Hey, Fidelity. What's it cost to invest with the Fidelity app? Start with as little as $1 with no account fees or trade commissions on US stocks and ETFs. Hmm, that's music to my ears. I can only talk. Investing involves risk, including risk of loss. Zero account fees apply to retail brokerage accounts only. Sell or assessment fee not included. A limited number of ETFs are subject to a transaction-based service fee of $100. See full list at Fidelity.com/commissions. Fidelity brokerage services LLC member NYSE SIPC. Market Insight and analysis. You're listening to the opening bell of CNBC. Squawk on the street. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kingston here with Jim Kramer, David Faber at Post 9 of the New York Stock Exchange. Five record closes in a row for the S&P. Future suggests the bulls will take aim at a sixth with Powell Day 2 on the hill. More deflation out of China. Two-year yield. Lowest since March. A roadmap begins with the records rolling on. S&P and Aztec extend to new highs. Tesla targeting its 11th straight daily gain. And Apple tops three and a half trillion. Let's begin that with tech continuing to fuel the market's record run gym. Lots of target increases for Meta today, Apple, Amazon. We knew these first couple of weeks of July would be good. Yes, the first 10 days we just had the best days. I get up early. Just kind of once said me, it's always been very exciting to me because it is the key. It's a trillion dollar company by the way, and it was everything we thought it was going to be with 33% sales up. They report in a couple of weeks, so this is not the definitive earnings, but what you can read through here is you can read through a video, you can read through AMT, and then of course the reverberations of all these, the Super Micro. We can talk about Mike Rotten. David, there's a moment where I was watching another show, and I wasn't gassed, so I'm going to criticize it, but saying, "Listen, until it broadens out," and I'm just saying it broadened out from NVIDIA to Super Micro. What do you need? What do you need? Does warehouse have to run here? Is that what we're waiting for? We're waiting for WK Kellogg. Are we waiting for you to finish texting someone and answering me? Sorry. That was a little aggressive in the first two minutes. I don't know if this mic is working. Is this mic working? You can hear me. All right, we're good, because at the top of the show, I got some texts that said my mic wasn't working. Okay, well, so anyway, Carl, we are in a cold tree. No, David, you know what I feel like. I know you're talking about the broadening out, but the broadening out is not, I mean, you're kidding me. If I wait for-- If I wait for-- Super Micro. Super Micro. I'm trying to book them. You kidding me? If I wait for broadening out, I'm going to-- What--? What--? I do. I need Huntington-Mang shares to go up before I pull a trigger. No. You did tweet a few moments ago about this downgraded Kellogg as it B of A goes to underperform. Because that is the paradigm of what's not working. They raise price. The cardboard box, of course, is worth more than the cornflakes. Everything's inflated, and that is what you have to stay away from. So the reason why I keep thinking that you have to own certain stocks that are talked about every day is because they are winners, and typically in a fed, induced, almost recession, you would buy Kellogg. But a lot of these copies raise price, raise price, raise price, and frankly, I don't want them. That's why you've said to be wary of Pepsi con agra tomorrow. I'm very worried about Pepsi because I do think it's GOP-1. No one will ever admit to GOP-1, and yet I watch our network, and there's nothing but ads from companies I've never heard of, who've got GOP-1. They can get them because of an FDA exception because you can't get enough lily products. So I don't want those stocks. I just don't want a company. I think con agra is a great company, and they've did a lot of frozen food, Gen Z, David, they love frozen food. It's that cold aisle. See, it's cold. You open it up. Then you try to open up the second one, it won't work. Well, I have actually have been to the supermarket, yes, I experienced it. Well, they doubled down on an aisle, which was great. But the aisle that you need to be in, David, is the data center aisle, which is wild. Like the Honeywell do this morning. Buying the LNG business from Air Product. I'm waiting for what Tom Jordan from Code Tarah, which I think is the best snack gas company, said would happen, which is that one of these hyperscalers, I call them tech titans. Thank you, Jay Shree Yoloal, who's just got, I think, an amazing, not a risk to, not the record company, which John Coltrane was on, and Coltrane, son of Vice President Husband. Great Philadelphia. Wait. Yes. And what's there for that? Is that even a plaque? Anyway, it's probably a far field. You mean Coltrane? Yeah, a little far field. A little bit. I got it. Okay. But, yeah. Your knowledge knows no bounds. And when it comes to music, nobody beats him. Okay. But anyway, let's go back to LNG. Thank you. I think that it's only a matter of time before one of these hyperscalers buys an LNG. That gas company goes soup to nuts. But in the meantime, this is, I mean, by the way, I actually said something not dissimilar from it a while back about buying power plants, but they're going to buy an LNG company. Okay. Okay. Soup to nuts. Deal with me. This is from, this is not producing Tom Jordan. Delta, Delta and vertical and fuel? Yes, they did. Remember the finery? The Philly refinery? So Amazon or Microsoft are going to buy an LNG company? Okay. Come on. Is it any difference in Apple