us feel amazing and is something that we get to use every day. >> get invested, join the club. >> the value you're going to get from making better investments more than outweighs whatever the cost of the membership is. >> join the club. last day for new member savings go to cnbc.com now. terms and restrictions apply. >> and welcome to power lunch where you have heard from some power players over the last couple of hours. jamie dimon sounding off to cnbc minutes ago saying things are normalizing a bit. warren buffett piling up a

mountain of cash will tie it all together for your money. plus, tim cook and apple handing donald trump a big win, alibaba opening up its big wallet with some ai spending. and some signs that one big player may start cutting back. oh, and kelly france coming to the white house. and we expect to hear more, maybe from the president himself very soon. >> in fact, the substance of that conversation, brian, might be helping the market mood this afternoon and maybe those comments from jamie dimon as well. we've had a little bit of a midday turnaround with the dow up half a percent right now the s&p higher. the nasdaq off its worst levels as it was briefly in the red year to date. so keep an eye here. the momentum stocks that have been really hot losing a lot of steam over the past week. palantir down 21%. similar for robinhood. constellation energy we're talking constellation brands last hour. energy down 15%. it's doubled though over the past year. robinhood tripled. palantir has quadrupled. so we'll put that into some perspective. but the other area seeing of softness is related to the consumer. walmart

down 9% in the past week. but it's not just them. they're not alone. caesar's down 11%. chipotle down 10% as well. >> constellation in constellation kelly one's what's one's wine. what's the difference. all right. let's begin with the markets and your today because you don't have to be jamie dimon or warren buffett to see. there are some red flags beginning to pop up, especially around the keystone of the american economy. that is you, the consumer today. citigroup economic surprise index coming in worse than expected over the weekend. we learned the aforementioned warren buffett is lounging on a record amount of cash. does that mean he's growing worried or simply can't find a better place to put all that money? only he knows. but either way, it's a little concerning. also, some growing negative data points around the american shopper, with the university of michigan's consumer sentiment coming in weaker than hoped and walmart coming off its worst week in the markets in over two years. by the way, it is not just walmart to watch. here's a little random

but interesting for you. consumer discretionary the worst part of the stock market this year. oh, and don't forget about this thing they're calling dodge the layoffs and potential layoffs spooking the entire beltway. and over the weekend, apollo investments highlighting studies that for every federal employee, there may be two more contractors associated with the same job, meaning that any job loss may not just be one, it may actually be three. now, separately, all those things, they may not be a big deal, but when you wrap them all together nicely, it is definitely something that we want to talk about. kelly. and so i think we will. >> all right brian thanks. jamie dimon weighing in on the economy as well today and kind of addressing all of these concerns. now against this worrisome backdrop, he says the consumer is returning to healthy levels. take a listen. >> we've had this huge boom after covid and all the money that was given out and spent. and so we see consumers are kind

of back to normal. so they don't have all the extra money, but they have jobs. wages are going up. but you know, if they they substitute a cheaper product for a more expensive one, they cancel a trip. so you're starting to see. but i put a normal credit cost of normalized. so it's just almost back to what i call a normal environment. >> normalized normal. it's almost back to regular. it's a normal environment. soothing talk there. let's get some more reaction from ken stern. he's president of leto advisors here on set with us. greg daco is chief economist at ey parthenon. greg, i'm just going to throw it to you first with the economist hat on here. would you agree with sort of jamie dimon's comments or more in the camp that we were just talking about a few moments ago? who sees the potential for a soft patch in the economy in the next few months? >> well, i. >> certainly think that we've. >> seen a normalization. >> in the. >> economy, but this is. >> not new. this is something that occurred. >> about a year ago. when we look out the horizon, we do have risks for consumers. and i think it's misguided. you have heard me talk.

>> about this in the past, misguided to talk about one type of consumer. there are a multitude of different types of consumers, and those at the lower to median end of the income spectrum are the ones that are being more constrained by higher prices and lingering higher interest rates. that's where you're seeing some of the softness. one thing i am a little bit concerned of, and watching very carefully, is the direction of. >> travel, of real. >> disposable income growth. that's been. >> the key pillar. to the us exceptionalism that we've seen. that's starting to slow that, along with evidence that consumers are dipping into their savings to finance their outlays, are two elements that i'm a little bit cautious about in terms of the horizon for consumer spending going out into 2025. >> can you still feel pretty constructive? maybe you can talk a little bit about that. and what else jumped out to you? from jamie dimon's comments? >> yeah. >> and. i am. >> constructive and i think those points are valid. but they're they're. >> very, very. >> very small right now. >> and you can even add that. >> businesses are. >> hesitant with. >> their capex. >> not knowing. >> what's going on. >> with. >> tariffs and whatnot. and the

american. >> exceptionalism, it is very strong. so at the at the end of the. >> day. >> what does that mean if tariffs don't go through tomorrow, what do you think the market does. and interest rates. >> what is the. >> probability that they're. >> going higher. >> very low. but what's the probability of staying. >> the. >> same will go down if we see a little bit of a hiccup. this is cyclical. the secular trend is very. very positive. unemployment is very low. if you see entry points because of a reverse momentum i like that. >> so you like entry points. you like entry points in bonds. it sounds like too. let me ask you about the more controversial part of the market, which is some of these really high flying stocks. i have to imagine you're talking about entry points for stocks more broadly and not necessarily for palantir, although maybe you see this as an opportunity. >> well, it went. >> up. >> so much. >> so fast. >> i think that you have to look at specific stories like palantir. walmart, by the way, had great numbers. they just talked a little bit about potential for softness. and now the market, you know, it goes up like a, you know, an escalator and down like an elevator. and they're going to ask questions

