♪ 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,

satya nadella is wrapping up his keynote address at the company's build developers conference. the shares hitting all-time highs today. steve kovach joins us from seattle with more. steve? >> reporter: hey there, kelly. yeah, we're here at the tail end. right now we have microsoft cto kevin scott on stage, giving a lot of demos of chatgpt 4.0. that is, of course, the new language model that chatgpt, open ai launched last year, the one that lets you have these natural conversations. we're also looking, friend of your show, khan, from khan academy is on stage talking about the tudoring benefits. and this is really the big theme of this developer's conference is giving developers these -- the latest and greatest tools to run on microsoft's azure cloud, like i have been saying for so long. that is where microsoft sees the most financial benefit so far from all this artificial intelligence boon. these developers in the room,

about 4,000 of them down stairs from where i'm sitting, they're the ones who are beginning to be using this technology, to groundwork of these open ai dr of these ai tools in order to make their own apps and stuff building off of these systems. so right now we're getting that example of what the khan academy vision is for that and i'm sure people downstairs will be experimenting with more, kelly. >> just a minor note, steve. it's interesting that sal khan can show up at the google event and microsoft event and, yeah, these are fierce competitors right now. we talked about the gloves coming off in the ai wars and yet, some of the same figures are showing up. i also thought it was interesting what brent phil said last hour, in some ways microsoft is happy to let the consumer pay through these new laptops the compute power, as opposed to having everything done back end the cloud being on their dime. that is an interesting way they might be able to come at this contra google and amazon. >> reporter: that's one way to look at it, kelly. but at the same time, the latest

and greatest and the most powerful ai models, they still need to run in the cloud. so, kevin scott, the cto, who again you're seeing on stage there in the colorful shirt, he was talking about, yes, these models can run on the device. you don't need an internet connection for some of them, but they're not as capable even of what we saw from earlier versions of chatgpt. so, yes, that's true. some of the cost does get off loaded to users, and of course, over time more and more will be able to be done without the internet. for the most part, the most powerful stuff still needs to happen in the cloud. that is why microsoft spent time talking about the azure cloud and developers tool how its cloud is able to provide all these tools to the developers in the room. >> apparently if i heard yesterday's conversation correctly, it still needs to happen on a desktop or a laptop, rather than the device that most people use most of the time, which is the phone. am i right on that or not? >> reporter: you are right,

tyler. of course, micro soft just out of the smart phone game. tried experimenting years ago with windows phone and android devices not really working. that's why there's so much -- >> didn't they buy nokia? >> reporter: they did buy nokia, they did. and then -- >> oops. >> reporter: then satya nadella erased that one. let's fast forward to what we're going to expect to see from apple. we saw the android vision for ai on the android side. and we're going to find out in just a few weeks time what that looks like on the iphone. but that's really up to apple. but again, you know, we keep hearing the reports that they're basically have a deal with open ai to provide some of that capability on the iphone. so, you're totally right. that microsoft doesn't make phones and this is a pc-focussed thing for now, but nadella and his team have also said they expect this technology to be everywhere. so that's something to look forward to in just a couple weeks, tyler. >> reporter: steve, thank you

very much. steve reporting from microsoft today. now on to a read on the consumer from two key retailers. macy's trading higher while lowe's are lower despite beating on earnings. the ceos of both companies still expressing some caution about the consumer. here to make sense of it all is melissa, retailer and consumer reporter for cnbc.com. welcome. why don't you dance us through low's and macy's numbers. >> with lowe's we heard much of the same that we heard from home depot, it's a tougher environment to persuade people to do diy projects. people are not doing those kinds of home projects or buying big outdoor tickets because of combination of inflation and interest rates. for macy's, they put up decent results, but they are trying to turn around the company. and so, much of their call they not only spoke about this challenging consumer environment, they also spoke

