What's on the horizon for financial markets? At PJIM, it's a question that over 1,400 investment professionals relentlessly research in pursuit of your long-term goals. Specialised across asset classes, but united in collaboration, our teams provide global and local expertise. Our investments shape tomorrow, today. Pursue your tomorrow with PJIM, a leading global asset manager. 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 Thursday morning. Welcome to Squawk on the Street. I'm Carl Kingston Ayo, a Jim Kramer at Post 9 of the New York Stock Exchange. David Fabers on assignment. NVIDIA's stellar quarter and guidance will push. S&P NASDAQ further into record territory today. All three indices on track for their best month since November. Our roadmap is going to begin with the AI boom, NVIDIA with a record quarter, and of course announcing that 10-for-one split. JPMorgan's Jamie Diamond says he can't rule out a hard landing for the United States and the DOJ reportedly said to file an antitrust lawsuit against ticket master parent Live Nation as early as today. Let's begin with NVIDIA's blowout quarter. The company revenue more than tripled in Q1. And its data centre business grew by more than 400% over a year earlier, sending shares above $1,000 for the first time. Here's Jensen Wong on the call last night. The demand for GPUs in all the data centres is incredible. We're racing every single day. And the reason for that is because applications like chat GPT and GPT 4.0, and now it's going to be multi-modality and Gemini and its ramp and entropic, you know, all of the work that's being done at all of CSPs are consuming every GPU that's out there. Jim, a lot of the commentary today says any worries about an air pocket probably get a swage today. Yeah, look, there was a lot of teaching on a call last night. Jensen came in right after a call at Crest's amazing CFO. Usually he comes in much later, but he wanted to try to explain to people about the industrial revolution that's begun, and that most people are really looking at this wrong. Most people are saying, "Okay, why don't we pause? This is the commentary." And we'll wait until we get to this Blackwell, which is really a platform assistant. And he said, "First of all, everything that they have, the H100, the H200, the predecessors, you are all going to accelerate from here." Well, that would be really a slap right in the face of the people who are saying, "Well, there's got to be a stop, a pause." And then he said something that I think was amazing. And we're going to have to talk about automobile. It's going to be automobile. That's the number one this year. No one thought that. Everyone thought it would be the cloud service providers. They thought it was going to be meta and Alphabet and Amazon. It's Tesla. And it's Tesla and it's, well, it's self-driving, full self-driving. And he talked extensively about that. I was kind of bolder over that because that's not what I was thinking. But it just shows you that what happens is that of all the outfits, it does seem like Musk realizes that you have to get all the chips you can, the 100s, the 200s, and then get Blackwell because you have to get these chips to learn. They have to be trained. And the example that Jensen gave you was you can put video in it and it can see what a stop sign is anywhere. I can learn what to do with science before it had been like, this is a stop sign. This is a red light. And it was almost as if he spent a lot of time with Musk and Musk is saying, listen, I'll take everything you have, not wait. And I think it was an example. It was an example of you can't wait for Blackwell. If you want to be the technological leader, you've got to take the whole sweep, whatever you can get you. And I point that out just because even this morning the Wall Street Journal has an article, I am going to name this directly because I'm tired of what Reuters had to say. I'm tired of what I read a lot of different outlets say. Saying this is the, people are nipping at their heels. If they're nipping at the heels, then it's not the heels of this company. It would be the heels of other companies trying to. You're referring to Nvidia. Not Tesla. No one's, no Tesla. No, I'm saying that the journal article was basically, well, now that Nvidia's on the top, she's going to catch up to them. No, this was, this was, this was Nvidia's send them. And why I mentioned the Tesla for a couple reasons, but one was that Musk was, he wasn't saying even two quarters ago that he needed Jensen. And now he's all in. So it's Musk and then the second one was Zuckerberg. Those are the two. Zuckerberg, because he's an open, an open system. This is, this is the long open system. Neither I expected to be top. I expected to be Amazon would be top or maybe Alphabet, Microsoft. It wasn't. It was very different narrative and one that was unexpected. And that's one of the reasons why stock's not done going hard. A lot of the notes today, Bernstein goes to 1300, TD Cowan, 1200. TD Cowan's a great note that they say, remember that $11 billion guide last year? They just guided to two and a half times that. Well, I mean, I was doing some mathematics for the, for the club, for the investing club. And if you look at what it was at the beginning of the year, it was 19 times earnings. That's what it turned out to be. If you looked at the future earnings, the future earnings turned out to be so much higher. This, I mean, we're talking behind the scenes with them today. They were saying, can you believe how much cheaper our stock is than AMD? It's true. Their stock remains very, very cheap with a 19 multiple at the beginning of the year, on a $26 number, but obviously the $26 number was an estimate. It turned out to be, you know, the number was far lower. Yes. And so I think there's still a sense of people don't understand Nvidia. And what is joking with them before him? Well, not, I mean, after the close, no insight information. They knew that people would like to tend for one's space. Yeah. Yeah. Which is something that you had actually raised with them a while ago. Take a listen to this piece of sound. 