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in. we have all things tech. alphabet is set to report earnlings. we'll break it all down. first, a check of the markets. three major indices with tech leading the way. and russell also higher. >> the strength of the nasdaq being helped by nvidia games today. and new reports out of china. >> as for the names moving the s&p on the positive side, tech firm iqvia up, almost 7%. showing immoved demand there. on the negative side, crowdstrike, down 12.5%, after the rough day at the end of last week, after crowdstrike software caused a massive disruption and outage. we have more of that on the show. president biden stepping away from the 2024 election.

we've seen the chess pieces moving around the new board, as vice president harris tries to secure the democratic nomination. house speaker nanin an pelosi endorsing the vice president. the angles, the markets, the polling, the campaign strategy and the latest fund-raising numbers. ed mills is washington policy and larry is director of university of virginia center for politics. michael is presidential historian for nbc news. maya served as senior adviser to the warren campaign in 2020. and brian schwartz, is the political finance reporter for cnbc.com. good to see you. good afternoon, everybody. michael, this is unprecedented. three months and change before the election. we haven't seen a strong challenge to vice president harris for the democratic nomi

nomination. there's limited upside to doing so. if you think this is a situation to go up against trump and win, if you challenge harris and lose, all of the chances might be out because you might be seen as being unloyal by the party. if you think she could bwin, sae thing. >> that's right. >> as you were saying, john, this is a situation where we haven't seen the president pull out of a race this close to a party convention. lbj, harry truman, they did in march. this is something we haven't seen before. if you are to combine that with all of the talk about an open primary or open convention or some device to have people run against each other, the frank thing is, the leaders of the democratic party think it's too late. it doesn't look as if a lot of democratic challengers are lining up to run against kamala

harris. >> yes. i've seen polling that suggests a lot of the electorate, a lot of the independents, have a strong feeling about vice president harris. i guess the race is on from harris' side and from the trump campaign to define her. how does that play out? and is that unusual, for people not to have a clear, strong feeling about a vice president, after four years? >> well, i think michael would agree. vice presidents aren't well-known. you don't get to know them until they step up to the presidency or are in positions to step up. it's not that unusual that people don't know much about her. that's a plus for her. she will get to define herself if she moves quickly and her party moves quickly. they will move quickly in the sense, that in four weeks she will choose the presumptive nominee of the democratic party. she has a big card to play here.

that's the choice of vice president. that will help to define her. and with a balanced ticket, a balance to her, and a nominee from a state that has a substantial number of electoral votes, she will be in a good position. >> it's interesting to look at the money. you can talk about this. the big criticism is that the democratic base, her voters, didn't get to weigh in, on the outcome, where it looks like she will probably take over the candidacy. ke we do have the vote of the purse. and there's been donations coming in since the moment she became the presumptive nominee. >> yes. since joe biden backed out, the website has raised north of $96 million.

about up to $97 million as i sit here. that's just from the small dollar donor side. there's a major enthusiasm bump since the moves on sunday of the president supporting the vice president as a candidate for the white house. it's showing in fund-raising. there's big money donors sitting on the sidelines, told me in the last 24 hours, they are coming home. they're going to support harris for president. >> the question and what does that tell us about her electability? the potential for this going to an open process -- and you have to pick who is in the open process. and i'm not sure there's a mechanism by which to do so. >> as of right now, there's no challengers coming up against the vice president for the nomination.

unless somebody steps forward and says they're going to run a primary campaign from now, there is no sightseers to this challenge of the convention. the other note i want to make, is the vice president controls $95 million, at least worth of campaign cash, since the endorsement by biden. if you go up against her and you don't have the money, that might not be a great idea. the people that are considering it might be thinking of that, as well. >> maya, weigh in on that. even though many people are saying it will be an open and transparent process, there's already been a lot of major endorsers of vice president harris. this is a year when things like abortion, women's rights, have come to the fore.

she is vice president already. you look like you're trying to overlook vice president harris, no? >> absolutely. i think what we're seeing is momentum is building around her. there is a grassroots support and outpouring of endorsements. the dnc has committed to an open and fair and transparent process, but this is the impact of that process, right? we're seeing people coming forward and endorsing her. it doesn't seem like there's a strong candidate coming out against her. that shows the strength and momentum of her as a candidate. as a nominee and a candidate going into november. that should show us everything that democrats have been looking for. the excitement, the shift, the enth enthusiasm, should be -- i think it has been. i think it's changed the entire tenor of this race.

