qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. it is 5:00 a.m. on wall street here is your top five at 5:00. stocks looking for a fresh start after the worst quarter in years. this as bond market is pointing to gains oil on continued moves to $100 a barrel. will that move have an impact or is it political theater? europe's energy crisis facing a new test as putin mounts a standoff over russian gas. it's the stock market planet

of the apes. gamestop soaring and the crowd announces a stock sfplit and amazon workers voting to unionize in two warehouses. you are watching "worldwide exchange" here on cnbc good friday morning, good afternoon or good evening from wherever in the world you are watching i'm brian sullivan we made it to april. i know it felt like we would never get here we did welcome to april 1st no fooling stock futures are higher across the board. not a lot. up about .20%. dow futures are up about 180 points right now it is a new month and quarter. we head into it with markets

looking to shake off the worst quarter since the march crash when the pandemic hit and one of the worst of all time. three indexes unable to shake off steep losses dow and s&p down 4 and 5%. breaking a win streak if you are counting at home technology stocks is the big loser. nasdaq down 9% for the quarter despite a good march january and february were terrible today, you will gear up for the jobs number later on today at 8:30 a.m that is expected to show a gain of 490,000 jobs in march for the unemployment rate to tick down to 3.7%. we will see if we are at full employment let's get a check on the bond market and inversion heard around the world you hear are that term a lot lately on cnbc what does it mean?

inversion means the yield on shorter term notes, the two-year bond, rose above the ten-year bond it is considered by some a recession warning sign here's why it means because rates may have to come down longer term as financial conditions get worse over time. meaning the bond market or the fed or both is going to cut rates to revive the economy a few years out. that's why short-term rates go up things are good in the near term, but longer-rate terms go down because people are worried. what may happen in three years may hurt more and what is going on now do keep this in mind the real yields. the numbers, not the ones on the screen, but the ones that factor in inflation and matter to more on the street, they are not inverted

we will not call it a clear warning sign call it mixed. it is something to put in your pocket and take note of. take note of oil back under $100 a barrel all that on continued lockdowns in china including shanghai. we will have more on that in a minute the release of 1 million barrels a day for the next six months from the american energy re reserves to bring down the gas prices ahead of the mid-term elections. wti crude is 99$99.86 maybe a little short-term gasoline relief is indeed on the way. let's stay with energy because vladimir putin is drawing a hard line in the sand over russian gas telling the world to pay up in rubles or risk having the gas line turned off. more on that and the trading day in europe with julianna tatelbaum in london. julianna, good morning >> brian, good morning this was something that president putin and the kremlin

had been threatening for some time now what changed yesterday is president putin issued the decree saying unfriendly countries will have to pay for energy in rubles or face a supply cutoff. european leaders and world leaders have been warning this is a violation of current gas contracts. we have seen a calm reaction from key european leaders. including german and italian country heads suggesting that this new mechanism from the kremlin won't apply to them. of course, a huge number of open questions remain as for european markets, a pretty strong degree of resilience shown this morning shrugging off the concerns of the energy picture moving forward. we have green for the most part. the only market in the red is swiss one down 11 points green elsewhere. from the sector perspective, this is what it looks like in europe banks and basic resources up

1.3% apiece. on the down side, technology and travel and less leisure. key names in utilities as consumers brace are ffor higher prices brian, over to you >> julianna, that is the story we talked about since november the situation continues to get worse. the rate hike hitting today. they are talking about another one in october personally, are you seeing it? are people talking about it? sitting here in the united states, we know what you guys are dealing with is likely coming here as well. >> it is absolutely at the front of nearly everybody's minds. yesterday, a number of web sites crashed in the uk for energy suppliers as households rushed to put in meter readings before the april 1st rise in prices it is a huge topic and concern

and cost of living is an incredibly problematic part of life here, brian. >> i want our viewers here to think about people in the uk facing energy poverty and having your power bills double overnight. that's what a lot of families, many under served, are facing. julianna tatelbaum, thank you for that i do appreciate it president biden not only making a declaration on oil thursday, but also taking new steps to ramp up the production of electric cars here in america. seema mody is here with that and the top stories. good morning, seema. welcome to april >> welcome to april, brian good morning to you. president biden invoking the defense production act over materials that go into ev batteries. the move by the president could help companies receive government funding for feasibility studies on projects that ex-ttract materials.

