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A roadmap begins with the final trading week of the first half, GDP, PCE coming, a lot of FedSpeak on deck, while high-flying Nvidia does look on track for a three-day slump. All things Apple, the first company, now charged with violating the EU's DMA rules and reportedly discussing an AI partnership with meta. And federal prosecutors want Boeing to face some criminal charges from the DOJ. Let's begin with the market, though, kicking off this new week of trading, Jim, you are a site for Sora. Did you have fun? Obviously great. This was with my two daughters and you can't beat it. It was all outdoors. I had not a lot of pay attention to the market, although I did my deep dive yesterday. And I will say from the get-go, it is almost impossible. Yeah, that's a nice looking shot. You know, what the national park system is unbelievable. Yes. And these two are back-to-back. It's Yosemite and it's Teton and it's 100%. I mean, by the way, old faithful is pretty amazing. Did you... Oh, yeah! I mean, it's a complete hack tourist, which I recommend everyone in this country to be a complete hack tourist because you just don't know how great our country is. And it's just nice to see something really work. Yeah. The national parks. John D. Rockefeller Jr., thank you for making that happen. Your stuff on social during the week was great. Thank you. How much were you able to watch and what do you make of the equal weight outpacing the benchmark last week? Yeah. Look, there was more written about the so-called outside move in NVIDIA than I've read about any chart in a long time. But here's my problem. And I did a piece of shit last night this weekend for the investing club. You know, it's difficult to value NVIDIA. I mean, it might turn out to be that the P is much lower than people realize. People don't know what NVIDIA does. That hurts. We all know what Apple does. We all know what Microsoft does. So when it got to the rarefied area, I think a lot of people have said, what are we? Who are these guys? It was like, which cash do you send in as a kid? Not just because of Western metaphor. Who are these guys? And so I kind of look at it and I say, the market is turned on the idea that there could be somebody that could pass Apple and Microsoft. It was almost like there were heat-seeking missiles the moment it got passed Microsoft. So now everyone's possessed with the idea it's the top. And given the fact that there are only a couple stocks that continue to provide all the upside, I think people just say, well, that's the one we got to take out and shoot. And look, I say let it come down. I like NVIDIA. I'm the same thing. Own it, don't trade. Nothing's changed for me since, I don't know, about $30. But I do recognize that the long knives are out because people just don't think it can possibly be worth more than Microsoft. Twelve percent off the record highs. Would you be surprised to see that get much larger? I think that we have Micron later this week. I think that Micron's going to show an incredible number. And I think that that's going to make it so people say, well, wait a second. How can they have an incredible number without NVIDIA moving higher? And Micron, two recommendations today. Now, look, I think Micron's going to have a very big number. And they got this high bandwidth memory that really does matter. The HPM is what everyone's excited about. If you're part of the 26 and you don't get hit, which is just incredible after the stocks moving up this morning, then I think people say, well, wait a second. We got to go back. So I wouldn't be surprised if NVIDIA, despite the fact that people feel it's like the Grand Teton, which has the biggest head and shoulder pattern I've ever seen. Now, I would, if they were here, I would say, listen, if you want to know what it looks, just go to Grand Teton. It's okay. You'll see what it means like. But yeah, the bearish engulfing. I mean, I'm like thinking, I'm looking at Grand Teton. I'm saying, NVIDIA, oh boy, that'll be like a long slide down. It's dangerous stock. Dangerous mountain. You know, 5.5, 5.5 NVIDIA. I mean, enough. Enough. I mean, okay. It's going down a little. It had the greatest run I've ever seen. They just run in the history of this document. Yes. They just were a two month gain of 80 plus percent. Actually, interestingly today, the Goldman desk writes about how it has provided an opportunity to look at the rest of Mag 7 Google meta Amazon, which have kind of lied low ahead of Q2 earnings. Well, look, every day you're going to get something good. I mean, Amazon, do you have Alexa? Sure. My kids had a big fight with their last night. I wanted the chemical brothers. They put on some, which I had no idea. How do you know? They're great. Yeah, those down two pot. I don't know. I mean, hey, let's put down two pot on. But they put on some chemical something else. So my daughters are listening, Siri, you know, at first quarter, Siri. Because that's what you do. He always confused those two, right? I mean, Siri, Alexa. She said, Siri, shut that aside. She doesn't respond to that. And then she said, Alexa, change it to, no. I mean, Alexa's an idiot, all right? But Alexa, now they want to charge for Alexa. They want to charge for an idiot. I don't know. I mean, we're all sick of them, but maybe they have an advanced Alexa. Yep. And that advanced Alexa might do the things that we really want. I mean, I just say, listen, Alexa, I want Whole Foods to deliver. And I think that's right. Alexa, did this, it did, it's