billion today or $5 billion today. and everything is content today. that's what we all know. and from a basketball team, there's only 30 of them and it's the content. and these new nfts and famous pictures and famous statements and famous things that happen in life are going to be very valuable i don't want to say pieces of art because -- but in a sense, they are it's online and it's in the block chain forever. you own it and regardless if you created it or not >> we look forward to the next tilman nfts to come. thank you and thanks to everybody for watching "power lunch. closing bell starts right now thanks, guys i'm will fred frost in the new york stock exchange. the major averages trading in a fairley tight range. nasdaq and russell are outperforming as we approach the close. >> i'm sara eisen. let's look at what is driving the action right now

financials are in the green as the leaders of the six major u.s. banks testified today on capitol hill we will have much more on that in just a moment some major moves for retailers on the back of earnings. dick's sporting goods, amazon and abercrombie are all spiking. amazon buying mgm studios for nearly $8.5 billion. it's the dow's 125th birthday and we've got 59 minutes left to go in the session with the dow down 16 points >> and an action packed final hour of trade, it will be on this show. senator elizabeth warren will join us to talk about today's big banks and a heated moment she had with jpmorgan's jamie dimon. plus, danny meyer will be with us for the latest installment in our summer unmasked series we'll talk about the comeback for restaurants and the broader business community in new york but we begin with breaking news this hour on exxon.

activist fimp engine one has object stained at least two board seats following a vote at exxon shareholder meeting. news of the day, joining us now is david faber along with exxon's ceo, darren woods. >> thank you, sara we're very happy to be joined by darren woods darren, let me just begin by saying, listen, even a few weeks ago, many of us would not have anticipated this outcome do you view it as your shareholders wanting change? if so, how will you respond? >> well, good afternoon, david it's good to be back with you again. of course, you know over the past several months, we have been very actively engaged with our shareholders sharing our plans and hearing their viewpoints and the key issues of importance to them we've discussed a wide range of topics, our capital plans, financial performance and our efforts to reduce the risk of climate change and, you know, with over 3 million, almost 3 million shareholders, it's not surprising we've got a pretty wide range of views that were

expressed, many supported the plans that we've put out, the work that we're doing to improve the earnings and cash flow capacity of our business as well as the work we're doing to help advance the company to a lower carbon future. and today, we heard some of the institutional shareholders communicate a desire for exxonmobil to further these efforts. and i think we're well positioned to do that. we're looking forward to welcoming the new directors, greg goff and kay italah to the board and looking forward to working with them constructively, collectively, and look forward to helping them understand our plans and hear their insights and perspectives. >> listen, you and i have had an opportunity over the last couple of interviews we've done to discuss those plans. they are fairley aggressive. for its part, engine one, says exxonmobil has no credible plan to protect value in an energy transition given that so many shareholders supported at least two of their nominees, does that make you

rethink your plan or how aggressive you are being in terms of value in an energy transition >> well, i think we put our plans together and we do that with the board in review it starts with the fundamentals and looking at the long-term fundamentals and we use obviously our own work to understand that, but also credible third parties we use the climate change, the iea scenarios, build those if you tell fundamentals up and develop plans that are consistent with those fundamentals and also robust to a wide range of potential scenarios, including the two degree scenarios in a much lower carbon future. so our plans are robust to that and, frankly, we look forward to having the chance to share those plans. we'll adjust as we get new information and we see if things evolve we'll adjust the plans as we go forward. we felt good about what we've got today. >> yeah, i know that but did shareholders misunderstand it i think it is annen expected

outco - unexpected outcome they get two, perhaps even three, i want to ask you about that, board seats. what did you hear or what do you think is misunderstood among your shareholder base snch. >> one of the things i mentioned to you the last time we talked, david, that i was encouraged by the discussions we were having and the recognition of the needed solutions to address this transition to a lower carbon solution and the fact that while wind and solar play an important part of this solution, they don't address all the needs. and they are hard to decarbonize sectors that need to be addressed and the recognition that our plans and that the experience that we have in carbon capture and hydrogen and biofuels could play a very important role in the fact that we are bringing solutions in that space and we've tabled some proposals that would make a meaningful reduction in emissions. those plans have been well accepted by all the shareholders that we've been talking to and i think what we're seeing

with these votes is the desire to continue to put pressure in that space and to -- in areas where we can to accelerate that to help society move through this transition. but at the same time, recognize we're going to continue to need oil and gas as societies transition we've got to continue to support the economies and people's standards of living. >> that transition does seem to be picking up pace, darren even today, ford says they expect 40% of their global vehicle volume to be all electric by 2030 does that at all make you think that you've got to move even faster >> well, you know, i mentioned we do scenarios and think about what potential outcomes we can see. and frankly, the challenge is not in the passenger vehicles. we've done scenarios that assumes that all passenger vehicles convert to electric the challenge and the demand growth comes from commercial transportation and chemical feed stoks. so our focus has been on these carbonized sectors will continue to require oil and gas and

finding alternatives that are affordable and can be wide by deployed to help with the emission reductions. >> and finally, you know, some will see this as a rebuke of your leadership, darren. how do you view that >> well, today, i was very pleased to be re-elected to serve. and, of course, as chairman and ceo, i serve at the discretion of the board i look forward to continuing the work with the new board members and our existing board members to help develop, drive the plans forward, the strategy that we've got. and, of course, as things evolve, we'll continue to test that trat strategy in our plans and adapt those to the progress that the world is making and society is making in this transition >> all right by the way, that third board seat, is that decided, you guys, they're not getting a third seat or is the vote being counted >> the votes are still being counted. as you know, david, that process is challenging when you've got a different proxy cards and so we're pulling that together. work is going on we'll see how those numbers settle out with some time. >> always appreciate your willingness to take some time with us. thank you. >> nice talking with you, david.

>> aaron woods, chairman and ceo of exxon >> david, thank you so much for that great stuff and thanks also to darren. switching focus, the big bank ceos testifying earlier today. the topics covered were fairley broad, including diversity, pay, pandemic lending, cyber security, tax rates, esg and worker rights. but by far, the most heated part came between senator warren and jpmorgan ceo jamie dimon on the topic of overdraft fees during the pandemic >> mr. dimon, how much did jpmorgan collect from overdraft fees from their consumers in 2020 >> i think your numbers are totally inaccurate, but we'll have to sit down privately and go through that. >> is it -- >> i also want to point out -- >> can you just answer my question >> we did not overdraft the -- we did not -- >> how much, in fact, did jpmorgan collect in overdraft fees from their customers in

2020 do you know the number >> i don't know the number in front of me, but -- >> well, i actually have the number in front of me. it's $1.463 billion. >> we waved the fees for customers upon request if they were understress because of covid. >> but you could fix that right now. mr. dimon, will you commit right now to refund the $1.5 billion you took from consumers during the pandemic >> no. >> that was a brief taste, a 5:30 exchange. joining me now is senator elizabeth warren thank you for joining us >> thank you for having me i'm delighted to be with you >> i want to get into the specifics of overdraft fees in a moment, but before that, a big picture question banks got a lot of help during the pandemic, probably less than certain other specific sectors and perhaps certainly less than they did during the last crisis.

