>> i think it's going to take a little longer with the imbalances with the supply chain. >> my friend, thank you very much. we leave you with markets that are higher. i will be back here at 5:30 right there for the nasdaq.

amongst other stocks, we are keeping eye out on the market. the outlet was not good. i'm going to give you a minute to process. >> it was breaking that 51-50.

and they tackled climate change and boosted clean energy. there will be a cap on insulin prices for medicare patients. >> plus a 1% tax. the bill is headed to the house. and most likely by the end of the week.

>> there is no incentive for hydrogen. we have not been able to have a substantial way to do energy. i've been a supporter that they up repeatedly not been able to break through. there is more commercial and if you make batteries in this country, it is more commercial. they expanded irs. where will they get these people . you have a masters or ava. and the country short-staffed

when it comes to that. >> in the end, they're not going to hire all 88 thousand? >> no, they are not. >> and the top 10 drugs for medicare are going off patents. >> not until 20 26th. >> not until 20 26th, but overall that's a big change for the government and the republicans have fought that for years. there are a lot of things they have fought that they were shut out. and mention folded. >> it is just incredible. >> if they just gave up the inflationary title, i would give up. >> do you think a 1% tax on stock buybacks will have in impact?

>> no, i think what that is is that once with medicare that you open the door, there could be a 5% tax. the initial reaction is really about what is going to happen and not what is happening. with 5% with medicare, we thought the only people who can no she ate with the government were the va. this is a bill that if i were a republican operative, i would say we've got to sweep the senate and the house and get the white house. otherwise, this is the law of the land for as long as we can see. >> and with climate change, to actually reduce by what could be as much as 40% emissions reduction, there will be penalties for methane emissions. something i went into on the documentary. i would doubt they are particularly concerned

about that. >> remember you have a farmer tax incentive and the company that is doing most of that is chevron who is using methane from farmers. >> i may capture tax credits in there. oil and gas can actually still benefit. >> yes, but joe manchin was going to put in something that was pro-pipeline. it could be in empty promise because it is a summer. if you are and environmentalis , you've got to feel good about this. all of the issues i have been told that we are not supposed to be giving. they don't need the lobby, that's fine.

>> well maybe not candidates. >> the ones that are political now. >> all right, we need to move on to nvidia. they put a press release out and jim, i will go through the highlights and let you take the rest, here. the stock is looking down. >> exactly. >> i'm looking at the release with data center revenue short of aspect haitians as it was impacted by supply chain disruptions. >> the shortfall attributed bowl to lower selling of gaming products reflecting a reduction in channel partner sellers likely due to macro climate headwinds. and reflecting challenging market conditions expected to persist in the third quarter.

>> nvidia has been more gaming and that is their essence. i'm not saying it is a disaster, but i am saying it is a reminder that gaming is very much a covid phenomenon in the gaming stocks have come down. and the wizard is getting bought by microsoft. with two reports this week, let's see what they say. i would say this is a clearing effort for nvidia which will be now viewed as and industrial company. industrial and obviously data center. >> we got a preannouncement this morning from nvidia letting us know because it won't be until later this month that they will announce they are short of expectations. >> it's because they looked at it and said, wait a second, we

are more than 10% off and we've got to say something. and somebody who named his late dog nvidia is hurts. i expected it to be down 20. >> >> the stock hasn't exactly been -- >> it's one of the worst in the s&p's 750 billion and right now it is $400 billion. it is still questionable. >> does it have a broader impact on the markets? we were coming in with what was looking to be a fairly strong no end. also when they say something along the lines of gaming and macroeconomic headwinds, that should have a broader implication. >> that's not supposed to happen if you can insulate it. and datacenter is still strong

in supply chain, but macro -- >> nvidia is supposed to be sacred. the headwinds are hitting everything. and micron is up substantially and so it's not all bad qualcomm is up 5g and doing well. but gaming, david, is so old and so yesteryear. >> and the cfo, who we both know . they were actually assuring us they would be successful. >> not everybody is perfect. >> that is joe e brown. >> i am stunned by this. >> you told us they would be able to succeed, but let me

just finish. the quote is we believe the long term growth margin is intact and we are managing near-term profitability and plan to continue stark buybacks forced on strong generation. >> remember the stock was at 346th and can go to 160. the gaming is something we don't talk enough about because we will have doordash on the show. the change in patterns of working from home and doing things at home have changed dramatically we don't talk about it enough. >> we sit around in our pajamas and do nothing. >> you don't and i don't. >> i come to work. >> yes you do, every day. >> i like to wear a suit and i

don't wear a suit at home. >> do you wear wrangler or levi's? >> these are very high-end. >> those early by special and worth $1 million in mexico. as you read that book? >> no. >> what are you reading? >> ministry of the future and it's about climate change. >> i'm reading about chernobyl of the future. he is very quiet about what we are doing, everybody is quiet. >> ukraine, we haven't talked a lot about that lately. we have a lot to talk about it will be coming back to nvidia and keep and eye on shares. that stock by softbank is not down, but as mentioned, we will have in exclusive later in the

hour. and the doordash ceo will join us. coming up with record food deliveries. we get started here in about 16 minutes and we will be back right after this.

