curve inverts, we'll see higher interest rates higher yields both under the 2-year and 10-year. >> okay. all right. we'll have to hand it over we've got barely enough time to say goodbye. futures are down bitcoin is down. andrew is back make sure you join us tomorrow becky, good to see you "squawk on the street" is next good wednesday morning welcome to "squawk on the street." i'm carl quintanilla with jaim cramer the president heads to brussels this morning with potentially new sanctions and energy at the eu on day 28 of the russian invasion of ukraine. we begin with the ceos of intel and micron amoss the chip industry leaders set to testify before a senate panel pushing for manufacturing subsidizes

and game stop surging again as chairman ryan cohen moves his stake in that company. we'll start, though, with the russia/ukraineconflict the president will soon depart for brussels to meet with allies and nato leaders urging them to join the u.s. in imposing more aggressive sanctions against russia they said up to 300 people targeted there. >> i think that there's nothing we can do to get more lng. it's fully -- we can't get them canadian lng i think there's a lot of false talk including jamie dimon, if it's true they're completely dependent on russia they shut down coal and nuclear. they had a fabulous relationship with russia. that backfired only poland seems to have enough to take ours in.

we're doing 12 bcf there's like nothing left in our country. thank you the thing that most needs to happen is we keep thinking if russia will default russia is costing too much to have a war and none of those things are panning out nothing. it's not costing too much. so far -- i'm not saying russia is winning by any means. i'm saying that putin is doing his same plan that he did with syria with east aleppo win at all costs because the west will never stop us. he has the edge because he's a man man. >> lavrov saying today we didn't expect some of the reserve restrictions to come into place the way they did interesting admission of house

severe the sanctions have been there's been reporting of the times about the blame game beginning in moscow with one at least one high profile exit resigning and leaving the country. there's signs that military officials are taking back a little ground. >> yeah. the pattern in russia is to sack generals i mean, this is a long standing -- i mean, stalin sacked almost the entire generals and beheaded a lot of them executed by strategy. the same thing happened with every one of putin's orders. whoever is the general that doesn't do well, they sack them. they cashier generals there. we did in world war i but it was never our style. in russia they get rid of anybody who is not delivering. that's -- remember stalin used to photo shop people out i think we're not used to the way the russians are fighting

war. and the russians are -- i'm not saying they don't value human life i'm saying that they'll try whatever strategies necessary and you don't want to -- if putin wants to win, i think he's -- putin is crazy enough to -- i don't know if people need -- mutually assured destruction. if i was in the government, i would be worried he's an insane man now. he'll not lose when he came into bosnia in 2002 he let the women and children out. >> i'm afraid people don't understand who this man is. >> right you will admit he's having to settle maybe for a plan b. a warf attrition. >> absolutely. it's not working out the way he wants it they have a big army they haven't engaged in reserves we have not given ukraine what i

thought we would give them we didn't let them have the mix from poland. every city is shelled constantly with reckless abandon. we're not able to even have the long range drones to get the artillery. i have sources that are pentagon, and i think that is being run by the national security council and not our army certainly not being run by the marines. remember, there are 36,000 buildings in fallujah. the marines took every single one in three weeks there's 300,000 buildings in kyiv that's the tough to take i don't know what putin's plan is what does he get there i think refugee crisis is what we have to follow. >> you argue that -- let's say the discipline the president has had in not committing u.s. troops -- right. not getting involved in some kind of no-fly zone, essentially not getting provoked by russia

directly has been market friendly. >> yes i think that his decision to not let ukraine have -- it was him, to have the fighter planes they need was ill fated they need to be able to -- they need to stop the artillery they need to stop the missiles all russia does is fire missiles at hospitals i'm waying for playgrounds what the hell are they targeting? >> pentagon said the scenario of the mix was high risk and low reward they have a lot of anti-aircraft power they need. rather than play top gun in the sky. it. >> right if you can send missiles at hospitals with impunity, i mean, that does not seem like ukraine is winning i mean, that's just not right. they're not being stopped. i think ukraine is doing a terrible job you have to take out russian

artillery. they call it hail there. russians historically used it far more aggressively. they do it to level buildings. they don't ware who is in them i think we have to recognize it as a humid crisis and also ukraine is putting up a good fight, nothing is stopping the artillery. there's nothing. would it surprise to hear you they took out five old-age homes and three nursing homes, two hospitals, and playgrounds i mean, this is war criminal i know he was branded a war criminal maybe he feels it gives him license. some would say you're a stock guy. forget it. i was going to be a professor military history no one in germany is standing up and saying you cannot target children and seniors you can't do that without the --

>> even this morning the german chancellor said, look, we're not going to -- we can't afford to ban russian energy their hands are tied in ways maybe even more than -- >> how do they do that it used to be leave the energy people off the desk. how did the country think they could get out of this? it's possible to get it down to 35% russia, if we went full tilt with every single lng facility we have. but that is still going to take a year. >> yeah. you can't recommission nuclear powerplant if ge -- they could get some plans going they don't have going now. but it is a nod to larry hey, larry he loves the show. powell needs a win a lot of guys need wins. but right now -- look, zelenskyy is a brave man believe me, i remember when the russians targeted the leader of chechnya with a missile whether

he used a cell phone it killed him >>well, a big part of this trip for the president will be, perhaps, leaning on the eu, as we said yesterday, to keep china from giving them any further assurances interesting discussion now about whether or not they belong in the g 20 russia and then china, of course, is defending basically their right to remain. >> yeah. g 20 they target elementary schools. i mean, look, there's two quick people who target elementary schools. the cartels. and the russians you don't target elementary schools! and think you'll be able to get away with it why don't we have the names of every single general, every general and let them recognize that we know who they are. they should turn on putin. i mean, we're not more fired up about the fact they're targeting hospitals. >> yeah, i mean, you clearly want to see it get escaladed.

>> i want to the see us give them planes and something that stops article artillery. we gave them drones are drones that put in the backpack they have drones that can take out tanks, artillery we gave them the hand-held stuff. that's like tinker toys. give them the real stuff they brought out the stuff they had. they had the 600 it's lethal. >> if you get your way, jim, where does the s&p go? certainly back to 42 and maybe below >>well, i think that for a little bit actually, i think s&p is in pretty good shape. i think that here is what i fear that the russians keep escalading and we're acting as if they're not putin seems more and more desperate. and i just think that somehow someone has to say you've got to stop targeting civilian children and hospitals! you've got to.

