you have dram, dynamic memory. think of it as used for any type of apps or algorithms.wer is shut off, it's no longer in use. it's considered faster and cheaper versus nan memory, which is nonvolatile and it's saved, all of your passwords on a usb key. that's considered nan. what these analysts are saying is there's a lot of strength right now in the dram market. why we're seeing the subsequent, and it should benefit names like micron. i want to point out mizuho put out a small note, a few lines, saying they like western digital because that company focuses on the nan part, the nonvolatile. they say there's still a lot of upside in the near term for this name. so, there's -- it's a little confusing with all the acronyms but it seems like right now memory prices could see an upswing, even though we're seeing weakness in other sectors like semicap equipment, even names like nvidia have been falling down, all those a.i. plays. >> yeah. and that initiation of arm at underperform at bernstein, i think the chip business is confusing all the time. thanks. kristina partsinevelo

being introduced in the market that have more channels that acquired more memory and storage, more dram flash smartphones, 5g, this will drive long-term growth in the market, average capacity of content in your smartphone for dram and flash continues to increase. and we are very pleased, when you look at iot, autonomous, cloud, smartphones, and market drivers are all pointing to increasing content this year in smartphones, flash content is increasing by 50% on average and dram content by 25% on average demand trends are solid in our industry we are just in a period of excess supply and, again, the industry has done a good job, certainly micron has done a good job in terms of controlling its supply growth so that now the demand growth is greater than supply growth and that bodes well for the long-term fundamentals of industry in some parts of our business, the leading ethnodge knows, we seeing supply shortages for our business i'm enthusiastic about what is ahead for micron. >> i thought you didn't emphasize that enough on the call and i think people took a misdirection 80 million shares

i understand the dram spike, i get that.ut what i don't expect from meg whitman is there are execution issues involving changes in management. i did not expect that from you. my travel trust has a small position in this thing. it threw me off, meg, to hear you say, listen, maybe we made too many changes. meg whitman executes. that's what she does. >> yes. >> you didn't. what went wrong here? >> well, you know, actually in truth we probably loaded a little bit too much on our senior people. so think about what we were doing this quarter. we hit the most intense part of the es separation, the beginning of the software separation and then the really intense part of setting up hewlett-packard enterprise as a go forward entity post these spins. so honing the strategy, getting it fit for purpose, streamlining the organization and reshaping the organization so that we could compete with this new strategy around make i.t. simple for customers, we power the edge and have the services to make it all happen. i have to say we might have

you can put a greenfield dram plant in six months back in '94. not anymore.his is going to go longer, and it's going to go louder than people think. >> it's funny we think about themes of course. internet of things you and i discuss it a lot here, typically i'm sitting on that side of you, but it's the same discussion talk about the growth and who's going to benefit from that. >> right. >> nvidia's a name you bring up -- >> oh, the triple crown winner. >> the gaming chips seemingly have all sorts of uses perhaps they weren't fully aware of for this internet of things we talk of where everything's going to be connected, sending off reams of data then going to allow the end user to optimize, function in a lot of ways and help for future -- >> so well put. >> -- future intelligence really for these things. >> right. it's machine learning. this is artificial intelligence. there's a guy i follow, we talked to him during the salesforce period with twitter, afshar, he is the guy i use, literally he posts on twitter the most important things you can learn about all a

>> first of all, jim, i think kell owe the call said that the dram pricing was still a headwind, butrter, but it's still a headwind for sure and we continue to monitor that and meet with the suppliers and do all of the things that we can to put ourselves in the best position possible. as it relates to comparing us to other software companies, i think the thing to remember is the transition we're going through is really not one that any other company has ever gone through because we're bringing together a software and subscription business with a hard wear business so if we were a pure software business, we can make a decision and move it on to the cloud and deliver a subscription, flip a switch >> in our case we have to continue to build the hardware we have pricing structures that have hardware and the subscription on top and i would say that no one's really gone through a transition that looks exactly like ours and i'm pleased with the progress so far. >> speaking of transitions and we're going to run out of time ourselves after the transition and i had verizon and we were talking

micron, its dram prices were strong. its flash memory was a little weak, but think equity this morning saying they think that the ipad ramp-up will be good for them. and apple coming back up after slipping a bit yesterday, right now at $237. xyratex, a storage maker blowing out the street and raising its outlook well above expectations. its biggest supplier to network appliance and it's feeling a behavioral effect this morning. skillsoft also higher after it says its acquisition deal has been up, now valued at $11.25 a share, putting the price at $1.2 billion. meanwhile, look at this biotech firm. ardea sees positive stage two results for a drug to treat gout, up 14% on that news. melissa, back to you. >> thank you so much, bertha coombs. got to take a break here, but "the faber report" is up next. >>> plus, the top-performing s&p stock for q-1. also, expectations are high for the ipad, as we've heard, hitting stores on saturday. which brings us to our street poll this morning. do you plan to buy one? go to squawkonthest

this is all about not just drams but flash. way a readthrough to apple, a lot of drams are needed. the margins remain high, there are supplier problems. the skeptics on the call, they were like, well, you can't really maintain this, there's going to be demand destruction. no. isn't there more supply coming? no. it was one of these conference calls it was like, will you shut up analysts and understand that we're doing $5.2 billion in revenues? this is when they get it right, when mu -- well, that's interesting. when mu gets it right, they are a bull saying moo. this was an amazing quarter. if you want to read a conference call where it's basically saying, guys, you have no idea how much money we're making and it is, there was tightness, there was a fire, a competitor, you can't make these things fast enough. but i think the flash surprised people. flash is tight. >> so on these targets now needham goes to 50, evercore says mid 50s are possible. >> they want to put a ten multiple -- let me just explain the way it works. there is