Wind River on prime video. Because that was not far from where we were. And I think that that Alexa might be worth something. That's a souped up Alexa. So maybe they've got, I don't think Amazon ever offers something that's a waste. So I'm looking forward to a new Alexa that really understands me, but not to the point where it sends me stuff that, you know, a day ahead of when I'm thinking about it. Do you expect Nike to give us some good clues on consumer? I think that Nike could actually look. This is not the quarter that Nike should ever break out. I don't think a Nike quarter is any good. I do think that they can make a forecast because I don't think that when I look at all the, when you look at Under Armour, which does seem to be in tatters, you look at it. Obviously, Hoke is really doing well and Owens doing really well. But I think the market could have more room. It's just not an expensive, Nike is not expensive. Again, I don't think the quarter is going to be great. But I do think that they can say, you know what, we're seeing some green shoots. There's a lot of green shoots in China just that no one, everyone's afraid of them. I mean, and I think they're afraid because they saw, once again, Alibaba go up big and then reverse, and reverse horribly. That's the cheapest stock in the world, according to a lot of people. Dave Tapper would tell you, the great Dave Tapper, I don't mean that. I do not mean that facetiously at all. Because I knew him at Goldman. He is legitimate. He thinks that Alibaba is the cheapest stock on Earth, but there is obviously a level of risk that we're not used to. And I think that's the same problem with all of China. And then we have, if we have a Thursday, if Trump does really well Thursday night, then I think that you're going to say, "No, whatever Nike is going to make in China, I'm going to take that back." In the same way that the Chinese are punishing EU by saying, "Look, you want to put a big tariff on our EVs? We'll put a big tariff on Mercedes and Bimmer." And those are really important companies in Germany. Yeah, the trade tussle between the EU and China is getting intense. They have agreed to some talks. They're floating some perks for German car makers to avoid what they hope are going to be, all to avoid some of these tariffs. Yes, they have to know, obviously, they want to make some money to the EU off of Apple, which is what we're all sick of. We understood today's was really, really hard to understand. They want to, this is the EU Commission, they want to prevent Apple's preventing app developers from freely steering consumers to alternative channels for offers and content. Well, who wants alternative channels? I mean, the big issue has always been, do I use my own site? Where do I go in the Apple store and give them a third? Well, you know, zero percent of a hundred. You know, you get a hundred percent of zero. No one comes to your site. I'd rather give them 30 percent. And that's always been the problem, which is that you can't incentivize companies to not do well. You can. That's why companies always settle for the app store. I mean, having done, this is the discussion I had at the street.com, I started saying, "Look, no one's coming to our website, but let's go on the app store." And this is just zoomed. Which one of the reasons why people say, "God, why do you like Apple so much?" And I said, "Well, because I've seen the power and the power is a positive one." I don't know how that became Darth Vader. It is remarkable. I mean, what would Chad GPT say? Right, open AI would be like, "We're getting paid just to be there." Oh my God, we were playing with Chad GPT and Claude just to see the imperfections this weekend when we had Wi-Fi. And we've decided that, and I wrote it in my piece, that no matter what they do, they have to do like it. It's seven hard works. And 300 of them are just pure power. I mean, they just put it in. They just make it sound like they're trying to stretch it out. I found that of less value than I would have liked. We were playing with everything. Interesting. My kids are so good at this. This story is interesting too. I mean, people talking this morning about what it may mean for Google Microsoft. This is not a classic partnership between these two companies. These two have never really no love lost. But I think if Apple can gather everything and be able to make some more sense of it, there's just not enough to fall to the stuff that really works, to really understand. I was trying to, for instance, look up memes, a GameStop, apes. None of these know anything about stuff that you still default to go into Google. Google means ads. Google means they steer you towards stuff that you necessarily want to be steered. So I just find that we're at this crossroads where we really don't know what to do until it gets smarter. I think Jensen Wong, we're here and thank you to my kids for Father's Day Jack. Which was from circa like 2023 when the stock was only worth like a trillion, you know? But you know that the next generation, the Blackwell, will make it so it's got video. And if it's video, then it can really look at him. That jacket has nothing on my jacket. That's the old version. Well, now you're getting to an element that people are going to talk a lot more about as we get into earnings in a few weeks. That is, all right, show us the money, literally. I know, I know. People do point to Accenture last week, which started to give you clues about GNAI service revenue. Well, Julia Borsen had a great piece. It was the one Frank