and andy jassy joins me now.here. >> thanks for having me. >> thanks for waking up early to do this. we were talking about this inflation data. before we get into amazon, i'm so curious, given you have your tentacles in so many parts of the business, how do you see things and how do you see things as it relates specifically to inflation right now? >> well, when we see our consumers are spending but they're being careful about what they spend on and what they spend. you know, you see -- you know consumers wherever they could find a deal, they take the deal. we see -- it's going to take a lot more people not to buy detergent or shampoo or things like that. you can see that in the growth of our every day essentials business. some of that is because people are in a bind. some of that is the speed we have. people are still -- they are still buying. they're just being careful about what they shop for. >> but you are seeing a trade down. >> we see people trading down where they can. on the enterprise side, you know, the

by andy jassy.y i love microsoft. this is why i love alphabet. this is why i love apple. right now, this morning, because the street wants these stocks -- they can't have this bull market end, david. the street won't let it end. >> people didn't catch that. that was funny. by andy jassy. that was andy jassy's amazon letter. >> just a little jibe. >> here's the opening bell. more green. here at the big board, computing company ionq. over at the nasdaq, solarbank, an energy operator and developer. >> we need more listings. where do i want to go? let's have a little negativity and trying to figure out exactly why it's so bad is carmax, kmx. they failed to deliver, and a lot of what carmax, a big miss in how much money they spent to get used vehicles, and i'm trying to figure out how this factors in with possible cpi. carmax down usually means you're making less money in used cars, which means that used cars can be down in price, which means the cpi might be too hot yesterday and it might get cooler. as

caroline: jeff bezos and andy jassy deleting chaps amid an antitrust probe. let's check in on these markets. this is a macro picture on the day and some earnings galvanizing a drive higher. nasdaq up more than 2% then. we see the core pce that the fed so loves coming in line. we are not calling, but we are not exceeding expectations. the market is relieved and we are seeing about of good, healthy increase in certain stocks. a 10 year yield dives down onto the back of that pce number. even though we see bonds indeed rallying coming yields falling lower, the dollar still resilient against the japanese yen. will we see intervention from the boj? moving on, have a look at what it is doing against bitcoin. dollar strength against bitcoin. crypto on the downside. ed: it is all about earnings. intel is off session lows. and just a moment, ian king will give us the numbers and then we will speak to the intel ceo. microsoft and alphabet are all about cloud growth driven by ai products. microsoft, 31% topline growth on azure. we will go deeper on that later in the show

. >>> coming up, andy jassy's balancing act.ing to double down on ai, at the same time, pledging to curb the company's costs. we'll discuss when "power lunch" returns. >>> shares of amazon hitting an all-time high as ceo andy jassy released his letter to shareholders. he said generative ai could be the largest technology transformation since the internet. he's committed to investing in it, but he's also committed to cutting costs. kate rooney joins us with a look at the state of amazon. >> yeah, so the state of amazon is really about that balance. ceo andy jassy is walking this tightrope of managing profitable, mature business and spending big to keep up in ai. he describes the artificial intelligence strategy as cooptician, fraor example, theye using nvidia chips and partnering with companies while building amazon's own competing models. here's what he told andrew ross sorkin on squawk earlier. >> this is going to transform virtually every experience we know as a gigantic space and there will a be a lot of successful players in

andy jassy joins "squawk box" at 8:30 a.m.neumann joins us at 1:00 p.m. >>> and we have hotter than expected cpi report yesterday with the selloff across the board. we have bob pisani with more. >> frank, the reflation trade is back. a strong economy with earnings still strong, but inflation sticky creates a tricky narrative for investors. this is a tough environment for small-cap stocks and reits and utilities. higher rates are bad for reits. it is bad for utilities because when rates rise, treasury bonds are more attractive due to higher yields and higher rates mean increased borrowing costs for yo utilities. if utilities cannot pass on the higher costs, the equity investors have to suffer. some sectors may do well in the environment. the keys to the economy has to stay strong to prop up earnings. reflation trade means a focus on cyclical stocks, include energy, material and hospitality stocks. energy and material stocks have been rising due to higher oil in a still strong economy. other beneficiaries of higher rates are def