making their own chips? I'm going to strangle him. Yeah. No. It is different. Okay. Cotara is a great cabinet. Well, yeah. I can see the press release. Amazon's buying Cotara this morning. Okay. Okay. Yeah. They're an LNG company. Oh, yeah. I'm not going to talk. You mike's not working. Tom Jordan came one. Tom Jordan came one. Mad money. I know you want to tell people who Tom Jordan is. Okay. Most people have no idea. Cotara. Oh, okay. Which is the old cabinet. Oil and gas, which is the best natural gas company. They have a $1.20. Fine. You know, even at $2.30 they make money. Yeah. And he said the hyperscalers are out looking to buy a night gas company and they were actually debating whether they should sell to it. He said that. He said. You sure you understood what he was saying. He said. A natural gas. This is an exploration company that's finding natural gas, transporting it up. Yeah. He said was not just a natural gas-fueled power plant. They're going to get a transcript of Tom Jordan saying. Listen, we've been talking about all the different ways that they're looking to secure power and/or by the way, so many players are looking to secure chips in other ways. Buying Bitcoin miners, for example, to have that excess GPU chips, for example, that can be repurposed for a generator to buy on that gas company. All right. He's going to get the transcript. All right. He's going to get the transcript. He's going to have to eat paramount. You're talking about widening the universe of marginal buyers, kind of like we saw with media and big tech. Yes. Look, I just think we're in the sea change moment where if you're not involved with the data center, you know, what Blackstone, you know, is great data center play. Well, yeah. They own an enormous one. Right. If you're not involved with the data center, you're not involved in what anything, the AI, and we're going to talk about it, and I've done some work on it to it. If you're not involved with AI, then you're a serial. You're right. You're a serial. I ain't talking about the bear serial. That's what everybody cares about until at some point something changes and they no longer do. Exactly. I don't know what that will be, Jim. I don't either. I mean, maybe it's going to turn out that life sciences comes back. I mean, other than Lilly, though, I know works me in a couple of good acquisitions, but Lilly is the one that goes up, and that's the one that says, "Why couldn't they all be Lilly?" Why? When do we stop? When do our shows not be 90% GOP ones in Nvidia? When we do Tesla more. Tesla today going for 11 straight, Goldman goes to 248, but they keep the neutral. Right. Yeah. Bill Gross yesterday, say Tesla's trading like a meme stock. Well, I mean, look, we have an analyst today who writes a great deal, by the way, and his name is Jonas, and he's talking about maybe this is the huge business that Tesla has, the electric business, David, the storage business. Did you read? You didn't, I have his piece. Would you? Yeah. The title is "Tesla Energy Worth More Than Tesla Auto." Right. I mean, that's just classic quantum escape from Jonas. I mean, I love it. I love it, but... Quantum escape. Quantum escape. Oh, that was the problem. That was what it was. Yeah. You like to hang that one on me. I never said that. Yes, you did. Oh, I did. By the way, SPACs, SPACs are not going away. Now they're back. Now they're back. They're kind of back. They're bigger names. I mentioned the company yesterday that was an Apple sponsor for Formula One and will not get there. That was not a SPAC. They're bigger names being it, bigger things. The sponsors, though, are not, you know, they've changed the compensation level, but they're not going away. EAs is one of the sponsors in Formula One. There you go. This Tesla energy is being valued. It should be valued at $183 billion, according to Adam Jonas. Now, do you think he has a Darkboard? One E3, one E4, one E5, and it hit one E3? Because how do you come up with one E? How about it? I think it might be $183,247 million and five cents, $0.18. That is something that a lot of investors are getting enthusiastic about. Who's this in? In the center. Well, it's... But energy storage is a very important... And it's growing very significantly for them. Remember, we're supposed to have 25% solar is going to be in the mosaic of 2030. That's what it's going to be. Unless Project 2025 comes into place, then you will not have a 2030 solar. Then we bring coal back entirely. Entirely. Entirely. Entirely. Entirely. Entirely. Entirely. Entirely. Entirely is run on coal. Is that what it is? It's called SuperCycle with Project 2025. That's way down on the Project 2025 list. You know, I think it's energy at all. It's not. It's mostly the consolidation of the Justice Department of the Presidency. That said, though, on Tesla, most overbought Jim since June of '23, and this time's piece about market share in the U.S. now below 50. No, below 50. But Jason Querz put out that fantastic piece that, hence the meme, he's our internal brain trust. I would call him the scientist. Actually, I'd call Ben Stoda the scientist. This guy's an uber scientist. But one thing that he did point out is that the day trading options in Tesla, and we don't talk about day trading enough, the zero-dark 30 option that people lose money on every day. That people are making money this time. Have you covered everything? Well, I guess the question then would be, all right, we've talked some M&A, we've talked some mega cap tech. We've talked coal train, which is important. We've talked coal train stuff. What do all those things mean for the indices in the back half? All right. So what I think what means is