leslie picker. >>> seema, tell us about ge vernova today?'s promised to invest about $80 billion in data centers fueling shares of ge vernova, key supplier of gas power and operative grids. seen in the buildout of data centers requiring a lot of power. the main reason ge vernova is accelerating its timeline increasing gas turbine orders and capacity overall. key topic at the company's investors day in december, ge vernova forecasting about 23 gigalots of new orders in the next few years. wells fargo calls conservative. shares at a new high trading in-line with wall street's price target of $370. >> good stuff. seema mody. >>> michael looking at nvidia here as we approach the close today, because 148.88. above a new record-closing high. at 149. right there. a handful of hours before jensen huang gives his keynote for ces in vegas. has been a stock-moving event. >> it has. dozens of new record highs in the s&p 500 since nvidia decisively went up into the 140s. actually cracked above 140 in june of last year. the big question is, did the market

leslie picker joins us with more. >> reporter: good morning, andrew. bank stocks from the post election glow with the prospect sent the sector soaring and gravity has taken hold the sector, looser capital requirements and buybacks remain a question. goldman sachs estimates $185 billion in excess capital, some could be returned to shareholders. over the last year plus, banks have been hoarding capital despite the stronger economy economy. under the new administration and the turnover in the fed role, it is highly likely the new rules will be far less onus. as a result, goldman says the industry could repurchase 4.5% of the market cap in 2025. estimates are banks would have $90 billion in capital if basel had 90%. jpmorgan and pnc have the highest capacity. any buyback relations will be key as banks as jpmorgan and citigroup and wells fargo kickoff the earnings season tomorrow. guys. >> leslie, if you were to look at one of the banks s there anybody you are particularly interested in that is a bellwether for the rest at this point? >> reporter: well, i t

leslie picker, thank you.. >>> coming up, what should we make of president-elect trump's comments on taking control of greenland, the panama canal, canada? we will talk and get -- we're going to get axios' take. mark caputo is next. >>> as we head to break here is a look at major currencies around the world. "squawk box" will rhtac beig bk. >>> meantime, president-elect trump renewing his call to gain u.s. control of greenland, also the panama canal, maybe even canada. yesterday he declined to rule out using military and economic coercion to achieve those goals. joining us right now with more on all of this mark caputo, a senior politics reporter for axios. good morning to you. we were debating a little bit of this earlier in the broadcast, mark, and i think we're all trying to figure out how much of this we're supposed to take seriously, how much we're supposed to take as sort of trump doctrine, negotiating posture of sorts. how do you view it? >> one of the things that was said in 2016 is not to take trump o

on that note, let's bring in leslie picker. she obviously follows the space. you are debating if not looking at the $185 billion question. explain. >> yes. so as you know, scott , we have talked about it a lot on the program. bank stocks have come full circle when the prospect of deregulation sent the sector soaring and as gravity has taken hold in recent weeks, booster capital requirements and what they mean for buybacks remain an open question. about $185 billion figure, goldman sachs estimates that's the amount some of which could be returned to share holders, the amount of excess capital if banks were required to hold less of a buffer against a stock. banks have been hoarding capital despite the stronger economy due to the expected height of the rules under the new administration and turnover in the fed superadvisory role, it is highly likely that those rules will be far less ownerous. goldman says the industry could repurchase 4.5% of their market cap in 2025 and could have $90 billion in excess capital if basell 3 were to be just as tough as proposed. >>

leslie picker is here with more on the story and ken squire is with us as well. >> literally a shove.did this. >> she's right, though. they've been sitting in these funds. these funds are aging, and the longer they sit there, the bigger they get, the fewer prospective buyers. and, by the way, there are all these limited partners and investors in the private equity firms that want their money back in the realizations of m&a or ipo. ipo is becoming an even more attractive option. after 2024 when you saw outperformance, when you look at the ipo class of 2024, the edian performance for those that were backed by private equity was about 21%. those backed by venture capital, the median performance was about negative 8%. >> wow. >> so a huge disparity. so you've got the public market investors who like that performance. they also like the predictability of these companies that have an operating history and credit spreads are extremely tight right now. >> interest rates are still high. >> interest rates are high, but the credit markets are open. and more important for private equity is just a

leslie picker joining us with that. >> yeah, so i got off the phone with a source who confirmed someorting from other outlets that mark weidemann is leaving blackrock. he was widely seen as one of the top successor candidates to larry fink on fink's departure down the road. that's not something that has a specific date yet. however, weidemann was head of the global client business there. he has done kind of the whole circuit at blackrock. he led ishares, he was the global head, as i mentioned, of client businesses. he helped stand up their fma advisory business as well. i'm told this was his choice. he has been a long-term veteran of the company, but he -- it's not clear where he is going, what he is doing. but it was his choice to ultimately leave the firm. >> these stories, you never know what to read into it. obviously, in the case of jpmorgan where this morning daniel pinto said he will be stepping down at some point at the firm. is this the end of an era? is it just, you know, hey, we have some earnings coming up? is there anything to read into strategically? >> both companies r

and leslie picker on the sell-off in the financials today.st performers today. there are many bad performers today and we got good news. >> the rate move obviously unnerving banks which actually among the cyclical sectors had come into it a little bit of a better position. it definitely is this sort of low conviction moment in the market where you actually want the economy to hang in there pretty well, but it is hard to have faith that what we actually have is a 250,000 job monthly pace from here on out. therefore, are yields going to impinge that much more. i still think we're mostly in the same process we have been in, which is trying to wash out elevated expectations from late last year. everybody thought the upside was a lock into 2025. and now we keep testing and testing and testing the election day range. i'll say it again, i don't know if it means we're softening up the floor, but this 28 -- 5800 area for the s&p 500 has been, you know, most days over the past month we have been in there. >> we gave up all of the s&p 500 election day g

jp morgan but she is not in the running is the understanding that we have as well and i think leslie pickero. that according to a source that leslie has familiar with the matter. so interesting, succession at jp morgan. jamie is in his late 60s. my understanding based on casual conversation i had with people at the firm and the like is their expectation is he is going to be there until the building is done, an incredible structure they have going up. it is up but they have to finish it. it will be a little while. >> do you go to wells fargo? do you go to wells fargo which is where ex-officials of jp morgan go? >> who goes there? daniel pinto is just retiring. >> people who worked at other major banks tend to end up at wells fargo. generally we talk about eli lilly and the stocks are down and people were worried. >> you were talking about it in the mad dash and you said don't worry. >> i happen to have david ricks here and it kind of works. he's the ceo. >> there was one thing i wanted to get to but i don't want to let him sit forever. let me do the supply additional deal. it is small but it