portfolio. the return on investment for the club. >> pays for itself. >> jim cramer is. >> the benefit. >> you get that you can't get anywhere else. >> he has a unique ability to. >> know the market, explain it to people. it's a great value. >> get invested. join the club today. go to cnbc.com. join jim. >> it is. >> 5 a.m. here at cnbc. >> global headquarters. >> welcome to. worldwide exchange. >> here is your five at five. >> countdown to nvidia. and its all important earnings. that could. >> decide the direction. >> for your money for. >> this week. >> and possibly beyond momentum meltdown. tesla gets kicked out of the $1 trillion club as the stock rides a multi day losing streak. other big tech names also hit hard. >> in washington. >> president trump shifts his focus to raw materials, teasing possible tariffs on one and a potential trade deal for another. plus, the house moves a step closer to making the president's budget dreams. >> a reality. >> and then later. >> supermicro shares. >> they surge as the company.

>> lives to. >> trade another day. >> it is. >> wednesday. >> february 26th, 2025. >> you're watching worldwide exchange. >> right. >> here on cnbc. good morning. >> thanks so. >> much for. >> being here with us. i am frank collin. it is a big day on the wall street calendar. the poster child of the trade reports earnings after the bell. of course we are talking about nvidia. those results. they could energize. a suddenly sluggish market or they could. >> send. >> investors running for cover. it's kind of a tough start to the year for nvidia, which at times has risen to. >> be. >> the most valuable. >> publicly traded. >> company in the us since its all time high back on january the 7th. shares are down about 15%, and many on wall street say simply meeting expectations. today's report, it just will not be enough. >> what is the demand? how far they're out with the supply demand equilibrium related to blackwell. and i suspect that they're going to say we're four quarters out basically through

all of 2020 calendar 25. they're going to be essentially sold out of blackwell. if that language is in there. i think that that is going to be a reassuring comment for ai investors. if they maintain that it's just several quarters out, like she said in last quarter's letter, i think that's going to send kind of a shock wave. >> important note nvidia shares. >> up over 2% in the premarket. and of course, cmc is going to have. much more on this company and its earnings throughout the day. please tune in to our special coverage starting at 7:00 pm. when our john ford speaks with the man himself, jensen wong, and a cnbc one on one interview. you cannot afford to miss that one. all right, we'll have much more on nvidia throughout. >> the show. but first. >> a check on u.s. stock. >> futures with the s&p and the nasdaq both riding. four day. losing streaks. take a look here. you see futures are in the green across the board. so the s&p up just about 20 points or half a percent. the dow up over 100 points about a quarter of a percent or so. the nasdaq the biggest gainer up over a half a percent. and nvidia a big part

of that story. want to take a look at the s&p 500 premarket gainers right now. taking a look we're seeing supermicro right here at the top of this. and this is not a mistake right here. shares up over 26%. supermicro getting a key filing. >> and again. >> as we said. >> it. >> will trade another day. we're going to talk more about this stock throughout the show. rounding out the top five acts on workday poole and into it. and then on the other side of the coin, of course, we have the laggers taking a look at those as well. west pharma right here at the top of the list when it comes to the laggards, shares down about 5%. walgreens boots alliance, crown castle, regions financial and sempra rounding out the bottom five on the s&p in the pre-market. so we've been talking a lot about the change in momentum in the market. a few notable stocks with multi day slides. first off, let's talk about tesla falling for four straight days. the 8% drop yesterday. this drop you see right here moving this company below the $1 trillion market cap. the company also facing falling sales in europe. and of course their ceo elon musk is the face of that cost cutting effort in dc. and that is raising some questions about if musk is perhaps spreading

himself just a bit too thin right now. shares of tesla though, as you can see, they're up just about 2.25%, but the last week falling more than 14%. then there's metta coming off a six day. >> losing. >> streak after a record 20 day win streak. also, palantir best stock in the s&p back in 2024. it's on a four day losing streak. taking a look right now you can see both of those stocks in their slides. meta down about 10% during its live palantir shares down almost over 24% during that slide. you see just a lot of big drops changes possibly when it comes to defense spending. a big part of that palantir story. we're going to have a check of those names in the premarket right now, taking a look at how they're all doing. again, as we mentioned, invidia shares up just about 2.5% right now. tesla shares up over 2%. meta and palantir also moving higher. kind of reversing that trend that we've seen these big tech names again moving the nasdaq higher as well. let's take a look at treasury yields right now. the ten year at its lowest level since way back in december. right now you see it's at 4.3. again we've seen a consistent slide. it's high for the year at about 4.8. so about a 50 basis point slide from the

year to date high. and we look at the energy sector. oil falling 2% yesterday wti and brant at their lowest level since december as well. right now we're seeing well both wti and brant essentially flat right now. wti very fractionally higher. brant crude just very fractionally lower. natural gas pulling back a bit as well pulling back about three quarters of 1%. speaking of commodities we're watching copper as well. it is surging on a new executive order from president trump calling for the commerce department, along with other directives to examine possible import tariffs on all forms of the metal into the us. look at this chart. huge jump right here. it is up 2%, but right now it's up three and three quarters of 1%. we're going to talk much more about copper and the minerals trade coming up just a bit later in the show. and a post on truth social. the president says that global actors, they've been attacking u.s. domestic production. and he describes this initiative as a national security issue. all right. that is your setup. let's now see how europe is shaping up as this trading day gets underway. our sylvia amaro is live in london with a look at the early action.