but no questions asked, got a lot of help like many companies did. do you accept that in response to that they did more than they were required to help that customers and help their staff over the last year were there positives >> well, that was really the point of the line of questions that i asked the banks got a lot of help in a lot of different areas and one specific was the fed automatically said if you overdraft with your fed account, there will be no fees, no penalty. we want to help you out in this time of crisis and then the regulators said, and besides that, we think you should pass that benefit along to your customers. that is that you should wave and what did the four big financial institutions who were in front of us today do? nothing. they continued to collect those overdraft fees the four of them together collected about $4 billion and the biggest collector, per

account, was jp morgan chase thus the back and forth with jamie dimon over it. and to me, it's partly about overdraft fees and who has to pay them, but it's partly about how you think about bank regulation when you give banks help and say to them, as your regulator, i'm urging you to help your customer necessary the time of a pandemic and the banks don't do that, that tells me that the only way you're going to get these banks to act is by having aggressive detailed regulation. >> your number was right, $1.4 billion for jpmorgan for reference, wells fargo is $1.3 billion, bank of america $1.1 billion those three were the biggest they did refund $120 million in consumer deposit fee necessary overdrafts for over 1 million customers when asked, no question asked that was a line from jamie dimon's prepared remarks

so i guess the point is that you would have liked to see more, but i guess you do accept that they did something so i guess the question is -- >> but can i stop you there? i think that's a really important point. they stood up and said we waved -- when the customer understood, to come in and ask, and i don't know what the conditions were, did you have to have a savings account, did you have to have your paycheck automatically deposited? i don't even know what the terms were they said we waved in this tiny little number and that was what they put on a giant flag and ran it up the flag pole and wanted everybody to look at what they didn't talk about is their regulators had said, do for your customers what the fed did for you. make it automatic and wave it in advance for everyone, no questions asked. they did not do that and, in fact, collected about $4 billion and who did they collect from? people of modest income,

african-americans, latinos, people who were struggling that is who paid that $4 billion. >> my final question specifically on the overdraft, senator warren, and i don't want to be the bank's defender on this, but have to ask the questions, do you feel specific examples of families that were hurting that asked not to have the overdraft fee that were denied it? >> the -- i don't. there's no way for me to know within the bank's own records. but understand this is one example of how the big banks treat their customers. it's one that we can happen to see in the context of their own regulator urging them to do better and so i see this as what do we know about what the banks are doing? what do we understand about the bank's relationship with their customers? and at least when we look at

this one, the answer is the banks are willing to say, whoa, give me all the benefits i want all that extra help during the pandemic, but what did they use it for? did they use it to help their customers? no they just used it in order to plump up their profits and look, these banks, ultimately, they have a monopoly in the united states they are backed up by the u.s. taxpayer by golly, they are supposed to be there to serve american families and that is what oversight is about. if they're doing it, then i'll be the first to give them a gold star but if they're not, i'm going be the first to call them out >> i think that's fair, senator warren a lot of people saw your questioning and they see it as you attacking them clearly there's been bad behavior in this industry, but does that attack style lead to meaningful change that you're looking for?

>> look, this is not about me. how do you think it felt to be those families that paid and paid and paid? tl there were families that got sucked up at $35 a crack of overdrafted fees and those were families struggling to get food on the table and still be able to pay the rent. so those families need to be heard in that room and that's the best i can do in five minutes is to get in there with the hard numbers that are publicly reported and ask these ceos what they did and to own up to it and ask them to make it right. turn around now and say, you know what? we had plenty of profits jpmorgan, more than $27 billion in profits well refund those fees that we checked during the pandemic. they could do that right now but what did jamie dimon say no

>> i also wanted to ask you about some of your criticism for fed vice chair of supervisor randall quarrels who oversees the banks on behalf of the federal reserve. you went after him for the changes on credit suisse, which including a lot around arkegos but it turns out the fed did change the category of supervisor for credit suisse, but same capital rules, same liquidity rules. so i'm wondering if you could build on that critique a little more and why you see that as a risky move >> so look, the same idea was to take them out of the category where they had heightened supervision and to say, well, they have a smaller footprint in the united states and we don't need to watch them as closely. for me, it was an example. not just the only time, but over and over and over. how it is that mr. quarrels has always been about reducing regulation, undercutting the

regulators, and helping plump up the profits of the big banks he's going to be gone in five months and when he is, the american banking system is going to be safe >> to be fair, though, the saga did not present any major financial crisis style systemic risk and chair powell said he was looking into it. are you proposing anyone for his job to the biden administration? >> i'm not offering any names, but you really don't want to say because they lost $10 billion that posed a lot of risk that tells you there is a hole in the regular that lower net that is supposed to ensure safety and soundness that is big enough to drive a truck through. and 10 billion could have been 100 billion or 500 billion the point is, it never should have happened in the first

place. quarrels has been all about trying to cut regulations and basically that means scissoring holes all around in the net that is supposed to make sure that the biggest banks that pose the biggest risks actually are well enough regulated that we can control those risks. and his approach during the time he has been at the fed has always been in the opposite direction. i look forward to his leaving. >> senator, i wanted to end by coming back to the big picture takeaways from today's hearing you said today the big banks are a monopoly they're not in the u.s it's 4,000 fdic insured banks. there's obviously the fintech threat, as well, and the two biggest in retail banking have less than 20% market share one of your colleagues on the republican side made the point during the hearing today that, in fact, the biggest banks in the world today are chinese by market cap and by assets

and i guess that is the balance in terms of the overall tone of the questioning versus the level of the crime as it were and i guess end the question to say do you think the banks, this sector has made progress over the last decade? and are you please to see their share prices, all else, equal being high is that a good thing for the u.s. to have decent banks? >> look, i believe in a market economy. i want to see markets work but market economies succeed when everybody plays by the rules. understand this about the american banks they are encouraged to get out and do their work, but they are always backed up by the u.s. taxpayer they are backed up through fdic insurance, they are backed up by too big to fail. and in return for that backing up, a backing up that effectively gives them the opportunity to do banking in the

united states and turn a very handsome profit, in return for that, they are supposed to serve the american people. they are supposed to serve families in this country that's what it means to be a bank our responsibility here in washington is to engage in oversight to make sure that they are doing it, that they have following the regulations that keep them from collapsing our system and that they are truly ser serving families are they better off than they were ten years ago well, yeah do you remember what was happening ten years ago? they had crashed the economy why? because they had put their own profits ahead of both safety and ahead of serving the american people dodd frank was passed, regulators came and they made changes. but as we saw with overdrafts, that doesn't mean they're out

there there looking for every opportunity to help the american consumer in fact, we just watched american consumers pay $4 billion that the regulators thought they shouldn't have had to pay >> neither warren, we thank you for stopping by on a busy day. always enjoy the candor in our conversations. >> good to see you >> and we kick it off again tomorrow, sara, with the house version of the same hearing. >> and representative maxine waters hopefully on this show. teen retailers abercrombie and fitch spiking today, now up 100% of the year as digital sales drive a big earnings beat. we talk to fran horowitz about the quarter and how long she thinks this will last. dow has gone positive by a few points we'll be right back. ank you. that was fast! one call to usaa got her a tow, her claim paid... ...and even her grandpa's dog tags back.

