>> vuzix and they report monday. don't pay attention to the bottom line, but listen to order book and new products and i think it is quite well from this level. >> all right. what do you have joe t. >> morgan stanley in january of a 100 stock, and going back there. >> thank you, everybody. "the exchange" is now. >> scott, thanks. i'm jon fortt, and this is what is ahead. it has been a roller coaster ahead as the bond yields rise, and will this tug of war continue ahead as the fed rating is ahead, and in this first interview we are joined by patrick ma hoholmes who has a bg announcement for a big announcement. beginning with the big markets, and dom chu with the numbers. >> we have a bit of a mixed picture here and the dow

industrials have continued the near term trend outperforming as the value blue chip names are coming to the front of the investment picture, and up 1/2 of 1%, and tight trading for the s&p 500 overall. the big driving force is interest rates and if you are checking out the 10-year treasury yield, you can see the highest yield of over a year and they go over a year, and that is when we saw the last 1.63%, and over the course of the span, this move higher in rates has taken the steam out of the certain places of the market and specifically when it is coming to the technology stocks and that trade is coming out again today and we have shown you the nasdaq before, and the apple, and the biggest stock out there with the s&p and the nasdaq and out with tesla off with home

trades and hot over the last year, and docusigns and no earnings catalyst there, and where there is a loss somewhere, there is a gain somewhere else, and the rising interest rates giving rise to the bank stocks and the regional stocks ticker kre has more than doubled over the course of the last year and that by the way hit a record high in trading today, and who else big banks like jpmorgan chase and capital one financial as well, and the capital one financials and the financials with the winners of the rising rates and the growth technology and also, we will look at that trade throughout the afternoon session, and see what happens with the closing stocks. back to you. >> thank you, we will watch it, dom. and now, a closer look for the wild ride of the nasdaq with the volatility picking up from the big swings, and monday, it kicked off with a 300-point loss and follow bade 400-point surge tuesday and the biggest gain

before a breather wednesday and soaring 300 points wednesday. what are the big moves telling us about tech and the marks? joining us are the strategists with brian and kelsey. happy friday, guys. nancy, you think that there is still room to run here. don't get faked out by the nasdaq dips? >> well, i do. although i think that we are in the beginnings of a change in market leadership. we think that stock prices follow earnings growth, and what we know is that in this environment of accelerated earnings growth, and accelerated earnings growth, and continued fiscal stimulus is that the greatest revenue and stimulus growth is going to come from the cyclical areas of the economy, but it does not mean that all of technology is overexploited and some very exciting opportunities

in the semiconductor equipment and software areas, and some areas that are at the cusp of the recovery earnings. >> brian, a year ago and less than a year ago, you have published a report saying that, you know, there was a lot of opportunities, and where do you see opportunity now? just playing the s&p and did just fine if you piled in a year ago. >> well, thanks for mentioning that report, jon. on march 23rd of 20, we said the second year of the bull market would begin with the control-alt-delete with the reset of the overabundance of the february and march and overabundance of the value if you are a stock picker, but the next 10 years are the bottom-up stock picking and not all stocks are created equal. you have four techk stos and consumer, and secular and cyclical tech, and some clearly

overweighted and dom chu did a wonderful job in the prelude, and again, the high flyers in the areas that are obviously well extended in the valuations in the earnings ratio, and the price to sales ratios are going to come down, and apple for the intents and purposes are going to be known as the value stocks in some circles and maintain the positions in the big staples tech, and buyon dips and the googles and the netfliks and those types of names. >> nancy, the shorter term, you do see some speculative risks here. talk more about that, and ev stocks, and vaccine stocks and where else >> so, what we look a lot at are the areas where there is a lot of capital flowing into big market opportunities. the market opportunities are huge, but the number of new company formation, and again, capital flowing in are verified. so looking at the ev stocks and

