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 that president

biden is going to be using the global supply shortage of semiconductors and the desire to dominate once again in chip manufacturing here in the u.s. as a galvanizing issue to try to bring bipartisan support together for his infrastructure plan or the plan that he is calling an infrastructure plan that he is going to be meeting with lawmakers later today to discuss again and meeting first with the chip executives from car companies, tech companies that use the chips in their consumer goods and then meeting with lawmakers where there's support to reinvest in this type of manufacturing capacity and real disagreement over whether that needs to be part of a broader multitrillion dollar infrastructure package as the white house has so far proposed. in that proposal, there is a suggested $50 billion for semiconductor manufacturing

specifically another $52 billion for manufacturing capability across a host of sectors. $50 billion for national science foundation another $50 billion for the department of commerce to study and monitor domestic supply chain capacity so there's hundreds of billions of dollars to try to shore up the capacity boston consulting group estimated $50 billion for chips leads to 19 new plants, 70,000 new jobs and essentially doubling the u.s.'s market share in chip making going forward and president biden said this should be viewed as infrastructure here's what the president said just a few minutes ago >> chips like the one i have here, these chips, wafers, they're broadband, infrastructure we need to build the infrastructure of yesterday.

not repair the one of yesterday. the plan i propose creates millions of jobs, rebuild america, protect our supply chains and revitalize american manufacturing. >> reporter: so where would that money go a lot goes directly into the pockets of the companies who are represented at that meeting today. just to show you what the industry has been telling the administration, this is according to one of the leading trade companies representing the semi industry. they do essentially an apples to apples comparison to other countries and in addition to direct grants in countries like china, taiwan, singapore, south korea, they also give tax holidays, discounted leases, equipment. the list goes on and on. by comparison, the u.s. does none of that but executives have been arguing for year this is they need something that resembles what they can get in other countries where it's essentially half the cost to

build one of these plants and what the administration is trying to decide how much to spend to try to meet them at the negotiating table there. tyler? >> kayla, we are different we are generally not a country that subsidizes directly the building of plants there are plenty of provisions in tax codes that are effective subsidies for the energy development but we are different that way how would this money filter out the $50 billion to which companies? how would it get decided who gets what and is there a danger it's spread so thin it wouldn't do what it's intended to do? >> reporter: it is unclear exactly how the fine print would actually mete out here but there are incredibly rich state incentives offered as the states bid for these facilities whether

it's arizona, texas, oregon to come and be built and bring up to 6,000 jobs and 15 billion $in investment when they come those states but i think what the administration wants to acknowledge here is that there is a lot of demand from american consumers. american consumers who can't get refrigerators, cars because we are reliant on these chips from overseas and then perhaps it's a national security issue and that really changes the contours of the conversation and what type of incentives is appropriate whereas it's a supply and demand situation or a market based situation they would not engage in that type of a conversation >> yeah. you make a great point about the state subsidies which they do compete for companies to locate in their regions and they do it with billions and billions of dollars. sometimes erroneously, see

wisconsin and their invitation to the companies to come up there and build and haven't done kayla, always great to see you, even better back in the backyard looking so lovely. >> full four seasons now. >> we have. >> it is a great backdrop. >> thank you. which companies benefit? as the u.s. seeks to shore up the manufacturing supply chain josh >> reporter: so here in the u.s., remember, there are a number of companies that manufacture chips from intel to micron, from texas instruments to samsung and tsmc, they have all announced to expand or build new facilities here but the share of global chip manufacturing in the u.s. is dropped hard from 37% in 1990 to just 12% today so if the goal here is to ramp that up then 50 billion is a

positive first step for sure but requires a lot more money they say. it can take $15 billion to build and fill 1 modern chip plant rbc tells me there's a group of names that they think could benefit from that $50 billion. the semiequipment makers lam research, asml the thesis is if you're building new chip factories you need new chip making tools. the chip industry attracts attention, more big news just today with nvidia saying a new server cpu on the way for the high performance computing market and that's a niche market with for example national laboratories like los alamos and some investors see that as a shot at intel dropping on the news tech analyst patrick morehead disagrees saying intel dominates the server cpo market and the

focus is general use cases for business and cloud providers back to you all. >> all right thank you very much. earlier on the new program "tech check" the ceo of intel talked about why increasing the u.s. supply chain of chips is so important. >> the u.s. used to be 20-plus years ago at 37% of global supply today we're at 12% and headed to less than 10%. this is like the most critical technology and we are going to lose control of that supply chain? we must act now and start the rise and i believe our moon shot should be that a third of the supply of semiconductors back in american soil by american companies. >> christopher rolland is a senior analyst he joins us now.