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2% so you can pick and choose to determine if the market is steady and stalled the small cap, still, very much even on a two-year chart, you see how we've seminars towed at this point we're going to hit 50% by friday it's pretty rare take a look at a ten-year chart of the s&p 500 with those areas marked where you had a two-year 50% return did you have some give back after that yes, somewhat. that was 2018, january pretty much nothing, down 7% over the next year in september of 2013 and later in december, you actually did fine this is coming off of an all-time high two years ago so it was impressive. nothing much there in 14

so it's another indicator that suggests you've built up a lot of returns in a hurry. maybe you don't expect the market to dazzle us in a big way over the next year, but you never know because we have extraordinary circumstances, we have for just about a year >> mike, thanks so much for that we're up, what, 0.2% on the s&p 500, flat with 35 minutes left after the break, the ceo of abercrombie and fitch joins us to talk about today's earnings anwhd at she's seeing from the teen consumer. [ suspenseful music ] hey, you wanna get out of here? ah ha. we've got you. during expedia travel week, save 20% or more on thousands of hotels. expedia. it matters who you travel with.

shares popping today on the back of earnings, sales rising 61% versus last year with a boost from e-commerce and international. joining us now is abercrombie and fitch ceo fran horwitz thanks for joining us. >> thanks for having me. >> talk a little bit about the quarter and is sustainability of the boom we're seeing some blowout numbers across the retail space. what is your confidence that it can continue in the coming quarters >> so an exciting quarter for the coming weeks our results speak to that. not only do we grow over 2020, but we grew over 2019 6% what we're seeing is a terrific acceptance by our consumer of the product. they're loving what we're putting out there across all of our brands and all of our genders. to your point, there are some macro things happening out there.

it's exciting to see some of the kids getting to go back to school .some of those stimulus checks but the consumer has a choice today and they are choosing us because we've been able to get the product, voice and experience right for our customer >> part of it is the transformation, fran, that you have been executing on what is abercrombie these days i think of it -- i remember when abercrombie opened in the townwood center mall in cincinnati since, ohio, when i was in high school with the male shirtless model standing outside in the preppy clothing what are you today how are you changed that whole style and who you're going after? >> awesome question. so the company today is a very different company than you remember i had been on the journey here for i can't even believe close to 7 years but, you know, i built my career, i'm being a brand builder and it's the reason i came here to build an iconic brand. so we've been able to position

hollister as the global iconic brand, but we've repositioned abercrombie. we have modernized the brand our focus is on the young millennial that consumer ranges from 20 to 30 and our product is resinating across really an age range from 5, which is our youngest brand for abercrombie kids all the way up into the 30 something range >> and no more shirtless men standing outside the stores, correct? >> significantly not -- check out all of our channels, you can see through instagram, through tiktok, through our websites that the brand is much more modern than it used to be and really appealing it's an inclusive brand. some exciting things happening >> what about the aggressive amounts of cologne that used to be pumped out into the streets you kind of smell it from a while ago. it worked, i have to say, to me when i was 19 or something but to that point, what are you doing to try and encourage people to come back into the

stores and what do you offer that's a different experience to some of your rivals? >> in abercrombie brand, i would invite you to come and see one of our concept tours i'm happy to take you on a tour. it's completely different than anything in the past it is an omni enabled store concept. our stores today are smaller format stores. they're focused. they're customer focused in the past, we've focused much more on presentation today it is all about the customer one of the biggest shifts i made when i first got here was going from presentation to customer focus and the team knows that everything we do centers on the consumer >> finally, just want to hit on margins, which were a good story and what you're doing on pricing and what is causing it is it increased cost, is it fewer promowings and can that sustain over the coming quarters into the next year >> so that is probably one of the most exciting things for me.

being in this business for as long as i have been in it, the fact that our product is resinating as well as it has been the biggest learning i think we came out of 2020 with covid is truly understanding supply and demand so the work that the team has done to control and tighten our inventory has created an opportunity for us to drive regular price selling. that is something that in our industry has been a long time and coming but we are now seeing regular price selling, our prices, our ticket prices are very competitive. we're excited where they are, but we've been able to reduce our discounted ticket and take promotions out of our product, which is something that is sustainable. >> fran, does it still pay to be inside of a mall i think of you guys as a mall-based retailer. i know you've had to close some stores is that still the right place to be >> we are evolving into a digital will hely led company. all of our brands are focused on that but in order to have a successful omni business, you need stores. stores matter, but they matter

when they're the right size, the right location, the right economics. we take that, add to that our digital business 0.so we have been refining our real estate strategy for years last year alone, we took out 1.1 million square feet of unproductive space, almost 20%, and we focus on square footage we don't focus on fleet size because there we see no finish line on how many stores we're going to have, but we need to have stores to drive our digital business >> fran horwitz, we will leave it there thank you very much for joining us first interview on cnbc. we're happy to have you. please come back the stock has been a double, so far, in 2021 fran, thanks >> two of our team members, former employees of abercrombie and fitch and enjoyed working on that interview still ahead, amazon inking a deal to acquire mgm. wel scs atth dls'ldiuswh oerea could be in the works. ieve the e of energy is lower carbon.

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royal caribbean getting one step closer to setting sail from u.s. ports again sima has more on this market mover. >> it just goes to show persistence pays off

14 months of unlimited dialogue, richard fain telling me just in the last month, conversations have been moving in the right direction, getting the green light to conduct a mock voyage on june 20th where the cruise lines covid protocols will be put to the test in miami i says if everything goes to plain, the first sailing will be on july 2nd. florida alone accounts for 60% of all sailing so it's potentially a big win for royal caribbean. these trial voyages are required only for ship that's do not mandate the vaccine. cruises where 98% of crew and passengers are vaccinated can skip this test >> thanks so much for that time for a cnbc news update. >> president biden is calling on the u.s. intelligence community to redouble efforts to find the origin of covid-19 and tonight on the news, shep is checking back with in with some covid long haulers,

and what researchers are learning about the disease's long-term effects. a top aide of boris johnson says the government failed in its response to the pandemic and former virginia senator john warner has died. warner spent 30 years in the senate and was known as a military expert. warner was married to elizabeth taylor, the sixth of her seven husbands john warner was 94 you are now up to date amazon is buying mgm for $8.45. we'll does benvill silverman ife we'll does benvill silverman ife thinks to sell, - you should ten-x it. - ten-x it? studio