150 people I sold this weekend, who all told me, please tell him, thank you. They all also want something that I know is pedestrian, doesn't that value? They want a stock split. Why can't you give it to us? Well, well, think about it. Today is not the day to announce it. No, I know it. I apologize. We've done, we've done, it's nutritious. Yeah, we've done stock splits in the past. One of the things that I really like about stock splits, by the way, is that it makes for the stock purchase for our employees and others. Yes. That's what Walmart says, too. Yeah. It's a good thing. We want to make sure that we take care of our employees. They do such an incredible job for us. Now, Jensen knew that I was asking for something that doesn't create value. At the same time, he recognizes that everyone should have a right ability to be able to buy it, and obviously the employees do well. But this is an example of the remarkable nature of this man. He had probably 40 things going on in his head while I was bothering him with this. I mean, right now, he was probably thinking about how to put a man on Jupiter, and he's got to listen to this older guy telling and badgering him on a stock split. And he's fine. It was like when I told a joke to him. And I said, "I just told you a joke." And he goes, "I know. It's super funny." Left on the inside. He's got so many things going in his head, but he was willing to give us the stock split. Because we basically said, "Individuals want to own your stock, please give him a chance." Right. And he cared. So if you're all about the ascendance of this name and putting more white space between it and rivals, what do we make of the halo today in AMD until SMCI, Dell, HPQ and others? Okay. Of those, Dell deserves it because Dell is still the way to implement. HP, he did say, Jensen, that there will be an AI PC and that they will be in it. I was surprised. They're in 100 million servers. So that's going to be a big thing for them. So you could say HP, definitely in winter. Although, by the way, remember, HP is really identified with AMD. That's very important. What was that company that you mentioned that became a letter I? It's the name that NVIDIA has added today in market care. Oh, no, no, I meant Intel. Oh! You must be speaking about intelligence. That's a company that Honeywell bought. Yes, Intel is sadly not a factor. I mean, you know, Broadcom is more of a factor. I would say that when you look at the factors, it is kind of interesting to see some companies up very, very big and they do deserve it micron because you need DRAM. Arm should be higher because arm is the CPU that's involved. I don't know why they're not higher. That would be the one that should be higher than micron. But the one that I want to buy, oh man, I'm going to commit to this is Tesla. Jensen says Tesla, if Musk has gotten right with Jensen, then I want you to. Snowflake did come up. Snowflake did tell me last night that they felt they were the only one who really had this model, the rent, the runway model, so to speak. But Jensen's got five other companies that are doing it, but they're not public. Tesla is holding into this morning. There is news, of course, breaking ground on a big factory in Shanghai. There is this Harris-Paul data gym that shows their trust levels of major brands has fallen from eight to below 60. They're behind Honda, Subaru, Toyota, Ford. Well, I saw something really funny this morning. The Ford got an upgrade by Bernstein because, you know, the epoxy so dry on 12. I don't know how it's going to get free to 15, maybe a crowbar. Takes a crowbar to get that thing off the 12. But look, I think that Tesla, I'm taking a long shot here and saying that yesterday, and all this week we've been hearing that Tesla wants to be much more than just a car company, and Jensen's endorsement of them is saying they're far ahead of everyone and they're going to have full self-drive. I'm not going against Jensen ever. I don't really care about whether, about Musk. I don't go against Jensen. Because Jensen has not talked lovingly about Musk before. By the way, nothing happened. Nothing happened. Interesting. The autorinkle is definitely new and the fact that it surprised you is notable. My God. Jensen went out of his way to make it happen. Does it make you think that any kind of hardware refresh on the consumer side is less important? No, I think that these guys can walk into Gomme. He's very excited about the PC. And I made the point of saying, "Guys, I don't think you're as interested in the consumer." And they were saying that they were being very common. So that's a misregent. That's just a misread in the situation. They want to be ubiquitous, is their thought. I also emphasized robot reading to them. And they came back and they said, "Listen, we mentioned in it that we would show video to a sports player and they would then be able to mimic that video because of tokens. They'd be able to put it together." Very solid. So with so much attention on the AI trade today, does it steal any oxygen from the rest of the market? Your Danny, a great piece on why the Dow has been held back from all-time highs because of transports, for example? Yeah. There's a really good note today about Norfolk Southern, by RBC saying the operation ratio