and turkey's capital of ankara 11:00 a.m. on wall street and "squawk alley" is live ♪ good friday morning. welcome to "squawk alley". a lot to get to today. we'll begin with stocks. sell off in the make as the dow is down 188. turkey instability one of the leads rippling through the market as president erdogan speaks this morning brushing off concerns of a weakening currency mike santoli has been on set all

day watching his public speaking, phone calls with putin and more >> the way this immediately runs up against our stock market is in the dollar going to a new 13 month high in terp of the dollar index, emerging markets indexes going down it hasn't necessarily had that knock on foeffect on our credit markets. a lot of time it's high yield debt and the u.s. gets kind of a cold by extension. not really happening the context for the stock move today matters a lot. s&p was up 6% in six weeks it slowed down kind of a slowly spinning top coming in here we couldn't get up to those old january highs. maybe it makes sense a risk off sentiment creates that defensiveness and taking a little off the top here. >> how much does it matter it's august, we tend not to have huge volumes. how much should we put on it >> it creates that air pocket

risk three years ago we got blind side by the chinese devaluation in august. not all about liquid markets but that was the set up for it do you have that i wouldn't have been surprised to see the s&p 500 down half a percent or more on a day, no matter what happened in the rest of the world i do think this $rally in the emerging markets instability is that much more of an excuse. >> apple hanging in there. small caps hanging in there. >> markets trying to discern what is and isn't potentially infected i think also we have to be on alert for some way the story line changes a little bit. not just with regard to turkey but just in general these little flare ups around the world the saudi-canada spat going on the ongoing trade stuff. if it creates this sense that global companies are, you know, at a slight disadvantage right now. they are not going to get their earnings estimates raised in the back few months of the we're something like that.

you have seen a defensive rotation in this market in a subtle way i think you're seeing more of that right now health care doing very well. the noncyclical stuff. that all means the over large cap market is rotating underneath >> only walmart and visa in the green on the dow everything else is in the red including intel, the laggard got a downgrade today. joining us this morning, take a closer look at the markets and tech stocks in particular. brian white global head of internet and software. and a senior analyst great to have you both with us how does this tie into tech this week given everything else we had thrown at us >> we're just climbing out of the trenches of three weeks after tech earnings here and i would say the results actually were pretty decent a couple of companies missed, netflix and facebook with news like this it comes and goes and generally presents a

buying opportunity i think we were here a couple of weeks ago. a lot of macro headlines tech stocks were tanking be strong and buy these stocks >> when you say buying opportune especially when some of the stocks you covered had double digit gains on earnings where do you see those opportunities? >> i still, in our fang group, apple is still, i think the most underappreciated stock in the world. $275 price target. hit that trillion market phenomenal earnings. put out a report this morning on july sales value stocks in the fangs, facebook and also alphabet they are all great bargains. >> rob, this week i can't help but notice, maybe this is kind of a counter story to fang, etsy is up 11.5 home runs roku up 27%. iac up 24% these are the very sorts of

companies that these dominant technology players were supposed to undermine but in their earnings this week, and just in general they have been doing pretty well. does that point to perhaps a vulnerability in the overall story line for some of these tech powers or not >> i don't think so. this is the biggest shift that's occurred in our life times and business models are being redefined up and down the board because of the influence of technology particularly internet and mobile technologies. the idea that the giants take everything, i think is overplayed and these smaller cap names tend to move up and down a lot. i mean they had very significant selloffs in the early part of the year came back strong through the middle part of the year. they are hit or miss we also had some big moves down. twitter, for instance. that's pretty typical among those names in the internet

space. >> i would throw in the mix the list of stocks yelp, right? match and some other names you mentioned roku isn't that interesting >> grubhub is another one. so it's kind of i call the junior varsity of fang same broader dynamics, what are these business models that can benefit from a computer in everybody's pocket and all the rest of it in the secular shift online by wayfair. a bull market tries to sustain itself what's my edge in amazon i still believe it's more of the same you look for stuff at least in a market cap sense hasn't gotten so huge that it can't be moved >> you're seeing u.s. markets at least somewhat spooked by geopolitical events and things going on in emerging markets in turkey in currencies, is tech a defensive play is that one more reason to

