microstrategy rate is a levered play on bitcoin.rlet: earlier this hour onoot the trading on microstrategy which leads us to our etf report or would check in on news, trends tied to exchange traded funds. you can see how the defiance elite target two times long and short etf's have performed along with microstrategy. for more on this we are joined by the defiance etf ceo and cio. talk a little bit about how demand and flows have looked in the last couple days as bitcoin has gotten close to $100,000 and microstrategy being a shortcut for a lot of investors who invest in bitcoin because it has become a proxy for that cryptocurrency. sylvia: great to be here today. the answer is as you might expect. the prices of that coin have gone up. . the demand for microstrategy stock has skyrocketed. the reason for that is if you look back historically and you track the price of bitcoin and some of the other bitcoin related etf products out there, microstrategy can be three to four times that at any moment. even on a simple stock level, it feels

the microstrategy coming up. on the desk tonight, karen, guy, and rebecca, former chief strategist at bridgewater. we start off with nvidia's big q3 earnings report -- from a year ago as its a.i. chip business accelerates shares which have tripled this year heading into the report. cnbc's christina is back here was on set and has got the numbers. >> you just talked about it. 94% increase in ref news. 112% increase in data centers. gross margin, 75%. they beat across all fronts, including categories from gaming, i mentioned data centers. the stock fell 2%, then down 1%. there's been an emphasis on guidance. slightly higher than what the consensus was but lower than the whisper number, the number provided to clients. that's the same thing we saw last quarter. the stock sold off 6% the day after. the focus is on blackwell shipments. the cfo said she had comments on the website. both hopper and blackwell systems have certain supply constraint and the demand for blackwell is expected to exceed supply for several quart

the microstrategy story is impressive.model is selling stock and debt in the capital markets to buy bitcoin. now you have other companies replicating that strategy. as long as the capital markets are open they can continue to do that but that is not a business model. it shows the fed wanting to cut rates, they are asleep at the wheel not realizing there are multiple companies doing this, using the capital markets to buy bitcoin. romaine: can we talk about that? a lot of people derided what seiler did when he turned a software company into a proxy on bitcoin. in hindsight there's a lot of method to that madness. the fact he was able to basically borrow at next to nothing interest rates and then leverage that out for some pretty phenomenal gains. the last time i checked he made this the second-best performing stock in the russell 1000. why can't that be replicated? it worked for him. michael: it could absolutely be replicated. that is my point. that is how financial conditions are. how easy they are. there are companies out

so, here, microstrategy's not buying another company, but they're buying bitcoin accretively, and so,remium level, after they buy more bitcoin, every shareholder that owns microstrategy is going to own a little bit more bitcoin per share, and you don't have to wait three years for the merger-related synergies to kick in to get to the accretion. >> all right. joe, thank you. nice to talk to you. >> you too. >>> all right, so, he laid out the case. it's got the operating company balance sheet. it's superior to just buying a bitcoin etf. is it, in your view? this is an embedded, would you rather? >> depends if you want leverage. you can talk about 30% leverage but 30% leverage on anything could be a cancer if something falls 80%. and i'm not saying it will, but this is a call on bitcoin. so, this is an option. this is an options market. how many investors do i talk to that say, hey, when are they going to have options on gbtc? when are they going to sell calls? that's what this is. the only real questions i had for joe were, is there a regulatory dynamic, and it's not like it's a big sur

we have microstrategy. why do they do crazy volume? because you can buy options on microstrategy, right? it's a really clean way to trade long and short without needing the capital that you need to trade the cme futures product, which is cash settled and requires you to post collateral. the real question is, what is going to be the route where it's really easy for people to allocate to crypto and deploy a wide variety of strategies when it comes to bitcoin? people have different pef renss. and so, i think the real question is, when is market microstructure going to accommodate not just tens of billions of flows, but hundreds of billions of dollars a day in trading volume from people who want to trade spot, options, and other sort of more sophisticated strategies? >> all right, we have to leave it there. thank you so much. great to see you. >> and obviously, we mentioned, but didn't talk about coinbase and robinhood, being bene beneficiaries of all of this. >> to karen's point, if you are an institutional investor and you need to buy bi

