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 right now the.

>> ten. >> year back. above 4.3% 4.31. the two year at 411. and then bitcoin, which. >> has been. under pretty. severe pressure. >> over the last. several sessions, is now at 86,951. >> you know, the. >> the most. >> interesting thing i've heard recently was that heist, that north korean scam where they hacking incident where they. >> took about $1.4 billion. >> in crypto. >> people are kind of saying maybe that is the reason why you see the decline that we've seen in bitcoin prices. >> over the last. >> couple of days. the idea. >> of a. >> hacking on that. >> level, fewer fed cuts. what i've always thought. >> yeah. >> it's just interesting. >> i hadn't really thought about it. >> from that perspective. >> we reported. >> on that. >> hack. >> earlier in. >> the week. >> but the idea that. >> okay, if it can be stolen, if it can. >> be. >> taken just like. regular currency. that's a. >> maybe a poke in the. >> bubble in. >> just in terms. >> of the confidence. >> maybe another. >> time where. >> every time it's gotten down into the. 80s or. even low 90s, it's been a. >> time. >> to buy again. but, you know, when i said last time, if you bought it at 5 or 6000, it's

just hard to think. >> about. >> buying it at 86,000. and then immediately the hodlers send in these messages. you don't. >> need to buy. >> a whole i know. >> you. >> don't need to buy a whole one. you could buy $0.10 worth if you want. but still the valuation at 86 is different than if you bought it at 6000. we'll see. >> every time. >> i a. >> bellwether in nvidia reporting fourth. >> quarter earnings. >> and revenue. >> it topped analyst expectations. >> sales growing 78% year over year. and company gave solid revenue guidance for the. >> current quarter. revenue from sales. >> to data centers also coming in above expectations. >> though we should mention that gross margin. >> guidance is a bit light. >> focusing this year on the focus this year is going to be on how quickly. nvidia can ship its next generation blackwell ai. >> processors. >> especially in. >> light of a recent report. >> now that's claiming. >> of some. overheating issues with those chips. nvidia ceo jensen huang, addressing blackwell in. >> a special interview. >> with jon fortt. >> 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 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. >> you also. addressed the chinese ai developer deep sea. >> whose emergence on the world stage last month caused a scare for nvidia's investors. >> deep sea was fantastic. it was fantastic because it opened 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.

>> despite fears that models like deep sea might reduce demand. for nvidia's top of the. line chips, others in the chip. industry think nvidia. >> could actually see more demand. >> joining us right. >> now for more on all of this. india's fourth quarter, chris. >> caso is here. >> wolfe research senior analyst you kind of thought this was going to happen, right? >> yeah. >> i mean, you know, for all. >> the angst. >> and worry. >> kind of coming into the. >> report, we get in about in line, you know, a little better than where expectations were. and it's all about, as jensen said, the transition. >> from the. >> old generation, the new generation. blackwell and it's not the beat. >> that we've. >> come to. >> be accustomed with. >> with nvidia. >> but but it appears that's the reason why. and you know, the stock rebounded after deep sea. and i think the reason why that was the case is because we heard from all the cloud providers about where the capex is this year. and that's really, you know, where the focus is right now. so those capex numbers were revised higher by almost 20% since the beginning of the year. so you've kind of got that push

and pull. >> and. >> you know, there's legitimate concerns about how far this can go. you know, how much, you know, spending can increase as you go into 26, where the money's going to. >> be. >> spent this year. >> well, so that's that was going to ask. we know the money's going to be spent this year. that's clearly built into the stock. but i would argue what's built into the stock is not just the money being spent this year, but the money being spent two, three, four, five. >> years out. >> and that if you don't believe the money is being spent two, three, four years out, the price is not where it is clearly. >> and i'll tell you where the valuation. >> the stock is right now it's about 2324 times our next year number. the valuation is not exceptional. you know the worry that ai is in some bubble. you know we've all been there for the for the tech bubble in 90. this is not the same valuations we're seeing right now. but going forward i mean i think nvidia made a pretty good case on the earnings call last night. they're going to have the developer conference coming up next month where they're going to make the argument for why this continues to grow. one of the things that i thought was interesting, and jensen brought it up in the spot you had about

deep. >> tech, is. >> the move to reasoning models where the ai actually thinks itself. it doesn't have the answer itself, but it can figure it out using a couple of steps. you know, what they said was that actually uses ten times the compute power for inference for actually running the models. and it does appear that that's going to be one of the drivers as well. >> but let me ask you a different question. i understand the economics for nvidia now. it is less clear that we all understand the economics for the people who are paying them right? meaning everybody who's paying them effectively is losing an extraordinary money doing this right. and so at some point, the math has to add up for them, for it to add up for nvidia. >> exactly. >> and it gets to the return on the massive investment that's being made right now. and that's a point that's not abundantly clear who's really making money on this. and there's certain. parts where you're getting a lot of efficiency. but but that's the question that has to be answered. >> i mean. >> jensen wang. >> will say. that that. it will. >> broaden out. you'll have. >> more. >> people who are using and more

companies that are spending. do you believe that? >> i do, and again, that conference in march, it's sort of like a rock concert. they have a stadium where they fill people, you know, they come up with different testimonies. so it's a it's a big event. but you know, my view is unfortunately, i do think there's some parallels here to what happened in the tech bubble, you know, in the internet bubble in the 90s. and the reason is because we're throwing a whole lot of spaghetti up against the wall right now, and some of that spaghetti is not going to stick. and the reason why we created a bubble last time is because you had investment going after things that didn't have a return on investment, and nvidia doesn't know which one of the customers are going to be successful and which ones aren't. and that's eventually a problem. but i don't think we're there yet. >> do you have a. >> price target or where? >> $180. yeah. >> okay. >> that's a six month or 12 month. >> that's a 12 month price target. and again, it's a lot of it's a big gain. and even that just only it it factors in some deceleration of revenue growth

about you know in the 30s next year. so you know and that's what's compelling about nvidia as an investment right now because you're not seeing a bubble valuation, seeing a really reasonable valuation on the company that's been growing like like crazy. >> chris, i want to thank you. thanks so much. appreciate it. we'll see what happens. >> you got this news just in the last 12 hours or so, actor gene hackman has died. authorities in new mexico said hackman, his wife and his dog were all found dead at their home in santa fe yesterday. they said foul play was not suspected. hackman was nominated for five academy awards. he won best actor for the french connection in 1972, and best supporting actor for my favorite role of. i have a lot of them for him. unforgiven in 1993, little bill daggett. man. there's so many. there are. there's 95 years old. interesting that he and clint eastwood were both born in 1930. they were both about 62 when they did unforgiven, and clint

won best director for unforgiven and gene hackman won best supporting actor. but, you know, i think of him and i just saw the firm the other day again, he was just great in firm. >> and no. >> way out. >> my favorites always been hoosiers. >> hoosiers. >> i'll watch that. >> every couple. >> of years. again. >> i do. >> to tear up over it. >> no way out. >> no way out. he was. >> by the way, a friend of. >> jim cramer's. yes, and spent some time here at cnbc. >> i met him at out in englewood cliffs. >> yeah. >> matt spent an. >> entire show. >> with him. >> over his shoulder in the control room with it. but because. >> he's close to jim cramer. >> and i. >> i feel i feel like. >> we. >> all felt like we were. >> close to him. you know? i didn't know him. >> he he was so talented. and any because he's not he's just a normal looking guy and any role. >> that like a normal. >> person in. >> person. >> acted like a real person, not. >> a jerk. >> superman. i mean, he was totally filled that role too. he was like. >> play anything? >> yeah, he was he was really i mean, one of my favorites. he

may be, you know, i love clint too, obviously, but. >> clint morgan. >> freeman. >> 95, in you know, i think clint going to be 95 in may. hackman already had his birthday i think in january. >> our condolences. and it's a. >> very sad. >> story when we come back. >> elon musk headlining. >> president trump's. >> first cabinet meeting of. >> his second term. we will bring you. highlights of what he said after a break. >> stay tuned. >> you're watching squawk. >> box and this is cnbc. >> this cnbc program is sponsored by baird. visit baird difference.com. >> these are. >> people who are trying to. >> change the world. >> startups have. >> this energy that energizes me. i'm thriving by helping others. >> thrive. >> every day. >> people who know know bdo. >> it's really. >> important to have a really. >> good gut health. >> but they do want. i don't

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started at framebridge. com or visit a store today. >> president trump holding the first cabinet meeting of his second term at the gathering. he said ukrainian president volodymyr zelensky would be visiting the white house tomorrow to sign that agreement on rare earth minerals. elon musk was also featured prominently at the meeting. the president asked him to speak first before. any other guests on his doge cost cutting effort. musk spoke. moke musk spoke about the emails to government employees, telling them they'd be fired if they didn't list recent work accomplishments. >> we got. >> to proportional response. >> we were going to send another email. >> our goal is not to be capricious or unfair. it's we want to give people every opportunity to send an email.

>> and the email. >> could simply be. >> what i'm working. >> on is too sensitive or classified. to destroy. >> i'd like to add that those million people that haven't responded though, elon, they are on the bubble. you know, i wouldn't say that we're thrilled about it. you know, they haven't responded now. maybe they don't exist. maybe they're going to be gone. >> yesterday's cabinet meeting included several nominees who haven't been confirmed yet, including linda mcmahon, tapped to lead the education department, and elise stefanik, who trump wants to be u.s. ambassador to the u.n. and one of our guests that will be on later today. i saw sitting in one of the chairs in the background, kevin hassett was there. >> just a. >> little bit. speaking of. >> elon musk, we're also watching shares. >> of tesla. that stock closed below $300 yesterday for the first. >> time since. >> early november. interesting timing. >> of course, the stock took off. >> after trump's election. president trump's election back in november. tesla has now been down for five straight sessions, though, and. 12 out of the last

15. it's lost more than a quarter of its value so far this year, but over the one year period, it's still up by 48% because again, it's. >> above where it was. on election day. >> not so much for, you know, musk doing so well with trump. new york times. >> oh. >> trump's strategy in danger. shift to electric cars. i mean, you'd have to think that that's true. >> yeah. >> and not just here, but. i think. >> it was. >> axios or politico was. reporting that. tesla sales in europe were down 48%. >> from january. >> of 2025. >> compared to. >> january 2024, because he's gotten involved. in politics there. >> and it may have even been. >> a more harsh. >> i just. >> think, but all the cafes and all that stuff that we saw get so stringent, i mean, california had some crazy. but this goes back to 2003. it had to be 50. tesla is a. >> car company. or do you think it's a i. well. right now it's robotic. i mean. >> it's all. >> half the electric cars still. >> so no, i know that.

>> i'm saying. but for what. >> it is, in a normal world, you would it would be valued based on how many cars are basically sold. and you'd say to yourself, okay, this is a challenging situation, but maybe that's reflected now in the stock in some way. but at the same time, the entire companies is a promise. >> you know, the notion that the government was going to grease the skids on the transition to evs? sure. >> but you. >> said each time you get a new president, it's different. >> we just had an analyst on the broadcast just yesterday who said that he's convinced that, you know, elon musk is going to grease the skids for, you know, federal special, you know, lanes for tesla vehicles or not just. >> tesla vehicles. >> but autonomous. vehicles and that it's going to somehow change the landscape. it may very well. and that's a little bit of what the promise was in the stock. >> but it's not just tesla. if you look at his. >> other. >> companies too. >> well, spacex is and they will be a beneficiary. i mean, that one's a hard one to actually argue that they won't. right, right. >> and not just that. >> also the satellite company. >> where. you know. >> the biden administration.

>> was. >> looking on bringing and again, this. >> was in the political. >> or axios, whichever one i read. but the biden administration had set up ways to bring internet. >> coverage to. >> rural areas, and it was all going to be done on cable lines. but, you know, the argument is. >> maybe you have. >> some of that taken over. by the. >> starlink. >> which is it's part of spacex. so that would. >> be, yeah. >> starlink is a unit of spacex. so that was the right. but and this goes to the jeff bezos of it all. amazon starting next year is going to have kuiper which is going to compete with starlink. and so it'll be very interesting to see how that plays out. and we've talked about the blue origin side of the whole universe, which is the actual spaceships. amazon in this case technically is going to own the satellites, which will be brought to spacex in part by blue origin, by the way, in part by starlink too. so or not starlink, but spacex just confuse all the issues. >> i always love science fiction, but as a kid, obviously. and if we are going to be any of that's going to

happen, we need to be multi-planetary. but it's not like my it's like his singular goal in his life is to make the human species. to me, it's like, i like it here, you know what i mean? we need to treat the earth well and everything, but i'm. i'm in no rush to go. like, maybe it's that matt damon movie where he's eating poop or potatoes. >> potatoes that were. >> made grown. yeah. it seems i don't want to. i like it here. do you think we need to be? if for any of that to happen, we need to eventually be multi-planetary. right. >> eventually. >> i don't. >> know if. >> that's happening. >> i know i'm the. it's weird to have that as a singular goal in your lifetime, which is why he's. >> such a he's got a lot. >> he does. but he's such a unique individual in that, in that regard. once obviously everybody to have a bunch of kids to. but doing his part. >> all right. >> the faa is close to canceling a multi-billion dollar verizon contract to.