later. there's a good chance that there's a positive next quarter surprise. >> you know, greg, on a scale of 1 to 10, ten being absolute zero being zero, how much faith do you have in all the data? because a lot of the stuff we're doing is like, well, the university of michigan sentiment number came in at whatever. that's fine. we've also learned that a lot of the data points, maybe not. they don't end up what you know, where going where you think they might go. how much faith do you have in the unemployment numbers that ken referenced? all the university of michigan numbers? et cetera. >> well, you know, i'm a nuanced type of guy, so i like to look at a broad set of data. whenever i'm analyzing the economy, i think we have to be conscious of the fact that the us economy, first of all, as we were just talking about, is very robust. we have a historically low unemployment rate. that is a true reading on the underlying state of the labor market, but you are starting to see some headwinds in terms of momentum. real disposable income growth is gradually slowing. high interest rates are curbing housing sector

activity. and the government, which has been a key support of economic activity and job growth, is starting to become a little bit more of a headwind. add to that the risk of tariffs, which may not all materialize, and that would be a great thing, but the risk of tariffs risks hurting economic activity and lifting inflationary pressures. those are all risks. i'm paying close attention to. the economy today is still very healthy. 2.5% clip, very strong productivity growth. the economy tomorrow a little bit more at risk. >> can go, okay, you're an l.a. guy. you live in los angeles, right? all right. so you're here with us. we appreciate it. tell us what you saw at lax that said, kelly and i are both virginians, not by birth, but that's where we kind of went to high school. all right, here's the reality. all of our friends around the beltway are freaking out, right? maybe rightfully so. they're going to lose their jobs. someone's going to lose a job, their neighbor may lose their job, etc. growing up in los angeles, though, i realized that we don't really pay attention necessarily to what's happening in dc 3000 miles away

unless we have to. so as a guy who looks at all the national data, how closely, if at all, are you paying attention to all these job cuts or potential job cuts in and around dc? will they matter to you and your clients? >> they do. >> and it could reverberate. but this economy is exceedingly resilient, and we tend to absorb in many, many different ways. so i am not trying to in any way sidestep the fact that people are losing their jobs. it's a real thing, you know, it's a recession. >> i hate it, but it's happened in the private sector for hundreds of years, and it sucks every time we have to talk about it. >> but we still have very low unemployment rates nationally. this is going to probably have some kind of a ceiling and an effect on inflation, as well as interest rates. and those kind of, of, of rotations are good entry points in the market. and again, the market valuation was exceedingly it's still high. this is actually creating more of a normalization. it's these

kind of events that you look at as an opportunity rather than again, i don't want to minimize anybody losing their job clearly. >> or not. >> well. >> anything from berkshire that you kind of take i mean do you is there much to they're so big right. they're such a unique animal. but is there anything that you know. oh they have a huge cash pile. they're not putting anything to work right now until they see valuations probably way lower from here. >> warren buffett is the value investor. he is the quintessential value investor. this isn't a value market by by definition. so if you look at i don't think he necessarily looked to raise this much cash. what is it, 300 plus billion dollars. >> he says that quite clearly this is not a, you know, preferred position. >> he's sold stocks he had a great profit in. he has cash now. he's earning more than we've earned on cash. i mean, what is it, billions and billions of dollars. >> he also paid one fifth of all. i think you pointed this out. corporate tax, one fifth of all corporate taxes in america.

>> i think. >> it was 5% unbelievable. >> whatever the number. maybe it's not one fifth, but a lot. >> a big, big number. and he said it was all because they've never really paid a dividend. >> that's exactly right. and look at what he is buying. more value aligned japan. isn't that interesting. >> it is. do you think there's more opportunities outside the us than inside right now? >> oh that's a good question. there's we've argued that for years and you and i have talked about it several times. >> i remember being skeptical. so my apologies. >> i look it i it's hard it's so tempting because you have lower multiples and great entry points. but the growth just isn't quite there. and there's been so many head fakes. i'm not willing to get overly bullish in any one specific economy. >> greg, i feel like we should create the graphic, you know, the gif or gif where it's like scrooge mcduck is diving into the pool of gold coins, and then he comes up and he spits out all the money. we should just put buffett's head on scrooge mcduck. that said, are you reading anything into the overall economy by what warren buffett may or may not be doing?

or is he literally his own thing? >> i do. >> sense that there is a little bit of a wait and see in the general public. we're hearing from a lot of clients that we talked to across a multitude of sectors, that there's so much uncertainty right now as to the direction of trade, policy, regulation, immigration, even the fed's next move, that there's a little bit still of that wait and see approach until there is more clarity. businesses still want to drive growth, but they're going to be focusing on the assets that have the greatest return on investment in that type of environment, where interest rates remain quite high. and let's be honest, the fed now is very much in reactionary mode. it's essentially adopted this hawkish conditionality where it's not going to be easing rates rapidly because it wants to see sustained progress on inflation. so we're likely to be in this higher interest rate environment for some time to come. >> still all right. still buying bonds. we don't have to get back into it. gentlemen thanks very much. appreciate you joining us today, ken stern with greg daca

with you i. >> thank you. all right. coming up, why the elections in germany may matter a lot to your money here in the united states. stick around. >> in a world of uncertainty. >> and disruption, how will your investments stay resilient? we've been navigating change for 125 years, always looking forward, anticipating risks, and trusted to manage over $1 trillion in assets worldwide. solving for the needs of investors today and tomorrow. that's the power of nuveen. >> are you. >> investing in. >> municipal bonds that will fund roads and bridges? think of assured guarantees bond insurance. insurance. >> as your. g (♪♪)

the booking app i used didn't have agentforce. so an ai agent didn't know to move my reservations inside... ...or know what i like to eat, which is not that. what's up, my brother? oh, hey, bud! we really needed this rain. right? [car splashing rain water] agentforce helps restaurants prevent dining disasters. paddle on over! it's what ai was meant to be. we got you, brother.

