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coming up, microstrategy jumping today.t joins the nasdaq 100 and announced another big bitcoin buy. details next. this is bloomberg. ♪ ♪ ♪ scarlet: this is "bloomberg markets." i am scarlet fu. time for the stock of the hour. microstrategy higher after the nasdaq said it is adding the company to the nasdaq 100 index. microstrategy brought an additional $1.5 billion of bitcoin. our cross-asset reporter joins us with more. clearly, the new news is the inclusion of microstrategy into nasdaq 100. microstrategy is technically a software company. >> it has transformed into a bitcoin proxy hedge fund. it is what you would look at as a bitcoin play. you have the co-founded was controversial b -- co-founder who is controversial but not shying away from it. bitcoin is edging higher around $106,000. it is impressive because he has long been ridiculed. it is kind of, who is laughing now? scarlet: it worked out for him. the market cap for microstrategy is almost 104 billion dollars which would make it the 50th biggest member of the nas

we're talking about microstrategy.trategy, through its polarizing ceo michael sailor said it bought $209 million worth of bitcoin in the weekending sunday weekend ending sunday. down $2 billion from the start of the month. that's total bit count value. shares of microstrategy now down nearly 22% over the past month. so, do we play any weakness here, let's talk about microstrategy. okay, so, mike khouw, first off, talk to us about what we know about the stock, mstr, and what are your thoughts on microstrategy? because i get the feeling that microstrategy has more than the ability to move the price of bitcoin. what say you? >> so, you know, i am a bitcoin believer, and i -- >> we know. >> and i continue to be, but this is probably not the place that i would do it. and that is -- there's a couple of reasons for that. one is, it's not like bitcoin isn't a particular volatile asset.it is quite volatile. probably 55%, 60% annualized standard deviation. microstrategy is a levered way to play that. of course, microstrategy has

microstrategy outperforming bitcoin by almost 30% just since donald trump was elected president. so what is the outperformance signaling to you? it could have a broughton market signal orbit coin specific. >> feels like allocation. broader market if you look at the nasdaq it's been outperforming not a little but a lot, 5% since thanksgiving, the equal weighted has underperformed by almost 5% since thanksgiving. the s&p is up 7.5% since the fed. we have a fed meeting this week, we have a bunch of other central banks this week and i think the message is you've got central banks that are continuing to do their part, you have seasonals which we spend a to be of time on, but i think the dynamic around cpi and look at that services flash pmi on u.s. services, the highest in three years for he biggest part of the u.s. economy. it could be a noisy lumpy data piece, but ultimately the macro data has been supportive to a market where you have you've given equities every other ingredient, labor markets are holding up, i think we rally into year-end. it's notable that the part that leads mar

microstrategy was up almost 9% went bitcoin hit the new record. microstrategy moved on that.are making the convertible arbitrage trade more of feeling -- appealing to the hedge fund group. caroline: the retail frenzy has been there and people playing leverage bets on microstrategy getting into 2x, 3x. that proved difficult from the liquidity aspect of the market. are there worries about play with volatility when you look at institutional and retail? >> i would say microstrategy is not short of volatility. it is a bitcoin proxy. the volatility on the bitcoin price. the premium. it is trading at 200% more than the value of bitcoin. it could move around. you have the retail that is buying leveraged etf two times. i think in a way the company itself it is more volatile than any s&p 500 stock. people are just riding the volatility and retail frenzy. caroline: 14% of outstanding shares are currently shorted. that has been a painful trade so far. thank you, all things microstrategy. another story, chinese hackers compromised eight american telecom companies as an espionage effort to

it is microstrategy. listed as an exchange as a leveraged version of bitcoin and we have leveraged it two times. the short-term volatility traders love the etf because it is wildly popular. caroline: from an institutional perspective as well as retail. sylvia: what is great about the institutional angle is some institutions are wary about bitcoin itself whether it is the digital wallet or using an etf. microstrategy is just a sop that trades on an exchange so they are able to put that in their portfolios. caroline: a very volatile holding in their portfolios. talk to us about when you're looking at the hype cycles around whether it is crypto or ai, compare and contrast you have people wanting to pour into the infrastructure side of the ai and others you have exposure to? sylvia: the demand is all-time high ever since the chatgpt moment and crypto. there are trillions of dollars of cash sitting on the sidelines. there is the biggest wealth transfer of our generation happening as we speak and gen z, millenn

speaking of tech stocks, kate mentioned microstrategy, and today it made yet another purchase and itslier today that he thinks it's always a good time to buy bitcoin even at the top and even if the company will continue to do so. so that stock off its highs of the day, but up 7% at one point and like kate said, follows the news that starting december 23rd it will be included in the nasdaq 100 and the popular qqq etf which tracks that index and that is a team of excitement and contrast the big buys by microstrategy and big buyers and institutions at large with the supplier of bitcoin. their data is showing that the amount of bitcoin that otc desks supplied to institutions and large buyers have fallen sharply since december 10th and of course, there is the fed which is expected to lower interest rates this week which will likely benefit bitcoin because it will trade like risk asset. >> tom lee was here last week and said 250k maybe next year. what do you think investors are truly expecting to finish the year? >> 250k for next year, certainly at the higher end of what we've seen. i think

