gelsinger and $16.5, wherever it is a pretty decent place to build a position >> pat gelsinger comingips and cryptos now down 16%. last week's record high and check this out since last january bitcoin's market share, the crypto space dropping to 54% is it the best digital coin to park your money in, for more on that, pantera capital ceo dan moorhead great to see you. >> great to see you again. >> you're predicting bitcoin as total share of the market share less than 40% by the year's end but you're still a bitcoin bull, right? >> very much that's one of the examples why it's such a great asset class. up 700% since january of last year and losing market share that's a great asset class >> that's an interesting chart the market share of the coin market the crypto coin market ex-bitcoin and actually went to 34% to 16% in just three months. we're seeing all of these other coins sort of chartered ahead while bitcoin is having this little bit of a stumble. why investors are going to some of these other coins is it a search for alfa? that bitcoin used to deliver. >> it's kind of like, bitcoi

that's pat gelsinger, the new ceo of intel, an old hand who is back "mad money" is back after the breakxt, saving the planet. world leaders committing to new challenges and goals in the fight against climate change plus, the push to lift outdoor mask rules the facts, the truth, the news with shepherd smith, next. cnbc this is wealth. ♪ ♪ this is worth. that takes wealth. but this is worth. and that - that's actually worth more than you think. don't open that. wealth is important, and we can help you build it. but it's what you do with it, that makes life worth living. principal. for all it's worth. we started with computers. we didn't stop at computers. we didn't stop at storage or cloud. we kept going. working with our customers to enable the kind of technology that can guide an astronaut back to safety. and help make a hospital come to you, instead of you going to it. so when it comes to your business, you know we'll stop at nothing. this is hannah - she's a posh virtual receptionist. when you're busy, she answers the phone. thank you for calling the anderson group hannah speaking. wh

is gelsinger the guy to do it? he was on with jim cramer last night.can he run the business? >> i think he is really excited. this is his dream job. i think he is bringing a sense of enthusiasm back to the employees. i think intel has been a little bit demoralized the last couple years. he is bringing that enthusiasm back he is aiming at a wider scope. not just looking at the core businesses, but building new business i think investors have trepidation about that it will take time. there will be investment and i think it is very important you get the employees to be confident and enthusiasm built in to your point, he has to execute. he has a track record of doing that at intel and other companies that have a lot of credibility with the most important decision makers in data center and cloud. >> joseph, unfortunately, we have to wrap it up stock down a bit this morning. joseph moore of morgan stanley have a great day thank you. folks, wherever you may be, have a wonderful friday and great weekend as well. that does it for us on "worldwide exchange. if i

pat gelsinger, intel ceo, joins us next.his is bloomberg. ♪ ♪ alix: live from new york, i'm alix steel, with guy johnson in london. this is the european close on "bloomberg markets." intel saw a steep decline in revenue profit margins. we will dig a little deeper into those results with pat gelsinger, intel ceo, and bloomberg's emily chang. emily: thank you so much for taking the time. shares are still down this morning. investors really concerned about margins, though you did slightly raise your full-year forecast. do you have to say to them right now? what do you have to say to the skeptics? pat: right now, a little bit disappointed to see the market's down on us. usually when you beat by $1 billion and raised by $500 million, i would expect the market to like that. but we understand some of the concerns around data center and where we are. we had a blowout last year in datacenter in the first part, and we were a bit ahead of where we thought on datacenter. we had some major new products in that area. exciting because it m

so how bad is this news for pat gelsinger? capturing that his company still does boast certain advantages. nvidia with the new server cpu is targeting more of a niche market patrick says and intel is still the giant. dominates about 90% of the market no response from intel on that nvidia news. there was also that big white house chip summit today. president biden's infrastructure plan does include $50 billion for the american chip industry melissa, back to you >> josh, a question on the niche market point how profitable is it to make such a big deal that they're going after this narrow part of the market >> you're going after what is called the hpc market. so that is a market that would include things like national laboratories like los alamos. that's why patrick moorhead is saying these are different intel is dominating about 90% of that server cpu market and patrick's point is intel's focus is different it's really targeting more general business uses and cloud providers. but we'll see how it plays out, melissa. >> josh, tha