and people are seeing people really looking forward to november. >> at that note, we spoke with dan clifton saying the change with her on the ticket, lowers the trump re-election odds from 75% to 55%, in the market reaction. what would your own analysis be now of the likelihood and the trading patterns between now and november? >> here at raymond james, if there was a switch, we weren't changing our odds immediately. we need to see how the american people digest this domination. we think this is donald trump's election to lose, after the reaction to the debate. now, it seems as it could be a vice president harris on the ticket. we want to see the polling reaction.

we talked about harris being able to define herself. or will the republican party define her? how much could we play into a continuation of the trump trade? there's a lot of upside from here. for a vice president harris, where it relates to joe biden was polling. there's been so many unexpected events in this election cycle. we can't switch day after day. we want to digest. we want to keep a clear picture. the second thing, will there be a republican sweep? that seems to be the scenario until we digest that information. >> especially the last two weeks with unexpected events. part of what i find fascinating about harris in this position

right now, very strong position to be the nominee, throughout her period running for president, he never did strongly in the primaries. every once in a while, you think, in a general, they might do well. but they'll never get out of if primary process. this is the game of life. i forget when you shoot to the front. maybe that's chutes and ladders. here she is now. there's a percentage of people that's going to vote for the nominee. the independents and the swing state independents, that's the big question mark. how might this work out for this sort of candidate that wasn't that strong in primary showings, but now is potentially in a general? >> well, she was in and out quickly. in 2020. and candidates do that.

let me add. joe biden lost two nomination battles handily. every election is different. every campaign is different. she is getting endorsement of everybody, and any influence on the democratic party. she starts out in a strong position. not just among democrats. but among those that we might call the anti-trump coalition. it's there. we saw it in 2016 fail. we saw it in 2020 succeeded. you have the watch this. let me just cede, i think it's very important to listen to the questions posed a little earlier. it is critical that people not judge this quickly. polls are going to be useless, ho hooray, until after the democratic convention.

ignore the polls that were conducted before biden dropped out. for the time being, people are getting to know the vice president. you think they should have by now, but they don't. and the vice presidential nominee. and when he or she is announced, once you have the convention, you have an even steven race, one sort or another. labor day will actually start the real campaign. it's back to the future. >> labor day. we're six weeks out. we have it come from the president yet. look, there's speculation about his health. speck ulation about how much wa leaning on the legacy point to get him to do so. and so on and so forth. >> we will know more in a couple of days.

one way to look at this, what larry said was cogent, as usual. one way to look at this is to say that donald trump on one side, generic democrat on the other. generic democrat would have been running better than joe biden, because of his age and fear he would not be an effective president. if kamala harris can pick up that -- the amount of votes that were withheld because of age and health, she is in a competitive position. a company that needs to spin off components so that its full value can be realized. we'll see. >> great analogy for this crowd. >> i was trying hard. >> maya rupert, close us out here. the democratic national

convention had the makings of a fiasco in a number of ways. especially with the open convention possibility. now that we see so many powerful voices within that party coalescing around harris, it could be one of the most-watched political television events in generations. what do you think needs to happen there at that convention? for the democrats to have a good convention? what do the republicans need to do -- maybe you're the wrong person to ask -- to counter an event that interesting, given this context? >> i think you're right. with have a potential for an electric moment. that's saying something for the conventions. people don't make a point to watch. and i think that is going to change that.

this is going to be a huge amount of energy and momentum, in those things that happen. voters can be reminded why they voted for the ticket with kamala harris. that's the huge upside, with the momentum building around her. voters don't get to feel like their votes don't count for this moment. this is their choice and getting excited that this election is so consequential and real ly showig the contrast between the democrats and the republicans. i think you're right. i'm the wrong person to ask. it will be a contrast thing. democrats will make their case. republicans will be able to make theirs. that's what we're doing to see. leading into november, we're going to see a strong contrast

between these two parties. >> we leave it there. thank you for your time today. we appreciate it. speaking of the race, how minority leader k er hakeem jef is holding a presser about vice president harris. >> we just heard from the democratic leader in the house, hakeem jeffries. he has praise for biden and harris. he stopped short of endorsing her. he said that he and chuck schumer will be meeting with harris face-to-face. that seems like a potential impetus for them to come out of the meeting and potentially, if they're going to make an endorsement, make it then. it sounds like things are moving quickly. we saw former speaker nancy pelosi endorse harris. eer others have supported harris.

momentum building behind harris to be the democratic nominee. we have no harris challengers for her. we will have to see what it will take to solidify harris as the nominee. >> thank you. in the meantime, the republican nominee for vice president, j.d. vance, having a solo rally in his home state of ohio. it's the first campaign event since biden dropped his bid for re-election. we're going to monitor this speech at this event and provide updates. >> a lot of implications. 14 . coming up, is it time for a leadership change? we're not talking about the oval office. we're talking about the markets with nvidia today. we saw a push back with big tech. is a shift under way or not?