ed: let us talk about andy jassy who comes from aws, that was his world. the story since he has taken the helm of amazon has been about cost discipline. do not even call it discipline, cutting costs and lowering cap x. he seems committed to that stale. poonam: he does. in fact they have been highlighting since last quarter about the 45% reduction that they have had per-unit in their cost basis and they think they can press the pedal harder on that. largely as they basically streamline the inbound fulfillment and parse out packages more efficiently to the regional distribution centers that allow for same-day delivery. ed: one of our analysts that leads the coverage of the stock and we are really grateful to have you and your reaction. amazon founder jeff bezos joined tech heavy rates that heavyweights at the white house state dinner. the attendees include his fiancee lauren sanchez, the apple ceo tim cook and executive lisa jackson. brad smith was attending as well and actor robert nero and venture capitalists. you also had jamie dimon, and john gray of bla

making a lot more money selling on amazon than they could on their own. >> that was amazon's ceo andy jassy yesterday. joining us to talk about the ftc antitrust seat against amazon and the regulatory environment, a former commissioner. good morning to you. andy made some pointed and fascinating comments about the irobot deal that was blocked and the state of affairs as it relates to regulation right now, what they can buy, what they can't buy. as a result i think you are seeing them do more partnerships, seeing the more big tech universe doing partnerships. do you see this changing any time soon? >> first of all, i want to say good morning. that was a great interview. i thought it was very insightful because i think that is exactly what industry is thinking, that they're thinking that we have to be on pins and needles trying to figure out where to go from here. i think it is important to recognize that anything these companies do now are really viewed through a prism that the ftc and doj are looking through right now. they're looking through how big tech are using their power in order to m

ceo andy jassy is weighing in on what he sees out of the nser. those details next.money" in two.ng a m business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. the go-tos that keep us going. the places we cheer. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. see why comcast business powers more small businesses than anyone else. get started for $49.99 a month plus ask how to get up to an $800 prepaid card. don't wait- call today. >>> welcome back to "fast money." amazon hitting a record high today for the fist rst time sin july 2021. the tech titan up 90% in the past year. ceo andy jassy was on "squawk box" this morning and talked about what he is seeing from consumers. >> consumers are spending, they are just trading down. you know, we -- the place where we see it, real impact is, you know, in discretionary items, things like tvs, electronics. we're growing our market segment share fastest there, but still at a lower rate tha

i want to know what the ceo of amazon, that would be andy jassy, what's he saying about a.i.?etter, third one. generative a.i. may be the largest technology revolution since the cloud and internet. how does amazon get a bigger piece of this a.i. pie. their cloud, their money maker, amazon web services, provides access to a.i. technology for lots of companies. they also make in-house a.i. chips that are used to train the 56789i. models -- a.i. models. they also added an expert to their board of directors. he has major experience at google and baidu previously. when i think of amazon, i think of e-commerce. all the boxes on your step the every day. and andy jassy said for the first time in five years, amazon has reduced the cost to fill all of those orders that we get delivered. and that's amazing to me because you can get them, like, two hours after you purchased them. stuart: and a.i. helps them? lauren: i'm sure it's being used along the line, yeah. stuart: one of my favorite companies is costco. i know we had their sales numbers earlier. i take the it they did well. lauren:

>> well, andy jassy pointed out this morning on a tweet that ai efforts and developments that they're making for tools for developers. so i think a lot of the ai efforts that you're going to see out of amazon are going to be more behind the scenes, a look at developers utilizing it, as well as on the logistics and fulfillment and the predictive analytics on the consumer side, so a lot of things that will trickle into higher conversion rates and higher utilization of the platform. and that will help produce more sustainable rates of growth as we go forward. >> now, away from aws, whether we're talking about delivery efficiency or advertising performance, are there things that investors not be looking at as closely that could provide upside that would move the stock? >> i think a lot of it is well appreciated at this point. we've known that aws is marching back towards that 20% growth rate. advertising is certainly become the big, meaningful part of the business. they're a top five advertiser right now in terms of dollars. and the margin, as well. so a lot of it has appreciated. i think

so, i love the fact that andy jassy really has been focused on making this company more prof profitableat operate progress fit comes in at $15 billion, the dynamic, i think, around the core business and the levers that amazon at some point really can pull in terms of profitability that's been something. it's interesting to note after the stock going up 130%, it's at the same multiple it was at the low before it made that move. in other words, it's growing into a bigger multiple and yet it's not a bigger multiple. >> the bar was high, we had already a microsoft beat, a google beat, when it came to the cloud revenue and here we are with an amazon beat on -- aws beat on cloud, so that was a big sigh of relief. what do you make of the move here? what is it, in your view? >> yeah, i think, well, it's bad tape, right? so, nice to hear that pop of good news. there was aws you , certainly, news. it would make sense that everyone else's cloud business is really strong, as is theirs, so, that's good. i don't make too much out of the guidance being a little bit light. i feel like -- i don't know w

we're at $189.28 so it broke through the intraday high earlier in the session after ceo andy jassi released annual shareholder letter writing "generative ai may be the largest transformative since the cloud and itself in the early stages and perhaps since the internet". touting the leadership in gen ai and could become the e commerce next pillar of growth. investors love that obviously. not only is it up today but over the past 52 weeks it's gained 85%. wal-mart using ai and robots at high-tech facility in florida and that's where box business ashley webster is ready to give us a behind the scenes look and we're going to go to him ashley: hi, liz. we're having an audio issue in here and this is wal-mart's facile it and a lot run by robotic machines. i'm in an area where the pallets come off the trucks and come through here and go to that giant machine behind me that's got an arm like it was out of transformers and if you think that's impressive, watch this. this is amr and autonomous programming and it can unload and store a truckload of goods and more in record time. we pack and ship out 5

. >> andy jassy's comments in the letter and andrew also helpful in part to continue to stoke that a.i. fire. >> cost cutting but investing in a.i., the theme from tech. that will do it for us on "money movers." over to scott wapner and "the halftime report." >>> hi, welcome to "the halftime report." a turbulent week for investors. what it might say about the future of the rally. we'll ask the investment committee. joining me for the hour today everybody is here at post 9, josh brown, shannon saccocia, jason snipe, rick saperstein. the nasdaq is positive. you did have a cooler ppi today and that follows that cpi, which has certainly frayed nerves yesterday. josh, you told me yesterday afternoon, you still think that this is a market to buy and not to sell. >> to recap, one of the things i was looking for is a buyable sell-off. i hoped it would have gotten worse. i never have time to panic. the kids, the job, there's just not enough. i didn't buy anything yesterday. the predominant trend is an up trend, it's not my opinion. that's data, sorry. i think it stays intact. if it changes, i'l

haidi: amazon ceo andy jassy there.urging in after-hours trading after we saw the report of a solid earnings beat cloud unit posted its strongest performance in the year. that would have been a relief to see that result out of aws. does that sort of, again, suothe songs of the disappointment when it comes to sales guidance? spencer: there was a lot of hope going forward in the future for amazon's performance through this gen ai boom but that was really their talking points to investors, was, this has now become a multibillion-dollar run rate -- revenue run rate for us and we see that continue to grow. we are seeing customers take on longer term agreements and bigger deals with us because they train the new models. it did seem to carry the day. over a bit of soft guidance for the current quarter with they explained as consumers still being pretty tight with your purchases, you know, it may be valiant lower cost items and more consumables which tend to have lower prices. paul: what sort of spending are you anticipating fr

caroline golding up andy jassy says that the generative ai boom will be taking place on amazon services

