s energy use we spoke with jensen huang right after that meeting megan? >> hey, melissa. he and other a.i. executives from google, microsoft, openai, they were all at the white house today to talk energy needs for a.i. the goal was boosting public/private cooperation to make sure that energy and some technical issues like work force and permitting, that they haven't blocking the buildout of a.i..en fra structure in the u.s. when we caught up with jensen huang after the meeting, he talked about the industrial rev lose we're in. he said while a.i. models take a lot of time to train, they can save a lot of energy once they are in use we spoke about the company's blackwell chips, as you mentioned. listen to this >> so, each generation reduces energy consumption, increases performance, reduces cost, and so, we're in a hurry to get to blackwell. we're at full volume production of blackwell and every company in the world is champing at the bit, you know, for us to ship it >> melissa, i asked if there was enough money behind a.i. in infrastructure at this point, and he sort of sa

jensen huang saying he leans on this for the production of its chips, and this is a company he thinks leads the industry by a wide margin. the other supplier to nvidia, the most since june and july. and another company we have a focus on is this 711 convenience store operator which rejected the takeover proposal, saying the valuation was too low. couche-tard is discussing a higher price and the session. we saw the shares shooting to a record high, 7%, paring some of those gains. staying in japan, the japanese currency, as you mentioned a while ago, there was an impact from the core cpi out of the u.s., weakness reflected. japan ppi numbers are also week which left the yen with declines, but we got a reminder from a boj board member saying they see the neutral rate at least 1%. it looks like there could be more rate hiking to come. it is about the yield differentials. tom: that boj meeting is next friday. for we get to that, we get the ecb. let's check on the bond markets and how they are adjusting. to the bond market reaction, it had flirted with the possible 50 basis point cut, and t

founder and ceo, jensen huang, was here early this morning, bullish.ee the trajectory of the stock throughout the day brad gerstner sat with us about 40 minutes ago and said he added to the stock during the august weakness there, now his largest position, as bullish as he's ever been, the stock is up 7.25%. joining me on set with the big takeaways is kate rooney it's good to see you >> you, too, scott >> what are your big takeaways from those you've spoken with? >> jensen was a big highlight. i've been talking to people more on the sidelines, the investor group here, private equity, late-stage growth equity a.i. is the big theme. interesting, i'm hearing a little bit of what someone described as a.i. fatigue. so the difference and this disconnect between what you're hearing from jensen, from some of the ceos on stage, aws ceo as well, and all of the bullishness on stage versus behind the scenes people are more skeptical, a little burnt out from the a.i. conversation, and they're wondering about roi. when are we going to see this actually return to inve

and asia, they are posting strong gains after the nvidia ceo jensen huang sees robust demand for chipsuang says they are getting their hands on the semiconductors huang said there is a lot of responsibility on his company's shoulders. >> the demand is so great that delivery of our components and our technology and our infrastructure and software really emotional for people. it directly effects their c compe competitiveness. we have more emotional customers today and deservedly so. if we can fulfill everybody's needs, then the emotion would go away it's very emotional. it's really tense. >>> in the banking sector, commerz bank wants to remain a stand alone bank according to multiple reports according to bloomberg familiar with the matter the advisory board member told reuters he would fight any takeover bid the italian lender has a 9% stake in the bank and said it would seek regulatory approval to boost the holding further when you look at the price action you have 2% trading higher yesterday shares were up 15% on these results. unicredit shares also moved higher off the back of the lat

. >> when you time the 2%, yes indeed, it does have to do with jensen huang, the ceo of nvidia, talkingbout what the truth is versus what people thought it was after they reported that quarter, really emphasizing demand to the point where you start realizing the level of demand is kind of unprecedented, this is for the blackwell super computer, not for the chip no longer a chip it's an infrastructure but what really made -- what stood out was the, without any name-calling, the collapse of intel as a company, basically. i'm going to put it like that. he's saying, there's two components there's the gpu, accelerated computing, and then there's the wonderful generative a.i and the accelerating computing basis is moore's law, and that it's time to recognize that if you have cpus in your datacenter, you got to rip them all out and put in gpus. >> it was not just talking about nvidia, but it was also saying that, what does this actually mean is the implication for the likes of intel, which obviously has made its way to the datacenter, not to mention, of course, computers. >> exactly there's a

it was jensen huang at the goldman conference. it was larry ellison.e'll talk more about that at oracle. it was just that trade coming back on to a certain extent and enthusiasm coming back into the possibilities being opened up by generative a.i. but of course, the nasdaq had been down 5.8% the week prior, jim, all of which is to say, as we set up for the week ahead, we talk about rates, but what do you make of this market action overall? >> well, first of all, it's incredible that we could be so bipolar, that the first week of the month, we literally believe that a.i. is worthless, you got to sell nvidia, anybody in it has overstayed its welcome. then, oracle, we have 162 datacenters, we go down to from 1,000 to 2,000 from a very credible source, larry ellison, and then a belief that apple is going to have a strong launch. i have here in my hand, three pi pieces which say the apple 16 is already a bust. can you do that in 48 hours? 48 hours -- there were really good football games. maybe people just decided, you know what? i'm going to watch some foo

