>> here's what's. >> on tap tonight. >> fast money live investors and fast money fans join melissa lee and the team of traders live and on air. >> we put the party hats on now. >> for an all access fusion of trades, trends and tips. fast money live today five eastern. >> cnbc money, money. >> not too. >> hot, not too cold. nvidia shows investors. >> the ai. >> spending boom. >> it is far from over. >> topping estimates in. >> its. >> earnings report even. >> as. it sales. >> growth that continues to slow from a year ago. taking a look at the chart right now. >> hsi. >> shares are. >> up just over a half a percent. >> ceo jensen. >> huang however, he still sees a strong quarter ahead, fueled by. demand for his company's blackwell chips. >> we had a fantastic quarter, a terrific ramp. nothing was easy about it. and a couple of quarters ago, of course, people were worried about how successfully we'd be able to ramp something as complex as blackwell. blackwell people

don't, you know, maybe they just forget that it's not just a chip, but it's a whole system. >> nvidia. >> of course, is a. >> read through for the entire ai landscape. >> and as one of the most widely held stocks, it is critical to investor sentiment and what's been a few rough weeks for wall street. take a look at futures. right now you can see we are higher across the board. the dow looks like it would open up more than 100 points higher. >> it is thursday. >> february the. >> 27th, 2025. >> you're watching worldwide exchange. >> right. >> here on cnbc. >> good morning. >> thanks so much for being here. >> with us. i am frank collin. >> let's get to our big story of the day. of course, kicking things off with nvidia and some. >> choppy trade. >> after its. >> latest quarterly report beating on the top and the bottom line and posting some strong guidance, nvidia says q4 revenue that surged 78%. it's also forecasting 65% sales growth in q1. well, that would be impressive by any metric. it

is also significantly down from the 262% annual growth we saw during the same time period a year ago. you see the charts right there, a big drop off, but still forecasting 65% revenue growth, just to be clear. joining me now to break it all down is alex kantrowitz, big technology founder and ceo. he's also a cnbc contributor. alex good to see you. >> good morning frank. great to. >> see you. >> all right. so i'm looking right now nvidia shares they are up now. they were kind of going up and down after the earnings report up just about three quarters of 1%. but if i look all the way back since deep tech which coincidentally was one month ago today, i see the shares are down more than 7%. so just. >> tell me after. >> this earnings. >> report, why. >> aren't we seeing a bigger pop out of nvidia? and in general, do you think we're still seeing kind of a deep sea overhang on this company? >> well, i think. >> the company has just. >> had such a substantial run up coming into this moment that it's been very difficult for it to maintain where it's been. now it's down 5% on the year, so that's cooled off a bit. but we've seen. >> crazy numbers. >> we've seen revenue numbers

200 increase. 200% increase year over year. and so. >> nvidia has had to maintain that. >> and just to continue to exceed expectations. >> beating revenue. >> by billions and billions of dollars every quarter is tough. so there's been this moment now where wall street is settling in, trying to figure out what it's actually valued at. and then in terms of the deep sea question, right. so you're right. they are down since that deep. sea moment. jensen tried to address it yesterday, talking about. >> how nvidia's. >> compute, you know, you need 100 times more compute to run these reasoning type queries that you would with deep sea versus the traditional one shot ai queries. but i think. there's some wiggle room there. i mean, to me, deep sea innovation was also about making the model more efficient, not just reasoning with it. and so therefore, i think that jensen might be spinning this a little bit and the full story is yet to play out. >> so what we're talking about. >> deep sea here alex i'm going to play a sound bite from jensen wang about deep sea. i want to get your take on this. >> deep sea was fantastic. it was fantastic because it open

sourced the reasoning model. that's absolutely world class. just about every ai developer in the world today has either incorporated r1 using. it's called distillation, distilled from r1, or using techniques that have been open sourced out of r1 so that their models could be a lot more capable. across the world. ai has become better as a result of the last several months. >> do you agree with this take from jensen huang? i mean, obviously one of the smartest people in the world of business, specifically about ai, but does it seem like it's good for his business, in particular in the chip business overall? >> i do agree. >> with his take. >> i do think that r1 and the deep sea technology has made its way into technology across the ai landscape. i think it's probably good for his business, because there is this idea that as ai gets more capable and cheaper, more people will use it, requiring more compute. and nvidia's in the compute

business. however, there is this overhang question, which is if these models just become incredibly more efficient, do you need as much as you did previously? now, i think the conventional wisdom in the ai industry is that these innovations will be applied wide scale, even on the bigger models, but there is still a percentage chance that you can do just about as good with a lot less compute. and maybe that's good enough. so i think that's why there's still some questions about where the company is. and i totally get what jensen is trying to do. i'm not 100% following his logic, but that's. >> what. >> i was asking. >> you, alex. >> it didn't. >> quite make sense to me either. >> it didn't quite make sense. >> that's i mean, it just how could something be good that could potentially reduce demand for your chips? i think you just hit on it. i'm not 100% sure of the logic, but your overall saying your own thesis. you think it's just an overall positive. one last question for you. we're talking about $11 billion in blackwell chips. put that in context for us. is that good? is that kind of what you were expecting? what does that

