going to make that much of an impact. >> but take care. >> all right. thanks, you two. make sure you join us tomorrow. squawk on the street is next. >> good wednesday morning. >> welcome to squawk on the street. >> i'm carl quintanilla. >> with. jim cramer. >> david faber at post nine. >> of the new. >> york stock exchange. s&p is trying to reverse that first four day loss of the year. and futures do suggest. >> some optimism about. >> nvidia and salesforce earnings. >> tonight house budget. >> resolution narrowly passes. got a cabinet meeting today. ten year near 4.25 hour roadmap begins with tech watch, though nvidia shares with some traction ahead of the earnings later this evening. >> and tesla. >> seeking a rebound after its market cap tumbled below a trillion. >> plus, meta's. >> latest ai. >> play reportedly talking. >> about a. $200 billion. >> ai data. >> center project. >> sorry, i'm just telling you. >> forget what. i just said. >> no, no, ben righteous just came out and said, this is being denied. >> we're still. >> going. >> to talk about it.

>> denied. absolutely denied. >> are you? >> well, look, i mean. >> autos in focus as well. >> gm raises its. >> quarterly dividend. >> stellantis. >> sorry. >> that is. >> sinking us. >> a loss. lucid. >> by the way ceos out. >> i know a good video with him. >> are we on again? yeah. we're on. >> let's begin with the markets. tech is. >> trying to rebound amid this recent weakness in shares. of nvidia and tesla. today jim wells calls it the most flips the momentum reversal which they think is kind of coming to an end. >> i think that's a great call actually. and there's a terrific piece out about tesla today and about again, this is about the idea that it's all peaked. tesla related point blank to bitcoin. >> oh yes. >> i thought that. barclays note. >> was that terrific. and it talks about the og and stonk david og you know what that is. >> yes i do. >> what the original gangster. >> who knows more than we do young kids. but anyway, yes, the

piece was so brilliant because it has to do with the zeitgeist. ever since the election. thank you, jason gewirtz, for putting this out, that everything's down since the election other than the dow. but there is a there was a trade that went on. i had vlad tenev from robinhood, the trade, and they were all together. and that is reversing. i think it's well, they start coming out, but today is a rear guard day. they're going to make a comeback today. and a large part that's because we had some good earnings for some things. but i just think it's amazing to be stuck here thinking, you mean to tell me that the algos told you that if tesla went down and bitcoin went down, you should sell applovin and you should you should sell i don't know. we can say any of the ones that you want to talk about, but palantir is front and center. i just don't want you to make fun of me. >> well there's. >> no doubt i will. >> that's why i cut you. sort of a highlight of my day. >> you the quick on the information you did, man. >> well, you and the information. you just don't like those guys. >> whatever they report, like

everyone. >> it's not true. >> no, because last night, the story comes out that that man is going to spend 200 billion on. a new. facility by not. >> the one they're. >> already working. >> on in louisiana. >> so i think that that i think immediately that nvidia is going to be up five, but it's only up three. and that's just about the, you know, the work day trade. you know there were some good quarters last night. by the. >> way the story and. >> the information. >> says they're in. >> talks to build a new data center. they're discussing it. but you're right. >> it was and it went made the. >> rounds. >> yesterday in part. >> because it. >> is the. >> kind of. >> the investor base right now which is enormous, not. >> just in nvidia, but overall those are. >> all in. >> ai. >> related things. >> want to see. >> it's reaffirming this. >> idea that, of. >> course, is a. >> deep concern right now. is the money. >> still going to be spent? >> everybody thought it would. >> when we were all buying. >> these stocks. >> three weeks ago. >> no. and every one month ago. and then last night, you know, we had this yesterday there was this piece from but there was a sempra got in trouble yesterday down 20%. and i read between the lines. i think that it's because california is trying to make a

decision. fires. climate ratepayer. and i think sotto voce, are we really going to favor the data centers and the companies that are behind them over the ratepayers? >> no. your point being. that that electricity, that electricity prices. >> may go up as a result. >> of this. and is that. >> going to be something. >> that is. >> certainly politically going to. >> well, i mean, are we going to really give are we going to let the, the shareholders have the advantage over the people who pay the electric bills? this is california. >> although many of. >> these data. >> centers, as. >> we. >> know. are being built with. >> specific power. >> supplies only. >> for the data. >> center. >> i was surprised. >> not even using. >> the transmission grid. >> no, you're absolutely right. >> they don't really involve the ratepayers. >> i think the utility commission is speaking about all the there's this tremendous demand and the need to be able to build up. and what what sempra is doing is building up oncor. they're building up texas. and i think you could say there's slight in california. i don't think any is jeff martin

is a terrific guy, the ceo. but the stock is down 20%. this is utility. the reason i really mention is that there's no place to really there's not a lot of good yielders right now. and sempra had been a good yield. so the stock is down 20%. >> the only etfs up for the year are health care staples and real estate. >> isn't it incredible? j and j, which had just been bedraggled down in the one 40s. it's been a horse. coca-cola has been amazing. amazing. >> coca-cola. >> coca-cola? >> yeah. how about, some bud today? look at bud's year. >> organic growth was good, i was surprised. now, of course they missed the number. but i'm going to talk about a place that david and i like to. free, free, free frequent, frequent. >> cava. tjx yeah. >> tjx you. >> see this? i'm going to show you something. show me this belt is 14 bucks. >> it's beautiful. >> 14 bucks. >> beautiful. >> i had a falcon now or whatever. falcon belt for 200 bucks. it broke. i didn't want to come here without a belt sans belt. so i went next door. i got

one for 14 people said, oh, that's nice. >> i know. >> it's great value. >> that's why that stock is up big. and that's why the comp stores were up five. i was looking for plus three. >> yep. >> that's the number. >> right 16.4. >> billion. >> 13 week fourth. >> quarter was. >> the. 16.4 billion. >> was the revenue. >> number that was flat. but again. >> just. >> as jim. >> just said comp. >> store sales up 5%. >> home goods really good overall for the year. >> just you know. >> we. >> always you know. >> we like to talk about tj in part because it's so much larger than target for. >> example for realizing. >> we spend. >> so much. >> time on $56. >> billion in annual. >> sales or carl. >> and 4% comp store sales decreased. that's the annual number. >> for tj. they always lowball the forecast. i was going to. >> say the comp. >> guide is light. yesterday i was surprised by contours language saying the consumer is quote under attack. >> i got blown up there. i, i had them on to introduce the purchase and it seemed really great. and i got blown up because i had the they had preannounced the numbers, but they didn't talk the forecasts. so i apologize to anyone who

watched the report because i didn't know that the forecast was bad. and the forecast is, i always tell david, is the. >> is the forecast. >> the forecast is. >> the forecast. this is. >> what company you're talking about now. >> contour brands. >> ctb brands, wrangler. >> oh, wrangler. remember when you were like in seventh grade. yeah. >> you probably. >> never wore wrangler. >> no, i never. >> wore wranglers ever. >> not once in you've traded brioni. >> oh, yeah. >> you traded. >> jeans or brioni. >> i wore, i don't know, whatever was bought at alexander's. >> oh, my. the one across. across the one at 59th. yeah. >> yes, but there was. >> also one in queens. >> yeah. >> who knew? >> yeah. >> so how about nvidia tonight? >> okay. look nvidia is really hard. there's a good good scorecard out today. one of the one of the firms. but i think nvidia has to do has to do beat and raise traditional beat and raise. and i think the problem is that their major product blackwell is still hard to get although supermicro by the way, congratulations on not being delisted has been putting in a lot in. remember the problem is and dell to hp not as many. the

problem is the actual. you have to build them, take them apart and then build them again. that's a very complicated process. and also we have the deep sea. although i think the jensen will say, the ceo will say that deep sea is actually good for them. i have been telling people this is not the quarter that is really important because they can't ship in volume, but i don't. the confidence level that i have in this quarter is not as high, only because we thought that blackwell with the major version would be out right now. and i remember, for instance, you have to go back to when intel might be late with a 386 or a 46, and there would be a gap, and then you had to buy the gap. so what i'm saying is, is that if it really gets hit and they indicate that the rest of the year is going to be fine, i think you take advantage of it. but it's got so much. i mean, this morning, frank, they had a guy. the number of it was actually it was pisani. robert talked about all the different instruments that are betting on

it. and then i talked with vlad tenev at robinhood. the number of zero day not the movie. the number of zero day options that are bet on this thing have made it. so it's actually in control of the actual underlying. >> i think the straddle is almost 10%. >> yeah, 8%. and what's amazing is, is that it's actually makes sense. i mean, when i was with vlad, with robinhood, you don't want the, you know, time degradation. so you can actually put that bet on this morning. and if it doesn't work. >> doesn't work. >> at all. it can be used as a hedge. >> if you're against your existing position. >> there are many professionals who are using zero day through robinhood because they've got the most active. they've got the deepest market. >> nvidia shares are up, though. i do want to. >> come back. >> to meta. >> you did not. >> you you. >> know. >> we had something at the very top talking. >> about this. >> information story where they cite. >> some sources. >> saying that they could. >> spend as much. >> as $200. >> billion on. >> additional data centers. >> this is beyond that. >> giant data center they're building. >> in louisiana. >> remember that i've. >> showed you a. map of

previously because they shared. >> a map. >> and they. >> superimposed it over. >> the island of manhattan. >> and it. >> takes up a lot. >> of. >> the island. just to put the size. >> in. >> perspective. >> this would. >> be. >> an addition. but to jim's point, a meta spokesperson. >> and there's oh, i love that. >> oh, god, that's when. >> they cut out for. >> madison square garden. i don't. >> know why, but they took over central park, which. upset me. i misspoke. >> last week, by the way, in my interview with. >> safra catz, i. >> forgot it wasn't. >> the abilene. >> texas stargate facility. >> this is. >> meta's facility in louisiana. >> that is currently under. >> being being built. >> but this would be an entirely. >> new. >> project that the. information is. referring to, and obviously. >> it would be seen. >> as a reaffirmation. >> yet again. >> of their belief. >> that that. >> these the models. >> that are out. >> there and everything that's going to be coming is going to need just an enormous amount. >> of more capacity. >> meta said the following a spokesperson denied the report. >> this is per reuters. per reuters. so again, not our. >> reporting. >> saying it's. >> data center plans and. >> capital expenditures have.

