welcome to "power lunch," alongside kelly evans, i'm dominic chu. coming up, putting the intelligence in artificial intelligence we'll explore how different ai tools get so smart in the first place and then look at the

impact on culture, music, education and the economy. >> we're less than a week away from the swear cnbc stock draft. can the mountain goats go back-to-back lots of big names coming. let's get a check on the markets which are on track to break a winning streak we've turned green on the session. dow up about 19 points. >> let's get to kristina partsinevelos for more kristina >> let's start with lyft confirming it would reduce its head count next week "the wall street journal" putting that number at 1,200 employees. that's driving shares up 5.5% higher roughly 30% could lose their jobs lyft doesn't count its drivers as employees a lyft spokesperson said, this is a hard decision the results will be a far

stronger and more competitive lyft shares are down almost 70% in the last year. customers weren't phased by the price hikes on tiedde and bounty procter & gamble had a 10% jump in prices. that was the second quarter in a row they hiked prices double digits being on time pays off csx posted higher revenue and profits. volume grew in merchandise and especially coal. higher fuel surcharges and pricing gains helped csx shares are almost 4% higher. dom? >> kristina partsinevelos, thank you for that like it or not, it's becoming increasingly hard to ignore ai. it's found its way into health

care, big tech and the music business. >> how did it get so smart >> our next guest dug into what big names are using to train their artificial intelligence. we have the tech culture reporter for "the washington post," alongside our own steve kovach this is a fascinating panel and one kelly is super excited to talk about it's so amazing how quickly -- we don't even have to say artificial intelligence anymore. everyone knows what ai is. steve, take us through a little bit about the trajectory and how quickly we got here. it seems like yesterday we were talking about microsoft's investment in ai. >> a lot of this stuff has been bubbling under the surface there's a reason why google and alibaba followed so quickly.

these language models have been trained for years on massive amounts of data. we just hit that inflection point where they feel confident putting it out of course it gets wrong answers and all that stuff, but it's at that point where it's good enough for the public to at least play around with and it's been in the works for a long time again, we're talking about the training data. >> natasha, it's one thing to have training, but the rollout has been very, very fast right now. seems like it's been a domino effect how quickly do you think it will permeate into just about every aspect of our lives? take us through where it's becoming more and more evident. >> yeah. i mean, i think everything accelerated with the launch of chatgpt november 30th. it's crazy to think it's only been about four months, right?

as steve said, these companies have been working on these large language models and have been deploying them internally. we have been subjected to them or got the benefits of them already because google has been using them inside its search engine this is what has been powering auto complete in your emails this is what has been powering c content moderation, but it hasn't been deployed as a consumer tool. we haven't been able to play around with the technology open ai really left the flood gates open by saying, you know, we know there's flaws with this technology we know it hallucinates. we know there are problems, but we're going to push it out anyway that left all the other big tech companies scrambling yeah, i think we'll see it proliferate. >> i love the reporting you guys

did here for the first time it pulls the curtain back to help us understand when we type something in and it appears, where are these answers coming from? i don't think anybody saw google patents comes. that's great now we know why it's so literal, but wikipedia is a problematic resource and this is one of the primary ones that informs these responses. i think it still has my birth place wrong. >> you can edit that. >> in the past it didn't matter. we know if it comes from wikipedia -- >> take it with a grain of salt. >> right now we don't know if it comes from weikipedia or "the new yor times. the veracity of wikipedia becomes a huge problem. >> yes the data set that we analyzed

was 50 million websites from this nonprofit called common crawl which is used by a ton of the ai companies this is -- you know, when people hear common crawl, they think it is representative of the entire internet, right? oftentimes we hear, okay, it reflects the wisdom of the internet or all of humanities' knowledge. it is not. it's a snapshot of the internet at a moment in time. this was taken from 2019 and tech companies are still using this data set. facebook, this new model called red pajamas is using c4 data set. open ai's gpt-3 was the last time they gave us information about what was in their data

sets, it used 41 times the data set we dug into, plus all the english language wikipedia, plus 23 million links highly rated by editors. it's not like a database where we know it's going to look up information. the way these models work -- >> there's not a lot of footnotes. >> looking up stuff and finding things out, asking about the weather on alexa, asking the bing search engine for the weather in austin, texas, that's one thing. we're at the point where it's coming up with its own music, writing lyrics, people are submitting photos and making art work what does culture look like going forward and what does regulation look like with regard to property rights