i like what gelsinger said yesterday. playing offense, not defense now. look into how he is thinking about these battles, or ambitions that they're looking at on a number of sides. meanwhile, guys, bitcoin can't bet but note hitting new highs on the eve of coinbase's debut more "techcheck" coming up right after this break. >>> there is a legitimate breakout in bitcoin today. all-time high above 63,000 what a time on the eve of coinbase's direct listing. r.k. rooney is watching. hey. >> carl, good morning. coinbase will be the first u.s. crypto company to go public. really seen as a big test to investors' appetite for other start j-ups in the industry more competition, a big headwind for coinbits used to be gemini, kraken, a little more niche. now paypal, square, robinhood and in many cases through a partnership. some highlight coinbase's biggest mode started back in 2012 when bitcoin traded around $10. the company now has 56 million users. its competitors are looking for a slice of that high margin trading business coinbase is about to go public on $1.8 b

. >> you had gelsinger on last night talking about the chip shortage it could go on for quite a whilet is so meaningful. >> we will talk about that more in the next block of our show. but i just, i don't know, i wonder how that fits into the view of the overall market and to what we expect is going to be a continued pace of increased spending by americans. >> well, why haven't companies stepped up look, the copper companies are expanding, and going to meet demand i don't know, i'm talking to cleveland clips, they have to expand, nucor has to expand, if people aren't liking that quarter, i think that is a big mistake, i think the quarter was very good. but david, companies have to increase supply and i think that's what jay powell is betting, they will look at the prices, look at micron, a good one, micron stock, why is micron going down people are saying that all of these semiconductor capital equipment companies have increased d-ram capacity so that's what jay powell is betting on he's looking at the head and shoulders there and betting, no, he is betting that micron, a little joke,

microsoft another bold announcement and tech policy and regs key issue at the moment intel's pat gelsingeroins us ahead of the white house chip summit today and uber announcing a new cycle high on mobility joining us in another "techcheck" exclusive. de >> can't wait for that and also covering the biggest stories and opportunities for investors. today alibaba shares surging following a huge antitrust fine. tesla higher after an upgrade and bitcoin closes in on another record high ahead of coinbases listing this week. much more on all three of those stories. jon? >> today's most important thing in tech, though, cloud and ai investing in mccaicrosoft $20 billion bid. microsoft second largest acquisition ever buying nuances, important step in expanding microsoft's presence in health care and cloud transformation moving from a consumer focus when it started deeper into industry where the competition is nuance to pave the way for deeper relation. s isn't cloud and ai even outside of health care the $16 billion number represents a 23% premium over friday's close if you don't include debt, $16 bi

ashley: takes a while, you can see more of pat gelsinger's interview on roundtable at 10:00 and 11:30s who joins us? the host of kudlow, larry kudlow , no less. larry, what the do you think of this two-year chip shortage forecast from intel ceo, surely that could be sorted in sooner than two years. come on. >> it can. look intel is a great company but as you probably know, ashley , its fallen behind badly in the last couple of years. it's just falling behind and i will say something else that you may not link it but look, if this country is going to keep assaulting investment and capital formation, by raising corporate taxes and capital gains taxes, and cutting back on expensing, then they're not going to build the plants and we're not going to get an an added supply and not help the semiconductor industry and by the way just government giving money of $500 billion subsidy or whatever they think they're going to give, that's not the way to do it. that's a one-time thing. we should create incentives for private investment which could pour trillions back into the semiconductor industry.

comments from the ceo pat gelsinger. it is friday, april 23rd, 2021 "squawk box" begins right now. ♪ >>> good morning welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. it is friday the markets this morning a day after the tax hike rumor caught markets by surprise. dow and s&p and nasdaq fell by 1% after the media reports that president biden is seeking to fund education and other spending priorities with a tax hike that includes an increase on capital gains. from 20%, by the way, this is long-term, from 20% to nearly 40% for those earning more than $1 million we go to washington for the latest on the plan in a moment let's look at the selloff yesterday. markets digested the news and pushed ahead dow up 59 points s&p is up 10 and nasdaq up 22. the dow yesterday suffered the worst day we have seen since march 4th. it wasn't all bad news dow transports were weaker they set an intraday new high. the longest winning streak for the dow transports the longest winning streak ever.

