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tv   Power Lunch  CNBC  April 28, 2023 2:00pm-3:00pm EDT

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♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo. good day, everybody. welcome to "power lunch. i'm tyler mathison glad you could join us stocks are higher again as the busiest week of earnings season wraps up we're digging into big oil, big tech and social media. plus, we have a fed meeting for you. first, let's get a check on the markets. kelly? >> hi, everybody we have continued gains today. we're just off session highs charter, mohawk leading the s&p
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500. amazon shares are lower right now. they had popped after the initial results last night a conference call comment about a slowdown on the cloud in april is weighing on the stock first republic is one to watch plummeting again, below $4 a share on reports that receivership is the most likely outcome. it's been a while seen we heard about a mean stock check out top financial. look at it now up 610%, taking the market cap to $6 billion a bad week for solar continuing today. now first solar dragging on the group after missing on earnings expectations 16% drop for the week now. on that note, let's get to pippa stevens. the revenge of the old energy names today. >> exxon and chevron beating top
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and bottom line estimates. shares of exxon surging to an all-time high. that company reporting its best start to the year despite the decline in oil and gas prices. exxon reporting $11.4 billion in profits with chevron posting a $6.6 billion profit. they're down from record results a few quarters back when russia's invasion sent oil above $140 q1 results were well above prepandemic earnings shareholders are reaping the rewards of those profits via record dividends and buybacks. there's a lot of cash left over and that's fueling acquisition rumors this is what darren woods said. >> we're always interested in a value acquisition. cash generation and cash from
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the balance sheet doesn't change the strategic fit of an acquisition. this is a value play, not a volume play. >> he said as the summer driving season approaches, inventories could drop with not a lot of levers to pull to increase production higher prices are on the horizon, but you wouldn't think ofthat looking at oil's recent performance. >> what type of companies would be on the acquisition list >> there's a lot of fears around declining acreage. oil has already tapped their best land. if they're trying to keep output steady, you need new wells to drill. rather than investing in new acreage, it can be an easier play to acquire a smaller competitor that's adjacent to
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your existing operations. >> pippa stevens, appreciate it. snap and pinterest getting hammered today after results despite the strong report from meta let's bring in julia boorstin. julia, what happened here? >> reporter: well, tyler, meta soared on a stabilizing ad market and its ai tools really working. pinterest and snap both fell short of second quarter expectations look at those stocks both more than giving up their gains for the whole year while in contrast, meta shares have doubled since january snap plummeting on its first ever revenue decline and it's forecast of a 6% revenue decline in the second quarter. pinterest shares are down dramat dramatically missing estimates as well as growing operating expenses pinterest announcing it's
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opening its ad platform and its first partner is amazon. that prompted some optimism from analysts it's worth noting competition is heating up amazon which reported yesterday is a fast-growing new player in the ad space it saw its ad revenue grow 21% in the corner. guys >> julia boorstin, thank you let's move on to intel which posted the worst earnings quarter in its history, yet shares are rallying. upgrades helping today as well analysts saying the worst could be over for the chip maker last july the ceo said the same thing and called the bottom. hasn't worked out that way as intel shares are down more than 20% since he made that comment we'll hear from pat gelsinger later today at 4:00 p.m.
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eastern. first, let's bring in an analyst who upgraded intel this morning to neutral from underperform, matt bryson from web bush securities why, matt, such a positive reaction to a terrible report? >> i think it's simply how can things get worse obviously, as you said, this question has been asked before, but at this point there's not a next product that already looks disappointing. it feels like pc builds are finally picking up on the server side of things, just from a market environment, i think q2 really is the bottom in terms of demand. >> i find it ironic and humorous
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that you would say there's not a next product that looks disappointing on the horizon >> pretty low bar. >> that's a low bar, matt. >> you're absolutely right i think the problem stems from the fact that intel has struggled with manufacturing processes since long before pat gelsinger took over. now we're two years in it takes three to four years to shift your process, or get a new process out. next year, end of this year, next year is when we see the first set of products that you really can attribute fully to pat and his regime hitting the market at this point it's unclear where intel is in its manufacturing. they could really execute. they could completely drop the ball again, but at this point i don't know >> you upped your rating to neutral.
