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, folks. i'm glad you can be here. i am tyler mathisen. a new contender emerges to solve the tiktok drama. new york community bank savior steven mnuchin said he will lead a group to buy the app from the chinese owner. plus a trio of real estate destroys here. rent stabilization and using a.i. to build homes and using sports stadiums -- in its latin it should be stadia. stocks lower today following a hotter than expected ppi. you have got wholesale prices rising 1/6 of a percent of her break compared to an estimate of .3. there you see the dow industrials down a third of a percent. and nasdaq composite is 1.4%. tesla, the worst performer in the nasdaq. 100 today. it is down 20% so far in march and off by almost 4% today.

nvidia, right behind it. that stock has been down four of the last five days. it is almost 3% as we speak, tyler. >> let's start with the big report on squawk box. former secretary steven mnuchin says he is putting together a group to buy tiktok. he said it will cost a lot but he thinks he can make it happen. >> it is worth a lot of money, let me just say. i think the number one issue that needs to be solved is a technology transfer. and if we can figure out a way to solve that, which i think we can, then i think the price is some large amount of money up front and probably a big turnout because you are right. the business, in my understanding, does not make money today. >> does that include the rollover the current investing group into your group? >> i have spoken to some of the investing investors. and my guess is that you one. >> all right.

let's get to emily wilkins in washington now for more. high, emily. >> reporter: hey, tyler. they want someone to buy tiktok. ideally an american group. minutia laid out some of the realities of this potential sale. he does think that china will be willing to sell as long as there is not this transfer of technology, and that means the app would basically need to be rebuilt in the u.s. also tiktok should not be owned by another major tech company. and of course he is not the only one looking to buy tiktok. the wall street journal reported that activision, blizzard ceo is looking to buy with him. i would be surprised if we do not hear some more names as the saga continues. of course to sell to anyone, the bill still needs to pass the senate and would need to either divest from parent company bytedance or go float to the house. did not expect the same thing

in the senate. it has been endorsed by the heads of the senate intelligence committee, but chuck schumer has not committed to a vote and say they ant to make changes to the bill. plus it was caught offguard when the house released their bill the other week. a powerful team of d.c. insiders who are lobbying for the bill, and bytedance spent $8.7 million on lobbying efforts in 2023. the tiktok ceo is chopping up into the game posting a message on the video app yesterday bowing to fight to keep the app in the u.s. although he did not address a potential sale. listen to what he had to say. >> we will not stop fighting and advocating for you. we will continue to do all we thing including exercising our legal rights to protect this amazing platform that we have dealt with you. we believe we can overcome this together. >> reporter: and today the

chinese commerce industry said they will "take all measures to resolutely card our rights and interests." guys, it seems like we are far away from getting any sort of finale on this tiktok bill, but i think this is what people were hoping to see. they were hoping to see buyers and they were hoping to see interests. >> is there any price tag on with this acquisition, if there is an acquisition, might be and how one would justify paying that price as former secretary mnuchin said, to his understanding, does not make money. >> i think it is a great question. i mean bytedance is valued at billions. i do not have a direct number in front of me but tiktok would be less. the real we -- reasons it is successful as it is is that it has this incredibly credible algorithm that is really able to keep people schooling videos and staying on the app. the question is does that

algorithm wind up coming with tiktok? does need to be a new algorithm built? how much is that algorithm worth? there are a lot of questions in there as far as exactly what a sale would look like and what the price would be. >> and what you get in that sale. if you do not get some of that software behind it, what value are you really getting there? thank you very much, emily wilkins. >> of course, elon musk spent $44 billion for twitter. whether that pays off or informs the people saying should we go in and invest here? >> not $40 million now. >> the tiktok ban could be a double-edged sword for the markets posing both a risk and an opportunity for some u.s. companies. jack, good to see you. just lay out the case for me here. what is the opportunity? what are the risks? >> sure. the opportunity would be for u.s. investors like steve