all things microstrategy and the leverage play.al assets being flagged as unregistered securities by the sec are rallying after the agency's chair announced he will step down. he now intends to exit in january on his own accord on the day the president-elect is due to be inaugurated. bitcoin is near the $100,000 level. the cryptocurrency has been surging since donald trump's reelection. binance ceo richard teng sat down with francine lacqua. richard: president trump being elected gives a boost and clarity to this. 2024 has been a landmark year and momentum started earlier this year. if you look at what happened in january, bitcoin etf being approved in the u.s. and subsequently around the world, brazil to canada, australia, hong kong and the list goes on. it gives recognition and the respect that this sector deserved all along. top financial institutions around the world starting to recognize the value of this space. larry finn, ceo of blackrock, he went from crypto skeptic to crypto believer, that speaks volumes. when you look at

i kind of got crazy microstrategy like almost, but did get out of it. biding their time. they and affirm, people said the consumer is struggling how are the names going to do well? they are doing well and they are managing their downside well. and there is a demand for their services. >> trying to -- the business model -- >> the personal loans renegotiating them and so forth. >> got you. thank you. >>> all right up next we're tracking the biggest movers into the close. kristina standing by. >> potential future trump political players adding volatility to one biopharma name and a big stock reversal for a software. i'll explain, next. (vo) this holiday, verizon will turn your old or broken phone into a gift. anyone can trade in any phone, in any condition and get samsung galaxy s24+, and watch and tab, all three on us. only on verizon. (woman) did i read this? did i get eggs? where are my keys? (vo) don't wait while memory and thinking issues pile up. these issues may seem like normal aging but could be due to a buildup of amyloid plaques in the brain. am

right hip, coinbase and microstrategy up 18% or more. investors want in ahead of the trump administration, what the actual policy could be come a that will be pro crypto. buying the rumor so to speak. it will be interesting what the news will actually be. as for the health care space, this is related to president-elect trump. we will see that the shares of cigna are trading higher. this as the shares of humana are lower. cigna up 7.7%. they made an announcement saying the possible deal talk but had been happening between these two companies for a second time, they are going stand alone. they have different criteria for m and a. they also want to focus on buying back their shares. it is worth noting humana has a lot of the medicare medicaid business. a trumpet administration maybe negative for it. it seems as though that could be one reason why cigna is stepping away. finally, this is your favorite today. monday.com. may be more matt miller's favorite. down 16%. the worst day going back at 2022 . just in line after being up more than 70%

we see microstrategy on the day, up 10%, and this company has added a stunning amount of bitcoin just recently, 52,000 bitcoins, almost 52,000 bitcoins worth $4.6 billion. they own $30 billion worth of bitcoin. the stock is the second-best, of the year of major stocks that bloombergup 400% sonali, in the bitcoin portfolio. a principal trader in bitcoin as opposed to the software company, investors like the strategy. sonali: abigail, thank you for keeping an eye on everything under the hood for us. we are going to turn to the global private markets. we are joined by the cofounder of tko capital, a global alternative asset management firm with more than 47 billion worth of assets under management. thank you for joining us. you are visiting new york on a special milestone for your company. i want to turn over to everybody in the world of finances talking about, where interest rates go from here. a lot of uncertainty. it matters a lot to business and that of your rifles. -- rivals. do you think interest rates can get lower from your, or is the upside potential? >> it is only going one way

microstrategy has added another 52,000, $30 billion in its balance sheet for the record high.a falls. the market could anticipate some market share being taken by advanced micro devices. this all coming from the information. getting some supplies next in particular to the blackwell chip system. we have a statement coming from nvidia on the back of this reporting talking about how the systems are the most advanced computers ever created and they are saying customers are racing to be first in the market. and they are working with leading cloud providers as an integral part of the engineering team and process. the engineering iterations are normal and expected. we have seen the share price reaction ease somewhat. they were down 3% earlier. let's talk about ai because donald trump's views are pretty unclear. they have expressed presentation and fear of the potential. now donald trump is expected to take an accelerationist approach which could lead to the dismantling of the existing ai safety initiatives. bloomberg's reporter has been writing about this. key accelerationists, are t

