700,000 people globally in 2019. 97% the recipients in the trial showed an increase in antibodies that's positive. also you had europe come out and say if you're taking astrazeneca, you should get a moderna or pfizer second boost tremendous company >> joe, give me name sorry, steve we got to go >> nvidia, big deal. >> that's for our final trade. not like a whole book report the xchange is now yes, it does i'm brian sullivan welcome to "the exchange." call it semiconductor shortage summit big tech at the white house with big time problems. that's things you probably never think about are causing huge problems in american business and back the white house calling the shortage a national security issue. plus, apparently the third time is the charm why microsoft is paying 16

billion for company that's been rumored be bought out by apple and sumsung in the last decade we'll be closing in on a crypto race to the bottom what's happening in the digital world that has real world implications for some big names. all that and much more over the course of just the next 59 and a half minutes we'll begin with dom and your money. dom, i saw the very rare s&p 500 momentarily was 0.0. d day's gpa. they aside, it's ban pretty good month of april >> it has been a very good month of april so far. up nearly 4% for the month of april so far for the s&p 500 that's a decent stretch for any month on the whole it's only been about a couple of weeks now. keep an eye on the s&p 500 still above that 4100 level. maybe the marginal moves don't matter as much now a period of digestion.

both of these are at record highs. watch that the nasdaq off just fraction mally as well. one of the big stocks we're talking about all day today has into with chinese internet alibaba shares are up 8, 9% so far. the reason why it's important, chinese regulators have handed out massive record breaking 2.8 billion dollar fine for alibaba. it might clear the way for them to resume some normalish type operations in china. that's the reason why those shares are higher. by the way, the crane shares, china internet etf is up big it's still decidedly in down trend. big technology and media stock still a focus. swooel if that sticks around for a theme as all 2021 as well. check out chastwhat's happening chips. there's news there

nvidia is up you can see the white line moving this way. it's just announced they will start producing cpus, central processing units for compute thaers will go in data centers we'll see twhoornts has any lasting impact it's a big move. two stocks to watch. i'll send thing back over the you. >> i'm old enough to remember two weeks ago when intel was the hot new young thing because new ceo and they will nvidia steals the thunder. >> manufacturing plants in arizona. they will get into outsources business so much happening right now. >> certainly is. you don't know how much or maybe

you do a serious shortage in semiconductors president bind meeting with executives from 19 companies to talk about what is needed to solve the problem longer term. problem the white house says is a national security issue. perhaps all this could bring more jobs, more manufacturing back to the united states. kayla has been on the story, literally from the very beginning this morning >> reporter: earlier in the 12:00 hour a meeting got under way at the white house with those companies and the head of the national security council as well as the national economic counsel e cou council and the secretary of commerce to discuss that issue the global semiconductor shortage and what can be done to ramp up manufacturing capacity and solve the shortage in the

short term that is an issue that the administration has been studying for a couple of months as spurred by an executive order that the president signed back in february. we have learned some of the things they are considering are stress testing supply chains or requesting that certain companies stockpile chips or other critical types of inventory that they might need to avoid this type of shortage going forward. we expect president biden to be meeting very briefly with this group of executives momentarily. the pool has gathered to step into that event to show us exactly how that conversation is proceeding just a few moments ago the press secretary was asked about the nature of this meeting and what the administration is hoping to accomplish here is what she said. >> one of the reasons the president is stopping by this meeting at our national security adviser are holding this afternoon is to hear directly from companies about the impacts, what would help the most through this period of time

and the shortage, as you all have reported on has impacted range of industries. this isn't a meeting where we expect a decision or announcement come out of but part of our engoing engagement about how to address this issue. >> reporter: no particular decision or announcement there could be discussion of a specific dollar figure that is $50 billion. that's the amount of money that the administration is requesting from congress to invest in doe messiah -- domestic manufacturing. it's a amount of money the boston consulting group could create 70,000 jobs could increase the u.s. market share of new manufacturing capacity to 24%. that's essentially doubling it from where it is now we'll see what the president says in a few moment when we hear from him at that meeting. >> i just did the quick math

50 billion, 70,000 jobs that's 714$714,285 per job thank you very much. why don't we take a look at how the chip stocks have performed. sector has a nice run this year. the smh, up 37%. inside of it, you got lam up 21%. intel still hot. 31%. western digital up about 30% as well amd,bringing down the averages it's down 12%. the i.t.i. has six members at white house summit

joinin joining us now is jason oxman. ceo of i.t.i what do you and your constituents want from the president and american taxpayer? >> as you just heard this meeting is important to address. the long term solutions to a short term problem the short term problem created by the pandemic is unprecedented demand for semiconductors. we need to address that with long term solutions. the short answer is we're asking the president and congress to fund manufacturing capabilities for semiconductors in the u.s. it's a great start it's the kind of investment we need to make

