you'll hear about olivia rod rego, about luke combs, drake, et cetera. >> bren? >> estee lauder. things are troughing, new focus on innovation. >> alphabet, love when things are out of favor. >> supporting bills bank stocks. >> good stuff. i'll see you on "closing bell." "the exchange" begins right now. indeed it does, scott. thank you very much. welcome, everybody, to "the exchange." i'm tyler mathisen. inflation is sticky. the labor market showing signs of resilience and the consumer is still spending. the market sees the fed's first rate cut in june, three maybe for the year. one former new york fed analyst thinks that may be an overestimate. he'll tell us why. the so-called tiktok bill now on its way over to the senate. will the senate take it up or

not? we do know that one billionaire has laid out plans to buy the social media company itf that bill becomes law. the fate of the social media company in the u.s. and the impact it could have on the upcoming elected. a meat makeover. a plant-based one, that is. the company moving into the red, not in terms of meat, in hopes of converting more carnivores. dom chu with the numbers. it's red across the board right now, but we saw kind of both sides of that unchanged line overall. the way that we want to look at it, the s&p is relatively stable. there are no records today, but we're still within striking distance of those record highs especially forthe three major indices. the dow industrials down 141 points, 38,900. the s&p 500 at 5142, down about 23 points or half of one percent. we were up 11 points in the s&p and down roughly 27 at the low. tilting to the lower end of that range, a similar percentage

decline, down 69 points to 16,108. one of the things we're watching with regard to the earnings season as things wind down, really what is happening to the consumer side of the equation. we had positivity in both dick's sporting goods and dollar general at one point during the day. on the dick's sporting goods side and dollar general, both beat their quarterly estimates. each gives a decent outlook as well. you see dollar general is tilted down 5% on the session. meanwhile dick's sporting goods is up 15% as well. keep it on the retail trade. the stock you want to watch now is what's happening indicative of the market, not just on stocks and bonds but with cryptocurrencies, is robinhood markets up 5.5%, off session highs. tyler, just yesterday the company came out with some metrics with regards to assets under custody that came in better than some analysts were looking for. analysts are looking at the coverage. bernstein saying there could be a big amount of upside in case crypto keeps moving forward.

keep an eye on those particular stocks. >> dom, thank you very much. stocks sliding after that hotter than expected read on wholesale inflation. retail sales posted their biggest increase since september and the jobs market showed further signs of resilience. so what can we expect from the fed next week? joining us now thechief economist at nationwide mutual, the portfolio manager at harvard, along with steve liesman. steve what did you see in today's data, and how might it affect what the fed does? >> that's where it leads to. forecasters are plugging the fresh data into the inflation consumer spending numbers into their models and coming up with a bit less growth and a bit more inflation when it comes to the fed's preferred inflation indicator, the price index. here is the data, that's a 0.2 miss for february and 0.3 for february.

minus 0.8, a miss by 0.1. ppi coming in double what was expected and double the prior month up 0.6%. core ppi 0.3. plug it all in now, forecasters surveyed this morning by cnbc, you see the fed's preferred inflation indicator, the core pce coming in at 0.3 as well would mean only a modest decline year over year from 2.9 to 2.8 suggesting progress has stalled bringing down inflation. first quarter gdp marked down to 1.8%. a distinct slowing from the 3.2 in the prior quarter. the markets might be overlooking one positive from the ppi report. a measure on profits for consumer goods, wholesalers, was negative again, and it's been negative for8 of the past 12 months. that's good for the service sector. ey chief economists tells me businesses are no longer increasingly marking up their prices, they're marking them down. on the negative side, you do have goods deflation turned around to help bring down

inflation in the past year. okay, to answer tyler's question, finally the probability of a may rate cut falling to 11% from 15 for may to 60% from 69% for june, that's as of yesterday -- from yesterday. much depends on how data dependent the fed is. will they take to heart the stall, the stickiness tyler was talking about or see it as noise and rely on their own forecast which does see inflation coming down this year, tyler. >> the march meeting is basically now a nonevent in terms of rate cuts -- >> what gets done. projections. >> it is not a nn event in terms of projections or what the commentary says. what will you be looking for? >> it takes only two dots to tango, so to speak. two dots moving upward would mean that one of the cuts that the market is looking for is priced in the january 2025 contract. there are 3.2 cuts built in. and it would take just that to

