Hi, I'm Ben Rosuto, Wealth Strategist at Janice Henderson Investors. Is a brighter future possible at Janice Henderson we think it is. For 90 years, we've worked to help clients achieve superior financial outcomes and fulfill our purpose of investing in a brighter future together. We know that this means our thinking and our investments are helping to shape millions of futures. At Janice Henderson, we are committed to helping you invest in a brighter future for the next 90 years and beyond. To learn more, go to Janice Henderson.com. It's Jim Kramer here. You're listening to the opening bell on CNBC's Squawk on the Street. Don't miss a minute of the action. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Quintanillo with Jim Kramer, David Faber at Post 9 of the New York Stock Exchange. All-time highs once again, in sight as we get our first deceleration of the year for CPI. I'm 3/10, touch light on headline, some relief in services, the 10-year is down to 4.35. Roadmap begins with that macro picture of consumer prices with the first slowdown of the year. Retail sales flat. Jamie Diamond calls on the U.S. to get its fiscal house in order. Plus, the intensifying AI race, Google is rolling out its most powerful AI assistant yet. OpenAI's co-founder and chief scientist is calling it quits and a bipartisan center group out with a new report on how best to regulate the technology. And our Sarah Eisen is live from Jerusalem. He's speaking one-on-one with Israeli Prime Minister Benjamin Netanyahu. Let's get to the CPI print as we pointed out, three-six core year on your gym. Take it back to 2021. More than half is gasoline and shelter. Yeah, I think it's only going to get better. Gasoline, obviously, oils come down, IEA, with some reports saying it's going to, it's not shouldn't be at this level. Food, we're starting to see some things and food that indicate that things are getting better. I mean, for instance, one of the things that they said that was bad was cereal. But as we know, David, remember I told you that Kellogg says that there's too much cereal? We're going to see buy one, get one. So the things that people are being hurt by except for shelter and, of course, insurance are going down. Do you see the refiners? The claps? Yeah. All right, copper keeps going up. Oh. But in reference to what? We don't use copper in our homes. No. Data centers use it a lot. All right, back to the market. We'll get to, we might one day. Market response appropriate then? I thought the market response was spot on. I do believe that this was the brown shoot quarter I've been waiting for, the down shoot month. And I know that people are saying that September rate cut is on. If you go to that Home Depot quarter, which is frankly sobering and somber, I think you would say, wow, they better start cutting now. It's too expensive to build, it's too expensive to rehab. If you have to get financing, you're not going to do it. So it's a waiting game called the Home Depot people were. They were, I would say, morose. They were morose. Saturday Night. Saturday Night. Lagubrious. Yeah, totally. Well, it does bring to mind the retail sales goose egg gym where we had e-comm down one two furniture down five tenths to your point about depot. I just think that some of these are, that's one of the reasons why Wayfair could still be bought, but we have an economy where it costs too much to hire a contractor to make things better, which there, that's the service part that they, that they address, which therefore makes it so you don't buy more furniture, you don't really do anything. And that's what they're saying. People are sitting on their hands and that is the world's worst for Home Depot. Garden season will be okay, not enough to do the job. David, big ticket, just not selling because people aren't doing anything because if you have to finance, which is what you have to do with big project, no one's willing to finance because of pal and rates. Yeah. And well, there are a number of industries and or at least companies that are relying on a business pick up from people buying and selling homes and moving. Yes. And this is one of them. 10% of the economy. But it punches above its weight. We talked yesterday about our parent company in terms of broadband subs, I mean that tends to grow. No, I know. That three, you work that in. And all the cable companies, it tends to grow. There's a lot of things that change when somebody moves. It's not just getting new furniture or refurbishing or... No, it's the most important thing for the retail economy. Yeah. And it's not, I mean it perils up again. I continue to look at this and say they're not including Temu. You want to knock down a pal and you pick the place, by the way, tens of millions of people buy from Temu. So it's not like you think these numbers, you think the people who create the news release, pure of labor statistics have ever heard of Temu. Yes. Absolutely, Temu. Of course they do not. There you go. There you go. Who do you think these people are living in a dark age somewhere? They're not like in part of the real world? 