rates, they'll be able to finance their projects, and the stock looks like it's breaking out here. >> joe? >> i mentioned several e commerce names, but i forget to mention coupang. >> you have to be in the right names. i'll see you on "closing bell" at 3:00. "the exchange" is now. ♪ ♪ thank you very much, scott. welcome to "the exchange." i'm kelly evans. here's what's ahead. the big interview this hour is with jpmorgan ceo jamie dimon. we'll weigh in on the fed, the economy, the market, politics and much more. he joins us live for a cnbc exclusive in a few moments. there he is arriving in kansas city, missouri, as part of the jpmorgan annual bus tour across the country. we'll get his view of what's going on as he travels coast to coast. leslie picker will be doing that

interview in a moment. >> six and seven straight days of 1% up and down moves for the nasdaq and s&p. all of that volatility is creating a lot of opportunity our market guests say. they tell us where they're putting money to work and what they're buying. and we have a name under pressure that's been called a top pick, a potential politics play and a niche labor market trade. if you can guess it, tweet me, the name and ceo are coming your way. let's start with the markets and dom chu has the numbe ersnu. >> the bad news, green across the screen, but we are tilting towards losing momentum throughout the course of the day. the dow sup about 99 points, one quarter of 1%, 39,099 the last trade. the bigger s&p 500, the market cap weighted index, 5268. it's a half percent gain. very respectable, up 28 points, but near the lows of the session.

at the lows, we were up 25 points. at the highs, we were up 90 on the s&p. so that gives you an idea. still positive, but towards the lower end of the range midday trading. the nasdaq, 16,466. so let's take stock of the last week and the volatility. if you look at the large-cap index, the s&p spdr, down 4.5%. the qqq tracks the nasdaq 100, down 6%. and the small-cap russell 2,000 etf ticker iwm is down roughly 9%. it's been an underperformer. throughout the course of this week, even with the bounceback that we have seen, small caps continue to underperform. that yellow line, the larger cap tech and the broader indices. a lot has been made of the broadening of the rally and whether we could see a bigger bounce back in some of those names. we haven't seen it quite yet, so

keep an eye on that, at least short term. to the positive tide of things, check out shares of shopify. this is the company a lot of online merchants use to power their e-commerce efforts. up 21%. big earnings beat, and the forecast for the current quarter better than some expectations. and gross merchandise volume, that's how much stuff they sell on the platforms, actually grew more than some estimated. so as a read on the consumer, it may not be end all, be all, but it's something positive, at least for thousand that some traders can hang their hats on. back over to you. >> i'm glad you highlighted that one, dom, especially after the volatility. a big upside day, dom chu. stocks continue to perry losses from monday's selloff, with the dow, nasdaq and s&p only down 1% on the week now. my next guest say volatility is creating new opportunities in

equities and bonds. joining me is emily lavell, and andrew. welcome to both of you. emily, we're a couple days off from the selloff. are there still places where you're seeing opportunity from everything that's taken place? >> it's been a bumpy ride the last couple of days and very exciting. we do see more opportunity in international markets where japan in particular has had a rebound, but is still well off the highs to have year. >> so this has been a debate going back to monday. we have had some saying they're absolutely buying. others saying they wouldn't be so quick to buyuy japanese equities. >> we're fundamental investors, we look for periods of volatility as opportunities, and we really are looking at the fundamental stock analysis in order to guide the decisions that we make.

