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that's how important nvidia is to the overall narrative, especially to the nasdaq 100

let's go a little further into just what the analysts are saying about this. first of all, a lot of people are very bullish about it. and just consensus wise, we're talking about all the analysts that look at nvidia. 93% of them have a buy or equivalent overweight type rating there are 7% that say hold or neutral. there are no sells and the average target price is $752, which is around 10% upside from current levels. now, let's talk about how the trading is going to set up right now. we mentioned just how volatile things can be. over the last eight quarters, there have been five updates and three down ones. the average move, by the way, post earnings for nvidia stocks is up or down 7.5%, so fairly volatile options markets are pricing in what could be a plus or minus 10% move in the shares so more volatile than average. by the way, at a 1.67 trillion dollar valuation, a 10% move,

simple math, could equate into $167 billion worth of swing if those prices bear out. and just how much is $167 billion? take a look at this, just for context. the current market cap of verizon is $170 billion. ibm, big blue, $168 billion, and uber technologies at $160 billion. so brian, what we could see hypothetically, if options prices play out, is a move to nvidia that adds or substtractso entire company like one of these. >> dare i say, dom, that is random but interesting >> i love it >> $170 billion. holy smokes. dom, thank you let's bring in someone who knows what is at stake and owns a stake in intel was a software engineer back in the day when technology and data

weren't really ready for primetime, and there was no such thing as a data center different story today, and now she is a professional investor that is kim forest is back kim, nvidia, wow i saw you nodding off to my left on the giant screen here big numbers around nvidia, their earnings, the options activity that dom just laid out how important is nvidia tonight? >> well, brian, i think numbers say it all it's really, really important. but let's talk about why it's this important i think what the two questions that are being asked probably invisibly is,first, is ai a real thing is generative ai the next internet, the next whatever, the next big tech experiment that's going to change our lives? and the second thing is, well, maybe there's three. the second thing is, does nvidia

benefit from this this quarter, and does that buildout still continue those are the things we'll hear about tonight. and who knows any of these questions other than, i'm going to put a stake in the ground and say yes, ai is a thing and will be in five to ten years incorporated in manyways in ou lives that we can't even imagine right now. >> yeah. and would you agree that it is, if not the, one of the most important stocks in the world? nvidia matters to nvidia, but it seems to matter to everything, because they're the forefront of ai, or one of. >> it's the big kahuna of stocks right now. dom laid out those -- just the fluctuations that are expected, and, you know, and it is big investors have made it big, because it seems to be the only way right now that people could get a piece of investing in ai

but let's try to transition this is it the only thing, and will it be the only thing to be able to invest in ai? i'm going to say no, it's not. and it's going to be much more nuanced than we can imagine. this is not the end of ai, if you haven't -- if you're not a holder of nvidia it doesn't mean you're shut out of benefitting from investing in ai >> we've got intel and we got a live interview with pat gelsinger. is there one or two specific questions that you would love to hear asked and answered from the intel ceo as an investor >> yeah. i mean, like what is their plan for ai do they have people already signed up? i read a little bit of the press release that intel put out, and things seem favorably and

timeline is important. what's the timeline for all of this i think those play into tonight's nvidia results, as well >> dwlothere you go kim forest, thank you very much. so we just mentioned it, why don't we stop talking and get to it intel's ceo pat gelsinger is with christina in san jose, california i'm going to sit here and let you take it away >> thank you, brian. yes, i did hear you. pat, thank you for joining us. great job on stage >> thank you >> i want to start off with the big one topping headlines, that's signing microsoft as a customer does that mean microsoft will be using intel's production and only intel can you provide more details ohhen that relationship? >> it's going to be big. they've committed designs to 18-a and didn't say if there was their designs or which different segments so we're just happy to have them as another 18-a customer and he

