Carl Quintanilla, Jim Cramer and David Faber explored what to make of the markets' upward momentum: The Dow aiming for an eight-session win streak and the S&P 500 trading at five-week highs. The anchors highlighted some high-flying stocks worthy of your attention. They also reacted to Apple apologizing for its controversial new iPad ad. On the EV front: China's Zeekr priced its IPO at the top of the range ahead of its NYSE debut, while new data show Tesla losing Chinese market share. Also in focus: President Biden and China tariffs, Warner Bros. Discovery and the battle over NBA rights.
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in friendly next week our roadmap begins with the markets Dow aims for eight straight days of gains and the S&P is at a five-week high also a head a lot to discuss on the EV from including the Chinese EV maker zieker it's making a debut right here at the NYSE and new data shows Tesla is losing markets here in China plus Apple apologizes for its controversial new iPad ad saying quote we missed the mark let's begin with the markets so we mentioned the S&P gym trying to make some all-time highs was at five percent pullback that was it got digested I'll tell you got digested and then the money didn't go back to tech might happen today because Taiwan semi had its monthly importance really strong but no I mean the rally broadened to all sorts of crazy names and some people would say it had the folder because in the end we got an upgrade of none other than 3M well I'll take that this is David this is losers win day Warner Brothers just over B.D. yes I mean today is like forgiveness day but the Warner Brothers I just right up David's alley I put you right in Porterhouse and you're having the crystal without it's sasselah David sasselah be used goes to Porterhouse oh I'm I'm lost all along the way there there was also an upgrade was there a Roblox actually Roblox but that was from sell to hold oh is it one of the better calls and David I'm gonna give Dave the call of a lifetime this is from just a city David tell me Jim what okay we're upgrading India we're downgrading China oh they upgraded India upgrade Philly downgrade Atlanta wow they must do a lot of work in India before they do that you think they travel the entire country India China so cynical through also then therefore because they underweighted Latin America they really the Brazilian operation was bad that's a lot of travel time just they are underweight Latin America they they say Jim even though the FXI is positive now on 12 months this rally is not supported by fundamentals I thought that that was a shame that they said that because in truth India should have been upgraded about three months ago and China well China's actually China's gonna make a little comeback although that the trip to Europe was wow I mean it's like oh Malco said France you're talking about she's trip to Europe yeah okay that was a different kind of experience there yeah yeah I think anything it's gonna come out of it that will be positive for China well how about it's about as good as war nothing absolutely nothing they already they got they've got their friends and then I don't know they got the people who they who are surprisingly pro-US that I don't think they can like France and now you got Putin headed to China where he'll visit a couple of different cities to your point though Jim KBW banks new eyes right Goldman highs the only fly might be whether you think utilities are a cautionary tale I'm not doing that anymore because I've now decided if you're reading consolation energy that when I remember this one 15 stocks in the utility index which was started January in 1929 and auspicious but those cut those companies have growth I mean it's so okay I'm gonna give David this is the quiz for David because he's a little older gentleman this the utilities are doing so well that what nuclear power plant may be reopened for constellation come on it's a jeopardy you have to answer a form of question I I Indian point no I don't know free my island and put it back was a video see was a video jabber so you think the power generation story makes utilities less of a defensive playbook okay no wait I'm actually really gonna reopen free my life yeah it's a really good story in the favor but yeah they're thinking about it so on the table remember there was three there were a bunch of points from out and what the the one that actually didn't have partial meltdown didn't close until 2019 but they're thinking about restoring it so why not okay I didn't get your now now that's okay it's really a soliloquy I'm the only one who thinks this anyway but I think that there's actual growth in utilities that people didn't expect because there's been no growth utilities in 20 years but you know you've got you got alphabet out there looking for power your meta needs power we know we we discuss it we will continue to discuss the enormous needs potentially to power all of the data centers yet to be built that are going to be running all the generative AI with the NVIDIA chips even though they use less energy than the current chips they're gonna be so many more of them they're gonna use a lot more energy overall I think that that's a story that we don't talk enough now you need a lot more capacity but it's a regulated industry right well it needs enormous amounts of capital obviously to build new capacity so I don't know how that all plays well that's why the constellations like the least regulated because remember that was the split they did that