still 24 hours but the least light but it's all uphill from here as i said -- yeah, bill walton said it's the greatest day of the year the days will start getting longer the days will start getting longer please join us tomorrow -- >> until we roll the clocks back, and then what? >> it's confusing. >> it's spring >> and we also lose an hour in the spring make sure you join us tomorrow "squawk on the street" is next ♪ good morning welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber coming up today, faber sits down with bob iger futures are looking to get back some of monday's loss as we continue to wrestle with the omicron wave we await the president's speech

offering more federal support, including some free at-home testing. we're going to begin with the stock bounceback wall street trying to rebound after a three-day rout >> and my exclusive with bob iger >> and shares are micron are surging after reporting strong earnings the ceo is going to join us live in just a few moments. jim, let's talk about the bounce here this morning as well as some of the creeping buying we saw yesterday in names like travel despite all of these omicron surges that we're watching >> well, one thing is certain, carl, we had two great earnings reports last night one from nike and nike proved that the consumer is still strong the second will be our exclusive interview with the micron ceo. this is the most important earnings call that you could

have it covered all the bases and told you why we could have a semi rebound as far as travel, that's a quandary it's almost as if people are saying full speed ahead. people have said, you know what, i'm going to accept the risk and i'm going to travel and i'm not going to wait any longer david, the interesting thing is, where you did your interview, people are going to disney world. they seem to be not at all deterred these days, do they >> no. certainly i can speak for disneyland which i did visit last thursday. and it was packed. >> packed. >> yeah, packed. and that was a thursday, by the way. not a weekend. most kids not out of school yet. but, yeah, to your point, jim, you know, it's very much unclear that things are going to slow significantly and yet, jim, we do see in cases where this thing is spreading so quickly that

people have to absent themselves from whatever they're doing and that can have an impact. broadly speaking, we're back in an environment where on the macrolevel we're perhaps a little more concerned again about supply chain issues. you were talking about it yesterday, but -- and we'll get to nike in a moment. but with omicron spreading around the world, are we going to have to revisit concerns about supply chain that haven't gone away, but we thought would certainly get better in the new year >> what a great question because i know that a lot of people have -- they have doubts about whether pfizer, moderna can protect us there's one thing that is for certain, the chinese vaccines are somewhat irrelevant against omicron. i was reading my -- every morning i start with china and there's a very interesting piece about the fact that neither the russians nor chinese have what it takes to be able to stop this but, david, there is such a slowdown in china that we have to wonder whether that isn't

olympics related carl, you know china as -- if the olympics have one wave of covid, and, two, a wave of smog, then it's certainly a very bad -- very bad sign for the chinese. i'm wondering one of the slowdowns -- part of the slowdown we're seeing is just an ability to try to have clear skies over the stadium >> yeah. they definitely -- they definitely want blue skies in china and you would imagine some at least industrial production in china begins to ramp down in advance of those games, jim. it's a great point i was curious, though, to see this morning that, for example, here in the states the consumer electronics show in las vegas, big event, canceled last year s going to go forward with as many restrictions and mitigation efforts as they can muster but we're -- for example, jim, this show that we're doing right now is being anchored with two anchors with covid, but who are

managing to work around it, isolate for a days and get back to work in the office. >> i know one of us is covid -- i got a 50% chance -- >> i'm the odd man out carl just shared some news, i wasn't aware of. >> thank god, because i hugged you. >> carl, that's terrible >> david would also have covid if he hadn't been at disneyland. >> that's true it was thursday that was the key day, jim carl appreciates that. i'm sure he thanks you here's the good news -- >> carl, i'm sorry >> the good news is, you're both fine because you both have had three shots. >> i had three what we have seen from this incredible spread of this omicron variant that is now accounting for, according to the cdc, 73% of new cases right now, what we have typically seen from people that have three shots, and you guys are proof of it, you don't get very sick, thankfully but it doesn't mean that you don't have to isolate yourself

fromwork we're able to do it, but some people may not. >> let's think about this. this is the real problem and i say this to the people who run ces. last thursday at 6:00 a.m. i tested i used the best there is negative i then go to work and at 9:00 i must have been contagious even if it said that i was negative because how else could i infect carl and the answer is, this thing is very illusive. i was at a party where i got this everyone had to be pcr negative and everyone -- you had to prove it and yet i still came down with it because someone may have switched to being positive or was actually able to give this i guess what i'm saying is, carl and david, this thing is just completely -- whatever you hear, whatever expert you -- dr. fauci or whatever, i have to tell you, they know nothing.

they know nothing because i test negative and i infect my partner? what does that mean? i test negative and three hours later, i give it to him? where are the authorities that are really going to step up and say you know what, we have no idea what's happening? they refuse to do so and, carl, i am very sorry that this happened. i certainly would never have come to work -- i felt great that morning i don't know what to do. >> i think we're grappling with the realization, david, that the rapid antigen tests are a lagging indicator. they don't give you a good sense of your viral load at the moment you need to show a little bit more to show a positive. same thing happened to me. i'll echo jim's comments about how surprised i was about how mild the symptoms are. so far, my only treatment has been a couple of tylenol, david, and a huge feeling of gratitude that i was able to get three doses and wondering what the situation would be like if i

hadn't gotten that. >> and even two at this point, we know, is not necessarily going to be as effective now, again, we get into things like the spike protein as opposed to t-cell immunity, which would be helpful you want to be vaccinated and have three shots if you can. only 30% so far of americans have had the third shot. back to the broader impact of omicron at this point. to your point, i think it's hard to know right now. we talked about the mild symptoms you guys are certainly indicative of that, thankfully, because of the three shots that you had. but at the same time you infect enough people even though percentage-wise it's going -- percentage of those who get very sick is going to be small, it could still end up being a fairly large overall number. we could easily get to half a million cases or more a day. >> how about if you had a j&j and a moderna? what do you think? >> i don't know. >> do you know what you would be

getting? you would be getting the person who is downstairs, my wife we're in a very different course she knows i have a show. she needs to -- we're in a very different place. she'll get over it without a doubt. but it is very, very different illness that i have from what she has. and i'm not trying to say that she's not really -- this is not like the morning show with jennifer aniston, season two, i like it. we're just in a different place because j&j and moderna is not as good as three modernas. please, everyone, she's downstairs, i don't know if she's watching the show. the combination of three is really terrific versus two i don't know what zero would look like. i don't think it would be -- i think it would be suboptimal even more than a signaled this