>> yep president has been clear that perhaps chemical weapons are next. >> yep. >> and he's been telegraphing about what some has to pass from the beginning of the invasion itself. >> i'm waiting for the putin to say -- so, you know, we can do whatever we want you said it earlier this week. are we innerved to the idea he has missiles pointed to playgrounds and hospitals? i'm not unnerved to that short of no-fly zone, short of our own soldiers, there has to be a way to be able to get in there with the drones and try to stop that artillery. we're not giving them the whole arsenal. >> not yet anyway. we'll see whether the trip to brussels unlocks any pieces of the puzzle. >> who could do that it could be important. i think if everybody turned. if india and china turned on russia, russia defaults, putin

said i'll tell you what. i'll take southeast ukraine, then the s&p goes up 70%, which is what the bears are worried about. not the russian bears. >> that's right. we'll watch that obviously there's other developments in this country in about an hour the ceos of intel, micron, lam research 2e6ing before senate commerce. they'll make the case for a bill providing subsidies for chip manufacturing in this country. earlier on squawk, pat gelsinger outlined his message to lawmakers. >> the world needs more resilient supply chains. the russia/ukraine situation isn't central to the supply chains for semiconductors, it reinforces the geopolitical stability we have and the urgency around building supply chains that are geographically balanced u.s. and asia and far more resilient. you know, the digital future everything digital runs on

semiconductors it's essential we build these where we want them. >> we're getting use of them the figures the percentage of chips we used -- and we used to make more of. >> when intel was the leader liam is the key company speaking you can't make the kinds of chips we need without lam. not to be too monetary, lam is the one to buy, i like qaualcomm, too, but they use lam. we don't protect -- i mean, look the discussion should be first we protect taiwan while we build our own. because we're talking two or three years to build our own pat gelsinger talks a very positive game. our country has shown no -- i had secretary armando on and it seems nothing happened it seems the senate is not focussed on this like they

should maybe this will change we have to build them here we don't have the labor to do it we don't the reason they need the subsidies because it's uneconomic to do what we have to do that without it it's worthless. when i went to the intel plant that was built in ireland. i went to see the opening. we went to the tavern. my wife is an excellent river dancer one of the things that happened they explained, look, it takes a lot of people to build a plant once the plant is done, we can run the plant' for 30 people it's a difficult thing to subsidize. recognizing it takes a lot but see you later. >> yeah. certainly the take away from nvidia is aiding in some of the technology they're working on. processing power of some of the chips are like a big chunk of the daily global internet use. >> yeah. you have to watch it i mean, people don't understand. i know the stock you have to watch it first of all, it's all rendered. everything is rendered everything in the actual video is ai.

and at one point, he has the monsters that can -- they learn how to crawl and learn how to walk and run and stand up. and then he's got basically a restaurant that is built via ai that he shows you cancer cells actually for the first time splitting. he's got the metaverse if i was mark zuckerberg, i said have to work on reels and call jen son. you cehave to call jensen. at one point there's a woman talking. she's talking in german and you press a button and she's talking in french. she can talk in 27 languages it was so space age that this was so far ahead of where anybody thought we could be. just watch. >> it is actually worth going back. >> just watch it it's the most -- jensen is the smartest man in the world!

[ laughter ] he's rendered. it's not even jensen they wrote music artificial intelligence wrote music. i thought it was every bit as good not as good as beethoven but certainly better than -- >> one day there will be a hit song not written by a human being. >> yeah. >> and skoed coded. >> just like jensen had me be me me was better than me. >> certainly the animation is one thing we can take solis in despite the production pressures. >> yeah. so great it's american company. i want people to watch it to be proud. >> yeah. when we come back, the return of the mooem stock. gamestop extending the rally after the chairman extended its stake. ro robinhood rupping the stake. we're back in a minute

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numbers weren't that great for game stop. we don't understand what he intends to do. once he plays it out, i think we can make a judgment. i like bed, bath, and beyond there's some technology needed try to figure out whether they define the two these a man of great history and he comes in just when ring that they are desperate. it's kind of like -- >> he needs cheering up. >> they were down. they were down they're a cohort they care about two stocks but i think they care about amazon and tesla but they've got -- i would love to see what he's got i don't understand yet the ceo that conference call is one of the biggest jokes i've ever seen no questions taken but i think warren buffett warren buffett doesn't take

questions. i just -- i want to a plan other than just buying stock you know, the apes love that they want a plan. >> yeah. >> the letter was sophisticated. i know that they've been in contact since then i welcome the dialogue. >> yeah. yeah i think that yes i think that he did fix the balance sheet on the backs of the apes bed and bath has a great balance sheet. if they spun off buy buy baby and gamestock has a strategy being a crypto bank, which was my plan. >> they've been calling that for almost a year. >> and claim it himself.

now they have the time to string it out they could go on forever and seems like they're having fun. 100,000 shares is nothing for the man. but there's a lot of chaos in the marketplace. there's a couple of forces i mean, gamestop is nothing company and $10 billion nothing company that has gotten -- i tried to get the apes to focus on other stocks besides game stop and amc. >> that's what you include what other names >> i got 500 of them the s&p. if they just look at any other stock, i mean, if they look at, i don't know, brunswick and sh cher win williams. i mean, the fact is they're on the two stops. they don't look at chewy

anymore. i'm stunned they just can't get beyond those two i want to be sure i mentioned nvidia it was rendered it was toy jensen that was rendered you have to see toy jensen that was rendered. [ laughter ] and, yes, adam should call us and say he can't come on again that was brilliant [ laughter ] >> we'll get to general mills, as jim points out. pretty good quarter. they raise the guidance and we'll get to adobe, as well, on their llca trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim® is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools. dedicated trade desk pros and a passionate trader community sharing strategies right on the platform. because we take trading as seriously as you do. thinkorswim® by td ameritrade

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time now for cramer's mad dash as we count down to the opening bell. >> yeah. look, i'm going to do general mills. a lot of people will buy the stock. let's understand up 30% which is remarkable in north american food service they're back we're back at the office it was 22% the actual food business wasn't that bad people are able to pass on costs. i know this is, again, the fed i see, you know, we've got to get something. what we need -- they need -- [ cheers and applause they want asset prices lower they don't want -- they want to

share the money. when i read this, i think it's costing more to eat breakfast. it is. it's costing more. >> still, though, after nike raised their guide for the full year -- [ opening bell ] a lot of companies have more pricing flexibility. if you're jay powell, you don't want that. you don't want them taking advantage. we were talking earlier the mortgage rates have gone up. but housing -- it's $520,000 house. people are watching and saying big deal the rich cannot get richer okay i think that the current inflation is making poor and poorer at this point. >> yeah. i think that's what changed. i think it's all very clear to us whether it be a general mills conference call or home building conference call that the poor

people are really struggling with inflation that's with why powell has to do a good job here. >> yep otherwise risk undoing what he worked for certainly the higher spending on gasoline and energy. >> yeah. if he were here he would i regret i thought we got everybody a job. they were doing better but prices are so out of control that the rich people have no problem. people who aren't rich saying they can't go to the supermarket. >> you saw the figures yesterday up $24 trillion. most is real estate and stocks. >> yeah. it's the rich getting richer it's not what powell wants i'm not saying powell is -- i'm saying that powell is far more left wing. he doesn't want to take money away from the rich but from the point of view of, god, we have to help these people that's his primary interest. it's never talked about. this is a federal reserve chairman with a big heart!

