by gone times. final trade? >> exp >> steve weiss [ inaudible >> josh, quick name? >> uber, breaking out. >> good stuff. i'll see everybody in "overtime. "the exchange" with kelly is now. >> hi, everybody here's what is ahead tech stocks are going bonkers again, led by meta and helped by earnings and the fed can the rally keep going when amazon, apple report tonight we have the key things to watch. plus, ray warns we're at the brink of economic war with china, but one guest says if you're looking for an opportunity in equities, china is the place to be what he's buying, ahead.

and we look at how technology is changing how companies work, who they hire, and where their workers are with the ceo. before all that, though, dominic chu has the market numbers >> so the markets are mixed right now, but that's only part of the story as you can see, it's right on the screen for the dow industrials, down roughly 90 something points, a quarter of 1% 34,000 almost on the dot but it's not about the dow today. it's very much about that tech heavier trade, certainly technology, communication services, also in discretionary. check out the s&p 500. we were watching 4,000 we're well above that, 4181, up 62 points. or 1.5%. this is the high of the session right now. the highs were 64 to the upside. at the lows, still up 22 so, again, just about near session highs right now. and that nasdaq composite trade, more than doubling the performance of the broader s&p

500. that tells you exactly what you need to know it very much is about the technology trade today now, this bid, kelly mentioned the fed. the rate decision from yesterday, the earnings reports, it is putting a bid to what some traders call higher volatility type momentum assets, things like etf, arkk, up 8% today. gamestop, up 6.5%. carvana in some financial problem down the line, up 30% today. maybe a short squeeze there. bitcoin up between 1.5 to 3% so, again, a big part of that story has to be meta platforms the earnings results coming in, the big stock buyback program. mark zuckerberg more focused on certain things all of that driving a 26% rise in meta platform shares.

remember, it lost 40% of its value over the year, but that trade playing out big in today's session. we'll see if that carries over into other parts of the tech trade later on today >> thank you, dom. facebook or meta telling us things aren't as bad as feared, or mark zuckerberg is getting better at changing the narrative for the naysayers. let's get into the next earnings tonight, with the action story and the trade in earnings exchange we'll start with apple they are coming off its worst year since 2008 with a 27% drop. shares are higher today, up around 150 again, and they have risen after tree of the last four reports steve kovak is live with the story on apple and kim forest is ceo of boca capital partners steve, what are you watching >> it's all about how bad was

that quarter -- last quarter because of those production cuts we know happened in china? not enough people were able to get their iphones in time for that holiday quarter where they typically sell the most iphones. and also on top of that, we're seeing analyst estimates of how short they came up we have about 10 million fewer than expected at the high end, 3 million on the low end on top of that, does the demand carry forward? we know from apple itself, they saw demand maintain throughout that quarter, they just couldn't meet it because of production problems so does that demand carry over into this march quarter? now that they have caught up, can they make the demand on top of that, we are looking at things like mac sales we are being told by apple that mac sales will look pretty bad, so they're not immune to that,

either so the question is, is the iphone immune to it? and head winds in services, from the strong dollar. also with the drop in mobile gaming we have more data there that mobile gaming is really falling off. and just advertising, as well. >> and the pe is back up to about 25 times so kim, i turn to you. what should people do with apple here >> sure. you always have to remember when you're talking to me, i'm looking out three to five years. so what i'm hearing from the analysts is they're playing the game, how low can we go? because this has been a catastrophic sort of quarter i'll take the opposite on that trade. what if -- what if something -- what if they exceed their low earnings and i think that's a likelihood here with apple being a grownup in the world of managing the analysts

so i think that they will be able to report a good report, not a great report looking forward, do you want to own anal do you think that they do you think they're going to create new products we never wanted or needed yes, that is what their magic sauce is, and i would say if there is a dip in apple, take a bite >> i only wonder how much of this is priced in. 25 times for apple, when this multiple -- i think it was well below 20 just a couple of months ago, and there is this argument over what a normalized pe should be in other words, if you say that the bar is low, i wonder if the bar is high. >> it depends on your timeline again, i'm looking out three to five years in the future so i'm looking at what they could learn. if they grow even a little bit,

