Note at 4. 57 . Take a look at bitcoin we have been talking about it. It is at 61,645 it has not moved after the down swing. Somewhat steady this week pulling back from the highs. Lets talk about oil Biden Administration will not renew the license to ease venezuelan sanctions the Treasury Department issued a rehe he replacement license tody u. S. Says president maduro failed to compromise with the sanctions last year. We will discuss this on the Energy Market and crude prices backing off again. They started the decline down 1 this is actually a tricky situation that the u. S. Is trying to navigate not just with venezuela, but you want to impose your policy pressure on the regime, but not restrict the Global Supply iran selling mostly to china trying to do two things at once and not compatible you have to keep the oil flowing. Micron technology is expected to receive 6. 1 billion from the chips act to pay for the domestic factory projects according to the bloomberg report it is a mix of grants and loans. Micron has pledged to build four factories in new york and one in idaho. The plants are contingent on tax credits and chips act grants and incentives we were just out in arizona with intel. If you count the loans, it is bigger with micron they are saying this is all disbursed by the end of the year they have been waiting for a while. How quick can you build it takes years. Threetofive years to spin up one of these factories they are super secretive have some Broken Ground yes they will start the work, but it is only five jobs until you give us the money and then it is 1,500. Will we know in 2028 if this is going to work or not . For whom . For america i think it will work for america in the sense you have tsmc and samsung and intel building out factories i think the question he is how cost competitive is and what process . Is it the most advanced chips doing a. I. Or are they competitive with what tsmc has in taiwan . I dont expect the geopolitical situation to change much that nobody is worried about asia in 2028. Lets turn attention to tesla laying off 285 employees in the state of new york as the restructuring. The ceo elon musk sending a company wide memo announcing 10 cuts globally. Most employees laid off in buffalo and worked at the factory there and a handful at the store in the area. Separately, cnbc rehe viviewed e internal memo where elon musk apologized for the severance packages too low some laid off workers received insufficient severance this comes the say day that tesla is reauthorizing the compe compensation package for tesla. They have a history of under paying people out the door there is a whole situation at twitter. Rivian saying it cut about 1 of the work force that follows a cut of 10 back in february. The company said that the latest cuts were focused on support staff. Shares of rivian hitting a record low on tuesday. Amid the concerns of ev demand and we are showing8. 40 ubs is planning another round of job cuts following the rescue of credit suisse. It goes beyond the routine pruning of most years. Speaking of moving things around alphabets ceo said the companys restructuring the finance organization that move will include layoffs and reorganizations. The last platform shift to a. I. Is the reason for the change and google terminated 28 employees yesterday after the series of protests over the companys contract to provide the Israeli Government and military with Cloud Computing and a. I. Services some said they were protesting the harassment and intimidation and silencing of arrest arab googlers they staged a sitin at the offices in new york and california in the email last night, the executive said the 28 people fired were involved in the protest that took over office paces and defaced property and impeded the work of other googlers sitins of the of gooiogle cloud. Are you surprised no. These are highly paid people. Google has been treating itself like an open campus like a university where anything goes. Used to. I think it tried to limit that thats why this kind of thing is surprising i think google cloud is more of an enterprise culture to begin with im hearing a lot of discontent from longtime google employees about not only how it is handling internal development things with a. I. And the culture. You think the 28 people knew going in they would get fired and prepared to quit maybe i dont know specifically. You have to see where google the is coming from these are people coming in from berkeley they want to express how they feel eventhough youve got some layoffs and small numbers here where people will find jobs are in the market. That is interesting would you hire somebody who is involved in a protest at google and one of the 28 fired . I am not sure you would hire that person. You dont want that person running a sitin at your company. If you are a tech tengineer if you are a big river. It is telling that google was specific in saying these were the grounds on which we dismissed these people yes you cannot impede the workplace. It is not freedom of speech. This is cracking down on the political positions. It shows the sensitivity there to say were not telling you what to think or say. If one of the people applied for a job at your company as an engineer, would you take them or is this disqualifying . I doubt for a lot for some companies, absolutely ideological clash with the ceo or the board, sure i think if you are doing software for setting up a gambling app or sports news site or ecommerce. If you are apple, microsoft, meta, a big tech company, salesforce, would you hire one of these people . I think there are a lot of kinds of Companies Hiring in the valley that are not the big tech names. You have to widen your scope theres a lot of money floating around engineers and sales and marketing positions if you have the contacts. Coming up, netflix set to report today speaking of big tech in the valley we will tell you what to expect next. As