gelsinger, it's great that intel is talking, its tell's not the problem, the problem is taiwan semi andto get those chips and nxp, i want to know how much nxp is supplying to china versus us it's geo capitol hill. and the company that has leverage is the white house. i don't think it is a company, but i think that's what has to happen. >> carl, it's -- >> we can't wait to hear more from them. >> complex to say the least. >> as we said a moment ago, later on, microsoft making a big bet on ai, by agreeing to acquire nuance communications. as you can see, nadella and benjamin with us exclusively later this hour. we're back in a minute did you know that petco, is now a health and wellness company? their groomers work wonders for my confidence. i trust their vets, and i'm known to have trust issues. they deliver high quality food the same day. i was outside digging, what'd i miss? just everything regarding our physical, social, and mental health. exciting. i'm gonna take a spin around the room. great idea. ♪ ♪ petco. the health and wellness company. do you have a life insurance policy you no

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i think the pressure is on i think gelsinger will immediate the competitive side of things, but that's what ceos are paid to do he's the guy who sits and if you are going to battle -- whether it's the or obviously nvidia and others, i think he's the right guide for the challenge. as a company itself to grow much master, and by somebody who is going to be a part of the other companies. the competent think i think will be greeted. >> just take a long look when you look at intel. you can see why i think they've got financially they're in position to be very, very competitive with absolutely anybody and everybody. with the right people in charge, i think that they're up for the challenge. >> amd, looking at that now, a couple percentage points just i really wanted your opinion, so thank you, we'll talk again soon. >> thank you, scott, take care as this new is breaking. we may hear from the president as well, and of course you will hear it first. >>> bank earnings this week, mike mayo of wells fargo security, the number one ranked in, good to see you again. that's the story, right? what doe

along the way they will be building and will be doing everything that pat gelsinger views as where theyd to move to over the next couple of years as well. so it seems like nvidia gets a little bit of a pass where intel everybody wants to slap down i continue to own this company trades at about a 13pe i still think that there is plenty of upside, even though the stock was just sitting at multi-year highs just a few days ago. >> okay. brenda, nvidia >> yeah, i would agree with what pete just said in that, you know, nvidia's announcement they're entering into intel's cpu market makes for a great headline and everybody loves to pick on intel. but i would say that it is going to take a while for them to really build out that capability, and, as pete mentioned, meanwhile intel is going to be building out their capability as well and more capacity so i think nvidia continues to be well positioned i would agree with the analyst's view on nvidia in general. we own both nvidia and intel, i would say, as kind of a barbell approach we put into place during march of last year. but we've become more

i'm going to be speaking with pat gelsinger tomorrow at 11:00 a.m. eastern time. want to miss that. meantime, global temperatures korean past critical levels. the u.s. and china are locked in geopolitical tension. setting parallel and equally ambitious goals. we look at whether climate change will turn the world biggest economies into unlikely allies or if there will be another conflict. >> china has an ambitious goal. while it currently accounts for one third of global emissions, president xi has pledged china will be carbon neutral by 2060. beijing plans to slow emissions growth hitting a peak by 2030. a boost in nonfossil fuel sources and green tech reducing pollution and pushing to quote electrify everything well hooking more indices into carbon free energy. u.s. president joe biden is aiming to be china by a decade. he wants no zero emissions by 2050 and emissions free electric grid in 15 years. both countries have picked key paris accord figures to lead strategies. john kerry initially took a swipe at beijing's plan. he now says he hopes the u.s. can work wi

ceo pat gelsinger said they are concerned about these supply constraints and he feels like they willast for a long time. we heard a few people say it could last into next year. he said it could stretch as long as two years as long as the chip industry has to make investments in plants that take a long time to be built and built up the capacity that all these customers need to add technology to cars and computers and many other things. shery: you won't want to miss your interview with intel's ceo at 11:00 a.m. in new york and 11:00 p.m. in hong kong. david: a brief look across the markets. the movers across many of these different areas of the asia-pacific. i think we are down about 20% on the week for my next, perhaps being dragged down on the retracement lower on bitcoin, which earlier fell below 50,000 for the first time i believe since march. dollar-yen, we are looking closely as we approach the tokyo lunch break. looking at this currency, and they are saying watch the support level closely. below that, we might add to that pink circle. there's plenty more ahead. you are watching

this year so what should we expect from this report pete you mentioned satya nadella i mean is pat gelsingerintel? >> he might be honestly, i think he's the right guy for the job. they've had to go through some ceos of late and a lot of stumbling along the way. i think he's the right guy he came back to intel, rejoins them, they have $21 billion in free cash flow this guy, they will pay for the manufacturer cost just on cash flow i like what he's doing so far early. >> let's get a preview for the set up for intel on the options pitch. mike, what do you see? >> yeah so despite the fact intel has lagged the broad market and semis in the last month call option outpace put option in the last month and true again today calls outpacing puts by two to one options action, weekly seven calls 97 trading for 44 cents implying more than 60% move to the upside seems some institutional traders are betting the languishing stock could turn around in earnings >> thanks for that more "options action" on friday at 5:30 eastern time it is the last call to vote for karen and dan's fast pitch do you think viacom