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your price target -- i don't know whether you changed that. it was 30. the stock is 31. does the price target stay the same and does a neutral rating mean basically we'll be in this range for a while? >> so i had been down at 20. i did up my price target i think, again, what you see with the next set of products meteor lake and sierra forest is going to tell you a lot about how intel executed on its manufacturing transition that's been the struggle if you can't get manufacturing right, then it's really hard to be competitive in chips. if they get it right with those products that makes you feel better about 2025 when they're looking to take the lead >> matt, give us some context. samsung had a bad week as well
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if it weren't for ai, we would probably be talking about the semi slug. how deep is it how close is it to being over? >> so, i think think that things are still undetermined certainly entering this year it felt like you might see a bottoms q1 i think that bottom got pushed to q2. in terms of recovery, recovery in the back half seems shallower than previously. a lot of this is about inventory rat rationalization. on the server side you saw aws, google, meta, talking about spending more than servers they need to work down the inventory they have versus the demand really getting worse. i think q2 is probably the
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bottom it's just more of a question how much recovery do you get. >> matt, thanks for joining us we appreciate it matt bryson. coming up, how ai is shaking up hollywood, from actor's faces to reviving deceased stars the tech advancements that could transform movie making. plus, amazon initially jumped after beating estimates, but turned lower today after executives mentioned more cloud weakness our analyst said he woulbud y aggressively if shares dip to a key level. we'll tell you what that is coming up on "power lunch. what's up my trade dogs? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah! it's time to take control of your investing education. cut through the noise with best-in-class education resources
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hasn't been picked, metaverse. >> number two is meta for
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welcome back to "power lunch. time for today's tech check. we got to talk amazon. shares down nearly 4% after executives mentioned an april slowdown in cloud spending erasing their surge. joining us is steve kovach and the managing director of roth. raheed, i'll toss it to you. you think amazon is the only one losing share >> i think whether they're losing share or not remains to be seen. i think the report was four and a half stars out of five they beat on a lot of metrics.
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they're curbing expenses, lower cap. you can't please investors all the time >> what is the market missing here >> in my opinion they're not giving amazon enough credit for international retail margins, north america retail margins, even u.s. margins. overall for the third year they're going to decline cap x this company spent a record amount in 2021 2022 was a step down 2023 is a step down. that's showing a lot about the cash flow potential this company might have the next couple years. >> steve, what do you think the stock reaction is telling us it was up 4% into the print. for a second there it looked like a really impressive day
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now, of course, the fact they can't overcome this selloff on that comment. >> the guidance was good too that was some of the optimism going into that call look, a lot comes on to the ai, even if you believe ai isn't going to be as big as you think, the perception is it is. what goes underappreciated is, and i don't think they explained it clearly, they talk about optimization with customers. amazon in the long term, that's a good move. you want to keep customers you don't want them to go to microsoft and run their language ai models or google. look, it's still a market share battle there's this perception that microsoft can eaten more into amazon's lead. >> what do i do if i own the stock? what do i do if i don't own the stock? is this one that is kind of dead
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money for a while or is it going to move higher >> both those groups should buy amazon shares in my opinion. i think over the next three months -- i wouldn't say there's anything wrong with fundamentals look back 18 months and look ahead 18 months, i rarely use this word, inflection. i think amazon is going to show they're inflicting on profitability and cash flow. the forced covid digestion has almost ended with how they gained more profitability. over the next 18 months, now is time as good as any to buy amazon based on how the three segments they are in, retail, advertising and aws, all three are going to be more profitable 18 months from now >> not to switch gears, but to
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see what snap and pinterest have reported and the share price reaction there, last night they were both down 20%, and this was after meta came out with better trends julia mentioned. their ai tools appear to be helping in advertising is this an ai story? the big are using it and getting bigger or is there something different going on here? >> there's definitely a layer of ai story with pinterest and snap, it's a function of when the advertising pie stops growing, in my opinion, the larger get more market share you have google, amazon and facebook, they're getting more market share as the advertising pie is not growing as much they're smaller and experimental probably that sets them up -- i don't have a crystal ball. if we're in a macro recovery
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zone in nine months from now, that's the day you buy smaller players like snap and pinterest. >> although ironically, steve, snap had that my ai that went over poorly. maybe they applied ai the wrong way here. >> to go off that point on advertising, there's a reason why advertising at amazon is so special and growing so quickly it's because they sell stuff so you have an immediate intent. when you search for batteries, boom, duracell can show you an ad search for toilet paper and charmin. on the call that was interesting, they're like we barely started scratching the surface. they have prime video, music, all these other surfaces that they touch that they haven't explored they're doing a lot of sports programming, a lot of advertising there as well. it's not over yet.