comment you know I don't know what to me you got the nuclear and the non-nuclear but I think consolation energy is now what the number of top three performer in the S&P look at that that's utility nuclear is G is it's not going to happen because it takes so long but okay well it does seem to be the answer in many ways to there is a small conundrum of renewables it's the tabu answer it's the complete answer because it's clean the cleanest form of energy they're doing some what we think TVA is going to do when there's a small-form factory actor that Jeevernova is doing in Canada so the company finally got there's open vote yeah vote that was maybe the biggest hardware in history history and history and how many years that take history yeah yeah yeah they're rather remarkable but they got it open and everybody thinks that nuclear power is the way to go if you're in if you're Google if you're you know if you're Microsoft well many of these companies also have net zero promises that are out there in terms of trying to reduce their right reduce their overall footprint and therefore they look for renewable sources closest to the data center that they're building in order to power it it's not the easiest combination to to pull out and what stock has been incredible virtue ever since Dave Cody's the chairman said you know what I think we're sitting on a gold mine and this time was in 20 this talks at 100 what meantime Jim as far as the broader market goes get CPI on Wednesday I know you can Stanley calls their preview the descent begins where they think core is gonna be up 29 basis points and that we'll get some relief at least on the insurance front I we I was talking to someone about having an insurer on property casual and I said look you're if I put them on at the crux right now because it's rent and insurance and we want to know I mean I don't know if you quote with the excellent coverage of Becky with with Warren but it doesn't sound like Geico's playing the role it used to the company that uses the most AI when it comes to insurance is progressive and it's flow illness you know flow and the other guys getting a lot more play these days have you noticed in the flow that's yeah maybe no no no the other guy from progressive really yeah oh the blonde here yes yeah it's a name I know he needs a name but he's kind of push flow out a little bit I don't know it's slow it's tough at the point she loves this Romeo tough Jake that's Danielle they do they do they do they do state farm he's always trying to get state farm on the job I'm one state for I don't care if they're because a gigantic private company but we need to put the feet to the fire for the insurers because it's rent which by the way rent was up in Manhattan so it's still not working but the rest of the country is but are you willing at this early stage to start betting on easing inflation prints yes adding to cuts for the year what when you start seeing things rolled back and actual prices rolled back when steel rolls back if we see plant you know plastic has been that storm of the Dow Campbell's been one of the best socks in the Dow but I just think we're going to see roll over uncoated free sheet this time's coming down papers gonna come down craft paper my father's a seller every time any time you took it in and went down the next month you lose money but I do believe if you're right then maybe I am a maybe your buddy Jay starts cutting a little sooner no yes because the brown shoots are now everywhere everywhere everywhere they went from being somewhere to everywhere cheesecake factory into the jake had a good number as did sweet green sweet oh my gosh we're going to reach up 20 pre market gosh from George town I mean they had an incredible average unit volume they've got great plans they talk about the Seattle factor like there's like a Seattle it's like you know they kill they crushed it in Seattle so now if it plays in Seattle I guess it plays all over the country but sweet green which I actually when I order I don't really care for it can't really but that's neither humor there no it is it's not germane to the no not at all I like proper food what's that worth but sweet cream was an amazing quarter and by the way they're they were humbled because at the beginning they didn't that good and they they did not guide fool your up they guide fool you're the same five percent and someone had the guts to ask them on the call well on the call literally like aren't why don't you raise your numbers and they said look we historically that come weakness right you know with this coming in this quarter so they have the they have humility and great numbers which I find this great combination I mean the stocks performance for the year is astounding look at that it's three boys over 200 percent they call that the Hoyas actually where were you a year ago to tell us it was time to buy sweet green you shouldn't read my you should watch man money I do sometimes because we're all Georgetown Regina Gilgan my producer Georgetown Ben Stoder research director Georgia said he told me I had to recommend it because three Georgetown guys oh okay but I actually looked better up and couldn't end the cotton numbers were bad but the cotton numbers were great they were they were great five looking for four and they do they do raise the range a point for six five that's not brown that's great yeah but that's really great it's a salad place it Kava had great numbers I don't know if you caught that one what's the one doing down the block there to get the sea removed