again, we will keep a close eye on shares of nvidia. remember they were in a deal to

buy arm holdings from softbank and investor said no thank you. the stock is looking okay, jim, even though they had a horrific third quarter. >> how his performance? >> performances okay. >> the stock has been bad? >> in terms of soft bank with a huge loss and down $16 billion in three months. by the way, things have rebounded a little bit and we know that july was obviously much stronger. >> right. >> but there is a defensive tone comic do we have this? we can read from their comments this morning having to do with the quarter where they have said the vision fund headcount may have to be reduced

dramatically. corporate -wise we have seen a huge loss. he also talked about being in defense mode, essentially. even with with what may be some opportunities. take a listen. >> we are in a different spot. the impression is still severe and the interest rate is going up. in a difficult time, we cup on divesting our assets. we have reduced new investments and we have much more manage day conservative approach in terms of new investment. >> softbank is the largest out there when it comes to new investment. and doordash one

of their large investments. there are so many other names that people know well. >> it is very positive and david, one thing that is very positive is you and i think of tech is much more secular growth not impacted by the economy. this is jarring whether it is alphabet or netflix. they are saying, we are being impacted. yet, unemployment is incredibly low. why are they impacted. we could say inflation is running ahead of wages. >> it is a difficult time to figure things out and it has been two weeks since we have had a conversation about the

market. with this information from softbank and the macro economic headwinds. and off of jobs on friday and wage growth the lowest it has ever been. >> there has a been in decline in commodity prices. we saw that decline and there has been a spin and a decline. there is a hope the fed is going to be finished and that is driving stocks. i think if he looks at this bill in the semi conductor bill, he would be nuts not to add interest. he needs a shot across congress and he can't keep doing this with the inflation reduction act. >> it is 300 billion over time,

i believe. >> right, i am skeptical. i'm not going to say they are liars, but i am skeptical. >> and i think the unemployment number was so high that the fed needs to step up. david, we can't be this hot without endemic wage inflation, we can't have that. >> by the way, we look like we are going to open higher. >> from the little that we kno , they just split it, i would say. but the futures were down, i would say. capitalism loses and if you are and environmentalist -- >> you are right.

>> nothing positive about the short squeeze and the definitive commodity prices. >> so much to talk about from a news perspective with pfizer doing a large deal. and vista at $8.4 billion. changes appropriately at caisrlle. first a mad dash to the opening bell, staystors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential.

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gaming and macro economic headwinds. we will will have more on that we will will have more on that in the broader

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all right, let's get to jim's mad dash and then opening bell bell. and whirlpool with the deal with the largest manufacturer of food dispensers and hot water dispensers. >> i am not new york city, but i will tell you this has created the margins. they have not said they will stop buying back stock. but they have a european property that is up for sale. i think the europeans would be okay if lg bought it or samsung bought it. perhaps this is the prelude to the sale of what is in europe. now, you have the half and you

have to ask him how are they doing the european sale and is it true that this is it given the fact with the parts -- i don't know how you would get the parts because everything is so back it up. >> we will talk about supply chain as well. i believe he was on with you in april. >> he is so good that i am insanely jealous. he should come on immediately. >> let's listen to what he has to say. >> this is with a growth company which are i.c.e. runoffs. he is taking and aggressive posture more at home. and amazon is buying irobot .

and i asked about alexa playing music and she did and if i said clean my room that it would be a tornado. >> there it is, the opening bell . >> with the first day of trading with the nasdaq and tec marketplace. >> now, gina who does amazing work put out a piece to me versus performance in the s&p. you would not invest if you

looked at her work, which i am trying to promote because it is unbelievable. >> just look at the index to get a sense, but i want to move on quickly. the market broadly speaking gives you a sense once you do a deal. >> i'm sorry, we are out here. >> nasdaq is up and nvidia is down. >> you and i talked about this and when the news happens and we are on air and i am frantic. all i have is what is in the release combat the release, itself is the prelude to the change at nvidia and i welcome it. first they went to serum which hurt them and then gaming. in gaming, we saw from best buy. best buy thought the gaming cycle would not end for another year.

but the gaming cycle has run its course which is why the cycle has reverted printed in the economy. i believe it was because people were staying home and they are not home at the same level. they are calling people back. even in august which is supposed to be less intensive. they are calling people back, even in the middle of the country. it is pretty much high noon and i don't want to own any game. >> that is pretty much across the board so to speak. >> i wanted to ask you about microsoft's curious off acquisition. >> you call that curious? >> they would pay less, no doubt . saying that elon musk would pay less for twitter if you had to buy it now.

>> what is with this guy? i mean, it becomes more and more difficult to fathom what is up with elon musk? >> chairs have moved nicely as we get closer. >> there is the latest, by the way with musk challenging. >> this guy told the cfo that he was fine with 5%. he did, he told the cfo he is fine and this is insane. this man told the cfo and then he is trying to do his best with a lot of new products. >> you are not buying anything i am selling. the stock is moving up because of the likelihood he will be forced to do the deal. a big trial on october 17th and i haven't been here to talk about the various things that have happened. the focus on the market is, is there a chance they will sell.

on the other thing is the tesla stock price which is moving up. it's a $927 billion market value right now it tesla. and remember he got rid of so much. he's got the financing, but the rest of it -- >> but, the -- >> it's the chairman of twitter. >> he has been doing the work. >> yes, in the last week. >> and very long pleading about musk's erratic behavior was stunning. the charges that lost him the company earnings. let's put it this way, you don't want to say it is a criminal enterprise or some thing. >> they will get the game board unless something else were to occur before then. >> but you could say yes indee

. >> i bring it up because everybody else that i read and talk about doesn't believe that except you and me. all of them say it is a done deal. >> he talks to the lawyers, the for the most part, and those not involved but again we have to wait. >> i have not heard anything more than what is out there. i'm sorry i did not report on paypal and this was before we knew there were potential activists there. jim, is it over and done with the buyback? >> that is a really good question. and they are active in running the company and the partner say they are happy and he is happy. when they put those statements out, they traditionally mean i . >> yep.