so we still find the same great, high quality businesses in japan that we saw last week or two weeks ago. and now they're trading at better valuations. so we still think it's an opportunity to >> i don't know if you can give any of those names, but it's company by company. it's not like you're saying buy the nikkei or anything like that. >> that's right. we're focused on analyzing the individual businesses and see wlg they can grow structurally through the market cycle. >> so korea was down big. where else do you -- is it just a side effect of where you see the best companies. where are some of the other opportunities? >> some of the other opportunities that we see, you mentioned that asia sold off significantly more than other markets, even in europe. europe really didn't have the same level of selloff. so we continue to find opportunities in the picks and shovels of ai, companies in taiwan, companies in japan. and even companies here in the united states that are helping to build the foundation for what

we think is going to be a transformational technology shift. again, now after a couple of days, we see those names trading at reasonable valuations. >> i think you're on both sides of the so-called kerry trade. andrew, before i rinbring you i rick sen telli is in chicago. how did it go? >> nasty auction. it tailed three basis points. we're looking at 42 billion ten-year votes, and the yield, 3.96. where was the one-issued market? basically 3.93. so the auction had a higher yield, which means a lower price. the government was a seller. three basis point tail, that alone is a huge grade killer in terms of the demand at straight up 1:00 eastern. if we go through it, what i find

fascinating is the bid to cover, 2.32, the weakest bid to cover since december of '22. the dealers took almost 18%, the most they have taken since april of '24. the only metric that was above its ten auction average just barely were indirect bidders. direct bidders were light. pricing was hugely weak. you can see that the yield has moved up to the highest yields of the day on that three-day chart. what you need to notice is 3.66, the intraday low on that wild monday. here we sit, just a handful of basis points away from 4%, and it really does give us testament that when you fly away from the flight to safety trade on monday, it tells us that the united states probably wasn't at the epicenter of all that volatility. fanl and if you look at the yen since monday, it's been going down for a couple of consecutive days. if you put that overlay against

ten-year yields or any yields, what you'll see is that relationship just screams that the carry trades with the epicenter of the anxiety. wait till we see what that 30-year looks like tomorrow. back to you. >> we were on an uptrend. the notes are calling it weak, awful, and a horror show. glad you were -- >> i'm glad they agree with me. >> indeed. rick santelli, thanks. as i turn back to andrew who is looking at the bond market for opportunities, especially in the wake of what we are learning on the issuance side. andrew, where would you say they are? >> as rix mentioned, we had auction, but there's still tremendous value in the bond market, but we have come a long way in a short period of people. we've had the five-year treasury rally almost 100 basis points from where we are in april. that doesn't mean there's not

value in the bond market, we just had a narrative shift, going from kind of everyone pricing in this very soft landing to all of a sudden people have to price in some probability of a less than soft landing, and a fed that maybe at the end of the day is not just going to end at neutral, they could be ending below neutral. that's where the value in the bond market comes. but the value doesn't lie in your generic treasuries. you have to go outside into high quality mortgage backed securities remains one of our favorite trades. you can get government-backed bonds north of 5%-year-olds. some of those investors that are sitting park and tee bills should be looking to kind of move out the curb and lock in these yields north of 5% for as long as they can. at the end of the day, there's a chance that we don't have this soft landing and the fed needs to go more than the markets pricing in to get the neutral. >> isn't there going to be repayment risk, if everyone piles into this, and the

homeowner is going, i'm refieing, i'm making a move too on lower rates. >> at the end of the day, we have come down from 8% mortgage rates in early '23 down to sub-7 now. so there's ways that investors can be protected from that prepayment risk. that's what we do as active bond managers here, there's ways to do that, and that's what we strive for daily. >> i know we are -- i'm just curious what are those ways, is it an option derivative thing or isolating areas s less susceptie than that? >> this is where the cmo market comes in at the end of the day. this is collateralized mortgage obligations. it's not often i get to come on tv and say the word cmo. but -- >> not since 2006, maybe. >> so you can actually get structural protection and essentially make your agency more corporate bond like by

buying a kind of last cash flows off these that have this prepayment protection. the other nice thing about the agency, there's small premiums in this market. this market has some of the least negative conve xhxity, soe premiums are not like 110 like we would have been talking about a decade ago. >> i appreciate you diving into that. emily, let's back up a second with a comment about u.s. stocks. as we have to contemplate, okay, rates are going to go wherever the economic data points us. where do you think the best opportunities in this market are? >> we definitely think we're in the later stages of an economic cycle. some of the data is telling us the consumer is slowing in the united states.

