♪ good afternoon, everyone. welcome to "power lunch." alongside contessa brewer, good have you here. i'm tyler mathisen. coming up, a major c suite turning sour on harris. mark zuckerberg says the white house pressured facebook to remove some covid-19 content. coming at a bad time for the presidential hopeful as she pitches herself to the business world. plus, our power house road trip continues. today we move north from miami to syracuse, new york. we'll explain why that area is

bracing for huge boost in housing demand. but first, a check on the markets with the dow sitting around but a little bit below record territory after yesterday's record highs. down 14 points. 41,224. s&p 500 higher by a quarter of a percent. and nasdaq by a third of 1%. some specific movers we're watching right now, paramount falling after losing a buy-out bid. shares off 5.5%. we have more on that in three stock lunch in just a moment. and the restaurant stock cava falling 6 -- excuse me, 8% dpsh now 5.4% after filings emerge that several major shareholders and insiders are selling some of their holdings. could morgan stanley spark a new soda war, naming coke its top pick, replacing pepsi. you're seeing coca-cola up 18% over a year. pepsi down 2% the same time frame. and there you're seeing the diversion in those two soft

drinks. >> yes. finally, lumen technologies falling more than 11%. caresdale capital shorting the stock in a report stating ai ain't going to fix this. >> that's not even correct. that's not even proper grammar. >> not proper grammar. she said. all right, let's start with some new headlines out of the fed and steve liesman has that news for us. hi, steve. >> hey. tyler, we get a clue for who might have been advocating for a rate cut back in july with the minutes of discount rate meeting minutes just released by the federal reserve. and what we found is that what they report is that the director's of the federal reserve banks of chicago and new york both advocated for a cut in the discount rate by a quarter point. that often prestages and shows the desire of the actual president of the bank of what to do. now, just so you know, since that actual meeting of the federal reserve, separate from the discount rate but the actual

rate setting meeting, the minutes showed, quote, several observe that the recent progress on inflation and increasing unemployment rate provided a plausible case for reducing the target range 25 bases points at this meeting or that they could have supported such a decision. it would appear that chicago and new york, that's austin grade schoolsby and john williams were among the two who could have been advocating for that. since then, the fed chair said we're probably going to be cutting rates in september. a little less interesting, but now we know who in july -- we can perhaps surmise who in july was advocating for cuts back then. tyler? >> steve, thank you very much. steve liesman reporting. thank you for that. >> sure. >> appreciate it. all right. in addition to anything related to the fed, earnings remain a key market factor. investors are waiting, of course, on nvidia's results which could make or break the rally. let's bring in malcolm etheridge, vice president and cnbc contributor. malcolm, welcome. good to have you with us.

can -- all roads lead to nvidia here, one way or another. can the market move forward if nvidia doesn't? >> yeah, tyler. i think it's important for investors to keep that in mind that the markets can continue to roll on and the markets can continue to roll on with the ai theme in mind, if you just consider the fact that last year microsoft was the be all, end all as far as the conversation around ai was concerned and it went from being the company that we considered to be the ai leader to being one of the companies that we consider to being the leader. so nvidia could absolutely come out, blow it out of the water with earnings, give us great guidance going into the next quarter. the shares still sell off and i think investors have to keep in mind that that's not necessarily indicative of the broader ai story starting to slow down. >> semiconductor business is volatile. let's just put it bluntly. and the stocks, they can move up and down a lot. >> well, not only is it

volatile, it's meant to be cyclical, which is i think another thing that investors and names like nvidia seem to have forgotten, because we've been talking about this company and trading it, similar to a lot of other growthier names that have staying power where typically your chip stocks have a three-year run where things are powered, there's the upgrade cycle, right, new technologies come out that require newer, better and different chips. and nvidia's narrative with a-i behind it has gone on for quite some time. but we're still talking about as if it's still early innings here. it's really important to keep in mind that we could see something like one of the hyperscalers or a few of them, amazon, microsoft, google to name a few to develop their own chips in-house to make them suddenly less reliant on names like nvidia but also a company like an amd, for example, their first direct competitor to create a chip that is similarly capable of running all of those different models simultaneously for half the cost, let's say, and that suddenly changes the narrative around nvidia.

