>> tiff. >> melly they lead the e-commerce eco system in latin america. good time the buy. >> joe >> landstar. industrials. >> john. >> unity software. symbol u bought it during the show. >> good stuff. "the exchange" is now. thank you, scott hi every one i'm kelly evans. breaking up big tech as washington sets the stage for a crackdown, forcing facebook to split with instagram be a punishment would it unlock more value we'll dig into that. will the push for green energy send oil prices soaring we'll tell you who could feel the pinch. elon musk likes bitcoin, at least for today. we have all of that ahead. we start with today's market

d o m is here with the number. >> they mean like bitcoin but they don't like the market so much overall today you can see the losses right now are fractional with regard to the dow industrials just down 267 points one-third of 1% downside 42.33 the last trade there record highs we did set on friday not too terrible in terms of context overall. if you look at one of the big macro trades playing out, you mention the energy boom. oil prices right now are already at three-year highs. got to go back to october of 2018 to kind of get a sense for where this oil price was at that point. remember, it wasn't that long ago. negative crude oil future. keep an eye on the oil prices above 7 1 dollar a barrel. some of these stocks are

associated with that bitcoin and or crypto currency trade up big so far today after we're seeing some of that move higher in bitcoin prices thanks to elom musk one last place to watch. if you're wondering what the next meme stock would be, congratulations if you guessed it was going to be corsair they make gamie ing hardware it's the next wall street bets darling. a lot of mentions there. it's off the highs of the sex. at one point it was up 33% to start the day. it's only up 22 2 points now keep an eye on corsair back over to you >> i wrote about this many the news laletter today but there's more and more people trading the meme stocks. they go maybe 5% of the meme stock.

>> it's so crazy because you have to have an actively managed etf for that because they change all the the time it could be formula. who know what is that wall street bets crowd looks for when it finds these types of things it used to be short interests but some aren't as heavily shorted as the ones we'll see before like gametostop or amc. >> congress is cracking down on big tech introducing bills to make it ease your to break them up and harder for them to consolidate. will this end the company's dominant market performance or create even more value for shareholders joining me now is paul meeks he's the portfolio manager and the wireless fund. also gene is founder and managing partner welcome to you both, paul. what's your aenticipation as to how this all plays out >> i think some regulations are coming i don't know if it's going to be

so draconian to make this a really big threat. remember this is the conclusion of a house subcommittee that wrapped up their investigation several months ago and if they do push for regulations, i don't think it's going to be passed easily even though we have the skinniest margin of democrats in both houses of congress. i believe belit when we see it. i don't think it will be scary as people are making it out to be >> facebook we have double where it is now or something like that >> i think that if facebook is ultimately broken up, i agree it will take time so sort itself out but if there's break up and if we go down that path, i think

in facebook's case this piece that really creates leverage if they broke up the company is what's app there's about two billion monthly active users that's the same amount as facebook and instagram have it will never monetize to full extent we see from facebook and inst instagram. you look at that piece alone that could be 200 billion. i do caution that there's something philosophical i'm in opposition to facebook and what it does to kind of our lives and ultimately this is company that has a lot of levers. i think in the near term whether it's broken up or not, it's likely going higher. >> i should correct myself because facebook is about a 950 billion dollar market cap. i guess i was caught up in 2020 or i know when it was back at 600 billion.

feels like yesterday we don't really hear the other two companies quite so much in the cross hairs. is this going to be facebook and amazon story >> well, one of the things that's happened and i think it trumps all the stuff that is potentially coming down the pike for the feds with regulations is there's been a explosion in digital advertising. the numbers keep going up and up what happens is not only is the pie growing really, really fast is the three major players in the united states, google, facebook and amazon in the third position are gaining share and so, man, if this plays out like i think it will play out, all three of those stocks just based on that driver will go a lot higher >> paul, you think the stocks are going higher because there's not going to be much that happens on the regulatory front. gene you think if something does, it would benefit shareholders could washington ever come up with way to engineer this so shareholders wouldn't benefit

