our top story this morning, the dow is continuing to rally, up more than 150 points as all three major indexes hit another record high earlier. for more on this, joined by chief investment strategist jim paulson. good to have you back. >> thanks for having me. >> we have been wondering why equities are rising in the face of rising yields some economic release disappointment clearest explanation is that even the bears are afraid of missing this train that's leaving the station. what do you say? >> i disagree with that in part, it is an incredible market, incredible price momentum. maybe it is simply the resulted we've never had just breakout of optimism in all sobbiectors of economy, everything from main street to wall street looks good it is so rare in this recovery to have that feeling, it is just an unbelievable up side price momentum it is not that the markets are going up dramatically, up maybe 25% in the last year certainly good, but not like a 40% meld up run. it is more the fact it never goes down that's so impressive i just think it is getting a little crazy, even in the short term, even if you think it goes higher this year, it seems like odds are stacking up and eventually we'll have some meaningful pull back of some degree fairly short term almost getting too good. >> despite some of the changes to cash flow guidance among big companies leveraged to this tax cut? >> yeah. you know, i just don't know. we have 151, $152 forward 12 month earnings per share estimates, carl. that seems like it incorporates a lot of what's going down as far as the tax cuts are concerned this year. and if anything, it sets you up for some disappointment if later in the year because of higher yields, for example, or less liquidity growth, one of the earnings doesn't come in as expected, i think a lot of the tax cut is already vetted and in the market i'm not sure if the news comes out as good as expected rather than better than expected that it will have the same up side momentum for the stock market that we have seen of late. >> and yet looking at some of the headlines out of davos from bank ceos, jamie dimon, lloyd blankfein, 3%, 4% growth what do you think of that? >> i think we're already doing that probably posted another quarter above three and current quarter looks like three and a half. we push to the three handle on unemployment in the next few months if we're growing north of 3% with less than 4% unemployment, i just got to believe wage inflation will pick up we already have capital costs rising, that's interest rates. we have commodities rising from energy to industrial commodities. we have an extremely weak dollar which is an inflationary force itself if wage number prints, that would change mind sets on wall street if we see that yes, indeed, all this good news is leading to cost push pressures. >> jim, for the investors at home maybe in this market but feeling like you, maybe a little concerned that a lot of the increases are already in there, how do you diversify in this market is it geographic diversification you go for if you think the u.s. market, maybe the best is behind it, which hey, who knows, where do you put your money >> i think a few things. it is a great question we certainly struggle with that as well. one thing is i de-bond my stock portfolio, wouldn't sit with all of the bond surrogates, for example. i would be looking to overweight capital and goods, consumer sector the business leadership is taking over in the economy technology, materials, industrials, energy, for example. i as you suggest, i would move away from the united states. if we get a pull back, there's more risk of that from a magnitude here in the united states than abroad then a couple of other things. i may be tempted to add and i have a little commodity etf to the portfolio that has a different risk profile than the stock market stocks keep going up, it may go up it may also continue to go up if the stock market goes down last thing i would throw out, i think cash for the first time in this recovery has a return, has a legitimate competitive return that's probably going to be close to 2% soon and quite frankly, maybe ought to have a little cash. put up a plan if the stock market keeps running and bond yields keep running, every 25 basis points or so, add a little more cash. maybe that's not a bad approach. >> i was going to say, that flies in the face of what was said yesterday, given the blow off that's coming, you feel stupid having cash >> well, i think there's a lot of truth in that when you look backwards, carl. and no doubt about that. we'll see if it is true going forwards i think it wouldn't hurt to take some off the table, particularly if yields are up and stocks don't react to that. >> jim, thanks see you soon jim paulson joining us, talking about this market. big bank ceos talking bitcoin. michael corbat says he doesn't understand cryptocurrency. and jamie dimon has choice words. >> lots of conversations about cryptocurrency we had the call about bitcoin. you switched your view a little bit on this? >> i think you all said enough i'm not saying any more. >> you guys have been popping this whole thing, you talk about it too much. stop