was willing to go public as a customer, and adding to the growing lift of foundry customers that we have for packing technology >> so it's adding to your pipeline so your intel foundry pipeline was originally $10 billion you upped it to $15 billion. can you explain that $5 billion difference, is that because of microsoft, what is driving that growth specifically? especially when you sit on earnings calls that there's going to be no meaningful revenue growth until 2025. >> yeah. and three things that we are getting from 10 to 15. we announced a new partnership with the pipeline. we have announced microsoft, the next 18-a customer and we also completed the number of additional packages of customers, as well so those three have taken the pipeline up substantially, and so we have updated the numbers to over $15 billion now. >> the bulk of your revenue

right now comes from packaging, and that's -- we saw weakness, which impacted your quarter. >> that was some of the traditional packaging, but the pipeline is almost all around advanced packaging some of these mature relationships, and increasingly the modern nodes like 18-a so we see a robust, overall pipeline of customers and lifetime deal value, what we talked about now over $15 billion we're starting to count. >> i'm going to just make i guess a hard pivot for a second, because it's topical it was your commentary about ohio, and the plans in ohio. can you just shed some light on that progress? does that mean you'll have to change your forward guidance because of those plant delays? >> when you fill a factory like this, it's two phases. one is, you construct this incredible building that takes multiple years and some of the most complex plumbing and chemistry and building and seismic that's done on any

building on earth. that has continued uninterrupted with no delays so the building is underway. if you go to the site today, cranes and concrete trucks, and then filling it with capacity when you push that equipment in, that's pushed out a little bit, given the market conditions. then we're going to equip it and use it for production, depending on market conditions that will be a little later than we initially expected when we announced it >> what do you mean by market conditions, though >> when do i have foundry customers? we're in a very tough economic cycle, and we've seen ups, but it's a little softer than we expected at the time we announced the cite, over $20 billion. about a third of that is the building we're getting that done. that's a long lead time project. we are pouring concrete, digging holes and doing construction

2/3 of the cost is in that phase. and then you put that equipment in place, you have to use it that's the only way the economics work for a semi conductor. >> speaking of the economics, pipeline, we know global foundries just received funding. you're next. and i say that just because the commerce secretary took the stage and intel hasn't received any funding just yet but march 7th, joe biden is coming out and he comes to your event. when is this money coming for you? >> we did say with the secretary of commerce, very soon we're making good progress we're having lots of interactions with the commerce department on that you correctly point out, there are some interesting days in the near future. you know, as those progress. but overall, i just say we're making good progress here. it's a super important

initiative as we talked about chips and the need for this rebuilding, the fundamental industrial policy of our nation, you know, made the biggest step forward as gene said this morning, the secretary said this morning, you know, maybe in 60 years. i said maybe since world war ii. this is profound it's a very big deal, and we're quite happy to be a participant in that process. personally and as a company. >> you had it in all your marketing, to be the world's number two foundry by 2030 but what are the reasons a customer picks intel, is it price, availability, is it dynamics that i'm unaware of why pick intel >> there's four or five reasons. one is, we call ourselves a systems foundry. we have the most advanced packaging, and leadership way for technology so that packaging technology --

>> they don't have that, as well >> we are way ahead of the industry in packaging technology that's part of our deal pipeline, as we said, a lifetime deal value going up is because of advanced packaging. we also say we're going to help them build the best products 18-a is a leadership technology, and a few years later, we'll have 14-a. but we also said intel was uniquely a resilient supply chain. we operate our manufacturings across europe and asia so we are a more resilient choice we're also a more sustainable choice we are miles ahead of the industry in sustainability, water use, energy use, chemicals, and finally, a trusted supply chain particularly for the large preponderance of these companies. trust and secure, leadership technology, systems capabilities yeah, we have a very powerful capability to bring to the

industry >> so if you're going to take that capability and translate it into revenue dollars, in 2022, you said $120 billion by 2026. has that number changed, and really what's driving that number if you are talking about weaker macro scenarios that are impacting say the ohio plant, a foundry that could take a little while to see meaningful revenue. how are you getting to that 120? >> i believe it's going to take us a little while longer >> beyond 2026 >> the vision is the same. we are building a substantial foundry business over time and that's ramping up. today's events demonstrates the energy we saw. a sell-out crowd, way more than we expected here t it's also continuing to field great products intel is unique in that we get to participate in 100% of the ai

