nickname. >> moderna, new 52-week high here. no real resistance for that 200 day moving average at $160. >> bryn, what do you got? >> palantir. they just had their sixth quarter of positive gap earnings. great name to go with nvidia. >> from the rancher to the farmer. >> oracle. >> i'll see you on "closing bell." "the exchange" is now. it's big hour here, scott. thank you very much. welcome to "the exchange." i'm kelly evans. here's all what's ahead. microsoft's developer's conference underway, with the ceo giving the keynote right now. we'll continue to bring you all the headlines from that event as we get reaction, as well. and the nasdaq is just fractionally higher after hitting another record high yesterday. we're on record close watch for the nasdaq and the s&p, while the dow is on base for a second positive day in three. the ten-year level just around

the 4.40 level, as we heard from five fed officials conveying the path down to 2% will be longer than expected, and it will be bumpy. here's where that puts market probabilities right now. first cut expected in september. we'll see if that changes after our live and exclusive interview. steve liesman is standing by with the fed governor chris waller. welcome to both of you. steve? >> kelly, thank you very much. i am here in washington with fed governor chris waller. thank you for joining us. >> thank you. by the way, i hear birthday wishes are in order. >> thank you. it's not on the agenda. we have a lot to talk about, but thank you very much. can we talk about the inflation dynamic as you see it? how was 2023 in terms of what has been called really the solid progress that was made on inflation differed so far from 2024, how is the dynamic going to work this year? >> i would say 2023, we really did see a lot of unwinding of

supply side problems. we also saw a large surge in immigration that wasn't appreciated until much later. and that did a lot of nthings. it had a positive effect on growth, employment, and prices coming down. the first quarter of this year, what we're staring at now looks much more like demand side. so a lot of supply side stuff, except for the immigration, is kind of unwound. so what you're staring at now is much more in demand. that's where policy will have to have bite to bring the economy back into a more modern state and bring inflation to target. >> oh the extent you said this morning, you expect inflation progress to continue. is it from the demand side and the weakening demand you expect progress to happen? >> that's my view, that demand -- the supply stuff is on course. it's hard to appeal to pandemic supply side problems, when every firm i talk to, supply is not

really the problem. so in that case, it's demand. and in that sense, it's just, you know, strong consumer demand. they're basing that off of a very good jobs market. the jobs are secure, the real wages are rising. and that gives you confidence to consume. particularly in the middle and upper groups. some of the lower groups we're seeing more stress. >> but you have seen weakening in april and that brings down the inflation numb sners >> the inflation numbers, they're around the 0.3 monthly numbers. that's why i was joking this morning, the second digit seems to be a big deal whether it's above or below 0.3. but whatever we saw happen, we'll see policy start to put more downward pressure on demand. we're seeing it in the labor market and in surveys and manufacturing, non-manufacturing, things i mentioned this morning. so keeping the policy where it is, it's restrictive. it will continue to slowly grind

down the economy but not throw it off a cliff. >> tell us how we measure restrictiveness in the policy rate. >> well, i'm going to do the standard thing. i'm going to take the policy rate and take off, you know, expected inflation year out. when you do that, those are roughly around 2% or a little above. so you're staring at a policy rate of 2.5% to 3%, so that's by most estimates restrictive stance. now, if you think, you know, our star is much higher, the neutral rate, then you're probably saying it's not tight enough. but i think it is. i think we're starting to see the moderation throughout the economy. >> so, baseline seems to have shifted quite a bit. t does your baseline still call for rate cuts this year? >> i would say that the data does not look like we need to raise rates. so, like i said this morning, you never say never as a central

banker, but i don't think we're going to need to raise rates. so that means hold rates for longer, and if the data continues to soften throughout the next three to five months, you can do it at the end of the year. >> oh not multiple cuts necessarily, maybe one or a few? >> depends on the data. >> but it's got to show clear confidence. >> we thought we kind of had it through the last six months of last year, and then you get surprised. we just need to make sure it's on its way down to target, and we think it will stay there. >> do you think rate cuts as a process, or sit possible to do one and hang out for a while, do another one, or is it a process, and also do you worry about the market sort of overdoing it if you start to cut rates? >> i think the idea you would say cut once and sit for six months. i'm not sure what you would accomplish with that. so when you cut rates, it's because you think policy