what jensen huang said about spending and chip delays, next >>> plus, some heavy hitting new data for novo nordisk. don't go anywhere. "fast money" is back in two. >>> this is "fast money" with melissa lee right here on cnbc let's say you're deep in a show or a game or the game. on a train, at home, at work. okay, maybe not at work. point is at xfinity. we're constantly engineering new ways to get the entertainment you love to you faster and easier than ever. that's what i do. is that love island? >>> nvidia stock soaring 8% today. jensen huang speaking this m morning and spoke about when the new blackwell chip will be rolled out seema mody has more on what he had to say in conversation with goldman sachs' ceo david sol low man. seema? >> melissa, jensen huang said the cost benefits of artificial intelligence will incentivize big tech to spend. he also reiterated that blackwell ships out in the fourth quarter, and that the market needs to think about gen a.i. not just as a tool, but a skill that expands beyond data centers. think digital assembly workers when solomon asked about taiwa

carl, lisa su is in a dogfight with jensen huang. ght now, she's behind, because jens jensen's pulling away, but i think she offers a unique view that there are other things that a.i. can do right than what we talk about now. >> well, if not mcconaughey, we have larry fink, of course, blackrock and microsoft launching this $30 billion fund to finance a.i. infrastructure buildout. we did talk to larry fink, i think, jim, back in april about the promise of this whole space. take a listen to that. >> a.i. cannot truly happen unless there's a huge investment in infrastructure. the amount of energy that is required for a.i. or -- is enormous, and the amount of power generation. we will run out of electricity if we are going to fully adapt to a full a.i. world, and so the need to build on -- and this is all going tostimulate our economy, by the way, the build-out of more a.i. and, which, at the backside, is that building out more electricity power. >> you listen closely to those words at the time. >> yeah, and i've got to make something rea

(♪♪) >>> ceo jensen huang speaking at the bipartisan policy center in washington, d.c. this hour.king a lot and we monitor everything he says. >> the topic of this conversation something that you like to talk about ai in the scarcity of power. this discussion was in d.c. nvidia ceo jensen huang acknowledged the strain of the ai boom on the grid and explained before the industry issues uses ai the teaching or training process consumes a lot of energy because there is a lot of trial and error but he expects demand for power to only increase over time. listen in. >> these data centers could consume today maybe 100 megawatts and in the future probably several ten times, 20 times more than that. it doesn't have to necessarily be built in one place but the amount of data that we're going to train it with and the ai models will use synthetic data. >> to accommodate the increase in demand the industry needs to rely on renewable energy, build data centers closer to energy sources and demystify the importance of ai to policymakers and partner with governments that tackle the power issue and

that was after the company said its ceo, jensen huang, was done selling stock in the chip maker for nowina's wave of stimulus to jolt its ailing economy, well, that also boosted us stocks that have exposure to china. so far this week, it has been light on the economic front, with investors still digesting that rate cut from the federal reserve. but on the economic calendar, things should pick up as the week goes forward. as michelle mentioned, the usjustice department has filed a lawsuit against visa. it says the world's largest payments processor illegally stifled competition to maintain a monopoly over the us debit card market, through means like paying off potential competitors. visa says the claims are "meritless" and added that it will defend itself in court. former cryptocurrency executive caroline ellison has been sentenced to two years in jail for her role in the collapse of ftx. she was convicted for helping her ex—boyfriend, ftx founder sam bankman—fried, steal $8 billion from customers of the now defunct crypto exchange. ellison has testified against bankman—fried, who is cur

now, a big part of that story is nvidia coming off an 8% gain after ceo jensen huang took the stage atoldman sachs' conference telling investors that the blackwell chip is in full demand. >> here we are ramping blackwell. it's in full production. we'll ship in q4 and scale it and start scaling in q4 and into next year. and the, and the demand on it is so great and everybody wants to be first and everybody wants to be most and everybody wants to be -- so, the inn ttensity is really quite extraordinary >> on the back of huang's comments, check out taiwan semiconductor and asml rising between 3% and 9%. that chip trade seeing a bounce back. >>> we are seeing boeing and the ceo asking members of the largest union not to hit the picket line in washington and oregon in the first worker strike since 2008. 33,000 union members are set to vote today on a tentative labor deal with the aerospace giant. the current contract ends at midnight tonight that's norfolk southern. we are keeping an eye on norfolk southern as well the rail operator board fired alan shaw after the investigation saw he took

scarlet: that was the nvidia ceo jensen huang in san francisco.ious to get updates on the rollout of the black lung chip, next generation shuffles of joining us for more on this is melissa otto. good to see you. the manufacturing delays has agitated investors over the past month. these are normal things in the production of chips, isn't it? >> thank you. it is great to be here. i just came from that presentation at the goldman conference. it was fascinating to hear jensen. he had a lot of exciting things to say. i think in terms of black while, a of critical points -- lack well, a couple of critical points he highlighted, demand is so great. as he highlighted, it is an emotional time for customers. i think as we look out and think about what the expectations are for blackwell, there is a lot of debate out there. consensus coming into the q4, consensus is expecting $2.5 billion in revenues from blackwell and looking ahead to next year, that chumps to $55 billion. at the -- that jumps to 55 billion dollars. the range is significant. we see estimates

