. >>> nvidia has had a blistering ride to the top of the stock market. >> look at this. >> how does nvidia'sogy make artificial intelligence possible? >> who are you? >> i'm fiona, a representation of mother nature. >> it does quadrillions of calculations a second. it's just insane numbers. >> and medical researchers and high-tech companies tell us this technology will affect our lives in ways we can only imagine. >> this is wild. >> yeah. >>> it's an incredible feat. >> pearl harbor's red hill bulk fuel service facility, seven miles of tunnels cut through volcanic rock, built to hold 250 million gallons of fuel. >> this is one of the tanks. and to give you, kind of, a reference point, the statue of liberty -- not the base, but the statue itself -- can fit in here with enough room. >> tonight you'll hear what happened at this once-secret site and how it's affected thousands of military families. >> i'm lesley stahl. >> i'm bill whitaker. >> i'm anderson cooper. >> i'm sharyn alfonsi. >> i'm jon wertheim. >> i'm cecilia vega. >> i'm scott pelley. those stories and more tonight on "60 minutes.

i think in the ai space nvidia has such premiums that you can come in well below nvidia's numbers andtill make money. so i think for intel, if you can't compete with kuda, and you don't necessarily have those large customers buying into your solution, there's only so many levers you can pull. >> matt, help me understand the pricing side of this because i talked to a lot of start-ups trying to take on nvidia and produce cheaper priced chip. but they're not gaining traction. so why is it that companies would rather pay more for an intel? why aren't these lower priced chips, many of which are already on the market gaining any traction? >> yeah. so, i mean, i think people have gotten traction in niches like servers, for instance, has some revenue. amp is getting some traction. but you're absolutely right. nvidia has been able to maintain control of the bulk of the market and i think a lot of it comes down to kuda. so in creating this ecosystem, and then not only creating the ecosystem but supporting it. so giving universities access to it, creating a whole subset of people within the ai w

you have built on nvidia entrained on nvidia. to get your developers to train on the other system, it has to be orders of magnitude better to make the move, because you are telling developers you are running this successfully. ai is the most important part of your business right now and you're going to now go to another system. that is to be orders of magnitude better a performance to me in the move, but it can be quite some time with nvidia. >> you could look at the google arm announcement and say what is it mean for arm, but i would make the argument that this is a more important day for alphabet. just given where the narrative is gone around its ai ambitions of the last, i guess year, and how there have been recent stumbles of late, how should we assess where they are today? and by the way, i said this on the halftime report. if you look at the stock performance is at both alphabet and microsoft over the last 12 months, they are identical. the narrative wouldn't have you believe that at all. >> that is a great point. both of t

nvidia's a great company.t's got a very low multiple, but if you don't know what nvidia is, david, and you bought it because you liked what i said about it, just sell some. just, like, please sell some so i don't have to hear when it's at $800, why didn't i get that. >> we do have morgan stanley raising its price target as this continues to strengthen for nvidia. >> they have, but so what? >> they're talking about the hyperscalers, planning out data expansion centers that would tend to indicate durability. >> there is great durability. own it, don't trade it. we also know there are people who don't know what they own, and when you meet people who stop you and say, thank you for nvidia, and you follow up and say, what does nvidia do? they're stunned. they're stunned. they don't know. they think, well, nvidia, let me tell you, they -- they -- wow. jensen. that's what they say. those are the people who have -- they're the fellow troavelers that i'm most worried about. they don't know what they're doing with nvidi

eclipsing nvidia. it's been a dark month for the chip giant, while the sun is now shining on google parent alphabet. what is this reversal of fortunes say about where the tech trade goes from here? >>> plus, the biden administration dolling out billions to a major semiconductor giant that's not an american company. is this a risky move or a smart maneuver to secure our a.i. future. >>> and topping the tape, a new etf that lets you invest in private tech startups. a bitcoin bounce back. and charting the p in blicep. why one technician is going from bearish to bullish. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight -- tim seymour, courtney garcia, dan nathan and guy adami. >>> alphabet jumping more than 14% over the past month and outshining the rest of the mag seven. meanwhile, a.i. darling nvidia stalling over that same time period in an unusual place, the red. a nearly 225% gain over the past year. what does alphabet's turnaround tell us about the a.i. and tech st

. >> i'd much rather nvidia. >> you own nvidia now? >> i own nvidia. >> i thought i was going to be able to buy it chaerp. i think this is again back to the fed and the markets. microsoft didn't close on the highs. a lot of stuff gave back a little bit of ground those are great headlines. next week we've got a fed meeting, a payroll number on friday, a lot of dynamics for the macro that i think could change how good everybody feems. where were we last friday? >> you see a pullback in the markets. you see a pullback in nvidia but you see rates going higher, you still buy nvidia >> yes, i think ultimately -- and there is a bid below nvidia less than there is a bid -- it's got more of a bid to it on a dip than the market does right here. >> i think the market is going to pull back i'm staying with i think we're going to test that 200 day which is 4690 in the s&p very rarely do you tap the 50 and then not go through the 100, down to the 200 to test the 200. i feel as if -- i've been positive on the market i feel as if even the bulls would