we should keep in mind to your point, that chips are always cyclicals and they always have that lull that comes after the boom. >> well, as we wait for baited breath for nvidia's earnings, let's talk about rates. which stocks are likely to be or sectors are likely to be beneficiaries of the two or maybe three rate cuts that now the markets are pricing in. >> yeah. so i think that the market has seemingly capitulated around the idea that the russell 2000 is going to be the biggest winner the moment we get that first cut, right? small caps if you think about it are usually directly impacted by borrowing to invest in things like growth. and so, if you consider maybe a third of the russell 2000 companies are not profitable, they don't generate the kind of cash flow needed to directly invest in those operations themselves, they have to borrow to grow, it does makecomplete sense that the first few rate cuts are going to go directly to small caps and that's going to be the thing to drive an iwm, for example. >> a lot of attention, malcolm,

on artificial intelligence stocks. but you like quite a few of these computer security stocks. tell us which ones and why. >> yeah. so, tyler, i actually just put out a note making the case for why i think that mass consolidation is coming to the cybersecurity industry in 2025. and one of the big reasons for that is that there's a tail wind at the backs of these companies mandated by the securities and exchange commission, right? any time we have these massive outages they now have to be reported to shareholders. but separately from that, ai is also making those attacks even more sophisticated and even easier to create, which means that cybersecurity is now a nondiscretionary line item in these company's budgets. i expect for crowdstrikes earnings report to show us -- george during their earnings report to come out and tell us something along the lines that that outage is behind them now. they're moving on. and the rest of the cybersecurity industry to be lifted by that high tide that

comes from a snapback in crowdstrike's share pricing. >> okay, malcolm. thank you so much for joining us and sharing your perspective. appreciate your time. let's get right to today's three stock lunch. and here with our trades, david, cio at the bonnson group. first up, you have nvidia earnings. we talked a bit about that. on deck tomorrow the shares up more than 1% today ahead of result. what's your trade on nvidia? >> well, we've been a sell for a long time in the sense that we just believe the valuation issue is insurmountable. if the company executes perfectly for years to come, which, of course, they will not, this stock is overpriced. and it's 1999 cisco lesson for me. a little bit of ptsd. i think tyler remembers that era well. and i will say that nvidia seems to me to be cisco of the next generation. >> very interesting. i mean, i think of the stock that i associate with the 19 --

the late 1990s is cmgi. just went up and up and up. but nvidia is a real business. i don't know that cmgi ever really was. nvidia is a real business. you're not bias, but your portfolio management style is, what, to chase dividend growers or what? >> it's to pursue dividend growers and to hold companies that have the free cash flow that is sustainable and growing and then they are distributing more and more of that to the owners of the business over time. and so it is a bias, but it's embedded in our philosophy of investment. in a company like nvidia generates plenty enough free cash flow they could be more than a 0.4% dividend payer. but i think you're exactly right, tyler. cmgi is not the analogy i would make to nvidia. nvidia is a wildly successful company. so was cisco. for 25 years. cisco has grown earnings and revenues and everything else. it's just that the stock never got back to what it was in the

bubble. it's a peer valuation problem. >> another super hot stock and that would be eli lilly. what do you say here and why? >> 117 times earnings on the drug company is pretty rich. they also are at a yield less than half a percent. but unlike nvidia, lily has a history of being a great dividend grower. now generating more cash flow off of this wildly successful weight loss drug and paying off 20% of earnings and dividend. it just boggles my mind. they're not growing the dividend. the yield is too low. look, they're a victim of their own success. the stocks tripled in the last year and a half. so it's been a great thing to own, but no, we don't believe it can become the robust dividend grower that we like to own. >> finally shares of paramount global falling because of the buyout drama coming to an end here. look at those shares off 5.5%. edgar walking away from the

bidding war all but confirms that sky dance media will become the next owner of the company. how are you trading paramount? >> wouldn't touch it with a 10 foot pole. watch the documentary on this drama some day, but don't buy the stock. >> david bronson, thank you so much for being with us today. coming up, nfl owners meeting on whether to allow private equity to invest in its teams. what it could mean for the owners and the league overall when we return. the other leagues allow it. the nfl coming to the party. okay, team! oh, thank you so much i couldn't have done it without you. honestly, i don't do a whole lot here. i'm really just here for the at&t internet, it's super-fast so, any pre-launch concerns? what if nobody buys them? that's mean or, what if everybody buys them? oh, i hadn't thought of that that's probably not gonna happen can we handle that kind of traffic? the network can handle it! i downloaded eight hours of true crime stories

