♪ good afternoon, everybody. welcome to "power lunch." alongside contessa brewer, i'm t tyler mathisen. the dow hitting an all-time high today. s&p 500 and nasdaq with more work to do to set reports, but both up higher. >> and inindividual would shares slightly lower right now, down by about 3.85% after reporting results after the bell

yesterday. analysts still bullish, several urging investor to say buy on this weakness, we're looking for signsthat the ai -- a little more than a week away. with the popularity of its ai tool, and julia boorstin joins us with the details. his, julia. >> that's right, contessa, meta just announcing milestones showing the adoption of the models. it's more than ten times the downloads of the model last year. they cease monthly usage of llama grew ten times in july and august of this year. it hit 200 million weekly active users, and more than double the number of active using that openai reported for chatgpt at the start of this year. meta also highlighting the partnerships with amazon's aws,

nvidia, and the big-name companies that's been using its platform, thus at&t, doordash, goldman sachs, and accenture, which is your llama to build a large language model for reporting. it aims to improve quality as much as 30%. meta, open source tools for free that it's expanding its own smart assistant. this is all part of meta's battle with openai to game market share, both consumers and companies. back over to you. >> do you have any sense from the customer base that used facebook how accessible the tools already are? >> well, look, this has rolled out and downloaded 350 million times. what i'm hearing from a variety

of sources is they're incredibly accessible. what we are seeing is companies use these open source tools to save on sort of where their investment in ai. so they're able to build, but they can built custom tools on to have of meta's open source foundational model. at the same time i'm also hearing for startups it's incredibly official. two years ago, a start upin the ai space had to raise hundreds of millions to build their own foundational model in order to compete. now they can do that on top of what meta is offering them open source. >> what kind of advantage does facebook have? it already has such a massive user base. >> i was just talking about this with my whiches, including kate rooney. it has billions of users around the world, so it wants to drive

the chat bot, it can easily put the chat bots in the hands of consumer. we don't have the apples-to-apples numbers, but we want to see how they're trying to drive that interaction. and then how it using that data to maybe perhaps drive advertising, which is, of course, how meta makes the vast majority of its revenue. >> julia, great to see you. so interesting, i had an expert this morning talking about ai, and how it's fueled the big stock rally more broadly, ai alone, more than anything else that we have seen this year. the nasdaq composite has risen nearly 70% since the start of last year. most of that, of course, is driven by the expectations that ai will revolutionize technology, create vast new revenue streams for a small handful of megacap names.

of course, there are worries in this market, and the big one is whether the ai hype can turn into reality. let's talk about with this with dan newman, kate rooney and steve kovach. steve, you cover apple. i understand you have a new report involves those companies. so kovach kick us occupy. i'll live that to kate. >> oh, sure. no problem. >> it's in the midst of raising new funding and that it's likely going to be a roughly $100 billion valuation, though i'm hearing from a source it could top that number. the bug news today is from the "wall street journal." they are reporting that apple is a part of a massive funding round and they are indeed looking to invest officially in ai. using openai on the back end, but this is huge news in ai,

against, according to the journal here citing sources. they also reported yesterday that microsoft is getting in on this deal. you might call it a party round, but you've got names like microsoft, apple trying to back the hottest name in silicon valley, looking to be more than a $100 billion valuation. i was just talk to get a venture capital investor trying to browned write this deal, and they were saying basically it's a -- it's well past the early-stage startups, that this thing will triple in the next five years or so to make it worth it. yeah, we were talking about meta, and the meta universe does to openai, whether it is a threat, but to say we're getting backed in by apple as well.