the spacs that are playing on the ev trend, and the area of biotech, and those focused on vaccines and covid treatment, and you can see a lot of money chasing the same opportunity. we are also clearly going to be seeing the speculative excesses with the speculation in the very low market cap areas of the market where a small dollar move can have an out sized performance impact. we think that this broadening is a good sign in the long run, but you need to be careful as an investor to pick the spots to go early to go where other people have not noticed yet and to pay attention to the future growth. >> okay. brian, you any that the s&p, itself, it has 10% upside from here >> we do and then we think that the first half, jon, it is going to be better than second half and this is our call all along, and the earnings driven market versus the pe-driven market and we have

seen this broadening out of more companies participating in the fundamental basis, and you have to go back to the old-fashioned formula and the stocks leading the earnings of the economy, and the unprecedented price performance in both directions unfortunately on the downside and the upside and unprecedented earnings growth, and we have been on record saying that we have 35 to 40% earnings growth in the market, and the economy is going to continue to plug along, and the fed is not going to be able to do anything in terms of changing the mandate, and they have changed it from inflation to employment in august and they can't change it again and the fed is on hold, and the rates are going to continue to stay on the historical perspective low with too much made of this move that we have seen in the 10-year treasury on the near-term basis. >> well, the action this week certainly supports it. brian belski, and nancy with essex management. okay. the answers, the buyer, kind of, of the $69 billion nft margin

has been announced. robert frank has the details. robert >> yes, dom. you put it right, and we know answer, that the buyer goes by the pseudonym of the anonymous angel investor and ethereum whale and nft collector and he spent $100,000 of the first digital racecar and he is the co-founder of the nft collector metapu metaverse to collect mutual museums and they own the largest beeples, and they did use them with a special token called the beeple which the value of those coins have doubled. i spoke with metapurse who goes by tubador and i got off of the

phone with him, and he says that the beeple nft is the most valuable work of the generation and that is why they paid so much. he does not know what the plans for the work is going to be, whether they are going to fractionalize it or securityize it like they did the last work, but the goal is not to make money, but to decentralize and democratize art so that token holders everywhere can share a piece of history and share the wealth. it said it is like going to the mona and sharing the earth. he said that we made history with the purchase and created a god there. so the mystery is sort of solved but not really, and it is a sort of new rabbit hole wall of mirrors and metaverse to put in museums is of the largest collection of nfts. >> robert, two questions.

first of all, do you know who these actual people are, and you just have to use their nicknames here, or do you call these people by their, their pseudonyms when you are on the phone, and second, is there another market like this where people are putting money in not to make money in the future but to drive the cause, because it seems like the potential is that these prices are really tied to crypto >> yeah. they are tied to crypto, and they move a lot in tandem. to the first question, i don't know who these people are, and i had never heard of the pseudonyms or the twitter handles until a few minutes ago when i got off of the phone with one of them. i don't know what country they from or how old they are or what they do, so there is a lot of guesswork here. as far as why they are doing it and the cause, they say it is to democratize to create art and opportunities for creators, but

they are creating money through the b-20 coin which they minted and sold millions of with the last beeple they own and a lot of beeples they owned for $2.2 million and those values have created and so i am skeptical in the new world when people say that we are doing it for people to democratize art and give them more access, there is someone making a lot of money in this so far, and we will see what they end up doing with the beeple that they paid $69 million for in ether, but it is still a lot of money. >> well, now we know it is met t metakovan and twobador. simple. >> yes. >> and now, beating the dow and the nasdaq by a wide margin, and so what is driving this wide margin and can it continue joining me is chris westler with the small-cap, and that fund is

up, and a five-star rating by morni morningstar, and chris, it is good to talk to you, and it is time for the stock pickers and in a way, that is what you are doing, rightt? >> well, thank you for having me. certainly, it is what we are doing. and it seems to be a great opportunity to have the pullback that we seen in the last few weeks has given us some opportunity out there in the names that have been pulling back, and you have been covering it well in the yield increase in the curve and the impact on the technology companies as they are getting repriced but what we are seeing is the broadening out of the market, and that is healthy for a longer-term bull market. so, again for longer-term investors, this is an opportunity from our perspective. >> tell me the process when you are looking for value that, you know, untapped value in a space where everybody is looking for it. and you know, indices are