microstrategy tracks bitcoin. the ratio saw its highest level since 2000. not a surprise. microstrategy is up 400%. berkshire hathaway is up 31%. we saw $6 billion flow into crypto funds. that's a record. ed: thank you very much. alibaba reporting solid growth in businesses outside china. cloud division, international. that offset the drag from the anemic chinese e-commerce business. london has been tracking the print. that sums up the story. what's going on in mainland china with the consumer that has u.s. listed shares moving downwards? reporter: this is a result with good and bad's. the bad part is the local e-commerce. this is two thirds of alibaba revenue generation. this quarter is anemic. the revenues they generate from third-party merchants grew 2% for the quarter. that's not the rebound investors were hoping for. direct sales from the platform declined. consumer sentiment in china is weak. this morning we have positive retail sales data from october showing they expanded 4.8%, fastest pace in eight months. take into account, these results came between june and sep

software company microstrategy has been ramping up purchases of the token, and options on bitcoin etfsting big inflows. there's more bad news for the european ev industry as the battery start—up northvolt has filed for bankruptcy protection in the us. seen as europe's big hope for home—grown manufacturing and countering china's dominance, northvolt had been struggling with production at its factory in northern sweden and failed to agree a last—minute rescue package with investors. the news comes as, here in the uk, the government is under increasing pressure from the car industry to weaken rules designed to force them to build more electric vehicles. vehicle manufacturers say they are already being forced to cutjobs to address slowing sales and the costly ev transition. alanjohnson is vice president of manufacturing for nissan motor here in the uk. he told the bbc why they're concerned about the ev targets. the market isn't there. the sales customers are not buying evs, as had been expected 18 months ago. things have changed and because of that we're going to have to redirect a lot of

. >> microstrategy amazon bitcoin a good year. >> there you go, do you think this rally has legs do youll, we don't sell stocks -- buying, will holding i think you know in a bull market been in a bull market for central banks easing fed easing, normalized basically rates saw fed funds over, have to get below two years reinvert curve so that is that is going to be positive we see central banks throughout the world have begun easing cycles quote especially in germany, europe obviously, china exporting did he inflation for the rest of the world they have problems. and obviously, canada, one of the close trading partners also going to be beginning easing cycles, so basically everybody, we saw argentina with, milei only where 10-year rates down 5500 basis point from when he took office basically you hear yield curve still high, not effecting rates across the board, but when he cut all the cutting that he did, since he got into office, argentina had one of the best permanences bond market, imf good things to say. >> he gave a speech in davos incredible talking communist socialism versus democ

microstrategy, dining out on that, it's become a proxy for bitcoin ownership. they have been investing more, 25 thousand bitcoin purchased over the last few trading days, up some 18%, having outperformed even nvidia since the start of 2000 20. an absolutely phenomenal run for that stock. what's also interesting is the news we got when it came to crypto. ftx filed a lawsuit against binance to recover 1.8 billion dollars, allegedly fraudulently transferred by sam bankman-fried, using the exchange token coins to pay for a share repurchase deal in 2021, made fraudulently as they were allegedly insolvent at the time. ed: there's a lot more to come up, including ai transforming solutions in the climate tech space with james joaquin. that's next. this is "bloomberg technology." ♪ ed: time for the vc round up. tell about says that they are looking to diverse appeal -- diversify into health care, beauty, and fintech. this is the middle eastern subsidiary of delivery hero, teeing up a share sale at 14.4 billion. plus swaggy with its $1.4 billion ipo over three times on f

then there is the bitcoin proxy, microstrategy. aside from the drop of, it is up 76%.coin. beyond bitcoin and the stocks tied to the rally, there is another part of the market that may deserve more investor attention. cnbc markets and crypto investor joins me now. this is an interesting move because everyone is now looking for the next play, right? the thing that's a derivative action on the price of bitcoin. what exactly does it look like now? >> bitcoin is almost at $100,000. it really has been crawling there since this rally. naturally, anyone new to the space is thinking $100,000 is expensive and maybe we want something moving faster. you do see that. that is common in a bull run when you see bitcoin with the all-time high and the alt coins and meme coins and doge coins and others rip and go to the moon. i think there are a lot of different views in the space. we have wolfe research just this week saying they expect the coins to out perform into 2025. they are very interesting because, you know, meme stocks in the stock market is a small thing, but meme coins and c