>> it gives them more firepower in the sense they have cash, which is huge here. the big thing you hear in terms of what it takes to win. talent is number one, computic power, data, and apple hag all of that. google has all of that, amazon has all of that. openai is relying on partners here, so having a strategic partner be as investor as well signals they have the firepower, the backing. what julie was talking about apple has the distribution. ir it really is kind of putting your money where your mouth is and really be a financial backer. >> daniel we'll get to you in a moment, i promise, i promise. steve, 20 years ago the idea of apple and microsoft --

>> crazy. >> -- investing in the same company as investment partners would have been nuts. they're more frenemy now. apple rarely joins a party like this. it's been a while since they invested in didi, and then another billion in softbanking vision fund, and then beats ought i don't, but aside that, there's not much activity. this is a huge vote of confident. >> openai a private company? >> in that weird nonprofit structure, too. got to keep in mind, if they want to go public, they'll have to reorganize restructure the company before any of these investors can sea massive

return. this is telling. by the way, sam altman has made several hints this year that's what they want to do. >> daniel, let me turn to you and ask about this ai super-cycle that we seem to be a part of. everybody gobbling up, everybody with high ambitions, higher expectations for artificial intelligence. there's nothing that you have seen, but not in nvidia's numbers, that would lead you to believe that the ai hypothesis is in any kind of jeopardy or slowing down at all. >> if i'm going to look for something that would indicate risk, it's more about the digestion period. the cap ex cycle is robust. we heard from ceos, all pretty unapologetic about the intentions. they need to build out the road,

bridges, trunls analogy to make sure they're competitive. they don't want to be the next blockbuster or blackberry that didn't make the investment and wasn't able to make the turn. we're seeing some of these use cases talking about how they're applies ai, the cap ex spend, but what is it? >> it's not just walmart. marc benioff talking at length to jim cramer about the way that salesforce customers, in spite of the skepticism from their biggest customers, he's a, look, the force we have deployed is going elsewhere. we have apple being the top pick because of its potential future in ai phones. it seems the thematics of ai and the way it is being adopted is fueling a lot of the excitement over growth.

>> no question, contessa, there's enthusiasm. what i was responding to is where is there a potential hole in the thesis? the hole is whether it's been serv servicenow, salesforce, apple inning super cycle to phones, or del and lenovo, it hasn't show up in the incremental revenue as some investors would have hoped. you know, you saw some of this flow to dell on the data center side, super micro, and then this trickle into soft way, but it's these layers say when do banks, hotels, restaurants, when does it start to find its way out to the edge. >> daniel, how do you think apple investing in openai, how does that drive apple's bottom line? >> well, apple -- first of all,

i cause it the buy/build hypothesis. there's a couple companies that have built the ai, and then there's been microsoft and apple kind of -- apple was -- look, right now, are people willing to pay for apple intelligent? i don't think they're going to pay for the soft way as much as some may think, but i think the new capabilities in your e-mail, with siri that it's used, and then apple can monetize it. >> steve, i'll let you button it up. kate? >> these models, risk, going back to metas they're make a lot

of this free. whether it's startups who worry that facebook will do what they have historically done, which is move fast and copy. they're going to figure out a way to do it cheaper better and open source. i think that's one of the biggest risks, if llama finds a way which should which is their large language model, but they're able to do it better, cheaper, and i cannot tell you moisture how much mark zuckerberg is coming up. the big takeaway from this $100 billion number is investors do not think it's too late. they have the conviction to spend that amount, but they're saying there's a couple pure play ways so they're -- u.s.

open is kicking off the someone was talking about the large lang wang models, being the -- any of those guys on a given day could beat the other one. it's not necessarily oh, it's going to be djokovic -- >> i would argue they are maybe the best women's players. >> exactly. >> you know your players, kelly. steve, final thoughts.

that is a sign that apple believes in intelligence will not be a compelling reason for people to upgrade perhaps earlier than they can. let's talk about the iphone 17 in 2025 for a second, the most accurate apple analyst out there, almost always correct says the promax, the biggest, the most expensive phone, is going to have more power to run these ai tasks than the rest of the lineup that's going to come out next year. that tells me it could be planning better features for the more expensive model pushing people toward the high end. if you're looking to apple in 2025, 2026, that's the stuff you need to be watching. what are they putting in the phones to push you toward these higher models. >> or wait. >> exactly. >> wait for the '18 or '19.

there's always a better one. >> thank you all, so much. as we head to break, a quick power check on the positive side of s&p. best buy is soaring. profit beat, guidance hype, and a different end of the consumer. dollar general sinks. that's your power check. we'll be right back.