yeah, it is weird that we still call these things phones. well, yeah. they're more like mini computers. precisely, next slide. xfinity mobile customers are connected to wifi 90% of the time. that's why our network has powerboost with wifi speeds up to a gig where you need it most. so, this whole meeting could have been remote? oh, that is my ex-husband who i don't speak to. hey! no, i'm good to talk! xfinity internet customers, cut your mobile bill in half for your first year with xfinity mobile. plus, ask how to get the new samsung galaxy s25+ on us.

to three vetted fiduciary financial advisors at smart asset.com. >> all right welcome back. you know the markets and your money are global. so what happens over there matters here. and there was some big news happening over the weekend as well. first you had elections in germany where the more right wing political party did gain votes but did not take control. also, president trump meeting with french president emmanuel macron today in the white house. let's talk about all of it and wrap it up with fred kemp. he's the ceo and president of the atlantic council. and michelle caruso cabrera, ceo of mcc global enterprises. both are cnbc contributors. michelle, your take on the german elections, what happened and why they might

matter to what happens here. >> so the german market. >> is. higher today because it was the best outcome that people expected. >> we now. >> have a pro business. >> leader in germany. >> that's the. >> good thing. >> the problem is he didn't get. enough of the. >> vote to. >> be sure that he can. >> actually carry. >> out the things that germany really needs. >> germany has a broken business model. it's based. on exports and cheap energy. they don't have cheap energy, and they have fewer and fewer exports now, because china has now started to replace the things that they used to get from germany. they need to re do everything there. and it's not clear. >> that the german. >> people are quite on board with that yet. or the politicians. >> fred kemp, you were just there in munich at the. you might still be there for all i know. as a matter of fact, at the munich security conference. i've been there many times. you talk to just random voters in bars and guess what? they're really mad at gerhard schroeder. and they're pretty mad at angela merkel because they feel like they were misled on their economy. what's your take on the outcome of the german elections? >> so i've known the new.

>> chancellor. >> friedrich mertz. >> for years. >> michelle is absolutely right. he's probably the most pro-business german chancellor. maybe we've had. >> since since. >> the federal republic of germany post world war two. >> and certainly much. >> more so than angela merkel. the problem. is that he had the worst outcome, his 28.5% outcome for the christian democrats was the second worst outcome for that party since the war. the spd, the social democrats, with whom he'll probably coalesce, had their worst outcome since 1887, and even worse than march 1933. >> when they had a. >> very bad outcome ahead of hitler's coming to power. and so the gains in this election were the far left and the far right. and so the far right afd, sorry, afd the far left add up to one third of the electorate, and that is a block for any constitutional change that could lift debt ceilings and allow free markets to really get the economy going and lift the debt

limits that he needs to lift. so it's going to it's going to continue to be a really messy political situation, but with a much better chancellor. >> speaking of messy political situations, france. you heard those comments between macron and trump. michelle, this afternoon, what jumped out to you? >> a number. >> of things. trump wasn't as dismissive of nato as he has been before. he actually spoke positively about nato. that would be an improvement for the members of nato. macron said when it came to a deal with ukraine that they had reestablished deterrence. when it comes to russia. i'm not sure how that's possible. and then the other thing i think it was super important was treasury secretary scott bessent was asked very directly by the president, where are we on a deal with ukraine? he said, we're on the first yard line. so when it comes to doing some kind of equivalent of a lend lease for ukraine to have, you know, help from the united states when it comes to restructuring post war, if and when they get a peace deal done. those are some of the things that stood out before they go on to do now, the

official press conference that they're going to do with the press. >> and, you know, fred, listen, you're not a markets guy, but i'm sure you look at the markets, you watch cnbc contributor. after all, we know that. we watch the markets. we look at the data. and michel's point at the top, these european stock markets, they've done really well the last couple of months outperforming the united states. there's a lot of reasons why. but there does appear to be, for the first time in a while, some economic optimism around europe, even with all their energy and security problems. you were just there. do you feel that at all or is that just am i just wildly overstating it? tv style? >> well. >> look, look. also, the chinese markets are outperforming the us markets this year as well. so the multiples are good in europe. so it's a good place to invest if you have a little bit more reason to invest. but you still have zero growth in germany. and michelle is also right. they've been hit in manufacturing particularly car car sector by by by by china as

well. so i think it's a market where the prices are good. so i think one one should be buying buying europe at the moment. right now and particularly in germany, what went up today was defense. so ryan is kind of the standard stock in the defense sector. and i believe that was up 4%. and so i think defense stocks are going to be where you want to buy right now. because across europe right now, if you can't count on the us, all european countries are going to have to invest more in defense. >> this last point that fred just made is important. if you cannot count on the united states, the jd vance speech at in munich really got a lot of people quite upset over in europe, but it's also led to a lot of thinking that maybe the europeans are finally going to actually spend what's required of them when it comes to nato, because they've been relying on they joke about it. they say the bank of america when it comes to nato spending. right. so maybe they're finally going to do that. maybe they're finally