>> we need to have it. we have some here and we could always use more. explain why it's so important they have to pay for it an not the companies. >> the companies are willing to make the investments what we're looking to have the united states do is invest in the kind of manufacturing capability that's been done increasingly outside of the u.s. countries like clie that and regions like the eu are making those investments in supporting manufacturing. these companies are spending anywhere from 10 to 30 billion dollar to build fabs to construct manufacturing. we want that to happen in the u.s. also to encourage international companies to build the

manufacturing capabilities we think the investments to support the manufacturing happening in the u.s. as well as research and development work force development we think that's important to make us globally competitive >> because as i'm sure you are aware, jason,there's a conversation, if you want to call it that, going on about global tax competitiveness we're talking about raising the corporate tax rate i'm not going to you to chime in on that but part is the idea that we're seeing unfair tax advantages around the world. some countries, as you just noted, are subsidizing or if not just outright sort of owning some of these industries you're saying the level, the playing field is not levelled at all. if i'm intel, is it how much

harder is it to compete with a company that's seminationalized? >> our calculus is roughly about 30 to 50% more expensive now to build a semiconductor facility in the u.s. than it is in some of these other countries that are subsidizing. we have to be sensitive to the tax implications we're not looking for tax increase to support this manufacturing investment what the u.s. government can do through a combination of direct investment and tax credits is make it a level playing field for companies to build the manufacturing capability here in the u.s. we think because this is a combination of the economic issue and a national security issue and because we have seen unprecedented demand, the return on this kind of i vestment is going to be multiple fold. the pandemic is highlighted how important it is for us all to be able to work from home, for our kids to learn from home, our --

to access our doctors from home. >> you said national security now a couple of times. i think i know where you're going with this. can you explain to our audience why is it a national security issue? is it because there's very real fear and let's be honest, we are not friendly with every government in the world. there are very real opportunities for certain things or certain hacks or whatever it might be to be put onto things that are made elsewhere that we use in critical technology applications here. that would be a bad thing. that's a real technical definition by me sdpl. >> it's a supply side and a

demand side on national security the manufacturing itself and the use of the products as you noted. i think the broader issue is because of the important nature of the semiconductor industry to all industries in the united states, including our own government and the defense industry, the ability to build up the manufacturing capability in the u.s. and address the supply chain issues in way that makes the manufacturing capability happen here so we don't have to worry about ta global supply issue, that's something beneficial to all industries, to the government and our economy. >> jason oxman, iti, got the members in the meeting look forward to hearing what went down. thank you very much. >> thank you what's going downright now is a bond auction. ten-year bonds up for auction. yields have been the mover of stocks >> just a smidge above average and that's for 38 billion tens we earlier also had an average

auction for 58 billion so far we auctioned 96 billion in supply. the auction for these notes, everybody gets the same yield. 1.68%. everybody is always interested in the foreign buyers and the indirect that represent that nap was a little bit below the ten-auction average. everything else was pretty solid. tomorrow we'll finish up with 24 billion, 30 year bonds if there's a lesson to be garnered, the auctions are going average but the supply is moving and believe me, it's not only going to be u.s. corporations moving supply and governments outside the u.s. moving supply maybe that is the issue. when is enough supply become too much we're not quite there yet.

that's what we do know, bryan. back to you. >> not there yet but i remember a couple of weeks ago you gave one the auctions an a. now we're at a c plus. we'll see where this -- it's not headed in the right direction. we'll find out, i guess, in a couple of days or next week. thank you very much. >> thank you we got a long way to go. on deck, it is that time again yes, earnings season this one may be unlikefully other in recent history. what do you really need to know about? maybe the earnings don't even matter we'll tell you why plus, can you hear them now? microsoft making a statement paying 16 billion for a speech recognition company that put apple and google on notice