the B is it I took a name out seeing published it I don't know no the summit the the I'm explaining to David some of the better for you Kava better for you do a much better than and no one's talking about this everyone says with McDonald's the burgers to expense that's why they're doing well how about it's if it's for if it does well for your body Kava okay sweet green is doing better than this stuff causes a spike in cholesterol and hardening the art true I don't know how does Chipotle come out in the nutrition side very good okay so very well so it's a hardening the arteries versus you know lowering of cholesterol I'm a kid and now we go you want to lower your cholesterol now we got yeah yeah we got Rick's talking about or four-glip Ron is that the name of this the lily pill they're what they're they're clit the one that's that they're getting they'll hope to get data on next year yes and everyone that's why they will come up with a better name yes and that stock says what's stocks going up again although we're waiting for if you remember at the end in the middle of March they said we're about to do a big lunch of another trial of their anti Alzheimer's nothing crickets crickets on that study that's why it no I was actually biogen does not have good numbers but then when they do that I was talking with someone who works at a major MRI company when they get this study for dementia you're gonna have to prove the parents have it and you have the beginning of the in order to get it covered by insurance is that what no one can't afford it otherwise right okay oh god I went to the eye doctor yesterday dialy and my pupils couldn't think I said I'd like to pay and you said no you don't have to pay I said oh our old friends you just know Medicare yeah Medicare it's coming for you how much and how much did I pay for that I don't know if you're not as much as your tie the medical cause we're so high medic can't afford times that's not Medicare's telling us all yeah yeah yeah you know many of you old people around and we're not old middle-age please you got it sure if you'll take middle-age I will too bad when we come back Apple apologizing for that controversial iPad ad and we'll get to a bunch of movers again double double digit movers this morning Dropbox Akamai Novavax and some others futures look positive as we have all-time highs once again inside stay with us this period of performance defines accurate and now it's 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today can help for more than 25 years yahoo finance has been helping great investors like you whether you're a seasoned investor or just looking for tips yahoo finance makes it super easy by putting all the tools and data you need in one spot yahoo finance takes a holistic look at the financial news cycle including breaking news original editorial perspectives analyst ratings independent research customizable charts and more you can securely link your brokerage accounts for a unified view of your wealth including 401k and other investments that's how yahoo finance gives you insights and helps you take a look at your wealth in its entirety that big picture perspective is what great investors need for comprehensive financial news and analysis visit the brand behind every great investor yahoo finance dot com the number one financial destination yahoo finance dot com that's yahoo finance dot com apples new ipad pro ad sparking that backlash for its depiction of creative tools being crushed in response the companies apologized apples vp marketing sent a statement at age which says quote we missed the mark with this video and we're sorry company also says it does not plan to run the ad on tv kind of remarkable Jim how much coverage this got right well I think because it was off message for a great company it just didn't seem like anything that they'd ever do they're they're so pro all the what I guess all different technology actually makes celebrates people it was it was off message for them but it was also right on message for those who have the fear of the creative community being destroyed by general AI yes I went to a celebration for my friend corn de Sibio who won a great award he's runs yeah just saw him actually looking briefly yeah just fantastic I want to immigration Elasado and the Statue of Liberty and we talked about the idea of how much AI is how important it's not going to take over the world it made that point but at the end there was a little bit of a music clip and it said it was written by someone and I realized that the reason why I think it said that was because when you go to a GTC event when you go to a a video event they make it clear that all music is written by by machine so I think that the creativity is stifled by that but so yeah that's what I thought that was like right it I think it did in a different era people may not have reacted some right same way but it's like kind of like we now accept it not that you like watching that anyway how many how many are how about when you read these news stories and they're so obviously written by AI and it'll be like such and such was down because it was 500 million you'll see it was a charge or 500 million because the machines can't detect yet yeah it's gonna get a lot better though don't you worry a lot better very quickly when you're when your favorite blackwells get deployed oh my goodness blackwell then it's the Taiwan semi number that's clearly the build for blackwell that's what happened with Taiwan semi will tell us more than tell us more about Taiwan