is going to get better. That's very important. Let me answer that as yes, Carl. I think that, well, let's put it this way. Yesterday was all about the Fed and really old minutes that came out before the CPI, that came out before retail sales, came out before the collapsing oil, came out before the bus of the copper short squeeze. But it's just very hard to ignore Nvidia. This is the bummer about Nvidia. You listen to the call and then because Jensen's of a different world, you listen to the call again and then you listen to it a third time and you speak to them and you say, "Look, I've got to understand everything because it's really hard to understand. You need a glossary, you need to know about total cost of ownership that's really important, that you buy it for $1 and you get $5 back within the next few years." You have to understand that. You have to understand cooling. You have to understand the difference between a platform and a chip. It is so hard to understand their calls that a lot of people, I think, get caught up and didn't even listen to what Ed Breen had to say about DuPont. Yep. We're going to get to that. We're going to get to a lot of that. With all of the all-time highs we're dealing with and the battle against inflation and the AI revolution, we still had Diamond once again draw attention to some longer-term risks. Take a listen to this. I look at the range of outcomes and again, the worst outcome for all of us is what I call stagflation. Higher rates, recession, that means corporate profits will go down and we'll get through all of that. The world will survive that but I just think the odds are a little bit higher than other people think. I think that I'm low to criticize Jamie, he's a great banker but I've now seen him on multiple occasions and his pessimism is not trumped anymore by his optimism. He tends to have, listen, this is this bad but let me tell you, we're going to be ascending in our military, it's great, our schools are great. He's not giving us enough of the good and he's got a little too much of a downbeat view right now. He did predict 6% on the short end, we didn't get to that. Yep. I think even though his bank is totally attuned to Nvidia and the number one financial company attuned to Nvidia, I don't think he's getting the wonderment of tech here. I don't know, I want to talk to him about it. I want to talk to him because I want to get his, he's too good a guy to dismiss. I'm not dismissing him. I just think he's a little too negative versus the times. It's interesting because we're still on the heels of their investor day Monday and that B of A note this week took a look at their use of AI and said it would redefine bank industry cost structure and then it raises the potential for better ROE over the medium belong term. I know and it really wasn't a focus at all of Jensen. The two things that weren't a focus I felt were the cell phone and the actual use cases away from auto. But look he only has so much time on the call, Collette only has so much time on the call and the calls are great. But Jamie Diamond is, he could give a totally different talk and it would still be true to his negativity which was to be able to say listen we're able to do things I never thought we could do with our people moving them around and they're speaking all sorts of languages because a lot of what Jensen was talking about is sovereign AI. By the way, one of the things that they said why aren't you guys calling out France? And I should have asked Andrew so over there, he's enjoying our long due cost, what is he doing? Great interview with Macron. Yeah interview with Macron but I think that what's going on in France was talked about several times that they are, they've really embraced AI in a very aggressive way. That was good. Well still I mean Goldman chart yesterday since 2019 U.S. productivity is beating any other developed economy by five percentage points. Let me send that to Jamie. But while I'm on air I'm going to just kind of quickly get that to Jamie because that's kind of he used to talk about it. I want the old Jamie. You know the one who said listen it's cataclysmic but you know what that's terrific because we're going to crush it. I don't like that. That's like watching the red shoes here. Very good. Very nice. I like that. Good call. Thank you. Our thanks to our colleagues in CNBC Asia for the diamond sound by the way that was. Oh no that's fantastic. I mean because otherwise we maybe didn't realize kind of like Harrison Bucker. Still to come this morning a closer look at the DOJ reportedly going after live nation over ticket master's domination of concert ticket sales. So many names to get to VF Corp RL snow Baba as Jim mentioned DuPont and a lot more when we come back every day thousands of Comcast engineers and technologists put people at the heart of everything they create. Like Olu Shae 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 dot com. Electricity. A big idea that's inspired countless new ones from powering the light bulb to virtually powering our entire lives 30 years ago State Street launched the spider S&P 500 ETF spy. A big idea that inspired the world to invest differently and still does. What can you do with spy before investing consider the funds investment objectives risks charges and expenses visit sga.com for a perspective containing this and other information really carefully before investing spy is subject to risk similar to those of stocks only TS are subject to risk including possible loss of principal alps distributors and distributor. You mentioned DOJ live nation before the break and we are getting some breaking news. Let's get to him and Jaffers morning. Amen. Good morning