going to listen to mario draghi, who's to run the ecb, who said for, you know, more than a decade things we need to stop the internal barriers that are killing ourselves in europe. why we don't grow. so maybe trump has finally given the wake up call that they've got to do more than they've been doing in order to improve the economy. >> yeah. the market certainly. yeah. go ahead fred. >> can i ask one one? let me add one thing to that. so friedrich said it's five minutes before midnight. it sounds actually even stronger in german. the five minutes before midnight says, i know we're in trouble. i know we have to move things. we have to get our act together. you know, he's seen a doubling of the far right party. if the spd and he don't get together and create more growth, if they don't get together and spend more on defense, i don't know when they're going to get another chance. so i think he's right that it's five minutes before midnight right now. it's also good that macron is talking to the president. he has a good relationship with him. he just invited him in december to the opening of notre dame. and so even though they disagree quite a bit with each other on various things, they have a personal

relationship that's better than many other european leaders with trump. >> trump was very nice to him. i mean, some very nice things. an, you know, he doesn't sometimes do that, right. >> unless he's getting something that he wants. and then he's like, well, i've always loved macron. but you know i hate him. but then i love him. yeah, but that's the trumpian way. yeah. you got a long way to go. i think you said we're in the beginning of the first. >> inning. >> but look at the market this afternoon and you wonder if this kind of happy talk was helping lift the mood. and that's where we are. michelle. thanks. appreciate it. michelle caruso-cabrera fred kemp, always a pleasure. thank you. atlantic council ceo and president. as we head to break, check out shares of meta turn of fate for the name. from a 20 day winning streak to now a five day losing one. we'll take you through some of the other key movers ahead.

>> omaha steaks. seventh annual sale is back. save 50%. >> site wide on america's best steaks, chicken, burgers. >> and more. >> all backed. >> by our 100% guarantee. right >> by our 100% guarantee. right now, you'll get 12 omaha my husband dean always worried that his diabetes would keep him from enjoying retirement but dexcom g7... has made it easy for dean to manage his sugar levels... and spend more time in range. we're feeling good about the future... wherever it takes us. >> thank you for calling. please hold. >> now that's better. trey palmer didn't have a. >> massive call center. instead, your calls are answered by real people who know you by name and are empowered to help. >> like me. hey, chuck. >> how are you? what can i do

for you? >> if you're like. >> i was. >> you're tired. >> of worn out. >> plastic mats. >> under your office chair. >> they dent and. >> crack, and they're uncomfortable. >> to roll on. >> i found a. >> premium alternative. >> a glass chair mat. >> by vitra. >> i liked. >> it so. >> much i bought. >> the company. >> i'm jorge. >> pardo, president of. >> the hour. >> glass chair. >> mats are made of super. >> strong glass. >> and protected. >> with a nanotech. >> coating, so. >> you'll always. >> get a smooth, easy glide. and they're beautiful. >> tired of replacing plastic? i promise? >> this is. >> the last chair mat. you'll need. and we. >> give you a lifetime warranty. >> comfort, style. >> durability of. >> a glass chair. >> mat will completely. >> transform your. >> workspace. >> home office or office? >> office. we stock 18 popular sizes, and we. >> ship free. >> to anywhere in the lower 48. get the look you deserve. >> i invite you to. >> shop online at usa.com, use promo code tv and save 10% on

promo code tv and save 10% on any g at odyssey trust, we're more than just a transfer agent. we're on a mission to deliver peace of mind by making things simple, fast and easy. we're proud to be the trusted partner of over 1000 clients in canada and the united states. investments more than outweighs whatever the cost of the membership is. >> join the club. last day for new member savings go to cnbc.com now. terms and restrictions apply. >> welcome back to power lunch. you're seeing a rather familiar picture lately which is falling bond yields. the ten year is below 440 right now. and more investors are coming on and talking about owning bonds here. let's get to rick santelli out in chicago. hi rick. >> hi kelly. and it doesn't hurt that you have days like friday where you learn that when equities look nasty, treasuries are still pretty much a safe

haven, even when there's so many question marks as to all the variables in the new administration and how they're going to affect interest rates. now look at a two year and pay particularly close attention to the right side. there were yields really drop. that was 2:00 1:00 eastern. and it was the end of an auction of 69 billion twos. and it went exceptionally well. tomorrow we'll have 70 billion fives. now, if you stick with two year right now, we're on pace for the lowest yield closer to two year since the 11th of december. hey, let's throw in a ten year. because even when you move down the curve, we're basically at the lowest yield since the second week of december. and this is a big deal, especially when you consider some of the dynamics that have made these market moves. friday we had weak michigan but you had strong inflation. but yet look at how the long end moved. maybe the best way to keep track of it all. let's look at that 210 spread. now this is a month to day chart. what do you notice. it's coiling. so we're having mostly parallel shifts in the

yield curve. and that's something to pay attention to as we hover about 20 basis points below the steepest. the curve was just about five weeks ago. brian, back to you. >> rick, thank you very much. all right. coming up, apple making a big promise and maybe giving a big win for one donald j. trump connect apple and the white house next. >> the bond report is brought to you by pimco, a global leader in active fixed income. >> it's an absolute problem. >> it happens. all of the time. >> if you own property, you've got equity. you can be a victim. >> how can. >> a. >> scammer actually. steal my home? >> it's so easy. >> for them to. >> get the original document. they can download it and forge it. they begin to. >> take out. >> loans and you're left holding the bag. >> what can. >> i do. >> to protect.

>> my title? >> go to home title act.com where you monitor your title and alert you if anything disturbs your title. protect your home. you'll sleep better that night. >> no matter why you started your business, your goal is to keep on growing. and with the help of financing from capitas, you can meet all of your business goals. because at capitas, we finance the legacy builders, the creators, the freedom chasers, the opportunity seekers. at capitas, we finance small businesses. >> doo doo doo doo doo. >> doo doo. >> if you're. >> shopping for a home. >> realtor.com real compute tool lets. >> you. >> find homes close.

