The s p down 2. 5 and the dow 2. 7 the s p dropping 4. 4 last week and lets take a look at some of the specific names in all of this falling 7. 4 netflix 6. 6 and then the one everybody is talking about tesla. That stock plunging 10. 9 . Whenever we can talk about algorithms, do you know what im saying i like it as the secret sauce, wow, i wish, you know, i wish i took a little bit more calculus or math or whatever. Do you know lets talk about it because theres so much. Youre all fired up youre tweeting about it and i dont follow you belief it or not because i like to enjoy my weekend, but someone retweeted your stuff to me and im like oh, geez anyway, youre mad because trump said he wouldnt do a partnership ever when it was microsoft and now he likes oracle i figure its because well talk all about it all right make it i know. Do you know what im going to do im going to read this and say andrew take it away. Making headlines, sources telling cnbc that oracle is set to be announced as tiktoks tech partner in the u. S its unclear which parts of tiktoks technology are being taken over by oracle im talking about the secret sauce. The algorithms we dont know. But i dont know whether they would allow them tiktok also will comment on the potential. Microsoft had been considered the front runner until this weekend, microsoft was notified by the chinese owner that the offer was rejected walmart was teaming up with microsoft on the bid in a statement late yesterday walmart suggested its considering joining oracles bid now. So its kind of its kind of interesting. I initially saw how you were saying that theres something, i dont know, nefarious going on here with the oracle and the white house and stuff but then, i mean, microsoft did get the jedi deal right . Do we know that the white house does not like microsoft specifically or do we think that they like oracle more because ellison did a fundraiser . What do you know tell me what you know . Im not sure. Im not sure how the politics, how it played and frankly whether they played in any of this i think theres question marks now and we will see what ultimately transpires here i spent there were great gains yesterday but unfortunately i was on the phone trying to figure out what was happening here and the interesting part about this particular transaction is that originally microsoft started having talks in june and july with tiktok and byte dance about a Tech Partnership then. Effectively the cloud. The azure cloud was going to be the host for tiktok and thats the interesting part for them. They were going to take a minority interest and then the Trump Administration said we dont like that because we have a problem here we still believe theres a National Security problem unless a u. S. Company owns a majority stake and the view is also the algorithm because that is the business and not just the business but for the algorithm to work, the reason why you get fed cool or fun videos that are appealing to you is because whats happening is the company is taking the data that you produce meaning the data of which videos that you like and flick through quickly and theyre going and showing you stuff that you like. So they need thats like the oil. They need the oil for the algorithm to work. Well it doesnt work if you cant feed it data so how do do it in a secure way is there a secure way to do it and thats the question right now on the table when you talk about whether they like oracle or not i dont know. And we dont know this is byte dance saying this we dont know at this point whether the white house will sign off on this do we have indications that this one is going to be okay with them verses the other one . Microsoft is a much bigger company. Go on. My understanding is earlier indications is the white house is trying to find some form of a compromise from an antitrust and competitive landscape, you would have thought actually that a microsoftwalmart deal arguably would have been better in other ways which is to say that if tiktok went to microsoft all of a sudden you potentially could build a real meaningful competitor to a facebook so if you thought of antitrust issues with facebook or google on the advertising side. Potenti potentially and that transaction created all sorts of other benefits beyond the National Security issues. The transaction with oracle and as a cloud provider thats all its going to be and well find out. Its probably less than that what social media experiences does oracle have as well microsoft has linked in, right theyre a much bigger company. There are reasons to think that might be a better overall fit and then you got back to the fundraisers and the other things that i know you want to talk about i was concerned about a two anchor show. I dont even need to be here i dont think. Do you want me to just come back at like 6 30 or something . What do you think . Usually, you know the nfl, the nfl started yesterday. Baseball across the board. There was an nba playoff game. There was a five set match that was one of the greatest come back matches with a speech at the end followed by the german that lost that had me in tears i didnt make that many calls about this whole deal here so im glad that you did you already referenced all the sports that were on. Poor jets. Go ahead we always need a partner in crime or more than that. And we miss becky today we always miss becky we need two if possible. And but we did this friday. I can finish your sentences. Its hard for me to mouth them a lot of times but i can finish them theres a lot of do you know what im interested in, the oh, were not even going to do this we will later but im interested in this next deal. Theyre rushing us out of here ichlths coming up. The cancer drug maker doubling on news this do you know where you actually have like a poison attached to an antibody and its been a long holy grail looking for it. Well talk about it next plus check out this mornings huge guest lineup its on this show. Great. President of the nasdaq. We have