Another record. Bitcoin reaching a new high above 71,000 this morning. Look at the move. It has been a staggering move. 71,758 as we speak and climbing. Crypto adjacent names, coinbase, et cetera, seeing gains. There is three days after ethereum breached the 4,000 mark. Look at the crypto stocks. Trading higher this morning. Early this morning, i should say. Coinbase and robinhood. We will talk to Michael Saylor at 8 30 a. M. Today. We will ask why invest in the proxy when you can invest easily in the etf now . Thats one of the big shifts. Hes a brave man. He is a brave man. Buying more bitcoin. That would be his argument. He is a levered bet on crypto. The stock is a leveraged bet on crypto and bitcoin in a way that you could go leverage. Aside from the Software Business. That is not part of the deal. Have you heard about coinbase and what goes on there . The zero balances on the high volume base . I have been looking at it. Whats going on . I have seen it. That number is nice. It goes to zero. Thats what we were talking about. I have no money. Thats a good sign for coinbase. High volumes and the weird glitch. They have to get it together if they are the main one. It is hard with that much interest. Larry fink has bitcoin surging. I think jay powell has something to do with it, too. The bill in the house is moving closer to the vote to ban tiktok in the u. S. Or force the chinese parent to sell the company. The wall street journal says the momentum caught tiktok by surprise and Flood Congress with phone calls has back fired. President biden said friday he would sign the legislation if Congress Passed it. The journal reports that bobby kotick has expressed interest in buying tiktok. He floated that idea at the dinner last week which included openai ceo sam altman. And formerly President Trump now doesnt want to ban tiktok. Now swirling. It is antizuckerberg. Thats all it looked like to me. The enemy of my enemy a lot of times with the former president can be. Again, there have been times when we said you just get uncomfortable about banning companies that you dont like what theyre doing. China can do the same to us. Exactly. If ccp is manipulating our youth and krucorrupting them. We might be able to talk about this with somebody later . I forgot about that. We may be able to ask former President Trump about tiktok. He will be our guest at 7 30 a. M. Not everybody remembers do you remember trump tuesdays . I do. I do remember trump tuesdays. Before he was president. We had a segment where he would phone in. I always enjoyed it. Tho not everybody enjoyed it. I dont know if this is the beginning of another weekly segment. At this point, would you say presumptive nominee . Yes. I would say we would say that to him. Was he not the presumptive nominee before last tuesday . He probably was. I dont think he has done ain af an interview since sotu. Im sure he will have stark differences on how he views things. We will ask him a lot of things. Openai saying the law firm concluded the investigation into the events that led up to sam altmans ouster. There was a breakdown of trust with the board and altman. They did not anticipate the instability that followed. The concerns did not involve product safety or security or finances or statements to partners. Sam altman will join the board and we will talk more about the story later in the hour. This is what you expected. They did not tell you more than what you already knew. Like why. Exactly. Elon musk posting on x that his startup xa. I. Will open source grok. He unveiled it in november of last year. He sued openai and sam altman saying they broke the Funding Agreement and criticized them for not being open as in openai, the name of the company that he helped create. Nvidia has been sued by three authors who said it used copyrighted books without permission to train its a. I. Platform. The works were part of the data set of 200,000 books to train the models to simulate written language before being taken down last october due to copyright infringements. The authors say this is an admission that the company trained the model on the data set. I know this is an issue for you, andrew, in terms of what data can be used in a large language model to train it. What is up for grabs and who is getting paid . Those are a lot of questions here. The question is can you train the model yourself . I think the answer is no. I think that is going to ultimately be the answer. The question is what is the fine and how much will this cost everybody and is there a different Business Model and what happens . The bigger question for nvidia in todays session. The key reversal from friday. It hit a new high early in the session and finished at the lows. A 10 session traiintraday. What is it . Trees dont grow to the sky. This is already in the sky. Its in the sky. Through the sky . People would have said that 100 points ago. They would have. Justice department has opened a criminal investigation into the boeing 737 max plug blowout on the Alaska Airlines flight. Investigators contacted passengers on the january 5th flight. Alaska airlines doesnt believe it is the target of the investigation. We will talk more with phil lebeaulater this morning. Coming up, key inflation data tomorrow highlighting the squawk planner. Later, we referenced this, former President Trump will join us later to talk about the campaign and the economy and Regulatory Environment and maybe tiktok and more. Squawk box will be right back. At pgim, finding opportunity in fixed income today, helps secure tomorrow. Our timetested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. Pgim investments. Shaping tomorrow today. After military service, you bring a lot back to civilian life. Leadership skills. Technical ability. And a drive to serve in new ways. Syracuse universitys Daniello Institute for veterans and military families has empowered more than 200,000 veterans to serve their communities and their careers. From professional certifications, to job training, to help navigating programs and services, we give veterans access to support from anywhere in the world. Business. Its not a ninetofive acce proposition. Its all day and into the night. Its all the things that keep this world turning. The gotos that keep us going. The places we cheer. And check in. They all choose the advanced Network Solutions and round the clock partnership from comcast business. See why comcast business powers more Small Businesses than anyone else. Get started for 49. 