but a stellar company. >> sono, bluetooth, speaker company. we own it in the smith cap index for four years love the company >> thermo fisher it's getting through the covid drought and coming back. >> joe >> west pharmaceuticals. >> good stuff. we are going to watch the s&p and see if we can get to 5,000 i'll see you on "closing bell. hi, i'm brian sullivan here's what is ahead on "the exchange." the risk and the regionals robert kaplan says you need to ask the banks three questions. he'll lay them out mag seven, get toknow the ai nine, who they are and if they belong in your portfolio and is it a sports stream dream team or just too many players on the field? we'll have the latest between warner brothers, fox, and spn. all that goodness ahead. we begin with dom chu and the numbers. dom, take it away. >> strong ones, brian sullivan,

and green across the board here. we are going to put a gold star up off the bat for the s&p 500 we are at record highs so far on an intraday basis. it's currently at 4988 at the highs of the session, that level was 4995. so literally just five points away from s&p 5,000, not sure how many people had that in their bingo card, but that's where we're at the dow up about 1/3 of 1%, 38,670 and the nasdaq composite, in line with the rest to have market overall 15,716, up 107 points. of course, that big tech trade is helping to power things so far today. if you take a look at the overall picture for where else in the market we're keeping a close eye on, check out what's happening with regard to the real outperformance of those mega cap technology stocks versus the smaller cap russell 2,000. on a year-to-date basis, the s&p 500 up a very respectable 4.5%

the mid-cap stocks, the middle soft spot ground there, down about half of 1% but look at the underperformance in the small cap ticker, down 3.5% that big swing and big gap in performance is something a lot of traders are keeping a close eye on right now if you are looking for that regional bank trade that brian laid out before, new york bank corps continues to decline $4 a share, down 4.5%. concerns continue about some of the weakness we are seeing with regard to that particular business valley national, webster financial, bankunited, some of the other small and regional banks caught up in the negative sentiment. i know you are going to be talking quite a bit more about this back over to you. >> in fact, right now, mr. dominic chu. thank you very much. new york community bank, shares have been hammered on concern about commercial real estate despite the name, new york

community bank corps is not a small regional bank, okay? if you are not familiar with them, you live on the west coast, midwest, whatever nycb has 420 branches, more than $420 billion in assets, america's seventh largest mortgage originator. it is a big bank the minneapolis fed addressed some of the problems and fears of risk earlier on "squawkbox. >> we think it's going to be on a bank by bank basis where pressures flare up, and supervisors are in close contact with other supervisors around the country and with bank management to monitor their portfolio. it's something we're watching very carefully most of commercial real estate is doing well, it's just the office segment >> it's not a simm systemic isse there are three questions supervisors have to ask. joining us is robert kaplan, co-chair of the draper richards kaplan foundation.

good to see you again on cnbc. thank you. i hope i made the point, new york community bank is not some small, local bank with a couple of branches. this is a gigantic bank. >> it's the 35th largest bank in the united states, and just for context, there's 4,150 banks in the united states. >> top 2%. >> yeah. there's only 35 or 40 banks in the u.s. with assets over $100 billion. and to your lead-in, over the last year and a half, you always ask, is there an asset liability mismatch i think most banks have cleaned that up to the extent they had that exposure, meaning they had a lot of excess deposits, that's one issue. regulators and boards are also looking heavily at percentage of uninsured deposits, because that makes you vulnerable to deposit

flight if there's stress and then the third big issue, which was the surprise here, is the size and the quality of the loan book. i was actually surprised, given how big this bank is every bank board meeting i'm in, there's an obsession with making sure they're properly provisioned for commercial real estate, particularly office. and so i think that's why the market was so surprised that they announced the surprise increase in loss reserve because this has been a long-running focus. and it sounds like this bank came to it a little bit late >> do you think the market is overreacting here? >> the market's doing what it always does when there's a surprise it's now scrubbing every other bank for its commercial loan exposure, commercial real estate exposure, and trying to figure out whether they're properly reserved normally, when the market has to react rather than the supervisors and regulators being

