jonathan kanter from the department of justice.ing that to us. let's get reaction to what we heard from the doj's jonathan kanter. joining us now roger mcnamee, early facebook and google investor, often cranky, always interesting, roger, are you. so i'm curious -- >> how he would describe you. >> roger and i are similar in that way. what are your thoughts about what you just heard? i'm always interested to get your take, given your previous comments on these matters? >> so david, i think there are two things that everyone should take away from jonathan's interview. the first is that democracy has been under assault in this country for several years, and it's simply a fact of economics that when you concentrate economic power, there's a point beyond which concentrated economic power threatens democracy. i think we have passed that threshold some years ago. so the biden administration shows -- and, frankly, this began under the trump administration, but they chose to use antitrust to try to restore more balance to protect democracy.

here with jonathan kanter head of antitrust division at the united states department of justice and asle yesterday. jonathan, thank you so much for being on cnbc this morning. >> thank you for having me. >> you can't talk about remedy. the legal term for what happens to apple if you win. i wonder if you can tell us off the bat if you're taking off the table some kind of a breakup of apple, if you are to win this case? >> let me take a step back. the attorney general explained during our press conference yesterday when a company violates antitrust laws there's a law for that. first and foremost, we are a law enforcement agency and our objective, make sure companies are held accountable if they violate the antitrust law. our lawsuit is to ensure apple is held accountable for antitrust violations and remedies achieve an intended result, which is restore competition now and in the future. >> would a remedy involving a breakup of apple achieve that desired result? >> our lawsuit asks for remedies necessary in order to address the anti-competitive conduct and violations, whatever those remed

they're issuing a flurry of lawsuits against corporations ably buy out of with anti—trust law, jonathan kanter department doing the same. this is something that shows people that this is an activity ministration for some of these progressive causes especially when it comes to the role of the corporation, how it can merge and how big some of these giants are. the ohio senator is praising the ftc because he himself has concerns about the size and scope and power of technology.- power of technology. donald trum- power of technology. donald trum is power of technology. donald trump is really _ power of technology. donald trump is really looking - power of technology. donald trump is really looking at. trump is really looking at serious money issues, legal bills are partly not only is having trouble finding a bond for a civilfraud case. his being out fund raised politically byjoe biden. is money going to be a crucial part of the next seven months of this campaign? it’s part of the next seven months of this campaign?— of this campaign? it's money across so _ of this campaign? it's money across so ma

you don't want to give the doj a lot of time, but jonathan kanter was a guest earlier on "squawk box" talking about the case that they are bringing. as we made the point yesterday, jim, it will be years in the making, and so, who knows? the stock did suffer yesterday, though, on the announcement. take a listen to a little bit of what mr. kanter had to share earlier on "squawk box." >> our concerns are not with necessarily what apple is doing with apple's products. our concerns are with restrictions when apple tells others what they can and can't do with their products. that is our primary area of concern, and that is the primary area of our focus in the lawsuit. and ultimately, allowing others to innovate will yield more benefits, including the kinds of benefits that apple is able to generate, and we talk about this in our lawsuit, when it had access to the windows operating system in the early 2000s, so that it could launch products like itunes, ipod, and the iphone. >> trying to connect, in fact, previous antitrust actions and the benefits that were brought in part for apple as you

we have a new administration coming in and it is likely that jonathan kanter hands over the reins.o you think anything changes on the back of that. it was a trump administration that brought this case. adam: frankly the fact that jonathan kanter is on his way out is the reason why these remedies are so sweeping. he will not be around for the trial about the remedies next year. a lot of the attorneys who are prosecuting the case are shopping their resumes around washington. trump will have a turnover in the agencies like a doj. he does not have to own what is happening next so that is why he swung for the finches -- for the fences. trump named pam bondi former attorney general of florida as his next attorney general. she will decide who the head of the antitrust division will be. and there might be slight changes. i think that trump likes having cases against big tech because frankly they provide him some kind of punishment or leverage over services. but there might be changes in how they manage the case or different approaches to how they approach things like remedies. caroline: th

i will now turn it over to assistant attorney general jonathan kanter. >> thank you very much. let's do this. renters deserve the benefits of vigorous competition. in prosperous times, that competition should limit rent hikes. in harder times, competition should bring down rent, making housing more affordable. realpage has built a business out of frustrating the national -- the natural forces of vigorous competition. in the words of realpage, a rising tide raises all ships. this is more than just marketing. it's literally the cost of housing for millions of americans. for realpage, that rising tide of rents means more profits. for landlords, that rising tide means more revenues from higher rents. but renters are the ones left to pay the price. for renters, that rising tide means less money for food, health care, child care, and education. for renters, that rising tide means less money for families to make ends meet. today, we filed an antitrust lawsuit against realpage to fight the rising tide of high rent, to restore competition, and to make housing more affordable for million

