember i think a lot of investors remember that very clearly. so i want to ask you, you mentioned jack ma. >> last. >> maybe the most notable of the ceos to be there because as you mentioned, he was he was the target of a regulatory crackdown back in 2020. so in this meeting with xi and these other business leaders, was there any direct communication about the idea that this crackdown is officially over? and when she is calling for these partnerships and these ceos to display their talents? >> there wasn't any direct. communication about that. but it's all the signaling. so you

had mentioned. >> jack ma. >> one of the reasons why people. >> are thinking. >> that, one of the reasons why he was so publicly displayed and all over state. >> media is. >> because it's. >> a way to try to boost confidence, because as, as you said, he was really. a direct target of president xi jinping's. campaign against private companies. so, you know, whether or not this is going to work out or people are convinced is still. >> unclear. because. >> this has been a years long campaign. >> that president. >> xi jinping has been undergoing. and a lot. >> of the. >> messaging that people have received here. >> is that president xi. does not want to have. >> any. >> centers of power outside. >> of. his own. >> yeah. interesting development, especially with the recent rally when it comes to chinese equities, specifically chinese tech. eunice yoon live in beijing. great to see you. great reporting as always. thank you. still on deck here worldwide exchange. look at meta's record run. and if mark zuckerberg's trump centric policies if they're enough to justify the stock's justify the stock's post-election pop. take a loo

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of intel looking to add to its record run in the pre market. you see shares are up over 5.5% right now. this morning investors are focusing on a wall street journal report that taiwan semi and broadcom are examining potential deals that would split intel in half with broadcom i and the company's design business in taiwan. semi looking at intel's chip plants. the journal adding all talks so far are informal and they are preliminary. the development coming just after intel closed out its best one week run in more than 20 years. on the heels of comments from vice president jd vance last week that i, in the u.s, will be built with american design and manufactured chips. >> we will. >> safeguard american ai and chip technologies. >> from theft. >> and misuse. >> work with. >> our allies and partners. >> to strengthen and extend these protections and close pathways to adversaries, attaining ai capabilities. >> that threaten. >> all of our people. >> joining me now with more is james clockwise capital partner and portfolio manager. james, good morning. good to see you. >> good morning frank.

>> all right. so james, you're of the mind. and i think a lot of other people agree with you that the sum of all the parts of intel are the whole is worth less than the sum of its parts, you know, kind of a cliche there. so when people say that, that means that some parts are obviously undervalued, in some parts maybe are equally valued or evenly valued or are, you know, undervalued or overvalued, whichever way you want to look at it. what are the most valuable parts of intel? what are you expecting to see either taiwan semi and broadcom potentially take on? >> the challenge. >> for. >> intel is that. >> there's still. >> a. >> lot of value there, but. >> it's all locked in. >> and the reason it's locked in is. because the two sides of the business operate. >> under one umbrella. >> you have. >> the manufacturing side. >> the fab side, and. >> then you have the design side. and frankly. >> that's not. >> a. >> way that can scale indefinitely. >> in. >> a way that they. >> can optimize. >> both sides of the business. >> when you're inter web in that fashion, you know. >> there was hope when. >> pat gelsinger. >> came in a couple. >> of years. >> ago that he was actually going to split the companies. >> in two. >> that didn't happen. he kind of did it on.

>> paper. >> but. >> not in practice. so. >> you know, i. >> think, you know. >> splitting up. >> the company makes a. >> lot of financial sense. >> but obviously. >> it's a. >> complicated matter. there's national security implications. >> anti-trust implications and. >> and whatnot. >> so you know. >> we'll we'll. >> see how it plays out. >> all right. >> so you saying we're going to see how it's going to play out. but the stocks i think a big boost from this idea that from the vice president that ai chips are going to be made here in the us. is that actually realistic. does intel have the plans to do this? do they have the design to do this? is this a realistic turn for this company that seems to kind of wallow over the last couple of years? >> yeah, i. >> think it's very. >> very difficult. >> for intel to catch up to some of its competitors. but, you know, it is the biggest chips company, you know, domestically. and, you know, there. >> is. >> something to be said. about that. you know, it's complicated because. >> you. >> know, you. >> have taiwan semi, you know, it's bringing. >> in a. >> foreign company. >> into the. >> into the us. >> and trump has.

