commercial break >> okay, that's great. my final trade is alibaba. i don't know why anyone would want to own a chinese stock. i would be a seller of all chinese stocks >> that does it for us "the exchange" begins now. ♪ ♪ >> thank you very much, scott. eye, everybody i'm kelly evans. here is what is ahead this hour. where all have the doves gone? how much higher will they go and how quickly will they get there? jpmorgan's ceo says a soft landing is still a possibility is now the time to reinvest in china foreign policy experts are one side, investors are on the

other. netflix cutting prices in several countries as the rival gets ready to report what you need to watch first, the markets dom chu is watching the numbers. >> earlier today, kelly, i was here this morning. the markets were as green as your pants suit. we are right across the board marginally so. still, 32,892 for the dow. the s&p 500, i want you to key on this. 3958 is where we are, a level that some are watching is 3980 that represents the 50-day average price of the s&p 500 over the last 50 days on a rolling basis. below that is 3940, the 200 day moving average right now, we're just above four points at the highs of the session, we were up 37 in the s&p, the low, 22 the nasdaq composite, 11,485, so

keep an eye on some of those key levels to watch. also watching what's happening with the value of the u.s. dollar the dollar index is ticking higher it may seem modest, but 104.69 means over the short time, since the february lows, we are up roughly 4% in the value of the dollar that's big for currency. since last fall, we are down about 8% from the highs. but keep an eye on that. interest rates might be giving the dollar a bid here. and the stock of the day, it's one of the things that is helping to keep things more stable right now technology stalwart chipmaker nvidia up 12.5%. more optimism about artificial intelligence it's the buzz word with a lot of people thinking, what is the next play? nvidia showing big signs of life back over to you, kelly. >> and triggering a lot of talk about whether it should replace intel on the dow

>> here's the thing. it's much more of a valuable company. the question is how much weight does it have with a $233 price tag? we'll see if the index guys tinker with that >> i think intel contributes half a percent, it's almost irrelevant to the dow. >> you could say the same thing about walmart. >> all right dom, thank you jpmorgan's ceo jamie dimon sitting down with jim cramer earlier on here is what he said about the strength of the economy moments ago. >> we always have a recession playbook, where you might -- >> are you breaking it out the recession playbook right now >> not really. right now, this is the contradiction here the u.s. economy is doingquite well >> not really on the rece recessionary playbook. you can watch the full interview

on "mad money" tonight at 6:00 p.m. eastern joining me now are my guests this is big. this is very big i don't know where to start, steve. what jumped out to you >> well, i have been thinking about whether or not we're really going to have a recession and what the basis of that call is and it's all on the come there is really not very much data, other than -- there's two pieces of data that you rest the argument on. the inverted yield curve is one, and then the fed hiking rates is another. you have had a slowdown in economic activity. i don't see anything too much that is outside of a normal business cycle up and town but the idea that there is a recession -- and so then i have to get to the question of lags i interviewed bullard yesterday. he said the lags are here now, which sounds a little oxy

moronic. and then i'm talking to jason over here, we're talking about how you might, as an investor, factor in higher interest costs into companies i'm back to the work i did a couple months ago where i saw there is no cliff this year in corporate and high yield so if the fed ends up getting its business -- if the fed gets its business done and can reduce rates, by the time these refis roll around, we might escape it. so it's 50-50 now, but it's a real 50-50 it's not like it's 50 because it's double what it normally is, it's 50-50 >> jason, i know when you look at all the leading indicators, you're as worried as anybody about what is about to happen here how would you answer the question about the recessionary playbook do you need to break it out? >> i think you do. the lags are long and variable,

as they say, in economics. it's hard to believe, it seems like an eternity, the fed was easing, actively easing -- >> 11 months ago >> they were increasing the size of the balance sheet i would add to steve's list corporate profits. i think corporate profits are the source of employment and capital spending and all the other things that create recovery or recession. and in my opinion, corporate profits are slowing, which does not auger particularly well for employment so i think what i heard from jamie dimon was interesting is that it was less fire and brimstone than we heard him last year didn't quite sound like a hurricane, but by the same token, he knows just like everybody else, you know, no one knows anything from hollywood. so we're all waiting but i think the odds are good that you do get a recession later this year. >> mark, i know you're thinking