potentially buy into tech right now? >> i think, again, some of the undervalued tech makes sense also i know in our small to mid-cap software they have very little international exposure. we had a couple of companies come out this week with phenomenal numbers and they popped 20% after earnings. that's another place to look as well again, when you look at apple, alphabet and facebook, these stocks are good value stocks with attractive growth prospects. >> rob, given the fact we've seen dramatic moves in some of these smaller tech names that we just listed what do you like right now? >> i think the yelp story continues to improve in terms of sentiment. people got too negative on their transition angie's list is interesting. really creating strong marketplace dynamics saw a report yesterday undervalued name is in that

smaller caps in the internet sector a number of interesting stories out there. >> all right, gentlemen, we'll leave it there the sec intensifying its probe into tesla and ceo elon musk's tweets on taking the company private. phil lebeau is in chicago with the latest >> reporter: it looks like we might have more information or people are hoping to have information regarding this take private, don't take private saga that's been going on perhaps we'll have that early next week. here's where things stand in terms much tesla's board and elon musk and whether or not there's some actual active discussions about taking the company private. the board will be meeting with financial advisors next week they will discuss this issue they asked elon musk to have his own financial advisors will he recuse himself from the talks? michael dell recused himself from discussions with the board.

is there a detailed plan remember as you take a look at shares of tesla and it's been on a wild ride this week because on tuesday he tweeted out that there was funding secured if he wanted to take the company private at $420 a share. and yet there's been no indication that there's an actual detailed plan there may be we just haven't heard about it yet. certainly not hearing about it from elon musk or tesla. david einhorn, he's been a source of tweets from elon musk. einhorn tweeted back i want to thank elon musk for the shorts he's a man of his word they did come with some manufacturing defects. you take a look at one year chart of tesla shares. remember that we have also not heard anything from the sec or from tesla regarding inquiries that the sec is making or has

made regarding the tweet on tuesday or other past tweets from elon muvg we still have more questions than answers >>' lone musk is in production hell but he's sending tweets and sending short shorts to david einhorn. what's the impact on investors you think of this company where elon musk himself has become just the key guy, the key ingredient here to the valuation of this company. >> reporter: anybody who is actively investing in tesla and i know some friends who own tesla shares and others who have invested in this company you go into this fully aware you're getting more than just a ceo focused on his company you'll get somebody who will

weigh in on other issues outside of tesla, outside of auto industry, transportation related matters. whether or not that is wise, i've talked with a lot of people in the auto industry who says he needs a coo. he needs somebody who is focused on hitting the benchmarks, hitting the production targets and delivering what people expect from tesla. but we already know elon musk made it clear he's not going to have a coo he's the man running the company. whether you like it or not this is his style and if you're an investor you should not be waking up to this now. you should know this for a while. >> phil, people joking on twitter this morning because the sec boston official account writes what's an ak. how to read an ak. what information is disclosed in an ak. wonder no more find the answers here. what happens if we go several more days and don't get one. >> good question no shortage of people who are familiar with sec inquiries who

have said at some point they may come out and formally say look there's a formal investigation going on at this point because so far what we've heard has been reports that they've asked tesla for information. but there's been no indication that this is a formal investigation at this point. >> all right phil lebeau, thanks so much. not the last time we're talking about elon musk that's be sure coming up, have we reached a turning point in social media and how questions about regulating content are playing into this whole situation. we'll take a look at shares of dropbox. the stock taking a hit after an initial pop on an earnings beat, currently down 8% after it popped yesterday so about where it started beginning of the day yesterday we'll hear what dropbox ceo told cnbc right after the break