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jonathan kanter from the antitrust. >> is he coming on today? he seems to come on -- >> yesterday.very other day. >> so, he'll be on tomorrow with us? >> yeah. he will be. jonathan gray is going to take a day off. >> jonathan gray does not come on very often. >> the reason why that interview is so great is because jonathan gray husbands himself. >> and he can discuss things across a broad variety of topics. jonathan kanter is much more focused on antitrust, i find. >> he must have read, what, mornings on horseback? what happened? the bull moose party? what did he read? those moments when teddy, when tr was going after standard oil and created one of the greatest value creations in history in breaking up standard oil. >> maybe that is what inspired him at the doj. >> what can i talk about right now? kellanova? >> we'll talk kellanova. let's get to the biggest deal of the year, enterprise value-wise, when you add in debt, it's $35 billion. when you do equity value, at least based on the number in the merger agreement, you're somewhere closer to 29 or so billion in equity value. that'

discussion, panelists including ftc chair lina khan and assistant attorney general for anti trust jonathan kanter examine the impact that labor markets and mergers have on consumers. this event was hosted by the,

if you read this, it's almost like jonathan kanter, who worked at paul weiss, by the way -- >> jonathananter, who runs the doj's antitrust -- >> he understands the game here. >> -- division. >> it's like he read -- david will like this -- chernau on standard oil, rockefeller and said, you know what we're not going to do? we're not going to create eight mini oil companies so everybody does better. we're going to take this company and say, you know what? you screwed up. you monopolized, and now you have to pay. we're going to have a committee in there that's really going to run the company and decide how well you're doing. david, this is state-sponsored, i think, destruction of capital. >> interesting. i mean, google obviously puts out a three-page response or so, talking, of course, about a radical and sweeping proposal that would hurt consumers, businesses, and developers. here's some part of that. concern the doj is already signaling requests that go far beyond specific legal issues. they say, hey, the case is about search distribution, but rather than focus on that, they seem to be pu

why would you, in the face of jonathan kanter say, i'm not taking you at your word?'m going to do the deal anyway. >> if all that's true, why is solomon, for example, so gung-ho on the m&a environment right now. >> i think there's a lot of deals that could be like what we have with synopsis >> airlines is challenged in terms of antitrust right from the get-go timat this point becs there's so much regret that they allowed the american deal years ago. i think the risks, carl, to your point is still there, both ftc and doj for many deals that would not have been considered high risk, but as i've said a number of times, that seems to be fading as the key consideration for those who are considering a deal we're back to sort of the basics of, can we agree on social issues and price and get this thing to the finish line i don't want to say in any way that regulatory risk is not significant, but ceos seem much more determined now. >> yeah, well, bob, who i spoke to last week, the ceo of amgen, and they're merging with horizon. horizon had great drugs but not a lot of distrib

jonathan kanter wanted to be kathy bates, who apparently is in some tv show now.she wanted to hobble james caan, which, by the way, she was able to. >> tough scene to watch every time. let's get the opening bell. at the big board, it is blackrock, celebrating ishares innovative and tech etf, at the nasdaq, it's the mets, and the amazing mets foundation. mets alumni john franco, mr. and mrs. met, the amazing mets foundation donated a record 8,500 turkeys to those in need during friday's mets-giving day. nobody knows the team as well as david. >> on that one, i think i can take both of you guys, but there's not much else. we'll see if we get soto. that's the big thing now, of course, whether steve cohen will get soto. did you guys know that there is a 15-year deduction -- when you buy a sports team, you can deduct player salary, all those elements of it that don't have to do with the specific income? it really enables you, if you have high income, like a david tepper, every year, huge potential deductions over 15 years. >> he deserves it. david tepper deserves it. t

now, jonathan kanter, you saw him in that shot to the attorney general's left? thank you so much for joining us. appreciate it so in a statement, live nation is calling this lawsuit, quote, baseless, and a pr move by the justice department live nation says this will not quote, solve the issues fans care about relating to ticket prices, service fees, and access to in-demand shows. they go on to say the doj quote will lose in court because it ignores the basic economics of live entertainment. the lawsuit is likely to take years before. even if even could prevail before the high service feeds will dramatically drop, right? what's your response to live nation? >> sure. first, thank you for having me. this isn't a case that the american public understands why, because they are unhappy with the cost of live music, and they are unhappy with a monopolist controlling how much they pay and how they see their live shows the end of the de we believe that competition is what drives prices down. we believe that competition drives choice. we believe that competition is what cr