there's not a lot of -- as michael from microstrategy said, there's not a lot of new coins being mined, and that means that for new investors, there has to be somebody on the other side of that that's willing to sell, and that influences price, and so, i think we've seen a very strong demand side, and there's not a lot of supply for those investors. >> bill miller has been making the case for a decade now that basically, when -- if you just have a lot of high net worth households all deciding they want to own one bitcoin, for instance, that alone could drive up the price to something well north of where we are right now. i think he would echo those sentiments that it's still early days. >> absolutely. i think it is absolutely early days, and again, it's kind of hard to imagine it's been around for so long, but i'll give an example. so, we -- as mentioned, we serve thousands of wealth management teams across the country. the day after the election, one of my colleagues got an email from a client. the subject line was, "it's time." and the content of the email was, effectively, that they

microstrategy, a symbiotic relationship between where microsoft strategy -- or microstrategy goes ande war chest to buy, you got it, more bitcoin. they are offering convertible notes and keep filling the tank with bitcoin. good morning. jonathan: thank you very much. ford, headlines dropping, planning to cut 4000 jobs in europe by the end of 2027. we have had this conversation so many times and just how challenging the auto market over in europe it is, and the amount of cuts we might see and the kids -- hits keep coming. lisa: 4000 positions through the end of 2027, about 14% of ford's european workforce, primarily in germany with a lot of issues in their sector and the united kingdom. a real question about electric vehicles in particular that have not necessarily had the profitability and raises questions, how far have we already seen the cuts and how much further do they have to go when they are eating a double whammy with -- when they are getting a double whammy. jonathan: i am fairly confident this is just the beginning. this is from ford. vw will be next and others will follow. l

you look at microstrategy, what michael saylor is doing.he equities, using those monies to buy bitcoin. but, you know, normally you hit 100, you bounce off of it. i would not be surprised if, you know, we go much higher. we are in price discovery. there's not a lot of supply. there had been a giant seller for the last week between 92, 93, 94, probably $14 billion, $15 billion in bitcoin sold there. i know because we saw the buying, not us but the u.s. market. >> as a trader though, if you are just trying to trade this, as you know so well, it is -- there are times when it blows through whatever you think the target is, and 100 you are saying now, maybe it blows through that. there's also been remarkable retrenchments where, you know, it retraces 50%. >> yes. listen, there's a lot of lift. i don't think it will redigitize 50%. i'm confident we don't go back below 80, very confident. that's where we took off for, 76, 77, you know, preelection, that election move. it would be shocking to me if we went back. but, listen, there's a ton of levera

microstrategy keeps buying, total number. of tokens is 38 billion they call themselves a country company -- a country and company. but it is not the same as the fomo days of 2021, when the peak was so high. it has become mainstream, but the thing about bitcoin is it was created to decentralize from the government, but now the biggest holders are the big wall street institutions. and if the u.s. has a stockpile, than the u.s. government. paul: before the election, it was at 60,000, now close to 100,000. i guess that is the trump trade, i don't know. thank you so much for joining us for a breakdown on what is happening with some of the key names in the marketplace. this go to this market. a stellar move in the stock market in 2025, even bonds made money for you. what do you do next year? maria vassalou joins us, head of pictet research institute. thanks for joining us. as you sit back here in late november thinking about the performance we have had across markets and across regions of a 2024, how do you position 2025? >> first

shares of microstrategy rising today, catapulting the market value of more than $100 million.s is the company announced plans to increase the amount of convertible debt an effort to buy more bitcoin. coming up, we are joined by strike founder and ceo as traders are making bullish bets on bitcoin. from new york, this is bloomberg technology. ♪ caroline: a comeback to "bloomberg technology." i am caroline hyde in new york. we have the nasdaq 100 off more than a percentage point. we are lower in terms of appoints percent -- in terms of appoints perspective. nvidia is off 1.5% when looking at the overall market cap erosion of the business as we anticipate the all-important macro event that is there earnings. fiscal third quarter, will we see that increase in revenue. are we going to see up to $37 billion in terms of revenue for the fiscal fourth-quarter. there could be an 8% move according to options trading on the stock, which would be $300 billion in market cap in one day alone. what else is moving? crypto. there is the risk on sentiment that drives us up another 1.5%. this as i

