>> okay. interesting. a lot of talk about energy lately on the comeback. what you got? >> leidos. i spent some time with the ceo last week in d.c., and confirmed and then some that they have 87% recurring revenues. >> good stuff. thanks, everybody. see you on "closing bell." "the exchange" is now. ♪ ♪ >> thank you very much, scott. welcome to "the exchange." i'm kelly evans. here's what's ahead as we cloak out the week. nvidia is lower once again and our options trader says red flags have been popping up and the move could signal a larger pullback for tech. she's here with the trades she's making today. and kyle bass weighs in on market leadership. this d divergence with the

indexes. and there's a trend showing buyers are beginning to gain the upper hand. we have details on that. we're excited to check in with him. let's start with bob and what could have a very big impact on markets today as we approach the close, bob. >> the s&p 500 is having a rebalancing today, except this time the big moves up in nvidia are causing some notable movements. the tech spdr etf has $73 billion in management, and it along with the other s&p sector etfst social is rebalancing tod. nvidia will go from a roughly 6 peshz weighting in the etf to a roughly 21% weighting. while apple is doing the opposite, going from a roughly 21% to 4.5%.

microsoft remains at roughly 22% weighting because of federal rules that were put in place in the 'thirties to avoid having too much concentration of any one stock in a mutual fund or etf. right now, the combined weighting of apple and microsoft in the tech index is around 64%. so the etf has to adjust the weighting. microsoft will retain its top position, but number two is now nvidia with apple a distant third. that xlk will be selling roughly $11 billion worth of apple today and buying roughly $10 billion worth of nvidia at the close. with about $9 trillion now interested in etfs, here's a good example of how concentration can affect investments. >> it's going to be a potentially wild ride. $5.4 trillion worth of options expire today, and our next guest says sit a key moment to look in nvidia and tech pullback she calls overdue.

joining us is danielle shay. good to have you. this is not so much about the volatility we might see at the close but about the larger signals that you think are being triggered here for lack of a better word. what are you watching? >> well, kelly, right now we have seen a variety of different factors which we have the nasdaq's may targets, microsoft, apple, google has made targets, as well, along with nvidia and broadcom. when you have these top weighted products and they have made extended targets, it's natural for the index to pull back. at this moment in time with all of those tickers, i'm not going to force any upside here. but instate, i'm going to look at additional tickers that are pulled back and consolidated and will make a move going into july. >> before we move into that, the fact that nvidia is see thing reversal, i don't know what we're talking about, peak to trough the last couple of days, but that name alone, do you

think it's signaling a turn around? >> yes, that's correct. so typically when you have something like nvidia that of course everybody is watching and trading and it hits a massive wall, $140, that was a key area of resistance where we had a ton of open interest in the options market, as well. when you start to sew a pullback like that in a major stock, that will bleed into other names. we're seeing broad come pull back and a lot of chopiness in the rest of tech. certainly, it's a big red flag for traders to look for, because when these tickers that have a lot of high volatility start to pull back, that's what will cause trade toers take profits and lead to a sharper pullback. >> so broadly speaking, let's call it the tig beck names. what do you think is going on here, aversals across the board? >> kelly, i'm just looking for a little pullback, not for anything major, because the market has been so strong,

volatility has been low. typically, we look for a pullback to around the 21 ema on the daily charts. specifically if the nasdaq futures break through at 20,000, that's going to be a key psychological value. but looking at nvidia in particular, i would love to see a pullback back to 112, but 120 i would take. i think that would be a great pullback where traders can look to potentially sell some put credit spreads, depending on how the stock acts once it gets to a normal pullback zone, that would be a reasonable spot to buy again. >> final word on the broader market. how do you feel about -- we'll talk more about this in a minute, but the nasdaq up 18% this year, the s&p 15%, and the dow maybe 5%. >> i think the market has been fantastic this year. i'm looking forward to the way it's going to trade going into july. so typically at this point in the summer, we start to see the volume drop out a little bit. people are going on vacation.