i mean, jonathan kanter, he has to deal with why intel didn't do great a.i. chips.t was not because this company, nvidia, is a monopolist in behavior. google, they claimed, was a monopolist in behavior, and they won in court. this is a much tougher case. >> so, the long-time saw has been, one man's margin is another man's opportunity. >> exactly right. >> it's not 100% share, but it's 90% share with this company. >> we always remember u.s. surgical, because they had gigantic margins. margins in the 30s and 40s, and then suddenly j&j went into the stapling business and they came in with 18% margins and that was higher than a normal business. they're going to come in and have margins that are much higher than they are currently, but much lower than nvidia. that would be what michael semiblast is predicting for jpmorgan. find me that competitor. if we had lisa su on right now, and i think that amd is fabulous, i think she would admit, we're not where we have to be, and nvidia is, particularly with training. michael said they have to lean on inference, because they've d

jonathan kanter, assistant attorney general, joins us first on cnbc, and mr. kanter, congratulations on a very, very big win. >> thank you, jim, great to be with you again. >> let me ask you, when a judge rules that someone is a monopolist, which means exclusive agreements have reduced incentive, and innovation, what could possibly be the remedy? because, how do you break the exclusive agreement? how do you get incentives and innovation started again? >> sure, this is a familiar problem, so this -- these kinds of exclusive agreements were at the center of the usb microsoft case and the court observed there, as i would observe here, that there are remedies for all things but death, and at the end of the day, what's most important is that we meet the market where it is, we reflect market realities as they exist today, and we look ahead at what the next inflection points coming down the pipe are in terms of competition and protect them from anti competitive conduct. >> mr. kanter, while google won, it would seem there's an unintended consequence here, apple, which

however, i would come on and also add that jonathan kanter worked at paul weiss representing google.that's not necessarily a sign of anything. >> i mean it's understandable. >> picked to run ftc and enforcement at doj, antitrust enforcement an important one. spent a lot of times these last four years talking about lina khan and jonathan kanter. >> she was a lobbyist. >> there is euphoria in the market that thinks there will be a wave of m&a. a possibility. >> i believe that. >> let's see who is appointed to those jobs because, you know, there is a populous element to the incoming administration. >> there is. >> embodied to a certain extent by vice president vance. >> google is not going down. 2027 time frame before they get in front of the supreme court. >> yeah. yesterday was a -- >> 2027 time frame. >> goldman reiterates a buy on alphabet and talk about that and the transition, as it applies to bitcoin trying to knock on the door of 100 k and cramer's mad dash and the opening bell in just a minute. it all started with a small business idea. it's a pillow with a speaker in it! that'

discussion, panelists including ftc chair lina khan and assistant attorney general for anti trust jonathan kanter examine the impact that labor markets and mergers have on consumers. this event was hosted by the, ftc and the justice department. >> welcome to the 2024 enforcers' summit. i want to extend an especially warm welcome to our federal partners today who join us and our international and state enforcement colleagues for the third annual convening of this event. i'm also especially pleased to note that the ftc is now operating with a full commission, and today we will be joined by the ftc's two newest commissioners, commissioner melissa holyoke and commissioner andrew ferguson. i know the staff and my fellow commissioners join me in extending a really warm welcome to commissioners holyoke and ferguson. we very much look forward to working with them, learning from them and forging common ground. i also want to pass on chair khan's regrets that she is unable to join us in person. she's celebrating ead with her family. together with our sister agency, the antitrust division, we established th

jonathan kanter will join us at 8:48 a.m. eastern time and "squawk box" will be right back. >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com. y'all see this, patrick mahomes is saying goodbye! patrick! patrick! people was tripping. where are you going!? he was actually saying goodbye to his old phone. i'm switching to the amazing new iphone 16 pro at t-mobile! it's the first iphone built for apple intelligence. that's like peanut butter on jelly...on gold. get four iphone 16 pro on us, plus four lines for $25 bucks. and save on every plan versus the other big guys. what a deal. that's a lot if you ask me. ya'll giving away too fast t-mobile, slow down. the global injectable drug market, including high demand glp-1 weight loss drugs, is projected to hit $800 billion by 2025. lexaria bioscience is breaking down barriers with a patented technology that enhances bloodstream absorption. and the best part? it's an oral delivery platform. as an innovator in drug delivery, lexaria bioscience has partne

one thing we know about jonathan kanter, the attorney general in charge of antitrust is he is focusedn crafting a compelling narrative in his complaints. it is not just what we see tomorrow, it is not just who has legal language, he is going to form a narrative of how this is harming consumers. haidi: this is the third time the justice department has sued apple for antitrust issues over the last 14 years. what sets this apart? what kind of resident and continuation of woes could this mean for the company? anna: that is a great question. it is in line of what we have seen from other countries whose laws have related to apps, like south korea. they have had cases from the european commission. there is this global discussion about how app stores like apple and google can really craft the rules of the stores to benefit he own products. hurting their competitors. their competitors products like apple music depend on accessing customers via those app stores. there is a global examination of these business practices and what it means for market competition. haidi: you mentioned the compellin