mean for the next quarter? what are the expectations for the next quarter? >> i know. >> it's early estimates aren't even out yet, but this is the benchmark when it comes to blackwell. how does that lead us to when it comes to expectations for the upcoming quarter and the quarters beyond that? >> i think that's really good. i think it's about triple what a lot of folks were expecting. it definitely exceeded my expectations. and i think. >> it shows. >> something fundamental, which is that the blackwell orders are from these big tech companies that have been facilitating ai demand for a while and are saying, you know what? we want more. we want the next generation of chip. we see enough in terms of what's going on in the ai world today, that we think that this is worth investing in for the long term, for the next generation. we're going to keep putting money towards it. and by the way, you saw that with all the big tech companies, the hyperscalers, right, talking about how they're going to increase capex this year, you know, maybe 100 billion from amazon across ai and other items. but microsoft with 80 billion towards ai meta looks like 65 billion in capex. this is all starting to prove true that the demand for these

blackwell chips, it is translating into real business results, or it is the product of real business results. and i think that's very bullish for the ai space overall. >> by the way, if anybody wants to watch the full interview with jensen wong with our own john ford, it's on cnbc.com. looking at the charts shares up just about a half a percent after some choppy trading alex kantrowitz always great to have you man. and you're just your insight on on days like this. thank you very much. >> thank you. great to see you. >> we've got more to come here on worldwide exchange, including a red hot restaurant stock pick courtesy of nancy tengler. but first, president trump adds to confusion over his tariff playbook. he also shares some strong words for trading allies overseas. plus, a fresh recession signal from the bond market with one of the world's largest wealth. managers is telling its clients, and then later, much more. nvidia's quarter and what ceo jensen huang is saying about trade pressures in china. and as we head to break a look at some of this morning's pre-market winners and losers on the s&p 500, right there at the top, the list, you see this draw. this is an energy stock after deep sea gas. saw some you know

volatility. a lot of people questioning the need for energy or a lot of energy to power data centers. universal health trimble cooper co and arista networks rounding out the top five. by the way universal health reporting its earnings. ebay rounding out the bottom five off of earnings. salesforce also off of earnings down about 4.5%. moderna, teleflex and first energy on the bottom five. first energy on the bottom five. very busy hour still ahead. ♪ empower ♪ so handsome. oh, i can't buy this. woah, woah. your empower investment account has grown. you earned it, so... (♪♪) get good at money. so you can be a little bad. empower. >> school district and find it exclusively in professionally exclusively in professionally sourced listings. (♪♪) something amazing is happening here. teams have more power to withstand outages.

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>> european union has been. it was formed in order to screw the united states. i mean, look, let's be honest, the european union was formed in order to screw the united states. that's the purpose of it. and they've done a good job of it. but now i'm president. >> now, president trump at the white house yesterday bashing the eu after floating a potential 25% reciprocal tariff on european cars and other goods. let's now see how europe is reacting to this latest development and how their trading day is shaping up. julianna tatelbaum live in the newsroom with much, much more. julianna. good morning. >> frank. good morning. what? we are seeing a pretty strong reaction to those tariff comments from president trump from the auto sector. carmakers are under some pretty heavy selling pressure in europe today. the whole basket of stocks down about 3%, by far the worst performing sector. in europe, you can see some of the individual movers volkswagen down 1.8%. we were down more than that earlier today. bmw down about 2.7%. ferrari getting heavily hit. but that's a bit of an idiosyncratic story. continental down half a percent.

stellantis down more than 3%. but it's not just the autos that are seeing selling pressure. the weakness is spreading to broader europe as well. here's a look for you at the bourses in europe. the xetra dax down about 9/10 of a percent right now. we were off more than 1% earlier. so we bounced off the absolute lows of the day. footsie down 1.25%. now in response to that comment from president trump that the eu has been screwing the us, polish prime minister and former president of the european council, donald tusk, has hit back this morning saying the eu wasn't designed to screw anyone. now, as for defense names, we're seeing a continued bid for the defense sector in europe despite the broader weakness in the market. one top performer i want to highlight for you is rolls-royce, that stock up more than 17%. the company upgraded its mid-term forecast amid improving performance across the business. now this is a jet engine maker. they are seeing extremely strong demand for their jet engines, and the stock is now up more

than 1% in the last 12 months. frank. >> juliana. the language over there. gracious. using the s word multiple times. i'm shocked by you. all jokes aside, juliana, always great to see you. thank you very much. all right. turning back to president trump, he also suggested tariffs on mexico and canada, which are expected to take effect next week. they may now slide april the 2nd commerce secretary, howard lutnick, quickly jumping in to clarify what he called the big, big transaction would be on april the 2nd. but the fentanyl related tariffs would be reevaluated at the end of the 30 day pause on tuesday for much more. let's bring in mark anderson, chief investment officer and co-head of asset allocation at ubs global wealth management. mark, good morning. >> good morning. >> how are you? >> mark, i'm hoping to talk to you about your language. all right. let's keep it clean on the show today. all jokes aside, let's talk about this right now. these tariffs you know the president he kind of he puts it out there. there's negotiations and other things. what kind of risk is that to the market. there's also the risk of it when it comes to inflation or at least inflation expectations. we

