additional tariffs with the idea of making the u.s. more competitive. we'll see if that comes to pass given where we are with the competition right now. >> 40 k is intact. 5319, as we get amat. let's get to the judge. all right, krcarl, thanks s much. off center, that's the dow jones industrial average holding above 40k. that is the big news today. the first time ever, of course. the investment committee trading these new record highs and where your money will work best. joining me stephanie link, josh brown, bill baruch, jim lebenthal. we'll show you the rest of the markets, too. carl was just telling you, we're hanging out above 5,300 on the s&p 500. you've had new highs for the nasdaq as well. let's kick this around, gang.

josh brown, i love your general thoughts and perspective on hitting this milestone. i'm not sure many thought back in april we would be here today, maybe one day but not this soon. >> you and i talked about this a little bit yesterday. the number one thing the bears got round was not the macro, in fact, the bears talking about persistently high inflation and higher for longer interest rates, they got all of that right. the thing that was missed by the people telling you to get out of stocks or to prioritize money market funds over long-term investing, what they missed was the unbelievable earnings power at the 500 best companies in the world which comprise the s&p names. and that continues. we're seeing some of the best earnings growth we've seen in years right now. there was no mean reversion in

profit margins long prophecied. they laid people off when they were overstaffed. they raised prices on customers. we can complain about that, but that's what they did. when they couldn't do that, they found other ways to bring in new customers, and whatever this concoction was of levers they had pulled, they kept profit margins high, and even with mediocre revenue growth, they found ways to degree the bottom line. in the end, the most important factors for stocks, what are earnings going to do? and that is why we're here. not because of jay powell. not because of anything else. these companies are incredibly profitable. >> one of the reasons you're here, i guess, stephanie link, is from the april lows, the close on april 19th, technology is the best performing sector. just as people were trying to write it off.

the best days are behind it. revenue growth is dead. late on a.i., et cetera, et cetera. the stock is up today. we'll call it 190. and you bought more of it. that's what i was getting to. that's our headline, you're more overweight your biggest position now overall is apple. tell us. >> it's about 7%, the s&p 500 weighting is about 6.5%. it's a very big position for me. even though it's had a nice bounce it's down 5% from its highs, and i think we know all of the negative stuff out there in terms of top line being sluggish and china being a problem. i think, though, that the services business is just a juggernaut, and what is exciting is it is now 26% of total revenues up from 16% sequentially, and it's growing 14, 15%, and i think it will continue to grow double digits.

i think, also, in the 10q when i was going through it, operating margins were up in every single region of the world other than china. that's very impressive. i thought their gross margin story has been outstanding. they're buying back a ton of stock, raised the dividend, and you have wwdc in june, you have an iphone 16 cycle come up. we have a lot of a.i. to look forward to in terms of the cycle. i wanted to make it bigger. it's not cheap, and soap i think there's some value here. >> it was that record buyback they announced, which seemed really to jump-start the stock again. and, if nothing else, reminded people of the engine that they have of the buybacks because the mountain of money they sit on

and all of this doesn't take into account what may happen at wwdc where we get more clarity on a.i. you added to it a couple weeks ago. >> we did. was it $110 billion buyback. i like buying things out of favor. i like this move by steph and continue to add to it on her end. it's a slight bit underweight for us against the s&p 500, but it's in the top five or top six where we are all heavy tech amazon, alphabet, micron, nvidia, synopsis and apple, all in there. and here is the thing about apple is they haven't spent as much on a.i. just yet. josh, you said it. apple doesn't come first, but they come right. we haven't seen some tail winds as they start to spend on a.i. these conditions are investing in the future and there is this

innovation to drive the growth. >> apple was in a 17% drawdown from its highs as recently as april 19th and the narrative is this blue chip stock will go into its own bear market. remember how quickly narratives can come and can fade away and go. just sentiment, there's no fundamental change. apple is still the worst performer year to date even with the recent rally. it's the third worst performer year to date behind tesla and j&j. negative 1% on the year. if you think you missed it, you probably haven't. i like what you did there, and i think it will work out for you. >> jimmy, mag seven etf, the record high a day ago, the tech sector hit a record high a day