. >> catch a first on cnbc interview with the head of the doj anti-trust division jonathan kanter talkingut the apple lawsuit. that is coming up on "squawk box" at 8:20 a.m. >>> and the price of gold trading at $2,169 an ounce. it is trading just below the all-time high. for cnbc pro members, david neuhauser says there is more room for this metal to run this year. offering three other stocks he recommends buying now to play the precious metal rally. it could out perform. for more names, head to cnbc.com/pro right now. we're back after this. planning . looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice... i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial. my name is oluseyi is advice worth talking about. and some of my favorite moments throughout my life are watching sports with my dad. now, i work at comcast as part of the team tha

jonathan kanter called this historic and monumental. this is a time when we need to get serious about whether we use antitrust as a policy tool to create competition and that is where we have failed though far with half witted measures. or, continue to do something which is marginal, targeted and very prescriptive but does not deliver competition, which was the goal. the department of justice will feel that this is the salient moment to pursue this kind of aggressive. caroline: 3.5% fall in market cap share price and it is a big move on the day but it does not reflect the idea that it will be broken up. is this in any way realistic and what do you anticipate will be the real solution here? cristina: the markets never anticipate that antitrust will do much and that is the test. the outcome of this case in which the judges delivered a very thoughtful and -- a very thoughtful opinion. is it going to be serious or nibbling at the margin. i think markets are just waiting to see. of course the prospect of breaking up google is very ambitious.

we talk about that all the time. >> the goal under jonathan kanter was to hobble them. i have used that in misery and you won't listen to me. >> i have listened to you. >> you did look like james khan. >> we have to go. >> you had that hair. >> thank you. let's leave it at that. after denigrating me the whole. by the way, safra catz knows i'm going to be right. safra knows. let's get to toll brothers after the commercial. >> we'll get to toll. we have some news though this morning. the suspect in the killing of united health care ceo brian thompson, as you may know, has been arrested and charged with murder. bertha coombs has the latest. >> good morning, carl. the man accused of shooting and killing united health care ceo brian thompson has now been charged with murder in new york. 26-year-old luigi mangione is being held at a maximum security prison where he was arrested at a mcdonald's in altoona, pennsylvania, yesterday, when he was spotted by an employee who called police. they discovered that mangione had a gun with him similar to the one used in thompson's shootin

we are going to hear from the doj anti-trust chief jonathan kanter at 3:00 p.m.et. >>> we will take a look at the economy and consumer confidence with the head of barclays. that's comg . ayitus.inup dave's company just scored the comcast business 5-year price lock guarantee. high five! high five! -i'm in a call... it's 5 years of reliable, gig speed internet... five years of advanced security... five years of a great rate that won't change. yep, dave's feeling it. but it's only for a limited time. five years? -five years? introducing the comcast business 5-year price lock guarantee. powering 5 years of savings. powering possibilities. >>> welcome back to "sport." we approaching the final sprint to the olympic games in paris. it is a memorable day ten for team gb. gold and silver in the kayak cross before keely hodgekinson taking gold. it was gb's first olympic track medal since the 5 ,000 and 10,00 goals in 2016. and mondo duplantis leaped 2.65 meters. he is the first to retain the gold in back-to-back olympics since the 1950s. this is the ninth time he broke the

lina khan, jonathan kanter, antitrust. that ends. that ends entirely.ou've got a person who's from california. i'm regarding this, actually, as maga versus maga. megatech does better with someone who's sophisticated, who understands california, who is not against tech. biden has done everything in these agencies that he can to annoy, to go after tech. let's not forget her brother-in-law is tony west, who is a former general counsel at pepsico, then was with the justice department and is now the general counsel of uber, and you tell me if there's someone who's more sophisticated and knows more about business and the west coast than her brother-in-law, who would be an amazing advisor. they're close. and i just keep thinking, this is going to be a globalist versus nativist, not nationalist. nativist. >> yes. >> populist in terms of the republican party versus pro-business versus the democrat, international business. these are very big differences, and i have followed her career and followedbiden's career, and if anybody -- biden didn't hurt the stock marke