from the break up of these companies. ge gene >> his audio dropped paul, i'll ask you the same question do you think washington could engineer this in way to make sure share how olders wouldn't benefit from facebook spinning off instagram or what's a? >> i don't think that would be their intent their intent is to protect folk's privacy and cyber security concerns. if they took the most possible draconian measures, maybe. i don't think that's in the cards. >> paul, final question is your advice to investors to stick with the big cap tech companies and ride this out for years to come are there any other ways to play the consolidation you're describing and any risks to the fact people will go wait a minute, these companies keep getting more powerful and we're trying to stop that or create more competition >> first of all, among the

fangs, i like the three i mentioned. not necessarily the rest of that crew that's one point to make also, kelly, you've covered technology like i have for long time there's always innovation. there's always new things. i think we can hold these three companies as a portfolio for many years it will be many opportunities, fast and furious there always are >> is it ever appropriate to ask if allowi ing monopolies is goo for competition. they get big and boring. they don't continue to innovate. they don't necessarily create new products some say they would never have gotten on that boat. if you let these big tech platforms continue to do what they are going to do, to paul's

point will the next frontier for technological innovation still pop up elsewhere >> i think it will these big companies are looking through acquired different sasa assets i think the neck for tech and this companies, they do more than 60 acquisitions a year. you don't hear about those i'm a believering that competition does win and i think regulators will fall in liep with that. it's going to take time to sort itself out and investors will have to be patient as this moves forward. i think these tech companies will end upon top. >> you'resaying you think that competition will win out even though apple is buying, sounds like 60 of their competitors, 60 a year that's a lot >> my point is that there are a

lot of these invoenovations come from companies i think it's question is consumer better off. i think investors can make money in these companies as they start and get acquired i think consumers benefit ecosyr >> definitely like you said, good for the incumbents. thank you very much today. speaking of growth stocks, my next guest is taking a deep dive into peleton's market valuation. he's got peleton has an under performer he joins me now. does it matter you just got to ride the momo. >> good to see you

i think the point there's a lot of really interesting comments even in what you said. the five million, peleton isn't at five million. the world is their oyster. what is interesting and you know i talk about it all the time i love the product i think it's a phenomenal company. i think the question here is are we giving them credit. are we already looking further out to a member acquisition that we don't give other companies. a little bit more plausible but still nicely above that term it's a really interesting dynamic here where we can look at this path from two million members north or we can think about what are we assuming they

will stay on the bike. let's remember peleton is less than ten years old >> you're talking about -- if any of us think back to what we're doing 26 years ago, it's hard to imagine anything in our life is still alone let alone a peleton subscription we think about the other retail lines that you cover and the metrics point there. do the fundamentals matter here. peleton belongs in some kind of tech subscription software that kind of basket. >> by the way, you know what else is a subscription perhaps one of the first subscription models, a gym they tyake a monthly recurring revenue from your bank account you have to do nothing

pays a monthly recurring fee we collect a monthly recurring fee. it's $20 a month instead of 40 and the market decides $8 billion. that's what i think will be interesting. as the company matures and find there's increasingly more 3-year-old members in peleton. three or four years ago, it was 50 to 100,000 members. as that -- we're going to start seeing a lot more of what happens. that's not talking that's not acknowledging competition is heating up. last year, you had the best stay at home environment coupled with no real rivals now the amount of funding, the amount of dollars that are finding various parts of connected fitness, we did an 80 page primer. the fact we found #80 companies to look at is mind boggling.

how many industries know where there's one player >> not many. the stock is down 25% year to date you have been cautious on it thank you for joining us coming up, energy is far and away the outperformer among s&p sectors this year. it's up 50% near happy investors might love the out performance but what about con sumgers having to pay up we'll look at the huge run up in green stocks and why some are comparing it to the dot com bubble we're back in a moment ok, at at&t everyone gets our best deals on all smartphones. let me break it down. you got your new customers — they get our best deals. you got your existing customers they also get our best deals. everyone. gets. the deals. questions? got it.