semi the numbers the linked month and month numbers yeah they were extraordinary and what happens when you have that is that's like a gigantic order but AMD's going to go up on that but so will all the you know plaid materials but the numbers were very convincing as good as the numbers were for Tesla bad frankly because they are manufacturing the blackwell well look they are yes March 2024 195 million in April 236 million that's 20% comp year over year 59% cotton so that's not got hit very bad doing important look at it where's now it's all the 136 were reported that was a good box yeah meantime we'll get Kramer's mad - count down to the opening bell we'll get to some other Jim mentions autos Ziger pricing at 21 talk about the prospect of some new tariffs on things like Chinese EVs futures hanging in there on this Friday don't go away every day thousands of Comcast engineers and technologists put people at the heart of everything they create like all the che a Comcast engineer who grew up bonding with his dad over sports this inspired him and his team to create AI highlights technology that uses AI and machine learning to detect the major plays in a sporting event so millions of fans have a way of catching up on their favorite sports learn more at Comcast corporation calm all right it's a Friday version of the mad - we stand for it to celebrate Friday as well oh my god you're wearing hocus I've been I love that style of deckers forever your hocus ran reduced on we introduced a moment money and they and everyone says there are overnight success was 14 years ago it took that long and our tennis we'll take a look at deckers at the end of this but we want to talk Akama yes we have to because Akama is a tale of two companies Akama has a division which I think is the foremost cybersecurity division that nobody talks about the U.S. Army contract they did amazing numbers up more than 20% growth but they also have a content delivery network system which is like Fastly and frankly also Cloudflare which is a good company and those are awful because companies apparently some people feel letter X have been cutting back there is a social network company we don't know who because I've not disclosed it pulled out of Akama and that was a loss of more than I mean and amount of money that people point they lost 40 to 50 to 60 million because that social media company pulled out of social media with them with this division of so you have this one division that is just on fire and would be the jewel of cyber security and it's being massed by this content delivery network system which is old-fashioned it still has they need to consolidate but there because the FTC I think they can't Fastly needs to merge with Akama or Akama needs to merge with Cloudflare and let Cloudflare Matthew Prince take it over it has to happen but right now is just barring within this is maybe the jewel of the crown cyber security yeah and I just think the doctor the credit cybersecurity is not going to outweigh the exact bad results because people can't believe how much business was just brought in house they have a great zero trust division they did it only some marketers who struggle to defend against small attacks Akama is capable of protecting the hyper scalars and they save the hyperscalers from a gigantic attack but they wouldn't reveal who the hyperscalers so they have great technology and they have a company another company that's doing poorly I think this one David it's worth a great deal if you close the ball float the poor division figure out the way that it flies all right you'll love it you'll be doing the story David I don't know if it could be a reverse arts trust you just spin it all right well we'll look into it oh yeah yeah we'll look into that meanwhile got an opening bell about five minutes you know don't forget by the way you can catch us anytime and anywhere by listening to him following the squawk on the street people are doing it you know you know what I talked to somebody else who's listening to the podcast I know actually asked him on is like really where I listen to it at about 11 o'clock it's like oh great Chinese EV maker Zeke are debuting here at the big board today ticker symbols ZK companies backed by China based automotive group Glee pricing the IPO at 21 that's at the high end of the range got up-sized values of more than five billion dollars and we will talk to the CFO gym in the next oh good I mean look this is obviously one of the hottest areas we have to try to figure out the FT at a story about how Tesla's getting crushed in in China Tesla's share dropping about pretty precipitate from 4 to 2.6 I think these fellows begin asking about the robo taxi because they don't need no stinking robo taxi to win the number to get the numbers the seekers doing well David I'm reviewing the corporate structure here are governments trying to keep these guys out they are and they probably well this is a human islands and then it's through Glee and it's it's not it not a it's a relatively complex corporate structure for for yeah the Caymans or everything good comes out of came isn't this is what President Xi should come to and say look you know you think you're our enemy look what we're doing for you President Xi he has to meet this let's get the opening bell and the CBC real-time exchange of course a seeker bringing the bell here with a big board and as we said CFO is coming up in the ball at an hours time as soon as that it's mobile health network solutions celebrating it's recent IPO good Jim at the same time