sylvia, as always, good to see you. >> very good to see you too, frank. i have to say, though, that we are looking at a very positive european equities session thus far. just to give you an idea, the benchmark, the stoxx 600, is currently trading at an all time high. and taking a look at the different boards, as you can see to my right that we have green across the board. there are several reasons behind this. frank first and foremost, reports suggesting that the us and ukraine could be about to sign a deal in terms of critical minerals. on top of that, there's also the fact that the us has not imposed significant tariffs on european economies, too. and last but not least, earnings. all eyes on corporate earnings for european investors also today. so with that context in mind let me show you the different sectors. and who's at the top of who's the best performing sector. it is construction and materials followed by industrials. but i want to take you to the worst performing sectors. perhaps even more interesting to look at at

this stage. we have significant pressure when it comes to media. we are down 1%. and indeed that's partially related to some disappointing corporate earnings in that space. however, as you highlighted earlier it is nvidia day. so let me show you how european chipmakers are moving as well. and we have asml up 1.5%. but look at asmi. we are down half of a percent. the company has actually been under pressure after reporting yesterday numbers that missed expectations for the fourth quarter. orders. the company reported ■k7731 million in fourh quarter bookings, flagging significant market uncertainty, making it difficult to issue a specific forecast for 2025. so let's see what nvidia is going to tell us later today and how that could be impacting as well. some of the european chip names. >> yeah. nvidia as well as holidays we celebrate on both sides of the pond. sylvia great to see you as always. thank you very much. all right. turn our

attention back to our top story and nvidia's earnings. the really the marquee event today. the options market is pointing to the stock moving about 8% in either direction. should the results be a positive or a negative surprise. our bob pisani looks at why the ripple effect from nvidia could actually be so much larger than that. >> nvidia reports earnings. >> today with the possible exception of tesla. >> no other stock generates the kind of short term trading interest in nvidia does. there's an entire trading ecosystem around nvidia in both options and etfs. etfs own over 4 billion shares of nvidia. >> that's about. >> 17% of the. >> total shares. >> that are outstanding. >> not surprisingly. >> broad market. >> etfs like the s&p. 500 etfs. >> they're the largest. >> holders of nvidia. >> however. >> holders of these funds are. >> mostly passive. they don't trade them. >> beyond those broad. >> funds, there are very. >> large holdings of nvidia in. >> tech etfs. >> and especially. >> semiconductor etfs. >> so while. >> the dollar value of. >> these holdings. >> are smaller. >> than in the. broader etfs, the concentration is a. >> lot higher. for example.

>> the vaneck semiconductor. etf has about 19% of its $23 billion market cap in just invidia. more importantly, these tech etfs and particularly. >> these thematic. >> tech etfs like. >> the semiconductor. >> etfs. >> they're only partially. >> held as passive investments. >> a very. >> large part of these are now employed. >> on a tactical level. >> that is. >> they're traded. actively on. >> a daily basis. >> as a result. >> etfs like. >> that vaneck semiconductor often see. >> heavier volume and volatility. >> on days around nvidia's earnings. now one thing to look out for there. is far more money in long etf bets on nvidia than on. short bets on nvidia. but recently the short bets have started going up. >> keep an. >> eye on that one. >> back to you. >> all right. certainly a lot to look out for when it comes to that. let's talk more about nvidia in the broader markets now with craig johnson chief market technician at piper sandler. craig, good morning. always a pleasure. >> good morning frank. thanks for having me back on the show. >> all right. so latest note you kept your price target for the s&p at 6600. that's kind of

directional. that's kind of where you see the market going. these nvidia earnings. do they have the potential to change how you see the market for the rest of the year. >> frank i. >> think these. >> nvidia earnings are going to be. >> absolutely huge for. >> investors today. >> and the reason being is. >> that it really puts into question. >> the growth. trade in. >> this market. >> if you. >> look back over the last couple. >> of. years it's. >> been the big. >> seven stocks. >> it's been nvidia that has been. >> driving the growth trade. >> in this market. >> and if you look at over. >> the last two weeks. >> the sell. >> off we've seen in momentum. >> the sell. >> off we've. >> seen in growth i think. >> is. >> this some. >> sort. >> of positioning and. >> squaring ahead of these nvidia earnings that are going to be coming. out later today. >> and if these. >> results are not. >> absolutely pristine and the guidance. >> is fantastic. and they. >> talk about. >> a very. >> large pipeline ahead. >> i think there could be some. >> disappointment in this growth. trade could continue. >> to wane in here at. this point in time. so that's the challenge, frank. >> is and the setup. >> in. >> this market. and the question. >> is. >> what do you do. do you rotate or do you. >> sit here and you wait. >> for these larger.