move it to get rid of one of the cuts, but, again, it depends on -- i'm talk to go a lot of economists who see january as noise and maybe february. the trouble is, you put two months in a row and what do you need for a trend? >> three. kathy, your thoughts on what the latest inflation number might mean for the course of fed rate cuts this year. >> tyler, happy to share our views. i think this underscores the recent cautious move we've heard from fed officials that they want to wait and see, see more data, be convinced that, indeed, inflation is on its way and can continue to be on its way to 2% in the medium term. we're still in a disinflationary trend but i do think it delays the timing of fed rate cuts. we actually were thinking it was may. we revised that after seeing the cpi data, pushed that back to at

least until june. so we would be in agreement with the markets. i think june is still on the table. remember, we'll get three inflation reports and we'll actually get the may cpi report the morning of the second day of the meeting, so that will make it very interesting for the federal reserve. i think later, some time in the summer, and we still have three rate cuts in for this year. >> why has inflation proved as sticky as it has? where is the sticking point, so to speak, and what do you expect from here on the inflation number? >> yeah, the stickiness continues to be in the service sector and particularly core services and then when you remove housing, you look at the super core number, that's really where inflation is stalling out a bit, although worth noting that in february core goods deflation stalled as well. we had eight consecutive months of declines.

it was up modestly. i don't put too much in that. but it kind of underscores what chairman powell says. if goods deflation stalls out, then we have to rely on core services to keep slowing and there's where the stickiness is. >> jake, for much of the fall and into this first start of the year -- to the start of this year, equities were moving up with high anticipation that there were going to be multiple, lots of rate cuts, coming in 2024. that seems to be less the case now. so my question is, what are you looking for in terms of the number and magnitude of rate cuts in 2024, and will the fact that there are likely to be fewer rate cuts be deleterious to equities? >> yes, i think in terms of our expectations, we're similar to kathy. we're not quite abandoning three cuts but think the risks are more skewed to fewer cuts than more at this point. and we think it's really we made no progress on the second stage of disinflation.

the first part is really about supply change, energy, prices coming down, commodity prices, profit margins coming down as well. we haven't made any progress on the second stage which is shelter finally coming in as we expect and core services coming back to a level that is consistent with what the fed thinks. the big problem for the panoply of data today, we had retail sales data that came in quite weak. if it's the story about strong demand that we'd had year to date alongside slightly elevated inflation, that's still a pretty benign backdrop. if you shift back to the more stagflation -- >> so can stocks keep moving up if inflation and interest rates aren't moving down dramatically? >> i think it will be more difficult here given therunup that we've had and a lot of equity markets seem fully valued by our take. >> the same question to you, steve. how dependent from an economic standpoint are the equity markets to a decline in inflation and a decline in interest rates?

>> until today they haven't been. i don't know if in the back they can get the january '25 fed funds contract. what you'll see is that's the mark i use to figure out where they think the fed is going to be at the end of the year, and that number has been creeping up. and that's been for most of february and january. what's happened to the stocks? they've gone up as well. there's a real question, i think there's the fed funds target rate. a question, tyler, as to the extent to which the market cares that much about the rate cuts coming as long as earnings are happening. my understanding is the earnings forecasts have gone up over time which essentially makes stocks less expensive. i always keep my eye on earnings before i even look at the fed. of course the fed will take drastic action and it matters more for the market than the earnings does, but that's not where we're at right now. an argument over one, two, three cuts and when they might happen. it will matter a lot to some

companies. not to a bunch of others. i think the key here i'm really interested in is what's happening with profit margins. this chart, this data today in the ppi suggests profit margins are, in fact, coming down, which is good news for the inflation numbers, and i don't know the extent to which that translates into the earnings that are reported by companies in the months ahead. >> kathy, let me turn back to you and ask, i guess, what on the surface is a simple question but may be a hard one to answer. should we really be concerned, and should the fed really be concerned if inflation is moving down and it's there in 2.7, 2.8, 2.9% range not at 2% for what the fed has said. we couldn't even get to 2% inflation. now we're a limb bit above it. what would be so bad about inflation at 2.8% as opposed to 2%? >> well, it is a good question, and, you know, in practical terms, there's not a lot of