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welcome back to "power lunch," stocks are higher today with the dow setting a new record. what lies ahead for the markets to worry about? key events happening next month have the attention of wall street. it's september, folks, coming up this weekend. broadcom earnings, the jobs report, and let's not forget, the fed meeting is on the 18th. we'll be there to cover it for

you. good to have you with us. now that we kind of know what the fed is likely to do. i think that's the answer. do we know on from you, i think it's headed toward a normal the only question week if we had a severely worse jobs report, but from our side, we see the most likely scenario with 45 basis

points. what is that? a what effect on stocks, bonds, and the economy? large her wee saying it will be less than a story. so there's not a lot of incentive to keep things elevated, so i think a normalized rate could be three cuts in the next three meetings, right? that's a standard kind of rate cut cycle. what that does is, obviously short term rates will come down. if you're at 3.8% on a ten-year, that's not an aggressive rate over a long period of time. we could be stable in

longer-term rates, and i think the stock market would treat that just fine and we could go higher from here. >> we could see a lot of coverage of nvidia today, as the shares remain suppressed following the earnings beat. where else in tech are you interested in right now? i know you own salesforce personally. >> yeah. >> look, i'm not hearing as much -- i hear a lot of consumer oriented ai. i'm more focused on enterprise-oriented ai, business ai. i think that's where you get lots of efficiencies, data analytics used so, from that side, who will help you out? i lean on the software guys for that, being salesforce. we haven't seen it yet, but he see an inflection point.

another one is oracle. they're trading at a multiple like ibm even though they're growing twice as fast. that's the area where the horsepower of nvidia where i think the next gen could be. >> thank you for your time and your perspective. bond yields are also moving ahead of tomorrow key inflation number. rick santelli has more. hello, rick. >> good afternoon. you know, whether it's pricing pressures still remain, as we say in today's gdp report or initial claims are lower or the fed said scout's honor, we're going to ease 75 basis points, all of those are pushing up yields. both sides of the yield curb with the 8:30 eastern, better growth data, you can see they both popped rather nicely.

if we stick with the notion of what's going on, look at the week-to-date. it really has come back from minus 18 towards hovering around minus 3, started the month around minus 23, so we're about 20 basis points less invented mond month to date. why is that? it seems comfortable at this level. short rates are pressuring lower. the kbw banking index versus the spread, you can see the correlation is getting much higher. contessa, back to you. still to come, a cautious tone growing around lululemon. n'vito y rket nagar,ou n'vito y rket nagar,ou dot want to miss this.

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welcome back to "power

lunch." lululemon is slated to report results after the bell this afternoon. a lot of options interest already today, but when a large trade stands out, is it a warning or makings of an off-sides opportunity? joinings is mike ckhouw. what is interesting about this ahead of today's close? >> it's implying a move of about 10% or so. that by itself isn't all that surprising, when you consider the average move has been -- today we've -- what's interesting to me is they're all short daily puts, is that's the single-most active contract. we did see about 1300 of those trade in the first hour and a half or so of trading.

we're about $1.60 a contract. buyer are expecting a big downside move. that's only happened about four times in the last 44 reporting quarters, so that would be a relatively rare eye vent, i would have to say. >> this trade is buying into the idea of a rare event. if you wanted to take the other side of it, how would you do it? >> yeah. you know, it's interesting you mention that. i do kind of want to take the other side of it. look. this thing is trading around trailing earnings right now, about as cheap as we have ever seen, al bet it more slowly. one way to play to the up side potentially, basically looking for a reversal is to buy some longer dated call options, then sell some nearer dated calls. we call that a diagonal call spread.