nvidia now down over 20% from its march 8 9 record high. and broader tech, nasdaq down 2%, worst week since november of 2022 and here's one more staggering stat for you. >> uh-oh, uh-oh. >> since monday, the mag seven has lost nearly a trillion dollars in value let that sink in for just a moment so as you get set to enter the heart of tech earnings season next week, how nervous should investors be about these cracks we're seeing in the bull market right now? tim, what do you say >> they should be nervous, especially because this is where leadership is coming from, i've tried to point out for a long time that the leadership first of all from the nasdaq has come from the semis you talked about this move in semis, kind of an eerie 10% on the nose move, lower on nvidia nasdaq is up 87 to 90 basis points near to kate. in other words, this massive rally has almost been taken out completely semiconductors, as you said, down 17% if you think about nvidia, semiconductors, relative to the s&p, so, again, where's that leadership gone? it's collapsed i

and nvidia $948. nvidia is now 7955. that's a pretty big declines.hares of marvell tech were selling off where the weaker old tech business couldn't be offset by the strength in the new optical pluming that is needed for accelerated exiting and generative ai. down by weakness networking and storage, which are a real downturn. there is no signs of those bottoming. at least not yet. confirmed by taiwan semi just last week. when we had marvell ceo matt murphy on the show just last week, he didn't sugarcoat it, although i got to tell you, he was justifiably proud of the linkage to nvidia. that day's shortfall from marvell along with broadcom's failure to do what super microwas supposed to do reiterating the forecast instead of raising reviewed the cause for a brutal day for all things tech, including n nvidia. but that's wrong too. forget marvell tech. march 8th was the day we got a stellar employment report. we created 275,000 jobs. we learned the economy is much, much hotter than expected. so the fed that has no reason to cut interest rates any time so

today is an interesting example when the market pulls back and nvidia is up 2%. >> intel and nvidia,es. >> we're still talking fruit, though, and you are going to see some of that market share -- we have orders with nvidia's chips, if you have a small deposit down there and you are going to get presented to buy those chips at 50% less, you're going to cancel that order. >> increasingly, nvidia is a software company. jeff, what does it tell us about the broader markets? as we head into this period of more volatility, when there's questions about the number of interest rate cuts, if any, when there's questions about commodities and inflation, do you go to those defensive market leaders like the mega caps that carried the markets last year? >> i think there's bifurcation, not right now, but there's a lag effect. you are seeing some of these names defy gravity. we haven't seen the ten-year note since last october. when you talk about last october, that sentiment, that mindset is that we had six rate cuts coming in 2024. i think they've all been taken off the table. we are seeing three co

get nvidia's outcome. i think you still want to see nvidia continuing to have these really big beats and guide higher. i think nvidia is going to be incredibly important. i think microsoft is second to that because they're actually monetizing copilot. i think those are the two most important a.i. stories this quarter. >> a.i. is going to get a good test next week when the mega caps start reporting. jason, you've been trimming nvidia late. are you concerned going into this quarter at some point they're not going to measure up to where the hype machine has taken the stock? >> i don't think that point is anytime soon, to be honest with you. i think the report will be strong, and i agree with joe, i think it's extremely important, and it is in corrective territory, down 12% in the last few weeks. still up 73% year to date. and inthought the conference went well talking about partnerships, ongoing partnerships, the blackwell chip and what they're doing in support of developers. i think it will be important. it

nvidia. take a listen to what jas sy ha too say. >> most of the early a.i. models were built by nvidia, but supply is more scarce, and people are concerned about cost, so we've built our own custom silicon in a.i. we've built a training chip that are meaningfully more price performant than what you can see out there. a lot of the training and prediction are going to be done on those chips. >> which gets to big tech, which gets to nvidia, which is up. it was up yesterday as well. but this -- i don't know if it's a nascent concern, jim. >> jensen discussed it. >> you're going to start hearing that alphabet and amazon are designing their own chips in some way to replace part of the nvidia ecosystem or not? >> let's go over what jensen huang said to me. he said, listen, it's terrific that we're developing it, and we're working with them to develop it. one of the things we have to separate. amazon web services is very different than actual amazon, and amazon web services is truly built on nvidia.

is that all the session back, nvidia helping to drive yesterday's gain.hat's the real driver here? we have the dcla joining us for the full hour. let's begin though with mike santoli at the new york stock exc exc exchange. >> it intensified for a bit. we did get a little bit of a bounce, and whether it's just technical or a little bit cute, the s&p 500 bounced off its average. it's the first time it had been there in months, and so i think you had a little bit of pentup selling and i mean that in the form of the market that had gone straight up without a 2% decline for five months into late last week. things have loosened up. i think if you came into this week certain of a few things, about the macro backdrop whether it was fed expectations, where bond yields could go to, whether gold or oil was something to worry about or embrace, i think it got more complicated as the week went on, sticky inflation as we repriced the fed path and it caused you to re-wait the probabilities as to whether the fed's going to make a mistake. all that thrown into the mix. aga

nvidia last night fell. it is now up 3% and the logic is zuckerberg said 800,000 gp's come online as meta-trains its ai model. the other area of interest is zuckerberg's kinda fired up about things that surprised him. he spent a lot of time talking about glasses, but there is still this confusion. is the metaverse still a strategy? the year of efficiency, just trying and clearing out the muddy waters on what zuckerberg is trying to do. >> there so many things they are working on at one time. it's understandable someone might be confused but he brought up the glasses a lot and what he said was these are progressing faster than anticipated so the glasses is the idea of wearing a pair of spectacles that look like reading glasses or sunglasses but have all kinds of ai or ar features packed into them. they are working with ray bans to produce these right now and what mark zuckerberg was saying is these of gotten so good so fast it's encouraged me to continue to invest in ai and put money into the group building t