mnuchin but also large tech companies like microsoft or alphabet getting into social media. i think gaining a very popular app. that could be a huge boom to a u.s. company there. on the other hand, of course, if we set off a geopolitical skirmish, that create some vulnerabilities for companies like tesla, apple, nike, starbucks, that rely on the chinese market as a decent size and share of their revenue. >> reporter: you think that exacerbates the investing tension at all that we are seeing? that is already between the united states and china over chips and tariffs and other things we have seen unfold in say the last six to eight years. >> yeah. it certainly does not encourage it as we want to ban this. but, again, a double-edged

sword in terms of positioning. right? you have 60% of adults using the app. and, yet, it does pose a security risk. >> reporter: when you look at the potential for a group of investors to go in and buy this, you heard emily say that largely on capitol hill and maybe on wall street too there is a discounting of the chance for meta or x or maybe even the other big alphabet microsoft and others to come in and take over tiktok because of the antitrust sentiment that is running through washington, d.c. right now. how much chance would you give a big tech company of being able to go in and purchase tiktok? >> well, if i recall, microsoft was a sizable bidder. i think it was tiktok. maybe a year or two ago when this same kind of conversation

developed. it really depends. the thing about it is, yes, congress is very wary of big tech for a lot of good reasons. certainly we have allowed these mega companies to get even bigger. the interesting thing is that a lot of these donors have now been really downstream. in fact, mega cap donors -- big- company donors -- own a much smaller share of senate and congressional campaigns than they have been. perhaps all of that together suggests maybe it is a broader group. but having tiktok as a domestic company i think would be a boom to the u.s. >> let me turn your just a little bit to turn you to this morning's inflation number. what it might mean in terms of interest rates in 2024, and what it means for the kind of stocks you favor right now and why. >> yeah.

it was a setback. we have gone now from debating between five and six rate cuts this year to between two and three. we had not only a strong ppi report suggesting inflation is a little more stubborn then expected but we also had a weaker than expected sales report. so not a great conversation. but the thing is we love private credit. private credit is direct lending to middle market companies. and it resets every quarter. the higher the overnight rate stays, the better private credit will continue to be. it is currently yielding between 12 and 12.5%. on the other hand, once we start to get the sense that the fed will start cutting interest rates -- and i believe they will -- real rates are as high as they have been in more than 20 years -- then we think that financial and regional banks will benefit the most.

reads which got hammered in 2022 -- they bounced back a little bit in 2023, but way over spent -- sold to the downside relative to private markets. and once liquidity starts to filter back into the market and borrowing becomes easier, i think these real estate-related companies will benefit. >> federal property trust. franklin property trust. the big companies among your choices. we will be back. coming up, doing the due diligence when it comes to artificial intelligence. what helps companies navigate a.i. risks and rewards and the regulatory issues. and as we head to break, a quick power check. trane techlo ineti. nogys gave

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welcome back to "power lunch." artificial intelligence is everywhere these days but efforts to regulate it are just beginning to pick up steam. yesterday, the european union's parliament picked up the first major set of ground rules governing a.i. what exactly will this mean for companies using a.i. in europe and what u.s. companies do something similar? let's ask the ceo and founder of credo a.i., a platform that helps companies manage a.i. risks. i heard about the passage of this bill in the european parliament yesterday on the bbc. what does it do? what is its goal? what is the risk here as is true with a lot of a.i. regulation that the technology will outrun the regulations and the regulators.

>> tiler, thank you so much for having me. we have been on a mission to ensure that a.i. is always in service of humanity. and what that means is we have a governments platform for oversight and accountability across all the organizations and their a.i. you know, yesterday was a pretty historic moment with this landmark regulation passed by the european parliament. now, what that means is any artificial intelligence that is going to be deployed in europe will need to go through pretty strict scrutiny under this law. obviously, if you are a european provider of a.i. systems, and even if you are deploying the a.i. system outside of europe, you can imagine that it is going to be pretty massive in the implications. >> if i might, navrina, let me ask you , a u.s. company doing business and using a.i. in europe will be affected by

these regulations. tell me whether i am right or wrong on that. second, what do the regulations do. what are the safeguards that are being put in place? >> yeah. absolutely. if you are a multinational states company operating in eu and are launching products powered by artificial intelligence, yes, you will need to comply with this new eu a.i. act. as you can imagine, this act is going to take a couple of years to really start to come in to enforcement, especially on the compliance side. but what at minimum it is mandating is a couple of court requirements. one is transparency requirements. where is your data coming from. where have you tested these systems. where is the impact on different users. second, it needs a very comprehensive risk management network with any a.i. that is going to get launched in europe. and what that means is

