(fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right? (fisher investments) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money, only when your clients make more money? (fisher investments) yep. we do better when our clients do better. at fisher investments, we're clearly different. welcome to "power lunch." coming up, east of wall street, elon musk meeting with leaders in china as he visits his shanghai operations. but he is not the only one in china. jamie dimon also in the country for the first time in years. tim cook made waves after visiting back in march this as tensions between the

u.s. and china remain high plus despite facing headwind after headwind, the markets remain relatively calm before every major risk seems to be quickly resolved or at least ignored. but what some might see as calm against all odds, others could interpret as problematic kelly, more on this ahead. and let's get a check on the markets. the s&p has gone negative and below 4200 now with a 10 point drop, a quarter percent decline. dow still down, nasdaq up by two. and nvidia briefly joined the trillion dollar club we're a couple backs at $989 billion. it joins little ranks of microsoft, apple and alphabet and amazon all thanks to that ai boom and also a quick power check on the positive side of the s&p today. ford getting an upgrade to buy

at jeffries, and this is overtaking gm's market cap on the negative side, comerica off session lows and bulk of the bank crisis seems to have subsided but a lot of small banks are still struggling compared to the big ones and we begin with a major u.s. ceo visiting china, elon musk meeting with top leaders saying that the country's development is natural this after telling david faber earlier this month that, quote, the chinese economy and golden doors of the global economy are conjoined. y eunice yoon has more >> reporter: and elon musk used a similar phrase here when he said that china and the u.s. are conjoined. he was speaking to the foreign minister after arriving here he is expecting to meet with the premier and also his shanghai

factory which he hasn't seen in three years. musk from the get-go was speaking positively about china in addition to saying that c china's development achievements are natural, and he also said that he opposes decoupling and breaking chains. this is a similar line that we hear from beijing. that is where the phrase about the u.s. and china being conjoined came in. and also that he is willing to expand here and share china's opportunities. his remarks were met with equal enthusiasm from the chinese government foreign ministry said that the foreign minister was talking about how tesla shows that beijing has a strong commitment to international business climate and then he used tesla as and analogy for u.s./china relations saying that the two countries need to avoid dangerous driving and step on the gas to promote mutually beneficial cooperation musk is not the only american ceo here in china.

jamie dimon is headlining a jpmorgan conference in shanghai. about 2600 bankers an clients are expected to gather he has met with the communist party chief saying that he would be investing more in shanghai and then for shanghai's part, they say that this really shows the confidence that foreign companies have in shanghai >> eunice, thank you very much of course not just musk in china. jamie dimon as eunice mentioned making his first appearance in the country in four years hosting a financial summit in shanghai all this just a few weeks before president biden is set to host a first ever state dinner for in india. and so is this a thawing of business relations let's talk to our friend and

partner who has years of experience helping companies do business in china. dennis, i guess i'm a little bit confused by on the one hand it seems american businesspeople are trying to be conciliatory towards china keeping doors open, talking nice, where on the other hand it seems that the political stance of the united states, the foreign policy stance of the united states, is to be tough on china you almost if you are a policymaker can't be tough enough on china. are we being too tough on china politically, governmental ly >> that is a great question. my pin is no, we're not being too tough on china let's take elon musk he wants to sell as he's manufacturing in china his electric cars. that is great. and he will be able to do that but he has doubled down on china. but most of the companies in the u.s. that are dependent upon

chinese exports that had a lot of problems the last several years getting things on a timely basis, that is why you see the offshoring or reshoring going on there. and the ceos visiting now, it is not a surprise xi jinping had zero covid policy in effect for three years. it didn't work and as a result this is the first open door when they are going back if you were a ceo i might want to go back but would i want to make major promises to invest significantly more the answer is no >> how worried are you about two things, one, is the state of the chinese economy and whether it is as healthy as some of us are led to believe it may be or as healthy as the chinese government may want us to believe it is, and number two, the possibility that their battle with covid is far, far, far from over. >> two things. you talk about how good the chinese economy is the gdp in china is now about