99 a month plus ask how to get up to an 800 prepaid card. Dont wait call today. On this weeks planner, inflation data in focus and Producer Prices and sales on thursday. It is a light week from earnings. We hear from oracle today, kohls tomorrow. On wednesday, dollar tree and home builder lennar. On thursday, Dollar General and Dicks Sporting Goods and ulta beauty and adobe. Joining us is stephanie link from high thetower. Step stephanie, the number on friday, good number, but some revisions. The labor force and the way that works put us up to the highest level we have seen in a while although the number was good. Theres all these cross currents, but the bottom line is the tenyear yield continued to come down a little. I think tomorrows number could do more of that if it looks like january was a oneoff for inflation. Yeah, joe, the data has been pretty good in the last couple of weeks. What is good . Good . Were looking for soft. Im looking for good, joe. We root for good. We want growth and we wants inflation to come down. Thats what were getting. Look at the threemonth average for jobs. Fridays number was wonkyvrevis. 260,000 jobs per month. Hourly wages are coming down 4 . That is good for the consumer. We got within gdp with consumption up 3 . You have personal income up 4. 8 . You have savings at 3. 7 and at the same time, inflation is coming down. To your point, tomorrows number is big. We are making progress. Core pce at 2. 8 versus 5. 6. We had labor costs that came in better than expected. Add it all up. Its good for earnings. We have been talking about the broadening since last october. Joe, friday was wild with tech and semis getting crushed and energy and financials have continued to rally. I like that. It is also worth pointing out the russell 1000 is up year to date. The russell is playing catch up. That was flat a couple of weeks ago. I like the broadening out. Thats good. You did indicate that generals were retreating. Do you expect that to continue . The rankandfile will be moving up, but not the same for the previous leadership . I think that tech and Comp Services could take a pause. Look at the charts. They are parabolic. Not to say they are great stories. There are a lot of great themes with a. I. And cloud and cybersecurity. I get that. They had their days to shine and the valuations are a little more rich. They are crowded. When i look at earnings and i see Financial Services earnings grew 7 and industrial at 6 and he healthcare at 8 . That is attractive for those sectors. You and i talked last week and you were laughing at my picks. I was picking more cyclical names with eton and schwab. I still like those names. They have a long way to go. Today, i like target and exxon anddr horton. There is a lot to like that is not tech. Tech isnt magnificent seven. I was looking. Adobe is a quarter of a billion. They are under appreciated. Both reporting this week. Interesting . I think oracle is interesting. They just have inconsistent execution. The valuation is attractive. Obviously, they are in the whole cloud arena as well. I think it will probably be a good report. It has lagged the mag seven. I think within tech, there are other places to own. You know i liked ibm forever. That stock has done well. It is trading at 18 times forward. You do get Data Center Cloud and a. I. In that. I like cdw. You and i have talked about that, too. I think if you listen pto dell, the pc cycle is bottoming out. I like apple. I know the stock acts horribly, but it is more attractive now ahead of the april print when numbers have come down and expectations have come down. We know china is a disaster for them. They will fix that eventually. You have wwdc in june that comes. We will learn more about the a. I. Strategy. I think in the april quarter, you get another 90 billion buyback. How late were you up . Did you see best picture . What did your night look like, steph . I was asleep by then, but i was up early to watch iowa. Did you see the red carpet or anything . I did not. I will watch entertainment tonight to watch the reviews. It was on early. It was a little late. What was your favorite outfit . Sounds like you watched it for the outfits, joe. Did you like the barbie song . I saw that. What is his name . Phineas. She is only 22 or 21. I have interested parties in the house. Thanks, steph. They had me strapped in the couch. Did you watch . I did not. Just clips, my friend. Why . We have breaking news. We can come back. We have news on the i p po. Revealing more details in the filing. Leslie picker with more. Good morning, andrew. Reddit filing with the pricing details for marketing its ipo. 31 to 34 a share. They plan to sell 70 of the offering and shareholders and employees on the rest. The valuation range amounts to 5. 8 billion to 6. 4 billion. That is a 36 decline from the 10 billion valuation that reddit received in the 2021 private funding round. It calls itself a Global Digital city where 73 Million People collaborate with common interests. At the high end of the range, reddit is seeking eight times the sales where snap is trading at six times. Last year, 98 of the revenue generated from third parties advertising on the platform. The Company Recently signed a Licensing Agreement with google worth 60 million annually to share content to help train a. I. Models. 