logistics and supply chain services company worldwide its play on ecommerce, outsourcing automation >> had them one, steph >> i know. it's 430 billion address on the market a year. it's a good one. >> carrie, just give me a name and joe a name >> salesforce. >> joe >> berkshire >> say it again. >> berkshire hathaway. >> good stuff. thank you again. "the exchange" is next >> loved being here. thank you, scott hi everybody here's what's ahead this hour on "the exchange. economic data are coming in weak again as housing starts now disappoint but one fund manager who's up 33% this year is continuing to bet on both housing and the consumer plus robinhood releases it's first public results after the bell can it leave up to the meme stock hype and kathy wood goes on offense,

crypto takes over emerging markets, and controversy in china. dom chu is here with the big drop in numbers. >> they came back closing off the lows what we have today is much more unitif situation the fed units are coming out in just a little bit of time, about an hour or so. and many traders and investors are waiting to see what the latest signals are from the fed with regard to what the inflation outlook is like, whether the interest rate picture will change, maybe rates go higher in the coming months so, a holding pattern. the dow industrial down just .2 of 1%. and s&p about .2 of 1% as well and nasdaq an outperformer if you talk a look at one part of the market that has taken a beating over the last couple of days is the semiconductors, coming off some of the highs we've seen

applied materials and the semiconductor smh over the last week we see down 6%, down 4%, down 3% overall. coming off fairly high levels. but still on the technology side if those semiconductors start to fall, could it tell you that other parts are going to fall as well it's a key industry to watch here and the earnings reports of the day, still very retail heavy target and lowe's. very different reaction for lowe's better than expected numbers up 10% on the session target down 1.8% here's what i would say on an intraday basis, it looks terrible however, target shares have been on a massive tear over the course of the last several months, the last year-plus at this point, a real beneficiary of the covid pandemic, a lot of changing shopping trends there look at lowes and target over the last year-to-date period or so, a huge move higher target, lowe's, little a big trader >> target up 4% year-to-date,

walmart only 4%. let's stick with the theme on the consumer. retail sales yesterday, consumer sentiment on friday and housing this morning, they're raising doubt about the momentum the fed james bullard spooking markets with his hawkish remarks about the taper. the mean value is up 30% this year and they are betting on a surge in consumer spending for years to come. top holdings include target, american express, he nar and simon property group joining me now is bill snead, chief investment officer at snead capital management bill, it's great to see you. in housing in particular, there's some signs that it's rolling over, don't you think? >> no, kelly it's so bizarre. there's too much money chasing too few goods, which by the way is a classic definition of

inflation. and it'll take five to ten years to cure this problem but curing the problemis building houses. so, what happened is we had some tightness in materials, prices went bonkers for a few months. and the companies have just organized themselves around slowing things down temporarily to let the inputs and labor catch up to what they're doing but there's 39.5% more millennials than there was gen x errs by the way, in the economy itself, worrying about the economy because of the variant would mean that you have to have things as miserable as they are right now all the time for the next five years. and i have more confidence in our scientists and medicine companies. >> so, one more housing and then i want to broaden it out a little bit because you've stuck with the builders, it's interesting -- i can see a case to be made as a manager of saying we've done really well with this trade. we absolutely hit the bull's eye. we're going to take profits and

put that money to work elsewhere. why stick with the home builders right now? >> boy, that's a wonderful question i would love to have you go on the road with me our competitive advantage in the value space is we hold our winners to a fault you know, buffet hold their winners to a fault do you want to sell the business a bright future at ten times earnings like lennar and dr. horton it's crazy you could get 15% compounded earnings growth the next five to ten years and you're paying ten times earnings to get that whereas people are paying 28 times earnings for that same kind of earnings growth out of technology >> and i know you've talked a lot about how you think paying for big tech doesn't make sense anymore. that said they're turning in nice performance, but so are the home builders. let's go through some of the other holding as well. the likes of target is up 40%

