welcome, everyone. welcome we are glad to have you with us. coming up this hour we have some power players on the menu. we will break down what we heard from one buffet over the weekend and then an interview with ken griffin. >> we will hear from the head of volkswagen america how strong the demand about ev's in the u.s. the dow is hanging onto a small gain. the nasdaq with the biggest percentage gain of the three. is up .8%.

the nasdaq a little more than 1% away from the all-time high. for scott we have a development on the proposed cease-fire between israel and hamas. and israeli official says the proposal that hamas has agreed to is not the framework it was agreed upon with mediators. israel is examining the proposal and will respond. what we heard earlier is that an official said they would accept a cease-fire ahead of israel attacking the stronghold of rough. they issued evacuation orders. we've heard in the past that you have egypt and qatar trying to get to a cease-fire agreement. hamas has announced and accepted the proposal on the table but the proposal that they've agreed to is not accepted to israel. we will follow the details on

the situation. a key question on stocks is if they can get to record highs. and who better to emulate than warren buffett. in honor of his annual shareholder meeting, this will be a brookshire addition. with us is the chief investment officer. up first, apple, it showed the value of the stock holding was down 22%, but he said he's not bailing. he did sell for tax reasons shares of apple are down. >> for me, we bounced off the 165 level and i think you have room to run to the 0.02. right now interesting how far off the high-frequency data in

cell phone sales were down 20%. it was not that bad. they have an event tomorrow and relaunching the new ipad. it's been two years since they've had a new one. and they finally figured out that maybe they should care about ai and introduce more features. i could see much faster replacement cycle this fall assuming they come out with new models investors want, which is a solid assumption. >> what about paramount global? this is when he said he took a loss on it. shares of paramount are up 3%. what is your take?>> i think you will be jerked around with the news. i think you try to get out with whatever you can. it's a very messy fight because you have shareholders and leadership in the board of directors has been decimated. the trying to figure out what to do. the fcc is not to be super happy to have a private equity forum or a foreign firm coming in and

you have other issues with other media owned and so the concern that this administration has not liked larger conglomerates getting larger, i think this would be a messy fight and i would sell and get out. if warren doesn't like it, i side with him.>> we have the big mystery stock wager on the financial industry saying it is an area that warren buffett has dialed back on in recent years over concerns of rising loan defaults. charles schwab is one name that has been thrown out as a possibility. shares are up about 11% this year. your trade on charles schwab? >> it's a hold. i think it got so unfairly punished during the regional

banking crisis some people didn't understand it's not a small bank. the mergers almost complete with td ameritrade. there focused on cutting costs and retiring expensive debt. if you're going to go into money market, we don't have the deposit risk. you see all the ways it's more successful than a smaller regional bank especially with the brokerage arm getting more fee-based assets and everyone has held the maturities pretty awful because interest rates have been jerked around. schwab is more than a small bank and a huge opportunity. for us this is a hold. it's had a nice runoff over the last six months but i see you could see it continue to move forward. i see clear skies ahead. anytime you have a completed merger you can work on synergy which means leading into

technology to further reduce overhead costs. i see it having a lot of upside. >> what is your overall view of the market at today's levels? richly priced? room to get richer?>> the rich will get richer. down 40 k. earnings have been great. we have sticky inflation. i don't see a cut this year but we have a little bit of a push with powell taking rate hikes off the table and the weak labor report. right now as long as the consumer holds up, you can still see continued earnings and there's no earnings recession, it's good for you. and we like it here. we're watching the u.s. dollar. >> great to see you. thank you for the insight and perspective.