i think what lena kohn and jonathan kanter have done at ftc and doj has been such a stretch in termsinterpreting the law and the any trust law and they have done a disservice to our country, to investors, and frankly damaging the competitiveness of america as a destination for capital. >> but that is the world we live in now. we were talking to brian moynihan on the trading floor of bank of america. he was talking about the amount of deals being held back by the prospect of them not being able to pass, not being able to go through, and no one wanted to be on the wrong side of that, being left hung out to dry without any idea whether the deal will close. are you seeing the same thing? >> i do think, and i would say to the decision-makers that, if we are going forward, if there's going to be a deal to work, we have to make sure we allocate the necessary time, resources and commitment to get through that. but think about it. if we would like to be the location in the world where capital flows to its most efficient use, where it gets the most dynamic economy, velocity of capital, we shou

how's that doing today in >> oracle and the trojan horse >> jonathan kanter is ready to stop that dealheartbeat. >> there's no antitrust on a skydance-paramount deal. >> oh, no, david, jonathan kanter watches the show, and what they're saying -- will you listen to me >> larry ellison is not -- >> just wave to regulators all day long >> the ftc does not watch the show >> lina khan does not watch this show she will personally come down here and program her generative a.i. to figure out how to eliminate jim. >> i'm just saying if you're going to go after simon & schuster merging with whoever, you know, that's the steven king case, you think you're not going to go after organize snl. >> you're not. the fcc review will be significant. by the way, there's going to be plenty of asset sales associated with any deal, unless it was just a nondeal, and paramount just stays out there, but any deal cbs stations, the networks all anybody really wants is a studio that's of great value. the only other thing i would mention on paramount to sort of -- we talked about it enough for now, but the -- i do h

jonathan kanter said the search market is already at its most critical inflection point in 15 years.petitors like perplexity and openai are trying to make inroads. apple is integrating chatbots into its software. they recovered on the session today, though turning lower recently. it was a major victory for the doj and did rattle investors. there's no small amount of skepticism this will result before the market itself changes or the administration changes potentially altering that regulatory landscape. more likely the greater risk for investors is that the lawsuit distracts google over time from the most important rates at hand, the arms race. the company goes to trial against the doj a second time in september over ad tech. this battle or battles are far from over. kelly,a separate development in the ad world crossing the wires today, elon musk's x has filed an antitrust lawsuit against advertising groups over a, quote, systemic illegal boycott accuses the companies of unfairly targeting the platform over safety standards. some context here, just last november he told advertisers th

the companies that jonathan kanter and the ftc have picked on, they have been fabulous stocks. alphabet and amazon had incredible quarters and their stocks rallied big. i'm not saying we should have a kanter for kanter etf that lets you buy the stocks of all the companies justice goes after. i am saying for all the bluster from me and others, the stocks have bun extremely well. hmm. maybe antitrust is not the enemy. bottom line, i'm not sure the market is right about what a harris presidency means for business. but at least we have a blueprint for what wall street thinks it will mean. i like the idea you can now get a jump on what traders think. then again, i don't look at traders as the best idea of what other traders will do within the next day or two. i say stay the course. nico in illinois, nico? >> caller: jim, the apple vision pro, and can we get a boo-yah for the new open outcry trading floors in chicago. >> if you want a boo-yah, you're going to get one for that because i'm in favor of that. what's going on? >> caller: boo-yah, baby. jim, disney's direction tried to lead

a lot of people in fact expected it to happen last year, still did not happen, but we know jonathan kantere anti trust chief official over at the doj, is one of the key players. looking into apple over all of these issues around the app store, around the wallet, and things like that. not to mention the epic games case. fortnite maker, that lawsuit between the two countries companies still going on, so going to court. we expected here between the supreme court pretty soon whether we'll take up that case but also plays into this whole theme around apple and it's up for dominance as well, kelly. >> we have just been talking about the shares, steve. they're down five and a half percent to start the year. mikey cap again almost being surpassed by microsoft, which is in the green today. the reaction by investors here suggests what? even though this was telegraphed, they don't seem pleased about. it >>, yeah yeah. that was really curious. i just read through the new york times story, and didn't learn much knew that hasn't been reported before that we haven't reported on this network before about

kind of euthanizing antitrust for 40 years you have amazing young woman, lina kahn at the ftc, jonathan kanter at at the antitrust division. she has department reviving antitrust. so the market can work way the market is supposed to work based competition and you don't have platform monopolies. any time somebody comes up with a new innovation that might compete them you don't have them just buying out their competitor. you don't have airlines consolidating. i live in boston i flew down last on jetblue, the was dirt cheap. why was the dirt cheap? because there are actually competing airlines from, boston to washington. but if you go on a number of other routes where just one airline you're going be absolutely soaked. so i think embracing competition, embracing what's good, the consumer, taking on pharma. this is all good. i think a lot of democrats are compromised. and if if you if you look at the career pattern of former members of the house, members of the senate, even seniors staff, unless you're either an idealist or a --, you go to k or you go to wall street and, you you add an extra zero