driving up valuations across the board, and do you start with the industry and then look for different differentiation in there or what? >> first and foremost, we start with the management. we like to have very good trustworthy individuals that we have gotten to know over a period of time that have been able to execute and have a, you know, a historical track record, and you know, trying to be a long-term investor to see through some of the pullbacks, but then we do look at the themes like 5g, and you know, infrastructure buildout within technology, and you know, moving data around processing it, and storing it, and all of those secular trends are very strong. you can see it in the semiconductor supply that is in the semiconductor industry right now, and we think that at some point later in the year, it is going to alleviate itself, and we had a guest on that mentioned

semi cap equipment, and that is a good spot to be as well. >> you like marvel, and you mentioned 5g and dave made some acquisitions to strengthen the position there, and you had a little bit of the dip in the last few weeks, and pop back up, and why to you like that stock for example? >> marvel is a broad supplier of semiconductors with a lot of focus on communication which we think is going to be very strong. you look at, the spectrum auctions that just occurred where verizon and at&t were out spending money, and they have to build out the systems, and that going to drive a lot more purchases of the semiconductors to make the systems work. we think that marvel is well positioned there. and it took a little bit of the dip around the quarterly call. you know, they are seeing some constraints out there in the foundries, but again, we think it is more temporal, and begins to clear later in the year so long-term, we think that it

is a good investment for the investors. >> all right. we will leave it there for now, and have a great weekend, chris retzler with needham. and coming up, patrick mahomes jumping into the newest area of investment, and he is going to join us next to talk about his new investment. and from doordash to grub hub to uber eats. and can that growth be sustained after the pandemic these days, we want sophisticated but simple. cutting edge made user friendly. in other words, we want a hybrid.

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welcome back. 2020 was a rough year for a lot of industries, particularly restaurants, and a boom now for apps and emarket says that restaurant sales more than doubled to more than 45 billion last year and that is going to include gains of uber eats doubling and doordash tripled to more than 50 billion but will that change as people are dining out again. and doordash says that circumstances that have doubled our business due to circumstances from the pandemic may not continue in the future, and what is the future of the delivery business look like for us joining us is the brian and

deirdre. so, brian, investors got it wrong as to what would happen heading into the pandemic, and now we have to be careful investor-wise going into uber eats, and doordash and in conversations with tony shiu more than a year ago, but the vertical integration, and thinking of chow botics, and what they might do with the ghost kitchens, but how much does that play into the way that investors think about who wins into the game going forward versus just plain delivery. >> jon, thank you for having us. it is a great question, but thinking of what happened in the restaurant industry in 2020. sales fell by 15 to 20%, and the national restaurant association egg p pegs it at 27%, and juxtapose to

third-party apps to your point, and growing over 100%. so when we look at how the market is divided up, we think that 1 of 10 dollars of restaurant food was sold to third party apps and that is up about from 1 in $20 last year, and by 2028, we think it is 1 in every $6. so that allows for a lot of growth for companies like uber and doordash and aggregate to have solid top line food sales for 15 to 20% annually for the next three to four years. >> deirdre, but i am curious not just about the dollar growth and the market share, but also about profitability going forward and that is why i am pressing on this vertical integration question. doordash has been right about something in the suburbs, and i wonder who has got the better technology, and who has the better data and the better process? >> that is a great question,

jon, and i'm so glad that you asked about the profitability, and because, i have to question, brian, because you prefer uber, because it is looking less expe expensive, but the reason it is priced less than doordash, because of the losses. uber $6.8 billion, and b with the billion, and doordash less than half a billion, so there is a huge loss there. and a gain of the market share, and uber was ahead, but doordash has crushed uber, and a new entrant which is the acquisition of grub hub and we can tell the strategy, because we have seen it in europe and this is pour more money into the marketing and discounts and i just cannot see how this industry becomes profitable any time soon despite what the companies say, because even looking at doordash's outlook of the adjusted ebita, of zero to $2 million and brian,

doesn't it make you question the whole unit ecomonic of the entire business model? >> so, it is a great questions, deirdre. when we think about for just the food delivery piece, we expect the market shares to remain relatively stable, and doordash in the low 50%, and uber and post mates and then grub hub in the low teens, but thinking of the growth drivers, you know, during the pandemic, and the traits are sticking around, and 68% of the people say that they are more likely to purchase takeout, and 53% say takeout and delivery are essential to the way we live, but when you are looking at the polls by the restaurant association and even as the vaccines are more available, and in people's arms, more people return to restaurants, consumers still