Wallace Dom today, about travel agents and bots. And it was the usual, which is that you can't believe it. Like it reads your mind. It's like, well, wait a second. The weather's bad. Here's five things that you might want to do for dinner. But at the same time, it said that travel agencies, there's been no decline in workforce. I keep finding the same thing, which is that whatever it's doing, and we saw that with banking last week, they're short of a month. No one seems to be losing their job yet. Now, I don't want people to lose their jobs. But I do point out that it's not been functional enough for most businesses. I think that Adobe would tell you when I was speaking to Shontonu last week. Shontonu Ryan to see you, it's creating jobs. Creating jobs. Creating people who can leave their big company, go to create a new company and look just like a big company because of Firefly. This is the whole hardware-eating software. Is Salesforce structural or cyclical? That whole debate, right? Yes. It's funny you mention Salesforce because that stock has come back from 208 to 244. But if you look at it, there you go again with the grantee time. Faber, listen to me. We're going to get a lot of Western analogs. We have. The second last picture I posted was the old and head and shoulder picture of grantee time, and it was so frightening that I said Salesforce is going back to 208. I thought you were going to make something of the bear that you saw and got on camera. The bear was grisly and people don't realize that, say, if you're in Jersey, we have black bears. No, nobody's a teddy bear. There are no such things as teddy bears. Oh, there we go. There we go. See the head and shoulder pattern behind me? Yes, yes. What is that? That's M on the right and CC on the left and the head and shoulder pattern, which is worse than any food stock. There's a food stock that looks as bad as that. No, I don't know. As for the breath, Jim, Yardini wrote about it over the weekend. Oh, Yardini, I saw him. I mean, look, I think that you have to see and you're seeing semiconductor broadening. I think that why are people just allergic to talking about Brokon? I mean, we have a white dance brook on this that is not competitive in video people. I mean, if you go to Hawk Dance Coppers, he's the CEO of Brokon. He's like, no, we have a great relationship. We love in video, but I do think that we got a broadening out to semis, but it's that market cap divergence. I mean, this company, Brokon is very, very big, but I just keep finding that beyond semis, we do not have a broadening. That's an issue. Yeah. I mean, we have Walmart, we have Lily. I mean, if you try to use those as a reason why we're broader. I mean, Lily got some news on Friday about CPAP in sleep apnea. And it's like, I think people are yawning because like, Lily's just, you know, up up up up. It's got to stay up. It's got to have something new every day. Whereas Brokon comes up 50% for the year, so 7 or 72 billion, nobody cares. All I ever care about is that Nvidia must be shot down. The Nvidia Cisco in 2000, I've been waiting for that one. Next is going to be Nvidia's the FYY kind. I mean, why not? Let's take them all down. We could have written the journal Cisco in video piece. Oh, my God. They left out the grantee time. How could they do that? When we come back, we'll get to Boeing when it rains and pours. US prosecutors reportedly now recommending DOJ bring criminal charges against the company. We'll get to some calls today on Shopify, Affirm, Carrier, Airbnb, Ally, Humana. When we return. Imagine earning a degree that prepares you with real skills for the real world. Capella University's programs teach skills relevant to your career so you can apply what you learn right away. Learn how Capella can make a difference in your life at Capella.edu. Today, Smart Tech plays from Dan Niles, insights on market volatility. The MAG 7 stocks to watch now. Crucial strategies for your portfolio. John Fort, Morgan Brennan, closing bell over time. Today for Eastern CNBC. Why haven't you resigned? Senator, I'm sticking this through. I'm proud of having taken the job. I'm proud of our safety record and I am proud of our Boeing people. You're proud of this safety record. I am proud of every action we have taken. That's Boeing's chief Dave Calhoun facing some scrutiny from Senator Hawley of Missouri last week on the Hill. Meantime Reuters this morning says that US prosecutors recommended senior DOJ officials that criminal charges be brought against Boeing after finding the planemaker violated a settlement related to those two fatal MAX 37 crashes that the DOJ must decide by July 7th whether to prosecute the jet maker. Interestingly, Jim, on Friday, the time said the company was likely to evade criminal charges. It's all very confusing. I would point out to people at home that if you really wanted to change behavior you would prosecute the individuals. I remember this at law school. You were not supposed to sue a company if you were the government because it didn't do anything. It just meant that the shareholders pay. You can go up and shareholders are paying already, whatever, for the law, legal fees. Government goes after Boeing. There is no Boeing. There's just shareholders. So I think that Calhoun, by taking his stance, is admitting nothing, which then makes it much harder to go after an individual. They're not going to do it. There's going to try to indict the company. What's the company? Who is the company? This is not a bank where if you indict it, it goes under. It's a corporation and