it's 5:00 a.m. at cnbc global headquarters and i'm dominic chu in for frank holland. fed chair jerome powell doubles down on his view that the next move will not be a hike. ahead of that, u.s. stock futures surging in some directions with the nasdaq back at all-time highs. helping things along in a very big way as google opens ai's latest chatgpt final. and reddit rides the meme

stock wave in a record high. and federal prosecutors saying boeing is possibly on the hook for as much as $2.5 billion. it's wednesday, may 15th. you're watching "worldwide exchange" right here on cnbc. good morning. welcome to "worldwide exchange." thank you for being with us on this wednesday morning. h let's kick off the horde with the u.s. futures after a mostly positive day for stocks yesterday that saw the nasdaq close at a fresh all-time high. meanwhile you are seeing some marginal gains implied at the "opening bell" today. the s&p 500 higher by roughly 2 to 3 points and the nasdaq up 1 to 2. ahead of the "opening bell," at least 31 s&p 500 companies are now at 52-week highs or better

or all-time highs across the economic spectrum, across ought of them, including qualcomm, bank of america, freepo freeport-mcmoran. at least one-year highs. also checking the bond market ahead of today's inflation rate, yields are ticking lower. the 10-year ticking solidly below the halfway mark. the 2-year note yield 4.0% and the 30-year long bond 4 .57%. and oil is trimming its forecast for demand growth this year. on that, crude prices are marriageally higher. 82.83 for ice brent futures. the world's gauge, half a percent gains for wti. u.s. bench prices, $78.49.

as we mentioned a moment ago. we're looking at inflation with the april cpi report due out at 8:30 eastern time. the headline number is expected to show a slight drop from march's reading and a 3.4% gain over the period last year. this after last year's hotter than expected producer price reading and a downward revised reading for the month of march. despite that the nasdaq is coming off a record closing high with tit less than 1%. let's brung in craig johnson, the chief market technician at piper sandler. craig, this is a market overall if we take a look at it that was maybe not expected to go back to all-time highs. i mean, we're not there yet for the s&p, but we're kind of there overall. is this a surprising move given the moves we've seen over the course of the last couple of months? >> you know, dom, i think this is a market that, again, the

move off of these april lows has been a little bit surprising. when you step back and look at the big picture of this, we're on the road to nowhere. this is a market that's probably going to end up consolidating sideways. markets can go up, down, or a third direction is sideways. consolidate in terms of time, price. and that's what we think is happening. again, the markets have been pretty quiet over the last couple of days with the economic data points that have been coming out with the ppi and cpi today. the record highs we've seen in the nasdaq imply that there's still a tech tilt toward the broader market overall. do we feel as though the muscle memory of the course -- over the course of the last 10, 15, even more years is that on every single dip people end up buying technology? >> you know, dom, i think when you put it all together, it's like the u.s. is one of the best countries in terms of innovation. china does a great job of

regulating. if you think about the u.s. at this point in time, yeah, people are going to be buying these technology stocks. again, i think tech is probably the right place ultimately to be, but it doesn't have to be just the big mega cap names, dom. i think we can start to see this broaden out to a degree. that also brings up not great point in terms of buying the tech. you look at what's coming off of these april lows. it really has. been tech. it's been other parts of the market. it's been things like utilities, staples, other parts of the market that have been more offensive. i'm not sure we're going to break out the new highs here. i think we're going to pull back, get close to the highs, and then fall back into this sort of sideways consolidation range for a while. >> there's been a lot of focus by traders on this idea of a broadening out of the market

overall. people have been looking at the s&p 500 on an equal weight basis versus market cap. what is the move between those two respective ayn disease tells you whether or not this market still has legs? >> we're definitely seeing a broadening out of this market, but if we're going to get a new leg higher, i would absolute think it has to be driven p by technology and the consumer. right now that's not at the case. i'm seeing more parts that are driving it higher. so the broadening out is good, but we do need to ceatec and see consumers pick up in here to broaden out and push us to the next level. dom, you also mentioned 10-year bond yields. it's going to be important for the financial sector to advance higher. we're seeing green shoots. if that is the case, we're overweight. i would look at stocks as sort of beneficiaries of this broadening out, but,again, it's

