it's just that jamie dimon hasn't internalized that to become a tech company. he considers himself a bank, and i'm wearing my tie again, back to being a bank analyst. not a tech analyst. >> your favorite name right now in the space is still citi >> my top three names are citigroup, citigroup, and citigroup. >> really? >> absolutely. >> why why not -- why isn't goldman sachs in that mix? >> citigroup has a component of the capital markets, which are doing better than expected. >> you don't think goldman sachs' capital markets >> i recommend goldman sachs it's done well citigroup is still trading at a 30% discount to tangible book value. this is my fourth decade doing this used to be you would go to tangible book value te depths of a recession. they're at a 30% discount and we're not in a recession. >> because they had to do a restructuring for the most part, as jane fraser came in and made that her thing. >> and they just finished a watershed seven-month simplification during which many said citi would blow up and lose revenues and people and guess what they exc

here's what's on tap tonight fred the dimon bottom with the dimon top. he says he's not a buyer should you dive in we'll debate that. >>> target struggling before earnings, and now they are cutting prices is this move a good sign or a warning shot ahead of results? >>> and later, shares of hills a hims and hers skyrocketing as they jump on the weight loss boom the company set to weigh in. i'm melissa lee, coming to you live from studio b at the nasdaq >>> we start off with a sharp reversal in shares of jpmorgan today. the big bank hitting an all-time early in the session, but taking a tumble midday. the drop coming off ceo jamie dimon said this at the company's investor day >> i think we're in a very good position to continue to invest in our future, and we're not going to buy back stock now. >> share buy-backs have been a big driver for stocks this year. look at the gains in alphabet and apple since the companies announced massive repurchase plans. but with stocks at all-time highs, the nasdaq posting a record close today the dow setting a new intraday

dimon since he runs the most prestigious bank in the world, jpmorgan.he big clue today obviously was going to be succession. jamie dimon is 68 years old. other banks have not had smooth succession dramas. it's always bad for the company going forward. morgan stanley did have a very smooth succession planning. james gorman, the former ceo now, put two guys, said these are my two guys. don't fight but let me judge you on performance t was an did i sapper steen and ted pick, and ted pick became the choice. andy sapper steen remains at the bank. that is how seamless it was. jamie dimon is aiming for the same thing among three people that are definitely, you know, ceo worthy types. marianne lake, jen pep -- sack and joy robach. they are not household names. timing, two years is what we hear. we will give it two years when he is 70 and then he will bow out. one of those three, if i was going to like roll the dice here, i would say marianne lake. then there is the question what does jamie dimon do? he is not exactly unhealthy 70-year-old. he is not unhealthy 6

jamie dimon, thank you for joining us.p morgan chief executive officer and with that, i will send it back to you in new york. jonathan: a fantastic 15 minutes with the brilliant francine lacqua breaking down the markets and everything else. what you heard there is it was not an economist giving you a base case. it was a chief executive talk about a very wide range of outcomes that he needs to manage wherever they fall. lisa: his range of outcomes still has skewed to the idea of yields going higher and inflation remain sticky. not a base case and is not calling for yields to go to 6%. how do businesses hedge against the possibility at a time where they have to be prepared for risks that are maybe a little bit more tricky now. jonathan: also a lot in there about foreign policy and international risks. annmarie: interesting what he had to say about the u.s. and china working together. that's the opposite of what we've seen or potentially will see whether his trump or biden here. this morning, the wall street journal talked ab

morgan jamie dimon said yesterday full engagement with china in an interview with sky news is that is doing the right thing to fully engage there not an enemy but competing they wanted different world than we want they wanted different world than we want but unfortunately they are using the world on our world of surveillance of the market citizens of business at military installations. >> in the poisoning of americans affected all 75000 deaths a year from a deliberate chinese plan to weaken the united states. this is a free country we have a first amendment jamie dimon can advocate a policy that hasn't worked for three decades, engagement sounds good to the ear in appeals to the better instincts of the american public but he completely failed. i think jv diamond is smarter than that. maria: is about the messages coming from the top i spoke with jamie dimon back in january of this year and it was about working to do with the law allows and maybe there gets united states but totally lawful to operate in china here is the chairman and ceo with me earlier this year. >> is your position o

jamie dimon's weather forecast, what does it look like? >> is very pessimistic. using that word when asked about his outlook. this is a global outlook, not just about the u.s. economy. he cites inflation, quantitative tightening, and the geopolitical tensions he thinks are not going to subside within the next few years pretty has also cited consumers and small businesses are seeing they are running out of excess cash that was built up during the pandemic. this is across the major wall street banks, specifically the big consumer banks. this was a very pessimistic outlook. it just means for them, when asked about buybacks, they kept reiterating this is not the time that we are going to buy back our stock, even though it is hitting record highs. sonali: at the same time, you have the general pessimism, some caution baked in, but you also have them talking about areas of investment where they want to double down in this environment while saying 17% returns on equity the more normal way to look at things moving forward. where are those investment opportunities? >> ai