camp i spoke of the foundry and deliver the best products, as well i want to be the founder for every ai company in the world, using our packaging, fielding those massive investments in ohio, arizona, mexico and overseas and doing it with great products, as well. >> pat, thank you for joining us brian, back to you >> christina, great stuff. kim, you've been listening to this what are your thoughts and takeaways? >> well, i'm pretty happy overall. we'll get to why i'm not happy on the second part but the first part, what am i happy about? i'm happy that this validates my investment thesis, and i'm a risk reducer, even though i love technology why is intel a little bit less risky than nvidia? well, they have a broad spectrum of products, and now they're becoming a foundry

it seems like their foundry aspirations are well on the way. not just building, but getting buy-in from, you know, other chipmakers, other chip designers. so i'm thrilled about that the extended timeline i'm not so thrilled about, but my old analyst hat goes on, and i think maybe he's just setting a low bar right now, which is a good thing, because there's a whole lot of moving parts in this foundry and being a semiconductor, creating your own chips, as well so there's a lot of moving parts. it looks like pat is the guy who moved them through this process. and i'm pretty happy overall >> it's kind of amazing. christina's point about the chips act, big bill, lot of money. it's being touted, and i'm not trying to drag politics into it, it's being touted as this big win, but intel has not seen a dime yet it's a big part of the thesis,

ohio was delayed as an investor, if the money even takes longer or never materializes, does that change your view on intel at all? >> not particularly. i think the risk of them not getting any money is extremely low, especially the commerce secretary, you know, was attended and presented at their conference so i would say that's very low, and i think it's probably -- they tipped their hand by showing up there i don't think it's a huge part of this, but it's a nice -- you know, we'll take free money any way we can get it. although we are taxpayers, so is it really free i'm thinking no. but, again, intel has successfully gotten money like this from other countries. i believe germany has given them some money for building a plant over there, as well.

and i just think this is the way of the world right now, as we try to move the supply chain away from taiwan >> yeah. something we need to do for a lot of reasons national security is key among them let's hope the money materializes kim, always a pleasure thank you very much. all right. while that was happening, we had a bunch of 20-year bonds go up for auction. as professor santelli is here to tell you, i don't think it went very well at all >> no. this is the 45th action of 20-year bonds, brought back in may of 2020. today, we had 16 billion of them hit the action block about 15 minutes ago, and it was not pretty as a matter of fact, the grade, d minus. why? well, this is easy bid-to-cover, weakest since august of '22. indirect bidders, weakest since may of '21 the dealers took the most since

march of '21 and if you look at yields, they're up about eight basis points, covering a 4.65. which means we're one basis point away from the high-yield close of 2024, which is 4.66 in tens, they're up about six basis points since the auction ended at 1:00 eastern. they're at 4.31. that is currently the high yield close for 2024 for tens. equities dropped, but they made a comeback listen, i understand equities could avoid too much on the 20-year options, which are the three-legging bar stool of the treasury kucurve. but it's symptomatic of the weakness globally, $314 trillion of global debt, a new milestone brian, back to you >> it's not one of those good kind of milestones, i don't think. rick, thank you. all right. on deck, we are talking travel

the ceo of travel and leisure. plus, get your electric motors running. on deck to release numbers tonight. we'll have a deep divefrom china, to europe, and the americas, that's next. ♪ ♪ every day, businesses everywhere are asking: is it possible? with comcast business... it is. is it possible to help keep our online platform safe from cyberthreats? absolutely. can we provide health care virtually anywhere? we can help with that. is it possible to use predictive monitoring to address operations issues? we can help with that, too. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening.