>> to work, school, even grandma's house. >> don't all apps do that? >> not really. trust the number one app. real estate. >> professionals trust. >> tomorrow, goldman sachs global institute co-head jared cohen, his insight into the economy. plus, home depot breaking earnings from this important dow component. stay ah you think those phone guys will ever figure out how to keep 5g home internet from slowing down during peak hours? their customers have to share a wireless signal with everyone in their area. oooh.

you know, it's kinda like when you bring a really big cake for your birthday, and then there's only a little, tiny sliver left for the birthday girl. aw. well, wish her a happy birthday. happy birthday... -it's... ...to her. -no, it's me. have your cake and eat it, too. don't settle for t-mobile or verizon 5g home internet. get super fast xfinity internet you don't have to share. forty's going to be my year. design for thoughtful living. thuma. >> welcome back to power lunch. i'm pippa stevens with your cnbc news update. a u.s. appeals court upheld theranos founder elizabeth holmes conviction on charges of defrauding investors in her failed blood testing startup. the court rejected claims of legal errors at holmes and president ramesh sunny balwani. trials that were held separately in 2022. holmes was sentenced to just over 11 years in prison. the vatican said this afternoon the pope is still in critical condition but has shown slight improvement, according to the latest update, the 88 year old is still receiving oxygen as

he receives treatment in a rome hospital for double pneumonia. the vatican says his mild kidney failure is not of concern right now. and after ten years of anchoring nbc nightly news, lester holt is stepping down. he says he will make his last appearance at the beginning of the summer. nightly news is the flagship news broadcast of our parent company, nbc universal. holt says he will move full time to dateline, where he has been the principal anchor for nearly 15 years. kelly, back to you. >> congratulations to him. pippa, thanks very much. pippa stevens. let's turn now to the latest in the ai arms race. as heavily funded startups and tech giants hustle to get any lead they can. now, amazon backed anthropic says it's developed the company's most intelligent model yet. kate rooney has the latest details. i've been watching on social media, kate, while people mess around with it and you can do some pretty cool stuff. yeah. kelly it's interesting. so anthropic. >> is. >> really a first mover here with. >> this news. they say. >> it's their most intelligent ai model. >> yet. >> but it is.

>> also a new. >> type of ai models that competitors think. >> of google. >> and openai. do not have at this point. it's called a hybrid model. so it's a mix between reasoning, basically stopping to think about complex answers, and then a traditional model that tends to spit. >> out those answers. >> in real time. i spoke. >> to anthropic. >> co founder jared kaplan. he told me instead of consumers needing to pick between all of these different options, they want one coherent ai that can help with everything. he says. there's an advantage in that simplicity. >> people can turn the reasoning part on or off. >> sort of a toggle feature. and this is live and available today. as you said, kelly, people are starting to mess around with it. the move could give anthropic a much needed edge against. >> some. >> of its competitors, openai and a lot of the big tech companies. this is the company we should mention, backed by amazon. amazon has invested about $8 billion into this startup. anthropic product chief product officer mike krieger who also happened to co-found instagram, also told me this is. >> an effort to make this. >> whole chatbot experience more simple. simplify the whole

thing, says these models. they all have different personalities, they're all a little bit different. and he would eventually hope that users don't have to think about it in the future. we also heard from sam altman, he hinted a couple of weeks ago that openai would move in this direction. he posted on x that his company would try to do a better job in simplifying our product offerings, writing that we hate the model picker as much as you do, and we want to return to what he called the magic of unified intelligence. kelly. >> well, it's you know, you watch these wars back and forth, and it's incredible how every day you turn around, there's something new and better and amazing on the scene. but the real trick is going to be who can stick with consumers. openai with chatgpt now has, what, 400 million active users? >> that's going to be the tough part. they also everybody's sprinting at the same time after enterprises. but you are seeing this sort of flywheel effect where the more people are using your consumer chatbot, the more those same people are going to go to their company and say, hey boss, i'm actually using this great chatbot, why don't we try to integrate it on the

enterprise side? so anthropic is really battling here. they've had a couple of wins though. they launched sort of this agent capability ahead of openai. so it's one thing to be the first mover. it's another thing to be the best and to have a sustained moat, which i think is one of the big questions about these richly valued companies. i think at the end of the day, though, this all benefits consumers. you know, if you and i are using these chat bots, these companies battling to make these better and smarter and more efficient is will benefit, you know, the end user and make it easier. if you're not an engineer, you just want it to be the easiest option, right? make it simple in the front end. i think that helps a lot of us. >> out there. yeah, i'm thinking a lot about google these days. like i said, i find myself using it more now. when i go back to google. i'm like, i have to go back to this. >> brian. >> i need to get brian. >> what did. >> i. >> do into this world? >> kate i use. >> perplex. >> what perplexities. >> okay. >> you need yeah, we need, i want brian kelly is the chatbot queen recipes. you got the whole thing. so you have the perfect consultant right next to you.