going to be important. it doesn't have to be the mega cap names to really drive this. the 10-year bond yield, it's still trending higher, and the correlation between the s&p 500 and 10-year bond yields is adversely correlated at this time. you need to see 10-year bond yields keep working their way lower, but from a technical perspectiving you're still in an up trend. >> craig johnson thinks things are still to the upside on the path of least resistance. thank you very much. we'll see you soon. for more on what's driving the markets and the trading day ahead, head over to cnbc.com/pro to get insights. let's get a check on this morning's top stories. silvana henao is here with more. good morning. >> good morning, dom. the department of justice says the company has violated the terms of an agreement reached in

2021, shielding it from criminal prosecution and the crashes of two 737 max jets that killed 3467 p346 people in 2018 and 2019. the government says boeing failed to design and conform a compliance and ethics plan to deal with fraud. boeing thus far has honored the terms of the deal. openai's chief scientist is leaving six months after threatening to file sam altman. within days he regretted the move and altman was later reinstated. he says, the company's trajectory has been nothing short of miraculous, and he's confident it will build ai that's safe and beneficial. in a statement altman says

sutskever is a guiding light of our field. and vanguard is tapping sa salim ramji to be the new ceo. he had been the head of investments at blackrock overseeing two-thirds of the assets. buckley who announced his departure in february has been ceo since 2017 and spend more than three decades at vanguard. urn his tenure, the company expanded its assets in management by 80% to $9 trillion, dom. >> thank you very much, silvana. we'll see you later on. well, breaking news. new comments moments ago from georjpmgeor jpmorgan chase's jamie dimon. he said the u.s. needs to focus more on the fiscal deficit, saying the deficit is why the u.s. has higher inflation. and on the back of biden's new

tariffs on china, dimon says the u.s. has a right to protect itself from unfair trade. we've got a lot more to come on "worldwide exchange" including the one word investors have to know today. first, while biden threatens china's ev makers with a new host of tariffs, we talk about musk's china ambitions. and we'll talk about ai and sundar pichai's thoughts. and meme stock craze. we've got that story and more after this commercial break. ush- clem's not a morning person. i'm tasting it- or a night person. or a... people person. but he is an “i can solve this in 4 different ways” person. and that person... is impossible to replace. you need clem. clem needs benefits.

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welcome back. china may be facing new tariffs, but across the world they tend to aim big on one dominant u.s. maker and that's tesla. eunice joins us with more. what can you tell us about tesla in china expanding? >> reporter: well, it's looking pretty good for tesla, dom. the authoritieshere in shanghai have said that tesla has gotten the construction permits to allow it to build a power grid battery factory here in china. this is, of course, a mega pack

factorying and this would be in the shanghai free trade zone near the giga factory for the model 3 and the model y. tesla isn't kminlting so far, but the local authorities as well as the state media have been saying construction would begin in may, mazz production in the first quarter of 2025. output would be targeted at 10,000 of these storage bat batt batterieser year, and the state media says the investment totals at $200 million. the state-backed "china daily" flagged that the energy stores technology is a key priority and was actually mentioned by the chinese premier during his delivery of the work report, that is the blueprint for the economy for this year. the state paper also noted that during elon musk's trip when he met the premier, the government showed the report to test

tesla's autonomous driving system here. one separate -- sorry, dom. they just broke in thepast half hour -- a baidu executive told media it's working with tesla on its robo taxi once tesla is able to make some progress here in china. >> eunice, all of these headlines are coming out amid fierce competition with regard to super computing ai and, of course, electric vehicle technology between the u.s. and china. the biden administration just laid out new tariffs including evs, panels, solar panels, that sort of thing. can you take us through what the initial reaction of beijing has been and what the expectation could be about any kind of, i guess, retaliation, if you will, for those u.s. imposed tariffs? >> well, sure. the foreign ministry as well as the commerce ministry have both been vehemently opposed, they