could -- needs to be loosened or doesn't have to be as tight. and that typically is one cut. so it's usually you want to think about a sequence of cuts. do you want to do three, four consecutive meetings, go every other meeting. but doing it once just doesn't seem to make sense to me. >> how do you measure the downside and the upside risk? are they balanced right now? do you have concern that if you hang around at this restrictive rate too long, that you create too much of momentum to the downside that you can't control? >> that was what we were worried about the first three months. january, you're thinking some weird, seasonal thing, but we saw it in february and march. we finally started getting some evidence that the economy was moderating on the real side, and that we had a break on inflation. if we get it some more. that's why i don't think there's a lot of upside risk. like i said, things could change, rate hikes could be on the table under some scenarios of the world.

right now, i don't see that as the case. more likely we stay where we're at for a month. if we get enough data going the right way, then we can cut rates later this year, beginning of next year. >> what do you think of federal spending? it's something that you have to deal with. i give you those cards and you have to play them, do you forecast the impulse of federal spending will decline this year or still something that you think will be adding to growth in the quarters to come? >> well, i think the level of spending is probably not going to change that much, but that's not going to cause a lot of growth rate effects in the sense of accelerating growth. it may keep growth high but not cause it to go high. it's -- the bigger issue for me is deficit spending is going to get to a point where treasury issuance outruns demands and rates start going up. that will affect us in terms of how we think about our star. >> does it factor into

inflationary impulse you think, this federal spending is part of the inflation problem we have? >> that i can't really say. there's a lot of regional evidence, particularly with all the ev stuff, if there's a lot of surge and demand for various equipment stuff. but we have to -- it's a $28 trillion economy. so if something like an extra $100 billion in fiscal spending isn't going to do a whole lot to the economy. that's what gets lost a lot of times. it's a huge economy. to have a big effect on the economy, it has to be broad based. >> there's talk this week that there's -- what's the word, agreement on the bozell three end game proposal that would reduce the burden of the capital increase to the biggest banks, is that something you support? >> well, we had an open board meeting last summer where we publicly took our positions, and you can see from that meeting there was kind of tepid support

for that proposal, the original proposal. i dissented from sending it out. other comments were very lukewarm on it. so it should not be a surprise that to get something where we could all roughly support it was going to take some time. so i have taken the view that on bozell, the same as monetary policy, there is no rush. we can do it, take our time, get it done right. we're not in any hurry to get it done, just forthe sake of getting it done. so that's my view. if we get to a point where we can all agree on it, that's when it will be appropriate to put it out. >> just something that would reduce the overall level of the increase in capital from the original is something that's more in line with your way of thinking? >> i thought particularly the operational risk impact on capital is way out of whack. that was over 50% of the capital increase.

>> there's an election is coming up, the federal reserve is being talked about. how much do you think about federal reserve independence and for the need to remain in place, and the pushback of you guys talk too much? >> i've been studying the central bank since i was in graduate school. the independence has served us well. it keeps us thinking long-term. we don't take political sides trying to influence elections. but at the same time, i always try to stress that there's two aspects. we have independence in how we set the fed funds rate to achieve our dual mandate. we are still accountable to congress and the american people. and those are two aspects of it. we are free, given that we are given our objectives, we use our tools to meet that objective. but we are accountable. bedo that through the chair's testimony, explaining in the press conference and the statement why we are doing things and what we do.

>> and come here on cnbc. >> so central bank independance is critical, it's been a critical role to keep politics out of the setting of the rate, and it does show up who gets appointed to the board of governors. that was some of my research 30 years ago. this is a way that the political preferences get put into place. it's not by something you dictate to, but they have the same preferences that you tend to have as an administration. >> i have a hard time saying that appointees of biden or obama are more dovish right now than those from another president. >> in a sense when you get in, you think about your dual mandate. that is your job. how do you make sure that you have full employment and price stability? that's what is just our job, no matter who put us in. >> thanks for joining us right here on cnbc. >> appreciate it.