>> who owns the content if ai makes it >> should drake get a cut if there's a drake sound on music that sounds like it could be drake and people are defunding him while trying to support him? >> that's why i'm hoping for more transparency in this process of how this training process works. you're saying it puts together a unique song. well, where is it getting that creativity where is it getting information from how does it put this stuff together it makes massive association between all the music it's ingested it's reflecting human ingenuity, our creativity back at us. does that warrant a different look at our copyright definitions? does it look at what consent

means? this is one area where companies could be a lot more transparent. that's why i'm hoping we're having this better understanding right now while regulators are thinking about the rules in the eu they're already analyzing this and in china they've issued some regulations and now is the time to push for more transparency at the least. >> at first the internet was free and people like rupert murdoch said no. >> they were right >> they were right and we're seeing publishers jumping in -- can you imagine taylor swift say you're not using my likeness or else i will be compensated this will have a reversal. >> taylor swift is really good at dictating tech policy with

streaming. natasha made an important point about transparency what struck me about her reporting, one site called kiwi farms, they're an anti-trans cite where people go to harass people, the fact that it was allowed was alarming we're having people like google and microsoft saying we want to be regulated knowing that congress doesn't have an appetite to regulate tech. >> important repositories of -- facebook is probably more reliable about people's personal information than wikipedia natasha, thanks for joining us today. let's stay on topic and talk about the impact across investing. let's bring in ron nsana

ron, talk about the implications here. >> talking about whether or not artificial intelligence can draw inspiration, if everyone is right about its ultimate uses in enhancing productivity, it's also de-flationary don't forget knock-offs are cheaper than the original if you're talking about drake or taylor swift at the end of the day, people should start taking this seriously. kathy wood talked about it

>> the only problem is we can't invest in open ai. >> unless you're microsoft. >> you can invest in amazon. one of the things that people said about the effect -- kathy wood and others have said that amazon is the example for how you've seen the effect on things like the labor force, consumer goods and everything else. how much is amazon a quasi blueprint hypothetically in the future >> you have to look across the entire economy we know in manufacturing -- i would expand the definition here a little bit to include not just ai, but machine learning, natural language processing, robotics, all these things coming fast and furious. they're ultimately going to replace people and drive down the cost of labor if this proceeds as expected

if you look at the adoption rates, they're vertical. when you look at the chart of things that have come before us, they've been a diagonal line and this has gone straight up. it does affect amazon and retailing, manufacturing, defense manufacturing and really just about any other endeavor. will we be writing our own commentaries or will we plug in an idea that gets spit out will we be maxed out in the news business >> hey, listen, steve, "buzzfeed," they start using ai and lay off people it's not exactly what's happening, but as we heard last week, the need for investigative reporting, that which can differentiate you from what's

out there grows and makes people more valuable. just a final comment on some of the investing implications. >> like what microsoft is doing, you want to talk about it's not necessarily job replacement. they call it a co-pilot, meaning it's an assistance what they're putting in office 365, microsoft word, is a co-pilot let's say you have a video chat meeting on teams you missed the meeting what do i do the co-pilot can go in and correlate everything said. that is useful that saves time. it doesn't replace kelly or dom or steve. >> i can skip more meetings. >> you can skip more meetings and it helps us do our jobs better that's what the companies are serious about and putting out there in the world i think that's a good thing.