lithium and cobalt in particular for ev batteries this as companies race to develop electric vehicles. this comes after the white house unveiled a plan to allocate $5 billion to fund ev chargers over five years as part of the infrastructure package wall street is watching shares of gamestop soaring in extended trading after announcing it plans to implement a stock split. the retailer will seek approval for the move at the next shareholder meeting. gamestop shares would be increased to conduct the split which would be the second in the stock's history. the company also says it expects the increased share count would provide flexibility for future corporate needs. a group of senators asking the ftc to review microsoft's $68 billion bid to buy

activision blizzard. elizabeth warren and shelton whitehouse have concerning over the tech industry. the lawmakers add they are concerned the deal could hurt efforts to hold management accountable for allegations of sexual abuse, harassment and discrimination back to you. >> all right big story there. we will get more later on. seema mody, thank you. see you in a few minutes. after a tough first quarter, your next guest says markets are in a critical crossroads with the tight timeframe for any resolution it will all be about jobs and profit margins trying to get the bulls charging robert teeter is at silver crest asset management happy friday welcome to april, robert

a huge april facing a huge headwind march was a decent month surprising many. how do you read the macro environment? >> thank you, brian. welcome to a newquarter. the big thing to point to is we are at a crossroads. the crossroads is the market is resilient in the first quarter resilient to inflation and the inverted yield curve the mixed signal you pointed out. so far, markets have held up well the critical question is how will margins unfold? it is a make or break quarter for stock prices going forward >> listen, if you watch cnbc, and i assume you do, robert. you heard about the inverted yield curve. nominally it did invert. the point i tried to make at the top of the show is when you factor in inflation, like the pros do, the real yields have

not inverted so are you looking at that so-called inversion as a thing does it matter is it historical anomaly we have to watch >> i think there are a lot of mixed signals. you are right. the real yield curve is inverted this is all about inflation and less about growth. there is a wide range of the timeline with which the yield curve inverts. a wide range around that that is another mixed signal job growth has been strong there continues to be a huge jj jobs numbers that is unusual in the inverted yield curve with anticipating recession. i think the yield curve is distorted from inflation and perhaps pointing to a slowdown in growth, but not recession >> all right what is your best advice

we like to call them opportunity fris fridays here on "worldwide exchange." buy shares of gamestop on margin or is there a smarter investment strategy you areadvocating it is april 1st. >> it is smart to be conservative it has been volatile there are areas to like. i think earnings season gets the message back on track. stocks track earnings higher from here. the places we like are those that have had strong and growing margin growth. technology and consumer disc discretionary despite the problems our expectation is they will continue to do the same going forward. >> i know your clients and investors hope you are right after coming off a strong march despite overall lousy first quarter. january and february, forget about those months robert teeter, have a great day and great weekend. thank you for getting up early

>> thank you thank you forg getting up early. coming up, the never ending covid lockdowns in china getting worse. the people are starting to get fed up we are live in china with more plus, send the bankers so love tough start to the year for deal making the issues taking a bite out of m & a. and later on, under the microscope of the feds over very well timed trades of activision. stock futures are up 'rl dn. wee back right after this. ing w. they're two times more likely to invest in companies that have social and environmental goals. ♪ ♪ there are so many more young investors coming in and participating in the financial marketplaces today, and that's really due to advancements in technology. there's a proliferation of innovative technology

solutions to be able to interact and invest in the financial markets. younger investors today are engaging in social media in ways that we've never seen in the past. they're in forums, actively engaging with their peers on certain topics and certain investment ideas. 75% of them believe that their investment decisions can influence climate change, and 90% of them want sustainable investing options in their 401(k). they believe that they can really impact with their investment dollars more so than prior generations. i'm naeema huq abrar, and we are morgan stanley.