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amazon says it will buy mgm studios for $8.5 billion, its second largest deal ever it will add content to the amazon prime library let's bring in ben silverman

he's former cochairman of nbc entertainment. ben, good to see you thanks so much for joining us. this is the latest of a slew of deals and m&a in this space. are you looking for someone to buy propagate next >> well, clearly there is so much consolidation going on in the business as these big companies get bigger to compete in the streaming wars. and i think any company worth between $100 million and clearly $8.5 billion is in place right now. and i think you're looking at these big technology companies who thought they didn't need to replicate hollywood infrastructure recognize quickly they need talent, they need producers and they need ip >> so what do you think of this deal in particular and where does it put amazon in the fight to be up there with disney between warner media and

discovery. b buying this gives them some quick infrastructure and james bond is james bond you know, it is such a massive franchise. obviously, the broccolis control a huge part of it with mgm but there is so much you can do with the franchise there are spin-offs, villains, doing stories about the origin of james bond. there are so many ways to monetize that. i won't do it, w with ilfred, as a brit i promise it's all the same. >> please don't ruin it, jeff, when you get hold of it.

my question, those, is what should be their strategy at amazon are there lessons to learn from at&t's original acquisition of time warner? i is it integrating it with those that are already there at amazon >> it feels very ip driven to me, just all of the chatter has been about controlling james bond and i got revised code and legally blond for free was kind of how people look at it they've done did a good job expandsing their television. i truly believe this was driven by ip, but also there are back office infrastructure elements to these studios, like their

physical production apparatus, their accounts apparatus and there's a lot of those elements that they can keep and integrate because amazon doesn't have all that in-house yet. we'll have you back on soon. too much is going on in your world. ben sill varyman, thank you. >> more to come. >> exactly and on this show, big bank sou sounding off on the housing bubble and ten year yielding around $1.58% so yields a little bit firmer than where they were this time yesterday, but still below that 1.60 market. we'll be right back. municipal bonds don't usually get the media coverage the stock market does.

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[triumphantly yells] ♪ you're the best! around! ♪ [ding] don't get mad. get e*trade and take charge of your finances today. ♪♪ ten minutes left in the trading day. commercial free action going into the close mike santolli is here to bring us the crucial moments today we have defiance gts chief investment officer sylvia here with us, as well the s&p is up a little more than .1% small caps are surging technology is doing okay, mike, energy is the best performing sector it's a little lop side, but it does feel a little bit like a

comeback day for certain riskier parts of the market. there is a bit of an aggressive flow into things like microcaps, the etf is up almost 3%. but it also is very much a whipsaw type environment where you've had stuff that was strong mondays. we can see both sides of it. market is holding up fine. the overall index is tantalizing at these levels not necessarily giving anybody too much conviction, but holdsing together okay. >> overall, you remain fairley bullish? >> i do. i think make made a great point when he said they're the whipsaw

markets. i am bullish on the market earnings came in, 85% of the speak, we're expecting 30% of the earnings growth this year. and i think with the fiscal monl tear going into the market, i think we're going to have a slow and steady growth for the rest of the year. >> let's move on to today's testimony. a frank topic that we have not heard of in past hearings were whether cappism -- that is not the script that we're looking for. the banks earlier today were focused on regulatory issues and things like that but there was one macro topic that came up and that was as to whether or not the housing market could be in a bubble. >> i think there's a lot going on that is inflating asset prices and i think we have to continue to watch asset prices, watch inflation, watch monetary and fiscal policy and hopefully the fed will get the right

balance and if they get the right balance, then it will turn out that it is not a bubble if we don't get the balance right, there will be issues >> there is ablgs bit of a bubble in housing prices and stuff like that. there there is tremendous leverage and bad mortgage underrying here there is not much ler raej and much better mortgage underwriting so it wouldn't have the same effect >> not a bubble nationally some suburbs look frothy the banks are extremely well kept to absorb should this be a down turn. >> mike, i thought the interesting thing, i mean, clearly, the bank ceos are giving the big difference from 10, 12 years ago, they have plenty of capital regardless but some warnings that house surprises have overextend a little bit even though we're not well out of this economic down turn yet >> and and i think that's fair

house prices for one thing, but just the va logsty of activity and some ol competitive bidding processes and ridiculous terms and that gold rush mentality it's kind of the last war. we kind of fought that one we recapitalized banks so houses at this level could be a poor long-term investment. >> so we're seeing double digits in price necessary a mos in a mh stvp and across seattle, what do you make of some of the moves we're seeing in housing? higher prices, very low inventory. sales maybe starting to slow as a result is that idea a part of the market the housing stock is where you want to be >> yeah. i think it's going to continue for a little bit of time now we're sort of not sure how all of this work from home or

flexible work situations are going to pan out i think a lot of people have flet fled urban areas and gone out to the suburbs and if you have a job where a lot of what you do is in front of a computer, it's feasible to keep doing that. and i think companies are going to try to figure out where they land on that whether permanent working from home is okay and flexibility is okay and that's going to determine the continued house purchasing factor here. but i do think that it's a good story, right the 20-year average mortgage rates are about 5% so if that sustains, it's a pretty good deal to buy a house in one of those places. after the bell with, josh lipton

with a preview for us. >> here is what the street is going to be looking for. q1 eps of 328 on a revenue of $5.41 billion. and, of course, that's a big potential market the street is looking for revenue of $2 billion. what does long-term demand look like for the gaming business as the vaccines are distributed and the world reopens? back to you all. >> looking at the chart, mike, obviously this has been a moon shot in the long-term, basically on any period. there's a lot of relatively around earnings. >> it's held up and it's still been pretty good, not too far from the highs

the valuation has always been very expensive it's pretty much where it was more than three years ago in the past three years it's been a phenomenal stock the issue is at this heft with this market cap, it's desil accelerating earnings growth through 2023 not right away >> sylvia, your notes, you say you're super bullish on semis. >> we have the 5g revolution, gaming, artificial intelligence, machine learning, all of these things require semi conductors in the near term as far as earnings go, the market hasn't really rewarded these high growth tech names in recent

times. it is 70% over the next five years and the video will play a huge role in that. >> we've got just about two minutes to go in the trading day. nasdaq is up .5% dow is flat. s&p 500 is up a little more. what do you see beneath the surface? >> it's pretty positive. it has not been consistent this week today is the day when breath has been pretty strong because of that small cap performance, the average stock doing better take a look at the new york stock advancers versus decliners. and why am i not looking at volume because amc has gone nuts again and the volume is so huge in that, it's almost 400 million shares it skew tess number, at least on a one-day basis. take a look at treasury yields

still holding above 1.55 similar to the bank stock index chart, as well it's kind of giving away at this point. we've had some very calm index action that always should drain on the vix plus after tomorrow, you have a three-day weekend because it's closed and that should put some downward question here into the 17s right now >> 62% so far this week. on the other side ooh that trade this time around it will be interesting to see in due course yields, by did way, just mentioned, as well up by the close at 1.57. was down at 1.55 earlier in the session. the dow is exactly flat as we approach the close of 30

