welcome to "power lunch," everybody. today the chips are up the stocks are rallying as the focus turns on money into the industry to end the shortage and then elon musk is still running tesla and an analyst thinks they will surprise people with how many cars they sell and the board should be shot

that's the title of an explosive article about the pay package of ge's pay package we'll speak with the author. "power lunch" starts right now >> welcome, everybody, to "power lunch. glad you could join us on this lovely monday in may let's check in with bob pisani at the new york stock exchange >> hello at the highs of the day. throw in technology and reopening you have a good day overall. take a look at the semiconductor stocks they had huge moves up last year sideways in the year but nice moves up today 5% is a lot for these big cap technology names same with mega cap tech. they have been under performing in may as the reopening trade still has been predominant

good day today from facebook, microsoft, apple when you get these names up 2%, almost 20% of the s&p the s&p will be up almost regardless for the most popular tech etfs, just brutal februaries and marches as interest rates moved up and stable recently there's the big names why this is a broad advance in the general technology space reopening also doing well today and why the consumer discretionary group is up so much the travel stocks, the royal caribbeans, marriott international, hilton all doing better they had the big moves back in february and also been more stable recently. what does it all mean? 2% from a historic high in the s&p 500 even though we had a lot of intraday volatility last week back to you. >> all right thank you very much. chip stocks are leading the

way higher as the focus today on fixing the supply shortage commerce secretary is touring a th micron plant ylan >> micron here is based in the u.s. and security is tight because of the vps here but also because competition in this industry is fierce the company would not let us inside with the cameras and even the press conference with the commerce secretary and lawmakers from the hill will happen outside in this tent right here beside me but the company is planning to roughly double the size of its manufacturing facility the new portion will start manufacturing wafers like this one as soon as next month and the goal of having white house 0 foishls and lawmakers to see the

process is to try to show them why the lead time to manufacture a chip is so long and some of the pressures facing the supply chain. ultimately the industry believes that the way to prevent future supply chain disruptions to ramp up domestic production now and the senate is considering a $52 billion package to get a vote this week but lawmakers are still hashing out some last-minute wrinkles i will interview the ceo of micron this afternoon and ask him what the money means for the company and whether he thinks it will materialize back over to you guys. >> explain to me if you don't mind what -- do they manufacture the large wafers there at that facility and what do they then become small wafers or chips? >> reporter: yeah. i don't know if you can see it in the glass here but embedded in this wafer are many, many,

many tiny little chips that eventually become the memory chips that micron is known for the chips here go into the automotive sector and experiencing such a critical chip shortage and micron is making them in the existing facility, 175,000 feet and investing $3 billion boo the new portion of the new facility to create roughly 1,100 new jobs by the end of the decade and a question for the ceo is the company's spending money, already hiring workers why does it need help from washington we'll find out this afternoon. >> thank you we look forward to the interview with the ceo of micron. >> i love seeing that wafer. fascinating. great to talk about building a chip plant but it tacks a lot of time, money and equipment to achieve that a plant of standard capacity

requires roughly $5 billion in capital expenditures including land, building and equipment for an advanced plant the cost is near $20 billion and typically takes nearly 2 years to build the plant and 6 years to ramp it up to full capacity. the process requires a huge amount of equipment. it's estimates some take 59 types of equipment and then the delivery time and then manufacturing a finished chip takes up to 26 weeks it's months before that finished product goes out the door. could be a long wait. >> fascinating stuff we take for granted every day and you realize goes into it and the capital next guest runs a company caught in the middle of the shortage poly supplies equipment to companies around the world

shares down a quarter over the last month on. earlier this month the ceo said next quarter will be better but we expect we'll continue to experience ongoing tightness in our supply chain dave schul joins us from the nyse where he'll ring the closing bell welcome. congratulations on the rebranding to polyand don't mess it up when you ring that bell today. >> i'll hit it right on time >> your latest quarterly numbers were good. but what the market apparently didn't like were your candid comments that you were still going to find some supply chain c constrainted that could impact revenue. walk us through that what are the hairballs in the supply chain, and how much