morning. >> all of this again -- >> carl, i'm sorry can i just say, i feel awful >> here's the thing, i think we've moved beyond apologies and i think we've moved beyond, david, being something that's interesting. i think it was the sometimes -- >> all right good luck, then. >> if you have a life in which you interact with society, you're going to have a day with covid. the sooner we make this more mundane -- >> but i don't have a life i don't have a life. that's what -- let's add the people who don't even have a life i have no life i worked i worked until 11:00 last night. only tonight when the eagles beat washington -- david, i don't want to get in the way you do have an important interview and it's one of the interviews where i've got to tell you, i've been watching -- i watch the morning. this guy is one cool guy did you really say he's almost 71 >> yeah. >> that's insane. >> yeah, i know. it's hard to imagine people are actually older than you are, but

they are yeah, he looks -- i'm very thankful to bob because i was not in the studio on thursday so i didn't get covid from you. thanks for that, bob iger. but, yeah, we did sit down for a long interview that i was very happy to have an opportunity to conduct and a bit different than we typically do at cnbc talking about his long career at disney, not just his time as ceo we hit on a lot of the key business questions as you might anticipate and we went over a lot of other things as well including sort of some of the things that he saw in terms of his strengths and weaknesses and i guess i'll start there because he did site something he noticed about his own responsiveness that he said was one thing that alerted him, maybe it was time to consider stepping down. take a listen. >> i will say that over time i

think i started listening less and maybe with a little less tolerance of other people's opinions maybe because getting a little bit moreover confident in my own, which is sometimes what happens when you get built up, you know, in some form or another as something special or great or whatever. i was mindful of that. >> you were introspective enough to recognize it. a lot of leaders might not recognize it >> i became a little bit more dismissive of other people's opinions than i should have been and that was an early sign that it was time. it wasn't the reason i left, but it was a contributing factor >> that you didn't have the patience any longer or you thought i've heard this all before. >> yes, all of those things. you heard every argument before. i don't want to hear it again. even though it may be more valid today than it was then sometimes change all the -- all the challenges for a ceo in a large global

company today in terms of managing time, dissent has to be finite in a sense and it depends on when you draw the line and when you shut dissent down maybe i was doing it a little bit too quickly. i felt that. >> ten more days for iger as chairman and then he will step down and we talked obviously about what his plans are for the future but certainly he can look back on a very successful tenure. we can take a look at the stock price as well from when he took over to when he stepped down bob chapek has been running this company since the end of february 2020. no shortage of challenges there. park attendance looks good, but we have to wonder, even on that front, given what we're seeing in terms of the spread of the omicron variant. >> david, wall street loved this man. loved bob iger i do not detect the same love for bob chapek was that discussed at all? >> we talked about it a bit.

he didn't fully engage on sort of some of the talk that's been around now for some time but, you know, as he said, and i think we shared a bit of that on "squawk box," there was a different set of challenges for mr. chapek and he's got to deal with them. and we all know some of them, at least, certainly when it comes to direct to consumer, jim and carl, in terms of the offering from disney right now and is it broad enough that was something that we did get into, including movie-making and whether people will go and direct to consumer and sports rights so many different things to cover when you talk about this company. >> well, the company i don't think is -- we've beentelling the investing club, you have to buy it on the way down why? because we have faith in chapek. we think that the model itself is a good one. if omicron sweeps the nation or

if we continue to have these different versions of covid or if we just decide, you know what, they've got some really great programming here, well, we're going to -- people are going to buzz about it and the same way, i got to tell you, i'm not -- i'm a fan boy of apple. i had to get apple plus because people were talking about apple plus i don't have kids growing up right now. i need to have something that makes me want to watch disney. i paid up for one offering, but we had adam aaron on yesterday i think that it's time for disney to really test him and say, you know what, you're getting our stuff second and see what he can do it's not like his balance sheet is going to be a friend, but the one -- look, obviously, these agents get good deals for their actors and actresses, but disney has to find a way to make it so that disney+ is first. and i'm not seeing that happen right now. i think it happened and then it left, carl, and it's got to come back

>> that would be an historic reset of the exhibiter relationship we can't wait to hear more of what iger told david bofa reiterates disney buy at $191 we'll take a break here. micron ceo is going to join us, talk about the stronger demand along with calls on nvidia, fedex, boeing. aomt. ctieshe street"onnu in men

♪ ♪ (man) still asleep. (woman vo) so, where to next? (vo) reflect on the past, celebrate the future. season's greetings from audi.

want to know why this market is rallying? shares of micron are jumping in premarket trading. posting much better than expected quarterly earnings. fantastic, fantastic guidance. and, again, this man is so underrated i'm talking to sanjay mehrotra who, once again, is a man of his word sanjay, what you did was say you would do on "mad money." you said that this was a shorter downturn, that people should be buying the stock you came on and said that. how did you know this is just a remarkable quarter. >> jim, first of all, thank you for having me on your show i hope you and carl are doing w well, and the results were fantastic. solid start to a fiscal year '22. we expect this fiscal year '22 to be a record here for the

company. micron team executed really well we're leading the industry with best in class, most advanced technologies, strengthening our product portfolio, ramping these technologies into production all of this giving a strong year over year growth in multiple markets. and, of course, the end markets of data center, of mobile, automotive, industrial, have all been strong and we deliver strong year over year growth in these market segments as well. micron had strong execution is well positioned for the fiscal year '22 we look at it expected to be a record in terms of revenue and robust profitability >> i've got to tell you, sanjay, i was struck by your bullishness about artificial intelligence, about 5g, and about electric

vehicles now, i was -- i certainly thought that you would dominate data center. you've been saying that. but these three other markets, they seem to be yours. the old days, micron was regarded as being a commodity. these are deeply secular proprietary. you've changed the model >> absolutely. these are secular demand transgenders d it's going to be a strong driver of growth beyond fiscal year 22 as well. big data work loads new processors have been introduced that have more course and more channels that are enabling greater in these applications, yes, data center is going to be a strong driver of growth. if you look at a server today, it has nearly 50% of its details sideline memory and storage and

this will continue to grow as more big data drive the workloads in data centers, cloud, as well as enterprise yes, and they're driving strong content growth i call them like data center on wheels they have been -- electric vehicles that have been announced with more than 140 gigabyte of ram and others have been announced with a terabyte of ssd this is likely data center on wheels and micron is number one share in the markets for automotive we are a strong player, many years of history, number one quality. strong product portfolio and the vehicles will become a bigger and growing market for us. whether you look at mobile, you look at cloud, you go onto the metaverse that are building up, memory and storage will be a key enabler because it's all about