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other leagues have been doing it. and why the change now. >> well, the nfl wants to be sure that these private equity firms are comfortable with being silent partners and with putting their money in this long-term investments. these p-firms are coming in. they're not going to have any say in how the teams are run. and as you know -- >> because they're limited to 10% ownership or covenants that will be written in. >> they're limited partners. that's it. which, as you know, is not normally how pe firms operate. >> well, and the other thing is, how can they guarantee long-term partnership? environments change. how pe funds are putting together their own investments changes. so, is this going to look like a contract? you're signing up to be our informser for x number of years? >> that's right. they're going to be long-term investors. and these pe firms, all four of

these groups have good track records of investing -- >> who is it? >> sports assets. carlisle group, airies, all of these. consortium of funds. the nfl wants to get this done because as team values have risen so high -- for instance, if a team sells for $6 billion, you may have to raise 3.2 billion from limited partners. if you can get under this, possibly $500 million from a private equity fund, it really helps expedite the deal. >> what does it do for valuations? when you look at the way that pe has gone into all of the other leagues, what has it done when those teams are valued? >> well, typically in the past pe firms have bid higher multiples of revenue than most limited partners want. that's subsided. they've come back down to the norm. what the owners want is the owners want to use these moneys besides when teams are sold for lp money, they want to take the money in and use it for, say,

renovating their stadium, putting in more luxury suites, adding, you know, fancy club seats, restaurants because stadium money, you're not sharing with the other teams. >> that's yours to keep. >> that's your. and that really drives the pecking order of team values. >> how are these particular funds chosen? was it because of their track record investing in other sports? >> yeah. i think that was a big part of it. i think another part of it was the nfl feels very secure about the funds assets themselves, that these funds do not have problems. looking at the track records. and i think, quite frankly, some of it is personal discussions, how comfortable the nfl finance committee and the commissioner feel with these fund managers. >> the vote is going to happen, we think, this afternoon in minnesota where these team owners are meeting. is there any sticking point? is there any chance that what we expect to happen doesn't? >> i would put it at less than 1% actually. >> if you were a betting person.

>> if i was a betting person. i would go all in on this happening. $12 billion committed capital. >> what's next? if it's 10% this year, can you foresee a next round where the nfl gets back together and says, you know what, this worked out. let's raise the stakes? >> absolutely. i think maybe within five years. you mentioned 30% in the other sports leagues. i could see the nfl approaching that. >> the main way -- an nfl owner makes a lot of money is by buying the franchise and then reselling it as a multiple of what they paid, right? i mean that's how sports owners generally make the most money. >> i think that for many years that was the case. but that's begun to change. these teams themselves now are very profitable businesses because ever since you put in this salary cap, you're limiting what the players can make. the players now get about 49% of revenue. so all of thesefu funfl teams a

very profitable businesses. it's just a question of how profitable. >> here in this particular case, the point i was trying to drive at, the idea of allowing investments from private equity, you are opening up vast new reservoirs of capital to invest in these teams. >> absolutely. >> that's manna from heaven. >> it sure is. to your point, i think there's a very, very tiny chance this is not going to happen. >> mike, great to see you. thank you. nfl season getting ready to kick off, teams are ramping up cybersecurity to protect themselves against growing cyber threats and ransomware. to make sure they're ready, the cleveland browns are teaming up with binary defense in an effort to prevent cyber and physical threats by predicting them ahead of time. joining us now to discuss is david kennedy, co-founder and chief hacking officer of binary defense and brandon covert, vice president of information technology with the cleveland browns. it's good to talk to both of you

today. brandon, let me begin with you. what are you seeing when it comes to attempts to -- to invade your systems? >> yeah. just like many other businesses, we have constant threats to our network, to our data. and things like ransomware attacks, issues like business email compromise or financial fraud, wire fraud, that are attempting to get access to our systems. there's also proprietary football information that kind of help us in strategy and game preparation that we're constantly looking to protect. and fan data and credit cards and biometrics are something that we are really trying to protect with our services and the nfl and binary defense. >> i mean, clearly there is such an incredible intersection between the data that a team has