ago. com services on pace for november. we talked about amazon at a record high. alphabet is here a 52-week high. meta has been in a two-month losing streak. that's about to be snapped. nvidia reports earnings next week, the super bowl for a.i. coming on may 22nd. may that determines whether tech will keep up that leadership role since the april bottom or not. what do you think? >> i think nvidia earnings are obviously important. i think what you reported, scott, is unsurprisingly factual. i might take the conversation in a slightly different direction. it's not just tech outperforming. look at things like financials and how they're working. look at discretionary stocks like auto manufacturers. look at energy. and my point on this is not to be negative on technology at all, folks, but if you want to build a diversified portfolio this is a great time to do it. >> energy is about the only bust -- you mentioned it, so we'll go there -- over one

month, it's down. it's the only sector that's down. the performance from the april lows from the close on april 19th, the only sector that's negative. there seem to be other places to be at the moment in time, not that. >> you quoted over a month and that's, again, factually correct. however, if you look over those six, seven months since the october lows, you'll see energy has been a wonderful place to be. this is a little bit microscopic. one of the things we've been saying it don't look at crude oil. look at natural gas. this is a month ago it was $1.50. what is it now? $2.34. it will propel earnings for the rest of the year. that's where the puck is going, scott. >> you could look at commodities, speaking of energy, stephanie link doing just that. bought more freeport mcmoran. copper has been ripping.

positive notes this week. one regarding comer which basically said, don't fear the boom or something to that effect. why did you buy more freeport? >> there are a lot of end markets in which to kind of play with copper. it's evs. we talk about the grid all the time. if they're going to play a really big impact there, it's housing, which you know i am a housing bull, though that's contrarian. it is also global growth that is actually better than expected. that is one of the reasons why i've been talking about inflation andthe last piece of inflation, getting to 2 is a challenge. you have not only better growth here in the states but better growth around the world. and so copper certainly will benefit. and for every 10 cents changed per pound of copper, that's about $400 million to ebitda. this company in the last quarter just actually saw a $1.9 billion increase in free cash flow, and

they are scheduled to probably do something like $7 billion for the year. they're paying down debt. the execution has been really good. it's improved massively. at 7.5 times ebitda, i don't think it's extended. i know it's had a great run but i think there's more to go. >> the other thing that jumps out to me of something you did as well, you bought the i-shares of india etf. jeffrey gundlach months ago told us and our viewers, investors, that india is the place to be. why is it today? >> well, i've been talking about india for the last couple of months, but i just want to have exposure to a country that will grow 7, 7.5%, the fastest in the world, which will translate into earning 15%. they have a favorable fiscal policy in place. they have a favorable

demographics. we all know that. the largest population in the world. and so i wanted to have exposure. this is 132 names, so it's more concentrated and their top position is reliance industries, which i like a lot, about 7% of the weighting. it's the largest position, as i mentioned, and that's a play on energy, power, grid, and telecom, the infrastructure buildout. we know they will continue to build it out. >> josh, what do you think of these moves, whether it's expanding horizons outside the u.s., i've been getting a lot of that from the strategists and whomever i've been speaking with on "closing bell" that it's time to look outside the united states for opportunity whether it's europe or emerging markets like india. >> i mean, you're doing this a long time. you don't need me to tell you sentiment follows price. there are financial advisers who build diversified portfolios for

clients and maintain international weightings in their portfolios pause they understand that while u.s. stocks in the last 15 years have outperformed everything, if you pull the lens back over 100 years, you will find perpdz of time where u.s. stocks stall and other markets take the baton and run. i understand it's the flavor of the month right now. people are bullish because you have emerging market stocks up 50%, 60%. that's fine. i get it. but fundamentally, though, it's important to point out, baidu just smashed earnings. jd.com just smashed earnings. alibaba is up 7% today on no news. there's money being made in the names again. you take a look at small cap europe, look at eufn, 52 week highs. why? almost doesn't matter. these are under owned areas of the asset allocation set, so i'm not shocked at all to see people