about progress they're trying to make as they look towards the future. >> as we look at these numbers, i'm always struck by a couple of things. traders may love the fact that numbers beat the estimates, whatever the forecasts were. and a couple of these cases for lowe's they beat on earnings and revenues. macy's case, they beat on one and fell short on other. >> macy's just about in line, a little shy. >> what really matters to an investor is whether profits are growing, correct? >> yeah. >> in neither case are profits growing. >> nor are sales. both of their sales fell. >> so what does that tell you about these businesses? >> it definitely tells you this is a tougher environment. i spoke to ceo marvin ellison of lowe's, he said interest rates can go down, but then you still need consumer confidence to go up. he's talking about kind of the hard to measure things that people still feel price fatigue. even as we're seeing some relief with the numbers, the cpi numbers that doesn't mean people are seeing those grocery prices or housing prices or dining out prices go down.

and so, yes, they think twice about making purchases. that's a reality with anyone selling discretionary goods. >> macy's, if i'm reading correctly is banking on a big turn around. the macy's brand will be much smaller, but more profitable, presumably? >> that is the hope. >> that's the idea. >> one of the things that macy's did today that was very interesting is it teased out the stores it's closing, which are the underperformers from the ones that are doing better. it is planning to close 150 -- about 150 stores. and it broke out how it's stores did at the stores that it will keep open and those did better. it also looked at the first 50 stores it invested in and talked about the strategies it's doing. i spoke to ceo tony spring he said at the first 50 stores it's getting back to basics. adding more employees to the sales floor, adding new brands, expanding popular ones, doing things like special events that drive people to shows, personal styling, fashion shows, things to get more customer traffic.

and again, yes, this is a tougher environment. but what tony was saying is that they're trying to move the needle with their own strategy even in this tougher backdrop. >> give him credit. this is a tough one. >> yeah. but it sounds like macy's is going to a higher touch kind of model in the stores that are succeeding. i mean, what a concept. put more people on the sales floor to take care of you and check you out. >> thought we couldn't afford that anymore. technology was replacing that and all of the stuff. >> he joked on the phone with me. i wish i had some brilliant strategy, but it's a lot back to retail basics. it's fixing the things that are the same old strategies for success. but you know, he acknowledged that macy's has fallen short and that's what's dragging some of the customers to places like t.j. maxx. >> they have to make sure it's profitable in the long run. we'll put more people on the floor and comp sales are up. if their profits can't rise more than the cost of labor and putting all these events, it won't leave them in better shape. >> he did mention the average ticket at the first 50 stores

has gone up. by that high touch experience, people walk out with a luxury handbag or multiple makeup items maybe that can justify the extra staffing. >> when will these store closings take effect? immediate or phasing over several years? >> phasing them in. 50 per year. >> how many total? >> about 150. 50 over the next three years. it will leave them with 350. they're growing two other brands, beauty brand blue mercury and bloomingdales which are the stronger performers of the three. >> there you go. >> there you go. melissa, thank you very much. >> thank you. coming up, the paradox of progressive conservatism. a c-change emerging. we'll discuss that next. as we head to break, a quick power check, first solar up 6%. ubs raising its price target, reaffirming its buy rating. on the negative side, keysight technologies dropping 10% after softer than expected outlook.

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♪ shares of trump media and technology group falling 10% today after the company posted a loss of $327 million on less than $1 million worth of revenue. as former president trump runs for a second term as president, he is reshaping traditional republican's ideas about the economy. eamon javers joins us with that story. >> whether trump or biden win in november, the biggest policy fight of 2025 is going to be over the fate of the trump tax cuts which are set to expire at the end of that year. now passed in 2017, the trump tax cuts and jobs act lower individual tax rates but only for a period of years. tax rates in many categories will snap back to where they were before if new legislation is not passed next year. the top corporate rate was

lowered from 35 to 21% in 2017 and that change was made, quote unquote, permanent, but many defenders of low corporate tax rates worry that the corporate rate could be dragged into a fight over thefate of individual rates and higher corporate rates could be seen as a pay for to keep individual rates low next year. but in an era which many conservative republican politicians see big american corporations as woke and working against conservatives on issues ranging from alleged big tech censorship to transgender rights or diversity policies, some republicans privately tell me they don't think the party will be as eager to fight for lower corporate rates as it has been in the past. and there's a new movement around economic populism, leaders have been churning out books, white papers and speeches from new platforms like the think tank american compass, in an effort to revise the way conservatives think about the economy. the new group rejects the idea that tax cuts are always the best policy and embraces unions,