>> already been disclosed. >> and anything on that is pure speculation. so i don't even. >> know if i would say. >> that's a denial. >> jim. >> typically, in my. >> experience. that's the somebody saying. >> that's a. >> spec, they're not ready to talk about it, but. >> it doesn't. necessarily mean. >> that it's wrong. >> no. well, i regarded their statement as denying the claim of the information, but i'm not going to disagree with you. it's just that i was saying that the reaction to the information story was very muted because people didn't believe it. and now we come out and we have the claim, look, i have no doubt in my mind, and carl, this is what i speak to you about. i'm trying to say this is not the fulcrum quarter, is that i think that everyone has to add more of these, because what you have to keep adding the remember, it's the software platform. people don't understand the software that is offering that meta needs that nvidia has. and you can buy more and put them in and put them in. but i hope that jensen starts talking about video. i think the major problem is, is that we're not he's not communicating the video story. so i'll watch john for tonight to see if he does know. >> there was big data.

>> center conference in. fort lauderdale. >> earlier in the week. yeah, no. >> diminution. >> at least from their perspective in terms of the orders at this point. >> well, don't you think it was really microsoft? >> this is off the. >> microsoft stuff. the one that showed the microsoft is really the outlier here. i felt that, you know, one of the stories i thought was that if, let's say they do have a real dispute with chatgpt, they don't want to be building for chatgpt. but you did correctly say to me, that is still a bonafide union between the two. >> yeah, they still. >> have a. >> partnership microsoft, but. >> obviously they are now. >> being, i don't. >> know, equaled. >> if. >> not superseded. >> by softbank. >> potentially. >> absolutely. but anyway, let's just leave it like this. i don't want people to say, you know what, we should just trade nvidia. i just don't think that's the right thing to do because they still arehethere. e trend, in part because microsoft was the, not the other people. >> microsoft watch. >> margin will watch margins too. there is a story today about. >> the dell. >> 71 must do 7071. >> yes, this dell. piece about

the xhci server deal with margins in the mid single digits. >> no? >> well, they're saying they're very. >> tight margins. >> on a lot of those. big dell deals. >> yeah. >> i think that mike. >> said before. >> michael is the number one. he was the one that was at the gtc conference in the first row. that's the conference last year. and michael i think has great, great confidence that things are booming. hp we're not sure. and then smci david, i leave it to you. >> i'm not. >> getting in. oh come. >> on mike. >> come on. >> no. all right. >> we're going to get to smci regardless who covers it. it is up 20% plus pre-market. we'll get to. >> some other. >> movers gm on this buyback and div hike. we'll get to jack in the box. three m jim talk to the box. three m jim talk to hood intuit workday (wind, rain and rolling thunder) (♪♪) nobody's born with grit. british anncr: rose is really struggling. it's something you build over time. american anncr: that's twenty-one missed cuts in a row. (car trunk slammed shut) for eighty-nine years, morgan stanley has offered clients

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from the 52 week high. jim, we got news on lucid stellantis. but the s&p autos are down what, 35 from december? >> and gm has been executing rather well. i thought this was a very gutsy move. phil had a great story this morning about how important this buyback is, the dividend boost. you know, obviously dividend is nowhere near as big as ford. but ford can't get out of its own way. this is a challenge group. and people just decided look the tariffs are going to kill them. period. end of story. because you can't move the engines back and forth and back and forth. but i don't know. we haven't heard more about the mexican tariff. the canadian tariff. very very important. the only ones that i feel this definitely etched in stone is the steel from china. that's the that's peter navarro's issue. david, i don't think that you can own the auto stocks until you know more about the tariffs. >> what'd you get out of navarro. >> yesterday during. >> that interview? i mean, what was. >> the larger.

>> takeaway in terms? >> it's really. >> interesting. >> really, as you say, that, because the larger takeaway was missed. it was meant to be a sop to the mag seven. i mean, it was meant to be. listen, we're going to protect you from the honeypot that so many people, we wake up all the time and we see o billion dollar fine by so and so. it was all about. >> digital, the digital taxes, services. >> taxes in europe. >> so peter thought that it would be welcomed by the tech companies because they're the ones they've been complaining about it and. protect them. right. but it did not resonate like that. and i think that one part is because it was like, oh, how about the copper tariff? i mean, there's so many tariffs, you know, i mean they are. >> copper is. >> getting some noise today. >> fcx is up 5% pre-market. you had daniel ek over at spotify tell the eu to hit to hit apple on the digital taxes front. >> geez, i don't know. i just tell you that there's so much that i. i was lost too. i mean, i talked to peter a lot and i thought that this was a great

idea and it didn't have any relevance or resonance because i think we're all so confused about the tariffs. how about the taxes? should we take up the taxes, tariffs, taxes? you know what that is. >> no i don't. >> marx brothers. oh, taxes. fredonia. >> what are we talking. >> fredonia. yeah i feel like it's bqe. it's become fredonia. it's like fredonia here. i'm not kidding. >> it's like harpo. >> in the sidecar. >> it's like fredonia. i watched a bizarre video about gaza, and. >> i've seen that. >> as well. >> i've seen. >> that as well. >> musk eating. >> hummus and. >> eating hummus. >> trump and netanyahu drinking by the pool. >> by the way. i thought they noticed they're also. >> bearded men in hula skirts. >> but is that an ai generated? is that. >> yes, that. >> was an ai generated. >> is it from the white. >> house, an ai. generated video that was put. >> out by the president. >> on your social? i believe. >> it's not illumination. >> well, no. >> and it it it was odd. i think it's fair. >> to say it was somewhat odd. >> i like your term. thank you.

>> no problem. >> we'll get cramer's mad dash and countdown to the opening bell. futures. still looking to stay constructive here at the open after a few days of declines. more squawk on. the street's back in a minute. >> at baird. >> we. >> have a different slant on global. >> financial advice. >> the global. capabilities mean nothing. >> without personal attention. we have investor relationships in 35 countries and market expertise in. over 40. industry verticals, all to help make the most important investment connections of all yours. >> global financial. >> advice with a client first approach. it's the shape of approach. it's the shape of things to come. i don't play for money. my ambition is to play big—to help and inspire others. that's why i joined sofi. they help people earn more and save more, so they can realize their ambitions. sofi. get your money right.

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>> all right, let's get. >> to a mad. >> dash with jim. >> we got seven minutes before we get started. >> with. >> trading here. >> lowe's reports. >> fourth quarter sales. >> and earnings. >> what do you think. >> marvin ellison go back and forth with him. this was an excellent quarter particularly considering rates. although the rates have come down a little bit and the lack of housing turnover, which is typically been the key metric because when there's housing turnover, you go to lowe's and you tend to rehabilitate, you make it so you renovate. i was struck by the fact that the numbers were in pro are improving, because lowe's is often thought of as do it yourself. we had good pro numbers from home depot, good pro numbers from lowe's. something could be on here. david. it is not as bad as feared. these two companies are excellent. >> these two being this. >> lowe's and home. >> and. >> home depot because that was ellison's fab. >> that was my question. >> we heard from. home depot yesterday. and their numbers. >> are. >> good in this environment. now you got to look. i mean, if you looked at home depot or this i

mean, look, everyone, there were a lot of short money betting against these. i think that when you have a stock that goes down like this, you should rethink. but i liked i liked them. that's dan ives. i've been doing a lot of dan ives imitations. well, i think that. never mind. >> i know. well, he's got all his little. >> i love dan ives. >> super bowl. >> of this. >> and i love that. >> and he's great. >> i you know, i post something about my daughter. he immediately retweets it within a second. >> all right. but let's get back. >> to lowe's here. all right. >> i mean you've. >> liked it. >> you've always. >> liked i've always liked ever since marv came in. right. and i'm in the home depot team. ted dekker. look, these teams remember, these guys take a lot of share too, from the mom. and they're still mom and pop hardware stores that they take. of course. and remember, you're you're betting against now the christmas season, which is going to be the garden season. appliances still bad everywhere. >> conference call just started i think at. >> 9 a.m. >> yeah i. think that marvin has a he always has a great conference call so i would not worry about it. >> you wouldn't worry. >> no, i would not. >> all right. lot more movers to

get. >> to this morning. and of course you. >> can always catch us anytime. >> in anywhere by. >> listening to and following the squawk on the street opening bell podcast. >> we're right back. >> with a cnbc special report. nvidia reports earnings and jon fortt interviews ceo jensen huang i strategy, chip demand plus post interview analysis a cnbc easy to use.

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responsible investing. >> it's nice to not have to play as much defense. i mean, frankly, in the last administration, we were playing a lot of defense. there was an all out assault on not just crypto, but individual retail trading in general with market structure proposals, predictive data analytics, which is basically an assault on ai and financial services. so now, you know, we're fortunate to have, you know, an administration that wants the us to be number one in ai, in financial services and crypto. >> that's robinhood's vladtenev. >> with jim last night on mad money. jim, you came to their defense, i think. >> yes, i think that the predictive is very good. and here we're thinking about who do you think will win for president and have a deep market on that. talking about some people think it's outright gambling. but the bigger picture of robinhood is one of great maturity. and they've developed a lot of products to be able to capture the 84 to $86 billion that's

being transferred from the baby boomers to the different other generations. they have been able to get clients like the gamestop clients and then actually take them for many years and then move them up. they have fantastic 3% ira match if you go there. i was very impressed. and their engineers and their site is so exciting. not in the way it used to be with the balloons. >> balloons. >> but in terms of like if you want to understand futures, you want to trade on their site. there are many things that do crypto you want to trade on their site, but their options pages are magnificent and really simple. the other brokerages have really dropped the ball. they don't understand. you have to have superior, superior engineering. and that's what vlad understands. >> do you think it's beyond just the marketing? >> i totally do. i think it's i think their website is fabulous. they've got so many good things. the gold card is good. they've got many smart things. >> it is down 30% in six days. you think that's the. >> end of it?