>> kelly, back to you in jersey. >> thanks to bringing that to us on your btirthday, steve. steve liesman reporting. >> that was a good present, thanks. my next guest agrees that the fed has no reason to cut but that conversation will be alive and well if the unemployment rate rises above 4%, and we are so close. let's bring in chief investment officer and a cnbc contributor. anything jump out to what you just heard? >> it's clearly a wait and see, play it by ear mode that they're in. i think they're obviously leaning towards cutting. i think they want to take the edge off the current level of the fed funds rate. they're just looking for a reason to do so. in their eyes, they haven't found it yet. >> i think it's interesting that the ten-year is only at 4.40. the fed officials are signaling that we need to see more trying to push back the timeline. >> i think markets are hoping that the momentum to cut will dull as the year progresses,

particularly the ecb is cutting in june. the bank of england seemingly wants to cut. the bank of canada may do so again. so there's a growing momentum that this is the thing to do and the fed will follow. but there's complicating stories happening here. you have the unemployment rate that is at a 2 1/2 year high, even though on a historical basis it's still low. but we see what's going on with commodity prices. >> i was just going to ask. >> can any self-respecting central banker want to cut rates when gold is at a record high, if you perceive gold as money? >> we old debate gold later in the show. what is your spin on that? it's interesting to watch cold and copper both at all-time highs. >> aluminum at a two-year high. the raw material index is at the highest level in a year. so it is broad-based, at least from the industrial metal side. silver joining the party here. now, there's no doubt that central banks have been massive

buyers of gold, but that's for a reason because they don't want to own as many dollars, via u.s. treasuries. so the fed needs to pay attention to the price of gold because if they get too aggressive at some point with rate cuts, that's going to directly impact the dollar. if you weaken the dollar because of what you do with monetary policy, that could import inflation. you can see oil prices then rise. then they're really stuck. so there's no easy path here. >> does it tell you that markets, even though the fed's trying to push this timeline out, that markets are anticipating a dovish outcome? >> i think markets have been front running easing of monetary policy for the last year, plus. >> that's generous. forever, basically. >> yes, true. >> so what consequence does that tell you? do they need to come out more aggressively against it, or just the market itself think the data is going to be more inflationary. he said, you know, what do i mean by good data?

what grade do i need to give inflation reports? let's say i don't have to go out two or three decimal points to find good news. he wants it below 0.3. >> you said a very important word, consistently. the fed is trying to play the trajectory of inflation and saying it's coming our way. if we are get a 2 handle on cpi, we'll be okay to cut. but keeping it consistently low is sort of the next battle that is yet to be fought. >> i guess what i'm trying to say, it's weird that commodity prices are telling us that they take the fed at their word, that it's all going to come down and rate cuts will happen. you think markets would say no, way, it's not going to be as easy as you think. but wouldn't we see rates backing up and commodity prices telling you have? >> the long end is inflation will continue to moderate. the rising commodity prices are saying, not so fast. this is a much more complicated

situation than you think. it's not okay, the economy slows, inflation gets to 2%. the fed cuts rate, and everything is okay. the commodity mood here needs to be focused on and as i said is going to muddy up the fed's job here. >> should we just abolish the fed? thomas massie just introduced a bill to do so. there seems to be no objective way of setting monetary policy. do we need to look for a rule to do so? >> if you're a bank and i'm a bank, based on the supply and demand of money, we can create an overnight rate rather than 18 people trying to price fix that cost. >> if it's that easy, why all of this drama? >> we can only dream that the market will eventually set the price of money. >> peter, we'll see. thank you for joining us. coming up, we'll go live to seattle for microsoft's latest