4.1% as of april two months ago. that is the worst in a generation of growth in china. and so xi jinping, although he has significant power and can lead the ccp, he does not have a strong economy so it is really imperative on him to try to make nice with american companies that is why i see you going on and your second question >> was about covid and the possibility that there may be incipient strains there that may handicap the economy more than we even know today >> two things. last week nbc, you know them of course, announced that there would be a new wave of covid infections going on in china between now and june 30th. they were estimating 65 million chinese would be getting this over the next six weeks. that is a very, very serious

problem. when you go back to it, xi jinping doubled down he said i'm going to have a zero covid policy, we won't allow anybody to get covid obviously it failed. the chinese economy went down for about three years. which is why december xi jinping did a complete 180 reverse and said okay, we'll have a new policy so i think that covid is still a problem. one other thing, tyler, why don't you ask the chinese why they are not publishing statistics on how many people are getting covid and where it is i think that there haven't been any statistics best of my knowledge in the last three or four months. >> dennis, just to sort of zero in on this then as we introduced you, you help businesses in china, but now you say companies are not doing enough to getting out. so is your business getting companies in to china or getting them out >> i'm spending more time with companies wanting to look at an alternative to just doing business in china. you mentioned the ceo of apple a

little before. he had what is called a china plus 1 in other words, as far ago as three years ago, cook was saying let find other places. tyler, at the beginning of this interview, he said what about india, and india can be one of the big winners because already you see apple, although cook was there making nice, they are already looking at outsourcing >> so i guess i would also raise a comment from former fed official who earlier today tweeted as we know with japan, they never got back to the growth path after the peak in 1990 banks had misallocated capital and he said china may the now be facing the same challenge. and they seem unrepentant. >> i was in japan last week in t tokyo in meetings. and it was the first time since 1991 when japanese economy was growing at 6 plus percent.

so it took the japanese almost three decades to turn it around. i think that china is facing similar challenges >> and that would be formidable, perhaps another reason for companies to think twice dennis, thanks for joining us today. >> thank you, kelly. over to the financials now in just the past hour, "wall street journal" is reporting that goldman sachs is preparing another round of layoffs amid the deal drought jpmorgan clear winner up 6% in the past two months while kbe down 5 next guest favors the larger baenks, he says more business will still flow that way mike mayo is onset with us welcome. can i ask you about -- i know goldman is a little off topic, or maybe it is not, but of the major banks, this investment bank, there are no deals what is your opinion on goldman and what should they do?

>> i think goldman's positioned well the next several years. goldman and the large banks fired nobody during the pandemic so a lot of what is happening at goldman now is just catchup and pruning of the lowest performers so i wouldn't have too much of a read into that i mean, do have lower for longer investment banking it is taking longer for all kinds of deals but several bank ceos said a couple weeks ago they see green chutes so pruning and it sends a message if you are not coming back to the office now, you are probably going back to the office after these layoffs. so i think that these firms are trying to send a message that bring that intensity level back up to where it was before the pandemic >> it is an interesting point but i wonder to bring it back to the whom le banking sector, the place you want to be in what we call the bread and butter consumer business or maybe you don't want to be if you have to pay out 5% but trouble in the market seems to be at the worst time.

wouldn't that be the place to lean on for offsetting strength. >> for over 150 years, goldman sachs' greatest strength was capital market businesses and large corporations and investors. they went out of their lane. i said it was a mistake from day one. they are retreating from that now. better late than never >> and so let's talk a little bit about those big banks and how they have been able to i guess side step some of the things that happened to the mid size and regional banks. you have rising interest rates and they seem to have stepped around that. you have reduced deal flow and they seem to have been making good -- making due with what deals they have got. you have the issues of the banking crisis in the mid size banks. but they seem to have sort of stepped around that. what are they coming right, what is it that is native to those big banks that makes them your choice >> well, i think that you are summing up consensus right now and i know you like me bringing props every now and then

so you are describing i think the typical bank stock investor. and typical bank stock investor is in the did with the new report today -- >> i like you better with it on. >> you're not the only one but we said let's do a kitchen sink analysis of banks and let's assume deposits go down by another 8% let's assume fed funds goes down to 2.75% that really squeezes the net interest margin. let's assume a recession with hire credit losses and let's assume a lot higher regulatory cost you throw in that kitchen sink and earnings get hurt at the regional banks by 25%. earnings get hurt he at the rnl largest banks by maybe 10% so low gugoliath is winning so for all the actions taken, and a lot was to prevent concentration of power, business is reality is flowing to --

