pressing no tip even when that's gone to pick out the plant herself. it's people choosing other places. >> rachel, matt, thank you for joining us fascinating conversation. >> i believe a 25% tip for both of them. >> let's tip them. >> thanks for watching "power lunch. "closing bell" starts now. contessa, thank you. welcome to "closing bell." i'm scott wapner live from apple park we begin with breaking news from apple's worldwide developers conference the company rolling out several new products today including vision pro, that much-hyped head set. just as the stock hits an all-time high. here's your score card dow's been red for most of the day. nasdaq was not you see the major averages are all in the red there's apple. that's a considerable story

today. that takes us to our talk of the tape will today's event keep momentum going for apple shares that's the question they care about most we have a group of them with you today. a panel here in coopertino we're going to start with our go-to guy on apple you know him by now, steve kovach, he's here with me. there was that one more thing, the classic line. >> they actually said it >> then there was the delivery what are we supposed to think of vision pro >> going into this we were talking earlier what is the message going to be, what is the pitch? it sounds like the pitch is this is a high-end entertaining device i saw one demo they were giving in the presentation where there was a woman lying in bed looking

at constellations. they're trying to make this like a luxury product you saw someone watching it on an airplane. bob iger came out and the biggest company in the world is in on this, disney+. >> you saw apple shares, they had a great day. disney shares were negative. they moved positive. i couldn't help but think how these two companies, apple and disney, when it comes to the way we consume entertainment are linked and they have been linked i thought of pixar and steve jobs and cooke and iger coming together again >> exactly disney has some of the hottest content out there. sports are a part of what disney is doing too espn monday night football and nba which is part of the abc

network. they're basically trying to put a lot of their property on there. marvel, "star wars," this is all entertainment stuff. we're seeing less and less of the productiveity slice, but the said it's going to run any ipad app. if you have an ipad app, you can use it now. >> what's the consumer take from this that remains to be seen. >> no price yet. >> which is significant. we talked about this earlier, not the first mover, but trying to be the best mover in whatever product it rolls out they waited a long time for this, not since 2014 have they rolled out a product of this magnitude. we'll see how it does in the market. >> exactly they took a slightly different approach at first glance it looks like the meta head sets, but the one most compelling thing they showed, when you put it on, you

can see the eyes of wearer there's a camera on the inside, a screen on the outside. it's going to have inside out, outside in view so you can still ente interact with people. >> as we're looking at apple shares, after hitting the new all-time high taking a tick lower. meta, steve was also lower on this announcement. now you have head to head. this is tim cooke against mark zuckerberg for the way we're going to consume entertainment. >> it's the next iphone versus android battle i'm sure google is going to get into it. we'll seen tons of these devices. right now it's meta versus apple. meta had the advantage, but apple is saying we have the premium content. we have bob iger on stage. last week there was a video game demo from meta

it wasn't as impressive as we saw here that's withat we're seeing. >> look at the bottom of the screen here. $3,499, $3,500 early 2024 is when you'll get availability $3,500, your first reaction? >> that's a lot. meta's is $1,000 we heard 2 to $4,000 $3,500 is not cheap. it's more expensive than macbook. this is not something you'll use all day every day like your phone or your macbook. it's going to be a tough sell for a lot of people. it's definitely going to be catered towards enthusiasts and people who want to try it now and get ahead of things. you can bet there will be cheaper versions. >> we didn't get much on ai.

>> no. >> that was a big question going in what if anything would tim cooke unveil about apple's plans for ai he left us with something big, but not that. >> this was very much focussed on ai. the only thing that touched on that realm, a keyboard feature that uses the same transformer technology as chatgpt to kind of predict what you're going to type next. everyone could use a better predictive keyboard to get rid of typos that shows ai in a practical fashion, but not like a chatgpt. >> let's bring in our shareholder panel to see what they think that's what matters most now brenda, you've digested all this what do you think? >> in our view a big important part of the apple story is

enhancing products, making things easier. we heard a lot of those little things that weren't a big sensationalized thing like the arvr head set. we heard about tweaks that will make life easier for apple product owners keeping people engaged, having new features, things that make life easier while using their products, being able to sell more products and hearing about enhancements on the watch, adding new features and things like that that might move somebody over the tipping point saying i was thinking about the watch, now i'll get one because it has these extra features. >> see a little bit of sell on the news today that sometimes happens with events like this who knows why it's occurring? $3,500 is the price tag for vision pro one of the questions we adsked,

is an event like this capable of keeping the momentum going how would you answer that? >> it's good to have a future growth driver even if we don't believe the growth is going to happen now it's a growth that will have a mass market product. for now it can be an inspirational purchase in the meantime we'll have more content between now and then and usability for the product. it's still good to have something to look forward to, even if we're not expecting anything in the next 12 to 18 months. >> doing anything with your shares you took profits in nvidia. >> we did. >> nvidia is up 170% year to date apple's not up that much 30 times forward earnings and what you're witnessing here today, hits this new high, you thinking about that? >> yeah, i think this multiple is getting pretty rich for the