out ahead, the market almost always overreacts, as it did last spring. and things will settle back down, but the market is hunting for any other banks that might be underreserved my guess is, because this has been such a focus, i would hope that between the regulators and bank managements, this situation will turn out to be unusual. but we don't know, and what the market does when in doubt, it shoots first by selling and asking questions later so i would hope that this will settle out over the next several weeks. this bank, though, unfortunately has $110 billion in assets, and it's got a market cap now of $3 billion, meaning on the market basis, it's dramatically undercapitalized this is where management and regulators are going to have to figure out how to deal with this >> i want to ask you this, robert, what happened? we can agree the san francisco

fed was asleep at the switch with silicon valley. i said it, you don't have to i thought we were -- i mean, that was almost a year ago that we had that sort of regional bank crisis. how did this go unnoticed? >> yeah. so normally, when there's a problem at a bank, it's normally not because they own too much in the way of treasury or treasury related. that's what happened last spring they owned so much of it, and when rates went up, they lost a lot of money this is an old fashioned credit loss, and yes, i think most banks are all over commercial real estate. it's been well advertised that their problems in commercial real estate, so i'm surprised that managements were slow on this at this bank. and that the regulators i'm sure are kicking themselves that they didn't scrub this loan book better to prevent this kind of surprise but, again, i hope it's not very widespread >> hey, robert, if i could ask

you to sit there we've got a hume auction of ten-year notes i want to go to rick santelli. rick, this is, i believe, the biggest single auction of ten-year notes ever, or close to it >> ever. ever, ever, ever, ever we've had one, two, three, four other auctions that were close at $41 billion in 2020 and mid year of 2021 but $42 billion, the size of today's auction, the biggest ever and it went spectacularly well i give it an a minus investors stopped up to buy the debt of the u.s. treasury, and they did it very aggressively. as you look at a two-day chart of tens, you'll see that yields dropped right at 1:00 eastern, 12:00 central when the auction buttoned up. we briefly did a little work under yesterday's low yields, so there was a bias for rates to move down and prices to move up.

whether it moves much further below 4.10 is questionable that's a good pivot, but it's a good auction quickly, if you look at the bid to cover, 2.56, that's since february of last year. the indirect, 71% best since august of last year. if you look at direct bidders, it's the only category that was under the ten auction average, the weakest since november there's the aminus grade only 13% taken by primary dealers, which means the buffet table with all these ten-year treasuries on it, and what was left go to the toll keepers of our debt they only took down 13%, the smallest percentage since august of '23 tomorrow, we finish $121 billion in supply with 30-year bonds my guess is that you want to pay

close attention, because these long-dated treasury auctions, if they go well, you can really see the fact that currently the high yield for 204 is 4.18. backing away from that as demand from the auction looms large back to you. >> a minus, not bad. rick, thank you. back to robert kaplan who is sort of nodding his head we have a lot of debt, but guess what china is a rolling disaster. is the united states, i mean, with everything else going on, i think we're the best house in the neighborhood >> we are. the issue is, we've got $9 trillion of treasuries to sell this year. >> that's a lot. >> i'm very happy that this $42 billion auction went well. i think it's a good sign i think the issue for the treasury is, with this amount of debt to sell and by the way, it's only heading north in the future,

people want to be in the dollar versus other countries we are the best house in the neighborhood the issue is do they want to go out 10 and 30 years? so i think this ten-year auction today was a good test. but my worry for the years ahead with treasury supply going up and up and up, banks are not buying treasuries like they were because we just talked about it. the fed is running off its balance sheet. foreigners are not buying like they were. i think that's where the treasury is navigate thing very carefully to see how much appetite is out there. the reason this is a big deal, a lot has been focused on the fed and when will they cut how much will they cut but the think is surprisingly resilient last year and this year, and i think the biggest reason why is we're running historic deficits. we are spending 7.5%, 8% of gdp

on spending. "inflation reduction act" and interest expenses heading towards a trillion dollars next year so that's why there's going to be a lot more focus in the months and years ahead on these treasury auctions, because we're now at over 100% debt to gdp and we're testing our ability to finish this deficit. >> of that $8 trillion, only about $4 trillion is covid related. 5 million jobs, $4 trillion, do the math robert, thank you very much. i want to draw your attention to some big akman news a regulatory filing shows the firm is launching pershing square, usa, that will be listed on the new york stock exchange that will be no minimum investment, available to