100%. Okay. Hundopi. Hundopi on that one partner. They have their pockets, their pocket calculators still and they don't know their slide rules. What do you think they're doing? Hey, they're going to Macy's. No, no offense to Macy's and the people who got on the board. But you didn't talk about because you're so busy killing the paramount deal. They're going. Maybe they're going to Sears. Holy cow, Sears has nothing. No, is there even a Sears? Okay, Sears lives in the Stanley Black and Decker world with craftsmen where my father said you can use a hammer for three years and take it back. One of the great Sears brands for sure, Jim. As for CPI, Jim, oil, now the rolling 30-day decline, 9% worse to the year, you think next month's print might also be a little small. Oh my god, it's going to be fantastic and you're going to hear summer driving season. But we know that the domestic travel scene is not that strong, I call back, David, the Disney, remember the theme park number? They were concerned. Yes. And Valero. This is not where you want to be. The CFO of Disney, the wording he used in particular. You Johnson CFO? Yeah. He killed Disney. He really hurt the stock price because what was it? Moderation? Moderation, yeah. He's still by new moderation. I don't think he recognized it. This was not PepsiCo, you know, it was not like free to lie, a little moderation because they never had any. David, the stock they really want to be aware of is Valero. Why is that, Jim? Because they're a finer and that's just getting squeezed. After having a Halcyon moment, no. They're getting squeezed. You don't want to avoid those stocks. Take profits. Kitchen, kitchen. So, are you ready for a new string of highs and equities? Until May 22nd, where everyone's just king when in video. And now they're blaming Jensen for making more money. Is that ridiculous? People are saying that Jensen's making too much money. I mean, versus must people in? And by the way, musters are very petty. Yeah. We can't look. We'll start talking more about the Tesla vote for both the compensation plan and the reincorporation in Texas as it gets closer, June 13th. So it's less than a month away now. But back to Jensen, I mean, he's created a little bit of value along the way. I would say so. Yeah. It's not like he changes sartorial impulse. No. It's not like he's a media CEO who's getting paid 40 million bucks a year and, you know, what do you get? Vote for his paid package. This guy actually, you know, you look at that stock. I mean, how can anybody argue? Now that said, he's a huge beneficiary of it as well and he's worth what, 40 billion dollars now. Well, I mean, David, everybody's a billionaire except for you. By the way, Home Depot's up three. On this sense of relief and rage? Fast to the relief and rage. Because that's what they said they needed because it's, I mean, I didn't mean to offend you. Just saying we'd have so many. It's okay. I know that I'm not a billionaire. Well, it's just a billion. I mean, like to do. Hey, here's a billionaire who's worth it. I think Musk is worth it. Okay. But I do think that when you go back over parts line by line on Home Depot, they are saying unless rates come down, it's a waiting game until people feel like, wow, you know what? I'm sick of my place. I got to redo it. And that's not the import. You can't have that. There's people who just say, well, you know what? I'm sick of my place. And they'll do it. And the contractors didn't lower the prices. You think Walmart tomorrow ratifies this view that the food part is safe and secure in the way of disinflation? I think Walmart can roll back food prices. I really believe that because they've got their own private labels, which are better than ever. When you go, David, when you go into the, you know, when you go into the natural part, the vegetable part of Walmart, when you go in there, David, David, you might as well be at Whole Foods. Really? It's that beautiful. Yes. I just won't be at Whole Foods. How does it compare to Trader Joe's, which I did go into this week? Oh, no, Trader Joe's is a mess. Trader Joe's is just a free-for-all. Really? I don't need that. I don't need that. I don't need that. I'd rather go to Amazon. Pretty compelling. The price is, yeah, but David, I'm not going to go into that, that mosh pit. I didn't find it that bad. It's a mosh pit. It's a mosh pit. I really actually, the line moved very quickly. I got what I needed. Got out of there. It was Mother's Day. So I would say. Oh, so that's the one day of the year that you shot. Now I know the day. If you want to let the next Mother's Day call me, I'll pick something up for you. What? Some Mother's Day prices weren't appreciated now. They weren't? Well, she hasn't watched. I can tell everyone. Yeah. Didn't go over well. You didn't get her another bathing suit. Well, I was good the other one was, I know she wants to take it back. I had the receipt, but it's awkward. Yeah, well, we're chopping away through it, but your point about Nvidia is good, Jim. The major catalysts of the month, CPI, and now we'll move on to some late high-tech earnings. Yeah, but what's incredible is, and this is just shows you the true bull market. There's a piece out today about Dell, saying Dell is the linchpin, okay? Morgan Stanley. And the stock's up five on a research piece. You know, this is just, this is extreme bull market behavior. And by the way, notice the game stop is coming down, which actually you would say, a bull would say, good, we need to wrench out that particular scheme. I mean, after a 120% move in two days, it's... I compare Best Buy, which was the same price. One has 43 billion revs, the other one has like, I don't know what the number is overall revenue number, GME. It's incredibly low. And I just want to say that the people who are doing this, who are