want to and desire expanded off-prem options going forward. so there is still a lot of good growth, and both for the restaurants and the third party app deliverers. and jon, both you and deirdre, you are raising good points, and supering a ingin iin inaggregaos watching the extent to which they can drive subscription and loyalty programs and cross users with the rides or the eats app. >> that is important for uber, and doordash loves to talk about the dash pass. and it is going to be key to see what churn looks like on the passes and partnerships and that going forward.

than k you. and now coming up, patrick mahomes is making an announcement of a new venture f tie. ld he is going to join us to break that news coming up next. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. wealth is watching your business grow. worth is watching your employees grow with it. principal. for all it's worth.

welcome back. and we'll say it again, a football superstar is getting into the nft business, kansas city football superstar patrick mahomes is launching a gallery called the museum of mahomes

ranging from 2.5,000 to $15,000 with no mystery price. and proceeds will be sent to the charities, and nonfungible tokens to be auctioned for beeples. and this week, the largest auctioned for $69 billion. so -- $69 million. so, you have won a super bowl, and you are understanding paying for the future value with the contract that came of that. so what are you thinking of the future nfts and what is it going to do with the memorabilias. >> well, it started when i was young. i collected myself and my dad got me into it, collecting bats and cards and then as i started to see more and more things coming out with the nfts and

seeing how they have come out to get in the digital and the way that the world is going to collect mem ra bealia, and to have another asset, it was a no brainer for me to get involved as quickly as possible. >> what to you want the museum of mahomes to do i noticed some physical items here linked to digital items if i am understanding this correctly? are there elements that are important for you to have in place? >> yeah. i just wanted to find another way to connect to my fans. i think that chiefs kingdom and the fan base that we have, they are so supportive of me, and we want to find another asset of them to venture off to connect to me and me to connect to them. >> i can't figure out if i am old or what, but i have a hard time understanding this idea of owning a highlight that anybody can see, and maybe i don't get royal tis off of it when people play it, but certain types of memorabilia or sports moments or

things that are linked to the nft that you think have more value versus less? >> yeah. it is kind of almost, honestly it is so new, and for me, we are starting with the artwork and the limited things that we are throwing out there, but the highlights of the nba and other nfts are doing, i mean, they are really cool, and something special. you get to have your own, and someone's highlight is something special. so as we don't venture off into, this we will have a few highlights of my own that we can use. >> you have no shortage of the highlights to choose from. you know, i think that i remember lebron james saying not too long ago that he has rookie cards of his own in a vault, and so what is your velocity of buying your own nfts or nfts in general as you are opening up a market for this? >> i will for sure have at least one of them. i want to be able to say that i have one of my own kind of like lebron and nizhis rookie card,

because it is value, and at the same time, it is special to me, and hopefully special to fans to go out there to get one. >> you are in a rarified position, and one of the biggest names in sports overall, and let alone the nfl, so your memorabilia, and i mean, anything with mahomes on it, and particularly signed, it is going to have out-sized value, so what is this going to do for the players up and coming and might not reach that type of the pro bowl or the legendary status, but still, i mean, they are among the best in the world, and is there something in the memorabilia space and the economics of it that benefits a player differently >> yeah, i think it is something that they'll have something of their own. that is biggest thing, when they look back and have their kids and their grandkids they can show that they have this nft, and this memorabilia, and it is something special to me, and to a lot of players around the league. >> tell me about the charity connection here.