addiction is a disease, it’s clear to me that there are adults there, guys, i need to talk to you, dimontely i can’t, dim, guys, your son, but if i were you, i wouldn’t care so much about him, i don’t understand why in this form, because you have something more important than the child, he you’re a player, he’s playing in an online casino, he ’s getting this money somewhere, you understand how serious this is, oh my god, oh my god, so that means they got the debt out of him like that, maybe, i don’t know, i feel the same way too i thought when i found him, my god, mommy, dima, and what did you say to him, and what can i tell him, he doesn’t talk to me, well, you come late, go to bed, now you’re in a hurry, you 're going to lose your boyfriend like that, i don't know what to do, but i can't give up everything now, stay at home, vladik, why are you looking at me, i i have to sit with them, i have a trial coming up, this is the most important matter in my career, everything now depends on this trial, and what are you suggesting we don’t give a damn about the child, but what? are you suggest

annabelle: that was jamie dimon speaking to bloomberg's francine lacqua. check of markets. 10 minutes out from the open. broadly we are set up for a bit of downside pressure. it tracks that the u.s. session overnight, we had a few jitters coming through from the inflation outlook. it official saying rates should stay higher for longer. nikkei futures, the singapore contract, pointing to a drop of .7%. an interesting dynamic in japan -- with all of the investor interest and exuberance in japanese equities this year, we had seen other markets attract japanese assets including in china, overheating trading above the asset valuations. now we see the flip sides coming through in japanese equity. the rally in chinese stocks is giving fresh impetus to a host of ones and japan, those with exposure to china, arising along with their counterparts in a rebound along with the msci china index. our analyst joining us from tokyo. the rally from chinese stocks seems to be spreading to other parts of asia now. >> it seems that we are seeing some signs of some reversal of

. >>> and jamie dimon keeping optimism in check. we will tell you his biggest market fears. >>> and the department of justice getsset for the full-court press on livenation and ticketmaster. >>> and later, wage inflation meets sticker shock in florida it's thursday, may 23rd, 2024. you're watching "worldwide exchange" right here on cnbc ♪ >>> good morning and welcome to "worldwide exchange. thank you so much for being here with us. let's get you ready for the trading day ahead. we kickoff the hour with the check of the stock futures stude futures are higher the dow has been moving between positive and flat. you can see it is down fractionally right now you see the nasdaq up big following the nvidia report. the s&p firmly in green territory. this is following the release of the fed's minutes and raising concerns of the persistent inflation and signaling a longer timeline for cuts than expected. the expectation for the july meeting stands at 18%. according to the cme, it was 25% earlier this week. david solomon expects zero rate cuts

tom: jp morgan ceo jamie dimon that may be inflation is underpriced by the markets. let's cross a look cross asset as we see movement in terms of yields edging higher on the tenure yesterday. today, the 10 year is unchanged at 436. jamie dimon saying that headwinds that could keep prices elevated remain structural changes, particularly around things like renewable energies and the shifts to more military spending. you are -- euro-dollar at 10 eight. the ecb suggest that yes, you make get a cut in june, but don't bank on july as a cut is not warranted. concerns about it being flat. bread $83 53, up 3/10 of a percent. copper continues to grind higher. 10,429 on that industrial metal. currently flat in the session. the gains continue to come through. avril hong standing by in singapore for a breakdown, and it's a busy friday for you. what standing out for you? avril: let me count. so many things. first with the fed narrative, there may have china data. asia stocks are already negative territory as the expectations of cuts were underground. so were declined. we have the

paul: jamie dimon speaking to bloomberg's francine.ead of income strategies amy kirkpatrick is with us. the fed has but it needs to start easing but i want to pick up on what jamie was saying. history about what he has observed and he has some gray hair. this is something i raised this week, he is old enough to remember the days of double digit inflation. this is not high, zero low rates are not normal. is it heavy talk? amy: markets like -- equity markets like to be optimistic but i do not have as much -- i have the data of the last century and whenever you look at the range of inflation and you look at the recent episode, we are tracking ahead of schedule in terms of the way inflation came down so i agree with jamie that the market is overoptimistic but i do not agree that the surprise is inflation, it may be that inflation under shoots. and then we have to cut more than currently. paul: that could be the debate in markets. we have a chart that indicates what the market is expecting and were back to the idea or of two rate cuts, do y