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>> >> welcome back. let's talk travel. travel and leisure is the largers travel company, and they are still seeing some very positive trends from the consumer and travel. the question is, how long can that go on joining us now is travel and leisure president and ceo mike brown. mike, thanks for joining us. listen, you guys do wisconsin dells. you've got ski you've got virgin islands. your numbers are good. revenue guidance was a little disappointing to the market. how do you see the consumer now? there's a lot of talk about a slowdown it does not appear that this consumer slowdown has occurred what are you seeing? >> i would agree with you, it hasn't occurred, as we look into our forward bookings we're seeing for the first part of the year, 5% year on year growth at our resorts as far as arrivals and room nights. that's a very positive sign.

what we saw in 2022 was revenge travel 2023, people tended to go abroad given that 90% of our resorts are in north america, we're expecting to see a return to domestic travel. we're already seeing it the first half of this year. our number one demanded destination is florida i would expect that strong demand for leisure travel in the sun belt to continue throughout this year. >> in other words, a lot of people driving, not flying as much staying semi local-ish >> that's right. i think especially on the heels of 24 months of higher inflation. people are always looking to get value. in our business, 80% of our owners have fully paid for their vacations. so the value they're getting to get to our resorts, whether it's fly to or drive to, it's not incremental. they're getting to resorts near their homes within 300 miles of

where they reside. >> have you seen the consumer? covid is a very different thing, although you're all over the united states, and i lived in wisconsin part of covid. the way people acted was very differently. without getting into that, now we're coming out of it has anything changed permanently from that in the way people view travel, view spending, view their lives? >> i think two components. the first of which i would say we saw a noticeable jump in the average length of stay at our resorts post pandemic. it's 2024. i've already been looking at the bookings they're all up in fact, they're enup from 2023, which says to me this work from anywhere environment is here to stay i know there's a lot of pressure to get people back to the office, but the reality on main street, people are getting away on a thursday night and having a three-day weekend and working from the kitchen table at one of our resorts on a friday afternoon. i think the other component is,

this industry has always been viewed as a high discretionary purchase item. the reality is, coming out of the pandemic, people said they're not going to give up their leisure travel as i mentioned earlier, it was 80% of our people having owned -- fully paid for their purchase, the idea of this being a discretionary industry is quickly going away >> that's fascinating. people view it as part of their new lives, because to your point, they had -- they knew -- once they lost the ability to just have somewhere to go, i would imagine that's going to stay with us for a long time, mike that whole idea of things can be taken away in a week or two, i need a permanent destination so if that is the case, who are you taking business from >> well, i think it's an interesting dynamic. you have to look at macro economic trends, or macro leisure travel trends.

what are people asking for today? i get the question all the time, vacation rentals, are they hurting our business in fact, i think they're helping our business, because for the longest time, you were arguing against you're vacationing with four people in a 300 square foot hotel room when you're vacationing in a rental, having 1100 square foot vacation makes for a more enjoyable and less stressful vacation experience. so the macro trend is really leaning toward more space during your vacation. and in our case, the idea that you're doing it with a branded company, whether it's wyndham, "sports illustrated," people want to travel with a name they can trust, when they put their key in the door, they know what's behind it for us, we're taking business

away from smaller accommodations that are unbranded and in some cases, branded >> there you go. mike brown, fascinating stuff in travel have a successful 2024, and we'll talk to you again soon thank you. >> that's our plan thank you very much for having us on deck, any of you out there remember beyond meat it was supposed to change what we eat the stock is in a meat grinder lately kate rogers spoke with theceo and will join us to explain what gngn,ex'soi o nt. he u.s. ws of cyber threats each year. that rate is increasing as more and more businesses move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business.

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lifted in an interview with eyewitness news in the city he said the turn around was due partly to cutbacks on funding for migrants and better than expected tax revenues. about 15 million toshiba laptop adapters were recalled because of a fire hazard the company received more than 600 reports of adapters overheating and melting. the recall dating from 2008 to 2012 that were either included with a laptop or purchased and sold separately. brian, back to you >> tyler, thank you very much. on deck, what is the single biggest or one of the biggest roadblocks to mass ev adoption in america we're going to go around the world and get the ev land scape in china, europe and right here in america that's next. go further with 5g solutions. that's why they choose t-mobile for business. pga of america and t-mobile are partnering on 5g-powered analytics to help improve player performance.