it is not as good as nvidia. i like nvidia, although it is difficult to tell. my wife told me to take the hat off because all that stock does is go down. painful comments. we now go o ian l. from the crimson tide. how are you doing, ian? >> living the dream. a couple questions for you. corsair. corsair. this is why you are a first- timer. i have to say ix nay on that one nay. on? >> k, jim. how are you? >> thank you for taking the call. i had the question of the day about blackberry. there is new eadership coming in. there is some cyber technology. do you think it is a good group fit? >> no. not at all. i was thinking, i happened to have a blackberry for lunch and that the not taste good either. i need to go to grant from the university of alabama. >> first of off, will -- >> i am with you on that. >> we really like football here. how about this stock? >> brookfield? hey, good. we finally got one. sweet home alabama. i am with you on that one. i am right with you on that. i am going to aria from the university of connecticut. >> i appreciate this show. what is

amd, nvidia, marvell, i like all of those.uickly, does it wore worry you that gdp came in so under expectations? >> i think adam, adam nailed it earlier, david. yes, it does worry me a bit, but it's one number. i'd like to see our next one come through as well. but i tell ya, it is manager to keep an eye on -- something to keep an eye on, but i don't think that the stagflation is going to happen in one quarter's number. david: all right. and soft landing, you still think we can get there? >> i still do, and i think the strength that we have going into the election, the seasonal strength the will help us as investors going into november november. david: great to see you, d.r. are. and there you can hear, the opening bell on the markets, it is starting out to look bad for all of the markets. if dow -- the dow trading down about 534 points in premarket activity as we rook at the opening bell, it looks like -- actually, we do have some winners on the green, about -- on the screen. about 12 winners. did i count that right? 13, actu

if you look at nvidia or metapmeta, for example, there's 484 different etfs that own nvidia vti, as wellver 200 million shares of nvidia just in those two etfs. so it's fascinating we had three weeks of volatility. and the vix is under 20, so there hasn't been panic the market but when you see some relal bansing here, ty, and you see some gaps on the chart, which is going to happen in nvidia, down to $680, even to 68, down to 400 in meta, that's the price i'm talking about. i'm coming up for air. in the bigger picture, we're seeing the s&p 500 only down 4%, and you saw that bounce once again today. >> let's talk about the fact you have some improvement in the major indexes over the last couple hours does that tell you anything? >> it does it speaks to the volumes that there's so much cash on the sideline one thing it doesn't tell me, the rates, the ten-year note, i cut my teeth in the business trading 30-year and ten-year futures in chicago at 4.7%, there's been a lag effect, almost a dislocation i think this bounceback could be a little misguided dow to the fact we're just moving money

nvidia if you are in the market you have a position in nvidia but got to go, i look for more small mid-cap plays in the ai place, looking for companies that are levered to the same trend. neil: nasdaq takes the most fears with market rates backup with fed officials talking one end to the other end rate cuts delayed. market rates backing up, inflation is a concern and disproportionately tech stocks. >> tech stocks hit small companies. small-cap companies are less profitable and need access to capital and rates are higher, cost of capital is higher but the other thing, these younger companies don't have earnings in many cases so you have to discount those future earnings, willing to pay less today. they have new highs, nasdaq is 50, the russell 2000. they have been lagging. i am shopping in the small-cap in particular the biotech space. you see a nice run up in small of the october lows and you see biotech, big pharma stepping back in and making a lot of acquisitions because they have a replace the pipelines, the innovation economy never stops, never sleeps. adam shares the ingenuity fund wh

i'm going to call you an nvidia bull.hank you very much. >>> richard teng says the company has moved past culture issues after it was hit with a fine of more than $4 billion to settle a case against the u.s. department of justice. bitcoin is down almost 5% from yesterday's highs. arjun is here after doing a stellar interview. i got to hear some of your comments. >> well, look. binance is such an interesting story. the world's largest crypto exchange got into big trouble with the department of justice. some of the things they brought up is not having the right level of checks when it comes to anti-money laundering, knowing your company, et cetera. but one of the biggest issues dj had was the culture. they talked about cz, that he bought in this culture where it was better to ask for forgiveness later rather than ask for permission. this is something i asked to the new ceo, richard teng, a few months into the job. i asked him how do you go about changing the culture of the company. let's listen in. >> you need to know how t

nvidia gets hit. remember semis are a huge part of the s & p they were never 9% throughout my entire career. you will have this outsize effect when i look at my screen, i have green. i have tickers that are higher defensive stocks are doing their job. utilities are up a lot i have pharma names that are up. i don't think this is an acros the board rethink. i think we have enough positiv breadth away from large cap that the entirety of the stor remains in tact. i think it gets a little harder. >> let me zero in on dividends because they are near and dear to a large swath of our viewin audience i think we were coming off of a toug year for dividend stocks the narrative coming in was, okay, rates are coming down so divdndz will be good and the will have a good comeback. now if rates are going to back up, maybe not so much. maybe those who really spend the time looking for the dividen stocks to get that income ar going to have to rethink a least that part of the market. >> as you know, jenny herringten and