>> laziness is the mother of. innovation. >> i. >> i, i. >> i tap her and eric's ai knowledge all the time. kate, as i do yours, i'm more of a perplexity guy. but that's just me. >> that's. everybody's got their own flavor. >> why don't you let let people do what they want? >> don't you think about google? >> let people live, kate rooney. >> when we when we. impossible. >> no way. >> when we when we have. >> these. >> discussions what does that mean. and they have gemini and they're doing a lot. they are. >> but i'm going to ask perplexity what is the best ai chat bot right now? question mark. >> is it going to check the different websites? >> hold on. >> the sauce. they call this a dramatic pause until the best ai chat bot is widely considered to be chatgpt. that's perplexity. just answer. that on live tv. >> it's got it will tell you the truth, even against its own interests. >> there you go. >> how nice. >> it's so honest. who is the most handsome business tv anchor of the 2 p.m. eastern time show? all right, speaking of big

technology, something else to keep an eye on for your money, is microsoft beginning to quietly pull back on its ai spending? it's a big debate. here's why. all right. td cowen, in a recent note, said that microsoft may be pulling back, but microsoft saying not so fast. all right. late last week, cowen wrote in a note their channel checks indicate that microsoft has recently canceled ai leases with at least two data center operators totaling enough power to light up a few hundred thousand homes. that note got a lot of attention over the weekend and actually probably was going to hurt the market or did earlier today or late last week. but listen to this happening now. microsoft responding to that note, writing to cnbc that quote, our plans to spend over 80 billion on infrastructure this fiscal year, fi remains on track as we continue to grow at a record pace to meet customer demand.

that email coming in, kelly, moments ago to us at cnbc about the td cowan note. >> yes, the company defending and saying kind of this whatever might be happening is already in the market. it's not part of this new narrative. we are not all being deep seated once again. >> deep seat is now a verb. let's talk about all of that. not grammar, but everything else and news around apple. dan ives of wedbush dan, i think this note to cnbc from microsoft is a big deal. it's leading cnbc.com right now because it's basically saying what you said which is td cowen kind of scaring everybody over the weekend. you know the note was getting passed around. and yet microsoft felt compelled enough to respond to it and say whoa whoa whoa whoa whoa. we may move spending around, but we're still going to spend 80 billion bucks. >> yeah. >> i mean, i thought it was way off base. >> in terms. >> of just. >> the merits. >> of it, because. >> microsoft does. >> this all the time, and they

foreshadowed it. even on the. conference call. >> talking about. >> you know, they're going to be focused more and more on. servers and actually less. >> and less when it. >> comes to. >> some of the data. >> center build outs. i think this is something there's more smoke, new fire. i think that's why they had to come out. this was definitely scaring a lot of investors in the jittery market. i think any sell off here, this is a name that's way oversold and nothing here in any way makes us nervous. >> the broader i mean we also hear from nvidia after the bell on wednesday dan. so everyone's a little bit on edge to see whether they all use the verb again are showing any signs of being deep seated. >> look, i think that's the issue is that, you know, the nervousness out there. but it's 15 to 1 demand is supply for nvidia chips. i think when jensen comes out on wednesday, it's going to not just in terms of the beat that we think, you know 2 billion beat. but talking about blackwell demand, you saw the capex 325 billion from from big tech capex. that's just

going to be more and more. i think the tailwind for nvidia and for this, this build out, everyone keeps looking for cracks in the armor. but i can tell you we're seeing more things accelerate in the last three months than anything else. and that's why we continue to be very bullish on names despite many of the bears. right? i mean, bears are always going to get everyone nervous. and i think wednesday those are put to rest. >> all right. we'll see. we got a couple of days to go and maybe some maybe some more ai models will debut between now and then. maybe we'll get some more clarity on what's going on with the microsoft investment piece as well. let's talk about apple for a second. i mean, that was the big headline this morning. $500 billion in investments over the next four years. and i liked your line that tim cook is proving he's 90% politician once again. >> look i mean look that's cook able to do this better than any ceo right. it's that you know, he's he's obviously mostly ceo, but he's also a 10% politician okay. even more. 10% and no but

and but but realistically kelly is that he it's a balancing act here between doubling down and us specifically when it comes to ai investment. but as we saw, it's a page out of what we saw in 2018, 2019. making sure plays nice in the sandbox with trump. big tech investment, especially when it comes to china and some of those tariffs. and this is something investors want to see. it's a balancing act. i think the smart move for cook. >> you know i'm looking at all the energy related ai names dan i know you're not the energy guy. don't worry i'm not going to go there. but constellation arista networks vistra they're all down 5 to 10% right now probably on concerns around a any kind of slowdown. whatever company may be involved around ai spending. i know we're going to hear more on wednesday with nvidia. it sounds like you are locked solid, that we're not going to get any meaningful downgrade in spending expectations by anybody. >> no. and to some extent, i

think it's accelerated because what we're seeing in terms of the use cases from palantir, i believe will ultimately be salesforce and others, and big tech doubled down. how many times in the need to double down? i mean, look at that. look at everyone else. and there's only one red phone to get these chips nvidia. and that's why stories like you saw this weekend or deep sea cook the cracks. people worry. but this is the fourth industrial revolution playing out. why? i believe tech stocks are up 25% this year. and you know and i think that's what needs to play up. i think wednesday night is going to be a seminal night for big tech. >> which one is your favorite dan i listen grok three is probably the best right now, but you don't use it on the phone. >> yeah, i'm a i'm a i'm a perplexity as well as a chatgpt. >> oh he he's 10% politician to. >> yeah. and 3% pink jacket. >> yeah. >> if you're on the radio dan's wearing a pink jacket with a yellow shirt. if you're on the radio, you're not getting the

full dan ives. >> turn on the tube. catch the whole thing. dan. thanks. appreciate it. thank you. we were just talking about big tech names, most of them lower on the year so far. of the nine companies with trillion dollar valuations, seven are down since jan one, except meta and berkshire hathaway. we heard from warren buffett over the weekend that stock hitting an all time high 502 for the b shares. should you trade like buffett? of course you should. three stock is coming up. >> crypto watch is sponsored by crypto.com. crypto.com is america's premier crypto platform. >> the number. >> of public companies is shrinking. while the number of private companies is increasing. at franklin templeton. we're expanding access to the growing opportunity in private. >> markets. offering the