running it, they're going to get away with everything, because the government does not seem to care or is aware of what's going on, and... What are you supposed to do? There's no laws against it. There was a war-made distant moon ago in '34, with 1934, which said that not only will there be no this stuff in men. No, I think that what happened yesterday was Jay Clayton came on, former SEC chief, and said, look, this stuff shouldn't be allowed to happen. They don't really have a law to stop it. They have to have someone who... No, that's my point. They don't. No, they don't. They don't have anything that perhaps it's not such a good thing, which have a revenues of five billion versus revenues of... It does seem to undermine certain parts of the markets' integrity. Yeah, of course. But it's easy to say that Jay Gould had this whole time. Jay Gould used to do this, except when we changed the law school. But I would think you would embrace it in a way, because it's completely more people back into the stock market and exciting them. When the options open, they will try to do a pincer move, try to get the options of money back against the guys to the market makers, try to get them short and jam it up. We've got a fresh roaring kitty video this morning with clips of various movies saying back in the saddle. We're going to take a look at it later. Oh, I love that. Blazing saddles. That's a great movie. Meantime, as we mentioned at the top, our Sarah Eisen will join us this morning live from Jerusalem in the next hour. Fresh off a major interview with Israeli Prime Minister Benjamin Netanyahu. Here's a quick look at their conversation. There's also a report today that the U.S. administration is pushing to release a billion dollars of weapons aid to Israel. Can you confirm that? And do you have a sense of when that will happen? Well, I hope it happens soon. Look, I appreciate the help we received from the United States, from the beginning of the war. President Biden came here. He sent also these battle carrier groups, and we've had weapons. Yes, we do have a disagreement on Gaza, and rather on Rafa, but we have to do what we have to do. You know, sometimes you just have to do what is required to ensure you're survival in your future. We cannot continue into the future by having Hamas retake Gaza. It's not only would be a tremendous victory for Hamas, it would be a tremendous victory for the Iran terror access, because Iran is trying to envelop us with the elusive death of which Hamas is one component, and that victory is a victory against Iran. It's a victory for the moderate Arab states who are not openly, but who understand that their future is involved also with our victory against Hamas. So we are doing what we have to do, and I hope we can see IDI with the United States. We're talking to them, but ultimately we do what we have to do to protect the life of our nation, and to prevent such savagories from being repeated again and again and again. The whole interview is coming up in the next hour, meantime Axios today reports that Netanyahu ranted to his security cabinet saying, quote, "We are not a vassal state of the United States," referencing so-called red lines and delays of shipments of weapons. We always have to go back to the Young Support War and look about the great Nixon resupply at the advice of Kissinger, where there was, where some people would argue that Israel wants a vassal state. They had not resupplied. Its history seems to be very much forgotten. It's not that long ago. 50 years, yeah. It wasn't that long ago that Benjamin Netanyahu was at Cheltenham High School, which was rivals from Springfield, and with Jeff Sonnenfeld's App Engine. We're kidding. All rivals. Right. He played soccer ahead of me. If you were ahead of me, there's a fun fact for you. I appreciate that. Thank you. Good book. We'll take a quick break here, take a look at the pre-market, busy session in the wake of CPI and retail sales awaiting Walmart tomorrow. We'll get to these comments from Jamie Dimon, talk some Google I/O, news on Tesla and Boeing as we once again take aim at Fresh all-time highs. Back in a moment. Every day, thousands of Comcast engineers and technologists put people at the heart of everything they create, like Olu Shei, 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 ComcastCorporation.com. Let's get straight to the point. You want to grow your portfolio to fight rising costs of inflation or pay off your debt, or anything standing in the way of you and financial freedom, right? Yahoo Finance, our sponsor today, can help. 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More volatility for the meme stocks ahead of the open today shares a GameStop and AMC both down in the pre-market, still have triple digits for the week so far. Jim, you were just talking about the battle between the buyers and sellers. Right, well, there's really a question about whether anyone is shorting the stock to the buyers. So last time around 4 o'clock, the buyers came in and they just blitzed it higher. And it just seemed like they were taking, taking, taking. There were no sellers, maybe there were some sellers like, "Who have a good till cancel order to sell?" But then sellers just flooded into the market at 4.30 a.m. They were like, "You see, can missiles just blowing through all the bids?" It's just like 52, 51, 50, right down to 40. And then they tried to recover to go back to 53 or an 8 o'clock and now they're