so i think it's normal halfway through june going into the beginning of july to see a little bit of a pullback and a drop in volume. but what's exciting is that because we've had low volatility in such a great trend, we're likely going to see that trend continue on into earnings season into july. so i want to continue focusing on relative strength tech stocks, going into those earnings reports, especially with the ones that have done so well this year. >> so you're not bearish in a broader way. the nasdaq, 230 points away from 20-k, which is crazy. we thought we might be talking about gamestop today and what keith gill would do with his position. i don't know if you have any parting thoughts on gme. >> you know, with gme, everyone was focused on when the options were going to expire, but the fact of the matt we are options, when you are buying options, you want to focus on what you're paying for the debit. when you have a substantial profit, the best thing to do is take that profit.

if you're buying an option for $5 and it goes up to $10 or $20, that's something that you should be looking at, taking those profits instead of waiting until the option's expiration date. as they get closer to exp expiration, most of the time they decay in value. the best time to take profits with gamestop is when it was up 40% or so. we're showing the chart in june that had the spike in the first week. we think perhaps gill had sold more like the second week when it was down around the $25 level. so the opportunity for maximum gain was not necessarily the opportunity that he sees? >> well, yes, that's correct. it's always easy to go back, but the most important thing with this is to follow momentum and

get out of your trade when it loses momentum. with gamestop, we saw fantastic momentum, there was a lot short covering. but when that stops and the stop gaps down and starts to break, that's the moment in time where you want to come in and take profits instead of waiting until you get down to the wire. >> it appears that's what he did. thanks for joining us today. have a great weekend. >> thank you. we just heard the case for a pullback, although maybe in a small and minor way, but that sector is leading the way for this month, up 11%. consumer discretionary had a 4% gain in june. should you stick with tech? joining us now is kyle bass, the founder and cfo at capital management. welcome. >> great to see you, kelly. thank you. >> i was listening to what danielle said. yeah, maybe we are due for a pullback, but she's excited about the market going into july and beyond. are you excited, as well? >> look, we've had unprecedented

stimulus. you have to remember we created 40% more money during the pandemic, and the majority of that money went to the rich, the people with savings. and so i think you've seen some equity euphoria. the s&p is up 60% since the prepandemic levels. housing is up 48.5%, if you look at fha's index. we've got tech leadership, but if you look at minus the magnificent seven, in q1, earnings were down 2% if you take the magnificent seven out. so there's going to be a bit of an economic slowdown as we get into september and october, because you've got all kinds of the treasuries general account being spent down probably to zero as you get closer to the election. you've got the fed reverse repo winding down. so all of the stimulative

measures that have been going into our market for four years have run out. so i believe you're going to see a slowdown going into the election. >> well, maybe to try to hope it waits till after the election. but either way, there's been talk about excess savings running out and things like that. people of all income strata, the lower income in particular were making decent wage gabins, with you is the cumulative toll what is going on? >> yes. you say the bottom is making significant wage gains, but real wages across the board are massively negative because of the way inflation is reported. i refer to the pricing house index, the government's index, is up 48.5% since covid began. how much inflation has the government admitted to with the way that they report it? so real wages i think are

negative throughout. i think inflation disproportionately impacts the poor and the middle class. and so as we get into the election, the election is going to be won and lost on the border and inflation. and when people talk about the economy, kind of writ large, it's important to note that the economy may look good, but in real terms, the poor and the middle class have been decimated by what's happened in the last four years. >> you think we are going to see a slowdown in the fall but are worried about inflation, what do you think the fed should do? are you in the camp for a cut or two as we head into the next few months? >> hey, look, kelly, the fed funds rate is definitely over the reported inflation rate. but the way that we compare things is silly. if you think about the price level, if the price level began at $100 precovid and now the price level is $150, do you think we can lap $150 over $150

and get a zero percent inflation number? well, yes, and we'll victory lap that. but the price level is still up 50% in four years. so when you get a fed funds rate being effective of 5.30 and inflation prints at 2%, 3%, at some point in time you have to start cutting rates. so the fed blew it on the way up and they'll blow it on the way down. meaning they overcooked it on the way up and now they have to get the economy back to a more stable rate. and we will get down to a 2%, 3% rate, it's just hard to disproportionately -- it's hurting the poor and middle class. >> we talked yesterday whether consumers would welcome a fed rate cut. he says they would and what the impact could be to support the economy. i guess i go back to this question of, if you're in a political season where inflation is going to become an issue, but you also know that the fed has to cut rates so the economy doesn't worsen, do you think

