Let's begin with the latest out of Washington and these reports of some new tariff targets. This time gold. Aean Jabers has it. Morning Aean.>> Yeah, good morning to you Carl. Multiple media organizations reporting now this morning that uh widely traded gold bullion bars in the United States may now be subject to country specific import tariffs. That's according to a ruling on the US Customs and Border Protection Services website out today.Now that clarifies some confusion around what tariffs would be impos ...

Investment Strategy & Performance - Infrastructure asset class achieved double-digit returns this year [1] - A $5 billion secondary sale in the private equity portfolio recognized some losses but strengthens future returns [2] - Public equities have driven strong returns in the last three years, so a dramatic change isn't expected [5] - Over five, seven, or ten years, private markets have shown strong performance [6] Pension Fund Allocation - New York raised the limit for public pensions in alternatives from 25% to 35%, currently below 30% [3] - The city's pension and benefits account for as much as $21 billion of the budget [11] - 103% returns, beating the 7% benchmark, will save $22 billion that can be reinvested into the budget [11] New York City Budget & Efficiency - New York City's budget is around $115 billion with 327,000 employees [7] - The city paid out over $2 billion in claims last year [8] - Congestion pricing is ahead of schedule, delivering $15 billion for transit enhancements [12] Policy & Future Plans - There will be challenges with cuts coming from the federal budget [9] - Universal child care for every two and three-year-old will require raising revenue in Albany [20][21]

All right, let's uh move on. Shares of online ad tech company Trade Desk are plummeting this morning. The firm is warning about the impact of tariffs on its customers. Julia Borson has those details for us. Julia? Hey, good morning David. Well, shares are now down about 39% despite the company beating its second quarter estimates on the top and bottom line. Analysts pointing to two main issues. the impact of tariffs on the macro environment as well as growing pressure from competition in Amazon in particula ...

Financial Performance & Operational Efficiency - Boeing's shares have outperformed both the Dow Jones Industrial Average and the S&P 500, increasing by 38% in the last year [1] - Boeing is projected to be cash flow positive by the end of the year [2] - The company has lowered their cash burn [2] Production & Delivery - Boeing delivered 280 aircraft in the first half of the year [3] - The first half of this year was Boeing's best since the beginning of 2018 [4] - Boeing has improved 737 Max production [3] Challenges & Future Outlook - Boeing's shares are still just under 50% from the all-time high seen in March 2019 [5] - Boeing needs to fix its space division, referencing the Starliner failure [6] - Boeing needs a vision for the next commercial airplane, with delivery not expected until well past 2035, requiring work to start now [7]

Well, crypto is not a a focus of ours. We think that the um you know, recent legislation around uh stable coins and some of the the progress there, I think that clarity is great for the industry overall, just understanding what the rules of the road are. But to be honest, uh you know, stable coins, it doesn't really affect our business.If you think about the the applications of of stable coins in the medium-term or potentially even longer, it's really more about uh more effective crossber transfers uh more ...

You mentioned two things. I want to ask questions about both. One is the NFL.Uh my understanding has been and I know this there was a change in control provision uh at uh CBS in terms of the ownership there that the NFL could come to you and say, "Hey, we're going to get out of the deal unless you give us more." My understanding is you have reached a deal with the NFL. I don't know what you're paying them. Is that is that correct.You have reached a deal and can you tell us what it cost you. So, so, so what ...

Look, I I totally get why people wish we were just a public company now. And I have very conflicted not but I have like negative feelings about how much growth happens in private markets and how you know not every investor gets access to this phase of growth. Whenever we do go public, if we ever go public, I I I think there will be tremendous upside left in front of the company.But I get I get why people would like love for us to be public or sooner. Uh and I'm sure people also get the reality of like we're ...

Let's talk about the future and for our audience of course there's still a public float out there. You are the control shareholder uh on your group is certainly um three to five years for growth I think is what you said yesterday. You sort of were pointing to people that.So what does that mean for the next couple of years in terms of what the future holds for Paramount. Is it just about reorganizing, restructuring, trying to save money. >> So uh I would say is like one we we yes we've announced obviously $2 ...

Financial Performance & Strategic Acquisitions - Kico Phillips achieved strong financial results, reaching the top end of production guidance with lower capital expenditure [2] - The company completed the acquisition of Marathon Oil, resulting in 25% more resources and $1 billion in one-time synergies, along with $1 billion of run-rate synergies [2][3] - Kico Phillips has exceeded its promise to the market by delivering over $2 billion in asset dispositions following the Marathon integration and is not yet finished [3][4] - The company anticipates $7 billion of free cash flow growth over the next four years, effectively doubling its current free cash flow [10] Production Strategy & Cost Management - Kico Phillips is experiencing some deflationary forces offset by tariff impacts, but overall, cost of goods increases have not been significant [5] - The company is operating efficiently in the $60s range and remains constructive on long-term demand growth despite near-term market choppiness [5] - Kico Phillips is already delivering modest 2-3% production growth from a base of 24 million barrels a day [13] M&A & Organic Growth Focus - After a period of active inorganic growth, including mergers with Catch, acquisition of Shell assets, and the Marathon acquisition, Kico Phillips is now focused on organic investments [7][8] - The company possesses significant asset quality and tier-one acreage, providing decades of inventory and economic organic opportunities [8][9] LNG & Infrastructure Development - Kico Phillips is involved in a major project in Port Arthur, anticipating 10 to 15 BCF (billion cubic feet) a day of incremental liquefaction capacity in the US for export [15][16] - Infrastructure permitting reform is crucial to transport gas from production basins to the coast, supporting AI, electrification, and overall power needs [16][17] Market Dynamics & External Factors - Tariffs, sanctions on Iran and Russia, and OPEC+ decisions are creating choppiness in the market [18][19] - Gasoline demand has been softer this summer, potentially due to macro activity, but electrification is still a small factor in the overall oil supply-demand market [22][23][24] - Sustainable prices in the $70s are likely needed to incentivize a broader signal for US rig count to flatten or incline [12]

Well, as we of course have told you, Paramount and Sky Dance have officially completed their merger. Long uh wait there. David Ellison taking over as the company's chairman and CEO as of yesterday.And he joins us now in a CNBC exclusive talking about obviously your plans for the company. It's good to have you. Thank you for for being here. Thank you.It's it's a pleasure to be here on day two. Um you know, you and I did have a chance to talk when you first got the deal. That was a long time ago.Finally, I fe ...