everyone's a multitasker these days. and with supersonic wifi from xfinity,. your internet can multitask too. it's got gig speeds to the most homes... advanced security that blocks billions of cyberthreats... and enough power for a house full of devices. plus when you get xfinity internet and mobile together, you can save hundreds off your wireless bill compared to verizon. hello? it's for you. xfinity can do all that. sorry, verizon.

welcome or welcome back, everybody. welcome to pril. it looks like we may get a good start in the stock market. dow futures fcarrieyieying momem up about 3% across the three indexes. the first quarter is one of the worst we ever had. and everybody is talking about the inverted yield curve longer term rates are below shorter term because people think the economy will slow down in a few years we he are not inverted this morning. ten-year note at 2.41. again, that's what everybody is

talking about and watching yesterday as a warning sign or head flag. recession warning signal we are not inverted today. last year was a boom for mergers and acquisition activity in investment banking. this year, somebody hit the brakes m & a activity has slowed across the world. a lot. that is according to the report from rifinitiv it is down 3% compared to the same quarter last year and down 35% compared to the fourth quarter last year. it is not all bad. joining us now is matt toole at refinitiv. matt, if the numbers that i threw up, you would say slow down it feels like 150 miles on the highway to 130 miles on the highway. don't do that unless you are on

the audubon. those numbers are incredible. >> that is right, brian. we saw the strongest year in a 6 trillion m & a last year this year as a previous pause and still over $1 trillion it is seven quarters of m & a over $1 trillion that is the first time we have seen that since 1980 >> yeah, is there a sign that the first quarter of this year is how the rest of the year will go, matt or like the stock market, terrible and stocks sold off and putin invaded and interest rates rose of these things happened in a few weeks. that the market like everything else paused.

do you think it will react sell rate or is how the first quarter goes, so the year goes >> i think the first quarter generally is one of the slowest quarters of each year. we will see m & a activity picking up peel people are assessing the market. it is uncertainty in the markets and interest rate rises coming in and assessing that effects financing. people are reassessing conditions are still favorable companies looking to grow and expand and certainly with the factors we have particularly in technology and private equity, i expect to see more of that activity as we continue through 2022 >> didn't dealmaking, particular private equity boom, so much in part, matt, not because they are the smartest people in the room,

but because money was free money was almost free. you borrow money on the cheap at 1% to 2% you buy the company, extract the cash flow, repeat. how much are higher rates going to hurt. >> the equation will change. private equity buyers have a math calculation as to what makes sense for returns. they raised record levels of capital over the last two to three years. that can be deployed there is certainly innovative ways and bringing in partners. the bond market will still be relatively attractive. at some point that equation will change we don't know when that will be. we have to watch that closely. at some point, the private equity buyers will back out. it doesn't make sense for them. >> yeah. we are seeing deal making slow we will see if that continues through the year or a first

quarter anomaly with all that stuff happening. matt toole, i appreciate it. have a great friday and weekend. talk to you soon. still on deck, is a bounceback for the big apple about to happen? there are hopeful signs that the empty office space in midtown may finally see life once again. at ameriprise financial, our advice is personalized. based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice? i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial. this is the new world of work. each day looks different than the last. but whatever work becomes,

the servicenow platform will make it just, flow. whether it's finding new ways to help you serve your customers, orchestrating a safe return to the office... wait. an office? what's an office? ...or solving a workplace challenge that's yet to come. wherever the new world of work takes your business, the world works with servicenow.

(vo) verizon business unlimited is going ultra! get more. like manny. event planning with our best plan ever. (manny) yeah, that's what i do. (vo) with 5g ultra wideband in many more cities, you get up to 10 times the speed at no extra cost. verizon is going ultra, so your business can get more. welcome back as life returns to normal for

most of the world, not so to china. shanghai has continuing rolling covid lockdowns. now officials extending orders for residents. millions of people under several days of isolation. all in a bid to stop what is a tiny number of new cases the move coming as fresh questions rise about the economic impact of the strict covid policies and people are starting to get fed up eunice yoon is joining us on the news line from beijing eunice, what is the latest on the lockdowns? how long can this go on? >> reporter: for another two weeks for some people, brian shanghai extending the lockdown for anyone whose buildings has reported one positive case for those people, many who are currently living on the east side of the city which has already been in lockdown have been told they will have to stay home for the next 14 days.