>> upgrade the nation's. >> air traffic control. >> system, and. >> is giving the job, potentially to elon musk's spacex based internet company, starlink. that's according. >> to a. >> washington post report. verizon won the. $2.4 billion contract in 2023. >> earlier this week, musk took to. x and claimed that air travelers were at risk because the verizon system wasn't working. the associated press reported earlier this. >> week that starlink equipment. >> has already been installed in. faa facilities. i think they pointed to. >> one in alaska. >> and another one in atlantic city. but we will continue to follow this story as well. >> meantime, salesforce shares they are under pressure the company's earnings beating estimates, but revenue fell short. guidance for the current quarter and the full year also came in lighter than analysts had expected. on the conference call, ceo marc benioff saying salesforce one of the few companies that can demonstrate ai agents that operate at scale. now last night on mad money, benioff described how he was trying to transform the company. >> we're moving from being a provider of software to help

companies manage and share their information, to being a provider of digital labor. any of these companies, we're not just providing them software to help them manage their data and help them manage their, you know, workforce. we're creating new digital agents and digital workers who are going out and providing capabilities directly to their customers. that's a huge new opportunity. >> salesforce shares down about 12% year to date. >> microsoft is pushing the trump administration to loosen and simplify restrictions on the sale of ai chips to much of the world. that's according to a wall street journal report says the company will outline its case in a blog post today. it will call for the white house to ease limits on chips that can be used in data centers for training ai models, so they no longer apply to a list of us allies, including india, switzerland and israel. microsoft warns that the unintended consequence of the export control system would be that allies could turn to china

to get the tech infrastructure that they need. >> coming up, the trump administration reportedly casting some doubt over a contract for bird flu vaccines awarded to moderna. details about that right after the break and then later, white house economic adviser kevin hassett is going to be on the broadcast. we're going to talk to him. he'll be live from washington. you don't want to miss that conversation. stay tuned. you're watching squawk box and this is cnbc. (♪♪) (♪♪) what took you so long? i'm sorry, there was a long line at the thai place. you get the sauce i like?

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>> we don't want any more no executive at no. that was a one day thing wasn't it. >> yes because. >> mcdonald's yeah. >> we're done. >> we're done with the they're still expensive although they're still a great deal. time now for the executive edge i think about like a dozen. >> for $6. >> yeah. >> for what? >> organic. >> yeah. it's like six, $6. why pay less? it's like a whole paycheck. shares of moderna lower this morning. bloomberg reports that the trump administration is reevaluating a nearly $600 million contract awarded to moderna for bird flu vaccines. that was in the waning days of the biden administration. bird flu has impacted poultry across the united states and led to a spike in egg prices. as you probably everybody's heard about that by now. >> and a child has died from the measles. >> outbreak that's currently

hitting. >> west texas. >> it's the first time that we've. >> seen a. >> us death from the disease. >> in a decade. >> the school age child hadn't been vaccinated. health and human services. secretary robert f kennedy jr spoke about the outbreak at yesterday's. >> trump. administration cabinet meeting. >> put out a post on it yesterday. and we're going to continue to follow it. incidentally, have been for measles outbreaks this. year in this country. last year there. >> were 16. >> so it's not unusual. we have measles outbreaks. >> every year. >> you sound a little under the weather. >> yourself right now. >> i just i had a permanently bad throat. >> i'm on. >> at least 124 people have so far been infected with the measles in the south, mostly children. separately, the fda has. canceled a meeting that. >> was set for. >> next month of a vaccine advisory. committee to select strains to be included. >> in next season's. >> flu shot. one of the committee members told cnbc. >> that. >> the. >> meeting was canceled. without explanation, and there was no indication. >> of whether it will be

rescheduled. >> coming up, president trump sparking, i should say, speaking, speaking and sparking confusion over the tariffs he's teased against some of america's biggest trading partners. eamon javers is going to talk to us about some of the signals that we're seeing. and try to make sense of where it's all headed. that's happening when squawk box returns right after this. >> executive edge is sponsored >> executive edge is sponsored by at&t business. next level at&t has a new guarantee. because most things in business are not guaranteed. like a distraction-free work environment. -yeah,i'll circle back around. -get those steps in, kevin. your coworkers keeping things confidential. [phone ringing] oh, she's spilling all the tea. ♪♪ or office etiquette.

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>> is a will. >> something you can. >> sign and. >> make official. start your will. >> at trust. >> and.com and make it count. >> good morning and welcome back to squawk box live from the nasdaq market site in times square. nasdaq was a. you guys ready for the boomer report? >> yep. >> go for it. nasdaq was the answer. what is the nasdaq on jeopardy last night. on what was what. i think it was when it was. what is the nasdaq when it

was i think founded. it was much longer ago than than i. was it the september. what's that? i think so 70, 71 or something. and yeah. and they got it right. what is the what is the nasdaq boomer. okay. that's today's boomer report. thank you. do you ever do you ever watch. you don't. >> you could dvr it. >> you do get smarter watching. except that i forget what most of the answers by the next day. except for that one i got. >> let's talk to eamon javers right now because businesses are trying to make sense of tariff threats coming out of the white house. but there have been a lot of mixed messages. eamon is with us this morning from washington. what's going on? yeah, a lot of. >> plates spinning on a lot of sticks, andrew. but a little bit of confusion at the white house yesterday over exactly which tariffs are likely to kick in on which date. a white house official tells me there's no change to the original schedule, which had the deadline for canada and mexico tariffs kicking in next week on march 4th. remember the president had

postponed those. and a deadline for a study on reciprocal tariffs. that's going to happen on april 1st. and that's why you hear the president talk about april 2nd as a big possible date for more reciprocal tariffs worldwide. meanwhile, president trump said he's made up his mind for tariffs on the european union, which he said he'll be announcing soon and which will generally be 25%. he was sharply critical of europeans for not accepting, as he said, american cars and farm products, and he expressed hostility to the european union itself. >> the 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. >> so after talking to some officials behind the scenes, our understanding now is that these 25% tariffs on europe would be put in place after that april 1st study is completed. assuming the study comes in the way the

president expects it to. but there's a lot of moving parts here, and the president clearly wants to preserve his leverage and not make any commitments until he has to. so a lot of these things, guys are simply open ended at this point. will he grant additional extensions? will there be a requirement for additional studies? will these tariffs ever actually kick in? all of that still tbd. >> question. the prospect of tariffs is almost worse than tariffs themselves, insofar as it creates a remarkable amount of uncertainty for businesses that are trying to think about whether they should invest in something, not invest in something. and what comes next. right. that is that is the big question i'm not suggesting, by the way. obviously, tariffs that are, you know, uniquely, you know, high are you know it would be very, very difficult. but but just the prospect that alone is a challenge. and so the question is whether you believe over the next three and a half or so years, this is going to be an ongoing debate that's never

going to leave us. or do you think that there is some finish line where there's at least certainty around what happens next? >> yeah, i don't think there's going to be a finish line here, andrew. i think the president likes this leverage. you know, you talk about the prospect of tariffs being tricky for businesses that are trying to plan, you know, three quarters ahead or what have you. but the prospect of tariffs is very useful for president trump. right. it gives him negotiating leverage as he sits down with all these world leaders and gets those pressure points to get them to deliver the things that he views as wins, right. the various announcements, ribbon cuttings, investments, all the things that he wants to do for the american people. so i think trump likes keeping everybody on the back foot a little bit here. he likes this uncertainty. he likes being aggressive with foreign leaders. and i think he's going to keep that up in some shape or form. you know these individual cases might be resolved, but other things will pop up as the administration goes on. >> now that's what is. what does he say to. >> having watched trump for a long, long time?

>> i appreciate that, but the name and i'm sure if you're the ceo of ford and you have a conversation with with the president, you're saying, look, i'm hoarding parts. i'm hoarding supplies because i think you're about to tariff these these people in mexico. and i don't know what else to do about it. you got to make a decision. you got to just tell me what's going to happen. and you think i who has more influence in a very unique way over, over the president, which is do the business leaders in america come to him? and does the stock market and the bond market tell him what to do? or is it the foreign leaders and what he's hoping to extract from them in some other way? >> i mean, i think the bond market is going to be very influential here, right? and if we start to see the bond market moving on this, and i think the president does watch the stock market, right. >> so the. >> dollar if that uncertainty starts to move, starts to move the needle on stocks i think that could be a problem. i think one of the reasons why you see these delays kick up in the first place, andrew, is because the president watches the stock

market and he sees the stock market tremble when we come close to one of these deadlines. and so he kicks the can down the road, preserving his leverage, easing the impact on the market and ultimately creating a little bit more uncertainty for business. but it gives him that negotiating wiggle room that he wants and preserves, that leverage that he wants. so i think, you know, you're going to see a series of canned kicks here in various ways. now some of these tariffs might come into effect, no question. but i think the overall tariff picture will be only slightly more clear by the time we get to the end of this administration than it is now, because the president will continue to introduce new ideas to be tariffs. you know, he he raised the other day the idea of a vat tax in europe. and that is equivalent, he said, to a tariff. and so does that open up an negotiation over european taxation of american products that come in? and how is that going to be reciprocal versus american taxes? all of those questions are going to be continue to be raised by this administration as he seeks parity and negotiating leverage. >> i mean, it reminds me a lot.

>> of what we've always thought of with the. >> fed chairman. >> where the fed. chairman will. >> kind. >> of introduce new ideas. >> to the markets and. >> let the markets. kind of get used to those ideas. you know, you'll hear it from different fed officials. >> they'll kind. of give drop. >> out. >> these trial. >> balloons to see how the. >> market reacts to some of those things. so the market get used to ideas before they really drop them on entirely. and that's what the tariffs feel like. >> but i think. >> it's just the new reality of a president who feels very comfortable using economic incentives and sticks and. carrots in all of the foreign policy talks and all of those foreign negotiations that he's doing over policy issues. i mean. this is the reality of. >> it's a little. >> messy, it's. >> a little uncomfortable. >> you can say the same. thing with the move to say that. >> chevron is not going to be able. >> to continue to produce oil in venezuela because he has things he wants from venezuela that he's not getting. now, the president has set a july deadline for that. and we'll see what happens between now.

>> and then. >> but in the meantime. >> you have. >> a. >> company, chevron. >> that has to figure out whether it goes. >> ahead with this. >> while it's used as a negotiation tactic to try and. get something else that that trump wants from venezuela, which is for them to. take back more of the people who have come here illegally from venezuela. >> that's exactly right, becky. i mean, this president likes to have that negotiating leverage, likes to put the pressure on. remember, all these deadlines. what he's doing is setting up a process here in which all the deadlines are up to him by fiat. right. so he's never boxed in. he can continue to extend them as long as he likes. i mean, you know, you look at the comments the president made in the oval office the other day, and i think you have to just take donald trump at his word on this. you know, he made a joke, but it was very true, in which he said something like, you know, there's god and there's country, and then there's tariffs. you know, tariffs are like in my top four things that i love in the world. and he was telling you how he feels about this negotiating tool and this diplomatic tool and this business influence tool that he has at his side. he's willing to

use it and be very disruptive about it in order to get what he feels he needs to achieve based on what he told his voters he was going to do. >> yeah, like it's april 2nd to trump said. you know, it's like you don't get married on april. you don't get married on april 1st, do you? i mean, it's just bad, right? right. yeah. >> well. >> the study gets finished on april 1st and then they may. >> that's okay. >> but you don't want to do something. like tariffs on april. >> 1st and delays there too. >> right okay. >> you don't want to do that. >> no thank you. when we come back we'll talk about what to watch in the markets today. we'll get you up to speed ahead of the opening bell. >> and later, don't miss. >> an interview with the house judiciary committee chairman jim jordan. stay tuned. you're watching squawk box and this is cnbc. >> currency check is sponsored

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>> for an all access fusion of trades, trends and tips. fast money live today five eastern cnbc. >> money, money. >> all right, let's talk markets. all the major averages are on pace for a negative month with two days left. joining us now matt powers, founder of powers advisory group. and matt, you're not unique in saying that we are witnessing maybe a little bit of a change in the markets from what we've seen in the past couple years. and my question to you would be, since we're so close to all time highs. i mean, we haven't seen it reflected yet. so are you seeing things in the dynamics, the internals of the market that tell you there's been a change? or are you just forecasting that there's going to be a change like you think from from growth to value? is it already happening or you're expecting it to happen? >> yes. >> that's a. >> it's a good question.