saw the market sell off on friday after that. university of michigan consumer center report, where the five year read on inflation expectations was the highest since 1995. so what risk do these tariffs really put to the market? i do want to keep it in context. the s&p, just about 3% from its 52 week high. >> that's a good point. >> i think. >> first and foremost. >> we've had a bit of a batch of. economic data now over the. last call it two, three, four weeks that have been a bit less encouraging than they were in q4. so generally speaking. i mean, to your point of inflation expectations, the 5 to 10 year point in the university of michigan hitting 3.5%, the highest for a multiple of years. inflation hitting 0.4% over the month, basically meaning that the fed is quite uncomfortable both with these inflation readings and certainly at a wait and see mode at this point in time. and this comes at a moment where retail sales pmis are also coming down. so the general sort of mix of both inflation data has been a bit more challenging. and then as if that wasn't enough to sort of keep stock markets on their toes, we get

sort of a daily news flow out of the us administration. donald trump here with the example of talking about tariffs hitting europe as well. so this is a time where you certainly want to be diversified. we've seen that us equities that were the leader over the last couple of years have basically been broadening out to see other markets, including actually europe and china, despite tariffs doing relatively well and other segments of, of assets such as fixed income actually performing very well with yields coming down, but also some other diversifying assets such as gold doing very well, something that we also holding in portfolios for our clients. >> i want to go back to the equity market. when you say diversified, do you mean diversified outside of the us, look at other international markets, or are you saying commodities like gold and things like that? >> so i think it's the mix of all of that, frank. so we certainly still. >> think. >> that us equities will do well. we have a year end target on s&p 500 of 6600. we really. >> like. >> the story a bit along the

lines of your your previous speakers talking about this capex spend. just underpinning what i think is extraordinary growth within everything that links to ai. with the 35% up on capex spend from the big four tech companies that you highlighted before, close to 300 billion. but i think we're seeing that earnings broadening out to other sectors, both in the us. so beyond the tech related firms, but we also see that europe and china have sort of seen upgrades on on their earnings front, which is supporting sort of some of these markets that were trading below traditional valuations. so price to earnings ratio is now for european equities at 14 times earnings is closer to historical averages. but when we move out in addition what i'd also say is that we have seen that fixed income markets are providing that diversification. so it's almost, you know, going despite the logic that with higher inflation numbers, you would expect to see yields moving up. but what what markets are really

doing in fixed income is saying that that the fed will ultimately move on on growth dynamics. and if they were to be slowing, such as the pmis are indicating, we're going to see the fed cutting rates. and therefore this rally in fixed income markets. >> so mark, i want to ask you, we are of course coming off nvidia earnings. we have to talk specifically about tech with you. we were talking about nvidia being down since ppe. i'm looking at the mac seven. that group of stocks also down since about 8% or so. you know kind of a rebound today when you're looking at the tech trade. was this nvidia earnings report. is this officially in your mind. is this a kind of a signal to go back into that tech trade. or are there still questions about it. >> we see it more as an opportunity than a threat with with deep six. so certainly there were some concerns with the capex spending. i think that was really the main of it. is it worth for these big us, large tech companies to continue to spend the amount of dollars on, on, on, on chips and similar data centers? but i think

everything that we've seen over the last couple of months is basically an updating of those estimates. so they continue to move upwards again in excess of $300 billion of the big four tech companies that you were displaying on on screen before. so i think that's if anything sort of suggesting that that the story is still intact. i think we're going to see revenue coming out of that investing into 2025 lower cost. and i think that's going to be proving as an opportunity for us here. >> yeah. looking right now amazon up over 1% in the premarket microsoft up about a half a percent. so it seems like it could be a bounce back day. mark anderson great to see you. thank you very much. still on deck here on worldwide exchange. the trump regulation rollbacks and reviews hitting one drug maker hard in the premarket. that story. we're going to reveal our mystery chart coming reveal our mystery chart coming up right (♪♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪♪)

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and i've been taking it quite a while myself and i love it when the customers come back in and tell me, "david, that really works so good for me." makes my day. prevagen. for your brain. >> and welcome back to worldwide exchange. let's get a check on some of this morning's other top stories. silvana is here with those. silvana. good morning. >> hey, frank. >> good morning. >> to you. >> we start with shares of moderna getting hit hard in the pre-market. and it's bloomberg reporting. u.s. health officials are reevaluating a $590 million

contract awarded to the company to develop bird flu vaccines. now we're seeing shares down over 3%. now, the report says that the review is part of a federal push to reexamine spending on messenger rna vaccines. meanwhile, at its annual investor meeting, dear shareholders overwhelmingly voted to reject a proposal aimed at sidelining the company's diversity, equity and inclusion programs. now, the move coming just one day after apple shareholders did the same. even as companies like google, amazon, walmart and more move to end their dei initiatives. apple, though not coming out unscathed with president trump lashing out at the company. on truth social yesterday, calling die a hoax that is bad for the country. and new research from fidelity shows the ranks of 41 k millionaires surged 27% in 2024, reaching a near record high in the fourth quarter. now, according to the report, generation x made up 57% of those 401 k millionaires and