that messaging is a tough sell to the public or would they understand and welcome and get relief from rate cuts? >> yeah. i mean, i think the messaging is a message of hope. so i think the inflation is already done, right? meaning they have already decimated the poor and the middle class. now it's kind of mopping up the mess. if the messaging is just that we're going cut rates and you saw the president say we'll have those rates down, you even have -- at some point in time we went from the inflation monsters there to two or three cuts this year. i think there will be two or three cuts this year. i think you'll see cuts preelection. it will be messaging to the electorate and to the administration that we're trying to generate some positivity going into november. >> quick last question, but it might be the only relevant one. what do you do investment wise in this environment? i alluded to this in the first question, do you stick with stocks, go into bonds?

what is it that you think would create the most wealth in the coming 12 months? >> one year is hard to predict, but if we're right about cutting rates, the ten-year hit 5.20, somewhere in the mid 4s now. the ten-year is down almost 100 points from its high. you want to be long bonds in a rate cutting environment. but in the end, what's going to happen is we're going to hit some slow economic times, they will be cutting rates, and we're kind of around a permanent $7 trillion fed balance sheet and we'll start printing money again. so you want to be long in the united states and productive assets. the u.s., we're only 4% of the world's population but 40% of the world's gdp. so you want to stay invested in the u.s. where innovation and the dollar is king, and you want to be long productive assets.

you want to be long, again, productive real estate. you want to be long -- you still want to be long. we're just going to have a pullback in economic activity. >> hold your nose and buy stocks and maybe bonds. kyle, thanks for your time today. coming up, the star of netflix is owning manhattan. ryan serhant is here. but first, we're heading east to the hamptons and the site of michael lobe's uncharted summit. tyler mathisen, i think i see him in his swim trunks by the side of the pool. he has a number of founders and ceos to chat with. we'll look at the state of lending in commercial real estate. back after this. >> this is "the exchange" on cnbc. [♪♪] your skin is ever-changing, take care of it

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welcome back. kre regional bank etf is down more than 7% in the past month, as we have seen an uptick in warnings around commercial real estate. pimco sees another wave of bank failures. banks have pulled back on commercial real estate loans, and there's where one startup is seeing opportunity. i-borrow provides pres bridge l to real estate properties.

and the founder is standing by with tyler mathisen in southampton. tyler, it's lovely to see you. i'll hand it over. >> it's not hot here, it is -- when you're in the hamptons, it is always cooler in every way. this is called the uncharted summit. it is a sort of annual conclave of founders and funders, people who want to put money to work and young companies, startup companies that are looking for capital to build. so it's builders and buyers, if you will. and by the way, i've never seen so many white jeans in my life. if you've got white jeans, this is where you wear them. our guest is harlan peltz. harlan, welcome. >> thank you. >> your company is young, ten years old or thereabouts. you look a lot younger than you are. >> i feel it. >> let's talk about something that john murray said yesterday to bloomberg, the real wave of

distress is just starting in commercial real estate. do you agree with that, and does that, in a curious way, advantage a company like yours that sort of plays in the gaps that have been left by banks? >> yeah. i think what's happened is, there's the discussion around commercial real estate is really conflating office properties with commercial real estate generally. commercial real estate ranges with different prototypes. we lend to multiple segments within the commercial space. so a lot of multifamily -- >> residential, industrial, retail, et cetera, et cetera. >> and they're all doing quite well and we're finding real opportunities. banks have pulled back, traditional lenders, so we, along with other private lenders, are filling that gap in a meaningful way. >> are you funding opportunities

curiously? everybody is trashing office properties. that's sometimes when you find the best opportunities. >> that's true. we happen to not be doing more office at this point, because when we sit with investors and partners, it tends to hijack the conversation. but you're absolutely right. there are very specific interesting opportunities within that space. >> you are part of this new world, or relatively new world of private lending. you have private credit, private lending, which is kind of what you do. why has it grown so quickly? >> i think it's grown because it offers great value, both to borrowers, and it's great for our capital partners. and because of that, that's really explained the growth of private lending generally, because it does deliver those benefits and i think it will continue to. >> so your partners, your investors, that's where you source your capital? >> correct. we invest with large institutions, including places like oak tree, one of our