again this year. we've talked about how well they've come out of the pandemic so, you hang on to a name like that, you hang on to the -- what is the catalyst then that you're looking for that tells you we're towards the end of this expansion or this rotation you've been calling for quite some time? >> if we ever get a chance, everybody at the company will give jeff bezos a big hug for going into the grocery business. we bought that stock when he announced he was going into the grocery business, there was a mass panic out of -- >> bought target >> we bought target. it's quadrupled plus dividends since then it was ridiculously undervalued. they priced it as if there was going to be a depression 60% of the college graduates the last 15 years are women. so, we're going to have an awful lot of households with college educated moms, and college educated moms want to shop at target so, even though they've had a great run, the next ten years

look really bright because there's 39.5% more college educated moms than the prior generation and therefore -- >> yeah, sri to put blinders on when i go in there because i walk out with eight things i don't need at home let me walk through this a little bit more. you have specific stocks i could continue to get into i want to ask the bigger picture question as the market has nervousness around the fed taper, james bullard talking about maybe completing it by the first quarter of next year, thinks it's priced in and the dollars rallying and people a little bit jittery about that time frame. what do you think is going to end up happening with the fed here what's the right move? what's the move you expect >> i have the simplest answer for that, and it has to do with playing the game of monopoly if you quadruple the amount of money in the bank of the game monopoly, you don't cause any inflation because the only way you can inflate the game is to give the players more money at the start, pay more for passing go and put more money in free

parking. guess what we did that. we quadrupled the amount of money in the bank. we gave unemployment to people who were unemployed. we did random abatement. >> yeah. just looking through your other top holdings, lennar and deyar, ebay bill, as always we could spend so much time going through these but we appreciate the time you can give us today. thank you. >> thank you very much >> bill smead with a vote of confidence let's get to the bond market now where 20 year bonds went up for auction. how did it go, rick? >> it went pretty well b as in boy is the grade i gave the 20 year dutch auction. 27 billion of those brand-new 20 years have just hit the street at the yield of 1.85, which is pretty much right in the middle of the one issue bid and offer spread and if we go through the internals, 2.44 bid to cover was

the best since march of '21, not that long ago but still a nice bid to cover, all things considered, maybe the third best out of the last 14, 20-year auctions the 62.3 on indirect, very important. that's the best since october of 20, and that represents the buyers who are always interested, especially if we're asking the big questions after the feds stop buying, who is going to take their place finally, if we look at 19% that dealers took, that was pretty aggressive too they didn't leave much on the buffet table, so b as in boy, and we're awaiting the minutes to the last meeting to see what whispers were in the room. we know delta variant is going to make this difficult and sometimes the weak link defines the chain. >> quick follow-up question before we get those minutes, we've heard from james bullard today. what did you make of his remarks? >> i think the most important thing that i read regarding james bullard is whether or not he's going to be alive when the fed's balance sheet gets back

down to more moderate levels i know that's half comical, but when you really think about it, if the runoff is just as these securities expire, takes a long time to drain 8 trillion and i do believe that the demand at the auctions is something to consider moving forward, and its effects on interest rates. >> rick, thank you rick santelli out of the cme what can be considered a pretty bold move, david kneelman decided to launch an airline called breeze airways, serving neglected and forgotten markets. the company says it has more than 100,000 passengers since launching and today announced a $200 million new round of funding for its expansion plans. joining me now, phil is with the ceo of breeze airways. >> david, joining us from the breeze headquarters in utah. we talked about the $200 billion you just announced in

fundraising. tell us what that money is going toward will you be adding more aircraft to your order list already because you're already on the books for 60 air bus a-220s. >> yes, i think there's a lot of opportunities right now in the aviation business. we're seeing planes are very inexpensive, so we'll use that capital to possibly buy additional airplanes, spare parts, spare engines, all things to drive down our costs lower than they are to make us more efficient. and also to send a message that is a very competitive business and sometimes very predatory and just to send a message to our competitors we're here to stay it's -- i raised $135 million to start jet blue to $300 million to start breezes is really amazing and it's going to set us up for many, many years to come. >> david, have you noticed any impact on passenger levels or on bookings and cancellations as covid and the delta variant have

