went way up and we think the stock has more upside. >> josh? >> i'm watching red fin and zillow zillow in particular both of these stocks have lost more than 80% of their market cap. and i'm starting to get very interested in seeing these start to bottom here so i'm watching them i haven't bought heater yet. just wanted to throw it on people's radars. i think it's way overdone. >> got to leave it there josh, thank you. everybody, thank you that does it for halftime. market's off session lows. t"the exchange" begins right no. >> hi, everybody i am brian sullivan in for kelly evans once again here's what's ahead. jay powell's message of slower but not lower sending stocks mostly lower in today's session, at least they were yields, though, mostly going up. so what does all of this mean for your money how do we read all of this we're going tolook at the position now plus, we are less than 24 hours

away that is the monthly jobs number. one of our guests has a front-row see to what is going in the labor market. and there is one trend that he is seeing that does not bode well and the ceo of cf industries, helping to make fertilizer and feed the world. this is a big hour let's kick it all off with your money and the markets, dom, markets trying to make a little bit of a comeback. >> they were deeply in the red earlier today. you and i both saw it this morning. what we have right now is a market that has move tremendously off the session lows and the dow industrials are up on the session, up about 14 points that's pretty much unchanged to give you an idea of the s&p 500, currently at 3748 we are down 11 points. at the highs of the session, we were just about there right now, we were down roughly nine points at the lows of the session, we were down 61 handles that's a big move off the lows of the session

as things stand, we're off about one quarter of 1%. the nasdaq composite was off well over a percent at one point. currently down two-thirds of 1%. one of the main reasons why the nasdaq remains an underperformer has to do with what brian mentioned about interest rates they were pretty much higher across the board, although we've seen a little bit of temperance of that in the last couple of hours. meanwhile, the benchmark treasury ten-note yield is 4.1%. the cycle highs, about 4.33% for that we're moving back towards there. the two-year note yield, 4.07% across the yield curve, across all maturities, you are seeing rates rise that interest rate rise, because of the fed yesterday, is putting some pressure on valuations, especially for tech and tech-adjacent names. if you kind of put things in context, the nasdaq100 right now, the large-cap nasdaq 100 is trading at roughly 20 times next year's anticipated earnings. to give you context where the big five trade, the five biggest stocks, apple currently trades

at around 22 times forward earnings microsoft at around 22 alphabet is the relative bargain at 16 times forward earnings meanwhile, amazon is closer to just around, call it, 59 times forward earnings, and around 38 for tesla right now. so, again, valuations for big technology-related type names, very much in focus with interest rates. and one other place to watch, it's been an outperformer and kind of speaks to what's happening in the environment right now. quick service restaurants, the ticker is qsr, the name is restaurant brands international, up 2.5% right now. for those people who aren't familiar with the name, it's the parent company of burger king, tim horton's and popeye's chicken. it came out earlier this morning with better than expected profits and revenues and sales growth at established restaurant locations, also coming in better than expected. powered by, brian, some real systemwide gains at burger king. so watch those quick service restaurant names we'll see if whether or not the inflation story, the slowing economic narrative causes more americans and more people internationally to trade into

some of these quick service type names they benefit in a time where inflation is cutting budgets in a lot of different places, brian. zpli heard the interview with a ceo earlier on cnbc. i wanted them to ask, what do you call a who were overseas a royale with cheese that's the quarter pounder, it's not the metric system. i have a lot of questions. >> and i don't have answers. >> that's the first time you have not had an answer dom, thank you very much all right, so whether you call it slower, not lower, or slower paced but higher destination or anything else, one thing is clear. the fed is not backing down from its fight against inflation. is it time to rethink the dovish fuel rally that we seem to have seen recently or maybe that has something to do with something e else let's bring in alan boomer good to have you on. i'm going to butcher it, but

there's some alan greenspan quote back if the day, something like if you understand what i said, i misspoke and following the press release, it was like two separate organizations put each one out or they totally contradicted each other. how do you read the federal reserve right now. because they do matter a lot for stocks >> sure, i always, that's a great quote, by the way. and you know, i really think that the fed is pivoting a little bit i think -- i read more into what was written, because let's recognize the fact that we've had a cumulative impact from all of these hikes that we've already had, and maybe we can slow down a little bit and not go so aggressive moving forward. you've got to understand that