so what we're really focused on, where are the companies and the industries that are grow. artificial intelligence, health care is very interesting. and companies like shopify, they're growing by providing additional value and service to clients and able to monetize that and earn more revenue dollars off that. >> happy to see them doing well. i'm a big fan of the product. >> likewise. >> thank you both. really appreciate it today. meantime, banks are bouncing back from their big three-day losing streak. we're only a week into august, but the group is on track for its worst month since last march. despite the pullback, jpmorgan is only 7% away from last month's record high. and now the bank is doubling down on its small pound strategy, with an investment to open more branches in middle america. that's where we find leslie

picker in her hometown of kansas city for an exclusive. i'm sure there was -- with jamie dimon, take it away. >> yes, we are here on a soccer stadium, that the mahomes co-own that jpmorgan finances for the women's soccer team. jamie, thank you for being here. this is your 14th annual bus tour. this time you're visiting six mid western states. what are your key takeaways. >> first of all, welcome, everybody. america is alive and well. people are optimist ek, they're growing, expanding, there's technology in just about every city we do, wherever we go. it's quite uplifting, so i traveled through the heartland to see all of the wonderful things taking place. >> you have a branch strategy

where you're opening more in the midwest, more in smaller cities, rural areas in order to have more reach for the u.s. population. how does that play a role into this year's bus tour? >> i was so happy, we go from 28 states to 48, so we do have a new strategy effectively about rural, which is be in every state to be within 15 minutes for 50% of the population. so i think for the person on the tv, it's not just the branches, we come in with small business, mortgage, auto, credit card, chase management. 25% of the branch in my neighborhoods. private and commercial banking, investment banking, and we also bank stadiums, sports, governments, cities, schools hospitals, and we bring in all the things we do for the

disadvantaged community, the black community, hispanic community, lbgtq. we bring the full force of jpmorgan into a state and city, and it's just wonderful to watch. we make the investments that create the jobs, that help the business create the jobs in the communities. >> speaking of jobs, this has been a pretty remarkable week in the markets, where we have seen exceptional volatility. what do you see as the key driver and do you think that volatility continues? >> markets fluctuate. i think people overreact a little bit to the daily fluctuation of the market, and sometimes for good reason, sometimes for virtually no reason. this came way down, went back up. but people are projecting, and when they project forward, we don't know if we're going to have a soft or hard landing or anything in between. i've always been skeptical it will be soft. on the other hand, i'm hoping it

is soft. but the important thing is it's a little bit -- we don't know where it's going to be. as a business, you have to prepare for all different potential outcomes and invest. whatever happens, american society will get through this easily, other than geopolitics, and i was with warren buffett yesterday. we talk about the resiliency of america. it is extraordinary, and it's in these up tos, the universities, the businesses, it's in the government, they're always looking for ways to improve our lot in life. >> now, you mentioned the probability of a soft landing. i know that the last time we sat down back in february, you pegged the odds of a soft landing about half of what the market was pricing in. the market was pricing in about 80% at the dicted a 35% to 40% f a soft landing. given the data in the last few

days, do you city expect a 40% of a soft landing or less than that? >> about the same. you know, there's a large range of outcomes, and we will all get through that. and so i am really optimistic that we have a mild recession, even a harder one would be okay. i'm very sympathetic to people who lose their jobs. you don't want a hard landing, but there's a lot of uncertainty out there. i always pointed to geopolitics. the deficits, the spending, the quantitative tightening, elections, all these things cause consternation in the markets. does inflation get back to 2%? i'm skeptical on that, too. i don't look at -- the things that are inflationary but in the future, deficit spending, remilitarization of the world, and they haven't happened yet but they are going to happen. >> given that prediction, i know that jpmorgan economists are