you know we love nvidia. but there's more players than just nvidia involved.total market and i think r. look at what you're doing i'm thinking you're about as close to nvidia as we can get. >> yeah. we just had our ai event today as you mentioned and we said that we would be the most exposed and levered company to ai except our friends at nvidia. >> how is it possible that optical interface could be as big? and what is the total addressable market of ai and then you? >> sure. the interconnect as we call or connectivity is crucial to the deployment of ai systems because if you think about it all of these computers, gpus, accelerators, whatever you want to call them, the connective tissue around those computers, those brains is the connectivity and it's all driven today by high volume, high reliability optical connections. so the way to think about it is you've got gpus that need to communicate with each other, clusters that need to talk to each other, communications inside the data center. that's where we come in. so we partner with all of those companies on th

second, a tie in with nvidia. construction companies, auto dealers, would boost their sales if they embrace it. apple is a consumer company. they will have to change their stripes to do what i said. they should. friday we have the employment number. this one is tricky. if it's a strong number we will think the fed should never have stopped raising rates. if it's a start -- soft number we will want to know why they talked about keeping rates higher. it is fraught. not a way to end the week but you need to know what is coming. bottom line, we have to run another ridiculous call. i do think the economy is getting weaker. i just hope the federal reserve has noticed. let's go to ryan and virginia. >> i want your thoughts on a retail stock that has been decimated. is this corporation going to turn things around? >> this one is dicey. there is a guy in there that is sensational. we love to mount logitech. he has real horse sense. we have to get a clearing of that. we have to see the inventory gone. we don't have that yet

on nvidia the p.e.g. roughly 35 times forward earnings, fairly priced microsoft over growth of earnings is 2.3. it's a little high is it nose bleed no i'm not going to worry about fx. you brought that up or the analysts did p.e.g. ratio is high but not egregiously so high. >> you're not going to hate on microsoft's valuation -- >> i'm not >> and wax poetic on amazon. >> but wait a second wait a second. p.e.g. ratio on amazon is 1.2. i'm not hating on microsoft. what i'm saying is i'm not add to go microsoft today. i'm adding to amazon by the way, nvidia is looking tempting to add to >> what's the biggest risk in the microsoft quarter? what's the worst thing that could indicate -- >> the worst risk -- >> i was just going to say >> no risk >> he said there's no risk jim lebenthal said that. not me not josh not liz. >> if i'm trading ahead of the quarter, what i would worry about is the commercialization effort of openai is going slower than what the market is hoping for. >> okay, fine. how about if i agree

again, back to nvidia, everybody is trying to take market share from nvidia. stuart: yeah.might add a, .6% in a very down market. stuart: lauren: they are down 23% this year, which shocked me. they're having trouble getting their foundry business up and running. taiwan semi is the biggest -- stuart: taiwan semi just announced their details, tear report came out early this morning. i guess they're doing well. lauren: booming. in march, the best monthly gain since november of 2022. revenue up 34% on the year. this is the off season for the chipmakers. absolutely. but, your withness -- you know, the holiday rush are, everybody's ordering and buying smartphones and tablets, so they posted these impressive numbers in the off season. and, again, the world's biggest contrast -- contract chipmaker, apple and nvidia are their customers. stuart: it makes a difference to taiwan semi's stock price but no difference to inflation in the united states. there we are. on interest rates, look at the 10-year treasury. latest quote puts it at a yield of 4.48 president. in other words -- 4.48%.

nvidia leading the losses. closing just above it. if we flip the board over to the cross as a picture, we are not expecting too much movement on treasuries as we wait for the cpi report triggering fireworks in the markets. but you did have treasuries climbing. while below that 4.5% level. 4.35% is where we are currently. the dollar pretty steady. brent back below $90 a barrel. holding the two day decline because on the one hand you had this industry report pointing to a gain in u.s. stockpiles. then you have geopolitical tensions in the middle east cap in the losses. the level we are looking for for the intraday record high for gold is 2384. we are hovering just below that currently. let's look at the broad range of markets. >> just breaking in the last hour, we saw the ratings after the outlook for china down to negative from stable. just want to give you a couple of details here. they are citing long-term foreign problems. physical buffers. the agency did affirm its a-plus default rating given the solid economic growth prospects an

you have no place to not take a company like nvidia. they had a little pullback >> so the first two picks that have gone off the board, i assume they do not surprise you one bit. >> they don't surprise me, but when i think about this stock draft and the opportunity you have for one calendar year to get an outsized performance, companies that have outperformed and had a great past 12 months, sometimes they're not your best call we're talking about game theory. two stocks added up to the best overall score for one of our ten teams is, i think, how you win this you're talking about a guy who is retired from the playing field and moved to the booth >> yeah, you had several years where you were part of this contest. >> up to our defending champion. welcome back thank you so much for being with us first overall pick last year, she did choose nvidia and it helped carry her to victory. this time, with the third pick, what does team woo select? >> thank you for having me third pick will be smci. ai is still at the forefront of this technological