spread increasingly around the country? what are you looking at for booking levels for the fall? >> we were down a little bit we ran out of sale this last week and we're up 20% week-over-week so, the business can be stimulated i was in london this past weekend on the jet blue inaugural to heath row, and i was really heartened to see london was back to normal after the delta variant. so, we're already seeing peaks in the delta variant, so we're hopeful that by the fourth quarter things will start trending down again just like they have in india and england so, you know, the future is really bright. we're really excited with this new investment and we're off to a great start. >> what about vaccinations are you requiring that everybody at breeze be vaccinated? >> we're not but we're asking that if you're not vaccinated you wear a mask to the office. and we are requiring vaccinations for new hires, people who come to work for us

but for those that were hired before, we're not requiring you're vaccinated. but we will ask you to wear a mask and if you've been vaccinated, of course no masks required because we really believe in the science. >> david, you alluded to raising $135 million to start jet blue back in the day. so, this is not your first rodeo, and everybody knows that. how does this market compare in terms of looking for additional funding for starting up an airline to what you've seen over the last 20 or 30 years? >> you know, it helps to have a track record it was a pretty big accomplishment to get $135 million for jet blue back 22 years ago but since then i've done brazil and successful in brazil largest airline in brazil now, so incredible success. so, investors know our management team, they know me well so, that certainly makes it a lot easier to grow and then our business plan, it's amazing. there's so many markets i don't

have non-stop service in and we're able to generate ten times the amount of traffic, increase these market sizes by ten times by offering -- we can get people there twice as fast for half the price. and our customers love it. i was reviewing today and customers are loving flying on breeze so, it really is great for our future >> quickly, david, we're showing a route map for you guys right now. when we talked to you the day of your first flight, you said if the big boys want to come after us in a certain market, we'll pick up our planes and go somewhere else has that happened in any of the markets you've launched with >> no, not at all. the markets are there. and like i said, if we take 10% of them of what we're flying, probably not so, they're seeing that we're not affecting, we're just generating traffic so, we haven't seen any kind of competitive response at all. now with $300 million pending in the bank, they're certainly not going to go out of their way to

come after us when they're not even in those markets anyway >> david neilman, joining us from the company's headquarters in salt lake city. thank you very much. >> appreciate it >> what's interesting here -- thank you, david what's interesting, you heard his answer at the beginning. you've got to send a message and he is not afraid to send a message that breeze is not going away are they going to grow to be the size of some of the other competitors immediately? not immediately, but he's made it clear that breeze is here to say. >> you have to give him credit for launching an airline during a pandemic if nothing else restaurants are rushing to build out their digital pipelines, surpassing big tech over the past year how is fast food beating the faang trade? plus robinhood is set to release first ipo results after the bell today, only 20 days since going public do the real results even matter? will meme stocks move shares

higher no matter what? we're back in a minute >> announcer: this is "the exchange" on cnbc.

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>> reporter: coffee, burritos and pizza, but could they be more >> i think dominos is a tech company with a fabulous online ordering platform that happens to sell pizza. >> it's not a dream and it's not just dominos star bucks and chipotle are gaining recognition for their tech pipelines too and even though food is the primary business, digitals sells are equal to or surpassing in-person orders >> restaurant companies first and foremost, but digital really drives almost everything they do these days and really can transform your business if you don't have it, you're just another restaurant company. if you do have it, you have a mote around your business. >> reporter: digital sales accounted for 48.5% of sales dominos says digital represents 75% of sales papa john's is close behind with digital orders representing over 70% of sales and at wing stop, digital sales

represented 65% of sales last quarter. even starbucks is leans in with mobile orders being 26% of transactions while the focus on digital look to the all-important margins digital orders tend to be higher average ticket and bringing users into the ecosystem gives users more access to data to enhance marketing and promotions >> now, these names all have market caps that pail in comparison, but when they look at the key they added that at dominos about 50% of corporate employees are statisticians or mathematicians are somehow related to the company's technology platform. >> i love that let's dwell on that. half of mcdonald's corporate employees are mathematicians, statisticians or related to this technological field. that's incredible. so, digital innovation