last year i heard that jamie dimon was warning other bank ceos not to talk to michael about -- michael others on the board. barons of the wall street journal, mark gruenberg, staying on as an important decider of which capital rules go into action. who are the most important people we should be watching? rodgin: the effort is being led by the federal reserve. they are going to want to get the other two government agencies, the prudential bank regulators, involved. the fbi see and the occ -- fbi see and occ -- fdic and occ. jamie dimon bus efforts have been echoed by inserted efforts from the regulatory agencies in the halls of congress, the media, and with the administration. david: and all of those comments are having an effect. we heard from the vice chair now that we should expect a substantive revisions to the proposals. what do you expect to come out? rodgin: so, i agree that there will be substantial revisions and that those will be in the component parts and therefore in the overall outcome. the agencies have a real dilemma, here. number one, they can't simply adopt a final rule

jamie dimon has dismissed the suggestions that the u.s. china are on the collision course with trade and describing the relationship as a tense rivalry. we spoke to the jpmorgan chase boss in shanghai and asked if the growth opportunities were overweight >> the american and chinese relationship and trade relationships are far more important to me than the balance of the economy next year we'll get through the economy. that, to me, all of the nations -- we will have cycles they are usually not predictable. i don't spend time worrying about that we serve our clients in good times and bad. i have been coming here for 30 years now and it is a constant investment growing and serving your clients >> are china and the united states on a collision course over trade >> no, i think it is a tense rivalry. trade is always a thing between nations. that's not new if you look at the history i'm thrilled we talked about the rivalry. he talked about the cities there is no reason america and china have to come to a collision course the way you avoid that is

the quote is, the timetable is not five years anymore, said jamie dimon.sked him about his expectations for a successor on this program back in january. watch this. you have led jp morgan masterfully, you really did, congratulations to you. you've got three, four more years on the contract. of course you think about succession. do you have in your head who you know who you would like to have as your successor, do you know? >> no. i think first of all, it's a board decision. but i think the board has in its mind five people that they would -- or six that they know are the ones that can do it, are very quality and we think about it like every day. maria: well, they've been talking about the two women, one running the consumer space, john. i don't know how soon this is happening. jamie didn't say. he usually don't go there and he went there yesterday. what do you think? >> whoever takes the place at jp morgan has some very big shoes. maria: big shoes. >> yeah. a lot will be expected of them. i want to add one thing. jp -- excuse me, jamie dimon made an intere

that's jamie dimon, dennis, that said that. >> don't argue with jamie dimon.ry right for a long period of time. what bothers me is the fact we've had an inverted yield curve for almost two years, that's always indicative or presenting an economic downturn, recession of some consequence. we've had a number of indicators that in the past have always been preludes to recession and i have to be careful about that fact. i think we're going to be in a recession in the not too disdistantfuture. the fact the yield curve has been inverted as long as it has been has been a constant and important predicter of economic downturns, i think it will be lesser, not better. don't argue with jamie dimon. i think he's right. cheryl: that's why i think those words were so -- i mean, everyone on the street really took notice of that specific comment from him. >> yes. cheryl: luke, i want to go back to you on the middle class. we've been talking about inflation this morning. you're saying they're getting left behind, stock prices hit all time highs but that is not helping the middle

jamie dimon told us the chances of things going on right are higher than people think -- going wrong are higher than people think. haidi: yes, being brought down to earth a little bit. not surprising after we had record high after record highs across an array of asset classes. an exuberant reaction to those cpi numbers. and annabelle: things are very elevated anyway because we saw the dow jones hitting the 40,000 mark. but let's turn to the open of japan, south korea, australia also. we are tracking the potential job warning, in response to what we are seeing in the yen, jgb yields as well, continuing to move higher and closer to the 1% mark. suzuki saying they are committed to achieving the fiscal consolidation goal. what else we are watching, it comes down to expectations around where the boj goes next. we have been hearing from you next to the my chief economist at the bank, saying that doj could raise rates as soon as june, maybe even space for rate hikes four 2024. today in the session, we are watching the japanese yen and also keeping an eye on equities, a little under pressure

. >>> speaking to our sister channel, "sky news," jpmorgan chase's jamie dimon says the u.s.conomy needs to be cogny zablt of borrowing its way to growth. i want to high light. that's just what i was speaking to steven about, that the u.s. government is spending far more than it has in the past, which is keeping inflation a little bit higher. so if we go back to literally what jamie dimon is also making note of then here, he's saying that the u.s. economy needs to be cognizant of borrowing its way into growth. here's what he had to say. >> america has spent a lot of money. during covid and after covid and our deficit is f% now, that's a lot, but obviously that drives growth. so any country can borrow money and drive growth but it's not always good growth. we have to focus on our deficit issue as little more. that did drive growth. >> is that a big warning? do you think there's a comeuppance to come in the next couple of years? >> i don't think it's a big comeuppance. i don't think it's the next couple of years, but that's why we have higher inflation and sticky inflation. if