he knows his plans are being upset by the fact we see the number rich people have no problem going and buying cheerios. but it used to be buy one get one. you buy cheerios now it's a fortune. >> yeah. cereal -- >> yeah. it's huge. by the way, you mentioned adobe earlier. they guide below. >> yes. >> adjusted at 330 this quarter. the street is at 335 down 7%. it's going to take you back a couple of days, jim. >> sure. but, you know, it's not -- i mean, i was hoping they would absolutely not kind of guide down but remember i feel some things have been pulled forward. i would point out, i think it's important, ukraine, belarus, and russia turned out to be far more important than i realized. the numbers, you know, it's 82 million but europe is weaker for for that let's give the fact that they did have a european slow down.

we don't know what they would have done without that there's newfound competition. >> newfound competition? >> yeah. there's an australian outfit that the a lot artists i deal with using -- it's $22 billion company. >> yeah. they've been around for a long time but private. >> yeah. they're coming underneath a lot of what they have done to be able to design i think it's worth asking about i never thought anyone could come underneath because their prices are good. >> yeah. it would be fascinating. >> don't you think >> to take a chink out of adobe's empire there. >> it's an empire. web bush at least does say that apple continues to be see -- what is the word they use? stellar demand for the iphone 13. >> yeah. i thought it was more important. how about apple? the things are good. he's not been what i call an apple fan. he's saying things are good he

had been negative. again, i think that we're my friend larry williams, i think is the greatest market historian here does say there's 21 at times 21 times when you go down this much and have 50%, it takes out you have to buy. i'm not saying leave out the junk if you take poshmark, by the way it was a big company i'm united statesing -- using i as a metaphor. i don't want to own the companies. i have a bunch that came public last year on tonight i want to grow i think when you need to buy are faang. >> faang here? >> yeah. i'm a faang buyer. >> interesting did you see the note this morning? >> yeah. >> if there's no u.s. recession the march 8 low was probably a market bottom. >> i thought it was amazing. it was great >> recession is a close call but

in the end, he said i don't believe the u.s. will make it through without a recession. >> yeah. >> i like that call. i can't show it to everybody because it's unfortunately not large enough, but they caught a fish. >> you talked about it. >> yeah. it's the biggest in history. >> yeah. i think that the piece was very important because he's been on the fence about being bullish. we have the bottom there's things coming together now, you know, people say wait a second, jim. the market is down take a little longer view. there's a lot of things coming together here. now 15% of the labor force was out when they had the previous quarter. therefore you know they're paying overtime to everybody else if we gave our side gave ukraine what they needed to have a stalemate and russia stops,

agricultural unfortunately 30 or 35% of our let's say bread comes from ukraine there's a lot of things that can go right the bears have to be careful i think the bears have to be careful. they may have had a good run here. >> yeah. down to 41.14. >> yes i know our friend tom lee looked at cast freight. he said leads cpi by six months. now negative year on year, jim. >> that's interesting. >> looked it over pretty hard. >> yeah. >> what do you think about the ev chatter >> jo nas, he took a couple of uber rides and he was in california he asked the driver would you consider switching to an ev? the guy said absolutely. i've run the numbers and i think i can save $2,000. it's the empire call research i've come to respect he's the most antidotal i've

ever seen. >> he's redefining antidotal here. >> he published the conversation with his uber driver. >> yeah. it you have to -- i don't know. >> j.d. power today, jim, their forecast for new vehicle sales for q1 down 18 investigation in line. >> can't make them. >> can't make them when you talk to farley, i mean, everything they can make is sold out already. they need a car/truck and they have to go to lithia motors.

a great balance sheet. i find we're stuck -- look, hybrid was not something that powell saw coming. >> you mean hybrid work? >> yeah. i'm not talking about the hybrid work of, say, a goldman ceo. that's not hybrid work, is it? >> i don't know. maybe. is that the main gig >> i don't know. my daughter lalapalooza and said it was life defining if he's spinning there maybe he's doing hybrid work you have to be at the office. >> there is a picture of jim and david. >> yeah. that was at the super bowl >> do you have nymph those that was some -- oh, my gosh. >> yeah. i always the goldman ceos i've been doing it for 35 years there you go. >> solomon will play. >> yeah. look, i think i told david it's fantastic he does itten his own

time it blows off steam he said to me, look, how do you work out i tell him i have a 3:30 trainer come in. he goes, i think that's more insane than my spinning dichblgs. >> he would argue it provides a way for young people to approach him. sometimes that's daunting when you're a young engineer or something at goldman. >> i think it's a way to recruit people say, look, i'm cooler than goreman. or jamie dimon. >> yeah. we haven't touched on that yet. >> yeah. >> we need more info on what he said most of the marshall plan is about having lng plans. >> that's good we can get in the money with the wealthier countries. we don't center any money. >> no. we can't even build a

semiconductor. >> it reminds me that banks went positive for the year yesterday. only other than energy that is making it work. >> you need higher rates. >> yeah. >> i do bee is up to itself. they have some competition. >> they had the european issue some people say now they're traveling they don't need adobe as much. i don't buy that the banks are great leaders. they're great leaders coming out of the 91-92 they were fabulous they could be great leaders again. we haven't touched on starbucks. another store voting to unionize

in seattle 10 minute drive from headquarters. >> sometimes you wonder what went on with kevin johnson suddenly, you know, he would say -- i did not get the signal. other people maybe got the signal other people didn't get the signal. >> that's actual, like, i follow it closely i have to tell you, if i were howard, i would say this will not stand. i'm not -- we offer the best benefits i'm going to go speak and go around and talk to them and say come on. they have a lot of unionized franchises it's one of the reasons why when you go to the airport it's so bad. >> yeah. >> i don't want to generalize. >> yeah. we'll keep an eye on it. we've been talking about labor and kellogg and canadian pacific and starbucks and amazon. >> i feel like spinning the disc when i hear this the black and white pictures were the best ones i don't know why portrait mode? tim cook

we'll talk about him. >> when we come back, a lot to discuss with adobe ceo shantanu narayne as we go to break, a look at the bond report. see how treasuries are faring this morning got some comments this morning from powell on digital currency. we start to tally up which fed officials are more hawkish or dubbish. dow down 270 be right back. check out this vrbo. come on. ♪♪ ♪♪ ♪♪

laggards on the mdx this morning. we continue to look for clarity about that report of the hacking. but adobe will be next down 7% as they do guide below we'll talk to shantanu naranyen in a moment. we'll talk about russia/ukraine when we come back. dow down 300

we mentioned earlier the new data out of moderna. they saw a robust immune response in children under six they'll seek emergency use authorization, jim, at a time