we head to break, shares of trump media stock closed higher by 15 yesterday after two days of losses its volatile just like somebody we know. It is higher again in the premarket squawk box will be right back. Announcer this cnbc program is sponsored by baird. Visit bairddifference. Com. My name is teresa barber. I was in the United States navy and i served overseas in the middle east and africa. Early on in my career i had a commander that taught our Suicide Prevention training on a friday afternoon and the very next day, he took his own life. 90 percent of suicide attempts involving a gun are fatal. You dont know how much somebody can hide whats going on in their head. Store your guns securely. Help stop suicide. I dont want you to move. Im gonna miss you so much. You realize well have internet waiting for us at the new place, right . Oh, we know. We just like making a scene. Transferring your services has never been easier. Get connected on the day of your move with the xfinity app. Can i sleep over at your new place . Can katie sleep over tonight . Sure, honey this generation is so dramatic move with xfinity. Netflix is set to report after the bell today the stock is up80 in the last 12 months. Joining us is paul meeks paul, good morning some names that have done well and youre feel meh about because of the fed rate cuts that arent coming is netflix one of them netflix is a stocky would wait to clear the Quarterly Report tonight i dont think there is a tr controversy they wont deliver the mail eps of 450 the stock trades on net subscribers. Last quarter, they bet at the sb number by 50 . Im expecting 6 and 10 we will dial it back from last quarter. This is a stock with that number so volatile that times im aggressive in buying stocks ahead of the quarters because i know what i know this one is 36 times earnings. You have greatness baked into the price. I want to absorb this information tonight and make a decision tomorrow. If there is a surprise here, where does it come is it in information related to the advertising business is it in net subs . I think it will be in net subs remember, when they went to the lowcost ad supported tier and mandate of sharing, we we thoug that was a onetime blip so far, those strategies surprised to the upside. They look to have longer legs in converting more subs thats a good thing. After last quarters 50 beat in net subs, im a little bit more cautious and particularly again with the stock trading at 36 times earnings that is a pretty lofty price for netflix. Looking broadly at what we used to call the magnificent seven, but now we use smaller numbers. You say you like alphabet, meta, amazon and microsoft meta has had a run over the last couple years why do you like it i think with the growth rate forecast has upside. It is not a tech value play. I am pretty bullish on digital advertising. I dont think the economy is going to have the hard landing that is the nice support there is the election spending and advertising support. I think that google is probably a little bit better value than meta metas results are clear i like microsoft and i like amazon i have not liked tesla for the longest period of time apple, im worried about this quarter. Nvidia needs to come back. Paul, you link the potential for the fed rate cut here. I wonder if that is scrambled with the names we have talked about with the defensive properties with macro unsrn certainty. Here we are at 4. 06 on thehe treasury yield that is a great point it is the greatest threat. Think about what transpired last october when the yield on the tenyear treasury note eclipsed which caused a tech wreck. It caused more than a correction the greatest worry with all of these names, even in the names i like fundamentally is if we see the tenyear treasury note yield go higher than 4. 8 and it pushes to 5 , unfortunately, well have a shortterm correction in these names. Just like what happened in the fall going into 2024, i would take that opportunity to buy your favorite names with both hands. Ing moving down the market a little bit from bigger tech to micron you said that is the best idea driven by high bandwidth and memory demand and a. I. Requires a lot of data flowing through. What about the chips act funding were expected to see go through . Is that at all a factor . How you look at the potential in a stock like micron . You know, i love to see them support their capital expense diff plan one reason i like micron is the last couple of years they dialed back the aggressive Capital Spending and become less reliant on that. They boosted their cash flow yes, i like to see them supported, but we know the chips act and a lot of the money is not going to go to micron or intel or global foundries. It will go to tsmc or intel. The deal with the a. I. And the insatiable demand is the high driver this company is coming out of the correction they got back to profitability a quarter earlier than i thought and as a fixed cost firm with high operating leverage and you turn on the volume is where you explode in earnings. They lost 4 a share and the peak of the next cycle t, i thi they will make 12. You are not worried for the quarter for apple. How much downside do you think there is for this Company Given people are concerned about china and people saying for the past decade that apples best years are behind it although the stock price keeps going up how much downside . I think there is significant downside, jon. I think they will not be able to sugar coat troublesome fun fundamentals when they rueport. They will probably reveal something in june at the corporate retreat. It will be offset by the great thing in june. Hold on. Were almost there hopefully, that stabilizes the stock. Without that driver and without that event and excitement around that event, i think the stock could go lower that would be rare if apple makes big promises about the product yet to come. Paul meeks, thank you. Best