that you have to go back to what Ben Rice just said about how amazingly NVIDIA was not valued correctly by a lot of funds. They had to go buy more in order to have the quality of being, to match the recipe, the one mirror the recipe. And what's happening is, I've mentioned that because there's a leapfrog effect. Every time something happens, there's somebody comes out and says, "Well, look, just a second, I've got a new reason." Now, I mean, then I want to go back to 2000. We had new reasons, but there weren't real reasons. Here we have new reasons. Like I was going back and forth with NVIDIA, Blackwell sold out. You said it sold out. Right. So what do you do? It sold out $35,000 a pop. So I'm going to say $40,000. What do you do? Do you just ignore? Well, listen. I mean, there is an argument. Roger McNamee was making it the other day on her hair talking about how we were just saying that these companies are pouring so much money and they'll never see a return on the Capitol. That is his belief. Now, it's going to be a while. Then let's go. It's going to be a while until we actually know whether he's right or wrong, first of all, but he says it's overhyped and it will under-deliver, essentially. I made the point that, yeah, you could say the same thing about the internet in 1997-98. The fact is, though, it delivered everything in way more, but it just took a while. Well, Jess and Wong, CEO of NVIDIA, said over and over again, you can't be third, fourth on this. You've got to be first. This is a, it's not a winner to take while losers take none because there's just so much business. I mean, but there, you have to be a first mover or else you're going to be left behind. I believe that. And I'm sure Google, which there's a great piece about Alphabet and how, what, more Martin, the biggest business out there is you two, but there, she's been calling for that. Fine, forever. Years. Good to an expansion. Yes. Well, that's good. But 7% of the chips are going to Google. That may be not enough. Meantime, we mentioned the Kellogg down great. We've got this initiation lower on target. We've got cautious note from UBS on retailers and tariffs. So does everything else go to get shaded? I'm not buying that. 10% tariff. I had to deal with that with constellation brands because you get the tariff because they bring in Medellos and they bring in Corona. And I just think if you're really going to be that nitty gritty and talk about the 10% tariff, I mean, everyone's going to have it. You're going to just factory is also the downgrade of Visa MasterCard. That was, that was hard to see. I didn't like that at all. The idea that those companies are over, David, you know, David within the next 30 sections is going to give me the market cap of Visa and, and then express some faux wonderment. And three, two, twenty nine, twenty eight, uh, five hundred and thirty one billion dollars. Oh, I do. Thank you. And that's why you don't downgrade those two stocks is if you downgrade them, you never get back in them. They are juggernauts, be of a says some clouds, maybe gathering 10% top line might be tough regulatory. Oh, great. It's harder to take Christ. No, one of the greatest toys ever created. The right to problems have been less of a, but MasterCard down nine dollars. Let it go down 13 and then snap it off. Have a great. I mean, there's a great, great back story there, Bank of America sending out all those cards to people. They didn't know what they were getting in the mail. I like Bank of America stock back in the, I was at the sixties or fifties. I got it. Of course, I forget these things. I listened to these great podcasts and then they, my, oh, you know, shit podcast. I do. I do. I do. I listen to that once really do this great history. Of course, I forget the name of the podcast. Final thing we didn't get to was whether or not Powell was truly dovish yesterday, Jim labor, no longer a source of inflationary pressure, elevated inflation, not the only risk we face. He did use, and I'm going to paraphrase, labor is strong, but weak. You ever hear when he said that, you know, it was like kind of, that was his weakest moment in his testimony. He said, well, we've got a very, it's, wages have gotten cooler, but we have a strong job market. Now, what he's really saying is ideally that we're still hiring people and they're not getting raises, which is anti, you know, it's just inflation. I mean, we're going to talk lay offs it into it today. Yes. UiPath CNN. Yes. And don't forget Robert Frank with just an incredible, incredible report this morning that was right in David's face. We're starting to see people leaving, you know, the New York to Florida. No, no, no. It's starting to abate now. Right. He was talking about 2022 numbers. Let me finish my book. No, I won't. Yeah. I'm going to come by now and I'm going to play you now and I'm not going to allow you to picture. No, I am. I know. It's a big good. Come on. No, anyway, I think that Chari's completely out. She is. That's true. She will be completely out of it. Let me just finish. You take Diana Ola, she's a little more positive on House than I am, but in terms of the tightness. But I told David that there was going to be a decline in Manhattan pricing and he laughed and laughed and laughed and doesn't he look like Carrie in the seminal gymnasium scene? A decline in pricing in Manhattan where? For what? Robert Frank. A decline that is finally peaked and is coming down. Oh, it is. Rentals? Everything. But that was great. A report by Robert Frank this morning. Nobody's better. It was the one that like- I watched it five twenty three. I must have missed that part about the rental, about the housing