>> first of all, thanks. >> for having me on. >> love the show guys. >> thank you. >> all for having me on. >> so. know, we see a clear change in narrative and theme with a shift from. >> growth to value, you. >> know. >> to dividend growth, investing in other areas that have been out of favor for a couple of years. it's, you know, it's kind of a challenge to find opportunities. and i think any investor is going to say that right now. but stretch evaluations. >> come into play here. you know. >> there's obviously uncertainty. >> around trump's policies and. >> then. >> sticky inflation. >> and rates higher. >> for longer. >> but you know. >> the short of it. >> we think. >> boring boring areas. >> of the market are. >> back in favor. so as. >> far as forecasting. >> i wouldn't say that we're necessarily forecasting. but it's happening. we're seeing it. >> we're seeing. >> the rotation. in broadening. >> the coverage of the of the market. so you would think we're down a lot more than we are right now. i mean, every day i hear the word of the day is chaos. you know, every day, you know, everybody's got the same word of the day. >> and it's, you know, where's the it. >> can still happen. but and i've heard, you know, people that obviously that are hoping

for a fail, they pretend they already know that, that we're heading into a recession or into a big break in the market. and it's possible, but it hasn't happened yet. >> yeah, yeah. >> taking a step back is, you know, you can look at this sectors like financials staples healthcare you know their leading techs lagging. >> and i mean we all. >> know that. but in 2025 just looks a lot different than what we've seen in the past couple of years. >> you know like i mentioned there's. >> kind of a quiet shift from growth to value. and it just a trend we expect is going to continue. and markets historically cycle. this is no different. almost all mag. >> seven names. >> you know just saw this. or they're roughly. >> almost all of them minus. >> meta are double digits off their their year high. you know we haven't seen that for a while. so you know. with that earnings have actually been. strong 75% of right around there of the s&p 500 names beat q4 estimates. but here's the main point. so broad index returns might be kind of disappointing

as. >> the. >> mag seven. >> and companies along those. >> lines underperform. >> you know, even if other sectors do well because the. concentration at the top. so if you're focusing on overall index returns and not looking at specific sectors and companies, i mean, you might be disappointed in the results this year. here's a here's a great point. so the s&p 500 equal weight index is keeping pace with the cap weighted s&p 500. you know it's a major shift from what we saw last year by the by this point where you know this point we had the s&p outperformed the equal weight five times over. so let's just not forget here you know the mag seven is still 30% of the s&p five. it's the highest concentration in history. so i think that's the issue. we're seeing. >> it almost seem like it. i'd rather. >> have. >> them matching each other than one. >> outperforming that much. >> because doesn't that imply that there's some that the soldiers are moving instead of the general. so you're not expecting there will be choppiness this year? valuations are high. that that doesn't necessarily mean we get a break at 10% 15% break. but but

valuations are do you think we get you think there will be a period in 2025 that shakes our our bull market thesis. do you think we go we have a 10 or 15% pullback at some point. >> absolutely i think we do. and you know here's the if you look. >> at going back to that the broad. >> base index. so you. >> know you. >> could be an investor and having. >> a fund. >> inside your 401 k and you're plugging along. you're in. you know an index fund. and you know you've had a couple nice years here. and even with other sectors that might be doing really well if the. mag seven or that that mega cap area doesn't do well because it's just such a huge part of the market. i mean. >> you're. >> you're going to see you're going to see your funds down, you're going to see your your broad based invest. so you kind of we look at it, you've got to be a little specific this year with your investment choices. >> and it's. >> just not as easy as is placing money in a fund. >> and. >> having a handful of companies do all the heavy lifting. >> vanguard or. yeah, vanguard or some some etf. >> all right. >> we got it there. thanks,

matt. how'd you come up with that name? that name powers advisor. just because raw power. >> last name. and i think it sounds good. so i. >> appreciate that. yeah. >> i. >> got it. yeah, i knew you did that. you didn't pay anyone for it then. >> yeah, exactly. >> yeah. okay. >> see you later. >> okay. coming up amazon's alexa getting a big upgrade and a personality overhaul. i never want to say alexa too many times because it might turn on. keep saying it at home alexa. but guess what, guys, next time you talk to alexa, it might cost you. we've got details about that after the break. stay tuned. don't go anywhere. squawk box will turn. >> up the volume. alexa. >> this cnbc program is sponsored by baird. visit baird difference.com. >> nothing stands still. >> not technology. >> not the market. and not franklin templeton. >> we've been a firm in. >> motion for over 75 years. always innovating. today we're a

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>> let me look that up. all right. amazon unveiled its generative, ai infused version of alexa yesterday at an event in new york. it will give the voice assistant more personality. it will check a user's tone and handle multiple requests at once. that's interesting. it's going to know if you're ticked off at it, if you want it in a hurry, if you're in a rush, if you're maybe more laid back about it, it's going to be free for prime members. or it will cost 19.99 a month for use on alexa enabled devices without prime. ceo andy jassy said every single function that alexa has previously performed will get better with the built in generative ai. in an interview with jon fortt yesterday, jassy also addressed uncertainty around tariffs. >> predict. and it's you know, it's hard to know what's going to actually where we're going to net out on tariffs between china and the us or any other countries that, you know, the world's been talking about. buty

have done very, very well. >> jen. >> let's take a look at amazon shares. >> this. >> morning >> a lot of people don't have prime. there's still. >> wrapping value into this prime. >> there's still a marketplace out there. i mean, look, people, there's some people also who now have just bought the prime tv service independently of the. >> of. >> the delivery of that. >> but they they. >> wrap so much. >> into the delivery. >> an nfl game that's only on prime, right? >> right. >> gotta have it. coming up we're going to speak with the ceo of hotel giant accor on current consumer behavior and the state of worldwide travel demand. there's that gentleman. i'll say his name. bozon. i'll say his name. bozon. sebastien. bozon.

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doing my own reporting to share insights, information, and all of the details that you need to be able to make money. >> welcome back everybody. we want to talk about. >> the hospitality. >> sector with a core. the france based hotel operator is the company behind more than 45 brands, including the fairmont and sofitel, and it operates in. >> more. >> than. 100 countries around the world. the company also reported strong fourth quarter earnings just last week. and joining us right now is, of course, chairman and ceo sebastien bazan. and thank you very much for being here. >> thank you. >> for having. >> me on your on your earnings call. you talked about how you think that things are pretty good right now, particularly with luxury, but you're seeing strength across the board with consumer. where is the consumer traveler? there have been all these questions about what's happening, particularly at the

mid and lower end. but what are you seeing across the board. >> well, we see we. see super. >> good growth for the next. >> probably 5. >> to. >> 20 years, which is kind of amazing. this industry is blessed and it's blessed. >> because of three. >> things we. >> run on emerging. >> basically middle. >> classes. >> increased demography and. >> increased means. >> of transport. >> infrastructure. >> airline roads. and those three cylinders are on. >> so clearly for the next 20 years we've been from 3 to 5% demand growth. the last 20 years we're going to go 4 to 6% growth the next 20 years. of course you. >> need to. >> actually so you need to answer where do you want to play and how do you want to play. how much do you play in india. versus middle east versus, of course, america. so my job is to select those. places to go first. >> and how are. >> you planning to spend your capex? how where are you planning to expand and why? >> well. >> the good. >> news is we don't spend any capex anymore because capex is being sent by the hotel owners. so we only service, but we. spend all our time and effort in whether you have the fastest growth. >> which is today. >> middle east and. >> asia, where. >> 60% of the growth of. accor

in is those two regions. so and we do quite a bit in sub-saharan. >> africa. >> you're also pretty focused on the luxury end of things. >> is it more so than ever? >> 75% of your rooms are luxury rooms and is it 90% of revenue? >> no, it's actually we. >> still a big dna company, so we're getting there. but it's only 40% today being luxury. >> okay. >> but we became the second largest luxury lifestyle operator in the world. so maybe one day we'll be first, which is not really the objective. the objective. >> is to. >> be the best. at it in. >> where you have a capital. city and just to occupy the. >> market share. >> so which is why i call it so big in europe. in a nutshell, americans belong to america. in terms of hospitality, china hospitality will belong to the chinese. the rest belong to us. so we are the number one in europe. in south america, in asia pacific, in the middle east, in australia. let's preserve it and let's enhance it. >> not easy though. >> do you think that what's happening in the us as it relates to tariffs and the relationship with the us is going to have with other

countries, is going to is going to affect in any way what you would describe as luxury travel outside of the united states? i was just talking to somebody the other day who said, you know, i don't know if i'd go to south africa right now. for example. i thought that was actually very interesting. i love south africa, or at least historically did. and i thought the south africans loved us. i don't think they do anymore. yeah. >> i don't. >> think so. is there any correlation between increased tariffs on goods and me being a service company? i don't buy goods. i don't export goods. we don't have any supply chain. so we're just connecting people and cultures. this is our. >> job 100%. the question is, do you think that that any of the moves or potential moves that the us is making as it relates to other countries is going to change the perception of the way those countries act as hosts to americans in the future? >> not even one minute. >> okay, great. >> let's. let's let's. >> not blame the american people for decision. >> made of them. >> god bless you. >> i hope you're right. i hope you're right. if it's your reciprocal tariffs, why haven't

all these countries gotten mad at the original levy of the tariffs that were reciprocating back to. you never asked that question. let's leave the mad at the leaders. deal with this. i'll deal with the. >> non leaders. >> which is those who wants. >> to actually travel and have the best experience. so we've never seen so many americans for the last month in december coming to paris. >> really. >> yeah. they wanted to go and visit notre-dame which is a blessing. yeah. and they had the benefit of a strong dollar and the bookings for. >> the. >> summer olympics. >> and the olympics, which you guys might have missed it. >> so it's. >> no, we were there. >> of course. >> you were there. >> that was probably the best time ever for france. >> it was amazing. it was. >> so come back in 2030, that will be in the alps. that would be winter game. >> so sebastian. >> thank you for joining us. >> thank you for having me. >> we appreciate it. >> it is just past 7 a.m. right now on the east coast. you're watching squawk box right here on cnbc. i'm andrew ross sorkin along with joe kernen and becky quick on a thursday morning. among our top stories a bellwether nvidia reporting fourth quarter earnings and revenue that topped analysts

expectations. sales growing 78% year over year, and the company gave solid revenue guidance for the current quarter. now, revenue from sales to data centers also coming in above expectations, though. we should mention that gross margin guidance was a bit light. meantime, president trump holding its first cabinet meeting of his second term. at that gathering, he said ukrainian president vladimir zelensky would be visiting the white house tomorrow. that's friday to sign an agreement on rare earth minerals. elon musk also featured quite prominently at that meeting. trump asked him to speak first on his doge cost cutting effort. and shares of moderna lower this morning, bloomberg reporting that the trump administration, reevaluating a nearly $600 million contract awarded to the company for bird flu vaccines in the waning days of the biden administration. that bird flu impacting poultry across the us and led to a spike in egg prices. take a quick look at futures. right now you're looking at some green on the screen. the dow up about 161

points s&p 500 up about 40 points. the nasdaq up about 153 points. i want to get straight over to frank collins who's got a look at this morning's pre-market movers. frank. >> hey good morning andrew. let's start off with an earnings mover. that's salesforce. you can see shares are pulling back just over 3.5% after a miss on revenue, but a beat on eps. however guidance was weak for the current quarter. the street was looking for 265 a share, salesforce guiding for 253 to 255 a share. marc benioff however, he was more focused on agent force, its ai agent tech with 5000 customers signed and 3000 paid, according to the company. since october, the offering is expected to make a small contribution to this year's revenue, with a larger impact next year. however, investors not liking the story that they heard shares of salesforce down more than 3.5%. moving on to paramount global, those shares also lower after earnings were missed on revenue but also turned a surprising profit. the company showed growth in its streaming offering. paramount plus subs increased by more than 4 million to over 67 million. however, ad revenue that declined by 15%

shares of paramount global down just about 2%. and we're taking a look at tesla this morning. higher in the premarket, you can see shares are up over 1.5%. however the stock is on a multi day decline five day slide. tesla is one reason for that slide. tesla sales in europe. they fell 45% last month. also elon musk and his role with doge also raising some questions. if he's spreading himself just a bit too thin with the white house role and his many other ventures. also look here at the chart. shares are down more than 30% since the inauguration. turn it back over to you. >> okay, frank, thank you for that. appreciate it very, very much. >> coming up. >> closer look. >> at nvidia earnings, including what ceo jensen huang had to say about chips and ai. that's next. and then later, house judiciary committee chairman jim jordan is going to join us. his committee issued subpoenas to several big tech firms to investigate foreign censorship of u.s. companies. stay tuned. you're watching squawk box and this is cnbc.

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research analyst. and jon, right now it looks like that stock is up by about 2%. i know it was kind of fluctuating back and forth. what's your overall take on what nvidia did to answer any of the questions that were brought up earlier this year? just concerning what's happening in china and some of the other competition that's out there with deep sea. >> i think. >> they did an excellent. >> job of dealing. >> with. >> the china. >> and the deep sea. question. right. i think there are. >> positioning. >> obviously, is that. deep sea ga. >> one is the type of. >> ai model that supports. >> post-training as compared to chatgpt, which is a pre-trained model. and in a post-training model, you potentially require as much as 100. times more compute resources due to the ability to support, you know, customization, fine tuning, and test time inferencing. i think he did a great job of doing it. they continue to walk. >> the fine line. >> on china. >> we think. >> that deep sea.