revenue do you think will be affected >> what we indicated is that would have the supply chain constraints we would have grown quarter over quarter we did 478, 480 roughly in the past quarter and indicates to have growth. we have indicated that we are expecting double digit growth over a couple of years so demand is very healthy. the newest video products grew 700% there's massive demand people think of how to build the 50 million conference rooms to go back to the office, 10% of the conference rooms have video so what the supply chain shortage means is we're working closely with the suppliers to kind of place orders a year in advance to understand here's the view of the massive uptick in volume we see as everyone reko covers and comes back

post-pandemic. >> supply is strong and maybe off the charts and hearing you say you're leaving money on the table basically because you can't get the supply of the chips you need where specifically is the bottleneck and what kinds of chips are most effective and what would it take to unlock those bottlenecks? >> i have had a lot of conversations with the ceos of major chip set companies and the design manufacturing partners around the world and they're all trying to better understand the demand forecast that we see and i think they're encouraged by that but clearly it is going to take months to climb back out of this we are seeing improvement every day as we engage with supplies but we wanted to be straight with the street to understand the impact we see here and i think we are in a good shape for the rest of the year and got to

build up and see how that shakes out over time. >> so let me make sure i understood what you said you think it is a one quarter impact, in other words in the quarter we are currently in? >> we guided specifically of 5% and 10% growth for this fiscal year at the end of march and the core demand in our core markets is roughly 13% over five years and remains very strong. we have put in place a new supply chain team but it's a buildout process here. >> yeah. you joined the company what? about seven, eight months ago? what have you learned about this new industry you are in that's surprised you? >> i come out of the weather channel, live tv, tivo,

phenomenal brands in a period of transformation we put the first head set on the moon in 1969 100% of the fortune 500 use our gear and the vast majority of the global 2,000 heritage of innovation and phenomenal gear. what i'm excited about is there's a massive shift to video and also a shift to the cloud. whether that's teams or zoom or ring central so i think there's a great opportunity for us as a company to solve a broader swath of challenges for our customer cios and for me brings together the best of the software background i have with the ai processing of the images is everyone getting an equal chance to participate so it's an exciting time to be at poly. >> cool.

fantastic. we appreciate your time this afternoon. you will see him there ringing the bell >> thank you. despite the recent volatility the s&p 500 about a percent down from the all-time highs so what should you buy at these levels we have six name it is strategists say are a buy. and it was a wild weekend again for crypto but bitcoin is bouncing back today. up about 14% we'll eck chthe numbers for you when "power lunch" returns

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welcome back to "power lunch. let's check on bitcoin and other cryptocurrencies at this hour. bitcoin up double digits right now above the 3,700 e there yum trading above 2,500. up 29% it was a wild weekend for cryptos and despite the move today bitcoin down around 15% over the course of the past 1 week back into april bitcoin is now down more than 40% from the peak as it faces a range of pressures from tesla's decision to stop accepting this payment for cars. chinese authorities cracking down and the u.s. treasury department cracking down on major crypto transportactions. back to you. >> thank you. in terms of the broader market the dow less than 2% from

the record highs where the opportunities right now especiallywith fears of inflation and fed policy on the rise two stock pickers are here with us one lookinging for quality companies with pricing power and the other looking for growth let's bring them in. rachel, i'll start with you. >> okay. >> go ahead and tell us what your - >> sure, so again, i think where we sit at rockland trust is really looking agnostic to growth and value, looking more in the quality segment which led us to think about pricing power and that the companies have and adding to the fintech exposure we held mastercard for a number of years and added visa and both benefit from the resurgence of spending

they've both benefitted from the e-commerce side as well. on the mastercard side there's growth opportunities globally and they offer not only the card services but opportunities in security and ach processing but really where mastercard differs from visa is with visa direct as well as the partnerships that visa has with the disruptive friends in the fintech and crypto area, partnering with them and use a visa debit card. >> and not get -- yeah >> correct. >> two examples of quality comp companies with pricing power peter, where are you finding growth >> growth is on sale right now i think everybody noticed that some stocks have been dinged tremendously starting in february of this year. i've got three stocks for you that i held through the pandemic