is gelsinger right >> that is certainly ambitious i do not think that the united states is going to get back to a third. perhaps something like 20% mixed with this $50 million subsidy number could get us on track to that. but 30 plus percent is going to be incredibly different from this point forward. >> two questions in one here you heard what josh lipton said and he said whatever you think the $50 billion are probably going to help the semiconductor equipment manufacturing companies a lot. and i guess that's question number one and then question number two, is $50 billion enough >> question number one, yes. this will help the equipment makers although many of them are backlogged already in the supply

chain shortage so once supply and demand catch up perhaps they can start working on new orders. in terms of the $50 billion, i do think that the $50 billion is greater than our expectations going into this. that $50 billion is likely to be matched with funds from other u.s. publicly traded semiconductor companies and so we might be talking $100 billion, $150 billion or perhaps $200 billion of total spending here coming to these fabs which is just a massive amount of capital investment why are all semis trading lower with the exception of nvidia >> yeah. it started off ads a weak day fr semis in particular. additionally we knew that subsidy is coming and talking

about this for quite a few weeks here and then intel has its own problems in particular with nvidia's announcement to get into cpus. they were hit pretty hard on that announcement. >> are there names that you like in this sector in general right now or cautious and steering clear given the fact there's question marks around that $50 billion? >> there are some question marks but this is moving in the right direction for us we are generally neutral on semis. two name that is we would highlight, one is lumentum moving into the or already in the optical communications space but also they power face i.d. on apple iphones. and will eventually power lidar so we love that name the other one is amd we think they are taking share

here from intel, not only on the cp side but the data center side, as well. >> thank you we appreciate your time and insight. the treasury department with new numbers on debt and deficit. ylan has the details for. >> reporter: the federal deficit hit a record high last month data just out from the treasury department show that it reached $1.7 trillion so far this fiscal year why that's up 130% compared to last year and due to the covid relief package of last month. most of the stimulus payments have gone out. $500 billion though outlays are execed to remain high as other relief funding gets paid out the deficit for march also a record for that month. it was $660 billion up 454% compared to a year ago and we

should note that the impact of covid didn't start to hit the budget until the end of march 2020 it could constrain the debate over the infrastructure package especially since republicans are planning to tell the president at the white house today that higher taxes to pay for it all are a nonstarter back over to you. >> i have to think of what looks like compared to 2019. coming up, more on the markets. the dow near the lows of the session dragged down in part by the big tech names intel rngs ibm, salesforce dominating there. in houston, texas, a partnership with nero speaking to executives. more "power lunch" after this break.

welcome back to "power lunch. the markets are looking at inflation this year and the fed promises to stay on the sidelines. here's what fed chair powell said last night. >> all the way through the end of the year you wouldn't see rates increasing >> i think highly unlikely to raise rates anything this year, no. >> potentially booming economy and no plans to hike interest rates, is that a srecipe for 1970s inflation? steve liesman looks at the

question. >> reporter: the inflation of 1970s left a deep and lasting scar those who lived through it remember the lines meat prices rose 25% in 1 year alone. so could it happen again general view is that a combination of government spending in the '60s for the vietnam war and social programs with the arab oil boycotts and a monitory policy that was too easy led to an inflationary outbreak what do we have? generous government spending check. easy monetary policy check. pumping billions every month into the banking system but shouft shutdowned from the pandemic manufacturers report supply disruptions and pushing up cost and some consumer prices and demand is coming every indication is that consumers are about to open up the wall lets as the economy

reopens. so should we brace for a return of the great inflation not so fast. since peaking in 1980 at 13% inflation is relatively under control. last ten years averaged 1.7% and kept down by first technology. that slashed the cost of everything from televisions to cars and computers next, globalization. that's created competition from every corner of the world and driven down manufacturing costs. finally the absence of an inflationary mind set. economists think it takes a belief that prices rise in the future to create real inflatio and consumers worry something costs more next year they buy more now and there's more demand than supply. higher prices reinforce the belief in higher prices and you have a spiral. in response the federal reserve has to hike interest rates as paul volker did in the 1980s and