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the dow is down 90 it's been a pretty good start for the month of april last week was a snoozer in terms of volume. nasdaq 100 is up 5% in april the s&p 500 up nearly 4%

the week does bring something new. the first look at earnings and guidance from some companies as we all start to look at a post-pandemic world. what they say they are seeing could be a real market mover with all due respect to the actual earnings and earnings season, they probably don't matter very much goldman sach's saying the trajectory will continue to make back ward looking metrics less relevant for the forward looking market bank of america securities warning that a blow out quarter does not mean a blow out market. here now to discuss all of this and get some stock picks for you, ceo and cio of capital management and i canty of northern trust wealth management katie, i'll start with you i don't want to blow our corporate coverage out of the water. we'll talk about earnings and

some certainly, the teslas and apples will matter as they always do. how much will the guidance matter versus the back ward looking numbers this quarter >> thanks for having me. i couldn't agree more that the guidance will matter quite a bit. it's not just guidance on the top line on the growth outlook i think it will be important to hear from companies about the forecast of how transient some of the measure pressures may be. a lot of the companies will have to guess corporate visibility into the next three to six month os or ya is hard. there's part of the country that are wide open. there's people here that are

we're still not. these companies are really going to have to kind of take a shot in the dark even on their guidance >> they're very experienced. it's not the first time they dealt with difficult times i think that what we're getting in guidance is we have been given very conservative guidance by companies because they know how devastating it's going be especially at tlhis level of multiples for the market to miss and disappoint we think we'll have a good earnings season. there might be notable misses but people have been so conservative we think the top line will be good we'll see expansion in margins and from a pricing stand point we just being turbo charged in essence by this life preserver that we have in of all stimulus that will continue

the market will continue to be at these reasonable levels unless we get a break in earnings and then we'll have to deal with it >> i'm going to throw this one at you if you don't want to wade into it, i totally get it this is one of the weirder held e headlines. james bullard of the fed is saying 75% vakccination rates would allow for tapered debate that would be about 125% coverage in terms of exposure and vaccination. that aside, the fed official is now commenting on vaccination rates as it pertains to when yields or the fed funds rate may start to move.

>> i think the debate on tapering will start in earnest as we get past what will be dealt very strong numbers on the growth and the inflation fronts. the base effects will be strong. the data will be noisy but directionally. we're going to see stronger result ons the macrofront. i think it's natural we'll start to have this debate. i think most investors are focused on the end of the year as being the beginning of the beginning of the discussion. that's interesting news out of bullard today. >> it is dan, by the way, you got some picks. philip 66, lincoln national. thank you for those. i want to keep going on this we have a fed official, yes, we're all amateur

epidemiologists now. every single night i post the vaccination numbers to my social we all know that i've been more optimistic than most he's telling you -- if you look at the math. okay you can kind of guess when we might hit that based on this 75% vaccination number coming out of bullard. dr. fauci said we only need 50% vaccination rates. so he's a little more hawkish on vaccines too >> kpclearly we're going to ope. we're seeing the trade everything is improving. the reality is that the fed is not going to act based upon what's coming out in a

vaccination report the fed is going to act based upon what we have in real numbers. as the economy begins to grow. if we have sustainable growth in employment and we look at the inflation numbers. we're going to have a strong gdp. we're likely to have a run rate of 6% as we get to the end of the year that's going be far more important to the fed than what we're getting daily in vak si fl -- vaccination reports. >> make it a percentage number which is more hawkish than some of the most hawkish we have heard. good stuff thank you for kind of rolling with that curve ball i thought headlines were kind of interesting. thank you both >> thank you all right. for more or for any opportunities in this market since i kind of did turn us into the ditch. check out goldman sach's list of latest cheap stocks which they view as substantial upside this

year coming up, raise corporate taxes, cut corporate jobs. one ceo sounding the warning about kitcutting budgets. he is not alone. trading fees and a race to the bottom we'll explain both, ahead. ♪ ♪ ♪ ♪ ♪ ♪ hey google, turn up the heat. ♪ ♪ ♪ these are the people who work on the front lines.

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these days you have to keep everything moving and reinvent the wheel. with a hybrid, you can do both. that's why manufacturers are going hybrid with ibm. with watson on a hybrid cloud factories can use ai to automate the little things so they can focus on the next big thing. businesses that want to innovate at scale are going with a smarter hybrid cloud using the technology and expertise of ibm. i really hope that this vaccine can get me one step closer to him. to a huge wedding. to give high fives to our patients. to hug my students. with every vaccine, cvs is working to bring you one step closer to a better tomorrow.