seconds. holding on to 0.15% of gains while the nasdaq is up by about .5%. energy is the best performing sector, then consumer discretion, then communication, health care and two sectors on the day. oil is slightly higher gold is slightly lower nice at the ends of the session, .5% gain. after the close, the dow up by 11 points or 0.04% s&p 500 up 0.2%. naz nasdaq up 0 of 6%. >> just gone positive at the close so we get 4 for 4. welcome back to closing bell take a look at how we finished up the day on wall street. dow closing pretty much flat, as you can see. gains and losses a in that final hour of trade. goldman sachs is the biggest contributor. nike, sales force strong ahead

of earnings tomorrow the biggest weight was amazon and verizon. best performing sector there was energy along with consumer stocks, good retail earnings helping fuel that sector communication services also strong health care was the loser. the nasdaq finishing higher by .6% it's having a good week so far it's up almost 2% heading into a thursday and the russell 2,000, the winner of the day, up 2% today it's been higher in the last five sessions or so. helping lead the financials, as well higher on the day. get set for another big earn eggs after the bell. we will have instant analysis for you after results of invideo, snowflake and american eagle as soon as they are all released plus, our summer unmasked series continues with restaurant your danny meyer on the outlook of his industry and the staffing shortages hurting so many u.s. companies and restaurants. first up on the market, sylvia

giblanski is still with us, gabrielle santos joins the conversation first, mike, on a mixed day, but overall felt positive. treasury yields were higher. felt like the risk taking was back in the market and how about gamestop and amc surging again, 15%, 20%. >> yeah. >> where did that come from? well, it's a great question. where did it come from the first time, right? it just seems to rebuild a little bit here. coming into this week in this phase of the market, as we've gone sideways, the investor is positioning sentiment. it seemed like people were trying to reassess their risk appetites and maybe start to doubt whether the market had much upside. and then you see this infusion of very aggressive activity in the microcaps, maybe it's coming out of crypto since that market

obviously has cracked last week or maybe it's just got this sort of after life. it does create disorder and stress if it goes too far with the activity >> what is your take on the recent sideway move we're seen inequities in? and is that setting us up for a chance to run higher >> i think since april, we've been looking for the next catalyst, the next phase of the market we had a nice recovery phase there. and now the attention is really shifted into the expansion is growth going to moderate? we haven't had new information on that front. we will get a lot more in june

with payrolls next week followed by cpi the week after, followed by the fed but for now, it's a bit of a consolidation phase, much more normal once you get to this more mid cycle phase. >> it feels like the verdict is still out on inflation and that's a part of the question and part of the evaluation here on stocks and valuations where do you stand >> i think so. and i don't think we're going to settle the inflation debate over the next few months. it's going to take us time for us, ultimately, where we really come to the conclusion is that inflation as a base case should moderate back to 2% as the year goes on but there is more two-sided risk now. as investors, we should be positioned for some of that outside risk inflation which is new this cycle. and i think that argues for part of the value style like financials, like materials in cyclical regions like europe,

like australia very much out of favor last night and coming into favor this cycle as a possible inflation. >> sylvia, yields steading back on the ten-year to the 150 area. is that bullish for equities >> in theory, it should be gabrielle makes a great point. i think we have to keep our eye on inflation i think the readings that we see in the coming months will be important. again, the reason i do remain bullish is because i think that, you know, don't fight the fed. we hope that the inflation numbers sort of transient, maybe gets up above that cheaper level that stays put since we're comparing base case scenarios and looking at inflation for things like restaurants, travel, airlines, services and entertainment which you would expect to see some price appreciation, but i think if that holds steady and the ten year stays here between 1.5 to 1.7, 1.8, up to 2, then i think we're sort of okay and, you know, preparations continue to borrow at lower rates and grow as well as having that really

epic fiscal monetary stimulus continue to go support the markets. >> i'm looking at your two sector picks, gabrielle. looks like technology and financials, which is an interesting paring because usually one is pretty cyclical and the other has been more defensive, actually, especially the big cap growth names and on the other side of that high yield inflation story explain that >> so i think we are in a different phase now of the market we're looking ahead of the expansion. we talked about financials as a hedge for that upside risk to inflation, but the other side of the coin in terms of real economic growth, we're due for a moderation in the coming quarter is after the additional surge. and that argues for more growthy sectors and you see it get snapped up after value ewe ages get corrected. so a really strong week for technology, communication services, and for growth regions. china is a great example

huge week for chinese stocks up 3.5%, all part of this growth as we look ahead to the moderation and growth during this expansion. >> mike, you mentioned earlier typically the spikes in the meme stocks not necessarily been good for the broader averages at the same time, we are seeing an impressive recovery for the likes of the arc universe, for the bitcoin, for tesla this week >> yeah. and i think that's not unrelated in the sense that i think you have a bit of a sense out there that they have been on the outs for three months you probably have gotten most of the hot money purged from those areas. and if people are just, you know, deciding to look at the stuff that moves the fastest and is no longer really wedded to the economic acceleration theme, you know, you're seeing bounces. i think you still probably have most traders keeping that stuff on a pretty short leash unless you're a true believes because the longer term trends were

busted so, yeah, it all seems to be pretty fit together in this new retail favorites on the move once again >> speaking of that, bitcoin has been a huge story, sylvia, obviously for us and for markets overall. and with the lack of another major catalyst, people have bee% watching these big swings in bitcoin and wondering if they're having an effect on equities, on the appetite for risk, on the mood for the markets rebounded 3% today do you watch that? >> i do watch it and i think, you know, i almost liken the opportunity to the growth stocks i think it's been sort of beaten up here. we've seen these pullbacks before with bitcoin. as a matter of fact, we've seen them several times before before they break out and go back to new highs. there are some headwinds now where we're a little bit worried about china regulatory concerns and the debate about energy, but

i think at least some of these things can be resolved and if we go back to the basis as to why we decided to agree that bitcoin could be a potential investment, you know, it became a form of currency exchanged, large corporations starting to use it, you had paypal square starting to use it, you know, large pension funds and institutions were investing it at longer term. so i don't think it's going to go anywhere, but i think it's an investment, you know, sector and asset class that investors really have to have the stomach for the wild moves on. so, you know, i think we saw it rally today. there's a lot of buying on these lows so i would expect it to sort of appreciate again, but with a lot of volatility along the way. >> thank you both for joining us >> thank you >> thank you so much we are still awaiting earnings from nvidia shares are up 80% over the past year we'll break down the results as soon as they're released plus fubotv's co-founder

will join us the company announces new world cup qualifying programming and danny meyer on how labor prestages and rising food ic are hitting his industry we'll be back in 90 seconds. lasd before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪ pain? yeah. here. aspercreme with max-strength* lidocaine. works fast and lasts. keep it. you're gonna need it. kick pain in the aspercreme