look, this is trading around the same as nike is, but they're basically runs have been on a fundamental level far and more better than nike's been. of the two, i would rather own this one. >> getting away from the technicals of the trade, i have to observe, i think that lu lu's moment may have passed. people are going back and wearing jeans again. >> well, you know, it's interesting. i think it's not just a jeans thing. vuori, they have really caused a lot of people's eye. i think a lot of people have migrated to that. i think they picked up -- but they don't have quite the number of skus that liulu does.

you can't what jeans for your threat ficktives, or at least they shouldn't. >> they won't let you in the golf course wearing denim, at least most of the time. we're going to head to a city that's been getting a lot of aenonecsef e ttti bau oth "real housewives of salt lake city." "power lunch" will be right back.

welcome back, everybody. from the beaches of miami, to the gateway arching of st. louis, we're hitting our fourth stop today, and we're going to salt lake city. according to zale on, it sits about the midpoint for the market size. they're the 16th highest in the country with the median sale price. with more on what's going on, let's bring in jennifer yoe.

good to have you with us. >> his, thank you. >> how is the market? how long are houses staying on the market? how much above or below the asking or list price are they selling for? >> so, we have a pretty balanced market right now. there's about 11,000 homes on the market, but we're about 30,000 homes short of where we want to be. we're kind of headed toward the balanced market. so it's about 49 days on market. >> what percentages are selling above ask? >> only about 23%. >> so that would suggest that buyers -- is that down from where it was? and that would suggest that buyers have more edge today than they did. >> correct. it's down a bit from where it's been, and buyer have a bit more ground right now. >> i notice that the university of utah has a gardner policy

institute that says about three quarters of the homeowners in utah have an interest rate lower than 4%. are you seeing a locked-in effect? that is, that homeowners don't feel like they can or should move, because mortgage rates are so much higher than that? >> absolutely. that is the perception that's happening here in utah. we have a lot of pent-up money, buyers that can't afford to buy a house, so it's slowing down sellers anyway. we're definitely seeing that effect. >> giving that we're expecting the fed to maim a move on rates more generally. if that leads mortgage rates, do you then a even a small three inch in interest rates will prompt more action a the real estate market? >> i do believe that. we just saw a slight decrease in interest rates here and our buyer pool picked up. i believe there's a few that are thinking if we lock in now,

start looking at homes in september, make we'll lock into lower rates maybe. a how we want to show, it's at the upper end of the price range. take us through this house. >> this is a beautiful home. it's in a gated community in sandy utah, about 20 minutes from downtaunt salt lake and our airplane. it has two kitchens, which is huge in utah. when you have teenage kids downstairs where the game room, tv room, and keep them out of the adult space upstairs. it's a stunning beautiful remodelled home with views for days. >> that sounds fantastic for me. nice skiing nearby anywhere you look. >> best in the world.

>> to me it probably is. jennifer yeo, thank you. >> thank you. let's get back to kate for a cnbc news update. >> his, contessa, vice presidential nominee jd vance is urges his former boss peter thiel to get off the sidelines and help bankroll trump's candidacy. thiel has not supported candidates after pouring money into previous campaigns. this is from the associated press today after review a confidential report from the u.n. watch dog agency, the iran deal aims to curb that production as the trump administration pulled out of their deal back in 2018. presidential candidates chris christie is heading back to school.

he's going to teach a course at yale this september on running an office. it will be open to undergrad and grad students. >> i would love to audit that class, just to hearing what the advice is. what is it, be nice? be civil? that sounds fascinating. thank you, kate. a legal battle is brewing over confiscated planes in russia, and who is stuck with the bill for those. we'll bring you the details when we'll byou'll find them ins when cities, towns and suburbs all across america. millions of americans who "power lunch" returns. have medicare and medicaid but may be missing benefits they could really use. extra benefits they may be eligible to receive at no extra cost. and if