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there's a long runway for them to grow and eat into google's market share. >> how long does it take -- we had a longer duration chart that we had up. how long does it take for this stock to get back to the 160 level where it was not so long ago? >> price target is below that right now. in fair disclosure, we don't see that happening in the next six to nine months if you're in beyond that, i feel sometime in 2024 is where it starts to go there the reason why is next three to six months we don't know what happens to the cloud we feel that q2 and q3 will be around -- any outperformance will hold the stock. from a sentiment standpoint, cloud driving. >> thank you good clear answers on every
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question ste steve, you had good clear answers too. >> well, thank you. when straight and narrow is definitely not a good thing. four names accounting for two thirds of the s&p 500's gains this yr.ea we'll discuss that and more when "power lunch" returns after this
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welcome back to "power lunch. stocks are a little off session highs. up about a half percent. once again the biggest movers are the big names. we have bob from the new york stock exchange. >> reporter: we're halfway through. the numbers are coming in better than expected. the second half of the year is holding in there they're not cutting the numbers. that's a good sign for people who want to believe in the soft land i want to show you mohawk, this is big carpet flooring company, their numbers were excellent
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they have pricing power. they have a big commercial business that's doing well the residential side is a little slower still, the story is still pricing power for them energy companies, exxon, chevron doing really well. apa is going to be reporting on monday most of the big energy names had a good month overall and doing well today also important, regional banks have stabilized. even though first republic is down, the others doing better today. that report from the fed on silicon valley bank is really not moving the regional banks. that's probably good news. last day of april, s&p 500 up 1.2% it's a very defensive market still. we've been talking about how strong consumer staples have been there's your leadership group. semiconductors have been losing energy for the last several weeks and so has metals and
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minings. that's a little bit of an issue. you can see the gainers, how defensive the gainers are. you have merck and travellers and mcdonald's doing well. jpmorgan surprised everybody tech is not in the top group micron one of the top stocks moving not a lot of lows anymore. the vix, the volatility index, not a 12-month low, 16 it's a 16-month low. people keep saying isn't a recession coming the vix only measures 30 days out. 31 days out, the vix doesn't measure. it's not a recession indicator for the moment it's indicating wall street isn't terribly worried about the next 30 days tyler? >> bob, thank you. the fed's favorite inflation gauge out this morning
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yields trading lower rick santelli has the details. >> reporter: most of the metrics in the u.s. that had any sort of grab into giving you a better more accurate image of inflation drifted low except for the 5 to 10-year outlook on the university of michigan even at 3% it wasn't so bad. it isn't a formula typie calculation. europe looking for their numbers coming down as well. that affected interest rates if you look at a chart of ten-year notes over two days, what we gained yesterday, we gave back today. right now we're down 8 base points let's open the ten-year to that look we're down about the same, about 13 basis points on the week.
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as you look towards europe, they had a big drop they're down 15 basis points as they closed at 2.31%, that's a three-week low they were down 17 basis points and the same dynamic rates are too high right now for many businesses, but it doesn't seem to be bringing inflation down quick enough, even though it is bringing inflation down. tyler and kelly, back to you. >> rick, thank you let's get to a cnbc news update. >> the gop lead house voting to repeal president biden's waiver on solar panel tariffs it's aimed at supporting the domestic supply chain. solar building say it will stall clean energy development it will be sent to the senate. the white house opposes the legislation saying president biden would veto it. two astronauts at the
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international space station beginning a crucial space walk the mission is part of a broader effort to boost the station's power channels with new solar equipment. in total the space walk is expected to talk about six and a half hours nba superstar kevin durant signing a life-time deal with nike the suns all star joins lebron james, michael jordan who also inked lifetime deals with nike that's pretty big news. >> lifetime. >> he's an astute business man, kevin durant >> he is a cnbc conference coming up. >> in the summer >> he's going to be with us. ahead on "power lunch," the 2023 stock draft is in the books. the actual competition can begin. who looks best right out of the gate we have a special three-stock
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stocks are higher again today with the dow headed for its best monthly gain since january. just eliminate february and march. we'll take it. s&p 500 poised for a 1.3% bump only a few names account for that ten stocks account for 93% of the gains since january 1st. let's turn to two market gurus >> no. >> guru. richard bernstein and ron is a cnbc analyst, and he was the partner of tom bergeron yesterday on our stock draft let's get that clear rich, welcome. >> thank you i'm not a guru by the way. >> i hate that word. guru rich, you can be a guru.