amazon ceo andy jassy also cashing in $21 million of shares.o what he sold in 2022 and 2023 combined. mark zuckerberg sold shares for the first time in three years. he cashed in $135 million of shares. peter thiel selling for the first time in three years selling $175 million of palantir. s snowflake's ceo cashed in weeks before he announced his departure. insider sales don't mean a top for the stocks, but studies show, frank, that the insiders tend to sell near or at the near-term peak and they certainly, based on the market moves, call it pretty well in the first quarter by selling. >> all right. robert frank with the latest on insider selling. thank you. >>> coming up on "worldwide exchange," the rate reality. what a better than expected jobs report could mean for the fed and the stocks path forward. eaafr isbe right back teth brk. oh no, a rash. maybe it'll go away. awww, how am i going to find a doctor i'll actually like? is that a qr code? dr. stafford makes you feel at ease. thanks rash! you've got more options than you know. book now. a

don't miss the conversation with ceo andy jassy at 14:30 cet. >>> moving on, the director general ofhe iata is confident that boeing is able to turn around the business. telling cnbc the planemaker is on the right path to change the culture. the sector as a whole needs a strong boeing. >> the industry needs a strong boeing. we need to have competition with boeing and airbus. i'm confident that these issues will be addressed and we will see boeing to return to the numbers we expect from them. it is important that they face up to the problems that they are encountering and deal with them in an open way and move forward. >>> in related news, delta airlines is expecting bumper spring and summer demand to drive it to a record-breaking second quarter after posting its best ever first quarter as revenue jumped 6% on the year to $12.6 billion. we have arabile jouining us wit more. you wooshed in. >> i didn't. they wooshed in great numbers. first quarter saw record numbers. surprising actually. the first quarter is usually the least profitable quarter for the airlines in the united states. if

>> well, i'm just saying that andy jassy has said, my thursday night nfl and the friday -- the black actful things that have happened for prime. >> i think andrew posed that question to jassy the other day, and jassy response was, we're happy with our content offering at the moment. the question might have been about mgm library. >> they bought mgm, and frankly, if amazon wanted to strike, they might be more interested if they really wanted to in buying warner bros. discovery, but they're not going to. >> it's a -- >> by the way, the regulators are not going to allow them. last i heard, the regulators are suing them for being anti-competitive overall. tough environment in which to go out and make a large acquisition. >> i think when you look at the value of sports, it just seems to increase everday. i mean, i think that we work, obviously, for comcast. i think you're going to see numbers for the olympics that are going to say, holy cow. i mean, maybe sports are more -- even more important than we thought. that's what i think that -- look, andy's a smart guy. and i know he's not going

visit indeed.com/hire >> i want so you but a big interview you don't want to miss , amazon ceo, andy jassyning squawk box tomorrow at 8:30 a.m. we should also note it comes as amazon stock now turning green and that doc is trying to hit a fresh new high. looking forward to that. up next a bright spot in a down tape. ali baba shares bouncing up those details and much more on the market zone, next. you've got xfinity wifi at home. take it on the go with xfinity mobile. customers now get exclusive access to wifi speed up to a gig in millions of locations. plus, buy one unlimited line and get one free. that's like getting two unlimited lines for twenty dollars a month each for a year. so, ditch the other guys and switch today. buy one line of unlimited, get one free for a year with xfinity mobile! plus, save even more and get an eligible 5g phone on us! visit xfinitymobile.com today. power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis, help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the

what happens if andy jassy says, you know what, if we can -- if we take the nba contract and just bidt up, you wouldn't even notice that they'll bid it up, then maybe more people will tune in, and it will be great. that is not the discussion they have at these -- the other places are existential. andy jassy is ag ssaying, i lik basketball. >> it's a play thing. >>> meanwhile, netflix at a street high. >> apple, plaything. disney, existential. >> we'll get cramer's "mad dash," countdown to the opening bell on this final session of the week. as we said, coming up in about ten minutes, nec director lael brainard with fit acon rsreti from the white house about this morning's jobs report. this is our future, ma. godaddy airo. creates a logo, website, even social posts... in minutes! -how? -a.i. (impressed) ay i like it! who wants to come see the future?! get your business online in minutes with godaddy airo you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. great job astro-persons.