. >> lena khan is gone, jonathan kanter is gone at doj.y point is just, listen, you're going to get m&a -- let's go back to the pain point. you're going to get m&a, dividends, buy backs, a friendlier environment, banks are an essential part of that discussion. >> do you agree banks, lean into the banks now? >> definitely lean into the banks. we were talk being a reset. you have had 15 years of upward pressure, regulatory pressure. you peaked about a year ago, basil 3 watered down, the chevron decision and now you're going to be a very, very friendly administration. this is different. furthermore, you're right, lena khan is probably gone, she's been holding up a lot of m&a, what's going to happen to the banks is you're going to get -- you already have gotten multiple expansion and now the capital markets business, m&a, ipos, trading, it is all going to speed up. we may be looking at a super cycle in the m&a market. >> wow. steph, you own some of these stocks. >> i hope you're right. >> you don't old goldman, i don't even think you own the p

. >> jonathan kanter, assistant attorney general for antitrust.t nvidia for having been really smarter than everybody else. they're looking at apple for producing a superior phone, and i think there's an article from the ftc, when lina khan was a little bit younger, talking about maybe there's a cocoa -- is that a cocoa cartel? >> says these companies are being penalized somehow for their incredible success, for executing better than their competitors and their competitive set. the other argument would be -- and i know you also share this to a certain extent -- they are so involved in our lives in every way that the size and power of these platforms, so to speak, is unrivalled in terms of, really, corporate history or until -- you're a student of this history. maybe there's a period in the 1890s, but i don't know. >> there was one when teddy roosevelt was president and standard oil had 100% of the oil market, and they did that by driving everybody out, putting flash flood -- lowered prices when anyone came in, and they wrecked every single competi

kanter is more -- >> jonathan kanter who has the job now -- >> more reasonable -- >> -- stifling competition in our innovative sector and using the market power to crack down on the rights of so many americans as well as those of little tech. that was in the post in which he nominated slater i've been saying we can't rush to judgment here in terms of m&a. there are going to be sectors where it will absolutely be not a free-for-all certainly a great deal of activity but there will be other sectors and perhaps this means that big tech will not be participating - >> [ inaudible ]. >> -- where you will not see as much everybody dreams big beets is still the largest deal. what amazon might do or meta this would say you can keep dreaming but those are dreams you will not do anything alphabet and rounding out with whoever you want to call the other -- microsoft. >> if you want to do the analog, they're pro-trade desk, anti-google, okay. how things are set up. trade desk an insurgent against google pro shopify, anti-amazon shopify in small business. they're populist these are raise less. >> got it.

justice department >> the green bubble phenomenon >> made me feel much better about jonathan kanter.uch for that vision pro >> that's because they haven't made it a business-to-business play with jensen huang they're still keeping it as a consumer product he's talking about the dramatic cut. >> yeah. long-time supply watcher on apple says they have cut their vision pro forecast for the year >> look, like i said, the long knives are out for apple >> you made the point a few times. it's very expensive to buy >> we need to see -- it's business-to-business no, siemens could buy a hundred thousand of these. jensen said, look, it's a business-to-business product and apple doesn't necessarily, to my point, do business-to-business they like consumer but jensen says if this was a business-to-business, then this product would be amazing you would buy cars, carvana. you would buy homes. and that's what it's for but he doesn't think tim cook knows that remember, i got in a car that didn't exist i can got in a car that was a chair. i stepped out of the chair like it was a car i almost slammed the

. >> you're starting -- >> jonathan kanter's an incredibly nice guy, just for the record.. >> he can't figure out what he wants. >> he's incredibly nice. i agreed with him on ticketmaster. what's that about? >> it's about fees on fees on fees. >> i agree with him on that. those fees are too high. >> i agree. you have people going to france to watch taylor swift and paying the same for the flight is everything else. >> two reports on taylor's effect on cpi in sweden in the uk. >> that was amazing. >> i'm trying to get to that restaurant in jersey she went to. >> lost me on that one. >> the black something or other. got to get to that place. >> got it. >>> as we go to break, watch bonds. we're watching 4.2% on the ten-year. it will be busy today. umich in a few minutes and later on today, goolsbee, lisa cook as well. stay with us. (grunting) at morgan stanley, old school hard work meets bold new thinking. (laughter) at 88 years old, we still see the world with the wonder of new eyes, helping you discover untapped possibilities and relentlessly working with you to make them r