world is chomping at the bit for us to ship it. >> that was your megan cassella speaking with jensen huangrday in a scnbc exclusive. huang and others meeting with top biden officials to discuss the future of artificial intelligence and the infrastructure needed to develop that tech. huang also weighed in on hot button issues like tariffs and taxes and export control. >> national security and industrial resilience and supply chain resilience, all of those matters are really complicated. this administration understands the nuance of it. we would like to see, of course, the u.s. industries be as vibrant as possible to export american standards all over the world and the rest of the world built on american standards. of course, national security incredibly important and we have to safe goods guguard that at t time. this is why the policymakers have a difficult job. they have to balance all of these requirements and make sure we have a great policy that somehow balances and keeps all of this up in the air and thriving. >> now sticking with the artificial intelligence trade. palantir shares are

we act as if that right now jensen huang is deeply depressed over what's happening.e actually suggested to me that i should focus more on the business than on his current psyche, and i thought that was compelling. >> well, jensen always says that he likes his staff to be hardened by misery and hardship. >> when you go down, if you get to nvidia headquarters, he goes from table to table, and apparently, it's like the worst thing in the world because he says, what are you working on? if he doesn't like it, he questions it immediately. but it's also the work tables are very long logs and there's a great bar, and it's much more convivial than people think. when you go to nvidia, people ask for selfies with their boss. name me a boss who they want to have a selfie with. right now. do you want to have a selfie with, i don't know, mike wirth at chevron? maybe. he's terrific. but no. let's face it. this guy is still the best. he's so good that jonathan kanter and the government wants to stop him. >> while we're on that, two more names. one is this ftc trial, kroger albertson

maybe because i saw that they were with jensen. , of course, jensen huang, the ceo of nvidia.i told you to stick with it all the way to $161 just two weeks later. but if you didn't sell it there, you got steam rolled as it pulled back to $111 thanks to the summer selloff. actually it is just a little bit less. that worries me that it came down this much, but bare with me. i was right on the merge as they did indeed improve dramatically. the operating margin jumped from 8% in the first quarter to 11% in the second quarter. and their original operating margin increased by 150 basis points. seven earned $12 million share purchase, delivering 19 cents off the $170 basis. now that sounds pretty good, right? why were people confused about the quarter then, to the point where the stock spent last friday whipping around before it stabilized and rallied? the main problem was management's guidance for the current quarter. their revenue outlook was only in line, and their earnings outlook was for $2 plus or minus 10 cents. to be honest, we're looking for $2.19, not ideal. more importantl

nvidia ceo jensen huang could be a trillionaire by 2028. mark zuckerberg could make it by 2030.panies have obviously gone past the three comma status, but no individual. john d rockefeller was the first ever billionaire. this could win you like a bar bet or something. a trivia contest. and that was back in 1916. okay. yeah. any any guesses on who you think will be first ladies, >> as an individual, i'm thinking jensen huang. yeah. nvidia is currently worth 2.65 trillion i think. but you know and he does own quite a bit of it. but that is the growth company right. versus like meta or x. yeah. >> well because they're doing all the chips for all the ai right. yeah i they're just going to keep continuing to grow. yeah. >> it won't be us with our beauty line. no one's going to buy it. >> didn't even start. >> you might owe money kristen. >> i know why. why put the negative out into the universe? let's just. we're going to do it, and it's going to be a huge smash. and then we'll, you know, sandy and i, especially with larry being a part of it, i mean, i don't know somebody has to be i

might send the wrong message to the market in terms of what are they scared of >>> coming up, jensen huang set to speak with the goldman sachs ceo tomorrow what investors are hoping to hear that's next. >>> plus, bitcoin's been range-bound for the last few months, but could there be a breakout on the horizon? the next move in the crypto space, and how the a.i. surge will impact the bitcoin mining space. don't go anywhere. more "fast money" in two your people are buried in busy work. and you might be thinking... can ai make it all work? can ai help your people work... without all the workarounds? feel better. make customer service work the way customers expect? that one. make your old tech work with your new tech? thank you. and todd here is wondering, can ai do all that... now? no pressure. it can. on the servicenow platform, ai transforms your entire business. your people work better, your customers are happier, and todd... well... he's practically euphoric. practically. because when your people work better, everything works better. so what are you waiting for? let's get to work. idris el

. >> i see you got jensen huang, founder of nvidia there, speaking. he knows something about ai.ld say, all right. it's a great lineup. thank you very much. really a pleasure talking with you about this $23 million commitment to ai education by salesforce. ron, thank you very much. >> thank you for having me. >> okay. if i can just figure out how to get my badge, maybe i'll see. >> we see if we can work on that for you. >> thanks. thank you. all right. coming up, a lesson in history, tradition and symbolism. a look at the begin these lunar calendar. it will be the mid-autumn festival, also known as the moon festival. the tradition involves lighting lanterns, eating moon cakes, and gathering with family to admire the full moon. to tell us more about this holiday and how you can share in this cultural tradition that's celebrated by many in the bay area. kitty loo from hungry panda, an asian food delivery platform. hey kitty. happy mid-autumn festival! >> you too. happy moon festival. >> all right. so, for the folks who are unfamiliar with this terrific holiday. tell us what it's al