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you can be a swami, whatever you want why is it not good in your view for the market to be as concentrated as it is? >> what people forget is when you're at the beginning of a bull market you have a broad economic advance that favors a lot of companies, a lot of companies benefit from that. i as the cycle goes through, you go through survival of the fittest. as the cycle gets older and it decelerates, we go into narrower leadership because fewer companies can grow that would be fine if the earnings picture wasn't so bad the earnings picture is good, in fact, credit swiss pointed out that value stocks are surprising more and higher than growth stocks yet we're seeing this narrow leadership that suggests this is mostly speculative.
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>> how do you react to that, ron? >> i don't disagree. it's difficult for me to assess which cycle we're. it seems like we're in the beginning of the cycle when the fed seems to be ending its rate increases. it looks like it's the end of the cycle when it comes to other parts. it's the strangest cycle i've seen in 39 years of doing this i don't know where we are and what applies what's interesting, the mega cap stocks leading here, everybody has been saying what led us into the downturn wouldn't lead us out of it. again, as i stated before, it's difficult to give any uniform statements about where we are in the cycle and which groups work best. >> that's why it's interesting that, you know, a lot of people are saying the market is resilient and it's proving the doubters wrong
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you got to be in it. you got to stay in it. yeah, i just -- i ask where do you go if you're worried about the concentration of leadership and think the rally can't last until it broadens out? because it's so narrow, it's running on fumes, where do you turn to? >> kelly, i'm going to speak in hyperbole. you can look at anything else because the notion that only these 10 or 15 mega cap stocks are the only companies that are going to grow in the entire world is such an incredibly bearish outlook on the future of capitalism i'm speaking tongue in cheek here the menu of opportunities is incredibly broad if you think about outside the united states, if you think about other sectors in the united states, i would argue
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there's plenty of places to go i just don't think, you know, those 10 or 15 companies, the three dominant sectors in the united states, they don't appear very attractive to us. in terms of the menu, it's quite broad right now. >> ron, what do you think? >> i don't know. you know, i've always been a little nervous about going overseas for a variety of reasons. look at europe's growth today. china has its ups and downs. then you look at em, it's wildly dependent on what the dollar does the dollar has come down and gold has gone up that's one place you could have made money tom bergeron talked about that yesterday. we discussed it. i don't know look, i think high quality here is just fine we have talked about this before a 5% t bill is not that bad either i'm not sure whether you have to cross the pond to get the types
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of returns you want. >> real quickly, rich, last hour it was said to buy small caps. what would you say about that? >> there's a difference between small caps and smaller caps. if you're aggressive with the top 10 or 15, your portfolio will have a smaller cap bias in it as we're going into a profits recession, i don't think it's the right time to buy small caps per se certainly avoiding the 10 or 15, you have a small caps portfolio. >> would you be a buyer? >> that's not my game. >> more of a cautionary. >> maybe smidge rather than small. the russell. >> a smidge.
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>> thank you, anchor >> stay classy, rick >> thanks guys. ahead on "power lunch," we're heading to the cloud wclv on pace for its worst monta montana year we'll hear from the ceo. "power lunch" is back after this
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welcome back just because growth is slowing doesn't mean the corporate transition to the cloud is over. john ford brings us an interview with a ceo >> ali gatzi is the co-founder of data bricks, a company valued at $38 million the company helps others centralize and secure their data to use it for analysis ali was born in iran his family fled to sweden. he got used to being an outsider and how to thrive in a new environment. his family wasn't wealthy, but his knack for problem solving helped out. >> i got a computer when i was 8
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or 9 years old i started programming on it. that was the revolution of the pc era i had friends and family and other people having problems with their pcs and they would say that kid knows how to fix it i would fix their pcs. i would fix these and they would give me 500 swedish dollars, which was a lot back then. i started to earn quite a bit of money and eventually writing software while my parents were in a different spot, i started earning quite a bit of money around 13, 14, 15. that helped significantly. it helps you get confidence. then i got into this whole computer programming thing. >> then ali became an academic he was a creator of apache spark. it was taking too long to convince others to adopt it.