Carl. That's right. NBC News is reporting that the Department of Justice will announce at 11 a.m. East Coast time this morning that it has filed a civil antitrust lawsuit against live nation and ticket master that is going to be done in conjunction with various state and district attorneys. We don't have any more details at this time as to what's going to be in this antitrust soup. But we can imagine that we will get a lot more details at or before 11 a.m. when that announcement officially occurs. Now this is obviously a long running issue you've had decades of complaints from some artists and others about live nation and ticket master and the grip that that company has on the live performance market in the United States. I would expect that later today we'll also hear from the company as well to mount its defense. These antitrust cases are a long time coming Carl and so there's usually by the time they surface publicly like this there's usually been quite a bit of back and forth between the company and the U.S. government in terms of discovery finding documents information and both sides are typically ready to roll out their set of arguments whenever a case like this is announced. But what we know now is that the Department of Justice according to NBC News will announce at 11 a.m. that it's filed this civil antitrust suit against live nation entertainment and ticket master Carl. Back over to you. Amy thanks for that. Amy Jabbers. Jim, this has been in the ether for a while now. Yeah, when I speak to people justice, just sometimes they'll listen and think I'm critical on what they're doing. And look, I'm a pro capitalist and sometimes I feel I run a pal and then they run a pal of me. But they mentioned this basically in the context of like, okay, you're negative about a lot of stuff. Let me tell you about ticket master and then they proceed to give you a case which basically just says America has had a huge increase in inflation in tickets and that is something that pal has flagged repeatedly and the CPI tickets have been terrible. And they'll say and they will say, listen, we're going to fight inflation. We're going to bring this down and instead of just thinking, you know what, they seem to just be antagonizing the big companies, this is one they've got. They've got this one. I really think that this is one that is one that I think that if you were the Federal Reserve, you would say, you know what, people think that we do nothing to get prices down. Watch this case. This was part of the discussion between Becky and Tim Wu on Squawk last hour in that I think in Wu's mind, this is one that it's tough to play devil's advocate on. Do you agree? Yes, I do. And what they, what the just people are saying to me is, listen, our mantra why we were set up, why the antitrust department was set up is to take advantage, is to stop these situations where there's collusion and making it sort of a consumer has no choice. And this is it. Amen. I know you're still there. I mean, in the discussion of possible remedies, the journal does go into the breakup scenario today in their coverage. Yeah. It's tricky in these cases, Carl, to get to the idea of a remedy. Remedy is ultimately what you have to do to fix the situation, if the government's able to prove its case. Generally speaking, what the government doesn't do in the early stages of these is say exactly what remedy it wants. They just say, we're alleging this anti-competitive behavior. We have to prove it in court, and then we'll get to a remedy phase later on. So these things can take months, if not years before we ever get a sense of what the actual remedy would be. But you can start to tease it out, right? You can start to look at possible solutions here. And the complaint about Live Nation and Ticketmaster is that they simply have an iron grip on the venues themselves, and therefore they have control over the artists, right? And so any remedy would have to break up that sort of grip that the company has on the live venues where performers are going. And of course, that's so important now in this age of streaming music where the music industry has changed to a point where performers make more money touring live than they do necessarily with streaming. It used to be album sales where the way a rock band or the equivalent of Taylor Swift in the '80s would have made all of her money. Now it's that live touring is so important to every artist, and that's the thing that the allegation is that Live Nation has its grip on. So to remedy that, you'd have to break that up in some way. How you do that, they're not going to get there early on in this case. Meanwhile, it was in May of '94, Jim, when Pearl Jam, as you might recall, did file that complaint against Ticketmaster at the time with a prompt from DOJ. Yeah, yeah. OK, so who was David Letterman's favorite group? I assume Foo Finders? Or no, Ms. Pearl Jam, yeah. Number one. Yeah. When they were inducted in the whole thing. I guess my point is this one hasn't necessarily been led by creatives. No, it's not. Lawrence from Metallica told me it wasn't him either. I just looked at-- there were certain people who performed over and over again. But what this is about-- and I totally didn't know her name has got it right-- but this is about-- this is a great campaign issue. This is a universally despised-- and now I happen to be recommending the stock for one particular reason, because I just think they're like the best galser in the world. Allegiate galser. I mean, it's been a great stock because they've gotten away with everything. Right. How terrific. And this comes, of course, on the heels. Not to get too political this morning, but the reason-- the Cook Political Report