the data on inflation is not going to move overnight and i think that the fed is wise to make a slight pivot to be a bit more dovish. >> yeah, especially with some of the wage gains that we have seen there, what economists, i believe, would call sticky and i hate to bring politics up, we've got five or six days until the midterms, so we kind of have to, here, alan skp and everybody was attributing this recent rally we've had to the federal reserve, i was talking to a lot of people on-air, off-air who were saying, it might have more to do with the polls that were shifting a bit. i'm not saying one is right or one is not, but do the midterms matter for equities right now? >> absolutely. i think the midterms are a huge catalyst in the near-term, right? the midterms are always the source of volatility and as it gets closer to the polls, you start to get more of an expectation of who's going to win and, you know, you tend to find a market that does better

the stock market does better in a divided government and it looks more and more like we're moving in that direction and that's a net positive for the market so i do think that once it's decided, once the uncertainty is over, midterms are done, i do think that stocks should take off, at least in the short run, although there's certainly a lot of headwinds for other reasons although the midterms matter >> another reason to watch on tuesday as well. is there any part of the market that you like more than others right now, alan? >> sure. i think that right now, it's inter interesting. a lot of the growthy stock companies are mattering. you really want to look to companies where they may be good dividend payers, zpoirkly they were doing a lot of buybacks we analyze the stock market based on the use of cash and we've found that when you're

heading into a recession, the better buy is a company with a nice dividend yield and has also been doing buybacks. if you can find companies with a high cash flow, meaning they're earning a lot of money, but paying out a small percentage, that's a great buy right now >> yeah. and if you believe the markets aren't going to take off, you want to buy low, we've seen multiples and valuations come back to median or below-median levels right now, american international group, alan, really pleasure to have you on "the exchange" and cnbc. we will see you again. thank you very much. >> great thanks so much >> you're very welcome so now that we are passed that federal reserve decision, the focus will likely shift to other economic data, like the jobs number, which comes out tomorrow despite six rate hikes this year, the labor market remains tight. workers are scarce with nearly every business or industry that we speak with saying that they're having a lot of trouble finding people to take jobs, even at higher pay. and check this out american companies are on track

to spend $50 billion more to hire people than they did just before the pandemic. let's welcome back in eric sohn. that is his number that we just cited. evan, what is that number? what is that $50 billion >> well, brian, thanks for having me on the show. we talked about this earlier, earlier in the year. and we talked about this that relates to the job -- the great resignation and the job economy, which has now morphed into job mobility and if you look at the jolts report and look at the hiring that's going in 22 over the average hiring going on in 2019, times the average cost to hire a base employee in the u.s., which is $4,000, this is not the added cost of salary this is the cost to hire we've spent as an economy about

$40 billion more this year in hiring than we did in 2019. >> is that mostly straight-up salaries, recruiting costs, advertisements >> yeah -- >> sign-on bonuses >> advertising, time -- not bonuses. nothing to do with salary. this is the actual cost to hire an employee. keep in mind, there are lots of employees and we're seeing more and more hiring taking place than ever before 4 million people, slightly over 6 million people were hired last month. according to the jolts report, a little over 4 million people quit this is more than was happening in higher than in 2019, because of job mobility, the wage inflation, people are -- it's easier to leave a job. our recruiter index showed that 57% of the recruiters in the index saw that 30% of the employees of the candidates that they were talking to had three jobs in the last year just

amazing. you're seeing on the slide now, focusing son salaries of 80 to 100,000 range are also up significantly over this past month. so we're really seeing this real movement of employees still moving around, despite a looming recession. >> do we know where they're going to and more importantly, where they're going to and going from, evan because i talk to businesses on tv i also just talk to businesses in my town, a tree guy, somebody up in wisconsin, where i go all the time none of them can find anyone so i don't know if people are going from one job to the other, it just feels like people have disappeared. >> so, you know, this is like deja vu, brian we talked about this earlier in the year you asked me, how are they making money if you're not working, how are you making money and you saw uber's numbers yesterday and the average uber driver is making $36 an hour so our speculation in talking to