>> or, as jensen huang would argue, there would be a super a.i.asically has a hierarchy, passes along certain duties to other versions of a.i. interesting stat out of barons over the weekend. they looked at apple performance on launch day and announcement day. usually, up or down 0.1%, which sort of explains why often those days seem a little tame, but six-month forward average 11% on apple over the last 17 cycles of phones. >> dan ives is going to be with us in the next hour. he's always excited. >> i think the general view is they will not be threatened, but you do wonder when you hear jony ive potentially working on a device of some kind, what that really will mean over the long-term for the likes of apple. >> meantime, mixed open here. dow is down 12, holding 5,710. mike santoli joins us at the desk to talk about -- i'm not sure what interests you the most. this surprising september or some of the commentary over the weekend? >> i think it's kind of a now what moment. the broad market weather is very favorable at this point. you have the fed e

as a result of jensen huang's comments at goldman. >> also, our exclusive interview outside of the whiteouse that was killer. >> everything you and i went through, of course, larry ellison had a say on that oracle conference call and everything that came out of the oracle numbers. microsoft, as well, presenting at goldman-sachs and communicopia, also so focused in terms of a.i. and all the opportunities there. and so, you know -- >> are you more of a believer? you've been a skeptic? >> well, no. i've never been a skeptic in the power of a.i. to transform everything what i have been concerned about and continue to be is what it's going to mean for society in general. i'm not a skeptic on what's going ultimately happen. there are still different points of view. one is held more by the sequoia camp, which we all started talking about earlier this summer with that first report from sequoia talking about the return on invested capital and whether it would all find its way into apps eventually or how this is all going to play out from a value proposition, but whether or not this is going to tr

jensen huang did not get a subpoena. terrific, right?ne either. >> baby steps. >> thank heavens. >> we're going to talk to antonio neri later on, as we mentioned. >> people are going to say, wait a second, if that stock is down, we should tell nvidia because they're a partner with nvidia, but the fact is it was the gross margins, the pressure, and a lot of the pressure could be related to blackwell. we know this is the delayed great super chip from nvidia. that really hurt the margins, because they have bad deal problems. they had to throw out a lot of stuff. you want to ask him, how much of it is really just, hey, listen, there's margin problems. because the revenues seem very strong. >> yes. we look forward to hearing from him. usually pretty candid and decent color about the quarters. >> by the way, i mentioned merck as being the tail of whether they move into health care because merck's been the worst. merck is up two bucks. >> bunch of moves on the sell side today, jim. the one that stood out might be coke. cfra cuts to hold. down t

jensen huang is the ceo of nvidia, which is based out of santa clara and is one of the leaders in ai.nd this was the first time the giants have held a taiwanese heritage night, and the country helped supply the semiconductors that power silicon valley. huang was born on the island, which is also extremely passionate about baseball. fans got to mingle with huang and received special commemorative t-shirts and beanies. >> well, in the battle against the fentanyl crisis, one bay area mother is taking her message to the masses, and the san francisco giants are helping with special tickets for thursday's game. kari luther's son, died of fentanyl poisoning in 2015 after taking a counterfeit xanax pill. she's now trying to put up billboards to raise awareness of the dangers of fentanyl. the giants are helping her fundraise in an effort spearheaded by star pitcher logan webb. webb lost his cousin to fentanyl. so it's personal. luther told us she's grateful for the support from her son's favorite team. >> that brings me very deep joy knowing that that other families are being saved from this t

that was after the company said its ceo, jensen huang, was done selling stock in the chip maker for nowus to jolt its ailing economy, well, that also boosted us stocks that have exposure to china. so far this week, it has been light on the economic front, with investors still digesting that rate cut from the federal reserve. but on the economic calendar, things should pick up as the week goes forward. now if you were watching us this time yesterday we talked about crowdstrike — the cybersecurity firm that sparked a global computer crash that had huge implications in july. thousands of flights were grounded around the world — banks and financial services were hit — the nhs and much more. during a grilling in congress the boss of crowdstrike apologised again for the disruption. our north america technology correspondent lily jamali reports. massive tech outages are impacting airlines, businesses, offices, companies worldwide... the global it outage onjuly 19th led to aeroplanes being grounded, medical appointments being cancelled and broadcasters going off air. but how did such a massive

. >> and let's move on to another one, invinna jensen huang weighing in on the latest generation of chipsrustrated customers and raised tensions. >> demand is so great that delivery of our components and our technology and infrastructure and software is really emotional for people. it directly affects their revenues and competitiveness, so we probably have more emotional customers today than -- and deservedly so. if we could fulfill everybody's needs, the emotion would go away, but it's very emotional, really tense, we have a lot of response, and we're tryingto d the best we can. >> that sound likes that demand is outstripping their able to supply is that a problem or an opportunity? >> i think both. there's an enormous amount of capital into the ai space, and, look, nvidia is a great company. high returns on capital, ten times what even goldman sachs is but the expectations baked in the stock price have more than that baked in. when we run the numbers, we just did a big case study on nvidia the stock price impliesed that the profit will be something like ten times bigger than apple or mi