say, to these tariffs, arguing that these are protectionists, that they're bullying. they've been talking about in the state media here that the u.s. is the one using subsidies and is big on that, calling the u.s. a hypocrite. so you could see that china is really fighting back on these accusations. in terms of retaliation, very difficult to say. we're seeing in state media, the paper's really quoting analysts, ll analysts, saying that this retaliation could come in any form, and just to give you some context, when eu launched an investigation into china's evs, the reaction by the chinese or at least something that happened soon after is that china launched an investigation into cognac from the eu. so not necessarily related, but believed to be related by the european community here. >> all right. eunice yoon with the latest on the ev state of market with

china right knew. thank you very much for that. still ahead on "worldwide exchange," the it is erupter list is out, highlighting the latest wave of tech and beyond. we're speaking with phononic, the number 35 company on the list and what they call game-changg ifinshts in one unlikely sector. that story coming up. investment bankers. doctors. business leaders. we see your ambition. your desire to succeed. which is why we are investing in your future. ...empowering the next generation to reach the c-suite and elevating women's golf. because you may not always see yourself in the world, but we see you. with gold and copper prices pushing towards all time highs, us gold corp. offers investors leverage to both gold and copper at its project, and mining friendly wyoming.

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exchange." time for your big "money movers." bank of america and citigroup hit their highest levels in over two years. the xlf spdr etf off its record. holdermaker onon is beating its estimates and raising its annual benefits forecast as it races a stronger demand for its footwear. they've outperformed other legacy names line under armour and nike in the last year. and boot barn, the company offering light year earnings despite topping first quarter estimates. before today's drop, it was up over 40% in the last half year and 3% off its record recent high -- recent high, not record. boot barn shares are down 5.5%. turning now to the middle east and developing story when

it comes to an arms deal whith the u.s. and israel. dan is standing by with the details. dan. >> good morning to you. look, the details are still emerging here, but reports say this new deal could see more than a billion dollars worth of weapons being sent to israel. that is a huge number. when you break down some of the figures here, it includes 700 million in tank ammunition, $500 million in tactical vehicles, and $60 million worth of mortar rounds. that's according to a journal report. this new arms package comes less than a week after the white house made that controversial move to pause a shipment of bombs to israel over its threats to push deeper into rafah. that is, of course, despite president biden maintaining that commitment to supply israel with weapons long term. so the devil is going to be in the detail here, the timeline still very unclear at this point.

of course, any teal would have to be approved by cons, but nevertheless, it's still a significant weapons package. dom, all of this coming with nation allege security adviser sullivan. he's seeking to advance talks on what could be a historic u.s./saudi defense treaty and a nuclear program in exchange for a grand prize in the middle eeftd, which could be an is reeling/saudi normalization deal. of course, we're still away from thissing but it's been happening in the back grourngd all of this hinging on what israel is going to agree to and whether or not, of course, whether or not b benjamin netanyahu accepts it. we'll look at what happens next

with the arms shipments as well. so certainly lot of moving parts here. >> dan, it's interesting in the last couple of weeks we've heard chatter talk about a possible qatar broker deal between hamas and israel. nothing came to fruition there. we heard that the biden administration didn't want to send offensive weapons but only supply defensive weapons, and now this report seems to counter that a little bit. just how murky are these negotiations given the fact that there seems to be no clarity at all with the direction in which direction these parties want to take. >> dom, you make a great point. it was only three weeks ago we talked an cease-fire deal being on the table. of course, the egyptians, qatarrys working on a deal with the united states that would be viable for both sides to sign. it looks as if talks are at a stalemate at this point with both sides essentially blaming the other for a lack of problem