wishes. Coming up, hear a lot about protecting your personal data, but should you worry about protecting your brain waves . A new law in colorado does that. And blackstone is set to report we have the interview with the coo jon gray coming up squawk box will be right back. Announcer stocks to watch is sponsored by cla view balanced. Well get you there. Whats right for the business and whats best for everyone who depends on it. Solving todays challenges while creating future opportunities. It takes balance. Cla cpas, consultants, and wealth advisors. Well get you there. A new law in colorado aims to protect the privacy of your brainwaves the governor signed the bill yesterday that would expand the states privacy law including biological and neuro data from the spinal cord and network of nerves it is a more to protect from neurotechnology from headbands that monitor the brain activity. Such devices are marketed to consumers for a number of users. Treating anxiety for meditation coach. The companies behind the technologies have access to the records of users brain activity unlike medical devices, data gathered by brain technologies are not protected by federal health laws. The colorado law grants neuro data the same proper ttections d fingerprints and other biomedical Data NationalSecurity Program will expire tomorrow unless lawmakers act. The senators are worried it goes too far. We have Emily Wilkins with more. Another looming deadline on capitol hill, emily. Reporter they never seem to stop the key National Security program will expire on friday if congress does not act. The senate plans to vote today on upgrading the foreign Intelligence Security act or fisa at the center of the Senate Debate is the provision added by the house last week that seems to expand which companies and people would be required to hand over information to the government among those raising concerns are tech trade associations whose dozens of members include apple and google and intel john miller, at iti, said the language and amendment expands the u. S. Governments warrantless surveillance and could damage the competitiveness. Companies large and small, with data between the u. S. And the allies the group of law make makers are pushing to get the language removed, but doing so could jep s jeopardize the program not being approved in time the chair of the Committee Said that even a short lapse would be detrimental. As we simultaneously try to debate aid for ukraine and israel and humanitarian relief to the palestinians in gaza and suddenly go dark at this moment in time would be the height of irresponsibility reporter mike, the vote on the senate is expected this afternoon. We will be keeping a close eye to see what happens there. Thank you, Emily Wilkins. More coming up on squawk b box. We hear from the olympic athletes coming up and today is the last day to nominate us for the interview with Charlie Munger before his death. If you love it, go to the qr code on the screen and you can show support for it squawk box will be right back. Announcer executive edge is sponsored by at t business next level moments need the next level network. Its a with a speaker in it thats right craig. A team thats highly competent. Im just here for the internets. At t its superfast. Reliable. You locked us out . arrggghh ahhhh solutionoriented. [jenna screams] and most importantly. Is the internet out . Dont worry, we have at t internet backup. The next level network. I sold a pillow good morning welcome back to squawk box here on cnbc we are live at the Nasdaq Market site in times square look at the futures. The nasdaq up 63 points. The s p is up 11 points. We are now 99 days way from the olympics in hparis. We spoke to some of the athletes competing and a member of team usa mens basketball threeonthree team. Take a look. I know people are bringing the energy in one of the coolest places on earth. I know everyone will be watching. They spoke with the member of team usas Womens Basketball team breanna stewart. I cant believe it is 2024 and the olympics are around the corner im excited to see what paris has in store and excited to go after another gold meet me immemed immemedal. We asked about the Caitlin Clark effect on sports. She is expected to bring a different look to Womens Basketball what she accomplished in college and now to the wnba and fever, im excited to see what happens on and off the court every sports owner i know thinks the industry that is about to blow up is the wnba it is finally at a n inflection point. The soft i forgotten there is threeonthree basketball. It is cool you have to talk with women because we have no women on se this morning yes coming up, another tease at 8 00 a. M. , i grew up following this guy my interview with grant hill managing director of team usa and mens basketball and shares perspective on the Caitlin Clark effect owns a piece of the hawkss and became an owner of the orioles well all part of the same generation you saw the gentleman on the court and phoenix and clippers you can catch the summer olympics here on nbc and peacock. We will have coverage throughout the games. Ill be there broadcasting from paris for squawk. Were coming right back injust a moment. Crude prices pulling back in the last 24 hours. We will talk about the move by the u. S. To reimpose sanctions on the Venezuelan Energy sector. Squawk box will be right back. Announcer currency check is sponsored by Interactive Brokers. The best informed investors choose Interactive Brokers 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. Encore energy, americas clean energy company, now in production in south texas. Energizing america with reliable and affordable uranium for Nuclear Energy fuel from our environmentally friendly extraction process. At morgan stanley, old school hard work meets bold new thinking. To help you see untapped possibilities and relentlessly work with you to make them real. The Biden Administ