joining us to discuss the new snapdragon x is cristiano mann, qualcomm ceo., cristiano. the question i hear over and over again be at investors or from the millions of snapdragon users and fans around the world is how is this fundamentally going to change the operation of functioning of a personal computer? >> oh yes, that is the reason we are very excited about what we are doing and i like the endorsement we got from microsoft. the presence of microsoft at our event, we have been working to build the next generation computing device for the windows ecosystem. it comes with where we see the conversions between the mobile and pc, it comes at a time when users want more mobility and performance and the whole experience becomes an ai experience. i thing that's what we did with the snapdragon x elite announcement. first of all, we are incredibly proud, especially as we talk from an economist changing to a communications company to a processor company. we unveil the fastest cpu of any mobile computing -- computing device, any laptop in the world, fastest cpu in te

for qualcomm we've been looking at more as an option value.nalyst day a couple of years ago, they gave some targets for these things, they didn't put any of this in those targets they talked about as an option. my view for qualcomm if arm-based windows pc become a thing, they're in a good spot to benefit from that, including there are others that could benefit from that as well as armed-based windows pcs do become a thing. in 2025, that seems like a reasonable time period. >> we'll leave it there. i appreciate you coming on with us. i really wanted to hear from you on this, i know our viewers did too. stacy rasgon joining us on "closing bell." last chance to weigh in on our question of the day, do you think interest rates have now peaked? you can head to @cnbc closing bell on x. the results after the break. when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan.

this past week we did see qualcomm announced it.at 13 billion models can be ram on this time. that should be competent enough for real use cases. to think of use cases such as voice assistants or digital assistants that can help you get through tasks through the day. multitasking and also vr linked to applications like facial recognition or facial expression recognition. i do think there is a healthy pipeline down the line. but i think we still need to see how the party real lines. but the devices by mid-2024. so we can see how well these scenarios play out. shery: we will be watching qualcomm's commentary of their business in china. how does huawei's research into in that market square with qualcomm's performance in sales? >> i do think the emergence of huawei is 60 pro. it probably made attentive qualcomm's revenue streams on china. they were significant customer in china because they had to rely on custom-made non-5g models after 2020. they make a dent to at the top off on the premium end of the chinese model market. on the other

we have breaking news on qualcomm. kristina partsinevelos here with that. >> qualcomm aims to bring ai to the edge. personal computers, local servers and smartphones. it plans to do so with the announcement of two new chips. first, the snapdragon and secondly the x elite chip for pcs and laptops. both help run generative a.i. applications without having to rely on the internet. my colleague had an exclusive interview with qualcomm executive who said the new smartphone should generate an a.i. image in less than a second versus last year's model which took 15 seconds or so. that means shoppers will no longer be asking how great is my camera, but what is the speed of these a.i. applications? no mention of apple in this report. the second product is going to be an arm based cpu chip for microsoft powered pcs. the cfo saying it will make them the new cpu leader in mobile computing and says it is 4 1/2 times faster than intel's x 86 chips. and will be introduced in mid-2024. reuters reported that nvidia is building a cpu chi

qualcomm is the largest maker of the chips that runs smartphones, according to analysts.er demand recently for its products, particularly in china. and the company is on course to see revenue shrink by about 19% in the current fiscal year. stocks were lower on wall street today. the dow fell 173 points. nasdaq lost 85 and the s&p was down by 27. the latest consumer price report showed inflation held steady last month with prices rising a bit faster than analysts expected. all right. and getting close to the weekend, the weather shaping up well like we've been seeing kind of on again, off again clouds, some sun and temperatures on the 60s and 70s side. today was a little warmer. tomorrow will be a little cooler. here's the long range model. i want to show you what we got. and you can see, don't even worry about the time. just look at these. this parade of weather systems. none of them really amount to much as we go into next week. but they do have a huge impact on our daytime high temperatures, our humidity, our fire danger, our air quality. so it's steady as she goes. mor

qualcomm's chip will be based on arm and will compete with intel.% in today's session. now to this story, the hollywood actors' union, they're back at the negotiating table today with major studios in hopes, of course, of reaching a deal to end the 103-day strike and salvage the 2024 summer box office and the 2023-2024 tv season. lots riding on it. let's go live to reallily -- kelly o'grady, where do these stocks -- talks stand right now? >> reporter: the big four studio heads are going to present a new proposal today, and they actually reached out to the union over the weekend to resume negotiations. that's certainly a positive sign. remember, talks broke down about who to weeks ago primarily over streaming residuals. the union had proposed a fee for every streaming subscriber. studios called it, quote, an untenable economic burden that would run an extra $800 million per year. of course, another key piece of this though is artificial intelligence. profit rather than subscribers has been an ever growing focus on these earnings calls, and a.i.-gener