the strengthening economy and in many aspects, we are still early in this data economy and micron continues to execute very well with our technology and products and we expect to deliver strong growth over the course of next several years. >> now, everyone who is in the stock market trying to figure out this rally today, to go listen to the micron call. there's a moment in it where you, sanjay, say that -- i'm going to quote, supply chain -- the bottlenecks, they are easing you're using the term easing no one was expecting this. you dropped that positive bomb i need you to flesh it out if supply chain is easing for auto, then you know this is the most important bottleneck in our economy. >> supply chain is easing in certain pockets of the market because of a lot of investments, including

including micron and we expect supply chain to continue to ease gradually all throughout our calendar year '22. some shortages may still continue new products, new technologies get introduced into market, it's possible that some shortages will still continue. but some shortages have improved yes, we expect easing of shortages through calendar year 22 and easing of shortages will -- our customers have been constrained in terms of how much product they can shift into their markets despite strong demand and as supply chain shortages improve during the calendar year '22, all throughout the year, that will release pent-up demand for memory and storage this, along with -- as we discussed earlier, the secular demand driver of cloud, 5g, you know, 5g across even industrial applications, all of this will

continue to drive data demand for our products key for us is to continue to execute and rely on macro economic environment. >> there's a lot that is uncertain, including how quickly this omicron variant is spreading around the world and the impact it will have on your forecast for supply chain. are you taking that into account? how can you -- i just waronder o that aligns? >> so i think if you go back over the last two years and look at what micron has done to invest in its supply chain, our global manufacturing footprint has been a tremendous plus for us, diversified global footprint. we have continued to deliver successfully to the needs of your customer and the demand for products has continued to grow the covid variant, in some

markets, it really has accelerated demand, in some markets it may have slowed down demand of course, the omicron variant, we will continue to monitor it but the point is, our supply chain is well prepared and we have seen over the course of a the pandemic that a demand, drivers are strong and ultimately they're secular in nature as well we do expect continued strong demand and micron has shown that we can adapt quickly to the changes in the marketplace to the extent that omicron impacts macro economic growth, we will make adjustments accordingly. >> miraculous corner, turning the market around. sanjay mehrotra, man of his word, thank you for coming on "squawk on the street." >> happy holidays to you and all of your viewers. >> same. back to carl, thank you.

>> all right jim, thanks. when we come back on this tuesday, a lot more of david's exclusive with disney's bob iger the exit interview don't go awhe.nyer i didn't have to shout out for help. because you didn't have another dvt. not today. one blood clot puts you at risk of having another, so we chose xarelto®, to help keep you protected. xarelto® is proven to treat and reduce the risk of dvt or pe blood clots from happening again. almost 98% of people did not have another dvt or pe. don't stop taking xarelto® without talking to your doctor, as this may increase risk of blood clots. while taking, a spinal injection increases risk of blood clots, which may cause paralysis. you may bruise more easily or take longer to stop bleeding. xarelto® can cause serious and in rare cases, fatal bleeding.

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>> announcer: the opening bell is brought to you by nuveen. a leader in responsible investing. take a look at the opening bell on this tuesday and the cnbc realtime exchange the big board, it's data analytics snowflake with snowflake the bear ushering in the first day of winter on this december 21st. at the nasdaq, it's the american red cross bringing awareness of the needs from this year's weather-related disasters. i wonder at 4608 whether or not you think there's going to be another leg lower before santa shows up >> i think santa is here one of the reasons santa is here, when you listen to what sanjay mehrotra just said, carl, you got autos, data center, you have av, you've got some terrific meta that he's

discussing industrial iot he did everything but say, listen, you got to buy the health care stocks this is a person who is at the -- is ground zero of technology and, david, i mean, honestly, david, short of let's say apple coming out and saying things are great, i think that sanjay represents the kind of thing that can really ignite a market. >> interesting his positive tone on the supply chain, which you noted from the call and then we had an interchange with him just now was somewhat surprising. he seems to believe that they can manage it, they can manage it regardless of what comes their way as a result of omicron. >> well, what that could mean at cisco, which my travel trust owns, ford, which -- gm, they've been held up by it one thing you mentioned earlier, where are the chips coming from? they're coming from malaysia

i don't know how they're vaccinated there taiwan, i don't know how they're vaccinated there david, before i think sanjay, he's uniquely american his product is made here these other countries, we really got to find out how they're vaccinated by the way, i really appreciate all the people who are excited that i'm sick. that's a whole new aspect. typically you don't wish people are sick and the other people who say that i have some guts trying to tell people to take a vaccine just because i had three and i still got sick but it's the ones that i want to single out that are so happy that my wife is sick these are terrific people that -- one of the reasons i saw a cut on twitter today is that i think that twitter has to recognize that when you have people who are really hoping that you get sick, that may not be a site that is conducive to anything that is good. so i don't know, david, that said, i don't think i've ever wished anyone in my life -- and

identify had some real enemies -- to get a disease. when i found an exclusive group of people following me >> you got to move on. i know it's hard to do and it's -- it's distressing we're making light of it in a sense. but it's distressing to see that level of vitriol directed forward you or your family. >> what's it say about twitter >> it's an issue for twitter and it's new ceo one they have yet to fully deal with in terms of the platform itself, creating a hostile environment. you're right i want to go back, carl, to supply chain and, you know, we talked about micron. of course, we should also talk about nike shares of which are up sharply after the quarter was reported and it was a strong one. but, again, there you come back to the questions about vietnam which is an important manufacturing hub for that company and omicron. but at this point, the stock doing very well off the back of those numbers, carl.

>> yeah, not too bad revenue ahead. we know how levered -- not just nike, but apparel in general we've been talking about chips all morning. apparel is about vietnam we're going to have to pay attention to vaccination rates, particularly in southeast asia >> yeah. the nike call is interesting they did say that the vietnamese did flee -- they did the right thing. they went away from the factories. but they're coming back. the direct to consumer is alive and well i know that people were upset that china wasn't strong some people think it's political. i think there's a problem with china that will go away. this was a great quarter once again, carl, you see these companies, they're supposed to blow it. nike was really supposed to blow it they can't get the product this is just ingenuity talking

i really -- i just respect these companies, carl, that are able to somehow just triumph over what we thought they could -- i don't know a soul who thought nike would screw it up look at what they did. it was a remarkable quarter. great conference call too. >> guys -- >> sorry, carl yesterday jim, we spent a decent amount of time talking about the pharmaceuticals. you seem positive on them. shares of pfizer are up 60% this year are down over 3%. i had an anticipation, at least, based on some conversations that we would see fda approval perhaps as soon as today prior to the president's address on covid. fda approval for the antivirals. we had a long conversation about that yesterday it hasn't come expectations are, it should come in the next 24 hours, i think. we will see them, carl the antivirals that we've been