in their mac sales and that area, but also i'm going to give them credit for creating a new device and i don't know what that is. but i'm sure apple is working on it, and that's the sort of thing you're buying when you are buying this is innovation and future sales >> sure. >> this is very much a growth name where you're looking to the future >> steve, also this goes to the question you have long discussed, which is people will pay out less for a hardware company over time than for a company with software as a service that sees those prices constantly rising and smoothness throughout the cycles. >> yeah, that's right. but you want to talk about software, let's talk about service. that is something i expect them to brag about, is how many subscriptions they have through the app store. keep in mind, that's recurring revenue. the app store has been weak on the gaming side. when it comes to subscriptions,

they love to say how many subscriptions they have been able to capture, even if it's not their own app. that shows the power and profit center of the app store right there. and then as far as the hardware front, is that demand going to carry through? it's not going to be so hot on the mac side so if that can keep up, thing also look pretty good. >> we'll leave it there. thanks nor checking in with us, steve. moving on to amazon, shares down 50% last year for its worst year since 2000. amazon warned last time it reported the fourth quarter revenue would come in below expectations and announced 18,000 job cuts. what will you be watching? >> all sorts of things, but it's online sales that is expected to decline. it's supposed to be down about 1%, which means that

fundamentally, amazon, you know, is having a hard time. this is the stuff we know, as you said, that suffered probably more than any other mega cap, shedding about half of its value last year. it overbuilt during the pandemic and now it has to course correct for a lot of that. so letting go 6% of the workforce, is that enough when meta cut 11% so this has typically been the profit engine of amazon, but we heard from the cfo of microsoft saying there's more pain ahead for the cloud space. so how is amazon going to deal with that when it's facing other head winds we know that the whole ad market is down shifting a little bit. but remember, amazon's ad business, which it grew in scale very quickly, kind of in secret as well, it's intent based at the end of the day, the profitable amazon that we have

known over the last few years, that is expected to go away, at least in 2022. this would be its first annual loss since 2014. >> wow kim, the stock is up 7% today, trades at 88 times, and what do you think? >> now, that's a multiple, when you say 88 times let's put this into perspective. their aws is the driver of profitability for the company. and everything else they did, including their core, you know, selling books to us. that's the first business. that is not a great margin building business. it is not a great business and they had to add tremendously to serve the new people that they got during the pandemic and now that's over. and they have to up nwind some this i'm looking at amazon that has

to reinvent itself, and the core, which is the most profitable part of it, is forecast to be lackluster for probably the next year, let's just call it that. so i am not a fan of owning this company now, nor am i fan for the longer term, just because it looks like it's in so many different areas. >> right >> and spending like mad to be in those areas >> i feel like you, as a core tech person, would want to own aws free and clear, and not have this retail business sticking around i'm sure you're not the only one. let's move on to google. this one feels it could be most relevant you know the drill right now, the stock is coming off its worst year since 2008. again, meta and alphabet have the biggest business overlap here so what does this mean for expectation now that the stock is up 6% into the report >> yeah, i mean, the bar is

being raised today, certainly. but what investors have focused on over the last few quarters is that operating margin. that has been declining. we talk a lot about meta's big ambitions in the metaverse a alphabet is more spread out. that's expected to decline again, but it's spending a lot of money on its other best category as we enter this period of austerity or efficiency, as zuckerberg called it so many times, they are looking to cut costs. google cut about 6% of its workforce. similar questions to amazon. was it enough? does it have to take a hard look at some of this as some investors said they should even if revenue is increasing at these units, losses are still large relatively so that's going to be a sticking point. investors want to know how those layoffs are going to create more efficiency there's also this regulatory