>> has driven a surge in demand for by chinese hyperscalers for h20 gpus. >> they said that china. >> is the percentage of revenues. has been about the same. >> but but. >> their data center. >> revenues grew over 90%. >> which implies that the china. business grew over 90%. >> so that. >> i think he did a great job. of managing those two touchy topics. >> last night. >> the other question was what was happening with the blackwell chip? obviously, they've gotten more revenue than i think had been anticipated on the street. by that, by some measures, i think it was 3 to $4 billion more. what did it compare against your expectations for the blackwell cho? >> yeah. >> they clearly. >> exceeded expectations. >> they previously talked about several. billions of. >> blackwell revenues in q4. we were modeling 78 billion. >> they came. >> in at 11 billion. so by all means, they exceeded all the metrics on the data center front. >> the question had been what happens to margins? because obviously they've had to deal with some logistics issues and

some supply chain issues to get that out. it sounds like in the second half of the year, those margins will certainly improve. but what's your overall take? >> yeah. >> i think there. >> is a. >> clear path. >> to gross margins. getting back. >> to kind of that normalized. >> range in. the mid 70s. >> i think if. >> you take a step back. >> and you look at. >> what nvidia is doing with blackwell, they're now shipping. these full stack server systems with 72 gpus instead of eight gpus with multiple configurations. these things are very complex. there is going to naturally be a natural manufacturing yield curve associated with this. so we think the gross margins here are transient in nature. so we feel pretty good about gross margins recovering here in the second half. >> so nvidia is doing what it can do. jensen huang controlling what he can control on these issues. but there are still the questions of not just what happens with tariffs potentially, but what happens with export controls. and that's going to be a fine line that you

said. jensen wong has walked very well to this point. can he continue to do that? >> i think. >> thus far. >> he has. >> you know. >> obviously we. >> know that. he had. >> met with president. >> trump at the end of january. coming out of. >> that meeting. >> there was not a further restrictions in the export controls. i know there are some concerns that those controls could be further restricted, but i think that's the right policy. i think if i take a step back and think about our policy in terms. >> of. >> ai export controls, i think we should allow the chinese access to our technology, because if you restrict access to our technology, they're going to find a way to kind of work. around it. and i think the consequences. of that are going to be a little bit more complicated. >> john, i know that your latest report had an overweight rating, a price target of $190. did anything change based on what you heard yesterday? >> no. >> we think nvidia. >> remains one. >> of the. >> strongest, most compelling i story. in semiconductors right

now. and i think their results spoke for themselves last night pretty solid. we didn't really. change our estimates too much coming out of earnings. >> all right john. john thank you. >> thank you. >> okay. adl national director jonathan greenblatt is going to join us in just a moment to talk about the debut of a new jewish advocacy etf. pretty fascinating talk about it. and then bitcoin rebounding slightly this morning after hitting its lowest levels since november. price right now 86,000 bucks. squawk box coming right back. thanks. >> time now for today's aflac trivia question. what was the original name of dell computer corporation? the answer when corporation? the answer when squawk box returns. prime, it's me. i mean, you. wake up, come on man! you gotta tell employers to take another look at all the benefits they're offering. everybody wants to build the best team and offering aflac can help attract and retain that top talent. you know we like that top talent. and listen, i mean you gotta listen. aflac gives employees cash to help

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after the hebrew word tov meaning good. the fund has already raised more than $100 million in seed capital. joining us right now is jonathan greenblatt, ceo and national director of adl. we should point out that the adl foundation is one of the organizations supporting the fund. how did this come about? what is this? well. >> look, as. >> we've talked on the. >> show before about the rise of anti-semitism, and we've seen it poison campuses and we've seen it poison cultural spaces. and we're increasingly seeing the sort of bds hooligans, the same ones who are seizing buildings at barnard trying to target corporations. last year, in 2024, we saw about 75 companies targeted by these bds activists. so that can mean anti-israel shareholder resolutions. that can mean staging actions at shareholder meetings, literally doing die ins or things like that. that can actually mean actions inside the companies. and i'm talking about big public equities like amazon, google, chevron, hp, intel and more. and so we felt like at adl, we've done a lot of stakeholder

advocacy over the years. it's time to get into the shareholder advocacy. >> what's a dei in? i've never even heard of that. >> where these activists literally lie in front on the ground as if they were dead, right, to protest what they perceive as, quote unquote, you know, israel's policies. >> so what what companies would be incorporated into the etf? how would they be chosen and how would they be put in or taken out? >> sure. so look, this is giving you exposure to large cap public equities. i mean, we're basically buying the s&p with a focus on companies who we think are, you know, aligning with our values. so in that case i'm talking about companies who are, you know, doing the right thing on israel, pushing back on bds and aligning with sort of tikkun olam type values. this isn't a typical negative screen etf. there are a couple stocks. >> so who's not in. if it's the s&p who's off. >> so we're not including tobacco stocks like altria philip morris. we're not including conoco phillips which. >> is but not because they're anti-semitic. >> no. just because in terms of jewish values, we think, again, tobacco just doesn't align with

where adl is. >> okay. >> but i think because of venezuela. >> venezuela and the oil sands and such. but the. >> worst one. >> one of the worst kind of companies in terms of. >> emissions dirty. but but what about other. what about other fossil fuel companies? >> no, no, no, we're not excluding fossil. >> fuel companies. >> but but i will note general mills is one that we're excluding. >> okay. >> why? because general mills was pressured by bds activists and pulled their pillsbury division out of israel altogether. they felt like it was better not to have to deal with, you know, the hooligans masking themselves. just get out of israel. % yeah. in the country where there is a massive pushback on esg. yeah. on dei. you have almost every company in the country practically removing any kind of dei program. you have, you know, folks like robby starbuck out there who are going after companies for doing anything except trying to make profits.

that that is the sort of central tenet of the way this market has moved. i'm not saying it's right or it's wrong. it just is. yeah. how do you think about that in this country? >> well, that's exactly why we're doing this, not because we want to be part of sort of the dei industrial complex, but because we believe the activists who come out of it and again, try to hijack the shareholder process are doing a disservice not only to the companies themselves, but to our community. and there have been faith based etfs for many years. this is the first time the jewish community is getting into that game to preserve our interests and to make sure we have a seat at the table. it's just not something we've done before. >> when you look at what robby starbuck is doing, for example, in the context of what you're doing, yeah, you say what he's doing is right or wrong. >> look, i'm not going to comment on what robby is doing. but i think about, you know, another guest i've been on with. >> no, no, but because what's interesting is. >> yeah. >> he is pressuring companies on one side. yeah. right. yeah. by the way, he has he has his, he has a some some views that

aren't just about profits and other things. right. and you are now pressuring. and i originally. >> was pressuring companies in the first place. the nasdaq couldn't have a. sure. tell me you're not excluding defense contractors. >> we're not excluding defense. >> what about gun makers? >> we're not excluding those companies. i mean, look. >> i'm watching. watching. >> you should. but the fact. because defense companies have a role to play. >> duh. >> for israel, maybe. >> and for all of us. >> exactly right. >> but what? i guess what i'm saying to you and what makes this complicated, is if the defense companies decided that they were going to no longer support israel, right? you would say that they are doing the wrong thing, i imagine. well, we would and they would say that they're doing it for in the in the robby starbuck version of for whatever the benefit of the shareholders. i mean, they're going to be times where things people are going to do things for the quote unquote shareholders that may be out of step with what you would want as a religious etf. >> i wouldn't call it a religious etf, but what i would simply say is that we want to

make sure that shareholder interests are preserved and protected. israel is one of the most dynamic economies on the planet. it's a member of the oecd. it's got the second largest hi tech sector in the world. it's a place that is a font of innovation. so whether it's defense companies or cpg firms or any kind of business, there's a clear business case to be made for being there. and i think we got to keep in mind, andrew, it is again, the bds hooligans who are coming off these campuses, who are trying to hijack so many of our public spaces. and that's what we're trying to push back against. >> that's the thing i'm not sure i understand. how is this particular instrument going to push back on that? well. >> look, we'll be. so for example, amazon in 2023 had one of these crazy anti-bds resolutions that was proposed. and it wasn't well tracked. nobody was monitoring it. it got 34% share of the vote when it came up. now it failed, but 34% is a lot. so when adl learned about this, we mobilized. we

started educating the institutional investors. we started educating the advocacy groups, and it went down to. >> 17 to make this super complicated for you. sure. super complicated. okay. >> it's always complicated. >> no, no, this one's going to make it really complicated. so i don't if you remember, about 2 or 3 years ago, amazon had this video that they were selling, you came on the air. we talked about it. >> i was here talking. >> about you. remember that video and that video or film, i should say, effectively. >> it was kyrie's favorite movie of the year. >> right. and it suggested that the holocaust didn't exist. among other things, among other things. okay. so given the seat that you sit in at that time, you now will have a role in some way with this etf. would you say, okay, we are getting rid of and we're taking amazon off of our list? >> i think it's a great question. look, amazon is a large diversified corporation right. so one movie being recommended by sort of a bigoted basketball player doesn't necessarily represent the broad span of their business. >> right. but you've also come

on this program and you have said, and you have gone after so many companies in america, by the way, elon musk, you have gone after elon musk very publicly. would you say that, right. there have been effectively allegations that you have made at certain points along the lines where you have been, at minimum, frustrated with his views about what was going on either in israel or jews or things that you thought that he was being anti-semitic about, would you say, okay, tesla is we're taking tesla out of the index. so look like do you see what i'm saying? this is why this is why it's complicated. >> i hear you. so we want to look at the actions of the businesses themselves, not the particular personality of a ceo or a founder, per se. so, you know, elon is entitled to his opinion. that doesn't change the fact that whether it's tesla or it's spacex or it's i guess only tesla is public. i mean, that would be a company. >> you're wearing adidas shoes. >> i am wearing adidas. >> okay. you're wearing adidas

sambas right now. and you recall back in the day where you boycotted, protested adidas in the context of its deal with kanye, kanye is still walking around with t shirts on x, by the way. yeah, with swastikas on them. that's right. what are you going to do about that? mr. i mean, this is what. no, i say, that's why. >> this is. >> so difficult. >> it's complicated. but again, as a stakeholder, we. >> are a stakeholder. i would think you should be out there saying this is an untenable. yeah. and any business leader that's allowing the swastikas on the thing, unless you're saying you're now in the free speech category. but other people have obviously debated you on that for years. >> for years. like we went to adidas on the on the issue of kanye as a stakeholder in advocated and pushed. and they did the right thing. that's why i'm wearing my sambas today. but on the other hand, if they didn't, if they got it wrong. >> you'd remove them from the. >> we'd have to look hard at that. we'd have to look hard at that. >> it's an interesting conversation. >> it's going to be exciting. i mean, i think, look, it's the

first time it's happened. like you said, we have $100 million already kind of raised from institutional investors. and i'm very optimistic. >> do you see making changes where you'd sell something and buy it back? is it i mean. >> it could. >> be leverage. >> it could be i mean, we're not dogmatic here. we're doing this to be pragmatic. and look, this is a passive etf. i mean again we're buying the s&p. but we will be passionate in our advocacy because that's what we do at adl. >> last question. if you remember one of the things and this was in elon musk claim effectively that this is. >> like a greatest hits. >> we're going oh. >> no, no, no, but no, no. but one of the claims that he's made is that the adl is effectively bribing and boycotting. >> i mean, there was no. >> truth to that. american companies. no, no. and at minimum, pressuring companies. i imagine there are people who are going to hear about this etf today who hopefully they're not anti-semitic on the other side of this, but who might say to themselves, you know what? this is just another tool for the adl to pressure american companies to do things that they want. true or false? >> wrong question, wrong question. in a moment when

antisemitism has surged to historic levels, when the jewish community. >> you know where i stand. i'm jewish. >> i know you do. but jewish or not jewish, if a company said to me it's another tool to pressure us, i would say it's another tool to protect our community. and we've got to take it seriously. and look, here's the deal. in a moment when again, we're seeing this extraordinary intensification, we've got to innovate these other ngos that keep doing the same old thing and expecting different results. it's crazy. so we will innovate, we will adapt and we will experiment, and maybe it won't work and we'll see. but we're going to give it a shot. and i'm optimistic about its prospects. >> jonathan greenblatt it's very interesting stuff. thank you for coming in this morning i appreciate it. >> all right. >> coming up the fifth. >> excuse me. the fast casual chain is under pressure after. oh, this fast food chain is under pressure after delivering disappointing sales and guidance. we're going to tell you all about that stock next. later ohio congressman jim jordan joins us to talk his committee's latest effort to crack down on big tech's regulation of free speech. stay

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>> welcome back everybody. shares of sweetgreen are falling pretty sharply this morning. you can see right now that stock is down by more than 11%. the restaurant chain's fourth quarter revenue and comp sales growth missed estimates, and its loss per share was wider than expected. full year guidance also came in below estimates. the cfo said that extreme weather and fires in los angeles have already dented the company's first quarter performance. sweetgreen los angeles stores generate about 15% of the company's revenue. sweetgreen says that it plans to open at least 40 stores this year, and that it will add an automated, automated bowl making system to half of those locations. >> coming up, nbc director kevin hassett joins us to talk the house budget bill, cutting government spending with dogeano break. take a look at the shares of ebay. earnings and revenue for the holiday quarter beat estimates, but current quarter revenue guidance came in below expectations. company said it