today looks at why Trump is ahead in some swings. And it is overwhelmingly because of perceptions about inflation to your point. Yes. That's exactly right. That's why it's so great that the Justice Department looked at what's inflation right now and saying we've got to stop it. I don't know if they're interested in killing, but I do know that this is front and center with America because people are going to want to entertain, but they can't afford it. I think it might be. Amen. Thank you for that. We'll be coming back to you. I'm sure later on this morning that's our image average in Washington, D.C. We'll take a look at the pre-market here. NVIDIA is going to propel the bulls even further at the open when we get that bell in less than five minutes. Imagine earning a degree that prepares you with real skills for the real world. Capella University's programs teach skills relevant to your career so you can apply what you learn right away. Learn how Capella can make a difference in your life at Capella.edu. Let's get Kramer's guy, Dash, as we count down to the bell. Sometimes I do over companies who stops. I know we're going to be down, and I want to alert them that tomorrow might be the day. Ralph Warren reported a quarter that I really liked. Obviously, they had some. There are some issues. The consensus is much better, but some people might say that the actual reporting earnings this quarter weren't that good, some people might take an issue with the forecast. Here's what you need to know. That's exactly what happened last time, and the stock has then suddenly roared 40 points when realized that Patrice Louve was just being conservative. It's happening again, let the seller sell, don't bet their behavior by trying to stop it here. They want to get out. But recognize that Ralph Warren's got the Olympics coming up, which is going to be extraordinarily strong. A lot of catalysts are growing worldwide, trying to do it well, Louve is the best right now in the industry. So let it come in, let them sell, and then buy it. To your point, Asia up seven, North America up two, new CFO, 10% Jeff Hike. Right, and the Div Hike is again meaningful because this is a power company, and they're considered to be very episodic. And he's taking that away. He's got a very, very strong road map going up to the wealthy cities, doing a lot of of really smart things with direct consumer and internet. And he just knew it was what he got. The place it was was by the way, the platform forces, at Asia. Where's he? I don't want to, I don't want to, I don't want to, I don't want to, let's get the opening bell here, and the San Francisco time exchange of the big board, property and cash, you'll be sure, go ahead, specialty, got an IPO today at the NASDAQ. It is CSX and Blue Star Families, an organization supporting military families. Jim as well. Back to 53.40. Dow, as we were mentioning earlier, lagging a bit here at the Open. Yeah, I mean, look, the NASDAQ, there's so many companies that are under the payload of Jensen. My problem with that again is that he's saying, look, we're pulling away from a lot of the companies that are being brought up today. And that's a mistake. You've got to be very careful. You don't want to just buy, like AMD, you can argue, well, they've all been to this total size of the market. My problem with that is that they are anti-ending. Okay? Now, they've made Jensen's Hill with this room for everybody, Big Ten. But I, you know, they don't want AMD in their taking business. They want a lot of business because they are, you know, they're very aggressive guys. Driving a near 2% gain in info tech this morning, comm services up two-thirds. It's going to leave healthcare and staples and energy and utilities in the dust today. And yet, there's another positive note about Lilly. I don't know if anyone's even bothered to look at the rally in Pfizer, but it's really incredible. Pfizer remains very cheap and doing a lot and then cutting costs yesterday. Lilly, there's a bunch of surveys out. People are talking about, you know, there really is no substitute for their Punjaro or their Zepbound. And I've been using this outfit. Jason Ward's called, Jason Ward's alerted me to them. It's an outfit called, it's 100x, which is a research outfit. And they have data which just shows that Lilly is crushing it in terms of usage in ten. And people want to really use Lilly over Gobi. And this idea of these compound hymns and hers, those are not like by people. So be aware, when I check in with Lilly, they are very, as always, non-promotional. But they're going around the world. And I do believe Ken Lane goes right that that's going to be a trillion dollar company. Yeah. To your point about Pfizer, yeah. One and a half billion in cost cuts by 2027, which they mentioned today. But Jim, as for now, top five components are going to be NVIDIA, SuperMicro, Western dig, HP. The usual gang. By the way, if you, you know, SuperMicro is a little less proprietary than Broadcom. Broadcom's only have 22 and still not. And it's all time high. Hopkins doing a very, very good job there. We do have to do our show from the data center. I think we have to like, we're cooling trees. Are you working on that? Yeah. It'd be good. I don't really have, I don't, atmospherically, I don't have a sense of what it's like to be inside. Well, we're going to do that. We're going to go to a data center and we're just going to pull it apart because the data center is the modern day for, for artificial, or factory. Yeah. Now, what you're talking about, listen to this, there is an artificial intelligence factory. You put in the data, which is the, which is the training, and then you take the inference of the artificial