investors whose net worth doesn't allow them to invest in hedge funds. you know we're going call you and ask you to come on tonight switching to sports. maybe the shot heard around the media world. disney's espn along with fox and warner brothers are teaming up to launch a joint sports streaming platform later this year it's not helping the stocks today. but regardless, the idea is that this new streamer will run with their cable networks and with espn plus. each company will own a third of the service, but the revenue share will vary depending on the size of the investment it is set to launch later this fall let's bring in julia boarston with media reporter alex sherman. julia, i know you've got a big interview coming up later today with bob iger. you've had some time to dig in how dig of a deal might this be? >> i think this might be a very big deal

certainly it speaks to the pressure that all these media companies are under, but i have to say you have the follow up for bob iger, so gi'm going to b talking with him about this at 4:00 p.m. eastern. but this teaks to the pressure these media companies are under, to monetize the fan dom of people who want to watch sports and thatthey're not losing tha subscription revenue the key thing is the price point. we don't know what it will cost. we can expect somethinging in the $40 to $50 range that might determine whether this drives core cutting for people who are already -- who are currently paying for a pay tv bundle or whether it appeals to people who are sort of dim tall first consumers so that will be a key thing to watch is the price point and for them to get this ready to go by the fall, given that there are these three media giants partnering on this is a big undertaking for sure >> alex, what do you think

>> there's two ways this can go. i spoke with one person -- >> good or bad >> one good, one dad he said this is going to be a monster, that it's going to be a catalyst that sort of destroys the cable bundle as we know it, and it will generate a lot of interest it will be about half the price or in that ballpark. i think youtube tv charges like $73 a month now. so if this is $40 a month, significantly champion and will draw a big audience that way it will appeal to some people who have gotten rid of cable but maybe will come back to the fold now that they can get espn for a lesser price or the other side of this, the reason that all of these people have cut cable over the past ten years is that they don't need sports they have learned to live out it how many is this appealing to? it's appealing to some people that may cancel cable to get this thing, but it's not a full

sports offering. it doesn't include nbc universal content or cbs content >> a lot of golf, car racing >> correct you could bundle this with peacock and paramount plus, but the more add-ones you have, the more expensive >> why don't we just bundle everything together and call it cable? it will work, it will be fast and a crystal clear picture. you won't have to buffer, you don't have to worry about plugging something into a usb port on your tv. >> what's old is new again, right? this is something that david zagloff has talked about, the potential for rebundling of assets or mergers. another factor to consider here, something that morgan stanley mentions in its note today is that this might complicate the relationship that the media giants have with the pay tv distributors, the mptds.

we saw a clash between charter and disney, and we could see this further pushing the likes of charter or even our own parent company, comcast, to want to have more flexibility in terms of what types of channels they're licensing, or whether they have the ability to create their own types of bundles so that might put pressure on those relationships, as well >> we're in the cable news business, so let's talk about what executives are discussing today. this is now a sporting bundle. the cable bundle has been more or less kept alive by live sports and live news, which have been inaccessible in a streaming world, or if they are, you have to pay quite a bit for them. now we have a sports bundle. is the next step a skinny news bubdzle, where fox news comes together with msnbc and cnn and they offer something >> that would be interesting julia is laughing. fox alongside msnbc. >> or maybe we could get broader

and say some of the print news organizations bunldzle with the broad cast news organizations. >> they're going to have to do something. i will say that the market -- the market is saying it doesn't like it. fox corps, down 6% today warner brothers down 3.5%. chart eer and come past, they'r down as well >> we don't have all the details next i think the key issue here is going to be the cost and what that does in terms of more cutting. i would just have to point out here that what is really interesting is you'll have all of the sports networks, and just two regular networks included. that's abc and fox also you get tbs if you turn on abc or fox or tbs this the middle of the day, you might see a rerun of a sitcom or news so what you're getting here is more than just sports. you're also getting news bundled into that. so i think you might check the

box for people who want live news and get some general entertainment, as well so i think it is meaningful that you're getting the regular linear feed of some of these main stream networks that are not 100% focused on sports >> big story and still a lot we need to learn. the market doesn't like it, yet. we'll see. thank you very much. by the way, don't miss a first on cnbc issue with bob bakish on friday but first, we'll hear from nbc's mike tirico next hour on "power lunch. mike joining cnbc. 2:30 p.m. eastern. don't turn the dial or whatever they call it now. coming up, forget the magnificent seven or the super six, the fab five or whatever you want to call it, your next guest is here to make the case for the ai nine. we'll lay out some of the names, who they are and why you might want to invest and the ceo of liberty energy is here with reaction the white house hit on american lng and if

