On another record setting day for the S&P 500 and Nasdaq, Carl Quintanilla, Jim Cramer and David Faber drilled down on mega-tech:Nvidia hits a $3 trillion market cap for the first time,
surpassing Apple to become the second-most valuable public company in the U.S. behind Microsoft. How high can the chipmaker go? The anchors also reactedto what Tesla Chair Robyn Denholm
told CNBC about next week's shareholder vote on Elon Musk's massive pay package.Also in focus: The U.S. Treasury Department weighs in on AI risks, The ECB cuts interest rates for the first time since 2019,
lifts for Lululemon and Costco, Disney's Florida parks investment plan, Paramount deal update.
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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 ssha.com for a prospectus containing this another information really carefully before investing spies subject to risks similar to those of stocks only TS are subject to risk including possible loss of principle of distribution is it's Jim Kramer here you're listening to the opening bell and see me see squawk on the street don't miss a minute of the action Thursday morning welcome to squawk on the street I'm Carl Kingston here with Jim Kramer David favor a post nine of the New York Stock Exchange coming off all-time highs for S&P Nasdaq futures are a bit mixed as the ECB does deliver that long-awaited cut in rates first since 2019 our own 10 year bond yield still near yesterday's multi-month low of four three our o-map begins with the big-tech AI boom and video is now the second most valuable US company and rallying again ahead of the open plus AI dominance is under some scrutiny the DOJ and the FTC reach and deal to open antitrust inquiries of Microsoft open AI and Nvidia and we're getting a bit more of a retail's gauge of the consumer gallelu shares surging despite week second quarter a week set core outlook five below seeing lower consumer spending levels let's begin with Nvidia joining the three trillion dollar valuation clubs are passing Apple now to become the second most valuable public company in the United States behind Microsoft Jim kind of put all of this into perspective last night on mad money we got some huge winners in our time right Steve Jobs the iPhone Bill Gates Windows Chef Bezos Amazon Mark Zuckerberg Facebook now metal those are individuals who personally changed the world are amazing but nothing like Jensen nothing at all bottom line thank you Jensen for changing the world and for you skeptics take a look at today's biggest gainers they're all spit they're just spinning pins scattered this way and that because Nvidia speedball went right down the middle Steve Reich Jim I love the fact that ten years ago Apple was 53 times Nvidia's market cap yeah look this is a phenomena and I think there's a lot of people who are skeptical which one of the reasons why this week I think was motivated by the split that comes on Friday more than it was from what Jensen has been saying Computex was a very important meeting over the weekend but what one after another when you have a CEO one and not tech or non-tech they try to bring them up they just can't seem to nod and so you'll get these situations where somebody like last night you know you get snowflake on they have to mention three four times that they're involved you get HPE was ten times before four direct mentions to Jensen now David you could argue these are anecdotal but when you put them all together it does feel like that what's happened here is that you need him he is AI you need AI there's nowhere else to go so they're sales as expressed by the percentage of a six billion dollar center that you use data center well maybe seventy five eighty percent yeah I mean listen the the the cretion of value is incredible as you pointed out the top of that money as we have over and over again and there are any number of investors by the way who might have entered this year fully believing in the thesis but said Nvidia's run has got at least and had they would have been a hundred and forty seven percent wrong as we sit here today with the stock again eclipsing the company eclipsing the value of Apple it's truly staggering I can remember when we're here in a trillion dollar valuation for Nvidia which feels only like months ago I don't exactly know when that was with that run that we had and we were out the CEO counseled Santa Barbara yes where he had the the fabled five billion dollar miss as he called it miss to the upside and I think that that was the beginning of recognition for people who were not that close to it right that what's happened is that was right I remember yeah that he's now on a path and when I say on a path I was going to the era of Ruben the new chip before we even see the ball I want to know is when does this all start to come to an end when do investors truly start to wonder whether they're monopoly if you want to call it that or their lock their stranglehold on being the chip you need the GPU need when does that start to end there are any number of smaller companies made up of very very capable chip designers I know that are being funded you've got the Amazons of the world and the Metas and I can go on trying to really design their own much because it's sold what geez that's you know does does I mean at some point this competitive dynamic will change will it not well I think that the issue is is that you've got someone who is so far ahead in the training size see these are all inference that you've got competitors you know training I mean even AMD's closer in terms of training you call we had this training just have to remember you're feeding these things you're feeding these basically super computers everything they need to know and then you're inferring and it's it's the it's darn teaching it's the it's the core of knowledge that are in these that matter yeah I mean to David's question I'm thinking