8 of the stock will be reserved as part of the socalled directed share program. This allows for qualified moderators and users and a few other types of people on the platform to buy in at the ipo price. Im told the company is aiming to set a final price next week and will debut the following day with the listing on nyrc as rddt. Looking through the filing. Alexis ohanian doesnt own more than 5 . I dont think so. The first filing came out and obviously the one that got a lot of attention was the ownership of sam altman. This filing shows those who are selling into the ipo. We didnt know that initially. You have Steve Huffman here selling 500,000 shares. You have some of the employees selling a combined 1. 3 million shares. None of the major vcs that own 5 appear to be selling here. It is more on the individual basis. This is a company thats been private since 2005. Nearly 19 years. They have a lot of people seeking liquidity. Given the allowance for liquidity on day one, i know it is not vcs, but what pressure do you expect to see on day one . How much harder does it make for the folks running the book, if you will . They have 8 of the shares allocated for the direct the share program. That allows more Retail Investors and moderators and users and friends and family, those types of people to buy in at the ipo price. You see the 8 level before. That is not out of the ordinary. I believe it was airbnb had something similar to that. Uber had less allowing more interest to come in buying the programs. Thats something that people were somewhat concerned about. How much are they allocating to more of a Retail Investor community as opposed to the Institution Investors with the concentrated book and can expect to hold on to it for longer. That dynamic is important here. In terms of the selling side, you have 22 million shares. Employees had to say if they are putting shares up or ownership up for sale in the ipo based on what was out there as the floating valuation idea. Thats part of the 30 of the 22 million shares sold is comprised of selling shareholders, including employees. Leslie picker, thank you. I appreciate it. Coming up, a big night for oppenheimer at the oscars winning awards in seven ca categcat categories. Up next, the biggest winners. As someone who was a changemaker means pushing the boundaries of innovation and a new vision of how business should be done around the world. I feel like i operate with grace, humility and execution and grit. Im not sure that can be defined by gender. I think as a female leader, more than anything, i want people to look at me and say leadership can look different than maybe they expected. The all new godaddy airo helps you get your Business Online in minutes with the power of ai. With a perfect name, a great logo, and a beautiful website. Just start with a domain, a few clicks, and youre in business. Make now the future at godaddy. Com airo wall street forecasts over 100 billion in sales for antiobesity drugs known as glp 1. But these treatments are largely administrated through cumbersome injections. Enter Lexaria Bioscience with their patented oral delivery technology. Early studies were glp1 suggest reduced side effects and better blood sugar control with reduced spikes. Lexaria bioscience. Transforming the future of glp1 drug delivery. New projects means new project managers. You need to hire. I need indeed. Indeed you do. When you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. Visit indeed. Com hire and get started today. Businesses go further with 5g solutions. Thats why they choose tmobile for business. Pga of america and tmobile are partnering on 5gpowered analytics to help improve player performance. Tmobiles Network Helps aaa stay connected nationwide. To get their members back on the road. And Las Vegas Grand Prix chose tmobile to help fuel operations for one of the Worlds Largest racing events. Now is the time to see what americas largest 5g network can do for your business. Welcome back to squawk box. The big winner was oppenheimer last night. We have matt belloni here with us. Take us inn sooiside the room. A big coronation for oppenheimer. All of the studios had the opportunity and universal took this on. They made almost 1 billion in theaters and now an Old Fashioned sweep at the oscars with seven wins. Its a huge win for Nbc Universal and comcast. Matt, when you look at the oscars this year and a period of time where the ratings were low and the idea that nobody was watching movies and everyone was disinterested. This was a pandemic situation. Do you think that has changed this year . I think so. We have seen award shows rise in the ratings across the board this season. Starting with the globes and dp going through the grammys. The oscars went up last year. Not nearly the hey day that used to watch. The ratings will go up this year. They did start an hour early, which was a challenge. If they dont go up with barbie and oppenheimer they may as well throw in the towel. Matt, i thought for a while the make good on sideways was going to happen for paul giamatti. I like to see the academy just drag kicking and screaming into not considering makeup or dei or any of that. There is no way not to gillve i to Cillian Murphy with that. The star of the big biopic movie, that actor tends to win best actor as well. The academy thought exactly what you were thinking. How do you honor this moveie as best of the year and win in all of these categories and not honor the center of the movie . Paul giamatti had the momentum, but it was clear that Cillian Murphy was going to win. Matt, explain how the voting works. We talk about the academy and i put the academy in quotes, has decided to give it to this person, but not this person. Dont they vote on each thing singularly and dont kn