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welcome back to power lunch. a lot of movement in the semiconductor space. nxp, set to give results. and seema mody has the results. >> we have nvidia. washington export controls have challenged this sector. it's resulted in fewer sales to china. the ceo said, our business in china has lowered from levels in the past. the company seems trying to kang change that. working on a new a.i. chip that complies. the question is whether this will improve its growth prospects in the country. analysts estimate it will make less than 5% of its sales in

china. stock is bouncing back, up about 5%. raising to $140. analysts expecting a strong earnings report when the company reports in late august. this, as wall street awaits earnings from nxp. and investors will look for a read through the electrical vehicle sector and whether demand is starting to improve in the back half of this year. >> thank you very much. we appreciate it. what should the average retail investor do? will nvidia remain the dominant force in the market? or will we see a leadership change? michael is chief strategist at trade ideas. what do you any? >> we have to look at trends.

i'm not going to call that on nvidia. we have to see the rotation continue. we saw a massive spike in iwms, small caps and the market last week. i think that was the beginning. we look at a lot of data. we look at what happens when the surges happen. it's generally not the top. you don't see all of the rest of the market catching up to the leaders at a point where that leader completely falls. you have the leader continue higher, but the rest of the market catching up. i think we saw the start of the rotation last week. i think it will continue going forward. >> you see a leadership change where other parts of the market are stronger. but it doesn't mean that nvidia is not investable? >> exactly. a rising tide lifts all boats. if the rest of the market will move higher, nvidia might do, as

well. it won't be the degree we saw. if the s&p 500 is going to move higher, it will pull nvidia with it. we saw nvidia pulling everything up. we're talking change when we come to a leadership change. >> how concerning is it that there's a lot of a.i. names. broadcom, and supermicro, that have cooled off more significantly over the past month or a bit longer. nvidia is out there by itself. and at the highs from about a month ago. >> that is sign for concern and sign for rotation. it makes sense if the leader is going to lead for another bit. it was the strongest player out of the gate. it makes sense it will be the strongest player going forward. we can't see the doubling and

the tripling we saw last year. we should see the semiconductors hold up a little bit. the question is, in bold markets, you have changers. people sell the leaders and the stocks they are making money on, and rotate that money into something else. that's what we saw with the iwm and the microcaps moving a lot last week. we have to look at the profits being taken in that sector. that may put somewhat of a lid of what we're going to see from the semis going forward, where do we think they will move into? >> how important is the prospect of an nvidia chip design for china? kneecap it, if you will. if they make it good enough, it's good, very often, the u.s. just ends up blocking that one, as well.

there's already time con stranlts. can it provide much of a benefit? or is it a hedge of supply catching up to demand, if they tap into new demand? >> the point was right on the head. they're not worried about selling more chips. this to me, may seem like news that was talk about to hold up the sell-off that we found. i think you're right. it's not going to be a demand problem. people out there are spending for second-hand chips and things like that, sepending out the nose. if there's supply caps, where does that come from? looking at the raw commodities that build the chips. those are doing well. they can sell chips until they

are blue in the face. eventually, they run out of supplies and manufacturing capabilities. the demand side is already saturated. the question is, whether was the supply side come from. >> dangerous to bet against. michael, thank you. further ahead, could vice president kamala harris' entrance into the 2024 race, mark a major shift for big tech? we'll explain when "power lunch" returns. [ navigation ] stay straight for the next 200 miles.

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it's that easy. find it, see it, count on it with the best seat in the house. get the fastest connection to paris with xfinity. welcome back to "power lunch." alphabet is trading higher after the market closed. artificial intelligence spending along with monetizing the investments are expected to be key topics on the call. joining us now with the a.i. space, is xia and award-winning a.i. expert, good to see you. i wonder, xia, if security might actually take a more prominent role in this call. if there's a whiz acquisition to be done, it might get announced on this call. and because of what we saw out of crowd strike last week.