back to a couple years ago when say take Tesla we'd have Adam Jonas on right he would call Tesla the white rabbit on the racetrack that everybody was chasing right but it wasn't the Tesla changed it was that the market for EVs changed is there and the competition from the Chinese for example look let's say look we have CPUs which by the way Renee Haas is putting out some numbers from arm that are saying look it's gigantic how many we need well there are CPUs and everything yes but you'd have to have something that was not CPU or GPU something that means other iteration the next different material material that's that's cheaper than silicon we can put two billion transistors on something that uses cadence to be able to have a software design that's what Nvidia uses now that then goes to Taiwan semi and Taiwan semi or someone better than Taiwan semi and I can't imagine it that would be basically so it obviates both Nvidia and Taiwan semi and it has to be something that we've never seen before remember Jensen he was 30 years in the making because he really believed in the GPU and the most important moment was when Andy Grove rejected the GPU rejected yeah well as he said that's a gaming chip that's many many years ago is that really Grove who did that yeah it was Grove not some of the other leaders there who made some real missteps it until long away was grove and the reason I mentioned mention is because that was the moment when you went on a course of where you're gonna go for all-round purpose computing or speed computing and speed computing Grove felt the speed computing was mop was was small-minded and general purpose would mean they beat everywhere well they never really cracked the cell phone we know that now what they the decision not to partner with Apple exactly and I was very important I was out of lieny that I believe yeah and then the CPU well what happened is is that it general purpose turned out to be not as good as speed and speed when you mix all these these chips up you mix that's when you get the accelerated computing remember it's two things that Jensen always talked about up from it's accelerating computing and general AI and you need both if you're gonna challenge it you need that better general AI which mean you have to have much better database before it ever gets the customer the training and then you need something as much faster everybody's based on CPU except for except for Lisa Sue from AMD and Lisa Sue's gonna have plenty of business plenty of business meantime speaking of Apple highest price of the year green for eight straight days longer streak in a couple of years although big piece in the journal today about how they felt behind an AI well you know when you fall behind you can catch up and I think that when we look at the cell phone but it's a consumer product and when you listen to Jensen Jensen's business business product is what we don't know right well we know a lot more than we did a year ago yes well his rock star status no you and I knew you guys knew because I kept going nuts about it you did you did for a long time I mean the the meeting coming up from Apple is not an unimportant one no obviously we referenced this journal story talking about how they did not take the lead how Steve Jobs was had been pushing a different version of series sometime back and but when you have a billion what have I got a billion for I don't even know how many devices and consumer sense you can change the playing field pretty quickly if you choose to yes I mean the look I get upset when I hear that they're behind because if they were behind then we'd all be with Samsung phones but we come in oh these guys are behind I'm throwing this away give me a Nokia I mean it just doesn't work like that in these articles that are what they always say the same thing which is that apples fall behind now you go with with Tim Kug and CEO and Tim Kug we said we don't want to be first we want to be best second strike right and I remember when they introduced the morning show they show the morning show and they said listen we're gonna be big in TV and I'm like you guys are so late and he said no we want to be great and I think they are how many times now do you just again anecdotal I'm sorry do you say what was that in the is there a net fight no that's apple plus really dark matter I thought that was like Vera Ruben in the next iteration of the adjacent trip no me apple plus is real okay don't say okay no I mean I have enjoyed a couple of shows and all of all the things you would go to to try to show apples ability I wouldn't think it would be that no no I mean it is a rounding error on a rounding error for the company it means nothing it's a simile okay and what I'm saying is is that they don't like to be first they like to be best and I had to throw that out I shouldn't I shouldn't I should have said Siri okay I should have said Siri I should have said emojis damn emojis yes you should have this thing won't even go through I've got this important thing it won't even go through is that AI says try again every time I press we're gonna talk a lot more apple video in a little bit before that though our image average is confirming reports this morning that the DOJ and the FTC have reached a deal to open anti-trust inquiries of Microsoft open AI and NVIDIA is treasury weighing in on some AI risks as well let's get to Megan Cosella for those details morning Megan morning Carl so the treasure department is taking its first step today toward regulating AI in the financial services industry at the same time that treasury secretary Janet Yellen is warning for the first time about significant risks associated with the use of AI by financial companies so Yellen is set to speak this afternoon about what she sees as vulnerabilities stemming from using AI in finance she'll warn about risks associated with too much concentration among key players and