maybe half a point hike is still in the cards here. >> yeah, i agree with steve. i think at the end of the day, i talked to my clients, they're asking where are we right now? we can talk about this for over a year they're looking at the data. cpi was way above estimates. new payrolls were more than double we have 517-k. so if i'm on a plane trying to do a soft landing, this just spiked back up so if this continues, i can't say we're having a soft landing because the numbers don't indicate that. so that 50 basis point increase is going to be more and more likely as these numbers come in. so i'm telling my clients, if that's the case, if we're higher for longer, you have to see what sectors do well in that environment, and i always point back to the banks. they always do well in this environment. >> i want to ask everybody about

that, but do you think it's just too much to extrapolate from one month's data november and december were pretty awful before the january jobs report, we thought maybe the recession is starting bad. real consumer spending hit a ball, manufacturing has been in a recession. services were negative so yes, january was strong, but is it just offsetting some of the q4 weakness that we saw? >> well, if i'm looking for a soft landing, i want those january numbers to not be as great as well. that soft landing is becoming less likely. i'm looking at the data like you are, and if february comes in like january, we've got a problem. >> jason, so the playbook for most investors is like their heads are going to explode on the one hand, we have 5% six-month treasury billing

i mean, there's stock valuations that some look attractive. but none look attractive heading into a down market do you want to comment on that >> i know it sounds trite, but it's about quality and cash flows and the idea you want to be in shorter duration stocks, which is a fancy way of saying companies that are going to deliver money back to you in the form of dividends or share of purchases. long duration stocks, about 45% of the companies in the russell 2000 that don't have profits those get particularly hurt by an increase in long-term interest rates i'm also worried about the refinancing of the federal government, which has benefited greatly from very low net interest costs because of quantitative easing. that's about to reset, which is going to keep interest rates higher for longer, putting pressure on the lower quality, longer duration stocks

>> can i bring in rick we just had a bond auction that didn't go well what happened, rick? >> yeah, d and in dog. demand was not there it tailed about two basis points we're talking about 35 billion seven-year notes of the dutch yield was 4.062. so we could clearly see that it tailed when it tails, pricing is a huge part of the grading process. all the metrics except for one were below ten auction average direct bidders was a little stronger considering this morning's numbers, we did see, of course, the core pce higher than many expected when you take that as a revision and look at the last final read for the previous third quarter, we're making progress, but much too slowly and much different than expectations. it certainly seems as though

despite the fact that we spent a lot of time in positive territory today with respect to the price of treasuries, we continually see that investors, in this series of auctions, the 5s and 7s have not gone very well and might be a new symptom of some of the nervousness regarding the more aggressive tone of the fed. >> steve, what were you going to say? >> i was going to push back a little on jason. jason is one of the great macro thinkers, but he sees profits coming down and that's bad for the economy. i would just throw out, jason, corporate profits as a percentage of gdp has been at an all-time high. it remains high, even with this expected decline there is scope for some of that profit to go to workers, and that not be a recession, even though it's bad for stocks,

which i know is your focus i just don't want to overextrapolate this decline, in that workers -- jamie dimon said today, workers haven't got an pay rise in 20 years it's time. >> if you look at the gdp numbers and profits as a percentage of gdp and corporate -- at labor or wages as a percentage of gdp, it's -- there is a big yawning gap that suggests labor is due for pay increases. clearly, the tightness in the labor market by one token it's hard to call for recession, when unemployment continues to be under 200,000. if margins start to decline, it tends to be a good leading indicator of layoffs >> we all want the story to be, okay, incomes going to workers around they'll keep it going but there's just not a precedent for that

>> it's just that there will be fewer workers. the workers able to stay employed in those high quality companies are -- >> if i can just interject, the spiral that jason is talking about is a bad one it cuts cap x. so all those things end up being bad for the economy. but do they have to defend the 12% corporate profit margin or can they live with 10, 11, or 8, which it used to be? >> i also want you to respond on financials you hear a case for that, and parts of the financials have done incredibly well, but what about the banks? >> the hard part is, they're called the deposit beta. the speed at which the fed is increasing interest rates is making it hard for banks to make money on a sustainable basis if this happened more slowly, it would be a much better cycle