>> at dominos. >> at dominos. thank you. dominos. digital innovation has been huge for other big fast food companies like mcdonald's, yum brands but everyone is going about this a little bit differently not everyone is relying on teams of in house programmers and that kind of thing. >> i think particularly when your business has more locations first of all and second of all is so heavily reliant on the drive through it's a bit of a different piece. but mcdonald's did break out its digital sales for the first half of the year in top six markets they did about $8 billion in digital sales which is a huge number they've got a new loyalty program, so that will only increase that number moving ahead. and young brands has made tech acquisitions tied to social media ordering, ai for better marketing. so, they're also looking to beef up their technology platform they're all kind of hitting it in different ways but the end goal is to differentiate, make it a more seamless customer experience and set yourselves apart from what others are

offering >> great reporting kate, thank you so much. we appreciate it, kate rogers. coming up we're taking a look at the showdown between arc invest kathy wood taking on famed investor michael burr ri of the big shore. it's down 20% from highs, where does ark go omfr here as short interest in the fund rises stay tuned takes you further. at the lexus golden opportunity sales event. get 0.9% apr financing on all 2021 lexus hybrid models. experience amazing at your lexus dealer.

hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need. hi, everybody. markets right now are well off session lows dow is down 153 so far at the bottom of the session. we are down 63, .2% now.

the nasdaq hanging on to a slight positive. it is up 2 we are in a little bit of a holding pattern before the fed minutes come out top of next hour cannabis stocks are getting a boost after pot producer tilray said it's buying convertible debt of u.s. rival, when they owned the retailer if marijuana becomes legalized here at the federal level. you can see the lift, the rest of the space in green as well. meanwhile the chinese ecommerce stocks for once are moving higher they're snapping a five-day losing streak. jd.com, baidu and alibaba are all in the green they're down 40% to 60 from recent highs and talking about a 3% rebound in k web today. one major investor is buying this dip, dan niles admits it hasn't been easy and he's catching the falling knife for more of what he's seeing, head to cnbc.com/pro let's get to rahel solomon for a

cnbc update. here's what's happening at this hour. as afghanistan's currency falls to record lows, a bank owner in the company says the taliban does not have access to the country's $9 billion in monetary reserves he also says some $7 billion is held by the u.s. federal reserve. americans fleeing afghanistan getting a warm welcome from friends and family so far most of the arrivals are u.s. military and contractors. as many as 15,000 americans still remain in afghanistan. in new york, the sex abuse trial of r. kelly starts with prosecutors calling him a predator who lured women and children to find the truth they're going to have to sift through lies from accusers with agendas, they say. a wrapup of the first day hints at how each side will present its case that's tonight at 7:00 p.m. eastern. and flying high. a 19-year-old pilot is trying to become the youngest woman ever

to fly solo around the world she took off from belgium today on her 30,000 mile voyage. she hopes to get more girls interested in aviation and seek careers in s.t.e.m. fields pretty cool. >> i don't know. if it were my -- we should interview her parents, rahel, because i have a few questions >> why >> that's my question. why? >> i mean, you know, it would be really cool if she does it i think the current record for women is 30, the last person who did a flight around the world was 30 years old so, she would make history so, that's a pretty good why >> absolutely. give her a lot of credit very brave i don't like flying. still ahead crypto adoptions soaring around the world, but one firm says don't get wildly bullish just yet plus drama in didi's board rm.oo you can get it any time by listening to and following "the exchange" podcast. we're back in a moment

welcome back, everybody. let's catch you up on a couple more stories that should be on your radar right now it's time for rapid fire here to break down, dom chu,