she'll highlight how quote insufficient or faulty data could lead to bias in AI-driven decision-making so Yellen will also say that treasury is is in regular communication with federal financial regulators on AI and to that end the treasury department is asking the financial services sector starting this morning for its input on how AI is being used within the industry the formal request for information as it's known asks folks in the finance industry to share their thoughts on opportunities and risks that AI presents to the sector the agency says part of what it's looking for are recommendations on how regulation or legislation around the use of AI in finance could be strengthened and it asks what measures would help encourage innovation and competition and if there's a way to use AI to better combat illicit finance and again guys this is the formal first step required before the agency can move toward formal regulation it would still be a long process from here but with so few prospects for comprehensive legislation on AI right now the most action we're going to get on AI is going to come from this sort of regulation at the federal level guys making appreciate that making Casela Jim it's ironic because b of a also has a note today that goes into how gen AI will be game-changing for large banks in a good way yes look i i i george kirkson yes you are my now regard as the dean of cyber co crowd strike and he is really saying look that i i came on some people can't can imitate you he said listen they can detect AI allows them to detect now one of the things we went into was there are a lot of foreign nation said i've been doing most of the hacking and they're not allowed to have they're not allowed to have in vidia no the highest in ships the highest in ships aren't right no in vidia we got to know including china of course being the key one but i mean the others are on certainly is very active russia we know jeeter amandos made it so you're not going to get them yeah but the fact seems to be that it's always an arms races and it when it comes to cyber and cyber crime yes it is and they would always just you know because charor from from parallel to he would admit that but i do think that what's more powerful is uh jonathan canner from the justice department looking at the choke points of in vidia okay so what is he supposed to do what are what's in vidia supposed to do say you know what we're going to slow down progress and we're going to let AMD catch up to us because that's the american way how about the fact that maybe we're just a dominant player i know what are we supposed to do when you're buying the back agenda in your own dominance of the leather jacket as a result of your ability to execute you created the market you benefit from the abundance of that market until competition comes right i mean you want to make sure there is the but there is there's plenty of capital going in jonathan canner has obviously read okay he's read the rocker feller turnout book and he's decided that this is like oil well oil is naturally in the ground and yes rocker feller wiped out all the competition by hoarding the oil keeping it from everybody that's like what is it gensens supposed to do what is he that is he supposed to go to college to get stupid what is he supposed to do gensens what what hey i'm sorry i'm sorry i'm so good i mean remember the baron garland hangs up holds up a phone so and he says you know this has been the choke point who are these people who are these people when we're finally good at something don't you want to create a fertile ground for the next envision you do well you want to make money around you want to yeah i like being dominant we do have enormous enormous platforms in a handful of these handful of companies that have incredible power over our lives well i don't know i like my phone i like my phone i like my Nvidia i like my camera but i was like didn't they gave me the second this i can get in even with this dog this is that's how close i am building yes ragu but ragu can get it you get access yeah i no no i don't have access the dog has access you get me in there only if you look like ragu here you know what after the way you treat me here you go here you go mr ragu oh you just kind of haircut you look too good i'm not gonna do that don't please not the hair not the hair no that don't touch that hair it's like john garfield can you garfield for me please i don't even know how to curl come in your garfield and i'm not talking about the door and cat when we come back we'll touch on tesla ramping up its push for shareholder approval of musk's pay package after andrew talked to robin denholm the board chair on squawk this morning futures uh still a bit uh squirrely around the flat line we'll talk some ecb as well when squawk on the street continues the most innovative companies are going further with t mobile for business tractor supply trusts 5g solutions from t-mobile together we're connecting over 2200 stores with 5g business internet empowering ai so team members can match shoppers with the products they need faster this is enriching customer experience this is tractor supply with t-mobile for business take your business further at tmobile.com slash now what's on the horizon for financial markets at pjim 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 shake tomorrow today pursue your tomorrow with pjim a leading global asset manager we're tracking shares of tesla they do appear to be moving a bit lower in the pre-market uh it would be uh a fourth straight quarter quarterly decline um with the sanio meeting just a week away the company urging shareholders to ratify you one must 2018 pay package it was struck down by a Delaware court of course last hour on squawk box tester chair robin denholm explained what she believes could happen at least if the compensation plan is rejected by shareholders ratifying uh the