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welcome back to "the exchange." certainly been a rough ride for ev stocks and investors as competition heats up and --

>> it a es a price war, the maybe problem the ev market is facing right now while ev sales are not falling, they're still growing, they're growing at a much slower pace. yesterday, we talked to the ceo of stellantis. they're about to launch a wave of evs in 2024 he says look, you have a number of things going on you need more affordable cars in the united states, really in all markets. the chinese markets and evs are hitting record levels and there are range questions, charging station availability questions you put that together and it's a challenging ev market worldwide. how challenging? let's start in china with eunice yu >> reporter: here in china, one of every three cars sold is an ev the biggest sellers are tesla and gac. byd has a five-month battery, with prices ranging from $16,000

to $30,000 tesla is still on top on the high end with its best seller at the model y. the ranges of the byds are around 250 to 375 miles. the model y, in the 340 range. evs are for china's wealthy and environmentally conscious, but increasingly to those on a budget after years of government subsidies, promoted production and infrastructure the government's ratio of evs to charging points is around 2.5 to is, with economically developed cities like beijing and shanghai now here is a look at the ev land scape in europe >> reporter: the latest data shows that over 20% of new car registrations in europe were electric vehicles. more than 2 million in one year. with the likes of vw,

stellantis, mercedes and volvo all developing competitive models for this market the best sellers like tesla's model y&3 retail upwards of $40,000. and the race has heated up, as competition for tesla and chinese carmakers see the bloc as a massive market for new factories in countries like hungary and norway the longest ranging evs on sale in europe this year will be able to travel over 350 miles in a single charge. this is important, as france and the netherlands, both a comprehensive charging network, the uk and germany lag when it comes to that infrastructure now, some european countries have decided to pull the plug on ev subsidies this adds someone uncertainty to

the year ahead, and makes the development of a mass market model even more important to maintaining demand in europe >> speaking of europe, one of the hottest markets over in that continent when it comes to electric vehicles, norway. no surprise, we've seen this happen for a number of years, where ev adoption has taken off. now the question is, can they put enough chargers in place our digital team at cnbc spent a number of days in norway, talking with ev owners, as well as those who are responsible for building up the infrastructure there. great documentary. you might want to check it out on cnbc.com. as for the south american market, brian, you didn't hear us talk about it in that report there. it is a developing market when it comes to electric vehicles, and really for all vehicles coming from china. next week, we'll be in chile talking with the people this that market about the chinese auto revolution and why one out of every three vehicles in chile

is brought in from china it a es a red-hot market for china, a good example of what we're seeing around the world as china exports not just evs but all types of vehicles around the world trying to keep one the needs of mass production that they have in that country. >> i didn't have phil lebeau go to chile on my bingo card, but that's going to be very cool happy summer, by the way t-shirt weather. phil, appreciate it. good stuff safe travels and the ev trade is where we start in today's earnings exchange the vice president of options danielle shea is here with options. let's start it off with lucid and rivian they're on deck to report their numbers. there won't be any earnings but results. phil outlined some of the reason why is analysts and investors are looking for updates, how much they're losing per car, china competition. what are you looking at? >> so brian, when you look at

these two stocks, i'm an options trader they have high volatility, so they do provide opportunity to sell at a premium based on which direction you're looking at these stocks for me personally, i am long-term bearish on both names, so i'm not owning the stock, but i like to trade them in the options market if you look at rivian, this is the most interesting it's gapped up the last three quarters post earnings so when you see something like that and you see it placing numbers that they're not moving as much money as expected, what happens is you can get these short rallies after the fact even though the earnings aren't great, they might be better than expected, and this 15%, you may get a short squeeze rally. so if i can see the stock trade above $17, $18 tomorrow, that's where i would take an entry for a short squeeze play but today, the best thing to do is sell premium.