>> cap names. >> to continue to play out? from our. perspective below the surface, there's a lot of. >> other stocks. >> that are working that. >> seem to have a better setup. >> yeah. speaking of you were adding. >> some. >> new names to your tactical portfolio. one name i want to talk to you about is ebay reports later this week. the retail sector under quite a bit of pressure. we were looking at yesterday the xrt retail etf actually 10% below its. 52 week high. a lot of questions about the strength of the consumer and also the impact of inflation. what made you want to add a retail stock in this environment? it seems like the retail trade is a bit shaky as well. >> yeah. >> there's concerns. >> about retail. >> but when i sort of step back and i just analyze the trends. >> in this market, and you come back and you look at the results. >> you've seen from. >> wal-mart, you've seen from other companies, and you look at. >> the trends. >> a lot of those retailers, a lot of those retailers seem to be. >> in pretty good shape. >> just looking. >> at. >> these trends and. >> ebay specifically. >> has got a very nice setup on the charts. and i don't think there's a huge. >> problem going on. >> with the consumer at this point in time. there is some. >> softness. >> no question about that happening. but again, the longer term setup, again, people still

seem. >> to be spending, the economy. >> still seems to be in decent shape. and that's what a lot of these charts are telling me at this point in time. i think the crux of the issue for this market, though, is there's been. >> so much momentum. >> there's been such a large growth trade in here that. >> is sort. >> of blurs the line between problems with the consumer or just problems with growth stocks. and right now, i think that is the question that we're going to get answered tonight after the close. >> yeah. by the way craig great note out wide range. you know you hit on a number of things. also some historical precedents when it comes to the markets, if you don't mind us going back to the broader market, according to your research, in the third year of a bull market, we had 220% back to back returns the last two years. the returns actually about 5.2% on average. but this is a bit of a different situation. we have tariffs, we have a trade war. we just have a lot of different kind of disruptions in this market. do you still see the potential for that 5% rise happening this year again, after these 220% back to back years? >> brant just going back and looking at history, the answer is yes. >> i mean, post-world. >> war two, the third year of

every bull market, you've had about an average return of about 5.2%. and if we look at what's happening in the rotations below the surface right now, it all sets up and sort of squares up with this being an okay year, not a great year here for 2025. and that's why i continue to think that the s&p is going to do well. the composition of this market is going to be very different. in fact, if you look at the 50 best performing stocks, only one of them is a mag seven stock, which is meta. and they've driven about 42 basis points of the performance for the s&p 500 this year. but below that, the average of the. top 50 stocks has had a return of about 20%. but the market cap has been 86 billion. so much smaller, much different setup than what people have thought. frank, if i would have said to you that philip morris or cvs would have been among the best performing stocks here in 2025, you would have probably said, i don't think that's the case. >> all right, we gotta get going. i need a quick answer on this. according to your research, in this third year of the bull market, small caps

actually outperform as you go to the back end of the year. we were talking about small caps on the show earlier this week. do you still see that same setup when it comes to the russell? >> i do. it's been a little bit of a rocky trade here at the start of the year, but i still think that the russell 2000 is going to outperform the s&p 500 this year. and again it's a it's a bold call. but i do think it is going to play out. >> you're a bull guy craig. that's why we love having you on the show craig johnson great to see you as always. thank you very much. >> thanks frank. >> all right. turn our attention now to capitol hill and the house moving one step closer to making president trump's scaled down budget a reality. alice barr, nbc news. she's in washington with the very latest on this story. alice. good morning. >> good morning. >> frank. so there is a lot of support for president trump's agenda in the republican controlled house and senate. but of course, it has to. >> be paid for. >> and there's the rub. so a budget resolution. to do that has now cleared its first big hurdle in the house, with republicans narrowly voting. >> to adopt. >> a blueprint that funds mass

deportations and extends the signature trump tax cuts to the tune of $4.5 trillion, while slashing between 1.5 and $2 trillion from the federal budget. but how that happens is not clear. republicans have acknowledged some of those cuts could come from medicaid, that anti-poverty program that many of their constituents rely on. speaker johnson argued medicaid cuts would come largely from waste, fraud and abuse, while acknowledging the long road ahead to make this budget a reality. >> we have a. >> lot of hard work ahead of us, but we are going to deliver. >> the america. >> first agenda. we're going to deliver all of it, not just parts of it. and this is the first step in that process. >> and the senate adopted a separate budget resolution last week that did not include the tax cuts. so the two chambers now need to bridge gaps to come together for one bill. frank. >> how this plays out in the senate will be very interesting. alice barr down in d.c. great to see you. thank you very much.

thanks. got more to come here on worldwide exchange, including why jenny harrington says a beaten up stock courtesy of doge. it could be primed for a bounce back. but first, reports are that the white house has finalized a framework deal with ukraine for its critical mineral deposits. we're going to speak with one major u.s. producer about what this could mean for your money. plus, an 11th hour filing is sending shares of supermicro surging. look at that chart. shares up over 24%. and later, much, much more on nvidia and why deep sea concerns are doing little to dent my next guest buy rating on that name. a very busy hour. still ahead on worldwide exchange returns. stay with us. >> totalenergies has been hunting for the best entrepreneurs. >> across africa to. >> tackle energy poverty. farmers are highly dependent on rainfall, but water is scarce with drought. our solution is mobile solar containers for off grid farmers, which uses ai to make irrigation more efficient. being an entrepreneur is not an easy task. if you have to have faith that a door will open,