>> already had deals. >> on that. >> front to. >> bring in manufacturing. >> for chips. >> stateside here with them. >> but you. >> know it's. >> just at a high level. >> it's not an easy deal to be done. >> you have to. >> have broadcom and. taiwan semi working together. >> to. get this. >> to actually. >> unlock the. >> two sides of the business. >> in a in. >> a in. >> a way that works. >> and you know. look for intel. >> stock i. >> mean i can get the. hype around why it's running. i think it could be a good trade. >> short term. but you know they. >> could you. >> could also get the. >> rug pulled out from. >> under. >> you with it. >> so from our. >> side we're playing. >> taiwan semi long. >> we're playing broadcom long. we think. >> that those. >> are multi-year winners. >> but intel you know it's. >> too speculative. >> for our taste at this point. >> just to be fair you're a broadcom and a taiwan semi stockholder. you're not an intel stockholder. so you do have a little bit of skin in the game. when we're looking at how this may play out. one last question for you. we got to make this one

quick. i know it's a new administration with different ideas, but why not just keep going with the chips act funding in your mind? could that be an equally, you know, fast way to get to the idea of making ai chips out of intel? or could it possibly even be a better way? >> i think that. >> intel will be saved in some way, shape or form. you know, i think if it continues to operate in its current form, that it. >> it will not. ultimately and. >> it will be taken over, but so long. >> as it's. >> it's a strategic. asset for the us. >> which i believe. >> it very. >> well is. >> i think that. >> it. >> will operate. >> will continue to be strong and. >> it's relatively. >> but how strong. >> will be a determination of the administration and. >> the deal. >> that they may or may. >> not work out. >> all right. intel shares up over 5% right now in the premarket james. mike great to see you as always. thank you. >> thank you. >> all right. coming up here on worldwide exchange europe scrambles to get a seat at the table as the us and russia begin face to face talks on ending the

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>> it's going. >> to the. great internet. >> utility or tech utility. >> rerating for. >> for years. >> you had a meta. >> always traded at. >> a discount to names like a microsoft or an apple, because it was perceived to have a lot of upper end risk.

>> i think. >> each of those. >> has kind of been. >> addressed over time. and so. >> the multiple. >> has. >> gone. >> from 15. >> to 20 to 25. >> and now. >> we're getting. >> up there 27. >> 28 times. i think it can support that. >> that was evercore mark mahaney on cnbc on friday making the case for meta as that stock continues its record run now at 20 straight sessions of gains. that streak however looking a bit at risk today. shares are facing a little bit of pressure in the pre-market. you can see they're down just about a quarter of 1%. welcome back to worldwide exchange i'm frank holland. coming up this half hour. we're going to dig into the factors fueling that run and why our next guest says mark zuckerberg can take a lot of credit for the gains. but first, we get you ready for this holiday shortened trading week. we begin today with the major indices coming off a positive week, the nasdaq 100 having its best week of the year. take a look. right now we're seeing all the indices in the green. we did see the dow just fractionally lower earlier now just fractionally higher looking like it would open about 15 or 16 points higher. the s&p up about a quarter of a percent. the nasdaq the best performer on a percentage basis up just about a

third of a percent right now. we want to take a look at some of the nasdaq 100 pre-market gainers. take a look at the top five. we're seeing intel right here at the top of the list. we've been talking about this stock throughout the morning. shares moving higher on reports that two of its rivals might like to might look to take pieces of the company not working together, however, but two different rivals looking to get a piece of the company ppe holdings, micron lam research and trade desk, rounding out your top five. the other side of the coin, the laggards on the nasdaq 100 this morning. we're seeing some other names cintas micro strategy or just strategy now, datadog, gilead sciences and palo alto networks down about a half a percent. this is the bottom five. we're going to be talking more about this stock later in the show. a little teaser to what's coming up. also, a quick check of on some of the etfs that are tracking countries, an active tariff, discussions with the us. you can see these names lower, at least three of them that china, india and canada. etfs moving lower. the china and canada ones down about three quarters of 1%. the indian one fractionally lower. no movement in the mexican one. all of them except for the indian. the d i n d a are actually higher over the last