and the opportunities to exploit that data even sports betting world. which i cover so thoroughly. you can see how threat actors could get in and use that data to their advantage where sports betting goes. so, david, when you're looking at preventing the intrusions, does it differ at all from the way that cybersecurity firms are trying to protect other corporations? >> thanks, contessa. it does a little bit. when you look at what capabilities we have in the private sector now, we have the same capabilities as law enforcement typically does around intelligence gathering purposes. so, you know, each industry is uniquely different. if you look at water treatment facilities and critical infrastructure, your biggest attacks are coming from nation states. right? to brandon's point, they're in the hospitality industry and others, sports betting, sports booking, those are all unique industry verticals that we have to take into consideration when we're trying to prevent or thwart attacks and try to figure out what the methods, the

capabilities, the advancements they have in that 12 billion fund p eshs funds that are potentially coming out. there's a lot of excitement around all of these different professional sports and these attackers and adversaries know that these organizations have lots of money which is opportunistic for ransomware. there are differences based on how they're doing things and the capabilities continue to get better. so we definitely have to build defenses against that to make sure they're all protected. >> brandon, how often have the brown's defenses been tested by bad actors in this case? and have you ever been the subject of a ransomware attack? >> yeah. we're constantly monitoring and getting alerted to threats. one of the things binary defense does for us has really become the first line of defense if something is detected in our environment. they're first to see it, sometimes before we are. >> when you say constantly, everyday, couple times a week,

what? >> yeah. everyday. i mean, there's attacks. they may not necessarily be targeted specifically at us, but coming at us from our firewalls, external, phishing attempts, things that maybe an attacker isn't necessarily targeting the brown's specifically but anybody that may fall victim to a compromise or any sort of phishing scam. >> i'm curious, the nfl had a news conference last week where it was talking about the new rules for gambling. that players and refs and coaches were all going to have to go for this training in person. in conjunction with that, the nfl also said it has seen a massive increase in threats made against players, coaches and refs. and the way that they were planning to enforce and defend against their staff. i'm curious, if your counterintelligence team can monitor for potential disruptions, like streaking on the field, could you also disrupt some of those threats of

physical violence against these players as a backlash to -- i presume a lot of it has to do with people losing their gambling bets. >> yeah, absolutely. when you look at counterintelligence, not just the cyber warfare, slash threat actors that we're going after, we're also looking at physical threats to the facility, the stadium, to players, to any organization that we're actively monitoring. and what ends up happening is you have essentially different thresholds around when we start to hone in and dive down deep into potential threat that's happening. people say things all the time. but you can definitely create opportunistic patterns around people that are becoming more obsessive that start to go more outlandish or direct threat. we obviously escalate those. combining things like artificial intelligence machine learning to pull all this data and human analysts can sift through this data very quickly is only the nsa and other government agencies were capable of doing 20 years ago, has really flipped the switch in the private sector

so that we can provide defenses physically and both on the cyber front in both areas to try to protect. we had a number of incidents where we not specifically with the browns but just in general we provided information that has led to arrests, has led to preemptive ways of stopping specific physical threats. you know, we had -- an actual location, retail location hit from a specific attacker and they were testing police response times. we were able to get that ahead of time and notify police officers before they were robbed. there's a lot of things we're doing out there to protect these companies. >> all right, david kennedy, thanks for the insight. brandon covert good luck this season. september 10th in los angeles, leaders and visionaries from the sports and entertainment world. i'll be there. hope to see you there as well. and you can learn more or register, scan the qr code on the screen or go to cnbcevents.com/ -- >> a lot of cool people there. >> game plan. >> that's what i'm saying.

you'll be there. a lot of cool people. >> thank you, tyler. nvidiaearnings are on deck. pressure is on. shares having a volatile run since briefly becoming the world's most valuable company. if the bears are right, and we heard from one earlier. how can we protect yourself as a holder of nvidia. the market navigator is up after a quick break. ♪♪ [inner monologue] in this gig... you get comfortable being uncomfortable. ♪♪ the enemy is always adapting... deepfake: hey handsome. ♪♪ [inner monologue] ...always iterating. ♪♪