this week alone we know qualcomm is launching into this space. >> we are expecting the same from nvidiand amd. the different with their chips, all three, they'll be based on arm technology think of it like the blueprint for the chip intel has x86 blueprint. that's a competitor. you have three big players coming out with pc chips that will compete directly with intel's market share intel's ceo was asked this on the call yesterday he said he welcomes competition but that history has proven that the x86 has been around for a long time, integrated into a lot of developer systems it's not an easy transition but it's a transition, let's say, two years from now it's definitely a concern in the near term. >> more from pat gelsinger at 4:00 p.m. eastern on "overtime." thank you. >>> exxon, chevron, enphase all in the red following results starting with exxon and chevron, we'll kick it over to pippa stevens for more. >> starting with exxon and chevron, they are under pressure today after disappointing results from wall street so, chevron is the bigger laggard of the day as weaker than expected in

workers in the bay area and more than 1000 in san diego will be let go in mid-december, in may, qualcomm let about 500 employees go, including 80 right here in the bay area. those companies are facing shrinking revenues. >>> let's take a look at market street in san francisco, a stretch of the road will be closed in two weeks beginning tomorrow, starting at 5:00 am, market street will be closed between fifth and eighth street, they are doing underground electrical work and building new sidewalks. >>> fairfield is installing dozens of new electric vehicle chargers to keep up with the rising demand, especially as we inch closer to 2035, the year it will be illegal to buy a new gas powered car in california. fairfield is working with air quality management to install 58 chargers at eight locations using power from 100% renewable energy. >>> before this, there were only a couple places in the city that i would charge, because typically we have to wait to charge our cars. >> that site is fully operational, the other location should be up and running within a year. >>> an up and coming latin s

>> i think for me qualcomm has obviously been a challenge all year i am excited about the new snap dragon chips that will support the ai space i think it could be a catalyst for the stock going forward. nvidia, obviously the stall worth, up 180% year to date and they'll report in a couple weeks. we'll have to see the cloud. the demand continues to resonate in the market place. i think they'll be strong. >> sky works, intel, teradyne? >> this is when you want to buy when it makes you queasy and uncomfortable and most people feel frustrated. now we're at two years of depressed sales, destocking of inventories on pcs and phones. when you look at the earnings for next year the numbers are huge teradyne should be up 59% year over year, intel up 173, sky works up 7%. it is just earnings recovery right? not like suddenly they have remarkable earnings. but when you want to buy them is in the year or year and a half before the cycle starts to turn. what we know is the cyclical terms are always very vicious. they get hit really hard on the down side and ricochet on the up side >> but wait a minute

chips themselves, we're setting up a new pc fight with computer chips based on these arm designs qualcommaled its first pc chip that will start shipping next year by the way, qualcomm, best known for making smart phone chips and nvidia the ai chip darling and amd reportedly doing the same. now, this is all bad news for intel. its chips aren't as powerful or as efficient as the arm-based chips. you can get a lot more battery life and performance when you put those in laptops but intel ceo brushed off the concerns last week saying, he doesn't think the competition will be significant, court. >> interesting stuff i want to go back, though to the buzz ahead of apple's results. always a really important one. the shares have really underperformed what are you expecting >> yeah, interesting enough, it's underperformed in the run-up between what we saw in the summer, usually the summer is a good run-up but actually been the opposite. look, the big question going into earnings is what is the guidance for this holiday quarter? can apple return to growth apple already said they're expecting it's goi

qualcomm will cut about two and one half percent of its more than 50,000 employees. about 194 workers based in santa clara will be affected. a notice sent to the state says the cuts will begin in december. this is the company's second round of cuts. this year. in may, they laid off more than 80 people in the south bay and software startup flexport announced it would also lay off about 20% of its workforce. that's nearly 700 of their reported 3500 employees. it's unclear how many local positions would be affected by the layoffs as employees have reached a tentative agreement with kaiser permanente. after seven months of negotiation and a three day strike. the deal includes higher wages with a 21% pay increase over the next four years. the minimum wage is set at $25 in california, with $23 in other states. there's a commitment to on the job training so employees can advance their careers. people under this tentative agreement can rightfully expect to make real economic progress in real terms, which is really important right now. >> this new contract will actually help

liz: qualcomm is cutting 1,258 jobs in san diego.eeks after chip maker slashed hundreds of staff in china and taiwan. qualcomm oversees some 50,000 employees and the stock was higher earlier than dipped to the red and now it is just barely to the upside. it's at $11.25. now to the mashes, we encourage you to look at the screen and stock market in the red and off earlier lows in the final hour of trade, at the lows of the session, the dow jones industrials lost 349 points. right now cut that in half about 166 and s&p in the red by 26 points and the nasdaq down 86. off those lows of the session and then we've got the r russell 2000 down 39. the russell down 2 at any time 25%. the -- 2.25% and small and mid caps getting hammered here. even so the nasdaq and we've got it the nasdaq and dow and s&p all at risk of snapping a four day win streak. today's consumer price index report for september, kind of the indirect driver here of the losses. it showed continued stubborn inflation and headline cpi, consumer price index came in slightly hig