plan is the best option clearly if it doesn't pass um then there are other alternatives but none of them are as good from a shareholder perspective is actually ratifying the plan um people have asked me well why didn't you renegotiate well actually from a legal perspective ratification is really taking the same plan uh and putting it back in front of uh shareholders with all the requisite disclosure that the judge asked for and that is one of the key points here they wanted to say all right judge in Delaware you asked for this we're still going to do it under Delaware law it's going to be the same plan and we're going to show you you were incorrect in your ruling in the first place by putting it back to shareholders and doing everything we should and keeping any potential chance of further litigation perhaps at bay you can see tesla shares barely off this morning uh guys as i you know talked about it a bit yesterday the index funds here the made uh significant holders of stock though not necessarily determinant of the outcome of this are they were expected to follow the same path they did last time and so it's going to be an uphill battle uh for the company you've got to get retail to show up that's one of the key things here just show up and actually vote that also will be very important for the re-incorporation in Texas that is also being put to a separate vote of shareholders that requires 50.1 percent of the outstanding in favor for that to happen but it'll be very interesting to see if in fact the plan does not move forward because it is not ratified what they choose to do in terms of making sure that musk is out of compensated i mean Jim is there ever a chance that he says i'm out of here well yeah i mean i don't think that in the great interview that Andrew did with Robin Denholm i i don't think i think she really skirted the one issue which is that yeah like what happens in the board right yeah do you want to is a real disagreement whatever it seemed all consensual and that would make you feel like you would never leave yeah but the fact is he has other plans big plans i mean i'm i just retweeted successful soft landing the starship super heavy rocket booster i mean Andrew has got many jobs he's got many jobs uh so maybe this one's not of interest and even earlier this week cnbc.com's reporting in terms of the reallocation of NVIDIA chips to other other musk companies as you take a look at starship by the way we talk about this in a bit because it does have an impact on starlink and that's important and amazing by the way look at what i mean it's the biggest thing that's ever gone into gone up like that and actually had a soft landing of the booster came back down um but we did ask or i should say uh Andrew asked chair denholm about the other aspects of musk's employment so to speak and what impact if any and how the board pushes back perhaps on him when he wants to go do other things or allocate resources in a different way take a listen the board does that all the time i do that all the time i'm not going to do it in public i mean to me that that is uh the antithesis of good governance what good governance is is making sure that we're getting the best outcomes for our shareholders but we're doing it in a respectful way i mean he wants a uh an amazing asset for the company and uh the future of the company right even 60 percent of the launch time is probably better than a hundred percent of any other pretty shifted to 30 percent if he doesn't win ratchet it back i don't know how does he do his clock you spend a lot of time he makes his own plan he he he allocates his time the way he wants to desire and he had told me he had three different assistants got rid of all of them because they weren't allocating properly in terms of how he spends his time. David's right uh four quarters of decline haven't done that in a decade the total drawdown is almost 60 percent market shares down 14 points in a year any other CEO jim would you put them on the wall of sham? wow uh that's a tough one because if we know that there's been no new auto company in years uh we also know that he is making so these are considered to be autonomous machines that's not in the narrative there wasn't autonomous machines when they but when they had the first pay package. I'm afraid to put him on the wall shame because he did the deal that i want all CEOs to do which is uh winner take all those who take none and and i think his pay package was brilliant and i'm tired of not him but the CEOs who made 30 million whose stocks are stuck at say a hundred. I mean it's incredible what what SpaceX just did is incredible right the super heavy came down yeah the booster the heavy rocket booster i mean you can see why people are itching to own share the SpaceX oh man can you imagine that discussion after he rejected Jensen and then he came and said look i need the chips the two guys talking to eat what was that like that discussion yeah that's i just i find this that would be good it would be good governance not to talk about space it's good government's not to talk about things yeah i i i look good governance was open and transparent but no i was wrong i was wrong no i stand correct this is everything well get Kramer's mad dash countdown to the opening bell we're going to get to lulu lift hood disney five shop carvana in a moment the most innovative companies are going further with T-Mobile for business tractor supply trusts 5g solutions from T-Mobile together we're connecting over 2200 stores with 5g business internet empowering ai so team members can match shoppers with the products they need faster this is enriching customer experience this is tractor supply with T-Mobile for business take your business further at T-Mobile dot com slash now let's get to let's get to a mad dash got an opening bell two and a half minutes from now where you headed food group hasn't been so good