chasing them as they move higher. >> alibaba, though, david tepper and michael buerry showed holdings. >> that will do it. >> one of the reasons why, and josh is mentioning a lot of what's going on in the european markets is because of expectations of rate cuts coming there before here. and steve liesman is sitting at post 9 with us today, our senior economics reporter, because he spoke earlier with tom barkin. loretta is speaking as we speak. >> i wouldn't disagree with josh but i would add to what josh is saying here. >> smart decision, steve. >> we'll see. he's saying it will take longer to reach the 2% goal than previously thought. prudent to hold rates at restrictive stance for longer, the key of where both he, powell

and barkin are. she expects progress at a slower pace. i'll stop it there, josh, to say, i don't think can you love stocks and love the earnings. if the fed is hating on the economy and hating on where the rates are right now, i think this embrace you talked about earlier this big hug to earnings, the surprise, a precondition of that is where the fed is right now and what they're saying about the current rate, which is that it is enough to bring down inflation. they don't need to do more. they just need to do it for longer. and exhibit number one, i will just show the tale of the tape from 8:30 a.m. yesterday. everybody focused on the inflation number. i think they missed one piece in there which was the retail sales. a revision down from march as well and somewhat lower inflation. the idea of a slowing economy, now i can give a warm, fuzzy big

hug to my earnings and stock. >> and rate cut expectations i pushed so far out you can barely see them on the horizon -- >> a dream. >> -- a little bit closer perhaps. the bad news idea if you want to take the retail data is good news for prospects of a rate cut sooner than maybe we pushed out. >> we're still looking, scott. we brought it down 0.4 yesterday, 0.2 today. my rapid update is still 2.83%. >> respectfully, there's no daylight between you and i. we have both said good news is good news and stocks don't need rate cuts to work. if we get cuts, no one will cry. >> agreed. >> the s&p went up.

>> the reason you don't need rate cuts for stocks to work is what you were talking about, earnings. >> correct. >> earnings have been the bigger surprise than anything. >> everybody said, oh, inflation is here. corporate margins are coming down. however they did it, they begged, borrowed, took a plane, they got there just the same and they kept profit margins up. there is a question right now, josh, that i am looking at, does the ability to keep the margins high, are we looking at companies that may not have that ability? >> steph, housing plays into this story because it also remains a central part on the market. you're a bull when it comes to housing. what was it, yesterday, some of the housing stocks were ripping? we have a decent amount of ownership but rates matter to that trade working, no? >> absolutely. and even though housing is only 10% of the u.s. economy, when

you buy a home you have to put stuff inside the home. you have to buy a car to get from the home to anywhere else you're going to go. and i think the numbers today, even though they were disappointing, the single family starts grew 17.7% year over year. that is a really big theme in my mind. existing home sales will be challenged just given the rate picture. i think the first buyer, first-time buyer, and the new home sales, are really going to be strong. and that's where i'm kind of tilting towards. d.r. horton, 57% of their sales are first-time buyers, and that's where i want to be. i thought home depot did a great job considering they had a challenging spring -- beginning of the spring. and just challenging on big ticket. i think these are places where you want to go. i think it's a little more contrarian to be bullish on the housing stocks.