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i love that -- listen to those -- can you get enough of those swooshes, dom. welcome back to "power lunch," everybody. hotly anticipated nvidia earnings are on deck. there's a lot riding on these results. but what happens if the bears are right. dom chu is here to breakit down. and with a special guest. >> that's why there's a portfolio insurance in the options market these days, tyler. so nvidia does report as we know after the closing bell tomorrow. it's a stock that had a tremendous run, 180% in just the last year or so. but what if those earnings and

the outlook are less than what investors and wall street are hoping. . tony zhang, the chief strategist at options play. he's with us live today. tony, we talked about portfolio insurance and puts and calls are the basic of options. we're talking put options or downside protection. take us through your trade on nvidia tomorrow. >> yeah, that's exactly right. this is a trade that allows you to participate in terms of upside but provide a little bit of downside protection going into earnings tomorrow. that's by going out to the september 20th expiration, buying 124 puts but at the same time selling the 110 puts against that. earlier today, you can pay about $4.66 debit for that put vertical spread. what that allows you to do is actually reduce the amount of risk that it takes to buy that downside protection by selling that 110 put. which costs you only 3.5% of the stock's value. what that means is that if let's

say nvidia reports and the stock jumps 10% like it has in the past previous quarters, only giving up 3.5% of that upside. rises 10% on earnings tomorrow, you're giving up 3.5% of that. you're netting about 6.5%. but, this is a trade that's going to give you downside protection of about 14% to the downside. so, if, you know, we see ai -- if we see demand slow down a little bit or outlook for nvidia come in a little softer than what investors are expecting, we might see a bit of a decline in terms of nvidia to the downside on earnings, so this will buy you some protection to the downside. >> so tony, let me ask you a couple questions here. i suspect that a lot of people who do this would be sophisticated traders who may well be executing their trades on their own, at their desks at home. but if i were to call my broker and say, i want to do what tony just told me to do. what do i say to him or her? is there a name for this trade?

or what do i tell them quickly? i want to buy these and sell these. what do i tell them? >> yeah. it's a long put vertical or a bear put spread that you can usually go by in materials of the name structure, but like i said, you're buying the september 124 puts andyou're selling the september 110 puts at the same time. so the same expiration, buying the higher strike price, selling the lower strike price, net/net you'll pay 4.60 earlier today for that. you can tell your broker that and they'll be able to execute that trade on your behalf. >> tony, thank you very much for that. tyler, in essence you want to buy the downside protection that will protect you for anything below $124 in price. but what you're going to do to make that insurance a little bit cheaper, is sell the 110 below this level to make it cheaper to buy that portfolio insurance. but if you own the stock, you still get the upside if it goes higher. >> the name for it is. >> bear put spread.

>> bear put spread. dom chu, thanks. >> all right. coming up our power house road trip continues. we're going to leave miami and go just sort of theematically about as far away from miami as you can get. we're getting to syracuse, known for the university's orange mascot. but the real estate market there has been red hot. "power lunch" will be right back. it gets more snow in syracuse than any city in the continental u.s. yes. ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. ♪♪ go deeper with thinkorswim: our award-wining trading platforms ♪♪ unlock support from the schwab trade desk— our team of passionate traders who live and breathe trading. ♪♪ and sharpen your skills with an immersive online education crafted just for traders.

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♪ all right. welcome back to "power lunch." we continue our power house road trip, taking a look at real estate markets across the country. our next stop is syracuse, new york. according to zillow, syracuse is tied for second to last in inventory. and that means higher prices in sales. prices are going up 14% in the past year to a median price it is still modest by many metro standards of $240,000. average time on the market is only six days. that's tied for the fastest in

the nation. if you list your house, you're going to sell it, man. our next guest says a new semiconductor factory could only make things tighter. cheer is chip hodge kins, owner of the hunt real estate. chip, welcome. good to have you with us. >> thank you. >> tell us about -- i mean, you have no inventory. you have nothing to sell, right? >> we list it, it's sold. we used to have inventories of about 45 to 60 in our -- just on our team. we now have about five to eight listings right now. >> yeah. i'm looking from 2021 to now, central new york information homes for sale have fallen for more than 1200 to well under 800. that tells you that the market is tight as a drum as the cliche goes. so, people are selling above list there, i assume? >> we listed a house for 535 and