. >> it'd be great if jensen huang could talk every day, because the market tends to go up.t path, we talked about it with doug and pete, the fed has to be very delicate here. they have to walk that tight rope. they need to lower rates to make mortgages more affordable, you know, to help with car loans is and things of that sort. but they can't do it too quickly, they can't go at a fast pace. that would send a recessionary signal to the markets, it would spook if investors. so it's a tough situation. and, cheryl, we've talked about this now for the past couple years, the fed has really been swimming upstream because when you look at fiscal policy, fiscal policy has been working against the fed. so it has not been an easy thing for the fed to navigate, and i'm hoping they can delicately land this thing. cheryl: and look, todd, we always talk about the cross-section of politics, the economy and the markets, and a few moments ago we learned all these a.i. executives are going to the white house today, and the investors get their backs up, as mark did, during the segment because

. >>> and nvidia ceo jensen huang unloading 5 million shares of stock in recent months.sales between mid-june and the saturday of this month. the sales were part of the trading plan that was set up for huang earlier this year to sell up to 6 million shares by next march, frank. >> silvana, thank you very much. >>> turning attention now back to the economy and what will likely be a major catalyst for stocks in september. the august jobs report released at 8:30 a.m. east eveern with economists expecting 161,000 jobs. the hourly wages are expected to move .10% higher. today's jobs report comes one day after the adp private payroll release showed 99,000 new jobs added in august. that is the smallest gain since january of 2021. this is the latest release before the fed meeting on september 18th. joining me now is steve wieting. >> good morning. >> i want to get your sense right now. hot read? soft read? what does it mean for the fed and markets in your mind? >> so, since the third quarter global financial crisis have been weaker than average about 13% below the full-year aver

it starts with jensen huang with the stock up 20%. i think the a.i. party is 9:00 p.m.ith the party that doesn't end until 4:00 a.m. >> why does the party end at 4:00 a.m.? this metaphor cracks me up every time. this pushes the tech sector in q4. demand for what? chatbots? chips? what is the catalyst? >> if i look at a chip demand, 15 to 1 supply. enterprise is lining up in the a.i. revolution. now we will start to see the software use cases. that's where palantir and salesforce, now the tidal wave of spend, is coming to the shores of tech in the next two-to-three years. >> i interviewed alex karp a few weeks ago. he's a fan. i want to get more of your notes. for every $1 spend of a.i. chips, $10 is in the tech sector. we just talked about utilities having their best quarter, excuse me, since 2003. is this spending on infrastructure? >> i think 8 to 10 is from software infrastructure. you talk about the energy piece. it speaks to our view that it's not just about nvidia or microsoft, it's now about the multiplier. i think the big catalyst in tech the next 12 to 18 month

. >>> we're also watching nvidia, which got a big 4% pop yesterday on news that jensen huang may be dones after a pre-set trading plan nvidia shares down as well. >>> turning to the consumer staples sector, as far as performance, it's been in the middle of the pack staples are up roughly 17% on a year-to-date basis they're about 20% for the spyder etf, and the one for staples is up 15% if you take a look at the dynamics of what's been leading and lagging so far, check out what's happening with these particular names in the consumer staples center, it has been an annual performance, that's been decent over the course of the past 20 years. believe it or not it's only been down four times in the past years. the s&p 500 has been down as well as for the leadership and lagging stocks here, check out what's happening right now with these particular ones. walmart, a 53% kellanova up 44% costco, 39%. walgreens, boots alliance down about 67%. l landwest, down 39% >>> still ahead on "worldwide exchange," red tape reckoning. why meta, spotify, s.a.p., and 45 other countries are taking issue with reg

. >>> and jensen huang throwing out the first pitch ahead of the giants and arizona diamondbacks gameluck with computer chips is not enough to help his home team which trails is in the three-ga series by two. we're back after this. ♪ so i'm off to see... ♪ we invent them. we design them. we build them. and one day, we have to let them soar. ♪ i'm always coming home ♪ (vo) your bones are 4 times as strong as concrete. nature's bounty supplements your bone healthto let them soar. with high absorption magnesium. it's in your nature to stand strong. it's in your nature. have you ever thought of getting a walk-in tub for you or someone you love? now is a great time to take a look at getting a safe step walk-in tub. with safe step's standard heated seat and new fast fill faucet, you can enjoy a nice warm bath up to 20% faster! and the convenient touch pad control is right at your fingertips. each tub comes standard with a dual hydrotherapy system. the ten water jets can help increase mobility, relieve pain, boost energy, and improve sleep. while the microsoothe advanced air therapy system o