coinbase, microstrategy, robinhood, among stocks all riding crypto's coat tails. >>> let's begin withhis post-election rally, definitely easy to keep a list of winners and losers since election day, guys. on the plus side, it will be tesla, bitcoin, banks, small caps. losers continue to be oil, china, volatility, down some 25% in the past week. >> i mean, some of the banks have been noting the similarities and differences between 2016 where the trump trade was very much on in a similar fashion. one difference is autos are up 13%, and you can thank elon musk for that and tesla even though, you know, some are saying this is broadly not going to be great for the auto industry as far as incentives on evs, for instance, which could go away, or maybe that is good for the auto industry, because people don't really want evs as much. so, maybe that less regulation is a good thing, but also a more industrial policy and more tariffs, ultimately, could be good, so autos are up big. that's a difference. pharma, down 1% since the election, and that's a difference as well on the concerns around rfk

>> he did a convertible. >> microstrategies?> yeah. >> sailor, i remember when he was a great software guy. >> e used to say, how is the software business, by the way? >> yeah. so it's a mrs. lincoln situation. >> benchmark goes to 650. can accord goes to 510. trying to keep up with what's happening with this name. >> david, i think you're -- not just to say your time is passed because you're focused on ellison. every ellison -- >> i'm sorry, what? >> apparently ellison is not part of the ellison family. you were doing some ellison work. i thought you were doing some ellison work. >> yeah. i've been looking into some -- i've been looking into this very interesting story involving college football. >> can i just say the -- >> and a recruit -- >> that game this weekend, the high state game. >> i'm trying to confirm a couple of things in terms of larry ellison and making sure we have that right. if we refer to the michigan -- what is this thing here? champion circle, they are thanking -- their founding members and others associated

it's incredible to watch microstrategy up six hundred percent, the public company that owns the most amount of bitcoin. coinbase, not so much, down 7%, the ceo selling $19.1 million in shares. some saying that the ceo, armstrong, could be the person that the trump administration coming in, if they create a crypto department of some sort, could be the president-elect's crypto czar. this company could be without a chief officer, another reason for potential selling. turning to a big winner, shares of snowflake soaring on the day, their best day since 2000 20, beating adjusted earnings estimates by 32%. the product revenue guide for the current quarter is stronger-than-expected. investors love it, sending the stock higher. scarlet: good stuff, thank you for those individual movers. right now i want to welcome aaron brown for an exclusive conversation, the portfolio manager over at pimco, she just published her outcome. thank you for joining us. very simply, you see bonds and stocks returning to what you see as an inverse relationship. why is this? erin: we are at a really interesting po

the week but still up a percentage point on the day. 400% higher over the last year trading for microstrategynother 6%. selling convertible debt to buy more bitcoin. they added 64,000. we are looking at bakkt holdings as well. maybe truck's truths -- maybe trump's truth socially be purchasing that. tech firms are racing to develop ai powered agents to help improve efficiency across the sales industry. one of the leaders in the field is rox. the company ceo and cofounder will be joining us. this is "bloomberg technology." caroline: this is "bloomberg technology" and you are looking at a live shot of the principal room. check out the "bloomberg technology" podcast on the terminal and apple, spotify, and iheart. this is bloomberg. there is a wave of startups and mega companies focusing in on developing ai powered agents, in particular for salespeople, all in an effort to more efficiently complete tasks with minimal human supervision. rox announces a $50 million raise. here with more, rox ceo and cofounder ishan mukherjee. first things first four we get to the exact details of the numbers, how ma