microstrategy has been a leveraged that on bitcoin outperformed bitcoin itself and is now being addedo the nasdaq. is more money now going to float to the riskier edges? >> that's a great question. without talking about idiosyncratic names, when i look at quality, the opposite of what you're talking about, it's been a darling of a factor, only underperforming three of the last 20 years, leaving quality stocks fairly expensive. that doesn't mean the high quality stocks need to under 4 -- underperformed by a lot, but as they start to inflect lower, it usually leads to underperformance in the factor. anyone with a quality bias, i think about scrubbing that portfolio and better risk rewards in what have been historically risk names. caroline: unbeatable, thank you for coming on, denise. happy holidays. coming up, we focus a bit more on bitcoin and microstrategy with crypto and bitcoin itself hitting a record high over the weekend and the longest weekly winning run since 2021. we dig in. later in the show we are focusing on vivendi. today it's currently distributing itself up as it breaks

nvidia, lululemon and microstrategy.ong with leeto advisors gina sanchez to give you their expert takes on these popular flames. good afternoon. let's start with you on nvidia. i tell you, it's amazing both that it's up so much this year and all the gains happened in the first half. >> yeah. it is amazing, and even more amazing that despite how much it's been up, not just this past year but over the last ten years, it is still expected to go up next year. if you look at what they're rolling out, they're over 50 times p/e actually to be easily justified if you look at the blackwell chip and the potential that has. it is twice as expensive as the hopper, but depending on who you ask it's anywhere from 15 to 30 times faster for ai testing and that's a big deal. microsoft has already signed up to be the largest buyer along with all the other top players. >> it seems like they're going to have plenty of demand for it. tim, the question is, has the market priced it? you see things like broadcom ripping as almost like the next

> is there more interest in sort of the bitcoin etfs, or in the bitcoin-related stocks, like a microstrategye bitcoin etfs, those are the most heavily traded, where, because it's given access to retail microstrategy is doing the same thing. traded 800,000 contracts in terms of the options, so, it's been -- it's been a really big surprise, and something that retail has really kind of adopted is the ability to kind of trade it through options, and trade it through the etf >> the evolution of the retail trade is astonishing, and good for them, but you know, their ability to go from sector to sector and sort of turn on a dime, i'm sure you see it there, you know, their just navigation of what's been an interesting market >> yeah, i think that's -- i think that's a good point. when we look at our board, it takes monthly movements and monthly buys and sells and client accounts. we do see that there's volatility in that sector move i give you a perfect example october. october saw information technology being the biggest sell, and then november, it was the biggest buy. so, you know, it -- it's hard

microstrategy up. both are expected to be added to the nasdaq 100, according to bloomberg intelligence. the announcement possibly coming after the close of trading on friday, and of course, that gets everyone excited, because if they are added to the nasdaq 100 and therefore they'd be added to the q's, that would generate force buying by index funds, especially tracking those. turning now back to the inflation story and the federal reserve, earlier today j.p. morgan's david kelly gave us his take on those numbers. >> when the federal reserve looks at it, they have to look with one eye on what's really going on in the economy right now, and one eye on what might be coming in terms of policy going forward. i do expect they'll be a little bit more cautious than the one in september. i think they'll take some rate cuts off the table here. so right now i'd say the story is still benign. it's cooling very slowly, but still cooling. scarlet: joining us is stuart paul. i look at the numbers, and you can look a

. >> we have to talk about microstrategy usually seen as a proxy for bitcoin.46,000 coins, but its weekly purchases which are released on mondays through the sec have actually declined from the week prior which is why shares are down about 5%. that headline keep in mind is on thin volume and you're seeing a larger reaction. just over the last little while there has been a divergence starting from mid-december see both going here, a little bit bigger of a gap in between both because microstrategy did announce plans earlier this month to issue new shares to fund its purchases of bitcoin and that is causing a little bit of a divergence. you see bitcoin only down about 4% on the month. microstrategy 26%. switching gears let's talk about ralph lauren. shares are down to the negative. about half a percent after getting some love from analysts at argus. they're suggesting investors should buy this name with a price target of 250 bucks on a 12-month range. you can see it's about $19 away from that. they say there's a bullish pattern with this stock. reason being over t

sonali: you are looking at microstrategy? isabelle: it is the eighth straight week that the company bought bitcoin, 209 million worth. this is the fewest it has brought. in november 25 it brought 55,000. in total it holds more than 45 billion dollars worth of bitcoin. it is a bitcoin company. last laugh is on everyone, because even if micro -- michael seiler has now been mopped, in video has -- nvidia has gone to the top. the market value is touching 100 billion. if people sell, it could unleash a wave of that, but it has been a spectacular year with microstrategy up 400%. sonali: bitcoin is back on the rebound at 95,000. if you stop seeing microstrategy buying every week, what does that do to bitcoin? is it a signal that maybe they are holding off? what it spooked the market if they do not have that 11th or 12th? matt: why is gold up the most it has been. sonali: central banks have been buying it. matt: they are the michael sailor's stock in the past. they are defending the old physical safe haven by stocking up in gold but

