Makes a push for the white house. Its wednesday, may 22, 5 00 a. M. And youre watching Worldwide Exchange. Thank you for joining us. We get you ready for the trading day ahead. The s p and the nasdaq at alltime highs and the dow within striking distancing after pulling back slightly from 45,000. The markets in the red right now. Moving a bit lower. Looks like the dow would open about 20 points lower. We also want to check the bond market ahead of the release of the fed minutes at 2 00 p. M. Later today. The benchmark, 4. 43. The long bond, the 30year, remember, this is a road on inflation expectations. The yield has declined in recent weeks. Were looking at energy, specifically oil. Biden will release 100 Million Barrels ahead of the 4th of july. Take a look at oil pulling back once again. Down more than 1 . Brent crude trading at just over 82 bucks a bail. Thats your morning setup. Were going back to stocks. The head liner, of course, its nvidia. Its the biggest of o the money movers. The First Quarter results are due out after a close today. Already trading at alltime highs. Its the third biggest risk off by market value right behind microsoft and apple at the same time. Theres dominance in the ai conversation. Its also boosted its way across indexes. That means any move will have an outsized influence on the broader markets. The stock has more than 5 wading in the s p 500. It also accounts for more than 6 of the nasdaq 100 and 20 of the semiconductor. Kristina partsinevelos looks at the watches for the earnings and on the call for nvidia. Well, each of the last two quarters, nvidia beat initial revenue guidance by 2 billion and wall street is expecting much of the same with estimates at 24. 6 billion. Thats triple than what we saw last time. Bank of america says total revenue numbers should be closer to 25. 5 billion, but the debate this quarter has really been about any potential air pockets or demand lows between current gpu chips already on the market and the faster next generation chips due out later this year. Aws was pishling its orders from chips already on the market to the upcoming Blackwell Nvidia chips. Initial shares shoulder off on the news because it would imply a demand low. Analysts are quick to argue if a company would wait, they would lose their spot in line for the newer chips. Even if its not the case, demand is expected to remain. You couple that with the increased and capital spend and nvidia looks poised to continue its beat and raised pattern. Frank . All right. Lets get this conversation going and bring in robert, head of investment policy and strategy. Robert, good morning. Great to have you here. Great. Great to see you again, frank. I know youre not a chip analyst. But nvidia, i think everybody has to talk about it. Incredible waiting on the undisease and sent meant overall. As youre talking to clients, how do you review this point and the possible Inflection Point . Its certainly the bellwether and something thats been injected on the economic front infl inflation. Theyre metrics if they come in better or worse, they seem to inject shortterm volatility. But its part of a longer term trend and nvidia is a move toward the capex spending as you were talking about earlier, both of which we think are positive trends for earnings going forward. Earning season has been really strong. Eps, 8 above expectation ace cording to the latest read from l lseg. I want to get your expectations on the fed and recently the kmebtss from Christopher Waller who was on air yesterday. I dont think theres a lot of upside risk. Like i said, things could change. Rate hikes could be on the table under some scenarios of the world. Right now i dont think thats the case. Then if we get enough data going to right way, then we can think about cutting rates later this year, beginning of next year. All right, robert, you heard what he said. Basically it double hurt to wait and see. I think the market and the fed have had a different interpretation on inflation. The markets gotten comfortable with the fact that inflation is not headed higher and the fed is in the mode of not waiting to cut. Theres a little bit of a disconnect there. The good news is the tail risks have mostly been removed. So with the latest inflation numbers, were starting to get a bit more comfortable. Thats great for both the fed and markets. So weve entered sort of the zone of stability, if you will, where inflation has been stuck a bit, but certainly not headed higher. Markets are interpreting that favorably and the fed is taking a waitandsee approach on those numbers. I want to look at the sector youre looking for opportunities in. One of them is health care. I do want to ask you about them. Its up 4 as weve seen a broader sector rally. Utilities are right behind tech, so were seeing a bit of a change in leadership. Its kind of meddling with health care. At the same tomb we had a guest on yesterday. Theyre working with openai. That influence is something a lot of people have been talking about. Why are you bullish on health care. Can it help improve mar gips or are you seeing Something Else when it