recruiters and our clients is that pre-pandemic, some of them may have had two jobs working at a factory. one factory they worked out monday, tuesday, wednesday the other factor they worked at thursday, friday, saturday, they start driving for uber, pandemic is over, they go back to one factory and drive for uber or door dash or some other gig in that second job. the other thing is, people are crossing the street. you know, we had this stigma of not leaving a job early,right, whether it's a parent that says you've got to stay for four years, suck it up, that doesn't exist anymore. or it doesn't exist at the same level. if i can cross the street and work at another factory for an extra 25 cents an hour, i'm going to go to another job, because they're going to pay me more money, i'm going to do that what was holding me back was the stigma of being a job hopper >> now it's a stigma of not being a job hopper, because you're seen as foolish for not going to get more pay, because someone probably wants you

evan sohn, we've got to leave it there. we'll get you back on, though. we'll do a monthly thing it's kelly's show, i'm just filling in we'll get you back on with her and talk more about it evan, thank. >> very welcome. >> we are just getting started here on "the exchange. on deck, the big money being made by helping feed the world the ceo of fertilizer maker cf industries is here and then from fertilizer to fintech, earnings exchange featuring paypal, block, and coin base. stick around ♪♪

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welcome back in september of 2021, i tweeted out as natural gas costs surged in europe, the spread in price between europe and us with regard to natural gas would make it a lot more attractive for american fertilizer companies like cf industries and mosaic. i used to trade fertilizer in a previous job before tv, although some people say i still sling fertilizer anyway, since that tweet, which was five months before putin's invasion, chaser of cf have doubled. american fertilizer is in more demand than ever, in part because of higher costs in europe, but also russian supplies being obviously cut off. russia is the biggest makerferts

but that doesn't mean everything is perfect let's talk about it and dive in. joining us now is tony will, cf industries ceo a long time ago, i used to trade with your previous company and others i know the business a little bit and and i know how much these energy input costs matter. how much have you been helped by -- well, natural gas costs have come down in europe, they're still 5x what we're paying >> our business is really an energy spread differential and so, in the u.s., we're paying call it $6 mmbtu. in europe today, i think the spot price is about $20, the month ahead is closer to 35 or 40 and that differential towards all of the mmbtus that we use is the profit opportunity that we have so the fact that north america has got a huge supply and relatively accessible cheap

natural gas is a huge benefit to our business >> and is that moderating at all? is that changing at all, because your stock has doubled in just over a year. >> brian, if you look at the forward gas curve for mbp, which is the natural balancing point, versus ttf and henry hub here in the united states, that differential is expected to persist for the next couple of years and it will compress a little bit, but remain sin persistently higher than it was in the past. and that's reflective of the fact that europe is chronically energy short right now, whereas the u.s. has a very robust basin. >> energy costs have come down, natural gas costs have come down in europe, but they're paying about $34 u.s. equivalent. we're at 6 bucks let's all hope at some point putin goes away, whether that's naturally or unnaturally, if you see what i'm saying, the war ends do you have any longer-term

projections about what would happen if and when russia is reopened to the world. putin's long gone. somebody comes in. what happens >> so, i'm with you. we all hope that that happens and happens sooner rather than later. most of the nitrogen production coming from russia is actually finding its way into the export market, along the lines of historical rates so that has not dramatically reduced russian production in fact, it's not a sanctioned product in most of the world so, that doesn't really change the amount of production, but what should happen is, flow of natural gas back to europe increases, gas costs in europe comes down as a result, and you see a lot of the plants that are curtailed in europe starting back up again. and the world needs that we're on the version of a food availability crisis right now. and part of it is because we just don't have enough fertilizer available and so the world really needs

those europe plants to operate again, and back to your opening comment, let's hope that that happens as a result of the war going away and a change in regime in russia >> what is the movement in global fertilizer prices, and priced in per metric ton, at least it was back in the day when i was doing t, how does that impact food costs >> yeah, no, a lot of times, it's the other way around. so because we're at an historic low right now in terms of stocks to use for most of the major grains, that means that food pricing is very high so corn is pushing $7 a bushel, and that means that there is huge agricultural demand for nitrogen and that's, you know, bidding up the price of fertilizer, partly also because there's a supply side contraction on nitrogen so we've got this tightening on the supply demand with very high food pricing, and our hope was