here. of course, we are awaiting more details on whether or not we will actually see any kind of cease-fire being agreed, and ultimately progress on weapons sales, progress on normalization all comes back to whether or not we can see a pause in fighting on both sides and, of course, some kind of deal this would ultimately see prisoners being released and hostages being set free. a lot of moving parts in the region, dom. clearly not a lot of progress at this point, but there is some hope in the region that we could perhaps see progress coming soon, playerly with this number of u.s. officials we have on the ground right now. i mentioned jake sullivan. also keep watch on the news flow that we're likely to see in the coming hours, perhaps in the next couple of days from the u.s. energy secretary jennifer granholm who is also on the ground inthe uae and inbound to saudi arabia. watch that space. >> dan murphy with the latest on the middle east. thank you very much, dan.

for much more on this story, don't miss our own sara eisen's exclusive sit-down interview with israeli prime minister benjamin netanyahu. that's today, later on, 10:00 a.m. eastern time, a must-watch interview there. coming up on the show, new details on what could possibly have led up to the crash of the francis scott key bridge in baltimore. you can see right there. we'll be back after this.

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it's 5:27 a.m. in new york. there's still a lot on "worldwide exchange" coming up. here's what's on deck. inflation is incoming. we look at the price of the consumer index on the back of the hot consumer price index reading yesterday. despite that pop, the nasdaq hitting an all-time high with the s&p not that far behind, and the ai arms race is heating up around the red-hot technology, but will it be enough to get a leg up on rival openai? it's wednesday, may 15th, and you're watching "worldwide exchange" right here on cnbc. ♪ welcome back to "worldwide exchange." i'm dominic chu in for frank holland only-on-this wednesday morning lchlt it ooh is look at

the nasdaq back at an all-time high. it's implied higher by 19 points, s&p by 2 and the dow flat if these futures hold. investors awaiting the latest reading on inflation and consumer prices due out at 8:30 eastern time. economists are expecting it to rise about 0.4% for a third month in a row, marking the third time that's happened since 2022. and while rising gasz lean pr prices were a major factor, sticky prices and housing and transportation are also contributing in a very big way. for the year-over-year rate, inflation is expected to hold steady around 3.4%, still above the fed's 2% inflation target, something fed chairman jerome powell said just yesterday he's still hopeful in attaining that 2% target. >> is inflation going to be more

persistent going forward? i think -- that would essentially mean that we've gotten the supply side gains that were going to get, and now it's down to lower demand which would take longer and be more painful. i don't think we know that yet. i think we need a quarter's worth of data. by many, many measures the policy rate is restrictive. the question is it reasonably restrictive, and that's going to be a question that time will have to tell. entertaining the possibility, that could be a small probability. i said i don't think it's likely based on the data that we have that the next move we make would be a rate hike. i think it's more likely we hold the policy rate. >> okay, with that in mind, joining me now is veronica clark, the economist at citigroup. the powell comments were interesting, maybe not all that surprising. but there are still a deeper widespread hope, veronica, that rate cuts will be in the offing sometime later on this year.

is this your best-case scenario, or is this pretty much done now for holding rates where they are? >> no, i do think we're looking at the next move to be a rate cut. that is still our rate base. it's down to what powell said a couple of weeks ago. we're still expecting rate cuts. we're expecting the first one to come in july. i think the bar for slowing inflation data for the fed is relatively low. that i do think rates are restrictive, and they are looking to cut to maybe support the labor side of it. >> if theyare so restrictive, veronica, why aren't we seeing inflation come down faster, and why are we still seeing the job market as resilient as it has been for the past several months and quarters now? >> there is a lot of stickiness. there's maybe some measurement issues. maybe we're measuring it too low. a bit too high in key one. the truth may be somewhere in

the middle. we're more like 2.5% inflation frp we do see signs that the labor market is starting to turn. chair powell has mentioned some of the indicators himself like the labor market. it seems like it's coming down. it's only a matter of time before we see that show up in some softer overall jobs numbers. >> the jobs numbers are also not just about the headline jobs created or lost but the average hourly earnings that has been viewed as a key point for a lot of economists and policy makers to look at. are americans still okay and are the hourly earnings going go something we have to watch for with any jobs data that comes out? >> wages are still a important part of the puzzle. it's kind of stuck around 4% to 5%. it is maybe very gradually starting to ease, but, of course, with inflation, that is