>> social media companies have been under increasing pressure this week to fight hate speech and regulate harmful content on their platforms. radio host alex jones has been removed from apple, spotify and facebook for his rhetoric. twitter has not yet followed suit just this morning facebook says it's starting an authorization process for pages with a large audience in the u.s. drew houston is a social media strategist and consultant going

us here. i'm wondering have we reached the point where finally tech companies are realizing premium content drives engage emp and it's different from just from any other account and they got treat accounts like alex jones as if their shows are on their networks that are subject to standards and maybe being cancelled. maybe different from my account, just a little account sitting there on facebook. >> this is a good way to compare like a television show and what you're responsible for and what you do on these social networks. for all of them said we're not responsible, we're just a platform what people say doesn't matter what people comment on there, on other channels doesn't matter and that has to change now because we're seeing all kinds of impact from this kind of carelessness and loose rules for all these months and years >> but once they are on the hook partly for this, then they are on the hook for everything, right? so they have to get really serious about actually watching

this content it seems like jack dorsey initially seemed to say if alex jones had done this stuff on twitter that he did elsewhere that's a different story but they didn't. now cnn saying actually yes dewe found this contend and twitter is playing catch up. like they don't even know what's on there >> what i couldn't believe is that someone on twitter would have had to watch every single minute of all of alex jones shows to understand that there was a problem and how could they swear it wasn't happening. so this is somewhere, where somebody not jack but someone was responsible in the shorthand that this is not, he's done something differently on twitter. he wasn't doing anything differently on twitter alex jones is the same alex jones. when people tell you who they are, believe them. >> but today it's alex jones, who knows who it's going to be tomorrow and jack is clearly trying to avoid that slippery slope. we don't know. >> we've seen everything from

charges of bullying against the president, people say why is the president allowed to not just threaten violence against entire countries but be mean-spirited online or other people where do you draw the line >> do you think twitter is isolated do you expect jack has to retrench >> i don't think they have any choice >> really? >> i think to say that alex jones -- they painted themselves in a corner. they said if alex jones did what he did in other places he's out. he now has to be out no other way to reconcile this >> otherwise what do your policies mean? >> exactly >> i think that to me is one of the keys we've been debating about the rules and what the rules of each of these companies should be but even more than that if you're going to have rules on your book as a private company you're entitled, to you know, laying those out and letting the markets react as they well you have to enforce them that's one of the big issues here especially when we talk

about twitter given that according to their policy book alex jones has broken those rules. it's like do they need to hire more people? are their costs going up we've seen that happen with facebook >> two points. one first amendment argument doesn't make sense these are private companies. even alex jones and info wars have rules if you don't follow our rules we'll kick you out this is what everybody has to do stick to their own rules >> change the rules but they can't do that in this current environment. >> are your seeing after snap lost, twitter we know growth has been flat. facebook, we've seen some nielsen metrics. are your going there >> not yet what we're seeing is a slow down in the growth. there's a limit. younger people growing into

using these services newer people discovering them. in the sense of what wall street does they punished twitter unfairly they were fixing and cleaning up the product and they got punished this is if gm made better cars and got punished for making cars better they should take a hit for the expense going up on the cars but the cars are fundamentally better and wall street should reward it. wall street doesn't work that way. >> do investors have to rewrite their models around social initially the idea was we'll build these platforms, they will being a great, all the people in the world will get on them we'll learn about those people it's that simple now engagement is necessary. content is necessary oh, my goodness now all these costs that come along with make being sure not only is the content good but that it's safe. and not causing danger is this looking more like media companies. >> they are. they have been for years

they have been media companies they didn't realize it in denial and treated not like media companies. social media companies need to group and ceos in charge of all of them have to say how do we make sure we continue to deliver for our customers but also our investors and sometimes that's at odds with each other. >> yeah. >> next question it is up to ceos or do regulators should step in? >> regulators don't have a role yet. if they self-police, bring in people who others trust and government takes seriously because not just here in washington, like we're also seeing europe takes this much more seriously, theev away have aware of these issues for years. in the u.s. we're much more loose. it's good these are global companies so they need to answer how to be held to a higher standard >> those profit margins will take a hair cut.