market, sorry. You did write this morning that everything was beginning to break. Yes, everything other than insurance and you had a shirt off it coming today and there's a piece saying insurance rates are going to come down. Yeah. The last, I mean, carbana, you know, David Hughes cars are coming down big. So what's still climbing? I don't know. I like that. Well, to that point, one-year yield with a forehandle first time since almost Memorial Day. Actually, no, it would be late March almost, yeah. I know. I was checking to see. I got some treasures rolling over. I'm loud. Don't treasure me. It's just, you know, I know. And I'm thinking just maybe go out two years. Hmm. Yeah, extend duration. We'll talk more about that. Get a check on the chip sector, on this tear, riding the AI rally. Take another look at the pre-market as the S&P goes for the sixth record close in a road today, almost 17% for the year, best 13th best start to a year in history. Stay with us. High five. Up top. Dave's company just got the first ever five-year price lock guarantee from Comcast Business. Yeah. It's five years of gig speed internet, advanced security and a great rate that won't change. All from the company with 99.9% network reliability. Yeah. He hasn't given this many high five since Deborah brought in her famous banana bread. Yes. The Comcast Business five-year price lock guarantee ends eight, twenty one, twenty four. Guaranteed rate applies to monthly service charge for new customers on qualifying internet bundle, excluding taxes and fees. Other restrictions apply. Support for this program is provided by Chevron. Demand for energy is projected to continue rising in the future. To help keep up, Chevron is increasing their US oil and gas production and they're innovating to help do it responsibly across their operations, including their Gulf of Mexico facilities, which are some of the world's lowest carbon intensity operations, helping supply energy that's affordable, reliable and ever cleaner. That's energy and progress. One more at chevron.com/meetingdemand. As I mentioned, my bugaboo is this broadening out. Well, this one may be the next one. It's about, look at this performance. What's about, it's a 28 times earnings, you know, you get multiple expansion, but the fact is this excellent Piper Sandler piece this morning doing great remodeling, the advertising revenue here, David, it's the e-com marketplace, membership, Walmart fulfillment, everything's going their way and if you ever were to go with me to a Walmart store, you would just say, oh my God, it's high fashion for nine dollars. Is that what I would say? Yes, you would. So you still feel positive, despite what is a very strong performance. I absolutely do. And I'll tell you why. I think that we're going to begin to think of this company as an e-commerce company, the first retailer that transfers. Now Costco, which I believe reports monthly numbers tonight, is not going that direction. Costco says you've got to go to the stores. They do have an e-commerce. By the way, the buying of Gold and Costco, I mean, unabated. And congratulations, Rich Glenn, to you as a retiree and CFO who's, of course, one of the cover of CEO magazine, Chief Executive, because he's that good, he's actually the CEO. No, just the magazine. Costco and Walmart are breaking out, and they are the two of the retail that could join the trillion dollar club. Not this year, but I just think that Walmart is no longer just to break it off. And so what's in this piece today? Well, it just, it talks about the unlocking significant value of five high margin revenue streams. But it basically just saying, remember when Amazon suddenly you discovered it was an advertising company? Yes. And it was, it's, by the way, the gross market was there, what, about 99%? I know. Well. Well, advertising. By the way, now it's moved to prime, too. I'm not watching the show. Now I got ads. David, you got to click and get rid of the, I had ads in the bear. Can you get rid of the, I'm like, I call my wife, this is a grounds for divorce. No, no, no. It's like, the bacon. The air from sick. But I guess prime, I'm not paying for no ads. Would I have to pay extra? It just hit some buttons with, but anyway, Walmart is just, David Amazon, the advertising tier. It's like the Netflix tier. You can't. Right. And to your point, it's an opportunity for Walmart to start to garner. Right. Young people don't mind watching ads. From people that display items on the website. Right. Walt family. Don't forget. They still own almost, what? 50% of the stock. I think Billin is such a great CEO. Okay. He was empowered by the Waltons to do what he needed to do and take time doing it. And he did it. All right. We got an opening bell coming up. Don't forget. You can watch us anytime, anywhere. Follow the opening bell. Spark on the street open bell podcast. By the way, Scott and CEO David Elson, Redbird, capital founder Jerry Cardenow coming up top of the hour. Ever north health services, we believe costs shouldn't get in the way of life-changing care. And we're doing everything in our power to make it possible. Behavioral health solutions that also keep your projections at their best, it's possible. Pharmacy benefits that benefit your bottom line. It's possible. Complex specialty care that cares about your ROI. It's possible. Because we're already doing it. All while saving businesses billions, that's wonder made possible. Learn more at evernorth.com/wonder. It's been a pretty interesting 24 hours of executive moves at Chipotle Gym, UPS, and 3M today, which is moving on this president's CFO move. Yeah. Well, I mean, they had to fill the slot there. I remember Mike Roman