bring supply and demand back into balance the fed's interest rate policies over several decades kept consumers from developing inflationary expectations. almost everyone that lived through the 1970s inflation remembers how painful it was the 20% mortgage rates, double digit unemployment rates, the choice of paying represent or buying milk. no one wants to go back to the future if the future looks like the great inflation of the 1970s. fed chair powell said again last week seeing inflation as temp ray ir rare and seems unlikely to take root morgan, i was pumping gas in the 1970s and there were long lines and i had big wads of kaush in the pocket i was a popular guy in town as a

teenager because of that. >> i bet i was flipping burgers in my teen years but i am curious if you can't stoke some inflation now then when? that's the argument for the fed policy right now you follow this so closely is perhaps the bigger fear ginn the fact of millions of americans out of work that you could actually for central bank now to stoke stagflagtion if they turn the spigots down too soon >> i think that's a concern there. the idea that you can have prices going up and employment or unemployment not falling. we saw a bit of that with the misery index of the 22% in 1980 when ronald reagan became president. i think another concern that

goes right along with that is you stoke some inflation and the question is can you keep the pandoras in the box in the s sense? once you let it out can you control it the fed thinks it can and but not sustain high inflation from the rebound in prices accompanying the reopening of the economy. >> back to the '70s there, there's the misery index explain that and i'm curious how miserable did it get >> so that was unemployment plus inflation. >> ah. >> at the high mark, the misery index. now about 6 and change and 1.5% inflation. quite a bit lower. but what you asked about is when you have high unemployment and high inflation >> steve, you mentioned earlier a reason for disinflation is technology and another i think

of is how we shop and buy today, going to the big box store where the prices and the economies of scale kick in or amazon. how you buy makes a difference my question is this. a lot of inflation is bad. is a little inflation okay or even good >> i'm going to answer the first question because i think you should get a nobel prize for that this notion in people's minds that a higher than normal price will not stand because the retail environment is so competitive i think is really key to embedding that noninflation psychology. you see something for ten bucks that cost nine bucks you look for the $9 price and multiple places to look for it. >> true. >> no way to gauge the competitive psychology two is the idea of the federal reserve is to aim for 2% inflation because 1 pistons is too close to 0 it wants to really live in this

bound between 1.5% and 2.5% inflation and doesn't want to get to 0 and can't cut rates and have a bigger impact on the economy. >> a nobel prize to you just for fun. >> to you. to the bond market we go and another nobel prize nominee rick santelli tracking the action at the cme. >> we discussed a $659 billion monthly budget deficit and just for the record we started keeping track of those in 1968. this is the third biggest deficit, the other two april and june of this year, of course as you look at a three-year chart, two auctions today, first was the 3-year this chart to august of 2020 you can see the all-time low there. the point is we're flirting with a left on top in a rate we

haven't seen in three months 10-year yield. we have a lower high and a higher low and then continue on the same path so probably continue right in the mid to upper 160s and you can see where everybody's pointing to. anything under 161, anything look for follow through. 2-week of the dollar index is important. walking that 92 even level and many technicians say under there is a drop on dollar index values back to you. still ahead, alibaba jumping after a nearly $3 billion anti-monopoly fine from the chinese government why it's good for the stock right after this quick break at fidelity, you get personalized wealth planning

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we've got a market flash on nvidia let's get to josh lipton for more josh >> nvidia, morgan, making more

news at the investor day saying that q1 total revenue is tracking above the $5.3 billion outlook provided in the fiscal year end earnings call they say overall demand is very strong, continues to exceed supply channel inventories they say remain quite lean and expect demand to continue to exceed supply here for much of this year they believe they will have sufficient supply to support sequential growth beyond q1 so nvidia seeing q1 total revenue above that $5.3 billion outlook. back to you all. >> all right thank you. let's get to courtney reagan for a market flash on another stock. courtney >> an activist investor involved with kohl's is now also launching a new campaign at footwear retailer genesco.