dropbox the other big story today popping and then falling sharply despite better than expected results last night. >> reporter: hi there. dropbox shares this morning at the moment are down about 7.5%, even though the company reported better than expected results, and raised its guidance. we talked to ceo drew houston about a range of topics clueing his chief operating officer is stepping down. he's not being replaced. but the company as vp of strategy and operations, dennis wood side will be taking over his responsibilities wo woodside was brought in to help dropbox to a public company. >> i think about the company when he joined and where we are now, a public company, billion $scale and we wouldn't be here

without dennis we're super grateful to him but he also built a great team the transition creates an opportunity for a couple of our leaders that he hired and helped develop to step into larger roles. >> the file storage company has been shifting its focus to the enterprise space it's going they'd head with companies like google and microsoft. houston told me how they compete. >> growth has been, i guess, a backdrop of having just about, having microsoft, google, a lot of companies in our space. so, again, what our customers value is the ability to collaborate and value the great experience and they aren't buying storage because there's a lot of places that we do storage. >> it's worth noting that since july 31st through yesterday's close dropbox shares have been up 28% so the selloff could be a little bit of profit taking after that seven day win streak back to you. >> i think they were up 10%

yesterday. thank you. coming up a live demo samsung's new phone the galaxy note 9 is right here at post 9 with mr. forte. banks with exposure to the country of turkey are getting slammed.

welcome back we're welcoming post 9 samsung's galaxy note 9. this was announced yesterday and yes we're in the era of the $1,000 phone what's special about this one? several new features one is bluetooth enablement in this pen that's part of the phone. for a while it's like why do you need a stylus with a phone you can trigger the camera from the pen. so i press this down and hold it down and the camera comes up

so it becomes a remote control for the camera i can doubleclick it -- >> you literally squeezing the stylus >> psychosesing the stylus and switches from front camera to back camera. works from 30, 35 feet away. you got this thing on a tripod you can take remote pictures definitely an interesting picture. this is the top of samsung's range of phones and they announced a range of products besides this they announceed a speaker to compete with apple's home pod among other products updates on the watch but i think one of the most interesting things they announced partnership with spotify where spotify with be your default music service across samsung devices the appeal here is clear google has its play with its phones and devices apple tries to keep you locked into their eco system. samsung getting closer to

spotify. a battle of services now as much as it's a battle of hardware >> that sort of changes the way you take a selfie, right forget the timer on the selfie stick. you can take it with your hand even the camera, even when the camera is away from you. >> if there's anything we can count on with people today it's vanity >> and a high resolution picture? i don't know if our camera caught it. >> this screen is amazing. you got to be -- there's seema in the picture you thought you were on camera you are. samsung makes the l.e.d. displays that get supplied to apple as well and i always look for the analysis of these displays it's the strongest that's out next week chances are this will take the crown for the best display in a phone. apple will try to take it back in the fall. >> it's $1,000

>> $1,000 for entry level up to $125 $1250 or the higher end. >> cool. let's get over to seem j who is here with the european close >> not much happening. of course turkey really the big talker recent developments in turkey's financial markets has certainly been alarming for european investors. renewing fears around italy. its stock market on pace for its worst day since june of 2016 that stock market down 2 point of view 6% u.s. sanctions doubling steel tariffs intensified turkey's economic troubles. inflation rose to 16%. growth is slowing. unemployment now above 9%. this as the essential bank increases its gold reserves. they have been rising. by the way gold is down 7% in