still something closer to 3%. that's not a very strong piece of real wage growth and i think people are feeling that. there are savings rates that are very low, especially for some of the lower income earners. >> we've also seen data out about credit card spending in the last few weeks or so. it seems americans are spending a lot more on credit cards. is that a concerning development for us? are we seeing savings dissipate as you point out and people bring the gap by going into debt? >> we have seen savings very low, credit card delinquencies that are rising, auto loan delinquencies that are rising. consumption is still pretty strong. also this morning at 8:30, with oar going to get retail data, coming out at the same time as cpi. maybe good spending is starting to slow a little bit. we saw that in q1. >> veronica clark at citi. thank you very much. let's get a czech on some of

this morning's top corporate stories. silvana henao is back with more. >> we're going to start with shares of reddit pulling back, this after popping 7% yesterday, closing near its highest level since its trading day in march. we're seeing shares down 2.6% in free market. the total platform has been swept up once again, buying a number of meme stocks after the social platform played a key role in the initial boom of those stocks three years ago. let's check the rest of the meme stock space. gamestop, amc, black berry, reddit -- game stock is up 3% right now. amc up 2.7%. moving on, the cargo ship that crashed into baltimore's key bridge suffered several power outages leading up to the collision. that's according to a preliminary report from the

nhnh national highway traffic safety administration. those in control of the ship at the time of the crash likely were not aware of the electrical problems. and tiktok is suing the u.s. government for forcing it to divest it or face a ban. the attorney representing the creators arguing the move violates the first amendment. the lawsuit come after tiktok filed its own last week, citing free speech in its argument, dom. >> silvana with the latest headlines. thank you very much. now for the fight for ai dominance, alphabet's google is the latest to take the stage, unveiling what it calls its i most powerful ai models as competition from openai

intensifies. our own steve kovach joins us with more on what kboogle has to offer, and is it enough to play with openai, steve? >> the latest ai features much of what the search janet showed. it won't launch any time soon. when they doing it will only be experimental. their most important product, which is search, will get a revamping called ai overview. they'll roll out to all users next week. it will show a summary at the top of your results page. something you may have seen before. they've been pushing it out to some. sundar pichai said early tests show increased engagement for the newest version of search. >> in general we find it's both

overall increasing usage, and when we look at it year over year, it brought traffic to the ecosystem. compared to most of the players, we are prioritizing approaches, which will generate traffic as well. so we are working hard on that. >> in other words, that is exactly what advertisers want to hear. and google says ai overviews will be available to a billion users by the end of this year, but it's not just search, of course, google showed off a slew of performance to its model gemini, and beyond that, we saw a teaser for project astra which google builds as an ai agent. that means it's using a true anniversary. as tra will launch by the end of the year. at the end of the year, you have to take down the announcements. google has a long history of announcing things and then kind of abandoning them. >> steve, how long before we see

much of this integration very visible for the users like u and i, right? we've seen meta roll out its ai assistant if you will across the instagram platform and facebook as well. we've seen tiktok starting to use ai in some of its search results. what's the timeline like for all of this to permeate? >> in the u.s., you're going to start seeing changes as soon as monday. if you're not seeing them, they've been testing the ai feature for months. it shows up at the top and shows some ai generated things. and then they'll be rolling that out. what people are watching is astra. that's the thing that competes with openai just before it. this idea of always on, always listening assistant. you can have natural conversations and even interrupt it like you might a friend in the middle of a conversation. it's a much more natural way of

talking to a computer. you might be used to talking to siri or alexia. it's a one-on-one, and you have to wait for the answer before you ask another question. at least what openai showed are pretty interesting. >> it's like watching cortana interact with master chief. >> exactly. it's very important. >> thank, steve kovach for that. coming up, the ceo of one of the disruptive target companies is looking at keeping food fresh pain cooling technology and it's exndg into two other hot areas of the market. that story is coming up next on "worldwide exchange."