really did get, I don't understand, 3M was on the ropes. And he came through and got them through both the combat arms litigation, which was really very, very sticky. And obviously, the forever chemicals. And I think Mike Roman's done a very good job. So he get the new guy, Bill Brown, I think is excellent, from L3HAR, so he gets his own CFO. Oh, that's fine. I want to talk about Jack Hartung for a second. Okay, so people don't realize Jack Hartung, he came into 2002, that was in the previous regime. They do have a guy. One of the things I love about him is he's not stepping down until next year, so we know that there's more. You've got to tell people who Jack Hartung is. He's a CFO, a chipotle. All right. Well, not everybody knows that. Okay. Anyway. Anyway, so he navigated through E. coli and Novo Barris, who stopped one from 14 and half to seven. Now you do have a 54 one foot. You don't have to take it. I think they have to take his feet out, because Ryan Nichols, and he's hardly so composite. I wish him good luck today, so don't worry, he's still in there for a while, but wow. This guy is a Titan CFO. We don't talk about CFOs enough, Rich Galante, Cosmo Titan CFO. These people really are Annette Ashkenazi, Lily to Google. Amazing. And Jack Hartung, maybe the king. I love it. After Rich Galante and Cosmo, and now Hartung at Chipotle. Rich Galante, legendary financial officer. When he does his, I'm going to miss his conference calls, where, by the way, he doesn't book a lot of, if you haven't done your homework, it's really not great. You got to do your homework with Rich, Glante. You have to do your homework. In the meantime opening bell, CNBC Realtime Exchange, the big board today, it is Spectrum 360, a non-profit focused on special education for people with autism at the NASDAQ. It's tail and energy celebrating. It's listing as we're now 10 points, nine points, Jim, from 5600. Oh, hi. I mean, look, we've got a very explosive market. We come in, we know these 10 days are the best. We are right on the eve of Ernie, so we don't have any Ernie's disappointments. And David, the magnificent whatever, I don't even care anymore. How many are they, Jim? What are they? It's the race to Trillion. There's a whole bunch of companies that are going to be Trillionaires, and obviously Tesla back again. It's just a housing moment for stocks, and then when you start reporting, and I think we're going to find that not everybody is equally prepared for a slowdown that we're getting. Sorry, we head into earnings season, a couple of days from now, we start with the banks. So what do you mean when you say not everybody's equally prepared? Thank you, David. Because I think that the banks have jumped off this idea, that we don't, that the regulations may be not as stiff, plus the idea that if Trump gets in, there won't be a lot of regulations and be more mergers. And I'm saying, can we please deal with the earnings first? And I think there's going to be people who endlessly complain about commercial real estate, even though I think that SL Green is telling you New York's gotten better. One of these companies is going to get color this earnings season in a negative way. One of the banks will do that. And that's what happens. Yeah, I really do. I don't think it's going to be Wells. Well, last quarter it was JP Morgan, stock of which has recovered fully from what was a very, not particularly well-taken earnings report, and the commentary around it on the call. I know, and they did that thing. They did. It'll fade at that moment where everyone's coming out. And you can see what I'm talking about, but, Jimmy, it has recovered all of that. No, I know. But, you know, David, these companies are prone to having something go wrong. And I think that someone is going to see a credit card delinquencies. You know, Carl, when you see the consumer as stretch as what "Hell on a Choice" said yesterday, in one of the worst conference calls of all time, because every single division has got headwinds, you can't just suddenly have every single division not do well. Well, there's some division too. Yeah, I mean, they're stressed consumer, maybe choosy. There is the joke going around that the consumer is so stretched, they're living airport to airport. But I'm back from LA, boy, my arms tired. I will say that on a "Hell on a Choice" they're no longer talking about a Frugal consumer. They're talking about a consumer who basically is very cautious and very scared. We will see Costco. I think that consumer is going to Costco, or going to Walmart. And Costco, by the way, does not let anybody get away with price increases. That's Rich Galantes. He does more to bring down inflation than even J-Pel. We do have Piper initiating Target Lower down to neutral. They do think guidance is reasonable. I know. But no catalyst. It was just one of those things which just said, basically we really like the shop there, but they don't really have any other reason to talk about it. And the Walmart piece was so much more compelling. I really like that. Hey, by the way, the Samsung strike, okay? I just want to mention this because I do think the chips are going to lead us again. That's good for Micron. And Micron is another stock that really got dinged when it reported, and that's starting to sneak back. So you're seeing that J-Pel. I love that. It's a good idea for tonight's show. What is Jim? The stocks that have come back from... But Micron has had a great year, or a great 12 months already. Right. But it did get hit badly. The stock was at 1.57, David, and it dropped to 1.30. That's a bit of a brutal thing. So you're talking about the major comebacks, Tesla, Apple? That's what I'm