>> business is gone there. it is the hand of the market moving capital >> and i know you are talking about $1 trillion market cap firms today with a new one entering that. jpmorgan has the possibility of becoming a $1 trillion market cap firm and next five to six years and they are gaining -- >> so history of the last 30 years in banking has been of the reduction in the number of banks there are, banks and s and ls in the united states. i don't know how many there are right now, but how many fewer will there be 10 or 20 years from now in other words, how does the big get bigger phenomenon play out >> goliath is winning. you need scale to keep up. there is a little less than 5,000 banks in the u.s. today. >> used to be what >> used to be 15,000 when i started. and probably going to be half that in ten years from now and one of the biggest mistakes has been to prevent bank

mergers. when i started in this business the late 1980s, i worked at the federal reserve in washington, d.c. and we approved bank mergers in 60 days >> wow, can you imagine. >> in fact the regulatregulatore were happy when a strong bank took over a weak bank. it was like almost like thank you very much for doing that and that is where the u.s. bank being banking regulators need to go today. make sure you are serving community and ageregulations ar under control and all that don't cut corners. but no reason you can't approve these mergers much more quickly. and look, the banks aren't going to zero. they are not being forced to sell securities. big banks are not raising capital. but you should still have the strong taking over the weak. >> quickly, if you had one bank to buy today, it would be -- >> jpmorgan is my number one pick business is flowing to them.

they have the best relationship between revenues and expenses. and all the talk about ai, they have all sorts of new innovative ai technologies. maybe they will separate that out and you will get a partial tech valuation for them. >> no worries about the epstein connections if there were epstein connections? >> i've seen no evidence that would have a material impact on my financial or strategic outlook for jpmorgan >> all right mike, thanks very much and for the eye shade. >> thanks for having me. >> i height bor might borrow tho tonight. and coming up, no matter what negative headline comes out, the market always seems to find its center. but what is making investors so chill? it could be that actual investors are on the sidelines and plus further ahead, state farm stopping home insurance sales in california citing wildfire risks.

we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch.

despite a challenging road ahead in d.c. for the debt deal, all signs do point to a resolution or most do at least and just like that, another major market risk may have been shoved aside that seems to be the trend this year we started with fears that rising rates would lead to a growth slowdown, maybe a recession. then we had the ai boom fuel tech stocks, the bank crisis

contagion. government default not this year and yet through all of this, the markets have remained relatively calm some would say better than calm. s&p up 9% for the year nasdaq up more than that semiconductor stocks even more for more, let's bring in hugh johnson and also with us greg zu zuckerman. greg, is what we're seeing in the market a sign of investor conviction, confidence that things are going to be okay, or is it something different? >> so our indications suggest that the average equity funds, average individual investor has been bullish but not necessarily overly bullish it is quant funds that help.

my colleague did an article that looked back and they look at vol and the vix and see how low it has been and their models tell them to buy. so usually we start blaming the quants and we have to give them some credit here >> hugh, is it conviction, is it quants reacting to internal signals and deploying capital into the market? what >> well, keep in mind that quants are unemotional they really don't get caught up in the day to day, week to week events that are really scary some of these things are really scary. small investors, i disagree with greg a little bit, i think that i've never seen quite this level of widespread let's call it p pessimism among average investors. so they are a little scared. i think why this has been a good market, it has had stops and starts and why we sort of restart is primarily because in