- i'm sure you've heard how grammarly improves your writing, but let me tell you how grammarly business helped my sales team. look at simon. since simon's team started using grammarly business, we've closed more deals. with suggestions to sharpen his writing clarity and overall confidence, simon's pitches always stick the landing, which leads to more of these and these. learn more at grammerly.com/business. snowflake's quarterly results are out. john >> snowflake is a relatively new company, but revenue coming in

at 228.9 million versus 212.9 roughly expected so that is above expectations. earnings per share, a loss of 7% it's not clear whether that lines up with analyst expectations the guidance, though, this is likely to get a lot of attention. they are guiding lower than the street expected to revenue in the kwurnt quarter of 235 to 240 million. that's 237.5 at the mid point. the street is looking for 251. so you see the stock there down a little bit more than 5%. they raised the fiscal to 2022 guidesance, but perhaps not as much as one would expect given the performance that they just put out in this quarter. the overall product revenue they bumped up by about 20 million in the front end and 15 on the back end of the high end of that guidance range so we see the growth rate of snowflake coming in, perhaps not

a surprise given that they were pretty much doubling year over year but the market after hours digesting this and you can see the stock down >> thank you very much for that. we've also got a news alert on disney >> disney making progress reopening disney land, going back to some precovid rules. the park will now allow non-california guests starting on june 15th previously it was restricted only to residents of california and also extending the reservation window to 120 days no reservation there that the park is getting back to normal, but no comment on the number of people that can enter the park at a time. >> all my california friends are going and taking their kids now. i'm sure you are, too, julia thank you very much.

>> thank you very much . >> fubotv is on the rise after announcing it will produce original programming for world cup qualifying joining us in a closing bell exclusive, fubo tv co-founder and ceo david gandlor. thank you for joining us >> thank you for having me >> so this sa nice jump off the back of this announcement. for qualifying games, so i guess the thing the market is quite excited by is you'll be producing the coverage yourself rather than subletting other people's coverage. >> right it's our foray into production and original content and, you know, we're very excited about this opportunity this is an area of sports that we know very well. we have a star-studded lineup.

as well as pablo sabaletta and others so it's going to be a lot of fun and we're looking forward to it. >> which is the most important off the soccer competitions for you to have access to? you fearful as the next round of deals that are done and your rivals themselves are focussing just on streaming that you won't get to sublicense some of those leagues incompetitions >> the most premium sports content will be distinguish, as you know the nfl has done a decade long deal with all four broadcasters. but at the end of the day, we're aggregators and 70 million

households still have a tv this year will probably pay out anywhere up to $500 million of content. so it's not insignificant. >> on a related note, the market has been excited to learn more about the sports betting service that you are allowing to offer here and what it's going on mean from a revenue standpoint and from a cross promoting standpoint with some of your other services can you share more details about that >> sure. we've beetlen and raised guidance we've provided every quarter so far some visibility into our plans. we're continuing to stay on track for our free to play games that we're launching in june

and the book is set to launch at the -- sometime in q4. so nothing has changed on that front. but we're taking a very din yennated approach, reducing the cost of interview into betting and looking to develop a more unit if you think about what we've accomplished in video, we've taken about 5.5% of the total market share for virtual mvpds up from less than 3% in 2019. so we're confident in our ability to market an additional feature betting we think is going to be transformational for the user we're combining two data sets under one analytics platform to create a more immersive experience >> right hence the cross promoting. the other issue that a lot of analysts write about, fubo is

boosting the average revenue peruser. how much growth is there still on adding more value added services to the subscription >> the way we look at our businesses is more like a mini amazon ecosystem people are spending about 129 hours on the platform every month. that is a significant amount of time spend on the platform, which allows us to continue to sell more attachments. our attach rate has gone from just one first quarter of last year to 2.1 this year. we sold in about 1.12 million attachments in the month of march. so we're getting ready good at selling additional products and wagering is that other feature that we think is going to drive a significant revenue at 50 plus margin, driving a lot of value both for our customers and for our shareholders >> david gandlor, thank you for joining us >> thank you for having me >> gamestop and amc surging

today. let's go back to mike for a closer look at amc, mike, which has sort of taken the crown here in terms of the biggest moves. >> right because it's basically ready made for a retail frenzy why? it's a reopening play, it's a reddit meme stock, has in the past been a crowded short. it kind of maybe is becoming that again and they've been a huge rate sort of capital. so they've been constantly in the news i want to do a reality check here this is the stock chart, straight up share price chart, five years you can look at how wild it's been from the lows with but it's still not much more than half of its peak value back in 2016, 2017 so maybe this is not so aggressive. but take a look at this chart and the enterprise value this is the total value of the equity market value and all the net debt on the books because they've been doing nothing issuing debt and equity. the number of shares is up by a factor of five in about a year or a year and a half's time. so this doesn't count today's move might not even count the

latest 43 million share offerings. so my point is, you're vastly higher in terms of the amount of capital now attached value in this business and the peak cash flow, this company ever generated is under a billion dollars. so you're talking about close to a 20 billion enterprise value against what was peak back in 2018 of ebitda this isn't going to have one ounce of impact on the people trading the stock right now, but it's completely become disengaged, unless you think you're somehow transforming the business or going back to the hollywood golden age of everybody going to the movies every week it's a fascinating indicate study, guys. >> you're saying the valuation doesn't exactly stack up >> it bears almost no resemblance to what's happening in the business. that's all >> our director elizabeth likes your amc chain title >> that sanduli's title.

>> team work up next, danny meyer on the industry's comeback as the economy reopens and whether he's having trouble fdi euginngnoh workers to get back to business. [typing sounds] [music fades in] [voice of female] my husband ben and i opened ben's chili bowl the very same year that we were married. that's 1958. [voice of male] the chili bowl really has never closed in our history. when the pandemic hit, we had to pivot. and it's been really helpful to keep people updated on google. we wouldn't be here without our wonderful customers. we're really thankful for all of them. [female voices soulfully singing “come on in”] cal: our confident forever plan is possible with a cfp® professional. a cfp® professional can help you build a complete financial plan.

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nvidia earnings are out. josh >> well, nvidia reporting q1 results here $3.66 versus expectations of $3.28. revenue, 5.66 billion, the street was close to 5.4 billion. q2 guidance, looking for about $6.3% versus an expectation of $5.5 billion segments, 2..6 billion for gaming versus expectations of 2.71 billion and data center 2.05 billion the street was closer to 2 billion heading into this print. the stock was up about 15 percent over the past three months, it was up about 20% so far this year. >> josh, thanks. this week as part of our summer unmasked series, we're speak, top executives across a number of industry toes discuss how their companies are preparing for the economy to reopen today today we're joined by danny meyer, ceo of

hospitality group. welcome back to the show, danny. good to see you. >> it's great to be here and since you're calling this unmasked, i'm going to take off my mask. it's good to see you >> take your point so what is going on with your business how far along with you to getting all the restaurants opened and having them come back as far as the business and the diners >> we're about halfway there right now, which is a great point. so -- and, in fact, the only ones not open right now are restaurants that happen to be in larger type of situations like afrt r art museums, a couple hotels, a big skyscraper taking longer but all the other ones are back right now and there is absolutely no shortage of demand for new yorkers to go out. the vaccination has been probably the greatest thing that's ever happened for our industry, both for the people who work with us and, of course,