2018 investors say a larger concern is turkey's reliance is on external debt. as a percentage of gross domestic product is above 50% one of the highest in the world. european banks exposure to turkey has been a bigger concern and those losses we're seeing in financials, dragging down the banking index in europe posting its worst day since may 29th and down about 18% since january highs. take a look at the turkish stock index feeling the heat etf down 18% today and pacing for its worst day ever other emerging markets have come one pressure, looking at the argentina peso falling more than 4% russian ruble continuing its slide hit agnew record low take a look at the russian stock index now officially in bear market territory as the russian president vladimir putin and turkish president erdogan discussed economic and trade relations and potential

strategic partnerships on energy on a phone call earlier today. lastly, another point i would just make the geopolitical risk. the united states stores a number of nuclear weapons at a turkish military base. seen as symbolic of the u.s. commitment to turkey goes back to the cold war. guys, given worsening relations between the united states and turkey you have to wonder what that geopolitical risk could potentially be >> there's been a lot of focus on the pastor, the u.s. pastor in turkey. but the other piece of this is the fact that as a nato member turkey has been from a military weapons standpoint starting to move closer to russia. they have basically doubled down and said they are going to buy a missile defense system that's russian. that has put the f-35 made by lockheed martin in the cross-hairs because we have lawmakers here now that don't want to sell that to turkey even though they are one of the founding members of that weapons program. so i think there's a lot of

military and geopolitical implications to this as well >> absolutely. to your point especially as its relationship with the united states gets more complicated going to look for support elsewhere. with will it be china or russia which they have been growing closer to in recent months >> seema thanks. now over to sue herera for a news update. >> good morning. here's what's happening at this hour more than 100 people were killed in gun battles between taliban fighters and security forces in southeastern afghanistan today officials say the fighting started after taliban fighters tried to overrun a provincial capital earlier this morning hundreds of emergency responders are searching for victims after floods devastated parts of southern france severe storms with torrential rain during a prolonged heat wave caused that deadly flash flooding a quick thinking security officer was caught on camera preventing a major mishap at a georgia airport. smoke was seen coming from a

piece of luggage a tsa officer grabbed the bag and took it to a safe area it turns out it was a vape battery that malfunctioned and caused the smoke if there ever was a doubt, summer is indeed the time to unplug a new report from the american campus association finds 90% of kids sleep away camps are now device free. and that is great news that's the news update this hour back downtown to you guys. carl, back to you. sue, thank you very much watching the dow slowly repair some of these losses obviously nowhere near the flat line but about 100 points off the low of the session the dow sees its gain for the month wiped out. "squawk alley" continues after a break.

dow dropping triple digits as this economic crisis in turkey intensifies the turkey injury lira plunging against the dollar litting some record loss. joining us on the phone the reuters bureau chef dominic evans. we appreciate your time. we've been watching the comments on the wires here. obviously, the action in the currencies and in some of these european banks. what is the mood like on the ground >> well the mood from the president has been pretty defiant. he has said there are people

trying to bring down turkey economically not going to happen. he has said for the turks to go out and buy gold and hard currency they have stored in their homes and change them into lir lira, to the turkish currency. what he hasn't done is some kind of action to raise interest rates to support the lira. >> his defiant rhetoric today saying don't get high on your am bigs you'll not be able to make this nation kneel, they have their dollars, we have our allah. is that resonating with the populace >> it's important to remember that president erdogan has a very strong support base in this country. he won an election just two months ago in the first-round. there aren't many people who

oppose him a lot agree who say this is not an economic battle this is a political battle being waged by critics and enemies of turkey. so while there's concern about rising prices, concern about impact on people's daily lives, there's string a strong core constituency of his supporters who agree with what he's saying. >> dominic, some might draw some lines and say we see that the administration putting pressure on china we see the administration putting this economic pressure on russia. now turkey is it likely to push these countries and their leaders to form different kinds of alliances than they have in the past because the responses are often similar certainly from china saying hey you won't force this country, america, to bow to your economic will >> well, it's interesting you say that erdogan himself named iran, russia and china just a couple of hours ago in one of his