vonnie: can i ask you microstrategy?0, looking to enter the s&p next year. this idea that it is going to issue more shares to buy more bitcoin seems like it should send the stock lower. why would that be a good plan? it is diluting the shares. muyao: you got me on that question. i have been asking everyone literally every day. what you think about microstrategy prices? people are still relatively positive. the price is going to correct at some point what i don't think that is going to happen in the near term, not only next year. that does not shock me. they do have the psychological plate into the market and people are more bullish than bearish. vonnie: there are eight analysts, buys, and the lowest price target is $480, the highest is $650. i do not know if there is something we are missing or not. donald trump talking about the rest of the bitcoin we are going to see made in the usa, is that even possible? you cannot tell people in india and china and wherever else they still might be mining bitcoin that they can't, ri

it had been above 105,000 on the news that microstrategy will be included in the nasdaq 100. some strength came through last week, currently down by .5%. let's check in on the asian markets, front and center with the data out of china and softness in retail sales and what that tells us about the weak consumer in china even as housing metrics start to show improvement. the asia pacific index currently down .3%. the benchmark and mainland china dropping .5% and in korea, the impeachment of the president there, lower, but you have more near-term certainty in terms of the politics. we will wait for how the proceeds in terms of the electoral prospects of the opposition in korea. the nikkei up 39 thousand, flat on japanese equities. let's get to the data story out of china. retail sales growth unexpectedly weakening, highlighting the urgency for beijing to spend it how may times have we heard that? let's bring in alan wong with the details. what stood out to you in terms of the data drop today out of china? >> retail sales process 3% in november compared to last year, coming down f

microstrategy and pound here both entering the nasdaq 100 index. sosnick was just talking about palantir. both are down propellant tear down about .1% -- both are down right now. stocks linked to quantum computing, those shares up 17%. quantum computing up 3%. that is your bloomberg business flash creek tom: thanks so much. the vix 19.00. this is an immense honor. dana telsey scheduled to join us on the holiday. we must pause for the end of an era. nordstrom's of seattle always and forever will go private. lisa mateo had this story earlier. the emotion of a family running a store. she was intimately involved with a small store on 5th avenue by the name of bergdorf goodman as a child. the emotion of a family running retail and then it is over, describe your thoughts as you hear of the privatization of nordstrom. lisa: a couple of things. first of all, thank you very much for having me. it is an honor to be here with you. happy holidays to you and your family. you are right. the privatization of a family run business that has been around for over 100

still buying, but it's not helping the stock too much, microstrategy.icrostrategy today is down 5%, on. so it's worth today since december 21. so not that long ago. it has continued to be under pressure. if you look at the equal weighted index in the third quarter, it had outpaced its broader benchmark. but this month if you look at the spw, it is down 6%, on pace for its worst month since september of 2020 two. where the s&p 500 is trading right now, it is basically erased its gains growth since election day. we have seen a big reversal where we saw a broadening out but now those gains have been given back. this is an area we have talked about a year after year. the fourth consecutive year of the russell 2000 underperforming relative to the s&p 500 and the worst year since 1988 relative to the s&p. if you are talking to michael casper, he covers small caps for gina martin adams' team, when you look at the russell 2000 that there is a high amount of zombie companies in that. the s&p 500 index, they have better potential. it depends on the index. we saw

microstrategy, 91% buy.reet. >>> don't miss executive chair michael saylor, his thoughts on joining the nsdq. stay with us. ♪ snow day by caitlyn smith ♪ celebrate the journeys that bring us closer together. the mercedes-benz holiday love celebration is back with offers on vehicles like the 2025 glc suv. now through january 2nd. you didn't start a business just to keep the lights on. lucky for you, shopify built the just one-tapping, ridiculously fast-acting, sky-high sales stacking champion of checkouts. businesses that want to win, win with shopify. doors lead us to places we've never been. your dedicated fidelity advisor can help you open those doors. they can help you create a retirement-income plan designed to balance growth and guaranteed income. and provide access to specialists who help with estate planning to look out for future generations so you're not just growing and protecting your wealth. you're sharing it. because doors were meant to be opened. great job, everybody! >>> as we broke the news e

crypto fans got further encouragement from microstrategy which invests in bitcoin— being included in andic, the founder of the spanish fashion giant �*mango' — following his death from a fall while hiking in the mountains near barcelona on saturday. mr andic built the business from a single store in1981i to a global chain with nearly 3000 branches worldwide — and was one of the country's richest people stay with us here on bbc news. hello from the bbc sport centre. southampton are looking for a new manager after they sacked russell martin just an hour after being thrashed 5—0 by tottenham. martin guided the saints to promotion last year in his first season in charge, but they're bottom of the premier league, nine points adrift of safety. the loss against spurs was southampton's 13th in the league already, their only win this season was against everton in november. meanwhile wolves are in talks with al—shabab manager, vitor pereira, to become their new head coach after gary 0'neil was also sacked on sunday. the premier league strugglers are looking for a swift appointment and the comp