for our guests >> it is amazing to see, especially since we've gotten such good weather here in new york, danny. but what about shortages among workers? how has it been trying to bring back all those workers that you had to lay off at a very fast speed here as demand ramps up? >> yeah. nobody can hire back all of their workers, even if they wanted to because many of our workers left the city and left the city by edict when there was quarantine and/or they couldn't afford to live in the city without a means by which to pay the rent and then there's this whole other thing which is that everybody is hiring at the exact same time. so it's going take, in my judgment, at least two or three months for supply and demand to kind of keep up with each other and to hit an equilibrium. but i do think there's going to be some really good drivers. the one thing that is helping us right now in a bizarre way is since office buildings are still

nowhere nearly occupied to the critical mass that they were and that they one day will be again, that means that lunch business is pretty much off the table so when you're staffing a restaurant, the good news if you can call it good news is that you're only staffing primarily for one of the two shifts. now, on the other side of the coin, one of the positive outcomes of the period of time during which we had covid was that in our city and in many cities around the united states, outdoor dining has become a permanent part of the landscape. that's fantastic for city life it's fantastic for public safety it's fun and it's also great because it means that there are more seats in a restaurant so the other thing that i'm really looking forward to is that when broadway comes back to new york city, and the theaters and the concerts and all of the kind of public opportunities for artists to come together, that

is also an amazing pool of restaurant workers and when those people have a real reason to come back to new york city, it's also going to be a great boone for the population of restaurant talent >> danny, we've talked about outdoor dining and how it's brought a sort of european feel perhaps to new york city and how great that's been. and prospects for it being allowed to stay permanently. how might that work? and will it lead to you as restauranteur having to lease the indoors from the property owner and the jous doors from the city how might those negotiations work if it is going to be a bit more permanent >> well, the indoors is already spoken for we've done that negotiation with our landlord the city has been fantastic so far and understanding that the restaurant industry is crucial to the copback of the city and i really, really hope that the city will not say, oh, and here is our opportunity for a

pound of flesh while we're at it because that will be counterproductive to the entire comeback and whatever voice i can have in that, i promise to use it. so as far as the reopening is concerned, and kind of on the side front, danny, there are a lot of energy storefronts all over in. a lot of restaurants didn't make it and shops didn't make it. what are you doing as part of the council to address that and get some new blood in there? >> nothing at this point sara. a couple of those storefronts used to be our restaurants we lost our original blue smoke and our jazz club, jazz standard and one of the things that i'm hopeful that the city could do would be to bring together at the table some type of package which induces landlords, rather than sitting on vacant space which is what they often do while they wait for the economy to cob back because they don't want to lock themselves into a deal that could be, you know, a

10 or 20 years of a mistake because they sold it alone, i would love to see some inducement for them to come to the table whereby if they get started with a new tenant, in some type of a percentage rent basis, whereby when the tide goes up, everybody wins, but then that the deal that they would have struck can be enacted once the city is back at full strength and once the cities across the country have office occupancy, tourism, business travel, all -- actually, residential density, which is still not where it was when new york first went into covid so landlords on their own may not be incentivized to do this so hopefully the city can be a helpful partner in bringing the two together >> more broadly on the staff question, danny, do you feel like some workers have decided to leave the hospitality industry for good or semi permanently and they've tried other things, they've perhaps

been entrepreneurial during the crisis because they were forced to be, or is it just a temporary thing and you expect as we get into the fall, everyone will come back that was in the industry before? >> that's a great question i think it's a little bit of both i think that many, many people who were laid off took work instead in businesses that were actually doing quite well during covid. i know for a fact that we actually what jobs board for the people at union square hospitality group and we worked with like-minded companies some of them went to go work in grocery stores some of them went to work as drivers. some of them went to work for e-commerce platforms some of them went to work at big box stores that were open and they may have very, very good jobs right now and they may or may not come back to our industry we'll have to see. but i also think this industry has been a fantastic employer across the entire country for many, many years and i think

that this industry is in serious as possible about trying to come up with new ways of looking at compensation that are going to make us incredibly attractive for the next generation, as well >> danny meyer, it's good to see you. thank you for unmasking with us. for our summer series. we appreciate it >> thank you >> and tomorrow on our summer unmasked series, we're going to talk amusement parks with the ceo of cedar fair. that stock up 17% year-to-date, although off its highs for the year richard zimmerman joins us 20e78. i grew up with kings island and they're an owner of that, cedar point. we are getting more earnings to tell you about. american eagle, williams sanoma out with the results courtney reagan. >> i was a big fan of kings island, too, sara. american eagle first quarter earnings coming in 2 cents above analyst estimates, revenue

slightly stronger than expected. they are comparing everything here to the first quarter of 2019 not year over year 2020. so the revenue increased 89%, still the stand out. american eagle revenue increased just slightly. the total digital revenue, it looks like, increased 57%. store revenue overall was flat the u.s. stores did increase, but they did not give a number gross margin about expand, like others they're talking about higher margins due to fuller price sales and lower promotions and then you can see the shares are bouncing around after hours, but are down about 2%. let's move on to williams sa money nome ma first quarter, also on earnings and revenue an earnings beat of 2.89 adjusted compared to $1.83 estimated with slightly stronger than expected revenues of 1.75 billion. the full year revenue guidance is way above analyst estimates and the total costs, very impressive, up 40% this is compared to first

quarter 2020 and the analysts were looking for that to be up 26%. all of the brands really outstanding. the strongest of which west realm up by almost 51% the weakest of the brands, pottery barn and that was up almost 28% shares higher by 20% back over to you >> courtney, thank you very much for that kings island sounds good, i have to say >> it was. they had a ride called the beast which was very scary it went upside down. i loved it >> the equivalent to me growing up, poltn's park google it. it's not a big one, but it was great. polton's park. still ahead, the ceo of patreon, and wn e mphethcoany could go public. we'll be back in a couple of minutes. y candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo

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hey, it's good to see you. the company we've trusted to keep us working remotely, is the same company we'll trust to bring us back together. cisco. the bridge to possible. time for a cnbc news update with shepherd smith. >> hi, will. thanks very much from the news on cnbc, here is what's happening at this hour. yet again in america, mask murder at a workplace. an employee has opened fire in a san jose rail yard killing 8 people the 57-year-old shooter killed himself after his attack the white house says today it is clear the country is suffering from a gun violence epidemic speaking of, president biden asking u.s. intelligence agencies to redouble their efforts to figure out how the covid-19 pandemic started. giving them 90 days to report

back the president says two agencies are leaning towards the theory that human contact with an infected animal started the virus, but one leans towards a lab accident and president biden acknowledges we may never know for sure what happened and google has a deal to move a big health care company's patient records into the cloud ach health care runs 2,000 hospitals across 21 states their goal, create digital tools to help monitor patients and guide care decisions google reports it does not have access to that data that can be connected to a specific patient at least tonight, i will talk to a medical ethicist about the cost and benefits of getting big tech involved in all of our health care your privacy in a digital world on "the news" right after jim

cramer >> shep, thank you we will be there nvidia's earnings call set to kick off in a few minutes, up next, a guest who thinks that stock can rally. it's lower and plans for a long weekend. assets you allocate, and ones you hold tight. at thrivent, we believe money is a tool, not a goal. and with the right guidance, you can get the financial clarity you need, and live a life rich in meaning, and gratitude. to learn more, text thrive to 444555, or visit thrivent.com. sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... doug? sorry about that. umm... what...its...um... you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers

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nvidia just out with quarterly results under pressure, despite beating on both the top and bottom lines. joining us now, christopher rogen. why are we trading down a bit here, chris? it seems like a decent beat. >> yeah, it was a decent beat. it's a little bit of a head scratcher. my guess is an incredibly elevated bar particularly around data center and data center might have missed the most optimistic of expect ages. >> so what is the key to the stock here we see another 10% in upside is it the arm deal or is it something that you're seeing in these results come to fruition >> yeah. we're incredibly skeptical on the arm deal, sara we don't think that's going to ultimately going to happen we would give it odds of 20% or less but what is important for investors is, of course, the core gaming market but that data center number,

it's that revenue growth that investors value most heavily and so we need to see a reacceleration on that side in the data center. >> we'll be lisping on the call, christopher roland, thanks for your quick take on nvidia. >> thank you up next, the future of paid content, subscription service patreon coming in at number 48 on this year's cnbc disrupter 50 list as it makes a big push to keange the way content creators ma money we will discuss when "closing bell" comes back are going hy. 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.

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cnbc out with its annual disrupter list coming in is patreon, making it easier for artists and creators to get paid. the company's total valuation now coming in at $4 billion. joining us now, jack cnte. it's great of you to join us complain what you're trying to do there was a lot of press when joe button shifted from spotify to you >> we're helping creators run their businesses and make money and do what they do best, you know, building amazing art for their fans and sharing that on the web. patreon is this business platform to help creators run subscriptions and membership

businesses and get paid for their work >> so what is your subscriber numbers look like, how fast are you growing and spreading the word >> the most recent stats we have announced over 200,000 create remembers making money on the platform, paying them over $1 billion a year their patrons are paying them over $1 billion a year that's a little over 7 million paying patrons and craters have under about $2 billion cumulativety lieu the platform so it's been an amazing time over the last few years to watch the web shift away from this kind of, you know, creators ought to be working for free, creators ought to be giving their content away for free and i think now people are realizing these are real businesses. creators ought to be making money like everybody else. >> and, jack, i guess there's ways that people can shut out the middleman.

your point is that youtube takes a much bigger cut than you will. >> ultimately, youtube is building for advertisers that's their customer. that is who is paying youtube. for us, our customers are creators we're building for creative people we're building the business infrastructure to allow those creators to run their businesses crms, cms, payments, tax calculation, everything that a creator needs to be a viable, sustainable profitable company we're helping creators with that underlying business infrastructure as opposed to just, say, audience development which there are plenty of platforms for. youtube is great at helping creators find audiences. we're highly focused on allowing creators to be successful in running their businesses >> so who is the biggest competitor is it a spotify? >> you know, i think a lot of the distribution platforms now

are start to go wake up to this. people are starting to see that creators, you know, have a lot of earnings potential. so all the distribution platforms, whether it's spotify or youtube or twitter, you know, or facebook, they're all building ways now for creators to earn subscription revenue from their fans and actually and beyond to just earn money from their fans this is such a great time to be a creative person. creators have incredible leverage that they have not had for many years because these platforms were sort of focused on driving content production instead of getting creators paid now i think the shift that we're starting to see is these platforms are realizing that creators need to get paid, too ultimately, our competitive advantage is that we are the most creator first company on the planet our customer is creators, not advertisers, and i think creators feel that and see that and it makes a difference in everything that we do. >> is there a risk when people

join your platform or more broadly go behind, i guess, a pay wall that they become less relevant >> we don't expect creators to shift their audience growth on to patreon that's the beautiful thing about running a membership continue your content production efforts on all these other sites on youtube on spotify you can keep pushing content to the web and finding new fans for the stuff you make what we find creators do on patreon is offer extra business models, behind the scenes content, extra 30 minutes of a podcast where they do a deeper dive with the guest, extra photos they don't want to share on instagram because they're opening up more than on a mass media platform we are seeing creators create this wonderful business and incredible

innovation creators are bringing to the membership. you don't have to shift to a different platform, patreon blends nice with the rest of the web, which is why so 34 many creators are bringing their business. >> thank you so much >> thank you. >> and don't more of the coverage continuing tomorrow on cnbc retailers, william sonoma and american eagle beating expectations but the stocks heading in opposite direction and nvidia nearly break even again.

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at xfinitymobile.com/mysavings. or visit and xfinity store to learn how our switch squad makes it easy to switch and save hundreds. let's check in on today's after-hours earnings movers, william sonoma up 3% after beating on the top and bottom line and forecasting strong revenue growth shares of american eagle, snowmake and workday under pressure despite results mixture of different guidances in play there. as you see snowflake down as much as 5% don't miss jim cramer's exclusive interview with the ceo of snowflake, also ceo of workday and okta, 6:00 p.m. on

"mad money." great lineup as always with jim cramer >> up next, stay tuned, bank ceo testimony on capolill it hand earnings on deck heading into a fresh trading day what to expect when "closing bell" comes right back ♪ i wish that i knew what i know now ♪ ♪ when i was younger ♪ you need a financial plan that fits the way you want to live in retirement. a plan that can help grow and protect your money. now or in the future. with an annuity in your plan to help cover essential expenses,

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we want to update you on cnbc's first-ever nft auction, in honor of mark haynes and famous mark haynes bottom, the winning bid came in from houston rockets owner at $61,210 in total cnbc raised $98,210 proceeds go to autism speaks and council of education to focus on financial literacy so nice. nearly a hundred ground. >> a nice to see a familiar face still ahead, initial jobless and pending home sales and tomorrow ceo largest banks before the house committee and more tomorrow, hp.

gap. and don't miss dallas fed president robert kaplan. i mean, excited to talk to jimenez, he's been one to him he's one of figh he's one of the fed members talking about taper sooner than later, get his thoughts on the weaker data. >> he's been a leader in that vanguard. if you saw randall today he had a speech he felt inflation was turning higher and it's time to think of these things, that's someone on the board of governors so i think the conversation is now percolating it doesn't mean it's imminent or threatening or the rest of it but will be great to get president kaplan's updated thoughts as we see a deceleration out there. >> perhaps the most interesting late in the day move was the ten-year yield moving from 155

to 158 now. >> sideway moves but there is a sense after the treasury options got through that there was a bit more of an upside to the yield story, also the dollar bounced today so a counter trend on both frontline. >> we're out of thyme on front >> i'm melissa lee this is "fast money" tonight's trader lineup, dan nathan, pete najarian we're all after shares on nvidia, company's call is just kicking off we'll bring you chip shortage headlines ahead plus, ford, the company on ev efforts is there gas in this trade. and gamestop roaring back to life what's driving the reddit favorite higher this time? we'll find out we s