week. and a quick check of treasuries bond yields moving lower following a spike after a hotter than expected cpi read last week. taking a look. the benchmark coming in at 4.5, falling about ten basis points from the levels that we saw last week. and we got to take a look at gold coming off its worst close of 2025 on friday. however, this morning you can see it is moving higher up about three quarters of 1%. also, goldman out with a new price target on gold forecasting. it's going to hit 3100 by the end of the year. right now you can see gold is trading at about 2925 again up three quarters of 1%. and a quick look at what people call digital gold. that's bitcoin of course bitcoin under some pressure this morning down about a quarter of a percent. you can see it's trading at about 95,006 75 a coin over the last month down just about 8%. all right. that is your setup now. going to turn to one of our big stocks of the morning. that's meta. and that stocks ongoing record setting run. meta closing up more than 1% on friday notching its 20th straight day of gains up more than 20% over that that span. and see the chart right there. the stock's up more than 25% to

start the year. really begging the question of whether that run can continue or if it's actually just getting started. for more, let's bring in doug clinton, co-founder and partner at deep water asset management. doug, good morning. great to have you here. good morning frank. >> good to be with you. >> all right. so we were just teasing it, doug, you believe that ceo mark zuckerberg should take a good size of the credit when it comes to this record run? i mean, i think a lot of ceos like to take credit when their stock runs. but in particular, why do you think zuckerberg should take a lot of credit for this run? >> i think if. >> you put it all together. zuckerberg might be. >> the strongest ceo of the mag seven. and i know that that might be a controversial. statement that might say a lot when. >> your competition is jensen huang and elon musk. >> but you look at what. >> zuckerberg has, right? he's young, he's only 40 years old. he's going to be at the helm for a while now. >> he's been very decisive. >> i think. >> that they've made changes in terms of how they've. >> pushed urgency at the company. and then on top of all that, he's. >> only. >> focused on one. >> company, unlike elon musk,

who is doing so many things and many of them quite well. >> but mark zuckerberg is focused on just meta. i think he put all those things together. >> it's great for the company. >> and i think you. >> have. >> to think about the. >> multiple, right? >> when you have a young ceo who will be around and i think innovate for years on end. it's good for duration for the business and it should be good. >> for the multiple. >> all right. we often talk about tech and the new administration. do you think the fact that he seems to have adjusted the company policies and also created a relationship with trump, where before they had a bit of an adversarial relationship? i want to say, i should say a positive relationship with trump, where before they had an adversarial one. is that also in your mind, playing a part in what we're seeing when the stock run? i do think. that that helps. you know, he's sort. >> of almost. >> rebranded entirely from. >> where meta was. >> just four years ago. >> and so i think when you think about the regulatory overhang has always been a question for. >> almost all of. >> these businesses. there's investigations in. >> many cases. >> and i think. >> what mark zuckerberg. >> has done. >> probably more than. >> most of the other companies

so far, is he has. to your point, frank made his relationship with with the new president. >> i think. >> much more friendly, let's say. >> at least. >> at this point. >> and it doesn't mean there's. >> no overhang regulatory at this point, but i think that it's much less than it was even under the prior biden administration. what about this latest report about meta looking to get into robots really coming through its reality labs division? that's kind of faced a lot of scrutiny just for excessive capex spending in the minds of many investors. what do you make of this development? we've got to just put it in perspective. people don't realize, but meta is really an advertising company. the idea of moving into robots, is that a good idea in your mind when the stock seems to be running very well? and what you're saying is a real focus by the ceo, and it seems to see you be advocating for the real focus of the company. i think it's. >> good because it's optionality. >> and you. >> look at. >> again. i'll broaden it out to the mag seven. >> all of. >> these companies, they're so big in terms of scale. >> hundreds of billions. >> of dollars in revenue in many

cases. >> and they need. >> to find other avenues where they can continue this massive growth that they have. and so i think for meta, when you think about reality labs, we think about potentially things related to robotics. >> i think that is. >> an. >> area where, you know, maybe they can, from an ai perspective, play and open up a new avenue of business. if you look at reality labs. >> you think. about the. >> ray-ban glasses that they've put out. they've been relatively successful. i mean. >> they're still small. >> in terms of impact to. >> the. >> overall business. >> but when. >> you think. about augmented reality. >> wearables. >> which we've been talking about for years and years. >> i think. >> meta is. >> really the first company who's made them a practical reality, where somebody can wear these glasses, feel good. >> about. >> it. >> and get a little. >> bit of, you know. >> ai augmentation. >> in their world. so i think that innovation is good for meta. it's good for the company. and again, i go back to the. multiple optionality is good for multiplenice to meet ya.good for the multiple.