>> definitely. i believe cyber security is going to be a key factor in earnings reports moving forward after the crowd strike failure that happened last week, that resulted in global outages. when we look back at the q1 earnings reports, it was the cloud games that drove a lot of the new revenue that allowed them to go 25% year over year. and the cloud games were the introduction of tools to celebrate a.i. adoption and to secure the a.i. tools within ente enterprise. we're coming to an ij where we see more a.i. and cyber security going hand in hand, with both respecting the infrastructure and the algorithms itself. and alphabet stands to be a leader in that space. >> do you think the crowdstrike disaster has an impact of perception of a.i.?

i heard people say, how come a.i. didn't prevent this? but the bigger question might be, might a.i. do something like this in the future? and the providence is harder to trace. i don't know. the software did it by itself. >> 100%. there's a fear that the machines can make the same mistakes that the humans make. and if folks don't have the ability to understand why the algorithms are making the decisions they make, they run the risk of things like, it made a decision i don't understand and i don't know how to repair it. with crowd strike in particular, the reason why the fiailure happened was not because of a.i. at all. why didn't a.i. prevent it goes back to the e.u.'s competition agreement they made with microsoft in 2009. they forced microsoft to access a colonel level changes, which are system deep level changes in

a microsoft windows system. crowdstrike, a third party software b software provider, runs this software that goes in and every couple hours a day, shoots out update that updates the change to monitor for better cyber security vulnerabilities or potential malware. and what happened was, they made a change they didn't practice rolling out correctly. they tested it correctly, but didn't test how they rolled it out. it locked a bunch of devices. most of the clients are exclusively businesses, even though 1% of the computers that run their software were affected in this, we saw global outages. it brings to question, what responsibility do they have to test things before they deploy them. >> now, a question for you about culture that's really a politics question but cloaked in culture,

about silicon valley. ultrarich silicon valley, the v.c.s, the entrepreneurs that have had big exits, have long range between moderate and libertarian conservative. workers in silicon valley has been more liberal than those who have a lot of money. how do you think the emerge innocence of vice president kamala harris as the strongest candidate for the democratic nomination, shuffle things for silicon valley. >> this is around an a.i. conversation. when you look at both sides of the presidential kand date tickets, if it's kamala harris, who represents and has deep ties for silicon valley, being an oakland native, the former district attorney in san francisco, as well as the former attorney general in california, she represents the legislative side of a.i.

bringing balance to it and has spoken at last year's a.i. safety summit, phosted by the white house, that she does not believe that you are needing to put innovation and regulation against each other. both can co-exist. on the flipside, you have donald trump and j.d. vance. j.d. vance is a venture capitalist, with ties to peter teal and has success with folks like elon musk. some of the first funds that j.c. vance has raced were above $1 billion. and the push inside the silicon valley and the regulatory entity is coming from those bodies. the slower they will have to move, which doesn't sit well for the bottom line.

with kamala emerging as the new presidential nominee for the democratic party, it will be which side do you believe? which side are you on? do you believe we can have regulatory bodies and innovate? or do we need less innovation? because that's what both sides are presenting in their approaches. >> thank you very much. we will dive into what a kamala harris presidency could mean for the future. "power lunch" will be right back.

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welcome back. kamala harris' entrance into this race is leading many to ask, who is tech support? biden and trump have taken hard lines with a.i. but harris has history with the west coast. kate rogers has more. >> kamala harris has more to california and launching her political career, as san francisco district attorney. and served one term as california's junior senator. it includes donors to bolster her bid for state attorney general, where she described herself as a capitalist. it's shifted over the course of the last few years. to see what biden has done to launch antitrust pieces against

apple and others. it could be a balance she has to strike if she wins the nomination and the presidency. >> it will be a radical departure for harris to turn it around and undermine biden on a popular legacy. after all, i think she does have a debt to biden and fulfilling that legacy. it could be a radical departure for her to undermine it. and it would result in preblowback. >> harris has a delicate balancing act. tony west, the chief legal officer at uber is her brother-in-law. here in the valley, investors are looking for how policies would impact section 230, before becoming v.p. guys, back over to you? >> when i think about kamala harris run here, i think when the vice president was district

attorney in san francisco. she actually for the position, ran to the right of her opponent. and within california, she had a moderate reputation. granted, joe biden had a moderate reputation before he became president. i wonder if there's a sense how that might factor in. some thought she was too tough on things like gun violence. might that play out here in her apeel to tech? >> that's a great point. and seen largely as more moderate, and centrist when it came to big business issues. another thing we have to consider, is who harris chooses as v.p. in the running mate. with trump and j.d. vance, we're speaking about crypto and breaking up a company like google, because that's something that vance has spoken ut about. interesting to see who she

chooses in the tech stance. she is part of the biden administration and unwinding the things that have been done in the last three or four years would be a tough act for her. a lot to balance, as well. >> someone slightly to the left of joe manchin. i would be surprised if it is to the left of her. abercrombie & fitch, dropped more than 10% in july. we're going to trade it in three stock lunc nt.h,ex l bonds don'ty get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free. now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least $10,000 to invest, call and talk with one of our bond specialists