expecting now a 50 basis point cut in september and november. and 25 basis points thereafter. do you think if the fed were to do that would be a mistake? >> i hate to say this, i don't think it matter. psychologically, there will be a lot of chatter, what they thinking? maybe that's psychological to affect the economy, but reminds people every day, 325 million americans go to work, go to jobs, take care of their families, change their job. it could be affected by the fed changing rates? i don't think so. so if they do it, i'm sure they have good reason and i'll rely on their instincts. it seems more negative than i had expected, but it goes back to expectations. all the expectations have been wrong, too. >> if they were to cut, does that risk more of a stagflation

environment? >> no. stagflation would be a recession with a little bit of inflation. so what they do in the short run may or may not affect that. it reduces the chance or the depth of a recession, but i don't know what might happen down the road. >> one of the big concerns that the market has is the state of the consumer. you have an unparalleled work where you say on the health of the consumer, i know that you have been setting aside $2 billion in reserves. what do you see with regard to the health of the consumer, and does that credit card reserve build indicate that maybe consumers are a bit more stretched and spending more on credit? >> we gave $6 trillion out during covid and another $4 trillion out after covid. it ended up in people's pockets through multiple programs.

some went to states, some went to cities, and that ended up in checki ing accounts on the consumer side. even when it's done being spent down, it doesn't mean it's recessionary. but what you have seen in the market, the pond 50% of income, they have spent it down. so they're doing what we call normal behavior, substitution, they have an extra expense, do something cheap. the top 50% still have some extra. that will probably be gone at the end of this year. travel, restaurants, entertainment, things like that. but we don't know. the credit card losses and other losses, they basically normalized. that's all it was. they were normal it would be 3.5% credit card losses and they

got 1.75 or something. pu but it depends on jobs, confidence. so you watch the jobs numbers, unemployment drives all the other underlying consumer credit. we are doing a very good thing for the people at the low end. they didn't get a pay raise for 30 years. a lot of business people say it makes it harder to do business, but it's an important thing. >> if your estimation, normalized credit picture doesn't indicate we're in a recession right now? >> not at all. right now it's just normal. >> right now we are not in a recession. >> no. >> politics. you had an op-ed last week in "the washington post" where you called for unity and restoring faith in america again. in the op-ed, you did not endorse a candidate. do you think now that we have seen the tickets settled as of yesterday in terms of president,

vp for each of the major parties, do you think both of those tickets would heed that advice? >> i don't know, and i hope they do. i hope everybody does. i was in the middle of a book about ike eisenhower written by his granddaughter, how ike led. he got the most professional people, the best and the brightest, experienced from everywhere. he wanted to get policy right and he made them work, kind of like a business. let's figure out what policies actually work. he also knew the opposition leaders, met them weekly. so we disagree about any issue out there, i would still like to understand you, your family, goals, objectives. you aren't immoral because you think something different than i think. democracy is compromised. so get the best people, it's not

about, it's about country and constitution. i hope other voices come behind and support that. that is what politicians should be doing. when i go to d.c., you see people on tv sometimes it's michael johnson calling the show horses, not the workhorses. but there are workhorses that want to get things done. maybe it would help to see citizens say we want to see you come up with programs for education, immigration, and regulation and go foster and help america. >> ike eisenhower from kansas, but you wrote in the op-ed, the president should put the most talented people into their cabinet. would you serve if asked? >> i love what i do. i get to do these bus trips. we lift up consumers, disadvantaged, businesses. this is what i love doing.

