earnings, but i don't like the chart, but like the fundamentals. >> okay. degas? >> mvr home builder. >> doc >> well, dvn, devon energy, and i bought calls in the show. >> and inkster >> well, i am taking the downgrades on that one with the nvr. >> okay that is going to do it for us. a "the exchange" is now. >> thank you, scott and happy belated. i'm jon fortt, and here is what is ahead, will the february rally continue the stocks are off of the highs after setting new highs earlier, and we will look at what could derail the momentum and where to put the momentum, and also, apple's private chief engineer says they will be voting in the state in less than an hour from now could destroy the iphone as we know it.

the state senator who introduced the bill is going to join us. and also, the real estate plumbing is clogged and would you wear a facebook watch? that is ahead on rapid fire, and dom chu has numbers. >> i love my analog watch, and i won't give it up any time soon. and what is losing steam technology is a laggard in the midday trade, and the dow industrials is up 75 points, and you see it here. at one point, the dow industrials up 16 point, and at the lows down roughly 11 points and hovering around unchanged in the middle of the daily trading, and the nasdaq is unperforming down 0.2. and so one place is continuing to be one outperform ser the financial sector and loved for the better part of 2020 and prior to that. and looking at the spdr bank e, the -- etb.

and looking agent the chart, right around this level is the highest level that we have seen all of the way to september of 2018 for this bank etf, and this is going show you that up higher here year to date basis this stock is up 16%, and the s&p 500 is up roughly 5, and so keep an eye on the financials and especially the banks. look at these stocks and we did hit the record highs in the market. and microsoft is lower, and jpmorgan and caterpillar and estee lauder and technology and financials and consumer staples, and each of the stocks, the reason they are the same is that they get one big yellow stars and hit record highs in the trading today, and jon, that is an interesting market narrative here coming out with some of the sectors, and we will see if it continues to play out amidst the record highs and i will send it over to you. >> that is the record, and kicking off the stocks with the all-time highs and we have the

market now facing what would be a fourth straight week of gains in the vix which measures the market volatility and briefly dipped below 20, and can anything derail this rally, and now joining us is the director of equities at marian wealth advisers and also jeff from mariner wealth advisers. >> yes, with the decent economies and the very good earnings season with the good outlook and the low interest rates is a good cocktail, but that said, we had such a rally

last year, and there are a enough items out there, that we would not be surprised to see a correction on to 10, 20%, and not like the disruption of the winter storm going on right now, and the correction of the bull market is that with the correction over the top is that it is over before you know it, so steady the course. >> and so, what do you see, if the stimulus is not coming in as large as the investors are hoping, and it is hard to believe that anybody is thinking that things are headed down for a long time now, and that is in a way its own worry? >> yeah, i think that predicting human psychology and how people are going to react is really difficult. when the best way to think about it is what is the current narrative, and the current narrative is that what is the positives. the fiscal stimulus being 1.9 trillion would be better for the

markets. earnings which was mentioned earlier, 80% of the companyies have reported better than the data began for facts well over 18 years ago, and then there is the rollout of the vaccine s right, which is looking better than expected from a couple of months back, and those are the three things that if the story doesn't change there, and the narrative doesn't change there, it is very hard for the skeptics to win out, and the skeptics being the look of valuation, and the valuation is very expensive. >> and jeff, what does d discipline look like in a portfolio, and bonds are not doing what it used to do, and what does international exposure mean when different geographies doesn't recover at different rates. >> and we think that a nice blend of growth and values is important, and rather trying to

be heroic, and it is about cyclical recovery, and we don't see it that way, and we think that you don't have to go to faang to go this, and great secular names to ride the technology and ride the 5g wave and just automation, and ai and cloud and that sort of thing, and faang, and cyclical area, and fedex is a good example of the one that rides the ecommerce wave and gives you the cyclical wave and balance is important, and comes down to three things that drive the stocks, and earnings, and inflation and pe multiples and those threeareas you can be crabby about the valuation, and with these low levels of rate, you look pretty darn attractive and with the fundamentals of the stocks that you have talked the about and we see plenty of value still out there with the individual names. >> andres, we are in the first