and continue to hold through this recovery. trupanion. even if you just double that to 2% pets think of the revenue growth and not a lockdown stock. everybody has thought of it as a lockdown stock but we are not going to euthanize the pets once we reopen. it is trading down sleepily this year i also own cyber ark a favorite of mine and listen dinged because people are not lookinging beyond the top line when they report earnings. there's a quick story to that. they changed how to recognize the revenue and you have to understand that the growth is great. lastly the trading desk which is online advertising online advertising is not going to go away i think a lot of people got

ahead of themselves thinking just because we are in lockdown we switch the advertising model temporarily but that stock right now is acting as if all advertising is going to go away and we know for certain that that simply isn't the case. >> fair enough let's end wit with the discussin of lind. >> one of the leaders in industrial gases, a powerhouse as far as the ability to grow. growing the dividend 10% this year a buyback but to the pricing pressures and their ability to abate that, their pricing structure builds in a contract price as well as an inflation component and in 2020 they were able to increase pricing by 2% and their components are probably some of the chappest inputs for the customers but vital and with supply chain

bottlenecks they want to ensure continued progression of products and willing to pay more for the insurance. >> 14% year to date reflecting the goals. rachel, peter, thank you for your picks in this market. >> thank you. >> over to you. coming up, general electric shares doubled in the past year and some shareholders are still angry about the very large pay package given to ceo larry culp. plus we'll tell you what is sending virgin galactic shares skyrocketing today that and more coming up on "power lunch." sporty. modern or reliable. we want both - we want a hybrid. so do banks. that's why they're going hybrid with ibm. a hybrid cloud approach helps them personalize experiences with watson ai while helping keep data secure. ♪ ♪ ♪ from banking to manufacturing,

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welcome back to "power lunch. i'm rahel solomon. here's the covid update. within the last hour the u.s. state department issuing a do not travel advisory for japan due to covid related travel restrictions there doctors in the second largest city say that the health system

is close to collapsing they're running out of beds and ventilators. a big part of the problem is japan is only now opening mass vaccination centers. many people with reservations in tokyo and osaka unable to get shots where they live. closer to home, new jersey is joining the list of states listing the indoor mask mandates although individual businesses can still make their own rules. the white house released a video of president biden and dr. fauci speaking with some popular youtubers including manny. they're urging young people to get vaccinated even if they're not worried about getting sick themselves i'll send it back to you. >> thank you. let's get to the power movers virgin galactic is soaring again after a successful test flight the stock is up 50% in a week. still down 60% from the recent highs. hp is higher after an

upgrade from citigroup raising the stock to buy and the price target to 40 hp reports on friday cabot oil and gas merging with cimarex the stocks are lower the new company would have a market value of around $14 billion. ty all right. cnbc's first nft is now up for grabs. we are honoring the mark haynes bottom highlighting the day he said the s&p had hit a low in the depths of the financial crisis mark passed away ten years ago today. in addition to the auction running until wednesday morning there are also a set of a number of nfts going at a fixed price and might be a way to explore this new investment that we have talked so much about all proceeds go to awe tichlt speaks, a favorite charity of

mark's and the council of economic education now it's all up at mintable.app/cnbc. it is by the way a carbon neutral event. we're buying credits from aerial to make sure we have no negative impact on the environment. so once again, go mintable.app/cnbc. >> i did the same thing. you're right i wish i had met mark, ty. i came just after his passing. >> he was one of the best broadcasters i have ever seen and writer for television and back down from no one. >> yeah. let that be a lesson

we appreciate it and will continue to follow the auction over the next couple of days. ahead angry shareholders sounding offer about the pay package for ge ceo culp. take a look at the big gainers in the market. beyond meat and roblox all leading the way. back in a moment is is the plann. if you ask suzie about the future, she'll say she's got goals. and since she's got goals, she might need help reaching them, and so she'll get some help from fidelity, and at fidelity, someone will help her create a plan for all her goals, which means suzie will be feeling so good about that plan, she can just enjoy right now. that's the planning effect, from fidelity.