doing. Yeah. Yeah. Yeah. I'm doing major comebacks tonight. I think it's really good. That's not bad. You have some others, major comebacks? Yeah. Anybody on that net scheme? Yeah, the net. It's a major comeback. We were 11 games under 500. Back to even. Yeah. You didn't have anything from the Knicks. The Knicks. Nova. Okay. Anyway. Apple. Sometimes I have to do both shows. Apple is the most major of comebacks as it approaches a 20% year-to-date gain, which would outpace that of the S&P. Of course. I mean, this was a stock that was flat, much of the year until, of course. And now they're talking about average highs. You see it right there. Right. There's a piece that says that Apple advertising is going to do well. Advertising could double Apple's revenue growth, and this is, wow. This is. Need them. Yep. They go to another 260. You know what? Some people were critical of Laura Martin, but her overall thrust that these companies are worth a lot more than people think. My hat's off to her. I think she does a great job. And the Apple piece is something I hadn't really thought about, that how the ad martens are 70, 80% at such a good business. And David, all the advertisement that used to go to things like, I don't know who you have one. You're doing an interview? Yes. Got it. Elison. Yeah. Yeah. He used to go to the traditional media companies. And now it goes to YouTube. It goes to YouTube. Obviously, it's been going to meta and to Alphabet for many years, but to your point, it also goes to Amazon. Yeah. And now it goes to Walmart. I know. I just think it's a bit of a product placement on the website. By the way, I like Pinterest, and I like Reddit. I think they're getting their fair share. Yep. Cowan today takes Amazon 245, Bezos selling more. Well, he's. He's got a lot of things in his mind. He's got a lot. He's got a Washington Post piece. That was me. I didn't see the most recent piece in the post. He's basically saved the Washington Post. Give the guy a break. Yeah. It's an abstraction one would think for him. Although, I know he does think about it or spend, you know, maybe a few hours, I forget. Well, two hours. I haven't talked to him about it. Two hours a year to go. It's worth like 80 hours for the rest of us. It was some research. I spent a few hours a week on it or something like that. He's told me. Well, he's selling stock. Yeah. He continues to sell stock, but he's got an awful lot behind it. One can't blame him, give him a move up in the share price as well, not to mention he redama sell to Florida, which I believe does make selling of stock easier. And he went a quite a long period without having sold a share. Well, he sold a $3 million and obviously that a lot behind it, but look, the wealth has been created. We don't talk about it enough. Like Larry Ellison. He could lose $20 billion and make paramount into a hyperscaler, if you want it. Yes. Having that kind of capital behind you is a great benefit, one would think. And to your point, Larry Ellison's got one of the great fortunes in the world. I mean, you know, you just do the math on the Oracle stake, but it's well beyond that. Obviously, remember, he was a large shareholder in Tesla. Took a big position. A remarkable guy. I wish he likes me. Although the Bernstein note today on the Paramount Proformas, I think their title is Yuck, that it widely misses consensus, 20% missed a consensus actually. Well, it depends. You know, they're talking about proforma adjusted operating income before depreciation and amortization of $3.4 billion and $25 billion, going to $4.1 billion and $26 billion. You do it off the 26th, that number, you get a multiple that's in line or even below a bit's number of the competitors, but you're right. The back end and the question becoming, after you tend to your 48% of your bees, obviously everybody would most likely go for the 15. You know, what is that going to look like in terms of a multiple? And some have been saying, well, it's still above that of Warner Brothers Discovery, which is perhaps the great, you know, the single best peer you want to look at for evaluating. The stock of which is down yet again, as is our parent company. Well, you report on every day, and just, although Netflix is down today, although, again, it has a 40% gain on the year versus Warner Brothers Discovery down, 36% Comcast down, 14% Disney up 7%. That's what keeps winning. God, it's such a game. I love winning. I like to make it both games. Oh, the face to the head. Both games. So I've really hit home. I actually mentioned perhaps I own Comcast stock. Yes. And I work for Comcast. Yes, you do. And I do as well. And so does Carl. We all do. Yeah. Zazloff, of course, at Sun Valley, of Warner Brothers Discovery asked about the presidential election, says we just need an opportunity for deregulation. So companies can consolidate and do what we need to do to be even better. I think there is a general belief, for example, coming back to media that you need consolidation. It's not something that can be participated in by the biggest companies. I think Zazloff would say, or those who would say, hey, if Amazon was able to buy what it wanted and under a Trump administration, perhaps that would be the case, they would buy Warner Brothers Discovery. Whether that's true or not, I don't, can't say at this point. But it's not something that's possible. There is a belief, perhaps, in a hope that it would be possible under a new administration with a much more lax approach to antitrust. Our parent company, as well, for example, couldn't participate in even trying to buy Paramount, probably, let alone Warner Brothers Discovery. Will those change? Will that seemingly