every case within a period of say two to four weeks we've had a sort of solution if that is the word to some of the problems the banking crieisis has causeds to watch carefully we're watching outflows and bank lending. they soeem to have stabilized and now the debt crisis, the problem of a possible default. we're watching very carefully. we hear the words like worldwide recession, but at the same time, we look at the details of the agreement between the house of representatives and the president and when you look at it, really the level of fiscal stimulus that is being removed, the level of shall we say restraint, nondefense discretionary -- >> ain't much -- >> not much, exactly and so investors will now get over that so-called default

crisis or concern. so every time we get a crisis, every time we get an event like this, you bet investors are scared you bet investors back away from the market, but at the same time, to some extent they come back to the markets largely because we start to see what looks like i don't want to call it solutions, but something close to solutions >> that said, the sort of quants are our friend until they are not, we always pile on them at the first sign that they are causing a panic. what would you be watching for in terms of when they flip the switch and start to push the market the other way >> yeah, so i look at the vix. the vix at about 20 or so, gets above that level, and you don't want to generalize, it is like saying mutual funds kind of thing, but the ones we're talking about trend followers, risk parity kind of guys, they look back. and like bridgewater look back

longer than others but when the vix gets high, then they start getting concerned or their models do anyway and they do some selling. but the fact that it has been relatively low for more than six months, though it has been dropping for a little while the past year, so if you want to go back that far, that is telling them to buy. but yeah, i'd like at the vix. >> hugh, let me turn to questions of portfolio structure and management and where we are according to your models if i am an average equity investor and i like to keep 60% stocks, 40% fixed income or cash, something like that, would you be -- or 65%, 35% -- where would you be right now >> i'm a little bit concerned about a hard landing i'm not saying that the hard landing is going to derail this so-called good market or bull market, but i'm concerned that we might see a little bit of a decline in stock prices as a result of that what i'm seeing from market sector, i'm seeing positive performance from bull market

sectors, that is the good news i'm seeing some good performance from the so-called defensive sectors like utilities and staples. that tells me, in direct answer for your question, if you are 35% to 65% equities, be at about 50%, have a little defense in your portfolio, have some offense in technology and maybe communication services, and in other words a very balanced portfolio without a big debt to the up side or down side >> hugh, good to see you greg, also to you. thank you for being with us. coming up, crude down more than 4% today as traderses a wait what could be an impactful june opec plus meeting more on that next.

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big down day for oil nearly 4% declines. got to bring in pippa stevens. what is happening? >> yeah, following below that $70 per barrel level for the first time in nearly a month private wealth say a lot is due to anxiety before the opec meeting. essentially takes no-win situation because if they cut production further that means that demand is weaker than the market is anticipating

if they keep it where it is, that also will disappoint a bunch of traders and then also challenges of just enforcing the cuts they have already announced. and so this weakness in oil is driving down energy stocks but there is one name that is bucking that trend and then some and it is equi trends and midstream. they construction the mountain valley pipeline. >> why didn't somebody give us a head's up about this one stock to look at that might -- >> yeah, it was up 40% earlier today, last i checked 35%. that is because the deal includes specific provisions that would fast track this pipeline that is so important to senator manchin. they are the builders, it is a joint venture. and equi trends was spun out of

eqt, but they are the construct tore and then the majority owner of the pipeline. and it was two yearsing go it was 92% complete and that was back in march of 2021. and then since then, it has just been undergoing all this litigation so the provisions in the debt ceiling deal means that it would be fast tracked and any appeals would go straight to d.c >> maybe such a template as the rest of the country will ultimately have to try to move forward on its infrastructure of other such deals to come maybe manchin is just -- >> 92% complete? >> exactly so it has been sitting there the past two years as it undergoes permit requirements for things like passing through a forest and waterways. >> a lot of streams that it either goes under or over. >> exactly and this is angrying a lot of climate activists. but the case of renew oables is

that they are cheaper. so we'll still see renewables come online because it is more economical >> four times as much installed electricity of renewables to have the same -- anyway, pippa, thank you. >> senator manchin may be the most powerful name in washington after the president. >> you've said it. >> pippa, thanks let's get to a cnbc news update disgraced theranos ceo elizabeth holmes reported to a texas prison this afternoon to start an 11 year sentence for defrauding investors she entered the minimum security federal women's prison this afternoon more than a year after a jury convicted her on four felony counts for fraud and conspiracy she begins her sentence, she leaves behind her two young children both under the age of 2. carter center sharing today that former first lady rosalyn carter has dementia.