>> no, i think you. >> buy it. >> i think that that's also it's also part of the bitcoin trade because they have a lot of bitcoin. they do trade a lot of. of crypto. but i just think it's here for the long term. >> i think it's very very good. >> let's get the opening bell here. >> on the. >> cnbc. >> realtime. >> exchange with the big board. it is the new york city department of veteran services. >> and of the nasdaq. >> celebrating a recent ipo. ctrl, an advertising services provider in hong kong. speaking of china, jim fxi now up 20% for. >> the year. and we got a bernstein piece on alibaba. i don't know that that temper still likes china very much. he obviously had one great call. those who know dave know that he was saying this at 90. and then when it dropped to 70 he did something i really love. he bought tons of it. he's one of those he's one of the few billionaires that doesn't have billionaire ideas. he would actually like that. you make

money. he does not close the door on people who are not billionaires. he does not have billionaire itis, which says that you'll never make the money because it's all over. but i made it. and i've got a really big house in the hamptons, and i'm looking at that 40, $40 million bing crosby house in hillsborough. >> right. you've made the point that billionaires tend to be very negative in some way. >> yes. >> and you think they close. >> the door so. >> because. >> well. >> they're always negative. and we don't we never grade them because if they're billionaires, we think that they have to be genius. we never think about luck and we just think, well, they might have had a really great. >> degree, by. >> the way. it's one of the. >> least. >> favorite things we. >> ever. put up. >> is billionaire. >> as though. that implies. >> some sort. >> of great mystic. >> ability to predict anything, right? >> when in. >> fact. >> as. >> we. >> all know, timing and luck are such. >> an. >> important part. i just think. >> that said, many. >> of them do share. >> one characteristic that i've seen, which is they're relentless. many of them are relentless. >> they are relentless. >> they're determined. >> that's an. >> important predictor. >> of success.

>> money making success. >> i think you're right. and i get their tiresome. i do want to point out that people are selling. >> many of them. >> though, jim. >> so many of them. >> did you listen to biden's goodbye speech? >> yeah, i did hear. >> about oligarchs. it's actually completely ignored because everyone ignored him. >> billionaires. >> do you know how many. >> hundred billionaires there. >> are now? well, fantastic. in the meantime, we're seeing a lot of stocks go down that were up tj. people are taking i think the prediction of negative comps seriously. they shouldn't because this is an old game of having a very low prediction. i watch google turnaround very quickly and i don't understand that. and you know alphabet's trading rather erratically. and i don't really know what the fundament of the either. >> you know. listen we all there. >> was a. great concern. >> some time ago now. >> about whether. >> it's monopoly in search. >> was going to be. >> assailed by the rise of, of the. >> chatgpt and the other. >> artificial intelligence

chatbots that i. and then. >> that sort of faded. >> as a. concern as. they both. >> mounted their. >> defense with. >> gemini and their various. >> efforts given they were ahead. >> in ai, obviously. >> with deep. >> think for. >> so many years. >> but i. >> think a lot. >> of people are. >> using chatgpt. >> on their phone. >> or grok. >> or i. >> mean gemini as well. for search. i'm getting you do wonder whether. >> that is. >> that is creeping into at least some views of the of the, of the stock. >> i use chatgpt probably like maybe 50 times a day. >> and do you really. >> yeah. >> do you. >> do it voice. >> or text? >> i do a text and i'm continually let down by the lack of rigor of what i get. you are? yes. i mean, i say, tell me everything you need to know about. i need to know about bristol myers. and it won't even have the patent. cliff doesn't mention the patent. oh, they might have some drugs that could be off pat. i mean, it just doesn't get the story at all. >> well, that's a lot to expect, isn't it? tell me everything i need to know. >> well, no, no, that's. you

have to know. the key thing about i think about all these sites is you have to know how to put the question. i said give me the pluses and minuses. first of all, what's the actual inquiry? and i just find that it's just not rigorous. i mean, you can't rely on it. you have to go to all the different sites. i mean, you know, i go to claude three a lot. yeah. yeah, i'd rather go to claude rains than claude three. i brought. >> up relentless. >> a moment. >> ago in terms. >> of at least a unifying characteristic amongst those who've. >> made a lot. >> of money. you know, if you go. to relentless.com, i still. >> think you. >> get to amazon. >> is that true? i think you still. >> do that at night. >> i'd have to. put it in and make sure. >> but tonight we're going to see about. >> i mentioned amazon. >> because the stock is up. >> and i. >> think there's. >> there's some. >> hope around. >> a presentation. >> later today. >> in terms. >> of new functions for alexa. right. >> and what even. >> may be. a subscription. >> model in. >> some way that gives you more ai functionality.

>> and so. >> by the way, that. >> stock i. >> mean. >> we you know. >> you. >> can see what it's done over the last year. >> but take. >> a. >> look over the last few. weeks it's been. >> going down. >> i know. >> and. >> this is. >> sort of a rare. >> uptick around some hope. >> of that. >> they have promised some of us who have complained about alexa that it's going to be a very useful tool when you come downstairs, and i'm very excited about it. i also hope that they clarify that they get it right, because there is very little classical music that you can play. if you ask for beethoven first, they give you alfred brendel doing a concerto. if you ask for the concerto, they give you mozart. it is so erratic that it's not usable. so i hope they fix that. and they want it to be your personal assistant, which i like, because right now she's dumb as wood, i mean, plywood. i mean, sometimes i argue with her like, incredible. i wanted to hear west side story, right? well, you know. >> marni nixon. >> that's way too hard. you know, it's really hard for them. literally anything. anything

involving cajun music. >> i don't use any. >> of these. >> things, but i would like to wake up and be told, all right, what's the weather today? what should you. where is the subway? running on time. and, you know, make sure you're eating. >> your. >> breakfast by such and such a time so you can make it. >> that will all be in my understanding, is that will all be in. yeah. yeah. well, no, i mean, when i asked them directly, they think it's going to be your personal assistant and you'll want to pay for it. that's why they when i said i'm not paying for alexa, she, she doesn't know anything other than that. there's a package downstairs. and they said no, she will be able to really communicate with you much better that the problem is that it doesn't have a well, basically it doesn't have enough nvidia and it will also trainium their own chips. god love them. >> well we'll see. >> we'll see what the announcement entails when. we get it. it's only a few hours. >> you know it's wrong so often. >> say again. >> what's wrong so often. >> which one are we talking about now. because you just were talking about chatgpt being wrong. >> chatgpt is wrong. all of these things are in their infancy, and they and they

probably need more nvidia. i notice that apple's down today and apple's been the outlier. it's been going up because people feel they didn't spend any on the data center. so the free rider that we like. >> well it's the. >> only. >> mag seven name gym within 5% of a 52 week high. >> i could see the stock going lower. >> and i did have, as i mentioned, daniel ek urging the eu to go after them on the digital tax, said that their efforts farce. but yeah, it's been the most the best behaved of the seven. >> yeah. this is the one i think the i believe the short sellers will go after and target because it's the only one that's still up. and you know how short sellers work. not the app loving short, which is i'm trying to get a line on it, but just like, okay, well why that one doesn't deserve to be up. and if invidia is bad, that'll go down. if nvidia is good, it may not impact the stock. it's an interesting short. i'm against it, but it's interesting. today though. financials finally working consumer discretionary finally working information technology. >> no it's a nice day but it is

937. >> it is only 937. >> something else is working. is ge renova guys a. >> name that we. >> focused on in part because of course of the enormous run up around all the enthusiasm again for data centers. >> and most. >> importantly, as. >> we say. >> so often, the power behind them and the need for so much more. right. and an. >> announcement this morning. >> between nrg nova and kiewit accelerating new generation capacity. they're talking about initially. four projects totaling over five gigawatts of efficient new natural gas combined cycle power plants for the ercot and pjm markets. and that's got it going. what's the power going to be for you? can you can guess can't. >> data centers. and i guess tom jordan on last night, i think tom jordan is now the dean of the oil, oil and gas business. they have a huge. capital owned gas cimarex. >> what's the company now that he runs. >> kotara kotara. >> and they have a gigantic

natural gas, by the way, a lot of it in pennsylvania. marcellus. and there it's lng. what is the lng for. >> center for data centers? >> well, also. >> we're not you're not going to be able to run all of these data centers on renewables. there's no way around that. >> wind is big. >> think about what musk did with the exi center. >> in. >> memphis that he built in a record time. >> and not for tesla. >> no, for exi. as i pointed out many times. >> what did you think about the washington post? >> my point is. it's all powered by natural gas. >> but what did you think about the washington post story about musk? >> that which one? >> well, today there's a seven byline piece about the amount of government subsidies and credits that built his empire. they, they, they put it at $38 billion. >> they he's become a works progress administration for journalists. musk. but the piece was. >> said i mean, i think we could do two hours a day. now at one hour i'm up, i'm upping our musk hours, the musk double hour. >> i think jensen would feel slighted. >> i don't care. >> how about alex karp? you don't think he's worth. >> they can all come on. >> the book tour might be over.

>> you can come on the show, but you can only come on to talk about elon. >> the barclays tesla piece. and then the washington post piece is very exciting and a lot. look, the. >> barclays piece they reiterated. >> a neutral. >> well but i think the underneath there is a belief they wish they had been more stated about it. liberals aren't buying the party. >> well obviously i think that's pretty clear. >> yeah liberals are not buying it. >> liberals are not buying what? tesla? no. and those who have them are letting their leases expire and not buying and getting a new one. right. wow. i think that's fair to say. that's interesting. >> well, again, washington post yesterday did a piece on buyer's remorse. the hashtag swastika deploring. i mean, it's all over the place. >> yeah. look, they have to switch scenarios very quickly, you know, to humanoids. right. when he said. >> he switched. >> the. >> he switched. >> the narrative already. >> well no, they meaning us. us, >> us. >> the street. >> the street. >> they just have. >> to follow. >> we you have to just say it's a tech company. forget about all that. >> other fundamentals don't

matter. >> no. >> it's actually. >> in the barclays piece when. no. >> they seem to be asserting themselves again. >> they say that was a great line. they said fundamentals at least matter a little. >> yeah a little. >> a little. >> guys. yesterday we saw pharma in particular one of the areas of strength. >> yes. in the. >> market today. >> are you going lily. >> i'm going. >> lily i knew. >> it. >> the other. >> way, except. >> for. >> lily, which is not up, up a great deal. that's about a half a percent. but the news is their their expectation to add 27 billion to their us capital expansion commitment. they are going to be building new plants. for new manufacturing plants in the us. and that was at a press conference as well. they just shared this news. of course, as you might imagine, a lot of that is going to be used to produce, i would assume, although i don't want to jump to conclusions. >> jim glp. >> one right. but it might be

this is you're talking about. the pill form is going to be in play too, right? >> oral at some point will be an application for getting your glp one. right now you can obviously only do it through a shop. >> now. >> again, it is yet another company. that is, you have to say, ingratiated. itself for the trump administration, which values any and all announcements having. >> to. >> do with. >> the. >> addition of capital for manufacturing here in the united states, whether it was already anticipated or already planned, in part, but it's part of a of an announcement or is in fact actually new here. >> they say. >> capex to build these plants over the next five years create more than 3000 jobs and 10,000 construction jobs. >> could they be buying doing more in indiana? i know david said he was going to put more in indiana. of course, the home home court there for them. yeah. jacobs engineering, jacobs solution. excuse me, have been doing it. that's that's right. that's real time. >> yeah. >> speaking right now, real. >> time at this press conference. and again, that is, you know, something we see a lot of these days carl.