sk hynix, they they do dram, they do nand, they've got high bandwidth. and they were saying that nand was weaker. and they're saying that that dram is weaker, not high bandwidth. but it doesn't matter. people decided the long knives are out again. for nvidia it was at 47 david off of random kind of we're going to get there. stargazer. that's what i call it. but that's that's leading the nasdaq down not apple for once. >> yesterday we saw the move up in any number of the names associated with this project. >> aam we were part of that stoking. >> aam in particular. obviously rene haas joined us in the early part of yesterday's show. but it's clear to me exactly what the benefit to aam initially is. and i think there is still some. >> they have a softbank has a position. >> yeah right they have. and there's i you know there's still i'm looking at some some decent research this morning. and certainly people come back to the idea. well is softbank going to have to actually if openai and softbank are both contributing 19 billion. that's what they have now put

it was dram -- >> it was j.r. -- >> the potato magnate.ame dram shop like they got drunk and the stock got hammered. now it's mu, moo. >> very well done. mu, tricky spelling. >> i'm from philadelphia, it's easy. >> you'd want to go with two os. >> you've had your eye on bp for a while. >> claims have been bad and the fifth circuit, which is a very serious circuit has basically slapped down the district court that -- a leaf would blow in and bp would have to pay 200,000. bp has been a strong stock and i think it can go very much higher. >> apple shares are up almost 2%, again on a number of different news stories, the acquisition, small acquisition. they make a lot of smaller acquisitions. they tend to be under the radar, though given it's apple, we do notice them more than we would most 200 million deals. >> the social component. don't forget, aerns commonwealthing from bushry is very sessionly media oriented. this could be -- abercrombie again top of the list. yesterday i think it was janny that upped american eagle to say they were in th

they've been killing drams if they would blink, just darn blink then you could buy amd. >> on productionon is up very big from when they reported that interesting quarter. i say interesting because i like sanjay, i can't say bad, but it is amazing to me -- i think it may amaze sanjay that the stock is up 10% from when he said it that may be samsung being more brash. >> i was reading the bernstein note on it yesterday estimates for the space are down almost 30%. >> but the bcs are only down 19%. >> his point would be it's one of the biggest expectation resets we've had in maybe ten years. >> it's one of the great gluts that i've seen there was a glut in the mid '90s for micron that was savage and these are companies that have a level of -- like bethlehem steel did. they earned 27 it was 2 the micron's trying to be a little bit more consistent, trying to upgrade, be more proprietary but it still trades as a dram stock. micron, it's selling at nine times earnings if samsung says, you know what, we lost too much money we are now going to let up the well, that's big that's big >> right >> by

dram pricing, 54% increase >> did report lower than initially expected results for the second quarterting demand conditions in the global components business. >> look at china do they need to do stimulus? they need stimulus and they need it now i'm not just talking about bogus fentanyl >> by the way, when it comes to china and the u.s., seems as though everybody is settling into this idea this is just going to go on for a while but new focus on the key chinese negotiator being the hard-liner. recent comments. >> jung, the name we need to get to a hard-liner and suggesting overnight we're in no hurry. >> no. no hurry that's suboptimal for a lot of companies. >> how about the times looking at the tariffs collected so far, 20.8 billion the aid promised to farmers affected by the trade war, $28 billion. not payi ining for itself yet. >> i said, well, i mean, i'm waiting for the administration to quickly come back and say, while the numbers, which are basically from the administration weren't so good, i think that's an important data point, carl. i think the farmers played big in an electi

that, look, this inventory glut that we've seen in semiconductors, well, they're producing the fewest dramshat they ever have, basically, as a percentage of -- they make the equipment that you need in order to make semiconductors 7% workforce, 1,300 jobs, layoff, but 2 billion out of sales in china ended, just ended. the u.s. government took it away and yet, the company is still humming, and yet if you want to know -- i bet you micron is up nicely now let's see if the market's rational at all. >> sd micro is at almost a 52-week high, and i can't remember the last 52-week high we had in chips. >> no, it's hard to find but yeah, anybody who makes chips and had an inventory glut had to like what tim archer had to say which is, we don't have a lot of orders. we make a ton of money, and the orders cut back dramatically because everybody realizes, wow, we can't end this glut, but he did say the glut in drams end. those are the basic building block commodities, because when you do something on the cloud, you do have to store it. i happen to think he's very, very good, and it's a really well-run co

hypergrowth spending gets a boost in the ai migration, they might sacrifice some networking spend or dram spend. >> in other words, it's eating all the capex. >> so you don't end up with the halo you do with some of these tech stores. >> the only sectors higher in the market right now are information technology, thank you, nvidia, microsoft, amd, and communication services as well and otherwise it's a tough day just in from matt, breadth is 2 to 1 on the s&p. it's 2 to 1 negative on the nasdaq 100 as well, which is the tech exposed we're watching rising treasury yields and a few weak t-bills. we're at an all-time high on the one-month treasury because we don't have a debt ceiling deal right now. we're also getting some good data in, which is leading treasury yields to rise. better vision on gdp nvidia may be keeping the rally in check rest of the market has its eye on d.c. as debt ceiling talks continue with no resolution and the possibility of a u.s. debt downgrade growing. leslie picker hear to explain. you've been looking at the technicals of what the next few days might look like >> t