>> wthere will be companies that take this further and don't stop there. >> of course. >> that's the implication that some people are looking at how much labor saving will come from this development and what will that mean to inflation and growth >> and the comeuppance for white collar work. ron, thanks. appreciate it. here's what's coming up, we're hitting the wall and climbing over it walmart bet big on e-commerce spending lots of cash on acquisitions, but now with tougher times on the horizon and the pandemic era online boom in the rearview mirror the company is cutting back. plus, as we head to break, check out albemarle trading low.

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welcome back for the third time this year walmart is selling e-commerce it bought as they're making a shift

to automation. up 7% in one month on the stock. courtney reagan is here to discuss. >> you might remember back in 2017, walmart's head of e-commerce was buying up all these brands and many of them are being sold the late is elloqui. they're selling this off when walmart was buying all these brands, the idea was to learn from these player that had very loyal audiences how did they capture a consumer online it's when they were trying to buyout a product, especially in apparel. i think walmart really got a lot of out of this acquisitions, as

far as learning from the talent there, learning how they attract these players, how they merchandise. over time do they need to hang on to them that's why they're selling them. that's walmart's argument. this one is going to fully digital online platform that has other similar brands. >> we used to scrutinize online digital commerce numbers so much what do we scrutinize with walmart now if they're not part of the picture >> they were trying to make sure walmart was the everything store, that there was something there for everybody. walmart feels they've done that.

they've gone to hundreds of millions of products online. now they're focusing on making that more profitable it's very expensive to grow. they feel like they checked that box and it's about improving and operating the margin, making sure it makes more sense for investors, make it more efficient and getting rid of the pieces they've learned from. the stock price up 96% under mark lowry he's no longer with the company. walmart is outperforming the broader retail index. >> maybe i misunderstood it seemed like that didn't work. now it's no, that worked great and we took what we needed. >> a lot of people said it's a purchase in a way to buy the brain talent >> courtney, thanks. good to see you.

further ahead, building a new future we'll look at building and engineering software firms taking the step towards ai. plus, just capital releasing its annual climate report. "power lunch" back in a moment

welcome back, everybody. with crude trading -- with oil closing for the day and for the week, it's up half a percent and we've seen more than $500,000 from net flow in the past week some big names in the space trading lower, along with crude, equities suffering as well we have more information on the ft wilshire hub. >> it's been an interesting week when you think back to all the economic releases, empire was super weak housing permits were down nearly 9% existing home sales were weak and continuing claims were much higher a one-week chart of ten-year

note yields, we're up. why is that? today at 9:45 a.m. eastern, s&p global, pmis were stronger that changed the week. we were going to be heading under 3.5% why is that important? look at this mid march chart it seems like we hit a temporary resistance level bringing yields back down. the data didn't confirm all the strength we should see to push rates higher the weakness didn't help stocks and finally the culprit seemed to be the next chart january fed funded futures are down on a week where the data wasn't aggressive outside of the s&p global pmis, the guidance has stuck and the driving force sticks the uk seems to be the cop, even though we saw ppi in germany

drop 2.5%. it's all about inflation fighting and the aggressiveness of the fed it seems like recession, you might not like it, but the fed doesn't seem completely against the chance of that helping out its mission. kelly, back to you >> rick, thank you. does it pay to go green? just capital releasing its annual climate report. how do the best stack up diane has the details. >> the inflation reduction act is funneling money into climate items, but government can only do so much more is falling to corporate america. 88% of americans say large companies have a responsibility to reduce their environmental impact nearly as many say corporate disclosure on climate is key that's according to the survey by just capital. now the organization ranked this year's top ten greenest

companies. a majority of the top ten companies for the environment have a verified 1.5 degree warming science-based target, less than 10% of all russells have done this they emit five times less greenhouse gases than their peers. they created index concepts. they show the returns of the climate performers in the just capital climate index, you can see over the long term that the top 20% of companies in just rankings that employ strategies to mitigate climate risks, including reducing greenhouse gas emissions and committing to net zero by 2050 are outperforming the broader russell 1,000. yes, companies can still make money while reducing their carbon footprints.