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it is time for tech check. and today, let's check on ali baba, the china company lower after whiffing on sales numbers. but the bigger question is despite the losses, are most china stocks simply uninvestable now? deidre bosa digging into that for today's "tech check. >> that really is the question that has been plaguing not just ali baba but the chinese market as a whole for years now in 2020, there was this inflection point for both ali and chinese stocks since december of 2020, that is when the chinese government launched an anti-trust

investigation into alibaba and its affiliate, and started this years long decline it was this wild card that told investors that beijing would and could crack down on some of the biggest companies, no matter how successful so ali is seen as a proxy for chinese stocks that are largely seen as uninvestable the company has tried to do everything to win back investor confidence it put yakijack ma out of the spot spotlight. even yesterday, brian, announcing a $25 billion buyback. that is positive for investors, yet the stock is down today, and that just glosses over the fundamental problems the field has changed in china, and some of the other tech giants allowing through a new class of tech giants to rise like even a huawei but it gets help from the

government, so that's key here for investors, are any of these stocks investable? what is it going to take for the government to look at another company to say you've grown too big, we're going to launch an investigation. that's the fear. >> jack ma has been missing for a number of months deidre bosa -- >> it really started with him. it started with jack ma. that was in 2020 he made those comments, he pissed off the regulators and he suffered and then alibaba. >> you see him once in a while, but not the place that you want to tick off the regulators in china. deidre bosa, thank you staying with tech, ai has been a key catalyst for big gains in some of the big names you see right here did you know that? the next guest says the group of beneficiaries is about to get larger than just those names he calls them the ai nine, and here is why they deserve that title and maybe a spot in your

portfolio. we're joined by burt day from goldman sachs. you have three chips, three clouds, three data the one that -- expound on accenture as an ai play. >> sure. as we think about the opportunity for investing in ai, first off, we're very early in this process we're just at the point where you're beginning to see enterprises really engage in how you're going to use ai and gen ai specifically. as part of that process, as you think about the value chain of investing in ai, the first has been this big infrastructure wave, largely what we saw last year with companies like nvidia and a lot of the chip sectors. the next has been the big cloud guys who are going to run all this we think the next leg of this story is going to be focused on the data layer there's a couple of companies well exposed, but accenture is a prime example.

the first thing they need to do is get data in a formative shape where they can tap into it and can train these models on it accenture talks about how less than 10% of their customers have a modern data architecture across their systems, and their consulting teams are a big driver of getting that in the right format so it's a hidden ai play >> i heard of z-scaler, but i'm not going to say i know anything about it how do they fit into this? >> the other part of data is data security. and thinking about making sure that the data that you have can't leak out of your enterprise and can't inform these public models and leak into your competitive universe so zscaler is one of the leaders in cybersecurity they have a great zero trust architecture modern platforms, and as companies think about how they take advantage of these superpowerful tools, data

securities are big parts of that so we think this will benefit the cybersecurity world, as well and then the second level is the threat environment is radically changing as we sit here today and the risks that you as an enterprise run from bad actors is going up. so that sets a nice backdrop >> and the chips have been benefiting everybody knows amd. let's talk about marvell, not the superhero comic book disney thing, this is marvell, a chip company, again, one of these names where i've been talking about them for 20 years, still could not tell you what they do. >> first of ault, we do think marvell is a superhero >> that was a good one, that was nice i like that. >> so where marvell plays in the ai universe is twofold first, their optics portfolio sits on top of every ai server out there, the connection that lets the data flow server to server they're tied to nvidia gpus is

very high as a one-to-one ratio. so they'll see a real benefit across time, as these ai seveners get rolled out into the data centers that's what we think happens in 2024 the other exciting part about marvell, they're working with some of the largest cloud-scale players to develop custom chips to run ai workloads >> marvell, accenture, google, microsoft, amd and a partridge in a pear tree brook dane, appreciate it. coming up, a cnbc investigation looks into whether investor owned utility companies are properly assessing the risks that wildfires pose to their operations we've been working on isth a couple of months and you'll see it, next