qualcomm and san francisco based flexport plan to lay off hundreds of workers.ding to the sf chronicle, qualcomm will cut about 2.5% of its more than 50,000 employees, about 194 workers based in santa clara will be affected. a notice sent to the state says the cuts will begin in december. this is the company's second round of cuts this year. in may, they laid off more than 80 people in the south bay software startup flexport announced it would also lay off about 20% of its workforce. that's nearly 700 of their reported 3500 employees. it's unclear right now how many local positions would be affected by those layoffs. well employees have reached a tentative agreement with kaiser permanente after seven months of negotiations and a three day strike. the deal includes higher wages with a 21% pay increase over the next four years. minimum wage is set at $25 in california, with $23 in other states. there is a commitment to on the job training, too. so employees can advance their careers. >> people under this tentative agreement can rightfully expect to make real econo

qualcomm, they're cutting 1300 jobs. all of the cuts will be in california.s 51,000 employees worldwide. the stock is down. do you remember the late 1990s? >> yeah. stuart: you're too young. in the late 1990s, there were people called = theirs because qual -- >> yeah, yeah. i was in my 30s, by the way, in the 1990s. stuart: a mere child. [laughter] let's go with your tech stocks. i know you've got a few. >> defense sector, right? tept -- textron, it's bumping up again what has been a long-term resistance line. it's kissed that three or four times in the past couple month, and it appears it's just about to break out. i think if we continue to see the temperature rise around the world, we're going to see the whole group do better. but this and my other one is in the same position, it's kissing the line of resistance and about to break out. stuart: you're talking about -- >> booze allen. -- booze allen. i think the whole sector's going to do well, but these two names in particular are ready to break out. stuart: do these guys, boozal an, do they make misels, com

possibly chips for 5g modems that they're working on right now they want to cut their alliance on qualcommuld produce those. >> taiwan semi may spend $100 billion in the next couple of years on capital expenditures. it's a huge amount of money what does wall street think about this to investments think this is money well spent. >> in general is having an impact on near-term cash flows they get to take a hit and so will the profits for the company that is a huge amount of money but if they believe in the long-term tech trends going to the industry, things like a.i., self driving cars, all kinds of advanced manufacturing that needs chips, there is going to be a huge long runway of growth for this company. most of wall street does rated a buy, the stock is up 20% this year, one big investor warren buffett did sell his shares in taiwan semi's this year, not because he thought it's a bad company or bad business model that he expressed concern about the location of the geopolitical implications of possible disruptions coming from china. >> the taiwan semi could be a buy but that will be sales fo

qualcomm is back to that level, david. >>> chicago pmi is out. it from rick santelli. >> indeed, chicago pm afrjts, 44.0 this is the weakest level since july, but maybe more importantly, it's the 14th consecutive month under 50 50 is the magic line between expansion and contraction. we see yields have moved higher from the 4.80% low we had earlier today. yesterday we saw around 489. even though yields are down on the long-dated treasuries, they bounced much higher than they were earlier we see two-year note yields are higher on the day. three year note yields are fas lating between in and out of net change of positive versus negative maybe the real issue continues to be first day of a two-day fed meeting. not expected to do anything. thing treasury market still seems to be in control of interest rates "squawk on the street" will return after a short break >>> watch jetblue today. it is a wider than expected loss revenue miss they guide below for the coming quarter and talk more about the impact on oil. for the year, it's going to be down about 45

. >>> qualcomm will lay off more than 1200 workers in california. 194 workers in the bay area and more than a thousand in san diego will be let go in december. in may they let go of 500 employees, including more than 80 here in the bay area. >>> coming up, it looked like a ring of fire in the sky. a closer look at today's solar eclipse. >>> and coming up in the first alert forecast, as a science communicator, i'm not one to go in for hyperbole often, but if you like looking at clouds, what we captured today from our camera on top of mark hopkins is one of the more spectacular time lapses i've seen over the bay. we'll break it down. what was up with all the clouds? and what does it say about our next chance of rain. we'll look at all that coming up next in the forecast. when we challenged ourselves to create the world's most emotional and sustainable vehicle, we had tothink differently. we had to push the boundaries to not just create a car but a movement. every fisker ocean is produced with over 50 kilograms of ethically sourced, recycled materials. it's about accomplishing something b