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among them is jensen huang and sundar pichai.rse, was artificial intelligence and tech companies like apple and google see india as a prime growing area. i was able to catch up with two you said, huang and krishna. he gave me a quick overview of the meeting with modi and understanding the importance of a.i. >> prime minister modi is inspiring. every time i've seen him, he is such an incredible student. loves technology, loves artificial intelligence. he was one of the first people i explained artificial intelligence to. this is an extraordinary time for him and time for india because it's a reset of the whole computing stack. >> reporter: frank, i asked him if he discussed with modi clearing up the red tape we hear from american companies complaining about when they try to invest in india. he said it is not really a problem for his company in india. take a listen. >> countries will go wand beneft their country. if you look at the geopolitical lens with india and u.s. is going to be strengthening both nations to the point where yo

jensen huang said we are at the beginning of the new industrial revolution. >>> traders are looking ats dipping in july and consumer sentiment expecting to rise on the month. >>> tune in on monday because we'll have an exclusive interview with the bank of india governor shaktikanta das our colleague will be bringing us that interview on monday. a quick look at european markets. we have been mostly in the green on this friday morning we are on the track to end the week positively. it has been a positive week for the stoxx 600. let's see what we will have at the end of today after that important ecb decision bringing the rates down by 25 basis points i also want to take a brief look at u.s. futures as we approach the open also on wall street they suggest it could be a positive start to the trading session stateside. this after seeing a positive day on thursday. however, when you think about their week-to-date performance, i highlight the nasdaq which is on the trend to end the week higher by 5% we are seeing a significant rebound on the nasdaq after pressure in recent weeks when it comes

hock tan does not need jensen huang. he does not need to make it so that he gets blackwell. but david, we keep thinking about the piece you ran yesterday. we had larry ellison talk about how he needs to get right with jensen. that is the real subject of discussion. oracle's resurgence from a 2% grower to something far bigger. why? they've got it right with jensen. >> yeah. ellison now number two on the world's richest list. dethrones bezos, catching up to elon musk. oracle up 20% in a month will help that. intel, stock getting a boost on news it's creating a separate entity for its foundry business that could allow it to raise outside funding and the company expanding a partnership with amazon which now includes developing ai chips for aws. this is pat gelsinger on "closing bell: overtime" yesterday. >> this is a big announcement today. amazon a partner of intel many years but we've taken it to a whole new level. obviously, the 18-a foundry agreement fort ai networking is a big deal, and amazon is a discerning customer. they are, you know, really sent us through our paces to

jensen huang, if he saw what we're doing in the stock market, correlating interest rates with what they'rep to, he would say, what do they have anything to do with each other? the answer is that it's very interesting for people to construct these ideas in their head. >> people have tried to argue that nvidia is a dynamic that leads to economic activity because of the size, because of the buildout, because of the capex. >> look, i think that's a great theory because you look at the datacenter, and there's so many companies involved with datacenter. i mean, that is a primary driver of caterpillar is the datacenter. we know that jonathan gray, though, from blackstone, they bought another datacenter, they wouldn't be doing that unless they felt datacenters were a secular story. right now, datacenters became cyclical. out of nowhere, the biggest theory of what's going on in the economy became cyclical and that's going to be verified by the manufacturing jobs not going higher. i thought they would go higher. that was not good. >> we did get some decent prints on construction job growth. >> yes,

trades has been where is the profitability and again, jensen huang knocked it out of the park.e said for every dollar that google, amazon, oracle, microsoft spends on nvidia gpu, they can turn around and rent that out for $5. so there's enormous amount of profitability for all these companies right now and we're still in my opinion in the very early stages and one company that's just been a rocket ship that is one of the favorite companies that i've seen in my entire career is palentire, they just got added to s&p 500. they're the software that talks to all these companies' systems. it's hard to put your arms around all the capabilities that palentire has because they were funded by the cia in 2003 and have been mostly a defense contractor, software providerrer so we won't know everything about them because it is classified but when we talk about these complicated data problems, the term is large language models. so it's great to have -- to build up all this infrastructure with microsoft, with google, with amazon on their cloud for these companies be but without software to i'm

blackwell, and it's going to be elon musk or mark zuckerberg, because remember, last week, je je jensen huang become very emotional who gets his chips. i've not seen anything like this, david. it's like they're scalping him, you know what i mean? >> yeah. >> that's bad. he's had to deal with scalping before. y but yeah, most people just say, yeah, jensen is a.i., we're waiting for others to join his orb, but nobody has. that stock collapsed last night. it collapsed. went from 15 to 13 as if it was some sort of small cap, knife through margarine. >> now it's higher. we've got an s&p -- carl, that's a new record, right? >> on the s&p? yeah. this is an all-time high and i think for the dow as well, above 42,000. >> david? why don't you say -- >> what would you like me to say? we're approaching a 20% gain on the year. i think after the performance of last year, few would have expected as we came into this year that you would have a potential far tor a two in fron your performance this year. zip it. sorry. >> i think we have had so many people who are negative come on. i'd like to hear from them,