kristina partsinevelos, and our outsider, casey newton welcome, everybody it's good to have you here let's start with the spat between kathy wood and michael burry. he may not be the only one short interest in ark hit a record 24 million shares, and via put options, that was worth about $30 million at the end of last quarter it's unclear if the position is profitable or whether he still holds it ark shares are down this year. peak to trough they've fallen more than that it could have been well timed. we don't know for sure yet >> it's after the fact we know it's not just michael burry. there's a bunch of other companies like moore capital management, golden tree asset. the list goes on they're all taking these bearish positions against ark, not necessarily against kathy wood they're arguing it's against the fundamentals, all the companies in her basket are too

overvalued a lot of people have shorted tesla. the big concern too to compare the chart just to the s&p 500 year-to-date, ark isn't doing so well the s&p 500 is up 18%, something like that. so, that's a concern but i'll end with this if you guys read the big short, michael burry in the book highlighted for a year or a year and a half before the financial crisis how his investors wanted to jump ship they wanted him to sell and get out of the positions he stuck with it kathy wood's having a bad time right now and we're so quick to forget because her ark did very well last year >> dom, that's the question for burry. i suppose if we could ask him, we would say did you just take advantage of the runup that you saw out of this or is this a much longer term bet that kind of all the stocks in the innovation world, a little bit of what bill smead was arguing that that's where the froth and shakeout is going to be. >> tactical versus strategic that's what trade and investors

are going to speculate on with regard to this position, any position by the way, with regard to these volatile stocks and etfs the reason why is when you take positions like this it could be you go longer by the put options because they're cheap on a relative basis you're looking for that kind of a gap or divergence. it could also be that within a day or two or a week or two or a month or two or a year or two or whatever these put options expire, you could be trading around those positions because there could be dislocations in implied volatility and everything else. so, this might not be just an outright that we're so quick to just say somebody buys a put option, it's binary. >> right >> it doesn't matter you could sell a put option and close the position if it goes in your favor and not necessarily wait for expiration for this to be a yes event or no event >> here's one of the tweets from kathy wood kathy said, to his credit, michael burry made a great call based on fundamentals and

recognized the calamity brewing in the market. i do not believe he understands the fundamentals that are creating explosive growth and investment opportunities in the innovation space >> yeah, you know, if you look at what kathy was able to do last year making a big bet on zoom, for example, she was right. we are seeing explosive growth, right? the internet, the tech sector broadly is going through a historic expansion so, has it had maybe a rough few months in some ways? sure but i don't think it's crazy to assume we're going to see more explosive growth from this sector in the months to come >> programming note, cathie wood herself will be on tech check tomorrow morning it would be fun if we could hear from michael burry atsome poin as well. global crypto adoption is booming this year, especially in places where the coins are used for more than just trading global adoption of crypto is up more than nine fold in the past year driven by gains in south

asia and africa. vietnam, india, pakistan those are the top three countries where people are using crypto for transactions and savings. the u.s. and china fell in the rankings thanks to regulatory issues there casey, this is fascinating because in the u.s. we're held back from its implementation because it's treated as property in many other nations, people have made the point this could be one of the only ways for people to protect themselves against currency devaluation, outright theft, you name it. >> that's right. and if you look at the list where these countries are starting to adopt crypto more broadly, it is often in places where there are authoritarian governments, where there is political instability, where there are concerns about devaluation. and this has sort of long been the promise of crypto, right you can make an end run around a bad government by having this trustless form of currency so, you know, if you're looking for a sign that crypto is here

to stay, i think one thing you might look to is the fact that this sort of old prediction for crypto enthusiasts seems to be coming true. >> yeah. you know, it's also interesting because we talk a little bit about sort of the vulnerabilities a lot of emerging markets have. afghanistan in a way illustrates this, but maybe el salvador for explicitly there are countries that kind of looked to the u.s. to build up their economy. and when the u.s. has proven unreliable they've often then gone and looked to china instead. and in a weird way, bitcoin or crypto could be a partner of the west in trying to avoid countries from feeling like the only choice they're left with is to go seek resources from, for instance, china, russia, you name it. >> maybe why one of the questions that revolves around emerging markets and their devaluation is more people at the bitcoin beach in el salvador or tonga or these countries talking about adopting the