new hard landing warnings from jpmorgan ceo jamie dimon. goldman salomon see as goose egg when it comes to rate cuts, none. tapped out consumer, i'm curious, what is the leest price you remember paying for a big mac? tweet me @cvpayne, it is all a memory for most people these days. all that and so much more on "making money." ♪. ♪ to be loved, to be loved, oh what a feeling to be loved ♪ charles: to be loved, folks. i mean such a wonderful thing when love is in the air but when it comes to the stock market, you can be a couple problems. there are two that really stick out when the market is loved too much. a, there are limited number of buyers. if one is bought, everyone loves, what happens next? b, love is conditional, which means it must be reciprocated over and over again. retail investors, by the way, they're really starting to love this market a lot. remember how they got bearish about a month ago? bullishness exploded to 47%, well above the 37 1/2% historic average. so retail investors, they're feeling like hey, you got to love it, ri

jamie dimon saying 6% not so farfetched. we'll discuss. if there's one bright spot it continues to be mega cap tech, nvidia's surge unbelievable. it continues today, almost $1,150 a share. then there's apple higher again as well. amazon is too. that's a big part of this market story. it does take us to our talk of the tape. the battle between rates and tech. one keeping the s&p on edge. the other keeping investors buying in, so which will decide the fate of this rally. let's ask new york life's chief market strategist lauren good win, and invesco's global market strategist brian levitt here with me at post 9. nice to see both of you. lauren, that's what this is about, right? rates backing up. i said the two-year is near 5%, and the stock market doesn't like it, the dow's down about 400. >> we're seeing a little bit of movement with respect to rates. i think this is just the calm before the storm. we're about to set up for a lot of economic data that will skew the investor perspective in one direction or the other. we're getting inflation d

so if i'm the fed, i'm worried about jamie dimon's comments more on the growth side. but i'm surprised they haven't changed the dialogue it's not next month's cpi or the month after that i looked at five-year inflation forwards they're lower than they were from 2008 to 2018. there's no inflation fear in the market we have a shock because inflation broke through a range. we're not used to prices going up, but the fed has to calibrate rates to make sure that growth doesn't plummet. >> the expected annual inflation starting five years from today so kind of like the longer -- not long-term but -- >> you get the energy prices or short-term dynamics that says according to the market, inflation will be 2.6% that's a good outcome in terms of where we are. so if i'm the fed -- >> do you think that's acceptable to them >> i do. if you look at 15 years of data, they've had lower rates every time inflation was here. so i don't think it's enough for them to say they're fighting inflation, and they're not going to calibrate this was the right fed funds rate when inflation was going

annabell e: bre, jailed dimon has said five more years would be the case for succession here.ong he would real estate 911 the role. buts that pretty big shift in commentary. br e: what we got today was a shift in the tone and the shift in the context he's given about how long he expects to stay in this role. on monday j.p. morgan had their annual investor day. jamie dimon got a question about mike mayo about his plans and where succession might go instead of using that phrase that he's often jokingly used of five more years, he decidely said not five more years. the bank is well on its way to the success planning. he said that this is up to the bank's board and that he still has the energy that he's always had. he put on the iteration of putting on the jersey. he's up and excited to do that. but this brings in the question of the time line that we see for the potential succession there. annabel e: we saw a shovel in the ranks. he said the process is well underway. bre: that's a yelly good question. the next could -- question would be who is up? today it was hearing from all of

we have the dow up 30 points and going up for that and jamie dimon and warren buffet say these markets, stock markets are overvalued. what do you say to that? >> jamie diamond and going at these -- jamie dimon and warren buffett on these hundreds of billions of cash and can't find a place to invest it and that can be a real confusing message for people at home. warren buffett has been negative on the markets for the last five decades and fully invested and worth over $100 billion personally investing at that time and anybody watching at home and shouldn't listen to headlines and time the market as well. people should be investing in the markets and he shows you that it's too high. stuart: that's your point. always be invested in the market. >> yes. stuart: trying to time it, just do it. >> the side piece is the mistake people make is they hear something like a jamie dimon and i'm not going to sell. if they do sell, it may correct 5%. 10% before it moves to more new highs and going today and you see a lot of individual investors and no time or try it. stuart: earnings report and the dep

jamie dimon always gives us something to talk about.what do you think about that, cautiously pessimistic the stock, there's nothing to be pessimistic about. >> jamie manages things well, and he will say things are okay and not great, but when you look at the earnings for jpmorgan, they perform and perform better than what people expect. you have to say what he says with a grain of salt, and he's saying it's not all champagne and roses, and if you can do how they do, i want to own the stock. >> what if you believe every word he says and you think maybe a soft landing is a forgone conclusion, and inflation could be much higher for much longer than people think, you know, and transition away from qe and qt will have a more dramatic impact than up to this point. goldman is up 38 these are percentage gains bank of america, 31. wells, 41. citigroup, 41. is he telling us to lighten up our positions in these kinds of stocks >> well, if you were a trader, i think you could. no question about it i think you have an environment where certain thing