>> i think paypal was the last quarter off of ebay. now, also, david, pinterest, basically no longer in charge, pinterest had amazing quarter in the sense that it has 400 million people, but it cannot charge. you know, they really need what i will call a system akin to paypal. that would be ideal for pinterest and then right now if you had pinterest and it had something about italian villas, you would have to go to abercrombie and can't or rent savanna if you want to rent and you can't go to pinterest. >> and i want to talk about a name once among the growth companies and then went public.

it is below 10 and it had already been down sharply during the month. not enough to reflect the good numbers that would be accepted by the marke . for the third quarter, palantir expects revenue of $475 million. that is up $55 million. and the revenue numbers of $1.9 billion for the year. income from operations up from $41 million-$43 million is not what the market and investors had been hoping. not a lot here. we have had to call but i don't have a lot to share from it. >> and i think what we heard a while ago, this is another thing you did not think that

technology should be hurt by. technology was seemingly immune from other parts that are hurt the economy. in other words, totally secular growth. the slowing dollar should not matter and the fed should not matter, but they are coming into play. even though i want to be bullish, there is hunting and undercurrent. wait until the economy gets bad. it's not enough to just break oil. >> i am just making sure there is nothing of great importance. you saw the palantir shares down 14% . it has not been strong since it's direct to listing. their revised guidance excludes any major u.s. government awards. of course, the department of defense has been one of their clients.

now let's move on to carlisle, if we can. and the former ceo and this is a surprise this morning. interestingly, had not by side a five-year contract. you have to negotiate a new employment contract and during the course of that discussion, my understanding is essentially two sides were not really in agreement and terms of the strategic direction of the company. the release does not specifically say that. they say the timing is right to initiate a search for a new ceo to move carlisle into the next phase of growth . so, he stops down

immediately and one of the old founders steps up. conway will step up and for now will be ceo and the like. they are going to have a search committee to find a permanent successor. that's what i'm hearing. a classic story with the old guard owning 22% of the company and may have pushed too fast. like so many other companies, changing its probe file to move aggressively into fixed income markets in terms of raising money and other investment areas. >> david, we struggle because when we think of sports, we know there is something very wrong if there is a weekend firing. it just seems this is a strong shocking thing for a very large firm that i thought was well run

. >> yeah, they have a history. remember glenn youngkin, the governor from virginia was in there as ceo. i might cavanaugh, our cfo at comcast had a cup of coffee there for a little while. it is still the old guys. you know, conway and rubenstein and the others who are obviously still having a great deal of influence there. and the market is not responding particularly well and you can't blame them. no ceo is announced and no discussion of how you are seeing the world different the then mr. lee was in terms of how you will see the business. we will keep and eye out but in interesting and unexpected change. >> like we spoke during the break, when you have a stock that is come down from 340 sex,

it may not be as revelatory because of the great resale. >> the market had been adjusting for its expectation of a warning and i miss. >> but amd did not talk about that much in gaming. i think it is great that nvidia is able to say, listen, we are not a gaming company. and i didn't like there were other charges about supply chain. obviously, you have to pay up for certain things. this is a reset and at the same time you don't want to see this. it's also not revelatory with the stock. >> you want more revelatory things? why is j&j not dead if medicare is renegotiated. the company hurt the most is bristol-myers and why is bristol-myers up? is it just the article and does

it not matter? i know the top 10 drugs now -- >> it's not until '26th but it does open the door to negotiate with the other big buyers and there is a potential impact. and first solar up almost 10% with and upgrade this morning. in other provisions of this bill which will reward people with solar panels. and, for utilities moving more toward providing. >> ge is up because of that one- week division thing they do. that is very weak, the power of division is very weak, but i think people want to play this in the way we used to. >> we will have more analysis as we move along. >> it's a must. >> and one more deal with vista this morning. $24 billion and a

leader of tax compliance with and eight $4 billion deal. a 27 percent premium with reporting on this name. actually, it is down, in part, because of a deal. what is interesting and a question i continue to get. how open are they for deals of this kind? >> it is $60 billion in total. >> in these deals with

enterprise software. >> this has been in the works for a while but the stocks stopped going down. the enterprise software companies had been the achilles' heel of the tech market and they have stopped going down and the one you need to pay attention to with this going down his sales force. >> and the back of the saddle. >> david, what happened at nvidia? >> when it comes to financing, there is $2.5 billion for the avilar deal . >> it's fantastic. >> and the doordash ceo, tony xu excite you also .

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david, because they posted record order growth they raised forecast by softer consumer spending and what we have to do is drill down about whether people -- what it matters for people at home, not at home. joining us now in a cnbc exclusive interview, door dash ceo and co-founder tony xu i'm glad you're on there's a lot happening at your company. >> absolutely so great to be with you guys. >> it's obvious this is terrific

and a lot of the smaller guys are going away i want to be sure that the -- that -- i don't know how much you're going for cash flow say what they're doing at uber and how much you're doing to subsidize your european operations right now, say, expensive? >> door dash has been a disciplined company that has beat its top and bottom line guidance we've been cash flow positive for several quarters in a row now. for us we've always been able to show the profits in the core u.s. restaurants business which allowed us to make investments, whether it's nonu.s. operations overseas or into new categories, like groceries, which are growing in triple digits. >> when you go into grocery, you're up against some other companies like instacart, that's

very much involved, capitalized. obviously we know that uber wants to be in everything. i was surprised, tony, that there haven't been more of a dropoff in that particular business because it's so competitive. can you really make money away from just traditional restaurant delivery >> we think so i think you have to think about it from two perspectives on one hand we have to look at how early the penetration levels are in these categorcategories as the market leader in the u.s. in restaurant delivery we're 8% of sales outside of food we're less than 1% of grocery and convenience spend. so there's a long runway ahead i look at the performance and progress we've made, adding over 80,000 stores to the platforms in the 12 months leading up to the second quarter alone we're making lots of progress and adding to the selection of

our platform we continue to add to our dash pass membership program, which is at all-time highs as a result of increasing the selection, quality and affordability of our platform we continue to see results as can you see. >> there were very few companies big in the covid period that are still big. i was surprised at how strong your numbers are, even after people are going back to work and going out. were you surprised to see that when covid kind of ran its course that your numbers actually improved? >> well, i think the resilience in our business, you know, has been here to stay. you've seen this not just in the second quarter results but in the results ever since covid started subsiding a year ago, depending on when you want to measure the statistic, we've seen strength and strength in terms of our growth. first i mentioned our product continues to get better.