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welcome back wall street pivot to clean energy has led trillions of dollars being dumped into so called green stocks over the past year. are those inflows creating a bubble christina is taking a look at this crowded trade for us. >> we have popular words like clean, green, esg. they are all envogue even if they may not indicate concrete action there's been plasmassive inflow take for example, these popular clean energy etfs.

we have a similar story when you look at the individual company level. it's as crowded a trade as technology stocks. a bold statement are the energy stocks worth their wait in green. listen in. >> we think there's a green bubble we think you can see it evidenced by companies with zero revenue. a lot of these ev companies with zero revenue being valued in the multibillions. we think the bubble has already begun to burst we think the true brursting happens many the second half of this caryear >> others say it's about a long term play. >> i think that definitely indicates that the trend will continue i did take a look just earlier

today and assets in the u.s. have continued to grow up into the second quarter >> some argue there could be a disconnect from the underlying or assets of the companies that defines a bubble in itself this is a long term push how do you push out the green washers? those that are cleaning and using the vogue words. >> it's bizarre because you have people piling in the performance has been terrible there's no sign of a turn around there's this idea of please take my money and do something with it i don't know if it's investor t a credential the only thing seems missing is the performance.

>> which is why we'll likely see consolidation. it will be those green washes that may be pushed out it's for investors a matter of keeping an eye on paying attention. the regulation will change going forward too because the uk is looking into that. >> to say who can call themselves one of these kind of stocks >> by 2022 it's something they are looking at >> makes sense as we discuss all this demand for oil still increasing. here is the question will the push for green energy, will all of this investment into next wave of stocks create a shortage of the oil we're using today. my next guest says we need traditional and clean energy and he's not concerned about an oil supply squeeze the journal has a great take away where they plain is reason why a lot of people think oil could be headed 70, 80, even $100 a barrel, look at what's happened with exxon. they are being pressured not to pump more oil.

>> you're exactly right. if you look over the 2010 to 2019, 100s of billions of dollars were put into the oil and gas sector and the returns were negative. we got a new set of management, investors and here is what they are saying they are saying to all of these oil companies, return cash to us show us that you're good business and the energy companies and managements have responded and stock prices have responded. the sector in general has gone from the worst performing sector of 2010 to this year being one of the best performing sectors in the s&p 500 we think this trend will continue >> it turns out that oil investors should have been pounding the table the one thing oil investors should be campaigning for is for esg to make them divest out ov oil because it's bullish for the energy my point is there's no way this could be sustainable you can't tell me energy stocks can continue to perform well on

the idea the price per barrel is going up obviously commodity prices have a impact on certain energy stocks the commodity prices have risen accordingly. here is the other of why stocks could out perform even in an environment where this decor bonnization megatrend continues for decades going forward. some of the energy company vs gone from resisting this trend to embracing and now participating in de carbonization. a lot of energy companies will be part of this energy transition and there will be

winters as part of that. are the economics of the new businesses better than the old ones which is becoming more attractive >> the bottom line is cash flows have improved. it is the fact that these oil ceos and exxon and chevron in particular are embracing, look r for opportunities to participate in new technologies that could really accelerate the pace of decarbonization and what are some of those? carbon capture is basic opportunity. we newable natural gas is a big opportunity. who can pull that off? a lot of people think that potentially that could be some of the big majors. if they do, they will accelerate their growth profile as well >> final quick question to kind of illustrate what seem like a strange paradigm for the stock

you have major divestment pushing up oil prices for a key sort of input to the business cycle and something that consumers pay a lot for every day. that's got to lead to demand destruction at some point. are consumers or businesses who use oil and oil by products going to push back on these higher prices or are they going to be able to take it? >> we never come out of pandemic before to see what the impact on demand will be so far we have seen is there's tremendous demand for oil related products and we're probably just getting started. longer term, gasoline prices probably come back down and oil prices stabilize in the 60 to $70 range. we'll see much longer term is where will defands for oil and

gasoline and oil related products be as this energy transition really accelerates. there's a lot of related products for wind turbines and things along those lines as well big picture, there's a huge opportunity in energy. a lot of cash and dividend yields coming out of the energy sectors. investors, we think one dividend >> absolutely. thank you, sir appreciate it. coming up, wall street is out with slate of initiations on oatly nearly a month after its ipo. the stock is up 33% from its debut although it's down almost 7% today can it avoid going sour? we'll explore. a reminder that june is pride month. cnbc is spotlighting

