Bitcoin nears $100K; Martin Marietta CEO On Infrastructure Under Trump 11/22/24
42:25 Share

Experiences the power of C N B C prose best deal of the year, track your portfolio from every angle on one optimize baLance Marks the end .

of regulation barret Green closing belt in new york's stock exchange, liberty media and formula one doing the honors at the next deck. Dw record clothes, in a mostly positive, finished to the week, with the major averages all advancing more than one percent since monday's open, and the rest of two thousand twenty more than four percent. That's the score card on wall street bug winner state, right? Look at the closing down over time.

I am john ford. With Morgan brand coming up this hour, bitcoins relentless martire the cypher to currency is just shy of a hundred thousand dollars after previous rally sce the election we will talk about what's next for crypto, uh, investors and just how high bit crack climb .

plus ratifies CEO Jason trends going to be with us to help you get set up for next week's trade.

And the CEO of building materials for Martin marieta joins talk about the outlook for infrastructure under the second trumpet administration. But we begin. We've breaking news from the fed. Steve eisman en has the details high, Steve.

Hey, Morgan, thanks very much. The federal reserve out with its financial stability reports, something that is used twice here to take a look at risks in areas that are doing okay in the financial system. And we do have a mixed bag here are they note that valuation pressures across a range of markets are elevated.

They single out the Price to earnings ratio of stocks towards the higher in the historical ranges and a series of other asset values that are towards to the high end. Liquidity is low, they say, across many financial markets, which contributes to volatility as well. But this is in household debt are moderate and are trending down, in fact, as a percent of GDP.

However, the link query on credit cards and other loans are above prep anna mic levels. The report says business leverage is also elevated, while business debt service or their ability to pay that debt remain stable. Private credit they don't.

Private credit, which is we've been talking a lot about, has been growing rapidly. Officials say IT doesn't look like a big area of concern now, but it's something worth watching. Banking sector overall, they say, is sound and resilient, up with capital levels well above regulatory requirements, with some concerned about commercial real estate holdings and wholesale funding.

Hetch front leverages, however, at or near the highest level of the past decade. And in the secret related survey done by the new york fed that's included this report. They ask a bunch of academic experts and other folks about what the risks are, and they found the fiscal bet sustainability is a top risk to the U.

S. economy. So john, something worth watching and a some areas of concern and areas that are less area of concern. john? Alright.

Steve leason, thanks for bringing that to us. Now let's get to the market action with charlie brain's coy of aie investments and rondels icc of carsons group. Welcome guys.

Truly, as the fed also points out, you say the S N P is moderately expensive here, but where at the end of the week, i'd argue the A I trade, the A R argument held up with microsoft night, arguing for more demand from software in video earnings coming in at or a little above expectations. Then we got the consumer over the narrative over the next few days. With black friday and cyber monday, couldn't Sunny days justify these valuations?

Sure, the sun is shining. But the question is, is how brightly and is that overly reflected in certain stocks? Mean, you know what i'm going to say, there are the names in the S P five hundred, the magnificent and seven.

I think at this point are pretty clearly overvalued, although this obviously blocks of positives going on. But the good news is that the rest of the market and smoke cap value in particular, is very reasonably Prices to thirteen to fourteen times non. So we are we do have a specificity market and and we're seeing some rotation this week, we had the twenty five hundred value index in the two thousand value index out perform the S N P.

So we're getting some things to come back. But I do I do at this point think it's hard to justify the valuations of some of these. A, N, A.

okay. Well, ryan, your neutral technology as well. But once we get past the mega caps, I can't help with watching, watching some significant moves. Apple loving is up about three x in three months. Bill, up eighty percent trillions, seventy five at last, and sixty five c three, fifty percent. Some of those smaller software names that have been getting beat up over time seem to have caught a bit of a bit as part of this Browning as well. All text, not the same.

Now that's right, and not all days in the same. It's friday. Happy friday, everybody. You think about IT, I agree. I ree charly there.

And we could go for walk into where neutral tech because those big names are little on the Price I side, yes, where the earning coming from. But just look at today a microcode sm for what's been happening by naturals. I mean banks like at all time hia day industrials, LED small caps, mid caps, right?

That that theme of broader out continues is IT because the election, i'm not so sure right before. I mean, I know the election was a reason lately, but right about the election year to date, financial was like the second strongest groups. This is nothing really new.