overhang, kelly, which has been overhang for years in the last few weeks, i saw a wall street note that was a downgrade of price target. it was still an overweight rating i don't know that i somewhere st seen that before this is starting to be start that investors respect as complacent on. >> great point usually just shrug it off. this is all noise, ignore it kim, 21 times is reasonable, and apparently this set off a bit of a code red inside of google. >> sure, and it should, right? because it's sexy new technology that you can deploy in many different ways, and it looks like they don't have anything close it to, which is a surprise, given as much money as they have, you know, spent on various moon shots we could go over those, but we won't. and this is probably my biggest

negative stock here is because i love the -- their core business. it is the most money making business in the history of the world. and yet, they have kind of paid less attentionto that, while they were out making, you know, autonomous cars and whatever else and it's also under attack from regulators and, you know, the doj. so this company really has to do things right for the next couple of years to ensure its survival, not just that it thrives economically >> quick follow up and i'm surprised you are that negative on it what about those who say listen, forget core google, youtube is the most valuable thing in town. i mean, you have seen the data lately, that the younger generation basically is on youtube nonstop for ten hours a day. it's part of the fabric of life, and how much of that can overcome those shortcomings that

you described? >> my big issue about it, even though it's hot right now, consumers are consumers, and they're incredibly fickle, especially with entertainment and shopping those are the two areas that you could be hot and then dead in minutes, right and it's hyperbole on my part, but somebody else could come along with a different spin and they forget about youtube. it will be like myspace. >> so negative on google, and much more positive on apple. we appreciate it so much, kim. it's been a wild 24 hours for central banks and bond markets around the world first jay powell with that rate hike, saying they still expect ongoing increases.

then there's the bank of england increasing rates half a point saying they see a much shallower recession than feared. why are global yields sinking right now? steve leisman is here to hopefully explain. steve? >> yeah, in the past 24 hours, three banks have hiked bond yields in all three economies to decline. the opposite of what you think markets. even while all three promise more rate hikes to come. take a look here, what happened. it looks like the markets did not hear the part where it's too early to declare victory and holding maybe 25 or 50 from the fed, at least 50 more from the

ecb. the boe a little unclear, another 25 priced in from the uk powell said there is ongoing disinflation la guard tried to hold the line but had no more luck than the other central bankers. you can see -- take a look here -- the skepticism of markets of rates staying high by looking at the distribution of probability. everyone is betting on the left side of the distribution there is no bid on the fed being above its 2023 forecast. that risk is out of the market but there's danger here. the danger is a market priced only for the fed to be totally wrong, banking on 50 basis points of cuts this year danger for the fed and other central banks, loosening financial conditions that could spark renewed inflation. >> there's no way this is the reaction that say jerome powell would want

>> you know, i think jerome powell is in the camp of -- i think you'll appreciate this metaphor, kelly. the kids want to go outside and play his forecast shows rain clouds coming, and he's like, all right, you guys want to go out and play, go ahead i can't stop you any more. but i'm not running out there with umbrellas >> and they're going, yeah, you will you always do. >> now, that's a very important point, kelly kelly, you should underline what you just said. if you think the market is trading with that fed put still in there, that is a very interesting idea >> i don't know. it's hotly debated >> well, you can't just say that and move on, kelly those are kind of interesting fighting words right there if that's the case, the market may be in for a rude awakening >> i am trying to unpack it as much as you are, and figure out what people are positioning for.