we just sold it for 614 in two days. >> wow. so it's -- literally 20% over list price. but it's the correct list price. we aren't underpricing it. we're listing at the correct list price and the market just bids it up. we're having multiple offers. >> okay. there's a new micron facilities coming. already you have the university, at least when i went to school there was the largest employer in town. plus carrier is up there and there's these other big industries and big jobs. when micron comes, what happens to the housing market? >> so, right now we build between 310 to 350 on average new construction homes. we need to be building 2,500 new construction homes. that's how fast this -- we're going to see 40,000 new employees coming. that's because the supply chain,

that's medical, that's hospitality. we're going to see an increase of -- the estimate is we're seeisee ing an increase of 45,000 new e.r. visits, more mri technicians, people to change the beds, people -- so that's the growth that we're going to be seeing happening in the syracuse market from medical and hospitality. >> and what's happening with the towns surrounding syracuse proper in terms of infrastructure and having the roads, the septic and all of that ready to go if builders are ready to invest in new housing? >> so it's interesting is up until 2020 the census has always had a decrease for 90 years we had a decreasing population. so we can handle the increase in population as far as the infrastructure, the roads and the sewers and water supply.

we can actually handle that. we're really looking forward to it. the roads are being redone right now. the new york state just put a half a billion dollars into our roads because of what's happening. >> sounds like syracuse would be a great place to invest. housing usually follows jobs. i want to go to your listing and contrast that listing with what we had yesterday out of the miami market. a similarly-priced piece of property about a million or a little more. it had, as i recall, about 1,600 or 1,700 square feet. this listing, priced 1.075,000. five bedrooms, 5,700 square feet. your money goes a long way in syracuse. >> with a swimming pool, no neighbors behind you. your money goes a very long way in syracuse. absolutely. >> and this house also has, what, it has a gym? it's got a finished basement.

it's got an outdoor deck that you can use at least two weeks a year. right? [ laughter ]. >> so, the fun thing about syracuse is we have more snowplows per capita than any other city in the united states. so we do get snow. but we use it. we have a lot of fun outdoors here. >> now, i don't remember that. i spent four lovely winters in syracuse. i don't remember any of it being fun. at least not on the outside. the inside, yes. for sure. hey, it's great to see you so much, chip. thank you for joining us. >> thank you for having me. let's get to -- right now syracuse is like contessa is never allowed to talk about our city again. in the summer it's beautiful. kate rogers, news update. >> hi, contessa. ukrainian president volodymyr zelenskyy said the war with russia would end in dialogue but kyiv needs to be in a strong position. and he would present an end to

the war. zelenskyy said he is also exploring other economic and diplomatic strategies. supermarket chain stop & shop will stop selling cigarettes and auld other tobacco products this month. stop & shop has more than 350 locations primarily in the northeast. and joins other major chains also stopped selling tobacco. and joshua and his wife carly reportedly just paid almost $30 million for the iconic malibu home known as the wave house, that's according to "the wall street journal," which says the '50s era mid century modern home first listed for 49.5 million last june. designed by famed l.a. architect harry. and owned by rod stewart. looks beautiful. back other to you. >> thank you. appreciate that. remember, always hear us on the podcast. follow and listen to "power lunch" wherever you go. we'll be right back.

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welcome back. let's get a quick power check on the positive side of the s&p you've got inlet corp. receiving new type ii diabetes pump clearance. there you're seeing the stock on the move there up it look like more than 7.5%. and then on the negative side, you've got two builders leading to declines. martin marietta. home prices hit a market high. martin marietta is down almost 4%. that's your power check. rick santelli tracking the action. >> hey, tyler. it's been a pretty exciting day all in all. we started out with much improvement in consumer confidence. then at 10:00 eastern, we get some not so good news. we had the 30th consecutive negative read on richman fed service index and solid 2-year note auction. look at the intra-day of 2 year, after the 8:30 data came out, we

moved up a little bit, but 10:00 data, with its mixed bag and can certainly see yields started to reverse. you put a two-day chart up, this is really important, we were above yesterday's high yields and all maturities earlier this morning. then the short maturities started to give it up very quickly. now within the thick of yesterday's range for two. but look at 10s. right now basically at the low yields of the session which is still right on top of an equally yesterday's high yields of the session. that's important because we've seen some rather dramatic deinverting of the yield curve. the yield curve chart there starts around the third week in june minus 50. two months later here we are getting ever closer to unchained 0 and steepening the curve potentially. think about it this way, the fed is putting out the big carrot of an easing cycle. if you're a buyer of u.s. debt what debt would you be more aggressive buying? short maturities like a 2-year

note. tyler, back to you. >> rick, thank you very much. still ahead, facebook's ceo claiming the white house pressured the platform to sensor some covid-related content. we'll get the details when "power lunch" returns.