qualcomm and san francisco based flexport plan to lay off hundreds of workers. according to the sf chronicle, qualcomm will cut about 2.5% of its more than 50,000 employees, about 194 workers based in santa clara will be affected. a notice sent to the state says the cuts will begin in december. this is the company's second round of layoffs this year. in may, they laid off more than 80 people in the south bay and software startup flexport announced it would also lay off about 20% of its workforce. that's nearly 700 of their reported 3500 employees. it's unclear how many local positions would be affected by those layoffs. california ania's newest senator, laphonza butler, made her first official appearance in los angeles as she's finishing out the term of the late dianne feinstein. butler was at the royal school of film and television production magnet, which teaches students from underserved communities about jobs in hollywood. the school was funded founded by george clooney and is backed by some of the biggest names in the entertainment business. >> young people

lending club, fundada en san francisco, ha recortado 175 empleos, mientras que qualcomm despedirá a 149ciudad de san josé está luchando en tanto para atraer y retener a negocios en el centro de la ciudad, porque hay cifras que muestran que los espacios vacíos donde se pueden colocar minoristas están en su nivel más alto. desde la recesión del 2008 no se veía algo así. también en trujillo habló con el alcalde de la ciudad que le asegura que este panorama ya está cambiando. >> los comerciantes del centro de san josé me dicen que es una batalla diaria para ellos, pero el alcalde de esta ciudad dice que la ayuda ya va en camino. la hora del almuerzo en el centro de san josé no es tan ocupado como solía hacer. muchos negocios terminaron en la quiebra. >> business as is not easy es justo. >> alfredo díaz ha visto cómo distintos comercios han abierto y cerrado durante 25 años. díaz mens ware ha estado en el centro de la ciudad. asegura que su secreto es trabajar duro. >> el secreto es trabajar duro, trabajar duro para poder pagar la renta y los biles. porque para que te quede así, ahorita no e

and san francisco offices, chipmaker qualcomm also letting go of about 1200 workers in california, includinght here in the bay data from at least one web site that tracks tech layoffs shows more than 240,000 global tech sector workers have been laid off since the start of the year. still ahead tonight on kron, 4 news at 6. we continue to share the stories of bay area. residents whose loved ones are >> trapped by the israel hamas war. we're going hear the story about east bay woman whose brothers family was right in the line of fire during moss attack in israel. plus the following another potential shark attack at a bay area beach. we have the latest on the victim's condition and the contra costa county animal shelter is now facing an overpopulation problem. you can step a step >> tech: when you have auto glass damage, trust safelite. my customer really relies on his car's advanced safety system. [alarm] >> instructor: veer right. [ringing] >> instructor: and slow down. >> tech: so when he got a cracked windshield, he turned to safelite. we're the experts at replacing glass and recalibrating

apple and some of the other component makers like qualcomm and intel, they have been facing quarter afterhrinking profit. this is something that we believe will continue for sam selman they announce their quarterly earnings later on today. this will be the fourth quarterly earnings to client on an annual basis in a row. revenue is expected to fall north of 10%. some of the factors here have to do with chips and being able to share -- cell storage chips. tablet makers, computer makers, and consumer electronics sales low, the component makers suffer so they are suffering there. but also in their own consumer hands, the forward phones are seeing a little bit of slow momentum on that area as well. >> are we expecting any commentary around this decision to allow samsung to expand making operations in china? >> there will be preliminary results with these today. it is unclear how much time that was spent talking about other facets of the business. i expect that would be a positive tailwind for the company so perhaps they'll have some commentary on a call later today regarding that and just to g

the end of today names of note reporting today are berkshire and mcdonald's and cater ppillar and qualcomm october jobs report on friday. let's talk about the week ahead and the trades within the trade with amy wu silverman at rbc capital markets. amy, good morning. >> good morning, frank >> we talked about everything going on out there with that in mind, what is your wex word of the day? >> my wex word of the day is heavyweight. heavyweight as it refers to the mega cap tech stocks that could work with heavyweight apple reporting this week. >> you are talking heavyweights. you have the growing influence of the magnificent seven and mega cap tech on markets overall. the s&p a year ago, the mega cap names with a 20% rating in it the s&p. now it is 27%. what does that mean for investors? >> it is more contribution to return if you look at how the s&p has done year to date, 90% of the contribution return has come from the magnificent seven if you drill down to the sector level, i gave you the communication sector as well went from the weight of 30% to 40%. huge weights in the tech stocks. what