talking about it. go back to something relevant. >> joining us to talk more about it, tech reporter for "new york times," and jason, inside.com founder and ceo. what's a reasonable scope of discussion about this, talking bitcoin specifically, not the block chain. >> i think he may be right we are probably talking too much about it this is a thin, volatile market. every time we talk about it here, elsewhere, every time it is in the news, it bumped up or down it is hard to tell what's going on with bitcoin. i am not allowed to invest in bitcoin. but i was optimistic about it couple months ago, turns out everybody was optimistic about it then, since it pulled back a lot. hard to tell what will happen with regulatory changes around the world. looks like it is in for a moment, six, seven months where people try to figure out what governments will do, what banks will do. and then maybe it will take off or maybe it won't. i think it is an uncertain moment at this point >> jason, i don't think we're talking about bitcoin too much, particularly if we are critical and trying to educate the viewer i know that you have been critical of bitcoin and cryptocurrency people are talking about it a lot. a lot of people have potential to get hurt. do you agree >> 100%. cryptocurrency is a real technology, fascinating, has potential to do some amazing things, but we're talking about an unregulated, highly manipulated, anonymous global stock market >> what can go wrong >> exactly if you look at the highly regulated stock market here in the united states, we constantly have the sec taking action, giving warnings. with bitcoin, it is highly manipulated and there are many, many bad actors that have come into the space, and it is going to be regulated in a very significant way, and there's a significant, third chance that bitcoin goes to zero >> zero? >> doesn't mean you can't have fun. >> zero? what would it take to take bitcoin to zero. that sounds outrageous to me. >> if it lost half the vallue i the last 30 days, it is possible another technology comes along that's faster, cheaper if people realize bitcoin is incredibly manipulated and run up from $150 to $1,000 was created by manipulation. if they find out people that are oral speculators on bitcoin, i believe this is the case, created thousands, tens of thousands of wallets and manufactured volume, i believe a large percentage of volume of bitcoin is manufactured and manipulated, which means people buying into this are buying into what is essentially a huge fraud. doesn't mean cryptocurrency and underlying technology isn't real, it started with great intent, but it has been filled with scammers and criminal elements pumping and dumping currencies and people are going to lose their money. if you're interested in doing this, my advice to family member or friend would be spend 50% of your time learning about it and 1% of your net worth what's happening now is extremely dangerous and clearly a bubble people are investing 50% of their network and 1% of their time that's a recipe for disaster. >> people are putting money into bitcoin don't have much in terms of net worth to begin with you say that you're not allowed to invest in bitcoin how do you think the so-called wise people in the financial business are doing educating people and talking about bitcoin. i know as a columnist, that's part of your job >> yeah, yeah. no i mean, i think a lot of people, including people in the media, including people on wall street sort of fundamentally don't understand this market and a lot of it might be because of what jason was saying, it is manipulated, it is not sort of -- it is mostly secret, we don't know what's really happening in that market there's a lot of kmcome entar e. you have to spend 50% of your time investigating i think it is possible we see it in technology all the time, there's a technology, this is built on network effects, everyone bought into bitcoin but people buy out of technology all the time happened to myspace and blackberry and other things you can think of things seem unstoppable for awhile and then don't. easy for me to see it could go to zero and other cryptotechnology or other financial advance could come along and beat it out. >> first tech advantage in technology has challenges as we have seen repeatedly as you note stay with us news out of the eeu, authorities delivering a big fine to qualcomm big story josh lipton is watching >> eu authorities nail them with a $1.2 billion fine. the european commission says they prevented rivals from competing in the market making a deal with apple, specifically that qualcomm paid billions of dollars to the iphone maker between 2011 and 2016 so apple would exclusively use qualcomm chip sets in iphones and ipads eu antitrust chief weighing in on the fine. >> it is illegal behavior, denied customers and other companies the benefit of effective competition, namely more choice, more innovation, and this in a sector where there's a huge not only demand but also potential for innovation >> qualcomm hitting right back saying qualcomm strongly disagrees with the decision and will immediately appeal it to the general court of the european union the chip