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welcome back. the 2024 disrumtser list is out. one constant on the list this year is artificial intelligence. about two-thirds of these firms ranging fromming a culture to cybersecurity to fip tech says ai is critical to their business. at number 35 is phononic which is heating up by literally cooling down. this is a great story. tony atti is founder and ceo. also ahead of this is julia boorstin. this is a great conversation. i'm going to have you kick things off. >> thanks so much.

tony, thanks for being here. i know you've been traveling a lot. great to have you here request us today. phononic was on the list back when you were focused on hardware. then you were off the list when you totally overhauled your business model. now you're licensed for a lot of uses, refridge racing, groceries, lidar, hvac. tell us what you learned from the first years and the struggle and a little bit of failure that you've a plied to your business? >> we're innovating semiconductors. following our cousins in l.e.d., data, and lighting, the dilemma early on we were hardware focused. the blessing and curse for phononic is once we pioneers and innovated device-level performance, $60 billion worth of aggregates opened up.

the dilg le mans was the disbelief in the technology made us the oem manufacturer in every single market vertical. that's the tough place to be. we had to lock in 18 to 24 mochbltss ago on some critical design wins where we're mission-critical and providing a flexible platform with our partner, we then invented the architecture that brings those products to life. once we did that and hooked at the expansiveness of our i.p.portfolio, then the drive toward solutions and licensing came to hold. >> tony, you mentioned the idea it's more about the intellectual property and technology. it makes you seem more like an arms holdings instead of the development of the technology. the aimt thing is very curious to me. >> sure. >> cooling is a huge part of this story. these things, data centers, generate a lot of heat. what ma it you transition to that and how did it go? >> at the hardware level, device

level which is the size of a thumbnail, we needed the proving ground. those optics require cooling within the cpu and gpu that transmit us this data. with now more than 20 million devices in the market, we're mission-critical in data centers all throughout north america. in the last few years, the data rate is so dramatic, that, one, it requires 10 times the optimal performance at the data center and a majority have to be cooled. we've demonstrated that what drives the consequences of that evolution made by the leaders in the space. >> i have two questions for your you. one, how big is the business going to be for you of cooling these data centers? i've heard from sam altman and others how this is going to be essential to keep their businesses cool. and then on the flip side, how much are you using ai internally

for your own technology? >> we do ourselves as an enabler of ai. without that cooling capability, you're not going to get that out of the server itself even before you move upstream. so that's a billion dollar business for us just looking at the components that need to be cooled to maintain the data rate. on our business, particularly when you look at are the recurring revenue and licensing data, whether it's a building, warehouse, last mile delivery vehicle that leverages the cold enough we provide is where we're tapping in to provide more data to our customers. >> before you go, what's the next step. you're a disrupter. you already have been. what's the next phase for you and what's the plan? >> we're barely into a year. we've deployed thousands of units in grocery stores. and last year by our standards, we did something incredible where we licensed our technology

to our hvac partners and took down almost a 9,000-square-foot building. where we want to be is where solar and l.e.d. took off. that i stopped talking about panels and light bulbs and talked about kilowatt performance. we want to be known as not the number of devices or licenses but kilowatt technology. >> that's fascinating. we could go on for half an hour. >> especially when it comes to cooling these data centers which is so essential right now. >> tony atti, thank you so much for being here and, of course, julia boorstin. you can see the full disrupter list at cnbc.com/disrupters. and later on today, check out the zeo of zum who's changing the world of school transportation. school transportation. that's 2:00 p.m. eastern time

coming up on "power lunch." and i bet julia boorstin is going to be there for that as well. coming up, a potential buyer atto wn ok. th sryhe"worldwide exchange" returns after this. >> announcer: cnbc disrupter 50 is sponsored by the new york stock exchange. we are so excited to welcome you to our community. today is all about you. (♪♪) (♪♪)