now we know that we don't know how much is that is qp dash one we know how much that is because things got too expensive one thing we do know though is jm smucker surprised people with a pretty good number but they bought hostess hostess looks to be working they have pet snacks that seems to be working um this is a company that has done a lot to be able to make things better and it hasn't mattered until now if you take a look from the charts so good good for mark smucker and i think that the fact that he just did the number rather than just crush it was enough it was enough i have candles on tonight it wasn't enough so when you look at these stocks david inflation in food got to be too much and uh but not for pets this family companies are interesting is he fourth or fifth generation i think he might be fifth i don't know he's incredibly nice and incredibly perceptive about what has to happen Folgers was okay coffee was okay right peanut butter okay yep but you know getting rid of some legacy uh pet food for just the good pet food for snacking pet dog yeah dogs like the snack yeah i mean i don't think they have a set time either no they they'll lead anything at any time anywhere yes yeah they just snack well around the clock if they want to so i mean this is this this is a story that a lot of people felt was going to miss they didn't miss so the stock's up six and they're actually making something out of that hostess deal because i think i was so funny for that i was so skeptical about that deal and mark said don't be skeptical right now it looks pretty good okay you know the hostess i thought that that would be something that diet wise people kind of shy away from this work we're gonna talk um five below after the bell in a moment but you did write this morning that the call was a vivid explanation of what's happened to some parts of the consumer well i look five below just point blank set it that the consumers scrapped five dollars more than five dollars is just too much uh they had a miserable uh post eastern eastern time and i think that we have to really go into what happens in this country when a five dollar company is too expensive worth of five america double one no parts of america go it could be open and bell in the city to see a real time exchange of the big board it's moodies at the nazdak it's life 360 attracting device company celebrating it's us listing today one has been a great stock tracking like people don't realize garmon it throws wiped out by uh by apple it's been one of the greatest performers of all time uh so i'm always interested in any track so the nice way to know where your teenage daughters are around the city oh absolutely and we always used to do that you know did you really have to take an uber it was like six blocks uh it took an uber for six blocks or lift i guess it's a lift now hey how about lifts up eight pre-market on this uh head of this investor look richer i mean i'd risk you know richard 20 million people had a read in africa after he had just crushed it at amazon and you know when he first came one i had the first interview with him and it was like what do you think you think i can't handle this i mean the guy is a guy is a genuine uh good dig doer who came back and look what he's done is real yeah it's kind of a bit of a revival yeah are they are they true i mean it's at all price versus uber they have a lot of different things that they do and they have a meets at the airport they have a a woman only driving that goes well they've actually had more drivers in so therefore they have more volume and they have a leader and richard's a leader and people want to work with him and for him i say with him because he is probably one of the most horizontal people i've ever met we don't talk enough about who's horizontal in this business and who's not and of course you know it's number one horizontal uber benefiting from that is well up five today yeah the only better s and b here is is lulu today well lulu was a big big short uh dumb money got shorter i think down here but i will tell you that the lulu conference call i was not happy with there were many things that went wrong they missed on fashion they domestically numbers just were not good at all they were like a not great department store chain international is good and china 52 that's what china mainland china did that for that because they had the wrong fashion and frankly there were markdowns so was it just the only the analyst asked about markdowns it was just expectations were that low that that this is a precisely precisely and to hear caliper we don't have to talk about about about markdowns i mean this is a company that is a full price company and yet this is a markdown sees wookie tjx you see how big tjx is the size of that company given i do actually i always remark on the on the market cap of tjx 121 i know it's the quietest 120 billion dollar market cap retailer tjx that we have out there although best downstock of the year yep now walmart wow wow 29 what is it up i mean that's incredible uh it's very interesting that entails 129 billion and tjx is 121 but that could that could change you think we had that horse race yesterday on scottie show uh apple versa i love that i know those are always fun and we can keep an eye on it today is in video is uh still above right i mean yeah still above uh apple okay by the way some of these stats on in video are worth going over again guys do you have them i have them of course now i can't find them well i saw jensen's now 13th richest 107 billion june well i guess he can get that two thousand dollar dollar jacket i went to tjx yesterday to get a leather jacket and the thing that really encouraged me about tjx was they said we don't carry you warm it's the summer boom we get rid of that inventory immediately so the takeaway was to buy tjx i couldn't find a lot of time i think it was 74 trading days