giant emphasizing that doesn't relate to the licensing business and has no impacts on on-going operations. still, this news comes as qualcomm tries to fend off a hostile takeover this fine speaks to a central wedge issue in that fight, and qualcomm believes they're in a temporary storm of customer and regulatory issues. broad comm saying critical changes to the business model and practices are need with regulators unhappy with the current state of affairs back to you. >> indeed, josh, thank you for that concerns involving tech dominance making headlines in the united states. in the "times" democrats grow wary of tech giants. at davos, the issue is front and center yesterday, says facebook is addictive, should be regulated like a cigarette company not everyone agreed with those comments listen to what jim briar of briar capital had to say this morning. >> he is flat out wrong and mark is a great friend, we invested together regulation should be appropriately applied. but the comparison i don't believe holds any weight >> john, no shortage of cross hairs for big tech >> a lot i want to get to the qualcomm issue. the eu expects me to believe apple was so addicted to a few billion dollars that they went exclusive supplier, even though there were comparable or better products out there that's just not true maybe qualcomm really did do something wrong here, we have to see the details in this case qualcomm will have its argument, but ten years ago intel and dell got in trouble for a similar dynamic. intel was making payments to dell to exclusively use its chips. in that case, the only reason dell was making quarterly numbers was because of payments from intel, and they were a significant part of dell's financial picture. app emis t apple is the wealthiest company in the world, known to have multiple suppliers no way if it made the product better, they wouldn't go with that supplier. app emgot apple got in trouble for using intel chips and not telling the consumer this is a little deeper. >> don't you think it speaks to broader regulatory landscape and the fact that regulatory heat is ratcheting up, maybe more so in the u.s., very much so in europe which is something we have been seeing and talking about for months now. >> it absolutely does. but also speaks to the reason why investors have to be able to peel beneath the surface i don't think this story is quite what it seems. it is very different from the intel, dell dynamic. by the way, dell was the one in major trouble, the one that took the payments in this case, the heat is on qualcomm why is that? >> it is weird jason, is this instructive or not? sign of european overreach or something bigger >> yeah, eu is the finer filter on american companies. seen that with google and i think the repatriation is a huge win for trump because now that we get that money back, there's going to be less of a chance for the eu to retrade a lot of those oversees capital i think the bigger issue is the anti-big tech that we have been talking about, and that really surrounds one company, facebook and to a lesser extent twitter and manipulation of the election potentially and the addictive nature of these. i think a little hyperbolic with the cigarette analogy, i don't think social media will take five or ten years off people's lives, and if the democrats had won, i don't think they have a problem with facebook or twitter but they lost so they're bitter about that the big issue is can facebook now regulate itself, and if you look globally, south korea is a great example of how they've regulated social media if you want to open a social media account, equivalent of a facebook or twitter page, you have to put in your social security number. it is interesting, south korea is also a place that's the second market for cryptocurrency currently, big craze, and they're starting to regulate cryptocurrency we could see that level of regulation come to the united states, but i think facebook will cut off the regulators at the pass, see them knowing the byr buyer on the ad side of business and see them tighten up like they have been ability to manipulate the feed and people easy regulation for apple and facebook would be to give people feedback you have been on the phone two hours today, on facebook an hour do you want to set a limit for yourself, do you want to self regulate those kind of tools is what i think we'll see this year as a way to defend against regulation from the government of how you use your smart device. it is obviously not the same as lung cancer. >> right i think the comments probably got taken more seriously than he meant. but that's for you to decide after hearing them we went almost 20 minutes. we have to cut it short there, thanks very much for your time when we come back, more on ge's quarter dow is up by 92 points apple expanding its reach in health care, former ceo john sculley now specializes in health care investments. and softbank making another splash in the valley $865 million round in a construction start up. ceo joins us coming up don't gowa ay. ne, fadeaway. that was awful. why are you so good at this? had a coach in high school. really helped me up my game. i had a coach. math. ooh. so, why