that throughout the plans of this year, we would see some relief in terms of stocks going up, but in fact, stocks have not made any substantial improvement, because problems with yield globally around weather conditions and other problems >> you read my mind. speaking of weather very quickly, for people who don't know what your product is, and for lack of a better term, they think manure, it looks like kitty litter it's these small ball-looking things i loaded ships in gonzalez, i'm thinking about the mississippi river levels and these 36 barge trains filled with your stuff. how severe is the mississippi river for you guys, getting it up and down the river? >> for us, it's different than for the industry writ large. we have a number of manufacturing locations that are throughout the midwest so that end-market production is already where it needs to be we can truck it, we can rail short distances and get it directly into the farmer's hands. it is a problem for our louisiana plant in

donaldsonville and that is making it much more difficult to get that product into the midwest. as you pointed out, europe has been chronically short because of the gas situation we've been exporting a lot of that product into europe but anyone who relies on imported product into the u.s. is facing significant problems logistically getting that product from the gulf coast up into the midwest and in fact, with the potential of a looming rail strike, that's only going to exacerbate an already existing situation >> i was thinking about that potential rail strike, and that would be unbelievable. great to have you on tony will, thank you very much hoping to feed the world we appreciate you coming on. >> brian, thank you very much. >> take care coming up, another view from the c-suite, very different business this time with the ceo of evgo on their path to profitability the state of the energy transition, oh, and by the way, the impact of the high cost of energy on them stick around

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winning out again after we rose 400 yesterday on the fed announcement and fell basically 800 points on the press conference, the dow has come off its low, it's down 401 point the nasdaq is down about 1%, as well speaking of technology, qualcomm down they gave weak guidance and revealed they started a hiring freeze this quarter. the stock hitting its lowest level since july of 2020 roku, it's down again. company saying fourth quarter financials are going to come in moreau e below expectations send rogue coup to its lowest level since july of 2019 this was a pandemic favor. a nearly $500 stock, it's now at 52 bucks it's not all bad, i guess. robinhood is higher today. results beat estimates, thanks in part to higher rates and lower expenses that stock having its best day in two months, but robinhood is still down 85% from its all-time high of 85 bucks a share now let's get a cnbc news update with frank holland >> here's what's happening at this hour. israeli prime minister has

conceded defeat to benjamin netanyahu in this week's election lapid constructed his office to prepare for an organized transition of power. in pakistan, protests sparked after imran khan was injured in a shooting attack. khan had been leading a protest convoy across the country, saying he was the victim of a conspiracy by the current prime minister and the united states and pope francis has started a four-day visit to bahrain. it's only the second time that the pope has traveled to the irani peninsula. the pope did speak out against the death penalty and discrimination today in a country that executes some criminals and has been accused of numerous human rights abuses. that's the very latest brian, back over to you. >> frank, thank you very much. still ahead here on "the exchange," paypal, block, and coin bas ie,t's all in earnings exchange next with kate rooney cy verizon has the largest and fastest 5g network. but, they don't. they only cover select cities with 5g. and with coverage of over 96% of interstate highway miles,

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welcome back as the snazzy graphic says, time for earnings exchange. and today we've got a singular focus and that is fintech, aka, financial technology and today we've got the action, the story, and the trade on paypal, block, and coin base first up, paypal that stock is down 58, 59%, as

consumer spending slows, cnbc's kate rooney has the story on all three stocks delano sapur joins us with the trade. kate rooney, doing triple duty today, all -- but i know you're ready. all right, paypal, give us the set-up >> fintech super bowl today. >> that's it >> you want to watch ecommerce strength for paypal. so that could give us a bit more of a glimpse into the health of the u.s. consumer. also watch for updates on venmo. they've got this new amazon partnership, any progress on checkout, which is a big part of that and will it help venmo reach profitability over the last few years. payments volumes really drive bulk and there's really nfocus on cos cutting. that has been driven by eliot, who is a new activist investor cost cutting the name of the

game for fintech >> i can't figure out paypal everybody now seems to want to be paid by venmo, and yet the stock can't get out of its own way. >> i can't get out of his own way. >> it's having some headwinds right now, the other part is the high interest rate environment it's hard to grow right now, it was part of a winning strategy in 2021. a lot going on but i woulden be pitching this stock. we're still holding, i'm still holding. when you look at it now, some of the story is it's now 18 times forward earning. it's much lower than 30 times trading in december of 2019. that's good news i think venmo picks up traction. they have a strong brand and that bodes well for them down the line, even though they're slowing down, there's no way to deny that the growth is the growth rate slowing down that's something that investors have to be worried for going forward. >> what do people say about