last year they had their recession. this year i think they will see the recovery and into 2025 i think it will continue. >> let's look at a -- the intraday charts don't tell the story. let's look at a six months of d.r. horton, and maybe you can put up other housing stocks in a similar pattern. my question is, if these kinds of stocks are up, in part, because of lack of supply, and there's an expectation that rates are going to be be coming down on top of that to give you the cherry on top, how much of that move has already been realized? >> i think a lot of it has been realized. the earnings are going higher. order rates are up sequentially. they're doing an excellent job in terms of executing on these orders and, again, the valuations are 10, 11 times earnings. it's cheaper to buy back stock

than land. they're less cyclical. you're 5 million homes short. companies like d.r. horton, k.b. homes, they have been underproducing for 14 years. it's not a one or two year thing. >> the charts are really telling an amazing story about the movement and some stocks. i forget which one was up 50% plus. jimmy, you make the argument higher for longer is hard to be bullish. obviously not. >> you're talking to somebody as you know, scott, who has been bullish. listening to steve and josh and thinking to myself, i'm a little nervous. i understand the economy and i've been a proponent of this,

has withstood higher for longer. i worry about credit card delinquencies. i worry about the banks. and here is what my point is. can i finish the point? >> after i make this point. but for somebody who says they're nervous, you weren't nervous with general motors. you weren't nervous with citi. it's okay to have missed the trade, but, i don't know. it's obvious to me by looking at the charts, higher for longer has made it not difficult to be bullish. >> good point. allow me to elaborate that i'm not selling citi, general motors or delta airlines, you would if you were going into a recession. i really would like the fed, steve, to be as the quarterback

leading the receiver. >> hold on. let me take notes. >> there's not a long track record of the fed -- >> they're telling you they're not going to do that. >> and it makes me nervous. you would be a fool to not be nervous. i'm looking over my shoulder. >> they will wait for spreads to blow out -- >> yeah. >> didn't we have a dress rehearsal for that last march? >> convince me not to be nervous. you are correct. >> we had a dress rehearsal. >> a hyper localized bank one, and it wasn't even really in the fed's hands to do much. the fdic said, guys, we just decided there's no limit. >> you know i'm long small caps. i've been pounding the table on that. >> how can you be nervous if

you're long small caps? >> wait, scott, i see you laughing, but you know this, bravery is not the absence of fear. it is action in the face of fear. it is wise to be looking over your shoulder and saying -- >> can i defend jim. this is professional investing. at 40,000 you can put on the party hat for a second, take it off and start worrying about risks. that's what you do for a living. >> something other than stocks. you own bonds and cash. >> whatever makes you comfortable, but that's what we should be doing, where we're add adding value. >> how can we look and build into the portfolio if the market surprised us with some sort of move, i'm not ready to buy puts yet. is it small exposure to something that is going to rally in the case of a surprise here?

we need three cuts still. the fed is holding strong here right now, and we'll see it start to maneuver in the summer. >> there are a lot of answers as to what you do. it depends on how active you want to be and how much time in front of a bloomberg terminal. for most it's asset allocation. at any time there could be a reason or not a reason. stocks will give you heart stopping moments of volatility. they will enter cyclical bear markets during secular bull markets. they will do what they want to do. the standard deviation is about 17. this is the business we have chosen. the right answer for me is asset allocation. i'm working for rich people. i don't need to be 100% invested in stocks. it's not the goal, not what we're trying to accomplish. >> your bond portfolio in the

risky scenario does not protect you. >> credit spreads. >> if you're going to have higher rates, it doesn't protect you is the point. >> incenario we are furiously cutting. >> i have been very strong saying there's not a recession, there's not a recession. by no means am i saying there won't be a recession. no one should make that mistake. >> of course there will be. >> here is the stock trading at five times earnings. hold on, scott. someone is saying, should be at least seven times earnings. that's 40% higher. >> my only point was it's hard to criticize, if you want to use that word, the housing trade saying you don't needily trust it here -- >> i'm not criticizing the

housing trades. >> -- but make the case you like all these other things. >> i am not criticizing the housing trade. that should work in the same way ge should work. >> hold on, scott. i've got you. >> one of the reasons is you suggest that you're nervous -- >> i have so much else that is tied to this economy doing well. >> we'll have to leave it there. >> do you want to go down the list of ge, winn, delta? >> i don't. up next -- >> i'm trying to get you out of this. >> liesman, good to see you here. >> good to be here. >> as josh was just saying, we do have drops for cisco and deer, target and ibm. we'll break it down next. >> announcer: are you following "the halftime report" podcast? what are you waiting for? look for us in your favorite

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all right. committee stocks on the move. let's kick some of these around. farmer jim, cisco. earnings beat, biggest drop in revenue in 15 years.