potential for. >> greater diversification and. >> enhanced returns through. >> our world class. specialist investment managers, we are. empowering advisors with solutions. >> to build the. >> portfolios of the future today. alternatives by franklin today. alternatives by franklin templeton, your trusted partner something amazing is happening here. retailers are moving inventory quickly and securely. that's because cdw designed and built a solution with cisco security. end to end protection, defends against attacks and makes better decisions in real time. so warehouse and customer data stay protected every step of the way. make amazing happen. cisco and cdw. (auctioneer) let's start the bidding at 5 million dollars. mathank you, sir.en. (man) these people of privilege... hoarding the financial advantages for far too long. (auctioneer) 7.5 at the back. (man) look at them — unaware that robinhood gold members now enjoy the vip treatment — a 3% ira match

on retirement contributions. (auctioneer) 11 million sir. (man) once they discover their privileges are no longer exclusive... their fragile reality will plunge into disarray. ♪ ♪♪ innovation in health care means nothing if no one can afford it. ♪♪ at evernorth, we're helping to unlock barriers. ♪♪ using our 35 plus years of pharmacy benefits management experience to save businesses billions while boosting medication adherence. helping plan sponsors and their members be at their best. that's wonder made possible. evernorth health services. it's odd how in an instant things can transform. slipping out of balance into freefall. (the stock market is now down 23%). this is happening people. where there are so few certainties...

(laughing) look around you. you deserve to know. as we navigate a future unknown. i'm glad i found stability amidst it all. gold. standing the test of time. become financially independent in my retirement. >> join the club last day for new member savings go to cnbc.com. join now. terms and restrictions apply. >> welcome back. today we're unveiling our second annual cnbc changemakers list of women transforming business and philanthropic philanthropy, not philanthropy. julia boorstin joins us now with a special look at one of this year's leaders. hi, julia. >> hey, kelly. well, cnbc change maker anjali sood, formerly ceo of vimeo, who took that company

public, is one of the women on this year's list. she's been at fox's to be since september 23rd. and she's driven driven growth of the free streamers, content library and ad business. and she's been using ai to customize tubi's user's experience. >> one of the things i'm most proud of. is how to be is. really democratizing access. to storytelling. and i think one of. >> the ways we're doing that is breaking. >> the monoculture and. >> really platforming. >> more diverse. >> stories and storytellers. >> i'm probably at my most fearless and battle tested. i've been through enough ups and downs in the business world that i've developed. >> i think some pretty thick skin. >> and also, i just feel much more bold. about trying and striving to. >> do things that. >> i believe in, and not being as. >> afraid of. failure and sort of seeing. failure as. an important. >> way and a necessary.

>> part of achieving success. >> and we're. >> we are excited to unveil the speakers at this year's cnbc changemaker summit. it's going to be in los angeles here on the universal lot, which is where i am right now on april 8th. to hear more from some of this year's changemakers, request your invite to the summit at cnbc, .com slash changemakers or cnbc events.com as well. you can also scan the qr code on your screen. guys, back over to you. >> all right julia, thank you very much. >> hold on, hold on, hold on i was looking can we bring that list back up? >> paris hilton. >> i was paris hilton stuck out to me. big business, obviously. julia. >> yeah. she's had a remarkable impact. now, what's so impressive to me about paris hilton is not only does she have 1111 media, she has tv shows, she's branched into a cooking show. she also has products. she has cooking products as well as a handbag line at walmart. but

she has also been using her platform and her reach to drive good across the world. and what's really been interesting is she's been focusing here in the us on helping protect children. she testified before congress to get legislation passed to help protect kids at some of the institutions that she herself suffered at the hands of. so really using her platform as a force for good. and brian and kelly, that's been a theme across the change makers both last year and this year, is this idea of the women on this list really aligning purpose and profits. >> julia boorstin we cannot wait for that also. we love the universal lot. there's a tree over your right shoulder. there looks to be an oil tanker over your left. the whole thing is fantastic. julia boorstin. thank you. look forward to it. all right. up next what pizza may say about the entire american economy. >> cnbc changemakers is

>> cnbc changemakers is sponsored by only the servicenow platform connects every corner of your business, putting ai agents to work for people. like secret agents? no, more like autonomous minions that you control. to do what? well, jim's agents resolve simple customer issues. and patty's agents flag network problems. - proactively. - yup. i'm lovin' my agents. wait, you all have agents? oh yeah. and on the servicenow platform, everyone's agents work together so everything works better. can i have agents? maybe. ♪♪ (♪♪) (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like? of course! you're the man! i wish. the future isn't scary. not investing in it is. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com zip.

>> dash just. >> have an. >> earnings call? >> i wonder if their. >> take rate. >> finally improved. >> did management. >> provide an outlook for future performance? >> i have a question about. >> a stock. >> appeared. >> just swipe down and ask. alpha i. >> for investors only. >> at public.com. >> the cnbc changemakers returns. >> 50 women innovating and driving change across industries. >> find out who has made this year's list. meet the new icons. year's list. meet the new icons. the cnbc i guess what i'm looking for from you is, i mean, i know how the fire affected me, and there's always a constant fear that who's to say something like that won't happen again? that's fair. we committed to underground, 10,000 miles of electric line.