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welcome back. a big fight is brewing over stolen airplanes, and who is getting stuck with the bill? when where you area invaded ukraine in 2022, it confiscated hundreds of aircraft. 23 of those jets belonged to carlisle aviation partners. they carry insurance policies

that cover all risks and specifically war risks, but it says a slew of insurers, including chubb and aig have failed to pay. so carlisle is suing, litigation that could cause trouble for the try. steve, it's great to see you. >> thanks for having me. >> why does russia have those planes? and why haven't the claims been paid? >> well, russia does still have those planes. in fact the government issued a series of orders that require the russian operators to now operate them, and they have been doing that for most of these air kroost. while we have 23, there are hundreds of other claims pending, because the western air cast were stolen, as you said. it amounts to close to $20 billion. our case, why they're not paying? my guess is they have financial

liquidity issues. there is no reason they would refuse to honor a clear contract. we have an all-risk coverage that covers every conceivable scenario, and yet they're not playing, this is chubb, aig, tokyo marine and others. so it seems to me they just don't have the funds. they have raised premiums dramatically to try to increase their war chest, and eventually they're either going to play voluntarily, or we'll win in court, in all certainty. if we win in court, they have a bigger problem. we have four times damages when a insurance company refuses to pay reasonable claims. that could balloon over to $3 billion. this has been filed in florida, but i know there's other similar cases pending in other case. is there anything that's happened in other courts that

makes you think you have a good shot at winning this? >> we're not going to get back the claims, that's not part of our lawsuit. our lawsuit is to get our insurers to pay real legitimate claim that is unquestionably due. yes, there are other lawsuits throughout the country. they have road in the insureds' favor, and they ruled against the insurers, so we are confident we will win. the second part of the case deals with the bad faith. that's what puzzles me. they have taken our claim of $up -- $600 million, and it's not over $3 billion. >> i did reach out to aig and chubb and asked them to contribute to this segment. normally what they say to me is they don't want to comment on ongoing litigation. that being said, the liquidity issue is curious to me.

i covered their earnings. i know chubb has a lot of money. why do you think there's a liquidity problem in the aviation insurance industry specifically? >> i think there's several reasons. i think we had a perfect storm over the last year. there was a colombian crash involving a soccer team, then the two boeing max crashes, where the initial valuation was very low, but the cases remained in the united states resulting in many, many billions of dollars in unexpected claims. now you have a fourth event, which is bigger than all three prior events. since the insurance companies are not reserves, which is the thing that gives us the greatest concern, they haven't reserved, so the earnings you are seeing is like a bank that loses its capital and has earnings that look good, but in reality their

financial health is not as great. if they're not reserving, they are not taking money off their books to make for they 10 to 20 billion of claims. >> your hypothesis is the insurers are not paying because they don't have the liquidity to do so. have the insurers -- that's certainly not what they're saying in public. >> no. >> have they said anything to you about why -- >> in depositions? >> -- why they're not paying? do they dispute the claim is not legitimate? >> for example, they contend there's been no loss. imagine your car sitting in your driveway, somebody steals it, they'ree it, they're intending because the russians are still using they planes, we have not suffered loss. our planes have been stolen. the insurance companies, even at the beginning of the case said they don't know who they insured or what the policy consists of.

they have made up so many ridiculous defenses in this case. that's why i believe they must have some financial reasons for not paying a claim and legislate us get to bad faith. i don't know that, they certainty have admitted it. >> that is something we will continue to follow, of course. steve marks, thank for you bringing us the details. >> thank you for having me. dollar general plunging after missing estimates, saying financially constrained customers. blame it on the customers. we're trail it in "three sytock we'retirement. but we quicklyck realized we needed a way to supplement our income. our

friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could hel lunch" next. with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned we could sell all of our policy, or keep part of it with no future payments. who knew? we sold our policy. now we can relax and enjoy our retirement as we had planned. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. 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?