>> i listened to the call and, scott, sometimes you wonder, why listen to the call? and the answer is you listen to what the analysts are questioning and it figures things out. they said customers are working through inventory. the inventory will be worked through. they had pretty good projection including a.i. growth. the question from the analysts showed after three quarters of disappointment it will take more than one quarter for the analyst community to believe what they're saying. that's the way it goes. you miss three quarters, you're in the penalty box. it takes more than one quarter to break out. i think they are breaking out in terms of operational performance. the stock is down, but i'm going to give it another quarter. if they perform well, that should take it off to the races. >> i'll let you make peace with the fact you don't own deere, you don't ride it on the farm,

hence farmer jim, but you do own deere, the shares. you can sort of make sense of all that. >> it's not a good quarter -- well, a fine quarter. >> they lowered their outlook, right? >> lowered the guidance. >> a lot of people in the stock, including me, have been waiting for the trough. the crop price have is been down, affecting the ability to buy tractors. got it. the fact that the stock is only down 3.5% is indicative people think this quarter will be the trough. we'll see. for now i will stick with it. it's on life support. >> am i the only one who sees the irony that farmer jim doesn't own a deere? he chose another tractor brand but owns shares? >> josh, do you want to make a comment? >> no comment. i'm not mad, i'm just disappointed. >> the yen was very cheap when i bought my kuboda.

>> the small to average size farmer right now not only prices are down down, they are stuck and that is just cash that they don't have. >> a chicago native. >> we run a commodity brokerage firm and it's a big issue. it's the hottest topic but people have a lot of cash. >> the only thing i will comment on that's correct and held the stock back for quite some time. >> unfortunately, it's worse than you think. >> okay. >> target. target gave a strong -- walmart beat. a strong outlook. target probably getting a lift on your screen. bill, you own that. >> walmart has leaned into the

grocery space. i'm excited to hear their advertising business. if we're seeing nondiscretionary items in the paychecks or people's wallets, the advertising business may have to step up here. >> okay. ibm and palo alto. buying a cloud security -- palo alto is buying cloud security software assets from ibm. steph, you own this. >> i do and i just want to make a comment, by the way, on target. i also own it. we learned that private label was strong at walmart today, 30% of target's business. so that should be good. and saw low single digits in general merchandise. i can't remember the last time we saw that in terms of results, better results, and we know that target skews more towards general merchandise. on ibm, this is a great announcement more for palo alto because they get the better distribution and more customers, gets a payment or incremental

payments and more of the access to their product. i don't think it's a needle mover, but i still like the stock. >> let's get the headlines with kate rogers. donald trump's defense attorneys press michael cohen on his tax evasion guilty plea and false statements he made under oath. the defense is trying to depict him as untruthful and biased against trump in his former hush money trial. he said he directed him to pay stormy daniels $130,000 to cover up an affair. the u.s. military anchored a floating pier off the coast of gaza today. u.s. central command said delivery of humanitarian aid are expected to begin moving ashore in the coming days. as many as 2 million meals could be delivered each day as the war between israel and hamas stretches into a seventh month. officials say prime minister's condition has stabilized but is in a life-threatening situation. the inspect who shot him five

times yesterday in an attempted assassination was a lone wolf who had taken part in anti-government protest and has been charged with attempted murder. scott, back to you. >> kate rogers. veedberkshire's big mystery bet real. contessa brewer joins us live with those details. we'll trade it, too, next. nking. to help you see untapped possibilities and relentlessly work with you to make them real.