impact really on companies and consumers, but because the federal reserve has targeted 2%, they can't abandon that, because that would be really worrisome to the market. oh, now they're being less vision about inflation. in reality. >> the sackry figs ratio, what you give up to get something else, the thing you're hinting at what would you give up in terms of the unemployment rate,tra rate,the fed might say if we stick at 2.8, will the inflation expectations creep up to 3.5 or higher? some might say, given what you have to give up to get to 2, it's probably not worth it. >> if i have to keep rates so high or be restrictive to force

it down to 2%, the cost of that might be too great. interesting point. steve liesman, thanks very much. kathy, thank you as well. jake, you have to stay after class, okay. we're going to keep you around and talk more about the market. we're going to pivot to markets and chat about this. let's drill down on one of the more sensitive rate sensitive technology. within tech it is still all about the magnificent seven. cnbc's index up as a.i. fuels gains. nvidia, we cannot -- the over/under on mentioning nvidia, up 78%. some firms believe the run may not be over. the price target raised for nvidia to $1,000 ahead of wedbush's conference.

barclays says it reflects high quality plus the scarcity of the growth in the equity market. multiples are extended, it says, relative to other u.s. equities, but they are nowhere near post-covid highs let alone the extremes of the dot-com bubble. that's a lot, jake, to digest. why don't you jump in and speak to me specifically about technology. its priciness and the mag seven. >> nvidia, clearly 2023 is the story about incredibly strong fundamentals, upwards revisions to earnings, and that is really a remarkable trend. this is a giant company who now consensus he can expects to dou nearly 100 billion. that's an incredibly high bar. if they meet that, that's perfectly reflected in the price here. the risk is really -- that's a monstrous leap for a very large company and they're swallowing up almost the economic gains from the semiconductor sector and the a.i. boom. at some point we think those gains are going to be more

disbursed. they're coming to the market, seeing a broadening out whether it's intel, del, other beneficiaries. how much will an nvidia capture in the a.i. space going forward? those are remarkably high standards to beat. we think that's in the price, and if they do it, that's good on them, but it's a difficult thing to do. >> speak to the question of this market resembling to the extend it does or doesn't, the market of 1999-2000. that was a period where 2eky and growth stocks werezooming ahead. the market was concentrated in a few stocks there. dell comes to mind. cisco comes to mind, others as well. is that a fair analogy to today's market, or is today's market sufficiently different that we needn't worry about a bubble and a bursting of the bubble? >> the biggest difference today, these are much higher quality

companies than what we saw in 2000. not in terms of their future prospects. cisco turned out to be an incredibly strong company and has a very long record of success. nvidia is making tons of money. microsoft is making tons of money. these are huge companies at scale that are high quality and very long track records of execution. as a result we don't think valuations are quite as stretched as we saw then. we're approaching that rather than saying. >> where should i put my tax money to work? >> there's a lot of opportunities beyond the u.s. large cap sector. whether that's u.s. small caps, where i think if you really focus on profitable names, they're trading at a large discount. you can see that in tech, in other industries as well. japan has had an incredibly strong year to date. whether it's the u.s. and

europe, a lot of things they can do. they have the levers to pull in order to increase returns for shareholders. and we think they're taking those measures. we need to see them actually realize that but they're at least talking the talk. >> how do you factor in to your forecast and your sector choices the election and global election, there are a ton of them happening, one happening in, oh, yeah, russia. big suspense there, but lots of elections around the world most especially in the u.s. >> i think it's really difficult to put a price on anything related to the election, but it's obviously something we can't escape from and will be following it closely. the difference now between 2016 and 2020 we have a playbook for both. >> one way or the other the united states -- it seems to me the market is playing past the election in lots of ways. we'll see whether that holds up, but right now i think many investors might well come to the conclusion the country will have a president that half the country doesn't like very much,

either way it goes. what do i do on investing, profits, dividends, and a speculative premium you're willing to pay. jake, thank you very much. appreciate it. >> thank you very much, tyler. >> coming up, tiktok may have found an unlikely buyer in former treasury secretary steve mnuchin. what a deal could look like and what it could mean for future social media regulation. plus an inside look at one company using artificial intelligence to help people design their future home and the technology could change the field of architecture forever. "the exchange" is back aft is.r