company. over the longer term the thing that we worry about is, you know, on apple's last conference call they talked about how there were 2 billion active devices being used worldwide that's a lot that's great you can do cross selling within that customer base how do you grow exponentially from there there's so many products the big question is how do you agree like you did over the last decade i don't think it's possible. in our view it probably doesn't get a 30 multiple over the longer term. we probably see it settling in with tech overall it's been so fantastic. i wouldn't be surprised to see a period where maybe things go sideways for a while maybe there's catchup from other sectors that haven't participated in the rally. >> the rally -- by the way, apple is down more than 1%

the dow and nasdaq as a result of apple are down. malcolm, it brings me to you you sold half of your apple position a week ago. is that correct? >> yeah. i actually sold it not related at all to the head set i'll get into that in a second i actually sold apple last week along with microsoft, half of my position, because i had been adding to both of those positions all through last year, about a year and change. it had gotten so overweight and i'm looking at how much the market has run up since march in those tech names it looked like a great point to be taking some profits to create liquidity to go after other opportunities. as hot as we've gotten, the market is going to have a cooling off period or an opportunity to buy back shares at a much better price point

we're getting a little over our skis right now. >> what's your first reaction to what we learned at wwdc? by the way, the story is more extensive than just the head set. that's going to suck the air out of the room and steal headlines, but apple announced a number of -- other products as well >> yeah, but we all were anticipating the head set, an upgrade to the ios system, great, update to the watch, great. we always expect them to be update specific to the head set, these are the big swings i want to see a company like apple making. for a company with more than $20 billion in cash, i want them making big swings. i'm not sure with this head set, notin this current form, where we're wearing this head set all day on top our face to shop

online, trade stocks and facetime, especially at a $3,500 price point. i could see where a vision pro 3 or 4 where the battery is attached to the device and as thin as my glasses, that's what we expect from apple if they provide an elegant solution like that, i can see this thing allowing them to succeed where so many other companies have failed much like apple tends to do with all the other products that break through. >> nicole webb, your firm owns apple. your takeaway from today is what >> as an investor and adviser, what's most important is the forward look it's knowing that humans like immersive experiences when it comes to technology. for me it's a future solve for two needs. we see younger people longing

for immersive experiences and secondly the speed of business moves faster today than it ever has before we see that in the velocity of change in the market alone we can think about that across multiple applications. if creating immersive technology and ways to interface where we feel like we're communicating and interacting with one another is possible and this is the beginnings of that, that creates a framework that has multiple touches across the investment universe we have to remember this came on at a developers conference today. we're just starting to speak to the community of people who will create the applications that help us achieve how we do business in the future that excites me. that's the digitizing or the revolutionary notion and not us throwing around the metaverse. it's this forethought on how

we're likely to interact with each other and how do we invest towards that >> what's interesting too, nicole, what you saw today is that apple marches to its own beat it's not swayed by what everybody else is doing or thinking and there was anticipation and expectation of what's tim cooke going to say about ai and what apple's future role is going to be? you didn't get that today. you got this this is what apple wanted you to absorb today and they'll do what they do in ai whenever they do it and whenever they decide to tell us about it as a shareholder, do you care? >> no. quite frankly to not talk about ai is to signal to all of us it's not what we need to be talking about today. we baked in the trade, the application of ai. it's interesting, but it's not a solve for an immediate necessity which is we see how people under

30 are utilizing technology. we see how that touches on education, the speed of which we do business. ai is not an immediate solve for that i think it's interesting to run alongside the applications of ai and so i appreciate them not attempting to intersect, but re-imagine in that direct to consumer experience like they are with disney to bring us this ideation like what if we're attending sports we've been talking about espn and disney long term is it all about bringing sports from overseas? it's more than that. i'm exciting about this and the beginning of what i believe is a runway to future applications. >> benrenda, is it time to sortf step back and really assess the

mania, i think that's a fair word, around all this and what all these stocks have done i mentioned nvidia trimming. you mentioned that earlier today. is it time to reassess the entire space, what it's done to this point and what the hype is all about, what the addressable market is going to be and how as investors we need to assess that >> yeah. we've been in the early stages, although as we've seen in history, going back to the dot.com age, that can last longer than anybody thinks with ai there's so much potential there. scott, as you mentioned, we need to better understand how is this going to impact the earnings of companies. when you look to nvidia, it's easy to see how it's impacting they're feeling it already it's reflected in the valuation of the stock price when you look to the broader universe of tech stocks and