ai announcements and where that leads the tech giant in the ai arms race. and gold is having a moment, hitting record highs, up 17% so far this year. do you buy into the rally or a pullback ahead? and the names to take advantage of. our trader tells us more and we'll hear the other side. a classic bull/bear debate is ahead. "the exchange" is back in two. this is "the exchange" on cnbc. [crowd chanting] they ignored your potential, and mocked your ambition. but it's not the critic who counts. with every swing and block, your game plan never changed. ♪♪ some still call it luck. let them. because you know what it's always been. inevitable. ♪♪ ♪♪

a slow network is no network for business. that's why more choose comcast business. and now, we're introducing ultimate speed for business —our fastest plans yet. we're up to 12 times faster than verizon, at&t, and t-mobile. and existing customers could even get up to triple the speeds... at no additional cost. it's ultimate speed for ultimate business. don't miss out on our fastest speed plans yet! switch to comcast business and get started for $49.99 a month. plus, ask how to get up to an $800 prepaid card. call today!

welcome back to "the exchange." shares of microsoft are hanging onto a percent gain right now, as the company's developer's conference continues with the ceo unveiling the latest ai announcement. steve is on the ground live there. what are the biggest takeaways? >> just a flood of announcements. there are new features for ai assistant co-pilot, access to technology from openai, and a new partnership with one of the buzziest startups out there. let's start with co-pilot. new feature called team co-pilot, it works as an assistant for multiple people in a group or entire company, takes meeting notes, keeps you on time, reminds you of the most important toptopics. and there's a test version

coming later this year. and also, announcing some tools for companies to build their ow lot of companies are doing with other tools, basically because microsoft's co-pilot is too expensive for them. as for openai, microsoft is now offering access to gpt 4.0, the new version of openai showed off last week. that lets you interact with chatgbt over text, video or audio and chat with the assistant. we got some demos of that, as well. microsoft has its own ai model for those capabilities, as well. but look, no sign of scar let johansson here, but we are expecting to see sam altman take the stage. and a new partnership with cognition, a hot startup backed by peter teal. it already has a $2 billion private valuation. it makes an assistant called devin that does all the coding for you, someone like you or me

can tell it what to make, and the rest of the coding is automated. this is a real bode of confidence from microsoft for such a young product and young company. of course, microsoft gets the benefit there, as well. cognition will run all that activity on the azure cloud and more to come. this is a really long conference, so more demos and stuff coming soon. >> and a big, buzzy startup in an age when people said ai wasn't going to lend itself to that. so perhaps there will be more to come. boil this down, how do you think computing changes after today's announcements? >> to be honest, not too much, because a lot of what was announced yesterday and was being announced today is going to be rolling out kind of slowly. those ai pcs that were announced yesterday aren't going to go on sale until next month. microsoft doesn't expect to sell more than 50 million this year. so about 250 million pcs were

sold last year according to estimates. so you can just kind of game that out and maybe 1/5th of pcs this year will have those ai capabilities. and it's coming to mobile apps, but you're still going to be using your stuff the way you have been. >> and your smartphones and all the rest of it. steve, thank you very much. appreciate it. microsoft has zero sells and 54 buy ratings on the street right now. my next guest is bullish and sees another 35% rally from here, helped by that azure cloud growth. brent bill is a software and internet research analyst with deidre bosa. welcome to both of you. brent, what excites you about the announcements of the last couple of days? >> thanks, kelly. it's all incremental. nothing really big splash. the opportunity for them to bring ai to the mass market in these new pc forms is really interesting, because if you think about today, we're in a

cap ex war with microsoft, amazon and google, but if they can put the processing power near us and not have to send it back to their cloud, we can incur the cost. so over time, there's a way that microsoft is trying to figure out how to off load this ai processing cost. the other thing that's supper impressive is microsoft is gaining mind share and market share with cios. they can talk ai from applications to infrastructure. so i think at this point, we think they've gained the most market share. when we ask anyone in the industry if you had to have a draft pick and you could pick one for ai and it's microsoft, amazon or google, 90% of the experts we talked to are drafting microsoft. so i think the vision, they're ahead. they're thinking outside the box about even processing costs and where can they put this processing power locally? so we think this will be, again, all incremental in the conference. nothing really big and new to