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welcome back, everybody. the general election has officially started, the campaign runup to it. it is big tech taking center stage this week. the bill that would force the sale or ban tiktok now heading over to the senate after passing the house by a large margin yesterday. former treasury secretary steve mnuchin has come forward as a potential buyer for tiktok. here is what he told "squawk box" this morning. >> i think it should be solved. i understand the technology. it's a great business. i'm going to put together a group to buy tiktok. >> you're trying to buy tiktok? >> i am. it should be owned by a u.s.

business, there's no way the chinese would let a u.s. company own something like this in china. >> tiktok is not the only technology company that poses a potential threat to the elections. a.i. generated images and audio continue to misinform voters. joining us to discuss tech's impact on politics and the intersection of the two is heidi heitkamp and a cnbc contributor and the ceo of a.i. art company. welcome to you both. senator, let me begin by asking you why the urgency all of a sudden to ban or force the divestiture of tiktok from its chinese parent bytedance? >> this is complete speculation on my part, but i think that the warning came through the intel committee saying, look, you now have a direct pipeline to over half of americans from the chinese government coming into this election. it's time to do something fairly

dramatic to address national security concerns. i know that there was a briefing, a lot of people came out in the house saying, oh, not much there. let me tell you, i've been in those briefings. they don't tell a lot of the commoners who worked on intel committees or committees of jurisdiction much. i expect that there's -- given that mark warner and marco rubio have really come out strongly for this, both chair and vice chair of intel, i think there's some information the american public's not hearing directly. >> we love when you speculate for us, senator. that's just great. what is it about tiktok that makes it uniquely in the view of some senators and congressmen and mr. biden who said he'd sign this bill? what is it about tiktok that makes it so uniquely a threat compared with other chinese

owned internet infrastructure that americans do business with every day? shein, for example. >> i think there are three reasons for that. the first reason is that, first of all, it has an extremely large user base. it has hundreds of millions of users. the second one is because of such an impactful access to a lot of users, it's a potential platform for spreading disinformation, so that is one reason for causing national security concern. the third one is since it has access to all the data, one of the concerns is because tiktok is owned by bytedance, which is government owned in china, and the data can be accessed to them and could potentially be used for potentially influencing politics. >> i guess -- i get the difference here between a shopping platform and a platform like tiktok that is involved in

transmitting and sharing content, so that content could, in and of itself, be nefarious content, i suppose. let me ask you how on the data question, doesn't the ccp -- if what we're worried about is data reaching back to the ccp, doesn't the ccp already have all the data it might want from the users of tiktok? >> well, i think it could contain more sophisticated data. i mean, we're talking about data where you can do machine learning analysis, you can really understand what the behavior of users are, how they may be able to react to certain information. this is one of the things that, you know, social media platforms are really sophisticated. they really can -- if you have all the data, you can predict people's behavior.

>> senator, if you were back in the senate today, what would you be asking about these kinds of companies that may be controlled by or domiciled in a country like china or in the middle east or somewhere, what would you be asking, and where would you come down on this idea of banning or forcing the divestiture of tiktok? >> well, first off, take a look at how tiktok has responded to these threats. they've basically asked their user base, which is half the american public, please weigh in. please tell your congressman. that's very threatening to people who sit in that room who all of a sudden will get tons of calls saying, why are you doing this? i think the other piece of this that you would look at if you were in the united states senate is what's the potential for mischief? i think on the privacy of the data that basically bytedance already has, i mean, that cat is out of the bag.