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ali and his co-founders started data bricks. after an early partnership with microsoft in early 2016 the company's position to compete for an essential position in the ai race. >> leaders were saying data is important. the cloud is important we'll get there. what's happened is in november it was just like we had the pandemic pull forward and everything fast forwarded five years. we had an ai fast forward since november leaders are telling me what this should be. how do i compete in this world what does this mean for my business i need to understand this. will you talk to my ceo? we need to figure out what to do it's become much more elevated and the sense of urgency is ten fold compared to just if you wind the clock back to october last year. >> data bricks and stripe are often mentioned in the same breath as valuable startups in
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tech given the turbulence in the market ali isn't focussed on that right now while some in the software space are shy about growth, he said his company is growing at record rates and he's leaning into the momentum investing in acquisitions. >> he needs to ipo to quote dan, the ipo market won't be back until there's a boring b2b enterprise. this is a candidate that would bring confidence to the market place. >> that one and stripe he's raised about $3.5 billion this is one that everybody knows could go public. he's leaning into growth which is counter to what we hear others say on the earnings calls from google, microsoft, amazon, we're hearing how many times they say ai >> john, thanks. ai goes hollywood. special effects have had a place in movies for decades.
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revolutionize everything we're seeing its impact in hollywood. the industry grappling with the potential problems of ai julia boorstin has that story. >> reporter: hollywood production is being transformed by artificial intelligence deep voo doo specialized in facial replacement ai. >> what's a funny face i should make >> reporter: they scanned my every expression to learn facial movements. we put it to the test with a body double and live camera. >> here we go. >> oh, my god. that's so weird. not my hair, but it's totally my face. >> reporter: while visual effects have a look history in hollywood, deep voo doo's precision has won over celebrities like kendrick lamar who use their technology to wear the faces of other celebrities.
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>> you would be stuck in post and you wouldn't be able to see it until it's finished. >> actors can see it while they're doing it rather than waiting until it's done. >> reporter: deep voo doo is working with studios to even revive deceased movie stars. >> how much does your technology threaten people's jobs >> it enables people to do their jobs quicker, better and cheaper. it's a creative tool it needs to be operated by creative people. >> reporter: with all this new technology come new concerns the screen actor's guild said we intend to expand protections as ai uses are expressed. ai is not only being used to clone actors' faces and voices, it's also being deployed to do
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cgi and visual effects faster and easier they quickly transformed me into these characters their ai technology can replace a human actor with a computer-generated figure in our ours >> it's waving its arms around the way i move i always wanted to tell stories that are bigger than our pockets and that's really what kind of led us to starting this company. >> along with his cofounder, sheridan is hoping to make premium visual effects easier and more affordable. a one-minute scene like this would normally take weeks to render. >> we're hoping to bring it to a day or a couple of hours depending on what shot it is. >> it becomes much faster, but also more cost efficient. >> exactly, and more accessible because all you need is a
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browser, a web browser and a camera. >> wonder dynamics says hundreds of thousands of users signed up to try its platform, and production is in the works for netflix, already using it. >> is it going to eliminate the need for actors? >> absolutely not. never put myself out of work if anything, it will create more opportunities for actors to be in these type of film. >> reporter: if it works, what was science fiction could become an ai reality. >> now all of this ai technology of course, brings concerns about what happens if it's used without actors' permission or misleading deepfakes how this will be used will be part of negotiations between the screen actors guild, and the studio's contract. this could play into the writers' strike which could start as soon as monday. kelly, tyler >> so could i use a five-year younger version of myself on
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live tv, julia >> reporter: you know what they do have the ability to do de-aging i scan my face and i could hold onto that face, and use that face for me now in 10 or 20 years. >> this is fantastic. >> i could stay is same age forever. >> i'm going to drop my skin care routine tonight why am i spending this money >> they can make an image that looks like you can they make an image that sounds like you? in other words, duplicate your voice, your inflection >> that's a different technology yes. >> but the answer is yes >> that technology that i demonstrated was all about the image. there's a separate set of companies that are working on that speech technology there's a company called speechify. there are several companies that can recreate your voice based on a couple of words. you don't have to talk for that long so they can take people who are in the public eye and have their voice out there already, and then create recreations of their voice.