like you said, to be continued steve, thank you speaking of global markets, the billionaire investor weighing in on the growing tensions with china and the u.s. take a listen. >> you could have an economic war in the form of sanctions that would be, if it happened, really shocking to the economy, world economy. >> and long-time china bull steven roach echoing that sentiment right here on "the exchange" a week ago, saying he's more concerned about china than ever. but my next guest said the end to zero covid and the reopening make china one of the best equity stories joining us is andrew slimmens. great to see you you know these arguments better than anyone, but i don't know if ray stopped you cold a bit this morning. >> well, i heard him say, you know, 35% chance of that so that's not his base case, but what happens in china, it's

following a similar pattern, which is you get much bigger busts in bear markets than you have in the western economies, down 30% to 50% on average this bust was down 63% because it was so bad, the initial rally, and we're up 50%, doesn't induce foreign investors to come in, because they remember the previous bust and that's why, if you look at the previous three times that china had a bust like we have seen, the rally is well over 100% >> sure. >> so i think we're just -- we haven't sucked in form investors yet. these stocks are only back to where they were last summer. so i think there is more upside. >> i don't want to dismiss a 50% return, because people would be happy with that after the past year, but are they wondering if the risk is worth that potential

return you know, the fact that the zero covid, it makes you wonder how bad is the economy are we picking up pennies in front of a steam roller kind of thing? >> yeah. so, again, those are two strategists, and i'm a portfolio manager, so that's the big difference but what i see is these stocks are down a lot they are -- earnings, the nirvana of investing is to buy stocks where earnings revisions are going up, and you can get pe expansion also earnings have been revised down so much, reopening is happening at a quicker rate, because i think, to your point, they have to make it successful, right so they're going to aggressively reopen we're seeing the government be a lot more friendly to companies

they they have been in the past. so i think it makes for a very attractive area. to be clear, that's not the only place to invest. i just think it's probably -- i was on with you in december and i said china is going to be the best performing market in 2023 i still stick with it, but i concede there is certainly global risk. that's why you want global diversity. >> and you were spot on about that before we let you go, there is a similar run in the home builders so a name like lenard that you liked, i thought trading two times earnings was crazy, but i think it's crazy that we are talking about five-year highs for some of these stocks should investors stay with this trade? >> i think the home builder -- it was a great indication, home builders bottomed and started to

rally before interest rates started to come down and just before, you know, i came on, headline from cnbc said mortgage rates dropped below 5% for the first time so the home builders told you which way interest rates were headed but i think the next trade is to think, well, the home builders have done very well. what are other companies that are tied to the home builders that haven't done quite as well? so i think it's the home apparel, home furnishing, things that are just starting to recover. i think those are the next trade. but i do concede, boy, these home builders have run a long way. one of the things i would point out about that, kelly, home builders are the earliest of the early cycle stocks, as are semi conductors why in the world are these stocks rocketing if what is so perceived on wall street, earnings are about to collapse and we're about to have a bad

economy. >> what if they're peaking what if this is it >> that could be true, but i don't think you would see the strength that you're seeing. no different than -- look at the brokerage firms. they're hitting all-time highs those don't do well if we're about to have a collapse so i think the message here is that the first half is probably going to be a lot better than what most perceive >> a lot seem to be coming around to that point, absolutely andrew, thank you so much. good to see you again. >> thank you now, he teased this, we have some big news on mortgage rates. diane, what just happened? >> well, it's all because of what steve just said, the average rate on the 30-year fixed now has a five handle. it started this week at 6.21%, and fell sharply yesterday, and today it's 5.99%

just barely in the 5s rates have not been this low since basically two days in early september, but really long-term not since august so if you are buying a $400,000 home with 20% down, you are paying close to $300 less on the monthly payment today than you would have when rates peaked just last october. lower rates appear to be -- pending home sales rose in december for the first time in six months that was unexpected. obviously, the home builders are reacting quite well to lower rates. and it's not just lower rates, but big builders both just reported earnings beats noting a surge in december buyers once again, kelly, thanks for the lower mortgage rates >> we are salivating over 5.9%

but how much times have changed. it's crazy diana, thank you for being that to us. still ahead, we have the jobs report. tomorrow is the jobs report, now front and center for investors, and we have a preview. a look at how much longer things can hold up. health care is the worst performing sector to start the year we'll look at some opportunities in this space with a doctor turned biotech investor. and here is a glance at the markets. the dow down 91 points the s&p is up 1.5%, and the nasdaq is flying with an over 3% gain we'll be back after this