what that tells me is they're still buying nvidia. i think jim is spot on and great to add to that position because it's over its 50 day it's bouncing at it. when their numbers come out, listening to these trillion dollar companies talk about the cap x spend, they're still going to nvidia. so i think nvidia will have another blow-out quarter and we got the stock back over a thousand if the stock participates in it as well. >> alphabet hitting a new all-time high after announcing its first ever dividend as well. we've got some ownership here around the desk. i guess, josh, let's start with you. what did you like about the quarter? there was so much really to pick from here. >> so there is two things here, courtney i want to talk about the optics, and i want to talk about the actual fundamentals. the optics around alphabet have been horrendous in recent months i'm a long-term shareholder and i had thought earlier this year that alphabet had the potential to be the best performing of the megacaps i thought this and amazon. i still do but

i want to know what's going on with nvidia because that stock is way down, $31. $839 on nvidia.auren: their price target is one of the lowest at $620. the analyst argues that major ai chip customers like microsoft and amazon are going to shift a greater amount of their investment towards their own in-house chips and in-house hardware. if you look at now 839, nvidia is lower than it was the day it unveiled blackwell; right? we were expecting all the new bells and whistles and seemed to be the top for nvidia in the near term. stuart: b barrick gold and the others are all up. lauren: yeah, up 2.5% and gold going to $2500 by this fourth quarter. stuart: got it. moderna, please. lauren: they're leading s&p 500 and sharp increase at 8.5% and personalized cancer vaccine combo trial that showed a benefit in a head and neck cancer study. jeffrey analysts are looking at that data and this is coming into us. and positive comments from the trial that combines moderna experimental vaccine with merck's for treeding head and neck cancer. stuart: okay, something ludicrous, the cohost of the vie

nvidia down by 10%.isa: and it was because super micro computer announced a turning date without further guidance. this is what we got set up for this week. first of all, we don't have fed speak, which i think is important. we do get tesla on tuesday, meta on wednesday as well as microsoft and alphabet and a little intel on thursday. how much does that set the tone? when it comes to the data, that is all friday. how much does this confirm the reflationary narrative that we get, and in the absence of fed speak, we can options. a lot of people are focused on these options, record options. $70 billion of 5-year note on wednesday and 44 billion dollars on thursday at a time when yields are at the highest of the year. in either buyers going to come in? jonathan: a ton of supply later this week. mag seven earnings on deck. terry haynes of pangea policy as u.s. lawmakers tame amed tiktok and elsa lignos. u.s. stocks looking to bounce back from the worst week of the year. macro risk advisor saying this. i am a m

behind it nvidia. they have vmware i think is very powerful, really helps their software business and recurring revenues and better margins. there's a shot thiscompany could power in the next two years. i still like it. >> you want to give me 30 seconds on applied materials or the cancellation of this r&d facility in california? >> still an essential chip maker, advanced chips using a.i. it's more cyclical. it's up 28% year to date. it's not that expensive, frankly. trades at 24 times earnings. a margin of safety in terms of the price here to deal with hiccups like this. >> let's bounce for a couple minutes. we're going to come back. i have a new move or an addition to a stock that stephanie link owns. we have our "calls of the day" as well and will await any more potential boeing news after phil lebeau gets off the phone with the faa. >> announcer: are you following "the halftime report" podcast? what are you waiting for? lookor u fs in your favorite podcasting app. follow now. are you ready to meet y

we may see nvidia break that 1,000, as it almost did on one day. but over the long run, historical valuations still on the midcaps, small caps are 13, 14, 15, that's proved to be a winner in the long run. >> i hear some people trying to make the cases for those now, though, the counterargument -- >> if you're patient -- >> you need rates to come down for those stocks to work. how would you assess that? >> you know, i'm not absolutely sure you need rates -- you know, it was only a year ago, scott, if you remember, everyone said, oh, the rate cuts affect the tech stocks the most because they're long-lived assets. all of a sudden it's now changed somehow. oh, no, the rate cuts are necessary for the smaller stocks because they need that stimulus. it's interesting how that cha changed. certainly in the banking area, in the real estate and commercial real estate area, you know, i was listening to your last hour, that's a case where those sectors that are exposed, the rate cuts are very critical. but for the other sectors, i think it's the strength of the

that's nvidia still right now up 4% today. put in a top. see how deep it goes. >> we'll walk you up to that tomorrow ahead of the earnings. hold onto 5,000 today in the s&p as the bell rings. >>> a bit of rebound to start the week, the s&p 500 snapping the six day losing streak as stocks gain back some of the ground. the action is just getting started. welcome to closing bell overtime, i'm morgan brennan with jon fortt. >> a big week for earnings reports are on the way from sap, cadence design systems nucor and cleveland cliffs. look ahead to tesla tomorrow which has had a brutal stretch of trading. >> we'll talk with

now, i know it's initially nvidia, but it's going to be you too.ere you surprised at the gigantic amount of money that is going toward you from these hyperscalers >> no question that as we discussed in our earnings call in march that it is a.i. that is accelerating the demand for memory and memory is a key enabler. i mean, think about it a.i. needs data. i mean, you look at large language models, then they're going into trillions of parameters they need more and more memory they need that high-bandwidth memory they need low-power memory they need more capacity of memory if you just look at nvidia gpus, starting from a-100 with 40 gigabyte of memory, the latest blackwell announced with 192 gigabyte of memory in just a matter of short period of time so, memory is a key enabler, and i just wanted to show you because you brought up high-bandwidth memory, jim, this is a technical marvel here >> how many -- >> this is 24 gigabyte today, it is with eight die stacked into it. this is smaller than my thumbnail, thinner than my thumbnail, and we have stacked