up 3% following that news. legion owned 5.3% and nominating seven directors to the board, five are women and legion wants the ceo to stay. but this actually isn't the first time that legion taken aim at genesco the stock went up and then exited that position genesco is one of 35 investments since legion's inception including bed bath & beyond. genesco is parent of retailers and brands of johnston and murphy's the investor argues that the current board allowed long-term underperformance, misallocation of capital, bloated expense structure and over compensation

of executives. they say they disagree with the points and will continue to seek a constructive dialogue like with any other shareholder tyler? >> where do you see this going could this turn into a full-on board room battle of the type we used to see years ago? >> i do think that there is a possibility that they could get some seats on the board. as i mentioned, they have been an investor before and did get two seats on the board i don't think it's highly probable to get all seven but i think that they could get a few. it's interesting to they want the ceo to stay and they have five women on the slate and they have some expertise in diversity and inclusion as well as turn around so i think that there are some pervasive moments here in some of the arguments that the investors is making.

>> all right thank you very much. good to see you. >> thanks. ahead on "power lunch," wf androids and and cho vis i like the anchovies domino's teaming up with a robotics country for autonomous delivery in houston. the heads of both companies will join us when "power lunch" returns. pass the anchovies, man. th a ba, energy and change came to every part of our universe. seismic or small, it continues. change is all around us. shaped by technology and human ingenuity,

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welcome back i'm rahel solomon. here's the covid update. the world health organization says that the pandemic is growing exponentially. the agency warning that vaccination efforts have not reached all corners of the globe. italian business owners taking to the street to protest lockdown measures. those measures forced restaurant owners to close establishments for several weeks. hundreds of protestersclashing with police officers outside parliament and in some cases throwing smoke bombs at law enforcement while chanting freedom in italian. dozens of americans are

rolling up the sleeves to receive a third dose of the covid-19 vaccine this time supposed to guard against the more taycontagious variants that have emerged so, morgan, apparently not just two shots. maybe three. back to you. >> all right thank you. domino's pizza taking a step toward robotic delivery. the team teaming up with nuro or driverless delivery in houston, texas. it can be delivered by the r-2 unit here now with more is kate rogers with rich allison and dave ferguson. kate >> thank you so much rich and dave, congrats to you both and thank you for joining us today. >> good to be with you. >> rich, i'll start with you

i'd love the know what your learnings have been over the last two years working with nuro for this partnership and how you foresee the robotic delivery fitting into the overall strategy. >> sure. what we are focused on in the trials is understanding how the customer will interface with the robot at the curb and then also how we integrate the robot into the operations at the store. and we have learned a lot in working with dave and his team they've been fantastic partners as awe we continue to learn we refine the approach and long term we see robotic delivery as a part of the ecosystem with drivers in cars and riders on bicycles bringing pizzas to home. >> dave, i'm curious what demand is like over the last year as consumer preferences shift

you had a big funding round last year what does the future look like for the company? >> we have seen similar demand to others and doing grocery delivery during the pandemic and seeing multiples of what we saw before the pandemic started and i think it's become very clear to us and the partners that this is a new normal. right? i think that we have seen an incredible acceleration in the market penetration of delivery people are appreciating the benefit that delivery provides in their lives and we are confident when things are back to normal and hopefully soon we are still going to have an elevated level of delivery relative to where we were pre-pandemic. >> rich, labor is always a big challenge particularly for companies operating in the restaurant space and hard to find workers

how does this fit into that piece of the puzzle to make it easier to find drivers you have hired a ton of people over the last year do you think this will be easier in the future? >> i think it will be a part of that broader ecosystem in the future i see deliveries going out in robots and continue to hire delivery drivers because in addition to being a great part of our store teams and our interaction with customers most of the franchisees in the u.s. started as delivery drivers and a great source of talent over time and won't stop recruiting drivers any time soon. >> rich, can you find folks if you're hiring at the locations are the worker there is? >> it is a tight labor market right now. no question about that with delivery surging as it has

as dave was referencing earlier it is a competitive market and competing for customers and team members. so we have to be great at both. >> dave, about the robots, if you were to see one moving down the street how do you keep it safe and not tampering with it >> safety as a company is obviously our top priority right? i think part of the reason to be so excited about billing this technology is to see a remarkable opportunity to improve safety on roads for all the communities we operate in and very much the north star before we get to a point like today launching a service with a partner like domino's we put our entire system through the wringer in materials of validation, the hardware, the designs, the software, operating the vehicle to make sure that we