don't traders have coaches? who says they don't? coach mcadoo! you know, at td ameritrade, we offer free access to coaches and a full education curriculum -- just to help you improve your skills. boom! that's lesson one. education to take your trading to the next level. only with td ameritrade. welcome back to "squawk alley. lots of earnings movers. united down despite better than expected results, down 12%, session lows the airline planning to expand domestic capacity. investors are concerned about the impact it could have on the profit margins, especially in the wake of a price war with low cost carriers. nonetheless, we sat down with the ceo oscar munoz and he addressed it >> competitive, always be those issues concerns with price are constant we do it at every one of our locations. speaking of airlines, tomorrow at 9:30 a.m. eastern, tune in for the first interview with gary kelly, ceo of southwest airlines but guys, even on a day we see record highs for the broader markets, transports are down more than 1%, and it is because of all of the selling off in the airline stocks right now >> in about six or seven minutes, europe is set to close. >> good to see you european stocks are not participating in this rally. you can see behind me, under pressure, here is why. euro hitting a fresh three year high, surpassing 124 in regular trade. that makes european exports less attractive when the currency rises. this outperformance comes after comments in davos by the u.s. treasury secretary saying a weaker dollar is good for the u.s. as relates to trade ubs is raising the three month forecast for the euro to 125 from 118, saying in a world of u.s. dollar weakness and strong global growth, investors are looking for alternatives and seem to favor european currencies in general. look at stocks utilities among the biggest decliners. plunging after lowering the earnings target for 2017 the company business in spain impacted by political uncertainty in cat loan i can't. in tech space, ams downgraded iphone x continuing into second half of the year dialogue semi, european suppliers moving sharply lower in today's trade but there are bright spots swiss pharma giants posting higher fourth quarter. and maersk seeking a partner for drilling unit. and countdown mode for tomorrow's ecf meeting optimistic picture of europe some economists say it could push them to end the tapered long buying program sooner than expected given how it has been in the past, no change in time line should be anticipated. back to you. coming up, more on apple's latest announcement in the health space have they finally cracked digital health records with the dow off highs. still up 99 points the s & p up slightly. "squawk alley" will rht ba ckbeig seem seem. seem awe you always pay your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty stands with you™ liberty mutual insurance. hello, i am sue herera here is your update. kurdi kurdish kurdish militia showing troops in syria pressing ahead with their operations a fifth day the curkurds a key ally. and a deadly rig fire in oklahoma initial report says gas caught fire and a worker at the scene tried unsuccessfully to shut down the well. five workers were killed in that explosion. starbucks giving u.s. workers pay raises and stock grants, citing recent changes in the u.s. tax law all employees will soon be able to earn paid sick time off and parental leave benefits include nonbirth parents the company says changes effect about 150,000 workers. new survey from american psychological association says 64% of adults say their own health problems and those effecting their families are a significant source of stress 66% say they were stressed about the cost of health insurance as well that's the news update this hour back downtown to "squawk alley." john, back to you. >> thank you, sue. up next. former apple ceo john sculley on everything from apple's announcement today to the new ep products "squawk alley" will be right back apple taking more and more steps into health care the company confirming it will allow users to store medical records or at least stream them through the health app cnbc reporter christina farr spoke to jeff williams who joins us now hey, christina >> hey so john, this is a big deal what apple is doing it is a little like how you can see bank records on the go they're saying let's make it that easy with health information, not just things like the steps you can now see on the health app on your iphone, i am talking about lab reports, immunization records and so much more this will be readily available to you in the palm of your hand. this is a huge deal. we have seen companies like google and microsoft try to do this before in the past and struggle apple is saying we finally made it easy for consumers, and as jeff williams, the coo told me yesterday, it is the right thing to do that will finally give consumers the right to own and not just access their own medical information. and that can save lives. >> i see christina, is this going to actually reside on the phone at what point will apple have access hypothetically to your and my health information? >> that's a great question one that i have