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talks and the conversation, which could pave the way for a. summit between president trump and vladimir putin, comes as european leaders meet in paris this week for emergency talks on increased. spending to shore up the continent's defenses. meanwhile, investigators from the. faa and national transportation. safety board are. >> assisting canada. >> officials in the probe of a plane crash in toronto involving a. >> delta air lines subsidiary. >> 18 people were hurt when the plane flipped upside down while landing. delta canceled all of its remaining flights going in and out of the airport yesterday. now, the crash marks the fourth major aviation accident in north america in. >> the. >> last three weeks. >> and paramount global. and alphabet's youtube tv reaching a long term deal to keep cbs, comedy central and other channels on the platform. now, details of the deal are unclear, with paramount only. saying it includes an expanded streaming

relationship. >> the agreement. >> comes just weeks before march. >> madness and the. >> masters are set to air on cbs and other paramount channels. >> yeah, i think a lot of basketball fans are hoping that gets resolved. there's some clarity there. so much excitement. savannah, thank you very much. all right. coming up here world wide exchange the one word that every investor has to hear today. and the stock pick that every investor needs to know. plus, with an administration moving at a breakneck speed, many investors are left wondering what to do next. our next guest has a blueprint for the trump 2.0 agenda. we'll be right back. stay with us. >> welcome to. >> reinvented with accenture. >> today i'm here with margarita della valle. >> ceo of vodafone. >> you were. >> employee 25. >> in vodafone italy. >> today you're the. >> ceo of vodafone. >> what is your strategy and. >> vision for the future? we are. changing our. >> culture to. >> really focus. >> on our customers. >> we need. >> to. >> acknowledge that. >> change is hard. >> but if people understand it's

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templeton, your trusted partner for what's ahead. >> welcome back to worldwide exchange. the trump administration looking to provide some clarity over elon musk and his role within the administration. in a court filing as part of a lawsuit by 14 states challenging the authority of musk and his department of government efficiency, the white house says that musk's role is as an employee and a senior advisor to the president, and he's not an employee of doge. the filing says musk can only advise the president, and he has no actual or formal authority to make government decisions himself. meanwhile, the standoff between house and senate republicans on how to advance the president's agenda it's not showing any signs of letting up. the full senate is expected to vote on a budget resolution this week. that plan is separate from the one passed by a house committee last week. and as we've discussed, secretary of state marco rubio meeting with his russian counterpart in saudi arabia this morning for talks on how to end the war in ukraine. for much more on this, let's bring in henrietta torres, director of economic policy research at veda partners. good

morning. good to see you. >> thanks so much for having me. >> all right. so we just listed a laundry list of things to talk to you about. i'm going to actually go back to the second one, if you don't mind just talking about the administration's effort to, you know, increase government efficiency. that's what doge is all about. at the same time, us, the us senate is pushing back, basically saying that if you they want to they want ministration wants to get that tax bill passed, it's going to have to take some more steps, kind of explain what you're seeing when it comes to that that back and forth. >> yeah, absolutely. >> so the house. >> has a bill that. >> seeks to. >> deficit fund. almost $4.5 trillion. >> worth of. >> tax cuts. >> and there are two. >> options for paying for this. >> well, three really. >> the tariffs which have yet to go on in a meaningful way, doge. >> which they're. >> hoping will generate 1. >> to. >> $2. >> trillion. >> and then a series of $880 billion worth of medicaid cuts from the energy and commerce committee. so that really pits the senate against the house. various members in the deficit hawk community, against more

moderate members that are looking out for their. medicaid patients or hospitals, things along those lines. and then on the other side of capitol hill, you have the white house and doge, where they have just now entered into the social security administration buildings. >> and their. >> leader has actually just resigned in protest because musk is getting access to that information from, you know, what is it, 68 million retirees and social security recipients. so it's really quite the mess going on there right now. >> your words. it's a mess. one issue in this mess is, again, as you're calling it, are what people call entitlements, things like medicare or social security. how is that playing a part in all this? >> yeah, exactly. so if you're going to deficit finance $4.5 trillion worth of extending the 2017 cuts, you need to find a good chunk of change to offset that cost. the bulk of that money in the house bill that they released in their budget last week is $880 billion worth of cuts to the energy and commerce committee which means