welcome back to the exchange here is your cnbc news update. t kentucky governor said he will lift most of the state's restrictions with 2.5 million kentuckian is vaccinated roughly 900,000 more people need to get their shot. in minneapolis a cardiologist said george floyd dying after asphyxiation after being stronghold by the police he rejects theories that skrorj floyd died of a drug over dose or a cardiac condition with the prosecution close to wrapping up its case, see it on the news tonight with shepard smith. former police chief has been sentence to year in prison he have found guilty of rigging the hiring process

you're up to date. back to you. a lot more joining us with the results that i haven't seen but i can probably guess the business roundtable. just throwing that out there >> yeah, you're a betting man. you know where this is going the opposition to hire taxes from the business community is almost youunanimous. 98% said raising the rate swrwould have a moderate to severe risk for competitiveness. 71% said it would hurt their

ability to hire. the results came out today r raytheon ceo said it's needed to rei v-- reinvig rag rate be economy. businesses across a wide range of industries have already begun to fight any tax hikes the notable exceptions here have been amazon and lyft they surveyed 178 ceos the group would not provide any details behind that 2% of respondents that said higher taxes wouldn't hurt them not all companies would be equally affected by this back to you. >> we heard from joe manchin

that 28% might be a little less likely than say a 25%. >> i think one of the big questions here for the busines community is are they going to try to stop this train entirely and pick off the number one, two, three democrats that would be needed in the senate in order to block any type of tax increase or infrastructure bill or are they just going to try to mitigate the pain here would that be willing to accept a smaller increase in the rate that's part of the battle they will fight over the next few weeks. >> the fight may have just begun. thank you very much. coming up, it's not just about taxes. if you want to be a ceo at a big company, you might want to add political activist to your resume corporate america is making voting access a foremost issue

for them will companies go just beyond words. that's ahead first, it's time for show and tell we will show the chart and tell you the story. today's chart is uber. uber is up more than 3%. nearly 4%. company saw record gross bookings in march. amid a driver shortage ceo addressing that shortage on the new show "tech check" just a short while ago. >> we are going to lean into supply it's a great problem to have this is not only in terms the uber mobility business but the delivery business continues to boom as well we talk about annual run rate at 52 billion dollar and i think most companies in the world would want to have more demand than is up mine. it's a first class problem to have

we have a news alert on gamestop it's probably their up big or down big what's going on? >> we do have news on gamestop

they are looking for a new chief executive to replace george sherman who was appointed in april 2019 they say st board is working with an executive head hunter on the ceo search this comes as activist investor and board member has some big plans for this company back to you. >> all right big news on gamestop stock down 8.5%. thank you very much. in other tech news, microsoft is buying speech recognition nuance communication. they are behind apple siri technology in a 16 billion dollar world that'sshaking up the world of health and tech. this is a merger probably more than a decade in the making.

just maybe not in this package if you've been watching cnbc for a while, kroul know that me and herb talked about nuance getting bought by apple back in 2011 about three years later, herb and me and a couple of others talking about may get bought by samsung or maybe apple fast forward to today, micromi microsoft, third deal is the charm. 23% premium compared to previous closing price. the health care providers as we know them. >> this particular opportunity when you think about the provider market, in order for us to keep improving health outcomes and reducing cost,

digital tech will be key participate in it as microsoft on the i.t. side but what they have done is take the most critical part which is at the point of care and really transform it with integrations, with epics and all the critically hrs not only will we serve the providers with everything we do in mike -- microsoft, 365, but we will deliver these ai first solutions for doctors and radiologists and clinical decision support in partnership with the rest of the ecosystem >> we're purpose driven here the opportunity to take our capabilities alongside the cloud capabilities that microsoft and azure and the power platform, we

feel there's a great opportunity but we believe we can create more access to care and we believe that is a great calling for the two companies to come together for >> let's bring in john ford and dan newman john, i'm easily confused but i'm confused you know micromicrosoft well. nuance communication is a roll up company target of short sellers for years. the stock lost money when the market was surging what has changed what is so attractive about nuance >> part of what's attractive is in past you talked about nuance

and it getting acquired, it was about general purpose voice technology i don't think it's become a real business driver. it's become more part of an ecosystem. what nuance has been able to do is focus on cloud and industry make a very important business process more efficient i don't know if that's so atrackive. if a doctor can manage to put information into a chart and improve the patient experience, focus more on the patient versus data input using the technology and do it in way that allows microsoft more access, well then

that's really valuable >> i guess my point is, i'm looking to buy a car two years ago the car was $25,000. today the car is $60,000 did something change in the two years that make the car, if it did, please tell me. maybe it did they could have had nuance for 20 billion dollar less than two years ago. is the company 250% better than it was two years ago >> it's a great question >> bringing up everything, the confluence of the events of 2020, covid-19 that brought a lot of attention to health care as a whole you look at nvidia announcement

about a set of ai tools that could take a 10-year period of time to bring market down to two years. we see the way ai is pushing the envelope in the delivery of services and how companies will be able to build able to build a monetized experience we keep hearing about industry clouds and this enabled microsoft to double from about 250 billion to the numbers i'm seeing are nearly 500 billion. they clearly believe that will help them capture the opportunity. >> they will stay in massachusetts or is it somehow integrated into either is microsoft becoming a health care company or they going to integrate this product might be for health care.