This is accelerating those trends that we've been seeing. And i'll tell you this, so you look at tech, yes, I think there are some clear opportunities out their john, like you set on the smaller in the smaller cap. And those are so many years we like and we like sport cups, the large so that's nothing really new to me there.

Alright, charly. We had earlier today on T M B C, we charges from J P. Morgan and gold sax were both pounding the table on mid cap sox, which we don't really talk about very much at cnbc, and maybe we should. So I want to get your thoughts on, on that area of the market too, especially as we do continue to see this rotation into, up until more recently, unloved areas like we talked to about rustle two thousand and small caps just a moment ago, but also equal wait, as in pear, the fact that you industrials and financials and some of these cyclical sectors continuing to outperform yeah.

there's a lot of the truth in in make cap. Everything I said about small cap and proud the truth and make cap space just not quite so much. So the midcap, the russian midcap value index is a little more expensive than a small cap inx.

But what is a positive for midcap? Is there a lot of great target M, A target names in that space, particularly banks. There are some regional banks that are are in the makeup p space that in a new regular or environment and in a trumpet administration, probably um trade Better.

And Frankly, the yo curve is very good for my cap x make cap banks tender, borrow short, land long. And so when we get a possibly slow yug curve, those make cap banks do very well. So I I support the idea that make cap is attractive, but small cap value is really attractive.

ryan. I mean, seasonally strong time of the year. We've talked about IT with you before post presidential election going into the holiday season here. Uh, how much of this is just what you would textbook see at this time of the year a given the events we've had in recent weeks? And how much of this is really, truly unleashing of animal spirits and formal and tina and exceptional ism and all the other terms i've seen banded about all .

those things I list. I think it's just Normal right after elections, we saw the vick bike, we saw the put by and we saw the hedging the uncertain y election out of the way. And you get the outward bias.

Here's it's interesting. We know novembers were higher attended last twelve years, and here we are another november, really strong around thanksgiving. So next week, that's a really strong week around holidays, not really a big surprise.

But wind, you're up a lot for the year like seventeen and eight percent for the year going to november like we were obviously right now the last two months, okay, have been higher fourteen out of fourteen times of almost six percent on average. Okay, last I check ck not up six person this month yet. We still think you're Morgan, that there is more juice kind of to this.

And why is IT? I talk to a lot of people. A lot of people manage a lot of money. Come on your network lot, manage lot of money. The oldest truth, a lot of people are still misses rally. A lot of people under weight um stops rolled to the bonds, all that stuff you call the chain, call what you want. The reality, a lot of people were caught off sides and they're still coming into this market even at all time .

highs will continue to monitor all of the truly brings going right in detrick things for kicking off the hour with us as we did get a new record close for the doll. Well, let's turn to senior markets commentator mike and toy for a look at the rapid bullishness in this market as all the major averages, mike did close higher on the week.

Yeah for sure, more gann, especially in certain parts of this market. You guys were hitting on IT. Really some areas that are just a little bit risk here, here a little bit faster moving have really gotten the benefit of the recent push higher here.

Is this a etf for the completion index of everything in the market outside the S M P I? I like to monitor E S, A risk appetite indicator because it's not just fAllen in make caps. It's also large stocks that don't for the S M P and sometimes is a lot of momentum names and there.

So you see that making a new high, the V, X, F, H. It's kind of a flight from quality in the sense because the quality etf down there, big outperformer most of this year, has been lagging in this last little stretch. So that just sort of meters a lot of what we're seeing a proceeds down from crp to into those software names and others that john was talking about just a minute ago.

Now here's an other way, engage the aggressive veness of mostly retail investors at this point. This is the ratio of asset in leveraged long etps, those that own stops with leverage and leverage short etps, which give you more than the the downside of a given index or sector. You see basically record high ratio and go back to early twenty twenty one to see a bit high.

This is from sentiment trader or so they kind of track all of these related ts, not part of this, just the markets up lot and therefore, the as you're gonna higher. But as A A potential sentiment indicator, keep. Mind that previous peak was not an an ultimate market top, but I was a little bit of of a climax in that part of the the aggressive growth market. Morgan know wednesay.

after the election november six, you came on the show, you showed some charts as you always do, mike, and you said there's a lot of money from retail investors and traders that sitting on the sidelines is going to come into the market now that what this artist is, is basically signal.