comes to the sector . Thats certainly part of it. Weve done a lot of work recently showing that sectors and Industry Groups that have seen market improvement are the ones seeing the best performance. Health care turns up in that type of screening. Youre absolutely right. Itss rife for disruption. It has a lot of opportunity to extracts costs. Whether thats ai or on the robotics front. Theres a lot to look forward to in terms of earnings potential and thats one sector to be interested in. Youre seeing an opportunity. Come back and talk about it. Everybody talks about small caps. Thank you very much. Thank you. For more whats drawing on the market, well have a lots more to come on Worldwide Exchange including one word investors have to know today. First, much more on nvidia results and why one says clearing the earnings bar this time around may not be so easy. The Winning Strategy republicans are bet willing secure more votes and win over more independent voters. And later we turn our attention overseas and one major tech conference kicking off in paris with our own children cho live on the floor. Karening good to see you. I can tell you, everybodys vying to be the next ai champion. E s are plenty of startups in thrace. Ill bring you plenty of more coverage live at vivatech. [crowd chanting] they ignored your potential, and mocked your ambition. But its not the critic who counts. With every swing and block, your game plan never changed. Some still call it luck. Let them. Because you know what its always been. Inevitable. People couldnt see my potential. So i had to show them. Ive run this place for 20 years, but i still need to prove that im more than what you see on paper. Today im the ceo of my own company. Its the way my mind works. I have a very mechanical brain. Why are we not rethinking this . I am more. Im more than who i am on paper. Norman, bad news. I never graduated from med school. What . But the good news is. Xfinity mobile just got even better now, you can automatically connect to wifi speeds up to a gig on the go. Plus, buy one unlimited line and get one free for a year. I gotta get this deal. I know. Faster wifi and savings . I dont want to miss that. Thats amazing doc. Mobile savings are calling. Visit xfinitymobile. Com to learn more. Doc . Taking a look at u. S. Futures, the nasdaq swinging in the positive territory just fractionally. Right now it looks like the dow would open up 20 points lower. Carolin roth is in our london room with much more on the early action. Good morning. Good morning, frank. What youre seeing, investors are taking risk off the table for a second day running. Take a look at this. A lot of red on our screens. Germany is off by a third of 1 . Were seeing many of the carmakers under pressure. Why . There are new reports that china might be increasing tariffs on large gasolinepowered cars to 25 . The car sector, one of the worst performers in europe today. Also i want to show you whats happening in the uk. The foots sy 100 is off by 0. 3 . Why it is, because ukcpi surprised to the upside in the month of april, coming inat 2. 3 on the year. That was above forecasts. But continuing the downward trend toward the bank of englands target. The uk Prime Minister rishi sunak says things are back to norm appal and brighter days are ahead. Were looking at the sterling dollar currently changing hands. Its off the session highs, but keep in mind rate cut expectations by the boe have now been pushed out potentially to august. Before the data came out, the market was expecting a 50 chance of a rate cut as early as june. These odds have now dropped down to 15 . Back over to you. Carolin roth, live in our laund newsroom. Thank you. Now were going to walk across to the english channel. Vivatech is europes biggest start up event. The big item there is the Artificial Intelligence and hue companies can capitalize on the revolution. Its the hottest ticket in town. Elon musk will be attending virtually. The ceo of x will be here and one of the big startups in france right at the forefront of the iowa race in partnership with microsoft and anthropic. Weve got a lot of regulators as well trying to come to grips in what ai means in terms of disruption and for businesses. Its a huge discussion. Youve been talking about nvidia. How it lands is quite made. They can then create content and products and services. Its all incredibly important for this ecosystem here in europe. A lot of big players have already been talking to a man who has seen many cycles before, and that ischambers, former ceo of cisco. Hes been pointing out to me that its not typical that stocks in one psych really not dominant in the future. He said two or three could slip below the billion dollar mark and could never be recaptured again, saying they could be disrupted. You may see some make the transition from dominant cloud to dominant ai players. Watch the seven closely was the message. We keep talking abouthow accelerated this cycle is. He was saying typically it would take five years to develop a product, market it, and get to a 5 million run rate where it is viable. He said thats not