this comes as the west side goes into full lockdown as well despite what you described with mounting public frustration with this lockdown. there have been several people who have been posting videos who are very upset with protests at housing complexes and crowded conditions at government quarantine centers makeshift ones one at the shanghai expo food shortages and what people have been describing as inadequate medical care. they are challenging the case count. not only of the general cases, but also of the number of deaths in fact, one hospital which specializes in elderly care has come under a lot of scrutiny online for what people have been saying is an unreported massive covid outbreak there you know, brian, elderly care centers in the united states as

well, have seen very large number of cases of deaths and in shanghai, right now, shanghai hasn't reported any deaths a lot of questions going on. >> it's hard to comprehend two weeks to bend the curve. anybody remember that? that was two years ago we learned in the united states and much around the world that the mitigation techniques are working that well. people at home mingle wherever it may be. covid rates spike. you know, eunice, over the holidays a year and a half later. separate fact from fiction the information from china is hard and social immedimedia cane wrong. i see posts if the pets test positive that they are told to kill their pets. people are not going to the hospitals because they feel the

hospital is filled with covid patients help us separate fact from fiction. >> reporter: i think a lot of that is true we are seeing a lot of anger over the hospital conditions especially because there have been individual cases which have been posted online of older people who have gone to the hospital to get care for something unrelated. such as asthma for example and not cared for and having another complication and sometimes death. in terms of the pets, that is definitely true since the early days of the pandemic chinese authorities have been taking people's pets in fact, just this week, there was a city that's close to beijing that had put an order that anyone who tests positive for covid would have to have their pets taken away and killed there's a huge uproar over that.

the city changed policy, but a lot of people had been complaining their pets were already taken away in some places, including shanghai, there have been teams of volunteers trying to help those who have pets, but tested positive to try to get the pets out of the houses before the authorities come for them. >> i want our viewers to understand that. think about you live in the united states or europe or whatever watching this you have a dog a 7-year-old dog eunice, my dogs eat better than i do i test positive for covid and some unnamed government guy takes my dogs away and does. i just -- it is hard to comprehend the zero covid policy which is bizarre it has never worked anywhere the world knows that best to you, eunice.

i know it is hard to talk about all of this stuff. we appreciate it thank you very much. can you imagine that, folks? over one case in your apartment building they lockdown the entire building for two weeks there seems to be a breaking point. who knows. still on deck, the white house tapping the emergency oil stockpile again trying to bring down gasoline prices wel ranooo more harm th gd? 'lbeight back.

it's a taylor swift stock market stocks look to shake it off after one of the worst first quarters to the year ever. oil back below $100. china's continued lockdowns hitting demand is the white house tapping emergency reserves to bring down gasoline prices. oh, no a couple of well timed big trades by billionaires around activision now catching the eye of the feds. we'll tell you why no fooling on this friday, april 1st. this is "worldwide exchange. welcome or welcome back, everybody. good friday morning. welcome to april i'm brian sullivan it is 5:32 on the east coast

here is how your money and investments look right now at the 5:00 a.m. hour april showers bring may stock market gains i don't know we will see what happens dow is up 219 points nasdaq and dow futures higher. overall, we are coming into april with a mixed bag on one hand, coming off the worst first quarter since to 2020 that is a bad comp with the pandemic also coming off a march rally. for the quarter o, overall, the dow and s&p hit harder tech stocks fell nasdaq broke a seven-quarter win streak and fell 9% the month of march was strong. nasdaq bouncing more than 15% in just two weeks that late quarter momentum may