. >> chipmaker qualcomm says it is cutting about 1200 jobs in california, including 200 right here in area. this comes as sunnyvale based. linkedin is laying off more than 600 employees. linkedin says that this can be attributed to restructuring decisions and they want to invest. they say in their future over the summer linked in has already cut almost 200 bay area jobs that they're sunnyvale headquarters as well as their mountain view. and san francisco offices. the deadline for some californians to file their federal tax returns has actually been extended again. it's now november 16th that was originally supposed to be today. many californians who suffer damage or other hardships from the winter storms earlier in the year. they're being allowed to extend filing their 2022. income tax returns. coming up, where police in the south bay plan to take some drivers after they've been arrested for dui instead of taking them to jail. >> plus, speed cameras coming to some bay area cities when san francisco says it will have up to 30 of them in place. and the new project from uc berkeley set t

about earnings 30% of the s&p 500 companies report stateside including apple, chip giants amd and qualcommith eli lilly and pfizer we heard from hsbc this morning. soc gen and metro bank with results this week. it is a big week for the energy giants with bp and shell due to report tomorrow. novo will be out with numbers and we will closely watching reports from bmw and stellantis. >> you are chatting in the wilderness, which i feel i do all the time, what about supply? ever since i looked at the analysis with the congressional budget office analysis of the supplier bond looks like up to 2030 and beyond, i have been trying to balance it out and no one has taken attention. >> the market has taken note >> now, everyone is talking about issuance now i feel i have to move on >> the bond vigilantes have been asleep for a while now thanks to the central banks. qt is slowly waking up >> i don't do the reads. the u.s. treasury is likely to increase the size of bonds and bills in the fourth quarter. the treasury will help fund a budget deficit with increasing borrowing costs. this is not going away

that is why qualcomm -- i mean nvidia has seen a surge in revenue.go into the data centers that will in theory fueled the ai revolution but you need the cloud capacity from google and microsoft for that investment to pay off. alix: before you go, when i look at google stock it is doing well compared to other tech names selling off in the past few weeks. our expectations too high on the stock now? alex: i don't know about that. i have optimism around that market peace. you have two potentials for google, and it is the ai thing and spending as we head into christmas. google is different from its competitors because it is the place where everybody does need to be. if you're in the business of selling almost anything at scale you need to be advertising on google. that is not necessarily the case with meta and it forms. guy: thank you setting us up for the numbers later on today. bloomberg's alex web. the bloomberg technology summit is happening today. we have great guest's lined up. and next we will talk about -- safe haven assets. and james steel will j

something the market for ai chips could be literally $150 billion if you listen to what intel says, what qualcomm says, not just amd's opinion i think they have a shot at this tonight is a very big moment they'll talk about the launch which happens this quarter there are two types of chips for ai two types of chips for ai, training, nvidia, that's how they teach the systems how to operate. the other market, the more important market longer term, is inference. amd's architecture is specifically geared toward capturing meaningful share in inference. inference is like when you go on a large language model, you post a query. that's how it responds on an ongoing basis. amd is walking through the door of becoming a serious player the stock down from 158, here in the mid-90s. i have a small position. i wanted to make sure i was in before they came out that could meaningfully move the stock. >> it's been dicey, lightly, for the smh and the chips. nvidia is barely above $400. it's the most loved, you could argue, of all of the names even though i know it's not the most loved for you. that's where broadcom

. >>> and closing bell overtime, a lot more on this story with the ceo of qualcomm in a first on cnbcon't miss it. >>> coming up, microsoft missed on earnings only once in the past 20 quarters. alphabet is the, quote, most owned internet stock heading into the fourth quarter. we'll get you the action, stories and trade next. c'mon, we're right there. c'mon baby. it's the only we need. go, go, go, go! ah! touchdown baby! -touchdown! are your neighbors watching the same game? yeah, my 5g home internet delays the game a bit. but you get used to it. try these. they're noise cancelling earmuffs. i stole them from an airport. it's always something with you, man. great! solid! -greek salad? exactly! don't delay the game with verizon or t-mobile 5g home internet. catch it on the xfinity 10g network. ♪ >>> welcome back. the busiest week of earnings season ramps up with two big tech names after the bell, microsoft and google and visa. portfolio wealth adviser lee munson is our trader today. good to see you again. appreciate it. >> thank you. >> let's start with microsoft. shares up 37% thanks i

also some setbacks regarding modem chips and their relationship with qualcomm do you find them behind eight ball >> not necessarily i think we're still at an early stage of mass consumer adoption of a.i., running natively on our handheld devices apple is definitely on paper seems to be later as they go to market with a consumer-facing app relative to chatgpt. but i don't think apple is going to lose -- without any competing devices on the market. >> what about the event today, the scary fast event, which our steve kovach previewed as potentially relating to the semiconnecter -- or the chip production, the fast chip apple has in the works how much of that fits into the thesis to buy the stock or not >> i think it will fit into very long-term thesis where apple has native advantage of software integration. and i think through this -- tonight's event, one thing about tonight's event is it is held at 8:00 p.m. eastern time, which is quite different from an historical event typically held around early afternoon this may speak to us how those devices are targeting and what are the key selli