obviously if you have an artificial intelligence application that is higher risk, it requires a higher level of scrutiny and oversight before it goes on the european market. and, lastly, what is really critical is a need for a quality management system as part of the european artificial intelligence act as well, and there is going to be conformity assessments and applications assessing that any application is put on the european market. >> none of that seems though that onerous. it seems fairly common sense. and yet i know that there were big business leaders that pushed back and said that if you're a past this and would put european businesses at a disadvantage competitively globally. i am just curious -- we have seen europe lead the way in other ways. for every time i go on the website now, i get asked whether i want these cookies to track me or not but now i

benefit from it in the united states. give me a sense of what you think the impact will be competitively or does this just lay the groundwork for everyone else around the world. >> you know what, that is a great question, contessa. it's your call back in 2018 when the privacy legislation was passed by europe, we saw, you know, landmark shifts across the globe including in california with the launch of the ccp a. and then in other countries like brazil, a lot of privacy regulations. so i think there are a couple of things to pay attention to here. any organization or enterprise looking to use, deploy, build artificial intelligence, they will require oversight and accountability, and one of the best ways to build trust is by using the frameworks that are being used in the act. is it overly cumbersome?

i don't think so. i think it is necessary to build a trust with this powerful technology that is pretty much becoming the infrastructure of our entire society. >> so to pick up on contessa's point, you do not see these regulations as excessively onerous. i assume there will be some costs here involved in one way or another. let me cut back to the chase. will this be a global model of regulation and for the united states or not? >> i think this is similar to the gdp are. there are hopes. that means that other countries are going to adopt a similar model. in the united states, it has been a big focus on innovation. we are going to see and are already seeing a lot of state and local regulations , many of which align with the risk management approach already showing up. the other thing i want to emphasize is that last year

nist, which is the national institute of science and technology wants the amrif. tiler, to bring it home, it is already happening across standards and across regulations, and we are going to see something at the federal legible, especially around privacy. thank you. is rent stabilization destabilizing parts of the economy? the practice protects a lot of renters, of course, but could it create problems for the market? we will dive into the details ahead.

the mining company lithium america is jumping today on the back of a hefty loan from the department of energy. >> shares are up more than 10% after the company said it secured a $2.26 billion conditional loan from the d.o.e. to build a lithium processing plant that sits next to its mine in nevada. this comes on the heels of a push to develop domestic supply chains for critical minerals and the financing comes from d.o.e.'s loan program office which was supercharged under the inflation reduction act.

lithium america's processing plant is actually more expensive than the mine itself. well they did raise the cost estimate for the acility, the loan covers more than three quarters of the total, noting the loan basically the risks any overhang around financing. they have broken into the largest lithium reserve in north america, but production is not expected to begin until 2027. once up and running, lithium america said it can supply 100,000 electric vehicles. and last year, gm invested for up to 15 years. but this comes as the lithium crisis has all but collapsed following 80%, the 2022 high. >> is it apparent that there are buyers for all the lithium that will come out of the new mining enterprises? >> so m has exclusive offtake agreement for phase one.

and this is all about having a domestic supply chain. the idea is if you have a secure, reliable provider there will definitely be buyers on the other hand. >> if you dig it, they will come. >> all right. you can dig at. let's get over for our update. >> reporter: a australian computer scientist who claims he invented that coin lied about his identity. craig white claims he had authored the 2008 paper the foundational text a bit point , but a judge said today that after a two-month trial but the evidence that he is not satoshi is overwhelming. a conglomerate of cryptocurrency companies had sued him over his claims. the group called today's ruling a win for developers. a march snowstorm is expected to dump up to a foot of snow on denver today, and even more in the nearby rocky mountains. dust storm is already forcing

the cancellation of hundreds of flights, and a large stretch of interstate 70 a shutdown. a winter storm warning is in place until friday morning. and the voting is now open for the world video game hall of fame, and the 1979 classic "asteroids" is the oldest game up for nomination this year. it is competing against other well-known skaters including "tony hawk's pro skater," "sim city", and classic games like "pacman" were up there. in case you are wondering -- >> no. that is not what i was wondering. i was wondering about "tetris." >> i thought about what about those games. >> now i have news that i can

actually bring home and talk about tonight. one of the factors giving inflations high auto insurance premiums. good news for the stocks involved. we will discuss next. ♪♪ ♪♪ ♪♪ ♪♪ ♪♪