second we're still in the earliest inning of the penetration of the restaurant category alone when you look at this from a macro or historical perspective, food is a resilient category in the last 60 years food spend has only gone down through twice and that's several ups and downs in terms of economic cycles. when you add on top the other investments we're making, whether it's our volt business, which we're excited to have officially closed, that's growing 50% year on year, which is far multiples ahead of overseas in europe then you look at the new categories, grocery, convenience, retail we're the defining business in local commerce >> you mentioned, of course some of the statistics in terms of food spend but i have to believe you're focused on so-called macro economic headwinds we're

seeing it from nvidia when they're talking about gaming are you concerned? are you still looking, but why are you not seeing those macroeconomic headwinds that others have cited? >> we've been looking for many quarters now, as early as the fall of 2020, i was starting to speculate and think about possible consequences of all of the stimulus that went into the economy to kind of keep it up during the pandemic but obviously that's going to have ripple effects we're starting to see now, those inflationary pressures are real that's why we thought to invest back to our audiences. in the second quarter alone, $40 million making sure we're giving bonus programs to keep the profits of dashers just as high as they were pre-pandemic we've done that, in addition to improving the efficiency of our logistics so that we're seeing improving profitability as a business even though we continue to invest back into our

audiences. from a consumer demand perspective, i think what you're seeing is just as people are going out to eat, it's still very complimentary to ordering takeout. when you're in the mood to go out, that's a different use case to ordering in as people are going back out, they're continuing to order in as well. >> tony, one of the things that uber is doing right is drizzling. i know you and i talked about the idea that there's different -- really different rules per different counties, different states and this is a home run i'm surprised it was i want to know if you think it was. if you should be in the liquor business >> we've been delivering other categories, in fact, alcohol for many years now and if we broke it out, it should show the strengths of our categories outside of restaurants, far outperforming those of our peers.

>> but it's third party, tony. >> yeah, it is our business, again, is about doing two things one bring everything inside the neighborhood so third party stores to you in minutes not hours or days. and two we're helping the same stores build the same capabilities we built for our own marketplace they can create their own digital operations. >> why not put it underneath your earnings like uber does drizzly they break out everything it's been terrific for uber. i don't understand why you don't break it out the way they do >> we've been building this business for many years now in which we're trying to bring everything from the neighborhood to you in minutes not hours or days and for us it's making sure we stay focused on our audiences and i think as a result the business and results will take care of themselves >> i think that's true it's just that -- you know how i feel about what you guys do.

you were terrific during the pandemic helping restaurants like mine. i just wish you would show exactly how much you make. tony, thank you for coming on. tony xu, the ceo of door dash, thank you. >> also the founder. >> yeah. remember when they weren't public >> i know. the reason i focused on liquor is uber said -- >> i know drizzly. real quick jim we got to a lot this morning there's more what else do you have? >> global foundries up big off this meeting with ford in washington, a summit, which i think does matter very much. look at that tonight i have net, which has a terrific number, matthew prince and john pfeiffer, oshkosh did not have a terrific number because of supply chain shortage, military orders. say they were hit by everything

hitting all of these cyclicals. >> yeah. see you later right over there. >> nvidia. >> no. shares are only down 1.7%. that warning from nvidia, a revenue warning as well. largely focused on gaming. keep it here

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good monday morning and welcome to another hour of "squawk on the street. we are live at the new york stock exchange carl has the morning off and morgan is on maternity leave markets are up across the board. nasdaq up 1.4% despite the revenue warning from nvidia. >> we are 30 minutes into the trading session. nvidia sinking after the company released preliminary results we'll have more on that throughout the hour. plus palentier with an

unexpected loss, also lower its estimations. and kewsong lee is stepping down two years after he was appointed. that stock is under pressure in early trading down more than 4%. >> the senate narrowly passing the inflation reduction act. ylan mui has more on what is a jam packed bill. >> reporter: that's right. democrats are celebrating the passage of their health and climate package in the senate over the weekend there was some last minute drama leading up to that moment, they nixed the provision that would have capped price increases for prescription drugs in the private market and the republicans sought to exempt private equity from the 15% corporate taxes. but the framework remained

intact it allows medicare to negotiate the price of prescription drugs and caps insulin cost at $35 a month for seniors. it extends affordable care act subsidies and provides for clean energy and it invests $80 billion in the irs. >> this senate democratic majority has achieved what countless others have come to washington promising to do b ultimately failed to deliver i'm confident the inflation reduction act will endure as a defining feat of the 21st century. >> already the progressive group move on is running a six figure ad campaign in arizona, georgia, and nevada and it touts the july jobs number and drop in gas

prices we'll see if they can keep it going back through november. >> the name notwithstanding, a lot of it is focused on climate, solar, wind for power providers, for people at home in terms of buying their electric vehicles up to a certain limit in terms of income. do we know everything there is to know at this point in terms of the implications on that front? >> yeah. democrats are saying this is a historic investment in climate, $300 billion in spending and sort of incentives as well so they're saying this is a much needed investment, and even though democrats conceded some points to senator manchin around fossil fuels, et cetera, they say this will lower emissions by 40%. so democrats and environmental groups are celebrating as a win even though they're acknowledging they didn't get everything they wanted. >> never do. but more than they wanted.