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welcome back to "the exchange," everybody i'm tyler mathisen with your cnbc news update white house officials will travel to michigan to meet with muslim and arab community leaders. officials will meet to hear the community's top concerns, notably the israel-hamas war and civilian casualties in gaza. this comes as joe biden has been under pressure to respond more aggressively to the rising civilian deaths in the region. former president donald trump will claim presidential immunity in his classified documents case, despite a defeat on that issue in his appeal in d.c. trump attorneys notified the court in the florida classified documents case the same day the d.c. appeals court denied the immunity case for the election subversion case. the florida case is set to go to trial in may, but disputes over discovery could push that date back a frenchman who spent eight years building a replica of the eiffel tower with matchsticks

might lose the title of the world's largest matchstick sculpture, because the wrong type of matchstick was used. the book of world records said he used a type that was not commercially available, specifically it was matchsticks stripped of the tip there. but there's still hope guinness is reviewing the decision, brian. back to you. >> that would be a sick burn if they removed the match tips. thanks, tyler. appreciate it. on deck, is the government overstating actual american oil output we'll ask a big player, next

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welcome back oil prices have been on hold for a few months but don't think there aren't some fascinating story lines in energy, gas, and oil. you have a war in the middle east, and joe biden and energy secretary-ge jennifer granholm causing, but say it won't impact current jobs or project. but the next guest would disagree with that statement joining us now is the ceo of liberty energy obviously, coming at it from the oil and gas side so we understand that.

but if -- correct me if i'm wrong, the energy secretary is correct, that the projects that are currently being built or that had been fully permitted are going to go forward. but if you're thinking about building something in the future and you're trying to raise money right now, you could be in big trouble. >> absolutely, brian uncertainty chills investment. and it's not just here in the u.s., think of the customers, the consumers of this natural gas. in asia, europe, they're going to expand their power grid, they need more power. they build a coal or natural gas plant. those are the two dominant sources of firm electricity these days this might chill gas, people might think they're on the bubble and it might tilt more to coal, because they are not sure how much supply will come from the u.s. it just undermines confidence for the fastest growing energy

source on the planet by far is natural gas. >> i want to be clear, because i talked to people inside the administration about this, as well given the projects underway, we will still double u.s. lng exports over the next four years, because i know you're up in japan and korea freaked out with this. but if you're venture global with this massive new expansion, if you're a company thinking about building it, this is a major blow to you, probably to europe and asia, and probably to jobs >> absolutely. and brian, today, only about a little less than 20% of all natural gas is transported as lng today. but most of the growth in natural gas consumption is going to be transported via lng. this is the direction the world is moving, and think of the climate movement this is what they want we want to displace coal with

natural gas. if you want to lower greenhouse gases and pollutants this is going to slow that a bit. >> yeah. it's interesting, especially because germany just announced they're going to build four new natural gas plants because they shut off nuclear, and had to go to coal. chris, a bit of a semi controversial question coming from ubs it's not some tinfoil hat thing. they put out a note today questioning whether or not the record u.s. oil output numbers are correct, not because somebody is lying, but because the definition of oil production may have changed because they're changing the nature of the liquids. do you believe that the u.s. is truly at a record high u.s. oil production >> i think the u.s. is clearly at a record high oil production. the exact numbers, we don't know those exact numbers, you know, in realtime. there's always a delay to get firm dat a on it

the global definition of oil, we always call it oil, but it's liquid fuels it does include natural gas liquids. when you add in all of the things that are counted in global oil supplies, u.s. production is well over 20 bil million barrels a day. mostly oil but not just oil. >> mostly oil but not just oil but we believe we are at a record, which is terrific news where do you see it headed are we going to get to 14 million, chris >> not this year, not this year. the rate of investment has slowed down a bit, so i think we'll see more moderate growth but we probably end this year high 13s, 13.6, 13.7 so the u.s. will continue to be the world's energy power house hopefully that's not good just for our country but for the world. but you have to be able to move those products >> chris wright, thank you for your views >> thanks, brian

take care. on deck, the risk of wildfires from electric utilities and climate related risks, whether utilities are doing enough to mitigate the risk of fires and lives. the findings of a cnbc investigation, next. your data wherever it is, you need cdw and netapp. cdw experts will work with you to understand your needs, then customize a netapp cloud services solution to integrate data management for all your clouds, helping you reduce spend, improve security, control data 24/7 and automatically detect anomalies. in the cloud, at least. netapp makes efficient cloud management possible. cdw makes it powerful.