intel ceo pat gelsinger telling us ahead of the meeting he hopes the u.s. manufacture again a third of the world's chips on american soil. the supply crisis impacting all major automakers with production halted and the plants across the country. we have to see how it affects 2021 product rollouts from companies like apple carl >> jon, meantime, oppenheimer naming nvidia, marv many and broadcom top picks favoring structure growth into '21. down grade at intel. and after the break, "techcheck" sits down with coinbase's first inv investor so stick with us. did you know that petco, is now a health and wellness company? their groomers work wonders for my confidence. i trust their vets, and i'm known to have trust issues. they deliver high quality food the same day. i was outside digging, what'd i miss? just everything regarding our physical, social, and mental health. exciting. i'm gonna take a spin around the room. great idea. ♪ ♪ petco. the health and wellness company. >>> shares of crowdstrike, price target $265. bullish or crowd adoption, and punk music and

there's very little return pat gelsinger will talk about that, this week, carl and intel's ceo, it will excited, he's outspoken is the way i would put it. >> jim, you have talked a great deal about the chip shortage and i think it is something we should spend time on yet again today bought i had a conversation with somebody who runs a company and if i say what they did, it is a particular area but it is an unexpected product -- >> it would be a nightmare if you said it? >> no, but an unexpected product, a product that you wouldn't necessarily assume it has chips in it but it does and why? because it can be remote controlled by your phone one of those and that's so many things now, have an app that controls them chip shortage is coming into view for this company as well. >> you are being very nonpolitical i will throw political, carl, the chinese saw this coming, and all the notes i'm seeing now is did they triple order or double order? are american companies, our american companies seem to have thought that they would never come into play, that the chinese would be aggressive. carl, the

is gelsinger right >> that is certainly ambitious i do not think that the united states is going to get back to a third. perhaps something like 20% mixed with this $50 million subsidy number could get us on track to that. but 30 plus percent is going to be incredibly different from this point forward. >> two questions in one here you heard what josh lipton said and he said whatever you think the $50 billion are probably going to help the semiconductor equipment manufacturing companies a lot. and i guess that's question number one and then question number two, is $50 billion enough >> question number one, yes. this will help the equipment makers although many of them are backlogged already in the supply chain shortage so once supply and demand catch up perhaps they can start working on new orders. in terms of the $50 billion, i do think that the $50 billion is greater than our expectations going into this. that $50 billion is likely to be matched with funds from other u.s. publicly traded semiconductor companies and so we might be talking $100 billion, $150 billion or perhaps $200 billio

big plans manufacturing plants here, but some throw cold water on that idea saying that ceo pat gelsingerds factory people if plan is going to work. of course, they're starting at a slower point than the likes of tmsc what chance shifting that balance given the u.s. market share more than 12% of that global manufacturing share >> well, first, you know, semiconductor manufacturing is not just on the tightness transistors that go fastest for the digital compute segment. it's much more pervasive than that more importantly, intel joining the foundry business is a validation how important semiconductor manufacturing is to create foundry businesses, you're right, decades in the making a key part of being a manufacturing foundry is having manufacturing. so the other part of your question was, are enough dollars deployed the kind of money in funding the chips bill in neighborhood of $50 billion. a great start on a journey creating the co-investments that create manufacturing in the u.s. >> $50 billion, yes, thomas. look at samsung and taiwan semis planned investment that goes over $100 billion. a

mean you put both sides playing out here very well, john there has been this excitement about pat gelsingeroming back before the results shares had risen 18% since that announcement, but the reality starts to sink in when you see the results, the ambitions of those long-term plans, building a business as a two to three-year plan, and as he says, he's playing offense now, not defense, so he has to defend market share, but he also says he's going to be aggressive. those are very costly ambitions. >> yep there had been some headlines they raised guidance but very cloudy picture on the guidance because so much of this was preannounced in their 105 is still below the street's 111 intel is an important story to watch. let's turn back to the potential hike on the capital gains tax rate our next guest tweeting last night that the president's proposal on capital gains could potentially kill the golden goose that is silicon valley draper associates founder and managing partner tim draper is with us. tim, happy friday. good to see you. >> hey, thanks for having me on the show >> it's always good to ha