david: we asked him about that question and he said -- he was careful to say, listen to jamie dimon, interesting, but he pointed out that jamie dimon is moving into private credit, but also that he has a point, so many are rushing in, it may cause some people come he's not one of them, to be reckless in underwriting. katie: you have to wonder if there are enough deployment opportunities out there. it's interesting, you think about the parish rallying cries around private credit, a lot of that has to do with the massive refinancing ball that we keep hearing about, but we haven't really seen it yet. david: we talked about that. six months ago he said it was coming and it was around the corner. i asked why it hasn't happened. he said in part because of growth. he also said because some of the borrowing costs have come down, there haven't been so many m&a deals or demand for the credit with so much crashing into private credit, there is more supply than demand at the moment. katie: an interesting juncture. who else is coming up? david: neil ferguson of the hoover institution, very differ

i want to focus on those comments from jamie dimon.has not been this bearish on the market until those comments were made. ing your reaction. >> well, i think jamie has done a very good job for the last couple years of pointing out various tail risks meaning extreme things could happen that they always want to prepare for. one doesn't have to look any if further than how jpmorgan is deploying capital to see that they don't believe it's the most likely scenario, that we're going to have a hard a landing. their being -- they're being very opportune u.s.ic. their own allocate models are still invested 60% in equity, so i think preparing for certain things at any point that could go wrong is always prudent x. yet the sort of baseline expectations right now has still been reasonably solid is. cheryl: but the question still remains if we're going to get a rate cut this year. and you've now got some saying that they predict a rate hike which is the complete opposite of where we started 2024. and then you add to that the worries with that big

you been hanging around all night, dim, dim, what’s dim, quiet, quiet, quiet, dim, tim, tim, tim, dimonmulated, but my agent could not help me contact. alyon, you lay down and go, and, you know, it happened to me after concussions too. thank you, semyon makarovich, i will definitely lie down, but first i want to answer my husband in more detail, you see, dima, in modern society, if a man cannot sufficiently provide for a woman, the woman is forced to do it on her own. i turned it down, and correctly, by the way, i turned it down, and you keep quiet, i will continue, then it’s strange to me that the fact that this is still me has escaped all of you, next month you will see me again on the covers of glossy magazines, i they offered a contract, come and look, it really looks like it, look at your nose and eyes, definitely, and now dmitry, tell me, what socially useful work did you do today? so, inga yuryevna, let's begin. you just lie down, listen to my voice, you feel good. calm, your body is relaxed, a pleasant warmth fills him, his eyes close, now i will count from ten to one, count one

runs counter to what my colleague said about jamie dimon's thoughts on buyback.am research commitment to return roughly 75 to 100% of annual free cash flow, back to investors. something they promised in the past. the stock has been trading in this low range, $900 range after pulling back from near $1,000 levels in march and early april. you can see trading 960 right now. investors will be looking to see if the stock split and buyback can get shares closer or above that $1,000 mark. but the stock split won't do anything for market cap. we know that in terms of math. could invite more to participate. earnings will play a role to lam stock direction if nvidia's demand remains strong with major uptick in guidance. expect a lot of semicap makers to also rise. you need that equipment to make the chips. >> thank you. victoria, what's your call on lam? >> it's a buy. i went from 150 million share to 10 billion. who doesn't love that. they manufacture semiconductor manufacturing equipment. so their actually getting a huge lift. they're micron, intel, taiwan semiconductors

jamie dimon was nodding to the fact that maybe trump was not that bad after all.eversal of what he said after january 6. i was at the conference in new york and they told the story about post- charlottesville he was on a board that trump convened. one of his daughters wrote a letter saying we need to cut ties with this guy. his family was on that and another daughter said, ditto. i don't dispute that the head of the world's biggest bank has to acknowledge that you will be head of that bank regardless who is president, but i think it is remarkable how there was this lack of equivocating that happened that has dissipated. i don't expect the biden administration to come out and embrace wall street wholeheartedly. as you pointed out, the market has all but done that. you have the dow hitting 40,000 today. you have inflation going down. all of this is going quite right for those in business, so there is a cynicism about the economy and the state of markets that i think is ignored. looking for if not to contrast, an alternative. >> how about the false narrative of this