intelligence that comes out. They spend a lot of time trying to explain to people what inferences versus what training is. And the training is where they have a real edge over everybody else. Some good video of you. Is this within video? Oh my God. That's the robot guy. Now, those robots are actually phony. That was just kind of fun. Yes. But when I got to that bartender, oh my God, the mocktails, you know, if he had just put in a little teetos, I would have time of life. For coming from someone who knows how to make a cocktail, that says something. I can't make a cocktail, and I got to take this M&M with my wife's mescale in the Montenegro. I got the, I got a robot that's going to feed that thing out, like prawn towels. Jim, you mentioned DuPont earlier, looking to split into three public companies. Some conference call commentary that water might actually get spun off for before electronic. Yeah. Now, the cop there is Eiland and Baralto, Baralto, the spinoff of Danher, they are valued much more highly, which means that the water business is going to be very inexpensive versus the comp, so to speak. Electronic's is valued against an inflatable, called integrous. Again, that is going to be radically undervalued. There are people already who are speculating that this is the great tight go break, break up like that at GreenJet, and that the electronics and the water will be bought as soon as they're allowed to be bought. New DuPont can grow. A remarkable, a remarkable spinoff, this is the Swan Song of Ed, he's great, goes to 30. The fact that it's down, it just shows me people don't even know how to do math. They don't know how to do a rip, it's down, maybe they're thinking well, and it's going away. It's not the time you've done it. I can't believe it. That stalks down. I have to tell you that that is, there's a couple of Louisiana Pacific, and they make the best-oriented Strandport plywood, and the algos right now, it's plywood up there. Because this is such a dog, can you buy me 100,000 DuPont right here with a 78 and a quarter time. Okay? 100,000. Ed Breen is going to executive chair June 1, but Jim, the list now, 3M, GE, Honeywell, RTX, right? I mean, is there any industrial that wants to be a multi-play? No, and that's one of the themes that I've been emphasizing, which is they realize, you know what, there's really not a lot of advantage. You think maybe they would be able to buy things together, there was a conglomerate advantage, it's just not playing out. And everyone knows it from Larry Cole, but it really was great, hey, let me put it together with RTX to realize what elevators have to do with the Pratt & Whitney engine, and the answer is nothing. I do think that we're, there's almost none of these left, there's almost none of these left. Well, fine one, I'm looking it to over, I told the club, I'm looking it to over in the state and state. They're ready. They're ready. By the way, two works, maybe. Morgan Stanley does initiate GE Vernova to equal weight, although Jim, the name is still close to some all-time highs in his short life. I like that stock too much to make an equal weight, they've got a lot of recurring revenue. Morgan Stanley, James Gorman is now officially giving his exit date. End of the year leaving his chair? Yeah, now, this thing's been going up ever since picked on it, and the last quarter from Jamie, but the last quarter from James was not good. I'm not going to put in, it wasn't as good as I thought, I'm going to put it in the not good category. But that stock's been straight up ever since the TED pick quarter. But it's also under-performing Salomon, certainly under-forming Schar, for everything. Scharf is just an unsung hero. The 3M there, some of that was they had to sell off the healthcare because they needed the money because of the forever chemical problems. But DuPont's going to 100, and it's having this pitstop of idiocy, and then it'll go to 100. Pitstop of idiocy. That's your new book. That's your next book. Yeah. Pitstop of idiocy. Yeah. Yeah. Pitstop of idiocy. Why not? I like that. Jim, adding to the Nvidia story is TSM, calling for 10% industry sales growth. That's an all-time high. Okay, so TSM is a good example of the, a pit bull of idiocy. When they reported, it was, "We have so much business we can't handle it." And that got interpreters being, "They're not going to make the numbers." I mean, and I was like, "Well, the call, you had to set the alarm for two o'clock." And so I was up at 1.30. I wasn't going to tolerate being late for that call. And what was incredible is it was so bullish and the stock was down. I mean, you know, so be aware there are situations where the crowd gets it wrong instantly, and then it's just roared since then. You, you take a look at the dip. The dip was when they reported the incredible quarter, at least in a sense. The Nvidia was only, Nvidia opened up 30 in the after, about 30. Yes. They came down to up 15 as, and nothing was happening. They weren't saying anything. Again, I want to get in the heads of the people who just decided, "You know what? This is as good as it gets, and I'm going to sell it." Because those are the people I really fight against. Although the Goldman desk this morning said that given the trading after the market last night and this morning, little evidence of fade was their argument. It's very hard to fade because what they did was talk about, "You think that, you know, here's what the combatic, an offline will tell you this." During the Andy Grove period and Intel, they would put out the 386, and they would tell you, "Look, you got a 46 coming," and then no PCs would be sold for two months. What they were saying was, "Look, if you were Elon