been hearing all morning from consumers apple made clear it will not own the health information, that it is yours they won't have access to it on the iphone, they certainly won't be selling it to data workers, and it will be encrypted and protected. you have to use a pass code to get access to that information and i am glad they've taken that approach because it is the right thing to protect our very sensitive health records >> christina, thank you very much for that. christina farr that talked to the apple ceo. bring in former apple ceo, john sculley, cheer marketing at pharmacy benefit manager good to have you back. >> thank you, carl >> we have been talking about the notion of apple pushing into health care on all kinds of devices. how disruptive will this be? >> i think it is a smart move for apple. obviously apple is putting boundaries on what it is going to actually do with that data. they aren't trying to use that data themselves for some purpose but trying to enable, empower the consumer to have more access to data. the thing that i think about is people tried this before, google health tried going to the provider to get data, these are people like epic, athena, big hospital systems, and that's only half the story. the other half of the story is really the insurance payers, they're the ones that get the reimbursement, payers can offer incentives to get people to modify behavior. if you want to empower consumers, you have to give them not only access to the data on the iphone or watch, but tie it to the ecosystem of the insurance payers that's how you start to modify behavior you can start to create incentives for doctors and other health professionals and consumers themselves it is a good first step, other steps can be made, too >> in light of that point, do you think apple will be on the forefront of being more transparency to consumers in terms of health? you hear this is one of the holy grails that tech companies have been scrambling to tackle. >> i think apple is drawing a boundary, and i don't have inside information, listening to reports over time and the recent one, what apple is saying look, we know that sensors are getting more and more powerful more things we build into a product like the watch, we make it the way in which users can access and see the data. but seems to me at this point apple said we're not going to move into the really heavy lift of data which is used to change behavior, reduce costs, manage outcomes that's clearly the way the whole health care system is moving there are two big things in the health care system that can radically change costs one is the chronic care patient. the empowerment of consumers, what apple is doing is a first important step a lot of other things are coming down the road from various other companies that will involve the insurance payers, not just providers. >> silicon valley, at least a portion of it is facing a sort of crisis of trust around what they do with data, how they might manipulate the public in what they show us. i wonder, is apple in a uniquely strong position because they're not in the data business, apple's argument is yeah, we sell you an expensive device, then don't have much to do with your data from there on out, it sort of belongs to you our googl-- are google and facek trying to monetize data. we want to monetize your data but not your health records? >> that's a good observation because apple has a booming service business but it isn't because they're doing the same things that amazon, google and facebook are doing, they're not actually doing that heavy lift, bring in artificial intelligence, doing things where they can monetize the data for themselves for example, apple just introduced a new home pod. the home pod is optimized around what apple is good at, which is entertainment experience good at photography, now optimize it with a high quality device that can help you have assistant to find music and high quality speakers that's different than amazon is doing with alexa that will be the challenger to facebook and google for search alexa through amazon prime controls so much of the e-commerce transactions. they know what millions are doing in buying behavior like google knows what people do in search behavior, facebook knows what people are doing just in their interaction. i think apple is different than the other three companies. >> john, what do you make of the bigger tech landscape in general now. you have a flurry of reports discussing the possibility of antitrust where big tech is concerned. you have the eu slapping a fine for a relationship with apple. there's a shifting tide and sentiment from the democrats toward the tech community, and of course activists and investors in apple are claiming iphones and other devices are addictive and it needs to be addressed. what do you make of what seems to be a very fast change in how the public is viewing tech now >> i think part of it just goes with the territory because the most valuable companies in the world, take the top ten most valuable companies in the world, majority of those are big tech so of course the spotlight is going to be on them. i think the real challenge is for companies like