the war between russia and ukraine, china has slowed growth so dram technically when they were responsible for so much of the s&p returns in the last decade. so, we've been cautious anyway around international exposure and we focus more domestically. so, this just reinforces that view right now. >> finally, we're about an hour away from powell. and i want to ask you about what you expect him to say, but collectively, has the sheer volume of fed speak been constructive in any way? >> there's a lot of fed speak we're hearing. i don't expect powell to say anything unexpected today. i think he's going to reinforce the fed's commitment to combating inflation. i think we are at or near the highs. i mean, if they have another 25-basis-point hike, i don't think it's going to have a huge impact. i just think inflation has proven so sticky and the consumer has proven so strong, especially in the united states, because we are a service-based economy. we're going to see that start to turn. it's not a question of if but really when. >> i notice you said within fixed income you're putting people in muni

career here in 1998 in that little booth that's up in the corner here i think i said waiting for higher dramo say that? >> no. that's one of the best-performing stocks two years in a row. the sam sung/micron really did change this. you're going to see the ek wi equilibrium equilibrium. >> courtney regan joining us on the floor with more with what's moving. >>> happy friday. on the floor of the new york stock exchange slightly flat. if we look around the world and where we're taking the lead perhaps, asian markets mixed. china rally continuing to cool over there. moving over to europe mostly higher the bond market calming. greece, of course the outlier is down about 2%. the euro is down -- below 1.14. this is something that we continue to watch as we see these currency mentions in a bunch of earnings reports. again, we have lost some of that s&p 500 did close at a record high. we'll see how we can end up the week here. traders, perhaps, placing those bets that those rates won't rise in june. gold, that commodity falling from those three-month highs and we're getting some earnings from some of

president carter announcing he will dram matt techly cut back on his work at the carter center. >>> aunrest after the police shot and killed an alleged drug suspect. dozens of people took to the street to protest the killing of an 18-year-old african-american who was shot when police say he pointed a gun at them. rocks and bricks were thrown. fires in the street. nine people were arrested. >> three forest service providers died after their vehicle crashed as they battled the blaze in northern central washington where raging wildfires were advancing on area towns. they fought a blaze near the town of twisp. >>> a blast in cairo tore the facade off the government building. glass and debris strewn in the street from the explosion site. >>> that is your cnbc news update. let's get back to "squawk on the street." simon? >> thank you very much. let's send to the new york merc. >> an injection of 53 billion cubic feet. plats was looking at a range of 58 to 62. prices a little higher. we were about 271 before the report came out. we are now trading at 2.76. the things you need to watch, total

dram prices are coming down. i know its flash memory is coming down.igital is telling you that micron wavering here even though it sells at the lowest multiple in the s&p even though the ne'er-do-wells, ford, but next time we speak to phil we have to ask. >> fell below 10 on friday as i recall. >> yeah. we have to ask phil because, remember, they didn't go and seek u.s. government help and they do have the f-150 but there's a lot -- they're really trying to say, listen, we're not going to sell cars other than where we're going to make money. no one wants that stock, no one. wow. >> some halo here on retail. kohl's is up a percent here. nordstrom, alta. >> chapel trust owns that. nordstrom he does not think is going to have a good number. nordstrom is going up. nordstrom is becoming the gang that couldn't shoot straight if they don't get this right it could be three straight quarters i've been waiting for nordstrom. they have a men's store in the u.s. i think it's a great place to shop look what people want. they want tjx, inexpensive they want burlingt

micron is a top pick on declining dram -- and what i don't like about it is that -- i have been very partial to this company. sanjay has done a terrific job this stock dropped to 68, and it was in '86, and everybody wants it that's classic bad work. you can't anticipate at the ends of a d-ram cycle that ends with so much inventory price that goes down. i like micron, but you can't trade it they made their chips to be higher end, but the one i really like that's american, you know, i think you have to look at these global foundries >> i do want to get you on energy real quick. nat gas, lowest since august this september may end up being the warmest on record. in europe nat gas is a major problem. here, we have too much, which is good we do want to meet the demands overseas, but we have -- i would say this wednesday is supposed to snow. this market is stupid enough if you buy natural gas, and then you sell it on thursday. this is stupid you have to go to college to get stupid to follow this market dow chemical blew up last week you go with crowdstrike doing incredibly well. >> you said

be it's very hard to make drams these days also people hate the chart. >> you don't have to be so worried the provider of the machines, you would say, listen, this group's going into recession quervo is proof of life, actually one of the things that's most important is this, i keep talking about the russell, he is the keeper of all those companies. i use paychex as a businessman, until you get bigger, and then you get that automatic data business adp is really outperforming. i miss you >> we're both back >> we're back and bigger than ever kind of li . >> walter isaacson on trade. keep it right here so, my portfolio did pretty well last year. that's great. but the market was up nearly twice as much. that's a tough pill to swallow. exactly. so i started trading. but with everything out there, how do you know what to buy? well, i think my friend victor has just the thing for you. check this out, td ameritrade makes it easier to find the investments that might be right for you. like our etf comparison tool it lets you see how etfs measure up to one another. analyst ratings and past performanc