paypal what's its biggest problem >> so one of the themes has been sort of these unforced errors by paypal they have a great product, they've got some good brilland loyalty. but they have historically in the last couple of years either set the targets too high, missed their own internal targets, and some of the things have been described as unforced errors and it's been spending they really -- wall street right now wants to see more cost discipline out of names like paypal, and you really have seen that it's actually outperformed some of its fintech peers and the other names reporting today, likely because of that eliot involvement. the idea that there is now an activist investor that's going to hold this company accountable. but they've also had some big executive changes, cfo left for walmart. it's a show-me story >> next up is block, the company formally known as square, facing really kind of similar troubles. that stock down by 66% i guess the singer huey lewis was wrong. it's not hip to be square.

and it's certainly not hip to be this stock, either is this a show me story like a paypal >> it is an interesting we were was talking about venmo. they've got this big venmo competitor, the cash app it tends to cater to a pit of a lower-income consumer. that has been one of the worries around square, now after stimulus checks have ended, they are way more exposed than a paypal, for example, to what's going on in the lower end consumers. that will be a big line item to watch. they also do payday lending, which talk about some of the riskier sides of lending you've got to keep an eye on that the seller business is more of the payments hardware. when you walk into a coffee shop and are using square, could give us a bit of a sense of what's going on in the macro environment and the volume economy. payments volume. crypto used to be a big thing we talked about with block, not looking like a big revenue boost this quarter compared to at least last year. >> nonprofitable companies have not done well, as we know. is there any reason to own this company, not on the business,

but on the idea that at some point, maybe they get cheap enough that they get bought? i wonder if there's sort of that put, that visa or mastercard or paypal put that should be on this name, i don't know. >> yeah, certainly, that's -- that could be an option. and i think one of the main reasons why a larger company would want to purchase block would be the primary growth driver of cash app that kate was mentioning i think that's one area that we're looking donate to grow obviously, the macro environment doesn't bode well for this stock. it's something that we've been holding and trading down 60% year-to-date, and if you look at it over 70% of revenues was kind of that btc transaction in 2021. and with that gone and them guiding towards a lower amount of retail trading and transaction on the cryptocurrency side, that doesn't bode well, but it doesn't make it -- it does possibly make it more attractive for a larger companies those reasons why we're holding and structurally, there could be more growth in the future for this company >> i could see from my giant

monitor that kate rooney, you were itching to get in there what's a comment gsh addictive us another comment on block/square >> well, it's interesting you mention that put that has been a bottom for finteches, especially robinhood, where there's been a lot of m&a rumors there but it's interesting, square has all of these different sort of competing businesses, block at this point, and that's sort of why they did the name change hopefully, you could see a world where they are diversified, at this point, where they're able to weather some things like a trading and crypto slowdown, if they're able to grow deposits and focus on sort of the small business side. so that's one of the questions going forward. are they diversified enough to stand on their own and not to mention buy now and pay later, they're also exposed to this lending space as well. >> to me, it was an odd name change i always think about h&r block, the tax filing company, but i'm like 120 years old, so that's what i do. kate, talk to us about coin

base >> last but not least, coin base so interest income, we talked about this around robin a little bit, rising rates helping to sort of offset some of the trading slowdown we will likely see a similar dynamic with coin base interest income is going to become a lot more important and the question is, will that offset some of the slowdown we've seen in crypto they're also trying to manage to this $500 million loss target. they've said that is the ceiling. there is optimism that they could change that. that target could move and improve a little bit that would be one big thing to watch. and revenue diversification. anything away from just that core trading fee business, subscriptions and services would be the line item to watch there. >> i just wonder, delano, if coin base or anybody else in that space can do anything until crypto takes office again? assuming it does, it may not, but if it does, unless bitcoin, ether, ripple, they start surging again, it seems to be tied to that