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sweats. >> public rec. >> wear comfort rules. >> welcome back to worldwide exchange. president trump has made u.s. energy independence and dominance a cornerstone of his second term in the white house. now, he may be closing in on rival china in another critical resource that's rare earths. according to the ft. he and ukraine's volodymyr zelensky, they have reached a framework agreement after a lot of negotiations to secure u.s. rights to key mineral deposits in ukraine. that includes rare earths in exchange for continued military and economic support. speaking with reporters yesterday, trump says he will be heading to d.c. this friday to make the whole thing official. nbc news has reached out to the white house for more details on the deal. rare earths have become a crucial ingredient in modern day electronics. we're talking evs, weapons and a whole lot more. joining me now to discuss is michael silver, ceo of la based advanced materials manufacturer american elements, one that deals in rare earths around the world and counts

apple, tesla, boeing and the u.s. government as clients. good morning. thanks for joining the show. >> thanks. >> appreciate it. frank. >> let's start off with this deal, this potential deal between the us and ukraine. it's about $350 billion in these rare earths that could be acquired by the us as part of this deal. as someone who, you know, trades in these, these, these critical minerals and these rare earths, how do you see this deal? what's it going to do to only the pricing, the availability and just the ability to make things here in the us? >> i have a. >> term i call a lot of these. >> materials that. >> is different. >> from what you'll hear out. >> in the media. >> you'll hear the. term a lot critical minerals, but it'll get applied to copper as well as. >> holmium and lutetium. >> which are two rare earths. a better term. >> is asymmetric commodities. they're commodities. >> but because there's such a. >> small quantity of them in the planet, on the planet. >> a single nation. >> can control pricing. >> so it.

>> changes the whole perspective of how to think. >> of these things. another important aspect of this. >> is access to these materials at the cheapest price is. >> what allows. >> countries to. >> manufacture at the lowest possible. >> price and therefore. >> be competitive, which. >> is what the goals. >> are with. >> the tariffs. so i view ukraine. as a war footing opportunity. it's not something that we're. >> going to use on a day. >> to. >> day. >> basis. because china. controls 90% plus of all the rare earths. >> on the planet. and when you have that level of control, it's asymmetric. you think. >> of the country as if they're. >> like the guerrilla outfit in asymmetric. >> warfare. >> where the. >> large industrial country they're. fighting against is the marketplace. so they. >> can. >> do. >> all they can move and groove and do whatever they want. if china. >> brings prices. >> down to next to nothing below ukraine's. >> production prices, there's nothing ukraine can do, right? they've got to come down to the price to be competitive. >> if china goes up to the moon. >> with pricing. >> what. >> ukraine and their shareholders are going to say,

those. those facilities, we go to the moon. >> so anyone who controls, i believe, more than 35% controls pricing. >> and i view ukraine. >> is really a. >> wartime footing of trying to cut us off. >> all right. so, michael, i think you're taking this a couple of steps ahead. i want to pull back because obviously we're going to have to see how this whole deal unfolds and everything else. but you brought up a key issue, the fact that china has such dominance in what you call asymmetric asymmetrical commodities. by the way, you need to trademark that. that's a good one. >> it's a tough term to say, though. >> it is a bit tough. but michael, let me ask you though, what about this? you know, this competition with china when it comes to technology and other things. does this potential deal with ukraine? does this put us i know they have 90%, but does it put us on better footing? and also, does it give us more leverage to negotiate better prices from china? >> the cost. >> for china to produce, given the their. >> dominance and given the quality of their deposit, which is another thing that we is for another conversation. >> the deposits in the.

>> greenland and ukraine are much more expensive to mine than the. >> deposits in china. >> the bogong. >> mountain range is. >> virtually all. rare earths. you can dig. >> your hand in. >> practically and get. >> the richest rare earths with no radioactivity. they can produce at a very, very low cost. they're also the savviest of separation processes, which. >> is what you. >> have to do with. >> rare earths. and that. >> we can learn. but as. >> long as they have. >> the price advantage in production. >> they can always. >> decide which way we'll go. so i don't. >> view ukraine either as a better opportunity. >> and i don't even view it as a really great long. >> term investment. to the extent. >> you've got people that are thinking. >> about investing in. >> this. this side of things. >> you watch what. >> happened with. >> mali in 2012. >> china said, you know what, we want to. >> shut the place down. >> we want. we want to take it over, see if we can't. >> they drop prices to nothing. mali corp. >> at that point. >> was. >> chevron mining went into basically like a. bankruptcy and sold it. and now. >> chinese people are on the board. >> and all of the all the material. >> is being mined out of