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stock lunch." managing director of fx first you, boris, best bireporting a profit beat and guidance hike. shares up almost 14% today. what's your trade on best buy?

>> so best buy is a beneficiary of soft expectation. the market didn't think they would have any margin improvements. thought relatively stationary and beat on margin improvements. a good result for this quarter. i do think, however, that the problem with best buy isn't necessarily their business. it's actually doing -- succeed be well and moving business towards a more service or oriented revenue where their margins are coming in. the problem is that the technical things they sell could be vulnerable to a consumer boycott effectively, should the economy deteriorate. to me the issue with best buy, i wouldn't want to chase the stock if you don't think, as i do, the macrosituation will be very strong into 2025. any kind of recession, could be naturally a pushback from consumers to buy any electronic goods impacting their bottom line going forward. >> maybe the same thesis applied to our next stock.

dollar general. sales plummeting, mittmissing op and bottom lines. financially strained customers shares down 30%. what do you do with this one? >> temptation, 30%. bargain hunt, a big, big mistake. like catching a falling knife. as you said. they said the consumer bay going forward, they see it getting much worse. if the labor situation deteriorates who suffers first? consumer base. in the midst of this, this will continue to do massive capital spend. try to open up 700 new stores in what i think is an oversupplied market. given what they're doing, no surprise that investors are really dumping the stock at this point. i think it's a hard pass at this level. >> finally we have affirm holdings reported better than expected results beating both top and bottom line. this is a buy now, pay later company that's seen stock soar

more than 30% today. up 31.35% right now. boris, what's your trade on affirm? >> so this is actually an interesting story, because they are unique. trying to carve out a very interesting space in fintech with buy now, pay later situation. precisely because using high technology creating customize solutions for the customer and ever-expanding their base of retailers. as a result, growth tremendous and really all about growth. this is not a stock you're going to invest into if you want to have any kind of quietude. projected to grow another 30% going forward, serious potential. the actual market for buy now, pay later, estimated to be as large as half a trillion dollars by 2026. carve out any kind of a leadership role within this segment investors will be rewarded i think. >> boris, great to see you. thank you. still ahead, pizza hut wants

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nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com quick check on the markets here. stocks losing ground this hour. dow up about 230 points. seve it higher throughout the day. shares of nvidia now down 6%. here's the nasdaq composite first. down off -- 0.2 of a percent. here's nvidia down more than 6%. really losing ground here. certainly back towards the lows of the session that we've seen

and under $3 trillion in market cap. >> uh-huh. all right. only got about a minute and a half left. several more stories to tell you about. shares of gap briefly halted after its latest earnings released early. the retailer expected to release results after the closing bell today. once the cat was out of the bag, gap released the results around 11:00 a.m. and topped expectations. stock higher following those numbers. so good news for gap. the number of 401(k) millionaires once again rose hitting a new record high according to fidelity. 497,000 accounts had balances of $1 million or more as of the second quarter. up 2.5% from q1, it's great. looking into the details. among gen x-ers with 401(k)s, median balance is a little less than $55,000. >> ain't going to get you far. time to play. got time to play. play catch-up here. pizza hut wants to make moving more appetizing for

customers in select cities. the chain offering a special moving box that turns into a mini table. look at that. is that ingenious or what? arrives with every large pizza order in dallas, charlotte, orlando for a limited time. selected those cities based on a penske truck analyst. leave it there. get your peetizza and leave it there. welcome to "closing bell." dow hanging on to nice gains. pacing for another record close, but tech reversing a bit. hurting the nasdaq and, of course, the s&p. nvidia, culprit today. sliding. while most of mega cap tech mostly higher throughout the day. rolling too. keep our eyes peeled to those stocks as well over this final stretch. show you the scorecard with 60 minutes to go in regulation. tech and com services red along with