semiconductor company should be up much more reported a great quarter once again, this confluence, dramsternet of things, cloud. just unstoppable people are saying, maybe this is still bigger than we thought maybe it's an important clue in the broad puzzle >> what do we have on "mad" tonight? >> we have new relic they make sure your site works stock up 71% new relic is an anogram of lew cirne. it's going to be a terrific holiday season pbh, tommy hilfiger, just a monster, monster good and, by the way, remember -- >> i do. >> calvin klein. i have some calvin kleins on now. they're very expensive if i showed you them, you'd probably wonder why i paid so much >> yeah, i would i felt like they changed the composition of those i don't know the good cotton. >> same as always, david >> have a good day >> yeah. >> well, you, too. something we didn't talk about, cbs and -- >> no, we didn't a day without cbs. >> when am i going to say we're staying. >> it never ends we've got to go. italy's political drama. what is at stake for the markets, despite what's been a rebound f isoarn the first half hou

a lot of that is this chip shortage, fernand and -- for dram.'ve been waiting for them to sell that security division, mcfafee. >> how about piper on net flicks, some of the parts 1r, 1? >> they've been trying to get that thing rolling now. amazon up 14, google up 2, neck fli netflix has been down. >> i saw the piece about some of the parts. this is the piece about u.s. subscriptions and they were weak two quarters in a row so people don't want to give them the benefit of the doubt. i think there's a lot of belief that competition has gotten very tough in this area from amazon. >> we do have confirmation of something we were reporting earlier from vanity fair, 21st century fox has put out a press release, guys, saying it has settled a lawsuit with gretchen carlson during her tenure at fox news, she maintained the highest level of journalism, and they are paying ms. carlson $20 million and the settlement has been confirmed by 21st century fox this ongoing story that of course the main part of was the very quick dismissal of roger rog roger ales,

they just kept going and qokgoi but this dram commodity cycle, i think it's run its course.loan has really worked wonders. that's what u.s. bank is for. and you're growing in california? -yup, socal, norcal... -monterey? -all day. -a branch in ventura? that's for sure-ah. atms in fresno? fres-yes. encinitas? yes, indeed-us. anaheim? big time. more guacamole? i'm on a roll-ay. how about you? i'm just visiting. u.s. bank. ranked #1 in customer satisfaction with retail banking in california by j.d. power. >> announcer: the opening be, is brought to you by nuveen, a leader in income, alternatives, and responsible investing.q >>> the reason the deposits are flowing to the big u9-m1ñ the reason that credit suisse was government is because banks hav1 this premiumi]position, and it'1 unfair. it's an unfair playing field that puts enormous pressure on regional banks and community banks, and that needs to be addressed. we need regional banks in america. we need community banks in america. so, once we get through this stress period, we have to come up with a regulatoryñr system tt both

micron reports micron was at three times earnings it said they were going to push out the turn in drams the stock went up. there is two markets, the nonexpensive market, where there has been some hiccups, kohl's, nordstrom downgraded to sell this week and then expensive market no one is talking about, really expensive, every one of these deals, almost all of them, have good revenues i don't like the 1999, good discussion about 1999 previous show, which is those companies had no revs. >> hopes for cash flow or -- >> chewy chewy is real. >> yeah. >> pets.com ceo wainwright, that was a disastedisaster, realreal real it is real, david. get real, david. realreal is real >> really quickly, bernstein, s saginaki saying tech at 21.4 times is higher, more expensive than it has been for the past 15 years. he's not saying short tech, but you need to start separating what is expensive in tech and what is not. >> that's what i agree with. tony, i think, that's a very reasonable piece we keep bringing these companies public and we -- with the exception, of course, of lyft, alibaba. i'm sorry -- >> ub

cutting our capex, cutting our supply growth for the year we will be bringing the supply growth for dramo unprecedented low levels, record low levels as well, so this year, while the demand is at record low levels in terms of demand growth, next year, the supply growth will be at record low levels and that's what will bring back -- improve the trajectory of demand-supply balance in the industry. so, these are challenging times. nobody has the crystal ball. but we are definitely taking decisive actions, and i have been in this industry over 40 years and over the cycles that we have gone through, i think that's the most important thing, to take actions with respect to restoring the industry supply-demand balance and that's exactly what micron is doing now. >> that's precisely what you must do. 50% cut, i hope, is enough to turn things around sanjay mehrotra, ceo of micron, thank you so much for coming on the show >> thank you, jim and david. >> let's take a look at the premarket here on this final day resqwkn e re and the quarter mo "ua othstet" continues in a moment. >> announcer: the ope

read-through, i would say, is that the demand for chips, even though samsung is saying, listen, the dramsack, the demand longer term for chips is so unqualified in nature. companies that will not stop producing great numbers over the next decade. decade decade >> opening bell. few seconds away here. let's take a look at the realtime exchange back at our headquarters lot more green here at the big board, surfair over at the nasdaq, prospect capital, a development company sometimes it's very hard to hear >> yeah. and i have expressed some -- i work for the players at home, our people at home, not for people here, so it's sometimes very difficult so, i apologize to everyone who is watching at home that i can not do my job as well as i would like >> yeah. well, we'll try and forge ahead. and now things have quieted down >> we have a line we imagine lam, we covered that david, i don't think we've given enough credit to the number five best performer in the s&p, which is a company called comcast. >> okay. >> and i thinkn e company that we work for because it was a rather amazing quarter. >> it