obviously, jamie dimon is a much much loved ceo by investors, and i think that as long as he's there,>> of course, jpmorgan, goldman, and they've been putting in high after high the last couple of weeks >> let's pay attention to wells fargo. we have morgan stanley but this is charlie sharp and charlie is getting -- he's picking up all of these different 55 and 65-year-old guys that didn't become ceo at he's banks and it's amazing, one of the things that you learn, you have to retire at a certain point because you're going to lose all of the people 53 to 57 they recognize that they don't have enough time to be a tenured ceo, so now i think that charlie sharp, he's worked at jpmorgan, but visa, all right, i'll take it he's why let building up a real investment powerhouse. watch charlie. i think he's got it. he's got momentum behind him that were not his fault. >> right >> all new board, all new team confident, share buyback remarkable man, by the way >> you're talking about a real evolution in the mortgage business now a thing of the past >> yeah, i think that they want investment banki

tt2 comment you are referring to him at the jamie dimon letter to investors and underneath that, youwas also saying that look, rates could also be much lower than we thought, so i think that diamond's point there was we are facing this fantastic uncertainty and more than we are recently when it comes to monetary policy. so could we be at 8%? sure, but it is very unlikely. if we get to a place where we are at 8% it is suggesting not only that we have failed to control inflation, but also that the labour market continues to be very tight, so it is notjust continues to be very tight, so it is not just a continues to be very tight, so it is notjust a bad story, but also that the labour market is strong enough to withstand that hike, but right now i don't think anyone expects that soon. �* now i don't think anyone expects that soon-— now i don't think anyone expects that soon. �* . ., . ., that soon. and we are in an election ear and that soon. and we are in an election year and that _ that soon. and we are in an election year and that is _ that soon. and we are in an election year and th

jamie dimon says he can't rule out a hard landing for the united states. >>> and the doj reportedly seto file an antitrust lawsuit against ticketmaster parent livenation as early as today >>> let's begin with nvidia's blowout quarter. the company revenue more than tripled in q1, and its datacenter business grew by more than 400% over a year earlier sending shares above $1,000 for the first time here's jensen huang on the call last night >> the demand for gpus and all the datacenters is incredible. we're racing every single day, and the reason for that is because applications like chatgpt and gpt 4-o and now it's going to be multimodality and gemini and its ramp and anthropic, you know, all of the work that's being done at all the csps are consuming every gpu that's out there >> jim, a lot of the commentary today says any worries about an air pocket probably get assuaged today. >> yeah, look, there was a lot of teaching on the call last night. jensen came in right after colette kress, the amazing ceo usually he comes in later, but he wanted to explain to people about the industrial revol

jamie dimon would talk about it. meanwhile, they would invest aggressively in the future., new innovation, whether they could scale this new innovation or not. that's the approach you could assess companies these days. tom: a couple of big name stand out from this report. i will zoom in on brodrick's unexpectedly. of course tesla, top of the list for you. interesting in terms of the ev space. on some levels, not surprising. cutting prices, challenging the china market. stock is down 30% year today. how sustainable is the leadership at tesla and their ability to continue to invest at this level on things like r&d? >> or observation is spot on. for the last few years it is just unparalleled. this year for the first time is the bandage is almost completely eroded, except for ai. what we are seeing in the report is byd and other car players in terms of the relative score they really have improved dramatically this year. meaning the top has been crowded out. the biggest implication is the smaller player, the lower on our ranking they become increasingly vulnerable. after all, t

katie: that was jp morgan ceo jamie dimon with francine lacqua. coming up we have seema shah.berg markets. i am katie greifeld in this is bloomberg. ♪ from the heart of where technology and finance combined this is bloomberg technology with caroline hyde and ed ludlow.

highlighting jp morgan at the moment, shares are under pressure as we heard from jamie dimon, talkingth sonali basak, some to claim -- declines after they discussed how expensive it would be to buy back stock, saying he wouldn't buy back a lot at these prices on the suggestion that there would be less demand for buybacks. meanwhile, sticking with the stock market more broadly and some news turning to breaking news from the new york times, ivan bo ski has died. he inspired the gordon gekko character, making a lot of money from insider trading, he went to prison for his crimes. he was 87. do you want to close out? should i? normally i'd hold. but... taking the gains is smart here, right? feel more confident with stock ratings from j.p. morgan analysts in the chase app. when you've got a decision to make... the answer is j.p. morgan wealth management. and they're all coming? those who are still with us, yes. grandpa! what's this? your wings. light 'em up! gentlemen, it's a beautiful... ...day to fly. (aidyl) hi, i'm aidyl, and i lost 90 pounds on golo. i struggled with weight loss and we