>> it's for the intelligent cloud you unit i asked about not on air but behind the scenes, asked about the idea of synergies, will they be laying people off they said that's not ntheir focus. to your question about the value and two years ago versus now part of this is microsoft is a lot richer than it was two years ago. part of what a nuance has managed to do is spin off a bunch of businesses, automotive. some others that weren't in the whole house, focus on health care and devote some particular attention to that. build out software that is really high net promoter score meaning the customers really like it. it really serves that market is the a time when microsoft is saying to grow in cloud, we need to focus on industries and specific high quality solutions. it's what they need. >> dan, you see what jon did

jon fortt said i couldn't afford the car two years ago even at a cheaper price. now i can afford the $60,000 car so i should buy it was it a good deal >> i think it's a smart deal you're seeing premiums being paid we're looking at number ps p i still remember how surprised every one was when $34 billion was paid for red hat you look at the company has a way to go. the bridge to get into a space and market it sought to get into was that acquisition was there a premium paid i think the same question it needs to be asked right now about this particular acquisition but this is going to speed time to market when you're talking about a company that's nearly 2 trillion dollar in market cap, time is just as important in some capacities working how quickly can they get the solution and cement themselves as a leader in this particular technology >> maybe you paid bit too much

for the car. if you want to continue that analogy, you may not get car at all if you don't buy the car at the right moment in time >> if you need car, there you go great interviews earlier today, jon. all right. check it out tomorrow and the next day coming up, more big name ceo name speaking up and threatening states that pass any rules they feel restrict voting a bold move or one that could backfire with customers. we'll discuss and debate, ahead. and in an emergency, they need a network that puts them first. that connects them to technology, to each other, and to other agencies. that's why at&t built firstnet with and for first responders the emergency response network authorized by congress.

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can apply pressure to states and governments. axios executive editor wrote about it and he joins us now welcome. what can you tell us what was done and said on the call? >> thank you this is a big change in the posture of ceos. this was a literal zoom. 90 top business leaders, 20 other bheepeople on the call i'm told they kind of bucked up each other they had no fear of going ahead challenging these states on voting rights laws here is what has changed as you know, as your listeners, viewers know, ceos have been very reluctant to plunge into issues like this now, they're not just taking stands, they are acting. now, many of these executives saying they will a, hold back campaign con tributions and hol back on investments in the state. building factories and stadiums for states that move ahead on

voting restrictions like georgia and that texas is contemplating. >> well, without getting into semantics of whatever the rules might be because i haven't read all of them. 43, i believe, i heard as high 47 states will be doing some kind of voting change post-covid. whether it's restrictive or not i have no idea one would assume a tightening up not leaving a lot of states and the point. 40 or 43 states that -- are they trying to prevent the states from doing because then the pool of opportunities makes the threats ring hollow. >> that's a good point about the breadth of it. just about every republican-controlled state. is pushing this direction. what we hear from the ceos is an effort to calibrate. what's changing is like they tell me like originally they took stands on issues.

now this is moving into the activism area. this is the risk that you talked about. from customers, from republicans who in the past have always been allies this is an effort to rein in what might be coming why are they doing it? this is moving from opportunity to necessity so the opportunity was washington which is broken so long companies moving in. the necessity now a lot of customers insisting on it and even more what i hear from company after company is the employees insisting on it and people to recruit. when we hire people, people want to know about your mission, values driving a lot of this. >> and listen. and that, by the way, might win them customers if a lot of people in america agree with the position and maybe they'll actually try out that product or that company because of this. let's say there's some dude,

right, in atlanta or new jersey that's like i won't fly delta or united again and then have no options. living in new jersey you fly united in atlanta you probably fly delta and drink coca-cola and use google they're making a social stand but customer boycotts don't work they never have. >> great point something else that's changing that reflected in what you're talking about is executives no longer feel beholden to the republican party or guided by the republican party. >> ah. >> jeffrey sonnenfeld who organized this call knows the executives very well and talks to them from augusta and he knows the most of them are republicans and not super