what is the consent decree? Is it like, okay, so we're not going to make planes? We're not going to sell planes? We're going to lose money on planes? It makes no sense to go after the company. But that's been the way of the government. The government always just says, you know what? There is no company. There's just shareholders. So I think that this is just that if the government wants to change behavior, there's only one way. And that's to go after people. We saw that in 2008. They couldn't do it. They don't know how to do it. They just don't know how to go after people. And I think that we all feel, well, why is we in Boeing shareholders should pay for the malfeasance, whatever they're going to call it, if there is charge. I understand Calhoun doesn't tell you anything because the previous regime was the one that made the mistake, but this was a consent decree after the previous regime, so there was no choice. So you're more interested in getting out from under the thumb of the FAA on production and finding new leadership, which the journal says is a tough call right now. I mean, I can't believe that. Look, this board is really shameful. OK, it's like a world comp board. I mean, now there was no just cannery. There was something made me worse, though. I mean, they had a consent decree and they violated the consent decree, if that's the case, then go after the board. I mean, why is the board exempt? The board represents the shareholders. Go after the board. Go after the board individually and as an entity. But the chess department doesn't seem to do that. Meantime, Jim, we're expecting a record, travel weekend on the fourth. The defense business is hiring at levels we haven't seen since the cold. Oh, my. I mean, we had this channel dynamic story. I've got a VAV later this week. Joining me in my story is just saying, listen, we've got to make more of ourselves. We don't know how to do this. We don't know how to make semis. We're relying on Turkey. I mean, Turkey has actually been not been on our side. I don't know. I mean, yes, we're going all out to become independent. But it can't be done in six months, but we're sure trying. We'll talk some more transports as we look forward to FedEx later on in the week. We'll get Kramer's mad dash. Count down to the opening bell. Take one more look here at the pre-market as we kick off. This final week of the first half of the year, stay with us. Looking for the right rewards credit card, but not sure where to start? The editors at CNBC Select have done the work for you, ranking the best credit cards out there, comparing rewards, annual fees, welcome bonuses, and so much more. Whether you're looking to earn more on everyday spending like groceries, gas, and dining, or if you want to rack up points for travel, there's a credit card out there for you. Let's CNBC Select help you find ways to earn hundreds of dollars in rewards based on your spending habits. To find the best credit card for you, head to cndcselect.com. Time for the mad dash as Jim's returned. Something to remember in 2015, the UPS went in hard for logistics. A series of ads are talking about the logistics. Well, key to them was this coyote business that they bought, which is a freight broker, okay? It's a software-based company. And they paid $1.8 billion in 2015, and they're selling it for a billion this morning to RXO, which is a very good logistics company. And it's just emblematic, I think, of whatever they do, people are kind of thrilled that they're not doing what they've been doing. But I remember when this was going to be a key initiative for them. And I mentioned this Fed Exeter's going to report this week. The Fed Exeter's going to report a better number than UPS will be. It's not reporting soon, but it's just a very tough stock to own. And I think that this is one of the reasons why. You might have wondered it because of logistics, because that is a higher multiple. Instead, they get rid of it, and people are excited for a day. And that'll be it. Hasn't that been sort of Carol Tremé's MO? Is slicing away parts of the business that they remove focus? Well, put. And the stock is down 30% in part because of that. But also in part because look, the economy is slowing. They represent the economy. NVIDIA doesn't represent the economy. They represent a business that, frankly, can slow down. We know that e-commerce is still doing okay. But we also know that these guys are plattering UPS. And I don't know whether this is the secret or not. It's good to see them have some passion, but you don't... A company that buys something for that much money for 1.8 and 2015 and sells it for a billion. It's a company that still doesn't know what it's doing in my mind. Transports in general, Jim, just can't have had trouble finding their way. And how is that possible afterwards? You just said about travel. And the fact that rail car load is up 3% last week? I don't know. The stock seemed very out of sync. Unless you believe that the Fed is going to stay much tighter for much longer and then you don't want these stocks. But right now, I think that there's some real values there. Given the travel, what we know. People can't even want it just like... Well, if I do K&K when you hear your thing, and that's it. Let's get the opening down here. And the big-board ship owner and chartering company SFL, celebrating its 20th listing anniversary at the NASDAQ. It's YY Group, a provider of hotel, staffing, and commercial training services. As we're back to 5460, Jim, we did not, while you were away, our 31st all-time