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welcome back january jobs data out tomorrow investors are watching for any signs of a slowdown, but earlier this week, companies are keeping a tight grip on workers, and job openings may still be high because workers are getting more hesitant to leave their current jobs according to new data, the number of candidates with only one job in the past two years is

up to 57%. joining me now is the chair ann and ceo of recruiter.com good to see you again. what is the overall message this month? >> yeah, i think if we look at the theme, i would say that '22 was about hiring at all costs, '23 is about right sizing and resense. and that's really what we are seeing companies that overhired in '22, and we talked about that on your show, your segment as well, right sizing the supply chain of labor and focusing on retaining those employees. we're reporting that candidates are less likely to leave their company right now. that's the passive candidate those are the candidates that recruiters target. what's interesting is that in our top resume job seeker index, the active candidates, people looking for jobs, that sentiment increased. they're feeling better about their likelihood of finding jobs, because the passive candidates, the ones that are at

companies, are being held on to more closely by those companies to get that return on investment that was made on hiring them in '22. >> this is like a tug of war we have record low jobless c claims and on the other hand, the biggest january increase since 2009 we're seeing it spread from tech to retail to finance you know, real estate, construction and small business is the key here small businesses in general are hiring and retaining, and that accounts for this mismatch with the fact that we haven't seen the labor market slow more broadly. >> you're dead on. the other thing that we saw is more recruiters were working on roles in that $40,000 to $80,000 salary ban so those are the mid management, entry level, and if recruiters are working on those, it means they're hard to find and get

those workers into those companies themselves >> final comment then on wages how is this likely to shake out, do you think >> so really weird we saw the same number of recruiters report wage increases to the same number that reported no change or a decrease. so really not seeing a very high demand on the wage side. i think hiring at all cost, which was sort of the beginning of '22's theme, is really not happening today in those roles themselves >> and theme i'm gleaming from you is more even and balanced. >> i think there's also going to be a really big push for retention, so if companies are trying harder to hold on to their employees by creating work/life balances, et cetera, it's going to be hopefully the recruiters to really go after those passive candidates

so there is a lot of job mow build in '22 that is slowing up. every month, we are still above in the quit rates, above 2019's average. we had over 4 million quits per month in 2022. >> so points to what sounds like still a decent amount of strength thank you for setting that up for us >> thank you have a great day still ahead, more on the job market, including why some white collar work could be on the decline. "the exchange" is back after this lily! welcome to our third bark-ery. oh, i can tell business is going through the “woof”. but seriously we need a reliable way to help keep everyone connected from wherever we go. well at at&t we'll help you find the right wireless plan for you. so, you can stay connected to all your drivers

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welcome back to "the exchange." take a look behind me at the nasdaq, up more than 400 points right now. what's even stranger about that is the dow is down 830 a big reason for that drop is weakness in mega cap insurance and health care names, united, travelers, things like that. s&p 500, there's your broad market gauge, up 1.5%. let's check on tech, which is helping to power this nasdaq run. apple up 3%. alphabet up 6%, they report tonight. microsoft up 4%. and amazon with a 7.5% run so big action into those trades later, which is likely to set up a bigger response. all of this keedyed off by meta. let's get to tyler mathisen. >> thanks, everybody here's what's happening at this

hour house republicans voted to drip e ilan omar of her committee some republicans accused her of being an antisemite. it's governor sarah huckabee sanders that will deliver the response to biden's state of the union address. she said she looks forward to highlighting the differences between the republican and democratic visions of the nation and european aid for ukraine has topped $55 billion since the beginning of the russian invasion this as zelenskyy warns russia is preparing a major new offensive as the first anniversary of the war approaches >> thank you coming up, health care was the trade to be in, in 2022.