It's one of the things it's indicating. And I don't even think ics about like all there's a big piles of stuff of cash. Now what has to commit.

It's honestly just it's the willingness to accept risk and to chase. And there is obviously a self fulfilling aspect of this in the short term. Now these are really aggressive instrument. If you think you want to bet heavily on an etf that's going to give you double or triple whatever a given index doesn't a day you can kind of get web sole pretty quickly out of that train. But for now, it's been working and people are just sort of willing to believe, both because the the positive backdrop and then we get past the election and then you can sort to tell whatever story you like about what this next phase is going to be before we actually have .

the reality of of the policy place, all right, the ello market. See you look at later this hour. Yes, after the break, a pair of wall street veterans you'd just teamed up to start a cyp. The advice reform. Don't us to talk about how long this crypto rally can last as bitcoin knocks on the door of a hundred k plus statia CEO Jason .

trend that has been romance to be a potential part of the future. Trump h administration going to join us with this outlook for stocks in the trump economy as the doll sets and other record clothes over time back into .

our goal .

is to empower you to be a Better investment.

U James teachings, I was able to learn and become financially independent in my retirement.

Join the club with jim's best deal of the year at C N B C D com slash club, like for friday, terms of restrictions, supply.

welcome back. The big corn rocket ship keeps climbing. Prices moving above ninety nine thousand dollars today.

They crept to currencies, market cap. The Price, small, supplied by circulating supplies, really two trillion dollars. Now journeys here on set or x to b cofounder ers.

Michael brosse er and ben wala bosc x to b as a crypt to advisor reform. The pair launched earlier this month. Michael was most recently evp at pim co, while benwick, a portfolio manager at millennium.

Both have spent time at crypto mark maker G S R. It's great. Happy both here on set. So welcome.

So where are .

you going to start with this moment, the news of the day and and Michael will start with you on this, the fact that we've seen this tord run in bitcoin right now, I guess just what is propelling this, especially as there as you have gangs or stepping down as c chair, you have options trading and bitcoin, e tf and the likes of microstrip going to the market to snap up everything they can in terms of supply.

There's so many things happening at the same time. Obviously, the election was a big catalyst here and the markets have spoken, and you can see that, that's been very positive for the market. You know, we are watching on the way over here, right, because we are ticking said is going to be one hundred thousand right now.

We remember the the celebrations we had when I was at one thousand and at ten thousand. And now here we are about to be at one hundred thousand. And I think at some point, not too far in the distant future, we're going to be thinking about a million dollar queen Price. And really, it's just a confluence of everything happening once.

And so then why I want to get your thoughts on, on why now is the time to establish this firm then. And we have brian armstrong from coin base on a couple of a weeks ago right before the election. And one of the things he said, as he sees crypt to currency more broadly entering this utility face, how do you see IT now?

So the cr is at the intersection of technology and finance. And a lot of the founders are really technology. So we wanted to come in and access them with the financial side of their protocols and taken launches.

We have seen a lot of innovation on the infrastructure side. And now indeed, we're entering the consumer side where we're going to see more broader retail adoption. We think there's going to be a lot of use cases for cro.

We are already seeing IT in stable coins, in mem coins in prediction markets around the election. There's gonna be more with crypto gaming coming for a lot of those applications. You won't even know that there is critter behind IT. The book and technology will be abstract, and we think what is bringing in terms of the centurion ation possibility as well as data ownership will be things that will beat of to bm.

There's a lot of opportunity here, but clearly, there's also a lot of danger as there is in the stock market too. I mean, bitcoin is a great spokesman in for all the other stuff out there, but there's lot of junk out there. And I remember a few years ago, there was a lot of initial coin offerings, gaming stuff bringing up around that, that never a mounted much.

People lost a lot of money. How's that going to go Better this time? Yeah.

it's a great question. You know, we were thinking about towards the begin of our career during the internet creation, right? And all these stocks are coming up and all these different things were being created, and we're seeing something some more now. And what's really great is especially with the new administration coming, and that seems to be much more cypher of friendly. We're going to have new rules, new regulations, a clear road map.

And one of the main reasons that then when I established x tub, was to bring professionalism and bring out of the lessons that we learn from traditional finance, all of those things that you need finance, be a little, grow in a controlled way, in a productive way, and hopefully in a way that didn't hurt anyone in particular. This is what we need right now. And so we're very, very optimistic that this is what's going to happen.