>> not as bad as expected is the new winning. danielle, looking for a possible short squeeze. we'll cover these numbers on "last call" tonight at 7:00 p.m. also, this critical day for nvidia we talked about intel earlier. talk about a different name, synopsis, up 50% in one year it's made a lot of money for investors. tonight, you have analysts looking at ai, things like restrictions it's worth pointing out that synopsis' eps has beaten in 20 of the best 20 quarters. i'm not a math major, but that seems like 100%. you're abuyer. >> exactly i look for stocks just like this i look for strong long-term bullish trends, consistent etf growth, and more importantly, i look for the reaction post earnings with. this stock, you have seen it trade higher, 11 out of the last 12 quarters. for me, that's incredibly consistent with this one, we don't have weekly options that we can trade in it.

but i like it for a buy here, because it pulled back into support. ultimately, the target is going to be around $600 to $633. it has about a $42 expected move off of earnings, so if we do happen to get the off chance that it pulls back, that would only give me a better spot to buy into this stock to trade it onwards up into $600 a share >> watching the synopsis, lucid, rivian danielle, we appreciate it have a great day thank you. >> thank you we've got to go back to phil, because we got a big news alert on boeing. phil >> brian, take a look at shares of boeing. the company announcing a leadership shakeup when it comes to its commercial airplanes division we're not going to go through all of the executives who have been promoted into various positions, but there are two moves that will get a lot of attention. ed clark, who is the vice president of 737 max and the facility where the max is built, been with the company 18 years

he's leaving boeing. so the person who was in charge of the max program is leaving boeing also, boeing promoting elizabeth lund, a longtime executive within the company she will be put into a new position, which is the vice president of bca quality boeing commercial airplanes quality. big move here by boeing, saying we need to focus even more than where we are in terms of quality coming off the incident with the alaska airlines plane and the door plug that was ripped off in mid flight so, again, two changes in the leadership that we are noting here from boeing but there are a number of people moving into new positions within boeing commercial airplanes. brian? >> big move. not going to ask you to speculate, but i have to imagine however mr. clark left, there was a tremendous amount of pressure on him and his team >> i'm sure he's faced immense pressure since this incident that's an understatement and they're just leaving it at ed clark is leaving boeing after

18 years of service. they thank him for his service and now they move into a new direction. >> that's it sure we'll get more throughout the day. phil lebeau, thank you coming up, call it is a beyond meat makeover we've got the details on what the company just announced and whether it's enough to bring customers back and the stock back to life kate rogers has that next. a car is a car... is a spa. an office. hi! hello! a cinema. so automated. yes, the definition of a car changes... but one thing stays the same. it's a mercedes-benz.

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our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly. welcome back to "the exchange." it was the company that was supposed to change the why we look at and eat meat beyond meat has struggled to find a customer base and investors have suffered with it. today, beyond meat is rolling out a new healthier version of

its beyond burger. kate rogers spoke with the ceo and joins us now with more kate >> the newburger is made with avocado oil, 20% less sodium, 60% less saturated fat than previous iterations, along with a shorter ingredient list. it will be sold in retail to start this spring, but the ceo says he believes consumers will want to see it in restaurants in the future the company has worked with stanford university school of medicine with registered dietitians as it retooled the product. he believes that this message will resonate with consumers take a listen. >> i think you have seen over the last several years a consolidation, and the category contracted and they exited today, there really is an open playing field where we can bring new innovation in and communicate with less noise. in this case, we're putting a lot of energy into delivering the message to the consumer that

they can take significant steps toward their health and toward the health of the planet by consuming beyond meat. >> now, it could be an uphill battle plant based products had a boom during the pandemic, but sales of january on a year-over-year basis. that retail net revenues also found more than 30% from a year prior due to weak category demand. the stock has also been challenged. down nearly 100% in the last three years. it was higher today on the news. >> how about pricing? kate, how does this compare to pricing on, you know, "meat" meat? >> it is so complicated. a pound of beyond was right on

par with a pound of traditional ground beef at about $6.99 per pound. i did ask brown about that yesterday because they are looking to reach price parity with traditional animal proteins in the future. this one will be more premium priced. but as you see the industry continue to grow, you will see those prices had down. >> does anyone come back when you talk to them just to the taste? i know people who love it. i found it to be extremely salty. just sort of. we talk about all these other sort of things. but does anyone just whisper in your ear, kate, got to make it taste better? >> i think that is such a personal choice. >> some people like beets. i think those people are terrible human beings. is a beat as in the building, i will leave the building. if it tastes great, it will