high tariffs, strict immigration limits, and a transaction tax on wall street designed to stop what the new economic populists see as the financialization of the economy. we spoke to american compass founder on squawk box this morning and he directly criticized the usual republican position on taxes. >> if you said what's conservative? and i think the problem is that in reagan let's not forget cut taxes and then raised them at least five times. this idea that republicans or conservatives are only for tax cuts, tax cuts -- taxes must always be lower, there's nothing conservative about that. that's actually a quite sort of absolute radical nonsensical notion. and so, you know, i certainly understand why -- i understand why the business lobby has pushed back. >> now, republican critics of the new thinking say it will result in higher taxes, higher inflation and less efficiency in the market. one critic dismissed it to me as big government conservatism and

it's not at all clear how much of this new thinking trump himself would embrace if he gets a second term. but something significant is changing. it's worth paying attention to, guys. back over to you. >> when you say or they say embrace unions. what do they mean? >> well, they don't mean union leadership. that's for sure. you know, union leadership is traditionally very staunchly liberal, pro biden put union money behind biden. they do like the idea of workers having more power in the economy, vis-a-vis corporate elites. and they do think that unions that are decoupled from liberal union leadership could be an important force in the american economy. >> thank you very much. eamon javers reporting from washington. election day is less than six months away. and the long-awaiting rematch between president biden and former president trump is promising to be a close and an expensive one. a recent poll from morning consult shows they are neck in neck with trump having a slight lead. while emarketer estimates the candidates will spend a record

$12.3 billion to persuade voters. the largest sum in history all as concerns abound about disinformation and ai. so let's discuss the advertising landscape, leading up to the big day, joining us now for more, nicholas thompson, ceo of the atlantic and here on set with us, paul verna. welcome to you both. paul, i'm a little surprised to hear -- it should make sense, always a record every cycle, but this one feels like there's a lot of apathy out there. some have suggested to the campaigns just spend big in the sort of narrowest of swing states and why flood the zone right now. what do you hear is the strategy we're likely to see? >> i think the fact that there's not a lot of enthusiasm around the election doesn't necessarily equate to less ad spending. and you could actually argue the opposite. that motivating voters when there's this sort of like malaise around the whole election is even more important. we know it's going to be a very divisive election. they all are and they just seem to get more that way every year.

in addition to promoting candidates, you have a lot of issues that are going to be on the ballots. and those are contentious. those are places where i think voters can still be persuadable. so, the ad spending is going to come. there's no question. >> nicholas, before we turn to you, paul, let me ask you a follow-up question here. you say that most of the political advertising dollars, 57% will go to traditional it have. this is notable because in the overall ad market tv will dwinding to 15% of total ad spending this year. why is that? is it because old people watch tv, traditional tv, and old people vote? >> that's part of it. certainly the demographic -- >> i speak personally. >> so do i. >> not for a friend here. >> so do i. i think that demographics have something to do with that. but frankly, some of it is also just tried and true. campaigns have been doing this for generations. that is what they know. >> not as familiar with online. not as familiar with social

media, advertising. >> that said, increasing amounts of the ad spending are going to go to streaming media and digital platforms like social. >> go ahead. >> well, nicholas, i was just going to say i find it quite striking the way that this ad season may be for some of the online platforms as well is something they're a little -- the other advertisers are a little afraid of. they don't want to be associated with it. i'm curious how that might affect business for you? does it help? does it hurt? is it a wash? >> no. -- well, on the advertising side, it definitely hurts. we're seeing some of our advertising partners come to us and say, you know, i think we're going to be dark from roughly september through november. and that's obviously bad for us on the advertising side. of course for the atlantic which also has a large subscription business, a lot of o people are going to come to us and read and subscribe. so our overall business will be fine and will be resilient. some our advertisers will also try to stayaway from our election coverage and political coverage and move into cultural coverage or go to safer live events.