medicaid. so that's where the bulk of it is. and then with elon musk going into the social security administration and the irs to find. >> taxpayer data. >> and social security funding, that's really their back entrance into mandatory spending and cutting spending. there to offset the cost of the. >> tax bill. >> all right, henrietta torres, great to see you. thank you very much. always appreciate your time and your insight. >> thanks for having me. >> i want to stick with president trump and the global backlash to his recent tariff announcement. the uk's business secretary saying imposing duties on that country's steel would be bad for both the u.s. and for the u.k. meanwhile, the leader of canada's conservative party is pledging to respond forcefully to tariffs. he says that he believes will harm the canadian people and their economy. for much more on how investors can play the president's policies this bring in david wu, founder and ceo of david wu unbound. david, good morning. good to see you. >> thanks for having me. >> all right. let's start off with this. these tariff announcements, the fact that tariffs were delayed. are there actual trades to be made here either in the equity markets, the bond market or the currency

markets? >> yeah, i think so. i actually don't. >> like. >> the euro. i actually think the euro is probably the most vulnerable. especially in the face of the tariffs. you know as you know. >> trump has been. >> very upset with the so-called vat in europe, which is about 20%, which he views as equivalent as tariff on. >> us imports. now, moreover, i. >> think until last week, a lot of people were thinking that because of the ukraine war that the europeans wanted to keep the us on board and therefore willing to negotiate and even compromise. for example, there were basically rumors that the eu was about to literally cave in and agree to lower tariff. >> on. >> imported cars from the us. 2.5%. however, i think the jd vance last week was no less than earth shattering in the sense that it really signals a complete the us european alliance and a complete breaking point. so in that respect, i think at this point the europeans don't want to negotiate with trump. they just want they might decide just to stick it to him. >> all right. so it sounds like you want to you want to short

the german dax or the euro. excuse me. the euro right now. what are the other plays we can do now that we have just a sense of what the state of play is between europe and the us? >> i think, you know, exactly. i think there's also the election coming up. i mean, let's put it this way, the reaction to the speech over the last 48 hours have been just absolutely total outrage in europe. i think just they don't get it. they don't understand to what extent trump administration is a huge issue. basically, trump is saying like, you know what? given we no longer have shared values, given the way we've been cracking down on free speech, we don't even want to defend you anymore. now we have a major election coming up in europe. i think, you know, in germany this weekend, my view is that the right wing, you know, afd party is probably going to do better than most people expect. and i think in light of that, that fact, given the massive rally we've seen in dax over the last basically three weeks. i think it's definitely a sell on rally story. in fact, i think, you know, over the next three days we're probably going to see some money coming off the sideline.

>> all right dave, let's bring it back to the us for us investors. you're talking about some foreign markets right now. currency a bit more sophisticated. but if we're just talking just a more general us investor, what are some other plays? are there plays in the treasury market based on some of these tensions that we're seeing? >> yeah, i'm bullish on us treasuries. and i haven't been bullish treasuries for the last three years. and the reason is because right now the market is only pricing in one cut by the fed for the remainder of this year. i think the fed is going to do more than that. and the reason is because of doge. i mean, just think about this. trump has now given just think about this for a moment what your previous guest was saying. the us government accountability office, which is a congressional watchdog, says that every year the us government is paying out something between 350 to $500 billion spending that's associated with fraud and benefit abuse. if voters can basically take care of that, that would more than offset basically extending the tax cuts. what i'm telling you is that right now, everybody is in denial about what doge cannot and cannot do. my view is that

the spending cuts that are coming this way in the us in 2025 is going to be very significant. so significant. i think the us economy will slow. and i think that will give the fed the perfect pretext to cut interest rates. and i think that will be very bullish for us treasuries, no doubt. >> all right, david, we've got to leave the conversation there. really appreciate your time and your insight as always. thank you. >> thank you. >> all right. coming up on worldwide exchange, the cyber security play our next guest calls a top pick. despite coming off a rocky week of trading on the back of earnings. we'll reveal the name and our mystery chart coming up right after this break. if you haven't already, you should follow our podcast. if you missed worldwide exchange, check us out on apple, spotify or other podcast apps. spotify or other podcast apps. much more coming up at ameriprise financial we know our clients are so much more than clients. they're conquerors and champions, and what matters most to them matters most to us. it's no wonder we have a 4.9 out of five client satisfaction rating. ameriprise financial.