does the digital nature of the nft in this transaction do anything differently in terms of the value that flows to them >> yeah, first of all, i will be able to finish the martin luther king park in kansas city which is huge to me. we have been driving to get this thing done, and hopefully get it done as quickly as possible. then we are going to donate to 40 different boys and girls clubs from kansas and missouri. so to be able to have this revenue come in and to be able to give back as much as possible something that is important to me, and something that i hope impacts a lot of people. >> we are talking about investment a lot, because this is cnbc, and i'm always curious how someone who thinks about performance clearly as you do, and long-term value thinks about what you do with your money in a period like this. beyond the nfts, beyond the memorabilia, and what are the interesting either ideas or thoughts or areas of investment that are on your mind these days >> to me it is about learning as

much as i can and it is hyperized moves, and stuff that can use and try to learn as much as ki that helps me, and investment in them, and try to invest in myself. >> and you have a couple more names, because you gave those to me. >> and those are too big for me. and another one that i am with, and investing with, and whatever i can do to help my body, and those companies are big for me. >> okay. and i guess that finally, i want to ask about areas that you further see that need help. i know that you mentioned some charities locally in particular that you are working on, and anything that you want to call out more broadly on your heart and mind, what would it be >> and the final ways to impact the kids and that is what my charity is all about to provide the opportunities for kids to go

out the live out their dream, and that is what is it going to do to help live out their dreams in the community that they so much deserve. >> what have you learned about sport, the impact on the culture, on finance, and just on the people's sense of what is happening in the world during this period of time that we are hopeful to come out of the pandemic, and coming into a period of time where all adults can be vaccinated, but a learning in this period of more than a year? >> for sure. everybody has to learn. we went through some trying times in the last year pretty much now. so we have to learn how to make yourself better and impact the community and use the platform to make yourself a better place and that is coming to make yourself a better community and yourself a better person everyday. >> patrick mahomes opening up the museum of mahomes with nfts and we hope to have you back on

cnbc soon. >> yeah, appreciate you having me. >> wow. and left for dead no more. some of the more traditional tech stocks having a day in the sun after a while. and also, after a break, march is women's history month and we are spotlighting some of our contributors this is sandhill adviser with her advice on taking risks. >> for most women, we need to spend time investing in ourselves to find our own voice and to give ourselves credit with our own strength and expertise, and then i think so often that men will raise their hand and ask for opportunity even if it is a friend of their ability while many women choose safety instead of taking a chance like that, but for many, it can be rewarding personally and professionally to take that chance even though there is a skf ile.ri ofaur the future to improve today. at emerson, our digital twin software

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welcome back to "the exchange." and a check on the markets the dow is hitting an intraday high, and the dow is under pressure with the bonds rising.

utilities and industrials and financials the leaders and communication services are the biggestlaggards. a wild week for tech stock, but some in the sector are quietly making a comeback and dom chu has some names. >> and these are typically companies that are not stealthy, because they are big, but we don't talk about them so much anymore, because the tech stocks are apple and microsoft and maybe tesla and amazon loosely associated with the industry even though they are not technically tech stocks. but look at these three, intel, ibm and cisco, and those stocks have moved higher over the course of the year, but they are underperforming the broader s&p 500, yet those three stocks are trading at discount valuations to the overall market and they are starting to pick up steam. look at cisco, the orange line there, about 14.5, and 14.7 times next year's anticipated earnings, and ibm is the yellow at 11.3, and intel is right in

the middle at 13.3, and the forward price to earnings on the dow is roughly 20, 22 for the s&p 500. one other place to watch is dividend yield, because each of the three stocks pays a dividend as well, and if you are looking will at the relative yields overall, and looking at the 5.1% for ibm and underperformer, yes, but a dividend yield, and 3% for cisco, and 2.1% for intel, and each of those is yes, above the 10-year treasury yield, but above the overall yield for the dow and the s&p 500, and so, yes, jon, looking at the beaten up technology stocks, the mega cap ones from maybe a few years back are starting to show some signs of life and outperforming in the month so far and starting to pick up the steam over the last six months as well. jon, back to you. >> a few years back is generous. now, to frank holland for a cnbc news update. >> thank you, jon. this is what is happening at this hour. the world health organization is

granting a emergency listing for johnson & johnson to make it the fourth vaccine approval from the w.h.o. investigators have found that rochester new york investigators lied about the suffocation death of daniel prude while he was in police custody. details were kept secret for months. in colorado, the utilities are ready for a huge winter storm that could drop several feet of heavy and wet snow on that state. national guard troops have been activated. watch the news with shepard smith to see what they are doing to prevent a repeat of that outages. and tom brady is going to have a one-year extension to stay with the bucs and save them $19 million against the salary cap. i don't know if patrick mahomes is happy about that. maybe he is happy about the nfts, but not sure about this deal. >> and gronk was happy, and he

said he wants to come back, too, but he is a free agent. >> he was driving back to tampa bay, and clearly in the car. >> clearly in the car. >> thank you, frank holland. and now, the chinese is taking on its own companies and news team assembled. and goldman is going back to the office. that is all in today's "rapid fire" coming up next on "the exchange." and that is next.