they said, look, nan is bottom i had dinner with sanjay, micron these guys signal that dram is bottomingoyous call this is the highest trough ever. four quarter correction. and this -- the company never really, you know, used to be the old days you get crushed during these inventory gluts. look at that chart, david. >> that's a thing of beauty, that chart >> exactly. >> you own the stock. >> exactly, david. it is a -- what would you call it, rembrandt, more realist, or more post expressionist? >> post modernism. >> it is such a good -- they -- i have to salute them. if you're saluting, look at lam research lam research at 150 made a stand on their stock tim archer, great ceo, said, listen, we're buying every share. people laughed they all laughed at him. they laughed in the valley, david. now look they're not laughing now >> i see lisa sue's been added to the best ceos of the year again this year. >> number one last year. >> that's going to take you back to 61 back to march of last year >> it is incredible. and, by the way, lisa sue, people thought that last quarter was not great. stock

most is dram and some is flash when you heard lisa su, the takeaway is trough is there real trough whenave trough, it's so fabulous, you have to gun jump it, and that's what's happened people are looking at western digital, aghast at how horrible it can be, and drawing the conclusion, it can't get any worse. i've been there before in these cycles it arguably might not be able to get any worse. what happens when you do that number that bad is you stop making them and the inventory gets corrected and then you live to play again. >> is that what's happening after samsung? >> that's exactly what's happening. >> micron, intel >> if you worked at micron, you'd be saying, will samsung please stop it they keep trying to ruin the market when you see these kinds of things, what happens is, you say, you know what like lisa su said about pcs, we're working through the inventory, and when we're done, it will be there, and that's the inflection, and you buy. now, obviously, we were asked a question about economic sensitivity. these are giant cycles, and when the cycles turn, really doesn't matter wha

it does matter they said year over year, a big increase in dram, even bigger perhaps than flash but,nvidia, nvidia and melon knox, wouldn't that be the natural if the chinese are something to give is to approve melon knox and that's why nvidia is up almost more than every other stock. >> amazing how many things do get wound into -- >> it is vast. >> let's talk about the broader ramifications. we see the market up this morning, we see oil up in part on that opec deal, but also because of just this belief that you potentially are going to have demand growth. then on the other side, you probably have people saying, maybe the fed doesn't need to go 50 anymore, maybe it goes 25 basis points in this month we're in july now. >> maybe the way people say i'm monitoring, of course, you need to see the employment number but, look, it is a huge positive i always want to caution people that, yes, everybody knows that last 25 was unnecessary. >> the last raise. >> the last raise. >> late last year. >> none of the numbers that we have been seeing is strong they're not strong pmi is not good. retail

go from 4856 this company reports this week, there are -- until these calls, the perception was the drams, very important, have not stabilized but that is still the case it is just that it is very undervalued just in terms of where it has been. i completely agree with the lift in the stock you have to believe 2020 will be better than 2019 i was listening to a lot of the people on squawk this morning. i have a lot of companies that are in the cards to have a much better 2020 than 19. i think this is one of them. micron will have an amazing opportunity, you heard ed breen talk about 5g. ed breen, big company, dupont, 5g is going to spur and acceleration and it certainly will for micron too. >> what is left at dupont, of course, after they do this deal, which is still a year or so away from closing as they made clear. but the multiple on what is left at dupont, he said at eight times ebitda, below certainly what the -- >> it is an auto and semi. those have been bad. >> shares are benefiting iff shares are down sharply. >> said they're doing an equity offering. >> didn't give a lot of detail

. >> you know i like flash, you know i like drams, they're tight. know i like disk drives, they're fantastic. advanced micro, no analyst will come out and say it but i will, this company is back and better than ever. citi reiterates its sell. oh, please, analysts like, oh, yeah, they still can't make money. let me tell you they had top line growth that was fantastic. this is a company that i think can take it out. why? they've got the right gaming chips. they've got new cpus coming out that is on schedule. this is not your old advanced micro. this is not the jerry sanders advanced micro second rate company that intel kept in business. why? because they didn't want the justice department to investigate them because they had 100% monopoly if they did just pressed a little bit toward advanced. no, advanced micro, david, cpu, great management, buy, buy, buy. >> easy. listen, the stock is up 410%. >> because they fixed the balance sheet right here. >> but if i've owned it for any of that run, am i really not smart to take some money off the table? >> if

dram demand is picking up. demand for memory is also pick up.micron had a pretty gaerning report overall. heightened volumes in that group overall. techs again, big group, 60%. 40% -- 43% in the nasdaq on the gain. red hat's up 7%. their earnings, top projections too. this is a software developer. they just opened up 6%. they saw subscription revenues jump 21%. finally, we had a downgrade on exxonmobil over at soleil securities. the analysts there reducing estimates on the lower oil prices projected. tradertalk.cnbc.com. and mike huckman, nasdaq outperforming the s&p 500 and the dow jones industrial average by a wide margin this year. >> yeah, bob, because of all that tech stuff you've been talking about. and it's been driving the approximately 73-point rise in the nasdaq just over the past three trading days. looks like we might make it 4 for 4. we're up .1% here at the open. obviously research in motion is going to be an actively trided stock today, perhaps on the back of the company reporting its second blackberry outage in about a week's tim