when we look at the markets in general, do we see signs of weakness in the economy? joining me now is rich bernstein. it is great to see you today. do you think it matters whether we get a cut this year or not or is all this speculation about what the fed will do baked into what we are saying in terms of a refocus on companies reporting earnings, and are they going to be profitable? >> it's great to be with you. i think it's a little bit of both. earnings and interest rates are the two factors that drive the equity market. on the earnings front we should expect them to rev up. the prophet cycle is accelerating. the interest rate side is more interesting right now because the reaction to the weakness we

saw in the employment report was not for defensive stocks to outperform. it was for speculative access, in other words, the expectation the fed would cut it would be more liquidity for speculation. we are in the speculative period of the stock market.>> you had consumer staples and healthcare and all that against the backdrop of the geopolitical tension we've been reporting on the headlines coming out of israel and whether hamas has accepted a cease-fire and if israel doesn't. does it factor at all into how your thinking about your investments more broadly? >> definitely longer-term. i don't think we think we are smart enough to know what's can happen in the next two weeks or two months anymore than anyone else. but as you look out, these are symptoms of globalization. whether it's the middle east or

eastern europe or our relationship with china. some things going on in africa and latin america are symptoms of the bigger picture, which is globalization is contracting. we think it continues to be the major long-term investment theme. i know everyone is up on ai, but i think my colleagues would agree with me that the deglobalization and re- industrialization of america is a critical theme to the u.s. economy. >> you think that's can happen? >> we think it is starting already. it's been in the background. it has to happen. if it does not, we will have tremendous inflation in the u.s. because we have a massive trade deficit in the u.s., which was no big deal as long as globalization was expanding. but to be dependent on the rest of the world for everything, we are dependent on the rest of the work for everything at a

point where globalization is starting to contract, it changes the story from secular disinflation to inflation. >> except for corn. we have a lot of corn. but if that's the case and you're watching a contraction, then where do you put your money? how do you make money on that trend?>> right. look, there's the energy sector. we need a lot of energy infrastructure. whether it is brown or green is a political question. we need to be energy independent. utility restructure. everyone is hyped on electric vehicles, but nobody's figured out that the grid can't support. maybe the industrial companies will build out the electric grid as opposed to the eb companies themselves. the u.s. is last in shipbuilding last in infrastructure among major economies. imagine we went from last to

fifth. that would be a good investment. >> very interesting picture that you paint. thank you. always good to see you. and i love the ranger jersey. they are doing well. today's power player is an exclusive interview with ken griffin. that is next.

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job data. let's go to the milken institute to hear from an investment type for his outlook on the fed, the markets, and more. sarah eisen is there joined by a person whose thoughts are always welcome. >> we just got off the stage. thank you for doing this. we are talking about the market and the fixation on the federal reserve. i think one of the central questions is how big of an inflation problem do we still have? anything? >> we still have an inflation challenge. in goods the surge caused by the pandemic caused by supply chain challenges has peaked and dissipated. but now is very steady level of

inflation right around 4%. and it 4% it's a challenge which is why they are staying the course, and it's the right policy path. they need to bring inflation down overtime. >> the question is how challenging will that be to get all the way back down to 2%? >> we do not know how sticky it will be when it comes to services with goods. was great to see that it did dissipate. with goods there's a bit of the back story we need to worry about. with deglobalization we are likely to see the level of inflationary pressure and goods be higher than it was the last 30 years. and the fed has to know that. so they're thinking about the fact that goods are likely to be higher baseline up for the foreseeable future and services still unacceptably high with

where they are running today, which is why they've made the right choice of staying higher for longer in looking to bring down inflation. like everyone here -- i talked about the private equity players and they're excited about rate getting cut.>> you borrow money, you want to pay less in interest. would not be excited about that? >> are you excited about the prospect of that as an economic catalyst?>> look, it has a dual mandate. inflation 2% is an unwritten rule and try and maximize unemployment. they have to be independent in the decision-making to best try to hit the dual mandate. right now with employment -- insulation above where it should be cut they have to stay with higher rates to bring

inflation back to track. >> how does the overall equity market look to you right now given this benign economic environment, a path toward rate cuts, ai tailwind. how much more does have left to go? >> we will find out and that's the best you can do late in the cycle. we will see how much further this has to go. ai has transformed the mindset of corporate america toward using technology to try to jumpstart productivity in corporate america is rising to that moment. it's exciting to see how many groups are focusing on how to use machine learning how to use digitalization to drive up productivity. this improves the quality of life for the average american and helps to keep the economy strong. >> we been monitoring the regulations coming out of washington. we been speaking for months