>> right. exactly. >> it's in china. >> no, that's what i was thinking there. you were closing the door after the animals have fled. hao, let me ask you as a technologist if you were to solve thissish issue in a way responsible for national security interests, for privacy interests, for the clear interests of small businesses, tiktok as a platform to help them make money, what would the responsible solution be from where you sit? >> right. so i think -- first of all, i think that a ban -- supposedly a ban would be a very extreme measure. forcing it to sell also seems a little extreme, in my opinion. i think it's important to impose regulations that could cause harm to the public. i think it is important, first of all -- i mean, it really

depends on what problem we're trying to solve. if it's disinformation, if it's manipulation of elections, then i really think the right solution is to put campaigns and force these companies to put on extra information to warn people and educate people they need to fact check information. we need to control how people are receiving their information. the problem, i think, is if we target companies like tiktok, then there is a fair market competition. it could be affecting other social media platforms. >> thank you very much. see you again soon. appreciate it. >> speaking of a.i., it is moving into the housing space. the company that brought us the

first 3d printed home community is now unveiling new a.i. techie that could replace architects. diana olick joins us with the details. >> reporter: icon is a pioneer in 3d printed homes and now an a.i. program that is yet another step in housing automation enables consumers not just to design their own homes online but to take their vision much further. >> the big vision is to go from human design all the way through delivery, even robotic instructions. >> reporter: so it asks you questions and learns from your answers as well as from every design it's ever seen. then it gives you three potential homes. i tried it out with ballard's help. i'd like a log cabin style vacation ski home. >> how many bedrooms and bathrooms? >> i would like five bathrooms and at least 3 1/2 bathrooms.

i would like an open floor plan for family events. >> would you like the home to feature any specific amenities like a fireplace or a hot tub? >> reporter: i want all of that. >> ready? let's go. and now it's beginning to generate. >> reporter: oh, i like the second one. >> this is a one story. >> reporter: i think i like the two story. >> it puts the bedroom on the second floor because you want a living area downstairs. itreally understood quite a bit. >> reporter: can i change it now to see what an affordable home would look like? >> let's see. can you make the home more affordable? and so you can see it's made it a little smaller. everything is smaller, a little more basic. >> reporter: so the program can also show you what the home would look like if it were 3d printed and put in the specs for the printer itself.

it can design the home in the style of, say, a famous architect living or dead and, of course, tyler, that opens up questions of copyright issues as always with a.i. >> you say it can copy an architect's style, but isn't it eventually going to put them out of business? >> reporter: well, that is actually possible, yeah. ballard says architects themselves can use it as a tool, but he admits it is going to change their business a lot. we spoke to an architect who tried it out at south by southwest this week where it was unveiled. >> i think it's going to be more of a tool. there are jobs that are going to change. architecture will never be the same anymore. >> reporter: architecture will never be the same again, but what this is aiming is to make the entire process not just faster but a whole lot cheaper because, tyler, if you've ever done a renovation or built a house, you know how much those plans cost. that paper is expensive. >> it sure is. thank you, diana. coming up, reddit's ipo road

show ahead of its public debut. we will go live to silicon valley with what the tech world is saying about the first social media ipo inive fyears. the dow now at session lows, the s&p off 31. e, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve memory. prevagen. at stores everywhere without a prescription.

welcome back to "the exchange." i'm bertha coombs with your cnbc news update. former president trump authorized the cia back in 2019 to launch a secret campaign on chinese social media sites designed to turn public opinion in china against xi jinping's government. reuters quotes three former officials who say the cia narratives were based despite being released under false cover. and that they were a response to years of aggressive efforts by china to increase its global influence. a fire erupted inside

haiti's national penitentiary today adding more chaos to the capital rocked by social and political unrest. the jail has been nearly empty since earlier this month. it's unclear what started that blaze. and a hole-in-one to open the players championship at tpc sawgrass today. ryan fox hit the shot on the island green at the iconic 17th hole. the ace followed an eagle on 16 making him the first pro ever to make back-to-back eagles on 16 and 17 in sawgrass. and only the 13th player, tyler, to make that hole-in-one on the 17th hole since way back in 1972. >> i don't know that i've ever had an eagle playing golf, so there you go. thanks. >> don't look at me. i can barely hit it. coming up, shares of the snack maker utz up nearly 60% in five months. bank of america says there's more room to run. the analyst behind the call joins us next.