you got the story on the tape out of Bloomberg about the White House maybe unveiling some tariffs on EVs solar cells batteries out of China you know look it's an existential crisis obviously the most I think the best reporting that we've had this year was Phil LaBeau in Chile just explaining look you don't have any tariffs they own the market frequently and when I saw that I said you know what they won't stop they will find a way to get there through these guys they'll find a way to get these cars in and then they'll just wipe in exactly what what Bill Ford said not the GA Bill Ford but the guy runs Ford well he's chairman the destroyer industry so I think that you have to do this because we just can't compete eight thousand dollars that's an addition to what we've already put on the steel and aluminum in the last couple months they have to be at okay David yes they should make sure they can make sure in Canada I don't know they can raise capital here but they can't sell their cars here but isn't it incredible how open our markets are and yet try to do something over there yeah no but also these are the markets you still want to raise the capital in our transparency law so many other reasons that are beneficial it's why our capital markets are still I sound like Jamie diamond now the end of the world I'm like working with Jamie Donnie the end of the world friendly neighbors to the north and south well I'm gonna say less by the way we got an incredible military no successor Tufts Tufts no successful by the way Queen's - Queen's and Tufts oh get out oh yeah I mean like I let you see me up here I mean right yeah but um how many years you even CEO how much you're like are you like Howard Schultz and there's no successor to you oh no how are you starting Starbucks I don't think you started did you didn't actually start Starbucks Howard Schultz's you know bought it yeah I know you're a handful of coffee your stores you built it but it is an article in the journal about Starbucks I wasn't about the new drink it was more secret is developing and offering next-generation premium BEVs and technology driven solutions and they aspire to lead the electrification the intelligentization huh I don't know that that's a word but apparently it is that's what the innovation of the automobile industry well Jim's on his normalization stabilization craze oh my god now you can add in and tell it what is revenge travel whoever revenge I don't know oh I'm taking the trip to Iceland for revenge I mean what a revenge against what you against you you're all over Airbnb yesterday I thought Airbnb was a great opportunity I'm trying to get my daughter wants me to get the up house yes yes you see the up house just want to cream I will yeah that was cool yes that was amazing Jim um speaking of IPOs David talked to Solomon on Monday we did Waldron yesterday goldman's adding to its all-time high from yesterday and Waldron did say even though the S1 filing doesn't look they're not knocking the the filings are crazy huge numbers are fantastic still sees the trend up in David Solomon at one point viewed as suspect I think has demonstrated a pretty great level of leadership yeah nobody is talking about David Solomon or questioning his leadership a goldman is not as Carl just pointed out it's a new all-time high marketing special time like 3m doing what there's some there's some horses in this market there are and their secretarian do not that I had number 11 of course from Japan are you referring to the Jason Kelsey Secretary at comments no did we go into it I want to see Secretary you sure sec you want to go Secretary yeah really Secretary you've been the grave site sec no but I mean he was the greatest single horse ever going away 18 legs 1974 wasn't an amazing so not a Seattle slew not in the firm they go the goat the goat was techno both secretary but you so American Express these are secretariat like moves that's where I'm questioning yes they are we are having a bull market like you can't believe and there are people who are being left behind and they're called analysts and strategists because we have companies that every day you come in and there's guys that raise their price target and all it is is just trying to keep track of look at that stock remember they said they had a was Steve's query said he had a week three weeks in October yet that everyone shorted it well you know what just sent me an invitation to your funeral well forward earnings are at an all-time high today Sam Stovall takes his 12 month to 5610 which would be another 8% upside I just got to tell you you find it in all sorts of strange places I mean you'll come in and Texas Roadhouse will have the greatest quarter ever a Brinker you know symbol eat and then you'll see you can pick a name any name in the Dow and you start seeing I mean right now Salesforce for instance David is HubSpot going to be bought by Google it's Salesforce is up 30 on Monday if that doesn't happen right I don't know I guess maybe the most expensive stock in the entire market is expensive these it's been quite around for quite some time the idea that alphabet was was moving in on a potential transaction for them so I but I don't have any I'm gonna ask you about Saturday activity how yes how was how was the big how was the what it was that breakout did it took a long time it took a very long time to complete that they share a GoPro what was the top of GoPro maybe not what was that yeah so go with a GoPro on a on a surfboard yeah I was a white that was every sort of share dollars