>> we heard the other day where they said we can't lend things out higher than what we have to pay on the deposit >> it makes sense, and i certainly -- we're market weight financials right now, not underweight, but that's the only thing that concerns me, the speed at which the fed has tightened -- >> we're going to get february data before the next fed meeting. maybe things cool back making 25 more likely and we can ratchet back the concern here. what do you think? >> whether it's 50 or 25, the point is we're going higher. can you hear me? >> go ahead. >> hello okay so whether it's 25 or 50 basis points, the point is we're going to go higher and go for longer because of the data that the fed is looking at and it's going to

continue to show i don't see many companies fall off a cliff. you saw walmart's numbers today. they're still seeing a strong consumer that's not what the fed is looking to do. they're looking to lower inflation by mandate so until they accomplish that, i think that you're going to see the insurance companies continue to rally, and for the foreseeable future >> we've got to go but as i was listening to all this, should the fed officials make more of a point saying we only talk about leading indicators they have to set policy on the leading economy. they talk about coincidence and lagging indicators as if they're predictive somehow, and we know they're not. are they sort of responsible for confusing the picture here >> this is why this big argument for going by quarters and not 50s. they could be making a mistake by looking at the wrong thing. i want to say, if jamie doesn't

have the recession playbook out, why has he increased loss reserves by billions i'm confused by that can anybody answer that? is there billions more if there is a recession >> i don't know if jim has a chance to put that to him before the show tonight thank you all for coming don't miss the interview with loretta mester tomorrow on "squawk box" tomorrow. coming up, natural gas prices have plunged since september. what's driving the decline and will relief show up in heating bills? plus, whether you're buying a car online, watching your favorite show, making a payment, we have you covered. here is a look at markets heading towards session lows the dow is down almost 200

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welcome back it's been a record breaking couple of months for nat gas, prices down almost 80% since

september. brian sullivan is here with more we're saying this mostly good news what is the asterisks? >> it's good news for europe hi, everybody. natural gas, above $2 now. we were at $9 last fall. you think about it, what's going on number one, supply/demand, right? it's too much gas. the weather, by the way, it's 65 degrees here right now it's 84 degrees in richmond, virginia, breaking the previous record by i think nine degrees, according to accuweather warmest february ever in new york city. i'm not a meteorologist nor do i play one on tv, but it goes to gas demand no one is heating their home except in minneapolis. >> everyone is furious because like why am i paying $800? it's sort of perverse that at the moment the spot price is plunging, these utility bills are way up what's going to happen normally, they have to go through that to ask for rate

hikes. this is all happening over the summer will they come down quickly or not? are regulators going to wink, w wink, nod, nod california is doing a 50 rebate >> yeah! why is your heating bill up if you're on gas and gas is down? number one, there is a lag number two, the price we show on tv, that's a paper contract. in massachusetts, they have the delivery price it was at $18 last year, it's now down so prices should come down but you're paying what they bought it for six months ago so your heating bill is going up, as we say natural gas is going down >> probably the most important question for the audience, many of whom might have gotten into energy last year watching oil go up, hearing about the energy prices >> heard about that. >> the stocks have held up

relatively well. if you look at a lot of leading nat gas producers, not a disaster they're not down 80% what explains that >> because they're still going to make money. now, the stocks, we'll see if they hold up a lot of nat gas bulls will tell you prices are on a dip because we oversupplied. free port lng was offline. they're going to have to shut in wells. maybe supply cutback is coming and oh, by the way, the weather could change again, i'm not a meteorologist >> if it flips -- >> what if this hot winter turns into a super hot summer and now we're just cranking the air conditioning in new jersey and new york, you know, even places like denver? you never know what could happen with the weather >> i always pay atetention to

brian reynolds he understands the structural underpinning of the markets and saying the future's curve indicates nat gas prices won't go above $5 until 2035 >> wow brian, if you can make a prediction 1 yea2 years out, wh going to win the kentucky derby? i'll bet on that oversupply based on lower demand curve. 25 fewer heating days this year. europe, rome, 65% decline in heating days europe is literally being saved by the weather people are coming at me saying you're reporting all these worst case scenarios we didn't know what was going to happen with the weather. what if it was super cold for months they would be in deep doo-doo i think is the term. by the way, they're paying for it i want to be very clear on one point. yes, europe has great energy

storage, nat gas, that's good news yeah but they're still paying $15 equivalent, we're paying $2. they're borrowing money to subsidize industries and households don't be surprised if this energy problem, crisis, whatever, becomes a debt issue i'll give you a number $98 trillion in emerging markets debt highest ever 250% of gdp. why do i bring that up because they have to pay up for energy, as well. because europe is taking the energy they would have bought. there could be sovereign debt issues a year from now because of what's happening. >> it's a good thing the show is coming what date? >> "last call" is the name, wednesday, march 8th, 7:00 p.m tune in, it will be a totally different thing. the anchor, i hope, holds up >> i hear he's fabulous. >> he's loud