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and offers high-quality municipal bonds from across the country. they provide the potential for regular income are federally tax-free and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. welcome back to "the exchange." sales of utz brands after bofa upgraded to buy saw a 16% upside

ahead noting debt reduction, market share and a potential acquisition as reasons to be bullish. shares are up 3% as you see there. the analyst, peter galbo, good to see you. the idea you see utz as an acquisition target, who would the buyer be and what would they bring to the party apart from the chips? >> thanks, tyler. great to see you again. one of the big factors we've been talking about this year coming into the year was a need for a number of the large food companies to be looking at potential strategic m&a. it's tough to nail down a target. some of the companies we've identified who have really upped the rhetoric, i guess, in the past few months about m&a targets have been a general mills, a hershey, guys who maybe look at utz as an adjacentcy

where they bring more synergy targets to the company. >> what do the fundamentals of the business tell you right now? they were part of a spac, as i recall. they had a lot of debt. walk us through some of the fundamentals. it looks like he's overdosed on chips. let's see if he comes back or will go into a food coma. i think that's what it is. i think it's a food coma. is he back? he's back. i don't know whether you heard my question, peter. >> i did. >> you've digested now. europe good. >> i heard the joke in there as well. >> good. >> when this de-spacced, the question was a lack of conversion from the operating improvements into cash flow. new ceo howard freeman has come

in, a pretty shrewd move to sell off the assets, the lower performing brands and he's taking the proceeds to delever the company. we think they'll get closer to the 3 1/2 times leverage by the end of the year which puts them in line with most of their peers. that takes that headwind off the table. on the fundamental side what's particularly interesting around utz, the salty snack category has been going through a bit of a sluggish period here. you've seen volumes fall off. what's interesting to utz, they controlled their own destiny. this is a distribution story and so utz is pushing for more of being a regional brand into the west coast markets. we think texas will be a pretty big opportunity for them this year, and so, as they start to build out that distribution, that's within their control. >> peter, thank you so much for being with us today walking us

through this. peter galbo, bank of america securities. coming up, the reddit ipo road show with shares peedexct to debut next week. the waves it is causing in the tech world and a look at the path to profitability. that is next.

welcome back to "the exchange. "reddit's road show, potential investors ahead of an ipo. deirdre bosa is at the newcomer banking conference in san francisco for today's "tech check." what are you hearing, dee? >> reporter: well, certainly everyone here is watching that ipo closely because how reddit debuts has implications for the startups bankers serve from late stage companies eyeing an ipo looking to raise another round. i just spoke to jpmorgan's co-head of innovation, melissa

smith. she said they're looking at reddit's listing as the second wave of what was started last fall with the ipos of arm, instacart and klaviyo. they have scaled in profitable businesses. they went out with smaller floats. she says reddit is a different breed, a different kind of public investor appetite, that of less profitable companies. also an important test for the pipeline and any companies that will follow. bloomberg reporting that reddit is telling potential investors it expects to break even this year in terms of adjusted ebitda that is still not gaap profitability. it could be a long ways from it. if it is good enough for investors, other unprofitable startups might be willing to test the ipo waters as well, tyler. people here, folks here are certainly looking forward to this. remember that reddit is about 20 years old. it is one of the oldest unicorns around, so it will test appetite for some of those other companies that haven't yet had

their moment to go public but may be looking to it. >> in a nutshell, how does reddit make money, number one, and if the debut goes well, which other companies could we see go public from the world you follow? >> reporter: so we've talked about this in the past in terms of let me answer your second question first. in terms of which companies we're going to see, probably around this level. not huge ipos that are household names or more of household names like a bytedance but some of the smaller guys like a skims or a fintech company, arturo, shein. these are the companies in particular that we'll be watching closely to see not just how reddit debuts but trades in the weeks and months after. how does reddit make money? primarily through advertising. it ishard for social media