the enthusiasm did not carry over into stocks coin base and microstrategy have been in the red but there is a lot of runway for bitcoin an the crypto stocks. several analysts i talked to were calling for # $200,000 by the end of next year and if that seems crazy, it is a halving year they slashed the supply in april and you are seeing new deman from individuals, atf, natio states and the u.s. itself looking to establish bitcoin reserves it is not going to be a straight line up but there is a lot o optimism as investors hang their hopes on president-elect trump delivering on pro crypto policies >> thank you wolf today overbought but fa from over, charter achievable, meeb next year let's bring in our investmen partners in bho. good to have you both. you have been riding the wave of this through coin base it has been extraordinary. the gains you have seen in a shortest period of time? >> 79% since halloween, that i the entry point for coin bas and the return as of now >> more to go? >> this is the purest form o momentum that you could find this reminds me of trading futuresback 20 to 25 yea

names like microstrategy and riot platforms are down this morning, declines coming even as microstrategy said they were looking to increase authorized shares for more firepower to purchase bitcoin. not helping the cryptocurrency much, though. they already bought 561 million dollars in additional tokens and they have seen their shares under pressure, recently, all-time high last week before the token retreated. of course, the underlying value is tied to how bitcoin moves. david: any winners or losers in terms of sectors? alex: taking a look at what happened this year, the scoreboard, 11 of the sectors are in the green and some of those winners are the sectors that hold magnificent seven stocks like commute -- consumer discretionary and communication services. netflix and meta platforms are winners, up 90% and 70% on the year respectively and we have names like nvidia and broadcom, of course, the ai darlings that led the market higher for the last year and a half. consumer discretionary, surprisingly the big winner is deckers out doran and tesla which has of course been recovering since th

and the stock on the year, if you think microstrategy is doing well, up more than 500 percent, this one is up more than 1600% year to date including this rally. sonali: thank you. investors are eagerly awaiting the fomc decision and the jay powell news conference tomorrow. here is how federated armies is approaching the trade. >> we expect short rates to come down come along way to stay where they are. that means shorter duration fixed income, one to three year fixed is in the sweet spot of total return. we expect this market will brought it out and shorter duration equities will see relief as long rates stay high, short rates come down. we think that yield curve steepening is the big market story of 2025. sonali: tcw is still betting the fed's elevated interest rates are about to crack the economy, even though that trade so far has not paid off. here to explain is michael mckenzie, who wrote about a tcw flagship fund. brian whalen, the ceo of the fixed income group, has been sticking to his guns, why? >> tcw believes eventually they can keep rates high at least for another year and the

microstrategy down 5% this afternoon.gainers this year. what is a little relief? katie: pretty wild where you consider what bitcoin entered 2024 at 43,000 or so. it's been a wild ride not just in crypto but in every asset class. let's bring in emily graffeo from out across asset team. talk us through some of the wildest rates we saw in 2024. emily: i will start with bitcoin. for anyone that thinks this is just a trade that is on the fringes of wall street, it definitely came in the center this year. look no further than what the etf flows looked like. blackrock's bitcoin etf was the third-most inflows for any etf, right up there with the s&p 500. katie: it was like the most successful launch ever. emily: i think we are safe to say that when you look at how many billions piled into that etf. even when you go a little bit more specific into the etf space, one of the really big traits was leveraged etf's, called a single stock etf's, katie, as you know. katie: dream about them. emily: amp up the stocks. nvdl is one that i th

microstrategy, bitcoin. they benefit off the ecosystem that, for the most part, uses massive amounts of energy. it comes back to boring fossil fuel, i think, fuelling the rally. >> we're going to ask you about emergency, too. i want a full deep dive on energy. but let's stick with the broader markets for now. santa claus rally kicked off on tuesday. but erasing december losses. we're actually positive now on the month. let's see if it can continue. 86% of respondents forecast more games ahead for big cap stocks in the new year. tom lee, global advisers co-founder joins us now to break it all done. you have been on the market for a long time now. tom, do you think the games continue? yes, i think there is a lot more tail winds building for markets in 2025 than existed in 2024, mainly because, you know, now we're not worrying about the fed worrying about inflation and bringing a halt to an economy. we have an election that's behind us. and now we have a lot of cash on the sidelines. and i think companies final

idea came from billionaire michael saylor, who has invested heavily in bitcoin through his firm microstrategy. he presented the proposal at microsoft annual shareholder meeting. he told shareholders that microsoft could convert cash flows, dividends, buyback and debt into bitcoin. but the shareholders said no. they called the move unnecessary because the company already considers a variety of investment options. still ahead, a lot of eyes will be on the school board in san francisco tonight. what it is deciding that could impact students throughout the city. and he left behind a life of being an executive chef in new york city to bring holiday joy to people across the country. what he's now doing in san francisco is today's bay area proud? i'm chief meteorologist jeff ranieri. we are still tracking some rain chances. i'll get you all ready to go for two different storms. i'll see schools are a bit anxious tonight. they're going to learn how school leaders plan to close a massive budget shortfall. san francisco school board will meet tonight. and the big topic is how it will cut more than $100

investors are also getting a lift from crypto buyer microstrategy.ed to the nasdaq 100 index later this month, and stock prices rose 7% in response to that news. well, good news today for those trying to pay off student loans. the biden administration's latest relief policy is in its final review stage. the new loan forgiveness policy is called plan b. after a year of legal pushback, the u.s. department of education has submitted it to the office of management. the plan targets borrowers dealing with serious financial hardships, and that includes struggles with medical expenses or cost due to a natural disaster. it's also aimed at those who have been paying off their debt for decades, and those with balances greater than the amount they borrowed because of the interest rates. if approved, nearly 8 million borrowers could qualify for relief. up next, the spirit of giving in the south bay as a nonprofit is making sure everyone has a hearty meal for the holidays. the special holiday giveaway today for families in need. everyone has a hearty meal for the