cryptocurrency they switched into dollars which bod bodes as a strength for the dollar then they put it into cryptocurrencies like bitcoin and hold as a long term asset. it could create a bad situation for a lot of these currencies. then the question here for the united states and the west is which companies here are going to start adding more and more bitcoin onto their books we know they've hit 6.8 trillion of cash. when are we going to transfer that into bitcoin. that will really help roll the ball here. >> all these cases going the gold route yesterday in that regard sticking with crypto, you would think while adoption is picking up around the world, the coin bases around the world should be benefitting. mizuho put out the reasons not to be overly pullish retail users are trading less and institutional yields continue to fall so, mizuho did raise its price target to $220 a share

coin base is just about flat, dom, from its debut in april but you think this could be the obvious way to play crypto, sort of like the toll collector, if you will and they're saying not so fast >> the tolls are going down. that's why they're saying not so fast that's a fancy way of saying the amount of fees they collect are going down and will continue to go down in the future just like they did for stocks and bonds and everything else. spread compression, whateveryo want to call it is going to be an inevitability talk about stocks right now. we're trading for commission free at this stage those institutional traders, they do drive a lot more volume perhaps. but they pay a lot less in fees. if they're going to continue to rely on fees, that means those tolls they collect are going to keep going down and down and down in the longer term scheme of what's going to happen with coin base and others and crypto is diversifying away from the fee string, trying to get away from trading commissions.

if coin base looks different in the future, which it will, the question is how long it takes. if they start to become like an american express where you have a banking type operation, you have financial services tied to it, you have credit card operations tied to it, if coin base ultimately looks like that and diversifies away from those types of products that are being compressed, that could add to the long-term kind of value proposition in companies like coin base. >> you're right on because i think they're starting to launch credit cards or debit cards with crypto rewards and so forth. but they're broadening out to be more financial services for crypto the tolls are going down finally the drama at didi just won't stop. in a report at the "wall street journal," they detail how they felt misinformed didi's eight member board includes executives from alibaba who were unaware at how exposed didi was to the regulators didi share versus fallen by half

since their debut in june. casey, what's the take away here >> well, the take away is that you should always tell the chinese government what you're going to do before you file for an ipo, right? i understand why there aren't any members of the didi board that are mad at didi but i have to wonder how much of that anger should be redirected at the chinese government there is a vast crackdown that's going on in the tech sector. it's extremendly hard for these companies to predict what's coming next. i think didi was the first to feel the brunt of this and may come out the worst of any companies. but there are a lot of other companies feeling the heat right now. >> do you question how honest everybody has been because the south china morning post reported that the board members from ten cent as well as alibaba knew about it and asked the other board members to defer its new york listing the big question is who's being honest are they hiding and trying to protect themselves, especially

since alibaba has the fine against them in china. the regulatory issue is not going to go away and transparency is key, but we're asking that from a chinese firm >> exactly dom, final say >> this is a much bigger issue than just chinese tech firms you just had president xi jinping come out of a massive policy meeting saying the country's government needs to do more to promote the collective good to even out the income distribution aspects of their economy. the big tech crackdown is symptomatic of that bigger move. what these companies and all of the rich people if you want to call them that in china have to worry about is that the chinese communist party overall is going to take a much harder line on some of these perceived inequalities and their economy they've got to do more on that front. >> it's like a massive loss in overall wealth as opposed to a shifting of it based on early reactions in financial markets huge thanks, dominic chu

we're talking about coin base. the ft reports the cme has approached the cvoe about an all share deal worth about $16 billion. the move in cboe trigger with the shares up 7.5%, with this potential deal offer with consolidation in another area where toll collection if you want to call it that will be critically important still ahead with the taliban declaring victory in afghanistan, the social media companies face the conundrum how to handle extreme or graphic content from the ldeears of the nation should they even be on their platforms? that will be next right after this rush hour will never feel the same. experience thrilling performance from our entire line of vehicles at the lexus golden opportunity sales event. lease the 2021 is 300 for $379 a month for 36 months.