>> brian, thank you. still ahead, with u.s./china tensions rising, should investors be more concerned about the geopolitical risk or the economic opportunities in beijing right now. we'll dig intohat thten twi sve roach. "the exchange" is back after "the exchange" is back after this with an intuitive speed knob? yeah. want to try? 92% stick with it, so can you. start a 30-day home trial today. terms apply.

welcome back to "the exchange," everybody a lot of people watching these s&p levels 399, you know how trends go. the longer we're below 4,000, people aren't going to feel bullish. now, goal posts moving higher.

stock up about 5% up to date for bumble we'll see if that injects more hype into the stock and get a start to its first positive quarter. let's get totyler mathisen now >> thank you very much carlos watson is scheduled to be arraigned in brooklyn federal court today after his arrest this morning on fraud and identify theft charges this follows a guilty plea in secret to fraud charges by the former executive with whom he founded the startup. many people know carlos watson watson's lawyer says he and his client are disappointed and shocked, because they thought they were having a constructive dialogue with the government "the new york times" reported in 2021 that he had impersonated a

youtube executive during a fund-raising phone call with goldman sachs, raising questions about the company's business practices. federal prosecutors added four new fraud counts to their indict on ftx's sam bankman-fried. a source says if he's convicted, the new counts could add 40 more years to his sentence. and u.s. banks are being warned about increased liquidity risks with deposits related to cryptocurrencies coming up, big names reporting after the bell you can see the performance up 15% for block. caravana has nearly doubled. we'll get the story and the adanhe names, next

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welcome back time for earnings exchange today we have the action, the story and trade on carvana, block, and warner brothers discovery. block's shares are up 15%. the payment system is outdoing

competitors. welcome to my guests steve, what's the read on block? >> let's talk about what to expect tonight with these block earnings they performed a lot better than their peers last quarter, showing much more resilience as we saw companies like affirm in recent months lay off workers. we're seeing gross profit go so where is that happening the cash app grew 51% on gross profit last quarter. we are expecting to see more growth there just how much growth there is is the big question there there is also the point of sale, the square business where you go up and swipe your card and check out. that business has been profitable and that was up over 29% last quarter. so we're expecting more growth there. and like you said, the crypto winter, we know bitcoin is flirting right now with 44,000 at the time, it was about $156 in bitcoin on the balance sheet.

that's likely going to go up that's why we go on a gross product when looking at block opposed to the pure topline number because that bitcoin volatility is a big question mark >> quinn, do you like the stock? >> we're long on the stock here. we're going to hold through the report this is a name that we think can be a real leader in the future, assuming they do the right things each quarter. still 75% off 2021 highs it's rich from a valuation stand point. but their growth is attractive, 60%. so ultimately, we want to see what the company has to say about their quarter. we want to see how free cash flow is. this is a name, we're still long we would be a buyer assuming the report is decent >> are you a buyer regardless though >> yeah. we want to hold this name overtime in a cumulated

position >> if you can get it any lower than here, you better. warner brothers shares up 70% after the past couple of months the ceo is the turnarounds strategy working julia has that story >> a couple of key things we're watching the first is the question of cost cuts and the effort oh deal with the company's debt. the ceo has done meaningful cuts already. there will be questions whether there are more cuts coming and his strategy going forward the second key area, the ad market and macro pressures on the company. this is a company that's seen advertising declines in the third quarter. the question is how much we will see ad pressures continue into the fourth quarter and what his outlook is for the ad market over the rest of this year the third area to watch is streaming. this is a company that's really

focused on growing its streaming business and combining the discovery. we're looking for insight when that will happen, what that will look like, how much it will cost and we are expecting the company to add 1.5 million streaming subscribers. so focus there, as well as a road map on what's next for the streaming business as he said, he wants to protect the theatrical movie business. >> thank you, julie. a $15 stock implies the question is about profitability, period that's been plague thing company since creation >> yeah. this is interesting, because it's got a tangible book value of 20. the stock is trading at 15 the turn around so far is working, and the stock is showing that but we have missed this. we just missed it. we thought it was a good opportunity when it was trading