back to you guys. >> that was over the past 18 months or so >> yes it was their 2023. they did it last year. >> got it. diana, thanks. let's get down to the cnbc news update. a north carolina man accused of shooting a 6-year-old girl appearing before a judge in tampa. according to neighbors the man began shooting after a basketball rolled into his yard. connecticut state police saying injuries were reported after a fuel tanker rolled over and caused a fire on a bridge on interstate 95. authorities said buildings below the bridge were on fire. police are telling motorists to avoid the area. the texas senate approving a bill to avoid county wide voting

on election day. the republicans said it will boost election security and opponents said it would make voting more difficult. >> thanks very much. the first couple weeks of earning season off to a rougherrougher start. earnings performance is down he8% is tre more downside ahead we'll answer that question, or at least try we'll be right back.

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welcome back 90 minutes left in the trading day. markets are trying to stay positive we're down for the week. let's get to bob with more hi, bob. >> kelly, there's been several attempts to drop the market this week and they've all been unsuccessful we had several gap downs at the open this morning. the pmis were hotter than expected the market is struggling to come back they don't want to sell the market we are hitting some new highs, but only on a small group of defensive consumer oriented names.

new highs on hershey, clorox, some pharmaceutical names like hca holdings we've been talking about mcdonald's every day hitting real highs it's a real juggernaut some of the small auto retailers, o'reilly at another 52-week highs. nothing in the tech group is close to that. it's a sign of how defensive the market is becoming yet, we don't drop much. everything else is just kind of holding up now, the regional banks have been all over it this week the numbers came out they were okay, not great. most of the regional banks are flat to slightly up. a few are down regions financial missed and it was down there was a big story that the regional banks would be facing more stringent regulation. most of these stocks are flat to

slightly up for the week just bottoming would be a good thing, just not falling more on earnings after being down 25% is a victory. that's a good reason to say it's been a pretty good week overall. where are we we have about 20% of the s&p 500 reporting. no april showers we're flat for the s&p this week april is up 0.7% it's traditional an up month for the dow jones. here today up 7.7% the only thing doing better is europe we'll talk about that monday the european stock market is killing it, outperforming for the first time in a decade we'll talk about why monday. guys, back to you. >> bob, thank you. as the bulk of the s&p 500 return is being driven by a handful of companies, our next

guest thinks there's a downside ahead. let's bring in megan holderman bob laid out an interesting story. why is there reason for pessimism heading into the next few weeks? >> i think what you've seen in the technology sector is it's being driven by two things interest rates is one of them. the other thing is, if you look at the fed balance sheet as well the fed balance sheet expanded during the banking crisis. now it's contracting again you're seeing weakness there i think tech and large cap growth are very sensitive to the interest rating we're seeing we don't think the rise in interest rates is over we think the market has gotten a little ahead of itself. >> can you take us through the balance of that micro versus

macroeconomic narrative. the macro big picture affects the company's big picture. how much should we be scrutinizing the earning season right now? >> i think we haven't really seen the macro headwinds yet we want to get clarity around what companies are expecting we're still looking at positive gdp. it's going to be a more challenging earnings environment in the second half of the year when the economy starts to slow. we want to see what companies are doing now and preparing for. are they taking steps now in preparation of what's going to be a challenging economic environment? >> megan, what's your favorite part of the market given that increased pessimism? >> right now it doesn't hurt to hold cash. we like the international market this was mentioned before. we think there's room for the

international market to catch up to the u.s. market honestly holding cash, getting some yield now finally and then being able to put that money to work when these opportunities arise, and we think they will. >> megan, thank you very much. coming up, the moment you've all been waiting for the 2023 cnbc stock draft is less than a week away. we have ten teams competing and we'll pick our draft orderiv le. that and more when we come back. dow's down 2 points. ll, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots, and where together, we work to help move everyone's financial goals forward. pnc bank. you got this. let's go.