but in general, very much we are seeing big advertisers, nervous about being near political content during what will be an unhappy, perhaps not inspiring election is what people are expecting. >> so it's theed ed adjacentsy advertisers are worried about. oh by the way, atlantic has been one of the great success stories in the world of magazines. where did you say those ads will go, maybe into events, maybe into where? >> well, they could go into events. they could go into covering our cultural coverage. we are also seeing some advertisers who are moving their spend earlier in the year and will probably see some who will move their spend later in the year. december might be a better month to advertise than november, who knows exactly when the election will be settled. so you'll see some change based on timing. some change based on contented a jay sensies. >> interesting. paul, what else are you looking out for that stands out to you about this cycle?

>> well, i think what nicholas is saying is interesting baz it speaks to this whole topic of brand safety which we've been covering. this is the idea that brands feel kind of some trepidation going into this really -- any election cycle but this one more so because of all the things that are happening this year. one of them is ai, which is injecting a whole new set of uncertainties into what happens when that ad gets placed wherever it might get placed. particularly around like toxic content, which now is in the hands of anyone to produce. so that's a concern. i think we are also seeing more dollars going to digital media in general, not just around political advertising. so, there's a spectrum of risk, right? at the low end of the risk spectrum is things like traditional tv because it's mostly premium content. at the other end, is social media and increasingly some of the streaming media, particularly youtube, which has

a lot of user generated content. so i think we're going to see how it plays out. but this is definitely a year that is different from every four years when we typically get a bump in spending and we get some -- a lot of polarized discourse. i think it's going to be upped quite a bit. >> you say expect a higher spending by 30%, paul. nicholas, let me turn back to you. and i guess the question for me is, okay, they're going to spend all this money trying to persuade voters. and my hypothesis is that most voters can simply not persuadable. >> well, i'm not sure -- i'm not sure that's entirely accurate. we do see swings in the polls, suggesting that people are switching sides. we have seen people moving, for example, to third party candidates and back. certainly there are a lot of core voters who are settled. we have two questions there with the core voters, can you get

them out to vote? and the undecided voters can you move them? and you know, the election is going to depend on a very small number of people and persuading them and they may be susceptible to messaging, particularly target messaging. the amount of information you have on individual voters keeps rising. so, there will be opportunities for political campaigns. >> that's interesting. i threw that out kind of as red meat and be a provocateur. but, i guess basically it goes to the idea that there are -- there's a never biden camp and there's a never trump camp that i think is really -- how this election seems to boil down. kelly, you had a follow-up. >> nicholas, part of it is people might change their mind but often might do so in response to what the candidates say in a debate or react in an interview. both of these candidates are a little less out there than they were last time around. so i wonder whether the campaigns feel that they have to try harder to get advertising in front of them if there's just

less tv coverage, fewer debates and generally less -- trump is not even on twitter anymore. less opportunity to hear something that might change their mind. >> i think that's a suit and probably right. that's one other thing that we're noticing on our data side, too, which is the public has less appetite for these stories. and the social media platforms are driving fewer people to them. it's not just the advertisers want to stay away from this. facebook wants to stay away from this, too. if you look at the number of facebook users who are driven to political content in the last election cycle, it was huge. the cycle before that, even more so. this election cycle, very, very little. that's a policy choice on facebook's part. what it means is there's less organic attention on what is said and perhaps more opportunity for advertising. >> interesting conversation. you're nodding, paul. got a quick final thought? >> yeah. no -- >> very quick. >> i think with such a narrow band of persuadable voters, i think advertising is an

effective way to reach them. it seems ridiculous to spend billions of dollars to reach just a few voters, but it is worth it to the campaigns. >> wouldn't you like to one of those voters. yeah, $3 billion. that was for me. just send me the check. >> paul, nicholas, thank you. good conversation, folks. thank you very much. >> thank you. further ahead, scarlett johansson is rebuking open ai, claiming the company copied her voice for their voice assistant. we'll explain why she may have a case and discuss how this could be the first of many high-profile ai copyright fights. a lot of this is going to come down to voice, voice usage. we'll be right back. ♪