talking about since the early days of the pandemics, the oral ones, one from pfizer which has strong efficacy in terms of keeping people out of the hospital and from merck as well. again, waiting for that fda approval thought perhaps it would come as soon as today. it hasn't. i notice shares are down rather sharply, given the overall tone in the market. >> yeah, bofa with a good chart out this morning as we said earlier, greater levels of immunization, either natural or acquired. to your point, david, greater availability of antivirals a shorter, smaller surge would be a strong indicator of the progress made today. and another firm emphasizing the idea of the hopes to accelerating into an endemic phase. >> look, i have -- with the exception of biogen, which i think was shameful with their

alzheimer's drug if you take it, i think you're wasting our government's money and i'm aggressive on that i do a lot of work with the brain foundation i will say that the fda, the nih, cdc, have been shameful they've misled us. they have been a major problem in our country which should be open one of them, i think has distinguished themselves i don't think dr. fauci should distinguish himself. i think that the cdc has been terrible and i have to say it because these are organizations that we turn to. i now turn to the government as a farce. president biden was talking about giving 500 million tests out. now, abbott has the ability to produce 50,000 -- 50 million a month. where is he getting this 500 is he going to go to china i don't think we want them i don't know how he's going to do it. and there's absolutely no sketch

out of how he's going to do it once again, you know, david, i'm sorry that i'm so negative about these people but i've come to expect more from our country than these people i don't think they know anything and i think that they say they do know things i don't hear them talking about what happened that tests don't work for -- if you get -- if you get omicron. i don't hear them talking about what happens between j&j versus pfizer david, what do they -- why do they pretend why do they pretend? why don't they say they don't know i find them shocking. >> yeah, i don't have an answer for you other than to say things do change. if we know anything, throughout this almost two years now, things have changed very quickly and we are dealing with obviously something that was an unknown. but two years in, your argument is probably a good one, jim, as to why -- >> pfizer knew that you needed three. pfizer knew you needed three

but the government did nothing they knew you needed three one day we'll investigate it but it's shameful. >> well, speaking of people who have distinguished themselves in a positive way, back to bob iger and that interview that we conducted late last week mr. iger spending his last few days as the chairman of disney after what's been a 47-year career at that company 15-plus as its ceo as well and a period in which the stock did extraordinarily well we did have that chance, though, sort of an unusual opportunity really to talk not just about disney and its business, but also about some of the broader leadership lessons that mr. iger learned. he did some of that in a book that jim and i, of course, have lauded for some time as well but he and i did spend time talking about that and culture and things that he would tell other potential ceos as well take a listen. >> i'm curious as to how you

think you went about changing the culture of disney and what you would say or how quickly you can do it as a leader and where that culture is today versus then >> i think for any ceo of any particularly large company in today's world, the world throws you more and more curve balls, more and more challenges and they now -- now they come at you constantly and from directions that you could never anticipate, never expect it gets really tough and i think -- one of the reasons why i think it's right for there to be change at the top sometimes, is that can turn a ceo into more of a skeptical or pessimist or just because they get weary of all of those challenges and i think we had gone through -- i know we had gone through a period of time at disney prior to my ascending to become ceo where those challenges were numerous they're omnipresent. there was the comcast hostile

takeover attempt there was the share -- the board member, shareholder revolt there was the impact of technology on all of our traditional businesses there was 9/11 there was -- we can think about all of these things. and i think disney at the time had become weary of those challenges and with that came maybe a little bit less of a belief in its future there was the scale issue as well, were we large enough and it was intimidating. faced some of those technology companies. steve jobs announcing what was going to be the future of ip, people challenging copy rights it was left and right and all over the place and so what i wanted to do when i came in was to see whether we could not ignore those challenges but put them aside and become optimists again and

look to a future that we believed was brighter. one that i think that was important to me was embracing technology, even though it was causing disruption and potential threats. i wanted to embrace it as a means of creating opportunity for us. >> jobs showed you the first video ipod, didn't he? >> we put our television programs on it first which was a tiny, tiny deal. all of a sudden it signaled, maybe we could use technology to gain as opposed to lose. and that mentality was something i wanted to infuse in the company which is future is bright, let's view technology as opportunity versus threat and that announcement turned out to be a big one it led to more serious conversations with steve about buying pixar one of the things that i was surprised at, if you consider pessimism about the future to be part of a company's culture, i thought it was going to take a long time to change and it was very fast. >> why do you think it was so fast and why was that a surprise

to you >> i think it says something about change in the top matters. i'm not suggesting good or bad i'm not suggesting in comes bob and out goes michael it has a -- it's -- it can freshen things up, so to speak and it's happening at disney now as well. there's a change in the top and that could create a different outlook -- >> do you think it freshens things up, your departure as ceo? >> the world is changing dramatically and it's important for the ceo of a company to address all of those changes rapidly. bob is going to address them probably differently, perhaps, than i may have. that's neither good nor bad. i think change generally speaking is good change isn't necessarily bad >> what do you see yourself doing, you know, a few days from now when you are no longer a part of this company >> this dream, when this dream

finally ends i've worked full time, really full time since i was 23 years old and going to be 71 working in the job that i -- the jobs that i've had, ceo and chairman, have -- we're taxing from a time perspective. never in terms of my energy or enthusiasm it's time for me to have a blank canvas, so to speak, to be forced in a way to be more imaginative with my time not forced to have that luxury what will i do today >> do you have any hobbies >> yeah, i have some hobbies i don't golf i like to sail you don't sail and golf in the same lifetime. there isn't enough time for that but my wife has a full time job, my kids are out of the house i'll keep busy i'll do some selective investing. i would like to be an adviser to founders of start-ups because i think i've got some advice to

give in that regard even though i haven't run a start-up and i've been sought after by some already i'll probably do some of that. i plan to write another book which is a homework assignment right now. i got to get at that and i'll do some speaking and i'll see where life takes me i'm not in any rush. i've been advised by some who have stepped down from high office, including president obama, do not make any decisions, don't commit to anything for six months. don't do that. >> you wrote about isner's departure in the book. >> yes when i wrote about that, i had developed a lot of empathy from michael. i remember his last day at disney was a friday. the last friday in september of 2005 when his wife and one of