about -- there's a new one i wanted to ask about because you've taken the lead in this is the sec they call for transparency and surveillance. do you find it problematic? what is the big issue?>> the issue is twofold. it creates repository of every trade done by every american with all their personal identifying information. as an american who had my tax returns stolen from the irs and published all over the pages of american papers, i worry about whether or not the federal government will take steps to protect my pii. they are strict and making corporate america protect that but they have yet to agree on their own cyber security standards for the pii.

that should give every american pause. is the government working for them to protect their privacy? that's number one. the program has been out of control spending. we will spend $200 million plus a year in administrating this program. that's 20% of the entire budget of the fcc. not one member of congress approved this legislation. this is the regulatory state growing out of control. and who pays that 200 million? american investors. >> they would say they're trying to get more transparency and not using it to spy on you. >> it's always about cost- benefit analysis, which has been woefully lacking in this undertaking. since we launched our litigation, they've been able to find tens of millions of

dollars in savings and i'm sure we will see announcements about how they will try to address security, but it is really sad that took a lawsuit against the regulator to drive needed cost savings and to drive home the point that we need to have better security protocols. i think they should go back to the drawing board and think about the most cost-effective way to hit the sweet >> of good market surveillance and protecting pii and do it in a manner that doesn't deprive american investors of the returns they should have from investing in the stock market>> there has been a long line of things are critical of. has it had an impact on the market and on the economy the

kind of overreach you accuse them of? >> yes, it does. and it makes it harder for active managers to be successful. why does that matter? 35 to 40% of the entire u.s. equity market is owned by a passive investor -- the entire theory of passive investing is predicated on markets being official. that's because the work of active money managers like citadel, like wellington, all these big firms is big commitments make america's equity market efficient. when the fcc introduced the rules that make it much more expensive to be an active money manager, they take away those participants who create the fairness equity that allows the promise of passive investing to work. that's how capital moves across

the economy and how millions of american safer retirement is in passive investment.>> what about the ftc? doing the noncompete? how will that impact businesses like your own? spoke we've had the most high progressive ftc in modern history. i don't understand the agenda. american businesses consolidating under long- standing principles is good in terms of rationalization and efficiency. and, of note, one of the key ways that venture-capital businesses actually realize the full potential is when they are bought by large companies that have the distribution and scale to really capitalize on the innovation. so the ftc's anti-merger stands

israeli reducing the efficiency capital information from the u.s. we don't know how big that number is. is it hundreds of millions or trillions? but the big hit. the most recent decision on anti-competes, i mean, three unelected officials just throughout tens of millions of contracts between employers and employees. and they were written in good faith and entered into in good faith by consenting parties. why is this a problem? american companies have to invest a tremendous amount in building their workforces given how coege education is. american companies want to know

as they make this investment, how would they be treated fairly? and much of this legislation will discourage the investment training in american workers. so maybe there will be a short- term bump in pay, but overall, the federal government isn't doing its job of educating american people and that falls on the shoulders of american corporations. american corporations will be more hesitant to invest money in training people on the back of this legislative shift. for us it's a different story. it's not protecting trade secrets. there's a case where jane street argues that a trade secret they developed was taken by one of their traders now that was $1 billion a year. and they spend billions of dollars developing their

property. revenues were cut in half. in trading in protecting the trade secret citadel knows exactly what they're doing. so for all intents and purposes, the secret is forever lost and gone. and all the money they spent to build it is gone. the judge said, why don't you have a noncompete? that's why we have them in america. it's a protect trade secrets. they took away one of the only ways that they could protect their trade secret. they chose not to have a noncompete and they lost the trade secret and lost it forever. when you lose your trade secrets, you lose your incentives to invest in research and development. we been so good at creating insights and whether it's