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welcome back to "power lunch." you're looking at markets there. a lot of fed speak today, but fractional al gains in stocks this point. let's go to rick santelli in

chicago. >> most of today has been in a very tight range, except for some early trading. look at intra-day of 2s and 10s. on one chart you can clearly see around 9:00 eastern, hawkish side, pop treasury yields. but after that the equity markets open and pretty much been sideways action in quite a tight range. you remember, we don't have a big economic fundamental release week. so it's going to be up to fed speak and, of course, the -- in front of the big memorial day holiday for traders to decide what the fed is going to do and where rates are going to go. one thing i can tell you, if you look at the first quarter in 10 years, look at the range. we settle 3.88. the low for the year was 3.88. and that came in the end of january, early february. the high yield and the low 430s. now let's open a chart year to date. what you'll find is currently this quarter is stacked right on top of the last quarter.

the lows have been in the 430s, the highs 470. it isn't only 10s. many of the other treasury maturities are exhibiting the same characteristic. part of that is, of course, fed speak and notion they're not going to cut as many times as we thought earlier in the year. but the other part of it is deficits, debt and auctions. to that end, tomorrow we will have a 20-year bond auction. kelly, tyler, back to you. >> can't wait. rick, thank you. rick santelli, over to contessa brewer for our cnbc news update. the white house says the united states is directly engaging with israel over its seizure of associated press equipment earlier today. israel also shut down a live shot of gaza amid its war with hamas. israeli officials say the ap broke its law by supplying images to al jazeera, one of thousands of ap customers. prime minister benjamin netanyahu previously has called al jazeera a terror channel. new york's high court upheld

a controversial abortion law today that religious groups vowed to take to the supreme court. that measure requires companies with health insurance plans to cover medically necessary abortions. the group's claim the law violates their religious freedoms. and the biden administration plans to release a million barrels of gas from a northeast reserve in a push to lower gas prices this summer. the energy department says it will strategically release the fuel between memorial day and july 4th to gasoline can flow during the busy travel season. gas prices right now sitting about $3.60, according to aaa estimates. so you know, really need those reserves. kelly. >> yeah, that's what they'll say. bring it on. contessa, thank you very much. coming up, jamie dimon's succession plans. palo alto's miss and lam's massive buy back. we'll break it down in today's deluxe three stock lunch coming up next.

welcome back to "power lunch." time for a super deluxe three-stock lunch today. we get quarter pounder with all the -- any way. we can give you the story, the trade on three key movers of the day. trader is victoria green, cio of g squared private wealth and cnbc contributor. victoria, great to have you with us. let's start with jp morgan rallying on the back of its annual shareholder meetings. decline in those shares yesterday pressuring the markets. leslie picker is here with the story. leslie, the buyback or lack thereof, succession, what's going on here? >> that was the big part of it, kelly. so yesterday was investor day. today jp morgan held its annual meeting. those shares rebounding after sliding yesterday. chairman and ceo jamie dimon's comments about not buying back a lot of stock at current levels spurred the declines. analysts and informsers at the firm's investor honed in on the firm's strong excess capital position after the cio said makes sense for us to increase the amount of buybacks relative to the recent pace of about $2

billion a quarter. later in the program, dimen said, quote, buying back stock as a financial company greatly in excess of two times tangible book is a mistake. dimen said, quote, we do not consider stock buy back returning to shareholders. that's giving to exiting shareholders. we want to help the existing shareholders. that was a noteworthy quote there. analysts b of a in a note today also said the selloff was triggered by comments dimen made that suggests his retirement as ceo is fewer than five years away. b. of a said we believe it will take time for the the street to gain comfort with the next ceo. it is hard to predict whether they can replicate mr. dimen's success, guys. >> people understandably little nervous about that, leslie, thanks. victoria, would you buy the stock? >> we do. we do own it. i would look to buy it. they don't like it here.