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welcome back look at markets close to session highs. the dow up 250 a hair off the levels earlier. the s&p and nasdaq up nicely the nasdaq is up 1.6% after a weak stretch where for weeks it was recording declines the oil market is closing for the day. let's get to pippa stevens for the latest there >> hey, kelly. oil prices are jumping today bouncing back from last week's losses wti futures for track for the best day in more than a month up about 3.7% at $65.97 brent crude advancing 3% to

$68.36 today's jump comes amid reports that hiccups remain in reviving the iran nuclear deal. but thanks to demand traders say that even if a deal is reached an influx of oil won't drive the market into surplus. goldman sachs is among the firms douming down on the bullish outlook saying a clearer path fth next leg higher in prices. the firm sees brent hitting $80 a barrel over the summer given that we are at $68.30 that's a big jump. i'll send it back to you. >> thank you. to the bond market we go rick santelli is tracking the action >> hi, tyler there used to be a point in time where a strong equity market resulted in strong interest rates, meaning weaker prices, higher rates but that isn't so true anymore the relationship seems to be

exactly the opinioposite realize we did trade under briefly. last monday's low at 1. 60 it looks like we are turning let's go back an extra month for bund yields and they also look like they're turning from higher to lower rates and that's something to pay very close attention to, especially if u.s. 10-years close under technically significant area at 1.60 foreign exchange, the pound's been strong and the euro currency is strong here's a year to date of the dollar index should we trade down another couple percent it could be the lowest levels since 2015 back to you. >> all right thank you. when the research firm released the top paid ceos a sur pridesing name came out on top

general electric's larry culp, pay increasing by more than 200% over last year becoming the highest paid ceo in the country. last transferred culp roughly $120 million worth of stock. ge shares just since last august there you see a murderer's row of highest paid ceos the shares outperformed is ins t -- since the summer but to the same level as when we took over in 2018. according to an insider that spoke with the next guest the board is quote scared of culp and shareholders are angry joining us is william cohen for "vanity fair" and a contributor. stunning $120 million worth of stock in 3

or 2 separate grants the stock when he oined 12.40 per share and now $13 a share. that is up 5% but if you discount for inflation basically flat why does he deserve this kind of money? >> that's a good question, tyler. and if you look actually at his performance in 2020 of the stock, it started at 12 and ended 10.80 and a rough year for the ge financially and ge stock it got under $6 in may and then in august the board decided the independent directors of the board and likely with larry's input to recut the original deal from joining in october 2018, recutting this share package that he was incentive share

package he got and cut the base price a share down from the $12.40 that you mentioned and since then the stock moved to 13 which is gotten him two tranches of the additional shares of stock. 9.3 million worth $120 million. >> so let's say, bill, the ge board had done nothing with mr. culp's contract and the incentive payments and left them right where they were as opposed to moving the goal posts and resetting them or repricing them at the lower price at the depth of the mark crack last year. what kind of money would he have made then if any >> can you say goose egg on that incentive program? i remember when that first was

announced. jim cramer and others were amazed frankly at the october 2018 deal that he cut. that was really the first time a ge ceo had a contract and they were very impressed with the incentive nature of the contract but had they not recut this deal last august larry culp would be out of the money on the incentive portion of the compensation and he obviously and the board felt he needed new incentive and cut it to 6.67 and now he has achieved two of the three tranches available to them. >> i hold no grudge against general electric they own cnbc and nbc universal for many years i had stock options not given part of a contract and i assume to many of my colleagues and they went underwater and no one

repriced them for me just saying. let's talk about - >> just saying. >> apart from stock -- yeah. apart from stock performance here which is obviously part of an ultimate measure of a ceo wealth generation is mr. culp arguably doing such a good job at turning around general elect trial court, as making it cash flow positive, of correcting a bad hand that he received from not just his predecessor but maybe two predecessors before that is he doing such a good job that you make a case that he deserves this money >> it is hard in my opinion to look at the raw numbers. obviously 2020 was a very tough year for a lot of companies including ge they are the world east largest manufacturer of aircraft engines

and probably with reren't a whot of aircraft engines sold in 2020 they are one of the world's largest manufacturers of electricity and power plants, natural gas and coal fired power plants i don't think there's a lot of those going under contract in 2020 he did sell a part of the medical business to his old company for around $21 billion and used that to pay down debt and that deal closed in 2020 so he's probably making some progress in paying down debt but the stock prices barely budged he was going to be out on the money on the original deal and to make the cut he is in a strong position leveragewise with the board certainly don't want to lose another ceo. that would be the third in thre