>> in your latest investor day, you did say that the timeline is no longer five years, indicating there is a shorter timeline by which you would potentially leave the firm. >> eventually i have to leave. i know that. we have great people out there. you know a lot of the people how successful they are. when i say exceptional, it's their heart, curiosity, the respect they engender from employees, from customers, which i feel great about. but when i'm done with cfo, i might be chairman for a year or two. to i have a while to go before i'm out of the company. i'm just so proud of the company, it's amazing what it does around the world. >> former president trump said he would consider you if we were to win as treasury secretary. is that something you would consider doing? >> i am very happy with what i'm doing. i can say it over and over. >> so that would be a no to president trump? >> i'm very happy with what i'm

doing. >> you did not endorse a specific candidate in this op-ed. is there one side you're leaning toward? >> i'm not going to answer that question. >> let's talk about ai, because the firm has 2,000 ai machine learning experts, 400 use cases in production. update my numbers here if they're stale. a newly created position an it will -- analytics officer. what are you most excited about ai being deployed at this time? >> we've been doing it now for 10, 12 years. the technology changed the world. it's why we're living longer. it's going to cure cancer. the world today is very different than 100, 200 years ago because of technology. do technologies have bad outcomes? yeah, planes crash. but the good stuff, we have

2,000 people. it's ai led machine learning and data. inside the company, every part has a mirror. so credit card, consumer, sales and training, commercial and investment banking. and they are deploying ai at scale for risk, fraud, marketing, customer service errors, offers. it's just going to get better. we want to make it great for customers that we are being treated properly. everyone is going to have a co-pilot on your shoulder. you're going to have one when you wake up and be told so and so gave a speech, here's the weather, it will take notes for you, and may prompt you to say ask about x. everyone will have that. it may reduce some jobs and increase other jobs, just like cars did that and the internet does that.

so society will be better off. if for some reason -- and i think it will be regulated and hopefully properly, and they should to protect things like misinformation. there are things which are quite dangerous to society. >> and fraud of course within the banking system. >> yeah, we're very good at that. we're experts at that. in fact, some of these fraud calls have been coming down. we do a million things to stop that stuff. but i think the biggest one would be political and misinformation. so near the end of a campaign, fake ads, make people, fake statements, make news, trying to throw a state one way or the other. we have to be careful about that. >> very important. as we had mentioned, you have been traveling the country, the midwest over the last few days. how do you think middle america perceives the economy right now, and is it the same as what you hear on the coasts?

>> yeah. i think the coasts are -- maybe don't fully understand. i think everyone should take a bus trip through middle america to understand where these people are and what they're doing. you don't get this terrible view of america. you visited this company with me today. they're building trucks being used in construction sites, et cetera. they're profitable. they're going to expand. just two guys that started it in 2015. so it makes you very optimistic. however, there's not one america. i would acknowledge in my op-ed the flaws, and the flaws are expensive. immigration, certain regulation, work skills. if you want to look at the parts of society that didn't do well, the bottom 20% or so earns less

than $20 an hour. their incomes didn't go up for 20 or 30 years. you're not going to fix that if we're just yelling at each other. more suicide, more drug problems and they deal with more crime when they go home. their schools don't work as well, and i remind people we, as society, should say yes, there's a problem and what are we going to do about it? to fix that, i think it's fixable. i mentioned the skills, there are pieces -- if we have the right policy, not misguided policy, not slogans, but actually policy on the ground that works. one of the great things about these bus trips, you see what works. you sat in the room, they're graduating kids with the skills they need who are getting these jobs,maybe $60,000 a year. that's what we need to do.

we don't have -- everywhere you have things like coding or cybersecurity. so there are solutions. i wish we would focus on that and stop yelling at each other. and there's got to be collaboration. i mentioned detroit. a white mayor, 85% blacktown, wins with a write-in vote. 3 so i thought he was right, and he'll still a friend of mine. we sent teams in, the mayor, the governor is republican, but they basically said, whoever can help. they got business, government, not for profit, schools, unions, police, and everyone started to work, make the streets safer, make the schools work, get more skills. they got two big plants being

built there. that's 50,000 jobs not just in the plants but that supports the plant. collaboration works when you have actual policy that people work on together and then you modify it over time. we can lift up all of our society if we do that. that would reduce some of the legitimate anger. you can look at this and say it's been unfair and we need to fix it. >> it seems like a much more optimistic jamie dimon on the heels oh of this bus tour today. appreciate your perspective on the macro krenvironment and the market volatility that we have seen this week. thank you very much for being here. jamie dimon, the chairman and ceo of jpmorgan. kelly, back to you. >> before i let you go, i think he said no recession right now, but did he say we're in a soft landing or just hopes for one. >> he said no recession right now. he said that could be in the cards in the future, however.