get super excited about, it's pretty technical. but it builds into our thesis, that they're so far ahead in this wave that we think that they can continue to drive close to $15 to $16 earnings power. you put a 30 multiple on that, and the stock is firmly, you know, in the 500s. so we think there's a lot of upside. >> deidre, i was interested there, it was a different kind of discussion but didn't mention apple. i wonder if we need to wait and see what their competitive response is to keep the iphone and sirri to be the stickiest relationship with the customer, even more than a pc. >> the last few weeks have been so event heavy. they just raised the bar for apple, especially with this impressive ai powered pc. what is apple going to do to kind of reclaim its spot and

really tell ambainvestors that has the strategy. when did you take that survey? >> this is ongoing. we just had a call on this, so this is as current as -- >> 90%? >> we continue to -- we don't to hear -- there's a world of multicloud. so most enterprises are going to go microsoft and amazon, amazon and google. they're going to take two. but when you ask -- if you ask a simple question, who is ahead? everyone is saying microsoft. >> so it's interesting when you say that, brent, because over the last year, it has been microsoft. but google is up 26% year-to-date versus a microsoft up 14%. do you think that there should be a shift, especially after the io last week when you talk about bringing ai to the masses, and

who can do this better than google? >> yeah, i think we bracketed enterprise versus consumer. so we like amazon and microsoft in that world. for the consumer world, it's meta and google. so why is google had such a strong outperformance? they had a slow start and made up ground. there's more ai underneath the hood than they've been able to show. they've done a terrible job explaining it. so i think they're catching up, the stock's cheap, so yeah, i believe that google is going to have a great seat at the table. when i talk about survey work, that's for enterprise users. that's where microsoft is leaning, amazon is too, and google is a distant third. >> on that note, brent, you said, and it's fascinating to think about, microsoft is trying to push people out of the cloud and back into the puddle or whatever we call the actual personal computer.

but azure is the excitement, the cloud is still why investors love this stock. are you suggesting that it's not as good of a return on capital or that margins are going to come under pressure because of the cost of all this computing? it's interesting to say their biggest strategic advantage is something they're trying to push back against. >> yeah, they're not trying -- this isn't going to have a dent in azure. the long-term basically is you want us to have great experiences, right? so if you can put some of that processing power and make it easier to consume locally, on the edge as we call it, this is a phenomenal opportunity for the experience. so if experience is better, then you're going to -- you as a consumer and enterprise are going to adopt it more. second is, it's not going to mean that azure is done. the point of this is, you're going to have a lot of different ways to effectively handle these requests, and the beauty of what microsoft is doing versus amazon

versus google is that microsoft goes up and down. a lot of the other companies are stuck in the infrastructure world, and they're partnering with application companies. so cios are making these decisions and looking at this saying if i have an ei machine, i have an office experience in terms of ai, i can put my back in, then security and all my data on microsoft, this one-stop shop is resonating. again, he was way ahead of everybody else. he led this whole journey. this is why google is playing catchup. amazon is playing catchup. and they are going to catch up. but, again, from my perspective, microsoft is ahead. the consumer side, it's really meta and facebook right now. >> deidre, quick last word? >> the last word, one thing we didn't talk about is microsoft

diversifying its ai strategy. new partnership with another ai darling, and that's on top of openai, which made that $13 billion bet on, is openai's problem starting to reflect on microsoft? i think steve said that sam altman will be taking the stage, but it's notable that it was a big hire for them and they're putting more people out front and center, more partnerships than you're seeing a diversification. >> all right. we'll leave it there. thank you both for your time today. deidre bosa, brent phil from jefferies. coming up, comcast revealing its latest streaming bumdzle. oh, yes, the bundle is back. we'll look at what's in it and who could come out on top in the race to rebundle. three more names on deck to report. our trader is a buyer, calling it a cheap sock with upside potentl. n u guess it? that's coming up in "earnings exchange."