you look back at where we were 10 years ago and we are in a completely different place today, and it's because of how we need to care for our communities and our customers. i hope that's true. [joe] that's my commitment. [ambient noise] amazing and is something that we get to use every day. >> welcome back. it's time for three stock lunch where we hit three different movers and what you should do here with our

trades. ari wald, head of technical analysis at oppenheimer. ari, it's great to see you. let's start with the berkshire b shares, because they're a little bit more reachable than the a's. they're posting an all time high after the company put up its highest ever quarterly profit. buffett has that big cash pile. some people hate that. others just think it's kind of a feature of their size. what do you do with the stock here? >> i think this is really. >> significant action in the stock, especially in a poor market. i think that's a very positive tell. so i would be recommending to buy this strength. i think it does lead to higher highs over the coming months. you know, really kind of. >> just. >> from a market style perspective, we've been recommending large over small and overweight and ongoing overweight recommendation to the financial sector. so it's a stock that checks a lot of boxes for us. it's been in a bullish trend. and what was significant about the recent action. it was a breakout above its september peak. so that september breakout level is 4.85. that's now

support. and i think it marks a resumption of the stock's long term uptrend. >> yeah. and a market that's supposed to be all growth value is dead. so on and so forth. the a shares are trading at 754. i remember when it was like will they go above 300. you know i mean if we all thought about it like buying a house anyway not going to go there. how about domino's? we mentioned the pizza indicator lower after missing fourth quarter estimates. the ceo, citing some pressure on the consumer. we've been debating this one all day long. we're hearing another kind of weak consumer data point. do you buy it here? >> we wouldn't buy it here. and so it sold off at the open. it's actually has rallied back pretty strongly intraday i don't think that's significant in our work. it really just more consistent with a neutral rating. it's a stock that's been oscillating around its 200 day average really since last july following the earnings report. then where when it gapped lower and just hasn't been able to find direction since then relative to the market, been making lower highs even since 2020. so we

just aren't seeing that type of structural outperformance. i would steer investors to darden instead, the owner of olive garden. so instead of pizza maybe consider some some italian bread instead. there i think that's the stronger charge, stronger trend. >> stronger momentum. >> in a name like darden. based on our work. >> it's hard to argue with that. okay. let's talk about. so this is kind of emblematic of the biggest debate in the market right now. these high fliers like a constellation energy was up 90% last year, down 16% year to date down 8% today. six i should say. actually, what do you do with a stock like this. >> yeah. >> high momentum stocks have been in the crosshairs of the market in recent days. and last week or so no doubt. and here's a stock that's been on our large cap buy list since september of 2022. we've been riding it higher. we recommend letting winners run. and we would maintain that rating. with that said, as far as adding new money to the stock, i think that january 27th deep sea gapped

lower, which affected a big a lot of these ai stocks or related stocks. i think that just gives me pause from a trading perspective. i think more is needed from the near term. i think patience is required just given the heightened volatility environment. given the poor market shape and looking ahead, it's going to be important for this stock to uphold its 200 day average. that's at 235. so it's still above that level. still technically in a long term uptrend going to be important to stay that way. >> interesting. all right $30 or so of downside eric thanks. appreciate it ari wald thank appreciate it ari wald thank you. we'll be well, i'm a local company in chattanooga, tennessee that gets to save lives all around the world through tiktok. i didn't have the millions of dollars to put towards marketing, and that was the hardest thing. when i posted on tiktok that went from maybe a few hundred people knowing about my product to millions. (♪♪) we were able to make over $300,000 in less than two days.

it saved my business and it saved lives. to managing. >> your business, you have to go through hundreds. >> of resumes and hope. >> for the best. >> or you. >> can go and get the best. >> introducing paychex recruiting copilot. >> it uses ai to help find potential candidates from millions of profiles, whether they're looking for a job or not. then it. >> helps you get in touch. >> and get them hired five times faster than job postings. get your own paychex. >> recruiting copilot. >> now at. >> in a world of uncertainty and disruption, how will your investments stay resilient? we've been navigating change for 125 years, always looking forward, anticipating risks and trusted to manage over $1 trillion in assets worldwide. solving for the needs of

investors today and tomorrow. that's the power of nuveen. >> did you know some. >> liquid laundry. detergents are designed to leave chemical residue. >> on your clothes? >> try earth. >> breeze laundry detergent sheets. >> unlike some. >> liquid laundry detergents. >> earth breeze delivers a powerful. >> clean with. >> less chemical. residue and no optical brighteners. >> plus. >> each sheet is made of 100%. >> concentrated cleaning ingredients. >> to fight tough stains. >> for a powerful clean with less chemical. >> residue ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or

visit coventrydirect.com. uncertain times, it's tempting to retreat or simply wait and see. at cme group, we empower those who act. we deliver tools to. >> help manage. >> risk and capture. opportunities in every market. >> climate. >> across every major asset class. to seize each possibility at precisely the right moment, cme group opportunity is everywhere. >> hi. very quickly, let's take a look again. microsoft saying they continue to spend $80 billion. they sending a note to cnbc. a lot of the energy i energy related stocks. they are down today kelly. they're still down. microsoft note may change that a little bit but not right now. >> watching microsoft itself down fractionally. it's off the lows from this morning when people are a little more freaked

out about whether it was pulling back on ai spend. and nvidia is our big data point wednesday night. so really kind of in a waiting pattern. until then. >> i will see i'm off the rest of the week and i thank you and i will, i will god speed and i will see you on monday. >> the handsomest anchor, according to openai. >> one of three. there's only four of us. >> and carl, you might want to ask it. i'm just saying. thanks for watching power lunch, everybody, and we'll see you next week. closing bell. >> all right guys thanks so much. welcome to closing bell i'm scott wapner live from post nine here at the new york stock exchange. it's make or break hour begins with stocks looking for some stability today, especially among momentum names which continue to correct. we're watching all of those for you right now. look at palantir down another 10%. vertiv down five. vistra down five as well. and there are others that continue their sell off. we'll have special reports on each. all of this happening of course as nvidia readies to report earnings midweek, we'll ask our experts to make sense of all of it. in the meantime, we'll show you the scorecard here with 60 to go in regulation today. we did recover somewhat midday. the