>> i grow with you. i think he sounded a little more upbeat. something about capskansas city leslie. thank you very much for prbringg that to us. coming up, another read on the consumer from the ceos of airbnb and trip adviser who are acknowledging the weaker macro environment. we'll tell you what they're saying next. plus, pandemic darling zoom is down 90% from record highs, but it's getting new steam ahead of the election. and here is another check on stocks and all the major averages going negative after what come would say was a terrible ten-year auction, the dow is up 56 right now. and look at the ten-year yield, 3.935. "the exchange" is back after this. >> this is "the exchange" on cnbc. [♪♪]

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welcome back to "the exchange." remember the post pandemic pent up travel boom? take a look at shares of airbnb, one of the biggest laggards in the s&p today, having their second worst day on record, down

almost 15% after missing earnings estimates and giving weak guidance for a third quarter. the company is warning of slowing demand from travelers, and they're not the only ones. look at what's going on with trip adviser, down 13% after missing revenue expectations. on the call, executives warned of head winds in july and expect that to continue. as a result, they forecast third quarter revenue to be flat, versus the prior estimate of up 5%. trip is the latest to sound the alarm. mgm resorts warning that the grand prix in november may be a head wind. wyndham cutting its forecast. hilton giving weak third quarter earnings guidance and slashing its revenue forecast, as well. hyatt gave a weak full-year profit outlook, and marriott fell short of the street estimate, which brings us back to airbnb.

they expect revenues of $3.7 billion at the mid to-point of range. every single company that's reported in the last two weeks has cut their outlook for the key metric of revenue per available room, pair that with the poor earnings guidance this season, and it paints a break picture for the travel industry. one of the places, tyler, that was supposed to be a big benef beneficiary. >> more and more companies getting tentative with their forecasts for the future. let's do a cnbc update now. in a pretrial hearing today, attorneys for the alleged 9/11 conspirators at guantanamo bay say lloyd austin violated military rules stopping a plea deal that would have spared them the death penalty. he said he believes the american public and the victims deserve a

chance to see the trials carried out. former michigan coach jim harbaugh, an order applies if he wants to return to coaching in college. he left michigan after last season's national championship to coach the los angeles chargers. more than half of current homeowners believe making improvements or repairs are a good reason to tap their equity, such as a line of credit or home equity loan. a new bank rate study finds that homeowners considered debt consolidation as a top reason to tap into their home equity. kelly, i'll see you in a few minutes. >> tyler, thank you so much. now a quick check on the markets. the dow has given up a gain of 300 points to turn briefly negative top of the hour after the ten-year auction went quite poor in terms of demand, sending

yields back up towards 4%, and putting pressure across the equity space. the russell 2,000 is slower by half a percent. venture capitalists have come out to support former president trump, until recently. we're seeing a call to action on the democratic side, as well. megan is here with the very latest. is this after the vp announcement, or kind of going into that? >> going into that. so this started about last week, not too long ago, but before the pick was final. this is a group of more than 800 tech leaders who are organizing to throw support behind harris. they represent about $280 billion in assets under management. they say they support democracy, that's what they say is at stake in november. their goal is to raise money via zoom today, the target is $5 million by election day, so not huge. the biggest focus is on sending