nvidia is the leader of the march. nvidia weakening and it grew to the third largest market cap company in the world up to over 5% market cap is a sign we are calming down the euphoria. i know it is phenomenal for nvidia you cannot have forward march without recognizing that the rest of artificial intelligence has not been one of profit making as it is for nvidia nvidia sells the chips everyone else buys the chips for a slowing down here is a sign the rest of the market has to regroup. >> so much to talk about, but i cannot leave without your "wex" word of the day. what is it >> that word is jittery. i gave it to you yesterday today is another example the market and investors are waiting to find out if we he have good earnings the market is up multiples are up we have to have earnings that justify the price of the stocks. market is worried about interest rates. >> kari, great to see you. thank you very much. we have to leave it there. "squawk bo ix"s coming up next thank you for watching have a great weekend my name is

you have nvidia that is launching new products for the end of the year that not only the current nvidia parts vary but the new ones will be much more competitive. they just don't have a whole lot of runway to start to build scale and you really do not want to see them push out. so, we will see what lisa can pull out of her hat this afternoon, can't you actually take that number up meaningfully enough to drive expectations. >> you really highlight what is a potential issue for many of these chip names that are not, if not exclusively ai players, ones that are principally, let's call it that, principally ai players. which amd is not. it is pcs which you say are anemic. it's gaming which you say is impaired, it is data center outside of ai which you qualify as spending not being great. >> yes, and it's all true. you need to look at intel's results from the other day. they play in all of those markets and the results were not great, right? amd, you have to remember, their core business, the non-ai service has been weak for a while. they've actually missed either numbers or guidance 7/4 in a

nvidia is up 225%. >> what's it doing right now? >> you're going to make your whole market argument about what's happening in the last two weeks, good luck. >> that's what we're talking about. >> time for a break. >> you're talking about do we need to change the playbook right now. don't talk to me about what happened in january of last year. >> okay. we'll take a break. >> good discussion. >> our "charlott of the day" is next. we'll get josh's reaction, "calls of the day," too. >> announcer: are you following "the halftime report" podcast? what are you waiting for? okors in your favorite podcast app. follow now. >>> let's do some stocks on the move now. we start with united health off the back of earnings, a much-needed lift in shares by 6%. they did beat. jimmy, you own it. you say it's on probation because it hasn't performed well of late. does this relieve any of your fears? >> it does relieve my fears. it raises another question. the reason it's up, it didn't do badly. expectations were extremely low. they reaffirmed guidance f

the long nooknives are out for nvidia ever since gtc.emember what nvidia did between july and december of last year it did nothing i remember being ridiculed i bumped into someone this weekend, again, when i was in antigua, saying, thanks for jamming me in that nvidia. well, sorry. sorry about that jam-up. jam-up, mate i mated that guy >> you mated that guy. >> i gave him a "mate. i gave him a check mate. he mated me, i checkmated him. >> there's some weakness in semis and tech >> tsm is crushing it. the fact that -- i mean, when you talk -- i say own nvidia, don't trade it, but i'm not saying, buy it right here. let it come in same thing with apple. my price target of apple is $160 that's where i think people just say, i've had it sometimes you have to psychologically think where people have had it maybe people have had it when it gets -- nvidia gets to $790. i hate this opening, carl. i hate it. i just hate it >> yeah. yeah >> i just hate it. >> circling around 5,000 here. >> and what's the thesis to buy today? because the missiles did

on the nvidia side, people worried about nvidia being challenged by other folks on chips.months which is why most people are going to say, okay. they're shrugging their shoulders. there were some interesting announcements from google, so -- stuart: actually, so many people were buying the dip today because nvidia was down at $830 to start with. now it's rebounded, u-turn back to $871. you're still looking for $1200. okay, i got it. tell me about the google cloud eventful you were there. what came out of it? >> yeah. i'm still here the in las vegas, and i think we've seen google came back and showed where they're ahead in a.i. versus a lot of the other players. they made a lot of use case with agents showing how people can work with a.i. and humans can work to get a lot of productivity done, improve automation where he can and, of course, actually improve hair businesses. and they also shows what heir able to do with chips. google's basically coming at it from chip all the a way the to the software level. and what they have is chips that handle cpus, gpus and tpus which giv

nvidia is not for a month. we are talking about a month before we even hear from nvidia and, you know, doubt that earnings report at your peril, at least what you've been taught, i guess, over the last couple, two or three earnings reports. >> we learned that in february. >> right. we will have to see. what's the point you want to make? >> the point is it's hard for people to think about going from 42% earnings growth to 16% and thinking it's not disappointing. that's not disappointing that's normalizing. why would it be disappoint to go say, hey, nvidia used to grow at 60%, they're growing at 30%. that's fantastic. >> why would that be disappoint sng. >> if you look at the stock appreciation -- >> pull it forward, starting point it today -- >> it would be disappointing if you are talk being 42% to 16% and assume that the stock price wasn't going to have a commensurate correction. i mean, let's be honest. >> it should run up. okay. follow me with this. so nvidia ran up, it ran up why? earnings growth was 100% o