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lunch." tuesday cpi showed a 2.3% rising cost compared to a year ago, marginally higher than what wall street expected. some metrics surged compared to where they were a year ago. auto insurance premiums shot up more than 20% compared to 12 months ago, and it was the second biggest jump in the cpi compared to only frozen noncarbonated juices and drinks. and your car insurance matters a lot more than your frozen orange juice. third-highest was admission to sporting events, up only 11% over the last year. compared to investing opportunities, andrew clay garmin. key specializes in insurance and insured tech space. andrew, good to see you. the interesting thing is when we are looking at the car insurance rates soaring, and surely people who have to buy it have noticed, we have not

seen necessarily commensurate earnings. for example, allstate has had a series of disappointing earnings reports because of how much they are paying out for lost costs. >> right. think about it this way. you talk about the cpi now being up in that zone, but think about the economic inflation over the last few years, and let's think about the economic inflation to insurance components. there was a point about a year and a half or two ago where used-car prices were up 40+ percent. and, on top of that, we have labor inflation. you know? mechanics in particular were up 10%. medical was a little more moderate. used car parts were up dramatically. >> rental cars. that went up pretty dramatically. >> massively.

right. so insurance -- auto insurance in particular -- home insurance too -- terrible. so they have got a disproportionately bad proponent of economic inflation in a high economic inflation environment. now, overlay social inflation. >> right. i was going to say, this is insurance jargon for really the rising cost of lawsuits, litigation, verdicts, and settlements. >> right. horrible. horrible, contessa. we look at charts on personal lines were social inflation is three, four, five points higher than what we would see in just your traditional lost costs. so there are a lot of issues out there with social

inflation. >> with some places -- we know that florida has tried to grapple with the issue of litigation and the cost and means to insurance. but in the meantime, let's let that script a bit andrew and talk about the opportunities for investors because you have allstate and progressive both up over 40% over the last 12 months. why? >> correct. correct. so it is kind of a tale of two worlds. i will start with allstate though. they have been losing money in auto insurance for the good part of three years. they have been diligently going to regulators asking for price increases. but, you know, you have got a lot of these regulators and it goes state-by-state. they are elected by the consumers. so they are not going to give you the rate right away. so what we saw was this massive move in a lost cause.

at the same time, not getting enough rate. finally, in tougher states, california, new york, new jersey, they have come through. allstate in december got 30% in california. roughly 20% in new jersey. 14.5 in new york. >> and that is why people are seeing their bills going up when it comes to auto insurance. andrew, thank you so much for joining us on the newsline today. and check out shares of new york community bank. it has lost shares of value in the past few months. it is the poster child for a growing problem facing the real estate industry and the banks which lend them money. leslie picker's from manhattan to explain why. high, leslie. this is what an apartment can look like after living here for nearly 30 years. at that time, this apartment one for $775 per month.

for a full year though it sat vacant because the landlord said it needs $50,000 worth of renovations just to bring it up to code. since 2019, many renovations have been unaffordable due to a new york law that caps rent increases at 3% in order to tackle housing affordability in the city. as a result though, property values have plummeted 60% to 70% over the last five years. it is now trickling down to the property lenders. new york bank being the poster child of this phenomenon. the landlord of this nit said he is, quote, getting squeezed because his revenue s declining with some apartments no longer habitable while his taxes, insurance, and interest rates are going up. >> you are seeing foreclosures left and right. you are seeing banks going under. you know? something must be done.