Musk, and you decide you didn't want to buy the H-100 and the H-200, you were going to wait for the Blackwell," you would not have been able to do what they're doing in free. You have a back, it does have a backward claim to it. You can use it going backward, and I don't think people understand that, and they were dressing that on the call repeatedly. I didn't know for club members, and that was seven points that you better start understanding about Nvidia, or else you're just really enough to get what Blackwell means. Things are backwards compatible. They must have said that a half-dozen times, and by the way, the whole idea that others are coming up with chips that are going to take over Nvidia, gents and dresses that directly says, "Please come up with chips that can help us. We want to work with you." I don't understand. People don't want to be on the call. They want to write the story before the call. I mean, it's to our point yesterday about accounting and software. Some things are difficult to understand. Look at the snow quarter, Jim, you've got to deal with RPO, all these acronyms. Oh my God, the TOC. If they had not, had they not spent-- I interviewed Rama Swami from the snowflake, and had he not answered, like, "Please, tell him." That's what I was saying. Oh my God, is that-- Up in the free market? Tell. I mean, he made the quarter down. Okay. All right. Well, whatever. Pits out of Nvidia, see? Well there, I think there's a problem in that there are people who, on the conference call for-- this interesting, on the conference call for Nvidia, they mentioned five competitors to snowflake, and that was worrisome. But then Jensen's going to go to their conference, and that's going to show that he's in league with them. Sure, sure. But I suddenly saw, "Holy cow! I wish I had had these guys-- had these notes when I was interviewing Rama Swami, because I didn't know there were that many competitors to what snowflake's doing." That was a little disconcerting to me, disconcerting. But Jim, you mentioned RL as a name to value and retail, VFC, I imagine you would consider the opposite end of it. Yeah, and there were some people who, oh boy, they really took it to them, and they're calling it fraud. Now, Brack and Darryl, I have the love Brack and Darryl is his CEO, and it was one of those legendary conference calls where he's going into the tunnel, okay, and it's the first half. The team has scored 27 points, and he has no none, and he starts the conference by saying, "We have them exactly where we want them." That was that kind of call. Yeah. Vans down 27. Oh, Vans. Is a surprise loss. Say it ain't so. Sales down 13. That's a miss. More face off 5. Timberland down 14. You know, I shouldn't have known Dickies was banned, because I told Doug McMillan that I got this great Dickies jacket at Walmart for $24. Now I know why. Dickies was down 15. Meanwhile, Oppie cuts under armor today. Oh, thanks for not there. Down to perform. Oh, if I were Kevin Plank, I would just say, I mean, really, you know, the beatings will continue until the morale increases. Although, you know, I mean, as long as we're talking about the consumer, Goldman today calling for two and a half percent real income growth this year, positive gains in all income quintiles. If you're, if you at this point, if people are still worried about it, we can think consumer. We're going to get the resilient consumer. The consumer's been called so many different things. I think that you've got a resilient consumer call from brought from Brian Cornell. You have a positive consumer call from Ralph Lauren. And Walmart just says, we don't care. Yeah. How about Elf? Elf is back above the 50 day first time since- Hey, everyone in the world was telling me that Elf didn't do the numbers. And I'm like, are you kidding? They represent such men as value and trying a min is going to be on tonight. Oh, really? Yeah. And this, well, look, one of the things I love about was that I, I took my, I went to my wife's, whatever she's got, the store of great value in my, in our bathroom and I swapped out all the Mac. Now, this is a mistake. We've got Ralph Lauren. I mean, I've got the, oh boy, I got the estate order and the travel trust. David, I'm sorry. Yeah, I screwed up David. What can I? Yeah. If it's not an estate order, it's Boeing. Okay. So I took all the estate order out and I put, and I put Mac in and I turned the label around and after a month, I said, what do you think about this? And she said, you're a bit of an ever, I said, well, turn it around and it said Elf went and she was happy to do this to me, but she never went back, never went back. Well, whether it's, yeah, we mentioned Boeing, Jim, the FAA administrator was on ABC News. This 90 day safety plan is due next week, says it'll be a long time before they're back where they belong or need to be. Holy cow. And then we got the news of the China delivery is getting delayed. You know, people didn't think the beach, when a nom is all that good, either, in, in invincible, you know, in that boat, yes, my nine did not get raped or used. Yes. Although it was silver, not green. So is your, is your point that it just doesn't matter, still Boeing. You can't kiss. All right. Here's what you should do. You should go down to the World War II Museum in New Orleans, go to the Boeing room and just accept that Boeing is going to be here to stay, no matter what they do, no matter what they do. And I will tell them right now, I will take the job and I will do it better. Let's see your job of Boeing. Yeah, I will do it better than Dave, I'm happy to take it as well as the Treasury job in Trump, which is when he keeps saying I'm going to take it. Don't you love what