facebook who are now realizing that they had far more impact on people's lives because of the fact that there was fake news out there and various investigations that are going on but we'll have to see. i don't think it will be as highly regulated as was suggested. mark is one of the brilliant mine's in silicon valley, but my sense is that we have seen this movie before where the biggest players in an industry, happened in microsoft decades ago had a lot of people say break them up, highly regulate them the reality is i think the companies are much bigger contributors to the economy than to society i suspect they'll be able to pivot and make changes obviously there are a lot of things going on at facebook in terms of intrusion into people's lives that i think even they weren't aware of so hopefully we'll see some voluntary adjustments without the government stepping in >> social is a different animal. we all have to get used to it. good to check in with you. thanks until next time, john sculley. >> thank you, carl when we come back, softbank announcing $865 million investment in a construction startup. we talk to the ceo of that company that's also the ceo of sty.a early on in that company's hiorall coming up when "squawk alley" returns i watch. top ranked apple analyst raising questions about the strength of the iphone is the company's guidance at risk we ask about the new note every investor needs to see. is there too much euphoria in the market? risk versus reward as stocks hit highs. and united, the worst loss in months. what needs to happen now coming up at the top of the hour see you in 15. >> looking forward to it thanks, scott. shares of ge down after missing on earnings. cash performance was better than expected, removed $1.7 billion in structural costs last year. plans to cut another 2 billion in 2018. recent review of the captain insurance portfolio is under scrutiny tied to revenue recognition rules that took effect this year, should note that is not related to the disclosurefrom ge, that the sec is investigating recent insurance charges. those investigations are still in early days. bring in the research analyst at cfra research to breakdown the results this morning thanks for joining us. what is your take away from results and the call >> first of all, things didn't get worse. what got worse -- earnings, cash performance, the company tracking along slowly on the restructure program. things are bad oil and gas in particular and power division are particularly bad. those are things that were known. but definitely going to be a challenge for the future >> and john flannery on the call says there will be ge in the future, but it will look different than today, they're considering all of the details and options for the company, that everything is on the table. what are your expectations are we going to see a full break up of ge >> seems to be increasingly likely every time he says that that's what's up in the air, that's what drives me crazy about the stock. we need at analysts to have direction. are they breaking up the company. he needs a strategy and stick to it when he first had restructuring announcement in november said we will sell off $20 billion in assets, seems like maybe power is on the table. hard to value a company when you don't know what direction it is going in. >> looking at shares of ge, they're down 3%. where do you stand on this >> evaluating industrial multiple, certainly below other conglomerate peers but what does it look like in a couple of years, how do they track on restructuring, hit financial targets and give investors confidence these are questions up in the air for the company now. >> a lot of questions, a lot of uncertainty still it sounds like jim, thank you for joining us. >> thank you when we come back this morning, softbank vision fund making a splash in the valley, leading an $865 million round in construction startup the chairman of that company is coming up. dow rallied 54 points. ba ia meckn mont construction tech company can katerra is announcing an 848 million funding. the chairman, flextronics ceo and one-time ceo of tesla. michael, welcome back. i believe you were last with us last april talking about your company. this is a huge round of fund in at a time when a lot of people are talking about infrastructure and all the building that needs to happen in the world what are you going to do with with it? >> well, thank you plr to be here this is a big round. you know, soft bank led it huge opportunity the construction industry is 12 trillion worldwide residential, we were focused is 4 trillion worldwide and 500 billion in the u.s. so a really big market a market that doesn't work well. it's an industry that has not had a lot of technology and you know, you were talking earlier about how much technology is getting into all the other businesses in the world now and this is just another one it's a great opportunity for us. >> michael, i am burning question here. part of the reason construction has been so fragmented, you've got unions you've got local building regular laces depending on the type of projects like specifications about where raw materials need to be sourced from how do