let's look at the impact to the energy sector in a little more detail. pippa stevens is here. >> reporter: good morning this is the largest federal funding effort around the climate crisis in history we're seeing stocks respond across the board with solar and wind names all higher, the package has $369 billion for the climate initiatives. much of it through tax credits while incentivizing domestic production sun run and sonova higher panel makers moving as well. j.p. morgan upgrading solar today. and hydrogen stocks, plug power and bloom energy moving as well. there are also credits for energy storage companies, names

like nuance and stem what's important about this bill it provides long term visibility the investment tax credit for solar will return to 30% and stay there the next decade that extended time frame is key since it gives developers confidence that policies won't change there are also some provisions for oil and gas companies, including ongoing options for fossil fuel leases as well as tax credits for carbon capture which a lot of companies are developing >> thank you let's get to the auto maker side of this, they're concerned it could jeopardize their ev production targets phil lebeau has that part of the story for us phil >> reporter: those concerns coming from the lobbying arm of the automanufacturers in washington they're tied to the fact that there are some restrictions and limitations on the new ev insentives or the restoration of

the federal tax credit for those buying evs let's do a refresher, $7,500 for cars up to $55,000 suvs and trucks up to $80,000. the argument from the lobbying argument of the automakers is you put that cap in there, add restrictions about batteries sourced from china we may not be able to sell all those incentives that we want to keep that in mind, you can't have your cake and eat it too. you have production increasing for a number of new vehicles evs coming on the market you have the cadillac lyriq, rolls a den id 4 the mercedes eqs, that production starts later this month. we're seeing the cadence of new vehicles coming out. in terms of market share, the texas giga factory is ramping up production right now

tesla sells a little over two thirds of all the evs in this country and as that factory ramps up production of the model y and the cyber truck likely starting next year many believe they will be able to maintain their lead, at least through '25, '26 look at where they are right relative to the other automakers most believe they'll lose market share steady over the next couple years, total ev sales up 4.5% of the market interesting note from adam jonas over the weekend, talked about what happens now the ev tax credit is coming back, it comes back for tesla and gm, are gm and ford a pure ev play? no they're a run off. tesla has the first mover advantage and more manufacturing capacity than anybody else in the country at least when it comes to ev. and that's why they're still

probably the best play doesn't mean they'll grow as much as other stocks but the best in terms of ev right now. >> i was going to ask who could be the next bigger winner? does this help someone teetering on the edge, trying to decide buying a regular fuel vehicle versus an ev, push them over the edge, and if so who comes up second to tesla? >> i think everybody is going to benefit. all automakers will benefit. someone looking at an f-150 lightning i can get a $7,500 tax credit, because i qualify, i don't have the income over a certain threshold, absolutely. really all the evs coming out they're all going to benefit from the tax credits there may be a few here and there that people won't be able to get the tax credit because of the price. but generally speaking the bulk of the vehicles sold will qualify for this.

>> good stuff, phil, thank you very much. a quick look at our road map for the rest of the hour, including inhavenvidia announci below what was expected. when i whirlpool making a deal. we have an exclusi wh veit billionaire energy investor, wes edens.

a lot more ahead, don't go anywhere

media results confirming what's been an existing fear for a while, paramount, warner brothers seeing a slow down in ad spending along with questions about direct to consumer joining us is michael nathanson. i don't know why you don't cover warner brothers discovery, but i'm going to ask you about it anyway the cash flow estimates for next year, cut what, 1.5, $2 billion

off that number. >> we cover it but robert fishman on my team covers it. >> that's why. got it sorry. >> we want to build out our coverage and i'm doing three different things we have a point of view and i have a point of view, as you know, and we do cover it. >> i was confused for a minute i apologize. your firm is growing so rapidly i can't keep track of the new people added let's talk warner brothers discovery. give me your take overall. we have disney reporting later in the week as well, for example. >> i think this is incredibly hard transformation for warner brothers discovery the company is levered five times, they're relying on old linear cable networks. compete in streaming with these bigger companies that are willing to lose money. it's a tough place for them to be when they talked on their call about their view of streaming,

we share the view. which is not a great business. it requires tons of investment capital but unfortunately that's the business they're in. the market said look, there's not this big payoff at the end of the rainbow, i'm not interested for paying for a highly levered cable company until we see more confirmation of kind of this transformation to become a better streaming asset. so, you know, unfortunately they're stuck kind of in the middle i think you and i talked about this in the past the old world we know where it's heading and the new world is uncertain but you need to compete and they're in the middle that's a hard place to be right now. >> do you think that, you know, they missed something in terms of the deal itself not understanding, perhaps, that there was certain weaknesses i'm not sure, but you have to ask that question, don't you, when you reduce -- when you reduce the ebitda numbers the

way they did >> i think there was a lot of spending going on within warner under at&t that may have surprised them i think the linear business. you know, in the year we've done this, it's gotten worse. forecast is running at negative 6% the worst we've ever seen it average high is weakening as you mentioned. the hand became a much more difficult hand in the past 12 months at the same time i think there was a revisit on streaming and the economics of streaming, which we've been saying for years now that the numbers don't make sense i think it's a combination of overspending at at&t and a weakening macro. again it's a hard place to be when they're levered as much as they are, slow down spending to pay down their debt as fast as they can. >> as you pointed out, that five times has scared a wlot of investors away >> yeah. >> disney is later in the week,

how much is it judged on subs again or direct to consumer, or are investors willing to focus on other parts of the company? >> the parts are going to crush it, you know that, that's been the story the past 12 to 15 months it surprised us as we said, the park recovery is going to be awesome. a couple things, one is they lost by choice the cricket rights in india which has powered their indian dtc business the question is with losing their cricket rights will they reduce guidance for subscribers. they're rolling out an ad tier like netflix and next is profitability. you heard updates from everyone this quarter and the market wants to understand, has something changed? do they want to accelerate the move to profitability? those are three things i think the crux of the call will be on streaming again.

and ignore the park fee, which will be strong it's the next two or three years on streaming, kind of a road map forward. >> you have a hold right now on shares of disney sitting at 110, having a strong day up 15% for the month. what does it take to move from a hold to a buy for disney what are you waiting to hear from them? >> parks we know, espn we know we want to understand the long term profitability of the streaming business we have one data point, which is netflix, 20% margins and now it's rolled back a bit you'll hear in the earnings calls and media. people want to know where is this business normally based out on margins in the past david and i debated -- not debated, we had conversations about this has to be a worse margin than linear. we don't know where the level of worth is, we're all struggling, what's normalized margins, it

used to be 35%, that's not going to happen again, but is it 15, which is not a good business we have our doubts about the structure of the margins in this industry and we want to learn more about that. every quarter that's our goal. >> we'll keep having that conversation i feel a feeling michael as well. we don't have the answers. we don't know. it's still too early. >> it is >> michael, appreciate it. thank you for taking the time. >> thank you after the break, the ceo of whirlpool after buying insinkerator in a multi-billion dollar deal. bed, bath and beyond soaring amc, gamestop all rallying

again. we'll be right back. stick with us.