>> and nobody. >> knows who like to take the stage, make sure that they're in the good graces of the administration in terms of saying things. this is the and again, the apple announcement from earlier in the week, although once we really parsed it, jim, a lot of it was already. >> well, okay. >> much of it not all of it. >> okay. >> then the. >> question is how many jobs like we talk about data centers which are being built all over? the journal has a story today, not really news. once you get a data center up and running, there's not a lot of people that work there. >> no, i went to a and i went to an intel foundry in jerusalem, and there were on the sabbath. >> five people there. >> no, no one, no one's allowed to work on the sabbath. >> but it was still open and running. right? yeah. that's the foundry making chips, data centers, obviously, as well. it's full of servers. you got some people there who have to monitor things. >> everybody knows that. >> not require a lot of employment. >> remember when. >> the building of them though does. and there's obviously a lot of. >> construction workers. ireland put one up fully knowing that there'd be very few people in it, but they wanted the construction jobs. why not? construction jobs were hard to come by at that point in ireland. >> meantime, the alcoa piece in the journal yesterday, jim,

warning that tariffs will cost 100,000 jobs and then going on to argue that it's not going to prod them to reshore anytime soon. >> well, i think that's one of the big problems, is the only company that is really in a position to and they don't really have something in mexico is newport. they can build there's nucor has got the best capital structure. nucor is fantastic and it's been hurt. it's been hurt by chinese steel coming through mexico. >> yeah. >> and if they could cut cut that off newport i think could put even more plants up. they they put up plants in their ecosystems. they'll put plants where there are no plants so to speak. that guy's dustin. crops where there are no crops. >> north and. northwest while we're still waiting. yeah. on on us steel. no, i got nothing for you on whatever you're talking. >> jeff probst. >> what about him? what does he do? >> ain't got nothing for you. >> oh, really? is that what he said? i don't watch, i haven't watched that show in. >> 20 years. new yorker said it was the greatest show of all time. he has two emmys. he doesn't even know who jeff probst. >> i know who he is. i know it's

survivor, right? yeah. but, i mean, i watched the first season and that was the end of it. >> i do you watch trader who. oh, never mind. he probably he probably thinks it's a show about like arbitrage. >> wait, is it on what what what streamer is it on. >> another network. another another another company. >> another company. yeah. do you watch any of the hit shows on peacock there? jim? >> it's another company. i tend to watch companies that i'm closer to. >> i love when i get a little smile out of carl. >> yeah, just a little one. >> i think there's like 90 new shows coming to peacock next week. >> well, great. >> who knew that? yeah, 90. >> i think between movies and shows. >> yeah. you know what? >> it's going to. >> turn the tide. >> well let's hope yeah. >> let's hope. >> how about the fact that noah oppenheim is behind zero? isn't that great? no. i hired noah in 2000. >> no way. >> yeah. he's the greatest one of the greatest guys. he just sensational. it's so great that he's getting some credit. >> jim. a lot of consumer names. we got cava. we got jack, we got cart. yeah. down ten pre-market. >> i think was interesting because when they reported the number the stock was down 12.

and then it rallied when they was on squawk box to up three. and now it's down three. but i do think that remember this is a day everyone's going to be focused on nvidia. but that does not bring out buying. it brings out selling. i think. >> this kind of points to the language we got out of contour wrangler yesterday. >> oh god. the contour just bothers me so much. the guidance was the guidance. >> the guidance to the back to nvidia for a second. what do they have to do for the stock to go up. >> they have to show gross margins stable to going up. they have to say that they have a great order book, and they have to say that black, that i would literally love to hear that ruben is ready, that. >> ruben is the next one after black. well. >> not michael ruben. it's not a fanatic. >> understood. >> but but they're both in philadelphia. but i do think you need to hear not only not only is there no diminution from deep sea, it has created a whole new market. right. and they need to get away if you want to know the truth, this is something i've emphasized to them. you got to get away from this five client

syndrome. >> what does that mean? >> well, you can't just if it's just going to be oracle and microsoft and alphabet, you know, and meta meta tesla we're all going to just keep saying are they ordering. are they ordering. if you have an order book that includes, say many countries, that'd be great. and then we have to worry about whether peter navarro is going to let them have. >> whether he's going to cut them out from even being able to sell the lower end chips to china. that said, your point on the sovereigns building their own ai capacity is important as well, jim. >> but, you know, if you look at the 18 countries that that biden said were friends, it eliminates many, many countries that would like to have sovereign ai. >> right. >> and that was part of nadella's rap as well, that the overbuild comes not just from corporates but from sovereigns. >> if i were nadella, i would be saying what he did because i need the price of these things knocked down from 30,000 to 40,000. you need to get them down to 25,000. if you get discounting of blackwell, then there's just going to be a wholesale. that would be, that would be. but i think nadella is trying to talk it down like

nadella is like when you go to carvana like, no, i'm going to pay 22. >> yeah, exactly. >> 22,000 is my price, not 23. >> as we go to break watch bonds as well. we will get a seven year note auction today after the two and the five got pretty well received earlier in the week. we'll get new homes in about 12 minutes and then bostic at noon. stay with us. >> the bond. >> report is brought to you by pimco, a global leader in active fixed income.

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amazing and is something that we get to use every day. >> make time for jim and stop trading. >> there was a thought that maybe intuit was not going to make the quarter. some people worried about global business solutions. consumers only up 3%. but credit karma was magnificent. 16% dividend boost. morgan stanley goes hold the buy. fantastic. just fantastic situation. i like those guys

very much. and i think people really misjudge their their small businesses still very strong in this country. >> does it pivot much around the irs and easy filing tools, anything. >> like that? >> great question. but they managed to be able to kind of avoid that by making it really much more small biz. and wow, i mean, having used it as a restaurant owner, it's really extraordinary. it's powerful product. >> yeah. >> and it makes it very easy. easygoing. you put up a chart just a second ago which talked about what stocks were up the most. the second one was axon, which is the old taser, but actually has now a fantastic system involving body cameras and being able to make it so you don't have to sit there and type reports after. and they had a magnificent quarter. and by the way, one of the best conference calls i heard in a long time, rick smith is fantastic. and he will be on mad money tonight and so will. so benioff and benioff used to be the subject of all talk, but but now it's nvidia overshadowing mark, which is

really hard to overshadow. >> do they have any. is there any news or just coming on. >> the quarter. >> oh it is the quarter. oh i didn't know. sorry. >> what's the line on the quarter right now. >> the line in the quarter has been mixed. other than asian force, which is the one with matthew mcconaughey, i think it's better than mixed. but the stock is starting to bounce a little bit. >> it's an important day, jim. >> yeah. >> really important day. >> and i just urge people to not write off tech if it's not good today, because tech has been pressured for weeks, except for apple. >> apple's down today though. well apple is short. >> versus the rest of the group. that's the trade that people are putting. it's much lily too. >> yeah yeah. >> for sure. >> now if they talk about pil remember rfk jr is against vaccines and needles. rfk jr is much more open minded than people say. although he's got involved in that merck lawsuit. >> not so sure about what? not so sure about that. >> no, no, no, i'm not saying that he's in favor. i'm just saying let's hear jim.

>> we'll check in with you hopefully many times today and tonight. mad money, 6 p.m. eastern time. when we come back, eli lilly's david ricks, who just announced that company's u.s. expansion plan. we'll talk u.s. expansion plan. we'll talk to him with the dow now i know how to make slick-looking goggle-slash-glasses. but i have no idea how to make slick-looking social media stuff. but godaddy airo uses ai to create social content outta thin air, like this one. “walton goggins goggle glasses are great gifts for all guys and gals.” ♪♪ many legendary investors quietly ignoring that advice and instead selling the stock hand over fist? >> every billionaire. >> on. >> your screen. >> has recently sold nvidia. >> some have. >> offloaded millions of shares. and mark my words, this is bigger than nvidia. >> hedge funds. are quietly. >> selling all of their tech stocks. >> at the fastest rate we've

seen since 2016. it begs. >> the question. >> what do they know. >> that you don't? >> my name is mark chaikin. >> i help build three indices. >> for the nasdaq during my 50 years on wall street. >> that means i know how to. >> recognize these signals from the tech market and exactly what they mean for you and your money. i explain everything in my new. market briefing. including the truth. >> of. >> what's. >> going on with nvidia. >> today and the specific stock i recommend. >> you buy instead. >> i'll give you. >> its name and ticker when you visit. >> the website below. >> nvidia has been the. >> most talked about stock in. >> the. >> market. >> and for good reason. >> it's led the ai revolution that has taken the us stock market by storm. >> since they announced. >> their ai powered computer. >> chip in 2023. nvidia stock. >> has been on. >> a history making tear, officially surpassing. >> microsoft to become the. world's most valuable company today. >> however. >> many investors.