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only at t-mobile. let's get you a check on the markets. the nasdaq is out performing today. the s&p is negative by a quartquart er percent and the dow is down. some of the movers include goldman with a double downgrade to sell on ferrari they no longer expect the auto maker to try to make up the volume that was lost during the pandemic they are on pace for their third straight monthly loss. head over to cnbc.com/pro for details. let's check on the vaccine makers at novavax says it's 90% effective in shares down 1%

today. biggest mover is moderna out 5.5% we're getting news from the uk where prime minister johnson is planning to delay lifting the lockdown by a month. let's get to raheel for a cnbc news update. >> let's start in illinois major fire at a chemical plant is forcing evacuation. you can see the black smoke there. that could be seen 25 miles away one person is injured. in austin, texas, authorities are looking for a second suspect in mass shooting that left win dead and more than dozen injured. they believe a dispute between the two suspects is what prompted the shooting. a live report from austin on the latest gun violence whanand wha driving this recent rise

on a much happier note, new york city announcing the first major parade of more than a year a celebration of front line high rows will happen on july 7th hard to believe that parades are back >> that is a great idea. why can't we have that all over the country? >> i agree it's deserved. i'm with you >> do it for july 4th. they are doing theirs july 7th but the perfect time to bring everybody together i love that. thank you very much. the netflix of gamingand musk bitcoin about face. it's all coming up in a moment right here on "rapid fire. fi lo, just based on the interest rate and how much i would be saving.

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welcome pback let's catch you up on oatly. let's catch you up on "rapid fire." got to talk about what's going on with oatly stock prices it's been a month since the ipo. so far, so good.

got a slew of upgrades the average price target is around $31 michael, the shares today are down more than 7%. por que? >> 10% upside for a stock that's come out with a lot of hoopla probably doesn't seem impressive if you look at the detail offense the bullish calls, the price targets are based on things like 14 times 2022 forecast revenues. ten times 2023 forecast multiples. it looks like there's still just a lot of room and time for this to grow into anything like the current valuation even if it is kind of a better mouse trap, so to speak and maybe the flavor of the moment in terms of addressing a huge potential market it's come a long way even just out of the gate. >> right it's up about 30% over the month. >> it's doing well up with of the things you'll find when you have a big life change whether it's pandemic or

coming out, new trends and commodities tend to take hold. now that we're starting t iing o solidly move out of the pandemic, is this really a long term trend of how people will pivot or something that will be in the momentum. we don't know right now. there's a lot of upside for sure i think people are starting to bet bearish on the long term >> steve, there's probably already like the next oat milk thing out. there's always something new on the market >> someone telds me about rice milk which i never heard about what i like in initiations we saw was piper sandley saying it's not about the geriatric millennials like me and milk upsets our tummies so we're going for the oat milk that super bowl ad we're talking about a couple of months ago and also just the influence or

barista market it's more a marketing story or a health story or this kind of hot trend of alternative milk story. >> i'll have to start following more influencer baristas because that's notably absent. microsoft announcing a host of new products including decades streaming hardware that people can hook toup their tvs to use cloud gaming services. ceo declared that microsoft is all in on gaming wall street seems to agree noting they could become the netflix of gaming. steve. >> yeah. this is real exciting. when you have the ceo of a $1.9 trillion company saying we're all in in gaming, you got to pay attention. this is way bigger than buying the new xbox or the new p playstation five they are saying we will enable it so you can stream your games to any smart tv that you by. you have the netflix or hbo apps preloaded on there they'll say we'll butt the xbox

app on there and open up our service to a lot more people no more waiting in line or waiting nor this chip shortage to sort it out anybody can get this gaming experience just on their smart tv that's really exciting to hear from microsoft >> they have done well in the space. sarah, do i need to be gaming? i feel like i'm missing out. >> you are missing out it's the if fastest growing medium out of the beats i cover which is everything from music to e-sports. it's massive microsoft is equipped the take on gaming and streaming in the cloud. they have the perfect trifecta to take this on in way that google has not been able to. they backed down