outside of tech where companies are utilizing ai, we need a better understanding of what does this mean from a financial standpoint it makes us more efficient, but what does it mean for company earnings >> malcolm, it sounds like you're preparing for a market pullback of some magnitude you have some dry powder now maybe you would like to see these stocks trade lower so you can get back in. although, as we learned, trying to trade apple hasn't always been a winning strategy for investors. >> that's true i did expect consensus around apple's product launch was going to be a little muted, sort of what we've seen since they made the announcement and came out with the price point shares have traded down a little bit from that high i thought it was going to have a similar effect as it ultimately did simply because apple isn't

talking about the things that the thing that's driving the markets right now. they didn't mention ai they talked about what they wanted to talk about which is a product not available until 2024 which doesn't help to add to that hype and that excitement and that mystery that everybody is focused on when we think about ai i didn't expect it to have a similar reaction to the shares like nvidia after they announced their earnings i thought there would be an even-handed response which is what we've seen so far maybe tomorrow will be different, but that's what we've seen. >> nicole, give us the last word on the market. are you expecting some kind of pullback late last week we had what felt like finally getting a broadening out of this move. if that doesn't follow through and tech falters in any way, we have a little bit of a problem, don't we >> yeah. there's two ways to look at the

market the first is to say we're trading at 18 1/2 times. we have headwinds in our faith we have a tight fed. we have tightening credit. my bull case scenario is if you trip out the mega tech names we're trading 15 times if we can get that to 16 times, we're talking about a market at 4,700. we bypassed the debt ceiling issues we're seeing investment in china pick up in the form of stimulus which has broad implications in the industrial space on top of that, we're seeing numbers beating expectations did he depending on how you want to dissect employment and manufacturing. what i'm hopeful is this continued broadening down in the market cap and starting to see that pick up across the index as a whole. my expectations in the short

term would be we continue this momentum, but it's going to take a couple days to shift through >> all right we'll see how we settle out too with the dow down 170. nicole, thank you. malcolm, thank you brenda, it's been great having you here at apple park. let's get to the twitter question of today. after today's announcement would you buy apple stock as it hit a new all-time high. head to twitter to vote. we'll share the results later. let's get a check on the top stocks to watch. kristina partsinevelos is here with that. >> reporter: let's start with blaming high valuations, tough competition and weakening spending habits. estee lauder was downgraded because of muted growth in the united states. shares are 3 1/2% lower.

estee lauder down 27% compared to competitors and elf beauty 89% higher let's switch to another company. morgan stanley downgraded dollar general after they reported disappointed earnings. you can see the drop in the stock. it's selling off 4 1/2% trading at 158 scott? >> kristina, thank you kristina partsinevelos we're just getting started up next, what's next for tech? nasdaq up more than 25% this year what might it mean for the broader market you're watching "closing bell" on cnbc.

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bell" live from apple worldwide developer conference in cupertino, california. the nasdaq tracking for its best half since 1991 thanks to explosive gains in nvidia. let's bring in adam parker adam, good to see you. sorry you're not here. >> good to see you. >> great to have you on. let's talk tech. that's sort of what this whole day is about

do you think the run in those stocks can continue? if it doesn't, what does that mean for the broader market? >> well, i think it comes down to, number one, how dovish the fed turns out to be. if i were making a guess, they'll be more hawkish. it will be harder for big tech stocks to do well. the second biggest issue not as big as the fed is the dream about ai's contribution. obviously we've been writing for a long time about this it's semiconductors first. it's going to be harder for tech to do well it's going to have to broaden out a lot, a china re-opening, cyclical recovery. >> i know you have your eyes on nvidia specifically. i say this every time, but i would like to remind people, you

used to be a chip analyst. you know the space better than most as somebody who talks about the broader markets all the time you think that stock can continue to outperform for a bit, don't you >> yeah, look, i'm just trying to figure out where i can have relative upward provisions if it's eroding, you want to try to hold things ai, exposed semis is one of them we did a note yesterday, i think you saw it, scott, where in the last 25 years this is the biggest upward sales revision any large or mega cap company has seen ever. it's incredibly expensive, but you've never got bigger upward revisions. if you're playing it for that, you got paid handsomely. that's the key element to investing. what history shows is when

stocks get this expensive, they tend to do poorly six or nine months after the problem is it's only expensive until the bubble and i don't have a rich history to evaluate it. i have to make a judgment call if i want to short nvidia. >> what about the way we ended last week and the way we were thinking about the market saying, okay, maybe this is the moment where we broaden out. you have a huge rally into the weekend. it was about everything other than tech for a change if that can't continue and today is one where -- we're not going to use one day whether that's a story or not how much does the market need something else or a few other things to start playing ball >> i think it does and i think i'm more negative now on the consumer than i was at the beginning of the year.