happening in 18 months. Thats incredibly huge. Its going to get closer to the chinese consumer. That will help its research and development. Back to you, frank. Were watching. You were also talking about lvmhs display, that they used ai to make it, where in years past, they would have had to hire an agency. Correct me if im wrong. I believe he said ai is a gift from god is going to create more meaningful work . Is that one of the discussions . Europe has strong workers rights protections. Thats indeed true. Dont forget theres been real structural inequalities. There have been jobs with great benefits. There have been a lot of issues. We think about disruption from ai and job losses hourks does it shift the balance back to the employer . He thinks its going to take away the mundane work. It will work with you to make it work better with you. Thats a bitz of the nudge we heard this week that eventually youve got a copilot working with you to get more data, more insight, and everything you do is a better derived outcome because you have the computer, the intelligence behind the system working with you. Hes on the page. Theyll be better. He gave the example of artists who will be using ai. Youre using the technology to create something better. Well see because John Chambers was telling me there will be disruption summaries. Fascinating interview. Karen, great job out there. Hope youre enjoying it. Karen tso, live from vivatech. Coming up on Worldwide Exchange, the 2024 white house hopeful who says hes standing with aides. A story d ana tweet that you just have to see to believe. Were back on Worldwide Exchange right after this. Wall street forecasts over 100 billion in sales for weight loss drugs known as glp1. Even with unliked and inconvenient injections, dehydratech processing of a glp1 drug demonstrated improved blood sugar reduction and reduced side effects. More human Study Results for lexarias patented oral Delivery Technology are coming soon. Lexaria bioscience, transforming the future of glp1 drug delivery. Welcome back to Worldwide Exchange. Were going to start with toll brothers. Theyre raising their guidance over what it calls boosting economy. Urban outfitters also popping on strong First Quarter results from its anthropology and other brands. Theyve been cutting prices because of slowing sales. Customers are enthusiastic this year compared to exuberant last year, which they classify as healthier and more sustainable. Shares up 7 . And sviasat shares are lowe. They anticipate a slowdown in its Satellite Services business. Its been fixing its focus from Broadband Solutions to the government due to competition from wireless carriers like tmobile. Wed we told you about a policy reset. Cnbcs eamon javers is back with an even deeper dive and how they plan to gain more votes for trump with these new policy ideas. Good morning. Thats right, frank. This is all about the political approach to this. Well have a story out on cnbc. Com later on this morning. Weve been talking about this new strain of economic populism thats been rising in a conservative movement and an effort to steer away from low taxes and regulation and steer in to worker and family policies that might better benefit trump voters. I spoke to a former wall street journal writer, author of the book tyranny inc. He said the goal is to hollow out the american middle class and eliminate some of the pressures on the middle class that are driving the anger we see in todays culture wars and a Republican Party he says increasingly says is a downscaled america. He argues theres a political impairment to harness a vast swath of voters out there. They believe in traditional male and female jinder roles but embrace the gains of the new economic deal. That i love Social Security and the unions, particularly the ones they belong to. What they want is a stable Financial Foundation for their lives and one they dont see in a servicebased economy. That leads to a dramatically different set of policy a ideas, things like across the back court tariffs, blocking investments with china, reforming corporate bankruptcies so it prioritizes payments and maybe most significantly for wall street, they envision a transaction tax. They would also ban stock buybacks. Now its precisely trumps appeal to this downscare that accounts for the increasing polling success among hispanics and african americans. This also suggests that the Trump Coalition in 2024 could be broader than many in washington and on wall street are anticipating right now, frank. Certainly a broader coalition would help on election day at the ballot. But i want to ask. The panel on stock buybacks and the transactions on stocks and bonds, in your mind, how is that going to work when it comes to his wall street support and big donors . Well, theres no first of all, theres no guarantee that donald trump himself is going to embrace any of this. What you everybody ooh got is a coalition of academics and economic thinkers who are trying to put meat on the bones and populism. Trump himself, i would guess, will be much more tactical about this. Hell pick and choose from ideas