she is 95 and continues to live happily at her georgia home with her husband former president jimmy carter the announce the of mrs. carter's diagnosis comes as the former president continues to receive hospice care and golden warriors general manager bob myers is stepping down after 11 seasons with the team and four nba championships. he told espn that he plans to leave when his contract expires at the end of june he says he turned down a new deal that would have placed him among the nba's top earning executives i guess like the old song, know when to fold 'em, know when go >> must be just time to move on. looking forward to the finals, sdre denver and miami >> and sad no celtics. >> there is always next year ahead on "power lunch," insurance premiums are skyrocketing partly in due to increase in natural disasters like wildfires as well as inflation it is putting pressure on alre

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state farm getting out of the golden state saying it will stop accepting homeowners insurance applications in california because of wildfire and construction costs there but the nation's largest car and

home property and casualty insurer is not the only one under pressure as companies hike premiums to keep up with costs, property managers and developers are facing difficult decisions contessa brewer has a closer look >> it is astronomic and not sustainable. >> reporter: francis greenberger is really feeling the pressure before ceo of time equities oversees a large portfolio of properties and got sticker shock when the insurance bill came >> we just renewed our policy a couple months ago at a 30% increase >> reporter: in corpus christi, texas, insurance premiums tripled for this 800 unit apartment complex that serves as homes for nurse, airport crew and those who work in the oil industry >> that was pushing premiums authority of $2,000 a unit which is absolutely unsustainable and frankly out of line. and it has created significant burden for a property that serves a workforce community

>> reporter: unable to hike the rent that much, the landlord is left pinching pennies on operating expenses and facing the prospect of bailing on other bills including their debt >> this pricing is killing deals, preventing new development and putting some companies i've been talking to out of business. >> reporter: property insurance prices are soaring because natural disasters are more frequent and more severe and inflation has made repairs and replacement more expensive skyrocketing litigation, verdicts an settlements have driven costs hire and gher and insurance fraud is pervasive >> and it often dictates more insurance than is necessary for extreme events if lenders would take a more data driven approach, we could fix part of the supply demand

issue in the market by having our clients buy less insurance >> reporter: if lender requires coverage that would pay to replace entirely a $40 million property, the policy would be $3.7 million if that lender used data that more accurately fleekted its real risk, the cost would be $1 million. if those requirements changed of course, insurers would be selling cheaper policies contessa brewer, cnbc business news >> here to talk more about california's impact on the insurance providers and the industry, let's bring in manage making director and senior equity analyst in the insurance sector this has been an exciting year for insurance. we had stocks doing so well for a while and now obviously this huge news that for california. was it totally unexpected or did you have a sense it was coming

>> we've seen other carriers pull back on business. ness most recently allstate did the same thing state farm did, pulling back on writing new policies in california and chubb has also done some actions as well over the years. so it is an area prone to natural disasters that carriers are reacting to higher frequency of loss and more severity from inflation. >> and so two huge everyday everywhere types of priors where do people turn to for insurance, how expensive is that insurance now? because what are the state regulators going to say, no, you can't raise prices people are literally leaving the state. >> yeah, there is an ensurable shortage in california i believe it is the fair plan.