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joining us now is the national economic council director kevin hassett. i mentioned you earlier i don't know if your ears were burning. kevin saw you yesterday. and in the room, shall we say, with the rest of the cabinet. what was the general. just describe what you think went on yesterday. depends on where you're obviously where you're you're sitting politically. but for you, what was your takeaway? >> first of all, i. >> got to say that the. >> spirits were really high. >> and that might be very common in cabinet meetings at the beginning, but i've never seen a meeting. with people just being so glad to see each other. everybody knew each other from before. and then the cabinet secretaries went through one by one. and you know what i was actually thinking? i almost said a joke is that, you know, the director of the national economic council is not the chairman of the national economic council, the chairman is the president. my job is to make sure that the cabinet secretaries are adhering to the president's wishes. and i'm looking at all these competent people and i'm thinking, oh, maybe i don't have to work as

hard as i thought. these guys really know what they're doing. >> what do you think the final big, beautiful bill looks like? and will it the piece in the journal about, you know, republicans are going to run away from medicare, medicaid reform when it's just ballooned in recent years, far and wide above what it was ever intended to be, and now actually is an entitlement for able bodied men and women. that's not what it was designed to be. are you afraid to actually talk about medicaid reform? >> not afraid to talk about anything. and the thing that was. >> sort of another thing that happened, joe, yesterday, was that we had our first big meeting of the white house and the speaker of the house and the majority leader and the chairman of the finance committee and chairman of the ways and means committee. and we started to put together a roadmap for what the next stage of reconciliation. and then ultimately, the big tax bill is going to look like. and so there was a. lot of interesting conversation between the two is very collegial. i

think some members of the house wanted to talk about those matters. >> i think that. >> waste, fraud, abuse will. >> be on. >> the table for everything. and i think that there's probably that in every, every single program. but but the readout for the meeting that i had was that it was incredible. also how well the senate and the house people were working together. there were a lot of frank conversations about, i don't like this, i don't like that. and we agreed that we're all going to work together and get a bill to the president's desk as soon as possible. >> finding ways in medicaid is one thing. actually deciding to cut medicaid outlays is an entirely different thing. is that on the table right now, they're on track. medicaid to increase by 2.4 trillion through 2035. if you were to take off just under $1 trillion, $880 billion, it would still be rising 2% a year when medicare and social security haven't really increased as a percentage of federal outlays since 2007. while medicaid is soaring up 10%, up to 10% of federal

outlays from 7%. will that be on the table? would the president let that happen, or is it too politically toxic? >> president trump has made it clear that he wants medicaid and medicare and social security to be safe for all people who deserve it. now, if there's fraud anywhere, anywhere in government, of course we're going to look at it. but but he 100% is behind keeping all those programs safe for the people who need those programs. >> are you. >> have you become a big tariff guy yet? i don't think you were before. >> you know, the interesting thing is that we've. >> got. >> a deadline coming up where the president yesterday, markets might not have noticed, extended by saying that we're going. >> to. >> deal with mexico and canada presumably the same time we deal with everything else. the schedule is that there's a study coming out on the 1st of april, and then after that, the president's going to decide what to do about tariff policy for all countries. and so i think that there are things that we could do when tariffs come in to make sure that the composite package is very, very much. >> supply side. >> and so if you're a to see somebody were to say something

to you like, hey, my country just took their income tax and cut it a. lot and then got some of the revenue back with the value added tax. then, you know, economists would say, oh that's going to increase growth. and then somehow there are people who think that if you do a tariff that it's going to be the opposite. but if you look at the analysis that will soon be coming out of the white house, we've got a whole bunch of studies on this. you'll see that president trump is a super pro growth agenda. it's very, very supply side. and if you look at one little bit and then make the worst assumptions, then maybe you can make it look bad. but if you look at the whole package, then we're looking for 3 to 4% growth for. sure over the next few years. >> kevin, you can see the you can see the strategy that democrats are employing for. pushing back against this, this bill. it's that and actually i saw a congressman gottheimer who comes on the show all the time. he's running for governor. he even in his ads for running for governor. tax cuts for billionaires while we cut medicaid. i mean, that's bad

messaging. that's bad. if the if the you know, i don't know whether it's going to work for democrats, but certainly do you think that republicans are highlighting what it would mean to extend those tax cuts enough? i mean, if you don't extend them, it's a tax increase on 91% of americans and families that make 80,000 a year, most affected by not extending them. but, you know, you don't say that. you're not saying that you're allowing the democrats to say that it's tax cuts for billionaires, corporations, and, you know, pulling the rug out under poor people for medicaid, right. >> look. >> look. >> joe, you know, that you and i talked about this the last time i was in the white house, that president trump has an agenda that is going to help working class americans. and one of the main things that we talked about back in 2017, when we were first introducing these tax cuts, was that it was going to increase the typical family's income by $4,000. you and i said that on the show over and over. the president said it on the show over and over and right before

covid. the actual response to these pro-growth policies was the wages went up by 6000. and so we've got like ex-ante and ex-post data. and so people are out there saying this is going to hurt. average families are in partizan denial. it's an unpatriotic thing to say. if you're going to be a politician and have an opinion about policy, you should study it. you should look at the literature, go to the national bureau of economic research and see all the papers that have come out after the tax cuts and said, hey, these things work just the way the white house said, if you don't study and you come out and say foolish things like that person just did, then you're not serving the american people well. hey, kevin, you've talked a lot about the debt and the deficit and trying to bring it down, of course. and that has been one of the efforts that we've talked about together, probably for, i don't know, a decade, if not more. when you think about doge and what it can do to bring down the debt and deficit, one of the big questions that has come up in the past week and a half has been this concept that elon and the president have suggested there's a possibility of sending

out these dividend or refund checks to taxpayers. and i'm curious how you think about that relative to the larger goal of bringing down the debt, recognizing that if checks are sent out, we're effectively leveraging ourselves up again, right? yeah. thanks for the question. one thing that you can see is that if you see it in the ten year that markets believe that we're going to be very, very successful reducing. >> the deficit. >> that's that's the only explanation for the big move in reducing interest rates, which has saved american taxpayers already over the last month, about $50 billion. markets believe it because it's true. because if you look at what doge is doing every day, they're identifying cuts that we really ought to cut. and what we're doing at the council of economic advisers, the national economic council, is we're going to quantify those things. we're going to put out reports that show you exactly where the money comes from. and those reports are going to be so convincing that people will accept that those cuts can happen during reconciliation. that's our challenge. it's not a hard

challenge because doge is doing a heck of a lot of good work on that. but we also have the gold visa's, i got to say, the gold visa's. it's not just a small thing. there are 300,000 or so visas, green cards that have been granted but not used. and if we start allowing those to be people to invest in america and buy into that, then there's an enormous amount of revenue from that too. and so we are really, really focused on getting a balanced. kevin, can i ask two detailed questions on that? yeah, sorry, i wanted. >> how do you know the ten years is not the yield is not going down because there's a recession coming from some of these policies. that's what the left would say. sorry, andrew, but i had to, he said it's just obvious that it's because of cutting the deficit. it could be that there's growth concerns. now you can ask. sorry. >> yeah. >> if you if you. >> look at what's been happening with the data that we've got ceo confidence, you know skyrocketing. we've got small business confidence skyrocketing. we have consumer sentiment going the other. way like the michigan but the michigan the michigan survey. don't forget. that's a lot of angry democrats from michigan that are sorry that president

trump is in the white house is saying no. but, kevin, i would also say in michigan, look at all the data. there's no way that the data say there's no no. but in michigan, kevin, just and i'm curious what you think we've we heard from the ceo of ford just two weeks ago saying that they are effectively hoarding parts and supplies, going back and forth between the border of the us and mexico, try to get those supplies in ahead of any tariffs. and the uncertainty of all of that has created a real complication for those automakers. but i have two questions for you. and it just okay. sure. i want to get just get an answer on the doge refund check. if president trump asks you, is that a good idea to send checks to americans? the equivalent of stimulus checks, refund checks, dividend, whatever you want to call them. you would tell him yes. no. what? oh, sure. it's a it's a it's a great idea. it exactly what number or something is something that we'd negotiate with congress. but remember what happens is they appropriate money and then we spend it on really silly things. and then we say, hey, we're really not going to spend it. and so then they can rescind the money and they can take some of the money, and

they can use it to reduce the deficit. they can take some of the money to put it in people's accounts, to return it as a, as a tax cut. those are all things that will be on the table. and i think the president makes it clear to all of us that when decisions like that are made, he wants to be in the middle of. that would be a better idea than paying down the debt. given the conversations we've had, the way the ratio happens between 0 and 1, like, does it all go down to the debt? do people get an immediate reward for all the good work that we're seeing? that's something that politicians will decide. but i think that having a dividend check is something that makes a great deal of sense because like, why do we have to, you know, not give people their money back. it's their money. if we if we and then save people money, they should get some. of this. >> you can never give. >> it back that. >> that's apparently what they think. once you've taken money into tax, you can never, ever give it. >> back. >> to the. >> people that oh, can i do? >> i have 30s for one last point about this that everybody i'll go fast. the thing is, everybody says it's inflationary. if we mail these checks to these people. you saw that. i got that question to the presser. well, think about if the government

spends the money, they spend a dollar and you get whatever multiplier effect you think of that if they don't spend the money and they say give it back to people, then if they spend a dollar, then it's a wash. if they save some of it, inflation goes down. it's the idea that it's inflationary is just again, people should study their economics textbooks a little bit before they make partizan points. i just wonder whether if you could get the debt down even further, that that would help the ten year and you create a bigger sort of long term bump. maybe. maybe not. last question on the gold cards. the president said that he thought he could create $5 trillion, believed that there's a million people who could spend $5 million each to buy the gold card right now. you talked about 300,000 visas that were taken off or that are available. those are not at $5 million each. when you talk about the tam, if you will. i was looking it looks like there's maybe 1.5 million people around the world that would have

disposable income of about $5 million, even to do something like this. so how would what do you think the true possibility is here? yeah, the possibilities are really, really strong, especially as our economy gets stronger and stronger and the ai revolution makes the us the place everybody wants to be. and the fact is that we've got a lot of ammo. we've got all these green cards that are authorized but not used. and so it's relatively easy to get this program going. i think that in the end, the market will decide what the price looks like. my guess is that it's going to be higher than 5 million. but certainly in the end the market's going to decide we're going to have a supply and we're going to figure out what those things are worth. but i don't think 5 million a weekend of no. we had a weekend of estimates and we looked at the prices. you guys could go make a table for yourselves or i could email it to you. we got a table of what other countries are doing. and given that we're the united states, the price is not unreasonable at all. oh, i don't know. i don't suggest it's unreasonable. the question is, there's going to be some people who get into the visa program

for free, and we're trying to create a path for them. and so the question is how we're going to we want a path for them to price this in the future. exactly okay kevin thank you. appreciate it. coming coming right back. a lot, lot more to talk about. come on back. >> to. >> you. >> opportunities can. >> be hard to. >> find. >> like catching lightning in a bottle in. uncertain times, it's. >> tempting to. retreat or. >> simply wait and see. at cme group, we empower those. >> who act. >> we deliver tools to help manage, risk. >> and capture. >> opportunities in every market climate. across every. major asset class. to seize each possibility. at precisely the right moment. >> cme group.

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comes with a secret tax loophole. and robert frank joins us now to explain what we're talking about. >> good morning. >> good to see well, president trump saying it is that that new $5 million gold card will. start selling in just. >> two weeks. >> we call it the gold card. and i think it's going to be very treasured. i think it's going to do very well and we're going to start selling hopefully in about two weeks now. just so you understand, if we sell a million, right, a million, that's $5 trillion, 5 trillion. >> immigration attorneys. >> saying they're already getting.

>> lots of calls from interested clients. and one reason is this secret tax loophole that would give the overseas rich a tax benefit that is not available to americans. now, right now, u.s. citizens and permanent residents. >> they have to pay. >> income taxes on all of their worldwide income. >> that's earned in the us. and anything earned. >> overseas gold. >> cardholders will only. >> be taxed. >> on their. >> domestic u.s. income. >> their overseas. >> income will be exempt. >> attorneys say. >> it's the only way. >> that the global. >> rich would. actually want. >> to become u.s. residents. >> now, the gold card replaces the eb. five investment. program that. >> has a long waiting list right now, but that program only. >> requires investments of. >> about 900,000 to $1 million. >> and that. >> money. has to create jobs, usually in a rural area. trump saying. >> there. >> will be no job. >> or investment. >> requirements for this. >> gold card. now over 60. >> countries. >> right now. >> promote some kind. >> of investment. >> investment visa program.

>> a record. >> 135,000 millionaires will move to another country this year, with the uae and the us being the top destinations. now for more on this whole gold card program and where the wealthy. >> are. >> getting their visas, check out my new inside. >> wealth. >> newsletter out this morning cnbc.com. inside wealth cnbc.com. so we just heard from kevin hassett that actually the $5 million figure has not even been set. and that he believes that the price could actually go up because he thinks that the market value of these i think it could is higher. then there's a question of the tam. what is the total addressable market for this product? the president suggested that there were a million people with $5 million of disposable income that would want to buy such a product. so is that plausible? that's $5 trillion. if true. there's about 270,000 people in the world worth 30 million. >> or more. i mean. >> realistically, you'd have to be. >> worth around.

>> that to. >> 270, 200, 70,000. 70,000 people in. >> outside the us. >> that's 700,000 off from a million just basically 200, even more, 270,000. it's a lot off for a million, 270,000 people in the world worth 30 million or more. so that's really the addressable market. when you look at the uk or australia, they had a similar program. it was half the price and they. >> got less. >> than 1000 people a year. now that's the uk and australia. but they were very they were very attractive programs. and they also contained the same tax benefit that. >> this would provide. >> i think it's going to be, you know, the folks i talked to yesterday. >> these are advisors. >> that they counsel a lot of the wealthy. >> they said. >> that it could be in the thousands, not likely in the tens or hundreds of thousands. but they. also said, if this is what. >> it says. >> it will. >> be, which. >> is fast track, you're. >> all in and you're done and you're a permanent resident. they could say you could probably charge twice that

amount. because because there's so many people, mainly china, russia and the middle. east that want and are these people who would not otherwise get a visa. i mean, that is the other question. it's hard for anyone to get a visa right now, right? you know, when you're wealthy there there are various programs in the us. >> right. now that. if you have a us. >> division of your company, you. >> can stay here for. >> a certain. >> period of time. but all of these programs have long waiting lists, their backlogs. >> it's impossible. >> to know when. >> or if you'll ever get one. so just. the certainty, the certainty of getting in. >> you just. >> pay the money now. you're not getting an. >> investment unlike any other program where you're actually investing in something where you get a return. >> this is like straight to the government. you're not. >> getting a. >> piece of real estate. >> or an investment fund. >> so that's the downside. >> but if it is. >> truly what they say it will be. >> which is. >> basically few. >> questions asked. >> you're in and you're. >> good forever. >> but you say few questions asked. and that's a huge question mark about this whole nobody knows. >> when they say vetted. what does. >> that mean? i mean, if you're

paying this. >> much. >> there's probably not going to be a lot of betting. now, what they found in the uk was that a lot of people. >> who had used. >> that program. >> were people that. >> were sanctioned by other countries, you. >> know, largely. >> russians that had. >> gotten into. the uk program. >> so the question will be, for instance, the people that can use this. >> will will. >> they allow in russians. >> that are sanctioned. >> not by the us. >> but by other countries? >> will they allow in. >> people from venezuela, from. >> governments that we know. >> there are a lot of. >> corrupt officials so far. >> we don't have those parameters. >> the president seemed to suggest that there were companies that he felt would would actually use this as a service will be to get their executives into the country. that also suggested to me that would i mean, unless unless you're a ceo. >> kind of a. >> shakedown, right? >> because right. >> now, if you're. apple and you want. >> a great. >> executive. that's that's in. >> taiwan or. >> that's in china. >> you really. >> can't get them. it's almost impossible. >> so this is a way to say. >> okay, you can't get. >> it under the legal logical program.