for every share was bank told to you yeah you missed it though meanwhile all right you're I can't I'm listening to you talk in one segment we're talking Brown shoots and the French gonna have to cut and things are not great and then the next you're talking about secretariat and all these come together go ahead so Mark and Pharaoh put the past each together okay I'm saying that there's a lot of stocks are going up because the Fed when when it's right in the right in April the day that the Timmarish interview occurred with pal saying longer we can't we can't let up that was the bottom and ever since then you've got stock after stock that could do benefit from lower lower rates sort and this is a lower rate rally okay you think that was in 621 because it's like has some new movie we're gonna watch this weekend that's just called multiple expansion and maybe multiple expansion not these reports that they might get like some Christmas day games of the NFL says reporting I think from puck to see this it's on a Wednesday so because it's on a Wednesday it may be outside of it's not a it's not owned by any of the when we call on a Thursday when he told me so Netflix might experiment with a couple of men of both I said they never do sports so what everything now is Tyson Paul right and watching their workouts and I know but it's Tyson's eating raw meat to prepare well it's it's the greatest hype ever it really yeah it's like the Goijin came okay Bobby Riggs it's not a good thing the wrong it's 937 and you've not mentioned NBA and I'm beginning to think that maybe you're on an intellectual vacation I am not I am not and so let me mention NBA because of course we just mentioned NFL we very briefly mention Warner Brothers Discovery shares of which didn't do much yesterday after earnings but of course there has been a great deal of focus on this NBA contract the rights of which would begin after next season 11 years or so in length the latest reports and I can confirm this well no well no it's not our gym that you know the matching rights that Warner Brothers Discovery has don't just don't just relate to the potential of where our parent company Comcast through NBC of course would acquire a rights there NBA games but actually also this potential deal with Amazon that the NBA is negotiating these matching rights though as my understanding is we're put in place you know when this contract was done last time 10 plus years ago before you really had the emergence of streaming services in terms of for sports in particular and so it does remain I think somewhat unclear if in fact Warner Brothers Discovery were to move to say hey we want to match the Amazon package is it purely monetary or is it like terms if the NBA saying yes but you have to only stream these games and so you can only do it on max what will that mean in terms of the likelihood of Warner Brothers Discovery deciding to match so any number of things here but it figures prominently as it did in this story this upgrade here into people's view of Warner Brothers Discovery well how much will they have to spend will they get the NBA or won't they and then of course goes back to the larger discussion we have here endlessly about the power of sports and how important it is in terms of at least maintaining some semblance of a bundle so to speak of video programming and or how important it is to the streaming service it's interesting because the key bank upgrade which is a little counter you know counter trend does say either way it goes in NBA resolution it's likely to be a positive right it just get it resolved so people figure out there just kind of cash flow models okay but but it is important remember it doesn't necessarily mean they have to match if in fact NBC is they don't have to go after that one they can potentially say hey NBA we want the other package but it's the one clear I think at least that's based on my reporting what that means in terms of like terms you know that you're breaking news I didn't know that was I thought it was all that she's done it's not there was reporting on it yesterday and in their release yesterday or in their earnings they made it clear that the matching rights are not just they're broader obviously doesn't reply to when Disney already resigned you know you get your ex with window you do your deal but it does apply potential is is Adam so reporting but we're not getting anything so we're involved directly in this I believe he is yes yes he's the head of a Duke is he is and you know some Apple people in that board to talk because I would love it if Apple guy you know I think more likely that it would be alphabet maybe or YouTube they could you know in terms of in terms of an NBA package as opposed to on a streamer if it's only streaming and that was where we'll we'll be interesting to see if in fact I know what you're so right what does that mean does Max have to only other games you can't put them on TNT I don't they want more sports just that they've not been they've been a little hand-handed about sports but in that last conference call Ruth Porak talked about how important sports is to them the YouTube a lot of people like the YouTube coverage I have the like the like the book I think I think that it would be interesting they got involved Jim Nvidia shares are up 2.2 percent I noticed the market value back to 2.26 trillion it's kind of the next big data point it's the earnings are always away may 22nd but look what you see between now and then it's sort of a vacuum isn't it for the big me obviously