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welcome back. mark zuckerberg said the white house pressured the company to oversee content. was this during the pandemic then? >> yes, that's right. so mark zuckerberg just writing in a letter that was posted late last night that the biden administration pressured meta to sensor covid-19-related content on facebook. in 2021 senior officials from the biden administration including the white house repeatedly pressured our teams for months to sensor certain covid-19 come meant including humor and satire. ultimately it was our decision whether or not to take content

down. going on, i believe the government's pressuring was wrong. the report and committee asked meta for comment. the white house re1307bding to meta's comment saying we believe tech companies and other private actors should take into account the effects their actions have on the american people while making independent choices about the information they present. now, the executive branch's ability to influence content moderation has been at the center of supreme court cases. in june the court threw out a lawsuit seeking to limit the government's ability to communicate with social media companies about content mod rag and then in july the supreme court kicked two cases challenging social media moderation back to the lower courts, warning them to consider the boundaries imposed by the constitution against government interference with private speech. now, tylor and contessa, social

platforms have such massive reach, many would argue such massive power, the question when and how is the government to weigh in will always be a contentious issue. >> how is this different from an ancient time when somebody in the white house or maybe the president could call nbc news or walter con cronkite about a st >> they're platforms. they're platforms where everyday individuals make posts which are protected by free speech and the first amendment. the other thing to consider here is that these platforms are also protected by section 230. this is a clause that says these technology platforms are not to be held liable for the content that ordinary people post on their platforms, so that's why

if someone posts something that could insight violence, meta wants to take it down, but they're not held liable if something bad happens because of what's posed on their platform. >> i guess it goes to a very interesting argument. i take your point. it's an absolute valid one. facebook is not a news organization, but it is a communication organization, it is a platform, and it is in a sense a publisher or republisher of content. >> that's exactly what this debate about section 230 is all about, tyler, because a lot of people would like to see these platforms be held responsible for the content they allow individuals, protected by the first amendment, to share on this platform, and even the companies themselves are hoping for some portion of section 2030. however, if they were to be sued every time something dangerous were posted, that would be a

very expensive situation. that's the thing. it's a public platform, and mark zuckerberg wouldn't want everybody to rely on this solely as the source of news. still to come, crypto millionaires nearly ubngdoli. we'll dive into that next. power e*trade's easy-to-us >> announcer: the market zone sponsored by e tried from morgan stanley. s. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley with powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley hi, my name is damian clark. and if you have both medicare and medicaid, i have some really encouraging news

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bitcoin soaring more than 100% in the past year. that rally helped to create a staggering 84,000 new crypto millionaires in the same amount of time. robert frank joins us with more on this. hi, robert. >> contessa, good to see you. the number of crypto millionaires as you say doubling over the past year. 172,000 of them. the rise of bitcoin etfs adding

up to 88,000 new crypto millionaires. that's a new report from henley & partners and new world wealth. there are now 325 million crypto centi-millionaires and 28 million billionaires. cz, the cofounder of binance, his net worth up more than $10.5 billion this year after he pled guilty to money laundering last year and paid that $50 million fine. he's now worth $33 billion. the total market cap for crypto estimated at about $2.3 trillion. that's still below the $3 trillion estimated at that peak in 2021. so it's kind of been a three-year round trip of wealth for many investors. blackrock bitcoin's etf passed the rate in may. for more on the rise of crypto

millionaires go to cnbc.com/insidewealth. you can read all about how the wealthy are making spending and investing their money, guys. >> fascinating. up innext up, how many made millions in tim toc. thank you for watching. "closing bell" starts right now. all right, guys. thanks so much. i'm scott wapner at post 9. this make-or-break hour begins with a road to stocks and how much are hanging on the nvidia questions. it's the key question. some argue so much good news priced into this market. in the meantime take a look at the scorecard. a mixed picture for the majors today, although we're green. dow is trying to hang on. anything in the positive is going to be a new record. financials, staples, they're leading the market. the aforementioned nvidia is higher, and that i