>> are worried the. tide is changing. nvidia's day in the sun may. >> soon be. >> coming to a dramatic end. >> and as a result. >> i predict a. >> different under the radar. >> stock is primed for. >> big potential gains. >> from this moment on. >> to get its name and. >> ticker 100% free. >> simply visit the website below. >> consumer cellular is lowering the price for those. >> 50 and up. >> get two. >> unlimited lines for. >> $30 each. that's just. >> $60 a month. >> so switch to. >> the carrier ranked. >> number one. >> in network coverage satisfaction. visit consumer cellular today. >> ambition doesn't always look like you think it might look. >> i can remember reading the. >> economist on my lacrosse bus trips in college. >> i've just always been super fascinated by what's happening. >> in financial markets. and

what is that telling us about. >> where the world is going. >> i want to. >> democratize access to. >> that high level. information and help. >> explain to every single. >> person out there watching. >> why what's happening in these. >> complex markets matters. >> for their. lives today and in the future. that's what drives me. >> i love being part. >> of this. good wednesday morning. welcome to another. >> hour of. >> squawk on the street. >> i'm sara. >> eisen with carl quintanilla and. >> david. >> faber live, as. >> always. >> from post nine of the new york stock exchange. stocks pushing higher. so far in today's trade up a half a percent. a little more than that in the s&p 500. who's in the lead. >> financials and industrials. those are the best performing. >> sectors actually. you've got information. >> technology also gaining. and that's. >> helping the overall averages. >> look at the nasdaq up. >> a full. >> almost percent. >> we have some ground to. make up for this week. >> but looking. >> strong early this morning take a look at treasuries. the trend has. been buying bonds

pushing yields lower. that reverses a little bit today with the ten year sitting at 4.3 and the two year yield at 4.125 for 30 minutes. here into the trading session. here are. some of the big movers. >> we're watching. >> a lot. of news from the auto makers tesla shares trying to rebound after its market cap actually fell below $1. >> trillion. >> gm raising its dividend and buying back stock. and then stellantis car sales dropping retailers. also on the move after. results from lowe's, tjx and more. tjx higher despite guidance coming in a little bit late. and then check. >> out the move in. >> supermicro surging after reporting delayed financial results just in time to avoid a possible delisting by the nasdaq exchange. the stock had been under pressure after the company lost its auditor over governance and board. >> independence issue. >> it's been a roller coaster ride now up 16%. >> got some new home sales out a few moments ago. let's get to rick santelli. morning, rick. >> good morning carl. indeed. these are january new home sales. remember there may be a

weather effect. people are trying to decide if the california fires will have a future effect. but one thing i can tell you is it's a weak number. 657,000, seasonally adjusted annualized units. we're expecting the number about 30,000 higher. and last month had a huge revision from under 700,000 to over to 734,000, which would have made it the strongest level since may of 23, which means we're now down, what, 74,000? that's basically a 10% move lower. and do remember, if you look at bank rate 30 year fixed for the month of january, its average was around 7.3%. so that's an issue as well. existing home sales keep inventory generally tight, but there is a pipeline of new construction we need to keep an eye on and to dig even further into this number. let's go to diana olick diana. >> well, rick, you. >> said it. >> this is all. >> about mortgage rates. >> we saw. >> rates go into the 7% range in

january and keep moving higher. >> they started at. 7.07% on the. >> 30 year fixed in january. first move to 7.26% by mid month and stayed there all month. >> of course they've come down. >> now, but these numbers are based on signed contracts. that is. >> people out. >> shopping during the month of january signing those contracts on newly built homes. >> and by the way, the. >> price of a newly built. >> home, 446,300 was. >> the. median in january. >> that is up. >> 3.7% year over year. it's interesting because the builder sentiment numbers. >> that we got last week, which showed a. >> big drop in sentiment. also noted that builders were. not doing as many incentives. >> not because. >> they thought they would help them or they wouldn't help them. it's because they felt that there was such. >> a great divide. >> between those who could afford a new home and those who couldn't, that incentives. >> really weren't going to move. >> the needle on those who simply couldn't afford the home, because, again, that is a high median price supply has moved up to a nine month supply. six is usually balanced between buyer and seller. so this drop again. >> is largely. >> due to what i think is mortgage rates moving well over

7% and concern in the economy. rates again are down into the 6% range now 6.8% as of yesterday. but i would note that consumer sentiment noted specifically that people were concerned about buying big ticket items, especially homes, because they were concerned about the future of the economy. costs, inflation. et cetera. so the builders, they're not going to love this. >> back to you, sarah. >> they're a. >> lot. >> of them are trading down. d.r. horton down 2%. lennar is down 1.5%. makes sense diana. >> thank you diana olick. >> another day. another tariff discussion at the top of. >> the agenda. >> this time today we're talking about copper. after president trump and executive order ordered the commerce department. >> to look into the. >> possibility of copper tariffs, copper imports, basically. and what we heard from howard lutnick, the brand new commerce secretary. >> is that. >> in his. >> words. >> you. >> know, our domestic copper production has been. >> decimated by. >> foreign competition. and they want to get at this. will they

go ahead with tariffs like we saw on steel and aluminum. that's the question. so i just wanted to give you a little bit of a deeper dive into why copper matters and where we get it. because we import about half of the copper that we consume domestically. we make half of it. but look at where we get it from. mostly allies, not china. >> we get. >> it from chile. >> that's our biggest importer, that's our biggest export of copper that comes into the united states, canada, peru. i mean, so according to the white house, china does control about 50% of overall capacity on smelting and refining. but here's who would be punished. if we do go through with tariffs in terms of raising their cost of exporting it here into the united states, and copper is really important. and we import a lot of it because it's used in everything from weapons to cables. for internet connectivity and electricity, electric vehicles. there's been a lot of demand lately because of the way the economy is moving here. and there's already talk of short supply. more tariffs

could potentially raise prices even further. that's what you're seeing today copper prices shooting up. and some of the some of the copper producers freeport-mcmoran we talked to all the time carl big boost in their stock price as a result of these higher prices. >> the only question is whether or not you could reshore some of that production fast. the comment we mentioned earlier from alcoa yesterday was that on aluminum it would take a long time. they're not too bullish on the idea that you'd start domestic production quickly, right? >> i know, and also how much would you punish china and avoid the so-called dumping because that's what they want to get at, where china just produces a lot, floods the market, hurts our manufacturers. it's unclear they're going to be looking into these sort of things and taking comment from them. we are still getting good commentary from companies about how tariffs are going to impact their business. advanced auto parts stood out to me, the ceo, shane o'kelley, says. as it relates to tariffs, we're a rational actor. >> where there's. >> an opportunity to pass along pricing. we're going to pass along pricing. a lot of the

parts in the auto parts are made abroad. >> and so. >> when they have to import them, they're going to have to pass that on to the consumer. i do have, though, some good news on the consumer overall, just based on what we're hearing and seeing from some commentary from a lot of these big companies. remember, there's been a bit of a freak out on the consumer because of lower confidence. and this growth scare. turns out in vegas, everything's good. it actually appears, according to caesars, to be getting better. they're talking about consumer. what i would tell you is our customer is pretty solid and stable across both regional and vegas. good news for vegas. they're into it. >> it's you. >> know does the taxes they have a they have a good read on small business. and also bullish i would just say it remains very stable in terms of the macro environment for small and medium sized businesses. and then amc, the movie theaters we were finding ourselves in 2024, often selling out on friday and saturday of opening weekend of everything that we ordered for a movie. and they said that they ordered a lot in terms of

content for movies. and so, you know, some parts of the economy, obviously, the experience is parts of the economy. as we've been talking about. it's still going very strong. it's not like the consumer is collapsing. even if we're starting to get a little bit nervous, that consumer confidence is down. >> interesting to hear aaron argue for longer distribution windows, meaning take take your time before you put a movie on streaming and give some of these exhibitors, david, a chance to leverage the product. >> yes it does, and it's nice that there's been a bit of a comeback. >> to go to the movies. >> it is. it sometimes is, yeah. >> it's fun to take your kids to the movies because that's like two hours of. >> them. >> of just. >> them sitting. can't you just do that at home too, instead of in front of any sort of any number of devices? >> they have. >> more distractions at home. it's fun to put them in a theater, you know, buy them the popcorn, do the whole thing. >> yeah, i think. >> it's why moana two did so well. i just want to do that. >> meanwhile, the s&p and nasdaq coming off four consecutive days

of losses, the nasdaq worst stretch since september. our next guest flagging that markets seem to be focused on growth weakness more than inflation worries here. liz ann sonders joins us today. charles schwab chief investment strategist liz ann, great to have you. i guess that that comment truly being backed up by what bonds have done lately, right. >> yeah it does. >> and i. >> think in. >> this cycle. >> or. >> at least. >> the. past year or so, we have seen different. >> shorter term time periods. >> where yields are. keying off of inflation. >> to a much greater degree and are. >> keying off. >> growth both on the. upside and the downside. i think. this move down in yields is. much more reflective. >> of concerns. >> about growth, not reflective. >> of some thought. >> that we're. going to see. >> a re. >> rolling over. >> in inflation. >> on the on the downside. and that's. >> part of the reason. >> why you've. >> seen this shift notwithstanding today to more. >> defensive areas. from a market perspective. >> we've been keeping a long list of the macro data cracking. i guess you could say whether that's some of the consumer sentiment surveys or retail

sales or services pmi. but the desks also like to point out that it's also about policy uncertainty rising. which do you think of those two things is more important? >> i think the policy certainty on rising piece of it, it certainly. has filtered its. >> way. >> into a lot of the soft data. >> the survey based data. you've seen. >> it in the pmi, the dallas fed. >> survey that. >> just. >> came out. >> sometimes some. >> of the more. >> interesting tidbits that you get in those surveys. is the verbatims from companies. and boy, it was it was an eyeful or an earful, depending on how you're getting that information. >> just in terms of the. >> uncertainty that is becoming pervasive. and that's why you're seeing things like buying. >> intentions for. >> big. >> big, big ticket. >> items move. >> down, you're seeing. >> capex intentions. >> and. >> spending plans. really pull down. now. >> it's important. because one of the things we've seen. >> recently, as noted by the pmi data. is services starting to

roll over, but manufacturing picked up. and that is something that we had hoped for, that you would see this conversion between the manufacturing side and the services side. my fear. is that this pickup in manufacturing. could stall by. virtue of this policy related uncertainty. and you're certainly. hearing that from the companies in that space. >> what about doge lisanne? i mean, if they really are cutting billions and maybe even trillions, do you worry about the economic impact of that? i know austerity is like a dirty word, and we don't use that in this country, but typically it's because deficit cutting does hurt economic growth. is that what's happening? >> well, we don't know what the actual numbers. >> are yet. the goal was originally $2 trillion that that didn't make any sense mathematically because there's more there's less than that in terms of just discretionary spending. so you. >> really would have to. >> eat into the entitlement side of things. i know that the touted number right now is somewhere in the 80 to 90 billion. >> but.