the gilead ceo treasury secretary steven minuchi and stay tuned youre watching squawk box on cnbc lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. The acquisition expands the portfolio of drugs to treat cancer and meg joins us with more theres a lot swirling around here gilead had been mostly in blood tumors so immunomedics has been around a long time. It was a tenth of where its being acquired its a 2 billion company in the last 52 weeks so they finally got, what is it . Immunocongegate. So they got positive results about a Breast Cancer treatment on a really tough type of Breast Cancer what is it called . Triple negative or something and this extended survival which means it has a mode of action on something so it attacks your own tumor with an antibody that has some poison like attached to the antibody is that about right. You know its right, joe. Its called an antibody drug congegate. Its thought to be better because it uses it to hone in on cancer cells and then delivers this payload that can kill the cancer cells but lets talk about the deal specifics to start with. Theyre paying 88 a share its a 108 premium. Theyre using 15 billion in existing cash and 6 billion in debt they say this should break even in 2023 and add to earnings after that and they expect this deal to close in the 4th quarter. Now it was approved in april for triple negative Breast Cancer which is a very difficult cancer to treat and this is for a very specific segment of that population trying to treat that cancer that already spread and they did show very promising results and got that approval in april and guys, theres a european medical conference focused on cancer this week. Were expecting to see full data on the drug in that indication plus more indications. So with all of those indications and this price tag which is 2,000 per vile or estimated 100,000 per therapy which is what these cancer drugs cost these days analysts estimate this could be a 4 billion drug down the line and this is the biggest deal in a series of many where gilead has been trying to build itself into a cancer power house. Previously it did kite pharma for 12 billion to get the new therapy drugs and then they bought forty seven for 5 billion earlier this year but a true acceleration in the cancer deals. Trying to turn itself into one of these that has major forces in cancer. If you read between the lines of what you just said, you said that triple negative Breast Cancer is relatively small group. So thats not going to add up to 4 billion so youre talking about using this for solid tumors in the lungs and all solid tumors or at least more than just Breast Cancer. Yeah, theyre also expecting data i believe this week in Bladder Cancer and then further down the line in lung cancer so it needs to be cancers that express this antigen and so to latch on to and deliver the payload, this drug could potentially be useful. And, you know, they made an antibody to trope 2 so solid e tumors express something and if the mode of action works, in this case, then you just take another antigen and do the same thing and it might work on others so theyre buying the technology as well. They absolutely are they have a lot of experience in this technology as well so it will be really interesting when we get to talk to them this morning about the deal and what about news on pfizer too on the vaccine front its a busy weekend it was given the green light in the u. K. To restart the vaccine trial. It was halted after a single unexplained event in one trial participant in the u. K the regulators said it is safe to resume the trials but they havent given information about what happened or how they know that its safe the Oxford University which is developing the vaccine cited patient confidentiality so we dont know what happened or how they know its safe or when the green light will be issued in other countries. And theyre getting close to finishing enrollment and now theyre expanding the size of the trial to 44,000 people and also include people with hepatitis b that are stable and they still expect the data by the end of october great andrew dont want to jump in on the pfizer stuff. I wanted in on the pfizer stuff but i was trying to understand what we think realistically the time line looks like thats when they will get enough data to see if the vaccine is working by the end of october. And he also said this in a recent interview as well, 60 is what he is modeling here as the chances they will get this data by the end of october and theyre going to be rolling these new 14,000 participants in areas of the highest infection rates in order to try to see that so quickly. But that would be when they get the data they say theyll be ready immediately to file for fda authorization and then well have to see what the regulator does all right, meg, thank you and well see you again at 7 00 eastern with the ceo of gilead and then later this morning, pfizers ceo will join you on squawk on the street as we just said it. Andrew. A couple of big stories on soft bank this morning that we should also be talking about buying chip designer arm have softbank for 40 billion in cash and stock. Of course a key supplier to apple and others thats going to happen this morning at 9 40 eastern time meantime theyre also reporting that soft Bank Executives potentially take the firm private. This is driven by frustration over the persistent valuation discount given to softbank shares i want to talk to you about soft bank. Yeah. Lets start here. What do you think on softbank, what do you think the chances are that they actually go private . This is a company thats so deal oriented is this just talk or do you think this is real i think that its real. What you need to understand is you remember when the stock market tanked. Softbank suffered a serious blow its shares collapsed. It fell to a 4 year low. He owns well over 20 of the companys shares is heavily exposed to margin loans so he feels extra pressure and he has it in the stock as an activist that