where we continue to watch the ba.2 wave in europe. a lot of expectations it'll hit us sometimes perhaps in april. >>yeah i think once again we lack good data in this country as dr. walensky said they cannot -- they can compile but can't make anyone comply i feel like we're on the other side moderna news is driven but we have guidance whether we should be getting the next shot. >> right. >> i sure like to have them say, listen, from now on every six months, get the shot just tell us. >> yeah. in the meantime, in terms of restrictions, we had reports of the letter that the u.s. travel industry sent to the white house saying, please, remove the mask mandate on public transportation by april 18th. >> oh, they have to. look, we have to go back to the way it was it's an -- it's an epidemic. as long as you get vaccinated, you won't go to the hospital we've had times where 150,000

people die of the flu in a year. we're now kind of -- we're flu we're flu. i think the fact that no one seems to say that is indicative, again, of the dysfunctional nature. >> specifically public health agencies. public health agencies. >> they don't talk to each other. fda doesn't talk to nih and cdc and president doesn't speak to any -- it is just chaotic there. which is a shame, because we could really help the country right now if someone were to come out from the government and say everyone get vaccinated, but you're on your own >> that is kind of how it is going to work. >> that is what it is going to be so just own it and look, when your on a plane, everybody knows the secret is to order a diet coke, just sip the diet coke. i sipped it for five years that is perfect. i'm sipping a diet coke. >> leave me alone. i want to get you really quickly on yields today. because b of a argues that the

correlation has broken down between equities and fixed income. >> 100% correct. >> they say the rsi on the 10-year above 70 shows maybe a respite makes sense. >> none of my good bond guys agree with that. i thought a respite was right. not a single bond guy sees that. >> not a supporting 2-5, something like that. >> wow, some of the semis are getting crushed. i disagree, i think it will cool off. >> there is also the notion that a month end rebalancing maybe some pensions load up wednesday again to he's the path we've been on. >> i do find that if you could get two-four, in a three-year period, that is vast majority of s&p stock so let's not forget that. >> the earnings yield the slowest spread to 10 years in about a year. >> i think of rich people again

who are not -- who powell favors are doing great. they get the yields, go buy the yachts and the russian yachts. $12 million for a new yacht. 130 footer, $12 million. >> what do you get for used? >> almost half of that four bedroom with office. >> and then annual operating expense, and fuel and insurance and crew. >> one meal, which if you lend it out for two months. >> it pays for itself. it sounds like you've looked into this. no more boston winters >> i looked into it for the point of view for the show not for the point of view for the buy. because that would reveal me as being a cool ac. >> we haven't mentioned mortgage rates. refis down 14 on the week. but down 54. >> it is happening. >> on the year. >> it is happening and i think it is fine look, i mean, it is not the rate, it is the cost of the house. it is fine now we've got one that i think

is literally, carl, the one causing the most dislocation in today's stock market is one of my favorite companies adobe which is down 36 points. under pressure from the quarterly results and from the outlook and we have to find out what is going on because it is down 24 per the year so i'm sod so glad that shantanu, the ceo and chairman of adobe joins us right now. so set us straight the stock is down a lot. but the fact is that russia, belarus and ukraine were the main reason why i think you cannot make the predictions. >> well, jim, it is always good to be on your show and as far as we're concerned, we had a great q1 when you look at it, one of the things that i think your viewers also have to remember is that you have to look at growth on a adjusted basis because in the same quarter a year ago, we had 14 weeks and this quarter we

have 13 weeks. and so when you think about it, in terms of the revenue growth, which was 17% when you look at digital experience, which is how we held enterprises with their eng engaging customers, on adjusted basis it was 22% the document cloud of pdf was 26% year-over-year growth. so the business is fundamentally extremely strong i think people have to think about it as it relates to the seasonal cadence and then in terms of moving forward, to your point, we wanted to be completely transparent about the impacts of what is happening in terms of externalities. and i was listening to you on the show as you talked about how your sort of call to action in terms of getting back normalcy but as relates to russia and belarus, we are both saddened and shocked, frankly, at what is happening as it related to the war in ukraine so we've stopped all if you

sales in russia and in belarus and in addition to that, because you have a subscription book of business, you do not have the ability to collect payment so we've reduced both the arr or the annualized record revenue as well as the revenue for the remaining three quarters sox there was a lot of information that i think investors need to digest but the fundamentals continue to be extremely song. >> let me talk about something that is disturbing but it is not your company own when you have gaap and nongaap earnings and i wonder what is the end game there because if anybody is so -- is so bid for, in the end you're company does get hurt. >> which we were an intellectual property company and so we royalize that the intellectual property that we care about is

our people because at the end of the day that is the biggest asset we have when it is a war for talent, i think our ability to attract and retain employees is fantastic. what i think has changed is the newco cohort of people and worn from home and they don't appreciate the culture of the company and how you grow people's career, i think that is much harder to do when you're completely removed so i think all companies are trying to navigate as we've been growing people we probably have 10,000 people who we've hired over the pandemic and so how do these people understand what makes adobe unique how do they resonate with the mission of the company so i worry a little bit more about making sure that we can build culture and have them feel part of what the mission of the company is, than the financial parts itself because that will take care of itself as long as you can recruit and regain the best. >> it is a great point

shannonu, it reminds me that u.s. office occupancy fell last week we're back to 39.5 and a lot of that is spring vacation but it sounds like you'll have to find ways to unlock that puzzle and given the current dynamic, barring some complete collapse in the labor market >> we're trying. and you know, to your point, we really have to make it something that is attractive for people to come back rather than mandate. i think a lot of companies have mandated, you need to be back in the office and frankly have seen less success and so what we've done is we've said, you know, we're open for business we're trying to get people back in for collaborate sessions. and in the office three days a week and there is nothing like seeing the energy with people when you're in the office with them it is the younger generation that has been so accustomed to

interfacing with companies through a video screen and that has to change and again, i heard both of you before i came on, talk about how the dominant also needs to talk about -- things are relatively back to normal, science has won in terms of the vaccines and medicines that exist but we're all struggling a little bit with how do you provide not just one time, but constant reinforcement about why it is better to be in the office, whether it is for culture or frankly for people's career because if you're not in the room, so to speak, when it happens, i don't know how you get the mentorship and i don't know how you continue to grow people's careers >> could not agree more. now i hate to be mundane just because the stock is down. keith wise had a good question at the conference call can you reiterate the full year guidance that you gave three months ago because i want people to understand their selling the stock perhaps for no reason whatsoever.