the status quo is not tolerable. we are watching our buildings disintegrate before our eyes. there is no money being put into it. >> a recent report by d.a. davidson found that nycb is the most as well as flushing financial and north bank. and a controller from this week said that the 2019 law has not led to an increase in vacancies or distress about rent-stabilized housing. the city says the number of rent-stabilized apartments unavailable to be rented actually declined 39% between 2021 and 2023. guys? >> leslie, thank you very much for joining us. we appreciate that. the owner of the washington wizards is abandoning the city to move to northern virginia in

order to build a sports and entertainment empire. the move, becoming a common one now among team owners as they try to monetize their businesses. and they turned to real estate adding luxury apartments and malls to try to add extra value to their franchise. joining us is elon. thank ou to be here. i think the move in los angeles with the self i stadium and the associated development in that area, multibillion-dollar deal where it is basically a real estate play with a football team or two of them thrown in. >> absolutely. when you are buying a rental like that is an experience. we are making sure there will be an experience around it. just to build security around them to start for the investment. but when you think about it, they can own all the area

around. >> they buy up the land around the stadium. it is cheap before. it is often not in the most desirable neighborhoods by the way. >> in general, real estate is a longer play. in seven or 10 years you can probably double your money. when you create a play like that, you can double your money within two to three years. this is kind of money coming in. it is difficult to do it when you have billions of dollars. >> to retailers and residents want to live in that kind of proximity to a large stadium venue with the rowdiness that may come? 10 days a year, man, i would not want to be near some stadiums. >> how about 10 baseball stadiums? it is a lot more than 10 a year. >> what comes with it? the best restaurants. the nicest bars.

experiences, with it. the land becomes more viable and more investors are coming in. now you have apartment buildings that look much better and a younger crowd is joining. all of a sudden, you have a different place. so the plan is just coming in at the beginning and buying it very cheap and creating an experience around it and people join in. >> it reminds me of the adelson family, the heirs to sheldon adelson's las vegas sands. buying into a majority stake in the dallas mavericks. now, the plan is, yes, they are going to have this team, but there are also real estate development plans around it and they are doing it for lobbying reasons to demonstrate their commitment to the community so texas will give them a gaming license. when you look at the integrated nature of some of these filaments and resorts, can you

do an old-fashioned stadium? i watched them build a brand- new stadium with nothing but parking lots around it. can you do that in this day and age? >> no. it is mainly the retail. the retails are so bad but the good retails are the retails with experience. so the retail market is not really dead for the good ones. same thing care. we are no longer looking at real estate alone. even the best office buildings are the ones with the amenities. the class a building giving you the different experience. >> what are the risks of focusing even more on one neighborhood, especially if you're looking at a neighborhood that is not currently a desirable neighborhood? >> what is the risk? the time that you are buying, it shifts for a reason. you are buying it and believe on a dream that you are going to make it happen.

and the execution level is probably the biggest risk. can you actually execute it? a lot of people believe that you can deliver it. this, i think, is the biggest risk. >> i like the example of the washington nationals who built a stadium down in what used to be called "the navy yard's" in southwest d.c. it was not particularly lovable. there were warehouses and stuff. but it has attracted retail, restaurants, and apartments. it is now quite spiffy and really quite nice. >> right. i agree with you. look what happened in new york city. 57th street. some of the star sports are trying to buy one or two buildings and all the sudden it changed. the food. the volume of sales. so that power of having a sports team or being part of a sports team is very powerful. and they utilize it by

investing in specific places before everybody is doing it. so they are catching it. >> is there a way for a public investor or ordinary investor to play in this game? >> at this level, i think there is only a few. >> though if you look at balley, it has las vegas, but they are going to get the new a's stadium. they will get the whole baseball stadium. >> that is what i am asking. >> howard hughes has an integrated agreement with baseball. they have a baseball stadium in nevada. that is a publicly traded stock. >> that is very interesting. ilan, thank you. up next, bidens administration likely stepping into the middle of a major teel merger. we will discuss more. you need partners. mining partners.