largest partners, and other institutions, big insurance companies, big family offices. so we do co-mingle our capital. we are not an asset manager. so our partners, we co-invest together, which aligns our interest with theirs. >> let's talk a little bit about the stress in the mid-sized banks. kelly mentioned that moody's put several banks on watch for a credit downgrade. some of the big banks have pulled back out of commercial real estate. are you worried and those mid-sized banks and does that provide an opportunity for you? if they're pulling back, that's where you can come in. >> absolutely. there's a massive funding gap that exists just to finance maturities. many maturities that were supposed to be played out last year and rolled over into this year because the financing that is available is largely absorbing refinancings. just to push the can down the

road. so there's a massive wall of maturities that now needs to get financed. as a result, there's a funding gap. >> is there a refinancing crisis that's coming quickly? >> i think there's a refinancing challenge. whether it's a crisis or not depends on where the loan basis is compared to value. >> harlan, we have to leave it there. thank you for your time. it's a beautiful day out here and always cooler in the hamptons. >> thank you so much. >> kelly, back to you. >> great stuff, tyler. stay cool. tyler mathisen. coming up, speaking of cool, we are going under the hood of ferrari's newest factory. and robert frank is there in northern italy with an exclusive look. hi, robert. >> hey, kelly. also with white jeans i'm afraid. hybrid hyper cars like this are helping to propel record profits for familerrari. we'll take you inside the new

e-building and tk alto the ceo coming up right after the break.

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the birthplace of its first electric car, which will cost upwards of $500,000. robert frank is on site, he's there in northern italy with an exclusive look inside the so-called ed e-building and ferrari's ev ambitions. robert? >> reporter: just like the cars, this new factory is gorgeous and very expensive. over 200 million youros they spent to built this. it will be over 400,000 square feet. what's unique about this factory is they're going to build three kinds of cars. the traditional combustion can engine famierrari, hybrids and all-electric ferrari. there are a lot of skeptics whether there is a market for an all-electric ferrari. but the company ease ceo saying his clients are telling him there is strong demand for an electric ferrari. here's what he said.

>> i give you that in the future, we will have clients that are -- they will switch to electric. and they will be clients that will not buy the electric. >> reporter: now, another reason for this factory, kelly, is right now when you buy a ferrari, you're going the have to wait at least three years to get your car. that's if you're lucky enough to secure an order. they only made less than 14,000 cars this year. it's unclear, the ceo wouldn't tell me how many more cars they will or can make because of this factory. but right now, they are growing profits, even though production is not growing as fast. how are they doing it? they're raising prices, putting out more expensive models. this is a million dollar hybrid. and the average profit on a ferrari is $126,000. so by comparison, you need to tell 16 bmws or 27 teslas to get

the same dollar profit on a single ferrari. all of that is why this stock is up 22% this year and why they are now valued at 1.5 times more than ford and gm. ferrari just makes 14,000 cars a year. ford and gm millions. but the potential of hybrids and electric adding to the growth is why investors love this stock. >> one of the great performers. i was just looking at it in 2020, the stock was call it $100 and change. so we know the ev transition has been a poor one for a lot of the legacy automakers. i guess for investors, they don't seem too concerned, and all ferrari needs to do is price this thing where they can make $126,000 per car, even with higher operating costs to make evs, do you think they can still maintain their high profitability? >> reporter: you're absolutely

right about price. the average price of a ferrari is $380,000. it would not be a surprise if the electric is over $500,000. but what is genius about this plan is that this plant can go wherever the automarket or their customers take them. so they can build combustion engines in the new factory. they can build hybrids like this one, the fastest growing sentiment for ferrari. and the ev is at least right now, the icing on the cake. if there's a lot of demand, they can make a lot of evs here. so they can follow the market, and that's what sets ferrari apart. asten martin said we're not seeing the demand so we'll push out the ev development because they can't retro fit a combustion factory to do evs, as well. that's the magic of what this