again, we heard some interesting comments from andy jassy yesterday that indicate that there's also more earnings power possibly in these names from investments they've made. but i think we've seen, time and time again, mega tech being defensive. that move in jpmorgan is extraordinary. on a day citi rose. >> i don't think either net interest guidance was particularly rosy. i think jpmorgan, as you mentioned, i think you said 1.5%. i think it trades at 1.6. ! just from an valuation standpoint, i agree with carter, we're in a situation where this next earnings cycle and the subsequent one are going to be paramount. because we're no longer here saying that credit -- sorry that funding conditions, financing conditions are going to ease. this is going to be about is the e portion sustainable and leading us to growth going forward. if not, i do not think we sit here at 21 forward earnings in the foreseeable future. >>> let's talk about the rising tensions in the middle east. the "wall street journal" reporting that the u.s. is moving warships off the shores of israel among a warning that an ir

elon musk warning we may see a power shortage for chips as soon as next year andy jassy telling fortuneltman saying we need an energy break through for fewer ai technologies and so many of these big tech firms rushing to get their own power building data centers and even nuclear power plants yes. >> incredible. thank you. and tyler, i've been following the industrial side of this, some of the companies working on the ai infrastructure and their complaint is there's a scarcity of power capacity because without that they can't continue to build all they need eden, they've all had a strong year. >>> coming up, here on "power lunch," homes, rails and casinos. we'll get the trade on d.r. horton, csx and las vegas sands in three stock lunch we are back in 2 trading at schwab is now powered by ameritrade, unlocking the power of thinkorswim, the award-winning trading platforms. bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies. tailor the platforms to your unique needs with nearly endless customization. and track ma

it is hard to imagine an amazon, and under andy jassy, maybe more of a possibility and you're lookingthe big six and you can see that amazon is the only name on the graphic that doesn't offer a buyback or dividend. there you go. jassy seems more responsive to wall street. you know, he gets on the earnings call. that's something that bezos hadn't done in many, many years. he talks a lot about efficiency and who knows? free cash flow, bring it back there. it was negative in 2021 and now it is positive so who knows? it could be next. >> educate me a little bit here. we are, i guess, prone to say that the ai race is between two or three players, google, alphabet, microsoft, maybe amazon, but i keep hearing meta sneaking in there, that they may be a real up and comer. am i wrong or right about that? >> you are absolutely right about that. they're taking different strategies and microsoft exploded with chatgpt and amazon is doing a bunch of different things that are less clear to investors, but meta came out really swinging last week by just incorporating gen ai and the llama large language

we expect ceo andy jassy to talk about that on the call, guys. >> kate, we appreciate that. >>> let's's earnings. our next guest agrees that growth in cloud and retail service is key and expects to deliver on both when they report later. joining us now is ron josey. one of the reasons you are favorably inclined towards this stock is that you see mar generals potentially expanding over the next couple years. how can the company do that at a time when they are having to spend as much as they are spending on capital investment in the cloud and in ai? >> thank you for having me, tyler. that is the question. we're at a point we think aws demand is actually accelerating. if it's accelerating, we should see revenues coming up. ideally it's accelerating not through optimizations call it attenuating like the company likes to say but new instances, higher margin revenue. that's aws. tyler, the real answer to the question in our view is the core retail business is actually becoming more efficient. we started seeing this kal it last year with the implementation of the regionalized shipping zones