investors are also getting a value boost from crypto buyer microstrategy. company will be added to the nasdaq 100 index later this month. a south bay nonprofit is trying to make sure that everyone has a meal for the holidays. sacred heart community service hosted its food box distribution in volunteers handed out boxes full of holiday foods to an estimated 700 people. nonprofit says the demand isrowing and it's always looking for help, not just during the holidays but year round. by the way, there is another distribution tomorrow. up next helping disadvantaged young people in the bay area. the way the 49ers are stepping in, helping teenagers boost their writing skills in and out of school. and here's a look inside the control room at rockefeller center. lester holt preparing for nightly news. one of the top stories lester talks to the los angeles district attorney, the new one about the menendez brothers bid for resentencing and why they could have separate outcomes. z's bakery is looking to add a pizza oven, arissa's hair salon wants to expand their space,

for microstrategy, for instance, we have all the data available around the current premium, how much go through and they can learn by doing in their daily mechanism. the second thing that is really growing in our use case is making sure customers have all the information available to them through the use of ai. we talk a lot about these critical use cases for large language models and one of the critical ones that we found was that, gathering all of that information available to a retail investor, which never had more great content available then we do today. but the volume is getting to a place where it's overwhelming for people who aren't professionals, like i said. summarizing that into a single bite sized nugget of why this asset is moving and what explains the changes over time is incredibly valuable to those folks. that first layer of alpha, the ai generated content that explains why an asset is moving is super helpful and we do give them the opportunity to interact in a chat-based interface to dive a level deeper. the comparison that i make a lot is for the professional invest

microstrategy, there's a little controversy on if it is too pure of a play on bitcoin. when stocks are added, you can see greens. novo nordisk lower into the scoop. on the day down 2.5%, ozempic linked to a rare vision loss risk. patients should be aware, which seems like a significant risk. the weight loss had been popular. the big stock story, broadcom soaring up 20%, best day since they hit public in '09. the quarter was ok. the ai forecast is boosting, the ai component business is growing 65% by '27, a $90 billion market. ai is alive and well. scarlet: thank you. details on what broadcom told us and what we can infer. ian king covering the company in the u.s. and across asia. the latest member of the $1 trillion club. it predicted demand in ai chips. give us a sense of scale. we heard big numbers. does this put broadcom in the same league as nvidia? ian: we have two trillion dollar companies. the growth forecasted is sensational. the hint was $90 billion from the type of chip it helps companies make. nvidia's data centers will be more than $100 billion this year. br

microstrategy has been doing this for several years.ced putting more money into bitcoin this morning. michael saylor showed us how it is done. >> it is $38 billion and they are announcing the fourth straight week of buying. it is astonishing. we have the likes of cathie wood rejoicing because they know this will mean good news for the coin. ever since trump won, you can see the chart. we are struggling to hit $100,000 but we are inching ever closer. around $97,000 is a positive news. gary gensler said he would step down. we have paul atkins being considered according to reports by bloomberg. lots of tailwinds for the space. now, we have the establishment take over bitcoin as well -- take over of bitcoin as well. caroline: at one point, tesla was doing the same thing. what is interesting is we did hear from cathie wood praising a new regime under the administration. she is long digital asset classes. but where else does she see positivity? >> in crypto and fintech, m&a, all of the things clamped down on during this administration. cftc b

microstrategy sold enterprise software but has become a bitcoin holding company.hat they're in that index. as for bitcoin crypto currency hitting $106,000 last night and you can take a look at where it is right now. it's down about 103, $104,000. apple ceo tim cook meeting with president-elect trump on friday at mar-a-lago. after the meeting the two men later dined at trump's resort and we should mention that apple's reported planning to introduce new products including potentially foldable devices and then there's this, softbank's masa son visiting with president-elect and cnbc sara eisen reporting the softbank ceo expected to announce plans to invest $100 billion in the united states over the next four years. by the way, potentially creating 100,000 jobs. it would be great if it happens. >> yeah. >> let's check the futures this morning. you can see that we have some green across the board. we'll look at treasuries and talk to roger ferguson later. fed has a two-day meeting this week. let's get to dom chu with the latest edition of sectornomics. did you come up w

microstrategy, a phenomenal year come up almost 400%.tocks among the dow and biggest performing companies in the u.s.. we want to turn our attention to commodity spaces, specifically energy. oil markets higher in the last trading session of the year after we got a report that factory activity in china did expand for the third straight month. poppel mulch and of at raymond jame -- pavel molchanov is looking at oil prices to be largely range bound but the main energy story of 2025, which is also the main story of 2024 is set to be electricity rather than oil. pavel joins us to talk more about that. let's talk about it here. if you had told me coming into this year that the biggest gains in the equity market would be power companies i would've said you are crazy but here we are at the end of 2024 talking about utilities and power companies. that continues to be the story next year? pavel: this is the derivative trade on ai. the euphoria around ai touches what we might call the picks and shovels of the electric power industry. the utility st

karen in erin microstrategy, the volatility around it.e seeing other areas of growth from institutional and retail? >> that is what we are not seeing yet for the altcoin etf. ether etf debuted earlier this year and saw massive info. now we have a lot of pending etf's from srp to solana. it remains to be seen whether we will see in flows for them but judging by ether it is not such a present -- promising start but with a trump presidency and the new sec pic maybe investors will pile into the etf's. caroline: this is such a macro picture. it is an asset class that people feel they ought to have exposure to. >> at least bitcoin. digital gold they get. finance supply they get. inflation hedging they get but how do you sell ether, xrp, solana? blackrock investment in the 2025 outlook included bitcoin for the first time. so it is getting there. conversation is moving into crypto for now. caroline: i was at the station yesterday and two police officers were talking about bitcoin and how it was going to go higher. now let's turn from crypto to da