molycorp in california. >> go on a. boat and they head. >> to china. and the. >> process in china. >> is by chinese companies. so, michael. >> michael, let me interrupt you just for a second. we appreciate just the breadth of your knowledge, the depth of it. i mean, this is great insight, but we are running a bit out of time. one thing i do have to ask you about is copper. we're seeing a big surge in copper prices this morning. we're showing the chart just a short time ago. a lot of that on the idea that the president and the administration are looking into putting tariffs on it. when we're looking at copper, is there copper in ukraine first and foremost? and also, how do you see that impacting the u.s. manufacturing sector if these tariffs are actually put in place? >> yeah. >> i wrote a. >> piece on, on exactly. >> this topic that was in barron's a couple. of weeks. >> ago, and i think it's. >> a. >> big mistake. >> to put tariffs. >> on the bottom. >> of the. >> food chain. you might call it the place where the commodities are. if you're going to make an. automobile and you want to sell it at the. >> best, best price. sure. >> putting tariffs on the. >> foreign guy. >> makes a big difference. it's helpful, but you're putting. >> yourself in the. >> foot the other way by increasing. >> the cost of producing your

own car. >> so we. >> should be really thinking about these commodities. >> like copper. >> we should. be bringing in the. automotive industry and. >> sitting down with experts. >> and saying, yes. >> tariffs here or here or here. but when you get to the bottom of the food chain. no, not on copper, not. >> on rubber. >> you're going to increase the. >> cost of our tires. so a more nuanced approach would. >> be. wonderful if trump. >> and his. >> team. could look at it that way. >> michael silver, we got to leave the conversation there, but we got to bring you back, man. this is a fascinating conversation. certainly just the beginning of it. certainly not the end. thank you again. have a good day here in worldwide exchange, you got your big money movers and shares of lucid. they're all charged up. we're they're all charged up. we're going to be back right aft ♪ empower ♪ so handsome. oh, i can't buy this. hang on there. actually, you can. your empower investment account has performed well. and this whole off-white-ish cantaloupe thingy is really working for you. so... so...? so...

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>> we'll have to alert. >> suppliers. >> coordinate shipments. >> already alerted, already coordinated. >> since when can we just scale up mid-cycle? >> since we brought. >> in bdo? >> people who know, know bdo. >> welcome back to worldwide exchange. time now for your big money movers. some big stocks stories this morning. let's start off with shares of supermicro. can't get much bigger than this one. you see, shares are up over 24% after the company filed its quarterly and annual reports with the sec. and that was just in the nick at a time to meet the nasdaq listing deadline. this restores us compliance with financial reporting requirements. it also removes a major overhang from supermicro, whose auditor

resigned last fall, saying it could rely on management's representation of company results. again, shares up over 24%. lucid also moving higher after the ev maker says ceo peter rawlinson is stepping down. he been in charge since 2019. you see, shares are up over 9%. lucid ceo is going to take the position of interim ceo. lucid also says it expects production to more than double to 20,000 cars this year. instacart. however, that stock is falling as the grocery delivery app reported kind of mixed results. fourth quarter earnings beating estimates, but revenue that came up short. the company also forecasting lower core profit this quarter as it expects to show declines in ad revenue. shares of instacart are down just about 11%. workday hire is fourth quarter profit and revenue that beat expectations. results driven by an increase in demand for its subscription services, helped by the resilient job market. shares of workday up just about 13% right now. all right. coming up here on the show, amazon, walmart, target, citi, google, disney and many others. they may be walking back their dei programs, but apple says it is holding firm the full story on

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>> for me. >> squawk box is breakfast with the most interesting people in the world. >> it's a. >> privilege to get to talk to them every day. >> it's more. >> entertaining than any other morning show, but you might get some useful information. >> squawk box weekday mornings, 6 a.m. eastern. cnbc, a cnbc special report. nvidia reports earnings and john ford interviews ceo jensen huang ai strategy, chip demand plus post interview analysis a cnbc 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.

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>> a multitrillion dollar ai. >> industry demand for hopper anticipation for. >> blackwell. >> which is now in. >> full production. >> our incredible. that was nvidia ceo jensen huang after last quarter's earnings, banging the drum on the age of artificial intelligence. and of course, his company's role in this new age. nvidia shares are down more than 12% since that report as the broader markets braced for the next big test. when the chip giant releases its earnings later on today. welcome back to worldwide exchange i'm frank collin. coming up this half an hour. our next guest is remaining optimistic on nvidia stock despite headwinds around chips. right now though we're going to take a quick check of the markets and get you ready for the straight ahead. and it could be a big one. let's start off with us futures. right now. you can see in the green across the board the s&p up about 27 points. the dow looking like it would open up about 100 points higher. the nasdaq the best performer up over a half a percent right now. we take a look at the nasdaq 100 pre-market gainers. take a look at the moves. the stock's moving higher in the pre-market. axon enterprise shares up about 17%.

workday moving higher after earnings. those shares up about 13%. intuit also moving higher. pdt holdings and microstrategy rounding out the top five. we'll look at the other side of the coin, the nasdaq 100 laggards taking a look at those. right now we're seeing ge healthcare technologies down just about 1%. cdw, our parent company comcast, kraft heinz and keurig doctor pepper rounding out the bottom five. so here on this show, we've been talking a lot about the change of momentum in the market and a few notable stocks we want to look at with some multi day slides. first off, let's start off with tesla falling for four straight days. you see 8% drop yesterday moving the ev maker below the $1 trillion market cap. the company is also facing falling sales in europe. and of course elon musk. really the face of that cost cutting effort in dc with doge raising some questions for some investors about if elon musk is perhaps spreading himself just a bit too thin. you can see shares are down more than 14% over the last week, but right now, popping just a bit up over 1.5% in the premarket. then there's meta coming off a six day losing streak after a record 20 day win