speeches saying that turkey was building relations and ties with those countries, making progress with those countries, and specifically saying, you know, look these countries give us alternatives and one of the path of the last two, three years is turkey has been building relations with those countries and drifting away, you might say from, you know, western alliances, from european union and from the united states >> dominic, higher tariffs on turkish steel as president trump suggested this morning what kind of economic impacts could that have on the country i know it's one of the biggest steel makers and up until this year they were shipping a lot of that steel into the u.s >> they were and initially when the tariffs

were first introduced turkey felt they could take that hit. they said production costs were significantly lower than the united states. they were talking about a substantial or even 20% tariff they could absorb that this latest round is much tougher and there will be consequences >> finally, dominic, his call as part of this national battle as he puts it for folks to exchange their hard currencies or got for lira, is there any sign that you're seeing that's actually happening? >> well, if it, it's certainly not supporting a lira, which as you know, tumbled right down to record low against the dollar. but it's been a stunning sort of day of extraordinary volatility in the currency markets and no

it doesn't look like there's much of an impact from erdogan's comments >> certainly not from a chart standpoint, that's for sure. one of the top ten moves between the dollar and the lira is in at least since the '90s dominic thank you. we hope you'll come on again and help us understand what's happening on the ground. reuters bureau chief in turkey coming up what the president's spacfoe e rcmeans for companies like boeing. for companies like boeing. stay with us well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade

here's what's coming up on the "halftime report". we're asking now whether the upset overseas can derail the rally to new highs the big call on a big tech stock one of our traders own he'll tell you what to do next full position kevin o'leary just put on and whether ourresident shark bit off too much of one stock. that's all at noon now let's get over to cme, rick santelli has the santelli exchange >> reporter: there's a lot of gradualism in our society. there's policy gradualism at the fed. they want to be fully transparent. take things slow you know, the president's very impulsive person as we've seen with him trying to tackle trade. impulsive is a unique characteristic, but all of these issues have a problem. the problem is missed

opportunities and unforeseen event. see the problem whether it's trade and the president or monetary policy, it gets really complicated and tangled up in the big picture. so going behind this tv set and trying to change a few wires ends up being problematic. you throw ongoing world events always happening that are unforeseen, it really gets difficult. so we take what's going on with regard to turkey and the lira and emerging markets and you look at the dollar then the federal reserve. we had years and years that the fed just bent on gradualism and well understood, i get why don't want to surprise the markets. but when the dollar was weaker and inflationary pressures will happen don't know when they could have gotten a lot more insurance. with the president i understand his impulsive style on trade i get it maybe it would work fine if other aspects of globalism didn't get in the way.

geopolitics has a way of bulk up when you least expect it and finally i can help but think of jaime dimon's phrase that rings in my mind over and over bad policy ends up in bad outcomes it only makes sense. the problem is that nobody wants to do anything a little bit too quickly because in the end the finger might end up pointing on you when things go awry. you take a gradual approach it mitigates that it shouldn't be about blame game it should be reversing policies that have seen their day the longer you wait the harder it gets to unravel the spaghetti tangle how everything is hooked into one another at the end of the day there's a lesson learned whether what's going on with geopolitical or large export country that minds can't figure out if they do they get the order wrong. the last thing we should be

worrying are about central bank with everything going on in the world is inflationary scenario because what we're going end up experiencing most likely at least in the near term is exactly the opposite back to you. thanks, rick santelli. as we head to break we were getting a $1 billion boost from softbank as revenue and losses continue to mount at that company and take a look at shares of intel. another down trade for the chip maker as goldman sachs socks it with a sell rating shares trading down by 2.5%. a lot more "squawk alley" still ahead. the kayak price forecast tool tells you whether to wait or book your flight now. so you can be confident you're getting the best price. giddyup! kayak. search one and done.