morgan jamie dimon is going to be speaking to us.king to economists on that print and fed expectations. j.p. morgan, much conviction they have in that view and interest as well. the head of global commodity strategy. no doubt a conversation with what's happening with copper with the short spree happening in the u.s. and whether or not that has momentum. jeff telling us yesterday that he sees 15,000 on copper. iron ore also up in session. the c.e.o. of easy jet is coming up on markets today. 7:45 london time. markets today coming up next. this is bloomberg. ♪ and they're all coming? those who are still with us, yes. grandpa! what's this? your wings. light 'em up! gentlemen, it's a beautiful... ...day to fly. it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. we have been able to reach over 100 million people impacted and affected, and at risk of hiv. the rocket fund takes all of the work that we're doing, all over the world, and looks at

himself well, with dignity, you know, for the sake of konstantin and dmitry, god, you’re giving up for dimonospital, you can do it, otherwise i’m uncomfortable, why is this happening, my conscience is tormenting me, i don’t know, actually i don’t look like him, let me tell you. korya, i'm watching you, quietly, quietly, quietly. hey, security, i'm going to die here, oh, listen, great, this is mine, my backpack is still there, and you ran away because of a maniac, who the hell knows, they are like that, and you think i would run away from one, well, i went out the window, you get the hell out of here. maybe you’ll leave it, but you need it? i love music, i’ll leave it, there will be music for you here. so what do you think, who they are, the unknown, what’s the point of closing the gate for you, they’re through the fence, and you’re here alone? we need to place the dogs along the fence, but whatever the dogs do, we need something more serious here, you know how many people there are from here. i went to get you out of here, by the way, vasily ivanovich, well, are we fighting again? kohl, ira,

dimon made it unlikely they would buy back stock and boom -- >> take the two of those together he isng. >> target says it's going to lower prices on 5,000 frequently purchased items in its stores in a bid to both stay competitive and give consumers relief. the retailer says the price cuts are concentrated in grocery staples like milk. >> meat. >> this says bread and fruit and vegetables, paper towels, baby wipes and diapers. expect to save consumers millions of dollars this summer. there you go. >> unless it was meade, like the old drink. i was thinking about that with stephanie link and these price cuts if they drive traffic it will help. red lobster filing for chapter 11 bankruptcy among the reasons blamed dif calls macro, bloated footprint and failed or ill-advised strategic initiatives like the trip initiative that increased business too much and they lost $76 million last year there's a lot of operational problems here. >> yeah. >> it's sad. y it used to be a great place. >> thanks for watching "power lunch," everybody. appreciate it. >> nasdaq higher big week tore technology. >

>>> >> jamie dimon is speaking at the strategic decisions conference and that conversation is ongoingwanted to give you some headlines because he was asked to clarify his comments that he made last week at the firm's investor day, where he said his timeline to step down as ceo is not five years anymore. today he said, quote, it is totally up to the board, so you can ask me all you want, but the timetable is less than five years. he said that could be four, that could be three, three and a half, it could be two and a half. it's up to the board. but it does sound like it is less than five years. he did say, though, that there may be a term where he serves as chairman for a while, but that is totally up to the board. he talked about how the board has studied multiple successful and failed successions and he says there's no magic formula, but the quality and character and content of the people is probably the one thing that matters the most, and so he believes that it's important that people do the right thing when the time comes, and he doesn't have to hang on to the ceo and chairman rol

neil: jamie dimon worries about the happy talk and others say be careful, one of the wyers talking aboutcivil wars a good possibility in this country. they are putting out i call the mornings or may be they like playing debbie downers to say this ain't real. do you think this is real? >> it looks real to me. if you are in a position of jamie dimon, lending your support for jobs, to think about what could possibly go wrong, what could possibly trip up the very positive environment we've been in for a why all because certainly if you look back over the decades there have been moments when things have happened from an unexpected angle causing quite a significant hiccup if not setback for the markets on a number of occasions. we know what they are. that is kind of for their job to do that. i also think to the degree that that is effective, a lot of people in the financial media who go on financial media networks managing money or prognosticating, that has helped to fuel the rally because clearly what has been going, if you were to go back to the end of april after we had a little bit of a se

sonali: that was jp morgan ceo jamie dimon speaking with our own francine lacqua. coming up next, we are going to speak to citigroup's harold butler to discuss his outlook for the banking sector especially when it comes to underrepresented communities. we'll talk about that in this higher interest rate of are meant. this is bloomberg. ♪ ♪♪ sandals jamaica sale is now on! with rates from $199 per person per night. visit sandals.com or call 1-800-sandals (traffic noises) (♪♪) the road to opportunity. is often the road overlooked. (♪♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to move forward. the further we'll all go. sonali: this is bloomberg markets. we are looking at copper prices because they have been rising for months and we are seeing the spike that is rocking metals markets worldwide. we are going to discuss what is going on with bloomberg markets commodities strategist. what does it look like under the hood? >> it looks like it is cash. we have seen some sig