millennials just 2%. now, fidelity adds, however, that the number of people who took out emergency loans from their phone case last year also ticked up slightly. >> frank. >> i'm on fidelity right now. i just want to see i. >> just want. >> to see. >> take a look, take a look. >> now we'll see just a bit later in the show. thank you. all right, all right. speaking of millionaires, the select group that plans to spend a premium price for president trump's gold visas may also be in for another hidden reward. robert frank joins us now with much more on this story. another frank and frank. robert. good morning, frank. great to see you. we're always frank here on the exchange on the. >> morning show. >> now this, this, this $5 million gold card. this would be. >> the. >> most expensive visa. >> in the world. >> only singapore, in fact, is higher. charging $10 million, $10 million, or about 7.5 million us. >> now, of. the 60. countries right now that promote some kind of investment. visa program. >> most charge under a million. yet demand for investment visas by the world's wealthy right now

is soaring. >> a record 135,000. >> millionaires are expected to move to another country this year. that's up 60% from just a few years ago. now, even the wealthy. >> who aren't. >> moving are getting second passports and visas due to political or economic uncertainty. >> and it's. >> china that's buying most of the world's investment visas or passports. with a record 15,000 chinese millionaires leaving the country last year. now, china. >> accounted for more. >> than half of the investment visas issued by the us in recent years. now, that program, called eb five, that cost as little. as $900,000. that's going to be replaced by the gold card. president trump saying yesterday that the gold cards will go. >> on. >> sale in just. >> two weeks. >> now for more on the gold card. >> and where the wealthy are getting their visas, check out my inside wealth. >> newsletter out. this morning. >> cnbc.com. inside wealth that's cnbc.com. inside wealth

frank robert. don't forget the qr codes right there on the screen to make it easy for people. because i think it's going to be a great read. so i want to ask you is there a difference between an investment visa and a golden visa. and what about the tax breaks? i'm looking at the uae where dubai is. no capital gains, no inheritance tax, no income tax. like are we going to get that in the us. yeah that's key. so one of the hidden benefits of the gold card is that you will not be taxed. on any overseas income outside the us right now. >> any permanent resident, any. >> green card holder, any american citizen, they are taxed on all of their worldwide income, no matter where they earn it. these gold card buyers will not be taxed any income outside the us. so this is a huge benefit for these people. that's what will make this attractive for any overseas rich person that wants to live in the us. so we'll see what demand is. you know, president trump saying yesterday we could sell 5 million of these. it's not going to be that high. but there could

be a lot of demand. robert frank, always great to see you. new inside wealth article on golden visas out today. thanks a lot. great to see you. all right. coming up here on worldwide exchange i agents not coming to the rescue. in salesforce's latest earnings report. take a look. shares down more than 4.5%. we break down the numbers. and what ceo marc benioff is telling cnbc. and what you should make of the stock's pre market drop. stay with us. >> hotel energy has been hunting for the best entrepreneurs across africa to tackle energy poverty. >> farmers are highly dependent. >> on rainfall. >> but. >> water is scarce. >> with drought. >> our solution is. >> mobile solar. containers for off. >> grid farmers, which uses ai to make. >> irrigation more efficient. >> being an. >> entrepreneur is not an easy task. >> you have to have faith that. >> a door will open. >> ubuntu means unity. this is how we're going to fight climate change together. >> i this is a landfill. >> it is transformed what you

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>> feelings about blackwell is better today than it was at last quarter, and the reason for that is because we, of course, ramped up into production. we exceeded our target. and the teams did an amazing job. as you recall, we had a hiccup in our design flaw in blackwell that we found early on last quarter or quarter before that. and we recovered tremendously well, and i'm very proud of the team for that. and so for those reasons, i feel pretty great from an execution perspective. >> so that was nvidia ceo jensen huang speaking to our john ford last night about where things stand with one of his company's key products, the black chip. the tech giant making the case that demand around artificial intelligence remains strong even as sales growth continues to slow. welcome back to worldwide exchange i'm frank. coming up, we'll have a lot more on nvidia's results and what they may signal for the broader ai space. but first we get you ready for this trade day ahead. we're going to check the markets

with the s&p, the nasdaq both of them breaking a four day losing streaks ahead of those big nvidia results. take a look at futures. right now. you can see we're in the green across the board s&p and the nasdaq both of them up just over a half a percent. the dow up just over a quarter of a percent. looking like it would open about 130 points higher. right now we're going to take a look at the nasdaq 100 pre-market gainers, taking a look at the stocks moving the nasdaq higher. obviously, nvidia is also positive right now helping the nasdaq after some choppy trading following its earnings. applovin right here at the top of the list. shares up about 4.5%. palantir shares up about 3%. likely a beneficiary of that nvidia report arm holdings, another chip name possibly benefiting micro strategy or just strategy. nowadays those shares up about 2.5%. datadog rounding out the top five. then the other side of the coin, of course, we have the laggards as well. taking a look, we're seeing coca-cola european partners, those shares down almost 3.5%, keurig doctor pepper down more than 1% into it, t-mobile and csx rounding out the bottom five in the

