Goldman Sachs' 2025 AI Predictions, Bitcoin Falls & Mag 7 Performance 12/26/24

SPEAKER_1 (0:00)

At Pigeon, our global perspective today unlocks investment opportunities tomorrow. Our 1400 investment professionals provide global expertise and local insights to help you navigate the complexities of a changing world. We offer a diverse range of active strategies across public and private markets to help you identify opportunities and achieve your long-term goals. Pigeon, our investments shape tomorrow, today.

SPEAKER_2 (0:29)

Are you still quoting 30-year-old movies? Have you said cool beans in the past 90 days? Do you think Discover isn't widely accepted? If this sounds like you, you're stuck in the past. Discover is accepted at 99% of places that take credit cards nationwide. And every time you make a purchase with your card, you automatically earn cash back. Welcome to the now. It pays to Discover. Learn more at discover.com/creditcardbased on the February 2024 Nelson Report.

Carl Quintanilla (0:59)

Market moving insight and analysis. Join Jim Cramer, David Faber and me, Carl Quintanilla on the opening bell hour of CNBC Squawk on the Street.

Sara Eisen (1:07)

Good Thursday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Brian Sullivan today at post nine of the New York Stock Exchange. Carl, Jim and David have the morning off. Take a look at futures. We've got a full day of trading here coming up and we're headed for a lower start Dow futures down 231, S&P futures down 28 Santa Claus rally looks so good before the holiday. We'll see if it can continue and things turn around. Remember, we're in the five final trading days of the year plus the first two of the new year. That's the Santa Claus rally. NASDAQ futures, which have been a winner, down 108 Stocks are, as I mentioned, poised for a lower open after back to back gains for this holiday shortened trading week.

Brian Sullivan (1:45)

Yeah, we got a crypto watch as well. Bitcoin found near $95,000, even as MicroStrategy, which is a software company, it's really a Bitcoin play, plans to issue more shares. And let's talk about Apple's melt up. Now, Apple is closing in on a $4 trillion market cap valuation, but Sarah, Apple may do something that it has not done at any time since 2010 So first time in 14 years.

Sara Eisen (2:14)

Which is?

Brian Sullivan (2:15)

Oh, you got to stay tuned to find out.

Sara Eisen (2:16)

Oh, okay.

Brian Sullivan (2:17)

Call that a deep tease.

Sara Eisen (2:18)

At first, I thought you were going to say $4 trillion, but it didn't do that in 2010 It's never done that anywhere.

Brian Sullivan (2:22)

They call it a deep tease.

Sara Eisen (2:23)

Before we get to the markets, Brian, we do have some news about you. There was a big announcement. You're joining Kelly Evans as the co-anchor of Power Lunch beginning a week from today. Very exciting.

Brian Sullivan (2:35)

Yes, it's very exciting for everybody but Kelly. January 2nd. Yes. Kelly's awesome. The show team is great and look forward to it.

Sara Eisen (2:43)

I know there have been different iterations of Power Lunch, but this is a big triumphant return at a time where, look, any show that's on during the market hours these days is an exciting show.

Brian Sullivan (2:56)

I will both commute in the morning and at night during daylight, which is a win.

Sara Eisen (3:00)

And you have a big commute. Which is very far away.

Brian Sullivan (3:03)

I do sometimes I'm in the city, but so I look forward to it. But by the way, we have today.

Sara Eisen (3:09)

We have today.

Brian Sullivan (3:09)

We do.

Tom Lee (3:10)

And we have tomorrow.

Sara Eisen (3:11)

So lucky, lucky me.

Brian Sullivan (3:13)

It is lucky you.

Sara Eisen (3:14)

And it looks like we are starting for lower open today. It's been, I mean, look, it's been a good ride overall for the year. I don't think anybody came into the year expecting the S&P 500 to be up 26.5%. And here's the other one stat for you. 57, 57 times the S&P has closed at record highs this year.

Brian Sullivan (3:32)

57, is that an RBI? That sounds like an RBI, random and interesting. We could use that.

Sara Eisen (3:37)

Is that, is that, that's a Brian Sullivan trademarked segment?

Brian Sullivan (3:40)

They might, may or may not show up on Covered Lunch.

Sara Eisen (3:42)

It's not so random, it's pretty relevant.

Brian Sullivan (3:44)

57 times, all right. So we have Tom Lee coming up in a couple of minutes, and here's the question. With last year's gains and this year's gains, what does it mean for next year? What does it mean for 2025? Does it bode well for 2025? Or are the gains that we're taking now in the 57 record highs that Sarah just referenced, are they stealing, not stealing, what's the right term? Pulling.