feel really comfortable when we bring out into the communities we live and operate in we're confident it is a responsible road user and long term we want to improve road safety with these vehicles. >> dave, i would like to follow up on the spirit of morgan's question there this is as i understand it one unit working out of one retail location to service quote selected customers, selected how i'm not sure but my question is what are the impediments from a low call point of view from regulators and cities and counties to bringing this technology into wider use. in houston or other places how big a mountain is that to clear? >> for us we've designed this vehicle purely to transport goods and means that actually there's a very clear path from a regular la or the perspective to

operate both within texas at large and then within every state in the country and one of the things most proud of as a company was that the r-2 vehicle that will be delivering in houston was the first vehicle granted an exemption by the department of transportation as the first autonomous vehicle allowed to be operating on roads fully autonomously without any controls for passengers so we have worked very closely with regulators at the federal and state several and local municipalities to keep them abreast of everything we are doing and together in it to try to improve safety and a joint mission between us and the organizations. >> all right we have to leave it there. dave, thank you. rich allison, thank you. k kate rogers, thank you.

microsoft is buying nuance communications and the s&p 500 setting a record look at the small cap russell 2000 it is more than 100 points from the best level does that make for an attractive entry point? our traders will discuss that next on "trading nation. "power lunch" continues after this the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home. 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. firstnet. because putting them first is our job.

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welcome back to "power lunch. small cap surge hitting the brakes this month. the group not hit a new high in almost a month one of our next guests has highlighted a key level to watch. ari wald and boris schlossberg you say the small cap index entered a key juncture explain what you mean by that. >> yeah. we think the russell 2000 is pausing in an uptrend and ultimately expect a new high above 2360 in terms of support levels followed by its 100-day average at 2105.

but really the key for us is what we advise the clients play the rotations. bull market rotations. march we are talking about the nasdaq 100 that had been the lag area now that's playing catch up. turning up now small caps underperform the focus shifts and i think within the small cap space the standout is small cap growth which has corrected boo the 200-day average versus the s&p 500 and doing so correcting in an uptrend with a bullish divergence in the daily rsi and that indicator so far making a higher low indicating that selling intensity is abaiting and why we think tactical conditions are becoming attract i to buy small cap growth. >> a lot to unpack there boris, if you think about inflation, higher costs by big companies like 3m, what can that mean for small caps?

>> it hangs over the small caps right now. we have seen inflation question because producer questions from the production squeeze and the input costs could really have a material impact. i don't think small caps have the pricing power in the marketplace to pass that on to the consumer and if they don't the margins are likely squeezed so seems to be a realistic pause in the rally the rally took off after the moderna vaccine and now the rally is fizzled as the market anticipated this move to the upside the next question is how sustainable the pressure is. if we see more months of very strong gains and no sort of rest in the future, in other words, no easing in the future from a supply chain you see more pressure on the small caps and why it's a pause at this point and rather not step into the trade just yet. >> yeah. understood

a key trend to watch this earnings season. thank you. for more head to the web side or follow us on twitter back to you. >> thank you. let's check on bitcoin it got back above that 60k mark today but not a record high. right now 59,945. coming up, former senator heitkamp to talk about the importance of financial literacy stay with us. and now, the latest from trading nation.cnbc.com and a word from our sponsor. >> a common mistake is searching for stocks with the highest dividend yield and can be dangerous because a high dividend yield could mean that the stock price has come down sharply or that the dividends itself is at risk of being cut so before you reach for yield be sure that the stock is also fundamentally sound. i'm joanna payne and schwab is the better place for traders