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we're back. berkshire's big mystery bet finally revealed. contessa brewer here at poest 9 with the details. you may have an idea what sector this comes from. were you surprised to learn it was? >> no, because -- be. >> -- chubb. >> i've been flagging this about chubb in particular which has managed to draw down in its exposure in high-risk areas, but here is a company that offers a diversified mix of products. it has financial lines in casualty, personal pnc, significant life insurance business. in fact,life insurance, premiums written and deposits collected

were up 40% in the quarter and more than three-quarters of chubb's business is in the u.s. and asia, which the company says, be scott, it expects to grow about 40% faster than the rest of the global insurance market over the next decade. in the first quarter earnings call, the ceo greenberg said he is seeing the best rates and the best pricing overall insurance has seen in the last four to five quarters and chubb especially. and 2023 was the best year in the company's history, net income, up 72% over the previous year. why does it matter? berkshire hathaway started buying this stake in the third quarter, increasing through the fourth and the first quarters. and when you look at, say, the start of the first quarter, shares rose so berkshire got in on that. you have all cylinders firing, discipline underwriting, lower catastrophe losses, higher interest rates are fueling investment income, and then this growing life insurance revenue.

the street high target price of 294 and said, look, when you look at the concerns over inflation and especially social inflation, which is litigation, essentially, it has driven pricing to a place that's exceeding the loss cost. >> first, i want josh's response because you speak so eloquently about berkshire and timing and such. what do you make of this? we spend time speculating what it is. you mentioned you thought maybe it was amazon but it's rile in their wheelhouse. >> can i ask you a crazy question? >> sure. >> is evan greenberg hank greenberg's son? >> yes. >> wasn't there innuendo warren buffett may have been partially responsible for the troubles that aig had from a regulatory perspective but that was fake and made up on the internet?

>> that's a very in the weeds question going back -- >> i know. >> -- way longer -- >> you can punt on that one. >> are they friendly, though? >> i give you permission. >> they must have a good working relationship. >> can i turn this around and ask you a question? why do you think berkshire hathaway would -- which has a massive insurance business of its own -- put all of these eggs into the insurance basket? it's a lot of exposure to insurance. >> yeah. i would only be able to speculate, but my guess would be the valuation made sense and the business is in for a cycle that they want to have expanded exposure to. >> i'll throw the question back at you, because in some respects the returns of this space are somewhat self-explanatory, right? haven't the stocks done well? >> they are doing very well. and you've seen chubb hit all-time highs recently, not in the last week or so. here is jmp saying, we can't

think of a company that has a better mix of business lines, geography and talent to take advantage of than chubb currently trading at 1.7 times book value where the peers are 2.0. >> which i'm sorry to interrupt you, we're showing one year of chubb. i gather a lot of charts in the space would look similar to that, which is why you raise your hand all the time and say, hey, guys, take a look at insurance because the stocks that never get talked about, because the industry is perceived as being boring, are actually giving you some of the better returns. >> metlife right now, shares over 12 months up 50%. american aig, 52%. we just got news on aig selling off 20% of corebridge, which was a life insurance business, and it's making a lot of money on those decisions. one more thing, because prices are where they are,these companies are making boatloads on excess.

>> where do we talk about -- where is inflation sticky? insurance is one of the areas that experts keep talking about, where inflation remains sticky and elevated. who is minting money off of that? >> also, 5% risk-free rates make it easier to fund future liabilities. they don't have to reach for yield. it helps the portfolio. >> part of it is they're catching up. if you look at the car insurer, cpi breaks that out, you'll see they've been spending way more than they're taking in on paying out on claims because inflation for parts and labor has been superhigh and now it's just catching up and now investors are like, we can take advantage of this. >> is this the most fun insurance conversation you've had in a long time? >> it's certainly the longest. >> i just want to know. >> if it was bad, it would be shorter. thank you, contessa brewer. up next, more mmtecoite

moves. bill baruch. we'll give you the details next. are you interested in safeguarding your investments with gold? alamos gold is a growing canadian gold producer with a long track record of outperformance. alamos gold. invest with us. our growth sets us apart. at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today.