the stock slips a little bit. looking to deploy capital. number one, the depth at jp morgan is greatly exaggerated. they're being smart, introducing this, re-enforcing it. let's get this street used to some of these names and get used to promoting managers and that way as transition comes up, it's less of a shock, right? little bit maybe of a band aid being ripped off. look, he's 18 years into this job, he's 68. we knew he wouldn't stick around forever. looking at succession, a huge positive. this bank operates just absolutely perfectly right now. it's not like they're coming into a fixer upper. they're coming into driving a porsche that's at top speed. >> all right. thank you very much, victoria. next up to palo alto net work. shares on the decline today. frank holland will tell us why. >> as you mentioned palo alto lower today on what's being called modest guidance on billings. as you can see in this chart, shares are down double digit since last earnings when they

announced platformization strategy. that announcement hit all cyber stocks as concerns about the strategy that often involves getting free trials hit the entire sector. this report, however, eased many of those fears in the eyes of analysts if not investors today. the numbers for next g-en security analyzed reoccurring revenue. the bar chart, came in better than expected. analysts i spoke with show channel checks show better than expected adoption. to buy qradar from ibm will expect the help. more specifically in seen. security for information and event information just an g growing arms race. microsoft and cisco, they're the leaders in the space. two other private players also recently announced their plans to merge. am lists say with q radar, they are posed to capitalize on this new cyber landscape. investors however, today, need a bit more convincing. >> thank you, frank. there's the background,

victoria. what's your trade here on panw? >> for me, palo alto is a sell. it's because platformization is taking too long. after last quarter we expected the expectations were baked in, rip the band aid off, have lower expectations. with this earnings, okay, wait, we have to lower them again? we never like that. we thought we reset last quarter and longer ramp, looking at maybe lower margins because they're having to discount and honestly they're also talking about corporations are focussing on a lot of their spending, less on buying more platforms and modules on them. they're taking a third place backseat and where corporations are spending money. look, they've been on a tear. up 140% since january of last year. for me, it's a sell because i think they're just having to reorganize and there's just this question of is this really priced in? or do you have a little bit more slow down to come? especially after last quarter and this quarter not really living up to what we thought we would see. >>victoria, let's move on to

the last name. lam research. shares are up about the stock. ch kristina partsinevelos. >> i have the toppings for your whooper, kelly. stock plit in early october, first in 24 years. they announced a $10 billion share buyback. runs counter to what my colleague said about jamie dimon's thoughts on buyback. part of lam research commitment to return roughly 75 to 100% of annual free cash flow, back to investors. something they promised in the past. the stock has been trading in this low range, $900 range after pulling back from near $1,000 levels in march and early april. you can see trading 960 right now. investors will be looking to see if the stock split and buyback can get shares closer or above that $1,000 mark. but the stock split won't do

anything for market cap. we know that in terms of math. could invite more to participate. earnings will play a role to lam stock direction if nvidia's demand remains strong with major uptick in guidance. expect a lot of semicap makers to also rise. you need that equipment to make the chips. >> thank you. victoria, what's your call on lam? >> it's a buy. i went from 150 million share to 10 billion. who doesn't love that. they manufacture semiconductor manufacturing equipment. so their actually getting a huge lift. they're micron, intel, taiwan semiconductors, huge customers expecting to grow revenues. how can you not love this stock right now. >> it's a buy. buy, buy, buy, buy, buy she says. victoria, thank you. we really appreciate your time. it's been a fun three-stock lunch. coming up, lost in translation. actress scarlett johansson slamming open ai, accusing it of creating a voice for chatgpt that sounds just like she sounds. we'll get the details of this

hollywood drama come to life. that's next.