but there are also other avenues that people can access and so the excess in surplus lines market is a market where you ca write a little less regulated policies where you are not as beholden to some of the restrictions that an admitted policy is on a -- in a state such as california >> the source in contessa's report said that if insurers only insured not for the total risk of loss or the risk of total loss, but for something that the data would say was a more likely level of loss, how much would that change premiums and pricing? >> you know, i think that that is still, you know, obviously the lower coverage limit, the lower the cost will be but there are also various different elements you have to think about, you know, what is

the deductible so it is hard to say for just a generic policy but what i would say is that these are adjustments that all carriers are making where even if they are not pulling out and not writing new business, they are trying to increase deductibles at the same time as raising prices just to deal with a lot of the inflationary pressures you guys have spoken about. >> so there are some options that people can turn to, but do you see any of the other companies that you cover saying, you know what -- i remember a story about louisiana maybe 20 or 30 years ago, could have been flooding, there was an issue that drove a lot of the insurers out of the market and that then caused people to get together and say that our agency will cover that state and they now are the top prior in the state and people ultimately come back. is there a market opportunity in california, business populated state in the country, i think, unless it is texas, anyway, for it to come in now

opportunistically and say that we're more comfortable, we can write business and take massive share in this market >> yeah, i mean, there definitely are carriers coming in specifically into the excess and surplus lines market and there have also been a number of hire profile carriers which have stopped writing on admitted paper and moved into the excess and surplus line market where there is more freedom in terms of rate as well as coverage. so we have sort of started to see that but consumers will have options, but they are much more expensive options. >> and speaking of more expensive, we don't have time to get into it, but social inflation as it is called, the court rulings and the extent to which it is up in place, that was a surprising one to me so perhaps a topic for another time but they are facing a lot of cost increases david, thanks for your time. >> thanks so much for having me. and coming up, airlines in the green coming off a busy

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oh, and happy birthday... or retirement... in advance. welcome back yields retreating from their

recent highs as investors a wait a vote on the debt ceiling deal. rick santelli at the cme with more >> hi tyler. indeed everything from t-bills out to 30 year bonds, yields are dropping and not in equal proportions. as you look at intra day of two year, you can see right now it is down about eight basis points or so. and you can see that we've returned from some of the highest yield closes going back to mid march but there are so many moving pieces here. we have votes get to be done on the debt deal. but assuming that it all goes as planned, what happens to supply? that is the big question is there going to be a trillion dollars in ss in t-bills where is janet yellen going to restock the shelves of supply that is much needed to bring the treasury coffers back up to size i'm not sure, but if you look at tens to twos, it is approaching

minus 80 the most inverted it has been since march 10 and we all know that ultimately supply is most likely doing to be in the short end, so watching these yield curves is what trartr traders are doing in front of the moves janet yellen probably has in store >> everyone is watching and waiting for that coming up, a new tech titan hitting the trillion dollar milestone. we'll track it rise and trade one fintech firm that could be next to join the club. if you think you can guess what it is, tweet us and we'll reveal it after the break ♪♪ ♪ a bunch of dead guys made up work, way back when. ♪

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welcome back to "power lunch. nvidia stock hitting an all-time high today, and was briefly part of the exclusive $1 trillion market cap club, and this is because its ceo jensen wong's keynote over the weekend outlined a slew of new products like an ai supercomputer, a partnership with one of the largest advertising agencies in the world, and a combo cpu or central processing unit with the

graphics which is in full production right now the bottom line, nvidia wants fs investors to know it's working on increasing revenue from adje adjacent to that it's the index as well as the stocks and it has many, including kathy wood debating the valuation. however, bank of america points out today that only 15% of cloud servers can handle these super sped up accelerated computing which leaves a large total adjustable market for nvidia kelly? >> thank you it brings us to today's three-stock lunch. trading the trillion dollar club is david wagner. david, welcome back. it's good theo see you again. let's start with nvidia. are you a buyer here >> i like nvidia long-term here, but i think investors need to understand that price volatility may be the norm moving forward,

especially given current valuations i mean, in this ai space, there's going to be winners. there's going to be losers, but it's a huge market, but there's going to be wild prices and crazy valuations and what does nvidia have? probably crazy valuations in the eyes of most people, and it's important that investors need to understand the bulk case around hopper because i do think that gpus moving forward are going to continue to drive positive earnings revisions there's never been a data center sales cycle that has lasted less than one year. it shouldn't be a one-event of earnings and then they fall off a cliff. i think this is sustainable, pardon me, but the biggest point i can make is there's probably going to be air pockets in this name moving forward. that's the risk of buying this if there is an air pocket which is probably inevitable, the stock could pull back, you know, 20%, but i do like nvidia here though i recently trimmed it because i don't want to subject my investors to all that