that he thinks h work politically for him. Its up in the air hell embrace himself. But if you look at a transaction tax, the idea from these neyo populous thinkers is they want to stop the friction on wall street. Stop a lot of the trading that takes place that they argue leads to no economic value. They want to push the economy entire already toward production and worker pay and not toward Economic Activities that they say are frothy and just benefit elites in washington and corporate america. Eamon, good to have you back today. Thank you. As we head to break, watching shares of game stop, this after roberts f. Kennedy j told supporters he invested 24,000 into the stock adding words to his action. Tweeting overnight hell support the retail rebellion with the tali eg neight strong together. Were back right after this. vo what does it mean to be rich . Maybe rich is less about reaching a magic number. And more about discovering magic. Lifes daily battles are not meant to be fought alone. Were not powerless. So long as we dont lose sight of whats important. Dont be afraid to seize that moment to talk to your friends. Cloud, you okay . Because checking in on a friend can create a safe space. The first step on our new journey. You coming . Reach out to a friend about their mental health. Seize the awkward. Its totally worth it. Craig here pays too much for verizon wireless. So he sublet half his real estate office. [ bird squawks loudly ] to a pet shop. Megs moving company uses tmobile. So she scaled down her fleet to save money. And dons paying so much for at t, hes been waiting to update his equipment theres a smarter way to save. Comcast business mobile. You could save up to 70 on your wireless bill. So you dont have to compromise. Powering smarter savings. Powering possibilities. Jietss just about 5 30 a. M. In the new york city area. Theres a lot more. Heres whats still on deck. Investors are bracing for the results from the darling of media, and, of course, thats nvidia. You look at the s p run with the futures pointing to pressure at the opening. Its target, pro e providing a fresh look at the health of the consumer. Its wednesday, may 22nd, 2024, and youre watching Worldwide Exchange right here on cnbc. All right. Welcome back to Worldwide Exchange. I am frank holland. Thanks for joining us this morning. Were going to pick up this morning with a check of the nasdaq and s p. Take a look. Futures are under a bit of a pressure. The dows are looking like it would open just about 40 points lower. The nasdaqs moved to the downside as well. We want to take a look at the bond markets ahead of the fed minutes at 2 00 p. M. Eastern time later today. The 10year at 4. 43. And we want to look at the energy market. Oil coming off of two days of losses and President Biden announced hell release 100 Million Barrels before the 4th of july. Wti down more than 1 . Moving a few fractional points lower from our last read. Brent crude, similar story, fractionally lower. Thats your Morning Money setup. Now were going to get a check on some of the top corporate stories. Silvana henao. Shes here with those. Good morning. Good morning to you. Disney piks spixar is cutting jobs. Theyre going back to the movies instead of the disney plus platform. The layoffs come months after disney began cutting jobs in an effort to reducespending by more than 5 bill. More layoffs this time at tiktok. The social Media Company will cut a large portion of jobs within its operations and Marketing Teams starting today. The report adds the scale of job cuts is unusual for tiktok and it usually takes cost kutding measures in much smaller stages. And more bad news for Boeings Starliner ship, nasa delaying the launch of the first ship with the crew for the vessel again due to a helium like that has been causing issues. No word yet from nasa on when the launch, which had been set for saturday, will take place, frank. Thank you very much. Wo now turn our attention to what could be the big money mover of the day, the week, the month, the year, we dont know yet. Its the latest test for the market rally that has pushed the major indices to record highs. The stocks up 9 year to date, making nvidia the third big u. S. Company by micro cap. It also gives it a huge influence over the broader markets. Theyre waiting 5 in the s p 500, more than 6 of the nasdaq 100 and accounts for just about 20 of the smh. Lets talk more about what we can expect. Dan morgan is with us. Good morning. How are you . I want to ask you about the bar chart. The estimates are, really the key metric that drives the nvidia stock, to increase by 398 this quarter. Is 398 , is that good enough . Is that not good enough . Look at this tremendous growth. Youre right, frank. Coming into this quarter, i believe the top line whisper number on overall revenues is roughly about 26 billion. You look at the Data Center Group, the quarter over quarter growth. If you go and look at it for this coming physical year or for nvidia, that number is expected to go from 45 billion to 90 billion in terms of total revenues. We know, frank, from the past, the real growth as