back. There are real sellers and that's what they didn't have yesterday. So they have to wait till options start and then you have to short the options to be able to make the trade if you're a market maker and they'll try to blitz them. But right now the stock's very heavy because the valuation of it, no one can figure out how you can possibly get to the 40s. I did it compared last night to Best Buy because they had the same market capitalization and 1 is 5 billion in revenues, 1 is 43 billion in revenues, 1 is making 16 million, the other one's making more than a billion. It's very hard to bet because they're both gaming, you buy gaming at both those places. The people who are doing the memes that they actually want to do a comp, a compare, compare right now to Best Buy and you understand why you're paying. Are you saying the craze to the degree it's been a mania of sorts is peaked? Well, I think that the company is a little wiser. I think that there is no investment case and there's not a lot of shorts. They need more shorts. They need more short sellers that they can bust and right now they haven't succeeded in making these people cover. Only 24% of it is short, David, that's not enough of GameStop. That's not enough to generate a true short squeeze typically. It's not really a quarter of the, of the outstanding's being short. You should be 100 for us, right? Yeah, it was obviously when the meme stock craze began, years ago, was much higher percentage. That's true. Now I will say, although they've suffered some serious pain, but they did have a profitable, they did have the last 12 months, they were profitable in 23, but I don't think they're making a lot of money now. This is a very bad time to be in that particular business, okay? Bad time to be in the gaming business. Yes, it would seem to be. I mean, even if you're delivering it digitally, if they somehow aren't, you know, that transition. Well, that's free, you know. Freaking mortar. Yeah. Freaking mortar. Have they come up with a new strategy under Ryan Cohen that you're aware of? Because I haven't followed it. In mystery. I suggested many different strategies. Oh, I'm aware you didn't. And I always... You also have some land in New Mexico if they're interested in that. I have 600,000 acres, so no, I've seen it. Maybe a gaming, a gaming, uh, theme park. I think that anybody who's in the gaming business would be wise to think about the 600,000 options. You can build wall. When wall came to Florida, there was nothing there. Yes, yes. There's nothing in New Mexico. Nothing. My place is midway between Denver, which is a city of success, and Austin, that used to be a city, she says. Sounds like data centers to me. Just go for it. Data centers. Don't forget water. Put up a power plant. Okay. Yeah. This TBA. Come on, TBA. We'll work on it. What's the problem? What's the problem? I don't do it. That we Arizona's in battle, say, you'll do it in Arizona. You can do it in Michigan, you'll do it in what, Nevada? Now we got, we got, we got debates going on, uh, as we got to do debates about debates anyway. Yeah. Very exciting. Oh, it's exciting. Ooh. We'll get Kramer's mad dash, count down to the opening bell. Take a look at the pre-market, 52, 64 is the number to beat the March 28 highs. Stay with us. What's on the horizon for financial markets? At PIGIM, it's a question that over 1,400 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 PIGIM, a leading global asset manager. Here we are again. It's hump day, as we like to call it, at walk on the street. Time for a mad dash. We got six minutes before we get started with trading here at the New York Stock Exchange. You want to, we're going to come back to housing here and talk toll brothers. We've talked Israel. We've talked GameStop. We've talked up till. How about a company that's at the crux of what's going on in the world right now? CPI. Toll brothers. Okay. You know I said that's the best home builder. They are reporting on May 21. This is going to set the tone. You have toll brothers on the 21st, then you'll have Nvidia. It's a one, two punch to try to figure out what's working. Wells Fargo raises his price target, 142-150, ahead of the quarter. Historically, a dangerous thing to do because you got to go through the take-out of interest rates. But look at this. This is America's premier home builder. Their homes are between $900,000 and $1 million. That's not what J. Powell wants to see, remember, housing's up 35% from 2019. So this is emblematic of both everything we love about our country, which is you can buy a new home, and what we don't like, which is they're not putting it up in the homes for Powell, but they don't work for Powell. They work for the shareholders and they've been a monumentally good company for years and years and years. And Bob told, late Bob told his amazing charitable man, fill it off in. Yes, I'm aware. I'm unaware of another family. All right. We got an opening bell just a few minutes away, don't go anywhere. America has spent a lot of money, and during COVID and after COVID and are deficit 6% now, that's a lot. But obviously that drives growth. So any country can borrow money and drive some growth, but it may not always lead to good growth. So I think America should be quite aware that we got to focus on our fiscal deficit issues a little bit more, and that is important for the world. So yeah, that did drive some of the growth. At one point, of course, a problem, and