trumpy but they are largely republican so this is another change. here's something else that professor sonnenfeld put the finger on is that what he called the avoidance strategy. >> sorry we are getting video from the white house. >> broad support in the united states congress. we talked about whether or not we're doing anything bipartisanly we are both sides of aisle are strongly supporting what we're doing and where i think we can get things done for the american people today i received a letter from 23 senators, bipartisanly. and 42 house members,republican and democrats. supporting the chips for america program. let me quote from the letter it says chinese communist party's planning to reorient and

dominate the semiconductor supply chain but saying for sometime now china and the rest of the world is not waiting and there's no reason why america should wait we are investing aggressively in semiconductors and batteries so must we we are seeking a significant investment in this piece of legislation. and it's important but we know it's not sufficient. the american jobs plan that i put forward is part of about revitalizing american manufacturing and securing our supply chains and investing in research and development as we used to in a healthy manner but it is also about much more than that investing in infrastructure and infrastructure not for the 20th century but the 21st century not just roads and bridges we are investing in water systems so americans can have

clean water infrastructure we're investing in high-speed rail infrastructure. building charges stations to support the electric vehicle future and building out america's supply chain so we never again are at the mercy of another country or any other nation for the critical needs. that's what we mean by investing in infrastructure. and we're investing in a more resilient grid investing i understand discussed that earlier today investing as well in an asbestos-free schools for our kids building a subppport system to take care of our senior citizens and kids with disabilities that's investing in infrastructure chips like the one i have here, these chips, these wafers are batteries, broadband,al infrastructure this is infrastructure

so look. we need to build the infrastructure of today. not repair the one of yesterday. and the plan i proposed is going to create millions of jobs, rebuild america, protect our supply chains and revitalize american manufacturing and it is going to make research and development a great engine again. we led the world in the middle of the 20th century. we led the world toward the end of the century we will lead the world again we're going to lead it again in the 21st century we have the best minds in the country. many are on the screen right now. and they know better than anyone that the competitiveness depends on where you invest and how you invest for too long as a nation we haven't been making the big, bold investments we need to outpace the global competitors we have been falling behind on

research and development and manufacturing and we have to step up our game and i'm not ready to give up i'm ready to work with all of you, with the congress, beoth parties to make a once in a generation investment in america's future again, we'll provide the innovation and spur breakthroughs and we need, we need the support, all your support on this to get this work done 'we need you to support the american workers, american communities in every part of the country. this is a moment for american strength and unity for government, industry, communities to work together to make sure that we're ready to meet the global competition that lies ahead, not continue to slide in terms of invest mtd we are like 25th in the world now. that's not america so i want to thank you all vr much and appreciate all the time

of given us. >> thank you. >> mr. president did you speak to -- [ inaudible >> whoa, whoa, whoa, whoa, whoa, whoa hang on just a second. >> mr. president - >> wait a second wait a second. what i'm going to do is see you all again in a few minutes i have just taken the time to listen to the press conference i'm preparing a statement and happy to talk with you at the next meeting. >> thank you, sir. >> president biden speaking at the white house about his goals in getting this infrastructure and spending bill passed mike allen of axios is still with us. mike, you heard the president's comments there and based on what we were also just talking about in some ways are the democrats becoming the party of american corporations

really could the republicans, should they go after union members? >> look at the stock market since president biden was inaugurated and look at how the markets have reacted to the stimulus and the spending. the two key words that we heard the president say there are that this is quote all infrastructure the president's trying to push the definition of what's infrastructure and both parties like which makes them the job party and to include a lot more because you have senate republicans today on axios trying to say that the president's american jobs plan is a job killing slush fund and describe that expansiveness in a different way. the white house pushing back we are going to see this in the coming days saying, here's what it means for kentucky and california you have the president there

holding a chip saying my program means jobs. >> it does and of course, as we talked about those semiconductor xaeps talking about maybe $50 billion in taxpayer funded subsidies those ceos will want a piece of that it duds them well to have good relationships with the president and the white house why mike allen, we appreciate you coming on thank you very much. speak to you soon. >> thank you. that does it for us here you're welcome a lot of stuff going on. tyler matheson and "power lunch" will pick it up next with some breaking news. thank you, my friend good to see you. welcome, everybody, to "power lunch" for a monday. we are going to start with that breaking news. kayla tausche has the details from president biden's meeting about the chip supply chain and josh lipton will look at the chip companies that could stand to benefit kayla, we start with you. >> it is clear thaes