>> because those. >> programs are. >> so dysfunctional. so just. pay the. 5 or. >> 10. >> million. >> and we'll get your dozens of people a year. is that hundreds of people a year? is that thousands? i was surprised. i was surprised talking to. >> the immigration attorneys yesterday. >> they said that most of the. >> demand for this. >> program will come from big companies. >> and i. >> said, how many people, you know, $5. >> million to. >> pay for an employee? >> that's got to be a. >> very senior. >> person over a long. >> period of time. >> i engineer exactly. >> and they said you would be. >> surprised. >> especially in the chip industry with taiwan. and in china. >> they they. >> would they would pay it. >> now would they pay 10. >> million i. >> don't know. >> and then would they pay for their families to come to. >> well, and that's the question. >> is it. >> does it include your family. >> if it's. >> if it's the. >> 5 million. but but there. >> is five visas. >> but everyone i talked. >> to. >> said yesterday. >> one guy said. >> trump is our new business. >> development officer. >> he is. >> giving us business that we haven't. >> ever seen before because of all the. >> calls coming in yesterday. >> okay. >> interesting. >> thank you. thank you guys.

appreciate it. that's fascinating. >> all right warner brothers discovery reporting fourth quarter results. the adjusted ebitda grew by 11% over the prior year to $2.7 billion. it was driven by growth in direct to consumer and studio segments. revenue of $10 billion was below estimates of $10.2 billion. global direct to consumer subscribers up by 5.8% to 116.9 million over the third quarter. macs added 19 million subscribers in 2024, and the company says it expects to deliver about $1.3 billion in adjusted ebitda this year. that stock right now up by about $0.08. for more on this, we want to bring in tom rogers, claire claire claire grid executive. >> chairman. >> also former nbc cable president and a cnbc contributor. and, tom, what do you think about the numbers as you're seeing them so far? >> well. >> becky, great to be here. i think it's a tale of two. >> brothers, actually. >> warner brothers, you got what. looks like a meaningful.

>> growth trajectory. >> on the on the streaming side, talking about. getting to. 150 million global subs. >> by the end of next. >> year. >> surpassing a million and a billion. >> in. >> ebitda for. >> 2025, with sub. >> numbers of 150 million. >> you're getting into disney. >> plus territory. >> and. >> and maybe beyond. >> on the other hand, the. cable business. is not doing well. it is declining as. >> all the industry trends are. >> these numbers. are probably. somewhat worse than. >> than people expected. but the. >> key, i think, on the. cable side. >> here is they stabilize things. >> they got their deal done. >> with charter. >> they got their. >> deal done. >> with comcast early. looks like. >> with the deals they have in place, they have. >> about 80%. >> of their cable. renewals solidified. >> which is very different. >> than what a lot of people.

>> expected here when they lost the nba. there was a lot of expectation. >> that there might be. >> mass dropping. >> of the warner. >> cable services. and at least as industry. trends are not. >> going in. >> the right direction, they seem to have stabilized things on that front. >> what about the ad revenue? >> i saw that number down 11%. is there a reason, an explanation for that? does that cause concern? >> well, you got to you got. a cable. >> situation. >> that's just pretty ugly. >> cable subscribers. were down by 9%. >> the cable. side of. >> the advertising. >> equation was. >> down about 16% off of audience. >> declines of about 28%. >> if you believe. >> the slope is going. >> to continue to. >> to worsen like. >> that. >> that's a that's. >> a tough situation. on the. >> other hand. >> they have. >> something going with disney and hulu. >> and the. >> max bundle. >> which looks. >> like it is giving them some.

>> domestic strength. >> on the streaming side. and the fact that those deals. >> were done. >> in part. by being. >> able. to bundle max. >> with the. >> cable bundle. >> is. >> going to give them some streaming stability. >> with cable subscribers. >> so you really. >> have to look at. this as. >> company with two major pieces. >> they separated the two divisions and the. >> streaming side. >> of the. >> equation is getting. >> some real scale. >> the cable side. continues to have. >> trouble, but. still contributing. >> enough. >> cash flow. >> for the company. >> to continue. >> to deliver. >> and of course. >> as it delivers on the. >> on the. >> on the overall with down. >> about $20. >> billion in debt from when this. >> started they the equity side of. >> the equation should. >> increase in value. >> what's the future hold just in terms of what to do with those businesses, what combinations might come forward?

i mean, that's what everybody's trying to figure out, right? who teams up with who? how do you split and change these businesses with all the other cable businesses that are going through the same thing? >> well. >> the company clearly has. >> a lot of optionality. i mean, you could. >> see with the. separating of the cable assets from the streaming assets. >> that the reorganization they. >> did. >> you could see them do a nbc. >> spin type. situation where the cable. networks are spun. >> off into a separate public company. you could see. >> potentially the kind. >> of deal that directv. >> did with a private equity firm. >> on those cable assets. >> you could see some kind of joint venture with either. >> paramount+ or peacock. on the streaming side. >> those are very difficult. >> to negotiate. >> because of. >> all kinds of issues. >> of what kind of flexibility. >> that gives. >> your company when your key growth. >> asset is tied up with another

company. >> but that's certainly. >> a possibility. >> you could. >> possibly see the sale. >> of the streaming and studio. >> side to. >> to another company. i think the point. here is. >> that they have some. >> time. >> they have. their debt locked up. for over 13 years at. under 5% interest rates. >> so they're. >> not facing any time bomb there. >> having stabilized the cable side. >> they're not. under any immediate. >> pressure there. they do have hbo. which still has. >> a. >> lot of sizzle. >> to it with. >> white lotus. >> and hacks and. other major. >> program franchises. >> coming back. >> so they. >> they they. >> have a good lineup. >> the issue is. >> whether or not they. >> can buck industry trends somewhat on the cable. >> side. >> which continues to

deteriorate. >> and that. >> looks like a tough order. >> but they. >> seem to be. performing better than people. >> expected on the streaming side. >> okay, tom, always good to see you and hope to talk to you soon. >> great. thanks for having me. >> nvidia reporting fourth quarter earnings and revenue that topped expectations. in an interview with our very own jon fortt, ceo jensen huang addressed chinese ai developer deep sea, whose emergence on the world stage last month caused a scare for nvidia investors. >> 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. >> jon fortt joins us now with more. are you going to do a is deep sea a threat to nvidia on the on the other hand, can you could you do that? >> you know i didn't prepare it. on the other hand yesterday was kind of busy. >> wait a second. >> yeah. >> wait a second. what day. >> is it. it was awesome. >> it was. but what day. >> is it? is thursday. >> you know, people that expect like me. and she knows this if i see an open door or a closet. so you're not you're not doing it. on the other hand. >> tell us what. >> he learned. >> on the other hand. i could do one right now. >> all right. that's that's good. >> okay. but i think the interesting question here about deep sea is. as as you just addressed, is this a threat to nvidia because you can break problems into smaller chunks and use lower end chips, or does it flood the ai market with so much more demand in general, because you can break problems into smaller chunks that nvidia ends

up benefiting? jensen making the argument nvidia ends up benefiting because of that. also yesterday when i talked to andy jassy, he was here in town introducing new version of alexa. right. with plus that in a way does this. it does conversation. it's a little bit more natural. and so they use multiple different models with alexa now not just amazon's bucket of nova models. you can sort of see that argument perhaps playing out here if there's a lot more usage, if people are asking more complex questions just based on what comes through it, you might end up having. >> i will say i have not used alexa to point to this point, because i've. >> been worried about the. >> privacy violations. it just doesn't. >> feel like. >> you. >> get that much bang. >> for your buck. i can do. >> the same. >> search myself on google or find something else. but if it develops to something that is much more helpful, that would probably be something that would be more likely to lure me in. if it can, if i can have a conversation with it while i'm

cooking or doing other things, that might be something that would make me say, okay, now, now i want this. >> and this is really the question for investors now is and we were talking about this on the special last night. we had cassie kozyrkov, who's a former chief decision scientist from google. i happened to be at a random dinner with her two years ago, and she happened to be in town, so we had her on and she was saying, this is kind of like that mobile moment ten, 15 years ago where it seemed weird to think, oh, are people really going to shop on mobile phones? the screen is so small. there's no keyboard, there's no mouse. it seemed insane. but here we are now, in this world where so much of our shopping, our interaction is happening through the screen. if ai becomes like that, then nvidia is a lot more core than we might imagine. >> okay, so can i ask you an alexa oriented question that relates to this? yeah, which is the thing that i would think could ultimately disintermediate an amazon is actually like an openai or google or some, some third party that's not attached to a, a one retailer where you say, get me the batteries, get

me the this, get me the that, whatever and that they go out and you no longer really even looking at the app, you might say, get me a taxi even or a car. and it's going to go not just to uber and because you're not going to go to the app anymore, it's going to look and say, is there a faster car from uber? is there a faster car going to get from lyft? which one is cheaper? and it's going to be making all of these decisions for you, in which case it disintermediates all of these places. maybe you're going to get the batteries from walmart because that's cheaper today, and you're going to get the toilet paper from amazon. what? how does that play out over time? >> it's possible. but this is the same argument that people were having 25 years ago about e-commerce in general, right. ebay. amazon. oh, it's just finding what's cheaper. it's just finding basic things. there will be no brands anymore as the argument nike is going to go away. this is going to. and that didn't happen. we've seen a number of brands get stronger. and i think part of that is because of how they position themselves marketing wise. part of that is perhaps how they use

the technology to do better r&d, have a better product. we'll have to see how that. >> how much is it going to be about api? i mean, i think what's so interesting is it used to be also an api story, you know, are these companies going to allow third parties to get into their service? but what's so interesting about what openai is doing with like operator is effectively it's an ai that can surf the web like i can. and so therefore you don't even need the api, meaning you don't need a special path to get into the app. you get into the app just like everybody else. and you can do it faster than a human can. >> in a way, that's the piece of this that reminds me of when lennox came onto the scene and completely changed the economics of enterprise technology. you know, microsoft was making this move where windows was going to be everywhere and windows server was going to rule everything, and there were all these like, expenses just for the software in the enterprise, linux and open source came in. and then suddenly it was less about just licensing the software itself. it was more about, okay, what about the know how to secure this, to deploy it, etc. maybe that happens with these models as well. we're still at that

stage where it's unclear exactly how the business model is going to work out. a lot of this for nvidia back to them, i think depends on price, performance. if the performance that they come out with, with their next, you know, technology bundle the chips, the systems post blackwell is that much more performant than the cheaper stuff that other folks are coming out with. then maybe jen jensen ends up continuing to win on price performance. >> interesting. >> yeah. >> that's great john. >> really i mean yesterday blown away by what you did. >> thank you. >> thank you. really good stuff. >> coming up. key economic data later. judiciary committee chair jim jordan joins us. he's issued subpoenas to microsoft, meta, tiktok, among others, seeking each company's communication with foreign governments. he'll be here to explain squawk box be here to explain squawk box coming right back.