we have nvidia ceo jensen huang, nvidia's largest individual shareholder.any's stock. separately ubs intelligence out with a new a.i. note today they believe that semiconductors like nvidia, broadcom and tsmc remain the biggest beneficiaries of big tech's robust spend on artificial intelligence. we sort of already knew that but we think that trend continues. just looking at the price action nvidia up 13% from that dip earlier this month the average wall street target on nvidia, $148. i would point out, shares are trading at $120 and change >> appreciate that real quick to you, bob semis have not traded well of late that's one area of concerns in this market. >> we'll see micron could change that that's going to be out on wednesday. of course, that's in a very specific space, the memory space. not necessarily the same space nvidia works in. just the fact we've had this dip in semis and the market is sitting at new highs shows you the rally, the rotation that goes on. some days we see consumer stocks -- consumer staples do better, health care and defensive. t

june we did hear from the ceo of nvidia, yen seven wang, and he said, look, we do priority -- jensen huangive them to customers who have data centers ready to go. that prevents hoarding of chips. so he has been very clear about how he prioritizes the customer. stuart: and the justice department thinks otherwise. >> they don't like it. and they don't like that maybe there's a difference in the way that a nvidia treats customers who don't use exclusively their chips. stuart: okay it's a negative for the stock. it's reacted negatively, and it's down again this morning 1.4%, you're at $106 -- >> and you were off 7.55% yesterday, so you're nearing a 10% correction within two days. stuart: i want see if there's any bounce, any dip buyers at this point. we'll have to wait and see. thanks, taylor. you're with me for the hour. all right, look at futures overall. still some red ink, dow off 50, nasdaq -- i'm sorry, the s&p is down 17 points. the nasdaq, that's the loser here, again, it's down 107 points. half a percent. eddie ghabour with me this morning. a selloff to start september. are we going t

the stock's rebound has coincided with nvidia's ceo jensen huang's media blitz touting the promise of accelerated computing at a number of conferences just this week at dreamforce with salesforce ceo marc benioff. take a look at intel higher after clarifying it will not sell its stake. that's providing relief for shares of mobileye up about 17% on the day. this as the semiconductor industry is awaiting earnings from micron next week. td securities cutting its price target following a challenge that does suggest pricing stock -- the stock is up today, but one of the key laggards so far this month, down about 16% from its high. ty and kelly. >> thank you very much. >>> president trump indicating he wants to put a cap on credit card interest rates. eamon javers has the details. >> that's right. we're getting a response from the american bankers association to this new proposal from former president trump last night in which he said he wants to put a cap, as you say, on the interest rates that credit card companies can charge to consumers. here's what the former president said at a rally

showing you that ceo jensen huang is still human, even if i insist head be called the modern day da vinciy is a true modern renaissance man. chairman of market and investment strategy for jp morgan calls the most polarized election in 100 years -- >> sell, sell, sell, sell, sell, sell! >> the market chose to ignore the drama. the market didn't even treat the biden debate fiasco as a speed bump. and just about an ounce of trepidation when we got the change from biden to harris. as to the attempted the assassination of donald trump. but wall street might have been located on another planet. fifth we actually had our first break in the inflation figures as we finally begin to see extra homes coming on the market. i think the new housing supply might be the break we need that refuses to go down in price. right now it is tipping in powell's favor. at last! six, the war in the middle east is raging and the world is going lower? suffice it to say, most people would not assume that was to be occur. i kept hearing that we would have stagflation led by oil. dream on, bears. didn't happen. seven, th

nvidia's gaining $7.26, it's at the top of the nasdaq leaderboard after ceo jensen huang detailed atan sachs conference this morning that the company's supply and demand picture looks confident. he statehe demand is so great that nvidia is scrambling to the catch up and meet customers' needs. the invid -- nvidia ceo said customer relations have become tense in some places amid the supply shortage. you could look at that as a good thing where customers are saying, can i jump the line? i need these chips. they are best in quality here. another supply and demand story that's driving market action, albemarle is up 13.5% on pace for its largest percent increase since november of 2020. this on a report that the world's largest ev battery maker, china's cafl, plans to suspend some of its production if based on slowing market conditions. so why are alba marl and other lithium minors, why are they rising on this news? barron's surmises lithium mine jrs are sensitive to a market bottom and the news there is an indicator9 that the worst is at least here or behind the sector. >>> buyers of games

the team held its first taiwanese heritage night, and the ceo of nvidia, jensen huang, threw out thet pitch. huang was born in taiwan. baseball is the national pastime of taiwan, so fans got to mingle with huang and received special commemorative t shirts and beanies. in the battle against the fentanyl crisis, one bay area mom is taking her message to the masses and the san francisco giants are now helping with special tickets for tomorrow's game. kari, luther's son, died of fentanyl poisoning in 2015 after taking a counterfeit xanax pill. she's now trying to put up billboards to raise awareness of the dangers of fentanyl. the giants are helping her fundraise in an effort spearheaded by star pitcher logan webb. webb lost his cousin to fentanyl. luther told us she's grateful for the support from her son's favorite team. >> that brings me very deep joy knowing that that other families are being saved from this tragedy. >> the giants will mark the team's first fentanyl awareness day tomorrow. to buy game tickets that will help benefit this cause, you can find a link over on our homepage