. >> it's up more than -- the only thing that can out do palantir is the next stock, microstrategy.this year. you going near this? >> yeah, this is one that i would -- you know, i'm a bull in bitcoin, kelly, and when you look at micro strategies, it's basically a 3 1/2 times play on the performance of bitcoin so bites both ways, both up and down. by the way, is there any better -- is there any better advocate for bitcoin than michael seller? he's unbelievable -- i don't know if he has been on your show but i saw him on sarah's show today, i believe, and he just knocked the all out of the park. if you look at the conservable notes where he's raising money and putting it back into buying bitcoin, and we have the most pro bitcoin administration ever, so if you couple those two things together -- think about it, you will start to see if president-elect trump pushes a bitcoin reserve, other countries are going to be pushed for a bitcoin reserve and if that happens -- >> you are not concerned, steve, about the -- i take your point and maybe people put pit coin on the corporate balance she

. >>> and microstrategy shares tumbling. company disclosing in a filing monday that it had sold 1.3 million shares to buy more than 5,200 bitcoins for over $106,000 apiece. that was near the record highs. the stock recouping some losses after hours, saying it will look for an increase in the preferred stock authorization from 5 million to a billion shares. it will look to increase the number of class-a shares, as well. >>> home builder stocks plunging this month. toll brothers, lennar, kb home, and pulte dropping in december, as mortgage rates have climbed. the 30-year fixed rate loan ticking back above 7%. last week's fed decision helping send rates higher. but zillow is sticking with its optimistic 2025 housing forecast right now. zillow's senior economist joining us right now with the take. and this interest rate story is one that's going to be of particular interest to home buyers out there, so, what is the forecast for rates next year? >> yeah, traders stand to -- we all tend to overreact a little bit to economic news.

some of the major names tied to the token, a mixed trade with mara and microstrategy lower and coinbase up just a hair by one 10th of 1%. let's look at the movers. it's on pace for his best day since 2021 after american raised his profit outlook for the final month of the year. the forecast adds to improved guidance from other airlines, including southwest and jetblue earlier this week. let's finish up with spotify. its worst day since mid-november after the release of its streaming data that comes out every year. this is a stock up nearly 30% over the past month. those are some of your midday movers. let's go from the micro to the macro and look at the economy. waiting on tomorrow's u.s. jobs report. earlier today, adp neither richardson -- adp's neel richardsona spoke about it. >> there is not a lot of layoffs and hiring. we are in this stasis peroiod. what triggers it and which way it goes up or down still undetermined. scarlet: let's bring in j.p. morgan asset management fixed income portfolio manager kelsey berro. we will talk more about how you want to position for this jobs repor

microstrategy off by 1.5%. palantir up by .7% in a down market.names could be the ones next added to the nasdaq 100, so we keep him calm -- we keep kenai. investing trends in the cybersecurity sector. enrique salem is going to be joining us. this is "bloomberg technology." ♪ caroline: this is "bloomberg technology." to out the bloomberg technology podcast. you will find it on the terminal, as well as online. this is bloomberg. in the first half of this year palo alto reported more than 4% increase in ransomware victims compared to the first half of 2023. the higher level of activity was no fluke. this makes cybersecurity hot sector if you are a venture capitalist. we have one, enrique salem, partner at bain capital. we are all about this on vc spotlight. does ransomware maker -- take a keen interest for you? >> no one is immune. have basically got small businesses, hospitals, governments. you so recently that at starbucks the bristow's could not access their schedules because of a ransomware attack. you are seeing it prevalent across all industrie

microstrategy has taken it on the chin we are cooling off to froth.cyclical part of the market is not able to muster much. we might wait for pc inflation tomorrow morning and the bond market to calm down. bonds are oversold for maybe to have some kind of a funding deal in washington >> we are watching rates we're going to do so continuously now now we have to pay more attention to the data. we have earnings frank holland has fedex. what do we need to look out for? >> fedex traded lower since its last earnings. missing on earnings and lowering eps guidance revenue expected to be flat. profit is forecast to fall by 2% the big question, will the company spin off fedex freight, the largest less than truckload carrier? trading as a discount. you can see fedex freight moves more freight by dollar investors will listen for commentary on demand fedex planning a rate increase in january commentary about the potential inpact impact of tear ariffs and poten strikes. >> thank you we will see what ftx does. see what nike does down 29% year to date. all sorts of pr