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how about you? i'm just visiting. u.s. bank. ranked #1 in customer satisfaction with retail banking in california by j.d. power. welcome back to "the exchange." big pharma reported this morning. it was a mixed bag ely lily, shares were lower.

merck also was helped by strong sales of cancer drugs, but the stock is down 4% and bristol-myers, climbing on strong earnings, hanging on to a 1.5% gain. overall, it's been a weak start to the year to the health care sector, down about 3%. the bright spot has been biotech, this is the reverse of last year. it's up about 3%, and that's where my next guest sees big gains ahead. your back ground is so impressive, i'm nervous talking to you, doctor thank you for being here welcome. >> thanks for having me. >> what jumps out first and foremost about why you think biotech is the place to be what is the message and urgency here for investors >> there's going to be a few big trends in the industry so we should remember, one, pharma is going to see a major

trend. they're having capacity issues for the production, so the launch has been noisy. that being said, analysts have $26 billion in peak sales for their drug, which -- [ inaudible so really incredible efficacy. that is going to be a big tell in the industry. point number two -- >> go ahead. i was going to make sure people caught what you were saying, we are talking about obesity drugs in a way that certainly i have not ever noticed again, with all of the problems that are coming with this, it is an acknowledgement maybe some of these can work do you think this is going to become the next big category or catalyst for investment to say maybe these can and will be, you know, i liken it to cholesterol drugs, the way that just became so common place. do you think that's what we're talking about here >> absolutely. i mean, the main issue with the

treatment of obesity has been the lack of efficacy but what we are seeing with these drugs is incredible efficacy we're seeing 20% to 30% weight loss, which is unheard of. at some point, we will near what we can achieve with surgery. so i think the treatment of obesity is a huge gain for the pharmaceutical sector. when biotech and pharma do something great for society -- >> that's an interesting point do you think it can be the next ozempic? are your recommendations for investors who want to jump on to this are the ways to play this going forward? >> yeah, there is a bit of a positive space we'll see a lot more development, because this is

going to be one of the biggest categories in the history of pharmaceuticals. this generates a tremendous amount of cash flow, which gives way to a lot of m&a activity so the other setup we're seeing in 2023 is a big m&a here. >> so there's a couple of drugs that could be catalysts here would that favor owning biotech, or is kind of the targeted class there, is there any acquisition risks if people say i own big pharma but they did all these costly acquisitions or maybe some of the pipelines to the point about the results this morning, maybe the pipelines weren't as robust as expected. >> for sure right now there is a little bit of a swap in terms of risk on, so people are moving out of large cap pharma and biotech into riskier assets. so that's why we're seeing a lot of activity on the nasdaq for example. m&a is going to be a big driver

this year. pharmaceutical companies rely on biotech company acquisitions we have an incredible crop of companies this year that are mature, that have produced strong data, that are even approved so from that perspective, i think m and &a is going to be a sector >> quick final word, is there any final investment recommendations you leave with people >> so with regard to m&a, there's a lot of activity around pharmacists. we're interested in anti-virals. covid is over for a little it. but i think we will see a lot of resurgence two, we'll see a lot of activity in obesity related illnesses we've got other great companies, for example, prevention which treats s diabetes

they have shown they can prevent it for three years and beyond that's already approved and ready for acquisition. so we have a crop of great biotech companies. >> listen, i almost feel better after talking to you and hearing about it, like maybe we're going to cure some things and solve some problems. thank you for your time today. >> good to see you thanks for having me still ahead, tiktok, revealing how they moderate content on their platform. will it be enough to quiet the rulis mbngon capitol hill? that's next. don't go anywhere.