why should you wait? Because the problem would be caused by the market, and then you'll be forced to deal with it and probably in a far more uncomfortable way than if you dealt with it to start. That's Jamie Diamond talking to Wilford Frost of Sky Today's gym about the fiscal situation, a message that's been echoed by some of his colleagues, for example, at Goldman recent days. True, the one thing he did say that I'm starting to hear percolation from the people who are in infrastructure is we keep thinking that there's, oh, it's just a waste of time. There could be a multiple of growth, and I know Larry thinks it's about that. A multiple of growth that can actually help the GDP, Dave, we have to grow our way out. The only way out is to grow our way out. Well, we got to get tax revenues up then as well. We have to grow. We have to grow. We have to grow. But that said, when interest costs are represented, $800 billion cost for the budget, approaching the fence, expected to get to as much as a trillion dollars a year, and that can have a depressing effect to assign to any country, like the GDP. Yeah. You know what? Neil Ferguson, he's been saying over and over again, if the amount of interest is higher than defense, that has historically been the downfall of a country. Well, Ferguson's a very smart guy, and he's written some great, the pity of war was one of the great books about the economy of war, fabulous stuff. Let's get a look at this open, the big board, the CNBC real kind of change. It's interest today, celebrating its trip listing, anniversary, and Jim's going to talk to Bill Reddy on a man. Yes, and I'm very excited. That company, along with Reddit, and even Snap, have changed it. So now you have the big ones that are kind of like ABC, CBS, NBC, and then you have this tier, which could be like TNT, David, it could be like CNN, whatever you want. How was TNT doing? Do you have anything new? No. I don't. No. TNT was great to watch last night. I really enjoyed every minute of their programming from eight o'clock in ten thirty. Speaking of which, at the Nasdaq, it's Lionsgate. First day of trading is a standalone content company, and we got all-time highs, Jim, right at the open. Well, look, I don't like, you know, I don't like huge up openings. I wish things would be cool, but there are many reasons to buy stocks. And I kind of echo the fact that you've got this thing going on. Google, Amazon, Meta, Apple, they're back, but so are the companies that are banking. Banking's been incredibly hot. The food stocks have been hot. Utilities have been great. I like the transport. See, talk about everything other than health insurance, which I'm not going there, David. Not going there. Not going there. Well, too high. Pretty much everything is up right now, obviously, again, a minute and a half into trading this morning. There's more to it. It's a little bit more. We'll see how the day works through. Oh, brothers, this is a five. What? No, that's it. It's just too easy. If you're a bullet, even if you're a bullet, it's too easy. The home builder's working to try it so lower, rate, and bottom. Sell GameStop by television. Apparently. Apparently today is the sell GameStop. At least right now, but that could change very quickly. Banks are also having a nice little early move here, but we'll see how we moderate. You sound a little skeptical to use wealth term. You sound a little skeptical about the revenue. I leave the market prognostications to you, as you know. Thank you. September, I don't know, right before an election. We're really going to get a cut. Unemployment has to go above four. It's got to go above four in order to make it work. Otherwise, Paul's going to look like he's just throwing fuel, settling on a fire. But if we get unemployment above four, then I think it's got something he can say. Right now, it is, Dave, it's right. I think that you have an economy that is still burning hot, and one of the things that's burning hot. I don't think we can actually talk enough about the construction of data centers because they're everywhere. They're trying to figure out where to put them. I mean, some states have like 40 of them because they have cheaper power, but there are whole states that can't afford them because power is too expensive. And it's funny because we saw actually powers down a little bit, but you've got to be very careful because we better have, I had next track growing yesterday. They're the ones, and then really nice move, by the way, in the stock. And they're the ones that help it so you can get more money, more power out of solar. And the problem with it is that solar is going to be 25% of the grid by 2030. Wind's got to be 25%, or else we cannot meet the demand. Next track, we're up a quick for today, NXT. We can't meet the demand of the data centers without wind and solar, because NAKA is what we're doing. Speaking of which, Jim, big Google presentation. Deirdre Bosa talking to Sundar Picha yesterday on our air. I thought it was interesting, the CEO of Perplexity at an NXTOS conference said, in a world where everyone doesn't have to click on links, the biggest loser is Google. >> I know, well, that is a very controversial thing. I mean, the other day I was looking at, David, you'll like this because it's very much what is going on in the world. I was doing, I'm doing a long takeout on billionaires. And I'm including Barry Sturlick, because some of his SPACs have been sub-op. So you