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welcome back. it is time for today's three-stock lunch, and joining us with her trades is cnbc contributor courtney garcia. she's the senior wealth advisor at cane capital management. starting off with first solar, shares are getting a boost as the renewable energy sector is rallying today on news of vice president kamala harris becoming the front runner for the democratic nomination, or is this just a burnt cat bounce, courtney? what's the trade here? >> yeah, the movement today, which you pointed out to could

be with harris on the democratic ticket which would see tax breaks and things like that to solar companies. don't trade on these political headlines. we don't know who's going to be on the ticket or in office or what their policies will be. that being said, i do like this as a stock, and we are a buyer here mainly because of some of the fundamental factors. with this a.i. review olution, there's not enough energy to go around. they have a u.s. focus centric, which means it's a higher margin business and also you are seeing some sort of incentives like tariffs on chinese products coming in, which is going to benefit your u.s. companies, so for all those reasons, regardless of any political headlines today, i would be a buyer today. >> it's been a tough space but they're probably the best positioned, at least from a domestic point of view. let's move on to abercrombie and fitch. it's pared its gains. siting strong demand for the brand after marketing improvements and we know it's

been a denim cycle, courtney. is it too late to jump on the bandwagon? >> i don't think so. i do like this company despite the fact -- it's done really well, kind of outperformed the stock market. i don't think a lot of people realize, but it is a brand that is absolutely resonating with your younger generations, your millennials, your gen z, and even in the face of a tough consumer right now, they're facing inflation, pulling back on spending but for the right thing they are continuing to spend. the fact that they are resonating so well in this tough space for retail, i think just puts a lot for them as we look forward that i think you're going to continue to see further growth, and they have the financial flexibility to weather some of the economic uncertainty. they have $900 million in cash right now, only $220 million in liabilities, and i think that absolutely puts them in a good position to continue to see further growth as we go forward. >> and finally, we have crowdstrike, the cybersecurity stock is plunging another 12.5% as investors continue to digest friday's massive i.t. outage, if

you tried to catch this falling knife on friday, you're bleeding, courtney. can you catch it here? >> yeah, i know that's a little cliche, but this is one of those scenarios where you don't want to catch a falling knife. this is considered one of the best in class cybersecurity companies but when you have news like you did on friday and that kind of outage, the big question remains is what kind of financial liabilities are they going to be at risk for that really nobody knows? if that does end up being larger than expected, it's going to continue to have some pressure on their stock, and this is a company that was expensive even before the downturn that we saw on friday after this news with the outage, and they still remain expensive, really, compared to their peers and compared to the overall markets, so i think for all those reasons, i would stay on the saidline here. there might be an entry point to get in. i wouldn't say that's it. >> okay, courtney rc, an you.thk and "power lunch" will be right back.

welcome back. markets are hanging in there in the green. amc is up 9%.

bloomberg reporting the company is restructuring its debt. up as much as 15% in the session, and was halted earlier. >> all right. we'll keep an eye on that. we've had some action, a couple of individual names but not as much action as, jon, let's bring our viewers up to speed, and i mean kelly, 20 minutes ago, trying to figure this all out. another story we're watching, kamala harris providing some viral personality to kick off her 2024 presidential bid. the veep hopped on the "brat" summer trend. now, if you don't know, and some of us had no idea, this is all a reference to charlie xcx's ultra-popular album, "brat," that has taken tiktok and gen z by storm. charli herself gave harris the brat stamp of approval. pop stars like chappell roan and

sabrina carpenter are putting taylor swift and tokaty perry o the back burner. >> now everyone will understand. if you see the green, if you see, like, we're bringing it all together here. and so is kamala in her own way. >> see you on "overtime." thanks for watching "power lunch." >> "closing bell" starts right now. welcome to "closing bell." i'm mike santoli in for scott wapner today. it is make or break hour. it begins with a rollback in the rotation. tech takes the lead. and this time, the gains are not coming directly at the expense of banks, small caps, and other cyclicals, which are all higher on the day. here's a look at the scorecard with 60 minutes to go in regulation. s&p 500 up a full percent, basically just above friday's highs. the nasdaq, big outperformer up 1.5%. russell 2000 actually has been gathering some steam throughout most of th