jonathan kanter, the attorney general, i hope he doesn't watch football because i think he would feelwait a second, they're right in my face. >> he's looking for a new job. i wouldn't worry -- >> how do you know? did you get his resume or something? >> i'm sure he's going back into private practice. what else is he going to do? >> he's not going back to paul weiss, i'll tell you that much. >> really, you know that? >> i'm just presuming that. >> why? because he was -- google was a big client of theirs. he attacks google, and he's going to defend google? even a person could not move that. >> dollar sign being intimidated by a human being. >> i'm proud of that. >> as you should be. >> 27 years i've had that title. longest running dollar sign. >> you're one heck of a long running dollar sign. we have a rally here, guys. >> no kidding. >> as i always like to say, no one has the keenness for the obviouvideo of saquon bursting through -- >> yes, we already watched that, okay? we already watched that. >> there are other teams. for instance, the chiefs really win a lot. the lions may be the b

joining us is assistant attorney general for antitrust, jonathan ka kanter.s. there's a lot of speculation right now about what's going to happen to, frankly, a lot of the cases that are in play and what's going to happen in this presidential election. and i actually in an odd way want to start there. just to understand how you think about this election versus the cases that you have either brought, or the cases in the pipeline. >> yeah, thanks an andrew. it's great to be with you. for starters, i can't think about it. i don't have that luxury. i'm a sitting government official and my job is to focus day in and day out, putting one foot in front of the other, one step at a time, and making sure we're enforcing the law to help the american public. the work that we're doing, the cases that we're bring, and frankly the cases that we're winning over and over again relate to issues like health care, technology, agriculture. things -- groceries. things that are central to the lives of everyday americans. and so it's important for us to bring those cases, follow the

and look, insurance is something that we all feel it's funny we have jonathan kanter at justice reallyressuring apple, and the issue with apple, again, is that the phones are so good that people don't switch well, how about the fact that if you switched insurance, all it would do is make it worse? but you know, they're not -- they're not savvy like that, because they're anti-mega tech, and the justice department is emerging as the one i'm now focused on the other agency, we know their stance they seem to be fine they're consistent >> the ftc which one do you mean? >> they're consistent. but kanter has taken on google, and he's taken on apple. he's got merrick garland on his side, the attorney general, but when i look at what happened with apple, what happens with apple is it has to cut numbers we'll get that number cut. then, two to three days later, we'll say it's bottomed. then, the focus will be on the other mega countries besides china. you're going to start hearing a narrative which says, we got to start thinking about brazil, philippines, indonesia, turkey, and then we have to ex

. >> when you go read the google case that google lost, the one that jonathan kanter came on and arguedt -- it's building up. it's kind of the crescendo, like "tristan and isolde." it's the love death, but he says, and in conclusion, they're a monopolist. i mean, no. it's like, really, it's amazing. it's like, we have had enough. america's had enough with these people. >> and it will continue to be something we discuss, because it's going to be -- and again, it's both the republicans and the democrats in some ways who are sort of coming to -- >> all trying to figure out what to do. >> -- similar conclusions. you can talk to steve bannon on one side and on the other, i don't know what the opposite of steve bannon would be. and they'll say the same thing. >> you just know steve bannon's side of things. >> he hugged me once. >> navarro's hugged me. >> he said, my brother. >> you guys are alone on that front. >> my brother. i was like, is this actually happening? >> rene haas hugged me from a.r.m. >> that was very nice. let's quickly hit disney succession. can we do that? >> you bet. i'm ge

they have a real -- they have a real buyer, but i know that jonathan kanter, and of course, this is not -- well, this is everybody. i think justice, ftc, the states, everybody's looking at this has said over and over again that this and the airline mergers were the bad ones. rodney mcmullen has great data that shows you that prices have been held or going lower i think rodney's real. i think he's earnest, and i don't think they play earnest down there they're not earnest. >> we've also got american hiking some baggage fees >> thanks for nothing. >> another conversation with oscar munoz on "squawk" today, saying it might be an effort to get people to book more directly with the carrier than through some of the online agents. >> that could be we're call kind of tired of paying more and having an extremely full flight and not being able to take our carry-ons in anyway. i think that american has been stuck at this price for a very long time. they all have. they've been not great stocks. not great stocks at all. >> what's buffett's old line never going to be a wonderful business >> that's be

we've talked more often about lina khan at the ftc, but jonathan kanter is -- >> kanter is a seriouseavyweight lawyer. this case is one i want to know about. look, if i were at alphabet, i would be very concerned about his case that he's bringing in terms of advertising. especially with pubmatic. >> these cases take a very long time to develop. ultimately, if you ever do get there and they succeed, you could be talking about either sanctions of some kind or breaking the company apart. >> and if trump came in, conceivably they might not drop the investigation. there's a trump investigation trump started in the justice department against alphabet. that's the one about the phone. >> i think, you know, there is a expectation, if there's a trump administration, that regulatory would become less involved. but that said, more unpredictable. >> but david, you spent a lot of time with the person who is in charge of antitrust under trump, who was a very serious -- >> absolutely. >> and i don't think you thought he was political. >> no. i didn't. he's a serious guy, rigorous guy. some people wi