adobe is also off 27% with nvidia off 22% in bear market territory.g me now is james cakmak. >> good morning, frank. >> i want to talk about earnings season coming up. we are hitting on stocks well off the highs. how important is earnings season not only for the market, but for tech? fact set came out with a report with five of the magnificent seven stocks are supposed to be 60% higher. if you look at the s&p, earnings decline at 7%. lay it out for us. >> i think what we saw over the last week with a couple of bellwethers reporting. taiwan semi and netflix reported. i think we saw estimates which got ahead of themselves. not so much estimates, but ex-pee expec expectations. the estimates came in line if not better in many of the cases. at the end of the day, it was a sell the news situation which showed a lot of what we have seen actually as of late has been more multiple expansion driven and higher estimate revision driven. that poses the question if that trend is sustainable. the one good thing i would say is we had a huge set of expectations on fri

nvidia was down today, as well as amd, but nvidia afterhours is down less than amd is afterhours. i think people are still playing this as nvidia has 80%, 85% of the market share. it's theirs to lose, everyone else is a distant second. >>> coming up, more afterhours action. pinterest surging. we'll dig into their report next. >>> investors loving on lilly. shares are soaring after earnings. how they're packing on the pounds where it counts. that's next. >>> plus, what's next for the fed? the central bank may not make any moves tomorrow, but our next guest says they should start cutting rates soon. just how many cuts he is predicting this year, and what happens if we don't get them all. all that when "fast money" returns. stay tuned. >>> this is "fast money" with melissa lee right here on cnbc. (subway noises) ♪ ("tosca, act ii: vissi d'arte" by maria callas) ♪ ♪ (orchestra del teatro alla scala, milano) ♪ ♪♪ ♪♪ ♪♪ (cat meowing) ♪ ("huge beats" by louis perez) ♪ ♪♪ ♪♪ >>> welcome back to "fast money." an earnings alert on pinterest. sharing soaring after a beat on the top at bond t

>> nvidia, from a multiple perspective, isn't crazy expensive.t time we downgraded nvidia because it was getting close to 50 times, which you have to go back to cisco in 2000 at the peak of the internet bubble to have that type of valuation historically for such a large company. now from an earnings perspective, if i remember correctly my multiple is based on a little over 30 times. nvidia has traded their historically i don't think it's expensive i think rather the question is at some point do we get a pause in investment because some of the promises of ai haven't shown up yet i don't think that's happening this year. i don't think it's happening through blackwell. we're a year plus out from that being a risk in my view. >> is china still a wild card in this story at all? >> i think it's a wild card in the sense that nvidia is apparently shipping some product again, so there's some benefit there. do they lose that benefit again because the u.s. steps in? perhaps. at some point china has tocome up with a strategy around ai and that potentially is

, which is an insult to nvidia, because nvidia is the one that started going -- remember, nvidia was% on friday. super micro was down 23% those are the ones that have to come back, not texas instruments, okay? this is going to be -- this is why, carl, when you asked me, are we out of the woods, whatever, nvidia, if it opportunity take out the -- i believe in owning nvidia if apple can't lift, then i think you've got these two stocks that are just glaring and right in your face as being bellwethers. if one of the microsoft, meta, google doesn't hit it, then you tip. >> and you think -- you think alphabet's the prime suspect on that >> i just think alphabet is -- we've been -- we have a club meeting today at 12:00, and i'm talking about how i'm grateful we sold some alphabet, because i don't trust alphabet you need waymo, split off. you need a cfo, which i'm not sure we're going to get. you need a dividend, which i'm not sure we're going to get. and you need a breakdown of youtube, and i'm not sure we're going to get that. that's like four things you got to get instead, i think you get

i think nvidia's numbers are way more important than tesla. that ecosystem that nvidia has grown itself around is way more important than tesla, than i think is two years ago story. >> you said that nvidia is attractively priced for investors, not traders. explain that. >> i think if you look at today and go boy, the pe is really high, the earnings growth is so strong that if i look a couple years out and i want to hold it for two, three years, multiples are not very high, because the earnings growth is that exponential. everybody on the street, they were off by 50% last year in terms of how much earnings they did. so they continue at a good clip, and we'll look at 2026 and 2027 and say nvidia was pretty cheap in 2024. >> let's get beyond tech. dan niles is looking outside of the mag seven and tech as a whole. you have some picks in auto and industrials. tell us about them. >> yeah. i like o'reilly automotive. it's kind of the anti-tech play. everybody has to fix their car. they have a nice balance between do it yourselfers and commercial. so

annabelle: nvidia, another key earnings.e have seen a focus on that and concentration risk perhaps in the market. what price action are you also need to be monitoring there? chris: the problem with nvidia is a debt report until may. we need to get that back about $800 and 90 will start to see the optionality coming through. dealers will have to hedge when the price goes up and obviously that means buying the underlined which perpetuates the price. we have not seen that dynamic. it works really well on a momentum beast. momentum is a factor is underperforming at the moment. people want quality. defensive areas of the market have been outperforming. that is a place i think people are wanting to gravitate towards. until we see momentum showing, nvidia is the trading vehicle. we need it to trend higher and then you can use it as a momentum vehicle, sort of something like a bitcoin. the natural catalyst for nvidia from the earnings call is not going to come through for some time, so you are obviously watching the chips and the se