so we just heard from andy jassy, the ceo of amazon who has a great pulse on the consumer and he saidn that's entered the u.s. over the last year or so has been the rise of the chinese ecommerce players, temu and shein, and even my 8-year-old talks about shopping on temu more than amazon. where's that set in? >> it's crazy there's a new study that the top five retailers among teens, amazon is number one. shein and temu is on that list for the first time ever. i think what you are seeing in your own household is very consistent with young people's shopping behaviors. the thing is young people don't have a lot of money to spend. so the sheins and the temus, they can get a lot for not very much. >> young people really like games and gaming, and that is what shein and temu really play on. i mean, when you go to the site, the first thing it asks you to do is spin a wheel for discounts. i wonder, did they get something there that american ecommerce companies haven't been able to take advantage of? how sustainable is it? you can only imagine they're burning through tons of money to offer tho

the letter that the ceo, andy jassy, wrote to shareholders yesterday, he said gena.i.t amazon, e-commerce, marketplace, prime and the cloud, then gen-a. a.i., and i bet that kind of seeps into the other three and goes towards the top. stuart: mark mahaney's predicting another record high for amazon. lauren: they've can cut their costs. they're able to deliver same-day delivery and do it at less of a cost than they did. stuart: did you see ashley yesterday at the amazon warehouse? rawrp lauren aa maigz. that that's a.i.. stuart: you got it. ford has announced a price cut to the f-150 lightning? lauren: i can't keep track anymore. [laughter] so the f-150l is going to be between $2,000-5,500 cheaper, and they're also resuming shipments on the truck after they had to fix some quality control issues. i don't think the market, whether that's the automaker or the consumer, understands electric vehicles and their adoption can. i have never spoken about so many car price changes as we have this year. stuart: i can't imagine buying into an auto stock like ford at in this point.

today that record coming on the same day as ceo andy jassy's annual shareholder letter. balancing some of the cost disciplines with spending and artificial intelligence. a lot of focus on amazon's profit margins and so-called cost to serve. on its prime video business, jassy says, "we have increasing conviction that it can be a large and profitable business on its own." that was new, but does not plan to spin it off. according to the interview with andrew this morning, meanwhile reaffirming amazon as its top pick today. mentions ai, saying a lot of the workloads, they could drive some more demand. and also expects north american retail segments to hit record margins and sees the record free cash flow into the quarter. evaluation is reasonably disallocated verses the historic average evaluations and sees it as one of the very large few caps with material. multiple rerating potentials this year, scott. >> kate rooney, they look your report on the new york stock exchange as they get ready to ring in a new record closing high for amazon. thank you for that. let's go to lesli

so today andy jassy was talking about large language models at aws, you're part of that. >> yes.y is part of that. and the basis of that, by the way, came from infi which was a company we acquired as you remember in 2020. and you rightly at the time said this looks like an incredible purchase and it would fit you synergistically. it's been a home run acqu acquisition. >> well, thank you. in fairness i'm tutored by good people. and what i learned was it wasn't necessarily that you thought this would be as big as it was when you bought it. >> well, we didn't know it would be of this magnitude because we didn't -- we knew the ai design wins were there. we donate know how big it would be. but the other part of our business, jim, that's important to talk about when you talk about who we work with and what we do is we also participate in the custom silicon portion of the market. what that means is behind the scenes we work with our customers, large hyperscale customers, to help them develop their own key silicon chips in ai as an example. >> the ones that jassy talked about, the ones g

. >>> and do not miss an exclusive interview with amazon's ceo andy jassy, that is tomorrow, 8:30 a.mwk box" right here on cc.nb meantime, "fast money's" back in two. i'm of 10 of our clients are likely to recommend us. our neighbors, the garcía's, love working with you. because the advice we give is personalized, -hey, john reese, jr. -how's your father doing? to help reach your goals with confidence. my sister's told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial. switch to shopify and sell smarter at every stage of your business. take full control of your brand with your own custom store. scale faster with tools that let you manage every sale from every channel. and sell more with the best converting checkout on the planet. a lot more. take your business to the next stage when you switch to shopify. >>> mark your calendars for cities of success, denver and boulder. two powerhouse economies that have risen above the rest in colorado. that's tomorrow, 10:00 p.m. eastern time here on cnbc. >>> meantime,