100 days of the biden administration and one of the first question marks that i have is the whole hangups of the whole impeachment and trial that we have had, and it appears that the senate is going to be or gotten out of that without miring the biden agenda, and to what degree is that bull ish fo the stocks or to what degree the agenda is going to be moving forward and that we don't have concerns about in terms of the reregulation and other things? >> well, that is a great question, and the best way to look at it is that nothing happens in the vacuum, and for the democratic party to move their agenda forward on the tax front, the economy has to be in a much better place, and if not, they won't get the votes, and so nothing happens in the vacuum and for that perspective, because of the economic background is very strong, that

might overwhelm, the positive may overwhelm the negative of the for instance tax rates. >> thank you, jeff and andres. >> thank you. >> and you can read more of why the vix dropping below 20 may be a setup for more buying. head over to cnbc.com/pro for that. meanwhile, north dakota is setting up for the next battleground for big tech. in less than an hour the state senate is looking to pass a bill to require apple and other tech to pay for their app. so tell me what is the aim of this, and whapwhat happens to a if they don't comply can they not sell apple in the

state or download the apps >> those are good questions. the focus of the bill is really about having addressing the free market, and the two ways to address the area and one is to allow, to force apple to provide another app store on their platform, and the second one was their payment system. so if you are an app developer and you are doing business in the customer, it is an unusual situation where you pay apple, and then they tax or put a fee on it for the small business app developer, and then they send the money to, they send the money to the developer, and really, we are looking at the free market. and the free market really needs two things to happen. one is unobstructed relationship

between the buyer and the seller of a good and apple obstructs with that process in the payment system. and the second thing is competition. and the ability for apple to restrict competition and pick winners and losers in regard to app developers is really the area and the focus and the target that the bill addresses. >> apple and the defenders would say that you can always buy an android phone if you don't like the restrictions, and if you are a developer, and you can go with the web app on the android phones and you don't have to use the android phones, and apple has said that if you force other app stores on to the apple phone, we can't control the security of those, and security is a hall mark of our platform, and start with the security question, and how do you thans >> i think it is brought up the most. so we are removing that from the

bill, the security, having the other app store on there, and we will put a floor amendment out to remove that part, and focus on the payment method, and regards to being a developer, you know, obviously, you can't move one app to another from the google to the android, and so, again, i don't think it is a level playing field for small app developers, and we are just trying to level the playing field in north dakota. we want to attract from an economic development standpoint, and we want to be a technology leader, and we think that we can set up an ecosystem that is favorable for small business development, entrepreneurs developing the apps and this is the focus of the bill. >> what do you expect to happen, and if you have the votes, and what is the next move if you don't? >> well, for those who

understand the legislation i will start with the votes. i think it is a close vote on the floor. it is going to happen here in less than an hour. it has been an excellent discussion for north dakota, and i think that you will see it across states. again, we talked about some of the challenges with big tech and the second thing is that those who are part of the legislative session know that the bill even though it is killed, it is never dead until the session adjourns, and so we will get through the vote today, and if it passes, it will move to the house, and my guess is that we won't have a private hangar big enough in bismarck for all of the lobbyists and apple people to fly in to testify. >> yes, that what tends to happen. so we will watch that as well over the next hour. thank you state senator kyle davidson. >> thank you. coming up, a new partnership in the biotech space backed by former leader of operation warp

speed mon sef salahi, and what makes this venture different and his state on the next accines. and we will look at the severe weather events and how it is affecting the muni markets. and wti is hitting the highest level in two years. "the exchange" is back in two minutes.

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welcome back to "the exchange" and since the 2020 election the investors have piled into the municipal bond funds at an average of $2 billion a week, and this is coming as the credit downgrades are outpacing the upgrades with the costly weather events like hitting texas could pose risks to municipal credits. and now with more, tom kozlik at hilltop securities, and tom, how much of a danger do these extreme weather events pose? >> so, a lot of the financial impacts from the texas freeze is unlikely to reach the magnitude of what we saw in say a katrina or the super storm sandy or

harvey, and really reinforces the idea that the governments need to prepare and infrastructure assets need to be update and in many of the weather situations, the federal government needs to step in and act as a crutch, and to the tune of, you know, for katrina it was $125 billion and sandy was $60 billion-some, and almost never payment defaults and sometimes upgrades, but it depends upon the severity of the event. >> but tom, we are in strange times when the muni market is going to depend what is happening with the federal stimulus, and so many state and federal governments who are on the edge right now with the lost revenue from businesses operating and so forth. >> yes, the good news is that the budget shortfalls are not as bad as what most are predicting

they would be towards the end of the summer, and that being said, there are budget shortfalls, and on the one hand, it depends. and there is a, you know, in some case, and some state and local governments for different regions, they are worse than others. but overall, state, state revenues are down about one percent from march to december, and that is going to more significantly impact the areas like the state of new york or new york city or the areas that shutdown to a larger degree or a longer period of time. >> and tom, how concerned should investors be of what is happening to the credit markets overall, and in the search for yield, there is a demand for debt that the rates that you are getting off of even junk are, i mean, really, really low. are people thinking about these markets in the right way