But how you got coins named after dogs and squirts that are moving around a whole lot. Does anybody need to protect the industry here?

It's interesting because, you know, the industry has learned a lot from the events of two thousand, twenty two and two thousand and twenty three. IT is definite already more secure. It's more chAllenging for bad actors to act in the way.

I think we quickly learning the lessons of those events, but a lot of IT has to do with education and meeting those meeting those retail users where they are. They can go on coin base crack and you know that's very safe or they can try to do self custody solution like a mac phantom that's more complicated. But again, it's income ant on the industry to do a Better job of educating people and making IT safer.

How important is the regulatory piece of this, especially as you have a dan gallagher, but Robin hood basically told our own kate rony today, i'm not looking to take the S. C, C. Role even if it's if it's being offered.

Um how important is IT to the particularly the U S. Move forward with what could potentially be global adoption of regulations, especially as you have trump on the campaign trail sank? We want big coin mining to happen in the us.

You've got chatter and even legislation being a proposed around the possibility of of a reserve, a strategic reserve. The case for all of this, why now matters and why the us. Being in a position of powers person. We are talking about decentralized assets. Why that needs to happen now what's the argument?

The us. Has been at the center of digital asset innovation, and now it's even more so. So a set of rugs, set of rules that people can follow and know where the road map is, is really what's needed.

A lot of innovation in the past few years, especially has been pushed off shore. And we're really excited because we're seeing a lot that come back. It's just really a lot of excitement around, in general, what could be done in the us.

And we're seeing adoption done only of just from infrastructure but also into consumer apps. Just last week, coin base lept into the top ten of the apps on the APP store cracking and just got a new CEO. It's all just no in a really exciting time. Now that we're actually getting administration, it's actually going to be crypto vote.

So in light of that, tell me a little bit more beny about x to b and what specifically you're doing.

Yeah like I was saying, it's really about helping those protocol launch like accompanying them in a professional fashion and bringing transparency and trust to the space as much as we can. We have clients across a range of verticals, like on different chains, beat coitus, im sAlina, but really in different symmetry, s AI and zone, but really about bringing more transparency, more professional players, creating that moment where people who can feel safe using critter.

okay, but my boss and Michael basler, thank you both for joining us here on sad.

great to have you.

Thanks so much. The o of net APP on the outlook for enterprise spending as that stock reverse s lower or on earns after an initial pop.

But first shares of building materials company Martin marieta, the solid er of twenty percent. But would a roll back of president bion signature infrastructure bill put the breaks on that rally? Mart maria CEO was going to join us to discuss that next.

Power of C N B C prose best deal of the year track your portfolio from every angle on one optimize platform to terms apply.

Welcome back. Infrastructure stocks have had a salad run out ping S M P five hundred over the past two years. One name that's been building on solid gains, its materials company, Martin mariet. It's up around twenty percent this year and has been seen as a beneficiary of the inflation reduction act and other spending initiatives, federal spending initiatives. Well, je is now is word night CEO mart marie add is great to have you .

here and set welcome up.

Nice to be here. Thank you morning. So we've seen this. We've been we've seen non residential activity. Big projects continue to move forward, whether to infrastructure I R A or also to seeing a lot with the data center as well.

Um what what is your sense? What is your preview? And in terms of how that activity continues into twenty twenty five, especially we do have new ministers taking the help.

I think you've got several things that push IT into twenty twenty five. One, we had a really wet twenty twenty four. So there's some back up that on that.

But if we think about the infrastructure investment jobs ACC or I J A that was signed in law november twenty, twenty one. And I think people would have been surprised if they would have said we would be here in november at this point. And only about thirty percent of that money will have found its way into the system relative to highest bridge's rose and streets.

So is one point two trillion dollar deal. But only three hundred and fifty was relative to hard true infrastructure, and only thirty percent of that money has found its way into the system. So seventy percent of that is still to go.

And if you think about what that means is gradual matter, much of IT has to go in twenty twenty five and twenty twenty six, because in twenty twenty seven were likely to be in a reauthorization phase at that point. And I think with a new administration, one of the things that I think we need to be sensitive to is what will that next bill look like and how much of IT is can be driven tored hard infrastructure. As we looked at the announcement for secretary days duffy this week, IT was interesting to read what came out when his name was put there and talked very much about, just when I said, highest bridges, road streets, airports. So I think we're going to see much more hard infrastructure as a percentage of this next bill, but I think we're going to see a lot of that money come through in twenty five and twenty six, and that's just on the public side. Obviously, we have to care about the federal government, but the state physical condition is often important from our company's perspective and the nations perspective as well.