technology, financial markets, healthcare that leads us as a world leader, eight world leader innovation and they said i don't care about american innovation. back in the courts and here we go again.>> does it make you less enthusiastic about president biden? we have an election coming up. i know you were betting on nikki haley. focusing more on state elections as far as where you're giving money. how to think about the world, and who would you rather see for all these key priorities that you have ask>> i would like to see biden and trump put forward their best schools. we have elections for reason. i think it's more important we

have a wholesome debate about the future direction of america. i worry about the regulatory overreach of the biden administration and i worry about the fact that the war in ukraine, i mean, it's a war in europe. we never thought we would see a war in europe again. i never thought we would see one. >> a lot of things we are seeing i didn't think i'd see in my lifetime. >> so i would like to know from president biden, what are you going to do to keep this country in the western world out of wars. i want concrete answers. and he drew a red line with china about the support of russia. this is a really critical moment in the biden administration. but the american voters need to see it from biden and trump. >> how do you envision at this point another trump presidency if that happens for the country

, for investors? >> what gives me the greatest hope about the trump presidency is the short list of names i'm seeing for key cabinet positions. qualified, capable, thoughtful americans who will give some of the prime years of their life in service to our country. i hope he's in a position to talk about his future cabinet. it's the bigness weakness in narrative that they have is this theory to have a hard time finding good people to serve around him. i would like to see him put that question to bed. >> thank you so much for the time. >> it is great being here today. a friend of mine runs an auto dealership. he takes real pride in training people. i was in this house for dinner monday and we talked

about a man who is homeless we put through training who now makes 100,000+ year. that's the person i worry about what we think about the decision to the ftc is that story will no longer be written. thank you for your time today. i appreciate it. >> thank you. back to you. >> our thanks to ken griffin. coming up we have another power player. lk will speak with the voswagen group of america. about the electric vehicle market. we will be right back.

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the way to care for healthcare payments. waystar. the way forward. we have a bit of a discrepancy here about the news of a potential cease-fire between hamas and israel. we had dues that hamas said they would accept the cease- fire that was proposed by egypt and qatar, but israel has come out and said it was a softened proposal and it was when it could not accept. as we stand white now, we don't

know what the next step is. but we will see how the oil market is reacting.>> we can see on this chart that oil was in the green for the entire morning in the afternoon before taking a turn. right before 1:00 p.m. , which is hen we got that first report that hamas agreed to cease-fire. now nbc is reporting that was not the proposal that have been talked about with the mediator so they are examining the proposal. but this clearly takes the tailwind out of geopolitical risk for oil but he doesn't see prices dropping. one reason is opec is holding their production meeting in a couple weeks and decide if they will rollover the cut and the second reason is we are in the summer driving season so people are hitting the road more and it means more gas and oil. and the russia-ukraine more is

still relevant. so what the oil market is saying that until we have more details about what this means and looks like, it will trade in the flat range for the time being.>> you see it coming down from this time last week. >> so much of that risk is priced out of the market. that's why we aren't seeing a knee-jerk reaction.>> let's get a news update. the white house halted a large shipment of weapons to israel last week. sources saying that included bombs and other ammunition that would be used in a ground invasion of rafah. meanwhile, marjorie taylor greene is set to meet with mike johnson in about one hour. she's pushing to force a vote this week to depose him.

johnson and the allies are expected to defeat the motion. the makers of planters nuts issued a recall for possible contamination of listeria. it affects honey roasted peanuts shipped across the southern u.s. there have been no reports of illness, but listeria can be sold serious and sometimes fatal. still to come, we will look at one startup looking to help consumers reduce their grocery wastes. that is when we return craving love and acceptance? how about you love and accept this? p-p-p-p-powershot! when can i drive?. you already are! the dodge hornet r/t...