people are saying that the spike in Taiwan semi TSM is is them now you know I'm sure that Lisa Su if you're here saying you know what we put some orders in too because they have GPU but Nvidia's been doing exactly what it did from July to December of 2023 where it did absolutely nothing except for making it digest to be the word that we used to say it's digesting the move I think it's digesting because I do think the Jensen in that amazing interview with Bill McDermott John Fort the Industrial Revolution is still alive and well we heard Renee Haas yesterday one air who I thought told a fantastic story about the Industrial Revolution and the red the Industrial Revolution is on because what Jensen she's arm is now up from the so-called disappointment yet to buy it on our interview amazing but remember what Jensen say all computing has to change everything that you have everything that you see is going to be going GPU right now everything can you have an enterprise spending a crush and a consumer slow down at the same time yes I think you can because the enterprise is a it's a they these companies all act like it's winner winner take all those you take not it must I mean must wants to do it down if you saw the piece of he gets he gets the vote this is the Jonas piece I'm afraid to if he gets the shareholder vote he wants to go all in AI and he's an idiot but he's also must also has his X AI which is raised I think as much as I've talked a billion at an 18 billion valuation all of which is going to be plowed right into data centers I mean I mean out a bit obviously I I a chase for you Ollarius today you know she's a wrist and neck hit that pit up that's not good thing it's just been incredible they they do the ethernet that connects the GPU and although they're both right the rivals too because Nvidia's got its own product right yeah and you know this is alphabet it's not it's it's it's but you're pointing it up it's that this spending but you can't not Amazon you can't cut back on this spend that's exactly my point I mean people feel that Oracle has to keep spending in order to be able to stay cogent but if you cut back you lose so I mean this is what Jensen's been saying when he when I was out there he says look they have to have it they keep I want them to develop their own you know stuff for inference but they're not going to be able to make it for training which is the thing that people you everybody wants to be able to use the data that's when you look at Salesforce's ads that's about the data Palo Alto when they have it they have a new series of ads with can of reefs very good at interesting really Jensen's also made the point that every sovereign's gonna want to do this in their own bucket for security reasons it's not just fungible across the world and he also doesn't want to have hegemony he does not want to have a situation where America you have to do it in English because he says that that's not the way that's nationalistic he doesn't favor that he's anti-senaphobe you don't have to do what in English we everybody if you don't do your own sovereign oh I see what you're saying yeah they're right they're all spending that's in addition to right that spending is in addition to the apples the Amazon's the alphabets the Metas and the Microsoft and I think it's look is it the greatest story ever told no but it is the story that's unfolding and those who keep trying to trade these stocks run into the wall which is we have to have the latest and betas because everybody else has it because you have to do speed I mean you know when you're on Instagram and you want to run let's you want to run full-length movie when it's your game blackwell what can let you do that you want to run a 15 minutes short you know you can do it all that said it fast only when I come back to arm obviously a big win for soft bank which continues to own a lot of it that said that's a really a I am reminded of course that they owned a lot of NVIDIA in 2019 soft bank a lot everybody sold it so they sold they sold in 2019 even though I named my dog NVIDIA they sold anyway they sold anyway that's so disrespectful you know they made money on the NVIDIA position soft bank obviously I'm sure they wish they had that one back no and by the way arm they can hold that because Renee is delivering people misunderstood it was it remember it was just the IOT the Internet of Things was that one line that kept that stock down and every analyst they pounced on that but if you if you forget IOT which actually is going to come back in the second half that stock could have a real run here all that said Jim watching the labor market zip recruiter with not such great comments about the the labor market at least here today stocks close to a new low but we need that we've got to have wages down Jay's got to have that he has to have wages down in order to be able to do what we have to do at least flat it's not down everyone's interested in what the immigrants are going to be able to do to be able to keep prices down legal evidence we need to work permits the administration has not really given us the work permit no that's a real conundrum right I know you're you think about this all the time and it's just a lot of us think about a time we have a birth rate thank you Karm just to be again 1.7 we do not have enough people we're not in our work below replacement yes we are and we've always relied on immigration always right but now we have a significant growth factor for a hundred percent of our country is immigrant but we just don't have