So what are you seeing on the state side 啊？ And you just talked about infrastructure will give you two here, you just talked about for but we also know that president elect trump has talked about claying back a inflation reduction act and chips act IT raises questions, is that even possible and to what extent? So I guess, how are you thinking about some of those areas of fiscal spending versus what you're seeing on to the state level?

I think a couple of things. If we look at those, I think a lot of the work that we would have seen has already gone under those today. So I think will continue to see work there.

But I think is we're looking at a lot of that. To your point, we've seen a lot of chips activity and we're seeing a lot of AI activity as well right now, a lot of data warehousing, data centers, and we think that's likely to continue. The other piece of that, that I think we need to watch very carefully is what happens relative to energy because these are hugely energy utilizing facilities ties that are being built.

So we think about big, heavy, not residential infrastructure. And we look at the stone intensity of much of that. These big having non rest projects are very stone intense that, that means a lot to our business.

So is energy. So I think to your point, more than if we're looking at both the public side and the heavy non breast side, most likely over a period of years, IT should be pretty constructive. So what's going to happen .

over the next couple years are debated in as as you argued, really got to look to twenty seven in the arguments you're going to be making til lawmakers now. And I guess we've got mid terms in between now and this actually playing out as well. What is your argument for what you think the country needs? Infrastructure wise, this last build in address.

here's the biggest single issue. We went about fifteen years with either a continuing resolution or a longer term bill that didn't put more money to highest bridges, roads and streets. So we we went for the Better portion of twenty years without a signal investment there. And if we look at once happened to share population dynamics in the united states over that period of time, it's been drama tic. And it's been particularly dramatic in states that mart mariana has been focused on, which is primarily in the southeastern us and the southwestern us.

And if we're looking at cities like rally or dallas or denver or san antonio, Jackson, bill and atlantic, those population trends have been so significant that we need to have more real capacity added to the roads, streets, bridges that are there for a quality of life purposes, but also to make sure that we can keep business moving at th Epace o f b usiness. So there are two very different reasons that we need to do IT separate tinct from the fact that we have public safety issues. If we're looking on a number of these secondary roads across the united states that that where that's where you see the highest rate of fatalities, we need to invest in that. And I think there's a very clear reason from a human perspective way, but I think equally from an economic reason why .

or night of mark mariana, thanks for joining sir set.

Great to have you. Nice to be here. Thank you so much.

Time now for A C, N, B, C news update with pepper Stephen paper a.

john. Nato and ukraine will hold emergency talks on tuesday after russia attacked to the city of nepo with an experimental hypersonic ballistic missiles. Ukrainian officials released the first public assessment of the new weapon today, saying IT reached top speeds of eight thousand miles per hour and took about fifteen minutes to reach its target from launch.

The NBA is warning their players to secure their homes against, quote, well organized, sophisticated south american primaries. That's according to a memo from the league, the FBI brief officials that athletes were in top targets. The memo comes in the wake of reported burglaries of nooky books, bobbi porters and kansas city chief star Patrick mommy and travels Kelsey were targeted by burglars, which prompted the nfl to issue a warning.

And meet Daisy. She's the grandma who fights back against scammers. Just one catch. She's an A I generated character designed by british phone company virgin media o two two out smart scammers by talking to them all day long.

O two says Daisy has already had more than a thousand calls with scammers since hurt deb last week. I could certainly use a Daisy in my life. John.

thank you. Well, neta p reported earnings and guidance that beat the street. And over time, yesterday, the socks is initially higher during and after the conference call traded about three point five percent lower.

Today, after touching a fifty two week, I still positive for the week. I spoke with CEO George korean about the results and how the enterprise spending environment differs from the tough backdrop last fall. It's certainly .

Better .

than a year ago, john. I wouldn't all IT a rosy environment yet, but it's certainly Better than a year ago. I think the fact that inflation has come down, that uh, interest rates have come down, uh, have really held, especially in north america.