that's got to be helping microstrategy. i've got $94,000 today.the's got to be up. >> yes, bitcoin is now $100billion market cap. remember a few days ago i told you when the shares of micro strategy hit a record high, they bought bitcoin to put it op on their balance sheet. monday they did the same thing. they issued convertible debt in order to buy bitcoin on their balance sheet. as bitcoin goes up, micro strategy goes up. the average price is about $50,000 for bitcoin, so heavy just watched their balance sheets assets double by doing nothing. stuart: next question is about google. if they're forced to sell their chrome browser, how much would hay get for it? >> one analyst is saying it could fetch about $15-20 billion which is huge given that chrome has about a 3 billion monthly active users. this is, for some people,s the crown vile. -- jewel. so, again, if it happens. and that is a big if at this point. stuart:s tesla, it's been on a roll. but i understand that the chair of the board of directors sold off at least some of her stock. why did sh

options in things like microstrategy, flying, the old kind of boom-bust stocks from 2021, a lot of thoserly unprofitable tech stocks are running like arc investment and, you know, baskets like that. what does it mean? i think what it means is after the election there was this massive tension release. the big cap quality parts of the market had already been elevated to some degree and there's sort of an open-ended you can believe whatever you want about what the future holds for things like crypto and risk taking and sort of interesting how that muscle memory kicked back in. i'm not saying it's hyper speculative and topee and we're already back to craziness like 2021, but it's running along the same tracks right now. >> so we have a case here, ken where it seems like animal spirits have been unleashed. >> yeah. i think partly because we know who the next president is going to be. we know the -- for the most part the cabinet, what the house and the senate are going to look like, and i think there's less uncertainty in the markets. when you talk about the breadth of this -- >> how soon befo

came courtesy of sort seller citron research which tweeted it had taken a short position because microstrategy's volume has, quote, completely detached from bitcoin's fundamentals. well, investors have reattached themselves to super micro. shares. to embattled data server giant jumping so 10.5%. all the way at the top of the s&p 500. the stunning week-to-date gain, 77%. probably appreciated especially considering the face plant that shares took back on october 30th when the company's accounting firm quit over internal compliance questions. and we pop up costco here? gotta look at costco it's breaking out to to a fresh record today. high of the session, $976. it's at $962 at the moment. the big box discounter has seen a year-over-year move of 64% thanks in part -- and this is so unbelievable -- to the sales of its chicken bake sandwich and double chunk chocolate chip cookie made popular by tiktok influencer s j. and big justice. is have you heard about these guys? the new jersey father-son food reviewers with millions of followers. they've become a massive phenomenon. and coming up, they are here

by the way, microstrategy getting smashed again today down like double-digits, like 28% off its highgo, closing high. s&p, and dow, once again. "overtime" now [ bell ringing ] >>> that bell marks the end of regulation for any group ringing the closing bell at the stock exchange. record closes for the s&p500 and the dow after a ceasefire and fed minutes that showed more easing. that is the scorecard on wall street. winners stay late. welcome to "overtime." >> we have a jam-packed show coming your way. earnings results

we're talking about micro strategies, stu, right in microstrategy is this classic feedback loop.shares to buy bitcoin which makes the price go up which means the price of micro strategy goes up because they own about.5% of --. 1.5% of all bitcoin on their asset sheet, and the loop has never stopped. we'll have to see if the loop eventually does stop, but for now it's going up record highs. stuart: up another 10%, not a bad. snowflake. i know they're a cloud company and they reported before the bell. they must have been doing really well, up 26%. >> yeah. so this is a strong the outlook for the company, and they are buying a company called data volo a basically just helps customers inject unstructured data, so nonlinear data in the platform. and, again, this is further a.i. products, right, that just help their customers do better. it is a product if right now that is very much winning. stuart: 26, 27%. my goodnesses me. -- goodness me. starbucks, new stores but they're cutting staff. any change at all to the stock? >> we heard or from a filing yesterday, on wednesday, that employ