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welcome back the economy is slowing capital is more scarce, but a tech shift continues in a way businesses design and complete projects john ford brings us up close with a ceo whose company makes digital blueprints. >> the ceo of auto desk designs engineering software h customers are becoming more efficient, but they need digital tools. he worked on projects for lockheed martin and nasa

before that he was a troubled teen with a reckless streak. it took a nearly tragic high speed car chase to scare him straight. >> i was already on probation at that time and i was kind of a wake-up call where i said i got to do something. i got to fix my life it went back to -- you know, people -- the heros in your life are sometimes the people that say things to you you need to hear, not what you want to hear. i remember a teacher and i'll tell you in the moment when the car was spinning and things were going bad, this teacher's voice came into my brain, the guy who leaned into my face in my algebra two class who said you can ruin your, but i won't let you ruin other people's lives. i remember that because i had people in the car with me. from that day on, from that night forward, i was straight as

an arrow >> cal state north ridge and a masters and phd from stanford. andrew's challenge is taking auto desk's successful cloud and adapting it for artificial intelligence and deeper collaboration through the supply chain. >> this is an incredibly disruptive time, probably the most disruptive time we'll see in our world of technology for a long time. i'm fortunate that auto desk has been preparing itself for the cloud for over a decade. we have a mentality around the cloud. the guesses that we're making is that everything in design is going to be hyper connected. ai will be arbitrating decisions between designers, engineers and manufacturing professionals in ways it doesn't do today

that is a significant world that is going to allow us to do amazing things for our customers. >> the stock did drop a bit after earnings a few weeks ago, mostly because auto desk is transitioning from upfront to subscription billing demand is strong >> adobe-esque if he pullings it off. what an incredible life story. to all the teachers out there, remember the impact you have turning someone's life around. >> he was always precocious and focused on areas -- when he was young the moon landing happened and that awakened his love for space. >> we've spent a good amount of time talking about artificial intelligence and the sprawl effects there, when it comes to design and manufacturing, what could the vision look like for what it ultimately does?

could we be in a world where people don't design buildings or machinery and it's all done by a massive computer that knows what to do? >> probably not that, but here's an example if i can step back. notre dame, tragic fire four years ago. there were people doing an independent project, taking images of the inside they were able to use that to develop a digital twin of notre dame that is helping them to renovate it specifically to how it was before and they're able to see that using auto desk software where the walls are bowed out in ways they weren't before. >> for notre dame specifically >> yes, for notre dame specifically. >> you can actually make it better than it was >> or you can find the points in the design that have changed more quickly than if a human being had to do it if you're running ai with images, the digital twin and the

construction work. he was talking about automating certain needs for checks between suppliers on the chain of doing construction if you can speed up a project by days, you can save a lot of money. >> john always brings us great stories. >> thanks, john. still ahead, prokt procter gamble, the best producer on the dow. "power lunch" is back in two as smart as it is beautiful. introducing lucid air. experience the best. ♪ ♪ we planned well for retirement, but i wish we had

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welcome back, everybody. time for three stock lunch on the menu, proctor and gamble up on an earnings beat and hca also reporting a big beat saying admissions and emergency room visited jumps and going the other way, the lithium miner is down 10% after plans to nationalize the industry they have the world's largest reserves, crucial component in evs. and let's bring in danielle shay, vp at simpler trading. great to see you let's start with p and g do you like the stock? >> yes, like the stock i think the macroeconomic conditions right now are really

powerful for this company and i do think that they will continue trading hire i have an overall price target of about 177 on the stock longer term however, i will say that when you see a stock gap up like this post earnings, what i really want to see if i'm going to try to trade it for a post earnings continuation move is i really need to see it hot, go out on the highs of the day right now it is a little l lack lackluster but longer term, i do like the company and it is a buy for me >> let's talk about hca, health care, hospital operate what do we think >> i really like the earnings report and the move. but i'll say the same thing that i did about proctor and gamble when you see a gap up like that and specifically high on the day is within the first 15 minute bar, generally that means that

