and deirdre bosa, who is all over this story before everyone else. welcome to all of you, bradley. >> i just thought it. >> was interesting what you said about people using this model. by the way, i tried i tried. finally to download it this morning and couldn't. maybe that's because of the hack, but what's your experience been and what do you think? you know, the take up ultimately will be here in the us of this chinese offering. >> yeah. >> i mean, look, as an early. >> stage venture. >> investor. >> there's no such. >> thing as investing in a. >> company that. >> isn't either. >> an ai. >> company or. >> using ai in some way. >> or. at least. >> has an. >> extremely good reason if they're not. but if they're using. >> ai in. >> some way, then the cost obviously becomes very material and really important. >> and using. >> open ai or any of these other companies is really, really expensive. and yes, i understand the deep sea because the chinese company. but if any of my portfolio companies said, listen. we can build what we need at a fraction of the

well, thank you both very much for joining us this afternoon, deirdre.reciate you bringing that to us, kyle, great to hear from you. with all of this going on kyle. >> bass, deirdre. >> bosa still to come, one of the trump administration's first moves was ordering federal workers back to the office. but will silicon valley and wall street follow that lead. we'll ask two players in the office market making a big bet on the rebound in commercial real estate. >> techcheck is sponsored by co policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned we could sell all o

deirdre bosa appreciate it for techcheck today.g with china for all the president's tough talk, could his policies end up helping beijing? one china watcher says the growing emphasis on canada and mexico is helping beijing fly under the radar. we have the details and the impact it could have on our economy and our trade deficit next. >> techcheck is sponsored by comcast business. powering possibilities. nothing stands still. not technology, not the market and not franklin templeton. we've been a firm in motion for over 75 years, always innovating. today, we're a leader in public and private markets, digital assets and custom tax management, empowering advisors with solutions to build the solutions to build the portfolios of the future. today. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. >> with the fundrise flagship fund, you can invest in the same kind of real estate investments that have powered the world's largest portfolios for decades. largest portfoli

deirdre thanks deirdre bosa always appreciate it.ers having its worst day in more than two years. after a new report from spruce point capital management. they're warning the company is under greater pressure than it appears. founder ben axler joins us next in studio to make his case. >> tech check is sponsored by comcast business. powering possibilities. >> meet venu. on the nyse. american symbol venu disrupting. >> a multibillion. >> dollar live music industry. >> venu owns. >> and operates upscale music venues. outdoor amphitheaters with. seven revenue sources, $166 million in assets. luxury suite sales of $77 million. >> in 2024. >> $200 million. >> expected in 2025. >> 56% year over year growth. >> venu on the. nyse american. >> venue. >> are you investing in municipal bonds that. >> will. >> fund roads. >> and bridges? >> think of assured guarantees bond insurance as. >> your. >> guardrail assured. >> guarantee a stronger bond. >> than mutual protects. municipal bond. >> investments. providing an added layer of security to impr

deirdre, thanks very much. we appreciate it.re bosa. >>> coming up, natural gas prices soared 40% since the election, around a two-year high but nowhere as near as high during the energy crisis two years ago. global vice chair suggests the lmg boom could rival the chip boom in terms of size. how should investors position? no one guessed the mystery chart. it's up 25% since the election. and it's a name serving nearly every aspect of the lng process. 'lspk thheeoexwel eawi t c nt. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset t

for now, we'll see. >> like you said deirdre. >> thanks, deirdre bosa appreciate it.ing this. >> well you. >> could argue it's benefiting i mean the shares are up about 4% since monday. my next guest is expecting strong results from the company after the bell today. let's bring in mark mahaney. he's head of internet research at evercore isi. mark, a number of people call. >> this. >> stock the single biggest winner from ai. they can immediately implement this optimization into their ad models, make money from it right away. the cheaper it is to run in the long run, the more profitably they can do that, right? >> i think that's. >> largely true. i think that's why you've had almost a $200 billion gain in market cap for meta. if you go from where they were trading pre-open on monday to where they're trading now, i think the market's kind of correctly seen this. it's been our point of view too. if you're not selling, if you're not trying to monetize directly, monetize or sell lms, if you're if you're not selling the basic infrastructure, then you're buying lms or you're

let's start with our own deirdre bosa. she's been out front on this story from the get go. why are we seeing what we are seeing d. >> because the. >> whole story the whole narrative has changed and it happened so quickly. i mean, you could argue that it went back earlier than deep sync. but really over the last few months, there's been this acceptance in the ai world that we sort of scaling laws. we hit a wall in terms of data, and we went from the pre-training phase to the inference phase. and that's what allowed something like deep sea to even happen. companies, startups, ai labs in china, they can get right to the frontier, get all the technological developments and advancements that openai and. others have done and build on top of that. so this basically tells us or makes us at least question, do we need the same kind of infrastructure? do we need the same number of gpus to create the most advanced models? that's what deep sea told us. and not just deep sea, by the way. bytedance as well. last week, stanford. berkeley researchers did something similar as well. so this e