go to Google and you Google with SPACs, you get nothing. You go into chat GPT and you say Sturlick's SPAC, and you get a list of every SPAC stock symbols how they're doing, and it's like, my God, that is like having five researchers. >> Yeah, it's an interesting moment for Alphabet. We've been talking about it for some time. And the existential crisis that we sort of sensed might be coming was resolved very quickly by investors, and they seemed to say, yeah, no such crisis here. You can see that little down move earlier in the year, I think that was sort of it. And it's been straight up since because there is a belief that they are going to be just fine. Obviously they dominate search, 90% of all search, and the question has been, in a new world of generative AI, are they going to lose that grip, that market share? They introduced yesterday a very much new way, which will be AI generated. It'll give you sort of a summary. It will be available to most, if not all, people who use Google at some point. >> Well, you have to pilot. >> You know, you do, you're not going to get links, but advertisers obviously are still going to be a part of whatever is generated. I think there's also a concern for those who rely on the links being clicked to take them somewhere else. For example, publishers and people who rely on the traffic from search to come to their website. So, that may be as much, if not more fallout from it, then continuing to wonder whether they have that iron grip on search in the generative AI world as opposed to the previous world. >> Let me add to that. Say, I obviously am a gardener and I'm trying to figure out whether I want what kind of tomatoes I want. So I could go to alphabet, I could go to a quad, my buddy Claude, yeah, I went to Pinterest. And Pinterest had some really good take outs of what I recommended for German, like these German tomatoes. And then you click and it takes you to a very good store. It didn't used to do that. And I bought some and that is a very nice lower end of the funnel. Again, this is what's happening. You get these sites like Pinterest and suddenly you see the numbers spike, they have 500 million users. >> And you're able to buy this? >> Give me the five year on Pinterest since it's a win. >> It did nothing. The reading came in in 2022 with a game plan to make it so it was going to be a very relevant site. >> Right. >> But, you know, it's a remarkable change. >> All right. So obviously it's nowhere near the COVID, the pandemic. >> People are sitting at home being dreaming about travel, but now there's many different sites. But if you're doing something arts and crafts, which is, I know, another belly with that you specialize in, you want to go to Pinterest. >> Speaking of advertising, which obviously is what Alphabet relies on, not to mention meta, it is the upfront season. And Disney had theirs yesterday, Jimmy Kimmel, Bob Iger showing up as well for the first time and quite some time. It's pretty funny. >> Did you get him? >> Kimmel was great. >> Kimmel was really funny. >> About bundling. >> Yeah. >> Bundling is like getting in a sleeping bag with your uncle because you don't want to freeze to death. >> And you've seen our churn rates. This is not just churn. It's Chernobyl. [laughter] >> He also came after the new product introduced yesterday by Brian Roberts right here at our parent company called Streams. And remember that is the combination, we don't really know pricing yet of Netflix, Apple TV and Peacock, thought to be potentially for Netflix, certainly an opportunity for them to reduce churn if they need to. Interesting the inclusion of Netflix in that bundle. He said, Streamsaver sounds like a cat-thirty you might find for sale on tuckercarlson.com. [laughter] >> Thanks, you're just leaving me out there, at least he left. Now I get fired and you stay. >> Well yesterday was my fired yet. So now you get fired. >> Well, it's Mike. I'm going to throw our executive producer under the bus. He's the one who wanted me to do it. >> I thought about you yesterday because I was thinking Morgan Stanley is a good example. They don't have a single overweight in cable sat except for Comcast. >> Well, I mean as some of the attributes David mentioned. >> Comcast has a lot of optionality that I still think they haven't taken advantage of. Buyback is clearly not worked. Dividend has not done anything. So I think what you do if I were to do a piece on Comcast for me of money, I would say listen, here are things that don't work so now you got to figure out how to reinvent the company. I would say that about, I can't say that about the other cable companies, they don't have the optionality. >> But if you come in with a package that has maybe the most powerful companies on earth as a bundle and your stock is down, then I think what that says is, okay that didn't work. Let's think about what. >> Well, I don't know that it's viewed as a market moving phenomenon. >> With its best companies in the industry, it's not unimportant but it's part of NBC Universal which is a smaller part of the overall company as we've gone through it so many times, this company moves on, its ability to generate free cash flow, it's broadband subs, those are the key issues, we don't need to go over it again. >> Well, if it's worthwhile, let's just cutting into those and what I can say is that when you have a balance sheet like that, you use it to be able to come to reinvent the company and there's