amazon has not shown an interest >> this is an enormous company >> completely enormous it's many things to most people at this point in technology. i think it's one of these stocks that dpr every different angle you can find a reason to feel like you have to own it. not because of steadiness and long term dproet but because they seem to have an edge in a lot of the areas that are still emerging and gaming being one of them there hasn't been a misstep, major one for some time. it seems as if they are able to stay fresh on all these different fronts one final thought is to the extent we can have any fundamental discussion about what's been happening with game stop, i think one relevant question is if game stop transforms itself for the post-physical video game age from whom is it taking the potential revenues you're going up against microsoft, amazon with twitch. the big gid video game

publishers that's up with of those things where i don't think that's a discussion around gamestop but it's worth asking. >> that's a video game i'd like to play. next it's deja vu for bitcoin. ironically the tesla ceo was replying to someone criticizing him. he wrote this is inaccurate. tesla only sold about 10% of its holdings the positive future trend, tesla will resume allowing bitcoin transactions you see the bitcoin around 2:00 p.m. when he tweeted that. sarah, what are your thoughts? >> wa wha a tease. we will not get to a point where bitcoin is more environment tally friendly for long time it's notable that musks tweets can send it into such a volatile

spin that to me makes this thing is an investment. it's not a currency. just a wild card on any company's balance sheet. not just tesla >> those involved claim that crypto mining is generally cleaner, let's call it than normal energy usage. if that's the case, people either don't have a case to make or their cases we don't just want any energy especially any of the old energy to be used for bitcoin mining. until or unless we outlaw that, there's nothing, trs kind of part of the trend, right >> it's all part of the trend. bitcoin mining uses a higher share of renewable energy than the standard usage of electricity, yes

it's a massive incremental usage of power that didn't exist in the world several years ago. you're still using more dirty energy than you would otherwise have i think when it comes to this is this is retro active rereasoning. they just had to sell a few thousands bitcoin to know if that would tank the market 50,000 trade a day on average. many days more than that there was no need to dump bitcoin to find out if the market could handle tesla selling a few thousands bit coin it seems suspect rationalall around here. >> we have this crypto currency set to get an upgrade. it's designed to increase efficiency and privacy and should make it more useful to developers again, this is something in the bitcoin community is called they are way ahead of these trends. by the time we're talking about it it's either priced in or tell me what you think all the

significance is here sdplp i think the significance is it's catching up. it makes it berer to do the block chain contracts. is it priced in. i don't know that was my first thought is when this goes live or supposedly goes live later this fall, will that affect ethereum prices and will bitcoin dominance take off >> we look at the price action today of bitcoin which is back above 40,000 what did paul tudor jones say about it >> he said he thought it was a core 5% holder it's math. it's understandable. it's transparent and somebody who comes from his background he says you might as well own some of it. i think that's pretty skint consistent with a lot of big investors thinking now that shows you that it's being treated as kind of a digital

cold what this tap route thing, maybe it creates more versatility in how it's used in a practical manner but it's like we found gnaw way, a new use of physical gold and electronics what does that mean for the price of gold. you tell me how much the price of gold is investment demand versus practical usage we don't marry gold trends and technical analysis to jewelry trends >> thank you all it's been a pleasure today coming up, you may have noticed your uber rides are getting more expensive we'll take a look an what it me means right after this lease the 2021 rx 350 for $449 a month for 36 months. experience amazing at your lexus dealer. uno, dos, tres, cuatro!

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prams my fai rit story of yours that we talk about is the yolo economy of which that's probably a whole separate discussion but it does seem to underpin the quitting and different things going on right now but maybe this lifestyle sub si did is part of this broader story. they are looking to get more space. they are realizing their old lifestyle was maybe more expensive, will be more expensive if they try to maintain it going forward.

i don't know we look at the uber and lyft stocks and they are not going well maybe they got real problem on their hands. sgling we are coming out of the golden age. that's frankly a crazy business model and it's become sensible since then as have the business models of these companies.