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do you ever gone by a bunch of stuff at the grocery store and then you look in the refrigerator and some of it is rotting? that contributes to global warming. we take a look at startups. >> it is supermarkets. food waste is one of the largest contributors to greenhouse gas

emissions. it is twice as much as commercial aviation. one food delivery service said it can cut that dramatically using ai. in the u.s. about 30% of food from grocers and refrigerators ends up not in her stomach but in landfills. food delivery services like hellofresh, blue apron, and every plate reduced it by sending you just what you need for the recipe. but a startup called hungryroot is taking it a step further. they are curing what consumers want for all meals and how much of it they will use.>> it's designed to give you just the food you need for the week and gives you simple recipes you know exactly what to do with and food waste is significantly reduced.

>> they asked their customers a slew questions everything from likes and dislikes to food allergies to health goals to how and when they cook, and then there is ai. >> we use machine learning to get additional data points about you. there are hundreds of thousands of customers that have been using hungryroot for years and we reference their data to find out which grocery items you love. but it since you a list of what's in your cart and you can approve or change items. the unique model sets it apart from competition.>> they've been profitable for 3 or four years, which is unusual for a lot of these food businesses. and they've been able to do at your efficiency. >> they are backed by several companies.

they claim to not only reduce consumer food waste but their own waste. if it determines that you don't have a preference between broccoli and brussels sprouts and they have more broccoli, they will recommend brackley. this it results in 80% less food waste compared with the traditional supermarket. >> i love this and i've been a subscriber for many years. i found that the food waste is almost nothing. what i don't get is if you are to do it for the environment park there's still packaging that the problem. did you talk to them about that? his back they are using more eco-friendly packaging. less plastic and there on that. so there is packaging involved and if they deliver it to you, then there's a truck that has

gasoline. so there is carbon emissions in everything that we do, but this is a way to reduce the overall and unlike the delivery services that are specifically for a recipe, this is for your entire week. >> thank you for bringing us that story. be sure to join our financial advisor summit wednesday may 22nd. we will share insights about bull market and everything in between. you can scan the qr code code to register. we will be right back.

let's give you a quick market check. stock at just off their session highs. the dallas up 146 points.

1200 points from 40,000. the nasdaq gaining nearly 1% on track for its third straight session of gains. chip stocks leading the way. micron getting an upgrade. coming up, data showing that electric vehicle sales are slowing. we will speak to the volkswagen america chief about why he's america chief about why he's gettithat occurs overnight.g i started noticing subtle lapses in memory. i want people to know that prevagen has worked for me. it's helped my memory. it's helped my cognitive qualities. give it a try. i want it to help you just like it has helped me. prevagen. at stores everywhere without a prescription.

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vehicle sales continue to slow in the united states. kelling kelly blue book ev sales in the firth quarter rose 2.6% over last year but fell more than 15% from the previous quarter. our next guest, still betting big on evs, pablo -- he joins us first on cnbc live from the global conference in los angeles, pablo, good to see you. let me just ask you, if you're looking at the fact that europe saw ev orders more than double in the first quarter compared to last year, if you look at 50% growth and orders for lots of ev

makers in the united states, nine of them recording more than 50% year over year growth in the first quarter, what is the key factor in making sure that first quarter sales can match what you see in the previous quarter? >> well, first of all, good morning. i'm glad to be here. first, the economy and the industry is in a robust way, growing 5% year over year, as you correctly pointed out the ev segment is slowing down versus previous years. i think it has to do with the pace of consumer preference and infrastructure. so, what we need to focus is that the long-term vision is still electric, but that speed that will take us from point "a" to the future would be dictated by that speed between consumer and infrastructure. the more infrastructure, the more renewable energy we put into the grid into the u.s. the faster that transition will be.