premarket. turning back to nvidia again. as we said, nvidia shares are higher in the premarket after some choppy trading. right now, nvidia shares moving just about 1.25% higher. i mean take a look here. you see a lot of the moves here. big spike after earnings then kind of a drop. and then kind of a rebound as we've gotten into the early part of the trading day right now. again nvidia shares up just about 1.25%. moving back just slightly while i was talking. this move we're seeing after earnings where the company beat on the top and the bottom line. also ceo jensen huang, he spoke to our john ford about the blackwell chip rollout. here's what he had to say. >> it was logical to be concerned about the ramping of blackwell, but we have now successfully ramped blackwell. the other concern that people had was the hopper blackwell transition, and might create a pocket in their pocket. and i think we're we're now, well, successfully behind the air pocket. we're going to have a good quarter this quarter. we had a great quarter. we're going to have a good quarter next quarter. >> all right a lot of bullishness from jensen huang this morning. want to take a

look at some chip stocks. obviously nvidia one of the most influential stocks in the market specifically for this part of the sector or excuse me for this part of the market i should say broadcom up just about two and a third percent. we're seeing amd also intel move a percent higher. marvell technology also just about 2% higher as well. we also want to look at those ai power stocks a lot of volatility in those names. after the emergence of deep sea this morning. vistra one of the best performing stocks on the s&p constellation energy shares up over 2%. talent up over 2.5% right now. and also vertiv. this is a company that's really tied to the data center plays and energy for those. right now, those shares up just about 4% or almost 4%. and we want to look specifically at those data center stocks this morning. taking a look. equinix just fractionally higher right now digital realty up just about a half a percent. but down here supermicro those shares pulling back actually 1.75%. now dell this is interesting. big server name. they actually report their earnings later today. also checking the bond market this morning as yields. they just continue to move lower. take a

look. the benchmark right now at 4.31. and we were talking about this earlier in the week. well off of its high of about 4.8% this year in 2025. so falling about 50 basis points from there. a lot of questions if it's a flight to safety or also some just concerns about economic growth. either way, bond yields continue to decline. and we want to take a look at oil this morning wti and brant they're down 5% for the week on pace for their worst month since september as well. take a look kind of a rebound this morning wti and brant both up just about 1%. natural gas just fractionally higher right now. all right that is your setup. now we want to turn back to our big story this morning. of course that's nvidia. and again there was some choppy trade after that goldilocks q4 report revenue surging nearly 80% on the year, but far, far from the more than 200% sales growth the company saw in the fourth quarter just a year ago. margins also coming under just a bit of pressure in light of that blackwell ramp up. joining me now is anjani mehta, general partner, andreessen horowitz. good morning. it is good to see

you again. thanks for coming back. on. good morning. can you hear us? >> i can now. >> thanks for having me back, frank. >> great to see you. >> yeah, it's great to have you back. so i just want to get just your initial take on this nvidia report. obviously, you're an investor in ai infrastructure and you're investing a lot of other companies that buy these chips. >> yeah. look, i think last time. >> we. talked we were talking. >> about, you know, the word on the ground in. >> paris, which was. >> infrastructure independence. right. we are. living in the. golden era of ai deployment. >> for the enterprise. this is basically. >> the world's largest. organization saying. >> hey, i can't sit. >> around anymore debating whether. >> i should use ai. they're not talking about deploying it. >> and if you ask, well, who are the world's largest enterprises? it's nation states. and so, you. >> know, about a year. ago is. >> when i. >> was. >> hearing nation state leaders debating. >> and wondering. >> what they should do. about ai. whereas now.

>> they've just pushed. >> pedal to the. >> metal and they're. >> buying. >> they're building, and they've. decided that. >> ai models. >> frontier models, open source models. >> in particular are. >> not just mission critical. >> national and. >> computing infrastructure. >> they've decided. >> it's cultural infrastructure. >> and so. >> i'm not basically. >> very surprised at all to. >> see, especially in. >> the wake of deep sea. ga one, the gap closing between open source and closed source, that. >> we're seeing. >> such extraordinary demand. >> for infrastructure and. especially for. >> nvidia chips. now obviously. >> the big the. big story. >> here is blackwells and reasoning models. right. >> and i think the big. >> story here. >> we should be paying attention. >> to is that. >> they've seen enormous growth in the sovereign ai segment. jensen brought that up multiple times on his call. and that's what. >> i look for. >> you know, when you. >> look below the hood, when you look under the. >> earnings numbers, what. >> are the. >> actual technological drivers? >> where is the. >> demand actually coming from? and is nation. >> states going okay? what what

they call the what what nvidia. >> calls. >> the sovereign. >> ai segment. >> what what is often. >> called the regional. >> cloud segment, where every. country is realizing that. >> they do. >> not want to be. >> colonized digitally. >> they want to own their own. >> infrastructure, they want to build their own data centers, and they want to deploy models. >> that. are customized. on their local. >> values. >> their norms. their their, their data sets. >> so about a year ago, i was actually working out of london, and i was talking to a lot of investors like yourself, and they were talking a lot about the sovereign cloud and the growth in that, similar to what you're saying, they actually said that after seeing what the u.s. did with russia, they were worried about being frozen out of cloud infrastructure from those big american players. but can you bottom line it for us when it comes to investors, are you saying that the idea of sovereign cloud chip buying that's not priced into the stock yet? i mean, what's the bottom line when we're looking at the stock and its performance? >> look. >> the bottom line is. >> basically that the world's. >> largest enterprises. >> which are nation states. are doubling down on inference. >> right. the idea that. >> if you can throw more