his sons came to disney, had lunch with him and he drove off the disney lot after having been ceo for 21 years and i was at that point, i couldn't wait because i was ready to have that office and that title and that job, ready to go. and i don't think i thought long and hard at the time of what that really meant to him and here i am. yesterday was my last day on that disney lot in this role and it was an emotional experience for me. my son came to the lot, one of my sons. we had lunch together. there i walked around, took pictures i was having incredibly emotional. the ties that i've had to this company that have been a part of my life were ending and i -- and two weeks from now, i will not have a title i've had a decent title since i was in my 30s. it's a long time there's no anxiety about that at

all. sadness because i'm leaving people that i love working with and a company that i've loved working for. but no remorse, no second-guessing, no anxiety. >> you don't regret having left when you did and stepped down as ceo when you did >> no one knew that the pandemic was going to explode the way it did. i think the timing was unfortunate. throwing a new ceo into that circumstance was difficult but i have no regrets about having made that decision. it was time. >> it was. why? >> some of the things that i've said, which is believing that change at the top was good i will say a lot of it was very, very personal. it wasn't about the company, it was about me wanting to leave with the vitality to explore the world in a different way i thought back about it -- a

biography i read for the brooklyn dodgers and the los angeles dodgers who left at the top of his game and i think the biographer said that he left walking off the field or on his own volition great athletes rarely retire on their own. they limp off the field. i didn't want to limp off the field. >> he's not going to be limping anywhere great vitality still take a look at the performance of the stock during mr. iger's tenure we're going to have so much more from the long conversation and we'll get into the nuts and bolts of direct to consumer and what he thinks there and whether people will still go to the movies carl >> such a good interview, david. i got to say, one of the best backdrops of any interview you've ever done, that's for sure, with the falcon in the background, right, jim >> wow

yeah how about that book that he mentioned? it is so true. you want to go out like cofax. david, can i just make a suggestion >> yeah, sure. >> we had zane on yesterday, you need to get to zane immediately. >> it was cold it was cold. i had this vest. it was 39 degrees when we started the interview and so i just didn't want to freeze but, yeah, i've already heard a little bit about the vest and i will take that under advisement. i haven't seen how the performance of the stock was, but he looked pretty good. >> yeah, well, he said you look dapper i would take that. >> exactly >> between that and this shot, david, it's having a banner week we will take a break here. as we do so, let's get a look at the bond report and see how treasuries are fairing a lot to watch this afternoon as

we await the president's speech about covid response and free testing and fema hospital support. ten year just below 1.47 more "squawk on the street" in just a moment.

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got about on a 80% update on the s&p as we try to get back to 4600 4594 long day though. well continue to watch the action more "squack on the street" continues after a short break.

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jim, what's on "mad" tonight? >> i have robert wiesnthal on from blade i've used them, you've used them i think this could be big. >> and i think jpm called him a category creator >> i'm glad you're feeling well. >> yeah. between you and me, we'll be back at the desk in no time.

"mad money" 6:00 p.m when we get back, the exclusive with bob iger. don't go anywhere.

good morning welcome to another hour of "squack on the street. coming to you live from various locations. mondays's trying to get back the loss and the nasdaq trying to regain from the lowest level since october 15 >> a nice reprieve on this tuesday morning. here are three big movers we are watching today starting with micron shares beating estimates and a upbeat forecast amid strong demands for its chip and nike shares running higher, beating on both the top and bottom lines although they did say they were hut hurt by slowdown of its goods. general mills missing earnings expectations the country dealing with higher

input cost and supply chain disruptions. shares down on that news following yesterday's sell off, joining us to talk about it is staples chief economic -- and i'd like to talk to you about short term tactical moves going to year end, given the seasonality and the surprises that omicron has handed us, what is the sense we've had a lower leg? >> i don't know if it necessarily requires a further purge to get some kind of a stronger bounce. it really looks like it shaped up as a trading range. we've neared the lower end of it yesterday's decline did not get us back to early december's lows and the stocks have vastly underperformed indexes we're not that far from a feeling of people have fully

pulled back from risk, delevered and maybe hoping nothing moves too fast into the end of the year that could morph into upside pocket, if we get incrementally less worrisome news on omicron it looks like we topped out at the year to date gain in the s&p 500 and traded down the 2% year to gain. hardly tragic but stuck for now. >> all year long you've been disciplined in not following the crowd on some aspirational year-end target. i wonder if the washout, internalty, that mike's referencing, has done anything to improve your risk appetite on equities >> well, we were early, no question about that. but you know, global liquidity has been slowing this is world-wide m 2 translated into dollars.

down to 5% and still falling towards zero that tightens financial conditions and lowers the pe of the marked and the lagging effect of china's tightening they're going to weaken global gdp into the first half and lastly, cyclical stocks and stocks stocks relative to highs, i think it drops below the 200-day moving average by the first quarter and we'll reassess from there. >> the turkey. can you describe any of today's bounce by erdogan, and having an ability to reverse some of the declines we've been seeing it seems like more of a binary action over there, verses the confluence of news we're seeing more domestically. >> well, global reserves have been slowing and that usually

begets a little bit of a liquidity crisis turkeys a special case poor policy decisions there. i don't think that's the cystomic risk in the market. omicron is interesting in less than two weeks, it became 72% of cases. is it mild, like omi-cold or omi-flu? who cares. what matters is if the reproduction rate was high in the northern states, like a year ago, and becomes high in the southern states, just like a year ago, we could double the cases in the next four weeks i think that could have some effect on sentiment going to the new year >> is it fair to read today's market action as a simple buy the dip or do you think it really is improving today?

>> i think sentiment is cautious and weary. i think the grind and the trading range of the average stock has got optimism trained out of the market to some degree there's a habit of by the dip. we did get very short term over sold i think the big question is, is it going to be the average stock verses the index or a return to some of the mega cap stocks that have been a proxy for all-weather quality over the course of this year? i think the other thing is whether it's omicron kind of coloring the macro outlook or it's -- a week ago people were making the argument that the fed is behind the curve and the next week it's oh, no, they're going to tighten to a slowdown which is it? as long as financial conditions don't sharpen in a sharp, material way

so far they're not doing thartd. it doesn't seem like the big blow to the market is right at hand >> in terms of d.c. policy, we had forecast range in after mansion's interview on sunday. although now, with the supposed prospect of conversations continuing, i have seen some base cases that may be because he's comfortable with 1.8 trillion maybe the conversation does get us somewhere by march. is it? and how material would it be for the stock market >> given that a lot of sacred cows are going to have to be gored going into negotiations. i think it's going to be difficult to get a deal and as a consequence, that process will be dragged out you mentioned, mike did, about the growth estimates rained in and what's more interesting is the global growth estimates are being reigned in

that tends to tighten financial conditions that lowers price-earnings raceios we're not going to have, i don't think, the santa clause rally this year. i think it's going to be pushed back a little bit. >> and if we get to 4250, and we reassess from there, what does that mean? how attractive would that level be at this point >> we read a report saying that after a 10% krexz, and i agree but the dip has to be strong enough that it shake as few of the speculators out of the trees. 10% seems like the right number, based on our work. after that, we'll watch the path of rates the yeeltd curve itself, which is flattening but it hasn't inverted so, that's not an issue.