>> yeah, that being said, it is interesting, because you mentioned it in the preview that flows into the mutual funds have been significant and over the last eight weeks, we have seen the average of $2 billion a week flowing into the mutual funds and even going back to, you know, the fact that at the end of the summer, we realize that the revenue shortfalls and the budget shortfalls were not going to be severe, but there is some ground that is going to be need to be made up from the relief of the federal government, and this is what we are still not at the point where we are describing it as stimulus, and the money talked about right now in washington is still a relief, and maybe when they talk about something more infrastructure-focused, we could describe it as something more stimulative. >> so back to risk question, how are you distinguishing between higher risk and lower risk localities and how important is

that now versus what it has been in the past. >> yeah, i think that one of the things that has happened is that the rating agencies have been slow to downgrade governments partially, because we don't know what the credit deterioration is going to b ane, because the hea officials are saying a fourth wave or increases in the covid numbers in another 4 to 14 weeks which could make it more difficult for the state governments, and if there is more than 350 billion of relief for state and locals, that is going to go a long way. >> the ratings are not able to keep up with the reality in this fast-paced times the. tom, thank you. tom kozlik. >> yes, thank you. and coming up, this stock has been on a tear since the public debut in november, and also, one of the most

anticipated reports in the ev space, and we will tell you what investors are looking for. and the semiconductor is hitting a record high, and led by taiwan and vanneck vectors. how do we ensure families facing food insecurity

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exchange" and the market is well off of the session highs. and right now it is a mixed pk chur for the indices. and checking the sectors with the energy and financials and real estate and health care are the biggest laggards. bitcoin is topping 50,000 for the first ever. right now down to 48,000 level and there it is 48,275. and shares of pinterest is hitting an all-time high and adding to the strong 2021 performance so far, and year-to-date, that stock is up 30%. speaking of a good year and than knox cold weather, the shares of generac up, and driven bay demand for backup generators. and now we go to rahel solomon. >> let's stick with weather.

in north carolina, search and rescue operations have ceased after a tornado and trying to work with red cross to find residents whose homes were damaged or destroyed. and now, the biggest retailer has 450 retailers closed in texas or the midwest. and in iraq, a barrage of rockets landed near a military american base. a contractor was killed but a coalition spokesman says that the contractor was not an american. and a new poll finds that 3 of 4 americans wants president trump to have a significant role in the gop. you can watch the news with shepard smith to see how that might work and what prospects there are for a third major political party at 7:00 p.m. eastern. that is the cnbc news update, and i send it back to you, jon. >> and up ahead, the social media giants are looking to join the audio club thanks for the

success of clubhouse and what is at stake is coming up. and first, ahead of the operation warp speed and the director is going back to his roots to disrupt big pharma with the r&d formula. he joins us next.

welcome back to "the exchange" and the operation of warp speed has a new gig. meg tirrell joins with us the details. >> jon, thank you so much. moncef who was the director of warp speed, the operation of the vaccine is now going to be heading up a centessa pharmaceutical which is going to host a number of pharmaceutical companies under one umbrella to try to form a new r&d model.

the ceo is going to be the former chief scientific officer who was in charge of bristol squib, and so now why is this the next best step for you, and it sounds like operation warp speed for other biotech companies. and is that sounding right >> thank you, meg. i finished friday with operation warp speed, but this is a concept that has been in the making for many, many years in that the concept of the ethnocentricity which is the essence of the company is going to be about creating depth of expertise focused nowhere to hide for scientists that are really nowhere to hide to form a

discovery performance centers and much, much smaller entities than the r&d concept, and so it is going to result in much more significant output. and so that will have much more medicines is approved by the fda as a result of it. and so breaking down a large organization is come xlplicatedd john medicahi's plan of one concept, one project. and the scientists would leave whatever they were doing, and then walk the talk and then came after that idea to prosecute it. we decided, maybe we can now build up, bottom-up a large r&d organization out of ethnocentric company and keep the philosophy of the way we finance and then indeed at warp speed now since