you know comes from the Data Center Group as opposed to gaming. They have software, automotive, and other segments, but thats where the ai has been driving nvidias growth. You know, its a huge number, but they seem to have been beating it for the last three or four quarters. You havent answered it. Is there something on the line if it falls a little bit short . Does nvidia need to blow in out in your mind or is a good report good enough at this point because expectations are so high . Yeah, youre right, frank. The consensus number, obviously they would, you know, have to beat that, you know, and everyones hoping theyre going to raise again going into the upcoming quarter. So i think just achieving the number at this point would be viewed as somewhat of a disappointment. A lot of implications when it comes to that. Weve been talking about that all week long, the fact that its just about a 9 move thats implied here, so that could be a 200 billion market cap swing either way. The report yesterday, important to note, amazon denied this report, but there was a report in the ft, that amazon was changing plans to order nvidias super chip to await an updated model. Again, amazon denies this, but is this is a risk going forward, that others may actually do this. I saw the news that came out in regard to amazon that theyre going to foretell ordering the hopper series, which is the existing series for the new blackwell chip. You know, whether this is something thats going to lead to other customers opting for this move, you know, up to this point, frank, weve not seen a huge drawback in terms of order growth, especially for the hopper 100, which is their key a1 chip. You know what would concern me, frank, is if we started sewing announcements coming out of these big mega Tech Companies where theyre opting for their organic chips that they generate. Even if they were to opt for the black well thats expected to come out, some people are saying in october. What does that do, frank . It uploads the First Quarter of 2025 to have stellar growth out of nvidia related to blackwell. So they seem to win on either front. Were talking about a possible air pocket and youre laughing and saying, theyll come back later. Heres what i wanted to talk about. The blended eps for the tech sector in q1, 24 , but if you take nvidia out of there, it ooh is only 11 . Give me a sense how important nvidia is. Those are the numbers. But i want to talk to you about the incentives. We dont get the raise you believe investors want to see. What does that mean around the mega cap, ai trade, et cetera . Youre right. This quarter we havent gotten all the numbers in. You said 24 . I had 20 in in terms of tech growth. If you look at the semiconductors within technology, this quarter were expected to grow earnings at 71 . Youre right, frank, a big part of that number would be coming from nvidia. This is the poster child for ai, the poster child for chips. We will get some numbers later on in the upcoming weeks from the likes of broadcom and others, but micron may scloes down the cycle. But youre right. Its a huge number, a showme stock not only in the tech era but chips as a whole. So any disappointment would raise concerns about the recovery and the chips space on a bigger front. Thanks a lot for being here. We appreciate it as always. Thank you, frank. Coming up, buying what microsoft is selling. You can see shares are up more than 3 . Well have that and much more coming up after the break. Stay with us. [disconcerting stomach gurgle] not again. Maybe i should get this looked at . [suggestive stomach gurgle] zocdoc . [talkative stomach gurgle] youre right, i bet they deal with this all the time. Dr. Finley really puts you at ease. Lets do it youve got more options than you know. Book now. What is cirkul . Cirkul is what you hope for when life tosses lemons your way. Cirkul is your frosted treat with a sweet kick of confidence. Cirkul is the Effortless Energy that gets you in the zone. Cirkul, available at walmart and drinkcirkul. Com. Did you ever worry we wouldnt get to enjoy this . [jeff laughs maniacally] inner monologue seriously, look at these guys. They are playing great. Meanwhile, im on the green and all i can think about is all the green im spending on 3 kids in college. Not to mention the kitchen remodel, and wed just remodel the bathrooms last month. With empower, i get all of my financial questions answered. So i dont have to worry. So youre like a guru now . Oh here it comes join 18 million americans and take control of your financial future with a real time dashboard and real live conversations. Empower. Whats next. All right. Welcome back to Worldwide Exchange. Time now for your morning call sheet. We start with Goldman Sachs upgrading shopify. Theyre saying a dislocation of the stock has created an entry point to own the retail platform. Oppenheimer raising its platform. It says costco continues to remain wellpositioned driven by its superior value and leading capabilities. And Morgan Stanley downgrading box. Theyre pressuring growth for that move. Time now for your global briefing. Uk inflation falling, up 2. 