>> that makes sense. we spend a lot of time talking about the lack of infrastructure and what's required to turn that around. let's talk about customer preference. what are you seeing in terms of american demand for evs that makes a difference about whether you're seeing that 50% year over year growth from competitors, bmw, cadillac, ford, hyundai, kia, lexus, mercedes and vin fast. >> you cannot generalize because the u.s. is as big as a continent. depending on the city you go you have higher penetration on electric vehicles because you have more density on infrastructure. if you to middle america, it could be tennessee with a manufacturing facility, or idaho, wisconsin, maybe the infrastructure there isn't redgy yet. from the consumer point of view, they're not questioning the technology, because the electric vehicle is a great technology, it's really nice to drive an electric vehicle. but maybe in this transition years, you need some other type

of technology that can be a plug-in hybrid, to bridge us from today until the future. >> do you think that that's all up to the u.s. government, or is there something that the auto manufacturers, the dealerships, the service stations could be doing to facilitate that? >> yeah, i think it's everybody's responsibility. first i'll tell you about our group, we have a company called electrify america, doubling our superchargers in the next year. but that's only electrify america, and that supercharger stations are available to all consumers, all brands. it's the job of us, manufacturers, innovation labs, there are many companies bringing new technologies that are faster, faster charging, and also government, it can be through the government, states, local governments. i think the combination of everybody pitching in and putting more infrastructure will help us. so also i put a lot of emphasis

on renewable energy. our network in electry fist america is 100% krenewable. it's no good if you have an electric vehicle and you're charging via other means that are not renewable efficient. i put a will the of emphasis on renewable energy and the inflation reduction act is a great act that intensifies that transition in the next couple years. >> so i assume what you're doing is getting a renewable energy, supplying it to those charging stations, and that closes that loop. let me make sure i understand, you said that as you double this infrastructure of fast or superchargers, everybody with any kind of electric vehicle will be able to use those facilities? and conversely, will your automobiles be able to plug into the existing tesla network of superchargers? >> that is correct. so, when you -- a consumer, vw,

volkswagen can two to electrify america and charge, do it with a subscription, go as a one-time. it's quite open. also, that dual charging, of going back to -- and ford, it is in the works and we'll be able to use that next couple years. >> how quickly are you going to get to an ev that has more than 400 miles per charge range? >> i think its comes to the question of, innovation and technology. i think in the u.s. there's a lot of smart people, also around the world, that brings that closer, we are talking about today's rings, between 300, 320 miles of range, but i think it's pretty good. so i think in the next couple years, probably before 2030, you will see ranges close to 400, but again, i put a lot more emphasis on the infrastructure, and on the renewable energy because that will allow us to move into the transition in a faster way. >> thank you so much for your

time, pablo. pablo di si of volkswagen of america, thank you. you can always hear us on our podcast. be sure to follow and listen to "power lunch" on your favorite streaming service. we will be right back. we're on a podcast. >> yay. >> how cool is that? >> great. >> never heard it. i hear it's good. >> sign up. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. ♪ (suspenseful music) ♪ why not? did you forget something? ♪ (suspenseful music) ♪ my protein shake. the future isn't scary. not investing in it is. you're so dramatic amelia. bye jen. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

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all right, we are excited here because kelly evans makes her return tomorrow, and she joins us now via zoo. kelly -- welcome back. there they are. they're all there. >> hi! >> come back and have some vacation. >> what do you say is this. >> there they are. >> say hi. >> is that eric? >> paul. >> everybody there, yeah. >> the whole crew. >> are you looking forward to coming back? >> yeah, i'm very dialed in to

what's been going on with the market, yes, absolutely. >> very dialed in, i can tell, i can tell. well, we can't wait for you to come back. >> welcome back, tomorrow, enjoy the last of the madness and the mayhem. >> they're all happy, thoesz kids are happy. kell, see you tomorrow, thanks for patching, that would be a fun show. we should do a show from her house. >> closing bell starts now. welcome to "closing bell" here at the new york stock exchange. the great market bounceback, and whether you can believe in it. we'll ask our experts over this final stretch that very question. in the meantime your score card with 60 minutes to go in regulation, looks like that, solid day for the majors, picking up as we enter the final stretch, russell 2000 if small caps are the outperformers today, why? well, interest rates. they've been calm, that's helping that trade. tech als