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with exclusive access to market moving interviews and stock picks. all new investing tools securely linked to your brokerage accounts. plus, cnbc global market news and analysis tailored to your holdings. become a smarter investor with the power of cnbc pro. go to cnbc.com now. >> welcome back to worldwide exchange. as we close in on the 6 a.m. hour here's the check a few on a few of the big stories that we're following this morning. broadcom and taiwan semi are reportedly weighing separate deals to break up intel into two companies. with broadcom focused on its chip design and marketing business. and tsmc examining the company's fab plans. the wall street journal says the talks are so far preliminary, preliminary and largely informal. southwest airlines is cutting its corporate workforce by 15%. ceo bob jordan says the, quote, unprecedented decision will help transform the airline into a faster, leaner and more agile organization. chinese president xi jinping meeting with domestic

business leaders on monday, including alibaba's jack ma, calling on the sector unify its thinking and strengthen its confidence in development. the meeting, seen as a possible private sector policy, reset after years of regulatory scrutiny from beijing. split view from two fed heads on the central bank's next move. speaking monday, governor michele bowman says the fed needs to see more progress on inflation before cutting rates further. this is governor christopher waller, speaking in australia this morning, says fed policy is still restraining the economy and more easing is appropriate, even with tariff impact and uncertainty. elon musk's musk's exci unveiling its latest ai mode called grok. grok three claiming it can outperform offerings from openai and deep tech based on early testing. musk says this version is, quote, orders of magnitude more capable than his previous iteration. and amazon workers at a warehouse in north carolina voted against unionization over the weekend. organizers have been campaigning in favor of unionization at the garner, north carolina, site since 2022. only two warehouses in that in

that in the country so far have voted to unionize. all right. turning back to the markets, the markets are coming off a winning week, with the nasdaq leading the gains up more than 2.5%. it's been a bit of a choppy start to the year, but the major averages still aren't that far off the record highs as investors look for the next catalyst. take a look at futures right now. you can see there in the green across the board actually hitting their highs this morning for much more. let's bring in malcolm etheridge, a managing partner at capital area planning group and a cnbc contributor. malcolm good morning. good to see you. >> good to see you, frank. >> malcolm, what's your word of the day? how do you see today shaping up? >> yes. so my word of the day is chaotic. kind of sticking with the theme of the last couple of segments in the show, specifically because the trump administration rolled into town last month and inherited a really strong economy, a. really strong labor market, a stock market that was poised. >> to. >> keep on running for another couple. >> of years. >> but the. approach to the tariff war so far has been pretty chaotic with the stop and start, especially. >> with our two trading

partners. >> to the north and to the south of us. and i think that that is. causing a little. bit of concern. >> among investors and has the potential to. give back a lot. >> of the. positives that i started. >> off talking about. >> all right. so if you think it's chaotic is your word of the day, you see chaos coming, then wouldn't, you know, plays that kind of equate to certainty. wouldn't those be the smart moves? right now we're just talking about gold a minute ago. gold up about three quarters of 1%. goldman out with a new price target on gold 3100. and then treasuries with safer than the treasury right now. >> well, i. >> mean, there's no. >> such thing as certainty in this market, right? >> but i do think that we. >> should. >> also consider the. >> fact that in 2016, there were a number of industries that we thought were going to thrive under trump. >> 1.0. >> that ultimately weren't the. >> sectors that. that ended. >> up doing the best. that's part of the reason that a lot. >> of investors have. >> been lining up. >> their chips to get into. >> some of the more. >> predictable things, like energy. but i do think that. >> realistically. >> there. >> are a couple of places. >> that the chaos is probably more likely. to breed some