significantly improve total inventory in the supply chain, micron believes that in calendar 2023, year on year dramit supply will need to shrink and nan bit supply growth will need to be significantly lower than previous estimates." >> so, sanjay came here, and he talked about the need to really cut back and now he's cut back again. is he just not clear about what his business is like or, i mean, carl, is it the possibility that, frankly, these are agencies once again pcs and if that's the case, another leg down amd, another leg down, nvidia, which reports tonight. >> jim, he says he's taking bold and aggressive steps >> what were the other ones? they were unimpressive and not as bold? how many times can this man just say, look, it's just not going well why not just shut down for a couple weeks i would say, the stock's up every time he says it. now, at a certain point, what he's really doing is creating his own shortage i think perhaps overseas they're pumping them out sanjay owns this part of the market but there's a worldwide market to d.r.a.m. and nan and flash, and this stuff goes into pcs. i j

citi expecting a well upgraded in the dram memory chip.s are up 4.5% today up more than 40% in the past two months we'll be right back. stay with us folks the world's first fully autonomous vehicle is almost at the finish line today we're going to fine tune the dynamic braking system whoo, what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be a deep learning engineer to help make the world a smarter place does this come in blue? become an agent of innovation with invesco qqq does this come in blue? - [narrator] if you're thinking about going to school online, southern new hampshire university is where you belong. we've been online for more than 25 years and have helped thousands of students reach their goals. as a nonprofit university, we believe access to high quality education should be available to everyone. that's why we offer some of the lowest tuition rates in the nation, and haven't raised tuition in nearly a decade. so no matter where you want to go, snhu can he

flash, which is dram, which is very basic, goes into this stuff could then take advance micro, whichas, yes, gaming chips. and gaming as we know from the king, from the triple crown winner of nvidia, i can't believe no one upgraded nvidia today. it's like set the clock, my apple watch -- oh, look at this. upgraded nvidia today. >> you give us a note each morning on the research, and i think you're line was you have to be kidding me. >> yes. well, because they went from buy to conviction buy. so then i started thinking did they not have conviction? did they not have conviction when it was just a buy? i mean, come on, guys. >> let's get to fed ex. down in the premarket. missing estimates by a dime. quarterly profit 2.80. the company did see higher volume compared to a year ago but margins were down, spending a lot on ground here, jim. how much of a macrotell is this right now? >> at one point fred smith who is an economist by nature who's the chairman, i'm not saying he lashed out at the analyst, but he did say, listen, guys, he says a thing here seems to be not clear to a lot of peopl

i don't particularly like drams. i don't think this is wrong. people have to recognize he's not talking about nvidia that's a different story it's more related, david, to your world and arm holdings and what's going to happen. >> well, listen, other than nvidia, there are very few people who study these antitrust matters and believe that they are going to get the necessary approvals from both the uk and china. we'll see. >> what does that mean, first of all? >> we will see softbank would like to monetize the asset, there's no doubt. i would need to do -- make more calls. what are you shaking your head like that for? [ bell ringing ] >> i think that you should make more calls. >> okay. if but the problem is getting people to call you back. >> well, you've got to give them your number. >> i've had a hard time with that. >> the reason i'm looking at softbank is we have not found out why they needed to dump so furiously -- >> you've had this question f a few days. >> someone must have said, you know what, maybe we need a cash cushion. >> yeah, there

that coupled with a note from micron about micron saying dram price has gotten very tight.this is -- basically one of the greatest comebacks i've seen. seagate is going to catch up. this is a sign of good demand for things we had written off. >> yeah. we don't need no stinking pcs, i thought. >> pc strong? i don't want to recommend hp because there you have a lot of cross currents including printers. >> including the currency right now. >> this was astonishing western digital because it is a very good company, but we did not think -- we knew things had gotten tighter, but david, i mean, really tight to the point where supply no longer exceeds demand. average selling prices conceivably going up for products. this is very important. because it says, you know what, there's some things good happening to justify some of these prices in stocks away from the banks. >> yeah. >> so i want to point out we can't lose sight of the individual companies doing well, whether it be dave & buster's simple play or this. when i saw it said we should just be changing everything. i mentioned at

spend is so large, it will crowd out traditional networking spending, dram people had questions, how fare in that environment? we might be talking about a fresh year high in micron soon >> it's true i guess nobody quite knows how fast the pie is getting bigger and what it's drawing from but again, i find it remarkable that with all the people covering nvidia, trying to get an edge on the stock, you can have a revenue guide at that degree >> 50% above consensus >> and it just got past everybody. it didn't get past the market, arguably, because the stock wouldn't quit on the way in, but in terms of people publishing estimates and models, it wasn't there. >> well, and marvell too so, the surprise was they said they're already making money off a.i. they make the chips used in the datacenters. a.i. revenue of $200 million already in the most fiscal year, but they expect that a.i.-related revenue to double to around $400 million in the current fiscal year, rise to $800 million in the next fiscal year that's what has everyone so excited today. >>> meantime, really quick, touch on some trave