lower. we waited for a pull back that never came now i just can't chase this name here i really now have to watch quarter by quarter, still a tremendous amount of debt. but they also have $2 billion on the balance sheet. so it's not for me here. i'm going to hold off, but hopefully there's a better opportunity in the future. >> bmaybe now is the time to tak the profits? >> for sure. that's what i would be doing here >> we'll see julia, we appreciate it. carvana, the last one of the bunch, has had a monster run this year. but what a couple of years it had before there there are a lot of things to consider short interest at 61% of the float. it's nearlied -- nearly 40% off. phil, what are people expecting in this report >> two things that will get a lot of attention there is the part of the business in terms of how much it is leveraged, how much debt it's

acquired we're coming up on the one-year anniversary, tomorrow, of them buying the online auction site odesa. when they did, it cost $2.2 billion. it added a lot of leverage there. that's why the stock was under so much pressure last year while the one part of the story is the leverage, the other part is what's happening with the used car, online retailing and the easiest way to explain this, the pressure that carvana faces is last year when used car prices were at record highs, carvana bought a lot of vehicles what has happened to those prices they have fallen off dramatically so as carvana has told those vehicles, it hasn't been easy to make money on them you buy high, sell low, you will take losses. so those are the two parts of the business that will get the most attention >> there is the long-term chart.

$300 in november of '21. and under $10 now. would you buy it >> no. absolutely not this is our third time talking about this stock each time i say the same thing, and then the next day or shortly after an announcement they're not going out of business, the stock has a huge short squeeze and falls and continues to go lower and lower. these are the two numbers, basically they're set to lose over $7 a share this year. and they only have $4.42 in cash they have a tremendous already debt on the balance sheet. i just can't in good conscience be a buyer of this trade >> fair enough great stuff today, guys. thank you. all three of those companies on tap with results coming up, $100 million in business a luxury california retreat, going great, but maybe not if you're a mortgage banker at wells fargo. wells fargo. we'll explain, next.

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welcome back mortgage rates up 9% over the past two months after taking a breather from the fall highs 682 you can see there today. applications falling to the lowest level since 1995 last week and that's impacted the lendors. wells fargo is undergoing a huge structural shift away from mortgages. and wells is laying off hundreds of bankers, including some top producers. we're talking -- why would they lay off their best, best >> it makes no sense these are the people that you would fight to retain. these are some of your best producers. in fact, some of the people that they let go for recently attend thing month one of their sales conferences on the west coast, where they were doing the very thing that they should be doing, which is getting recognition, you know, getting to network,

that type of thing so it is unusual i would say that because they're pulling back from areas where they don't have a branch foot print, that's the thing that they have decided to do. so they are executing the thing that they said last month and we broke that story a decision they made many months ago. now, with today's rates, maybe that decision might look good. but it causes some really s strange things >> what do you mean there's not like a branch foot print, so people are being laid off where they live? >> that's exactly it people who reached out to me said i am a great producer if i was 25 miles to the north, i would still have a job, but i don't. so they exist outside the wells fargo foot print so there are pockets of the

country, regions where wells fargo has decided we're not going to play there. wells fargo, to be clear, their official stance is, we're still going to cover the entire nation, just from a centralized call center, which arguably is not as great service >> so if they're serious about pulling back from the mortgage business to this extent, where are they doubling down, if anywhere >> charlie sharp has made it clear, credit cards, investment and commercial banking you know, wealth management, like everybody else. so in a sense, it's going to be looking like bank of america, because those are the guys winning in today's marketplace that model is winning today, not a model overleveraged to a boom and bust industry like mortgages. >> it is crazy for more details, you can read hugh's piece on cnbc.com china's reopening has foreign experts and wall street

divided over the issues. we'll look at that, next

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welcome back concerns about china's reopening

are boiling down to economics and imperialism. it's quite a divide between wall street and washington on this one. >> yeah, exactly, kelly. policy experts shared grave concerns about china during a meeting last week. there's prospects of the invasion of taiwan to the alleg spy balloon and business ties with american companies was high on the agenda. saying relations have reached a crisis point yet on wall street the mood is not more optimistic. goldman sachs reporting to highway traffic and subway usage above precovid levels and the property sector falling in recent weeks goldman's head telling cnbc the story is moving from the reopening to recovery. he's betting on earnings and not valuation to drive the next leg of growth. case in point, alibaba, the stock up about 60% from recent