carry over into april. the least the futures are indicating it could. we have got to take a look at the big market story that is oil. oil goes down, stocks tend to go up and vice versa. right now, oil is up a bit we were under $100 a barrel moments ago. you got the covid lockdowns in china, which is the big reason oil is falling the president announcing plans yesterday to once again tap the strategic emergency gas or petroleum reserve to combat high oil and gas prices listen >> this is a war-time bridge to increase oil supply until production ramps up later this year it is by far the largest release of our national reserve in our history. it will provide historic amount of supply for historic amount of time six-month bridge to the fall we'll use the revenue from selling oil now to restock the

reserve when prices are lower. >> under that plan, 1 million barrels of oil per day is expected to be released from the spr in the first six months. 180 million barrels. the first barrels come to market next month really in a couple of weeks. that comes out to 180 million barrels of oil by comparicomparison, u.s. cons more more than 7 billion barrels a year according to the iaea, 3 million barrels could be shoaved off the market this month. any additional supply by the biden administration would only replace 1/3 of lost production from russia. it is still better than nothing. keep in mind, russian oil is still on the way to the united states you thought sanctions hit? they did there is a 45-day window where

you can secure contracts and according to the information, there are 17 ships on the ocean headed to the united states. last one set to arrive april 15th or 16th right around easter with russian oil. release the spr should start to occur as the last vessel of russian oil reaches the shores of the united states outside of that, we have more going this friday morning. let's see the key stories with seema mody again seema. brian, good morning. amazon workers at the alabama warehouse prepared to reject the union for the second time. it is not official yet hundreds of ballots contested. the vote was called after the nlrb said amazon interfered in the last spring election in a different vote in staten island, the results show the pro union side in the lead

activision blizzard and ceo and others under scrutiny. authorities are looking into one meeting between activision ceo and barry diller's stepson the two met in the week before diller and david geffen bought activision options that came the day before microsoft announced it was acquiring the company and generated an unrealized profit of $60 million the s.e.c. and doj are set to conduct separate investigations. diller denied any wrongdoing. a hack group anonymous has a new target western businesses still doing business in russia they launched a cyber war genera gen

against vladimir putin's country. some already announced they pulled out of russia brian. >> seema mody, thank you for that speaking of russia, let's get to the latest from ukraine peace talks are set to resume today between russia and ukraine officials to bring the five-week war to an end. ahead of the talks, ukrainian officials announcing all russian forces occupying the chernobyl nuclear power plant had with withdrawn. in the meantime, european leaders are rejecting the vladimir putin ultimatum buying russian gas have to pay for that gas in rubles beginning today or have energy exports halted we have molly hunter in lviv with more on all of it where do we stand right now, molly? >> reporter: that is right peace talks getting under way virtually. on the ukrainian side, trust is low. we heard president putin talking about deescalating around kyiv

that has not happened. the uk ministry of defense says kyiv and chernihiv have reduced activity in the area we hear ukraine is continued to make successful attacks to the east and northeast of kyiv we are also hearing from officials who say russian troops are withdrawing. withdrawing from the city as they are getting pummeled from the air. brian, as russian troops are withdrawing, they will reorganize and rest up troops and figure out how to reorganization after losses and launch additional attacks. that is what they are waiting for, according to the ukrainians the troops are seeing success. ukrainians have taken two towns. brian. >> we have seen video and pictures from mariupol about the

devastation there and bombings of hospitals and residential buildings and people left dead on the street. can you give us the latest in mariupol and the push to get people out of there? i know many have left, but many have stayed voluntarily or involuntary tearily. what are you hearing about the devastation there? >> reporter: mariupol on the southeast coast has borne the brunt of the aggression as we have been speak bengaling about day. they have tried every day. our understanding, brian, 170,000 people are remaining inside many desperate goat to get out. the convoy is on the way we hear 42 buses and people are getting on them on the way to

zaporizhzhia civilians would get humanitarian aid and we do not have word if the redcross and medicine or food or supplies that people need is actually able to reach people inside mariupol yet >> let's hope. that is mariupol which has become the symbol of this disgusting and unwinnable war. thank you, molly take care. coming up, before you call new york city real estate over, you want to hear from our next guest. surprising stats and maybe a little hope for the pbig apple. stick around