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>> i left. >> welcome back to squawk box, everybody. we've been watching the futures this morning and so far we are in the green still. you're looking at the dow futures up by about 125 points. the dow was actually down yesterday after being up for several days in a row. s&p has indicated up by close to 40 this morning and the nasdaq up by about 175. the s&p 500 and the nasdaq were both up yesterday after being down for four sessions in a row. >> okay. new this morning i want to tell you about some news. stripe now announcing a tender offer for employees and shareholders that now values the company at $91 billion, $91.5 billion. exactly. bringing the company closer to its all time high of a private valuation of $95 billion back in 2021, and an annual letter that's out just now. the co-founders and brothers patrick and john collison announcing that stripe generated $1.4 trillion in total payment volume 2024. that's up

38% from the year prior. it's equivalent to 1.3% of global gdp. in a rare and exclusive interview, i spoke with co-founder and president john collison about the factors driving the company's increase in all that payment volume, what. >> caused it to be so strong in 2024 was basically the combination of the businesses that were already on stripe grew quite well. and. >> you know, we. >> talked about the. >> ai ecosystem. >> in the letter. where all of the, you know, openai and anthropic and cursor and perplexity and all the companies that rightly are getting a lot of focus right now because of what they're doing. you know, they're. >> all. >> running on stripe. but also then what we saw is many of the world's leading kind of scaled, established businesses, everyone from hertz to. amazon to comcast to pepsi to hershey's, you know, started moving their business to stripe. and so i think the confluence of those dynamics meant that 2024 was a particularly good year. but it's

lumpy. and, you know, you cannot manage the stripe business on like a super tight quarterly eps basis because this growth tends to come in waves. >> you've announced that stripe was profitable last year on track for profitability this year. it took 14 years to accomplish. this. is it. is it straight up from here? do you see yourself making additional investments or other things that you think you know, year on year here and there could actually mean that it's not profitable? >> look. >> we love investing in. >> new areas of the business. and we described a few of them at crypto as a particular area of investment. we made a large acquisition in the stablecoin space that just closed in in january. we also have stripe billing, which is our new software business now at 500 million. but i would still expect that, you know, even with those investments, we would expect stripe to be profitable on an ongoing basis from here. >> you know, in your annual letter, john, you were very bullish on stablecoins. and i know you've you've been playing around with crypto for a very long time. but what is it about

now and what do you see as the opportunity. >> we see. >> stablecoins as finally delivering a lot of real world utility, and in particular with businesses who, you know, are who we sell to. people talk a lot about the consumer and the retail side of things. but if you look at what businesses are doing, we see a lot of uptake. people coming to bridge for corporate treasury management, for international remittances. they want to give people access to dollar accounts overseas and things like that. at the chains, the underlying chains, the l2's are also they've got much more performance over the past. 5 or 10 years. and so i feel like there's a moment now where that real world utility amongst non, you know, crypto followers, not just crypto people but just people who want to get something done is starting to happen, which is why we're obviously paying a lot of attention. >> i huge, huge watchword, huge piece of your business. how is it transforming what you're doing? >> look, what i think is. interesting about ai is that unlike. maybe previous booms.

that were more of a speculative nature, where you had just kind of asset price speculation. here we're seeing an ai boom that's very real. you know, there's a bunch of companies that have grown and grown and grown over the past few years, but they've grown because they have, you know, they have real revenue and they have real revenue because there are customers who find the products really, really useful. and so it's very substantive in that way. and, you know, we talked about some of the dynamics that we, we, we see, you know, we talked about folks like cursor who are very impressive and reached 100 million in annual revenue in just completely record time. we're certainly seeing that dynamic at stripe. i think one of the you know, one of the downsides of ai is it is an industry where people are tempted to just, you know, say things for retweets on twitter and, you know, demo vaporware and things like that. but there's actually lots of very real, tangible utility happening. in stripe's case, this is anywhere where you have performance of a system that's handling huge amounts of data. you know, we have the biggest

advance in computer science since the transistor, you know, in the form of these models that can, you know, are much better at handling very large amounts of data. it would be suspicious if all these new ai techniques and advantages and advances did not lead you to better performance in those parts of business. >> you mentioned the idea of real revenues coming into so many of these large language models and other ai companies, and it is very true. there are real revenues, no question, in the in the billions of dollars. but there are even more losses in that world. and i wonder, given how much of this business may be part of your payment system right now, whether that presents a risk to you, meaning when you look at deep sea or any of these other things where people start to question, you know, whether this is all going to work, whether the economics of this long term work, whether the scaling laws work, and whether the economic scaling laws work. what's your take? >> look, it's a highly competitive industry, and i think that's why it feels very exciting to be in tech at the

moment, because you're getting all these advances and you're leapfrogging of models that's happening and everything like that. so it's for sure competitive. and i think, you know, if you bring any of the ai leaders on their on their show, i think they'll, you know, they'll tell you that and they'll have that look in their eyes. no one has. and, you know, it's good. it's consumers of this stuff. we should not want anyone to have a monopoly on that functionality. but you always get this dynamic. in the early days of a new industry where people rack up losses in the early days, as they do the kind of core build out, and then it takes more time for the business and the, the profitability to mature. so i don't think that's an anti ai argument. again, i think you have to ask yourself the question does this actually work. and you know, does this provide value? i don't know about you. i'm deep researching up a storm these days. like i'm definitely generating compute bills for someone and the value is there. >> we spent some time with marc benioff in davos recently and talked about ai agents and the possibility of using ai agents in the context of commerce, which is, of course, your land.

how have you been thinking about it in the context of commerce? how do you think about fraud? and are you excited or do you worry about the prospect that my agent is actually going to be making transactions on my behalf without hopefully, actually, if it works properly, my approval? yeah, i mean, i direct, you know, physical approval. >> it feels to us inevitable that agents are going to be out doing stuff on the internet and buying things for you on the, on the internet where, you know, right now, again, like you, you have your agent go and do stuff via deep research. and you yesterday asked a bunch of questions and i went to get lunch and it was off, you know, researching for me as i was eating lunch. but right now agents are working primarily in a read only modality where they're going pulling things in off the internet. we think it is very likely that, you know, you give agents the ability to actually go spend money for you, you know, oh, i, i like this shirt, i want another i want to buy another one of it. you know, there's no reason the agent can't go into your email, find the receipt and then go purchase

it again. and so we are building a stripe for that new world. and so we have an ai agent toolkit. it's the leading, you know, toolkit for agent commerce. it's already been used in a bunch of places. perplexity has made it where, you know, they can actually go out and do things for you in the real world. so we are very much preparing for this agent ecommerce future. >> can you saw obviously, president trump go directly at brian moynihan from bank of america and even name check jamie dimon with jp morgan. you're involved directly with customers who are trying to get on these platforms. do you think that people are genuinely being debanked for their political views? >> i feel like this has lately come to the forefront of, you know, the public consciousness, but it goes back around 50 years of financial regulation, you know, all the way back to the, you know, the original bank secrecy act in in 78, where we have started to kind of the financial system has started to become more involved in

financial policy enforcement. and then you tend to get these occasional flare ups from time to time, you know, as the case in the uk of natwest and nigel farage and, you know, all these various cases that that tend to, to come up to, to prominence, you know, our philosophy is that we would, broadly speaking, like to be as, you know, as permissive, as practical and as permissive as we can in terms of who we can, you know, who can use stripe. but, you know, i think it probably would be good to get more clarity on those questions. and so it's sometimes a useful debate to have. >> but is your is your sense that the banking is actually a function of the political views? or do you think that the d banking is a function of what might be described as regulatory risk? and the banks look at industry as like pot. they may look at crypto, they may look at the gun industry, they may look at other industries. and maybe some of those industries are more aligned, or some of the people behind them are more aligned politically on one side than the other. is it that or do you think it's the actual risk

that these folks are going to default or otherwise not make the payment properly? >> banks are tightly regulated and they in-general want to have a sound book of business. and, you know, they don't get want to get into arguments with their regulator. and so i think people sometimes interpret things through a political lens that is actually just a bank saying it's not worth the hassle. now, i think we should separately have a political discussion about, you know, if you have banks saying that, you know, various sectors of the economy are not worth the hassle, maybe that has bad outcomes. but i think oftentimes people ascribe motives to what is actually banks just saying not worth it, not a profitable line of business for us. >> what's your relationship with with banks these days? i ask because i remember reading an article in the information that wells fargo had stopped providing certain certain data in terms of bank identification numbers to some of the fintech companies, which then, of course, increases the price, you

know, transactions on visa and mastercard and the like. we have to. >> partner pretty closely with, you know, all the major banks in the united states and the wider world to actually make the product work. and sometimes that can look like, you know, for, you know, aspects of treasury within the product or things like that. sometimes, you know, we do even deeper partnerships, like we've started partnering with, with folks like capital one to actually make the payment authorization flows work better and more efficiently. and so i would broadly say, you know, it's pretty collaborative. you know, us working with banks because, you know, payments is a intrinsically, fundamentally collaborative industry where it is, you know, between two parties. and so you have to be able to, to work with people. >> but so this the banks are not doing what was described in the article. i mean, are they are they purposely doing that to raise the cost or what's that about. >> oh no, i mean, there's always been changes in who kind of gets in the industry or gets out of the industry and things like that. but, you know, again, i think what's interesting about

our industry is you take someone like chase, you know, we will simultaneously compete with them where they have an offering that does something similar to stripe with chase paymentech, and we'll compete for business there. and we also have a super productive relationship with chase, and we'll go and partner on a whole bunch of aspects of the product and making things better. and, you know, we work with them. and so i think you have to be able to partner with people, even if there are like little aspects of competitive. and i think the banks are used to that as well. >> walk us through the thinking about this tender offer, and also walk us through the thinking about being private versus being public. at this point. >> we very much care about providing good liquidity for employees and existing shareholders. and so this is the third, i guess, major tender of its its ilk that we've done. and we're allowing both current and former employees to, to sell. you know, we're not dogmatic on the public versus private question. you know, we've no near-term ipo plans, but i think we just tend to always every year ask the question of is stripe better off as a, you know, a public or private company. and at the moment, given there's so much going on, we're profitable, we're

investing in new lines of business. we've got all the i changes, all the stablecoin changes. it's nice to be able to focus on that. and like i said, focus for the long term rather than managing the street and near-term financial performance and things like that. but that could change in the future. and, you know, so again, we're really not affixed to any one position here. for more of that exclusive interview with stripe's co-founder and president john collision, you can listen to the next episode of squawk pod that will be available on friday. >> i love the collison brothers. i mean, they're both so smart. and i think that question that you asked at the end is the one that everybody's been thinking about for a while, just this idea of should they go? it's amazing to me that they've stayed private for so long, but they don't need to go public. and why would you go public and deal with the hassle? >> and i think if you listen to him, i don't think there's any intention to go public. they don't ever need the money. this could become one of the largest private companies in america. and maybe that's just where this ends up. of course, part of what he's doing with the tender offer is trying to create some kind of exit opportunities for employees. that's been a challenge throughout. but of

course, you know, at $1.4 trillion with the payments, it's remarkable to see just how how much has gone onto their rails relative to just about everybody else. >> but they're doing it the way, like jeff bezos originally laid out, amazon, which is to say, we're not going to worry about it. amazon had to do it in a very public forum. so he laid that out from the very first shareholder letter he ever wrote. but to not need the funds from the public be like, okay. >> and you may never. >> you might not. >> if you can continue. >> to generate it, we can still invest in all these other new businesses that we see. fantastic. >> the one thing will be the but there is will still be an exit potential issue down the line. and they can keep trying to tender and get people out. but i don't know if you could run that forever. play exactly right. >> but check. >> out this. >> just check out shares. walgreens rising that's you don't say those two words very often. rising on a report for walgreens and rising in the feet that sycamore partners plans to take the pharmacy chain private and separate its three main businesses into distinct units.

and david faber has previously reported on sycamore's interest in walgreens. >> it is. >> thursday, and that. means we have a whole bunch of economic data that is just about to cross the wire. we're going to get initial jobless claims revised fourth quarter gdp january durable goods. been watching the futures ahead of that. we're still in positive territory. dow futures up by over 100 points. the nasdaq up by over 160. you've got the s&p up by about 35. rick santelli is standing by at the cme in chicago. rick let's take it away. >> yes there's a long list of data points here. so be patient. gdp second look at fourth quarter 2.3. our last look. and it remains at 2.3. to put it in context 2.3 was actually the weakest since the first quarter of 24 when it was 1.6. if we look at personal consumption, well, it actually remained the same. many were looking for it to deteriorate a bit. 4.2%. very solid reading, the best since the first quarter of 23. the

pricing indices is leapfrogging. it is jumping. price index moves from 2.2 to 4.2. i mean, i have to look at that twice. that almost seems like i read it wrong across the wire, but it is 4.2. that would be the hottest. we're going back all the way to the third quarter of 22 when it was 4.5%. now, if we look at the pce on a core basis now this is a quarter over quarter metric. it jumped 2/10 from 2.5 to 2.7. that would be the warmest since 2.8 in the second quarter of last year. so yields of course, are going to most likely pay attention to that. some will say it's older data. durable goods now 3.1% on the headline. this is january preliminary. much stronger than the 2% we were expecting. 3.1 would take us back quite a ways. last time we had any number that was even remotely in that region, you'd be going all the way back to

wow, really way back. you're going back to june of 2020, june of 2020. that is really a very oh, i'm sorry. excuse me. july of 24. we had that one outlandish rate of up 9.8% july of last year. now if we take out transportation, we can really see what happens here. take out transportation, becky. it goes from 3.1 to 0 to 0. and by the way, we had a slightly positive revision for the headline number from -2.2 to -1.8. so part of this is a kick back from last month's weakness. capital goods is not a proxy for capital spending. up 8/10. and that of course is a preliminary read. it's almost three times what we were expecting. and finally, if we switch from orders to shipments not good news here. we're seeing that shipments more of a rear view mirror is down 3/10. down 3/10. that is preliminary. but that would be the worst shipment negative month over month change since

july of 24. finally, maybe considered the biggies initial jobless claims 242,000. that's about 20,000 more than we were expecting. and that is up 22,000 from a slightly revised 220. now, 242,000 is still rather well behaved. it equals the exact number from the first week of 24. to find a higher number, you're going back to the first week in october, first week in october of 24. and finally continuing claims remain once again. other than one read over actually not over exactly at 1.9 million. and that reading was the second week of the year. it is hunkered down a little bit below that 1,862,000. now, after all of those data points, we are at 408 and a two year. guess where we're at? 408 and a two year up one basis point. where were we in ten? we were at 428. we still remain at 428. that's up 2/10, two basis points on the