streak. also, palantir best stock in the s&p 520 24 on a five day losing streak. take a look at these stocks. you can see over the last week the last calendar week not trading week but the last calendar week. shares are down for meta just about 10%. palantir shares down more than 24%. a quick check of those names in the pre-market and some others in the pre-market. right now, you are seeing a bit of a rebound for some of these names. so again nvidia big event of today. earnings after the bell. those shares up about 2.5% tesla shares up 1.75%. meta up over 1%. palantir also a pretty big rebound. shares up two and three quarters of 1% right now in the premarket. sticking with tech and the momentum of that and the headline of today of course that's in nvidia fourth quarter earnings. they're out. after the close. the company expected to report revenue jump 72% to just over $38 billion. that's according to lseg. however that will be the slowest growth in seven quarters. the stock also limping into this earnings report since the fiscal fourth quarter ended on january 29th. shares are down just about 9%.

so barring a big run up into the results, the 10th quarter streak of positive momentum before earnings, it could likely end. let's get more insight now from frank lee, global head of tech, hardware and semiconductor research at hsbc. frank, good morning. good to see you. >> hi, frank. >> good to see you. >> so i got to ask, what do you think of this this pop in the pre-market of nvidia going into earnings. is that just investor confidence or is it kind of a rebound with the stock being a bit beaten down in recent days. >> yeah. so i think as we. >> head into. >> the earnings. >> the year, there is basically. >> renewed confidence that the company should report a. >> solid earnings. >> you know, i. >> think the they're on track to. >> try to. beat their. >> previous guidance. and also. >> that they. >> gave for the fourth quarter. >> and even. >> for. >> their first. >> quarter i think. >> you know, we'll continue to see. >> some upside despite there has been some. >> headwinds about supply side issues. >> but we expect that. >> they will still. probably continue. >> to surprise. and in fact, deep tech is. >> a near. >> term. >> positive because we've also seen that there's been very. strong for their h20 chip. >> coming out.

>> of china. >> over the. last couple of weeks. >> so that could also. >> provide some uplift. >> into the. >> upcoming quarter. >> all right, frank, i want to ask you about this. so you're saying deep six the near-term tailwind, because i think if you look at the chart, a lot of people would think that deep six put nvidia shares under under pressure and raised a lot of questions about the need for some of their advanced chips. i want to ask why you think it's a near-term tailwind, and what led you to actually raise your price target? you're at 185 now. the rest of the street's at 175. >> yeah. >> so i think if you. >> look at the. >> initial fear. >> of deep tech was that it would. >> change the. >> capex trajectory. >> because of significant. >> lower cost. >> but within a few weeks, what you're seeing is the hyperscalers have. >> not only. >> kept their capex, they've actually. >> raised it in large part. >> a lot. >> of them are raised by more than 20%. so i think that settled some. >> of the. >> initial fears that people had about deep tech having. >> an. >> immediate impact to earnings. >> or. >> demand, at least through this year. now. >> in. >> terms of why we think it might be a near-term tailwind, is that we've seen in the last week, in the last month or so, a big change. >> in. >> body language, especially

coming out. of china. chinese internet companies like. alibaba have raised. >> their. >> capex quite a bit. that's given, i think. renewed confidence that they have a potential strategy now with deep tech. and it's actually created, as we said, a very short term demand on the h20 chip that goes into the china market. so we think that could. >> also. >> you know. >> drive some short term strength. >> all right. i'm looking at one of your recent notes. you say that the revenue for the blackwell chip, at least in the first half of fiscal year 2026, it is on track. and this earnings report, especially the call, a lot of people are going to be asking about blackwell and just how that's all going. what channel checks are you seeing that are giving you the indication that everything seems to be on track? >> yeah. >> so i think this. is a very good question. i think if you look at. >> there are still some ongoing supply side. >> issues. >> especially with. >> the way they're. ramping their. >> whole rack architecture. >> the more. system side and it. >> is more. >> complicated because more things. >> could potentially go wrong. it's not just about making. >> the chip anymore. for the last. year and.

>> a half, a lot of things. >> that people have tracked is really about their advanced. packaging on the semi side. but now, as we know with the novel rack architecture, there's going to be more issues around the assembly. but i think for nvidia's point of view, though, they also have another blackwell chip, the b 200, which is a standalone chip. it's a next generation versus the nx. that is also going to be blackwell revenue. so we think in the first half of this year, a lot of that strength from blackwell will come from the standalone graphic chip. and then in the back half of the year, as the supply chain continues to ramp up, we'll see more revenues from the mvl rack. but they're all going to be considered blackwell revenue. and that's why we think the blackwell revenue targets are still going to be positive through the first half. >> so, frank, let me ask you a question about the broader market or more specifically about the chip space. so let's say nvidia beats expectations. is that good for the rest of the chip sector. because wouldn't that kind of signal that it still has the moat that some people fear that it lost and it has the dominance. is a bad result potentially good, because that might signal that there is