that we have shown that the boundaries of the speed and effectiveness can be pushed further than what we thought before. and so the ceo of the company, aim am sure will tell you more about the exciting model. >> yes, let's bring you in. and tell me about the disease areas that you have decided to focus on the assets that you have put together here, and in a model like this where you have all of the teams singularly focused on the projects they are working on, and how do you incentivize them to fail fast, if it turns out that it is not going to work first, and how do you have a incentive to let the teams let you know that they will fail fast >> well, thank you, meg, for having us here, and we are excited to test the pharmaceuticals and it is an opportunity as moncef mentioned to test a company with pipeline of heem matology and immunology,

and create a pipeline almost overnight to span the discovery to phase three, and what is important about this model is that we are letting the subsidiary companies the ten of them bringing together to function autonomously, and let them being the decision-makers and opposed to top-down, and they are clinicians and scientists who have worked on them for decades, and they know the science better than anyone, and they are going to be driving the success of the projects, and to the question, talking to the scientists, they are the first ones who tell us that the data is not looking good, and these radiothe data-driven decision, and maybe time to step away and shut it down. alternative, if the data is looking good, we have capital to quickly and agile manner to deploy it quickly to deploy it quicker. we are excited. >> and moncef, one thing not in the original portfolio that you

have put together is infectious disease, and so this is a space that you have devoted a lot of your time into and particularly over the last year, and tell me what you are seeing with the vaccine rollout a few days after leaving the u.s. government. is the rollout where you had hoped and expected it would be as of right now? a lot of criticisms of the rocky rollout in the beginning, and how are you feeling now? >> we selected the medicines and the programs into centessa on the value. there are programs that have a first in class, and they are driven by great teams, and you know, world experts for each one of them. that is the basis, and that is the importance and what should be driving success, and the maximum flexibility of

therapeutic. and so if an infectious program comes to meet the criteria for selection, then it will be well because my heart is always in that area. but when there is a rollout, and when i am in contact with the team since friday, and i would say that the rollout is actually happening broadly. when you are looking at the facts and the data along the lines that we have before. we are about 70 million doses of vaccine manufactured. we are still in line to be able to have 200 million of vaccine produced and available for immunization by the end of the month of march which was the objective as it was set forward. unfortunately, there is a lot of communication that didn't go well frankly in the sense that when i hear people saying that there was no stockpile.

there was never to be a stockpile. it would be literally inconceivable to stockpile the vaccine if you have people dying. you should be immunizing, and we were and we should be delivering the vaccines immediately after they are manufactured. that is part of the challenge that people are seeing the complex of manufacturing of a biological vaccine. so i am excited that people have received one dose or two doses for a number of them, and i am looking forward to the high risk people in the population over 70 or 65 years of age, and those with comorbidities are immunized which is somewhere at the end of the month of march or early april particularly as the vaccines come to further support the rollout of the vaccination, because that should translate in a very significant decrease of

the morbidity and mortality associated with the data from israel two days ago showing on 600,000 subject basis comparative observation and real life study that the vaccine is 94% efficacious is extremely e encouraging. >> yes, seeing that real world impact is notable. moncef, and we are looking forward to hearing from both of you again. >> thank you for having us. >> thank you, meg. jon, back to you. up next, palatir plunges, and rapid fire coming up next.

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stories on the radar. kate and julia and now, palantir is asking the long-term investors to stick with them, but advised those with a shorter term focus to look for shorter term gains, and this is not enough to keep the investors away, and palantir is reddit who is not liking the establishment, but do they like them or not, dom? >> well, there are so many things that give reddit an opportunity to stand up and go, what is going on here? it is a big data company, and the whole notion is that they were funded by the cia at one point hereb and they crunch numbers and massive government contractor and worth billion of dollars and worth a lot more going forward. if you are looking at whether or not it is the main street and the wall street, and the little guy versus the big guy and david and goliath, and palantir is so

big today, because it is a massive runup, and the direct listing was $10 a share, and it is tripling in value, and maybe a sell off here, but when you are expecting 30% growth in the revenues, that is something to where you say, hey, maybe the expectations are high on this one, jon. >> julia, the social-media driven stock thing is over i was looking at amc and gamestop today, and it is not looking like they are moving. >> well, i have to say that the thing about amc is that there is actually some news right now, and fundamental news about amc that makes people want to buy into the feeder stocks, and that is a big box office in china, but i don't think that this reddit trade is over just yet, and the thing that is interesting about palantir is that alex carp is going to his own drum and moving from one