whirlpool shares let's look at how they're doing, up a tiny bit after the company announce a deal to buy insinkerator from emerson, $3 billion in cash price tag. joining me is whirlpool's chairman and ceo mark always good to have you on. let's start with the deal itself why are you doing it why were you willing to pay, what this company does 170 million in ebitda. why is it a good deal for your shareholders >> good morning, david thanks for having me here. this is a wonderful asset, a unique asset and frankly an asset you can't buy every day. it's the number one player in a

very distinct segment, exceptionally strong brand loyalty, quality reputation, strong earnings profile, single digit revenue growth, so it is a truly unique asset that's why we paid the price we did. it was also competitive bidding but we have a strong balance sheet which gives us flexibility and the opportunity to buy it. >> you talk about single digit growth is there an opportunity here for you to increase that in some way as it becomes part of your product portfolio? >> yeah. we see two opportunities actually we can add on the revenue side one is expanding the brand offer, we have many strong household brands who play a strong role in the kitchen and product innovation, we call it the sink and under sink space we have a number of products in

that space so does insink. >> i happen to love my insinkerator, it was one of my favorite things we did in our renovation in new york city, you don't find a lot of them is now a good time to go shopping with an uncertain economic environment in front of us in the united states and globally >> obviously this is, you know, consistent with what we said many times before, we want to invest in americas and win americas at the same time it's also, frankly, housing we are very bullish in a long-term perspective in u.s. housing. it's a structurally unsupplied market we see a number of growth opportunities. so in that context and consistent with what we announced in april, the kitchen and laundry room that's our space and geo graphically america's. we look at a number of opportunities but this was by a long shot the most attractive one. >> we have one company this

morning talking about macroeconomic headwinds, an important one, nvidia, what are you seeing for consumers to step up for a high priced edition to their home, and kitchen for example. >> first of all, david keep in mind about 75 or 70% of insinkerator volume is replacement. so there's a very consistent replacement stream and you now are starting to come up against the more attractive housing years. with all of that in mind, the broader macroeconomic short term is not pleasant we talked about it in our earnings call. we saw consumer sentiment dropping off quite a bit in q2 we don't expect a major recovery or strength of consumer sentiment before the end of the year at the same time, this is also a great opportunity to buy something and to buy such a unique asset. >> something we talked to you about as well and you mentioned

on your earning call a couple of weeks back the supply chain, are things easing there as well, in terms of your ability to get ahold of things and i'd love to get your thoughts on raw material costs at this point. >> so, david, i think you use the right word, easing that doesn't mean the supply chain issues are completely gone and we still see spotty issues here and there we do expect that to remain pretty much the case throughout the year but already now it's in no way comparable to what we saw last year, the back half of last year, it's getting every month better and we see relief out of supply chain particularly to your question about inflation. we believe we saw inflation peak in q4 or q3. we saw if you look back, we saw it six months before, saw it on

consumer side, output fl we see that we're passing the peak of inflation. >> finally that review of the european business, nothing new to report at this point? >> no, david, at this point it's progressing as we said in our earnings call in april, this is a broader portfolio transformation we look at all options what we do in europe, europe has not been a value creating corporation for a number of years and as we raise the bar with our own expectations we look at the assets and how they can perform keeping the business is an option, selling the business is an option. we plan to give more information about our plans in in the october earnings call. >> we appreciate that. thank you for taking time with us today. >> thank you for having me. after the break we have an

interview with wes edens on the interview with wes edens on the inflation reduction act's impact to give you personalized support, for all-day pain relief. find your relief in store or online. to the energy sector back in two minutes.

good morning, here's your cnbc news update at hour months after she were sentenced to life in prison for murder, the three white men who chased and killed ahmaud arbery are facing a second round of crimes. defense attorneys for the three men have argued the men did not pursue arbery because of his race but instead acting on a suspicious that he committed crimes in their neighborhood. authorities are seeking information about a vehicle in connection with slaying of four p muslim men in new mexico police say the attacks may be related and the victims were likely to have been targeted and seattle showing up for its four-time wnba champion potentially one last time. a little over 18,000 fans came out to watch sue bird play her

final regular season game in seattle on sunday. making it a franchise record get this, at the age of 41, bird is retiring after spending her entire career in seattle since the franchise drafted her number one overall in 2002. pretty incredible. courtney, back to you. very much. she's had quite a career. we are getting news from the treasury department. let's get to amon afjavers who s more for us. >> it's sanctioning a crypto mixer called tornado cash which i had said laundered more than $7 billion since inception in 2017 it allows them to deposit funds, swirl them up and extract them under new conditions which it's hard to trace the original source of the funds. so treasury cracking down on this service

saying north korean hackers have been able to use it to profit from elicit activity online blender was sanctioned back in may. they're sociassociating it with north korean hackers but when i asked officials who was behind tornado cash, the officials said they don't have any information on who operates that service nonetheless, american people will be blocked from using that service under the new sanctions announced this morning by the treasury department. back to you. >> thank you let's get back to the energy markets as well. perhaps what the effect may be, you heard phil and ylan talking about it as well new fortress energy partnering with apollo to form an lng maritime infrastructure platform this deal was announced a short time ago, valued about $2 million joining us exclusively to talk about the deal and a lot of

other things is wes edens, new fortress energy founder and co-owner of the milwaukee bucks, like to throw that in there. let's start on the inflation reduction act, perhaps not properly named but from your perspective as somebody involved with renewables and things of that nature is there a benefit >> it's a huge benefit i think it's a huge deal it's the biggest clean energy act of all time. there's a lot of money in it for renewables, which is great but for the first time, clean fuels. hydrogen is something we've been focused on for a long time we're building our first hydrogen green belt. there's a $3 kilogram production credit in this bill. and i think it has a chance to be a really huge start for the industrial production of hydrogen >> you were willing to go ahead with the plant without the potential tax incentive.