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stomach time for today's three stock launch where we take a look at three big movers of today.

we have the ceo of ar shares, robin hood shares jumping some positive headlines including better-than-expected trading volumes in february, it turns out almost 40% this year. your trade on the hood. >> it is a bye, -- a buy, even though the general market is down in inflation news, they announced an increase in their net assets under custody of 16% that's only in the last month, that's a huge increase following the approval of crypto e tx, their revenue growth is extraordinary, they have 37% revenue growth compared to their peers a -6%. it is amazing growth story, it is not profitable yet but they are making progress with their margins and also they are cutting down their costs, they are gaining economies of scale and that shows, we might even see them turn profitable next

year which would be another major catalyst as of now, we are seeing them enjoy the fruits of crypto trading, we still think there is room. we have cities -- group getting an upgrade by goldman sachs to buy from neutral, and raise its price target, analyst say that it can grow its revenue and deliver on expense reduction. what's your trade on this one? >> i would disagree with that one, i have it as a whole because one of the reasons why they upgraded it is their bev ratio is better than the competitors, it is likely better , it does not justify a buy in this case. we need to mention that it's the company that has fallen from grace, it has come down, the stock has come down 90% of the last 20 years unfortunately, their best days are behind them, it is a large bureaucratic company, their revenue growth is extremely low well below -- it's actually at zero.

their income growth is -30%, now they are extremely group metric. i would not buy based on this, they do have a dividend yield of 3.7% so investors that are interested in dividend yields might want to buy to get into the stock. if you are interested in appreciation and growth, this is not a company that we would encourage investors to buy. >> let's move onto the last one which is u.s. steel, president biden expected to oppose an acquisition by the japanese company nippon steel expressing serious concerns, u.s. trading is a little lower, what do we think of u.s. steel? >> it is a cell, this was the original before twitter even existed, it dates back to 1901 with a famous entrepreneur, andrew carnegie, this was a great u.s. story and great u.s. entrepreneurial company, was the number one steel producer globally, number 27 still

producer that unfortunately this market, if you don't have economies of scale, it is hard to compete. i think we are in downward trend in fact, not even large- cap even more, they are a 9 million dollar market cap company, microsoft is moving more than u.s. steel is worth as you said, there was a rumor for a potential acquisition, it looks like the biden administration will block that acquisition to save u.s. jobs as a political decision, we have an election year and also need to remember is a short- term decision because unfortunately, if this company does not get acquired, it will not be good long-term, it is a cell. >> pretty clear voice -- point of view, thank you very much. eva ados. >> refund auraanfrd mpt , more power lunch next. power e*trade's award-winning trading app makes trading easier.

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a little more than two minutes left, we have a lot more stories you want to know, let's get to it, 's sporting goods -- dick's sporting goods the stock of 15% today on track for our record close. turns out there is a market right now for tennis rackets and sports gear, and new tennis shoes. >> if spring comes along, a lot of people are getting out loading up on baseball gear, let's move on to the ev maker restructuring advisers to assist with a potential bankruptcy filing it has been struggling with sales and ev demand, it is tough if you are not the number 12 or three company in this area, they clearly have not been able to crack that one. >> very competitive landscape, bob iger's return to disney brought investor incitement, you cannot say the same for

kevin planks return to under armour, he was returning to the ceo role, it's always got to be disconcerting internally if you see the announcement and this is the investor reaction. >> that is a low-price stock, i would like to look at a 10 year on that stock, do we have that? i would love to take a look at that, i wonder if that company is one that will be out there all will merge with someone. there you go, let's look at 10 years, that's what it's at year- to-date down 70% anyhow, there you go. we have a few seconds left, the market, we have a refund fraud. fraud groups organized like businesses are exploiting lenient refund policies and robbing retailers of billions of dollars a year, in a suit brought in late 2023 against dozens of alleged fraudsters, consumers have to bear the brunt of increased cost and decreased inventory and service, destruction that impacts january customers.

>> they are making a lot of money off of ripping off amazon and others finally, former cnn host don lemon alleging elon musk to cancel his new talk show before the episode aired, he was upset over an interview between the two on friday, so if you have got the emperor and the emperor says no, that's the way it goes. >> thanks for watching power lunch, everybody. closing thoughts starts now. welcome to closing bell, i'm at the new york stock exchange, as we begin with the story for stocks, today's inflation report upsets it at all and how to play the markets in the weeks ahead, we will ask our experts including glenn joining us and just a little bit to get the rundown on all things tech, in the eantime, your score card with 60 minutes to go. this is the omentum trade once again on its heels today as names like nvidia, meta-, and amd among others facing more