now to a cnbc investigation. it's been nearly six months since the devastates wildfire in hawaii that killed over a hundred people that fire, along with pg&e's massive fire in california are raising more fears utility companies are not properly assessing the risks that wildfires pose to the operations hawaiian electric is facing allegations that its infrastructure caused the wouldfires that burned the company stock has collapsed as a result of that. and hawaiian electric is not alone. these wildfire risks have not been priced into many stocks here is our report

michelle remembers november 8th, 2018 >> it completely went up in flames >> it was the day her childhood home and much of paradise, california, were destroyed in a wildfire caused by utility giant pg&e's infrastructure. >> for it to have moved so quickly and so fast, it was unheard of >> she was just running and terrified. >> for brent jones, that day was august 8, 2023 the day his aunt ran through a burning field to try to escape the deadly l ly lahaina wildfir. i would imagine the 53 days in the hospital were pretty difficult for her. >> there were a lot of days very difficult. she was in extreme pain. >> the cause of hawaii's wildfire is yet to be determined, but a lawsuit filed alleges that hawaiian electric

kept their power lines energized during the high power dangerous conditions a separate lawsuit alleges the company made misleading statements about its wildfire prevention and safety protocols, calling them inadequate. hawaiian electric is not alone a cnbc investigation finds some utility companies are not assessing the risk that climate change poses to their operations >> there's a failure to understand the risk. >> michael aurora studies wildfire mitigation plans. he says hawaiian electric lacked basic efforts, like a power shutoff plan, which is when a utility cuts off electricity when certain conditions occur to prevent power lines arcing a fire they have stated it did not turn off power when high winds occurred, which causes power lines to fall and started a morning fire august 8th.

it said this fire was contained, and that a second afternoon fire later that same day, the cause of which is still unknown, is what devastated the area are investors properly discounting utility stock risks? >> not right now we don't see that happening, except in case where is the utility has already caused a fire >> hawaiian electric saw its shares crash after the fire. pg&e stock price plummeted after a 2017 fire, and dropped again after the one in 2018 that destroyed her childhood home this resulted in the company filing for bankruptcy in 2019, settling a $13.5 billion lawsuit alleging the infrastructure was to blame hawaiian electric declined an interview, but in a statement, saying - >> the company also has been

executing on a wildfire mitigation and grid resilience program for years and was evaluating wildfire defense strategies, including whether to implement a shutoff program as a tool of last resort. despite coming on cnbc last quarter, pg&e declined an interview for this story but wrote, they have reduced wildfire risks by 94%, through measures like burying power lines, vegetation management, and implementing its public safety power shutoff program to deenergize power lines >> they are taking some of that money and using it to fund the political machine. >> they are funded by foundations that support climate actions, environmental conservation and environmental justice. he says the failure to assess and mitigate risk boils down to one thing -- money >> like all investor owned

companies, it's about the bottom line utilities are trying to burst earnings >> he says they make money through capital expenditures, which involve building new infrastructure the cost of this, plus an additional of profit determined by regulators, get baked into bills of customers over time but trimming trees and clearing grass near power lines don't make money for the companies and shareholders pomeranz says this is why utilities might be less motivated to spend on expenses, because the more they spend on operational costs, the more the profits shrink paradise, california, they were fortunate, because they had fire insurance on their home. but many victims are still waiting for payouts. and it gets worse. right now under federal law, any money paid out can be taxed, meaning that some victims could end up with far less to rebuild

than they expected or even get a surprise tax bill. but there is some hope a proposed law that would make this money tax exempt. it's passed the house, and is currently awaiting a vote in the senate before it can get signed into law we are following that and will bring you more as it moves it m d.c. by the way, for a deeper dive and more, find our full investigation on cnbc.com. coming up, streaming, super bowl, and of course, taylor swift, next.