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♪ ♪ ♪ like you ♪ ♪ ♪ deposit, plan and pay with easy tools from chase. simplicity feels good. chase. make more of what's yours. welcome back, everybody. april is financial literacy month and after the past year, building strong personal finance habits has probably never been more important in an op-ed for cnbc today,

former senator heidi heitkamp argues that it's more than the right personal decision it's a good thing for our democracy and the economy. joining us now is heidi heitkamp, former u.s. senator from north dakota and a cnbc contributor. we're sorry you're not fully with us except by the phone but we're glad to have you nonetheless. you make some interesting points in your article about how being financially literate is not just important on its face so that you can manage your own budget more prudently and better but that it really does ripple up through the economy in ways we really don't usually think of it explain what you were talking about. >> i mean actually in two ways first off, we're all voters. we have to decide who's got the best economic plan, the plan that most agrees with my principles and my economic values if you don't understand your own

personal budget, it's hard to understand how you can balance the federal budget, how you can be concerned about that deficit and why you should be a voter that's concerned about that deficit. that's one side of the coin. the other side of the coin is the more ffinancially literate and financially independent americans can be, the less we have to rely on government people won't make bad choices that lead to potentially overregulation or basically bailouts if you think about this, if they understand risk mitigation, why would anyone build a house in a flood planin that lowers the risk that all of us pay as taxpayers in flood insurance and that's just a small example. all these choices that we make are choices not just for us and for our individual kind of economic well-being but it

trickles up in the economy and strengthens the american economy. >> and the choices one makes, for example, about taking on too much debt or spending too much on credit cards that ultimately becomes a lead weight around your ankles and can pull you down really very quickly, potentially into bankruptcy or poverty, and, therefore, would cause you to rely more on government supported programs. so you can see how it ripples through the system, right? >> absolutely. and you think about -- if you just think about health care, people forget that the government pays for a lot of health care. and if we are going to b healthier older citizens, we have to practice better choices for our health that's going to be huge savings. i was one of the people who fought very hard on the tobacco settlement because that cost is

not just the cost for a family losing a loved one because of lung cancer because of spending money on cigarettes, it's a cost borne by everyone in society the better our choice, the more educated our choices are, the better our economy is going to be, the better our gdp will be, the better productivity. one point i made in the article is that stress is a major factor in mental health and economic stress is a huge part of that for american families if we can eliminate economic stress, people become more productive, become healthier, that adds to a better economy for our country. >> so, senator, what would be the best way to teach that financial literacy it's certainly something we talk about on cnbc every day but is it something that should be implemented in a bigger, broader way in schools, something else >> oh, yeah. this is a fight that i've been in sense i was attorney general. i did a lot of consumer work as most attorneys general do and it was always educating seniors or

protecting seniors i said maybe we ought to think about this a little differently and not try to educate people in their 70s and 80s but work at it i got into huge curriculum fights because i think this is a huge piece of citizenship. when people say we need better civic education, i said we need better financial literacy in this country and those will lead to better decisions and it has to be early. i would argue it has to be in high school. >> i hope this conversation continues and i hope we see something material come from it. senator, thank you for joining us today. >> thank you so much. the dow is down more than 100 points we'll be right back with much more on the markets. and don't forget, you can always watch or listen to us live on the go on the cnbc app we'll be right back. rement p wit, keeps us moving forward. hey, kevin! hey, guys! they have customized solutions to help our family's special needs... hey, graduation selfie! well done! and voya stays by our side,

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incomparable design makes it beautiful. state of the art technology, makes it brilliant. the visionary lexus nx. lease the 2021 nx 300 for $349 a month for 36 months. experience amazing at your lexus dealer. all right, folks, what's up today? well, what's up today is bitcoin and a couple of chip stocks maybe. morgan will tell you a little more about that in a minute, but otherwise the market is kind of matching the spirit of the weather here in the new york area today it's gray, cloudy, rainy, dramp, soggy and so are stocks. there's the 10-year note we point that out because after sliding the yield in recent days, it's up just a little bit. just a little bit from 1.62 or thereabouts on friday to 1.675,

morgan. >> i think that's an apt metaphor, tyler. we're seeing the semi stocks under pressure in the midst of that white house summit that's focused on the supply chain. nvidia is bucking the trend. also it unveiled a new cpu chip. that's actually putting intel under pressure, down 4% leading the dow lower as well. ty, great to be with you thanks for watching "power lunch. "closing bell" starts right now. welcome to "closing bell." i'm sara eisen along with wilfred frost. stocks starting the week mostly in the red following record closes on friday the major averages all lower the nasdaq is down a little more than half a percent as we head into the final hour of trade microsoft says it is buying nuance communications, a deal valued at $16 billion. it's the largest acquisition since it bought linkedin in 2016. the reopening tr