>> i think it's undeniable that you can't do what we thought was so exciting and fun and cheap ten years ago. where is all the capital going now. it was going into the millennial lifestyle space and now where is the capital going. i look at -- my husband's insurance and will those be available. what are the different ways we are thinking something is cheaper than it is >> there's some of it happening in the sharing economies there's these fast delivery apps that people talk about the ten minute delivery apps that are getting subsidies from investors. you see some of it in these companies. uber, lyft there are some taking place

there. >> is this just you frustrated and how much -- how long it takes to get an uber and how expensive it is? it's an undeniable thing we thought we would we were going e this whole delivery economy, this on-demand economy is that even going to be viable now? >> well, it may be but it may just be a luxury. like maybe it was supposed to be a luxury all along and we just had this deflationary pressure on the prices of all these things from these venture capital investors. so maybe they'll just become luxuries again and i don't think that's necessarily a bad thing. if you have a real business that has to make a p & l every month, that has to make more than you spend, you can't compete with a service that has billions of dollars in venture capital to spend undercutting your prices pp and so maybe this return to something more like a normal market for these goods and services will be healthy for businesses of all kinds.

>> it's a great point. i've seen a car service in town advertising again. and the flyer looks like it hasn't been updated since 1995 but they're basically saying hey, we're a better experience, we're the same price, we're still around, we have -- you know, we can be to you everything that maybe your ridesharing sn kevin, thanks for joining me it's a pleasure. >> always a pleasure >> kevin roos of the "new york times. gold en oldies. americans hanging on to their cars and thanks to pandemic demand it's been a boon for used auto dealers and a quick programming note morgan stanley ceo james gorman is on "closing bell" today in a cnbc exclusive, 4:00 p.m. eastern time you don't want to miss it. we're back in a moment

welcome back the pandemic increase in demand for used vehicles plus drivers hanging on to their existing cars longer has increased once again the age of cars on the road phil lebeau is here with the latest numbers hi, phil >> kelly, 12.1 years that is the average age of a vehicle in the united states if that sounds long in terms of how old a vehicle is, it's because it is a new record high. it keeps going up. and it really shot up in the

last year and a half especially as you see more people hang on to their vehicles a little bit longer. to put this in some perspective here, there are about 280 million vehicles on the road in the united states. guess what 25% of them, 70 million, are at least 16 years or older. that's a reflection of how long people are holding on to their vehicles and the folks who put this data together, ihs markit, they're not surprised. >> in a lot of ways i think it's out of necessity that vehicles are staying on the road longer because it's more expensive to buy new so you have to squeeze more value out of that vehicle for a longer period of time. >> all of this is good news for the auto dealers whether it's on the new side, on the used side, they're all benefiting from people who are buying used vehicles remember, the new vehicle dealers, they have as big a business on the used side as those who are strictly dedicated to the used market bottom line is this, kelly

people are holding on to their vehicles longer. and look, the reliability continues to improve every year. so the vehicles are no longer like 30 years ago, where after 10 years it was, you know, ready to go to the trash yard. they can last a lot longer >> so point well taken, phil we're also watching the gm shareholder meeting which is going on right now dividends a big question you know, the prospects for raising it what are you hearing so far? >> prospects for reinstating it, kelly. they suspended it last year when everything happened with the pandemic mary barr was just asked about it about three minutes ago she said nothing new, we will revisit the issue and may have some news a little later on this year >> okay. kicking the can down the road there. gm shares, by the way-only down about 1% on that ford also thought we should mention outperforming both of these stocks, pretty much outperforming tesla i believe year to date >>they are and that's because of the belief that when it comes to the ev market both ford and general motors will be primary players, let's say over the next 15 or 20

years and that they're just scratching the surface by comparison tesla since the beginning of the year people said look, they already had a heck of a run-up, how do you value this company people struggle with that. and as a result the shares have not risen as much as they have for both ford and gm since january 1st. >> yep ford up about 70% pp 46% gain for gm so thank you so much as always, phil lebeau. that does it for the exchange today. but coming up on "power lunch" suze orman joins us. she's going to talk about the meme trade, bitcoin, her new savings venture and a whole lot more "power lunch" starts right after this

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welcome to "power lunch," everybody. i'm kelly evans. tyler mathisen will join me in just a moment. president biden on the international stage today as he meets with u.s. allies but that's just the appetizer. the big deal is wednesday when he meets with vladimir putin another meeting coming up on wednesday, the fete immediating. and their latest decision on interest raits calling it themost important meeting of jay powell's tenure and bitcoin above 40,000 thanks to another elon musk tweet we'll ask personal finance expert suze orman if she thinks