3 . Thats down from last months more than 3 read. It puts into question when the bank of england ka start cutting rates. Tesla europe sales falling. This follows a similar downturn in tesla shipments from shanghai last month despite strong growth if there chinas ev market. And microsoft is investing 1 billion in an Ai Data Center in kenya, marking the latest in a string of international investments. Speaking with brad smith, highlighting the importance of betting on the global south especially given the talent base already in kenya. Amazon web services announcing moments ago its investing in data centers in spain. It was pegged at gist 2. 7 billion. Coming up, the key numbers to watch ithotn e her big earner, thats tar get. What they need to bounce back. Well be back right after this break. When was the last time you checked in on your heart . With kardiamobile, the personal ekg device, you can check it from home using your smartphone. I use kardiamobile every day. Sometimes twice a day. 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In real time. jen so we partner with verizon. Their solution for us . A private 5g network. ella we now get more control of production, efficiencies, and greater agility. marquis with a custom private 5g network. Our customers get what they want, when they want it. jen now were even smarter and ready for whats next. vo achieve enterprise intelligence. Its your vision, its your verizon. Welcome back to Worldwide Exchange. Ill be speaking with edward jones managing partner penny pennington about what it looks like. Thats at 10 00 a. M. Eastern. Theres still time to sign up by scanning the qr code on your screen or going to cnbc. Com fr. The stocks are down more than 2 this week after they said they were cutting thousands of prices on groceries and other items. Theyve been dealing with a lot of pullback. Walmart is dealing with it less because of their grocery mix. Walmart says its gaining market share from higher income shoppers. Joining me on set is the president of sw retailer advisers. During the whole break we were talking about target, whats going on with them. I want to start with this. Theyre cutting prices on 5,000 items. That sounds incredible. Ubs out with a note butting that out in perspective. Thats about 6 of the inventory. When you hear this, what does that make you think about . Target is only 20 where walmart is over 50 and thats where the share war is right now. We know inflation food is up 20 in the last couple of years. Walmarts is cutting their prices. They have companies that can cut advertising and their Membership Program and target has to step up to the plate as well. So its walmart and target. Hey, were cutting prices. No, were cutting prices. They dont have these other businesses to offset some of the price discounts. What should they do in your mind . Its very much about discretionary. The good news is theres a bit of inflation. The consumers starting to get interested again. Theyre saying not so much sticker shock. What theyve been doing is their private label brands and theyre continuing to roll out additional brands. But i think the real winner is theyre rolling out target 360. You may a fee, you get same day free shipping. It can come to your house in under three hours. Its amazing. Thats how theyre going to continue to win share against walmart whos gaining the higher income consumer. Question know commerce is growing in general. It takes more workers. I was really shocked to find out that now ecommerce delivery is a bigger part of revenue than the actual store when it comes to walmart, which is kind of a shock. I think of people going to store. Realistically can target compete with a walmart and an amazon . Youre right. It was about drive to the store, pick it up, and they put it in your trunk. Walmart is talking about their ecommerce business is getting more profitable. The operating margin is about three times the amount their regular business is. Thats getting more profitable. For target, they need that discretionary consumer to turn. They need the same day delivery to be efficient, and theyre ramping up their advertising businesses and others to subsidized keeping prices low. I want to ask you a question about target. Yesterday they said theres kind of a gap and how that impacts different retailers. I want you to listen. You have a consumer at the high end being more choiceful. The low end, i do think, is a melting ice cube. Ive been on the show and talked through this. What im calling it now is a selective session. That was one of his comments. He talked about there being a high end, low end. Is target stuck in the middle . . It is. Matt is right. Weve gone through inflation. Now the low end were starting to hear, whether its mcdonalds, you name it. Its starting to feel the pressure here. So, yes, i think theyre stuck in the middle. Theyre a higher in consumer, the 75,000 range. But theyre missing the real food gap. Thats the gamechanger. Thats whats driving share and driving their higher consumer into walmarts arms. His pick for the Lower Consumer stop piks were t. J. M maxx, ross. And