between two billion and three excuse me two trillion and three trillion 74 trading days roughly a year a little over a year ago i have asked the question earlier it was a trillion dollar market value for NVIDIA that was late may as as Jim referenced actually um and uh and here we are above three trillion with the stock up yet again he will always tell you November 2022 yeah when people realize come from chat what what he had he'd been telling everybody look up oh will you look at that my god it's amazing um by the way walmart carl to your point is 540 billion dollar market value it's up 34% for the last year don't forget when it comes to like the robert frank part of the world in terms of net worth that waltman family they want they they own 50% of this thing right you're absolutely right now walmart just so we know the dividends alone are just uh immense every month walmart and costco that's them right now broington tjx that's the economy we have costco positive article in fortune positive article in washing post as if costco never existed until now i mean it's like wow they had you needed some membership now these are the guys who are sustaining america washing post was talking about cost because i had national treasure i mean what because otherwise we'd be losing the battle against inflation everywhere uh big lots will certainly fly in the face of all of that uh with a much larger than expected miss uh and loss uh revenues amiss they really don't know what they're doing i mean it's a shame broington did broington had a really good quarter dollar tree was very mixed but i think they're distracted by getting rid of the family dollars uh by the way downgraded dollar tree today over yeah that was very tough that whole deal it seems like they just can't the split is not working uh well it's it seems like they're a little disorganized that was disorganized conference call but the one that wasn't disorganized was alleys now alleys is not up today because we mentioned alleys yesterday alleys is opening you know they want to get to a huge number of stores yeah thousand stores it's hard to find all that by the way there's there's only a certain amount of there's a finite amount of of of stuff that big guys give away yes now alleys does something if you have a consumer package good brand let's say you have crest i don't want to pick any way you have a eight you have a toothpaste company and you put out a new toothpaste well what do you do with the old toothpaste you give it to alleys how does alleys differ then from tjx which owns both obviously tj max but also home goods it's really apparel apparel is not alleys strength i see because home goods though home goods is a similar and home goods has it's so seasoned i mean you know all these you know you're going to home goods right now this is when you better get your thanksgiving stuff locked out i went into home goods the the sunday before thanksgiving and it was really good home goods and Neptune and i i asked the salesperson simply though we get rid of all that by by halloween we don't want to get caught with any thanksgiving stuff it's like the most sophisticated analysis i've ever heard it's great tjx wow it's a great stuff great company guys uh cue the uh the rocket again because i just love looking at starship going up i mean who doesn't right i could just watch it all day long but there is also uh another potential thing at least we we can talk about here that may have a impact on a number of other companies over time once they get starship up and running and they are making great progress in doing that they are going to be launching and again i'm relying a lot here on a jp morgan report uh from last let's call it november uh november 29th um they're going to be launching an awful lot of star link satellites okay they got granted by the fcc the right to a new constellation of 29,988 non-geostationary orbit satellites they already have deployed obviously for the first generation of of star link 4425 satellites that by the way may have changed because this report is six months old or so but with starship they're going to be able to launch hundreds of the new satellites and these are next-gen star link satellites um and they are going to reduce the cost dramatically and increase the capacity of star link dramatically um these so-called uh v2 minis will have four times the capacity of the v1 and the next gen eventual next-gen satellites could have eight times the capacity why am i mentioning all this star link some people some over years may have it you know you use it in rural areas you use it perhaps even now in in suburban areas it's not moving to urban areas it's going to be very hard but it is going to be a competitor oh no in a significant way oh yeah oh yeah oh oh yeah and you know benny discounted it i i was thinking of you know you can remember global star or ridium and be like ah this stuff never works right correct star link because he's got the rocket and the rocket's bigger than any rocket ever. Hey listen t-mobil doesn't seem to be phased no well they're fixed wireless is an important product for them but this is really bringing broadband to the two to more remote areas or not even that remote and so that's the competitive set who else hooks up broadband into suburban america i had data bricks they're the company when you speak into your clicker your remote they you know fillies game they put it on that's nice Jim i like that it's very nice got that of course if uh starling keeps uh causing rifts among people in the amazon uh did you see that story yes something amazing something yeah well they all have broadband access now everybody is broadband obviously we've talked often about its importance in terms of the ukraine rush or wars chief's games say again is there a delay is it or is there any latency i don't have the service i think it's gotten better and better and as they are able