let's catch up on a few stories that should be on the radar and time for rapid fire and we have a cnbc contributor lineup today with ed lee, the reporter for new york times and joanna stern reporter at "the wall street journal" and tim seymour at seymour asset manager and asset trader. first up, shares of apple have been under pressure for asset yields and a new report dealing with supply chain shifts and the nikkei is reporting that apple is cutting orders for all iphones around 20% compared to the plans in december. the stock is down more than 17%

this year, but, morgan stanley says that the production cut news is noise, and tha creating a buying opportunity. and i find it hard to find how much news apple has in stock already, and the chip strategy is what we tend to find again and again. >> yes, and i find that what is muddied here is some of the reports for the demand of the iphone mini which is affecting the price, and there is reports of the cut of demand and what they had expected on the iphone mini which is making sense on the product perspective and that product is the least of the good phones or if that makes any sense, but not the best of the phones that they released this year, and maybe they overestimated that one would sell in big numbers be and also the least expensive of the phones. so, yes, i think that there is a lot of things contributing to this. >> and now, there has been some, i guess, buzz, noise, ed, about

5g and the idea that the carriers are not delivering the performance that some end users might have wanted, and might that be contributing to this >> well, not just the performance, but you know, how much faster than the current performance which is actually good in a lot of places, and do i really need to download 4k videos on the phone when i am sort of walking around outside so, i think that it is a technology and a platform, and 5g is a platform that is still in search of applications in a lot of ways. so that is part of it as well. so, i think that there is sort of pent-up demand for having the latest. i was wrong in the earlier estimations, because i thought that the mini and the lower priced phones would do better, but when people are thinking of apple, they want the best and the highest priced and the latest technology and 5g and whether the network is fully deployed or not. so i think that is more indication of sort of this

demand. i agree with the assessment that this supply chain stuff is mostly noise we have seen the reports of that, and it never pans out. it never pans out. >> and in terms of the more expensive iphones tend to last a year or two longer. and it does not slow down. and chinese billionaire jack ma is having a bad day, and it is facing a $575 million fine from anti-trust regulators there, and the fintech giant that is to go public, the ceo is resigning today, and it is due to personal reason, and the chinese stocks are lower today, and tim, what is the outlook on i guess alibaba, but a lot of the chinese tech stocks in general, because there is seeming to be some opportunity there, but the government action does have an im impact.

seems we don't have your microphone, tim. we will check that. and ed, you know, we saw this news about jack ma, you know, over the past several months, and this idea that the government is pressuring tech there, and i wonder what you think in the overall scheme of things that will mean in the overall scheme of things >> the pressure of beijing, and the way to read it is that we want our economy to grow and tech innovation, but not too big. that is the surface read on it, and remember, there is one sort of true master of the state, the nation state which is in beijing, and that's one way to read it at least. so it tamps down entrepreneurial spirit in that country, because a lot of the innovation has been happening, but if all of the sudden, it is like, you know,

make money, but not too much, and get big, but not too big is going to stifle, and going to stifle, you know, this current run that they have had of the creating, you know, a lot of great technology, and ai is huge over there, and they are doing amazing things in ai technology, and in some cases from what vi heard, it is surpassing what is happening in u.s. and europe, and so it is not great it is not great if you want to read it that way. >> tim, i was trying to read your lips before, but i want to hear what you have to say, so give it to me. >> well, big brother got in the way, and i was going to say some things in favor of the companies, but this is priced into ally ba ialibaba, and the l taken out, and to the fact that the scuttled ipo is something that the investors were concerned about. someone who has been nvesting in emerging markets for a long time, and big brother and places that are dismantled and that is not what is happening here. i think that the regulator is doing what they are supposed to do. i think that some of the companies had front run a little