a message. the group's founder said backing trump didn't represent her or people she knew. it's the biggest show of force we have seen from democrats in silicon valley. mark cuban and others have signed a pledge. so this is all, of course, a direct pushback to the pro trump camp. they hope that big fund-raiser in june in silicon valley, they're both supporting trump. so it's kind of interesting. we can see this tug of war developing. it felt like the pro trump camp was gaining traction. >> does the vp pick factor? he was more bipartisan in congress, but as governor, he was much more progressive. i don't know if that sounds chills down the spines of folks

in silicon valley. >> what talking to donors and democrats here, maybe mild disappointment among many of them that it wasn't josh shapiro, but not really signs of catastrophe. they feel like any pick would have been good. they quite like harris herself. so they sort of feel like they recognize that he was chosen because he will be the attack dog, he's good for campaigning and they're not as worried. >> megan, thanks. >> there are four fund raisers that made national headlines for the people who participated. you've probably seen the amount of money raised. the largest coming in at 200,000 attendees and $11 million. the platform of choice, zoom. my next guest sees this election cycle as a tailwind. matthew harrigan joins us now. matthew, first of all, maybe i'm naive. i didn't realize zoom could have

200,000 people using it at once. >> it's wonderful scaling when you consider it's a symmetrical two way. it gives people a very strong sense of participation. it's really iconic in a technological sense and in a social sense. i think it's great to see no matter where you are on the partisan spectrum. >> does zoom make money off of zoom's event magnitude? >> it isn't something necessarily that adjusts your quarterly earnings number, but it creates a halo in terms of fostering not just the video side, but their expansion and then unified communications in ai and providing alternatives to microsoft, co-pilot and all that in concert with the video offering. and so certainly it's good publ publicity.

>> going back to july, they had a win with black women event with 40,000. white women answering the call, 200,000 attendees. white dudes for harris, 180,000 participants. can this only happen on zoom or can this take place on google or microsoft teams or would they at some point very quickly? >> you know, i think when you're trying to reach a mass audience, zoom is preferable, because it's more userfriendly. the 200,000 was actually a record for zoom, and also you talked earlier about the 5 mil million being raised by election day. these events, i think you left off cat ladies for kamala raised almost $20 million.

so this is a nice lever for the harris campaign. >> and i do see the parallels, as do many, between how the trump campaign used facebook in 2016 quite effectively. you fast forward to now. it turns out zoom could be one of the new technologies that they can use to their advantage. i guess the final question, if you don't think these events per se help zoom make money, they just become part of the association with the term, google it, whatever it is, it just keeps it entrenched in our everyday usage? >> well, i think it definitely at attracts more users. in the long-term, you do make money. it's not like they're going to make money off a specific event. but it really brings it back to zoom and helps the casual consumer side, the user, as well as the corporate side where they're really starting to make in roads. we had a hold on this during

covid, upgraded it when it was below 100. i think it certainly should hit over 83 the next year or so. >> i don't know if they have to spend more on server capacity if we have duelling 400,000 member events. matthew, appreciate your time today. $83 price target on zoom. coming up, a look at the growing number of ai finders with their starpsndtu a what's driving it. back in a moment with that story. car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund

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talented startups. deidre bosa is here with more details. what's going on here, deidre? >> put simply, these startups are struggling to find viable business models and burning through crash. that's not new. what we are seeing is many founders going to well capitalized mega caps. it's a way of getting a cushier big at companies that are also at the forefront of the ai arms race. instead of competing with them, they're joining them, making the incumbents stronger than ever. you also saw character ai's co-founders and more than two dozen researchers go to google that earlier this year, inflection saw most of its staff go to microsoft. then there were the adept executives, they went to amazon, and remember that adept raised hundreds of millions at a billion dollar valuation. earlier this year, i was in the