it is not good for continuation into the following week because we're seeing a wick at the top of the candle which means that we have profit takers coming in here and so when i'm looking at it short term trade, it is lackluster but like the long term trade up into a $300 price point. >> and i still remember that big miss and finally, albemarble. a shocker. >> specifically today with the high volume break, we've broken some pretty key support zones. so with that when we have a high volume break like this post earnings, and we've broken some critical support zones, i think that it is good for continued down side. when you look at the lower levels of support, it would be a tar getting first about 165 and then about down to about 150 >> wow okay got to ask you, and this is not

technically part of the three stock lunch but talk about being shaken or stirred, what to you make of the vix? >> and when you are looking at the vix below 17,to you make of the vix? >> and when you are looking at the vix below 17, it opens up the possibility for the market to continue to rally especially the way that they reacted to the tesla earnings. normally you'd see the nasdaq fall but i'd say that the nasdaq is incredibly resilient here we're still seeing a lot of consolidation. and because the vix is so low, i think that we have the potential for positive reactions to earnings especially going into google and michael coming up so i'm looking at the possibility that earnings won't be as bad as feared and we can still see the nasdaq continuing to climb higher. >> and danielle, what do you say in response to those people who say that the vix being as low as it is, volatility as low as it is, means that it is a good time to pick up some of the insurance

policies for a down side move in the market >> you know, certainly that is possible but when i look at the vix chart, as of right now, i'm not seeing any sign that it will spike up i will say that going into may, that is a time that i typically to like to short the market. and so it is certainly possible that we can get through earnings s season and the sell in may time frame. during that time frame, i do like to come in and short the qqqs specifically, trade some down side after we have a run up into earnings and then trade the lower after the fact but from what i'm seeing that would just be a short term trade. it doesn't look like the market is setting up for a major down side move. >> danielle shay, thank you very much have a nice weekend. >> thank you, you too. and coming up on the show, the 2023 cnbc stock draft is now less than one week away. ten teams, 20 stock picks. we'll pick the draft order live

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welcome back draft day is next thursday so here at cnbc, that means cnbc's stock draft day too >> one of the most exciting times of the year for me >> and we'll do the actual draft order right here right now live.

ten teams this year, a lot of fun names. a bunch of big athletes. and here we have it behind us. most are one person teams, some are two. but let's not, you know, let's not keep chatting, let's get the party going. so who is picking first or tenth? >> we'll start with who is picking tenth. and then move all the way to first. so drum roll number ten spot goes to the flynamic duo >> very exciting the nba stars. a new face to the stock draft this year. and so she picks last. >> that's right. and so the ninth spot now goes to, oh, this is rough, our defending champion, the mountain fw goats, ryan reynolds >> and mark douglas. mark has always got these good stock picks.

>> and number eight spot goes to the mic drop himself, tom bergeron >> oh, fun >> and if you missed it, we had tom on a while back and he is a delight. >> and now the next pick goes to tory dunlap and financial feminists. >> very good awesome. >> and then moving on, the next one is the scarlet knights respect , rutgers invest the club. cheerleaders were here last year always a fun thing and then own and not lone, dk metcalf from the nfl >> there we go >> and then moving on herej mosley from the jets >> jets fans are cheering. >> and then house of kings,

ndamukong suh. only two left here this is number two that is erica sullivan, sully superstars which of course means number one is woo charlotte claire >> nice, the wwe superstar will kick off the live event. thank you for being here >> "closing bell" starts right now. and welcome to "closing bell" on this\friday i'm scott wapner live from post nine this make or break hour begins with a look ahead to the biggest and most important week of earnings season yet. microsoft, meta amazon, all reporting. and stocks are pacing for their firs worst week in more than a month. and so is the rall