>> what shows on the site is. >> less. >> than 10 billion, which is a. >> pretty. >> small number in the context of what overall spending is. so i think it's premature to just hone in on that, specifically the collection of what's happening on the tariff front, on. the doge front, on the immigration and deportation front, pretty universally has led to downward pressure on growth estimates and upward pressure on inflation estimates, all else equal. so it's the collection of those as opposed to trying to pinpoint any one component of that, and then adding in the tax piece and the regulatory piece. the tax piece is more of a year end story, not really a near-term story, right? >> although one that we're going to start talking about a lot more after last night's house vote. listen, we'll we'll keep it tight today, but talk soon. liz ann sonders. thank you. thank you. >> as we. >> head to break, here's our roadmap for the rest of the hour. tesla shares rebounding after four straight days of losses, its market cap falling below $1 trillion. we're going to take a closer look at the

challenges facing the company and its ceo, elon musk. >> and as you probably know by now, nvidia is going to be reporting earnings. that will be after the bell today. and we'll get you ready for those results. >> lilly unveiling this multibillion dollar expansion plan in the us. and david ricks will join us first on cnbc to talk about that growth strategy. as a big hour of squawk on the street continues after this. >> with allegra. i hope you. >> can stop. >> being sneezy without feeling sleepy. get 0% brain interference for fast non-drowsy interference for fast non-drowsy allergy relief with that moment you walk in the office and people are wearing the same gear, you feel a sense of connectedness and belonging right away. and our shirts from custom ink help bring us together. we make it easy to wow all your groups with high quality custom apparel and promo products, all backed by our guarantee at customink.com. (auctioneer) let's start the bidding at 5 million dollars. with high quality custom apparel and promo products, thank you, sir. (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

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starts. that's my secret. >> to better odor control everywhere. >> watching shares of lucid this morning, the ev maker announcing ceo peter rawlinson has stepped

down from his role after 12 years. rawlinson took the company public, you may know via a spac in 21, remains one of the company's biggest shareholders. company also reported quarterly results, a loss of $0.22 better than analysts expected. revenue was beat, and the company said it expects to more than double vehicle production this year to 20,000 units, just one of several auto stories in the mix today. david. >> yeah, always important to point out the saudis are really the biggest investor in lucid, the private investment fund of saudi arabia. moving on to other autos gm shares. take a look at them. they're up sharply this morning the company announcing a new stock buyback plan. dividend raise tesla for its part though shares down some 24% for the year after that huge move up after the election and into year end. but as you see, sort of bucking the recent trend, let's get to phil lebeau. sort of break it all down. let's start with gm if we can. phil. >> yeah. >> and the news from general motors this morning, david. it's

good news if you're a gm shareholder and you're looking for some support for the stock. $6 billion stock buyback announced by the company today. 2 billion of that by the way will be an accelerated stock retirement that happens in the second quarter. that certainly will give support to shares. they're also raising the dividend 25% now going up to $0.15 a share. you guys mentioned lucid. quickly take a look again at both lucid as well as stellantis. both of those shares are under pressure. stellantis this morning doing second half results early this morning and then saying look we hope to have a ceo in the first half of this year. lucid still waiting to find out who their official ceo will be on a permanent basis. they have an interim ceo. the former ceo took over that position. and then when you look at tesla, you mentioned, david, that how much the stock is down since beginning of the year. go back to january or december 16th. that's when the stock basically hit its high point relative to the post trump election. trade b of a out with a note today saying, look, it's clear the

fundamentals have deteriorated whether you're looking at sales in europe, january sales, sales in china, january sales. as you take a look at this stock since election day, it's basically gone up the mountain and down the mountain, though it's still up 20% compared to where it was on election night, ended at 250 a share, something like that on election day. and then obviously we saw what happened as soon as president trump was announced as the winner of that election. so bottom line is this, guys with tesla, do you buy into the promise of elon musk? or do you look at the fundamentals right now and say, there's a few things out there that worry me? >> yeah, i mean, it did add an astounding i think it was over $700 billion in value and sort of that six week period. amazing. following the election, phil, if i could get to gm for a moment. and obviously, you know, sarah, we've all been covering the tariffs or what they may be. it's such a moving target. it's so hard to know, particularly when it comes to mexico or there's so much production. i

don't know. i just give us the state of play right now. from your perspective. >> i think, david, what we will see next week if these tariffs go into effect, what general motors, ford and stellantis, you know, the big three, if you will, here in north america. what they're doing, they're taking a much more judicious approach in terms of production. that means they have scaled back production a little bit so that they're not overextended or overexposed in any one area. and therefore, if these go into effect, they can sit there and say, okay, where do we have inventory built up? what can we move around? this is the reason i heard jim say earlier, david, last hour, he said, well, you don't really hear much from the automakers about this. they're not sure what to expect. so as a result, they're keeping their mouths shut and they're basically saying, let's wait and see what they are. then we'll make an adjustment. >> yeah. so why why announce the return to return of cash and the buybacks and the dividends? i mean, clearly it's an expression of confidence in the business because. >> mary barra and. >> her team and mary barra and

her team, look, mary barra and her team have been very clear, given the results that they've posted over the last several years, which have been record profits, they believe that it should go back to the shareholders and they've been doing this. look, they've retired about, what, 400 million in stock over the last 3 or 4 years. i mean, this is not a today announcement. this has been consistent from them. they do believe that their stock is undervalued relative to where they think it should be. so why not buy back the stock okay. >> well certainly boosting confidence today stocks up 7% taking down its year to date decline a little bit. thank you phil lebeau by the way in the next hour we are going to be speaking with howard marks about the state of the macro economy. always a always a treat to hear from him. his latest memo is about bubble watch. and he goes through whether the magnificent seven is in a bubble, a sort of

sentiment bubble, as we've seen, for instance, with the tech bubble in the past and the housing bubble in the past. so from oak tree, always a must listen on the macro and credit environment. >> meantime, as we go to break, watch shares of ge and nrg energy gaining after announcing this new jv to provide power specifically for computing and generative ai needs. speaking of ai, what investors need to know ahead of tonight's make or break nvidia results as we're back above six k and just about a dozen points away from breaking dozen points away from breaking even for the week. stay with got eyelid itching, crusties and swelling that won't go away? it could be... demodex blepharitis! and we're demodex mites. we're very common and super irritating to your eyelids... but we love making ourselves comfortable here! oh, yeah...steam time! if demodex mites are partying it up on your eyelids... it's time to eliminate the root of the problem with xdemvy. with one drop in each eye twice a day...

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in video reports earnings and john ford interviews ceo jensen huang a strategy chip demand plus post interview analysis a cnbc special report tonight, 7 p.m. eastern, cnbc. >> a big test for markets tonight after the bell when nvidia reports results. our christina partsinevelos is here with what to watch for christina. they'll be a lot. >> yeah no doubt there's going to be a lot in. nvidia's upcoming earnings really marks a shift in market psychology. for the first time in two years, buy-side analysts have tempered their expectations to align with consensus, signaling that the era of maybe guaranteed blowout quarters may be waning. so guidance is really the make it or break it factor. $42 billion is the magic buyside number we'll be looking for the april quarter. investors are on high alert though for any indication

of a revenue gap between the current copper chips and the highly anticipated blackwell architecture, which is slated for later deployment in 2025. there are multiple headwinds that explain this caution. you got china's deep sea large language model that raised competitive concerns. but despite that, nvidia recovering most of its initial sell off, there's uncertainty around chinese demand that persists with looming export restrictions from the trump administration. you've got declining gaming, gpu prices, compressed gross margins, although management did project improvement in the second half of this year. and then you've got questions about capex returns that have really contributed to investor fatigue. the stock sideways trading over the last eight months has already forced out less committed shareholders. but there is, of course, a silver lining. fundamental demand remains robust, hyperscaler capex climbing double digits year over year. while sovereign ai investments are really emerging as a new growth engine,

a powerful new growth engine. nvidia though, and you were wondering, some are like, why do we always talk about it? it represents nearly 6% of the s&p 500. so any disappointment could trigger broader market turbulence. the real question is, can invidia convince investors the next phase of ai spending will be as lucrative as the first? sarah. >> a little mini rebound today in nvidia shares ahead of those results after some string of losses here. christina, thanks for the setup. christina partsinevelos speaking of nvidia, do not miss a cnbc special report tonight with the ceo, jensen huang, breaking down the numbers and where demand could be headed. that is at 7 p.m. eastern time only on cnbc. after the break eli lilly unveiling a massive expansion plan here in the united states, a number of president trump's top economic team in attendance for the big event in dc, including. there you see him, commerce secretary howard lutnick and nec head kevin hassett. lilly ceo david ricks is going to join us first on cnbc to talk all about it. coming up next.