to increase capacity fourfold eightfold with the deployment of the new satellites via the starship when it actually can do that it's going to be a big thing it would be important so we need to start thinking about mba contracts going to space possibly possibly by the way speaking of media um disney jim looks like they do have some runway to start investing in florida again yeah another major park couple smaller parks go back to experience ten thousand hotel rooms over the next decade maybe i know go back to experience experience can't be uh duplicated by uh stars you know starship trooper nope they're uh they're i mean obviously their footprint in rolando is enormous and they're going to be investing there they are they're investing over 60 billion over the next what i forget the five five or eight your time i'm not sure on the timeline i forgot promise but work in the parks overall bernstein big look at just how important the experience is i i love that it was part one uh they do need to put a new theme park out i think out west uh but what's bothering me about this is that when i read this piece i said this stock's going to be up today because pieces so no this stock just has a this stock just acts so horribly it's just that actually death i mean it's incredible um while we're on the subject of media uh let me just give a quick update on paramount because i i would assume those who care have been waiting and we're just waiting for share of redstone control shareholder to make a decision they're and we're chasing other companies make a decision about whether or not she wants to sign on to the deal which we've gone over many times that we give her roughly two billion dollars for national amusements and obviously also include um another uh roughly six billion being spent by both skydance and redbird uh in terms of infusing cash on the balance sheet of paramount and most importantly buying out uh decent percentage of the b shareholders and the a's by the way that are not controlled by sherry at a premium when the deal closes which is obviously a long time from now it's an emotional decision one might imagine given her family's control this company has extended now over some 40 plus years um but jim there are many you know who would say take the deal it's an opportunity for both the broad shareholder base to cash out and for you to get a premium for your shares and potentially paved the way for this company and she would roll in on told if she signs on the common that she has the b's into uh into the deal as well so we're just waiting will it be tomorrow could be you know it's been a few days now it took the deal terms of say again night ritter took the deal that was a smart deal smart deal well yeah welcome really smart deal paramount would bone up on night ritter it was a really smart deal when they took that was 60 bucks a share i think that was so great uh well they all went bankrupt at all everybody well night ritter was i got like when i was being paid a hundred and uh fifty four dollars a week a week i also got like a billionth of a share um they did like a ten time that said it was split you know yes linear cable networks are challenged to say the least and and paramount has quite a few of them but i think there is a belief on the part of this party that is willing to put up eight billion in new capital that you are talking about um an ability it's not just about cutting costs that the value of a broadcast network may be undervalued in cbs by the way with larry elison behind you you're going to be able to have the money to spend on the nfl and that's important to really right to step up again when that contract it's years away but when that contract comes up um you know you would have a need to potentially partner in streaming but even beyond that don't forget there is the tie-up when it comes to oracle and david elison being the CEO of this company and what you can do on the technology level in terms of creating the first truly uh technology enabled media company i'm not sure how to exactly put it so i think that's part of the growth strategy here and why the why they're willing to put so much capital at risk for a deal that would seem to have a lot of potential issues i totally agree now you know david just in terms of what we heard with musk uh and dan home i mean now if larry just as larry decides to just help his son okay uh because he thinks it's going to be great for his own company that's fine yeah well you're also right and by the way uh elison kkr redbird r investors in skydance and you are putting evaluation on that as you merge it in as well so that's not unhelpful but you're right and then yeah you know elison's obviously stepping up for a lot of uh of the capital commitment as is redbird kkr not um what if matter they have so much you know larry's building out the data center as quickly as the other guys as the hyper scale well he is hyper scale you know do they need a lot of data says just something that you would want to have if you're going to be in that business i think so i mean you're talking about creative content driven business that would you know obviously ai is going to be an important part of and change the media business yeah and so you're going to be at the forefront of that he'd be one of the few or first sort of leaders of one of these companies in his forties not an older guy and increasingly what we're seeing right first William Shire Shire's voice is in a uh a new video a new uh series about Hitler and World War II it's just ai i mean i have to listen books on tape to rise and fall you mean the rise and fall of the third right by Shire is being made into what no but they if there's a a i mean excuse my ignorance here because i have not watched the production but uh the narrator is ai created yeah i'm the narrator i mean William Shire he died years ago what a distinctive voice he had i mean just incredible