Some parts of europe are still shopping. We have out executed and taken share in pretty much all the geography of the world, but it's certainly Better than year ago. I think what we see now is people are spending on the applications and uh capabilities that drive growth and productivity. There isn't yet a broad based refresh short sort of infrastructure upgrade cycle yet, and we expect that to happen all over the next year if things get Better.

Very interesting if that comes in twenty five, Morgan, since that isn't something that refers cycle is happening .

now talking about physical infrastructure and now we go to digital infrastructure. I wait well up next mix anti looks at one indicator that could signal a looming pullback for elevated bonde's. But would you pay one hundred and twenty five thousand dollars to take a balloon right to the egypt space? We're going to talk to the city of commercial space company space perspective after blue origin just minted a fresh batch of astronauts and its latest flight earlier today.

Welcome back to overtime mix santoli returns with a look at one factor that could pull bond yields down. My yeah john.

I fit continues in this direction that is hinting at here. This is the city economic surprise index for the us. This is shows economic data and whether it's coming in Better or worst than projections.

Obviously, we got on this great round of Better than expected numbers, pretty much everyone expected to slow down a steep one in the middle. And latter part of this year, we have not gotten IT. Now treasure yells have actually climbed belong with this measure.

We've not been much higher than this except back in that period going into two thousand twenty. That's because the consensus was expecting a recession that was easier to beat those numbers. It's probably going to be higher for this to keep lifting so fit roles or go sideways a little bit from here.

IT might take the pressure off treasury of something else. To keep in mind IT take a look at the U. S. Ten year treasury yelled compared to the german ten year government yield. And you see this real divergence and the obviously different levels you can see on H Y access.

But just in terms of the rythm in th Epace, this is a pretty big, big gap to open up really weak numbers uh, in the europe for the P M I H indicators. Where is the us. Still continues to show Better, Better economic performance.

Whether this gap opens up further or there's a gravitational pull from global yields that could be another factor. Um in terms of the next move for for U S. Treasury is john.

And I guess if yields head down, that would tend to put pressure on bond Prices to go up and might get people talking about the possibility of total return again.

Yeah, I think that that definitely the filters into the equation. Now right now, I think we have people who are infatuates with equities for obvious reasons. And so IT seems like bonds are kind of a kill joy at this point because are they are dampening your performance. But yeah, you've get a rally in yields, by the way, takes the pressure or probably of some areas of the economy like housing. And then yeah, you would basically say I can lock IT in right here and that's a good cushion for my portfolio if bomb Prices are for more.

Okay, my exam tally. Thank you. Have a great weekend too.

thanks.

Up next, the sea of a started of using data to help customers lower their energy bills and increase their bottom line .

and elastic the stock, not the material. Big winner today after beating second quarter earnings estimates, thanks to strong club revenue and forecasting stronger than expected q four and four year profits of fourteen percent over time. The .

right back.

Well, come back over time. Energy costs are high not only for data centres, but also for offices. Today, john takes time out with a CEO who's using technology to lower .

the power bill. Jennie nuckles is CEO of our zero is started up a software that analyzes the usage of office spaces and large buildings and uses that data to help lighting in h back run more efficiently. Nickle started her career in marketing and has moved more into Operations, with data being the common thread before he became CEO of our zero. Nuckles was an executive VP at fin tech .

bank so far when, after you know to hired me, he was looking for someone with consumer package goods experience. And the reason for that is you learn piano management right out the gate. You learn uh very, very much to know your numbers, to run everything with a data focus.

You know the way that C, P, G. Companies, they were looked at early. And as you use real time data from scanner.

data from retail, a data is playing even larger role in how building costs get managed. And it's gotten trickier in the last five years as hybrid working arrangements go mainstream. The building management systems that handle lighting, heating and cooling need more granular data to understand which area of the sky script returns. Floor will get used on a given day and which should stay power down.

So typically, when you go into a building, the air conditioning, the lighting has been running or the heating has been running all night, regardless if there's anyone actually in the space. This actually happens at an even exacerbated level during the day when you think about how buildings are run. So at the zone level, the floor level where people are actually uh you know congregating in the spaces and the way that the most efficient building should run any building over fifty thousand square feet has to be a mass of building management system and use the actual data available on our platform to exact control with that building management system so that the Operations, the building are running when they need to be.