plant will do. >> the whole industry will be watching to see if they can pull it off. robert, thank you so much. appreciate your time. pippa stevens now joins us with a cnbc news update. prosecutors in the trump hush money case writing in a court filing they are open to a partial lifting of the gag order still in place after the trial. but there are limits. d.a. alvn bragg's office supports the president to talk about witnesses but urged the judge to keep it in place about jurors and prosecutors, citing risks to their safety. the fda authorized the first menthol flavored electronic cigarettes for adult smokers, as vaping flavors can reduce the harms of traditional smoking. the agency authorized four e-cigarettes. the agency stressed that the

products are neither safe or fda approved. democratic convention organizers announced they'll give media credit to social media influencers in an attempt to bridge the gap between conventional journalism and to connect with younger audiences. kelly, that is a sign of the times. >> there is so much i want to say about this. coming up, few people have their fingers on the pulse of new york real estate like ryan serhant. ayituss.in u st wh .

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welcome back to "the exchange." housing supply climbed to a four-year high in may, but that doesn't mean a drop in prices. diana olick joins us now. what do they tell you, diana? >> home sales appear to be stuck at a 30-year low. sales in may were essentially flat, down 0.7% from april, down 2.8% year over year. now, these are close sales, based on contracts likely signed

in march and april. mortgage leaps took a big leap in april before settling back in may. but still of 7% on the 30-year fixed. inventory is up 6.7% month to month, and 18.5% higher than may of last year, now a 3.7 month supply at this pace. but despite the gain, supply is still very lean. six months is considered balanced. the median price of an existing home was $419,300. that is a new record high price. and up 5.8% year over year. all the regions saw price gains. but a lot of that is because the realtors use a median, and sales are much more active on the higher end of the market, because there's more supply and because wealthier buyers buy in cash. the realtors noted in the release that the mortgage payment for a typical home today is more than double what it was five years ago. first-time buyers still kind of

hanging in there at 31% of sales up from 28% the year before. and kelly, even the realtors' chief economist says that is surprising. >> indeed. thank you very much. my next guest says buyers are starting to gapein the uppe hand as more inventory hits the market. his firm reported more than $3 billion in sales last year. joining me here is ryan serhant. great to have you here, seriously. >> of course. >> i know you could be in the hamptons or wherever people are. real quickly, knee jerk reaction, you think buyers are getting a little of the upper hand today? >> a little bit. but what we're seeing is analysis paralysis in the housing market. pricing is high, up 6% year over year. but inventory is also the highest it's been in four years, up almost 20%. so sellers are saying i don't know what to do. buyers are saying i don't know what to do.

everyone is paying attention to what is going to happen in the fall, the fed will cut rates, once, twice? we don't know what to do, so we're just going to hold. to the detriment of the entire market. but smart people are jumping in and saying, i can marry the house, i'll date the rate and get what i want and negotiate. >> that was like a poem. so you really think people are paying attention to when rate cuts cos could be coming and thinking why buy now? >> right. everyone looks to the news for reason to not take action, across the board. that's the world. and so they say, well, if rates are going to come down, i'll wait and get a lower rate. then what happens is we have every seller in our markets, i was up and down the east coast in ten different states. and every seller we have, they're saying let's wait to list until the end of the year because of a higher price. so every buyer is saying i'm

going to wait for rates to come down. every seller is saying i'm going to wait for rates to come down. so what you'll have is this analysis paralysis. >> to follow that through to the conclusion, if we have a lot more inventory on the market, do you think cutting rates could bring prices down? >> absolutely. because no one does what i like to call math. so if you really look at it, for the monthly cost of every $100,000 borrowed right now, with let's say half a point interest swing, it's $33. so people sit and they'll wait and say rates went up half a point, i can't do anything, or came down half a point, we're going to run into the market. everyone says that's a material change. that's not. >> especially for a lot of the buyers you're dealing with. it is incredible tosee. how many employees do you have now? >> total, they were all in new

york last night because we have a new show on netflix. there's like 850. >> wow! incredible. what is the new show about? >> it's called "owning manhattan." i did a show on bravo called "million dollar listing new york." this is my next chapter, really. it is the redefinition of the genre of what it means to watch an occupational show. so we have the biggest real estate we've ever shown on tv. the show kicks off with a $200 million penthouse and we show deals all over the city and it follows my company we founded during the pandemic, and our agents are very professional and very good at what they do, but they're completely insane. >> their personalities. what you're describing sounds expensive and it looks expensive. is that part of it? is this a big price tag on netflix's side of things to unlock that ambition of what you think the new sort of occupation show can look like? >> no, new york is just expensive. real estate is expensive.