tiffany. >> well, more tech company layoffs this time from chipmaker qualcomm.1200 dogs in california, including 200 in the bay area. >> data from at least one web site that tracks tech layoff shows more than 240,000 global tech sector workers have been laid off since the start of the year. the 17 county sheriff's office launched a new health program within the county jail to help people overcome addiction. the detox programs for incarcerated people struggling with substance abuse. sheriff christina corpus said the program is a significant milestone and public safety and the well-being of those struggling with addiction. fairfield police officers found several credit card skimmers at an atm police sharing these photos of the devices they found from a bank on jackson street. officers say these were found on the inside of the upper atm frame where the lights are to record users entering their pin number, the smaller devices, a scanner which are found on top of the credit card insert section. they will. they can typically be hidden there. and police suggest going i

qualcomm warning the state it's going to cut 1,200 workers in california, san diego and santa clara hit hardest. >>> netflix is planning netflix stores called netflix house. you'll be able to buy merchandise from shows like "stranger things" and casual food. google opened its google experience on its mountain view campus yesterday. a lot of food there, too. also a store with the latest google technology as well. google noticed a lot of tourists stop by the campus to take pictures, but up until now, there was nowhere for them to go, nothing for them to do. >>> a federal judge in montana sounds pretty skeptical of the state's attempts to ban tiktok. montana worries chinese company bytedance might steal users' personal information. several governments, including the federal government, worry about that, but nobody has proven it. the "washington post" says the judge told the lawyers from the state of montana, quote, your argument just confuses me, you need to protect consumers from having their data stolen, but everyone on tiktok voluntarily gives up their personal data. the judge says he'l

chipmaker qualcomm, also slashing jobs. it's letting go of about 1200 workers in california, including 200 in the bay area data from at least one web site that tracks tech layoffs is showing more than 240,000 global tech sector workers have been laid off since the start of the year. we're taking a live look outside right now here to really pretty shot against the golden gate bridge with that cargo ship gone right underneath. like perfect timing to take that picture. no fog. that's also notables. we check this out will bring in gail ong so we can talk about our forecast for this cloudy day, but it looks really pretty from there. we can see the clouds from expecting any more showers this afternoon or we're in the clear we are in the clear in the bay area and we have all that activity well to our north. and it looks like this. >> a break in the clouds over at the golden gate bridge. we do have partly cloudy skies ahead. but today is the cooler day. and this is that system. i was telling you about rain in the pacific northwest.

qualcomm is planning to cut 1,200 jobs. it all raises a question, could more cuts be on the way?h has been all in when it comes to investing and generative a.i. microsoft's deal with openai, amazon and google pouring billions into anthropic. most of them rising capex to build out new data center capabilities. as one analyst put it, the hype is here, the revenue is not. and the street is starting to notice, too, that tech's spending discipline may have been short-lived, leading some to wonder if the strong margin rebounds in 2023 will hold up. take meta, for example, b of a expects the company to guide to $100 billion in costs and possibly $40 billion in capex. morgan stanley expects microsoft's capital spending on things like data center and spending could hit $50 billion in one year. at the end of the day, the mega caps are still profitable. free cash flow generating cash-rich companies which are arguably more defensive. big tech has already made cuts in response to the macro back drop. this round of layoffs is hitting another subsector of the tech space and could continue to we

and we bought some qualcomm. we really like, you know, what's happening over there. we're in touch with the people that they seem to be hiring because we went to college with them, and these are now guys that are being brought over there, and we think we could see that battleship turn and really do something great. liz: dutch and andy, as always, thank you. rocking and rolling here. again, off the lows of the session. let me just check, the dow down 932 points. i'm glad -- 92 points. i'm -- warren buffett wading further into the oil patch as berkshire hathaway now boosting its stake in occidental petroleum to, this is huge, 25.8%9. stock is barely higher, but as crude prices flirt with 2-week lows and consolidation in the sector kicks off, oil field equipment supplier baker hughes is cashing in. we're going to talk earnings, where he sees the most demand in oil or natural gas with the ceo next. when crude prices fall though, well, there's often a domino effect, and here you see it. bp, chevron, slb, valero, exson mobile, they are all lower today. "claman countdown" i

. >> well, more tech company layoffs to announce this time from chipmaker qualcomm.s here in california, including 200 in the bay area data from at least one web site that tracks tech layoff shows more than 240,000 global tech sector workers have been laid off since the start of the year. >> it's a and they're a bunch of new laws you need to know about because saturday was last day for the governor to sign about 900 bills or veto them. so let's point out a few one of the new laws now raises the minimum wage for health care workers to $25 an hour. and that happens over the next decade. big win for health care workers who demonstrated ford, as you can see, california's medicaid program has to increase payments to hospitals by billions of dollars to cover that expense. it's the second minimum wage increase that was signed by governor newsom this year. you might remember last month he signed a bill that raises the minimum pay for fast-food workers to $20 an hour and that goes into effect next year. also, the governor signed a bill into law that allows state officials to