necessary consolidation take place amongst these media companies in a new administration if one comes in? Perhaps. Perhaps. And maybe Big Tech will be able to play. Apple never has, regardless of whether they could or couldn't, they haven't chosen not to. I think the largest deal they've still ever done is beats. $3 billion. I know. Yeah. I tried to get them to buy Netflix. How'd that work out for you? Well, it didn't happen. No, it didn't. It was good. The company was like 75. Yeah. It was like-- Would have been a good deal. 75-- yeah. It was $750 million. Like, look, I made a few bum-- you know, that made some bad calls to you. Yeah, occasionally. Yeah. Occasionally. That always puts me in mind when you mention Apple and Netflix of Carl Icahn, who, if he just held on to both those stocks when he owned them, then Big? He's worried about China, with Apple. Speaking of China, Jim, PPI down 8/10, CPI is a miss. I mean, that's one reason we got this decline in yields here. Yeah. I mean, I keep coming back to it that you just have to think about Nike. Nike, David, they didn't raise the dividend. That's actually a 2% yield because the stocks come down. Nike is the poster boy for everything that right now is going wrong. The frugal consumer, China, management being a little bit off the wall. The years in the wall. How many times do I mention the ball? Those old shoes that they could bring back, you know, like the ones that are hanging from the wire when you go up. He's laughing. Meantime, oil, below 81, that's going to be the lows of the month, and we do have your sound from Cotero rack. Okay. No, it's a little tenuated, but, yeah, let's just hear that. Take a listen to this. Okay. I'm kind of surprised that at a certain point, we don't see what I regard as being a deal between a natural gas company and a data center company. I mean, why not? They're spending fortunes to put windows up and they're doing that themselves. Why not contact directly in that gas company, line it up at a consistent price for the next five years so you don't have to worry about it? Well, we're looking at that long as hard as you can imagine. As I think many of our peers are, we're going to see that. It just makes too much sense and ultimately logic will prevail on that. And you said five years or more, you know, there's a lot of natural gas in this country ready to be brought to market. I would look at a decade or more in terms of secure supply against a reasonable contract that's win-win for the data center and the producer. Now, why would Jim, you said a contract, your question was, would somebody line up buying the natural gas? What you said on our air earlier today was they would buy the company. That was different. You said a contract over five years. That's what he was answering. He came back and said, "No, maybe a company." He didn't. He said, "I see them lining that up over a long period of time." I think he was, I interpret that as being that they might buy the company. Interesting. Well, why? He didn't say that and that was not your question. I think you need to listen again. I think you need to listen. I heard you ask the question, which was, would they contract to buy all the natural gas from a particular company? Okay. Then he said, "Yes." It's too natural. Okay. Well, that's different than buying a natural gas company. I read it. I rest my case. I took it to the next level. Oh, my God. The prosecution rests. Well, you did the interview, Jim. So you must have a... I just felt that that was really kind of the takeaway, David. You know, the takeaway? I don't think that is the takeaway because I think it's highly unlikely. If it happens, we're going to come back to this tape today's shot. Oh, my God. It's not going to happen. It's not going to happen. Amazon and Alphabet and up, they're not buying natural gas companies. They're going to contract, as you say, for... Oh, this is getting serious. The outbox goes to 100 ahead of Nike and we're going to see a deal. We're going to see a deal. We're going to see a deal. We're going to see a deal. We're likely to buy nuclear power plants first. They want to do that. Yeah. You know that. They want to buy... They want to... Oh, no. That's called TMI. I'm taking that bet. We're not going to set a time limit on this, are we? Whatever. But David's been here 40 years. That's what he's had years. Five years. You'll long be retired. No. We'll get you guys on the phone. You have not worked here 40... No, I've been here... No, no. That's like... That's like British Columbia. Once I've been to this 40 years, what? No, that's why it's going to happen. And natural gas companies are going to get a bid from a hyperscaler by that point. At what point? By the time you retire. Oh. That could be any time. Sorry. Really? Don't put a gun to my head. David, look at the promoter getting to see the bottom right? Oh, yes. David Ellison. Yeah, because he just looks at... By the way, he just looks at the tape constantly. Mom, what do you mean? It's all he does. It's all he does. It just can't lift his head. I don't know. I don't know where with him. The tape's running. He's like one to get exactly related. Just one for one with him, video. It's absolutely terrific. And by the way, Hawk Tan is also someone who has a lot of money. You want to talk about people who have a lot of money? Sure does. By the way, the 10 for one, I think, pays out Friday. Yes. It's going to be like everyone know that right after Chipotle and right after Nvidia, there was churn. So don't feel like you should buy it ahead. That has been a bad strategy. That's... Broadcom's in the 800 billion market cap. Well, that's my club. I know it is. With Lily. With