. >> want to talk about microstrategy, barely down. >> the younger people call it mister. >> mister.ify. >> selling stock to buy bitcoin that gets valued on their balance sheet at multiples of the actual worth in the marketplace. >> why do you -- >> that's a great strategy. >> why do you hurt me, david. >> i would not hurt you. >> mr. softy and mister. >> know your acronyms. >> we are holding on to s&p 6k. dow down couple hundred points. watch bonds. jim talking about the long end, short end. we're up across the curve this morning, not a lot. 10-year back to 4.3. stay with us. >>> we mentioned bitcoin before the break. take a look at the return since the election. of course, approaching 100k. didn't get there. the new commerce secretary designate. the world of crypto has changed. join kramer's investing club with a black friday offer and daily access to insights and stocks. get advantage of the best deal of the year going to cnbc.com/cramer. >> thank you. >> early christmas gift. >> why not. you can do it while you're watching a friday game on amazon. >> very nice. >> david's all set

we are seeing companies like microstrategy in countries like el salvador set the standard for buyinggic reserve currency. if you study basic game theory, you believe and you will see that there will be more companies and the more countries in 2025 adopting bitcoin as their bitcoin reserve currency. vonnie: game theory? >> the snowball will keep going and bitcoin, the influence will keep growing. we have already reached $30 billion in inflows, and we will see even more in countries. vonnie: el salvador is doing it. tim: we will see what taxpayers think about a strategic point reserve. alex adelman at lolli, thank you. ♪ tim: welcome back to a special edition of "bloomberg markets." i am tim stenovec, and that is vonnie quinn. we are at bloomberg headquarters in new york city. officials projecting the busiest thanksgiving travel season yet. still waiting on final numbers. tsa screen more than 4.2 million passengers in two days alone. joining us to share travel trends for the holiday season is clint henderson, the points guy/the managing editor. have things gone off without a hitch so f

you can see what coinbase, microstrategy, mara and the currencies themselves are doing in the wake ofrump's historic victory. we'll get the opening bell in a few minutes, and don't forget, ywrecan catch us any time, anhe. just listen to and follow the "squawk on the street: opening bell" podcast. ♪♪ data science can help address some of the biggest challenges in financial markets. if we focus on the mortgage market and follow the life of a loan from origination right through its pricing in the capital markets, our data science capabilities can provide a deep level of insight. at ice we have extensive data sets, especially around three pillars. the property, the mortgage and mortgage performance. this trifecta of data and its history is a bit of a data scientist's holy grail. ♪♪ >>> all right, let's get to a "mad dash." we have an opening bell, of course, four minutes from now. we are looking for a sharply higher open across the board. and steel companies also potentially beneficiaries of whatever the trade policy may be under an incoming trump administration. >> i'm trying to figure o

microstrategy. we have talked about it many times.ompany could be on track to hold 4% of the bitcoin market in a decade. they have already been slightly behind the curve but they talk about the capital plans by this company to buy more bitcoin well ahead of schedule, and it will not impact the long-term unsecured convertible debt. a nice bid from bernstein on that. you just talked about macy's. as your last guest said, 3% of the overall expenses we are dealing with. an employee hiding up to 150 $4 million of delivery expenses. why was that person hiding those expenses? sales coming in just a smidge lighter. same-store sales down 2.4%, a little bit lighter than the original estimates. jonathan: what a crazy story, named toouch going into the opening bell. a busy week ahead of us. frances donald of our busy writing we have relatively high conviction that the federal reserve will cut to more times before pausing, the less conviction on the exact meetings. we don't think the month-to-month meeting outcomes matters as much as what happens

microstrategy pioneered this idea of using a balance sheet. on offense using that balance sheet and i think that is something that will permeate not just in public markets but we're also seeing small businesses start to do this. i have multiple people that have reached out to me describing this and i think it's going to become a big story in 2025. >> gensler, we know the date and i think that's part of the move, too. thank you. >> thank you so much. >> i like that tie. i liked it last time, the time before that and -- same time -- >> i'm gng toio wear it until i lose it, joe. >> all right. "squawk box" will be right back. >>> dom chu joins us. he has some premarket movers this morning. what are you seeing? >> thank you. we'll kick things off with an earnings mover. there's of bath and body works. it's up 21.5% after posting third quarter earnings that topped estimates. also lifted the full-year guidance. the ceo said she believes they are positioned to navigate holiday retail environment and shorter holiday period. shares of target up 2% after