equity risk premiums we could have the third bubble in a hundred years it would be a mark of an incredibly bad series of policy decisions to ease too much around covid bubbles always burst they burst in 1929 and after 1999 and early 2000. and they lead to lost decades and that would be a very bad outcome. we'll reassess again after the first quarter. >> we'll talk again before then, i'm sure always good to see you happy holidays and of course, our own mike. and shares almost up 2.5%. for the year, down roughly 17% one of the key reasons, of

course, continuing concern about the growth of subscribers at disney plus and whether in fact the company can continue to add subscribers at a rate that investors had come to expect, during vigorous subscriber growth during the early part of 2000 and 2020. as you might expect, he is still chairman for another ten days or so bob iger i asked how he saw the outlook of streaming, giveenn the overa importance >> i'm neither going to update or comment too much on but obviously the company has expressed confidence in its ability to achieve the guidance that it has out there. and i obviously supported that that guidance was put out there by bob when he was ceo and i was

chairman again, i think we can't just maintain a pat hand because the world isn't staying, basically the same we have to continue to evolve and that means, not just changing but taking advantage of opportunities, aggressively. >> there's a question. as strong as pixar, and marvel, and the incredibly deep loyalty, do you need be broader to reach those kinds of numbers >> i think it needs more volume, there needs to be more dementionality more programming or content for more people. different demographics but bob's aware of that and addressing the issues. >> you seemed to have the first mover advantage and gulped a lot of the assets that i know people wish they'd move on.

is everybody else sort of subscale as you look at the world 16/17 years ago? >> i've never spent much time thinking about how our competitors are positioned i've spent time thinking about where we're positioned i think we're well scaled. >> well, i'll answer the question most people expect, but otuth tn disney, everybody else is subscale and when he took over in 2005, had nowhere near the power they do now, nor were they playing actively in direct to consumer, not for to mention the youtube business of alphabet and meta. all of which are huge potential competitors, certainly to a disney, which does have scale but question marks about opportunity reach those aggressive subscriber numbers of

230 million within a few years >> yeah, that's the thing that really comes out of your discussion, david is how they were putting toogether the building blocks and not just streaming quality, but park technology i wonder if he did address some of the more tactical concerns at hulu as they faces the risk of losing some shows to other platforms trying to build on their own? >> we did get into a bit in terms of those kinds of programming decisions. but again, what you would find is that he's deferring to the man, who is now the ceo and has been, by the way, for quite some time a lot of our dish cushion was broader in nature. yours is an important one, as you take a look at mr. chapek there. they have a lot of plans for hulu, not to mention, potential of 2024 of buying our parent

company out and what will come along with that. it's been a tough year for the stock, as we've said many times. but having a particularly good day today, perhaps, with the broader market rally >> one of the aspects you talked about is this idea they want to reach more demographics. believes his successor is thinking about this. what disney does well and others have struggle would with this is create children's programming. they'll watch the same thing over and overand over again. but netflix has its cocomelon. disney has a whole swath of programming for children that may be perfectly content to watch the same thing and wouldn't be happy if you took that away. you have to wonder about the stickiness of children's programming.

for an investor, the ability to spread beyond that, i think, is key for growth >> that's the key. no doubt that moms like you are going to get disney. there's no way you can live without it but there is the question as to whether there are those that perhaps are not part of that world at this point, would need to feel or feel a need to subscribe. the same way they may feel a need to subscribe to a netflix nobody questions, carl, but the breath in terms of the feeling to perhaps not what is a core audience though it's a large core audience to begin with can they do that >> i think that's why iger himself tweeted a fair amount about the beatles documentary. maybe trying to broaden the tent in ways we don't normally think about when it comes to disney. as we go to break, take a look at the road map for the rest of the hour including this omicron testing surge.

long lines are forming ahead of the holidays >> and bitcoin trying to regain the 50k level before year end. >> and we're going to have more from the exclusive interview with disney's bob iger we got a big show for yostl ead.u il don't go anywhere. ss? come on! question, is that an “s” or a “5”? think it's a 5... i thought so. argh! frustration...loading. [sfx: laser sounds] nobody wants more robot tests. but we could all use more ways to save. chai latte, for “rob ott.” for “rob ott.” error human. [sfx: laser sounds] switch to geico for more ways to save.

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troublesome around the country rapid testing continues to be hard to find >> this is the difficult situation for turn around times for tests and rapid testings we're seeing a surge in omicron cases. the seven-day average jumped 10,000 between yesterday and today. now, 142,000 daily cases because of a huge dump yesterday of almost 300,000 cases this is spotty, day to day, but whether we're seeing the beginning of the straight-up case line, that is the signature of omicron, i guess we'll see over the next few days this as the biden administration is rolling out new plans, including a focus on testing and new federal testing sites, starting with ones in new york city they plan to buy 500 million rapid tests and make them available free for folks to order on a website and have delivered to their homes starting in january and say

they're going to use the defense production act to accelerate production of the rapid tests. we've seen the capacity increasing month to month. they've gone from 140 million per month in november to now, in december, 216 million. that will continue to increase we talked with her about what's happening with trying to make more of these. here's what she said >> my understanding is all the manufacturers are working as hard as they can one shift, two shift, three shifts to hire people, to insure that they have the supplies, to manufacture the products, to quality check them we need quality tests out there. but the last part of the equation is to be able to have the appropriate distribution and get tests where they're needed and that part is no different from toilet paper and christmas gifts. >> and so, we're seeing them sold out online and a lot of

retailers. cbs says it does have supply available and trying to shift that around to stores to make sure you can find them on shelves and we're hearing about pcr turn around tests lengthening for some folks as long as three to tofive days, which is not helpful >> you can't just ramp up and ramp down a supply chain with a variant as fast moving as this one. and want to get steve liesman, looking at omicron variant's impact on economic activity. steve. >> yeah, early days yet, lesley. we're seeing the leading edge of what could go into a bigger impact from the omicron wave, depending on how different industries, governments and individuals react. we know there are differences. tsa traffic has began to slow down 18% below the level for the same week day in 20s 19 consumer spending measured by

j.p. morgan jace credit cards, stands two points below the level of spending, relative to the day before spending. meanwhile, too early for it to pick up any weakness across the entire economy and it continues to rise. as of thanksgiving, air traffic stood 10% below 2019 so, the seven-day average registers 18% lower. so, it appears some travellers may have had second thoughts the u.s. is off to a strong holiday start but soon began to lag behind post thanks gsgiving increases. there could be a surge but that line, relative to black friday or below it is lagging below and while the jeffrey index is up, it shows the big drop came with a onset of the virus in the spring of 2020 that's own the left side then move to the middle.