years so he's in a strong position and used it. >> when that insider whom you cite in the piece says the board is scared of him, what they are scared of is that he would take the toys and go home he would quit. they would lose him and they don't want to do that both because they think the world of him and the skill and don't want to be in the place of having a sort of three ceos in five years or six years. >> yeah. i think that's absolutely right. larry is in a very good job. i think he's inherited a tough macroeconomic conditions at ge they don't have much of ge capital anymore. so the basic industrial business is not performing well he hasn't turned much around so far but he may be in the middle of a turnaround.

he's a smart guy and they don't want to lose him it does seem to me that for him to have $120 million winfall after nine months is a pretty sweet deal. >> william cohahn, thank you very much. always good to see you kelly? >> thank you so much. intel ceo saying today coming to chips quote it's more important than oil to have u.s. ip on u.s. soil. with the semiconductor etf climbing more than 11% this year is it too late to get into the trade? will the shortage keep the rally rolling? that's next.

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welcome back to "power lunch. semis leading the tech rally as a covid outbreak if taiwan threatens the already fragile supply chain a hub for chip maker production. the third largest region by sales behind the u.s. and mainland china

your trading nation team enboris, despite taiwan, you are not changing the thesis on chips. tell us why. >> no. i think the story in taiwan is overblown. they have incredible control on the ground and disciplined society and whatever covid problems they have it will have minimal impact on production going forward but chips are such a foundation part of the life almost as useful as water and bread at this point for the modern economy that the demand for chips continues to grow and grow and i think a buy of the dip is a story in stock just the shortage of supply will take a long time to work out and demand will remain constant for a while and a dip in the stock index is going to be a buy and continues to lead the tech forward. >> ari, levels to watch and do you agree with boris >> we are bullish on the

industry we have been right about a bunch in the recent report the reason is the industry is correcting from a strength point. the stock is coming off a new high relative to the tech sector in april looking ahead we'd be much more concerned if a new price high was undermined by a lower relative high versus the sector to indicate that leadership is shifting away from this high beta cyclical part of the sector that is not the case when you get that type of confirmation you buy the pullbacks and worried and the divergence and why we continue to ride the uptrend. good leadership. bullish semiconductors. >> thank you for more trading nation head to

the website or follow us on twitter. there's cases for the bulls and the bear just the annual itselves who gave us the call will join us to break down why he says when tesla's bad it's better "power lunch" is back after this >> and now, the latest from trading nation.cnbc.com and a word from our sponsor.

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♪ ♪ ♪ ♪ ♪ ♪ monitor, check and lock down you money with security from chase. control feels good. chase. make more of what's yours. welcome back to "power lunch. with key parts of the market at or near session highs we want to bring your attention to the consumer staples stocks. not exactly a leader in today's trade there are a few key names hitting fresh highs like hershey's and at least 52-highs and some records records for hershey and

mondelez more of a complicated story with craft heinz at the highest level since february of 2019 but more than $50 off the all-time high going back to february 2017 so consumer staples a key part of the market to focus on right on. after a stellar 2020 tesla is having a rougher year while the stock is up 5% today, it's still down 14% since january and 32% off its highs. wells fargo is initiating coverage on the name with a neutral saying when it comes to tesla, it's good, it's good, when it's bad, it's better collin, it's good to see you again. first explain that quote what do you mean by that >> it's a very that quite frankly sort of pushes the limits sometimes, i think. that's the trouble sometimes that investors seem to look the other way for things that i think more traditional companies wouldn't get away with. >> sure. as we're about to go through all

of the metrics here in the back of my mind everybody i know seems to want a cyber truck. so putting that kind of to one side, tell us what you think the various scenarios are, upside and downside for tesla and why you come out on it as a neutral. >> well, i think there's a balanced view of near and long-time catalysts in terms of positive and delivery. in the positive side i think deliveries will come in a bit better as they ramp in china and around the world i also think they're going to be probably the biggest beneficiary of the u.s. stimulus with likely edition of ev credits. they're one of the u.s. main ev suppliers, producers so i think those are two positives. that said, you go more midterm i think there's some cautious points raw material costs on the battery side are up 50% year to date that's going to phase in the next year. you have a lot of capacity coming on the next year and