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visit your local xfinity store today. ♪ well, space force all the way. that was the president's tweet after vice president pence outlined the administration's plan to create a sixth military service branch by 2020 investors already taking note of the opportunities in space pumping over a billion dollars into space start ups just this year joining us now, chad anderson, ceo of space angels, also space capital with investments in space x and navene gentlemen, thanks for joining us today. chad, imt to start with you.

chad, i want to start with you i realize the space force and all the news we got about how this is going to play out in terms of a reorganization al scenario and sixth military branch service branch in the military is more of a defense situation. but does this just add fuel to the fire in term of what we're seeing in investment in space right now? >> yes space force. so, the idea here is the air force is in charge of what's going on in space right now. it's really an acquisition the argument is about the acquisition process. the air force has been prioritizing the air part of their mission and it's understandable since space is about 10% of what they do. the idea is so set up something that will be focused on space. space force, the right way to go and a completely separate branch of government.

there's a debate about that. certainly a command or guard what we really appreciate is the focus on acquisition reform. so where as the air force would normally just go to the people they know, the lockheeds and boeings of the world, having a specialized force of people that really understands what's happening in space, the new players that are coming up, provides a lot of opportunity for them to purchase new services we saw some of that playing out across space across nasa. a willingness to partner with small companies and newer innovative services. >> and now your firm puts out a quarterly report in space. we've seen a lot more money, vc money, angel money going into the sector than just a couple of years ago. where are the hot investments and how do you expect this to grow >> yeah. so it's all very new and very

exciting so 2009, the barriers to entry came down in space in a big way. the it was a really big turning point when they had their first successful launch. brought down the cost, but also transparency to a closed market. we saw the number of of privately funded space companies go from a couple of dozen in 2009 to 350 plus today $15 billion has gone into those companies. so we are seeing a ton of opportunities across the spectrum there's $350 billion in the space economy today. mostly satellites and launch we're investing across those sectors and also a number of other new sectors. be it debris mitigation tracking. lunar transportation deep space flat forms. you name it. >> you are the founder and executive chairman of moon express. the company to have permission from u.s. government to leave earth orbit and land on the moon how is that process going? in terms of development. >> it's really going well, but i think really the excitement is

this a new era just like the internet, this is going to be a massive paradigm shift and the companies are going to be created are going to be building the infrastructure just like they build the fiber on the internet, the rocket company are really providing that infrastructure and it's going to be the last solution just like the internet service providers. the landers are going to land on the moon and mars and there's going to be the president clinton applications just like google and facebook. whether it's creating a fuel depot, mining for the sources or really creating the tourism in terms of space hotels. so everything is coming in and there has never been a better time to be investing in space because as many people have seen, the first clean airs are going to be created in a space economy because if you look at the thing that planet et, it's a tiny blue dot in the whole gal xy there's galaxies and galaxies.

it's scarcity and we focus just on planet earth where there is so much of the other resources beyond us. >> it's a really good planet though, got to say i'm wondering, the potential impact of the space force, do you see it more as a stabilizing impact on commercial efforts in space or maybe as an acquiring and incubating power that actually develops and supports technologies that become significant in the future. sxwl zbl both of the things, people take up space forces, you have to remember, the wall is becoming bridged and word is becoming connected so imagine living a life with no communication and gps. especially senatmart weapon bec dumb weapon. forget about autonomous cars even we can't drive without gps. as we develop new technologies to protect our satellite, they can be used for the benefit of

humanity i started -- that can now change the way we deliver health care understanding what's happening inside the heem pod di and to be able to figure out what food is good for you, what food is bad for you and really balancing your gut so that's really the kind of to technology that's come out >> we have to leave it there thank you so much, gentlemen, for joining us >> thank you very much >> "squawk alley" will be back after this there's a lot to love about medicare. there's also a lot to know. part a that's your hospital coverage, part b is all the doctor stuff...

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let's get to the half. welcome to the halftime report top trade this hour, friday sell off. whether these jitters outside the united states are about to upset the great american stock market and the march to new highs. here to debate, jim, jon, rob, one of baron's and forbes advisers lindsey bell, cfra also with us from lake joseph, canada, is kevin o'leary, the chairman o