a shallower drop with the outbreak last winter and the shallowest of all was the delta outbreak in the summer what do people think the hope is this trend of lower economic impacts continue. couple keys. one, whether employers they struggle to bring on workers, they're reluctant to fire another key. all the stuff meg's talking about. will they take more risks than they have in the past. finally, the u.s. is going to face this wave, for now at least, without a big influx of federal money. >> thank you so much for breaking that all down for us. as we head to break, take a look at the top gainers on the s&p. citric systems on a report it's looking to be acquired and micron technology up about 9% on positive earnings.

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still to come, we'll have a lot more from the interview, talking everything from pixar, the relationship with steve jobs, as well as the relationship of movies and streaming. we're back in two. >> i worry that the cost of a movie ticket is becoming more of a problem for people particularly in inflationary times, which we've been experiencing but when you compare that cost of going to a movie with the cost of staying home and watching a subscription service, i think it's srttaing to get a little -- it's starting to get too high

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welcome to "squack on the street." the covid pandemic has contributed to the smallest population growth on record. they say the number of u.s. residents increased by just.1% for the 12 months ending july

1st. and the british government will provide grantsz to the hospitality industries in england. the they've been avoiding restaurants and pubs because of omicron. scotland will put a hold on large-scale events after christmas. that means no spectators at sporting events. and another successful laufnch for spacex they're bringing supplies to those on board the international space station. >> thank you very much get a check on the markets we got all in the green for the first tieme in about four days. up 270 but the dow is the best performer, up about 2% so far in december let's get more from bob. >> good morning, carl.

we're still up at well off of the highs. in fact, we've been weaker the cyclical groups are performing well. it's banks, industrials, material stock that's certainly good to see micron's great numbers defensive and health care have been great leadership groups since powell got more aggressive at the end of november, the real weakness is in technology stocks particularly things like software stocks. arc innovation funds they're okay today they're not doing much better than the overall market. but they stabilized. the one you want to watch is the cyclicals. industrials, energy, and bank stocks you don't want to see those slide too much because that's the core of the overall s&p outside the technology group nice to see that bounce in those particular sectors meanwhile, consumer staples, health care, utilities are

practically at new highs those groups did really well in the last couple of weeks we're going into the santa clause rally it's a very technical thing in terms of what happens. the first two of the new year. it's had positive returns. the average return is 1.4% there's reasons to expect a year-end rally omicron, those are arguing the severity is less than prior waves. there are company as lot more resilient dealing with this and the consumer is still strong positions aren't there for a big market drop. there's a much better bear case than i've heard in many years. particularly the withdrawal of fiscal and monetary stimulus the fed pulling back on bond purchases just as omicron is sunchling. you have an a growth and inflation scare at the same time

even goldman noted the slightly hawkish tilt is somewhat decelerating growth. the biggest thing i saw overnight, i salt in on the sec briefing on the announcement of the big fine with niccola and the sec enforcement staff was very aggressive in their condelusions about this. they had three takeaways they wanted everyone to realize number one, they said we don't care if you're commenting on current conditions or forward-looking statements you have to be 100% accurate we don't care if you're going public through a spac or ipo it doesn't matter. you can't make misstatements lat. and we don't care if you communicate to investors in a formal filing or twitter or by carrier pigeon we don't care how you do it. youvlg got to be 100% accurate no matter what you're doing. aggressive statement there from the sec.

>> i'm glad you mentioned it because an important story we hadn't got to and niccola one of many we've all lookedality them particularly 2026 and 2027 and there are questions, certainly, about that and you've been detailing much of the sec's efforts. all day long we've been sharing kpu excerpts of an interview i did with bob iger and current chairman of disney there's the stock during his period of ceo-ship he stepped down, it's not far away from two years ago. chapek is the chairman of the company. mr. iger ending a 47-plus year run with the company that began with his working at abc sports when he was a young man. when we talked about his tenure, as you might expect, deal making was certainly one of the keys

and starting with that decision to acquire pixar take a look. ♪ >> i'm proud of a lot of the decisions that were made, certainly the acquisitions i'd say of all of them, probably pixar because it was the first and it would us on a path to achieving what i wanted to achieve, which is scale when it came to story telling. that was probably the best >> and your own board, you were uncertai uncertain whether you were going to get a pass. izener came back to say don't do it >> we had a long conversation about that years later and he admitted he was wrong about that i think there was a lot of emotion at that point for him, having left disney and under such strange circumstances with steve. but when you reflect on it with me, he admitted i did the right thing.

>> i remember interviewing you and jobbs that afternoon when you announced it and i was basically focus on the price man, you're paying an awfully high multiple. many people may not have understood how incredibly important it was to set a new direction for the company and revitalize animation >> that's exactly what i wanted to do. wha what i wanted to do more than anything is send a signal to people at disney that it was a new day. that we were more open minded about expansion and particularly partnerships that creaativety was the most important strategy for the company and pixar, at that point, exemplified original story telling and creative in its highest firm and then there was a cool factor, what apple and steve represented.

the fact steve would embrace, not just disney and me but the vote of confidence that steve gave in me steve becoming a share of the bord and larger board member it was part of my plan to repositioning disney to our shareholders, employees and customers. you mentioned it factored in my deviresire to revitalize disney animation. look at "frozen" and "moana" and "wreck it ralph" and "tangled" and all the box office success and ip that generated. how basically we're going to mine that for disney plus. it all was tied, really. everything we've done at disney animation was tied to the pixar acquisition. >> do you think it was something unique about you that allowed you to convince all these

founders to part with their babies >> in all cases i developed a trust with them and i convinced them would serve them well if they sold to us. meaning, in steve's case, he owned half of a pixar and converted it to all disney that wasn't the motivation behind him doing it. it wasn't about growing personal wealth at all. but more importantly, with steve, i created a trust in him that the assets would be in the right hands. what was it about me that convinced them first all of, it was me. meaning it was singular in, i didn't do the deal myself but singular in terms of the pursuit. one on one in some cases bo boeing being as candid as i possibly could be and authentic and developing a relationship,

even if over a relatively brief period of time and not disappointing him either >> what does that mean >> he was never disappointed once we did the deal and month before he died, he and his wife came to our house and we sat down at a dinner. he toasted to the deal we had done some years earlier. convinced it was the right thing to do for disney and pixar i remember it was very heart felt and tears came to our eyes. four of us at a dinner table crying in part, dreading what was potentially in store for him, which was the end of his life and in part, reflecting on what we'd done together and appreciating it. >> it's development of a relationship different in some ways but similar in others.