place to denver, and he would not be surprising to have the people look at the long view there and not look at the quarterly numbers and this is a different company because of the reliance of government contracts. >> and if they are talking about it on reddit, how about robinhood, kate? are they all patched up after the infusion of a few billion? >> yes, they have raised $3 billion a few week ago and they don't have the expectation to raise more in the near term, so we have not seen outages or the capital requirements that we saw a few weeks ago, but the robinhood traders are are the reddit demographic with a younger group of traders and a lot of them social media savvy, and the way you are looking at the reddit, a lot of the traders are using robinhood. >> and so next, a problem of plumbing on wall street, and not

the pipes, but the trading frenzy that has been exposing the clogs in the trading and outdated procedures and technologies. and kate, i got problems of the systemic risks around those trades a couple of weeks ago, and so has it really exposed some dangers >> well, the backdrop of the gamestop trading chaos coupled with record amounts of new retail traders into the market, and the volatile they that we have seen, and that has caused a couple of issues for the backend systems for wall street that have been around for decades. the first one that we talk about is the brokerage firms in general, and that i have had website outages, and mobile outages and analysts say over the weekend, because of the record amount of new traders, and the volatility so one thing, the web sites and the mobile apps and the second is the clearinghouses, and we talked the about it a little bit, but the idea that robinhood

had to meet this overnight to meet those capital environments, and the environment is so different that everybody is piling into the same names and volatile, and so the new reality is causing some issues on the back end, and some of the analysts are saying that it did work, and the fact that they needed more money in there to make sure they had enough money to cover the trades is good, and there is some clogging if you wanted to put that it way, but those are some of issues is and the other thing that is working efficiently and coming sort of from behind the scenes to very much in the limelight is payment for the order flow which is another system that is working behind the scenes that we don't talk about, but expect more to come with the hearing from robinhood, and expecting citadel to testify, and some of the things that we never talk about in the forefront and very much in the forefront. >> andm do, clogged pipes makes me think that somebody head the bad burrito. >> you know how to unclog the pipes? you hire a plumber and you charge for the trades.

so that is what is going to happen here, and you talk about the paradigm shifts of the overall markets, and everything else, we had the clogged pipe issue because of the massive surge of participation and this is fant tastic and the more investors as a society, but the issue the economics behind it, and if you doing what kate rooney said, payment for order flow, and this is how you subsidize the zero commissions all over the place, and so if you are focusing on the client and getting them executed trades at the best price, why not charge them for it. and by the way, jon, if you charge them for it, take some of the revenue intoand invest it io the piped clogs, and so take it and charge them a little and then take that revenue to unclog the pipes. >> and so, now, hikes for

audio-only content that we are calling the category audio-only, and there are some looking to cash in. and julia, twitter is getting into the game, and they have beta going, and a lot of others, but does this have legs? >> well, look, i think that it is the new area where all of the companies are going to be doing a land grab. we had clubhouse hit 6.6 million installs, and according to land topia, and not only a limit to who can use the app, because it is invitation only, but every day is bigger than the last. so biggest download was in the last 24 hours, so the trend is continuing, but what is crucial here is that it is a new version of podcasting, so you can listen while you are doing the dishes or making dinner or out on a walk. so you could get the people who might want to participate when they are doing other things, and so you don't have to have the video screen on for another kind of the social video app like

house party which is popular in the beginning of the pandemic. so on one hand, you have podcasts advertising expected to grow 40% over last year, but here, you could do things like not just subscriptions, but direct payments like tipping we have seen patrion grow within these social apps. >> i could see it working if musicians started to get on there and offer concerts and backstage passes, and so podcasting in anonymous, and this is different possibilities? >> well, in my mind, and i can't tell the future, but based on the trends that we are seeing, it has legs in my mind, and this idea that you can get the creators throughout to charge more, and have them create an economic ecosystem, and i remember a good friend of ours got a cameo, and that is the app where the celebrities for a fee will give you a personalized message, that sort of thing, and

if that is the environment that we are in and content is king, i can see a world where the clubhouse and some of the member-only or the closed-circuit formats does take off, because people do want some way to guarantee the content they have for a fee and not necessarily a subscription, but it could work out. >> and you are on clubhouse, kate >> i am. i -- [ laughter ] they use the scarcity aspect to your advantage, and the idea that you want to be invited and i can't get over the feeling that i need to press the mute button and i am on an audio call, and are they going to be hearing me and am i part of the phone call, and so it is took a little bit to get part of it, and they had elon muscle on th -- elon musk. >> i am looking forward to the wall street bets on clubhouse. and finally, look out, because