♪ let's tell you about another move courtesy of bill baruch. it is one of our "calls of the day." uber reiterated by bank of america, price target 87. show the stock, please. bill baruch has bought more shares of uber. tell us. >> there's two pieces of news here. the partnership with costco, they will deliver groceries. costco has great groceries. the other piece is the shuttles from concerts, places like livenation. the shuttle business is something and highlights their global reach, something they've had in europe in the middle east going back to 2019. now the company has grown broadly since then. from the rollout of that in 2019

to now the revenues almost 9x in that time. they're trying to see how to keep it going creating more revenue. it's about a 3% position sitting just outside the top ten due to underperformance recently. the concentrated portfolio i own no more than ten names. >> quick comment? biggest position still for you, be right? >> it is 9% below the 50 day. rsi has been 30s, 40s. i think that's a stock and an up trend. the momentum is gone. >> talking technicals, 58 to 60 bucks. i don't want to see it break. >> come in and buy. >> buying today. i bought call spreads for myself. >> okay, we'll revisit.

committee stocks coming up. adth nt.and losers and we'll tre emex

we're back. let's talk about some stocks. we've been doing this all week on a hot streak, as many, many have. one of the reasons we've been able to get the dow to 40,000. j&j, stef, seven days in a row. >> i'll take it. it's being a disappointer over the last couple of years, but i think they're getting closer to the tax settlement. at 14.4 times, i'm going to stick with it. >> 3m, six days in a row top five position for you. >> it is. we got another upgrade today. only four buys on this stock, and there are ten holds or sells. people still don't believe.

you know i like spinoffs. i just bought off their health care business, and i think they are settling all their legal issues, as well. the stock trades 14.7 times with a 3% yield. so with a new ceo, a great ceo. >> bill, cat is five days in a row. >> inflation reduction act is a big thing, but the ppi data that came out that general equipment services both public and private really surged in april. and i think that just continues to be a tail wind for caterpillar and uri. >> tractor jim, qualcomm four days in a row. >> look, this is a great stock. the sentiment is really riding high in qualcomm. but so are the fundamentals. earnings are being revised upwards, meaning you're doing ai computing on your phone, not sending it to a data center. >> this thing's breaking out. >> thank you, my brother.

just throwing that out there. i love you. >> i thought the response was a little patronizing. >> i didn't mean it patronizing. >> i'm going to own it both. not a bad point. i've got a lot of qualcomm, josh, i do. >> i would never patronize him. >> i'm just kidding. "falras"reexin tde a nt. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly. (♪♪) car, this isn't the way home.

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a big interview coming up at 3:00 eastern time, an exclusive of rick rieder of black rock. we'll see where he thinks the markets are going from here. covers everything, fixed income, equities. so i hope you will be with me then. stephanie, final trade is what? >> bank of america. higher equity prices and trading at two times book. >> farmer/tractor jim? >> citi group. should close that discount to tangible book value. >> mr. baruch? >> the cloud is under attack. crowdstrike is setting a record high right now.

>> you talked about that yesterday. >> josh brown this >> brk, an upcoming name. i think this has something going on. >> that would be berkshire hathaway. dow is just below 40,000 after topping it for the first time ever earlier in the session. i'll take you through the final stretch at 3:00. "the exchange" is now. ♪ ♪ >> thank you very much, scott. welcome to "the exchange." i'm kelly evans and here's what's ahead. it's a milestone moment for sure. the dow hitting 40,000 for the first time ever. but can the bulls keep it going? our market guest has some concerns about the strength of the economy and the consumer. here's here with what makes him worry and what he's still buying. and one of our guests is hoping to attract a particular kind of consumer. we'll tell you who, how and why they're on this year's disrupter 50s list. and is the