the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future. a future where you grew a dream into a reality. it's waiting for you. mere minutes away. the future is nothing but power and it's all yours. the all new godaddy airo. get your business online in minutes with the power of ai.

while i am a paid actor, and this is not a real company, there is no way to fake how upwork can help your business. upwork is half the cost of our old recruiter and they have top-tier talent and everything from pr to project management because this is how we work now.

welcome back to "the exchange," everybody. i'm tyler mathisen with your cnbc news update at this hour. former new york city mayor and donald trump lawyer rudy giuliani pleaded not guilty today to nine felony charges in arizona's election interference case. giuliani and at least 11 others are expected to be arained today on conspiracy and fraud charges for trying to subvert the 2020 election in that state. more than 25 million people in the midwest are under threat of storms, bringing destructive hail and tornadoes. rounds of storms have been making their way over the u.s. in the past week, including one in houston, leaving hundreds of thousands without power amid high heat and humidity. the french railway workers went on strike today, to attain an olympic bonus for agents

mobilized during the paris 2024 games. other french unions, including those representing garbage collectors, police, and airport workers have also demanded olympic bonuses. le bonus. back to you, kelly. >> thank you very much, tyler mathisen. coming up, gold is surging to new records. the commodity has settled a new record 23 times already this year. so, do you stick with it or is the rally about to lose its shine? we have a classic bull-bear debate coming your way right after this. it's a pillow with a speaker in it! that's right craig. a team that's highly competent. i'm just here for the internets. at&t it's super-fast. reliable. you locked us out?! arrggghh! ahhhh! solution-oriented. [jenna screams] and most importantly... is the internet out? don't worry, we have at&t internet back-up. the next level network. i sold a pillow!

welcome back to "the exchange." gold prices keep hitting new highs. but dan rasmussen thinks a correction could be coming saying -- >> let's debate that. associate portfolio manager chris mancini is our gold bull. i bet it was harder to find a bear than a bull. chris, make your case, why should people still pick it up when we are talking about 27 new highs this year. >> i think the big picture is

that the gold prize is still here, not with standing big withdrawals and redemptions from gold-backed etfs. in the united states, we have seen consistent selling of gold backed etfs like the gld, which are typically the swing supply or demand of gold in the market, because there's typically a base load of demand from chinese and indian consumers and a base load of supply from the mines. so the etfs make up that swing supply or demand. we have seen a big supply of gold come on the market from these etfs. notwithstanding that, there's been this big move up. so if and when we do see westerners become interested in gold, which i think they will, it will have another leg up in the price. >> bob, we know they're getting interested, because costco is selling little gold bars and people think maybe i should own

some of this. peter made some good points how chinese and global central banks have been very interested in buying gold and gold has outperformed the s&p since the turn of the century. >> that's correct. however, if we look more recently, gold has clearly underperformed a number of other commodities, most notably copper and silver. gold has underperformed the s&p, and if we look at what's happening in gold markets at the moment, china is absolutely -- it's not just the central bank of china that's increased its asset allocation to gold, we've seen chinese retail investors, a strong demand for that source of gold purchases, partly because they have fears about the chinese economy. but also there are these rumors, which the central bank are dismissing, that china may consider a devaluation of the

chinese remidty, causing some fear with investors. i think another factor obviously is with sanctions, russia, the second largest of gold worldwide, its marketing of gold onto global markets is disrupted because of those sanctions. now, if we look forward, we're going to clearly have one big problem for gold apart from the fact that it's technically overbought, the price is very high relative to where we have been the last couple of months. but we are now in a monetary regime of positive real rates, and as a result, i think that is really going to cap the upside. i think other factors, that if we look at what is supporting gold, a number of factors could prove temporary. so i think not necessarily thinking very long-term, but just over the coming months, gold is vulnerable to a setback. >> it has been interesting to