has been pushing him to do share buy backs so there was a lot going on in that period and in that period they discussed and called up and were ironing out stuff to see if they could take the Company Private then but they announced this 41 billion Share Repurchase plan and debt program which would be funded by asset sales and whats happened in the subsequent five months is they have done the asset sales which have basically driven the stock way higher and one of the key holdings is alibaba thats done well in this market valrally but a lot of the stock gains appear to be driven by alibaba and not the fact that the discount which is essentially calculated by taking the equity value which is the sum of the parts of softbanks holdings so thats what the idea is and its live right now. Just to jump in on the tick to be sto tiktok story so many of us have questions about where things stand china state tv is now reporting that tiktok wont be quote, unquote sold i think thats raising some other questions when they say tiktok wont be sold is that sold at all . Is that because now were talking about Tech Partnership with oracle . What do you think is happening right now . Its a giant mess and it has been for several weeks and everyone i was talking to on this transaction heading into this weekend said that the chances of any deal were well below 50 . I think theres a lot to iron out here its messy theres a lot of constituents between the Chinese Government and the byte dance venture capitalists and oracle and its a really messy situation and its going to be weeks before this is properly ironed out. They really head to friday. I have a suspicion that this is so complex that they can get something on paper but the details arent going to be done by friday. Do you have any idea how they can satisfy the thing that im baffled by is how could they satisfy the National Security issue which apparently could not be satisfied by selling a minority interest to microsoft over the summer. Im just speculating but you could make a certain amount of commitments on how it will be supervised and monitors. Thats why i still think this thing is very complicated. You can imagine the situation where they fudge it and delay the deadline or give them more time because they have something on paper and principle as a likely option here look, we appreciate you joining us this morning. Great job reporting all of this over the weekend we look forward to having you back and talking to you more about all of this as it goes on. Thanks thanks, andrew, coming up, attention, new york commuters, starting today not wearing a mask on a train or a bus could cost you those first though as we head to break, check out this mornings biggest nasdaq premarket movers. Youre watching squawk box on cnbc vo while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager your life is just as unique. A Raymond JamesFinancial Advisor gets to know you, your passions, and the way you help others. So you can live your life. Thats life well planned. Uber fighting a london ban in court it happens today uber expected to argue it has addressed safety concerns raised by local regulators there and of course a lot of folks in london and shareholders across the country and the world will be focused on that joe. United, the ceo says hes unlikely to recover in the near term heres what he said on cbss face the nation yesterday. Demand is not coming back until theres a vaccine widely distributed and available while a large portion of the population i hoped it happened sooner but thats the end of next year. And be ready to bounce back. Continues to burn through 25 Million Dollars a day. Some news on masks now, i guess. Absolutely. Attention new york commuters, we should tell everybody, starting today people that refused to wear face masks on subways and trains and buses theyll face a 50 fine. The goal is to convince people that mass transit is safe to ride as they open up more in the coming weeks but clearly the state trying to instill that confidence by saying you have to wear your masks especially in the combined closed spaces are you out and about theres traffic again. And theres places where i go to get something. Its a very surreal kind of a its happening people are out and its like, sometimes i forget it. It can come back if someone gets anywhere near me and im wearing a mask, so this is going to be i dont know if we ever get over this because i immediately feel very threatened its very strange. Its a very strange world right now. There are moments when were trying to forget about it. You wouldnt have thought it at all. And then frankly a little kid came flying over to my daughter and was right on top of her and i thought oh my goodness, we were not masked i should say and then i thought, you know, you get concerned. Im hopeful that we get through it and the levels are low enough where its not going to spread the tennis yesterday very emotional and people that are part of this team and the two guys that are friends that play theyre hugging without masks and everybody was hugging and im like oh my god theyre hugging. So this is the way its going to be for us forever. So this is one of the guys chances. They couldnt sit down between games anymore because if they sat down they werent going to be able to get up. It was over four hours it was really cool it was really good but, you know, its in this and these things are happening nfl is happening. Does this block ever end is what theyre asking in the control room. We want to get to commercial. We have so much going on today its unbelievable and the guest list is outrageous as well so many questions for so many people news makers right in the midst of it. Well talk tech trouble on the other side of the break and the names that lead the market higher and tumbled last week got the treasury secretary coming up in a little bit. Well be back in a minute. As business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will. You can rely on the people and the network of at t. To h