slash tech takes deirdre. thank you again i mean wow we just went through a lot there tim i mean when you started to digest the news from the weekend and then you saw the reaction, what did you think. >> well first of all kudos. >> to deebo who was out on this news well before the market and a few. >> days back. >> really covering a. >> story that i think caught a lot. >> of people by surprise. but. >> you know, the reality. >> of. >> what's been going on in. >> the chip wars. >> with china. >> is, you know, the. >> what's the expression? i think necessity. >> is the mother. >> of invention and. restriction might be. >> the motherhood. of invention here, too. >> and in terms. >> of. >> what's real and what's not, in terms of the cost to develop this, i think there's still a lot. >> of questions. >> but there's no question. and debo emphasized this, is that this is a. case where what we have. here is a large language model that is doing things a lot more. >> efficiently than some people. >> that have been in th

deirdre, thanks. >>> the president also wrasming up his rhetoric on greenland.g he won't rule out. we'll look at the form er supreme commander. admiral james stavridis is next. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? or, let curiosity light the way. at t. rowe price, we ask smart questions about opportunities like advances in healthcare and how these innovations will create a healthier world tomorrow. better questions. better outcomes. >>> welcome back. president-elect trump doubling down on his desire for the u.s. to control greenland this week. saying he wouldn't on an economic deal to happen. and while my next guest agrees to som

deirdre, as always, appreciate it.re bosa out west today. >>> american airlines shares have nearly doubled off their recent low from last summer. around their highest level in over a year and a half. that was our mystery chart earlier this hour. now jeffries is upgrading the name calling the most mismodelled airline. the analyst behind that call joins us to make her case and weigh in on the winter weather wreaking havoc on flights across the country. we're back after this. after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" i'm thinking company wide power nap. [ employees snoring ] anything can change the world of work. from hr to payroll, adp designs for the next anything. ichi, ni, san, shi... (1,2,3,4 . . ) ruri never thought she would live out her dream. then one day, she did. you were made to chase your passions. we were made to put them in a package. >>> welcome back to "the exchange." i'm brian sullivan with your cnbc news update. the pentago

we may be, and i think deirdre also did a great piece on whether or not we're hitting scaling limits.may be moving from performance at all costs to the optimization phase of ai, and we will at some point in the future, even if it's not today. and that may mean that there are different companies that are doing different things. it could be positive for open source. it could be positive for these inference clouds that are working on super high performance inference. it could be positive for non-gpu startups like grok or cerebras, or even google's tpu or amazon's trainium. all those things could be better positioned in an optimization phase than maybe they were in the in the build out phase. >> i'd love to get your view on just, i guess, what you can call this remarkable transformation of silicon valley and its major players, at least from a political standpoint. you saw the pictures like everybody else did, of who had the best seats in the room for the inauguration. and maybe we can show that if we have it, there it is on your screen, you know, a lot of heavyweights, obviously. and then

sister deirdre burns spoke at the pre-walk rally, but she addressed the gop convention in 2020. >> president against biden/harris, who are the most anti-life presidential ticket ever. we have to speak truth about how evil this is. it's not a political battle between the republicans and the democrats, it's between god and the devil. >> reporter: it sure sounds political, but as someone who's being cast in the role of the devil, this abortion rights activist admits her side may have become too institutionalize d in its approach. >> something that's been an issue on our side is the professionalization of the movement. so when the movement is your job, you might not be as fired up as when you are feeling like, you know, this is my life at stake, these are the lives of my families, of my siblings at stake here. >> reporter: everyone in the abortion debate seems to feel that lives are at stake, and that's why few people are willing to come promise, another thing in common with american politics right now. >>> alameda county supervisors planning to appoint a district attorney this week. this after

let's first bring in our deirdre bosa with the very latest on the ground out in silicon valley. what are you hearing? today i can only imagine. >> d so scott, i think consensus is that yes, the game has changed. but does that change the investment thesis? maybe. maybe not. wall street and silicon valley alike are still trying to digest what this new phase in building ai foundational models, ai, software companies, applications, what this means going forward? consensus seems to be that more ai equals more ai. this is going to be a good thing. it's just like, you know, when we got electricity, we didn't use less light bulbs. so more is going to beget more. and that will be positive for the hyperscalers, for the foundational models, the public ones, at least the big tech, they're diversified. they have ways of distributing these use cases, which now the focus is on. so they're likely going to be okay. are they going to be spending the same amount tens of billions of dollars in capex? that's an open question. and that's certainly going to be top in mind as we go through earnings sea