audience at nvidia's event where the ceo sat down with seven of the most sought-after talent in gen ai about famous transformer paper that kickstarted modern gen ai. they were at google when they wrote that faster. over the laugh few months, though, the shine has come off of those ambitions. billions and billions of dollars has been raised. that was the easy part. the hard part was collecting revenue to show for it. i was talking with another founder in the space. he didn't want to be named but thinks there's more startups to go. that we'll be swallowed by big tech or go bust. co-here is another gen a.i. darling that was recently valued at more than $5 million. it has less than $25 million in annualized revenue. and there's just sort of this impatience that's coming to light. you see it in the public markets and you're seeing it in the private markets, as well, with

so much money being raised or put into these ambitions. the revenue is just taking a lot longer -- >> i think for gen a.i. the heart of a lot of this goes back to how they got the content for the algorithms and whether that's sustainable and the fight over what's fair in all of that. thanks. we appreciate it. still to come, ed tech company addtalem and what may have investors worried today. shares down 9%. more after this.

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welcome back. adtalem shares town almost 9% despite beating q4 expectations on the top and bottom line and seeing a 10% jump in enrollment. they did note a bit of margin pressure as they make investments across the business. let's bring in adtalem global education ceo steve beard. dive in here. this one's getting more of a shout out from analysts and charlie borinti, your shareholder, bullish on the business. what are the dynamics here? >> setting aside today's trading

activity, our business sbies strong fundamentals. as you noted we have growing enrollment, we enjoy circular demand trends in the area, the demand for nurses, physicians, veterinarians is only growing and is the largest provider of those professionals, well positioned to take advantage of that demand. so short term market gyrations notwithstanding, we believe we're well positioned to meet growing and durable demand. >> people who have heard our past interviews know you are active in the nurse education space, things like that. the point was in part that if trump wins it could be a positive catalyst for for-profit education stocks, not like you're trying to get swept up in election odds. could harris' position look better these days? >> we believe when there's a republican in the white house and regulation, the business is somewhat lighter. we built a business we think can drive in any -- drive in any political environment. we did well during biden's first term. if there's a democrat in the

white house after november we believe we will thrive in that environment, as well. again, we are providing a social good, nurses, physicians, and veterinarians are sorely in need across the united states. and we're providing opportunities for students to pursue those careers who might not otherwise have them. >> a lot of people are paying more attention to what's going on in the labor force. the slowdowns, the rising unemployment rate could in part because there's so much new immigration supply. is that affecting enrollment at all? >> not for us. typically a slowdown in the economy is viewed as being helpful to higher education because folks tend to retool and go back to school. but because of our health care focus, we're actually immune to that cycle. we've got secular demands that run across economic cycles. and that demand is only growing. not really an issue for our institution, but a slowdown in the economy is typically good for education broadly defined. >> yeah, if that's what's happening -- quickly, what's with the margin pressures? maybe that's what has investors concerned. >> look, we've had flat margins year over year as we committed

to the street. that's largely a function of the nmtsz we've made in the -- investments we've made in the long-term growth of our business. when we came out with our announcement yesterday we committed to at least 100 basis point improvement over the fiscal year. that's something we can sustain going forward. we've got a very action tractive profitability profile and have the ability to expand those margins. we're excited about that. >> you do medical, veterinary, demand is growing. shares up 51% over the past year. today notwithstanding. steve, thanks for joining us. good to check in with you again. >> it's pleasure to be with you. >> steve beard with adtalem. . le"t's it for "the exchange. tyr matheson is getting rita for "power lunch."

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earn cash back that automatically adjusts to how you spend with the citi custom cash® card. [mind blown explosion noise] good afternoon, everybody. welcome to "power lunch." alongside kelly evans, i'm tyler mathisen. jamie dimon weighing on the markets and economy the past hour. we will recap what he was saying and get you actionable insights. and we have more health care companies working to implement a.i. into their businesses. could it help or hurt an industry plagued by red tape and inefficiency? we will discuss. first, a check on the markets with the dow losing all of its earlier gains. now ever so slightly in the red by about 70 points along with the rest of the market. this after a strong start to the session crossing its 50-day moving average, kelly.

>> some th