is what andy jassy is investing in. it released rufus which is the a.i. assistant that will be helping you shop when you are shopping online. on the ecommerce side, they continue to crush it on all metrics. fundamentally, it is hitting it. you look at the technicals and it is just starting to make all-time new highs. it is the last of the magnificent seven or six with tesla which we'll talk about in a second. it has the same trajectory of the alphabet. it could breakout of the good quarter and has room to run. i like it on all fronts. >> you mentioned the online component as a an afterthought. >> we're so used to it. it is expected. it's the gold standard. exactly. when you think of amazon, that's naturally what you think about. andy jassy has set the table for growth in aws and ads continuing to climb. they are going to the playoffs this year. that will be interesting when my eagles are on amazon instead of nbc. they have been hitting on all metrics. the amazon story is moving the needle. >> the extrajectory is picking steam? >> i think so. they have gon

amazon's ceo andy jassy cashing in $21 million of shares.t he sold in 2022 and '23 combined. mark zuckerberg, who by the way is now the third richest person in the world, he just passed elon musk, he sold shares for the first time since 2021 cashing in $135 million wot of shares. peter thiel, also selling for the first time in three years, he sold 175 million of palantir. snowflake's frank slootman cashed in 69 million just before he announced his departure. insider sales don't necessarily mean a top for the stocks, but studies do show they tend to have pretty good timing. they sell near the peaks. >> if you take bezos out of it. he's such an outlier. >> if you take bezos out, it was still the best quarter since the first quarter of 2021. it was still a lot of selling. and i don't think it's necessarily predictive. i think there was so much pent-up demand because 2022 and 2023 were so bad in the markets. >> in bezos' case and probably in andy jassy's case, he's trying to finance blue origin. >> yeah! and this year in particular is a super im

we will bring you a big exclusive interview with andy jassy.g. we'll discuss everything. amazon's investments in artificial intelligence. aws and so much more. a rare opportunity to talk to the leader of one of the most important and influential companies in america. "squawk box" coming back after this. (music playing) >>> today's big number, cpi, at 8:30 eastern time. joining us to talk about the market implications, sara malick, chief investment officer of nuveen. does the number come in hot or cold? what is just right, sara? >> markets are anxious over two events. one is cpi and the second is earnings. we saw momentum stocks unwinding. month-over-month, for headline and core. above that, markets will rally. and the preprint rally will decline. we'll watch airfares and shelter and autos. those are the areas that have been hot and sticky with inflation. hope to see those decline going forward. switching to earnings, which would be a positive for the markets. looking for revenue and earnings growth of 3% for the first quarter. i think we want t

in on a deal with caitlin clark for her own shoe, might be worth some eight figures i remember andy jassying on in '21 said that remote means you don't have that conversation coming out of a meeting where a lot of innovation happens. by the way, nice chart from liz ann saunders this morning, looking at the dispersion in return to off the rates between cities like austin, for example, at the top, new york, san francisco. some of this, jim, people believe is your exposure to finance and financial services where, as we said, security -- network security might mean you got to come in >> well, i also think that when you -- let's say you want to do a rif, reduction in force. the easiest thing to do is reduce the people you don't even know i've done way too many rifs in my life, and there was one where i was going to pick the names out of a hat, and i realized at the last minute that was ill advised. it's so much easier to fire someone, david, if you don't know who they are, versus someone who sits next to you and watches peacock and discusses the recent trader. that is not t r-a-d-e r. >> i'll

nvidia has this blackwell, this new iteration that jensen told me -- jensen huang -- told me that andy jassyld buy every one. zuckerberg. every one. every one. they're all -- they're not even out yet but everyone wants allocation, because these things are able to think. you could have a hundred brilliant people, and these machines are dismissive. >> they need -- those companies need this platform, right? is that the way we describe it? >> platformization. >> it's not a chip. >> it's a super computer. >> it's its own super computer? >> it's a super computer. >> it's this big? >> knows every language perfectly. >> they need them to power all these models, right? >> yes, well, that's why i said that there are -- their omniverse merged with apple's vision pro, would be the single greatest -- >> you keep talking about this. we're going to be hearing about this -- this is going to be, like, new mexico is where disney need to build the next theme park. >> they should have. could have saved -- >> enough. stop with the vision pro and the -- >> when i renamed my dog nvidia, the stock was at $30, so i