>> jim, what we said was it is n early in the quarter, it is early in the year. we gave them color as to what is happening in the business. we talk about the acceleration that we expect to see and again as i mentioned you have to look at the conditional cadence and the rhythm of numbers as it relates to what happened in the quarter a year ago when we saw the re-emergence of the small and medium business. so we're not in the process of constantly updating our annual targets so we said we're not doing that but i think we gave a lot of color as it relates to the fundamental strength of the business we talked about a bunch of the new initiatives in terms of what is happening as it relates to accelerating product activities and the signatures and within acrobat, 25% year-over-year growth and strength associated with that. and the new initiatives, the 3d work as it relates to enabling brands as well as people to get ready for the metaverse.

what is happening as it relates to creative cloud express and a new offering which i think for top of the funnel allows millions of new people to come into the franchise and just the fundamental strength of the document cloud as well as creative cloud because even our q1 results were ahead of the targets that we did. so i know there is some questions associated with that, but we're not in the business of trying to update it every quarter. our job is to give all of the information that we have in these uncertain environments and continue to execute, which i believe we are. >> well agree with you stock down 25% seems extreme shantanu narraen, thank you. i agree with you it is a good quarter thank you so much for coming on to "squawk on the street." >> thank you for having me, jim and -- >> chairman and ceo of a very good company the stock is you could say is

now 31 times earnings, maybe that is too high but i get it. >> how about tonight. >> we have a couple of -- following some newer companies to try to get a positive story going. got interesting swag company for auto and then at 45 adam gilcrest, yes, people feel that is a very good workout but let's find out if the stock is a very good stock. >> i remember when we had them on the floor with mark wahlberg. >> and a lot people confused me with mark. and i had to straighten them out. they thought i was mark. what a show. we should be ahead of the nato meeting, come on. >> we'll see you tonight at "mad money" at 6:00 p.m. eastern time welcome to another hour of "squawk on the street. david faber has the morning off. we did get to 4500 yesterday but worst open for the dow in about two weeks. rick santelli has data to start the hour >> new home sales for the month

of february, expecting a number around 810,000 a bit light here 772,000 seasonally adjusted annualized units follows a downward revision of last months 801,000 and it becomes 788,000 it is definitely a bit of a miss but not that bad of a number considers it comps to november when we were at 749,000. if you look at october last year which was the low for the year, it was 667,000 so well above that and do understand, interest rates did the bulk of their big skyscraper rise in the month of march. this is a february number. so we want to make sure clear. and also we have to talk about fence jumpers. many sitting on the fence seeing rates move higher. we're probably going to make a decision rather quickly. will show up in last month's numbers. but to dig down, diana olick >> well, rick. >> i'm going to disagree on the

mortgage rates because we saw rates move higher in january and february. they are based on signed contracts. people out shopping for homes in february and then signing a contract with home builders. and we did see rates move up 25 basis points in january and then even more in february. of course, so we went if 3.68 on the 30-year fixes to 3.9%. now we're at 4.72% so we'll see the numbers really be effected in the coming months but this i believe is the beginning. also, you got to note the home price. median price, $400,600 that is up 10.6% year-over-year. so the builders are really piling on the costs. they are pushing through their higher costs for land, labor, materials and inflation. and that is going to hit affordability in the coming months no surprise it fell and the six month supply move higher at 6.3 month supply for the builders and less than a two month supply for existing home sales.

so this is a big disappoint but you're definitely seeing the rising mortgage rates now fakers into the housing mark. back to you. >> thank you. we're 30 minutes into the trading session. here are three big movers. starting with adobe. the shares sliding the tech company company the forecast for a key subscription revenue measure and expecting a $75 million hit from skexisting hit in russia and belarus. and general mills reporting a beat, raising the full year outlook on strength and demand and prices company behind cheerios and betty crocker said it's demand for food at home is elevated up 5% and posh mark plunging giving weaker than expected current quarter revenue guidance that stock is down about 1.5%. it is down about 20% year-to-date turning to the broader markets where it is a lot of red all of the major averages under

pressure this morning. the nasdaq down about 1.1% the s&p is down about .45% and thedown about 250 points all led lower by tech and consumer discretionary. we're going to bring in our market panel, glenn timer and joseph skully. good morning to of you both. and urian, i'll start with you we had the fomc meeting a week ago. chair powell was much more hawkish. the expectations out of the meeting were more hawkish and since then the fed speak has continued to get more hawkish. and yet at least until today, we did see equities rally your take on this dynamic within stocks in the markets right now. especially as we do see the bond markets signaling a very different story than equities. >> well, good morning. so the fed certainly has continued to move the goalpost,

right. so first it was going to be a terminal point at around 2% and then moved to 2.25 and now at 2.75%. and i've maintained that i don't think it matters when 25 or 50 or in march or went four times or seven times in 2022 what matters is where the cycle ends and until very recently, and in just the last few weeks ago, the market always believed that the fed would end around 2%. and if you have even if inflation moderates from 4% to 7%, that would leave the fed very, very accommodative in real terms and that doesn't really square with the inflation numbers an the feds intent to tame that inflation. so they are moving the goalpost. but what the market is doing it is green with the feds, look at fed funds or libor curve, they are all going to 2.75% in

the next year or two and then you see rate cuts priced in and at this point we're pricing in two rate cuts after that 2.75. so i wonder if the market is looking through even a more hawkish fed. maybe under the belief, whether it is correct or incorrect, that the fed will indeed slay the inflation beast and tart to ooease after that and maybe the market finds comfort after that. >> to dig deeper into this we are seeing this tug-of-war between bulls and bears an it is not clear what the narrative is. where do you fall and where would you be putting money to work >> i think that early low when rus russia invaded ukraine at 41-50 on the s&p, that as major low and i think that will hold i think the main issue for the market is evaluation rating. the p.e. ratio the price was down 15% at that low.

and the p.e. ratio was down about 20%, 25% and even the free cash flow yield is up to 4.3% now which is pretty good but as often happens during these periods of fed tightening and we saw that in 1994, that just to dust off the old greenspan playbook, is the market sits in a holding pattern for possibly six to 12 months. and what we're seeing right now is something very interesting. that as i look at the discounted cash flow model which plugs in earnings growth which continue to grow so that is a good piece of news. earnings growth is expected to be up 10% and that number is holding in pretty firm but what is happening is of course the risk free rate, the 10-year yield is soaring to 2.4% and that should bring the discount rate up for the d.c.f model and i have down side risk potentially to about 3800 if that he were to come to pass but what is happening so far is that the equity risk premium is

completely offsetting the rise in the 10-year yield and as a result of the market is kind of staying in balance >> okay. usef, i want you to bring you into this conversation you are at truist. we've seen these rising treasury yieldsism realize maybe the 10 year has come off a little bit in today's session, but we're still trading near multi-year highs and the nasdaq has been underperforming and still down 10.5% yaear-to-date. do you see opportunity here and how do you navigate this if rates continue to rise. >> yeah, thanks, morgan. we see plenty of opportunity so, if you step back and look at the group, the internet digital media group that is so relative to your 10% decline, we're actually down about 20% year-to-date and about 35% in trailing 12 months so my argument is while it is true that growth stocks tend to