was it still going to be profitable does it extend profitability into an area you had not foreseen >> we think it would have been profitable, modestly so, but with this bill it's solidly profitable it bodes well for the economics of this plant but there should be hundreds if if not thousands of the plants built. it's a big deal. if you want to turn the u.s. into the saudi arabia of hydrogen, it's a big deal. >> somebody who allocates capital and looking for other possibilities is there areas that you you're looking to >> the other on the hydrogen side is the carbon sequestration credits. that's a big deal. blue hydrogen, taking natural gas, and making it green, that's a big part of it as well. >> do you think we're looking at

an energy crisis right now if we don't transition faster globally to clean energy? >> i do. i feel the narrative around this transition is a little bit misplaced. talking about moving from dispatchable fossil fuels to nondispatchable solar and wind that's not the way it's going to happen i think if you want to have an energy transition, you have to go from fossil fuels to really clean fuels. those clean fuels are hydrogen, it's nuclear power and the investment needed there is not billions but probably trillions. i think the time does matter, yes. >> how quickly can we get there? can it realistically be done >> it has to be. it was huge to get the bill passed, there was a lot of skeptism it would get done it's a win for the biden administration, joe manchin and chuck schumer for it to get passed you have to start on the clean side, which is something that's

meaningful. >> i'd love to get your thoughts on europe as we wrap up summer soon and move into an important fall and winter for that region. what are your expectations in terms of their ability to get ahold of natural gas or power their economies? >> it's a real problem a saying that as bad as you think it is, it's probably worse. about 40% of the natural gas from europe comes from russia. you shut that off, they're short 100 million tons of l&g that doesn't exist in the world not only is it a problem now, that's why prices have gone so high, it's likely to persist a couple of years. we have a big in iff initiative to produce 10 million tons in the next couple of years but it's going to be a problem, challenge for them the next couple years. >> what about maritime infrastructure, leading to the deal you did a couple weeks ago with apollo? can you get enough ships moving over there with our l&g to

fulfill their needs? >> it's a really good question in the l&g business it means you're a shipping company. we're providing the first fsru into a new terminal in europe on september 8th. so we'll have a big ground breaking and completion in the netherlands. we own about a quarter of these big ships that also regas. and so it's interesting. your question about speed, courtney, they were able to get this thing permitted and built in about six months. it shows you if you put your mind to it how fast governments can act. there's activity in germany, italy and other places but they're pulling out all the stops to try to be responsive to it but it's a tall order. >> what about what i'm told a small number of shipyards to build these vessels. does that impact your ability to grow >> it does there's about 500 ships in the world. there's about 50 that are fsru, which are the ship and regas

so there's not that many so you have a big gap in terms of what's needed here over the next couple of years for sure. >> finally we talked about the bill you seem relatively positive on it carried interest, as the guy in the private equity business. are you amazed, surprised as i am, i have to admit, that this thing lives on >> i'm amazed. i understand why the reason people are advocates of it, they think it encourages investment in risky areas that's the party line on that side there's compelling arguments it should go away now i was surprised it didn't. >> what is kyrsten sinema getting? >> i don't know, there are definitely credible arguments on both sides of it clearly she has a view on one versus the other >> it may be when sweat equity was the overall component of what private equity was doing, but running massive flows of money and making investments

like this, it seems to hard to make that argument, at least with me it does. >> i agree >> you do? >> i do. i think it was time to be readdressed. obviously not my issue. >> you got your 3 kilograms for hydrogen. >> we got the right stuff. >> always nice to have you on, share your thoughts on this stuff. still to come, we'll turn back to nvidia sinking on the preannouncement down about 5.5%, actually almost 6% now a check on the broader markets, things are looking fairly agree, nasdaq come po sit, the strongest of the bunch up more than 1%. than 1%. and s&p 500 getting closer t when tired, achy feet make your whole body want to sto a 1%

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let's check in on the chips. the van eck smk semiconductor, falling today but up more than 20% since the start of july and only a quarter off its 52 week highs. one holding is nvidia, it's actually almost 9% of the index. it released preliminary results that showed early second quarter revenue running at 6.7 billion, well below the outlook, more than $8 billion is what the company had been expecting after the company saw lower demand in gaming and cited data centers a bit. in terms of some supply problems but focussed on gaming shares only down 6%, which perhaps a bit of a surprise given the magnitude of the revenue miss. >> absolutely. here to break down the numbers

is research analyst pierre faragu who has a $220 price target on the name seeing the gaming revenues are expected down 40% quarter over quarter, that's a quick deceleration what's going on with gaming at nvidia. >> thanks for having me. so what's happening is actually something that the market was anticipating quite a big deal, that's why this is coming down so little compared to the revenue miss you know that cryptocurrency is entering another wind in transactions and that means a lot of crypto mining rigs with a lot of gpus and miners are selling the gpus in the second hand market of gaming market for gpus so that means it pulls away a

lot of consumer demand, gamers who want to buy gpu see a good deal on the second hand market and are being pulled away from the firsthand market and distributors see that. so they stop ordering from nvidia and -- because they see demand appearing. that crystallized the last two, three months we had an indication of that about 20% of the mining volumes have disappeared in the last two, three months. that's the main driver for that. you add to that the economic environment we know there's a broad based consumer demand slow down, pc demand is down, smart phone demand is down china demand has been very weak. consumer demand has been very weak in recent months. so that's like a perfect storm for nvidia to see almost half their revenues disappearing in one quarter. i it's not new, it's the play book