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welcome back to "the exchange." from espn, fox, and warner bros. , they could have the final blow but what about for those who never cut the cord or never had it at all? many don't see the value in cable, or they can't afford it, or both. let's talk about that. casey lewis is the founder of trend newsletter after school. casey, good to have you on. let's talk about the brands and stuff, but i want to get your take. will you drop $15 sports only streaming bundle? >> i saw one reporter say this could change tv forever and while i do think it might be what it takes to get those holdouts to come over, like the

gen xers and boomers, i don't think this will be terribly impactful for young people. many of us have streamer fatigue as it is, economic strains making us have even fewer streamers. $50 plus? it's a lot. this will not fix the issue of gen z tuning into live tv, so they are up against a lot here. >> we know what is happening with live tv. do you have a team, casey? are they super passionate about the buffalo sabres ? >> the chiefs! i live in new york but my name is casey because i was born in kansas city. >> you would be the perfect -- i don't know if you heard, but your team is playing on sunday and a singer will be there. there is a football game, but who cares about that? a very famous popstar will be in the stands, apparently. >> i heard all of those things. >> how do you think that could

change brand perception? you can actually bet on how many times she will be shown on camera. probably 35. who knows? advertisers are probably loving this. >> yeah. i understand the diehard sports fans who roll their eyes every time taylor comes on tv. i get it, but it's significant from an economic impact. these gen z young women fans are tuning into football in numbers they literally never have in history. like, to me, that's crazy. they are buying merchandise, throwing watch parties, posting all over social media. this is huge for the nfl. again, i know the old-school fans are like, we don't need those people, but this is a huge win for live sports. >> some of the brand advertisers, there are a lot. my wife works in consumer

products and skin care, so this is keen interest around my dinner table -- if we had dinner -- and there are companies who got lucky with this but e.l.f. has faced a lot of mockery because mean girls 2 was like a commercial with the movie wrapped around it. >> yeah. i don't mean to correct you here, but it is e.l.f. and i would not expect you to know that. e.l.f. needs a win here and last year, they had a great super bowl ad with jennifer coolidge. this year, it looks like it will be hit or miss. they've got the suits cast, which is a win because gen z -- the suits show is the number one most streamed show. it is a show that meghan markle was famously on years ago. gen z are fans of the show, so they are reuniting on the e.l.f. commercial . so far, so good. they've got judge judy and

megan trainer. it will be crazy. i don't know if they will be into it, but we will find out on sunday night. >> its eyes, lips, face. maybe they've changed it to e.l.f., like the movie and will ferrell. it's all good. so, you got a prediction on the score? like kansas city, 72, san fran, 3? >> i don't know. >> i will find out what the under/over betting line is. i think it will be fascinating. after school trend newsletter, big sunday coming up. good luck to the chiefs because nobody likes the 49ers. casey lewis, thank you so much . all right, folks, that does it for "the exchange." you are free of me tomorrow but i will be back on friday. power lunch is up right after this quick break.

this is real time insights and i'm here with jonathan. a survey was conducted about a i, anxiety, and business. tell us, who's the most anxious? >> 75% of employees fear a.i. will replace jobs. the anxiety is coming from gen z and the junior levels of the workforce. interestingly, when we work with clients in this space, we find that is the part of the workforce that is most in line to benefit from a i. >> how do benefits -- employees benefit from a.i. while ensuring employees will not be replaced? >> it is about how we understand the unmet needs of an organization by truly listening to your employees and bringing the workforce along for the journey, whether it is cutting costs or increasing productivity, there are plenty

of opportunities to identify the use cases. we just have to get into the top of the priority list. >> can you give us an example of this in action? >> we are working with the hr department of a large financial service company and we were able to take 80% out of the single administrative process by employing a.i. systems and training a.i. to complete hr work on a day to day basis. >> thanks so much, jonathan. you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror.

i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. welcome, everybody, to power lunch . it is great to be with you. coming up, the bundle is back. a major partnership in sports streaming as espn, fox, and warner bros. have a new streaming service. we will talk to the person in the booth for the biggest streamed sporting event so far. mike tirico will be here to speak about the future of the industry, the olympics, and mo