high of the year. Yeah, I don't really care how I got there. I don't. I mean, what is it? When you... I saw an asterisk in there. I mean, what is it? Like a 154 versus 163 season? You can't do that. You can't just say, you know what, that doesn't count, because a lot of it was on the backs of Nvidia. No, it got there. And by the way, if other stocks get some of the money that's coming out of Nvidia, then we're going to hear, you know what, it turned out that was the name of broadening. So I don't like the questions about how we got there. I think the fact that we got there is very important. Meantime, we haven't really talked about Fed policy, Goolsbee was on Squawk today. We will get PCE Friday. Some of the forecasts are pretty mild, I guess you could argue. Yeah, look, I think that we have to get over the idea that anybody is going to be speaking poor against Powell. I mean, Goolsbee wanted to do us like a tense moment with Steve Wiesman, where it was basically, "Will you stop asking me to football?" Hypothenics, right. Yeah, I mean, you know, and I don't want to do that. Like, I understand, like, when you're in a pub with a law firm, and the law firm is saying, "Look, we don't think you should be involved in this," you know, in the Under Armour suit that cost them an unbelievable amount of settlement. Yes. And you're supposed to say, "Well, hypothetically, let's say I was involved with Kevin Plank." No, I mean, this is not a court of law firms. So I just think that those conversations don't give you the clues that you like, because the Fed's dependent on the data, so let's look at the data. Yeah. I mean, right now, there was a very good moment in the discussion. What do you do when you, every time you raise interest rates, it makes you so that housing prices aren't coming down? I mean, I think the main problem with the housing companies is they got so much religion. They understood, "Look, our focus should be gross margins, and if the gross margins aren't going up, invest somewhere else." And the total quarter was amazing. Well, our quarter was not as good, because they just didn't make us much money. But you go back and there were $2 billion worth of homespot in the Grand Teton area in the last year. And 30% were double cash, just cash. And as Jeremy Renner said in Wind River, the billionaires are pushing out the millionaires. Yes. Jackson Hole, it's happened a lot. No, I mean, I looked at some property just to humor myself. You know, it's a two-bedroom for $2 million, you know, for $2 million. Two-bedroom for $2 million. And then you look where it is, and it's like, you know, outside the Teton area. No, I mean, things are crazy out there. And I think this is the have-have-not. You have 30% of the people paying cash for places that are $1 to $2 million. Well, we're a rich country. And then you see that 60% of our people are living paycheck to paycheck. You say, "No, we're two countries." And I'm not surprised that that isn't being exploited. There is a nice report out of Goldman today looking at household wealth. The title is "How Healthy Our Household Finances." Jim, they say wealth as a share of income is higher than it was in 2019 across the income distribution. And that's absolutely true. I think that we've had big wage increases. And we also don't have people in our workforce. I mean, this is the 1.7 new children. And you need two in order to make it so your country isn't in decline of population. We used to be two, now 1.7. And I think it's actually impacting. Look, there's also, I think, if you want a job, you get a job. And now, I know that sounds awful for the people who are out of job. I don't want to make say that, "Hey, what are you guys doing?" We're in a moment where if you want to move up, this is when you can move up. Unless you're in certain industries where, in certain age groups. I think this 21 to 26 is having a hard time. They can't catch on because they are part of the people who are being impacted by payoff. Meaning that we'll wait a second. We can't hire those. We may have to fire them. But so far, so good. But I just think that that's the group that is struggling. I wish more of them would watch us because I think that what they have to do is they have to take what they have and make some money. They have to put their savings long term. This is how you can take advantage. You've got your whole life ahead of you. So if you make a mistake, it's not going to cost you to versus say people in their 40s, 50s, 60s. But I do think that once again, we're stuck with this ridiculous enterprise swap. We're bad. Hard, we're good. It's just a revenge of what's going on since 2010. Yeah. We are, of course, trying to look to other sectors as well. Media is an interesting gym. AMC, these reports, they're in talks to reduce their debt load. Well, Disney with us. They need more Disney movies. Inside out to one of only seven films to notch a hundred million for weekends one and two. Yeah. Isn't it incredible you have a company that people didn't like because they weren't making the right movies. Now they look like they're ranking the right movies and the stock's up like 50 cents. I mean, come on. So we're trying to travel trust and we sold a lot when Pelt Stumped. But we anxious to come back in it because maybe the focus is not going to be on the management. It's going to be focused on the product. And the product looks like they made some adjustments. This is Pixar. In our office this morning, we were trying to figure out what was the last Pixar movie that we all went to. There's been a lot