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so this is -- >> but that's dangerous, right potentially that -- that's quite dangerous in a political arena >> it could be dangerous -- >> or any arena. >> yeah. if you think about the potentia for deepfakes to mislead people, the fact you could recreate someone's voice is the combination to me, what i think is most potentially dangerous is the combination of voice along with that image. >> yeah. >> it sounds like someone and looks like them. how do you know it's not really them the technology is really amazing. >> i was going to say, who needs a new actor if you can, you know, al pacino -- any of these people, if they continue to act in films, would s.a.g. ever say, that puts the next crop of future stars out of work >> but it's not actually them acting, right? it's just basically a mask of their face on top of another actor. that's the question. don't you want the actual acting skills of those stars? >> won't get the big bucks though it's fascinating that was an awesome package.
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thank you so much. our julia boorston reporting. coming up, the stock draft of course do we thincoestas rek ntntwe overlooked yesterday our three-stock lunch is next. i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ finally we can eat. ♪ you know you make me wanna...♪ and then we looked around and said, wait a minute, this isn't even our stroller! (laughing) you live with your parents, but you own a house in the metaverse? mhm. cool...i don't get it. here's to getting financially ready for anything! and here's to being single and ready to mingle. who's ready to cha-cha?! ♪ yeah, yeah ♪
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time for today's three-stock
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lunch. we have a draft menu today we ask which stock is the best pick from the draft? which is the worst, and which stock was overlooked to do that, we welcome our friend, the manager of fx strategy with bks. boris, let's start with your estimation of the best pick. >> so i think google is the best pick on that list, and the reason why is because we're all focused on search and oads and everything else, but google could be converted into a powerful ai company. they're integrated and making chips and they have the cloud and obviously they have very, very good ai code. so it's not at all unrealistic they will be generating their revenue from subscription and search and ai. to me that's a very interesting prospect going forward with them, especially given their scale and size. >> that's your favorite pick what was one you think might be a little too scary to conte
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contemplate? >> i think, you know, the ultimate aim of falling and catching was peloton at this point. you know, at this point, the whole connected health care devices post-pandemic, really not working out. the company's out to make some money on subscriptions, but it's a chicken and egg thing where you're basically trying to -- you can only sell subscriptions if you buy the product and nobody's going to buy the product and ultimately really, every health care-connected product ends up as a glorified coat rack in my opinion. this is a company on its way out, not on its way in, or it's probably going to be acquisacqui acquisitioned down the road. >> that would be my counterpoint is it possibly gets acquired at some premium price, and in this kind of contest, that might be a win. so it might not be a good investment long-term, but in this -- >> but i wonder if the buyers are just going to wait for more blood to spill on the floor. >> yeah. >> i think it's more downs. >> yeah. i'm still using my peloton it hasn't become a coat rack just yet. >> not yet
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>> no. i've stuck with it it's a pretty compelling product when you do the whole suite of it, but it's not cheap it's $44 a month for the online access. >> if you think about it, consumers can rent that expense by joust going to their local club, and i think it's a compelling case. >> here's the one that you think was left on the board wrongly? exxonmobil >> an oldie and a goody, but i can't believe, you know, that people aren't really looking at exxon seriously. they just had literally their most profitable quarter to date. tremendous operational discipline, control, and obviously this is basically on the fact that oil stays 60 to 80 for as far as the eye can see, and if that's the case, you're looking at it for three to five years, a very, very good steady cash flow. i think it's a good, strong bet. >> all right boris, thank you so much we appreciate your time today. >> thank you guys. take care. next week it's going to be a busy week. there are lots of companies
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reporting earnings you and i will be in washington on wednesday for the big fed decision we'll give you two hours of pre-fed content. >> very excited for that we've got actually a bunch of good guests lined up as well >> at the end of the week, the jobs report. the conference and can the buffett mania out of -- >> get your rest >> cnbc. thanks for watching "power lunch. >> "closing" starts right now. welcome to "closing bell." i'm mike santoli market heading higher on this final trading day for the month of april the dow looking toward its best monthly gain since january, and the s&p also poised to end the month higher as well as the week while the nasdaq which has been a bright spot for the past week is on track to close down just slightly for april we begin this make or break hour with the fate of first republic. hopes for a deal that coulke

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