more demand for these companies and their their other chips outside of the nvidia chips. >> yeah. so i. >> think you. already have seen the market start to. >> broaden their horizons. so the end of last year we saw the market look at the asic market. so you know broadcom and marvell two companies that are widely you know exposed to the asic market. and that's been an increased focus for people. but i think you know the biggest probably struggle for nvidia overall is that, you know we haven't seen that significant beat and raise going forward. you know, for the last two years we've seen changes in our roadmap that has raised their pricing power significantly. almost every six months. it's less clear where that is going. and they still have a great story. fundamentals are still very solid. they have very positive second half momentum. but is it enough to significantly lead to another wave of earnings revisions on the upward trend? that's probably, i think, a question that some people have. >> so if there is an upward revision, is that good for the rest of the chips or is that not

good for the rest of the chips? >> i think it's going to carry the sentiment overall for the semi industry. i mean, nvidia has been doing that for the last year and a half. you know, i think people are looking for alternatives. but at the end day, nobody is replacing them in terms of the dominance that they are today. right. so i think they will continue to set the tone. >> all right. your price target at 185. frank lee, great to have you on. i was like another frank on the show. have a great day. >> thanks, frank. >> and cnbc will have special coverage of nvidia's results are john ford sits down with ceo jensen huang to talk all the numbers. that's coming up at 7 p.m. eastern time today. all right. time now for a check on some of this morning's other top stories. silvana. now she's here with those. silvana. good morning. >> hey, frank. good morning to you. well, the head of a new congressional panel says it is planning to launch a broad review of the federal reserve. republican congressman frank lucas tells reuters the unit of the financial services committee will specifically look at how the central bank makes decisions on interest rates, including whether controlling inflation should be a priority over

protecting jobs. meanwhile, president trump announcing a new form of visas, saying the u.s. will soon begin selling a, quote, gold card to wealthy foreigners for a $5 million fee. now, commerce secretary says this visa will replace the current program, which allows foreign investors to put money into u.s. projects. now that that create jobs and apply for visas to immigrate to this country. and apple shareholders overwhelmingly rejecting a plan to end the company's dei efforts. the proposal, created by a self-described conservative think tank, called on the tech giant to follow a growing list of companies abandoning diversity initiatives. apple management has stood by its diversity commitment, despite president trump asking the justice department to look into whether these programs have discriminated against some employees. frank. >> all right, silvana, thank you very much. all right. coming up here on worldwide exchange, tesla stock, we're going to take a look at it. it's been wiping

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ameriprise financial advice worth talking about. see they're up just about 3% as it prepares to report its results after the bell today. the stock's down more than 5% since its previous earnings. our seema mody has more on what investors should be watching. and another storyline that's playing out that could possibly steal the spotlight. >> that's right. salesforce reports earnings tonight. and the street will be focused on the pace at which agent force is growing. that's the company's artificial intelligence agents that are used to help businesses manage customer service and other needs. ceo marc benioff recently saying that demand is growing. with 200 agent force deals closed in the third quarter, including big clients like fedex and ibm. but the street still wants clarity on when agent force becomes profitable, a point ceo marc benioff will likely be pressed on during the earnings call. now, benioff has been quick to

drum up excitement around salesforce's artificial intelligence products while slamming microsoft's copilot, calling it clippy 2.0, a huge disaster and a repackaged chatgpt. ceo satya nadella threw a bit of shade at benioff in a podcast with investor brad gerstner, where he suggested that copilot could help replace many of the applications salesforce business is built upon. now, microsoft's chief communication officer taking it a step further on linkedin to criticize benioff, saying, quote, he has no idea what he's talking about. experts say this feud underscores the competitive landscape emerging in artificial intelligence and the desire to be the dominant enterprise player. now, beyond artificial intelligence, morgan stanley says the stronger dollar will likely be a big topic of discussion when salesforce reports earnings. that's one of the reasons shares have underperformed in recent weeks. frank. >> and a big thanks to our cmo

jim cramer. he's got much more on salesforce's earnings with ceo marc benioff. that's coming up tonight on mad money at 6 p.m. eastern time. all right. coming up here on worldwide exchange. the top stock pick for our next guest. up more than 6% just so far this week. and why she's saying it is shaking off worries tied to elon musk and the doge efforts. that name will be revealed. our mystery chart coming up right after this break. 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 for the right reason, then you get the power of the organization with you. >> nothing stands still. >> not technology, not the market, and not franklin

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cnbc.com now. >> welcome back to worldwide exchange. as we close in on the 6 a.m. hour. a few big stories that we're following this morning. that includes house republicans overcoming internal divisions to pass their budget plan that's backed by president trump. this plan now heads to the senate, which passed its own plan last week. republican leaders say they hope to strike an agreement with their senate colleagues. elon musk, seeing his net worth falling by more than $22 billion yesterday, marking his fourth largest one day loss. shares of tesla, which make up more than half of elon musk's wealth, fell by more than 8% yesterday on news the ev makers european sales they plunged last month. dock workers on the east and the gulf coast have overwhelmingly approved a six year contract of winning. the potential for another port strike contract features a 62% pay hike over the next six year, and an agreement around automation. apple says it's fixing a bug that's causing some iphones. talk to text feature to display trump when users say the word racist before ultimately correcting itself. apple has told several media outlets the