people want to be able to look into new york city from the top down and really watch the people that work in that industry. remember, real estate agents are unpaid, there's no salary, there's no benefits. they have to wake up every single day and go out there and fight for the money that they're going to have to pay their bills. and watching that on tv from the comfort of your own couch wherever you are in the world is a stress-freeway to watch other people be really stressed out. >> i'm sure you've been asked, but the impact of this change where commissions aren't necessarily going forward what they were in the past, people have to put food on the table. do you think it a 's a big risk? >> commissions have always been handled, right? you have a buyer paying a deposit, and a commission will be paid out of that deposit that's sitting in escrow. and then you have sellers who are looking at that net price. someone is going to pay all of

the fees at the end of the day. you either split it -- same with taxes. if you increase closing costs in new york city or anywhere, someone isgoing to pay it. it's the buyer or seller. and it's usually on the consumer, even though they voted for it. >> ryan, great to have you here. we look forward to seeing what the market does in the next 12 months. you think in general, people buying are not going to regret where prices are and say they fell 20%, what happened? >> people love following the crowd. every market has an innovator, then imitator, then an idiot. so we have to look back at to which one we're dealing with right now. i think things are negotiable, and that's what you want. you don't buy a convertible waiting for it to rain. >> ryan, thank you for your time. coming up, bets are ramping up as the data flashes mixed signals, and we'll head back out

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welcome back. in yet another hit to the consumer, credit card interest rates are sitting near record highs, but interest paid on savings accounts have flat lined. the average apr on a credit card is just under 20%. but a savings account yield is less than half a percent. there are high-yield savings accounts, but one bank is taking a novel approach, offering high-yield checking accounts where money is moved into treasuries. now back out to tyler mathisen for more. i'm excited to hear about this one, ty. >> kelly, if you're going to watch one segment today on cnbc, you want to watch this one with bill harris, ceo of evergreen money. i'm going to tell you, or he's going to tell you how you can make not zero on your checking account, but right now 5.31%. how do you do it, bill?

>> we've got a checking account, the checking account hasn't been innovated on in decades. >> no kidding? >> no kidding. everything thinks it's a commodity. it's got the debit card, everything you need. we take the balance and put it in treasury bills. >> treasury bills that you roll over that are not state or locally taxed, so your effective yield is even higher than the 5% you're getting today? >> right now, 5.3%, the tax effective yield is more like 6.5%. >> how much money do i have to have to open one of these accounts? because these are generally the kinds of bespoke products for the ultrawealthy. >> well, it is. it's a strategy that the ultrawealthy use. i mean, warren buffett has $158 billion in treasury bills. every monday, he wakes up and says how much more will i put in

t-bills? what we have is the ability to let anybody, any affluent family do the same thing. the minimum is $10,000. >> the minimum is $10,000. that is affluent, but it is certainly not out of reach of many people in today's world, because people carry a lot of money in their checking account. >> anybody who has investments has that kind of money sitting in a checking account earning 0.01%. >> so that's the story of evergreen money. bill, former paypal ceo, intuit ceo, you have been part of startups all your life. characterize for me today the climate for startups, the availability of capital, and the opportunities that are out there, potentially for investors to put money to work in startups. how does that look to you? >> it's gone through a cycle, of course. it was way overblown, then we hit a trough and it's come back.