So the time out, take away data saves Green, Greens and money. And Green is in sustainability. Companies like our zero are working to put sensors in place that gather information about office and equipment usage and efficiency, some sorts doing IT for transport oration and manufacturer. Now in the public markets, it's not much of believe to imagine how AI driven software will use that data to boost the Operations. Bottom line, maybe help the planet to Morgan.

It's one to watch really fascinating over get rockets up. Next i'll look at A P company with A O, F, D goal for space tourism. But in customers will want to take A A balloon to the end of space, and crooks having a big day need to initiate coverage of the foot.

Are maker with a buy rating citing valuation psychism more than thirty percent is myth june, and finished up today four percent earlier today. Jeff bassus borge and completing its nine th human space flights, sending six paying passengers to sub orbar space in its new shepard capable other than space acts, is multi day, multi million dollar orbital space flights. Flu origin is really currently the only company that offering regular Operational space tourism service, especially, he says virgin collected post face to build new space ships, but another company is developing its own near space option. Space perspective.

we are uh a space tourism company in in simplicity, we take explores h that we call our customers to the edges space in a very gentle uh very simple uh pressurized capsule. A lot like getting on A A Normal airliner to the edges space where they can enjoy views and sit back and reaction. Luxury experience. It's not being crammed into capsules and launched from rockets. It's it's a very different experience to go to one hundred thousand feet and I go to the edge space.

So this based perspective offers stratosphere ic balloon rides, space ship neptune, as its vehicles called, will Carry eight passengers about the hemisphere for a six hour voyage that will include views of the earth, curvature, meals, even life. Five, five hundred and twenty five thousand dollars a ticket, which is a bargain compared to four hundred thousand dollars a virgin cola deck.

And we don't actually know how much glorious and charges now founded by biosphere two crew members, jane points or and table malam space perspective has added. So Richard branson, as an investor last month, he will join them on the first crude flight, which is expected as soon as next year. A space perspective CEO Michael savage says the start up is always sold eighteen hundred tickets with the backlog gue of two hundred hundred and twenty five million dollars. But the goal is accessibility, which is why the companies been forging brand partnerships as well.

When we say we want to be accessible. H, that means we want to make sure that people that maybe aren't ready to spend one hundred and twenty five thousand dollars still have access to this experience. And so our partnership with orio was fantastic. They did the space dunk orio cookie, which was one of top rated national teeth pop rocks in IT.

IT was .

fantastic and there was A Q R code for people to win a trip to space. And it's really meaningful for us to give everyone who wants a chance opportunities to come on spaceship that tune, even if they aren't in the demographic that ready to purchase. And we did that with hardrock. We did that with texas lottery.

We have a lot of those space areas here in the newsroom. But for more on this interview in this company and space storm in general, check out my podcast manifest space skin that you are code right there, download IT or ever get your podcast.

One hundred twenty five thousand might sound expensive until you consider its forty eight ducks type bananas.

Ah yeah, and you can eat on board too, so you can eat more than duty banana.

Get forty eight flies for the Price of a duck bananas. What I should have said well, up next to take A C jon trend on how investors should position their portfolio over next week and how president electrics looming pick for treasury secretary could impact the market.

And don't forget, you can catch us on the go by following the closing bell over time podcast on your favorite podcast up.

We will be right back.

Welcome back to over time, the major average is closing out a strong week, up more than one percent from monday's open, with small camps jumping four percent week today, the deal setting a record close. Let's get you set up for next weeks. Trade with Jason trenor.

He is the chairman and CEO as ratio S A bear company. Jason, welcome. So looking ahead to the trump years, second wave of trump years about to start in january.

You point out that over the period time up to now, Q, E, for twelve years was regressive, helping the wealthy of the expense of the poor and middle class. IT hasn't been that bad for the market. I think that s and peace up something like four x over that time. Is I going to end?

No, you know, that's the point, john. Uh, it's been it's been terrific if if you have money, uh, it's been great. And if you have leveraged, it's been even Better. But if you're just a regular person or you know that doesn't have access to the financial markets or doesn't own a big a private equity portfolio, IT hasn't been so great. If you just have savings, you ve got zero under savings for, uh, the Better part of twelve years.

And I convinced that that's part of the reason why president trump has been so appealing to people because I think there's a lot of people that feel the the financial system has been sued. The solutions have largely been sewed to benefit wealthier people, right? But I think and a difficult that is that .

maybe full this in to what you're saying. I feel like there are a lot of rich people who voted for trump, eager to get tax cuts maintained. Then there are a lot of working class people who voted for from frustrated over the very things you're talking about taking. It's going to get Better for me. Can both things happen at the same time?