of that kind of thing piece. I thought they left in their back. This is when, by the way, this is when I know that they're speaking. They're not speaking. But this would be great time to put out new jobs. This is CFO. His level of credibility is the highest of anyone in the company. Anyone in the company. It's a great time to hold a conference call about reminding people what movies mean. Now, I'm sure they're saying, "Well, hold it. That's just one." No, what you have to do is you have to come out and say, "Look, this is what we do for a living we create." And that's what you could do that, because he's going to be a CFO before entry. He was a Pensico. His credibility is such that even when he told you to listen to carbonated soda drink, it's going to climb. He said, "What are you going to tell me, negative?" He said, "Come on. Don't give me any negative." He said, "I want to give me something free to lay." He said, "Well, the GOP done." No, I don't want to do the GOP. But he just can't help himself. He's so honest. He's so terrific. It's time to put you out. It would be good to hear from those guys. Oh, great. Jim, we're going to get bank stress tests. I think Wednesday night, B of A, this morning points out. Last time, bank's kind of traded well, even though there's a lot of opacity around the process. And the one that I was worried about was Bank of America's. They've got this position in bonds and it's not so great. This stock's been a horse. By the way, the one that the child with insurance has been just incredible, which is Wells Fargo. They've really rebuilt it. That's Charlie Sharf. I think people are always worried about the city. No one's worried about JPMorgan. A city with an investor day last week. And banks continue to get talked about as the industry that will leverage AI the most to automate in-house functions. When you asked them, they're not sure where. I mean, one of the ones that was recommended this morning was first horizon. And that's Brian Jordan. He rang the bell a couple weeks ago. It's sensational. Barclays, 18 to 19. He's thinking about it. He's thinking about where you can cut people. There's multiple use cases where it looks like the people are doing the same thing over and over again. And you can just have it with AI. I also think that AI, the backlash to AI, will be, it's just not right enough. I know that all the time, Mark Benia, who will be speaking this week, the CEO of Salesforce, would tell you, you've got to be really careful about the, you know, just the total mistakes. Yeah. And it doesn't mean that he doesn't want to use AI. But the company that has totally been most in on AI and enterprise software and has succeeded, is ServiceNow. And they've actually embraced Jensen Wong more than anyone else. And that's, that's, Bill McDermott coming up. Yeah. In the financial space as well, Jim, Ally, City, initiates by 50. And then a firm Goldman assumes it by 42. Look, when I was looking at, I had not looked at Ally Financials since it was spun off. I mean, what gee, Jim, here's what I know about Ally Financial. I could not believe it sells it like five times earnings. I mean, it's even worse than four. I mean, that's a benchmark. You got to go really low to be worse than four. But they've managed to accomplish that. I don't know how that happens. Yeah. Coordinates, I'm going to travel trust. I'm trying to, yeah, I have a desperate meeting on Thursday and I will explain what a knucklehead I am that I still believe. But I do. I, I, I think Jim Farley's good. I'm not going to back away. Yeah. But Ally's really amazingly cheap, but firm. Remember, Apple got out of this buying out pay later business. It's a really dicey business. But, you know, what, what every time I have an election or what in the max. Yeah. I am just so impressed at the few sheer number of losses that he has. He's just a better lender. Max Lebson's very good at what he does. I think this stock should be higher. I had a moment. This stock was at 33. I thought it was going to break out. I mean, the fact that it's down 35%, but Max is, Max is very good at what he does. He's not, he doesn't suffer fools clearly. I'm just like, so Max, tell me that first quarter, it, it looks like it, to me, it was pretty good, but I was worried about the loss. Yes. Yes. Max is a serious. Yeah, it was like when I spoke to Jason Ron and I said, I told him joke. And he went right over. And I said, but wait a second. That was a joke. And he goes, super funny. Funny. I mean, Max Lebson the inside. He sure isn't left on the outside. That's true. Jim, you mentioned Ford. We're about a week out from Tesla deliveries. Oh, how many people can you lay off? They're still in. They normally report on the second day of a new quarter. And I see UBS today does cut expectations. But quarter on quarter, I think they see it up nine. Yeah, what do the other guys have? Look, I think that, I don't think people want to, I think people want to buy a Tesla. I think they just want to buy it. The stock or the car? No, the car, I don't know. Yeah. I mean, I saw a Cybertruck. You ever see that people say, I saw a Cybertruck? Oh, yeah. Well, okay. Well, no, I saw what? Well, no takeaway. Yeah. Hey, F-150. Not a competitor. As Farley would say, that's a Lamborghini, not a lot of people can afford a Lamborghini. I think Tesla with the layoffs is eventually going to get to a table of employment where it can take off. I know that we keep hearing about Chinese EVs and what that can do, but our country is protecting. And the way after anybody tries to bring