protection on downside the s&p now i think lowest in 30 years, then you see things like bitcoin, microstrategy a real sensp here again i k from fundamental standpoint, to the push/pull of higher for longer interest rates kind of blithely dismissed my sense setting up for a real correction in the market, expectations kind of cooloff and adjust to the reality that you know tax cuts are taking time to get through loping they come through soon, but rates are going to remain higher and going to be a bumpy road i do agree the inflation backdrop isn't the issue tariffs nots inflationary i do think higher interest rates a major headwind for this market. maria: a lot of questions, i don't know if ready to get in front that have train of nasdaq the nasdaq up another 110 points plus. i have been asking given the extraordinary performance for stock dow industrials s&p 500 double digitsive asked people they were buying on rumor of a trump agenda coming in better business policies deregulation will they sell on news in january. >> i any a lot more to like than fare i am flil he vested stephanie raises a val

bitcoin will end 2025 over $200,000 rather than 100,000, why not have that through something like microstrategyk there are a bunch of catalyst going into next year. we started in earnest by trump and we know nations like russia and the uae have been stockpiling. i think there will be a rush to the exit doors at the same time in terms of other sovereign nations following suit. 19 million to 21 million bitcoin have been mind and i think we will see in 2025 a broadening out of the rally not just to small caps but in the crypto world to who haven't really participated as much as bitcoin has in the past year, year and a half. >> you like bitcoin at the robinhood, some of these other stocks, just anything you can? >> yeah, i had exposure to names like galaxy, hut, in the mining space, the crypto etf provider in asia. i think all of those names will do well. there are not public equities to invest in. >> eric, don't you need the fed to be cutting rates for this riskier portfolio to work? they just told us they will not cut rates as much next year. >> well, like many of these crypto names, sara, they h

bitcoin has been the buzz word, microstrategy has been the buzz word.founders coming to you with a web three adjacent company or a consumer focus that is building in web three? are we at that stage of the cycle? shamin: we see a lot of founders who have a web three component. i see it having come back into vogue. like i mentioned ai is still the mode du jour. caroline: when you are a consumer founder is it you want to cai boosting productivity internally rather than trying to back themselves into a generative ai business? shamin: but we look for as investors or what founders are pursuing? caroline: what are you seeing and what are you wanting? shamin: what we are wanting, the way we think about ai is the way we think about the internet. if a founder came to us and told us they are building an internet company i think it is ubiquitous, it is necessary, it is the future. for us we are looking at the other elements that will make you a successful business, your distribution, your team, sales and marketing. the ai for us is not the sole determinant of wheth

microstrategys, another big mover this morning.the sec that they want to increase shares outstanding to 10 billion from the current 330 million. that means that they would -- that would give them enough at this current share price to buy all the bitcoin outstanding. we'll have to see how that goes through if, indeed, that's part of the plan. also finally we just wanted to quickly check on american airlines because remember you had that ground sop on christmas eve. -- stop on christmas eve, some delays. not horrible. they sort of came to a resolution tuesday morning, so trying to recover some of hose losses today. ashley: i bet there was so much anxiousness on that christmas eve morning, the worst possible day. as you say, maybe they got away unscathed. let's take a look at nvidia. this company as has seen an influx of retail investors this year, right? >> it's been unbelievable. to the tune of $30 billion. investors just flooding in, that's up ninefold from 20 to 21. sort of makes sense. nvidia's the company that we've within talki

> when you hear a microsoft, i think michael sailer just pitched the whole bitcoin strategy of microstrategy might have passed in a prior lifetime, but they passed recently. thoughts on that, that, you know, he's obviously pushing that, but a lot of people are sort of backing away. is there another company that has to come in to sort of galvanize what michael's done? >> he's done a great job raising awareness, but probably most big corporations are not going to have bitcoin on their balance sheet. just like they don't have yen or bonds or, you know, gold or whatever. but big institutions, insurance companies, pension plans, endowments, they're the ones that are going to come in and push the market up. >> so, what's preventing them right now, those big institutions? i mean, some of them, i think, there seems to be nothing preventing them, but what are some of the regulations that would be lifted that would allow that to happen? >> well, it's been very unclear what is a security and what is not a security. the regulators in the u.s. are pursuing lawsuits against some of the bigger companies in

. >> shares of microstrategy falling 7% today on the first day of its inclusion in the nasdaq 100. the bitcoin proxy announced it bought more than 5,000 bitcoin at $106,000 each funded through a stock sale. bitcoin traded around $93,000 this afternoon. >>> nordstrom in the red after it agreed to a $6.25 billion buyout from the founding nordstrom family and a mexican retailer. shareholders will receive 24 and 25 in cash for each share and the deal expected to close in the first half of 2025. >>> walmart is the biggest laggard on the dow after the consumer financial protection bureau sued the retail giant over its payment of delivery drivers. alleging that walmart and scheduling platform branch messenger forced delivery drivers into costly deposit accounts to receive payment. walmart called the lawsuit rushed and riddled with factual errors. in a statement to cnbc. those shares down 2%. >> thank you. >>> we are just getting started. up next the high net worth playbook from one of the chief financial strategists. mary lago shares her strategy for what sectors you need to be in this ma