but capital is scarce. particularly where rates where they are, it's not understandable that capital is scarce. but i think that's a good thing. i think we've had far too much churning in this market, far too many ideas that weren't ready, far too many teams that weren't prepared. so now, you've got this filtering, so that only people who know what they're doing can get the money and build something that's meaningful to consumers. >> it's a healthier environment. it's not an environment where money is flying around willy-nilly. >> absolutely. it weeds out the chaff so you can focus on the wheat. >> talk to me about paypal today. >> paypal today is doing a great job, but they are in a mature phase. they're past being in a mature phase. fabulous business, and not growing as fast as it would be -- as it had been. >> and they've got venmo. >> they purchased whoever popped

up, they purchased venmo. so at this point, there's more growth in venmo than paypal itself. >> let's talk a little bit about a slither of that world, which is the buy now, pay later world. >> yes. >> is that healthy or the economy, or the people who are doing it? doing it? for the financing that is behind it? >> yeah. well, let's take it -- the economy. i don't know. i think it's a -- it's a nit. for the people behind it, oh, it's been punishing. i mean, the losses are dramatic in even the leaders. >> that's what's causing people to take on more debt than they know. >> exactly right. if you talk about the consumer, people are getting deeper in debt without even really thinking about it, and then they are just fragmenting their financial lives. all these little accounts all over the place works can keep track? >> in some cases is it true or is it not that debt, that buy now pay later money does not get

reported to credit bureaus so other kinds of lenders can't judge really you're a safe credit or not? >> absolutely. if you need that kind of credit, and most people do, why not get a credit card and then it's in one place. it's a revolving capacity, and, yes, you say, it gets reported, and so if you pay it back, that increases your credit score. >> bill harris, paypal, intuit, evergreen money, checking accounts at 5.3%, sign me up, brother. >> evergreen money.com. >> thanks a lot. kelly, let me tell you one other thing. you might recognize this home behind me. it was the home of bobby axel rod, the protagonist in the show "billions." it was the location that they used for his house. >> i was going to say it was stunning. the home of billions. >> look at that setup that you guys have. wonderful. tyler, thanks so much for bringing that to us. >> the atlantic ocean is right out there. >> i can see it. you can almost throw a stone at

it. >> tyler mathisen, thanks very much. coming up, still on nvidia here, grabbing all the headlines. nvidia was recently been called the fish that got away and he's got big plans for a.r.m. and what his strategy might look like. and let's take a look at sarepta therapeutics after the fda approved isthmus $dystrophy treatment. shares are up 32%. we'll be right back.

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it's no secret nvidia has been on a monster tear, and express was regretted at the company's annual meeting overnight about selling its stake in nvidia too soon but also doubled down on a narrative he's also going on the narrative. deidre bosa here with more details. he's probably not the only one that feared he sold early. >> reporter: no, but he did take a tidy profit. still, he was reflective calling enviediat fish that got away and losing out on an open ai investment to microsoft. these were chances missed, but

open ai is now valued at $80 billion, an nvidia is -- that's one that's got to sting because it's a $700 million, worth some $160 billion today if softbank had held on it. son will be taking a different strategy this time versus it's spray and play playbook -- spray and play i should say. masa son will be more cautious. instead of spreading his investments he's looking for a smaller fit for a.r.m. more source says strategic m & a will play a large role and softbank will be more of an operator this time around, a less traditional investor. this is the strategy, kelly, that could be at odds with what

activist investor elliott management is putting for. it notes the large gap between softbank's large asset value, a lot being a.r.m. elliott thinks that could be fixed with a $15 million buyback but it seems son would rather use its tap at all to invest in the ai companies, and at least one thing is similar from last time when he deployed the vision fund, some $100 billion. the vc community agrees that valuations in ai have become inflated, so it's interesting to think about what masa son may do. i'm told it won't be sort of the straight late stage investments that we saw with the vision fund, but, again, strategic, potentially strategic m & a that goes in tandem with a.r.m. >> the activist wants a buyback. he wants to be a vc. deirdre, thanks so much. we appreciate, it deirdre bosa. tyler will bring us more big-name guests from the hamptons on "power lunch." don't go anywhere.

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good afternoon, everybody. welcome to a special edition of "power lunch." i'm tyler mathisen at uncharted conference in the hamptons. >> they need to put a pool picture behind me at least or something. i'm kelly evans holding down the fort back at headquarters here, and over -- tyler, over to you. >> over