opportunities than than other. >> places that are a little more obvious. >> well, malcolm, do you tell hit us with some of the areas you think are going to see opportunity from all this chaos? >> yeah. well, one. >> of those since. >> you teed me. >> up for it is cybersecurity, right? >> so the. >> aggressive stance toward china we've. >> seen with. >> deep tech is capable of or at least with they're willing to tell us about. >> publicly, which. >> also creates an opportunity for. >> some bad. actors to. create different. >> campaigns, different cyber threats, a lot more. >> cheaply and a lot. >> more efficiently. >> which then means that we have to beef. >> up our security on this side to be able to. >> thwart those threats. >> and so i think that cybersecurity is. >> a place that's going to. >> get a. >> lot more funding from both state. >> and federal. >> government. >> agencies. >> as well as some of the bigger. enterprises that need. >> to make sure that they protect. >> the house. >> all right. so you've often come on, you've been very bullish on the sector of cybersecurity. but we want to get to your pick which also reveals our mystery chart. why are you making this pick today. >> yes. so palo alto networks is my favorite pick for the entire

year. and the. >> reason one. >> i understand. >> that. >> the stock. >> is. selling off. >> a little bit. >> investors feel. >> like it's gotten a little bit ahead of itself, especially with the latest earnings report. but the latest earnings report was the fourth. >> in a row. >> since they started using the word platformization. that's actually. >> proving the strategy. >> has legs. they started giving away services to some long. standing customers to. entice them to. >> stick with them and sign. >> longer term contracts. and we're. >> seeing that in the form of annually recurring revenue that is significantly increased since. >> they started using that word. and so i don't know that. >> this is necessarily the place you start buying this stock with both hands, but. >> i. >> definitely think that it's a place that if you don't own. >> it, you. >> do. >> want to start. >> making your way in from here. >> all right. well let's talk. i want to ask you about is meta on a real record run, 20 day win streak? what's your view of this company and the fact that after this win streak, a lot of people think like the rest of the market, it's getting a bit frothy, elevated rsi, some other factors that people are looking at. >> yeah, we could have made that. >> case about meta. >> a. >> number of times over the last

couple of years. i think the really interesting thing. >> about them, the. >> when that's. >> at their back right. >> now, is the potential for ai generated ads that. >> we. >> haven't really seen take. >> off just yet. if you. >> if you consider what the. profit margin is on an ad that's created by a human team. >> today, you take that. >> and. >> cut it maybe in half. >> by having. >> ai be the. >> thing to generate a. >> lot. >> of the advertising. and also be so perfect. >> at. >> targeting that ad. >> to. the perfect. >> right buyer. >> at the perfect right time. i think that. there still is. >> a ton of potential in a. >> name. like meta that makes most of its revenue on that digital advertising space. >> i got to ask you, do you own shares of meta? >> i do not. >> all right. malcolm, arthur, do you pick for us today? palo alto networks. always great to see you. thank you very much. here's what to watch this week walmart kicks off the retail sector's results on thursday. we also get earnings from shake shack block, alibaba, etsy and occidental outside of earnings, with the latest fed minutes on wednesday. also watching for manufacturing and services pmi data, as well as existing home

sales figures. one more quick look at the futures. as we mentioned just a short time ago actually futures hitting their highs of the morning. we saw the dow just go fractionally lower about an hour ago. now you can see it looks like it would open about 28 points higher. the s&p up fractionally as well. the nasdaq the best performer up 91 points. just about a third of a percent as well. that does it for us. squawk box starts right now. good morning. >> at delta airlines regional jet crashed on landing in toronto yesterday.nately all 80 people aboard survived, but at least 18 were injured. the doge department publishing a detailed list of its cuts and cost savings that it has made so far. meantime, a white house filing says elon musk is not the department's administrator. and secretary of state marco rubio will meet with counterparts from russia as the us looks to reset relations. it's tuesday, february 18th, 2025. and squawk

box begins right now. >> oh good. >> morning everybody. >> 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 joe kernan and andrew ross sorkin. it's a monday morning for us. >> sort of even. >> though it's tuesday. we're here. >> markets are back. >> open again. >> it feels like a monday. you're going to see right now that we're looking at some green arrows at the open. the nasdaq closed at an all time high on friday. it's indicated up another 100 points. this morning almost. dow futures up by about 35. and then you've got the s&p futures up by 18. and i think right now the dow is just only a little bit from one one more than 1% from the all time high. the s&p is only a quarter percentage point from an all time high. it does come