volatile i. >> let's move onto another one the world's most valuable company, that would be apple sitting at a market cap of $2.8 trillion leading the exclusive trillion dollar club do you see more upside here for apple or are you more cautious >> there's a lot of convicted piece for apple. it's polarizing. it's not a name i'll be betting against from a technical perspective. while that perspective is strong here, even at valuations, i think that ar/vr front in the developer conference will be the focus. it may not be a large financial impact, you know, in the near-term, but from a sentiment perspective, it can show that apple can innovate i'm not betting against this name. >> for our third stock, we asked you to pick a company that you think could join the trillion dollar club. what is it >> it's going to take a little while. it's only about $500 billion in market cap right now, but it's going to be visa i believe that, you know, the combination of double-digit

revenue growth and mid-teen eps growth and a sizable discount versus its historical multiples is definitely a reason to remain invested it checks a lot of boxes for this type of market environment right now. all told, the company's ability protect the bottom line in a variety of macro scenarios alongside its valuation that's only 30% versus the s&p on a premium 500 standpoint when it's traded at a premium, they're all reasons why you need to remain invested in this name. >> very good david, thanks. good to see you. all right,ol fks save some more room because there's more "power lunch" coming up. to work seamlessly around the world... you need more than technology. you need cdw who can help transform your organization with built for performance lenovo thinkpads. pre-configured for management flexibility and equipped with the intel evo platform. responsive collaboration tools give your team effortless connectivity to stay focused wherever they work. fetch.

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take control of your financial future to empower what's next. welcome back, everybody. about three minutes to go, and a lot more stories you need to know about, so let's get right to it. today, starting with a big day for disdpgraced theranos founde elizabeth holmes to report to prison and begin her sentence. she was supposed to surrender no later than 2:00 p.m. she was convicted on four counts of criminal fraud for deceiving investors. >> having just watched the end of "succession," which was a shake shakespeareian kind of tragic comedy, i think of her as the same way flying too high to the sun. >> sure. >> i feel terribly for her children >> two young kids, apparently.

>> she did the crime, she does the time >> we'll see what that time amounts to 11-year sentence, i don't know is that a couple of years in reality? tough way to start your life though again, a saga, i think she was hoping to out-sort of wait out the clock and that was not the case and some of the stuff was -- i hope silicon valley haus learned its lesson. >> air travel back above 2019 levels since the start of the pa pandemic the tsa screened 9.8 million people from friday through monday, and 2.7 million on friday alone air travel is back, pentup demand the issues here are there just aren't enough air traffic controllers to handle it so lots of airlines have had the slow traffic or reduce traffic >> denver is surpassing o'hare i was thinking of about with denver going to the playoffs disney's "little mermaid"

had quite a weekend. it swam past the box office and used $118 million, and that makes it the fifth highest memorial day weekend it shows the cinema can draw people in. >> i didn't see it this weekend. >> i'm shocked i was obsessed with "the little mermaid" as a kid. maybe when my kids are older, we'll do movie theater outings. >> i saw the yogi berra documentary. the growing community, falling 10.2% and 9.1% in 2020 this is the high cost of college as well as economic anxiety and a tight labor market >> the labor market is weakening. you don't go to community college and get a job. i thought we were past this as a society, but tiktok is

fueling this trend right here in new jersey it requires anyone under 18 to have a chaperon fridays and saturdays after 5:00 p.m >> a couple of fights in the food court or something like that >> i don't think twice go see "the little mermaid." >> thanks for watching, everybody. >> "closing bell" starts right now. thanks so much welcome to "closing bell." i'm scott wapner at the new york stock exchange this make or break hour begins with the mania many including nvidia hitting new highs yet again another. this as questions intensify over whether it is all too much too soon, and a bubble bound to burst. we discuss that with our panel of experts in a minute we're watching for any developments outside of washington right there is the capitol where the house rules committee is talking about the debt ceiling over the weekend and