stuart: jensen huang's worth $100 billion?icized for selling, also for borrowing against their position. you can't win. the guy's got to take some off the table. stuart: let's move to a different sector, the home builder sector to. kb homes down 6%. i guess they had a bad report. >> a bad profit miss on the bottom line. costs are still very much a problem for the company, but they actually had a lot of positive things to say on the call particularly around demand. the the last 2 2-3 weeks in august started the show strength as the market was anticipating the the fed rate cuts. wed bush likes it, they upped the price target from 67 to 75. still not close though. stuart: okay. hoe me starbucks, please, because that's been urn pressure if recently. they're got a new ceo. what's he been saying about the workers' union? >> he wrote an e-mail and said, yes, we will still continue to work with you in good faith even though i prefer to talk to you directly, not through a union. none of this really matters except that the union had e-m

and then we count down to jensen huang, who speaks at a goldman saks meeting next week. >> thank you, seema. karen? >> this one -- this subpoena, the not subpoena, i don't think -- that was not was responsible for the downfall, it was more, okay, what is the promise of a.i. and the growth trajectory and what not. we'll see what he says. i mean, jensen is a good speaker. he's obviously -- he's a master at multiple things, but the ability to speak to the market in a way that the market likes to hear things is one of his sort of super powers. >> technically, the stock probably stops at a moving average, probably where it should have stopped. that's the good news. bad news, all around nvidia, chips are starting to -- c3.ai, a.i. is the symbol. look at that. a series of these companies are seemingly falling by the wayside, in terms of their stock performance. so, if you are starting to connect the dots here, you say, hmm, just a matter of time before similar is going to happen here. this is a stock that went from $140 to $90 over the course of a couple of months. we're at $110, so, i'm lee

jensen huang, ceo of nvidia talked about how hard it is to ration his chips because they can't make themt enough to meet demand. yet you couldn't give the stock away yesterday. today it roared up 4 1/2 points. although at one point it was up 6. taiwan semiconductor up more than that. they are linked at the hip. apple's iphone 16 was pronounced still-born by some outfit, i don't remember their name, even though it's not officially on sale until the end of the week. that was the best opportunity of all with the stock gaining an astounding $8. more on apple later. of course you have to let go of your recession resistant stocks. i told you procter won't work anymore, colgate. reject utilities. they'll be poor performers. they had their run. it was real nice. they were terrific bond market equivalents as long as their higher yields lasted. but now wall street no longer has an appetite for stocks that don't take any rix and don't go up a lot then. that was your game plan. i gave it to you several times. it's the backdrop that's worked over the course of my entire career. if you have any doubt

jensen huang is the ceo of nvidia, which is based out of santa clara and is one of the leaders in ai.and helps, which helps supply the semiconductors that power silicon valley. huang was born on the island, which is, and he's also extremely passionate about baseball. fans got to mingle with him and got a special commemorative t-shirt and beanies. performance in the battle against the fentanyl crisis. one bay area mom taking her message to the masses, and the san francisco giants, helping with special tickets for the game tomorrow. kari luther son died of fentanyl poisoning in 2015 after taking a counterfeit xanax pill. she's now trying to put up billboards to raise awareness of the dangers of fentanyl. the giants are helping her fund raise in an effort spearheaded by star pitcher logan webb. webb lost his cousin to fentanyl. luther told us she's grateful for the support from her son's favorite team. >> that brings me very deep joy knowing that that other families are being saved from this tragedy. >> the giants will mark the team's first fentanyl awareness day tomorrow to buy game tic

jensen huang, he's the ceo, he's dumped a lot of stock recently.s worth more than $630 million since june. in that time nvidia shares are down some 25% if since the unloading. people speculate, okay, what can does he know but, come on, this is the a stock that's still more than doubled this year. i did want to give you two other pieces of interesting -- information, very interesting, on nvidia. china has a lot of their chips as in the ones they're not supposed to have because of the export controls, and heir charging less from them. this comes from the financial times. they spoke to four chinese cloud providers that are charging $6 an hour to use a server with eight a nvidia h-100s, the chips they're not supposed to have. in the u.s., the financial times says it would cost $10 an hour. so they obviously have enough supply to charge less, smuggling in some of the chips? all a questions raised by the ft. also wanted to tell you that the white house is probably rolling out new export controls on critical technologies including a.i. chips and quantum c

jensen huang lofltd $10 billion yesterday. >> on paper. >> on paper. >> we had duo interesting interviewsesterday morning, one with tom lee. a lot of his people were mad. they thought that he should have -- >> -- been more bullish? >> no. told them first. we kind of talked him into that 8% to 10% correction. we didn't talk him into it, but we were asking probing questions about what he expect on friday, whether he still thought inflation -- all of his bullish calls, some of them had been based on inflation, being less worrisome. >> who was that? >> some of his newsletter writers who said what happened to the big small cap rally that was going to continue to the end of the year and suddenly -- the other one i thought was really interesting is amy wu silverman comes on. she says, yeah, the vix has quieted down from those growth years, but a lot of the other things that are still under the vix but kind of second derivative, she was talking about hedging strategies involving straddles, like calls and puts. she said they're very, very elevated. puts and calls on both sides. >> meaning somethin