android is developing a health and fitness focuses and messaging features can, but it could uphill climb with apple controlling half of the apple smart watch market, and they decided to stay out of the phone things, but if they were late to something, why not late to that? do i want facebook wanting to know literally where i am all of the time >> well, john, they probably already do, and the truth of it depending what settings you have on the different facebook apps, but what is interesting here, the second that facebook started to make the home devices and portals we should have known it was coming and a natural extension of all of the products that facebook is exploring as to the ways to interact with the services as we go about the day. they have smart glasses in the works, and the rayban augmented glasses coming out in a year. i would say a smart watch is easier to sell than a whole new

category of augmented reality glasses. >> so snap chat has done glasses so it is time for facebook to get into that, too. kate rooney, give me the watch verdict. is it too late >> i think it is too late. i am rocking the al bashgs watch, and on with my peer groue most of the interest is. i have no desire to have any more devices, any more tracking, notifications and things like instagram. i feel like at this point i'm actively trying to get off of those platforms and sort of disconnect when i don't have multiple phones, so i'm out on that, any more watch devices. >> dom, you said you can't see the future i don't believe you. will this work >> i don't know. like i said at the beginning of the show i'm an analog watch tearer. >> goes with the tie clip. >> exactly in my time i have had multiple fit bit devices, a microsoft band, remember those things? i have not yet gotten an apple watch because the wearables are

in a closet or drawer somewhere. i'm just a dinosaur when it comes to watches. >> what do you need fultit bits for? thank you all. still ahead, check out this mystery chart more than doubling its stock price since it went public back in november, its werngs have the street charged up e mendeyacrs to watch are next don't forget you can watch us live on the go using the cnbc app. the exchange will be right back. these days, we want sophisticated but simple. cutting edge made user friendly. in other words, we want a hybrid. and so do retailers. which is why they're going hybrid, with ibm. a hybrid cloud approach with watson ai helps manage supply chains while predicting demands with ease. from retail to healthcare,

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welcome back to the exchange shares of quantum scape lower ahead of its earnings before the bell today but climbing more than is a 4% over the past three months phil lebeau joins us with why those results could be the most anticipated of the ev stocks to trade recently. >> they're interesting because people like at quantum scape and say they had this big announcement in december br progress on the solid state battery. these guys are pre revenue nobody will get caught up on the numbers but they are looking for progress when it comes to the solid state battery and the announcement they made in

december that they feel real progress has been made there, that allows faster charging, a higher energy density, could be the real breakthrough when it comes to batteries, especially for electric vehicles. what's the state of the vw joint venture, remember there is a joint venture with volkswagen and quantum scape. finally what's the path to profitability when looking at the battery companies a lot have invested heavily and quantum scape has for a number of years and are making progress in terms of technology, the question for investors is when do they see the payoff is it within a couple years, four, five years down the road, that will be one of the questions during the analyst trading calls tonight. if you look at shares of quantum scape, there is the big spike that you saw in early december when they had that announcement regarding solid state batteries, since then it's been trading in that $45 to $55 range. tomorrow morning you do not want to miss this interview, it is a

cnbc exclusive, we will be talking with the question of quantum scape, we will talk with him about the q4 financials and where things stand on the progress being made when it comes to develops solid state batteries. >> you said pre revenue, but what gives me the heebie-jeebies is isn't the market cap $18 billion right now? >> sure. >> how many three pointers do they have to hit from half-court in order for this to justify that valuation >> it depends on what the technology break through is when it comes to marked they've seen real progress and when you talk with people who track the battery industry all of them talk about quantum scape and say these guys are interesting, we like what we're seeing from them you bring up a good point, it is pre revenue. the question if you are an investing, how patient can you be can you be patient for a couple of years can you be patient for five years? at some point they will have to show that path to profitability. >> yeah, you know, with all that

elon musk has brought to this space, you wonder what the next big stars in evs are going to be >> i would watch the battery makers i mean, that is the one area where people are looking at these companies and not just the -- quantum scape making the solid state batteries, but other companies related to ev battery technology. >> we will catch that interview for sure thank you. and that will do it for "the exchange." bitcoin breainchg the 50,000 mark coming up on "power lunch" how to regulate crypt toes without stifling innovation. that's up after this quick break.

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good afternoon, everybody, and welcome back to "power lunch" along with morgan brennan i'm tyler matheson, glad you can join us for this hour together the record rally rolling on, dow, s&p, nasdaq, new highs one year after the covid peak, those indexes have pulled back just a bit. bitcoin, wow, you can't even believe it more than 50,000 for the first time, it has pulled back a little bit but the cryptocurrency is front and center for regulators. how big