you bring that together and streamline it? >> well, thanks for the question that's really what it's about. so we are branging a a lot of automation so for example, in real time now, we can call up any piece of property in the united states and know what the zoning regulations are there. there's 110,000 municipalities in u.s. so, it's ridiculously complex. the supply chain, that's what the electronics manufacturing companies have done for ages and ages and aerospace and so on global supply chain management is a part of a lot of industries the it's just not been a part of this we're just doing it again. >> so what are you see in the funding environment right now? particularly when it comes to software a lot of people criticize soft bank saying they're pumping so much into the system that's inflating valuation, but i guess if you're on your end of it, that's fine. >> look, it was extremely professional in all of this. they were thoughtful about value wa valueuations we were hoping for a bigger valuation, but it was fair valuations have to be look ed a in light of how big the markets are and if you look at the things that softbank's investing in, these are giant markets. this is, the construction industry is four times the size of the electronics manufacturing industry and we built $25 billion business there in 15 years. what's to say this isn't a 50 billion or $100 billion busin s business if we were to do that, people would stay that was a steal. that's what we're hope iing for. >> michael, we've had other examples like house which did get to unicorn status a couple of years ago trying to make it easier to do residential renovations. is this much different than that and if it is more commercial based, say, is that more complicated than simply doing home >> well, what we're doing is more complicated they've certainly done a great job. you have to understand, we do everything here. we're the argument tects, the engineer, the general contractor, the subcontractor and global materials supplier. it's a pretty complicated process but by integrating all these things, that's how we get the inefficiencies out and drive the cost down. it's a big thing we're trying to get done here. t complex. >> all right and it's a big round of funding that you did at the same time, michael thank you so much. michael is the chairman of katerra. when we come back, we're taking nominations for our disrupter 50 list dow up 77 points as we continue to hang on to what we think will be potentially not the first back-to-back losses of f the year for the blue chips. back in a moment (daniel jacob) for every hour that you're idling in your car, you're sending about half a gallon of gasoline up in the air. that amounts to about 10 pounds of carbon dioxide every week. (malo hutson) growth is good, but when it starts impacting our quality of air and quality of life, that's a problem. so forward-thinking cities like sacramento are investing in streets that are smarter and greener. the solution was right under our feet. asphalt. or to be more precise, intelligent asphalt. by embedding sensors into the pavement, as well as installing cameras on traffic lights, we will be able to analyze the flow of traffic. then that data runs across our network, and we use it to optimize the timing of lights, so that travel times are shorter. who knew asphalt could help save the environment? ♪ it's that time of year ago the call for nominations for cnbc's fifth annual disrupter list is on julia? >> the disrupters on our list aren't just threatening the establishment and next generation of giants, they're also valuable partners for companies to help theme move fast and innovate. a tech company announced a new partnership with google to train i.t. professionals google is granting 10,000 scholarships to the online course to help meet demand for specialists. microsoft is expanding with we work they moved 300 of its employees in three u.s. cities back this 2016 now they're extending the partnership internationally and also including engineers and ford is teaming up with lyft and disrupters can accelerate the pace of drug development maderna is collaborating with merck and astrazeneca to tackle everything from vaccines to cancer treatments. so which will be the next partners cbs is ak accepting nominations for the 2018 disrupter 50 list for dedaltails, go to cnbc.com. >> if one of them eventually goes public, won't be the former first one that gets to the public market. as for the rest of the day, we'll watch the head loons coming out of davos, evening time there and two more names that are highly leveraged to trade in dollar discussions. >> a lot of industrial earnings today. those are going to continue tomorrow as well starting to get a lot of defense names. also honey well on friday will be b closely watched after united technologies and ge today. >> let's get to the judge and the half our top trade, euphoria overload why some are getting just too optimistic now our risk to the rally rising and what does it mean? with us today, steve weiss, pete na najarian kooefen o'leary and richard fisher, the former dallas fed president an a cnbc contributor. we begin a another rally for stocks chls al