compute. >> at. >> these models and ask them to think for longer about your specific problem, that it actually works. >> and so. >> i don't know if. >> it's. >> priced in. >> or not. >> that's that i think that can often detract. >> from the i think. >> the more important dynamic. >> which is. >> that given the new chips, the. >> blackwells are. >> so good at. >> the model. >> sort of the reasoning model era that. >> open. >> source models. >> in particular. >> are so good at being. >> customized on what. >> i call. >> the last mile of local. >> values. >> local norms, local customs. >> we are definitely seeing. >> a regional race. >> to build out local. >> infrastructure, and nvidia seems to be the top choice. >> we got something else we want to get to, but just very quickly. again, just bottom line it for us. you're on the board of mistral. you're on the board of luma ai. you've invested in anthropic. does that mean that these companies are buying these black wall chips or they don't see the same need to buy them? >> this is. >> the quarter that i. >> approved the highest. >> amount of nvidia. >> purchase orders. >> that i've ever had. >> to. approve as. >> a board member.

>> blackwell to be clear, you're saying blackwell chips. >> or blackwell's? that's exactly right. >> stay right there. just for a second. we have a news alert we want to get to. we want to get your reaction to it. so microsoft is apparently urging president trump to overhaul curbs on global ai chip exports. that's according to the wall street journal, citing a blog post that's set to be published today. the journal says the tech giant wants those rules to be loosened or even simplified specifically for u.s. allies, including india, switzerland and israel. and i'd like to get your reaction to that. >> we've i think, you know, we've got to. realize that ai is a national, critical piece of national critical infrastructure now for most countries, right. >> they realized. that in the history of. >> technology, we've had. maybe 20 or 22 general purpose technologies electricity, the printing press, the internet, and most governments are now realizing that ai is one of those. and so when that happens, every major nation starts asking, do we build? do we buy or partner? right. and at that moment, that's when the idea of

an allied ai grid led by america. but that partners. >> with our. >> allies. especially in regions where. >> we want our. >> strategic interests to be, to be allied towards the united states's interests relative to an adversarial nation like china becomes really critical. and so i do think that extending and thinking about infrastructure independence as a coordination of allies across what we call the infrastructure stack, right, chips, models and applications is quite important. and every major nation. >> all right. one last very quick question. we got to get moving. we're seeing power stocks actually rebound since deep sea which coincidentally was a month ago. they had a lot of volatility. what about when it comes to powering these data centers. has that narrative changed that you need a lot of power to power these data centers with deep sea. >> no i think. i look there's this idea. we have an infrastructure called jevons paradox. right. which is the idea that when a resource becomes more efficient, like compute, it actually increases the total demand for that

resource. throughout the history of technology, if you look at coal, for example, which is where where this this law was sort of discovered, the falling prices of coal actually resulted in more electricity consumption. right. and so that's what's happening with compute, right? even though compute is getting more efficient with, with with models like deep sea, it's increasing the overall demand, which means power is the demand for power to allow these data centers to come online is just increasing. i don't think that's changed at all. >> we got to leave the conversation there. by the way, you got the first jevons paradox of the day in. so congratulations. really great to see you man. always appreciate your time and your insight. >> good to see you. >> coming up here on worldwide exchange, the major development for intuitive machines that has shares continuing to take off. you can see they're up just about 5% right now. we're back in just a moment. >> the number. >> of public. >> companies is shrinking. >> while the number of private companies. >> is increasing. at franklin templeton, we're expanding access to the. growing

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posting stronger than expected full year earnings and upgrading its midterm guidance. the british aerospace giant also announcing a more than $1 billion share buyback. and we continue to watch european auto makers after fresh tariff threats from president trump, saying he is considering a 25% tariff on cars and on other goods. all right. coming up on worldwide exchange, shares of salesforce. harder to think. you think they're sinking this morning. you can see the dow just about 4.5% investors. they sound the alarm on guidance. the key product that has ceo marc benioff excited about the road ahead. again. shares of salesforce down more than 4.5%. stay with us. >> within two. >> two and a half weeks, i noticed. immediately a difference. >> in my wellness. >> and my gut. it was. >> the key. >> element that was missing in my daily routine and has. >> absolutely made me. >> feel 1,000,000% better. >> having trouble. >> building your credit because of missed payments, constant rejection, or no existing credit history. you need self with

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>> funding innovation. >> and growth. >> think equity. learn more today. >> at. think equity. >> com. >> all right. welcome back. turning back to one of your big money movers shares of salesforce. they're pulling back following earnings. you can see shares are down more than 4.5%. the company reporting weaker than expected revenue and offering some disappointing guidance. still ceo marc benioff touting the revenue figure and the road ahead while speaking to our jim cramer last night. >> this is our. >> first $10 billion quarter. incredible. i mean, we had more than 400 deals over $1 million. but the real story in the quarter, jim, is none of that. and yes, you could talk about foreign exchange. we lost a couple hundred million dollars there. but the reality, jim, is this is just the beginning of an incredible new chapter for salesforce. >> all right. for more, let's bring in jackson ader, analyst at keybanc. just lost a couple of million on foreign exchange. not a big number there jackson. on a serious note, good morning.