you're saying? We're going to miss you. You're taking the Trump Treasury job. I say, like David, that's a, you're saying that in a commercial break, but no, I will take the Boeing job. Because I promise you, I will do better. I promise you. I mean, I have a history, I have a particular set of skills that will be a nightmare for the day's sake. Yes. You'll come on though, right? Yes. Every quarter. Good luck. All right. Every quarter I will come on and I will talk to Phillip Bo and I will tell a very straight story. And I would immediately go to every agency, throw myself down and say, do what you want. I'm not stopping, okay? And if they, if they do not release the negatives, then I'll tell you that I will find them. And I will make them pay. It's always been a tough story to our earlier point about transport holding the Dow back. I mean, it's unbelievable. Name a new seat. Make B.C. Yeah. Just make B.C. I won't even quit my job. Oh, you'll do both. Oh, you'll do both. Oh, I don't like that. I think there's four hours right now that I have done that I do not know what to do between 12 and four at night and I can do that job. I'll tell you what, the worst Dow names are Boeing exceeded only by Disney and Intel. Disney. To your point about Intel, though, and which pelts when we need them. Intel is really, that was such a mean comment and I made it. I can't do how mean that was. It's like the old Kramer. Geez. Hey, Karen, pick up. Intel is down correctly because there's not a lot of room for Pat. Pat, you know, Pat, Pat, whoa, no, not a lot of room. They are not in the, if I go to the data center, it's highly unlikely that I will see Intel. It is not performing well today, even with the halo effect surrounding Nvidia. We got a pretty good jobless claims number earlier this morning and now some long-awaited PMIs. Let's get to Rick Santelli. Hey, Rick. Yes. And those jobless claims are well behaved, but interest rates didn't go up much. They're coiling. But boy, this number, look at interest rates pop, S&P global PMIs stronger than expected. Manufacturing 50.9. Now, that's just the highest since March when it was 51.9, but let's look at services. Services at 54.8, the best since May of last year, we'll call it one year. Now these are preliminary readings, they can't change. And if we look at the composite, another blockbuster, 54.4, that's the best reading since April of 22, we'll call that basically two years. So we are now up close to 4.47 in the 10 year, which is four basis points now higher than it was yesterday. After trading below yesterday's low, it's now above yesterday's high. That's an outside day. Pay attention technicians and squawk on the street will return after a short break. Let's get to Jim and stop trading. You'll see a semi-conductor related company, founder, global founder, you stand very badly today. That's because it's larger shoulder by far, moving dollar, selling 18.7 million, selling about almost a billion dollars with a stock and it's just killing it. Plus, also because they still will own a lot after. This is something that has always been the killiest heel of the stock, which is when we'd move dollar, we'd start dumping and they're dumping. So even though you've got a foundry of summer now, it can't participate in the love affair that is not there. We didn't get a chance to react to those PMIs that Rick gave us, but 10-year, 4.48 took some wind out of the rally here at the open. This is that we get a lot of data that's higher for longer. We had this service number, which is not good. This is just the tug of war we're going to have. But remember, higher for longer is producing great stock prices. So before you sell, think about what will happen when we're done with higher for longer, because it's not going to be forever. It was interesting to watch David Solomon collide with the Goldman House view and argue for no cuts this year. You know what? That's part of the new Goldman, which I really like, which is independent thinkers, not one voice, a cost and stuff, I just adore. But I do think that there's, I don't want people to say, listen, we've got to sell because of that number, because there are a lot of numbers that have been softer. And if you go look at Target and Walmart and you talk to these companies that really have to do with the consumer, you realize the consumer is pulling back. I had Cisco on me last night. That's the biggest provider of tall restaurants. And they said, look, there's a big rebellion going on against restaurants that have raised prices. That's what the Fed wants is a rebellion against prices. And they're going to get it. So how about tonight? Okay. So I have Zoetis, which is obviously a bird flu. I've got Elf, which is the short squeeze. And then I've got Swab, which is a company that I think the world understand a little bit. They have a day where they're talking about what's going on. Now, that's not what's in '56 when everyone was dumping on it. Take a look at what it's done now. I think Swab, which is where my travel trust is located, does a very, very good job. And I think the stock's in it. You've seen some of the charts of home households with exposure to stocks? I mean, it's up. Oh, 62% up from 52% when we got back to even in 2013 before the Great Recession. People own stocks, and now do they own the right kind of thing? Do they own the double and triple ETF to be able to own, to buy all the toxic waste and see how much tender you can put in? I don't know. That's where you come in, Jim. We'll see you tonight. All right. Thank you. Bad money, 6 p.m. We got some breaking housing data in a minute, but those higher yields have the Dow down 220. 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