deirdre, what's going on?been helped by those strong bank earnings indicating a healthy financial environment dealing with some specific names and we saw sofi higher after blair initiated coverage saying fintech can win in a changing financial landscape and adding momentum which saw the price target raise by citi and barclays and that was the fintech performer and the etf up about, let's see, 2.5% almost today and remember, too, sort of the bigger macro environment, too, potentially less harsh regulation will be good for the names. >> that's deidre bosa on the media stocks today. what's happening here? >> meta shares and snap shares up 4% and pinterest and alphabet shares are both gaining about 3% today. most of these stocks are now in the green for the week after falling yesterday on rumors that elon musk might buy tiktok. with those rumors shut down and the tiktok ban is set to go in effect all weekend and tiktok is banned and these companies are expected to gain users and ad dollars and morgan stanley expec

sister deirdre burns spoke at the pre-walk rally, but she also addressed the gop convention in 2020. >> president trump will stand up against biden/harris, who are the most anti-life presidential ticket ever. we have to speak truth about how evil that is. this is a battle not against -- it's not a political battle between the republicans and the democrats, it's between god and the devil. >> reporter: it sure sounds political, but as someone cast as the devil, christina admits her side may have become institutionalized in its approach. >> something that's been an issue on our side is the professionalization of the movement. so when the movement is your job, you know, you might not be as, like, fired up as when you're feeling like, you know, this is my life at stake. these are the lives of my families, of my siblings at stake here. >> reporter: everyone in the abortion debate seems to feel that lives are at stake, and that's why few people are willing to compromise, which is another thing that the movement has in common with american politics right now. >> and of course, california's c

deirdre bosa protect check. >>> coming up, crude oil hitting its highest level since august, quietlynear $80 a barrel and this is with the gaza cease-fire today. my next guest sees plenty of opportunity in the energy space, especially if the trump administration's tariffs on canadian oil go into effect. he will join us next to make his case. >>> as we head to break, look at the quantum computing stocks rallying again today. microsoft has declared that 2025 is the year to become quantum ready. this group has been under pressure since last week when nvidia said we are years away from useful quantum computers but names like ionq and trend 18 are still up four fold in the last fr oumonths. we are back, after this. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me think

deirdre bosa has done great reporting on it since then as well. it was the 20th. it was the inauguration day when we got these latest numbers. so even though we heard this was on the 20th and sort of built as that last week went along, you had the stargate announcement of $100 billion, maybe as much as $500 billion. you had zuckerberg on friday say 60 to $65 billion in capex. you had nadella reiterate 80 billion for azure. so the numbers, to the extent that these leaders in technology were at least somewhat aware of this, did not get impacted. and you've got a lot of panic this morning and over last night. first i heard about jevons paradox was last night i have to say. and now good luck. >> good luck escaping it. >> today, 12 hours since then i've heard about it 17 times. i was like, whoo! last night i'm like, who's jevon? come on, man. and it's like, well, this economist back in 1865, in great britain talked about the coal industry and said, hey, listen, if you have an improving efficiency with a natural resource. >> occam's razor. >> you actually get a lot more

i do wonder, deirdre has been doing reporting on this chinese large language model or a.i. chat bot and the like, deep seek which they say they have financed with a fraction of the money that they do not have access, obviously, to the high- end compute that are a.i. players do, open a.i. and on from there and yet, it's putting out numbers or performance numbers that are very similar. what is going on with that and what does that mean? nobody seems to have the answers. >> when you are as visible with nvidia as i am you are like a magnet. someone came up to me with a very well-capitalized outfit saying, look, we have got -- i think it's scale. i think it's the ability to be able to manufacture with 45 plants going on right now. they go 10 times faster than nvidia. i go that's terrific. i remember when intel had the 386 and there were companies that had something that was 10 times faster and not even know where those companies went to. i think it is scale. i think it's the ability to be able to manufacture with 45 plants going on right now and the idea of the payback which see

deirdre bosa is at one market in san francisco today. this hour.sterday's tech rout. did yesterday sell off provide an entry point or maybe a larger warning about down side risk? we'll talk about it then. >> republican lawmakers. >> and. >> president trump. >> appear divided. >> on the us. >> response to deep. >> sea and what it all means for national security. boxeo erin

we talked about this on power lunch on friday through deirdre bosa our colleague. great job by her. other than that everyone's i don't want to use the word panicking. it's the wrong term guys. but let's be clear. almost nobody knows really anything about this. and so what they've done is they've sort of freaked out. let's sell everything, read what we can, and then figure out where it's going to go, because we don't want to be the last ones holding the bag. when a power company, becky loses 29% of its value, as vistra did yesterday, the market is saying, we don't know what's going to happen with power demand, but we think it's going down a lot. that's the only question that matters. >> will it? >> but do they think it's going from 80 to 60 or 80 to 0? i mean, that's a big difference too. and i think you have to layer in the idea that permitting might get easier under the trump administration than it has been in the past. i mean, there's just a lot of questions. and it looks it looks like this was a sell. now ask questions later and we'll try and figure it out. >> yeah. and i think t