them in from Mexico. Look, I don't, this stock is hanging ever since the, ever since that we decide that Elon has a right to his pay package. Yes. Witness the shareholders. Yes. And it's bottomed. I don't know. I mean, do I want to buy it? I mean, a lot of, I want to buy GM more than I want to buy Tesla. I think Mary Barr is doing a great job and Mary Barr understands cat flow. She understands cat flow. She understands cat flow. She understands you see if you stand there and buy your stock back at five times earnings. It's going to be really great. Ford does not seem to understand that. Tesla's on its own, but Mary Barr is the unsung hero. The stock's up 34%. It was like all Mary Barr. What is she doing? Yeah. I'll tell you what, she's crushing it. Best OEM of the year so far. Oh, she's crushing it. It's the buyback. Last week it was, you're right. Jonah said the entire year's gains might just be the buybacks. Well, Jonah said never, when Jonah says definitive, but I don't go against him. I'd rather go against the chemical brothers than Jonah's brothers. The chemical brothers. Like Alexa should know the chemical brothers. I'm glad you discovered the chemical brothers. We give her a break. I mean, you know, polyethylene and, you know, whatever. You mentioned buybacks and the window is going to close here. I know. And that's been a tough moment. And it brings to mind people talk about end of June being weak, but then the first two weeks of July being the best two weeks of the year. Look, the summer rally is a reality. That guy, whatever may, that's been like completely wrong. But there is been a summer rally. Now, typically it's because we have nowhere IPOs, so there's no new supply. But we don't have any IPOs. We have no mergers either for that matter. We have any. Well, the European IPO market, after Golden Goose got pulled, that got some chatter last week. But then what she in wants to do something over there? Yes. I mean, she in, will you do it already? She in? I mean, she in this is hidden force. Temu and she is like, whatever they're going to do, like there's these really secret of selling crib this for our market. I don't know. Well, it took Reddit forever. And that worked. You were right? I love Reddit. I know. Look, I think that is great. Now, I get the Wall Street bets. Yeah, R Wall Street bets. I get their Boltons in the morning. And, well, as Jensen Wong would say, super funny. Let's do the answer. That's a good one. Yeah. Maybe it's your timing, Jim. Yeah, look, you go to Ram and my kid, like, I got two Reddit or kids. I mean, like, there you go. You know, what do you think about the debate on Thursday? You know, and it would be like, well, yeah, I looked it up and read it. Well, any takeaway? No, I was on Reddit. Well, what is it saying? One of the things that while you were away, Jim, were strategists upping their targets for the year, in some cases to 6K, Evercore today, even Stiefel, which is not constructive, says it might just melt up to 6 before giving it all back. You don't want any of that melt. We don't want that stuff. And I don't think it's going to happen. And I think that we're going to mark some time. We're going to get the quarter soon, for heaven's sake. And let the quarters tell us, look, obviously, there's a big problem in the market. There's, like, this cohort of 300 to 500 billion. And then there's the trillionaires. Yeah. And we just don't have enough in between. If we had more brookops at 800 billion, then I think we would say, wait a second. It's all right. I mean, I was trying to describe how to value NVIDIA this weekend. And you come back and say, okay, well, listen, Apple and Microsoft, you have a phone company and a company that has a great, but very competitive situation with data centers, with cloud. And those guys are all too connected out of Amazon. And then we know that you're really, if you're making this bet, you're betting that the magnificent 7 is going to do what NVIDIA did, which is spike, and then roll over. And remember, I'm a big believer in NVIDIA here. Don't get me wrong, but I recognize that people just are betting that the money coming out of those will go right to the rest of the market, and therefore will go up or will do okay. No, no. That money's going to go to the sidelines. It's a great point. And we didn't even really talk about the x-state of the split NVIDIA. CMG will be Wednesday, I think. And your theory has been that when the splits happen, people sell at least one. Yes, it was. Now, you have to go back to the, to the 80s, okay, when we used to have these splits where Coke and Pepsi would split. This was during that period where all we made were soft drinks and trucks. Remember the way we made movies, soft drink and drugs? And we, we were like this despondent second rate country. Now we have like dominating companies, and we feel like we're despondent second rate. I don't know what it takes. I mean, how do we even come on despondent? How do we become not second rate? But I do think that what used to happen is like you would, Pepsi would split free for one. And people would sell one and keep two. And that was the pattern. And I documented that pattern. I used to say, listen, I used to go see a cat. I say, look, Pepsi, they would have some sort of sophisticated analysis. I'd say, I buy Pepsi at 90. So, why? Well, stocks are at 90, go to 100. This is really what happens at 100, other than they go to 120. And I used to do this to people and people would like laugh me out of their office. And then suddenly people realized, I think he's