nothing wrong with that. If you're, some really unbelievable companies like a company that I'm quite familiar with that, you are too GE. >> I mean, Larry Culp did not come in and say, we've got to do exactly what Jeff Immelt did because it's really, it's the blueprint. >> No. >> No. >> And he didn't say. >> But they were in a very, very difficult position. >> But their balance sheet was far more complicated. >> Yes. >> And yet they still managed to get out of it. >> Larry Culp made more than Admiral Glaude. >> I have an RTX point. >> What? >> But he's done good. >> That was remarkable. >> Yeah. >> Parryer, and notice they change strikes. Sometimes if you have to change strikes, you can't be the same company. >> It's interesting. >> This company was an advertising beast. >> I think this people really like to cheer. Well, it's their fifth year. >> They're a very enthusiastic bunch. >> Now you'd like to kill that, wouldn't you? >> I don't like enthusiasms. >> I know. >> I don't like spunk. I'm like blue-grant. >> No, I hate it. >> How about spunk? >> They're merging out with Cisco, maybe it hurts. >> I'm going to get them. >> Yeah. >> Yeah. >> Guys, Tesla is going to start to become more of a news story in terms of that. The vote on June 13th or prior to June 13th from the company's holding its annual meeting on both the re-incorporation in Texas and the 2018 comp plan that was rescinded, essentially, by Chancellor McCormick in Delaware. They are still doing it under Delaware law. In other words, they're resubmitting it to shareholders under Delaware law. And it's interesting, the two votes are not quite the same. The re-incorporation in Texas requires 50.1 percent of the outstanding shares to be voted in favor of re-incorporation. So part of the task for Tesla is going to have to get retail investors, for example, to vote. >> You mean that Elon Musk has to start kissing babies? Is that an election? >> No. He's going to have to get out there and kiss babies. But they are requiring people to engage with the proxy and actually vote in favor because a no vote doesn't help them, they need 50.1 percent of the outstanding's to vote in favor of re-incorporation. When it comes to the comp plan from 2018, which right now is worth some $44 billion. Remember, by the way, it was options. It wasn't restricted stock the way so many other CEOs get it. And so really, there was a lot on the line for him. It could very well have ended up as a big zero. Obviously, we know the story of Tesla from 2018 through now in terms of the total return in terms of the move to profitability and everything else that occurred at the company over that time period. You're looking more recently, but we can go back to 18 and see. That vote requires, obviously, Musk can't vote his 13 or so percent. And you need a majority of the votes that have been received to be in favor. So it's not the outstanding's there. It's a majority of the shares voted need to be in favor of saying yes to his comp plan. Well, so what are the black rocks going to do? How do they flood Vanguard? What are they going to do? State Street? What are the, what are the, maybe these different, you know, stocks you have? Everybody's going to weigh in on it. But do you think there's a chance that any of those would look at the contract, which is ironclad, and say no, or would they vote against taxes? I don't know the first time through black rock voted in favor, but a number of the other big index funds I believe voted against, it still was approved, significantly so, 63 percent. It was a contract. It was an odd choice in some ways, there are certain legal scholars would say for Delaware to intervene in, given it was business judgment, but Chancellor McCormick pointed to what she felt like was a board that was unduly influenced by Mr. Musk. Obviously, Tesla says no, and we'll do it again, under Delaware law, and this way we won't have to have any lawsuits about it, we'll do it again. This is coming up. This is going to be a seminal issue. Yes. This is a man who's created more money than almost anybody else, created great wealth, and yet, and has a pay package that, as David said, could have left them nothing, RSUSU, but it had something, no matter what, stock units. I find that this is actually appalling, that this man has to even be subjected to this, but you know what, it's America, and judges are powerful. Same constituents in the shareholder base would argue it's about disclosure. Meantime, the founder of NEO, our UNICEU posting today, unveils a new EV brand called the Envo and calls the Tesla Model Y an example of the past, so you can imagine Chinese competition will heat up. Oh, man. You know, I keep thinking about the 100% tariffs and how they're even going to police, they're going to police Mexico. Bill Ford had said that this was the existential crisis for Ford, and now that's over. Right, it's an important point, because you've made the point, obviously we're not getting any Chinese EVs in our market, it's just not happening, they are going to compete with our automakers, EVs, and markets around the world, and probably win because they're going to be so much cheaper, but you've made the point that could China move manufacturing to Mexico and then take advantage of NAFTA, but it doesn't appear that that's going to be. This apparently is over, you're not going to be able to build those cars in Puebla and ship them up, they're not going to build Monterey, not going to