see it rally so sharply in the face of these high real rates. chris, not to get too in the weeds about it, but where do you think gold could be headed? the 1980s would be around the $3200 high mark. are you seeing the breakout of that nature coming? >> i mean, i think that's definitely in the cards. when we look at what's happened with bitcoin, for example, and that goes from $55,000 to $67,000, you know, move right now from $2400 up to $3200, i would just say why not? and, again, the really interesting factor here is that we're not seeing any real interest from american buyers. we're seeing costco and retail, but in terms of like american institutions buying gold-backed etfs, it's just not there. so if we see that tail wind i

could see it going to $3,000 an ounce. >> bob, last word. why are you not in that camp? >> i think we're going to see a pause in chinese buying given what's happened in chinese monetary and fiscal policy the next couple of weeks. i think it will temper that chinese buying and the chinese central bank will probably pause after a strong increase in its allocation. and the key is, chris is quite right, what do american and your p -- youreuropean investors do? i think gold is very much on the sidelines, at least for the moment. >> all right. gentlemen, thank you very much. appreciated that. chris, bob, as gold reaches more new highs. coming up, comcast is getting the bundle back together, revealing its try it platform package. we'll explain that, the details and how much it will cost, next.

at enterprise mobility, our experts always see another road. because with the right mobility solutions, the path to success is shorter than you think. (♪♪)

welcome back to "the exchange." cnbc's parent company comcast just unveiled new details of its streaming bundle. julia has the story for us. julia? >> kelly, comcast stream saver bundle is launching next week. comcast cable ceo dave watson just this morning sharing some details. now, this bundle of peacock premium, netflix standard with ads and apple tv plus will be available for comcast, xfinity, internet and tv customers for $15 a month, a discount of 30% or nearly $100 a year. subscribers to comcast broad brand and its streaming bundle would cost $20 a month can add on the stream saver bumdzle for an additional $10, bringing that price tag up to $30 a month. now, watson saying that this stream saver bundle is designed to drive value for broadband

customers, and he also said it opens the possibility for other potential bundles down the line. all this comes ahead of the bundle of disney plus, hulu and max, set to launch this summer. we have no details on timing or pricing just yet. and then there's the streaming sports joint venture with fox, warner brothers discovery tnt and disney's espn. this is said to launch by the fall. on friday, we learned its name, venue sports, and the fact it will combine linear and digital feeds. sources tell us it will be in the $40 to $50 range. all of these bundles are trying to reduce turn, to increase engagement, which is valuable for ad revenue, and to use their combined heft to reduce marketing costs. now, i'm speculating about what's going to happen with paramount plus with its parent company facing big questions. now we're watching to see which apps paramount plus could bundle with to address its lack of

scale. kelly? >> venue sports, i don't know. they say people -- that verizon took some getting used to. maybe venue sports will roll off the tuongue. with an already confused consumer, will this help or hinder? i guess you would have to think about netflix being an easy one, but all of these properties, peacock is one that includes linear channels obviously because it's comcast product. it's hard to think about what is the content i'm trying to watch, the streaming or linear service that might offer it, and the bundle that might be the best economic way of putting this all back together and it keeps changing. >> i think the idea with these bundles is that they will be a one-stop shop. if you think about what the stream saver bumdndle has, netfx is kind of the everything app. and the fact that they're really pushing the ad supported version shows they're trying to drive eyeballs to grow ad revenue. and apple tv plus, that's the

premium play. more like what hbo used to be. so if you subscribe to all of these together, the hope is you'll get everything you need, and you won't be turning in or out at the end of the month because you just finished your favorite show. >> the next iteration, the bundle. julia, thank you very much. appreciate it. coming up --up, buy the siz sell the steak. that's how our next guest is trading this name into the print. it's nearly doubled other the past year and just loefr the 52-week high. we have today's earnings exchange. that's next. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates

matching your job description. visit indeed.com/hire

a slow network is no network for business. matc that's why more chooseon. comcast business. and now we're introducing ultimate speed for business, our fastest plans yet. we're up to 12 times faster than verizon, at&t, and t-mobile. and existing customers could even get up to triple the speeds at no additional cost. from the company with 99.9% network reliability and advanced cyber security, it's ultimate speed for ultimate business. and it's all from comcast business.