now in the green room behind the scenes, i saw jonathan kanter, the head of antitrust at the doem departmenthe head of the ftc, they had a quiet conversation in the corner of the room there, just the two of them. i don't know what they said to each other there, but it is clear that intense negotiations on this deal have been going on for some time and they came to a conclusion earlier this week. we are told they are now in the final stages of papering this deal, but clearly this sets the table for something significant in the antitrust and ai space. back over to you. >> eamon, it is interesting. one wonders what they're going to come up with if and when they conclude their investigation. i would make the point it's an obvious one, generative ai requires an enormous amount of compute power. only a handful of companiesthat can afford to do it, and those do tend to be some of the names you just shared because they're going to be spending tens of billions of dollars. i don't really know what -- what's the alternative? >> one thing if you look from the ftc's perspective, they blocked nvidia's acq

jonlt jonathan kanter was there from doj. >> very good guy very smart. banks banks downs.igher for longer. with jpmorgan, easy to tell that they -- the banks have been adamant that higher for longer is fine for us, so if we get not higher for longer, then people say, okay, well, they didn't think that's that good. i'm surprised that alphabet isn't up more, given the fact that the cohort that it's in is doing well. >> finally, we didn't -- some of the comps, the organic numbers on hershey were interesting, just given what the commodity's done. >> we got to get a handle on how much they locked in, because man, they're going to have a good year next year. i think that stock should be bought. michelle buck is a very good ceo. i thought mondelez had a really good quarter. >> meantime, more data on the way. services pmi. let's get back to rick santelli. hey, rick. >> yeah, and services pmi popped the ten-year back above 4.5%. these are april final. we take the mid-month read and toss it. 50.9 now becomes 51.3 on the services. that's still the weakest level, actually, since novem

. >> i thought jonathan kanter came in, he was fire-breathing against the pes. >> the planet-eaters.> the planet eaters. i like that more than -- hyperscaler was always meant to confuse. >> you're right. we talked about the use of language last week and who comes up with these things. i offered a few in terms of how the industry wants you to use these terms, and then you end up doing it, whether it be drawdown, which is ridiculous. you lost money. whether it be financial sponsor or even private equity, when really, you just want to say guys who do lbos and have a lot of leverage and can write off -- >> rich people do well. i said to you the other day that you want your taxes raised and that was meant to be that you make a lot of money. then it got turned into some ad campaign for trump. >> it did. >> that was impressive because my wife saw it. she's so appreciative. >> so, a lot of nice time in the household this weekend. >> fantastic. it was a game changer. >> was it? >> yeah, game changer. >> speaking of game changers, anything else that we should be focused on in terms of market a

i look at -- i've known jonathan kanter for a long time, and i won't try to place him today in anotherob, but i can tell you the job he has currently is not going to be the one he has. he's the head of antitrust for the justice department. they have been -- justice department is very anti-apple, very anti-alphabet. they have, at one point, they were looking at nvidia, not even clear. but i will tell you, that's all over. there was a case -- >> well, and also, by the way, back to entertainment, the apple or amazon could step up for the big purchases that we could not have imagined under the current administration. >> and amazon. >> yes. i said amazon. >> i don't think lina khan is staying. >> she can stay as a commissioner, but she will not be chairman. >> she doesn't care for amazon, and i think that the prime people are going to take over, david, which is pretty much everybody in the country. >> when it comes to m&a and consolidation. that said, we can see one-offs -- >> including albertson's? >> that's moved up. we can see one-offs conceivably where as we know from time warner and at

you know nvidia is the most hated stock on earth right now, included by jonathan kanter. >> are we in until we hear from nvidia, which is a few weeks away from terms of its earnings? >> yeah, we are. the question is, is blackwell really late? can they make it up with the h-100, h-200 and then use cases? you go back to the tesla call. people hated the tesla call because they thought that elon was downbeat and elon didn't talk about vehicles, but elon did spend a huge amount of time talking about robots, and robots are run on this company's products. you can't do good robots without jensen. and they're just doing video, and jensen will be able to explain to you the use cases. >> right. >> and that's what's really hurting it is that people don't think there's any more use cases. other than servicenow, no one's been able to say, you know what? a.i. is real good for us. >> well, palantir yesterday, we felt like had -- >> palantir did, that's absolutely right. palantir had really good discussions about a.i., and there are a lot of companies that actually use it, and they say that productivi