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welcome back the taliban takeover of afghanistan could have huge

implications for the tech world because of social media. companies are grappling with how to handle extremist or violent content that the new regime may put out or even how to handle the regime itself. ylan mui is here with that story. >> the platforms are on high alert for potentially dangerous content, but they're also divided over whether to allow the taliban on social media at all. the top spokesman who posts multiple times a day, and who represents the political office in doha, and suhail shaheen who tweets in english. together they have hundreds of thousands of followers and the number is growing. their presence is growing criticism from smaller platforms like parlor. that company tweeted where you can hear from the taliban but not 45 the situation is rapidly evolving and will enforce rules

prohibiting the glorification of violence, platform manipulation and spam banning the taliban comes with its own risks. youtube said it has terminated accounts that are owned and operated by the afghan taliban facebook erases content that praises or supports them and that has provoked the taliban itself calling out facebook specifically as having a double standard on freedom of speech. so, kelly this is an impossible dilemma for the big tech platforms. they're having to make these judgment calls in real time while they wait for the international community to reach consensus. >> who exactly is making the calls? >> facebook would like to punt this to international leaders like the un, for example, to determine whether the taliban is legitimately in control of afghanistan. but what we've already seen in the u.s. is that there are differences of opinion with

political ramifications. so, in the u.s. the afghan taliban is sanctioned by the u.s. treasury department, but it's not designated as a foreign terrorist organization by the u.s. state department. there is cover for other platforms to keep content for the taliban up even while other sites sanction the u.s. treasury department while facebook is trying to avoid the politics, even these international decisions come down to differences of opinion that can have global ramifications. >> and it's certainly awkward for them ylan mui in washington, thanks very much. shares of robinhood are gh tay ahead of their earnings tonight we'll tell you what to watch for next

♪ someone once told me, that i should get used to people staring. so i did. it's okay, you can stare. when you're a two-time gold medalist, it comes with the territory.

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xfinity mobile benefits. ...and exclusive experiences, like the chance to win tickets to see watch what happens live. hey! it's me. the longer you've been with us... the more rewards you can get. like sharpening your cooking skills with a top chef. join for free on the xfinity app and watch all the rewards float in. our thanks. your rewards. out after the bell today investors will be listening for whether the recent wild trades are meme stock momentum or based on wild possibilities and also watching out for regulatory or legal headwinds. the business editor of axios, dan, it's good to have you do you know off the top of your head, are they going to report earnings are they profitable? >> i don't think so. they have kind of given a

preview of what we're going to see. i don't believe they're going to be profitable. the real question isn't so much the q2 numbers even though that's what they're obviously reporting. it's do they change the q3 projections? they said they thought they would have a worse q3 than q2, but it's possible this rebound in crypto might change that. >> user account is probably the most important thing, as always, with a lot of new companies. jim was talking about this last hour, jim cramer what do you think we need to see in terms of trends there just signs robinhood has been able to capitalize on this moment with the pandemic and the way the stock has been trading to turn the attention and even the stock run-up into sticky users? >> i think, so yes, i think what you said is true yes, that's what we want to see or what bulls of robinhood want to see what's important to note when we talk about this from a share price perspective and it's been going occupy today, or is it going down, there's a pretty good point to make that robinhood share price is the