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are under fire from scarlett johansson. at issue is a voice that sounds like hers. julia boorstin joins us now to explain this conflict and its significance, julia. >> so, kelly, scarlett johansson says that open ai's voice assistant, which launched last week, called sky, sounded just like her. joe hanson issuing a statement saying that sam altman approached her last september asking to use her voice, which was fay mously featured in the virtual assistant in a film called "her." she declined. then two days, altman approached her again, but they didn't connect before the launch day on which altman tweeted the word, her, on x. saying altman now saying that they have paused using sky's voice in open ai's products but that, quote, the voice of sky is not scarlett johansson's. it was never intended to resemble her's. johansson saying, quote n a time we are all grappling with deep fakes and the protection of our

own likeness, our own work, our own identities, she says i look forward to resolution in the form of transparency and the passage of appropriate legislation to help ensure that individual rights are protected. sag after tra thanking johansson. thank you. we shared her concerns and fully support her right to have clarity and transparency. now, protecting the rights of actors from being exploited by ai, was at the center of last year's actor's strikes. fears only fed by this latest conflict. kelly? >> so has, quote, her voice now been taken down as the voice of chatgpt 4.0, so it was only up there for a matter of days, hours, weeks, what? >> exactly. it was only up there for a couple days. sam altman said we are out of respect for her pulling it down. she said i want transparency. i want to know exactly how you trained this. they said it was train on a different actor's voice but

still some questions there. >> and the technology is amazing because they'll be able to use international films and you're going to be able to have the voice and the face synched up so it's all in whatever language you want. julia, thanks. coming up, pga championship winner xander schauffele joins us to talk about his first major victory. the golf economy and much more. as we head to break, we're celebrating asian american native hawaiian and native islander month. here is our own, deirdre bosa. ♪ representation for asian americans in the work force decreases the higher the level of seniority. mackenzie and company found that the same is true of promotions. the consulting firm estimates that asians account for 9% of senior vice presidents. but just 5% of svp's ascend to the c suite. mags women make up less than 1% of those promotions. i'm deirdre bosa. amags women ma%

of those promotions. i'm deirdre bosa. smags women ma 1% of those promotions. i'm deirdre bosa. imags women ma 1% of those promotions. i'm deirdre bosa. amags women man 1% of those promotions. i'm deirdre bosa. nmags women ma than 1% of those promotions. i'm deirdre bosa. women make up% of those promotions. i'm deirdre bosa. but just 5% of svp's ascend to

after a tumultuous start to

the weekend at pga championships, the attention turned back to golf and what was a thrilling round. xander schauffele won his first major. welcome and congratulations. >> thank you for having me. >> oh, it's great to have you with us. i want to take you back. i was watching sunday. it was a compelling finish. you hit your tee shot within a foot of a fairway bunker. you had to take a terrible stance to get your ball in position, and you needed a birdie to win, which you got. take us back to that shot. your feet were below where you had to hit the ball. what was going through your head because i saw you pull back, step out of the bunker, and think about it a bit? >> that is exactly what i was doing. i had to take a moment to, you know, capture and realize what was happening in that situation. i've actually -- if you've golfed enough in your life, you've had a stance like that before, and fortunately i've had a stance like that before. it wasn't the first time i've tried to attempt that shot, but

lucky, you know, it advanced close enough to the green for me to get up and down. >> i have stances like that a lot in golf, i have to say. and then you go up, and i guess it was your third shot within about, how many feet was it? six feet and you sunk the putt? >> yeah, i was very nervous. i really didn't want to go into the playoffs, so i knew it had to be done. from my view on the green, it didn't seem that dramatic. but as i watched it a few times, it looks like it never had a chance to go in. >> it came in the left-hand door as i recalled. >> it sure did. >> xander, it's kelly. congratulations again. as i understand it, you've had quite a lot of success so far this year. what do you attribute to that so far? what's working for you? what changes have you made that have paid off? >> definitely. for one, i feel very fortunate that i have a good team surrounding me. they're sort of my foundation, my rock. they're with me most weeks.