but i just think that the idea that this is what's happening if i were Larry Ellison i would definitely won't this is very exciting time worth mentioning of course given today is June 6th oh and uh the storming enormity took place 80 years ago president the first lady uh in france today honoring some of the american veterans who are over there getting the legion of honor from microne pretty incredible day yes and series of visuals uh jim we haven't really by the way all time high didn't take much but we got it uh at 53 62 ecb cuts canada cuts swiss cut but this is what i mean this is look you get these cuts you're gonna be flying and uh this is why everybody we don't look the further out they are the more exciting is so i look at just building and building and building and then the people come in from the outside out you know from the sidelines because they say wait a second i'm not going to be getting that five percent uh and next thing you know uh you have prices even higher and i know that sounds like just dr pang loss but i think it can happen and i know you saw this goldman note on flows yesterday the phrase wall of money was used and a reminder of how good the first two weeks of july generally are it's you know we're headed into a period where you want to get long and i still think what we had an article yesterday but about how people are still pulling out of the market like man people leaving the market uh i i'm you know we can't own stocks i have a i have a treasury rolling over and i'm saying wow i get five yeah you have five fives i was pretty darn good you take my five away you know what about the fear that uh we're not going to have a soft landing that things are actually are starting to deteriorate at a more rapid rate perhaps i don't think about the 1.8 percent GDP we've been above three not that long ago i think we'll get an okay number tomorrow but look i look i David the clock starts again if we're not good if we have a bad number to a hot number starts again for when he's going to right and what do we get in the ex-inflation gauges next week cpi's next week right okay i just look i'm just saying that there's a lot of money that wants to come into this market and waiting for cuts and you can't wait that just never paid off you have to go now let's go now maybe maybe i'd start with so i was with someone just used this i i bought a lot of didia didia don't perhaps yet oh you it's a silent in video video silent in i thought i know it's a silent in who did i know uh didia to jim's point ten year back below four three uh we didn't really mention claims 229 is the second highest since august uh but unit labor costs did come in below expectations and productivity beat and that definitely did help sentiment we're back in a minute airlines behaving pretty well here today united gets upgraded over at redburn they go to buy also the rolling 20 day average of tsa throughput at the nation's airlines is at multi-year highs as the us consumer if challenged continues to travel at least dows up 133 s&p just off all-time high stop trading with jim is next let's get to jam and stop trading well first i don't want to get wrong with serandos it's uh hitler in the nazi's evil and trial and that's okay um arresting networks had a meeting here yesterday i'm so furious because i was in the boardroom uh to celebrate right here to celebrate their 10th anniversary and if you want to know who is not getting enough credit because they do ethernet and uh chances got to fin of bam which is a competitor uh but these guys are partners and they do a lot of work and j free you'll all does does not you know it doesn't go all over the place there are gents and this gents and that just and this shouldn't have to she's got a really important product of hot tan by the way on the board imagine by hot tan being on the board do you think that's like then home no you think hot tan just says yes yes yeah yes let me get back to you yes no hot tan is a total heavyweight that's the rest of record she is an amazing CEO and doesn't get really the credit she should for the ethernet product that everybody loves i know you love uh milius research and they were iterated to buy on both i went back and forth with them i mean look he's you know i know he knew his dad i know his dad bob righteous was the greatest chemical analyst of our time he was in fillet uh and ben bench is doing a level work that i've not seen with analysts in a very long time other than michael semblis with the sports piece that i have to read reading right now are you really how great it's amazing semblis is a it's a cool thesis that it's no longer limited uh billionaires to play it right and it isn't i mean it's part of credit i told you i told you you should go on private crap i mean red bird which i've been mentioned chairman obviously been very active in that but so many different uh private equity firms now yep you could have bought an MLS franchise a couple years ago for a million bucks now they're Charlie Charlie i could have been someone i don't think that's a restriction either you could actually own one of those hey no wnba i went and bought a mesquial company yeah you made a mistake what's on tonight i don't know so let's okay David mr state is mr's lift is on okay i've got camels the quarter was not perfect and that a guy who made me you know i'd be able to talk about jennison wobbies for evan greenberg read his letter his shareholder it's probably it like jamie what jamie could do well to read his uh evans shareholder that's my dog you get into world headquarters it's uncle you and cla you know never command for law and and video oh video silent in jim will see you tonight we'll get ready for jobs in the morning uh mad money six p.m. you've been listening to the opening bell one cmbc'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 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