it was me going to new york. spending months trying to get a meeting with him, sitting with him one on a one, once and then twice a couple of days later and convincing him it was the right thing to do for the marvel shareholders and the people at marvel frrg i think he was intrigued in the notion of investing in disney plus marvel and turned out extremely well >> became a large shareholder. i expect you heard from him after he became a disney shareholder? >> i heard from ike over the years. we weren't always -- >> in sink >> in agreement in all things. it's turned out well for him and certainly for marvel i think they got shares somewhere in the neighborhood of $28 a share. if you look at today on a 150 range.

that's a pretty good return on investment in george's case, it's singular. talked to him about the future of lucas film and broached the subject. he was close with steve jobs forget, pixar was owned at one point by george and there was a real connection, although steve had passed when i first sat down with george. and george was impressed with how we'd managed pixar and assimilated pixar into the company and concerned about lucas film, his baby, his legacy and there was a trust there too that i think we demonstrated that we could be trusting, in terms of how we'd already managed the marvel and pixar as. i think he was looking for long-term wealth preservation or creation

>> you mentioned the idea that if steve had lived, disney and apple might have become one. did you guys ever really talk about apple buying disney? >> no. steve and i never did. what we did talk about, and he was public about this, at 1.1 of his late apple product presentations, he stood in front of a street sign with an intersection i think one said liberal arts and one said technology. so, what we talked about a lot is what happens when great technology meets great c creativity that was the secret sauce to almost everything, to him. if you project that into how the world was changing, and you think of a world where suddenly the opportunity to use that technology to create new

experiences for people in terms of how they access content, the natural thing would have been f for apple to have the great contact that disney creates applied or used on their platform i'm pretty convinced we would have had that discussion that was somewhat wistful of me when i wrote that. but i knew of his passion for everything he and apple did. and his deep, deep belief that nothing would be more powerful than that combination. i think we would have gotten there. >> kind of interesting i think we would have gotten there, in terms of disney and apple. that does come around. almost impossible to imagine there have been no shortage to potential rumors for the year. and i think to this day, it's 3 billion out of 3 trillion almost market cap has undertaken.

but nuinteresting to hear from mr. iger on that we talked a lot about his import important cone with steve jobs iger calls him almost a brother. >> the revisionist history is fascinating. i love what he said about great technology meeting great creativity and how he shared that mindset with steve jobs you put a hard underline under the fact that he is a remarkable deal maker in an environment where, i think studies show 70 to 90% of deals fail and he has some pretty remarkable deals that have changed, not only the company, but the world of content as we know it. and all filtering into the streaming product. i think, as you reflect back, real remarkable feet that he's been able to accomplish, just as a deal maker in general.

>> pixar, marvel, lucas, i don't think anybody would argue were great -- and murdock, you can remember it. and questions about whether that's fully worked or whether it will. that's up to chapek as they continue that innovation >> an important four-deal stretch. i'm thinking of my apple watch with my mickey mouse that doesn't just happen that points to the relationship you just mentioned i think it's an interesting comment on the marriage. the long-term, sort of halting marriage between the creative community out west and the data dmunt. weave and in otherdeals the an

allow them to have the space they need and he still stresses that and you're hearing questions about that when it comes to chapek. we'll have a lot more as the day goes on. >> over a $3 trillion company, if that were the case. doing quick math for y'all bitcoin still down 20% over the past two mupgs age before beauty? why not both? visibly diminish wrinkled skin in... crepe corrector lotion... only from gold bond.

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supply chain is easing in certain pockets because of semiconductor industry, including omicron, have put in our supply chains. and we expect supply chain to continue to ease through our calendar year, 2022. there's new products, new technologies get into the market, it's possible some shortages will still continue but some have improved >> thatsz micronceo talking about the latest quarter and the easing supply chain. pretty good guidance as well for the coming year. we'll do a deep dive on the semis coming up in the next hour on tech check. don't go away. which saved investors over $1.5 billion last year. that's decision tech. only from fidelity.

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welcome back to "squawk on the street." let's get a check on bitcoin at this hour, up more than 5% coin shares has a report indicating digital asset funds saw a record weekly outflow or inflows this week after record weekly outflows following a seven we can run of inflows. joining us, jill gunther we have a bunch of data points, des despite -- bitcoin of course paring back dominance during that time.

what kind of data points are you looking for that influence thinking with regard to crypto the rest of the year into 2022 >> indeed, last week we saw a blip in outflow. this week, looks like we see strength again what i pay more attention to obviously being on venture capital side is what's going on in private markets i think that's important depending on investing time, because what goes on in private markets, investing capital flowing into newer companies, earlier stage companies will set the stage for what's to come one year, two years, three years out in the industry. and that's looking strong. >> according to "new york times," investors poured more than $28 billion into global crypto and block chain startups this year, quadrupling the

amount from 2020 you believe that's a leading indicator what's to come in liquid markets >> i think that's exactly right because those companies having that capital poured into them now are setting the stage for what the industry will hook like one, two, three years out. that i think is a bullish indicator. you look at the amount of funding venture capital poured into the next one or two years, we have seen multiple multi billion funds. i think that's exciting and big bull indicator >> i want to turn to web 3, it is championed by crypto enthusiasts. overnight, there was dialogue over web3. dorsey calls it a centralized

entity with a different label. musk agrees it seems like a marketing buzz word now. what's your take on this conversation and the future of web 3? >> we covered the funding side crypto industry westbound -- web3, we have runway on the funding side what we are running out of is runway of goodwill and patience from the general public and regulators to prove the value and worth of these assets of the products that are being built. we're starting to see the first hints of product market fit but there's a lot of skepticism out there. is bitcoin useful as digital gold he they useful for payments. that's the true test in the next kb

year or so. >> jill, thank you for joining us we appreciate it >> thank you giving you a quick look at the market as we have been telling you, we're having a stronger day the s&p is up over a half percent. the dow is well ahead of that. we'll keep a close eye on the nasdaq composite as they will on tech check that starts now. good tuesday morning carl quintanilla the markets bounce back. another move higher for the chips. upgrade for kla, nvidia named a top pick and exclusive soun