that's where i get more cautious because you'll have 1.7 units of capacity for model 3 and y that will require a little shy of twice the record luxury sedan and suv sales. and then i think there's an underappreciated risk on regulation on auto pilot there's been some pretty scathing remarks by the ntsb what highlighted the need for driver monitoring, mob limiting the use of some of these systems given the accidents out there. >> what about full self-driving? when you go through the endless calls on tesla, they often include assumptions for the tesla roofs and full self-driving are those threatened by what you're saying about auto pilot >> i think it's an important factor absolutely when you look at tesla, it's not about the auto company. there's other factors that we included in our analysis as well yeah, you're going to see full

self-driving rollout from most of the discussion out there. this is going to be an advanced level 2 system, not level 4 and 5 which is the absolute complete version of self-driving many poem may be thinking of. if that's the case it's going to put more on self-driving there may be more features that may raise more concerns for regulators which might become a bit more of an issue for the company. >> you remind us that without the credits tesla wouldn't necessarily be a profitable company. as far as the auto business, are things trending in the right direction as far as you're concerned? >> things are good but maybe not as good as the optics look like. they have $1.5 billion in ev credits and they also pull out stock-based comp if you take out those two factors, they actually lost money in the last 12 months. in fairness, they also have quite a generous incentive plan.

it's profitable but much less profitable than the headline result ev credits aren't going to stay around forever and you're talking per employee, per salary worker, it might be over $30,000. that's a big part of comp that they're excluding that more traditional companies would have to include. >> fair enough a number of things helping it to the upside and to the downside right now. you come out on a market wait. colin langan with wells fargo. ty. kelly, according to merrill lynch, there's been a sudden change in what investors think is the bigs threat to the market we will break down exactly what it is. it will surprise you, next. don't forget, you can always watch or listeton us live on the go, on the app we'll be right back.

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in today's edition of getting back to normal market style, many traders and investors are less focused on covan covid and more focused on interest rates as a driver of market volatility. covid is still around but for the better part of a year it's been uncertainty versus the trajectory cove indi-- covid

infections the folks at deutsche bank have looked to quantify some of that shifting sentiment so jim reed read it his chart of the day earlier this morning the german bank's survey showed that this month the biggest perceived risk to current market established is higher inflation and interest rates 63% of respondents picked that versus 43% a month ago meanwhile on the other side, 44% say that new covid variants that can bypass vaccinations clocked in at 44%. what it comes down to, kelly, tyler, is that now covid vaccinations at least here, there are still hot spots around the world, have made it so that they are less of a risk to the market and now you're focused on fundamentals like macroeconomic headwinds. >> in a way i'm surprised that the covid numbers are still that high because it feels like the stock market has been telling us for six or nine or 12 months

that they're looking through this to the other side. >> that's the thing. sentimentwise you still had investors so keenly focused on what could happen if something happened with a covid spike. we're seeing some of that in taiwan right now, a country that had no covid activity at all japan, the state department just put it on the do not travel list with the olympics coming up. that could be a huge deal overall as well. i guess you want to look at it as a sign of normality. >> ty? >> well, you're also seeing an awful lot of business people that i talk to, they are saying that inflation is real, that their input costs are really going up, so those executives are talking to the kinds of investors we poll and so it's getting reflected there. the input costs on lumber, metals, fuel, chemicals, things like that.

everything for now at least is going higher jut go to your gas station and you'll see. >> the other thing their survey pointed out is 77% of respondents felt the u.s. government put too much stimulus into the system. a third said it was too much stimulus. thanks for watching "power lunch. >> welcome to "the closing bell." i'm wilfred frost at the new york stock exchange. the nasdaq outperforming as we head into the final hour, up close to 2%, sara. >> i'm sara eisen. let's look at what it driving the action right now big tech stocks are seeing big gains after the nasdaq broke a four-week losing streak. apple, chips, the faang stocks are all higher more stomach-churning moves for crypto investors bitcoin surging afte