happen. Ford and GM use winners, nobody cared yesterday, because those companies are in the bottom eighth of the S&P, because people feel that, well, they're just going to do poorly. What about it? What about these build manufacturing here in the United States, and higher United States citizens to make the cars? I think that that's what they want to be in Washington saying, but they don't seem to want to play ball. Yeah. General, it'll be interesting to see if the sell side reacts to the data today. BMO just got to 5600, that's going to be a street high out of Brian Belsky. Brian has been dead right, and I saw him here the other day. He has been just terrific at Ed Yarn Denny, he's done some good work. The Bond vigilantes are nowhere to be found, the rates went up too high, everyone thought that this was the spike to five for the tenure, that didn't happen, you have, it's almost impossible to find a group that is out of fear, almost impossible. Let's see, I mean, you have Boeing, what about to be, you know, perhaps? The DOJ. He can't die in common prosecution agreement. The DOJ, and then they got to like go after a person, you know, you can't go after a company, there is no company. I mean, it doesn't affect anybody, go after a person and that changes people's attitude. But I just find that other than that company, aerospace is incredible. So I just find over and over again, it's very difficult to find an area of the stock market that's bad. Very hard. And I think we're constantly with a great piece today on summer travel, especially at the higher income levels, Jim, their intentions to spend a net 32% increase in spending intentions for the upper income strategies. The MasterCard survey, which we covered extensively here yesterday, has some great things to say about travel. And by the way, Steve's heard from after especially, he told you about this very, very, very early one, that we did have a level of travel that did, you know, everyone was going away after the pandemic. But now we're sorting things out again and normalizing while the people are traveling. David, the billionaires, they're traveling and they're forcing people off Iowans. Yeah, they don't travel the way we travel, they just make a phone call, getting their plane and they're off. You just, what did you revise Fitzgerald? And then they land on their giant-- And the different steps got Fitzgerald. Green light? Yes, they're different. They're not like you and me. They're different than you and me. They are. I know, I know. I know. I know. Plus, I mean, how many times? Every day I wear jeans. Are those bionches? Rioni jeans? They're nice. They're very nice. Don't worry. The bioni jeans. Very tough to make sure I only wear the best jeans. And the exchange doesn't mind anymore. So it's all right. I went to see Zuckerberg. I had $12 pants on. He liked them. Of course he did. DJX. Yeah. They're hot. Watch bonds today in the wake of the cooler, at least headline CPI print. We did get the 10-year down to 4.35, just a touch above at the moment. It's interesting to see the VIX with a 12 handle for a few minutes. We'll be right back. Coming up at the top of the hour, our Sarah Eisen live from Jerusalem with a major CNBC interview, speaking one-on-one with Israeli Prime Minister Benjamin Netanyahu. We will be right back. Stay with us. It's time for Jim to stop trading. Yeah. It's tough to keep that game stop up, by the way. Look, I feel that another company that captures the zeitgeist in the moment, and is verded, which has most of the inside stuff that is in a data center. I don't know when this thing can stop. It's got a 42 multiple, but this morning, back mark, it raises it from a 100 or 115 from your data center playing. I think it's going to go there. It's just the zeitgeist of the moment, some data centers we can't get enough of. Meantime, Jim, pins tonight? Yes, pins tonight, and very, very excited because I think GoReady has made this major turn. Remember, I'm saying that there's a couple of winners left. Pinterest is a place to put ads, Reddit, and there's some placing TV. That's what they're doing. They're surpassing, and they aren't replacing it. We've got a place of miniatures, so guys, I mean, we talked Tesla, you know it's Rivians down a lot. I don't know what the reason is, Jim. You also sent me some, well, the latest data from China, which is terrible, sales, that that's Tesla related and maybe one reason why that's toxic. I'm sure why Rivian is down over 7%. Well, did have a little must there, sorry, but maybe somebody else knew. Look, I think the big question for you by Rivian is do they have the horses to stay in business? I think that the fister situation really got people loose as getting people. I think a lot of people love the Rivian, but you always have to feel like you have Tucker, you know? Tucker. Tucker, as in the car of me. Jeff Bridges. Right. That movie. Yeah. One of the great folks. Yeah. Was that cool? Yeah. That was a cool movie. Who's got a new one? Megalopolis. He doesn't stop. He's a distributor. I just love that. Jim, we look forward to tonight. Thank you very much. And money, 6 p.m. Going to be big. After the break, as we said, we'll take you live to Jerusalem for that interview with Israeli Prime Minister Netanyahu as the S&P in Nasdaq, holding all time highs. You've been listening to the opening bell on 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. 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