roll it over and have a look of the microstrategy, touching on big points.yesterday at $2.6 billion of convertible bonds sold to do what? by more bitcoin. i leave you with a quick snapshot of snowflake. one stop shop. $911 million on the guidance. they had the largest language model to help you clean the data efficiently. jonathan: we appreciate it. thank you. lisa: i want to emphasize what gary cohn says we don't spend a lot -- enough time in the bond market. i think that really is going to be the focus and is the reason why we care about the treasury pick. annmarie: gary cohn may be nursing remember the first time of trump and it was thanksgiving where he got the nod to lead the nec and then mnuchin's nod came out. can we do this for another week? jonathan: we meaning you. annmarie: can we actually do this as trump looks for his "perfect candidate." jonathan: i think gary's point is what we have made that the election was only two weeks ago and the transition team is operating well ahead of schedule. lisa: i think people are anxious because they want to un

lisa: duo lingo, car vanna, microstrategy, microcomputer. looking at the biggest names.-- jonathan: you looked at me like you wanted to say something. we'll be back in two minutes. we'll have a breakdown of the membership of the russell. stay tuned from new york, this is bloomberg. jonathan: one hour and about 14 minutes away. equity futures doing ok up to .2%. first up citi, significant underperformance compared to exxonmobil. second call from sonch of southwest pointing to weak margin performance and uncertainty over the new service and revenue strategy, that stock is down about 1%. hsbc, think high market expectations are leaving room for disappointment. that stock is negative. tesla, california goff gavin newsome excluding musk's company that would offer e.v. rebates to buyers if a subsidy is repealed. it's due to the plan's market share limitations. musk calling the proposal insane. in a post on x. with with the majority being sold in california being teslas this is a risky political move in our view. good morning. you look -- dan: you got newsome and musk. this wil

you can buy bitcoin fixed income instruments like a microstrategy convert, which is some of the up side is fine, or you can buy high voltage bitcoin, 2x bitcoin, which is what micro strategy is, and i think it depends on the investor. >> michael, what's the conversion premium, and what's the coupon? >> we just sold that bond at 55% premium, 0 coupon, five years. it's the biggest crypto convert in history. >> it's a zero, that's interest . >> sooer >>. we are dominating the convert market and the equity bond market in securities. >> i know you're bullish on bitcoin. we had a guest here in the 6:00 hour. i don't know if you had an opportunity to see him. he said he believed that it is plausible that bitcoin gets to a million dollars a coin literally in the next year, given what he thinks may happen in washington as it relates to this new trump administration. ? >> well, my long-term forecast is 21 years, right now, we're 60% arr, it will decelerate toward 20% arr over the next 21 years, and the volatility will decelerate from 60 vol to 20 or 25. so that's my outlook. i think that the red

crypto miners like market strategy, robinhood, microstrategy moving higher.binhood and coinbase showing some signs of a slight pull back, so taking a bit of a breather off that massive move we've seen. be sure to stay tuned to "squawk box" later in the 8:00 a.m. hour because ware going to get much more on crypto surge and interview. also coinbase ceo brian armstrong both on in the 8:00 hour, both in first on cnbc interviews give us us the state of play, if you will, in crypto currencies. moving to a big component in the stock market. shares of home depot moving lower. it also raised its full-year outlook. that company seeing a boost of its acquisition with hurricane weather-related repairs and warmer weather driving demand. but america's biggest home improvement retailer still sees cautious consumer spending on the backs of things like higher mortgage rates and borrowing costs in general. so home depot shares up about 1% helping the dow's story. and we'll end with a check on in line home services check angie, angie shares right now showing a 10% loss there. a

i thought we would finish off with microstrategy. you have bitcoin toward $100,000.the original evangelist behind this stock, citroen research, they are shorting the stock. they say you can play bitcoin in a multitude of ways. they were an evangelist, they say it is the only way to invest, but the stock is becoming detached from some of the reality. they say use this as your heads to short against bitcoin. come on, 100,000, jonathan. i can see you in the crocs and socks. jonathan: i don't know about the crocs and any of that stuff. let's turn to the economy. fomc minutes coming on tuesday as the debate over a december skip continues. tiffany wilding of pimco writing, while recent data could have the fed considering a pause in december and/or adjusting its rate path higher, think the broader trend is toward lower policy rates. pleased to say that tiffany joins us for more. let's talk about the trend. you believe the broader trend still holds and we are heading toward lower interest rates. tiffany: yeah, well, i think if we take a step back from -- we obviously had a b