thanks for joining us. i want to talk to you. your price target of 440, a bit higher than the consensus of 400 after this earnings report. how are you seeing this company in its path forward? >> yeah. >> thanks for. thanks for having. >> me, frank. it's good to be here. >> i think that. >> the path forward. >> will be. dependent on. >> second half. >> bookings of. >> flowing into. >> the company's model. >> from agent force. >> they talked about a lot of strength there at the end of their fiscal 2025. >> and if they can get. >> off to a good start here in. >> in their fiscal. >> 2026 and continue. >> some of the momentum. >> that should be able to. produce some upside. >> to revenue in their fiscal 2026. >> from agent force. hopefully pulling. >> some of the core core clouds into those deals as well. >> all right, so jackson, agent force seems to be like the buzzword or at least i agents are kind of the buzzword nowadays. put this in context. according to this report, 5000 people or 5000 companies, i should say, have signed up for

agent four since october. 3000 paid? >> yeah. >> so if we. if we put that in context. >> you know, 5000. >> 3000 for a. >> company that. >> has many, many. >> thousands of customers and, and generating probably. >> de. >> minimis revenue at. >> this point from. >> agent force. >> relative to. >> a $40. >> billion base. >> but if. >> we if we think. >> about the potential salesforce tends. >> to sign. obviously very large deals. they talk about. >> a deal. >> last. >> night that was worth. >> about $20. >> million. >> in in. >> average contract. >> value. only only seven of. >> it. >> i mean. only but seven. >> of it came directly. >> from agent force purchases. >> but that. >> is much larger than your typical deal. >> that they are signing right now. >> this was just. >> launched last fall. >> generally, customers. >> right now. >> are are purchasing. >> what what the company would call. >> bite sized deals. so very small pilot programs. waiting to roll. >> those out. >> that's completely fine. got

it. sorry to cut you off there. want to ask you one last question. give us the broader read. when we're talking about agentic ai, what does this mean for other companies that have agentic ai offerings? i'm thinking oracle, sap, servicenow. >> so if you put this. >> in context of. >> of their of their. >> enterprise software competitors. >> the difference. >> here is that i. >> really like that salesforce. >> has a very. >> specific use. >> case. >> in. >> the. >> front office. >> it's not. >> it's very. >> easily definable. >> i would like. >> this sales. agent to. >> give me a hundred. >> new leads. >> i would like. this this marketing. >> agent. >> to write me some marketing copy so. >> that i. >> can send. >> an. >> automated email. >> to a certain. >> targeted list. >> the difference here is. >> that salesforce has very definable use cases. definable agents that can be deployed quickly, and then they also have the data underlying it in the salesforce. data cloud, where the agents can actually. become very smart and use the data. >> cloud as the retrieval

augmented. >> generation model to then go out and. >> and. >> do smart things. rather than a. >> blanket of. >> i'm going to help you do your. knowledge work with, which is sometimes. what what some. >> of. their other competitors are trying to roll out. >> all right. jackson from keybanc. your price target 440 on salesforce. great to have you here. thank you very much. >> thanks for having me. >> all right. coming up here on worldwide exchange. why this restaurant stocks sluggish start of the year isn't curbing our next guest appetite for it. by the way if you're like a wall street bro you might i had it yesterday. shares are down more than 10% year to date. going to than 10% year to date. going to reveal our at ameriprise financial we know our clients are so much more than clients. they're go-getters and legacy-leavers, and what matters most to them matters most to us. it's no wonder we have a 4.9 out of five client satisfaction rating. ameriprise financial.

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entertainment, all in one place. >> everything just. >> felt good. >> for me. squawk box is breakfast with the most interesting people in the world. >> it's a privilege. >> to get to talk. to them every day. >> it's more entertaining than any other morning show, but you might get some useful information. >> squawk box weekday mornings, 6 a.m. eastern on cnbc. the day's top stories driving wall street. >> brian sullivan joins kelly evans power lunch, weekdays, two

eastern. cnbc. >> today, investors and fast money fans join melissa lee and the team of traders live and on air for an all access fusion of trades, trends and tips. fast money live today. five eastern cnbc. >> and welcome back to worldwide exchange. as we close in on the 6 a.m. hour, here's a check. a few big stories that we're following this morning. that includes hollywood legend gene hackman. he has passed away at the age of 95. officials in santa fe, new mexico, say the actor was found dead in his home, along with his wife and their dog. they say the cause of death is unclear. however, foul play is not suspected. also moving on to the supreme court, some news there. it's temporarily paused a lower court order that required the trump administration to release frozen foreign aid. foreign aid funding. chief justice john roberts asked for both sides to file any responses by noon tomorrow, as the court seeks more information about the case and tries to figure out what to do next. shares of intuitive machines adding to yesterday's