right. And you know, we have these incredible runs. But we always had the splits and they regard us buzzkill initially. And then people would then reload and say, you know what, I can buy Pepsi for less. And I'm not trying to make people to be unsophisticated versus sophisticated. But obviously, this dollar amount does matter to people. That's interesting. And the other thing, Chipotle has been dogged by these avocado cost concerns, which is... Yeah, they come and go. I mean, I understand that. Chicken wings have been good for Wingstop. I think that every time Chipotle's been hit, even when it had the terrible health situation, you had to go to it. But I do think that this is one of the classics where there will be people who say, "Holy cow, I got a lot of Chipotle. Let me sell some." Yeah. Elsewhere in the food realm or food and drink, ABN, Bev, Jim, UBS up to buy. Yeah. That was interesting. I find these tires. I mean, the child trust zones constellation. And that's been okay, not great, plus nine. But down six, people may be opportunity. Maybe people forget the controversy involving Bud Light. Yeah. I do think that the beer stocks are just another part of this cohort of, "Well, listen, people are not going to drink as much." You know, Gopi desk one hurting the browns more in the clears, hurting the browns more than the whiskey scotch. Yep. More than the agave spirits, which are really doing well. But beer is not being... I think people keep waiting for beer to roll over because of Gopi desk one. But beer is regarded as experiential by the people who are constantly tallying. And I get that. I do believe that when you have something like Gresmed where you're just waiting and waiting and then, then Lily gets it and it's about COPD, I'd actually, you know, stocks down badly. Even though, uh, McProwle's on my show saying, "Don't worry about it. If they have a study, it's right." I think that's beer. I think we're waiting. And now they're not going to do it because they're doing no alcoholism tests. None. Don't want to be involved with the comorbidity that they can't explain. But that's being the hidden secret, which is that people are staying away from alcohol. That is interesting. So many ripple effects from this one generation. Look at Dr. Daniel's. Oh my God. Dr. Daniel's one of the worst stocks in the week. Yeah. Dows up 117 as we continue to see this split between the blue chips and the S&P. As for bonds, it is a light data week for the most part, but we will get conference boards, housing, durables, PCE on Friday, as well as some treasury auctions this week. Two's, fives, and sevens were at four and a quarter. Stay with us. Keep your eye on Bitcoin. One of the worst weeks of the year so far down about four and a half percent, taking with it some Bitcoin related names. Microstrategy opens down about three and a half percent. Dows up 200. We'll get stopped trading with Jim after a short break. Let's get to Jim and stop trading. Well, good news, and now I'm pharmaceuticals. They have a drug that works 30% of the time for an amylidosis of myocardiopathy. My wife and I work with her, the host of the Babies Heart Fund on Columbia Hospital. And there's, it can be made. This is like, you can get, if you can get anybody safe from this. Anybody, it's good news. So you see what that's the reaction to the fact that it is just rather, it's anything for the people who have just a fatal disease. And it's great to see. There've been a few of these movers, Jim, Serrepta last week. It's almost like, it's like the JP Morgan Healthcare Week. Well, you just went, you know, and we had the week before. We had afters, I think it was some incredible results at ASCO. Look, a lot of these companies are doing the kind of, this stuff that you really hope would happen, which is they're doing a lot of immunotherapy. I think it just, it matters for those who have had cancer in the last year and, you know, a couple of years you see that they've met it. It's really been rather dramatic, what they've come up with. It's not AI. It's just great doctors. Right. We could have a long conversation on our regulation there too, but it's been encouraging. Yes, it is. I think that there are a lot of death sentences that aren't death sentences. We got to, you know, we badmouthed so many things. And there are companies that are doing great things. Period industry. Yeah. Companies doing great things. So how are you going to dive back into that? Well, okay. So we're going to deal with this housing. I'm going to solve the housing question. Finally. Finally. Yeah, I'm going to be a housing czar. And that's what we need. And then we can ask anyone who's like peripherally connected with a fed. I don't know. Babbit. There's a guy from Babbit named Babbit. The Missouri thing? Babbit. Was he the federal? Babbit. Oh, shit. So that's Sinclair Lewis. I'm sorry. I forgot fiction versus facts. There's also rabbit. Yes. Yes. Remember that if you want to know the truth as they taught me at the L.A. I remember when I covered homicide. The truth is only in fiction. This is true, Jim. We'll see you tonight. It's good to have you back. Mad money. 6 p.m. Eastern time. Down up to 50 here and the S&P going green after a red open. Up 10. Stay with us. You've been listening to the opening bell on CNBC's Squawk on the street. All opinions expressed by the Squawk on the street participants are solely their opinions and may have been previously disseminated by them on television, radio, internet, or another medium. 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