more tech company layoffs this time from chp maker, qualcomm, it's cutting about 1200 jobs in californiadata from at least one web site that tracks tech layoffs shows more than 240,000 global tech sector workers. they've been laid off since the start of the year. will be open animal services. they are waiving adoption fees next saturday for dot the shelter dog month. anyone interested can become a pooch or little like the one on your screen without any adoption fees. and they're going to be given a goodie bag shelters open thursday through sunday, starting at noon. in sports, the forty-niners undefeated streak has been broken after that. what head to head with the browns lawyers clinton to win against the kings. sports director jason dumas has those highlights. >> any given sunday you can get beat. the niners learned that the hard way despite being heavy favorites in cleveland injuries and sloppy play. remind all of us that this team is not perfect in now we'll have to eat their humble pie now before the game even there's some champion is the most samuel brandon aiyuk, trent williams jus

qualcomm, another company that wasn't mentioned in this report, but they've been saying for quite some time that they, too, plan to build a pc chip. and we should get more details tomorrow at their annual summit around 3:00 p.m. all of these new pc chips, though, mean eroding market share for intel and that's why you see the negative reaction. nvidia, amd declined to comment. >> where does microsoft fit in? >> good point, too, these particular chips that nvidia would be working on would work with the microsoft in infrastructure, as well. >> so, get more details tomorrow, because there's going to be an event that microsoft is holding tomorrow to reveal some more of the details here. what do you think of this? >> interesting. all right, so, go back to august, nvidia traded down to 409, huge bounce. go back to september, traded down to 409, huge bounce. what was the low today? >> 409, guy. >> thank you, tim, for playing. 409 again. and we bounced. so, you have something to trade against in the form of that level. big volume day, and let me be clear, i'm not bullish in nvidia, but the stoc

the potential -- you look at the sales, the diversify case away from smartphones, just look at a qualcomm diversified from smartphones. 12 times earnings, okay? when you think about this one. so, if they have to -- if this is all on the come right here, it just doesn't make sense of this valuation right here. >> hope for a.i.? >> yeah, my whole life. hasn't panned out. last three years, 2.7, 2.7, maybe $3 billion of revenue. that's sort of flattish revenue growth ish. it's expensive. we had rick on the day it became public and we asked that question. he said, don't read too much into that, this is a transformative company. maybe -- maybe. but they're getting rewarded for it in terms of the valuation. >> at this point, the valuation gotten down to a level that's interesting? sort of, but couple of the reports that have come out are pointing to eps of -- jpmorgan has 40% over the next three years and a revenue of 18% plus. based upon that, sure. that's a buy. but that's a lofty target. >>> coming up, the big oh no. oprah winfrey walking back criticism of drug loss drugs. that story is next.

nvidia, amd, both companies declined to comment, but they are most likely coming out with cpu chips qualcomm announced the same thing. the issue, those three cpu chips are going to be based on arm technology arm is a competitor to the x-86, which is intel's technology. so, that is -- i'm flipping your question on its head -- >> circular. >> right >> i would get back to, also, what we're saying here, sentiment around intel and -- no one owns this stock. the institutional community doesn't like it. so many other places to go this is the reason, for this kind of a move >> kristina, thank you >>> we've got a news alert here on a potential apple watch import ban steve kovach has the details >> yeah, this is coming from the international trade commission, issuing an order to potentially ban apple watches, of course, apple watches are made overseas in china and vietnam this is over a patent dispute between the health tech company masimo shares up nearly 12% on this headline they're trying to work on their own smart watch. they've been accusing apple of taking its patents for features like the oxyge

and other technology to them a few of those names up on your screen now like nvidia, mobile, and qualcommdeficit? why the answer differs from the past stay with us i'm going to sell my life insurance cuz i don't need it anymore. my kids are grown, my wife is great, let's settle up the score. it's time to travel to paree, spend retirement happy. call 877-sell-easy. 877-sell-easy. 877-sell-easy, and sell your policy. you can sell all or part, live your life and play it smart. 877-sell-easy, and sell your policy. if you've had a change in health, or you're over 65, and paying for $100,000 or more in a life insurance policy you don't need, get paid for it instead. then take the money that you get, go to live it up, you bet. call 877-sell-easy. 877-sell-easy. 877-sell-easy, and sell your policy. c'mon, we're right there. c'mon baby. it's the only we need. go, go, go, go! ah! touchdown baby! -touchdown! are your neighbors watching the same game? yeah, my 5g home internet delays the game a bit. but you get used to it. try these. they're noise cancelling earmuffs. i stole them from an airport. it