day. and keep in mind we've had six consecutive negative closes meaning lower closes in yield higher in price six. will this be seven or right now we have a couple basis points that say no but we'll have to continue to observe. we have held on to the green in the pre-opening equities, and i would suggest that these hotter kind of pce and pricing numbers they're going to make, i think investors think a little more on the topic of how friday's pce numbers may look. becky, joe, back to you and sorry for the lengthy read, but there's a lot of data there. >> no, it's very well done as always. rick. getting through all that, the one question i have is the six lower closes we've seen on treasury yields. what do you attribute that to? >> the nervousness that is translating into spongy and highly volatile equity prices? that would be my take. i know that we had hassett on this morning, and i had a lot of

emails and texts about how i thought his notion of a potential reduction in inflation based on trump 47 policies, would be pushing rates down. it isn't in my top five. i like to look at when releases come out. i like to look at how the market responds. and i do think actually i go the other way. i think a lot of the 47 administration targets and legislative hopes are going to help growth. and i do think helping growth will potentially help the deficit, but it also has a bias better growth, usually higher interest rates, less inflation, lower interest rates and maybe comes out as a wash which would equal deficits. and listen, he's going to have a hard time making a huge inroad in these deficits in the near future. yeah. >> we'd be lucky to get a wash probably. rick, like you said, i'm hoping for a wash. right. >> that's what i'm thinking too,

because i. do think many. >> need a wash. >> some of the regulatory positives. >> thursday isn't it? shower tomorrow. yeah. >> rick. thank you. we will see you again in a little while. steve liesman joins us right now with more. steve, you've had a little time to dig through some of these numbers. what jumps out the most at you with the econ numbers? >> well, watching. >> the jobless claims. >> number, we've. >> had some. >> decline in people's views in. >> some of the sentiment surveys about. >> job availability. >> rick is right. it still remains. relatively low. it starts getting north of 2.5. you start worrying about it. >> we're not. seeing much effect. >> i did have a chance to. >> look at some of the. delmarva area, dc, maryland and virginia to see if there. >> was any. >> spike in claims. >> i don't expect that to happen. >> for a bit. i think people would. >> not be. >> eligible for. >> claims until after perhaps. the pay period ran out, the period. >> of time. >> that they're getting paid delmarva would be delaware, maryland, virginia, anybody impacted government workers

potentially around the washington, dc area. >> they would be the ones. >> yeah. >> you had a. spike in massachusetts. you had a spike. >> in rhode island. >> i'm not. >> sure any of. >> that follows any particular. but but. this question about what's going to happen with federal. >> spending, interesting transition period here. if you do have this decline in federal spending, is. >> it picked up by the private. >> sector and when is. it picked up? >> it's part of. >> the uncertainty. >> that makes it very difficult. >> right now. >> to forecast where gdp. >> is going. rick made an interesting point that i'm mulling right now. which is whether or not. >> this higher than. >> expected pce number changes if views. >> about tomorrow. tomorrow is a different month. obviously it's the january or sorry. yeah. the january report that we're going to get. and i don't think. >> that fourth quarter number. >> will weigh necessarily. >> on it. we're looking for 2.5%. >> that's going. >> to be the number of the day tomorrow. >> with a. 0.3 increase.

>> for the pce. >> and all of this has kind of. >> created this confusing trade. >> in the fed funds futures market. >> if you notice, they have really brought forward their view. >> not just of when the first cut happens, but the second cut. >> which is now. >> odds on, i think. >> still in. >> october i'd have to look at the data, but that's where we were. >> going into. >> we're looking for that second rate cut. >> already in october. >> i've got a couple. >> people saying that look. >> that you're going to have. >> this decline in in gdp. the fed is going to be. >> back into it. >> hopefully it comes along with. a decline. >> in inflation. >> if that. does happen. and it really gets to the race is on so to speak guys, which is between these. perhaps pro. >> growth policies of the trump administration and the huge uncertainty created. >> by both. >> the president's. >> remarks and uncertainty. >> over his tariff policy. >> and what. >> all. >> this means and the. >> ultimate impact of. federal spending. >> you have had a decline. >> in sentiment. >> people are starting. >> to worry that that decline in sentiment. shows up in.

>> the consumer. >> and then we want to watch these business investment numbers. >> does the tax bill. >> that's. coming through ignite. >> those animal. >> spirits or not? it's a period of uncertainty, guys. we have to. watch all the numbers. and we're kind of in a bit of a limbo. >> here when. >> it comes. >> to economic forecasting. >> becky okay. >> rick thank you. great to see you. and we'll talk soon. >> coming up stocks on the move this morning. we're going to be right back with all of that and more in just a moment. >> assured guarantees. >> bond insurance was protecting investors in municipal. >> green bonds. >> before they. >> were even called green. >> bonds assured. >> guarantee a. >> stronger bond. >> shopping online comes. >> with digital threats, so turn on. nordvpn and encrypt your online traffic. get 72%. >> off nordvpn and up to one

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works earnings and revenue for the holiday quarter beat expectations, but the retailer is seeing weak consumer spending on its fragrances and scented candles, and customers have been switching, they say, to cheaper private label alternatives. that full year forecast came in below estimates, and the company said the guidance takes into account the potential impact of tariffs on imports from china, but it excludes the impact from other possible tariff changes. as a result, that stock is off by about 9.5% this morning. we're also watching shares of j.m. smucker. earnings there beating expectations but the revenue falling short. the company said supply chain disruptions for its pet foods brands negatively impacted results, but those disruptions have now been resolved, they say. and that stock is up by 2.5%. >> i always forget that. or i just always think jelly and jam and peanut butter and stuff like that. and then it's pet foods is

like the main. >> driver. >> some of the best known pet foods. and i can't believe what i spend. i can't believe it. it's about equal to people, really. >> almost more of them. >> yeah. and you know what pet food becomes if you buy 60 pounds, if you buy 60 pounds of pet food, turning it into 60 pounds or something else. still to come, judiciary committee chair jim jordan joins us. he sent subpoenas to tech companies seeking answers about foreign government censorship all the way back here. squawk box will be right back. >> it's an. >> absolute problem. >> it happens all of the time. >> if you own property. >> you've got equity. >> you can be a victim. >> how can a scammer. >> actually steal. >> my home? >> it's so easy. >> for them to. >> get. >> the original document. >> they can. >> download it and forge it. they begin. >> to. >> take out loans and you're left holding the bag.

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>> the house judiciary committee issued subpoenas last night to microsoft, meta, tiktok, apple, amazon, rumble x and alphabet to investigate foreign censorship of us companies. joining us now, house judiciary committee chairman jim jordan. j congressman of ohio. and it's good to see you. congressman. thanks for joining us. good to be with you. you bet. we never have to ask you to play along with our format at squawk box of

no jacket that maybe we got it from you. although we've been on for 30 years, i think i probably got it from you. you might have. good to be with. you. think i didn't understand this initially. so it's not censorship in the in the foreign countries. it's foreign governments censoring these companies or telling them they got to give you americans censored information. how can they do that? well, it's their digital services act says they use the term global spillover. so if it's actually resulting, they want you to take it down globally. in fact was it was officials in australia said we wanted you to they want to stop it globally with their act. so what we did is we we've sent the subpoenas to the company saying, give us the communications between the eu and you or the uk or even brazil, where they have asked you to take down stuff or threaten you or pressure you to take down stuff. and frankly, if they don't take down information, then it's sort of

like a shakedown. then they get fined under the digital services act and in the european union or the online safety act in the uk. so this sort of goes back. remember, mark zuckerberg said we need help from foreign censorship that impacts americans. and so that's what we're trying to do is first get the information, and then we're also going to follow it up with letters to the uk, to the eu and to brazil's supreme court, which has been the main culprit there and say, hey, we want you to know that we've asked these companies for this information to see what you've been pressuring them to do, and hopefully we can help stop this. i mean, it's one thing if they want to do it to their in their country, to their citizens, we think that's wrong. but when you're impacting the first amendment liberties of americans, that's a problem. and when you pressure companies to do that to americans and then if they don't, you're going to find them. that's a problem as well. so you really not looking for wrongdoing at the companies. you're trying to figure out what

happened with foreign governments. and i'll bet you how they pressured the biden administration to go along with some of the stuff that they that they were doing. i bet you that's involved. yeah. you know, you know, congressman, we dodged the ministry of truth game. right? we dodged the ministry of truth. i mean, can you believe we were talking about that a couple years ago? that individual that was going to run what we were allowed to see with, with the blessing of the biden administration governance board. right. we dodged that. so now we're getting it from the foreign governments with with the help of the previous administration. got it. yeah, that's exactly what that's exactly what they're trying to do. and that was what was going on. remember last congress we got a letter from from mark zuckerberg to the committee where he said the biden administration pressured us to censor. we did it. we're sorry. we won't do it again. and they've subsequently now changed policy and got rid of the fact checker and went to what we call the first amendment. the best way to combat crazy speech. wrong speech is more speech. that's the first amendment. that's what the supreme court

has always held, that the first amendment free speech is about. so we're trying to protect that, right for americans. i remember when rfk jr testified in front of our committee two years ago, he had a great line. he said, when you look at history, it is never the good guys who are for censorship. it is always the bad guys. and that is so true. so we want we want the first amendment. we hope free speech happens everywhere, but we certainly want to protect the rights of americans. and that's why we're asking for this information. and then following it up today with letters to the uk prime minister, with the eu president of the eu and the head of the supreme court in brazil saying, hey, here's what we sent to these companies. you need to be on notice that we're watching what you're doing. because remember, last summer it was the commissioner at the eu who threatened twitter, threatened x the day they were getting ready to interview president trump. you got to be careful. people might get this information around the world. they were threatening him. they wanted him to censor that that that interview. so that is our concern. and we need i would hate to be lulled into a false

sense of security that we have the first amendment in this country. when you remember vice president vance's reception in germany, and just to call out some of the things that are happening there, or even in the uk, i understand that we're the only place with with the first amendment. i mean, i've often thought some of these countries that, you know, have 11 different ruling coalitions, that we can lend them the constitution, but up to this point we have not done that. so they don't have first amendment protections there. and we see what what the worst case scenario is if you don't. yeah, they don't have the first amendment like we do. god, you know, thank thank the good lord we have that here in our country. but one of the hallmarks of western civilization is the this ability to debate, to have free debate. and, you know, you make your argument, i'll make argument. well, let's have the debate. and when you start to diminish that, that is scary. we had a witness, she was a canadian journalist who covered the trucker strike up there. she testified a couple times in front of our committee, and she talked about this. she

says one of the core values of western civilization is free speech, free debate. and if you don't have that, the alternatives to settling disputes is scary. and we never want to get there, certainly in this country. but frankly, in western culture. so this is why it's so important. and we were so close a few years ago with where the biden administration was taking us. thank goodness we've stopped that. but we want to have an impact here and frankly, help american companies. these guys are literally getting it's a shakedown if they don't follow this law that they know doesn't comply with the rights that we enjoy as americans under the constitution. okay, great. a lot of other things that we could have talked about, but i know that this was something that recent and important, but hopefully we can have you back and just talk about the general fire hose of what's coming out of what you're doing down there. it must your head must spin on on any given day, doesn't it? well, well, we we're busy, but, you know, that's that's the job. you got to come here and fight for the things you told the american people you were going

to do. and that's what we're trying to do. and certainly you can't have censorship. you just you just can't have it. so we're we're trying to do everything we can to stop it and help great american companies. okay. all right. chairman jordan, thank you. good to have you on. coming up, a check on the markets squawk box will be right back. >> welcome to. >> reinvented with accenture. today i'm here with margherita della valle, ceo of vodafone. you were employee 25 in vodafone italy. >> today you're the ceo. >> of vodafone. what is your strategy and vision for the future? we are changing. >> our. >> culture to really focus. >> on our customers. >> we need to acknowledge that change is hard, but if people understand it's for the right understand it's for the right reason, then your shipping manager left to "find themself." leaving you lost. you need to hire. i need indeed. indeed you do. sponsored jobs on indeed are two and a half times faster to first hire. visit indeed.com/hire

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>> by. >> welcome back to squawk box. i'm frank holland with your morning movers. let's start off with the nvidia shares up just about one and three quarters of 1% upside move in the premarket after some choppy trading following the initial earnings release, ceo jensen huang told our john ford that he actually sees deep sea as a tailwind for the business. despite the stock trading lower over the last month, again shares up just about one and three quarters of 1%. now over to sweet green shares dropping down almost double digits right now after a miss on revenue and eps guidance that also came in below estimates and warner brothers discovery popping despite a top and bottom line miss investors more. focusing on the outlook related to the max streaming service, you can see shares are up just about five and a half or up just about five and a half or over 5.5%. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going.

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eye on, well, not just the mexico peso there, but also what's going to happen to the market. >> the loonie? no, i. >> don't know. i don't know what to what to make of all this. just take a quick final check in the markets before we hand it off to our friends on squawk on the street. you're looking right now at the dow moving down about 46 points, the nasdaq 123 points and the s&p 500 about 16 points. make sure you join us tomorrow. squawk on the street begins right now. >> good thursday 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. futures are a little wobbly, as the president does say. moments ago, the tariffs on canada and. mexico will go. >> into effect. >> next week as scheduled. >> tons of economic. >> data and fed speak today. jobless claims at a three month high. our roadmap. >> begins with. >> nvidia, though the bounce. despite this increased global. >> ai. >> competition, jensen wong says he's more enthusiastic today than he was a month ago. we'll dig into why. >> plus, salesforce shares. >> are uer