come under a lot of pressure and rising rates environment, i think we've already seen the bulk of it there may be some more to go but generally i think we've seen the bulk of it especially when you look at the fundamentals of the group. fundamentals continue to improve. yes, we have some tough comps because of covid, and we have some tough comps in the digital advertising space. but so far for january, february shows that utility companies like google or alphabet continue to do really well. and amazon is continuing to do really well. social may be under a little more pressure. and then we, what we're recommending, is people look beyond q1 and q2 and look at the second half of the year. when comps get easier and hopefully, hopefully we'll get some sort of resolution around

the military conflict which is more of a headline risk. it doesn't really impact fundamentals because exposure to that part of the world is dominimous it is 1% to 2% valuations are attractive, and fundamentals are still strong. >> so given your take on this, top names, top buys, what you would be buying here at these levels >> so, we have three groups. first group is what i call utilities. there we have alphabet and amazon second group, is the group where you may get a lot more beta if you will those are smiths, but they have consistently beaten and raised, that is trade desk and door das and color verify and the last are the reopening names and for those we like uber and lyft and a small company called event bright. >> thank you for joining us today to kick off the hour. >> thank you. meantime, you're looking at

a live shot of senate commerce holding a meeting with the ceo's of intel, micron and packar. making the case for the $52 billion in usb subsidies pat gelsinger does join "squawk box" ahead of the hearing. >> we're either going to invest in the industry, now to see it rebuild, or we're going to decline and today 12% in the u.s., half of that is in tell. this is precarious and that is part of the reason for my urgency and passion on this topic right now because i fear if it drops below 10%, we might never recover and we'll have a permanent dependence on asia and other parts of the world that are unstable for the long-term we must act now. >> morgan, he cited andy grove, saying we're at an infliction point in terms of our reliance on foreign semiconductors. you look at some of the color out of nvidia and that event yesterday and just sort of the

nature of the chips that will be necessary to employ lydear and kearns, just on autos alone not to mention data center and gami gaming and crypto. maybe the senate could fall more in line with the house on this one. >> it is incredible. because we've been talking about this specific piece of legislation since last spring and it is specifically $52 billion in chip subsidies, part of the chips act. part of the issue here is the fact that you have house and senate versions of legislation that has been passed they're in line as far as semiconductors, but there are other boosting u.s. competitiveness that are differing. it is seeming like a no-brainer, it seems like a built, you know, effort in terms of this issue and how important it is not only supply chains and to u.s. manufacturing but to national security so we'll see what comes out of the testimony today. and it is worth noting, carl, it

is not just intel and micron, but also the manufacturers of the equipment like a lamb research which i believe is also testifying today that are going to be crucial to this process and when we talk about supply chain and bottlenecks and getting that equipment to be able to make these investments and make these chips is going to be just as important to that process long-term as well. >> yeah. that istrue. we talk about how sometimes legislators don't act until the fire is in the living room and we already know about the dependence so we'll see how forward-looking they'll be in the time to come. >> and here a look at the road map for the next hour, including an interview with mark receipt vestager and her latest efforts to regulate big tech. plus jamie dimon pushing the administration to develop more domestic gas and other energy

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cnbc exclusive is margaret vestager it is great to see you again thank you so much for the time >> it is great to be here. >> i wonder if you could sort of remind our viewers what this framework is it is something that you've used in the past in financial crises and what it allows companies to draw on should the need arise. >> yes, we have done this before during the pandemic, member states ask us to close their doors and customers to stay at home obviously there was a responsibility to make sure that this business could hibernate until coming back and then recovering now with the energy crisis and the war in ukraine, we see energy prices soar, producing fertilizer and a number of things things that have really gone up. and here the temporary crisis framework will allow member tates to support businesses

relief from high energy prices >> is this something that you have held off on implementing until you realized that this price readjustment was going to be something that would not be short-term >> no, we've been preparing to thfor quite sometime of course, late autumn, no one could foresee that this could be a more permanent feature but once we have the invasion, by the russians in ukraine, and the war starting there obviously the high prices will remain for us for much longer >> what is the thinking then about the ability of europe as a whole to wean themselves from russian supply a lot of critics in this country believe that the pendulum swung too far for a variety of reasons and that some of goals of reducing reliance say in a year are still too aspirational >> well, we discussed this intensively, because obviously it is vulnerability to be

dependent on russian fossil fuel we don't have the luxury of being self-sufficient in energy. so we are accelerating with an unforeseen pace that diversifies the gas, but also accelerating the implementation of energy efficiency measures and the roll out of renewable energy sources in order to meet a very, very ambitious targets to get out of the dependency >> it is morgan. do we know how much europe could be impacted by the sanctions that have been implemented so far? >> no, that could not be said yet. europe was on a track for on average 4% growth. then the kick in of the energy crisis would give or take half a percentage of those 4% but remains to be seen how the war will impact us it is of course a risk of

counter sanctions from the russian side, but also that what comes from the fact that ukraine cannot export to us to the same degree as they did before, not only to europe, but also to a number of other neighboring countries and for them there may be risk when it comes to food security in europe itself it is more of a question about the affordability of food. >> how great is the risk of recession here i mean presumably if you're rolling out the temporary crisis framework and trying to counter the worst impacts of the sanctions, is it enough? >> we will stay vigilant to see if this is enough. at the same time, we are rolling out our recovery and resilience facility which is an unprecedented sort of common finance effort so we do think that it is possible to get through this

but obviously we will pay very, very close attention the important thing for us right now and right here is to stand by ukraine and of course to stand by the many, many refugees who comes to europe. i think the latest number i heard was 3.8 million people who have come within the last four weeks. so first things first. human conditions for the people who have to flee >> yeah, we're trying our best to keep that front and center in our minds even though a lot of business decisions sort of lurk in the background. i wonder, i hope this isn't a dumb question, but does any of the framework color your approach to anti-trust does anything on that front change given how much the world has changed in the past 28 days? >> that is an excellent question, actually because some businesses, they may have to cooperate in order to serve the needs of the market in the best possible way and here of course we stand absolutely ready as a priority

effort to give comfort to make sure that businesses do not fear anti-trust repercussions if they cooperate on issues that will be helpful in the situation that we're in of course, we're still vigilant to see if someone takes advantage of a horrible, horrible situation on ground so we have this double approach to give comfort where it is need and constructive but also to make sure that no one takes, you know, illegal benefit from the situation that is really awful for many, many, many people. >> finally, obviously the whole world is hoping for something positive to come out of these peace negotiations if there were, theoretically, how quickly could some of this temporary framework be peeled back >> oh, it could be peeled back very fast. because it is indeed temporary but we are very cautious things are on ground right now, of course once should hope for peace and work for peace

but one should also help the ukrainians in the fight they're rightn right now with the sanctions, with the food and humanitarian assistance and other ass-- and other assance coming into ukraine. >> appreciate it very much look forward to next time. thank you. >> thank you likewise as we head to break, a look at the biggest laggards on the dow. led lower by salesforce and visa we're back in two. we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim® web. because platforms this innovative aren't just made for traders -they're made by them.