(vo) verizon business unlimited is going ultra! get more. like manny. event planning with our best plan ever. (manny) yeah, that's what i do. (vo) with 5g ultra wideband in many more cities, you get up to 10 times the speed at no extra cost. verizon is going ultra, so your business can get more.

growing up in a little red house, you get up to 10 times the speed at on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew. viking. exploring the world in comfort. hancock, you sign first. no king? gentlemen have you taken leave of your senses. who... who are you going to bow to? no more genuflecting? the people shall have the right to vote. even the stupid ones? yes! stupid people vote?

yes! arghh! ♪♪ franklin! hey, i left my cane in there. what? what do you mean? hey! that's an expensive cane. welcome back if you have been in midtown manhattan lately, you know one thing. it is in bad shape lots of people walking around, but most sightseeing or going to broadway or gawking. the office workers are missing many retail shops abandoned. the lockdowns sent people out of nyc and it is, in midtown, a shell of its former self there may be help for the big apple. the international workplace group is seeing demand tick up in the city. joining us now is mark dixon

mark, good to have you on. a really important story midtown is tough to be in. the rest of the city is vibrant. not midtown. are you seeing change from where you stand for the better >> a lot of change we have since the beginning of the year seen occupancy overall in new york go up by 23% which is significant in our business we are also seeing a change in the way workers want to use new york city. they want to drop in our membership products, ten-day or drop-in overall membership is up by 100% or 150% people are using the city in a different way. the real enemy is commuting. it is the commuting that workers are trying to avoid. they still want to use new york city as a place to meet and collaborate. nowhere better to do that.

a lot of change. we're seeing it in our business. overall, a lot more use and a lot more people in the offices >> now, the good news is, mark, you said the enemy is commuting. the stats from the metro north and new jersey transit is a big jump in ridership. not anywhere near it was pre-pandemic it is ticking up are you seeing signs of life there? the price of gas does not help >> absolutely. look, there is no way to sugar coat this. new york will not be the same again. basically technology and pandemic have changed the way new york city will would be in the future new york city as many other cities around the world, we he o operate in 120 countries

in cities like new york, where the commute is long and expensive to live. not enough housing at reason able prices. new york will have to reinvent itself it is a fantastic location it has everything. what it doesn't have is people living within easy commuting distance it will take a big change to bring it back to its former glory. >> you either live in the city or live out. to get in from out, as you know, mark, you said is incredibly tough. the idea of stacking everybody in cubical-less building seems silly why we did it in the first place. it seems bizarre when the pandemic hit, we did a lot of segments on the show how the unused and ugly three-story suburban office buildings long abandoned will suddenly look

very attractive to companies looking to please their work force who don't want to drive into new york. are you seeing signs of life for these ubiquitous don't need the elevator type buildings? >> absolutely. look, the geography of where people work changed forever. the pandemic got everyone using the technology companies were able to maintain or improve productivity of not having people all in one office, but people working everywhere. a lot of people don't want to work from home they want to work close to home and come into the office from new york or san francisco to collaborate and bring people together all of the transport comes into new york city. it is a fantastic place to collaborate. what you will see is real estate in the suburbs and i'll give an example.

long island, we don't have any space left at all. we have quite a few centers there. these are the places we are opening up you know, it is where people live that's where the best real estate will be in the future >> yeah. amazing. some of the suburban buildings left for long dead now full mark dixon international workplace group. i'll get you back on soon. it is an important story for many big cities, not just new york mark, thank you. >> thank you very much. >> has new york city been changed forever? huge question. tough first quarter? forget about it. in the rear-view mirror. jenny harrington is here to layout stocks high on her radar and we kick off the second quarter. it is opportunity friday if you haven't already, check out the podcast. welcome to ameriprise. i'm sam morrison, my brother max recommended you. so my best friend sophie says you've been a huge help.

at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors the garcia's, love working with you. because the advice we give is personalized. hey john reese, jr. how's your father doing? to help reach your goals with confidence. my sister told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial. this is the new world of work. each day looks different than the last. but whatever work becomes, the servicenow platform will make it just, flow. whether it's finding new ways to help you serve your customers, orchestrating a safe return to the office... wait. an office? what's an office? ...or solving a workplace challenge that's yet to come. wherever the new world of work takes your business, the world works with servicenow.