that's an analog to nvidia. nvidia has much higher intellectual property.hat's because it announced when its quarter is coming and this is the first time in so many quarters they have said, hey, we're doing better than expected. it's similar to what happened to broadcom. broadcom, on april -- i'm sorry, march 8 -- said the same thing. they did not preannounce. go back to that period, the unemployment number that friday, that's the first time that powell got it wrong, big wrong, and interest rates shot up. i think this move is largely interest rate-driven move. it could be reversed by earnings, but only if the ten-year stays at 4.6% or 4.7%, and i don't know if that's going to happen. >> well, okay. >> i mean, i think it's bonds. i think that we all think it's stock, but the high multiple stuff is what's going down, and that's controlled by bonds. >> you just think that as long as -- what's the level, as long as we stay above 4.5%? >> we can't go above 4.7%. if we do, every stock is going to be hurt. if you look at nvidia, that's the poster boy for the decli

nvidia tumbled by the most in four years friday and that led to a broad selloff in u.s.ares. asian ev makers will be in focus after tesla dropped prices of their best-selling model. let's look at how we are tracking for futures. before that, breaking news about honda. annabelle: honda is nearing a deal with canada to produce electric vehicles. looking to build ev vehicles and components in ontario. this deal could be announced in days. it involves a commitment by honda for new facilities, according to sources. they have not yet announced publicly. honda around 1.5% to the upside but that is it for daybreak asia and markets coverage continues as we look to the start of trade in mainland china and hong kong. ♪ her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could c

chip gauge as well as nvidia have fallen into correction. there's a sense of how tmm c could potentially boost the south korean and taiwanese stock benchmarks. of course the tech rich gauges. mark renfield has pointed out that back in january when the quarterly earnings dropped, that coincided with a bullish turning point for the indices. let's take a look at how currencies are faring today. a sense of calm is returning. the reprieve thanks to job hunting. we got pboc coming through with a statement on we chat that is trying to prevent the risk of overshooting from the exchange rate. you have to wonder how long this is going to last, especially with the fed narrative and play. higher u.s. yields potentially as well as a supportive greenback. tom: april hong in singapore. we unpacked that part of the story in more detail now. a survey suggesting that the u.s. economy has expanded slightly since late february. firms reporting great difficulty in passing on higher costs. the fed governor meanwhile saying that progress on inflation has slowed. p

, and nvidia's actually helping them, because nvidia knows they can't produce enough, and whatants toppease these clients. this whole idea of zuckerberg making an nvidia-killer, just read that. that's not the statement of someone who's declared war against nvidia, is it? they like each other. i mean, geez, it's okay. >> opening bell at the big board today, education through music, providing music education to underresourced schools. and at the nasdaq, it's the new york chapter of the lynx, a women's volunteer organization focused on african americans. >>> it's a nice segue into what asml said about q1 bookings and sales. >> they did keep their numbers, which i found surprising, given this was much worse of a drop than people thought. i thought people would say, asmlf, they make the biggest machines, you have to have them. they didn't have the orders we thought, so nvidia is weaker. it did not happen. just so we know, this is really about taiwan semi. taiwan semi didn't -- it could be about samsung too. taiwan semi is up, and that's nvidia's play. anyone who thought that was the case -

we are seeing the release of new ai hardware to compete with nvidia. nvidia under pressure today.chnology." ♪ en up my diploma from southern new hampshire university. ♪ ♪ - i'm nervous, i'm excited. ♪ ♪ - [man] okay, let's see it. let's see it. - oh my gosh. - jesus suarez, i did it and it's here. (group cheers) ♪ ♪ - [narrator] next term starts soon. visit snhu.edu. visit snhu.edu. wealth-changing question -- are you keeping as much of your investment gains as possible? high taxes can erode returns quickly, so you need a tax-optimized portfolio. at creative planning, our money managers and specialists work together to make sure your portfolio and wealth are managed in a tax-efficient manner. it's what you keep that really matters. why not give your wealth a second look? book your free meeting today at creativeplanning.com. creative planning -- a richer way to wealth. caroline: this is "bloomberg technology." you are looking at a live shot of the principal room. tune into "bloomberg crypto" at noon. this is bloomberg. ♪ caroline: investing in privately held companies can be diffic

this week but last time nvidia reported, the stock dropped into the earnings.eople said it can't possibly meet what were very elevated expectations. then it lose them out of the water. on one hand you have that recent history of concern going into earnings, but there is the second part, the earnings really went to the upside. i think that is helping drive some of the concerns going into this earnings season, that it is very much about the magnificent seven. they are expected to show growth in earnings the rest of the s&p 500 is expected to show a decline. there is a big burden on them and they probably do face a pretty high bar in particular to be able to spur sustained gains, because everyone has digested the nvidia earnings and other earnings that have gone along, so there is a high bar, not just about what they report now but the outlook. recent history, tsmc, the taiwan two producer reported recently, and on the face of it, those earnings looked fairly good but there were concerns about the outlook. some of the impact got a little bit washed away by the geo