the stock is tied to the coins >> it is tied to trading activity it's tied to massive market, but whether it's bull or bear markets and getting that trading activity and so as kate was mentioned, the different diversifications of business will be important. having transactions where customers can use wallets and different services they can provide will be important for them i think it's very, very, you know, dire times right now, as far as looking at the retail trade and the market and their declining growth i'm still bullish long-term on the ecosystem and on cryptocurrency long-term i think this kcoin base will hav a little bit of struggle when it comes to finding those different services that will be a tailwind for the business going forward that's why you have to be cautious in a certain time for a company like coin. >> one might actually say, kate, that it's got a base of coins. >> exactly they might do a name change, you never know but the trading volume is all out there publicly setting the expectation, based on what you can see is extremely low. the bar is really low for

trading volume as one analyst put it to me, you know what's going on in the macro environment, we all know what's going on in the markets, if you've been watching cnbc the focus sonnet levers and what these companies can control that really tends to be about op operating expenses and cost cutting. that's really the focus, for most of these finteches that we're talking about. >> all right kate "fintech" roony, delano, appreciate that. another earnings exchange in the hopper still ahead, it is mystery chart time if you're on the radio, you're off luck if you're watching on tv, can you name that stock? it is a logistics company. shares have been hit like most of the market, but they're m making a big, bold bet on ev charging think you know, hit me u suycc.nb we're back right after this.

all right. welcome back as states like california enact ev requirements for commercial

buildings, building out charging infrastructure is key. and the nation's largest warehouse company is getting in on the action. diana olick is here to explain and to reveal today's mystery chart. >> yes, i will, brian. charging electric vehicles at a warehouse where those vehicles have to be sit anyway to be loaded and unloaded makes for a lucrative opportunity. so prologis is starting to install ev charging stations in its warehouses, first with two projects in california but 50 more are in the works. it's a multi-billion dollar investment, but the company's ceo says that the returns could be even bigger than the warehouse rental business itself >> i think that those economics are only going to get better over time, as power demands go up and electricity becomes more and more expensive so we think it's a pretty attractive opportunity and we're doing it primarily because it's a good economic opportunity for our shareholders

>> i also asked him about the health of the warehouse market in the current economy >> our earnings have been growing at double digits for a long time and they'll continue to grow. and our dividends have been also growing at low-double digits the business can't be any better i really can't complain. >> and he added that warnings from amazon and fedex are overblown, he said, because they really expanded their footprint significantly in 2020 and '21 and it was impossible for them to keep pace with that level of expansions things now are just normalized, he said, brian >> yeah, amazing business, obviously, supply chain issues, logistics, all this other stuff. i guess i'm a little confused on the ev side. are they going to store them what's the chargers and the ev connection between prologis. >> what they're doing is putting ev charging stationsinto their warehouses so the vehicles that are coming in, the delivery

trucks can charge while they're loading and unloading. so it's a revenue stream >> they're going to be used -- i thought they were literally just stores them like in a warehouse. that's why i was -- but i'm not very bright. >> no. it's so they can charge. and of course, prologis can charge those companies for that electricity, which will become, as he said, a $1 billion revenue stream >> that's where i -- he was talking about it and i was thinking, how are they going to make a billion bucks boxing up a bunch of ev chargers in those warehouses diana olick, i'm a little foggy. thank you for clarifying it. and tell eamon javers hi. we just saw him walking around behind you speaking of what diana just spoke of, charging your car. we're chatting with the ceo of evgo and how the big challenger rollout is going to go around america. stick around wow, we're crunching tons of polygons here! what's going on? where's regina?

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all right. welcome back shares of evgo higher today, despite reporting a higher than expected lost for the third quarter. saying a lack of available transformers is preventing the installment of more charging

stations at the pace they would like all of this coming at a critical time for america's ev infrastructure with states like california and new york aiming to stop the sale of gas-powered cars in skjust over the next decade let's welcome in cathy zoi, the evgo ceo good to have you on. it's a booming industry and there's been a lot of money in the inflation reduction act that was put redactly to you and others in juyour space we're looking at your chargers behind you what's the supply chain issue that you're dealing with copper, metals, labor, what? >> for us, it's mostly -- it's not a direct -- we can get our chargers and we've got a great line of site to what's coming in our demand it's really actually the utilities that need to put in new transform that are capable of charging all of these evs coming to market that's the long pole in the tent right now that affects the pace with which we actually deploy our new chargers