they still want luxury goods in some sense. Theyre sting going to shop somewhere. Tjx has been one of my top picks. Thats where the business is. Tk over there. We love it. Are you a maxxanista . We dont even know. Bracing for results. The potential seismic impact and the impact they could have. And were celebratesing all month. Theyre quiet, hardworking, good student. But that also means that we are often forgotten. It took me years to find my voice, to advocate for myself in the workplace. Remember, a diverse employee is important and ultimately benefits the bottom line. grandpa im the richest guy in the world. man 1 i have time to give. man 2 i have people i can count on. grandma and a million stories to share. vo the key to being rich is knowing what counts. Exchange. Were looking at our wrapup. The Trump Campaign is looking at crypto donations. Mcdonalds Franchisee Group probing the companys 5 value meal saying while its good for the consumer, mcdonalds will be looking for support. Feds waller is saying theres not a lot of upside on the rate and the economy. They plan to cut starting later this year and next year depending on the data. Urban outfitters earnings beat shows theyve been cutting prices. And raspberry pi confirming they will open shares next month. We get the home sails data this morning. We look at Earnings Results from nvidia, target, snowflaking and va kourp and we hear from Austan Goolsbee ahead of the open and get the latest fomc Meeting Minutes later this afternoon. The earnings for nvidia continues to push it to new records. Ahead of those results, options results showing 9 in either direction, translating to it. For more on this and the trading day ahead, lets bring in Jeffrey Kleintop with charles schwab. Good morning. Glad to have you back. Thank you for having me back. I think everybody is talking about nvidia. When youre talking client ts, looking at portfolios, how do you view this Inflection Point with nvidia earnings . We know ai is a huge and rising theme, and so are trades. Im looking on sending nvidias chips to china. Thats going to be a big issue, really beyond that that has tent tackles that goes across autos and elsewhere. I want to hear more about that. Thats one big factor. I want to ask you in general, do you have some investors that might be on pins and needles. Is there something where you have to make a shift or move something around against a potential hedge of something that might happen or go in on this . Look, nvidia has beaten by a quarter. Expectations are very high. Maybe a risk in many investors portfolios. Im advocating for a higher approach. I want to get a sense of how you see today shaping up. What is your w. E. X. Word of the day . Its immigration. When fed chair powell addressed reporters after the may 1st meeting, he was given seve severalenings to put rate hikes on the table and he didnt take them. The minutes of the meeting offered clues why they think fed rates are restrictive enough. Expect to see the word immigration mentioned sercht times. Thats one reason wage pressure could continue to ease. When they hinted at it about a week ago, it was a key point of discussion among fomc investors. I want to talk about opportunities youre seeing in the global market. A lot of people think its a big frothy. I want to ask you about a few different ones. I was in london as you may or may not know. I saw the ftse up, 8 , 8. 5 year to date. Is this more on what youre talking about . Youve got a discount to the 10year average. This morning we got the april uk cpi number. It plunged to 2 pnlts 3 . That was disappointing. It was supposed to come down to 3 2. 1 . If youve got a combination of a recovery, that could lift valuations. Were one of the first guests to talk about japan. The nikkei up 15 . Its not valuation, right . Its a d story. I was calling it Cardboard Box recession. Japan was recovering from that. Its outpaced the quarter. You combine that with fair valuations and you get a backdrop for continuing equities. Well have to wait to see whether we get an intervention on the yen. Great to see you. One more quick look at the futures. Theyve been moving low. Thats going to do it for Worldwide Exchange. Squawk box starts right now. Good morning. Were going to hear from nvidia. Washington is giving billions of dollars more in Student Loans and easing prices at the pump. In the meantime trhe Trump Campaign will accept crypto donations. And rfk investing in gamestop. Its wednesday, may 22, 2024, and squawk box begins right now. Good morning, everybody, and welcome to squawk box right here on c nbc. Were live from the Nasdaq Market site in times square. Im becky quick along with mike santoli. Joe is off today. And andrew is reporting live from paris. Andrew, tell us what youre doing there. What do you have coming up . Reporter were now 65 days. Yesterday was 66 days when i saw you from the olympic games. Were live from paris at vivatech. Theyre all here in paris. We have a whole number of them from med eye and openai. Its look a little bit like the French Version of ces or those who may remember something called come de