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available now at grasa. >> welcome back. >> to. squawk on the street. i'm silvana here now with your cnbc news update. new york city mayor eric adams asked a federal judge today to toss out his criminal corruption case. he claims there was a misconduct when the government leaked a resignation letter. the now former prosecutor behind his case sent to attorney general pam bondi, explaining why charges should not be dropped as ordered by the justice department. the united nations nuclear watchdog says iran is accelerating production of near weapons grade uranium.

two quarterly reports show that iran's stock of material enriched to 60% purity is enough to make six nuclear bombs. if a short technical step is taken to enrich it further. and baltimore prosecutors withdrew a motion to vacate the conviction of adnan syed in the murder of his high school girlfriend. the case garnered national attention from the hit podcast serial. the decision came ahead of a hearing this morning, where syed's legal team is arguing to reduce his life sentence. the prosecutor's decision means the conviction itself is no longer in question. we'll send it back to you. >> okay. thank you. silvana. stocks are in the green just over an hour into trading. senior markets commentator mike santoli here to help us break things down. mike because today there's a reversal. tech is back in the lead. consumer staples are back to getting sold. and nvidia and broadcom are winning the day after four straight down days. what does it tell you. >> yeah i mean taking some of

the pressure off the hardest hit areas sarah. i mean yesterday's action was interesting. i think the big game right now is figuring out if this massive force repositioning out of the high momentum stocks has kind of run its course for now. there has been a really good flush. i was mentioning nasdaq new 52 week lows yesterday with 350, a massive number for being so close to record highs. what you do see today is, as you said, s&p 500 finding support right at the 100 day average yesterday. so that's actually a little bit of a sign that we didn't breach anything important. i don't know that we want to make too much of exactly what's leading right now, as if it's an all clear for those groups. it seems like the market wants to pull itself into more of a neutral state. let's sit around 6000 on the s&p. let's have nvidia fight it out at the 130 option strike price to see what we get down the road. but it does show you that we did go a long way in pricing in some deceleration risk to the economy yields down, oil down. and maybe that can actually now

act to support for certain areas of the economy. >> and also i mean hear me out, but you have two primary actors. you have the fed chair and you have president trump. and then along with him, treasury secretary, they all care deeply about what is happening in the economy and what is happening in the markets. and even if the trump presidency cares more about interest rates than they do about the stock market this time around, lower rates ultimately should be helpful for both the economy and the market. so i do wonder if there's this sort of put in the market because of those two factors and a fed that stands ready to cut. >> sure. i mean, look, to the extent that you really can sway market based longer term interest rates on a sustained basis, right, while keeping the economy growing, as you wish it to right now, it's at a comfortable range. tens are pretty much in the middle of their one year range, a little bit above it. maybe they're not punitive levels. i do think the question is, or is the next run of economic numbers going to show a little bit of wear and

tear from that burst higher in rates that we got coming into this year? and we'll just see see how it falls. >> it is early. and of course nvidia will be a big test tonight. mike. thanks. talk soon mike santoli. let's get to kate rooney this morning with a news alert on amazon. morning kate. >> hey good morning. so amazon just. >> announcing its revamped alexa. >> they're calling it alexa. >> plus i'm trying to speak quietly because. >> the demo. >> is still going on behind me. >> no word yet on. >> a subscription or any of the costs, but they're kind of framing this as an assistant chatbot. yes, but a personal assistant, basically that can make. >> dinner reservations. >> that was one. >> of the demos. >> also, at the same time you. >> book a babysitter, they're going through sort of a ordering pizza right now. so versus. >> the old alexa. >> they're saying. >> here. >> it's more. >> conversational. >> it's smarter. >> and it's. >> more proactive. >> so yes, you. >> know, it can. >> answer those easy. >> questions and do tasks. >> but they're. >> really trying to frame this as. >> a conversational assistant. but alexa plus. >> is officially. >> the name. we are. >> awaiting some. >> other details, though. andy jassy was. >> on stage talking.

>> about the big picture. >> i strategy for amazon says this is part of it. they want to make it more useful. they want to make it more practical. >> so this is. >> really the big event. they are still. >> explaining some of the details guys. >> but we do officially. >> have alexa plus. >> back over to you. >> yeah. hey kate it's david. i'll talk lo also, you. >> don't have to. >> oh i don't. >> okay. >> do we have any idea in terms of what they may charge for this? i think there's a, you know, investor expectations of some sort of subscription service around this at an elevated price of some kind. >> yeah, david, that. >> will be the big detail is how much are they going to charge. that is the expectation. it's been reported between $5, maybe even $20. when you think about what chatgpt is costing at this point, that is sort of the market rate is 20 bucks a month. so that will be the detail that will sprint out and try to. >> give you. >> but this has been an unprofitable business. historically for amazon. so they poured money. >> into it. >> this is. a11 way at least. >> to. >> break even. and running these. >> ai queries can be. >> really expensive. so if people do use this, it seems. >> like they are going to have

to charge. >> that's the expectation. >> but we don't have. >> a. number quite yet. >> yeah. and also i mean they've been obviously a big investor in anthropic. you you follow this area closely. is that what's going to be powering this. >> we did see a couple. >> folks with. anthropic badges. so we're going to be interested to see what's. >> actually under the hood. >> part of andy. jassy strategy. >> was talking about their. >> own ai models, not anthropic. >> we haven't heard. >> mention of. >> them yet. >> but that will. >> be a key. >> detail to who built the tech under the hood here. >> was it anthropic. >> their partner that they've invested $8 billion in? >> that i think is a toss up. >> at this point. >> we're going. >> to. >> see who is actually powering this. >> it would be a win for. >> anthropic too. i mean, the distribution. >> they have, they. >> also just. >> announced 600 million. >> devices. >> 20% increase in engagement. >> which is a new. >> stat on alexa. >> but another key detail we'll bring you when we hear it. >> okay. don't get thrown out kate. very good. kate rooney bringing us all the details live as they're happening. speaking of amazon, jeff bezos posting on x this morning announcing some changes to the washington post and its opinion pages, saying,

quote, we are going to be writing every day in support and defense of two pillars personal liberties and free markets. we're going to cover other topics, too, of course, but viewpoints opposing those pillars will be left to be published by others. announcing a bit of a shift and a change in control of the opinion pages. i think it's just another example, karl, of business leaders pivoting very quickly in trump 2.0 presidency to make sure their values align with american values. and we've seen that, you know, we're seeing the announcements like we're about to talk to lilly ceo about new manufacturing in the united states. it reminds me of alex karp, the ceo of palantir, and his book pressing for american tech companies to be more pro america and help us fight in a increasingly geo geopolitically complex world. and here's, you know, amazon's founder saying, we're going to we're going to sound more like cnbc. we're going to be free market, you

know, and liberty and pro america and that sort of those sort of values and the opinion pages. i think it's an interesting shift. >> it is interesting. and we'll see how the newsroom responds. since some reporters have already posted that if it reaches the newsroom, they'll seek some other pastures. >> they don't like to be told what. >> to do. exactly right. meantime, eli lilly announcing plans to expand its manufacturing here in the united states with four new sites expected to create more than 3000 jobs. our angelica peebles is here at post nine with a very special guest, angelica. >> hey, karl, it's nice to be here. and dave ricks, thanks so much. for joining us today. sorry i couldn't make it down to. dc for this big event, but i want to start with these manufacturing sites that you're announcing. so these four sites. what's the goal here. will they be replacing overseas manufacturing or is this just a continuation of that increase of the obesity drug supply that you've been undertaking since 2020? >> right. >> so today. >> we're announcing four. >> new. >> sites. 27 billion. >> additional spend, bringing our total. >> to more than. >> 50 billion. since 2020 in the us. >> so a huge build. out in our

country and it's to support our pipeline. growth overall, but disproportionately growing in. the us. and so here we'll be building four new sites. three are active ingredient sites, and then one parenteral site for the injectable medications. of course, the rebound and other. >> future obesity medications will be a big. >> part of that volume growth. >> but other medicines for cancer and alzheimer's, etc. will also be important to support here. with domestic manufacturing. so big announcement today. >> it's very exciting. >> dave, i have to ask, you're having this event in dc, you're based in indy. you even have the commerce secretary speak at your event. so how much of this is about getting a message to president trump? >> well, of course. >> we want everyone to. >> know that we're doing this. >> maybe a bit different from the. >> past, where we. >> would quietly. >> look for. >> a site. >> and then announce it when we did a groundbreaking. >> here we are in. advance expressing. >> our intention, think there'ss for that. one is we. >> do want to. >> influence the policy. and of course. president trump and

secretary lutnick. >> and kevin hassett. >> was. >> here. >> today as well. all can have an influence. >> on that, which. >> is about us tax competitiveness. >> because none of this. >> would happen. >> if we go back. >> to the. >> days of us having double the tax rate of every other country. we need that corporate tax rate to stay low. and then, of course, other policies that support. >> domestic manufacturing. >> we want to build things here. we want to make our medicines here. we need an environment. that remains competitive to do that, including an environment that supports innovation. the other part of. >> this is being open to. >> new things. >> lilly has been a midwestern company most of our time, our almost 150 year history, but. >> we're open to locating. >> in other places. >> we've built two new sites in the carolinas. >> we'd like. >> to we're. >> doing it this way. >> so as. >> governors and states can. >> reach out to. >> us and say, hey. >> we've got a. great opportunity for you to make medicine. >> in our state. >> so we want to hear all those proposals. and we're sort of doing this by a big announcement up front. and then we'll. announce each site as we make those specific decisions. >> feels a little bit like the

amazon hq2, if you remember that. and at the same time, though, you do have a large manufacturing presence overseas, particularly in europe, where just last year you announced an expansion of what you're doing in ireland. so how would eu tariffs affect you? i know you say china is not a big deal, but i want to talk about the eu. and what was the message that you heard last week when you met with president trump at the white house, with some of your peers? >> i mean, it's what he. says to everyone else, which is he'd like to see more. manufacturing jobs. >> and capital. expenditures here in the us. i think the thing for. >> lilly is we already have. >> a heavy dose. >> of that in the. >> us right. >> now, with. >> 5 or 6 plants either. >> built or under. >> construction, and now we're adding four more. >> and we. >> we are though a global. >> business. so we. >> will also spend. >> our resources. >> to. >> expand capacity in places where that makes sense. all companies need to consider, you know, the disruption we saw in supply chains, whether it be to the covid 19 virus and the lessons of that or other geopolitical tensions or other

things. so i think you will see more redundancy being put in around the world. europe's a big market for us. >> so is asia. but. >> you know, mostly today is about. >> the. >> us situation. and will be a net exporter out of the us when all this is said. >> and done. >> and i think that's great for our country. it's good for lilly to have those supply chains closer to us, and we have a lot of confidence. >> in our. >> ability to train. workers and make, you know, safe and. >> effective medicines here in the us. >> dave. >> david. sarah, it all sounds great. the problem is, doesn't it take a few years to stand up these these factories, factories and manufacturing facilities. and in the meantime, you're going to be vulnerable to tariffs as you have to import a lot of the ingredients and medicines. right. or did you get some sort of exemption for that because of this commitment today? >> well. >> there's no. >> discussion about that yet. of course, we don't have a tariff. policy affecting. >> pharmaceuticals as. >> of. >> yet, but you can bet we're speaking to the administration about how what the contours of that should be. you're pointing out something important. >> sarah. which is that.