bit. i realize the discount rate that we are looking at some of the companies may have changed in last six months, but the valuations are extraordinary, and again, i think that the headlines are intended to be headlines that we see, and the whole weekend at bernie's thing with ja ma was over stated. some of the anti-trust is accurate, but for the investors, and looking at the investors in tech mega investors and compare to the valuations here and there is a huge opportunity. emerging markets, those are the two biggest stocks in the em index outside of taiwan semis. >> and now, talk about this playing out in the australia and the eu and now a bill in the house considering to let the news media have a shot at banning together against the platform, and the bill would grant tv stations and newspapers a four-year exemption from the anti-trust laws to collectively

negotiation compensation from the online platform like facebook and google, and joanna, the information was to be free for a long time to help with the rise for the internet, and now information wants to negotiate. >> it does. it does. it is interesting about what is happeningt that moment is that this is what is happen is this is all an solid on the tech companies. you have the ad model being challenged by apple and others in the industry, so you have these media, or the tech media companies, googles and facebooks trying to figure outs what will this look like will people be paying for our actual product, because the ad-supported model didn't work very well? i was talking a couple weeks ago, what's happening is australia is not just happening there. it's going to start happening around the world >> you're a media reporter at

the "new york times," this strikes me it might not end well, because the social organizations need the social platforms more than the social platforming need them? >> i think it's less true now. whetheru a subscription-based model you're probably doing okay, if you're a buzzfeed or vox, they learned you can't rely on one pipeline. i think, look, what happened in australia is significant you have as to give credit to rupert murdoch he's been beating that drum for a decade my question is, what ultimately will google and facebook be paying for the google deal is not just for news articles, it's for stuff that appears in their curated news section i think that's great, to pay for news, but it accident get at the fundamental part of the google

business facebook they have a news tab, but few people go over there anyway despite both paying for news in some form, in some way, it's still not getting at the heart of their platforms i think u.s. legislation, it's going to get sophisticated if it wants to take a sophisticated approach, it's going to want to target where and how these news items land. >> at least the "new york times" and "wall street journal" seem to have done a decent job at getting people to play -- to pay. so congrats to your organizations there. ed, joanna, tim, thank you have a great weekend the ten-year yield crossing 1.6% today, just ahead of next week's fomc meeting. we're going to get to the kite language to listen for and what it meansoroumoy,ex f yr ne nt. (vo) ideas exist inside you, electrify you. they grow from our imagination, but they can't be held back.

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welcome back investors have been forced to pay attention to yates as yields continue to rise next week we could see some volatility in the bond market when the fed gives its decision on interest rates, followed by a news conference with chair powell steve liesman, it seems like the

ten-year has been ignoring the fed. maybe i'm wrong about that, but is there anything we're likely to hear next week that could change that? >> you're going to hear reporters try to nail down the chairman on the issue of the bond yields. you're going to see a chairman try to dance in between basically not answering the question the story is going to be, jon, what we're going to try to do is ask the chair, is there a level that will bring you in he'll basically say no, but not really basically he'll try to say he's watching it, that the language -- the rice in the yields has notable. >> especially for some of these high-valuation stocks. as we reach this 1.6 level, i hear so many people say, yeah,

but overall rates are going to stay low, so this isn't going to go that much higher. is there something we might hear or something that's going to be floated next week to challenge that narrative >> i think that powell is still not going to be thinking about raising rates. the markets wants to move it forward, powell wants to keep it well into the future. >> i guess the market will take what it takes from it, but we're going to see that dance. steve liesman, thanks. that does it for "the exchange." "power lunch" starts after a quick break.

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good afternoon, everybody. welcome to "power lunch. along with frank holland and seema mody, i'm tyler mathisen the tech sector dropping today, as the ten-year note yield hits its highest level in a year. and it is the reopening revival to help push those yields higher, with vaccinations on a roll and more stimulus money. we will look at the impact of that on the retail