7% jump, the space exploration company launching its second mission to the moon late yesterday. the company's lander is expected to touch down on the moon in just one week. shares up more than 5% right now. meta says it's fixed an issue that caused some users to see content on its instagram reels, the company says should not have been recommended. some users reported the reels feeds. they were flooded with graphic and with violent content. bloomberg is reporting that core web is considering filing for an initial public offering in the us within a week. the report says the ai startup is looking to raise about $4 billion from that listing. and bloomberg also reporting that youtube star mr. beast is looking to raise a couple hundred million dollars to expand his business that would value this company at right around $5 billion. the online star, whose real name is jimmy donaldson, was recently connected to a group that was taking part in a bid for tiktok. all right. turning back to the markets, another check of u.s. futures right now. take a look in the green across the board right now. looks like the dow. it would open up about 125 points higher. we're also watching shares of nvidia on the

back of earnings. take a look at shares. right now they are higher up over 1% after some choppy trading following that earnings report for much more. let's bring in nancy tengler, ceo and cio of laffer tengler investments. nancy, good morning. good to see you. >> good morning frank. >> nancy, let's start off with your word of the day. it's not nvidia. we know it's not nvidia. that was kind of the word yesterday. what's the word of today. >> chaos. chaos. the old. >> son sun tzu. >> quote that in. the midst of chaos, there is also opportunity. and we. >> are finding opportunity. >> in this market, particularly with. the recent sell off. it's not quite a. correction yet. >> so yeah. >> it's definitely not a correct i think s&p is about 3 or 4% off of its high. so not quite a correction. but what do you make of some of the rebounds that we're seeing today. you look at chip stocks. we're seeing a number of chips. chip stocks move higher. also power stocks. they're connected to kind of the data center play. we just talked to an investor from andreessen horowitz saying that he believes, you know, that that jump in power is still going to be needed. are you seeing any opportunities in either one of

those spaces? >> yeah, i mean. >> actually we were. >> adding to tech. >> stocks earlier. >> this week. and we added to the. power names that we own right. >> after the deep sea move. >> because they got clobbered, as you well know. >> because we do think this is a sustainable trend. and that generative ai. >> agi, all of the. >> above is going to continue. >> to drive. >> capex budgets. we saw that in the fourth quarter. and the uncertainty, of course, is around tariffs. >> but i'm not. >> so i don't really. >> understand why people are. >> so. >> surprised that tariffs. >> have entered the conversation. when the president told us it was his favorite word in the dictionary. so i think we'll get through this. that's creating the chaos. that's usually an opportunity for long term investors like myself. >> well, let's be clear. if you think the tariffs are creating chaos, that creates an opportunity. where's the opportunity if you can't give specific names, are there certain sectors where you see an opportunity. >> oh yeah. >> no i. >> can i. >> can. >> talk names. i mean certainly we've added two names like

nvidia and palantir. on the recent sell off, we've added to names like. power which is quanta services. i'm sorry, i think there's opportunity in some of the consumer discretionary names i had. i published a list of five for 25 on december 31st, and that includes amazon, goldman sachs, of course, i can't remember broadcom and a couple of other names that elude me at the moment. >> let's get to your pick of the day. what's your pick and why. >> chipotle. >> so we own both chipotle and starbucks. when brian niccol jumped ship from chipotle to starbucks. and since that time starbucks is up about 50%. we had added to our holdings right after he joined because, i mean, his his track record is clear. and chipotle is kind of languished. it's down a single digit since he came in, down 11% year to date. but in the most recent earnings report, we started to see the turn that that in areas that we wanted to

see. so they're improving efficiencies. they have a new produce machine that's called auto cotto. >> and we've got to leave it there. your pick for us today chipotle. thank you very much. great to see you as always nancy tengler. thank you. all right. that's going to do it for us. futures higher across the board nvidia higher as well. have a great day. thanks for watching. worldwide exchange squawk box starts right now. >> good morning. >> nvidia reporting a nearly. 80% jump in. >> fourth quarter. >> sales on the strength of its. >> ai chips business. >> we'll bring you. >> the highlights. >> from cnbc's conversation with the ceo. elon musk takes center stage at the first cabinet meeting. president trump's second term. >> the tesla. >> ceo expanding and expounding on that. >> email. >> threatening to fire. >> federal workers. >> who don't answer the email. >> and moderna's. bird flu. >> vaccine contract is reportedly under review by the trump administration. shares of that company are falling.

they've been falling, falling even further. full details ahead thursday. thursday is a. >> good day. >> february 27th. 2025 on squawk box begins. >> right now. >> good morning everybody. >> welcome to squawk box. >> right. >> here on cnbc. >> we are live. >> from the nasdaq market site in. >> times square. i'm becky quick along with joe. >> kernan and andrew ross sorkin. >> let's take a look at the us equity futures. >> you're going to see green arrows across the board this morning. dow futures are. indicated up by about 115. >> s&p futures up by 35. >> the nasdaq indicated. >> up by. >> 135 yesterday. >> the dow it was its. >> turn. >> to be down for the day. >> the s&p 500 and the nasdaq. >> actually turned things around. they were up after four days in a row of losses. >> if you check out. >> yields this morning on. >> the treasury market, you'll see that rightow