sell. >> and he is very bullish on the new product in particular, and as mentioned earlier, it does have a lower sodium count, so you may have to apologize, brian. >> i have to apologize to all the beat farmers out there. all of us are even more terrible. >> appreciate it. >> all right. it is almost that time. no. those are tonight. it is the fed set to roll out at the top of the hour. what can we expect from them and the market reaction? joining us now is l boomer. hard to believe we get the fed minutes and earnings and beet hatred on the same day. we will stick to two of the previous three. what you expect to hear from the federal reserve? >> hopefully we get another

christmas or hanukkah today. it is lots of news. you know, the market is really adjusting to what really could happen with the fed. as we went into this year, there was an expectation for as many as four to six rate cuts. the futures market is pricing in three, maybe four. now, we are hearing chatter that some folks think we will get none this year. so i think folks are really looking towards the language to figure out what is actually going to happen and what would be a good outcome. i mean, the market really wants cuts, but we have to keep in mind when the market wants a cut that is because the market is weakening, so do you want that as well? >> now they were going to cut. now they are not. now, they may not do anything again. i guess it will all come down to february's numbers. any place you would like to invest now regardless of what the fed does? >> sure. i always have my value had on.

i would be thinking about what are some stocks that have just not participated in the rally. for example, last year was all about tech in the communication services stocks. but there were a bunch of stocks very worth our attention. stocks like target corporation and chevron. these are companies that are trading at really, really low valuations. did not perform very well in the past year. i think target in particular will do very well at the fed does cut rates or in an environment where the consumer just continues to have cash in the bank, which it does. and the return to the normal environment for the consumer. >> that is wonderful. what does normal even mean, allan. what does normal mean to you? >> listen, i think normal is when you go to the grocery

store and expect to pay what you paid last week. we had a year or 18 months where prices were just rising through the roof. inflation should be a lot more in control. in particular, i think we will be having to live with some of the service price inflation. but, hopefully, some things will start to come down. i bought a car recently and i am happy i did not have to pay over msrp. i looked at ally financial. they are kind of big with auto leasing. i do think an environment where rates are high we can live as long as we do not have, you know, another big outbreak of inflation. >> and that is the worry. are the february numbers going to be valid? the january kind of spooked everybody. if we get from february coming in hot, it is going to put the

fed back in play. >> that is the thing. the soft landing environment, what is needed for that is gdp growth to's slow a little and for inflation to continue to lower. the hard landing scenario would have a material drop off in growth and uptake and unemployment, and a big jump in inflation. i think that is the worry. from our perspective, i think we are a bit more optimistic. we do not think we are headed towards the hard landing. we think the soft landing is possible. but the soft landing may be so soft that the fed cannot cut rates. >> i am going to coin the waterbed landing. you do not even land. you just kind of mold in if you will. how about earnings. they have to be huge tonight for you. >> absolutely. for one, you have got to figure if the magnificent 7 continue to be magnificent, and nvidia is kind of the last report of the group, if they can come out

at $5.02 the way analysts expect, we will see a stock that has really grown their earnings by about 50% in the last year, which is incredible. nvidia itself is an earnings machine, but it is also indicative of the power of a high. we think that regenerative a.i. can be as big as the internet in the future. >> as big as the internet. well. anyory much. that does it for us. we will be back at 7:00 tonight. we will see the other side of this break. nice to meet ya.

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welcome to "power lunch," everybody. we are seconds away from the release of the minutes of the fed's last meeting. we go right now to the details. steve? >> thank you, tyler. the minutes from the january meeting show that fed officials saw the monetary policy rate at likely the peak of this hiking cycle. but these minutes are full of concern about upside risks to inflation. while we saw things moving into better balance, the committee was still more concerned with inflation. it was important to note, this meeting came before those upside surprises we saw. we saw those inflation numbers for the month