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Closing Bell

Closing Bell Overtime: Idris Elba On AI; Klaviyo CEO On Life In The Public Markets 5/9/24

Closing Bell

CNBC

News, Business

4.4139 Ratings

🗓️ 9 May 2024

⏱️ 49 minutes

🧾️ Download transcript

Summary

The Dow is on its longest winning streak of the year after gaining more than 300 points today; Ariel Investments’ Charles Bobrinskoy breaks down where things stand in the market. Earnings from Dropbox, Akamai, Sweetgreen and Unity. Klaviyo CEO Andrew Bialecki on life in the public markets so far after raising its guidance in its third earnings report. Nvidia-backed CoreWeave just raised $1.1B; CEO Michael Intrator on what’s ahead for the company and AI. Idris Elba is ServiceNow’s new spokesperson. Jon Fortt sits down with him to talk AI’s impact on tech, culture and more.

Transcript

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0:00.0

Well, there you have it, seven days of green in a row for the Dow is the market's meltup

0:08.2

gains momentum.

0:09.2

You got the S&P closing back above 5200 as well.

0:12.8

That is the scorecard on Wall Street today,

0:14.8

but the action is just getting started.

0:16.2

Welcome to Closing Bell overtime.

0:17.5

I'm Morgan Brennan.

0:18.8

John Fort will be joining us a little later in the show,

0:21.1

with a special guest you do not want to miss and also

0:24.5

coming up this hour earnings from Dropbox Akamai Unity Sweet Green and more

0:29.2

plus we're on IPO pricing as Chinese electric vehicle maker Zeeker gets ready to list tomorrow

0:36.8

and begin trading at the New York Stock Exchange as we await those earnings though we're going to begin with the market with the down-notching

0:42.9

its longest winning streak of the year. Joining us now is aerial investments

0:46.6

vice chairman Charlie babrinskoi. Charlie it's great to have you on I mean

0:50.1

in a week where we haven't had very many meaningful catalysts for the

0:54.4

broader market the fact that we are seeing this dare I call it a melt up here and

0:58.4

one that is not being powered by tech. Tech is largely underperforming this week. What does that tell us?

1:04.0

Tell us that value is finally having a period in the sun. There were a lot of stocks that were very, very

1:09.9

cheap, banks, investment banks, some industrial, some building product companies that were trading at 8,

1:17.0

9, 10, 11 times earnings, a lot less than the 21 of the S&P and the 40s of tech.

1:23.8

So there was a lot of value out there,

1:25.6

and all that value needs to perform

...

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