Tesla yet again. I think it's 900, David. Way off. Yeah. No, Lily's under nine. We didn't mention the Barclays. We mentioned Barclays going to 932, Jim. They do think Manjaro beats, and they thought possibility of raising guidance again. I think that this is all about CapEx. How many plants can you build? How quickly? These are five billion dollar plants. They are very hard to make. And in the meantime, all that happens is people say that they might have a pill. Believe me, David Rick, CEO of Eli Lilly is going to be first with a pill too. And now they changed the name... Remember, Casula. I mean, they've changed a lot of these names. Casula is the... Is the... Is the mention. The Alzheimer's drug. Yeah. Very important. And by the way, another potential block was... American Brain Foundation, American Migraine. A lot of people feel that this drug really does forestall or make it so that Alzheimer's is pulled off a couple of years or not is difficult. That's conceivably a very important and a game changer. Will the federal government pay for it? It's hard to... I mean, Medicare is already stressed. It's like... Whoa. I was talking to some people about what would turn Eli Lilly into an absolute sure. And it is... It is everything hard, which is still the biggest killer in the country. And the most important part is that it does really remarkable. How about glaucoma? Time for glaucoma? What can't this thing do? Okay. Fabulous drug. We're gonna... We're gonna know, I mean... Fabulous drug? A few decades. What are the men for public health policy? Yeah. As we go to break, it'll be a busy day once again and fixed income. You see the 10-year below four, three, Powell starts in a few moments. We'll get that Q&A when it gets going. Also Bowman and Goolsbee on the tape at 2.30 and a 10-year note auction at once. Stay with us. Time for Jim and stop trading. What are my favorite comeback stories to Corbana? We've been big Ernie Garcia fans on Mab Money and when it was in the teens, we said, "Listen, this is it. This is a real good model." Well, Needham this morning says buckle up, proper growth ahead, upgraded by 160 target. I think it's very fair that it gets there. They are expanding nationwide. They've got a terrific one that we visited on Long Island that was a vending machine one. It's inventive, it's fun to shop there and I bought a car and I didn't like it. I took it back and no harm no foul. It was like usually they were turning in Amazon pack. Is this going to be on your comeback list? I didn't even thought about that. Yes. Thank you. So much good to have the show written. Yes. From this show. You know, it's a nice synergy. Yeah, it's a synergy. And speaking of synergy, I have one of my absolute favorite CEOs one tonight, Hoffman from Brinker. Now this guy is the guy who recognized that McDonald's was raising and raising and raising too much. He came in with the $10.90 smash burger, David, which has a drink too and unlimited drinks by the way. And this thing propelled this company, by the way, number one on Twitter when he unveiled it, to over almost everybody, he's an out promoting guy from Yom, he's really sensational. And that was when I realized that McDonald's talk was a big joke. This is where you mentioned margaritas. Yes. Why do they call the company Brinker? Because it was one of the greatest restaurateurs in history. Thank you. I didn't know that. When I met him online, he says it though, his point. Oh, okay. Let me get it on it. The other thing that Santoli pointed out before the show this morning, Jim, is if you look at Chipotle here to date, you can almost see the day where McDonald's launched $5.00. Yes. But that all... I mean, yeah, absolutely true. That was also the controversy about size. Brian, Nicole, said the prices have, you know, remember the prices have gone up at the size hasn't, all right? Now, a lot of people feel that there's been, David, a very big controversy about whether the sizes have gotten smaller. I know. And I continue to believe, other than the Guerrero problem for Chipotle, for avocado when it comes to the walk, I think it's a great company, but I've got to tell you, people really feel that there's just an undercurrent now that Chipotle, I think, is untrue, but I think maybe you got to get Jack One, Jack Hart on the CFO, because I think that the company's being slagged unfairly. Well, Brian, Nickel, you wouldn't bring him up. Oh, no, I'd rather bring him on the CFO. No, no, it's just that Jack's retiring. I want to salute him. I love Brian. Not for a while. Not for a march. Not for a march. Yeah. Well, I just wanted to have an excuse to have Jack One. I love him. Okay. I just love the guy. I love him. He's been terrific. I mean, you know, true north, but during the really terrible airborne illness, and I was telling him, because I owned a restaurant there by the grace of God, and I said, "You're making a comeback. You will do it." And he said, "Absolutely." And what a buying opportunity that was in October of 2016. Jim, we'll see you tonight. I love you. Then all the animosity is just strictly... It's all for sure. It's all an act. It's a show, man. 100%. 100. We'll see you at 6. Mad. 26 PM. When we come back, David's first on CNBC interview with Paramount and Powell in a moment. You've been listening to the opening hour of CNBC's Squawk on the Street. All opinions expressed by the Squawk on the Street participants are solely their opinions and do not reflect the opinions of CNBC, NBCUniversal, or their parent company, or affiliates, and may have been previously disseminated by them on television, radio, internet, or another medium. 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