. >> i've been riding this bandwagon forever, because of dram and for flash, it's going to be up it'sa monster. unbelievable job, applied materials similar monday ter what's going to happen and happened before, people will say wait a second the customers won't stay disciplined they are going to build new -- and buy too much from lam and micron and flash will go down. this is consistent with what we're hearing from a ciscoe and hp i want to bring up apple because we don't talk enough about it. they are part of the bain acquisition of toshiba's flash business apple is keeping flash price down, since they are the largest buyer. let it go up but be aware there will be a backlash saying -- the customers will not be as disciplined as martin said fabulous conference call, martin is great bought back a ton of stock at 136. last time it did the same thing and started going down when people started questioning. >> looking at the last year it hasn't gone done that >> that was really bad i had martin on and what are you kidding me >> really. >> they've got to remember with perspective that's not

and micron needs to be able to go beyond dram and flash, so, yes. the interim they're creating a lot of wealth. >> we're all old enough to remember when they were clearly david to somebody else's goliath. >> there you go. >> stay alive long enough you'll get lucky. that's how it works sometimes. >> exact. >> what's on mad tonight? >> i have ellie and two incredible company. ellie come down because of banking regulation, ollie's up on a selloff. an unbelievable guy those remember him from the sell side so to speak recall how great he was and now he's an even better operator. how many of these guys come from the critic side actually turn out to be great operators? and congratulations to bob peck on his new job by the way. >> yes. >> i got to come up with a new name. >> i'm sure he'd like the deal king. >> yeah. i like that. >> jim, we'll see you tonight. >> wow, what a show. >> "mad money" 6:00 p.m. when we come back, more on the trump rally, a month since the election. plus, the president-elect calling him out on twitter, chuck jones of the steel wor

it will start getting a real multiple the sheer -- the pricing by the way of drams has gone up and theight >> that was the shortest cycle, the shortest down cycle in history. >> for the chip? >> yes >> no, i didn't know that. >> shortest in history >> how long do we date that down cycle for? how long was it? >> about 18 months >> and typically they're over two years? what >> yes the shortest was, what, three years before that. >> speaking of chips not necessarily those, nvidia is up over 7%. >> absolutely. >> i know you comment on conference calls i read through that conference call should i read it now you want to get a sense for the future and kidded about accelerating ai but they're talking about trying to learn some of the new terms for their chips for graphic design and games. >> the gaming rate trace is fabulous >> right, light the way they can have light and shadow in the games. >> what i saw, this is -- >> you mentioned inference earlier in terms of how the chips are going to help in terms of language and immediately getting to the right answer. >> when i talked to jensen what

. >> well, you got a couple things working against them today, citi, jim, on micron, as dram prices plungede them cutting spending by 40% on m micron and then intel and amd, b of a cutting some numbers. >> this is incredible. i had a couple companies i had marvell on yesterday and skyworks their orders are extraordinary, no pause whatsoever. at the same time, when you're hearing what the analysts are saying, you have to say, what's going to happen to lam research, which makes a lot of the computer equipment that is needed in order to continue to have micron grow we are in a major correction when it comes to inventory and don't forget, that extends to nvidia. they are in correction mode and inventory depletion mode and that's why if you look at the stock of nvidia, it can't find a bottom >> well, neither can intel neither can intel, jim, right? right at a 52-week low at $28.25 that's it. that's the low >> wow >> only $116 billion market value now. >> wow these are the worst stocks in the market they're the worst stocks in the market >> when do you want to consider owning them? i mean, you kn

great comments from tim archer, lam research ceo, capital equipment maker, where he said, look, the dramsould, and he thinks -- he said 2023 is the bottom. i agree with that, not just because china is coming back online, but because there's just so few chips that are being built because there's so little capital equipment being bought that's really the indicator of whether things will be good. the different animator projections that gelsinger makes are, you just shouldn't have done it. i just think you shouldn't have done it. why put -- set yourself up because i don't think, when we hear from lisa su next week, we're going to get anywhere near the report like that and remember, he's not anywhere, although he would tell you he is, in the real high performance chips. that is now nvidia and amd i don't know he can't go on a call and say, we're getting beat, they're crushing us. he can't do that but don't tell me that you can leapfrog other companies that have really gotten ahead of you. just don't say it. just deliver don't say you will why set yourself up? >> well, it's going to be interest

it's flash and also dram but it was huge and it was ignored and now it's front and center call.nd katie does excellent work. up more than 100 points, being led by goldman sachs -- >> goldman slacks? i've done some work on goldman goldman is so far away from its peak price to earnings multiple, it's extraordinary >> okay, but maybe deserves to be >> well -- >> profitability is not what it was. >> fixed income is not great there's no volatility in fixed income >> and also, their client flows are different. hedge funds don't make them as much money people don't want structured products as much as they have previously nobody is better at reengineering their business than goldman nobody in financial services but they got to do it. >> they have to. and they -- look, they still are creatures of needing volatility. volatility comes back in fixed income, you're going to say, what was i doing not buying goldman? >> so what did the work you do on goldman lead you to conclude? >> that goldman is too cheap on a book value and too cheap in terms of its adoption and technology and understandin

the good numbers here, revenue's up 11%, consumer and mobile, the dram was strong, price erosion not they gave above consensus guidance but had an accounting change and appears to account for most of the upward guidance. momentum saying this is not as great. take a look at micron, it's down a little bit, but it's been a monster all year up about 22%. it's benefitted from the enormous product upcycle in semiconductors and the companies that make them. all them doing better as people demand stronger, faster, better chips. guys had a lot to say about constellation. i just want to again emphasize how strong the numbers. you get organic volumes in beer up 13%, hard to move the dial, wine and spirits up 8%. that's rather amazing here. and the chart has essentially been straight up for many, many years as the numbers keep putting up numbers like this year after year. just look at the earnings for the last four or five years. $4.25 in 2015. they're talking about $7 a year from now. those are the reason that you get this kind of stock moving up on a regular basis like this. want to talk about