welcome back welcome to april, by the way let's bring in one of our favorite guests on opportunity fridays. that is jenny harrington ceo of gilman asset management jenny, fresh off a friendly, but good spirited debate with our friend jim cramer yesterday. you were going at it hard over intel. what was that all about? >> well, i think the thing is on tv, everything tries to go into a box. black or white reality is jim cramer and i are in the same camp if you listen to the nuance. >> what? >> here's the thing. we're both saying there's huge possibility and potential for semis. we're just looking at it from the different angles i don't mean to be a sissy right now and buy on common ground the reality of what is going on is the u.s. semi conductor

market is $560 billion a year. then the pc space. you have intel earning -- produce revenue of $75 billion and shoot. i have notes right here. i didn't know we were going straight to this amd produce revenue of $16.5 billion. amd has been eating intel's lunch and taking market share. there is room for everybody. jim was saying they are taking market share and this and that blah, blah, blah he loves the ceo of amd. he doesn't like pat gelsinger. we have different perspectives on that. and i'm trying to think of it. it turned into a bit of a degree with the bigger picture with the semis are cyclical that cuts both ways. then we are talking about valuation. in my opinion, intel trading 10

to 12 times earnings push back on amd and nvidia, there is push back and this is one of the things i talked about the price for perfection amd priced for perfection. the reality is thereis room fo amd. there is room for nvidia and there is room for intel. they will all continue to mint cash choose your horse. you will make money on all three if you have a long-term plan >> and room for me to throw you under the tv bus live on air at 5:50 sorry, jenny. >> no problem. >> good debate with jim. i think he enjoyed it as well. let's move on to a tech name that you are prepared to talk about more which is cisco. i feel like the argument you just made for intel, you could

swap out for cisco as well >> right absolutely you could extrapolate this into the bigger conversation about tech long tech this year. i say depends which part of tech you want to be i don't want to belong on a arch archa arc tech this benefits from return to office to your point, the conversation you were having before about manhattan real estate and your guest saying that will never been the same. for cisco, that is good. people partially work from the office and partially from home the network complexity is greater than it used to be with zoom and not with zoom and in person all of that is complex and complicated and needs security wildly benefits the company like cyst

cisco. do i want to be there? absolutely the valuation makes me comfortable. >> that hybrid environment, jenny, is bullish for energy demand companies have to leave all of the lights on regardless of 2 people or 2,000. you have the work from home. you are using double the energy because people are split up. you like shell and others around the world for income >> right i think you could go on and on about it >> some energy names >> brian, you and i have been talking about this for two years. other people out there saying, oh, energy not investable. energy is dead you and i were two of the few who agreed two years ago an. guess what we drove our cars to work and used fossil fuels to get there we didn't ride unicorns, sunshine and rainbows. there is demand for fossil

fuels. it will be long term that we will wean off. there are a million interesting things this is a two-hour conversation of how and why we are dependent. you have shell and totale and we have chevron with great income russia with higher oil prices benefit them anything above $70 a barrel wil help them mint cash. i'm being a little greedy. >> let's do an hour long thing on cnbc pro. >> i love it i'd love it. >> let's do it sold that's how it works. >> okay. >> jenny harrington. virtual networking love you for coming on the show. thank you fort tuning in see you back here on monday. stick around with "squawk box"

coming up next have a great weekend xfinity mobile runs on america's most reliable 5g network, but for up to half the price of verizon, so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries! this phone? fewer concert tickets. this phone? more concert tickets. and not just for my shows. switch to xfinity mobile for half the price of verizon. that's a savings of over $500 a year. switch today.

good morning recession warning in the markets. yield on the two-year and ten-year treasuries inverted in the past, that forecast five of the previous two recessions we'll tell you how to protect your money. gamestop plans a stock split. details straight ahead. u.s. authorities investigating a meeting with activision ceo and alexander von fuerstenberg placed an options on the stock before it