enough people and AI will not be able to make up the number again quoting Karm just you don't believe so we need more people in the labor force yes yeah so does this naturally lead to a discussion about rounding up 11 million illegals if if Trump becomes president oh I you know I just that's such a tough but I mean look I think we need legal immigration I don't want to go beyond that because I think that we probably have a system that we could use but when I talk to Arcbest on Monday which is a trucking company that oh that happens to have a partnership with video for forklifts that it's not like the forklifts are going to take the place of humans they can't find humans that want to run a forklift they can't right but to Carl's point because right now it appears I mean it's a really well we're gonna somebody we're gonna have to start talking about the coming presidential election it's not that far away if you in fact do deport 11 million people that would seem to have an impact on economic activity labor force it would sure I mean you can't a lot of these jobs and look I when I ran those restaurants you know we paid well above minimum wage we work with people who were you know he got out of prison and I think it's terrific opportunity to be able to hire someone who's paid their dues and that's who gets jobs which is why I like a great full employment but we just don't have enough people who wanted to watch dishes like Jensen did at Denny's you know when I would talk to him when I was a bus boy and he was a bus boy okay you know we lose a little down dishwashers then one day to have a dishwasher and my dad came in at 2 30 so you're fired I said that I don't you can't fire me I said no what my son is not a dishwasher he's a bus boy and that right then I realized that's the truth right Jensen said the same thing I'm a dishwasher I should have been a bus boy both of us end up in the same place we each have 17 billion he probably has 40 billion I don't know how much he has yeah he's really really really really really really wealthy no I don't think he doesn't care he doesn't care what he's gonna do it all but that leather jacket my wife's yes what he's gonna do a lot of leather jackets what's gonna do with all his money does he ever say he doesn't think about he just thinks big he thinks bigger than all of us in 2010 he was thinking about how to think yeah he was thinking about Blackwell in 2010 which is incredible as for the markets today down now closing in on 5% gain from May back close to double-digit for the year and then check bonds today again a date of light week but we will look forward to you miss in about 10 minutes it's time for Jim it's out training upgrade 3M almost everybody will in the end and you'll see the current CEO won't get the credit that he should so give to him right now Mike Roman in hurry company didn't know nearly as bad it was doing he's turned it around he's done everything right and I now he is going to depart but the remember as the numbers get better it's all mics and it gets really important to point that out I'm old enough to think about F3M is an economic bell weather because of all the SKU's they sell into industrial my dad's my dad sold Chashin and Scotch tape and they treated my dad really well he sold board games too they always were nice to my dad a quarter mr. Kramer always remember that because everyone else just denigrated it's okay how about tonight okay I got recursion this is Jensen Wong this isn't in this is an Nvidia healthcare company then CRH no one talks about because it's European but to stocks of biggest materials company it's up huge tonight today so 5% sounds like you had fun on Ellis Island I have to tell you the celebration immigration reminds you about it's very stirring you got to see Statue of Liberty see immigration calm came over is a little boy on the CBO and you remember that the country was building immigration we 40 million people came through Ellis Island and you think about what's happening now how tortured it is but then remember how great the country is as a country of immigrants I like that and it was very it's very stirring yeah Jim good weekend thank you we'll see you tonight mad money 6 p.m. we are waiting on Zeke's opening trade the CFO the Chinese EV maker will join us after a break you've been listening to the opening bell one CNBC's squawk on the street all opinions expressed by the squawk on the street participants are solely their opinions and do not reflect the opinions of CNBC NBC Universal or their parent company or affiliates and may have been previously disseminated by them on television radio internet or another medium you should not treat any opinion expressed on this podcast as a specific inducement to make a particular investment or follow a particular strategy but only as an expression of an opinion such opinions are based upon information squawk on the street participants consider reliable but neither CNBC nor its affiliates and or subsidiaries warrant its completeness or accuracy and it should not be relied upon as such to view the full squawk on the street disclaimer please visit CNBC.com forward slash squawk on the street disclaimer what's on the horizon for financial markets at P Jim it's a question that over 1400 investment professionals relentlessly research in pursuit of your long-term goals specialized across asset classes but united in collaboration our teams provide global and local expertise our investments shape tomorrow today pursue your tomorrow with P Jim a leading global asset manager