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welcome back to squawk on the street it is time for the etf spotlight. it is quite a run for commodities in general and specific for metals. so we're taking a look at mining and metals etf, ticker xme it is up almost 1% on pace for the second month in the green after gaining more than 25% in february as markets eye the conflict in ukraine and impact that is having on supply for many of these materials. it is now at 45% just since

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welcome back i'm rahel solomon and here is your cnbc update president biden sees a real threat that russia will use chemical weapons in ukraine. and he made the comment in response to a question as he left the white house he's hiding to europe for talks with allies including with nato leaders in brussels. they have found one of two black boxes that crashd two days ago. the voice recorder which is

painted orange for visibility is badly damaged. but an official said that the device's data storage units appear to be relatively complete. and in london, around 200 people have been vatievacuated m a london high center, a gas was released there due to a chemical reaction ambulance crews did treat several people having trouble breathing. it is part of the large sports complex that hosted the 2012 olympic games. back to you. >> thank you very much dow is down about 200. about an hour into trading as we continue to flirt a little be below the 4500 level which we exceeded for the first time since february 11th. bob pisani has more on what is moving today. >> good morning. the s&p up five of the last seven days so still a nice win streak in the short-term sectors today, we're back on the commodities as the big play. oil is at $114 so energy stocks are up, a lot ever new highs there

we see metal stocks doing well here and banks, ark innovations in the down side and tech to the downside as well new highs, you know it is the same as the old highs. every day you see the oil stocks and devin and occidental and a small spattering of material names like mosaic and new core this hasn't changed in the last few days we had a miss on home sales. maybe some signs of cooling demand on the higher prices. home prices up 10% year-over-year the home builders are down but they've had a not great year at all in fact they've underperformed most of the stocks are 20%, 25% below where they were at the start of the year, underperforming overall. so the market has a huge host of issues but it can't figure out a coher coherent narrative because interest rates and oil have a range of outcomes. that is why you're seeing this

uncertainty and saw tooth trading patterns half of the market loves the fact that feds talking tough and the other half are terrified they're going to indeuce a traumatic slow down of a recession and nobody could agree on whether they could thread that needle. so one trader yesterday said what am i doing, catching a falling knife or grabbing a rocket taking off and i don't know and that is the heart of the confusion that market has. so you want to know about the fed and the stocks and the relationship, there is a narrative floating around it is very difficult to get to new highs at this point. because the fed wants to slow inflation. that is everybody agreeing on that one point but if we get rallies from here, if we move towards anywhere near a new high, that is going to create a wealth effect overall and that is going to fuel inflation. the fed's not going to be happy with that. so the rallies will make them more comfortable hiking rates in the future that makes it hard to keep the rallies going. so several traders have said in

the last few days, we used to have a fed put they would act if the market dropped too much what if we have the opposite instead of a fed put, it is a fed ceiling and i'm referring to an options phrase where you're protecting on the down side and also on the upside so maybe there is still a fed put if things drop a lot, the fed might slow down but if it rallies, the fed will feel much more comfortable raising rates so this is what i mean when this is a idea being floated around, there is a bit of a ceiling on how far stocks could go if you assume the fed is very pressed to fight inflation, higher stock prices and implies higher inflation potentially because the wealth effect goes up it is complicated, morgan, but it makes some sense. and it is one of the big trader fears out there right now. back to you. >> it is certainly some good nuance bob pisani thank you. well speaking of inflation crude oil prices rallying today. helps by disruption in supply.

russia had warned earlier in the week about disruption to the pipeline which has been damaged by storms. repairs will take about one and a half months. those exports represent about 1% of world oil production. the rise also comes as e.u. leaders remain divided on whether to ban russian oil imports, something wearing to hear more about as the week unfolds an as inventory drops in the u.s. figures out just moments ago from the energy department here we show inventory is down 2.5 million barrels they expected a drop of just 350,000 barrels. you could see wti is trading around $114 a barrel jamie dimon meantime pushing the bo biden administration for an energy marshall plan to reduce reliance on russia and leslie picker has more on this. >> just a quick history reminder here the marshall plan provided billions of dollars in aid to

western europe to prevent the spread of communism in the aftermath of world war 2 he wanted to thwart the reliance on russian energy amid the invasion of ukraine. the chairman and ceo of jp morgan met with biden and members of his administration in a closed door meeting monday with 15 other top executives according to a source close to the matter, dimon presented a multi-part plan that would require the government to be more aggressive on energy security the plan includes investing in more liquified natural gas facilities in europe and a new technology like hydrogen and carbon capture technology. that part of the plan was reported earlier by axios. i've also learned that dimon wants government to stream line investments for renewable energy and wants a faster permitting system for things like wind farms. throughout the year, i've heard many complaints from other infrastructure investors about how much red tape there is to obtain these permits which of course bog down the process of

building them. now what is unclear is who would pay for this plan. i'm told dimon believes government should play a leading role here. according to estimates, the top ten alternative in infrastructure investors are sitting on about 90% of dry powder kkr and just last week closed a $17 billion infrastructure fund, the largest ever so the key question is how quickly governments or public/private partnerships could actually act here to putz money to work to effectuate the change he's seeking. >> and we were talking about what would be a public/private par partnerships for the semiconductor industry and now floated by jamie dimon do we know the appetite or the response that's been so far from the administration where a concept like this is concerned >> i think they would be

supportive obviously the key question here and this is something that dimon has been pushing, is this idea of in the short-term, the focus should be on energy security and in the long-term he's of the mindset which is in alignment with the biden administration, that the long-term focus should still be on a low carbon economy and trying to achieve that through these types of investments. now i think that the question is going to be how exactly you square those two because there is -- it seems like there is an infinite amount of investment and it is not, it is finite. and how you achieve the short-term and long-term goals is a really important question and i think that is one that the administration is going to need to keep up these kind of dialogues with ceos to achieve, carl >> certainly something that the street would be looking for, leslie thank you. leslie picker. meantime, live shot of the ceo's of the four major chip companies including micron and intel testifying on

manufacturing in the u.s trying to push support for manufacturing subsidies. elon is in d.c. with latest. good morning. >> good morning. the hearing is just getting underway the ceos starting to wrap up their opening statements expect them to make the argument that the industry needs the $52 billion in funding from congress now remember that the money was authorized back in 2020 and the senate passed its version of the bill last year now they say that the need has grown even greater here is a statement from micron ceo in his opening remarks, saying that koifd covid-19 and e onslaught in russia have -- had a decline in chip manufacturing in the u.s in this environment it is increasingly urgent that congress move forward in efforts to reconcile and pass an innovation and competition bill. now formal negotiations over the

house and senate versions. bill are just getting underway i spoke with the chairman of the committee, maria cantwell and she told me that they hope to pass this bill in may. >> we got to get on the production end of it we're sending the signal to the market that we want to see this investment we want to help grow this sector but we also want the united states of america to be a leader in this type of next generation technology and now we're falling behind >> well, guys, this hearing expected to last about another hour, hour and a half. i'll hop back in the room and let you know what else they say. >> elon man in washington. thank you. a big show coming up on tech check. don't miss hn interview with global foundries and dow trying to shave some of the early morning losses we're down 216 ♪ ♪