of late 2018 and 2019 when nvidia faced the same situation, a slow down in cryptocurrency transactions and consumer demand one last element to take into account, nvidia is going to introduce new products probably at the end of the year, they need to have a clean slate of that so they are cleaning up the channels so they are pushing very hard on the cleanup as well >> so you have a buy rating on shares and it sounds like if they've gone through this before in 2018, 2019, you're confident they can work their way through this, this is not going to be a long-term issue for them, even though this is a significant revenue decrease from where they originally guided or the street was looking for their revenue to be. >> yeah. i think you summarized it very well it's going -- it's very painful. it's going to be painful for a couple more quarters and then nvidia is going to recover from there. and they are the unquestioned

leader in the market for accelerated computing. for visualization, for gaming and for artificial intelligence, machine learning these three markets are still extremely healthy. that's the reason why it's pulling back so little the market knows that. our view on this, the recent upgrade is take this opportunity, the weakness in the near term outlook of the company to build positions that's what we tell our clients, yes. >> pierre, this does nothing to change that view 220 not that aggressive in terms of a price target take me through the numbers in terms of multiples. do you have to see a higher multiple or is it your numbers in terms of earnings >> yeah. it's a good question, david. pricing is not aggressive for two reasons it's a price target to the semiconductor space and

the space has pulledback quite significantly. and the second reason, it's a one year price target. we're kind of thinking where could the stock trade in one year from now. as i mentioned, we think the pain that nvidia is going through now is going to be there in q3 and still there through q 3 and there in 4 as well so that's a price tag in one year from now and, of course, there will be more we can expect behind -- behind that. so in the long run we see much more significant upside. then on your questions about multiples and things like that, we have a -- we're thinking like 2023, financial 2025, sorry financial 2024 is recovery for nvidia and can get back to

earnings for 2025. and like paying 131 times out >> thank you for going through that unfortunately we have to let you go shares of nvidia down now almost 7% p thank you for joining us. >> thanks. banks are starting to like growth stocks again. don't miss top picks from goldma wls, p.orn,elj. mgan and more that's on the next hour of more that's on the next hour of tech wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in checko qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq we're back in two, stay with us.

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welcome back to "squawk on the street." stocks are higher to start the day. just off the session highs for s&p 500. of course, the s&p is coming off its third straight weekly gain technology for right now is the only sector in the red the other ten are all in the green, consumer discretionary as you see behind me is leading the way higher up over 2%. now, casino stock penn entertainment known as penn national gaming is the best performer in the discretionary sector so far and s&p more broadly as well.

caesars entertainment among the top performers along with expedia, etsy, check out those names, especially travel and leisures ones. "squawk on the street" back after this >> announcer: realtime exchange sector sort is sponsored by spider etfs.

welcome back to "squawk on the street." let's turn to the housing market our next guest is optimistic for the long term outlook at least despite rising mortgage rates, prices and supply chain issues u.s. supplier of building products, first source ceo dave plitman joins us now so many cross currents and variety of information every day about the strength of the u.s. economy, consumer or not as you see it big picture where are we with the state of the housing market is seems like things have been so hot of course, mortgage rates are up and only likely to go up further. >> sure, well, good morning and thanks for having me on. you know, it's been a challenging time as you point out for the last couple of years, unprecedented demand at a time where the supply chain has been tight so we've been challenged as an industry for the last couple of years

to your point, rates of nearly doubled in the first half of this year. we've seen them pull back in the past six weeks or so obviously that's going to have a short-term impact on demand. i'm encouraged since the middle of june, rates are down off the highs of over 6% pulled back below 5 1/2% on the 30-year mortgage and increase in traffic as well as refinancing picking up in the last few weeks so encouraged even over the near term why i'm more encouraged over the long term, this industry is different than it was in the last housing downturn. for instance, the demand picture is totally different in 2007 we had about 23 million people in the 25 to 34-year-old age bracket. really buying that first-time home or first-time step-up home. that number next year will be 29 million. and since the last downturn, this industry has been underbuilt by about 4 million units so i think any near-term slowdown in the industry is going to be met by just an

increase of demand that's been unprecedented, and we think that will win over the long term. >> mortgage rates are one cost in a very significant one, of course, when you're thinking about buying or selling a home but what about the cost of building and the material inflation, the cost to do renovations, to build completely or just a little bit what's going on there, and how is it having an impact >> that's been impinging on the consumer and emanates from during the pandemic that the supply chain tightness that i spoke about earlier and we've seen really unprecedented increases in cost, anything from lumber to siding to hardware, windows and doors have been not only difficult to get but also increase significantly in cost so to your point you overlay the interest rates on top of the affordability challenge and there is some near-term slowdown that we expect to see over the next quarter or two. however, you know, the backlog of homes being built right now has never been higher in this country, more than 800,000 in june i think that will carry us

through the end of this year and we'll have to see where interest rates level off and how confident the consumer is. >> and we have to go here, dave, so very quickly i was just curious about the supplyof homes to your point right there that we are building more. is this going to be enough to at least help that side of the equation if we increase the supply >> well, in our view there's 4 million homes underbuilt over the last 12 to 15 years. i think it will take us a decade at the rates we built last year and this year to overcome that deficit and that's another reason why, courtney, i'm bullish over the long term >> well, hopefully your forecast will play out for all of us looking to invest in the area. dave flitman, thank you for joining us. >> thanks so much. all right, as we get ready to wrap up on "squawk on the street," i would note, of course, ev makers, tesla up over 5%, lucid 8%

rivian up also this despite the fact that we got a revenue warning from nvidia one of the larger more important technology companies in the country and yet that has not been enough to stop the momentum not even a jobs report that was big and expectation the fed's got to keep going on inflation but, hey, subjects for another day. that's going to do it. courtney, thanks for being here. >> join us for "squawk on the street." "techcheck" starts now. >> welcome carl is off. preannouncing results for the second quarter we are going to dive into those numbers and the chip sector more broadly. see it there down 7% a 26% jump in revenue not enough