. >> and if andy jassy and jeff bezos are watching, you know where to go.y, maggie, thank you for coming in. we look forward to seeing you in paris this summer. good luck. >> thank you. >> thank you. >>> you can watch the summer olympics right here on nbc net works and streaming on peacock. cnbc will be bringing you coverage throughout the games. i'll be in paris and a special three days of "squawk box," 're going to be bring you live from paris july 29th, 30th and 31st. "squawk box" coming right back. you know what's brilliant? boring. think about it. boring is the unsung catalyst for bold. what straps bold to a rocket and hurtles it into space? boring does. great job astro-persons. over. boring is the jumping off point for all the un-boring things we do. boring makes vacations happen, early retirements possible, and startups start up. because it's smart, dependable, and steady. all words you want from your bank. taking chances is for skateboarding... and gas station sushi. not banking. that's why pnc bank strives to be boring with your money. the pragmati

we talked to andy jassy about whether he would want to buy you, and he said, go look at the irobot dealhat in this environment, even if you wanted to buy something, you couldn't. >> i can say anthropic is more than happy operating as an independent company. our goal is to pursue our safety priorities and the values of our company. those values have been set up in a very specific way and our view is that's best served by being an independent company. >> so another player is meta. they just introduced their new lama 3. they say it's the most advanced open sourced model. and some of the reviews suggest that it is pretty close, it is getting very close to a claude 3 or to a chatgpt 4. what do you make of that? >> so there are a number of kind of questions about open source models. some of them are around safety. i actually think that's kind of not really the right focus. i've said today in terms of safety, i'm more worried about large models versus small models. and models that are so large and powerful that they've never been built before. in terms of safety, i'm worried about the models t

amazon andy jassy publishing's annual letter to shareholders it's betting the infrastructure to becomeboom saying much of the world changing ai will be built on top of guesswork. i guess the shareholder letter this morning was a pitch to investors because this is where it will be for ai. >> stop telling us we are losing the race with microsoft this is absolutely in the repertoire and we are doing just great. whether people buy it, it is in terms of consolidation cloud ownership in terms of the ai space and dominating it in a way google is having a lot of trouble with. >> he talked about how they want amazon to fuel the artificial intelligence boost efforts to build amazon franchises, groceries, etc.. it's basically the same thing but revamped and a lot more flow of that fire. >> a little bit softer in the premarket. the ntsb says its investigation into the bridge collapse is only on the electrical system. president biden saying the federal government will pay for the recovery and rebuild. the governor saying he hopes to restore full service in baltimore. police -- joining us is the gov

. >> well, let me just speak to the challenge of this that we're talking to andy jassy, just about ak ago, from amazon, and he said one thing he's seeing is the tradedown is that consumers are trading down when they can are you seeing that in your business >> we really aren't. one of the metrics that we look at to assess tradedown is the progress of private label shares they're up modestly in the u.s., they're flat in europe and in both cases we're growing share, both value and volume, ahead of that pace and, you know, why is that i'm certainly not denying the reality that others might see, but we have concentrated our portfolio in daily use categories where performance drives brand choice. so as long as we can bring a product to market that performs noticeably better, noticeably better package, communicated effectively, that creates value that overcomes some of the pricing and we try to combine those things so we bring innovation to the market, as we bring price to the market, and thus far that's been a winning approach >> your portfolio is diverse, though, jon. i'm wondering if the