western digital mentioned with marvell, team by the way reported by starboard this drive and dram is people to go back to the hp quarter where they said that a lot of stuff is good. >> hp inc. >> hp inc. >> we always need to define. >> there's, hpe, which is not doing well my travel trust owns, that's meg whitman, hp inc. and the super rig company, the true hp. i'm amazed at how that company is -- >> are you really? that's good to hear. >> what'd you get in on snap? >> where are we on snap? >> no, where did comcast get it? >> at $17 at the ipo price i would assume. >> now competing with e-bay for market cap. yesterday it was tussling with general mills and delta airlines in that neighborhood. marriott, target. >> you know, one of the problems honestly i wish we could all agree, 1.57 billion shares, i think bloomberg has a different number. >> yeah, i know. >> to be fair there's rsus, there's different forms of stock, i guess, that make it a little more difficult than you might expect to know the fully diluted share count of this company. i've seen 1.4 from some, 1.6 right now. >> loo

they waited, waited, waited, but dram prices up makes sense.mbers way too low symbol mu, again, that's exactly the kind of call i'm talking about. where you been, partner, but they're onboard. >> same time intel which is the worst dow component at the moment bernstein takes it to a sell, structural headwinds, competition from nvidia, namd, weakness in the data center. >> i felt that that call was gratuitous. you probably want to buy that stock. intel is coming on strong in those areas. i do like amd, i like nvidia. that was a nitpick call. i didn't think it was a necessary call. they should have just let that one go. you don't need to slam it like that. in the meantime the kinds of stocks i'm looking at you take a 3m, 3m, stock is now up 12 straight points, there's just a lot of guys saying it's not as bad. things are a little better. and that's causing people to pay higher multiple, which i know you don't want. you don't want to do greater fool theory, but some estimates are too low and that means you can buy a micron. >> yep. >> estimates mig

remember, this is disk drives not a so fphisticated as flash memory or so fifty indicated as drams, butt's entirely possible that demand for pcs, to your actual pc, could be stronger it's not really much play on data center but it is going to cause a short squeeze in the following names, western digital which has disk drive that's been hampered by the toshiba, apple, short squeeze in micron and lam research, a battle ground stock. it ended up going down and back up applied materials very inexpensive stock, not necessarily related but people like to use it as a cohort don't forget tech reports later this week, people might even read through this. this is why you want to figure out that this market is going to go down with 19 holds and four sells people expect a short for seagate. >> your point is it's a larger tell beyond seagate for the overall health of the broader pc -- >> absolutely. look at this, disappointment short fall down here people are saying forget this company is finished it's back and people are going to say you know what, i've got to buy western digital and lam research,

they have got demand going up for dram they're an amazing company, fantastic balance sheet. >> so xilinxthe outlier. >> they are the one who was ahead and people thought they were the 5g play i'd rather buy skyworx if you want 5 dg play skyworks has a great reputation with apple stock reported on a day when people didn't like the semis i think it should be back, it should go back up. >> guys, just to recap the very top of our show, tesla is by far the most significant gainer, 10% gain that stock is up 52% this month. first month has not ended. $115 billion market value for tesla. you can bet he's going to get that payday now. >> he deserves it. so does those guys at -- everybody deserves it. i can't wait for the democratic primary to see how little these guys have. >> iowa is monday. >> it's going to happen. just like lenin. >>> shares of servicenow are on fire, enfuego. an earnings beat offering stronger guide anxious this brand new ceo is so complimentary of previous ceos joining us now is bill mcdermott, took the helm in november we know him because he is a great guy, universally love

i have been screaming buy micron now for a very long time because of tightness in the dram market andhich they own. i cannot believe micron doesn't get a bid from someone. western digital by the way is another one to play off that. this is a very strong momentum situation, boom bust cycle admittedly and we are in the boom part of the cycle. that's a buy. >> yeah. micron's been amazing. >> yes. >> what's on "mad money" tonight? >> stock up 6%, sam reed of treehouse, one of my absolute favorite ones. just fantastic. we've got s.a.p. on. they rang the bell. they have a terrific story, steve singh, he is one of the great executives. >> yeah. >> bill has done a remarkable job at s.a.p. and always wish him well. such a good guy. >> a delight to be around. jim, we'll see you tonight. >> thank you. >> of course, david's on his way to viacom hq. we're going to get the latest on the president's meeting with airline industry leaders and then exclusive with incoming coke ceo james quincey. what a morning. don't go away. o whou anck tax pro rp otson withhe finng o whou anck tax pro r blk wt ur t w

anything that it issues, what is it, it's just a reserve dram.hink it's dumb, what is a floating rate note any way? it's rolling over. it's the same thing as rolling over a regular t-bill or short-term not and they have been doing that in the trillions and trillions of dollars for years and that's going to continue to go. even if they couldn't turn it over, it wouldn't preclude the government from spending anything that they need to spend. they are crediting bank accounts. if this is an enticement to investors thinking that they will offer a higher rate rng the government controls the interest rate any way through the federal reserve. all around it's dumb. and the fourth thing i'll mention is that if they do raise rates, they are going to be feeding inflation because the government is a net payer of interest. it will be just boosting interest income and that -- if it's not met with an increasing output, you're going to increase inflation. it's just a dumb idea all the way around. and i don't understand why treasury is proposing this. maybe you th