qualcomm is the latest tech company to lay off workers, according to the chronicle. >> more than 1200be laid off across california and nearly 200 of those jobs are right here in the bay area. this is the second round of job layoffs. the company has made this year. the semiconductor company will be laying off staff from both its santa clara and san diego offices. job cuts are set to start on december 13th. if you're still searching for a pumpkin patch to visit this season, check out this one because it has a side of dinosaurs. this is in morgan hill, just south of san jose at. and the family who took this video says they got a pretty nice surprise when they discovered these gigantic dinosaurs all around the farm. their daughter, even got to have some fun on the back of one of the mini ones. okay. where is the video of her? because she's really cute. >> it's going to. yeah, i like that. that was there. so adorable. >> that one looks surprisingly realistic. >> it does. it's moving around and you can still do all the other stuff like hay rides. >> you can do corn maze, you can do train ri

liz: top holdings western digital, qualcomm is in there, trimble, akamai.n trust, very interesting names here, george. >> liz, just very quickly, varitek is regional banks. regional banks are unpopular. banks too big to fail. they're doing very, very well. the two regional banks that failed were really asset management companies masquerading as banks. silicon valley bank, republic bank. most regional bankers are cautious, conservative, even dour people. they are aren't exposed to the vagaries that those two failed companies were regional banks are very cheap, like seven, seven, eight times earnings and their prospects are much better than the experts are crediting them for. look to the regional banks which are down 40, 50% from their highs to rebound, possibly in the hopefully near future. liz: george ball, a pleasure to have you as the bell rings. it looks like the dow is trying to claw back there into positive

it's coming from chipmaker qualcomm. cutting about 1200 jobs here in california, including 200 here in the bay area data from at least one web site that tracks tech layoff shows that more than 240,000 tech workers around the world have been laid off since the start of the year. i is impacting the creative industry with tools that anyone can use on the web. we've got rich demuro showing us how in today's tech smart. >> ai is impacting every industry, especially those who work in digital art photo and video put the creative industries in turmoil. it a lot of ways. and i think on the one hand, scary for a lot of people. but i see it is really exciting. will hall is a chief creative officer. he's one of thousands who attended this year's adobe max conference. adobe max is the world's largest creativity conference. so it's all about getting anyone who has a story to tell the tools and technology they the folks behind photoshop are working to make their creation tools more accessible. thanks to a i can do. quick commands. >> t

apple is a 20% customer, amd, qualcomm, okay, so, there's the smartphone and some of the pc staff, they'reut 8%, you know, so that's doing a little better. nvidia, 5.5%. we knew that was an area that was going to be strong here. it's interesting, this is a half a trillion dollar market cap company. we saw netflix up 16% or something, that was $160 billion market cap company. so, this was up 3% in market cap terms, kind of similarly, or whatever, but again, you want to see early signs of stabilization, a very cyclical sort of industry, and if you can kind of get the pc, obviously and the smart phone, those are the big ones, right? and nvidia, the gpu stuff, that's, like, the special sauce right now, you know what i mean? that's keeping things afloat. >> the ceo was confident sounding. confident of better growth in 2024. you don't use those words unless that's what you're seeing before. >> if you have that kind of clarity, good for him, i guess. goldman sachs added it to their buy list. $115 price target. all good things. the smh, if we have a chart going back to sort of november of 2021, te

qualcomm is the latest tech company laying off workers, according to the chronicle, more than 1200 employees are going to be laid off across california, nearly 200 of those jobs are right here in the bay area for now. this is to start on december 13th. >> governor newsom has signed a law to slowly raise the minimum wage for health care workers across the state to $25 per hour over the next decade. it includes support staff like medical techs, nursing assistants and custodians. is now just days ago, unions representing 85,000 kaiser workers announced a deal to set their minimum hourly wages at $25 for kaiser workers in california. the ratification process for that is scheduled to begin this week. today is the deadline for your 2022 tax returns to be filed here in california, the traditional mid-april deadline got extended until today because of this this year's winter. severe storms. if you don't file by today, the irs can hit you with a late filing penalty. it starts at 5% of the amount due. and the longer you wait, the more you will pay. time now for doing 510 this morning. >> here is live

qualcomm and nvidia and all of these people are in that game to get up to speed for the pc manufacturerl, microsoft, hp against intel insinside. >> joanna, thank you happy halloween. we appreciate it you have a very good camera. that's not a laptop camera >> it's an iphone. >> in portrait mode iphone >> it has the blurring effect. i have the iphone mounted to my laptop >> thanks. happy halloween with >> happy halloween. >>> when we come back, sam bankman-fried facing tough questioning on the witness stand yesterday. kate rooney was there. she will join us with the latest. >>> and breaking target ceo brian cornell will join us thursday morning in the exclusive discussion we will talk about a lot of issues out there with the consumer and backlash the company faced on multiple fronts and everything that happened with the pride merchandise that they put out earlier this year you can register for cnbc's virtual evolve summit. just scan the qr code to register or visit cnbcevents.com/evolve. we'll be right back. this thing, it's making me get an ice bath again. what do you mean? these straps