>> and the labor side, i know, is also a part of this you need people to go out and put them in and industrial bases, commercial bases, wherever they may be how challenging is that right now? >> that's actually -- we're actually coming around, we're past the hardest part of that, i think. the construction industry is well and truly training new teams and we've got lots and lots of contractors lined up to install our chargers, wherever we want to build them. for us, we're leveraged to evs that hit the market, and bloomberg is forecasting that like between now and 2027, that's going to grow over 90%. and you compare that to what's going to happen on internal combustion engines, the old style of car which will go down in that same period. we are really, really excited about the growth trajectory and we have no doubt that the skills are out there, the hardware will be out there for us to meet that demand >> what about the utilities side

of it? the speed of the utilities being -- you take a lot of wattage. you need utilities to plug into your plug-ins? >> the utilities are really excited about the electrification of transportation of course, they would be there's more demand for the product. it does require some planning, though so we work hand in hand, utilities. >> so that needs to have a transformer upgrade in most local areas. but all handleable it's taking a little training time >> i drove an ev from vegas san

francisco last year. i was shocked at how expensive it was to plug in. i thought it was going to be free or $4 i paid $30 in some cases on a small ev how does that impact your business how are you related to electricity costs, if at all >> oh, we are. we are we actually purchase electricity from the local utilities and so the -- what you pay for a fast charge, the cost of that electricity is included in what you pay for a fast charge. the cost of the equipment, the maintenance, providing that convenient, reliable service to get that fast charge the good news is that many electricity companies are actually having special ev rates. so like in all of the california utilities and many other places in america, evgo is paying special ev rates and we are able to charge at scertain times of day, we are often offered cheaper rates where the utilities want us to do that as well i would tell you the average amount of money out of pocket for a charging station on evgo stations today is about $10.

it's pretty good >> that's pretty good. we used a variety, it wasn't just evgo, it was charge point, and we filmed it all so everybody knows what it was. what's your relationship with gm can you describe pilot company gm for our viewers or investors? what exactly is that relationship and what do you hope to get out of it?

>> and evgo in that particular relationship, we offer our extend product, where we build those chargers and operate those chargers on our network. the only thing with those chargers is actually on pilot's books. that project is just getting kicked off now, 2,000 charging stalls on highway corridors across america >> and i think the truck stops, honestly, cathy, bucky's, if you know what that is. sheets >> i do. >> that's the future of charging you need space and people want to have something to do. i want to go and get some bucky's nuggets or whatever they may be cathy zoi, evgo, interesting stuff there and a booming market appreciate you coming on be well. >> thank you for the opportunity. >> still ahead, what spending slowdown travel and hospitality ceos striking optimistic tones this earnings season. what's got them so positive. and before we go to break, take a look at some of the declines in big tech right now. facebook/meta, unbelievable.

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zero covid policies there and quran be teen measures and unfavorable exchange rates incentivizing not only asians but folks come from the united states folks best to come from this cross-border trend would be marriott it's been aggressively expanding its footprint outside the u.s. analysts pointed to booking holdings royal caribbean receiving twice as many bookings for 2023 sailings in the third quarter as it did in the second averaging occupancy of 96% across all of its ships.

that is faring better than its competitors carnival and norwegian cruise lines shares are up today and up about 40% in the past month. royal caribbean ceo jason liberty will join us tomorrow exclusively right here on "the exchange". >> talking to folks about their trip, it's their third cruise in the last year and a half i asked them if the ship was fullle and my dad thought the ship was not fully booked. they were only booking half the rooms or something or cabins on the boat he wasn't sure about that. when you say 94% full, are they 94% full or 94% on like half the rooms? >> it really depends on the cruise line and on the specific ships. some ships are allowing everyone back on board. they're saying, you know what, covid restrictions are out, the cdc is giving us the all clear, bringing everyone back on board. some luxury cruise lines are saying, let's slow down the number of people we let back on the ship because we know a lot

of customers, specifically 65 and older, want a bit more room, a bit more space it really depends on the cruise line. >> expedia, what are we expecting? >> expedia, they strike a similar optimistic down that booking holdings did expedia, we'll have to see what they say seema, appreciate it very much. that does it for "the exchange." morgan brennan is on "power lunch" with an assistant i'll stend over to morgan brennan right now. >> trusty partner, brian sullivan here's what's ahead. yields are spiking as the fed signals that rates will reach a higher level than previously thought. we'll show you how to build a fixed income portfolio in a fast-changing market plus, as