companies if you're not meta. reddit is testing new streams like licensing its data in the age of a.i. to the likes of google. so that could be an interesting area that could help get to a more pure form of profitability quicker. >> all right, deirdre bosa, thank you very much. speaking of technology, one market strategist says while the rally in nvidia stalls, there's another tech play that's getting ready to rip and he sees the stock doubling from here. find out what it is, and to do that scan the qr code on the screen or go to cnbc.com/propick. barclays out with a note earlier this week making the long-term bullish case for plant-based meet recommending companies focus on premium products and seeing growth opportunities in europe. we'll talk to the ceo of impossible foods about their new look and the products hitting shelves this summer. that's next. before we go to the break, check out shares of weight watchers,

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welcome back to the exchange, everybody. shares of beyond meat popped after the ceo bowed to steeply reduce operating expenses and cash use and have renewed focus on renovating its core platform. shares have paired some of those games but are still up 14% six then but is not the only plant-based meat company getting a revamp. and possible foods announcing a new look as it works to grow and maintain its top spot in the category. joining us now to discusses impossible's ceo peter mcginnis. kate? >> peter, thank you for joining us. >> k, kate. how are you? >> good. good. as tyler mentioned, the new ad campaign is really aimed at bringing mediators and

flexatarians into it. >> the market is huge. you're talking close to $1.4 trillion globally. right? total animal products. so the addressable market is huge. and i think that the product was always designed to appeal to meat eaters. this is a meat alternative product. taste, texture, flavor, the way it sizzles. the way it cooks. and, also, when you look at the health benefits, is your cholesterol, extra protein, it brings good health benefits to your people. on the animal welfare side, you're not killing animals, and on the planet welfare side, you are using less water, land, and trees. so in , it makes sense to go after for lack of a better

term, invite mediators to try the product and then from a mission perspective it makes sense. >> one of your biggest competitors beyond meat just launched a new ad campaign based on health messaging. it seems to me that the category is undergoing a reset. why is this needed at this moment? >> yeah. listen, i think there are a lot of things that are misconstrued around the nutritional aspects of plant-based meet. and there have been a lot of things so now. fo, fake, processed, and all of those halves duck. it is time to set the record straight. i don't think it is about rhetoric. it is not about death to the animal agriculture industry. none of that makes sense. this is about inviting mediators to try to eat our product. not about insulting mediators. it is delicious and it is

nutritious. that is first and foremost. if you happen to be right about animal welfare and planet welfare, that is good too. but we are making delicious and nutritious food that we want you to try. we have been innovating. we have a whole chicken portfolio. we have indulgent beef which is even thicker, juicier, meatier. we think they stand up really great against animal meet. in fact, people prefer are chicken nuggets and tenders and patties to animal chicken tenders. >> and you also have quite a few restaurant menu offerings at places like burger king, starbucks. i am curious if you could tell us how your restaurant offerings are performing. do you see more customer resistance there are in retail channels? which is offering more success? >> we see less and less resistance. we are really proud of our food- service. that is just a few of them by

the way. and we have a lot of independent restaurants that perform well and are great and on the menu. we have over 45,000 food- service locations. but there is 1.4 million food- service locations. a lot of people talk about the death of the category. you know? it has not even tarted yet. we are in first year. we are number one in food- service with 45,000 locations but there are 1.4 million. but we love our performance at burger king. in fact, we are testing new things right now. we love our performance at starbucks. so food-service is a great vehicle for the brandon also volume. but retail, we are up 10% year to date. we are the only one going in the entire plant-based meet category. we are going in units, in dollar sales, and -- >> well -- >> i was going to say really quick, same thing on retail. we have probably 800 out of

8000 -- >> sorry, peter. we have to leave you here. so good to have you on for this news. chgehat does it for the exan. we are getting ready for "power lunch" on the other side. plenty of ligh and this must be the ocean view? of aruba? huh. this listing is misleading. well, when at&t says we give businesses get our best deal, on the iphone 15 pro made with titanium. we mean it. amazing. all my agents want it. says here...“inviting pool”. come on over! too inviting. only at&t gives businesses our best deals on any iphone. get iphone 15 pro on us. (♪♪)

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