lows also expecting policy makers to double down on a pro-growth tone in upcoming meetings including china's development forum and national people's congress in march. so clearly a divide when you talk to pros on china. >> if washingtonwere to signal or say they didn't want there to be this kind of investment relationship, business relationship, we had wyndham on last week, earlier this week i mean, and china is a growth story for them so i can understand the gee politics of this, people are worried. but i'm not sure investors are supposed to do in the meantime except what they do everywhere >> it was an interesting conversation i had, saying that growth was a prerequisite to care about the foreign policy and geopolitical risks i think right now the u.s. considers china a competitor bu

if things get worse, do investors overlook the concerns? the meetings coming up could provide some level of intel as to how chinese leaders are not only thinking about growth but also the relationship with the united states. if we see the meeting that secretary blinken was supposed to have. if that gets back on the agenda, that will be important too. >> we appreciate it. let's bring in steven roach, steven fellow at yale university and author of the book "accidental conflict: america, china and a clash of false narratives". a month ago you said you were bearish on china how do you weigh in on the debate >> there are cross currents. i think the investment community, as you framed it, wants to believe in the post lockdown, post zero covid snap

back which is certainly in the process of unfolding right now the questions i have is, you know, what happens after the snap back? and my concerns about china, which are fairly new for me, because i've been an optimist on china for so long. is that the medium to longer term growth trajectory is going to falwell short of what we're using to and what china is used to that reflects the tough demographics which are playing out as expected but much sooner than we thought. in conjunction with a really tough productivity outlook given the regulations that have been put on the tech sector and the shift in emphasis to lump productivity state owned enterprises. we know from economics if your population -- your working age population is shrinking, you

have to boost your productivity growth to offset it to achieve your growth target and for china it's going the other way. >> let me quote halftime last hour talking about alibaba, i'd be a seller of alibaba, i don't know why anyone would want to own a chinese stock here, you can't trust the accounting i'd be a seller of all chinese stocks would you agree with that? >> the point is too extreme for me, but i do worry a lot about the sharp deterioration in the relationship between the u.s. and china. you know, the last five years we've gone, kelly, from a trade war to a tech war to the early stages of a new cold war just the last couple of weeks, we've had the surveillance balloon/airship if you want to be accurate, mounting pressures on taiwan and just in the last

24 hours, the u.s. is starting to indicate that it's going to release hard evidence that china is providing, quote, lethal support to russia's military effort in ukraine. and, you know, these are, i think, potentially very inpolic inflammatory allegations that will take a conflict that's already tough from bad to worse. >> i want to highlight what you said, you said from a trade war to a tech war to a new cold war. >> a cold war, yep. >> where do we go from there it doesn't sound like a great trajectory to be on? >> it's certainly not. the risk of a cold war, as we learned in the '60s, is that, you know, there's always a possibility that it could inadvertently turn hot we've had this significant

escalation of conflict between the u.s. and china, my book argues that it's based on a lot of false premises or false narratives, that reflect deep misunderstanding that each nation has with respect to other. but irrespective of the cause and effect, we are where we are. and so, when you have these -- this escalation, that is the best image i have is the high octane fuel of conflict escalation, it can be ignited by the slightest spark. in the '60s, the berlin crisis, cuban missile crisis we came close. cold wars are dangerous. and yet the chinese economy and -- >> what could we -- just with the last couple seconds here, what can we do now if we don't want to keep going down the path do we need to be more realistic

and hard line about it given the risks? is there a way to soften it? >> read my book. i'm being if sheeshs here. but i argue for a relationship solution not beating the drum of hard line conflict. we are not going to force china to do it our way and china is not going to force us to do it our way we have to come up with a mutual framework to engage one another. >> are investors helping on that front? the ones cross investment, i mentioned wyndham, people doing business there -- >> no, i would like to see more support, more vocal clamoring for a more collaborative engagement between the two nations and the business community can play an important role in that but thus far their silence has been deafening.

>> steven roach, thank you for your time today. read the book. if you thought returning to the office was bad wait until you hear the plans for some google employees as they get ready for cutting costs. there's ty, i'll join him on the other side of this quick break there's ty, i'll join him on the

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good afternoon everybody and welcome to "power lunch" alongside kelly evans i'm tyler mathisen coming up we have shares of nvidia soaring today the stock up 60% this year the company says ai is going to be a boost what it means for nvidia and other chip names as ai is the new battleground. >> plus kyle bass joining us live we'll talk about the market and fed and china. we'll check the markets. down dow down a little more than