one of the things that i saw, we had pat gelsinger on, who was vm ware and now intel, ceo of intel andtalked about a digestion period and he said it is a glut, that there's a glut of chips in the "d the data center and to me, there's no glut, and to me, there's tremendous demand. how do we explain the disparity? >> i really do think that this is about plans we've laid out over a number of quarters, so we've actually seen in the four, that there was significant demand for our data center product, and guiding into the first quarter, and as we went through the quarter, we saw people needed more products for their data center systems and if you think about it, it is all of the things we're using, right? the fact is we're all using many, many more digital services and they require lots of cloud capability so what we saw was strength in our cloud business and i think it really depends on where our partners are in their launch cycle, so we're very excited about the momentum that we see >> one of the things that i think is kind of curious is that when you go back to gelsinger's comments, and i

that the honeymoon period for gelsinger is over, you got the initial pop on his name, right, and nowal work is going to be tougher because lisa sue and amd have absolutely eaten intel's lunch, and when it comes to stock ownership amd is a better play, nvidia is a better play, nxp is a better play, and intel is out of favor. everything you say may be true, but it is going to take so long to happen, why bother? how do you counter that? >> go back to there are different stocks for different kinds of investors it is not good cocktail party fodder, you won't get bragging rights, but you might get consistent returns over the next several years. i will argue all day long there's not room for nvidia, intel and amd. if there weren't, intel wouldn't earn $20 billion a year and generate $18 billion a year of free cash flow there's room for all of them by the way, the numbers are far in excess of nvidia and amd, they just happen to have higher growth rates it depends on what kind of stock you want to own, what you are comfortable with, what valuation you have compared to what the story is and wh

here's ceo pat gelsinger addressing the global chip shortage on last night's earnings call. >> the unprecedentedd supply chains across the industry we've doubled our internal rate for capacity in the last few years but the industry is now challenged by a shortage of foundry capacity, substrates and components we expect it will take a couple of years for the ecosystem to make the significant investments to address these shortages >> sylvia, stocks on discount, new ceo, good buying opportunity? >> again i like it i think if you look at the semiconductors, nvidia and amd got a lot of attention intel's more of a slow and steady growth story. massive global chip shortage means there's huge demand, not enough supply, so preeces will likely rise there. and i think it's the 5g story, the machine learning, the quantum computing. biden is going to pass an infrastructure bill. so much of that is going to go into supposedly connecting rural and urban america. and chips have a big factor in that and a big role in that. i think that intel is well poised and just the semiconductor industry in general is just v

about 25% so far this year, and analysts pin at least some of that on high hopes for new ceo pat gelsingeright on "mad money" our jim cramer will talk with that new ceo. 6:00 p.m. eastern time you don't want to miss that. it's sort of chopped around since the ceo change, but a nice climb in the last month or two. >> right, it certainly has go gotten -- i think he's gotten the benefit of the doubt to this point. somewhat light on the second quarter guidance they're going to be a little conservative on that front that could account for just a slight step back right now this isn't really a story that was meant to be bearing fruit this minute in terms of the strategic reorientation of intel. >> steph, what are you going to be listening for, anything that would entice you back to this stock? >> no, i mean, because it is up 25%, the expectations were pretty high, so i'm not surprised to see it sell off just a little bit. we really were expecting guidance not to be great, and that is because you had such pull forward in pcs. pc as a market as a whole grew 13% last year. it's still going to be hea

is that enough that's something we're asking dara we've got pat gelsinger, new intel ceo, on a day we'remmit. and you guys look forward to much more. i've got to compete with you, though, i know you got so many of the ceos and founders in my states and tech. we're going to keep coming for you. we've got reed hoffman this week as well. stewart butterfield. go ahead >> we're on the same team. let me ask you this, on the microsoft nuance deal, fascinating transaction. we expect that they actually have it -- we're getting it as early as this morning. you guys may be talking about it at 11:00, i don't know i'd ask you, for many years we thought apple was going to buy that company people do believe that knuance has the best voice technology maybe matched by google. maybe. how does it change the dynamic for microsoft? they spent an enormous amount of money on this technology already? was it a waste for them to do that already and is this a game-changer in terms what happened to themselves in terms of what happened with microsoft 365? because i imagine they'll integrate it >> certainly, this is