Well, listen, I think I think having more baLance in the economy, but particularly from trade policy um but also fiscal policy and some monetary policy would would be welcome. And again, like i'm a wall street guy so I I love tax cuts and but I also in amErica and who grew up in an environment where we didn't have any money.

And so I I very much am rooting for people that are aspiring a to move among the the social classes and that something that happens in the united states that doesn't happen a lot of times and other other parts of the industrialized world. Um i'm very familiar with that really. I spent a lot of time there and for a beautiful place to spend money, a very difficult place to make money, very difficult place to move among the social classes and and what you want is a system where where people based on their own merits can can move from from one class, the next and open down.

And that happens here more than that happens a lot of other places, I do think um are trading policy, particularly china joining the W T. O. Again, another policy extremely good if you own the means of production, but if you're just a day labor or somebody that that that doesn't necessary have a college education, IT was really tough and and and the changes happened so quickly, you didn't have a chance to adjust. And that's what i'm hoping you in in present tram second term. I hope you know it's a little farer and and you go back to kind of the basics of what what this is all about.

So we have seen this illusion of the animal spirits, uh, in the markets and certainly in some of the consumer confidence reading and even some of the you other data readings were going through through um through the market as well. How to think about how should investors be thinking about how this trade policy, how tera actually coal less, especially if that happens alongside tax cuts. There's also the immigration piece of this and of course, having this broader conversation as you have a fed that is on pace to cut or maybe slow down the rate of cuts.

Yeah I i'll just cute um i'll just give you my own views for whatever they're worth. If I were the fed, I would slow down uh, the rate cuts partly because you do have a new administration coming in and you're not quite sure what that's gonna like. Um I also think that know in some ways, i'm a little bit more worried in terms of the impact on the economy.

I'm a little bit more worry about immigration then I am about tariff S I particularly as IT relate to inflation because I do think if the studies have shown, if you look at the Peter and institute, if you have mass uh, deportation, which which a lot of people support and could be could be good for socially, for the for the uh for society. Uh, but IT also could have a very big impact on inflation, uh, bigger, much bigger impact on tariffs. Terrace don't necessarily have to be inflationary depending on whether we produce some of the goods were we're putting tariff on.

So I could be just a shift in relative Prices. So I I actually am not too worried about that. And i've i've met present triple a couple times were hardly intimates, but I very much understand where he's coming from in terms of terrorist because us consumer is the biggest is really the biggest prize in the world economically.

And IT makes no sense, in my opinion or in his opinion, to give that away for free that there you there are reasons why we should negotiate. We should negotiate hard on making sure the access to those markets is something that, that gives the us some sort of benefit. In my opinion, I don't think that's unreasonable. I think it's actually, however, other country we deal with that. And I think that's that's the position from which he's coming.

okay. So, so quickly as we bought up against end of the show here deficit, we've got dose a lot of speculation around how all that's gonna play out too. I mean, how realised the risk of bond vigilantes when he looked at twenty twenty five?

Oh, listen, I think it's real. And I think, listen, this is not a massing dats a total federal death is increasing by about a trillion every six months on average around thirty six trillion total twenty eleven o to the public ah and government spending is a good place to start.

No two ways about IT, but I think are really going to have to grow a way out of this problem at this point, which means you're going to have to really focus on things that create productivity. But there's certainly is no reason why U. S.

Taxpayers should should waste money. And so I think I think the dog is a great idea. I think that advise the trump administration in coming trump administration some some credibility with the bond market and the bond market vigilant.

Uh, but it's trying not enough. I think we're going to have to do other, other things that, that spur capital formation. I'd allow us to continue to grow all right.

this in china. Great to have you on. thanks. You're joining us.

Thanks for having me have a great .

weekend to continue to keep an iron bitcoin, a gold also having its best week in more than year. Jail politics is in the background. We have talk about IT very much, but IT is there and something to monitor in ukraine in .

the midst time to focus on the consumer of turkey and then, oh.

stuff that's going to do IT .

first here at over time volume from every angle on one of the vice platform get power of C N B C pro and C N B C I comes lash pro. Black day terms and restrictions apply.