issue stem from phonetic similarities that impacted other words. the mcdonald's and mcdonald's. we're seeing it bucking a rising trend among some restaurants saying it will not slap an egg surcharge on customer orders, the company instead announcing a one day offer for its mcmuffin breakfast sandwich for only $1. mcdonald's is up fractionally higher. all right. coming off yesterday's mixed session, we're checking futures right now. we're showing all morning long in the green across the board. right now it looks like the dow looks like it would open up about 120 points higher than nasdaq. also hitting its highs of this morning for much more on the trading day ahead let's bring in jenny harrington, ceo of gilman hill asset management, also a cnbc contributor. jenny good morning. great to see you. >> good morning frank. >> all right. big day for the markets. it's nvidia day obviously. what's your word of the day. how do you see today playing out. >> i think uncertainty and it might be bigger than the word of the day. it might be the word of the week. maybe the word of the month. so what i've seen in the last week is uncertainty is really amping up. it's concerning clients. i think it's

suppressing risk appetite. and we see it at the individual stock level. we see it at the market level. but when things like mexico. >> and canada. >> tariffs, maybe they're on, maybe they're off. it makes people like me who analyze stocks. it makes our jobs very difficult. i'll give you a quick example. i would like to research ford for the portfolio, but i can't research ford unless i know what steel tariffs are actually going to be and what mexico tariffs might actually be. it makes the job nearly impossible. so that uncertainty leaks in kind of from the bottom and works its way up into valuations, into risk appetite, into people's sentiment and comfort with paying what was a 22 times multiple for the market. >> yeah, a lot of uncertainty out there. why don't we focus on what we do know? at least if you look at the options market, either nvidia is going to move 8% to the upside or the downside. let's just play out this hypothetical of the downside. is that a buy the dip moment in your mind, or is that a sign of just broader market weakness that might concern you? >> i think you can buy the dip. not maybe not in nvidia. i don't you know, i don't invest in that. but i'll give.

>> you a really good. >> example on this one too. we're looking at google for our disciplined growth strategy. and if you look. >> at. >> google the multiples pretty reasonable. it's about 20 times earnings and the growth is pretty decent to 12 to 16% earnings growth for the next several years. so what we thought on that was hey hold off. there's no catalyst between three weeks ago and when nvidia reports earnings on google. so let's hold off. and if nvidia does tank and it takes the rest of the market with it, maybe that's an entry point. so i would say if the dip gives you entry points into fairly priced things that you would like to buy otherwise, where you have really great comfort in the earnings growth, regardless of the uncertainty that's out there, then use it as an opportunity. i would not just buy the s&p 500 if the whole thing dips. the s&p 500 is still hugely concentrated, and if you stocks and still has a multiple that's multiple points above the historic averages. so maybe buy you could buy the equal weighted index. you could buy.

>> let's get to what you're. >> actually into. >> the market by today. why don't we actually get to your pick. what's your pick for today and why? >> it sounds great. so this. >> has been in the portfolio for a while, but it's easterly government properties. the ticker is dea and it is the extreme, extreme example of uncertainty that's come into the market. so the stock's down about 23% since the election and since doge was announced. and what they do is they own government properties, but they own things like wastewater plants fbi buildings, va hospitals. but the stock plunged because they said, oh, doge and everything's going to go away. it's nuts. they reported earnings two days ago. they actually raised their guidance, the bottom end of their guidance by a penny. they reconfirmed their dividend of 26.5 cents a quarter. so 9.6% yield. this makes it trading at about nine times ffo. and here's a direct quote from the ceo, which i thought was super interesting. he says. through doge effort, the federal government has recognized the value and

efficiency of leasing versus owning real estate. so there's things out. >> there. >> like government employees are being laid off en masse. >> understood. you got to leave the conversation there for us today. easterly ticker dea. jenny, great to see you. thank you very much. always a pleasure. all right. let's go do it for worldwide exchange nvidia earnings coming up after the bell. big show at 7 p.m. our jon fortt talking to jensen huang. squawk box starts right now. >> good morning. the house taking the first step towards enacting. president trump's agenda. >> republicans banding together. >> to adopt. >> the president's budget blueprint. >> details. straight ahead. earnings alert a bellwether. >> this is big. >> nvidia such an important. >> name now set to report after. >> the bell. we're going to talk about. >> what investors hope to hear from the company. >> and some exciting news. >> mcdonald's is not going to charge extra for menu items with eggs, even as prices skyrocket

across the country. who knew we'd we'd appreciate those egg laying chickens so much. >> they do so much for us. >> they really do. it's wednesday, february 26th. >> 2025 and squawk box. >> begins right now. >> good morning everybody. >> welcome to. squawk box right here. >> on. >> cnbc live from the nasdaq. >> market site in times square. >> you can't do it. >> squawk squawk squawk. >> oh. >> i can't do that no. >> i can. >> i'm. >> your time will come. >> i'm not even going. >> to try. your time will come. >> try it, try. >> it. >> try it. >> i'm. >> becky quick. >> along with joe kernan and andrew. ross sorkin. >> let's take a look at the us equity futures. >> at this hour. >> some green. >> arrows across the board. >> in fact the