when you have riot blockchain and microstrategy going in and buying half a billion dollars' worth ofin existence, there's only one way for the price to go. it's higher. stuart: see you again soon. >>> still ahead, democrats bitter about the incoming trump administration's team of billionaires. they call it a blew tock racy -- blew tock rah a city. jason chaffetz reacts. syria in chaos. what should we do about it, if anything? rebeccah heinrichs will join us. >>> trump admitting cutting grocery price will be very hard. can he actually cut the price at the grocery store? we'll ask "bar rescue" host jon taffer. carine hajjar are -- will react to senator warren sympathizing with the united health care ceo's killing. good hens. the 10:00 dub good evens. the 10:00 hour is next. ♪ ♪ .. at harbor freight, we design and test our own tools. and sell them directly to you. no middleman. just quality tools you can trust at prices you'll love. whatever you do, do it for less at harbor freight. ♪ patients who have sensitive teeth but also want whiter teeth, they have to make a choice- one versus th

. >>> and microstrategy closed in the red on tuesday.he second losing day in a row despite retail investors pouring nearly $11 million into the stock on monday alone. three times the firm's daily average this year. that's according to vendor research and comes after the company holds $44 billion worth of bitcoin, around 2% of the world's total supply was approved to join the nasdaq, 100 index. microstrategist surged more than 500% this year, 500. chairman told cnbc monday, he'll buy the top of the cryptocurrency for ever. bitcoin holds above the 1 ,000 mark. the crypto touched 100,000 earlier this week, after president-elect rated that he plans to create a u.s. bitcoin reserve. continues to look at what's happening in this space. it seems every day now, we talk about crypto. it's about hitting new highs and new highs. how far are we going to go? >> my colleague and i, ryan brown, we've begun to compile our annual outlook for 2025, we speak to sort of multiple people in the industry, analysts, those who are invested. those who aren't inve

the dow down ten days in a row look at the moves in tesla, microstrategy, bitcoin is this the start of a turbulent end of the year? plus, merck makes a deal in the obesity pill space and financials hit two-month lows. i'm melissa lee, coming to you live from studio b at the nasdaq on the desk tonight -- karen finerman dan nathan, courtney garcia, and michael contopolous. >>> we start with the fed decision sending markets dropping today the s&p down nearly 3% the nasdaq dropping more than 3.5% the small cap russell 2,000 leading the losses in the worst day since june of 2022 this, after the central panning lowered its benchmark lending rate by 25 basis points and indicated there could be just two more rate cuts next year, down from the previous forecast of four. the ten-year yield topping 4.5% for the first time since the end of may meantime, the dollar index closing at its highest level in more than two years. gold prices pulling back a third of a percent and the volatility index crossing above 23, the highest reading since august and some wind coming out of the sails of top performers

investors are also getting a lift from microstrategy, as the software firm turned crypto buyer will beed to the nasdaq 100 index today. bitcoin has rallied more than 50% since the november election, and apple is working on a number of major design and format changes to the iphone and other products as it tries to jumpstart sales. the wall street journal reports that starting next year, the company plans to launch an iphone that will be thinner than current models and is intended to be cheaper than the pro models. apple is also planning two foldable devices. the larger one would have a screen that unfolds to be as large as some desktop monitors at about 19in, and a smaller model would unfold to a display that's larger than an iphone 16 pro max. i guess scott and ginger that will be on the shopping list for next year. that's huge. i know. i was just going to say it flips 19in. that's cool. w. well you're right, start saving up right now. thanks a lot, pippa. well, new this morning. a milestone for one of the bay area's largest nonprofits. well, they're helping write a new chapter to supp

investors are also getting a lift from microstrategy, as the software firm turned crypto buyer will be added to the nasdaq 100 index totoday. bitcoin has rallied moe than 50% since the november election. apple is working on a number of major design and format changes to the iphone and other products as it tries to jumpstart sales. the wall street journal reports that starting launch an iphone that will beto thinner than current models and is intended to be cheaper than the pro models. apple is also planning two foldable devices. the larger one would have a screen that unfolds to be as large as some desktop monitors, at about 19in. a smaller model would unfold to display ta ta, a display that's larger than an iphone 13 pro max. with your cnbc morning business report, i'm pippa stevens. all right pippa thank you. well countdown you see it there to christmas. the start of hanukkah now less than ten days away. kwanzaa starts the day after christmas and new year's six days after that, with the holiday festivities in full force. tis the season for big crowds to be on the go. but it turns out

but microstrategy raised some eyebrows earlier in the week when it announced that it purchased more bitcoinusual for the company known to strategically buy the token on the dip. elon musk's deputy is helping recruit staff for president-elect's doge, in addition to his job as the president of the musk tunneling company. he helped musk cut costs at spacex and x. annmarie: next, sticking with president-elect trump and preparing for trump's tariffs. >> what you see is a pull forward. people are getting goods in before a potential strike or tariffs. annmarie: that conversation is next. you are watching bloomberg surveillance. ♪ annmarie: good morning, welcome to bloomberg surveillance, the final week of 2024. we are seeing markets pull back slightly, softer on s&p 500 futures, but an incredible year with the s&p 500 up more than 25% this year. your-dollar around 1.04. yields climbing of more than four basis points on the 10-year. or .62%. under surveillance this morning, preparing for trump's tariffs. >> what you are seeing is a pull forwards, taking share from the future that people are trying