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welcome back to "squawk on

the street." meme stocks making a big come back gamestop and amc rallying today. gamestop is up about 12% and amc up frank holland is watching the moves. >> game stop shares up double-digits since the chairman announced he was buying 100,000 additional shares raising a strike to 12% of the company he said he would turn the online gaming retailer into an online seller now in an nft market place. this tweet where he said he put his money where his mouth is racking up the likes and the re-tweets. but gamestop and tesla and amc were on a tear they say in part in a note today, the short squeezes we saw in each of these stocks today helped their stock prices trend higher if the stocks continue to climb or at least hold these levels, we should see the squeezes continue and more short covering and recently weeks there has

also been a rise of technical analysis on wall street bets and traders there digging deeper into fundamentals of all stocks including the meme names according to research from think co-founder justin zen. >> there are some individuals on there that could do due diligence as good as any bank can. and when you have a lot of people, if you could take the best of a very large group of people and you could kind of put them into one place, that is extremely powerful and that is the power of wall street. >> and the high volume trading for gamestop and amc continuing today. gamestop is already at 300% of the 30-day volume and amc over 100% of the 30-day volume. we'll continue to watch this back over to you. >> frank holland and as he we go to brack pfizer under pressure as they launch a voluntarily recall.

down about two-thirds of a percent ents still not below yesterday's intraday low we'll be right back. stay with us the world needs you back. i'm retired greg, you know this. people are taking financial advice from memes. [baby spits out milk] i'll get my onesies®. ♪ “baby one more time” by britney spears ♪ e*trade now from morgan stanley. inner voice (design studio owner): i'm over here waiting... ... looking intensely for a print that i never actually printed... ... so i don't have to deal with that terrifying pile of invoices. intuit quickbooks helps you easily send your first invoice in 3 steps. simple.

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welcome back to "squawk on the street." of the largest 3,000 public u.s.

companies, only 20% or one in five of board members are female that is according to a recent npr report diving into equity and joining us now to continue our equity and opportunity coverage the wharton school dean, erica james the first women and person of color appointed as dean this is been an area of expertise for you for quite sometime and ywe just cited that step but where are we in the process of moving towards gender diversity when it comes to corporate america? >> well, thank you for having me it is a pleasure to be here. we are in the midst of an evolution. not quite revolution, although there have been significant changes and suggestions and legal mandates to ensure that women have equal access and opportunity to participate in all sectors of society particularly the boardroom in

some states requiring a certain percentage of boards to have a percentage of women on their boards but also just in terms of the pipeline of leadership talent that is coming into organizations. there were some studies maybe five or ten years ago that said if we continue at the rate of change that continue at the rat change we are currently experiencing, it would take another 30 or more years to have gender parity, so there is a long way to go but the focus and attention and intention we are seeing in many companies is making a difference >> how do we bolster that pipeline and do it quickly and effectively? >> well, we bolster the pipeline in large part by getting people engaged and understanding what the barriers are and i am pedestrians for young people, women in high school aged

experiences, women in college starting their careers when we help provide the resources and help them understand the broad swath of coverage they have in their careers, that will take a pipeline then you have to look at the organizational structures themselves for women to succeed. we spent time on the diversity which is the representation, getting people into schools and into companies but we spend less time focusing on the e and the i how are we making our environments equitable so everyone has equal access to participate and compete and how do we make the environment one that people feel is inclusive and they belong and they are contributing to that organization and feel like they can thrive and be their bestselves >> can you elaborate at some of

the metrics of how much females have to outperform on their gpa to receive the same feedback for the same job as a white male >> it is fascinating and disturbing, but nothing new. when i grew up my parents and many parents with girls of different color told them you have to be twice as good to get half as much that hasn't changed and those who recognize the pressure and responsibility they have to demonstrate their competence is different for young women than men in many cases. we are leveraging the analytics expertise to understand what are the factors that move the needle in understanding who will be successful in the classroom or who will be successful in their first five years of their career and we are finding interesting things which we would not have done if we hadn't done a deep

dive in understanding analytics. sometimes we assume that the prime metric determines success. some aspects of the standardized testing, not necessarily the quantitat quantitative ones that are most important. the ability to communicate is more likely to determine success in our program as some of the other factors. unpacking and doing a deep dive in those area will help us alleviate some of the barriers that young people, women in particular have in accessing education. >> it is a crucial conversation. we appreciate you joining to us have it. dean james >> thank you a check on the markets we are still just shy of 4500. dow giving back some of yesterday's gains.

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welcome back, as the russian invasion of ukraine, companies have stepped in. spacex have sent satellite kits shortly after the invasion began. discussing the mega links star link satellites at the convention in d.c. yesterday afternoon. >> we were working with ukraine just like we are working with almost every other country to get right to provide service to folks in country we were very close to having the final document signed, but we weren't quite there until they tweeted at my boss and that was our permission to provide capability frankly, i'm proud we were able to provide terminals to folks in ukraine. it has been enormously helpful

to ensure that people are still communicating. >> that boss beingie lelon musk after russia was believed to have disrupted service in the country. most funding has come from private sources, but the grant has helped possibly poland. you can read more on cnbc.com. the space sock tore has been impacted by the invasion as well oneweb struck a deal with spacex to complete its own constellation replacing the russian rockets that oneweb had been using and via sat weighing in on the future from that

conversation it's something i did discuss with the founder and co-chairman on the latest episode of my podcast manifest space where we talk about it. also on the impact on services in europe. you can check that out anywhere you get your podcasts. we will get a check on the market as we wrap up oil is trading higher, both wti and crude. that has energy stocks higher by about 2% for the s&p other than that hugging near the red. all major averages are red s&p down about half a% 4488 is the level there. the dow industrials are down about 258 points and the nas dak is down about .4 of a% -- a

percent. that's going to do it for us "tech check" starts now. good wednesday morning welcome to "tech check." today, software has rallied hard after the lows where are we today plus the chipmakers testifying on the hill as they look to boost production we will talk to the ceo. and adobe shares falling after reporting results. should investors be concerned about the outlook date >> carl, we are going to start in washington as top