♪ welcome back. we're getting a read on consumer purchases big and small in today's earnings exchange. we have toll brothers, urban and tjx reporting ahead. here with our trades, jewel financial founder and president. quinn, great to see you again. welcome. >> thank you, kelly. good to be here. >> let's start off with toll brothers. the mystery chart from earlier. the home builders nearly doubled other the past year despite -- maybe because of the higher mort gauge rates and uncertain demand picture. quin a lot of questions. some people think this might be

a multi-year run. are you a buyer here? >> we're not. this is a great example of how markets work. you're dealing with mortgage applications at 20-year lows, housing starts that are -- have been poor for many years with the interest rate environment, yet toll and many of thehome building stocks have been on a tear. and our belief is that, again you led it off, buy the sizzle, sell the stake. this has been pricing in the anticipation of rates coming down and uptick in mortgages, home buying, et cetera. so, again, getting ahead of this here, buying it now, i think you're setting yourself up for some pretty big disappointment. at this moment, this stock is now trading ten times forward earnings, which might look cheap, except the projections are for flat to negative earnings growth over the next five years. so, again, this is a name that we suspect once everybody sees what has been anticipated, which is lower rates, this is a name

you do not want to be in. >> it's funny, if you like to hear it, valuation, you would have loved it three times wherever we were a couple years ago. let's move along then, more traditional urban outfitters parent company. they're up 16% this year as a sales slow down in urban outfitters is offset by growth at free people and anthro. quint, how do you feel about urban? >> this is a name we do like. we think could surprise to the upside. this is a name also trading around ten times forward but has that growth for a retailer, decent coming in at 10% in anticipation. pretty decent balance sheet for a retailer. we like that. but here is one thing i thought was fascinating. if you go back to 2010, fiscal year, urban earned about a 1.50. set to earn about $3 in the trailing 12 for this company. so they have doubled earnings in that time. and the stock has gone nowhere. it's peaked out around 35 to 40.

going back for the last 20 years. so this has been really compounding internally, growing that book value and it has been given the higher multiple we think it deserves here. >> that's super interesting. i'm glad you highlighted it. let's move to tjx which owns t.j. maxx and marshals and home goods. it's trailing the market the off price destination, such a strong stock for such a long time. consumer maybe more cost conscious right now. what do you do with this one? >> yeah. you keep going to the store but you don't own the stock, kelly. we talked about names like this before in the past with teenage boys, right? kroger and milk and so forth. t.j. maxx, we like the store, great value. but just not a name that i want to be in. it's been on an amazing run, but now it's trading 21 times forward earnings, only set to grow those earnings at 10 to 11%

and has a very levered up balance sheet. now, here is the kicker, into the report, it could get some, you know, bump regarding the lower end in the consumer and seeing an uptick in sales. i think if you're in this, you take any strength and you book those profits here. >> very interesting. almost the opposite story of urban. so they make a nice comparative that way. the financials and the valuation and how the stock has done. see if they shift tides here after they all report. quint, we appreciate your time. thank you for joining us here. >> thank you, kelly. >> that's it for "the exchange". coming up next on "power lunch," oh, yes, we're speaking with pga championship winner xander schauffele on his victory and what's next. tyler is gettingea rdy. i'll join him on the other side of this break.

♪ welcome to "power lunch," everybody. alongside kelly evans, i'm tyler mathisen. glad you could join us on a tuesday. right now the markets are basically flat, but there is action in individual stocks, as there always is. we have been watching the consumer closely. today we got reports from low's and macy's. >> we have a lot of action in crypto over the past week. bitcoin up 13%. don't look now, it's back over 70k. ether up 30%, hitting record highs on hopes it will be the next crypto with an etf. but we begin with microsoft,