and on the back of biden's new tariffs on china, dimon says the u.s. has a right to protect itself from unfair trade. we've got a lot more to come on "worldwide exchange" including the one word investors have to know today. first, while biden threatens china's ev makers with a new host of tariffs, we talk about musk's china ambitions. and we'll talk about ai and sundar pichai's thoughts. and meme stock craze. we've got that story and more after this commercial break. ush- clem's not a morning person. i'm tasting it- or a night person. or a... people person. but he is an “i can solve this in 4 different ways” person. and that person... is impossible to replace. you need clem. clem needs benefits. work with principal so we can help you help clem with a retirement and benefits plan that's right for him. i'm short but i'm... i'm confident. you know? let our expertise round out yours. norman, bad news... i'mi never graduated i'm cfrom med school.ow? what? but the good news is... xfinity mobile just got even better! now, you can automatically connect to wifi

any time ray dalio and jamie dimon are concerned, i'm concerned.hen you look through history, i've been concerned in the past too. i was concerned in 2008, i was concerned in 2016 with brexit, i was concerned when the global economy shut down in 2020. we've been having this conversation quite often. in those periods we have the ability to buy treasuries. that was the safe trade. now we're talking about treasury is the instrument that becomes the bubble. i think when you look at the investment thesis around it, you have to think about the emerging economy, back in the late '90s we had the start of technology and that bubble busker t. burst. we went to a financial engineering economy. that went away. travel and leisure went away in 2020. now we're in a digital economy. you have to separate the economy from what's going on with the deficits and everything. if i would have told you in 2020 that the deficit would balloon to 34 trillion and the cost of the debt went from 1% to 5, i don't think you would find too many people that would believe that the do

jamie dimon said what is it like if we have 5 or 6% rates? the last time that the fed signaled they would raise rates and they weren't signaling 5%, how many hikes? we were thinking 3% oral someth or something like that. i think we have reached a silly place here as far as just enthusiasm about what is, obviously, a huge, huge secular shift. guy mentioned this. there is cyclicality that comes into play. when things go lower, there is no price that makes it look like a great level to buy. not on valuation, anything like that. that's my little warning. but, whatever. >> if you put dpif -- put the pieces together here tonight. that is a potential slowdown in the a.i. spend in the out years and then couple that with where rates are now. if they are here or higher, that really puts a dent into the companies and sectors that need to refinance, commercial real estate or corporate debt holders. you were talking about walgreens and how they are leveraged up the wazoo. it's an issue now as we can see in the stock. >> 3.9 times. karen thinks it's higher

it could because for alarm and that is what jamie dimon is talking about.ie: i only have one minute left here but something you touched on when it comes to private credit, is there enough opportunity out there to deploy all of this money? >> historically when we think about investments across asset classes, which they discussed in the earnings call, thinking about this idea of 50% in public equities, 20% in alternatives, all of the growth you have seen in the alternative space has been from that 20% bucket. what it looks like, with fewer and fewer public companies out there, there definitely is a sense out there that the asset class will continue to grow. yes there will be more investors jumping into the space. jumping into what feels like a growing market, so the sentiment right now is that there is money to be made. katie: so, the sentiment is there. always great to speak with you. that doesn't work "bloomberg surveillance." this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power." live from washington, d.c.

he is celebrate in the stock market gains but jamie dimon still says he is worried about the future ofnflation, listen. >> i'm more worried about it paired we've had very big fiscal deficits and i think the underlying inflation may not go the way people expect it to. whatever the world is pricing for a soft landing, i think the chance of something going wrong is after stomach higher than people think. >> sandra: are you worried, dan, as the stock market keeps going up and that puts more money and some people's wallets that they will keep spending on these prices will never come down? >> two quick answers. first, i think steve is exactly right. a rising stock prices good for all americans for any number of different reasons. pension plans, 401(k)s, et cetera to the comments jamie dimon just made there's a lot of us on wall street that have lamented the growing size of fiscal deficits and some of the larger problems that jamie has articulated for some time now and most of wall street chairs but to tie it altogether the average american is dealing with the grocery price in the poll you ju

jamie dimon and ray dalio saying the government's got to do something about this. this before. what's the worst case outcome if nothing is done? >> well, the worst case outcome, charles, is that that first chart gets a lot further in the red, in other words, people's paychecks are going to continue to grow in nominal terms, but they're going to buy significantly less and less as the dollar continues to be devalued in order to pay for all of this runaway government spending. i mean, this has been a problem for quite some time now. we talked about this well over a year ago, how not just the debt and deficit are ballooning, but even just the cost to service the debt, the interest is well over a trillion dollars a year now. so while these folks are certainly late to the party, people like jamie dimon, i suppose it's nice for them the finally come around to the truth. charles: yeah, it really is. i mean, you know, at some point -- they do have an audience out there, and someone's got to pay attention at some point. you know, the argument is that we've been hearing about