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time now for your global briefing. com commerzbank posts a record profit. tui beat seasonally weak trends. and industrial giant thiessen croup is cutting its frap for a second time because of lower demands and prices at its steel unit and challenges at materials trading. china is considering a proposal to let the government buy millions of homes. it's all right experimented with several pilot programs with the help of state funding, but this plan would be much larmer in scale. and in brazil, listed shares of state-run company petro bass ceo is steps down as the country prepares to hand over the title of a fair regulator. brazil has been pushing for more

dividends and create jobs and boost the economy. still ahead, the one word investors need to know and our next guest says what the markets can face after this morning's cpi report. we'll be back after this.

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welcome back to "worldwide exchange." time for your w.e.x. wrap up. sony plans for a stock split lauter on this year. it has looked aet its outlook driven by demands. boeing violated a 2021 path that led to two fatal crashes. openai's co-founder is leaving the company six months after he voted to fire ceo sam altman. in a post on x, he says the company's trajectory has been nothing short of miraculous, and he's confident it will build ai that's safe and beneficial. van forward is bringing on former blackrock executive starting july 8th. and out moments ago, billionaire tech critic and

liberty founder, frank mccourt is vowing to buy tiktok and building a better version of the internet where individuals own and control their data. interesting development there. as we get set for futures, which have turned more mixed in this morning's session, you can see the dow is implied higher by 25 points. joining me now is victoria greene. she's a cnbc contributor. let's talk about what you're watching for for cpi today. >> cpi days are always historically volatile, the most volatile day of the month. we're looking at the big thing that's happening. we know fuel prices came up. we're watching food away from home. it's not just the headline number, but where are some of these underlying trends going. super exciting day. big mover day.

we saw a lot of bull eric bets come in, a lot in the bull market with the 10-year going down to 4.3. we could see core ease, finally see some progress happening here, and the concerns of reaccelerating inflation and stagflation may not be as big if we get some better trends today. >> how puzing has the market action been with hotterish than expected ppis and then rates ticking slightly lower? we've got the nasdaq closing at a record-high yesterday. all of this is happening when that's more commentary about higher for longer. what gives? >> i think markets love earnings. the underlying levels, it's been great. there's still this ai tail wind. we're still in the early moments. if you look at the earnings season, it's been fairly strong, and so we've been able to look at the hawkish fed.

markets love the rate hikes got taken off oh, but they're some good data points. ppe definitely trumps cpi. we're hitting all the bingo check boxes. >> it's an alphabet soup always when it comes to that for sure, victor a ya. let's talk about where you're seeing opportunities in the markets. are there any stocks or sectors that stand out to you? >> yeah, absolutely. i love the power play. how great is that. i love things that are benefitting from the fact we're going to have to generate more power. something like resources, emerson, you've got a lot of areas, loving on nvidia. that's going to be a huge market event. they're likely going to crush their high expectations. and one sector that i like right now that's a little beaten down and a little unloved, they've

been clobbered this year. i think that's one area where i see opportunities. >> thank you very much. we'll see you soon. futures right now again a little bit wait-and-see. we'll see what p has. "squawk box" picks up the market coverage coming up next. good morning. meemg stocks are picking up. boeing says its 2021 agreement shielded it from 737 max crashes. if only phil lebeau were here. oh, my gochld there he is. >> he's a host. >> countdown to cpi flangs area.

ppi was hot yesterday and all that happened was the nasdaq went to an all-time high. as i said, one day after producer prices. it's wednesday, may 15th, 2024. and "squawk box" begins right now. ♪ good morning and welcome to "squawk box" right here on cnbc. we are live at the nasdaq market site in times square. i'm andrew ross sorkin along with joe kernen. becky is off today. we have a lot going on. we've investigate a guest in the house. you might have heard his voice. we'll keep it as a advertise. nasdaq up about a point, the s&p 500 up about 2 points. yes, now we go from that to this. meme stocks. here's where