if not with me in person, in spirit. and then i made a trainer change and golf swing coach change, so those two have definitely been pivotal in my success. >> i understand your brother has been cooking for you? i want to know more about that and know if he's available frankly. >> no, he's about to get married, and i'm sure he's going to have a kid soon. i'm hoping i can keep him for a few more events. >> let's talk about liv golf. you've stuck with the pga. there have been long ongoing talks about a potential arm between liv and the pga. how -- how important is that to you that the two tours learn somehow to coexist number one. and then when you're playing at an event like the pga with guys that have fled the pga tour for liv, how is it to be around those guys? the guy who was trying to run you down, dechambeau, is a liv

guy. >> yeah, i think that sunday round was great for golf. i think all of us, i mean i've played with pretty much everyone that has been on liv now for the last couple of years. i know a lot of them pretty well. >> are they happy? are they happy with what they're doing? >> yeah, they all seem pretty happy. i don't think they would have left if they didn't think it was the right decision for them. in all honesty -- >> why was staying the right decision for you? >> sorry why was staying? it just felt like the right thing to do. there's 156 guys that competed in this tournament, and it feels there were 156 teams out there, and you're just one of the 156 teams. it's an individual sport, but it's kind of how it goes. everyone makes their own decisions, and you have to live with it at the end of the day. so for me, i never really had any urge to leave the pga our. it's the tour i wanted to be on for my entire life basically. and one of these guys right here is what i've been wanting

to win for pretty much my entire life. so it's a dream come true. >> xander, i'm also curious if people, you know, different companies are coming out of the wood work, giving you offers for deals. that seems to happen, endorsements, faster and faster in this era. as mentioned, the capstone of a lot of success you've had lately. what do you see in terms of that money lately? your dad says you're not chasing the money, but you're looking for legacy. so talk a little bit about both the offers that have maybe came your way in the aftermath of your victory, and what do you think your career looks like down the road? >> it's an interesting thing. as you can see, i have callaway, and adidas on my feet. for the most part compared to a lot of guys, i have a pretty clean slate. my team and i discussed that we want to have really good sponsors that we feel confident in. golf has been a weird landscape. i think a lot of companies have been a bit shy to pull the

trigger on entering the space in the last year or so because they don't really know what the landscape is going to look like. for me personally, i took a big risk on myself to compete and win big tournaments. you know, after winning this one, i'm sure my uncle, who is my agent, i'm sure he shouldn't have too hard of a time shopping around for a new sponsor. >> i imagine not. >> a lot of new entrance in golf, and a lot of them buzzing around. we've got to lveea it there, xander. congratulations. love that trophy. we'll be right back everybody. so this is pickleball? it's basically tennis for babies, but for adults. it should be called wiffle tennis. pickle! yeah, aw! whoo! ♪♪ these guys are intense. we got nothing to worry about. with e*trade from morgan stanley, we're ready for whatever gets served up. dude, you gotta work on your trash talk. i'd rather work on saving for retirement. or college, since you like to get schooled. that's a pretty good burn, right? got him.

good game. thanks for coming to our clinic, first one's free.

(♪♪) at enterprise mobility, our experts always see another road. because when there's no limit to how far mobility can go, there's no limit to how far businesses can go. (♪♪) welcome back. let's give you a quick check on the dow, which is kind of flattish right now of 27 points higher. 39,833. went over 40,000 late last week, but sort of back down and waiting maybe for nvidia, though it's not a bad component. >> indeed, but the market is certainly waiting for the big

message on the strength of ai. it's been catalyzing everything. how about commodities? gold, copper, metals, everything is rising in tandem. >> you don't usually see copper and gold going up at the same time because one is a fair trade and the other is an economic expansion. >> central bank buying. >> got to leave it there. thank you for watching power lunch. >> closing bell starts right now. all right, cal, thank you so much. welcome to closing bell, i'm scott wapner live here at the new york stock exchange. this make-or-break hour begins on nvidia. on a terror lately, a big reason why the nasdaq has surged to new record highs. the big event of the week, nvidia reporting earnings tomorrow in overtime. so much at stake for the tech trade, perhaps the markets overall. we'll ask our experts about the final stretch including liz sanders who will join memo men tearily. 60 minutes to go in regulation looks just like that. we are green across the board, but there is a wait an