>> typically it would take 4 or 5 years to build a new manufacturing site. we think we can go a little faster with our work. we do need help from government, too, though. it takes too long for permitting, for environmental permitting and local permitting. it takes too long for the fda to review and approve. >> these sites total. >> that's almost half the time. so we could work together with the government and speed up these sites coming. >> online. >> jobs being filled. >> and exports happening. >> but we have to work together. and of course, it makes no sense to punish companies that are pursuing this. agenda with the administration and on behalf of the american people. so we'll make that point as well. >> dave, i want to shift gears a little bit. yesterday, you announced an expansion of your program where you are selling vials of blood for people who are willing to pay out of pocket for that obesity medication. so is that a long term strategy, basically selling these vials and, you know, doing the self-pay option as opposed to getting insurers, whether it's medicare, etcetera, to pay for

pound. >> for pound? >> well, what you're talking about is. >> yesterday we. >> both lowered the price. >> we announced a continuation. >> program where if people renew their prescriptions. >> every six weeks, they are capped at. >> 4.99 maximum. >> out of pocket. and we added the higher doses. and that's been very successful for us. i wish actually that wasn't needed, that the regular healthcare system worked for people with obesity, but it doesn't for a lot of people. the main issue is coverage on insurance. and so today about 60% of employers have good coverage. 17 out of 50 states have about a third, but no federal beneficiaries can use these medicines to prevent the main thing that causes chronic disease, which is obesity. we think that's wrong. it's not supported by data, and we want to expand coverage. in a perfect world, everyone would be covered and we wouldn't need to have the self-pay market. but until that's. >> the case. >> we're going to do our piece and we'll cut out the middlemen, which we've done here, go direct to patient and try to offer. >> lower pricing. >> hey, david, it's david faber.

>> back to sort of the administration side of this. i noted in your press release, you know, you talked about you need the 2017 tax cuts to remain in effect, or at least you talked about them being very beneficial. there was also the bonus depreciation. it was at 100% for a while. it's declined. i think it's at 60% now. how important is that or would that be towards your planning for additional investment? >> yeah. >> i think renewing what we have now. >> is. >> sort of table stakes. and as you're pointing out in 2017, the. >> tax cut. >> job act really changed the landscape for intellectual property driven manufacturers like us. where it was, it became easy. and over 40 years, almost all of the new sites went to low tax rate jurisdictions. and those jurisdictions like ireland and singapore, attracted our industry with those tax rates. by normalizing that it's not as low as those countries, but by getting to 21, it became much less of a factor. and we could use other factors like where's

the workforce and where's your market? and i think that's a much. more logical. >> way to. >> to locate your factories. so we supported that. that needs to get extended. you're pointing out capital expensing which was a boost in the first i think year or two under that law. that would be most helpful and certainly benefit us with this kind of $50 billion capex flowing. one other thing i'll mention though, david, as well, is it's sunsetted r&d expensing. so the current situation in the last two and a half years in our country is we can't expense r&d. and it seems to me almost every economic analysis i've seen is. >> that. that is. the lifeblood. that is. >> the font by which new products come. and not only do we want to make products in america, we want to invent them in america. so why are we punishing r&d that needs to change in the new bill as well? we should make that permanent r&d expensing. we can expense our advertisements on tv. we can't expense r&d. that seems crazy. >> yeah. and finally, just to come back to angelica's first question, i mean, to be clear,

this is not going you're not moving manufacturing capacity any way from europe or replacing it. you're simply this is additional capacity, correct? >> yeah. we're in growth mode here. you know, our volume in fourth quarter was up 45%. so we need to add volume in our factories around the world right now are running 24 over seven. >> every. >> day of the year. >> there's zero. >> slack capacity at lilly. and we're withholding launches of manjaro in a lot of global markets like india, etc. we're we're seeing that tide turn. we're ramping up production extensively. we expect 60% more volume first half of this year versus the same period last year. but we need to do more. and that's what this announcement is about. fortunately, we're not closing factories and moving them. we can use those facilities for other medicines and for european markets, other markets around the world. but this is new build and we're putting it most all of it in america. >> that's all we have time for today. dave, thanks so much for joining us. dave ricks, ceo of eli lilly.

>> great to be with you. thanks. >> and thank you, angelica, for bringing us that interview. my only quick question is, can other big pharmaceutical companies do the same? >> you know, lilly is really in a unique position, right? you have zappone and mounjaro really propelling them. like dave said, you know, their sales are just increasing off the charts. they cannot keep up with supply. so can other companies make these investments right now? i don't know. will they want to. >> they don't see. >> they don't have they don't necessarily have the need. right. lilly needs to do this if they want to keep up and continue to, you know, see the success that they've seen over the last few years. >> okay. thank you very much. angelica peebles at least four firms raising their price targets on workday after strong numbers. today the ceo joins us next to break down the quarter. what they're seeing on eye demand next. stay with us. >> this is a story about the one. >> the untrained eye may. >> not see the one. >> as extraordinary. >> but. >> her goals. >> aren't easy. >> she fixes.

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andy jassy. that's coming up at 1 p.m. today on the exchange. >> shares of workday, a big mover rallying after earnings and revenue, topped expectations. the company also noting that d.o.j. reforms of the federal government offer a, quote, tremendous opportunity. joining us now exclusively to talk about all of it is workday ceo carl eschenbach. carl, welcome. nice to have you. >> hi, sarah. good morning. >> how are you doing? thanks for having us. >> doing well, not as well as you. stock was up 12% earlier. i think it's still up over 7%. so what is the story here? what's driving it? >> yeah, thanks. >> so listen. >> we. >> had a really strong finish. >> to fy 25. >> our q4 results were really strong. >> and i think it's. >> driven by our value. proposition that only gets stronger each and every day. customers continue to look towards. workday to manage. >> their most. >> precious assets their their. >> people and. their money. >> and we. >> continue to see. workday be front and. >> center as people move towards. >> this world.

>> of agentic. >> in fact, two. >> weeks ago, we announced the workday. >> ancient system of record. >> that will allow. companies to manage their entire workforce. >> on a unified platform. >> a workforce in the future that will be. >> both. >> human centric. and digital. centric as agents enter the enterprise. so people not only trust us today, but they see. >> an investment. >> in workday as an investment. >> in the. >> future of. >> their ai strategy. >> so how are customers using it, and where do you fit in relative to, say, a salesforce or servicenow, which is also going in this direction? >> well, as. >> i said. earlier today. >> we manage the human workforce. we have the cleanest. >> set of data across employees. >> in the industry. and moving. >> forward. >> as people think. >> about a change in the. workforce from being both human and to digital. >> there's no one better position to manage that digital workforce. >> and help it. >> peacefully coexist on. >> a unified platform. >> just like. >> in the past, we were the.

onboarding or the on ramp to the enterprise for employees. >> someone needs. >> to do that as we. move towards this agentic world and. >> digital employees. and we can do that. >> because we know how to onboard them. >> we know. >> how to securely. >> with compliance and. >> control and manage the workforce. >> and we're uniquely. >> positioned to do that better than anyone else at the end of. the day. sarah, it. comes down to data. >> and we got. >> the cleanest. >> richest set of data. across employees in the world. >> and now we're going to do that not just for. >> human employees, but. >> for digital employees. >> is that why you cut your own workforce? recently announcing 1750 job cuts? >> no. >> not at all, sarah. we did a restructuring of the company because we wanted. >> to refocus our. >> operating expense in dollars towards the biggest priority, and that's ai. >> our restructuring. >> allows us to invest deeply in ai and help us build out this new system of record. and our agent strategy. and in fact.

>> i. >> think if you fast forward one year from now. >> when we. >> look at our workforce population prior to the restructuring, we'll actually have more employees at this time next year than we did prior to that restructuring, because we're going to reinvest right back into that. massive opportunity in the unique. >> position we. >> have as we. >> move towards. >> this agentic world. >> carl david faber here. you know, the federal government, to the extent it's an important component of your business or your future business, i'm wondering how you approach doge. is it an opportunity for you or a threat to you? >> yeah, thanks. >> for the. >> question, david. we see it as. >> a massive. >> opportunity for workday. >> when we think. >> about the federal government, a market that we have started to aggressively lean into over the last. >> 18 months. >> we see that market as ripe for disruption. the reason. >> for that is. >> when you look at the system, specifically the market that we address around erp, hcm and financials. >> the system is very

antiquated. >> in fact, most of the systems are still on premise and on premise. >> solution costs. >> a lot to support. >> and it's. >> only escalating. >> in cost. so when we think. >> about the future and driving efficiencies in the government, we think modernizing those infrastructures, moving to them to a cloud will actually be something that will be very favorable to the entire government and fits nicely. >> with doge. >> what we don't know is when that will happen. but what i can say is spending time in dc. everyone is pulling for workday. they want. >> to move to. >> our platform. they want to get off of these antiquated systems, and they want to move to the cloud with a trusted, market leader like workday to manage both their people and their money going forward. >> we've got to leave it there, carl, but thank you for joining us on a big day for the company, for the stock. appreciate it. >> thanks for having me, sarah. >> carl eschenbach, the ceo of workday. also a good read, david, on just the state of enterprise spending there. so global and sort of so many different industries. clearly

there's appetite to spend on things like agentic ai or that digital workforce. >> yes. agentic ai, of course, the sort of the watch phrase or word, i don't know if it's is it a word or a phrase? >> agentic agentic i. >> phrase phrase. i guess. >> much more of that to come. salesforce is reporting, right? >> without a doubt. and the key. >> markets all over that. >> for the enterprise. speaking of which, of course we do have the nasdaq up some one plus percent, obviously moving in a very different direction than yesterday at this time. yesterday at this time. certainly a lot more market only servicenow connects every corner of your business, putting ai to work for people. pfft ... every corner? every corner, nick. ow! so kate in hr ... hey kate! ... can focus on people, not process. patty in it is using ai agents to deal with the small stuff, so she can work on the big stuff. and ai helps jim solve customer problems before they're problems. oh. so we all work better, together! my work here is done. excuse me, which way back?

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be. >> extraordinary at high point university. >> 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 morning, 6 a.m. eastern. cnbc. >> good wednesday morning again. welcome to money movers. i'm sara eisen with carl quintanilla, live at post nine of the new york stock exchange. straight ahead. the signs of a bubble. legendary investor howard marks of oak tree breaks down how he identifies a potential market bubble. and whether we're in one right now. >> the nvidia trading ecosystem a look at how etfs have transformed the momentum in that stock ahead of earnings tonight. >> and that as salesforce gets ready to report the feud between ceo marc benioff and microsoft's chief satya nadella heating up. look at the intensifying ai battle between these two companies. right