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coventry direct today at the number on your screen, or visit coventrydirect.com. tiktok, stepping up its efforts as regulators call for a nationwide ban julia has the latest julia? >> kelly, tiktok is ramping up its pr campaign, asdemocratic senator michael bennett asked google and an toll remove tiktok from their app stores. the senators saying, no company is subject to the chinese communist party dictates should have the power to accumulate such expensive data on the

american people. tiktok responding to this, saying that the senator relies almost exclusively on misleading reporting about tiktok, the data we collect, and our data security controls. tiktok going on to say that the senator ignores the plan that it negotiated with the plans negoe with foreign investment in the u.s., to transfer its data into the u.s. an effort in partnership with oracle, project texas. all as tiktok unveils transparency and accountability center at its los angeles headquarters the center doesn't include employees. rather, designed for regulators and journalists to walk through its policies for recommending content and tools for moderating offending cons ing content on is platform today a new system, a strike system for repeat offenders and new tools for users to control what they see on the popular

app. tiktok is facing growing bipartisan concern so, kelly, we'll see if the efforts make a difference. >> wow the press continues forward, julia. thank you very much. still ahead, foundation founder, how tech will continue to reshape the workplace not just a cidto tas, next.

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three years after the

pandemic forced employees to work from home, the technologies that made that happen are still revolutionizing the way we do business what we saw during covid is just the beginning according to a recent gnarl "the economist. how technology is redrawing boundaries of the firm and joining us, peter diamandis, chairman of the xprize foundation welcome. argen, start with you. in a way saying, this gets around the h 1bc a little. companies can have work elsewhere? >> great point firms made massive investments in zoom and slack and changing management practices to work with people at a distance, helps you work more with freelancers, temp contractors other firms data is striking survey from the it fed nearly

20% using more offshoring, 10% of that, and not able to hire people domestically, get a visa, bring them into the country. increasingly firms are able to even-skilled tasks from america to canada, brazil. and india, helps massively. >> peter, such a preceptive point to make shhere but worth dwelling on. a big effort in the past five years, but same time offshoring talent what are the applications of that >> yeah, kelly we're in a situation where post-covid, the supply chains that were global, causing companies difficulty a lot of these companies are onshoring using robotics and 3d printing exponential technologies getting the price down for manufactures low as in south asia, china and

so forth that onshoring is happening but the ability to have what i call, a geographic arbitrage where i can get incredible ai talent and i do in brazil, used to be in russia and ukraine now those individuals moved to poland so i employ even in my small company a global workforce and if they're on zoom and slack on teams, a lot of times i don't actually know where they are when on a call it's a matter, are they delivering what they need to do and can i get their services at a third of the price i would if in san francisco or l.a. >> 1,000%. are they productive. everyone sitting here in new jersey, peter, going through their commutes to manhattan and losing minds again going, all right. are you hiring or can my economy learn from yours get back to some work from home? >> listen, a lot of different functions that do need people

coming together, and they're not as productive in a lot of ways, but ways to make up for it now, where we're heading to, i mean, using, you know, the tyranny of zoom or inbox or on slack or so forth, heading in the next two to five years, we haven't seen implications from the pandemic in terms of re-inventing work, it will be living in the metaverse where we have a high resolution video of ourselves, our avatars, interacting. so much magic that occurs face-to-face and we'll get that back using technology again. >> wouldn't that be nice arjun, in the tech seconds left, as offshoring depressed wages for blue collar wages, is offshoring talent depressing wages for white collar >> i think that's the prediction you would get from any economist. i spoke to many of them. yeah exactly. face more competition, broaden

the supply of labor competing against. that will depress wages. of course, as peter said, still a advantages in-person maybe not as bad as the previous wave we'll see. >> glad you were both able to join us. a great piece and everyone should read it quick, peter >> kelly, it's my mom's birthday today. watching happy birthday, mom. >> oh, happy birthday! so glad we got that in wonderful. >> actually my dad's birthday as well funny. >> what? you're putting me on happy birthday to arjun's dad and to peter's mom thank you both for watching and thank you both for being here. that does it for this hour of "the exchange." cnbc accepting nominations scan this qr code on your screen and learn more on the website. "power lunch" starts in just two minutes' time. please join us there'tys ler getting ready. i join him on the other side of this break. no matter your purpose, at pnc private bank

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