meme stock, and there's question on that or disagreement on that, but what robinhood says today and three months from now isn't necessarily correlated to what's going to happen to the stock the stock itself seems to be as much a momentum reddit play as it is based on any fundamentals. >> it had some wild swings the ipo itself didn't go off well it was important to the platform to get its users into the platform then it shot up, and now it's been a lot more volatile so i guess we can look back to what's happened with some of the other meme stocks. frankly, some continue to hold up at high levels. a lot of others, especially in the spac world, have really struggled this year. >> they have compared to most of the meme stocks, not all, but most of them, robinhood has a much more basic -- basic is the wrong term, but an understandable business model it's not a turn-around play where you hope people are coming back to movie theaters we know what robinhood is. a, it's got lots of competition, two, it relies on crypto, and

three, this big thing which is the payment for order flow issue, which it seems might not be, you know, addressed any more by regulators. i'll be curious if someone asked about that ands played >> you said at least with grill makers, you know what their business is going to be in a year or two. with robinhood, it's an open question if the s.e.c. cracks down, they'll have to find other ways to make money. like you said, maybe that threat is receding somewhat is that the read you're getting from washington? >> that's the read we're getting. and obviously, devil is in the details on all of these pieces of legislation we haven't seen any of this yet, but it seems that's getting pushed back, and i do think, even though i said i believe the share price is largely driven by sentiment, not by actual fundamentals or rules or regulations, i do think the fact

that's no longer front and center as it was when the company went public has helped to boost the share price today g >> i'm going to call an audible. just a few moment ago, cboe reported to be in a deal with cme would be looking to acquire cboe it's sort of analogous to the robinhood discussion we're talking about trading behavior and platforms do you think they would face regulatory pushback over trying to complete an acquisition like this >> all hypothetically, i first heard about this from you while i had my head fphones on listenn to the last segments regulators are looking at every major deal in every major sector we focus a lot on tech anti-trust but the regulators doj, et cetera, have been very clear that they don't only view this as a tech issue or they don't view consolidation only as a

tech issue they viewthis across sectors, and financial sectors is certainly part of that >> didn't they push back on the willis deal? didn't we see that fall apart recently absolutely yeah, absolutely correct. >> another industry that's not usually one you hear a lot of public outrage about dan, thanks. appreciate it. >> nvidia is also going to be reporting. it's outpacing the broader semis this year, and its earnings after the bell could keep that momentum going ♪ you probably think visa is a credit card company, huh? ♪ but it's actually a network. ♪ connecting just about everyone to just about everyone else.

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welcome back nvidia reports after the bell. and analysts expecting strong results, as shares sit just about 5% from its july all-time high josh lipton is here with some of the chi nukey numbers. >> it's been a good year for nvidia that stock has ripped higher, surging about 50% so far in 2021 that far, far outperformers the

smh, the etf that tracks the chips and looking for eps of $101 after the bell on revenue of $6.33 billion chris roland of susquehanna say one big number for him, $2.27 billion. investors focusedon that, bo because those chips carry higher margin than gaming he expects another strong quarter there, but there are questions as economies reopen and those chips are also used for cryptocurrency mining, too it will be interesting to see how that impacts demand for nvidia's products. it can help hurt results on a given quarter. >> do you give a feeling they're trying to distance themselves from that narrative? they traded quite tightly, crypto and nvidia, but nvidia has so much going on and going for it, frankly. >> they did introduce new products just for crypto miners, and those products, miners are

going to use those chips to handle those transactions. actually today after the call, i think there will be a lot of questions for the cfo about what sales for the chips look like. >> impressive. josh, thank you very much. josh lipton. nvidia reports after the bell this afternoon >> that does it for "the exchange." thank you for joining, but don't go anywhere because [ applause ] starts now >> that is right please do not go anywhere because "power lunch" is beginning right now, and here is what we got on our menu for you today. the release of the fed minutes is imminent. will there be more clues about the taper timeline how concerned are officials about inflation? we have team coverage, analysis, and the market impact. also this hour, packaging producers seeing costs spike, but get this, they plan to pass on all of it and maybe even more what are you going to do if you can't get the cans to sell your beans? no questions asked here. our inflation nation series focuses on