the discretionary stocks did well in the first quarter. i'm looking now thinking, man, oh, man, i don't see how these retailers with boxes can recover from the shrinking, the stealing it's not just a one-off. it's not just in chicago it's in major cities across the country. it's dollar tree, dollar general, target, amazon. i'm worried about the consume trends and the ability of the big stores to sustain. i'm on the margin a little more negative than i was a week ago. >> which is so ironic as i sit in this chair across from apple headquarters here where they rolled out a $3,500 head set. >> right. >> somebody like you is worried about the consumer clearly there's a consumer category they think they can continue to attract. >> the stock is worth

$100 billion less than when they announced it, so we'll see that's what happens when you're 2.8 trillion i guess it looks like a big price tag to me, but i'm wearing their $500 head set i'm wearing it because the noise cancellation is amazing when i'm on an airplane once people find it's light enough and valuable as malcolm went through and the price comes down, people will buy it i remember when $3,500 was a decent car, scott, and we're the same age it's a big price tag. >> don't date yourself speaking of malcolm, you know, the idea of 30 times forward earnings and saying, you know what, i'm taking off half my position you may have a bunch of investors thinking about those questions. whether it's brenda who was sitting next to me with nvidia wanting to take profits, whether

it's malcolm talking about apple on this big day taking off half his position to try to keep some dry powder in case the market has a down draft. >> it's hard to call the market in a one-month view. i'm not trying to make that call how do i bit the s&p 500 i have to find chances where upwards come up. i don't know that the large tech companies are going to see upward revisions maybe it's health care, maybe it's energy, maybe it's metals, maybe it's some exposed semis. i don't think i'll see big upward revisions unless i have a cost cutting story to sink my teeth into. >> adam, good to talk to you i'll see you back on the east coast soon i'm sure. that's adam parker coming up, a double dose of auto movers. we'll tell you what's diving

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let's get back to kristina partsinevelos for a look at the key stocks. >> reporter: borrows will need to resume student loan payments and analysts say it could have an impact on target margins. it indicated luke warm guidance and they downgrade the shares. palo alto will be added to s&p 500 and dish networks head down to the s&p 600 this is big news for palo alto it increases their visibility. shares are up almost 5%. scott? >> kristina, thank you.

up next, going head to head. apple's new head set front and center we have an apple and meta shareholder standing by to get his take, and if he thinks apple has more room to run "closing bell" live here in cupertino. we'll be right back.

apple's worldwide developer conference wrapping up in cupe cupertino. taking on the likes of meta with the announcement of its first head set, vision pro what will it mean for shareholders let's ask one. man, good to see you what's your first reaction to what happened here today >> well, i thought the expectations were high for two days and i think that's why the stock was up so nicely over the last two weeks however, i didn't see any surprises from the conference which is why, i think, after the announcement of the vision pro device the stock is down at the moment >> so you don't see anything that happened today as a potential game changer for this company? >> no, not particularly. the reason why we say that is

because if you look at the vision pro device from what we learned there's a lot of great technology that's been packed into that device however, what's not as clear is whether this is really innovation for the masses. if i look at prior product launches, the air pods or the i watch, those were clear innovation for the masses with earnings growth and revenue soared on those devices. with the device being priced at $3,500, as great as it is, i'm not certain this is innovation for the masses, but a novelty toy for the privileged >> you say that apple shares are fairly valued. i want you to tell me why you think that at 30 times forward earnings, why you think the way you do about that stock? >> you know, we're long-term shareholders of apple.

we think it's one of the highest quality companies out there. we think it's highly valued at this time. we don't think there's a lot of earnings growth this year. we're anticipating a negative earnings growth this year, about 2% or so there's other parts of the apple business that continues to grow. that being the services business it continues to be very attractive where it requires a higher multiple, if you would, relative to five-year to ten-year historical valuations apple is trading pretty much in line with historical averages. we think the stock is neither cheap or particularly expensive at this time >> some people are going to pick on what you said and say, well, you know here we have somebody who owns the stock, doesn't have high expectations at all for earnings and thinks they're

going to be somewhat disappointing in the earnings growth, at least what we've become accustomed to yet argues the share is fairly valued how? >> it's fairly valued at this time looking out to 2024, 2025, that's where we sthink the earnings growth will resume. this year modest in earnings growth 2024 to 2025 we're looking at earnings growth of about 10%, which is above average of where apple was in the last couple years. we think this is sort of a ho-hum year where stock is up 40% with not much earnings growth we think that's the reason why shares are at this time fairly valued i would argue at the beginning of the year when apple was trading in the 120s it was under valued at that time. >> is tech fairly valued as a

whole? i asked because apple, microsoft, nvidia, lam, amd, meta, those are your top tech holdings what about your space? >> i would say the tech sector, better opportunities to buy into the tech sector. short term a little extended keep in mind this recent earnings quarter the tech sector was one of the few sectors we saw nice growth. the rest of the sectors in the s&p 500 were kind of modest. i feel like the higher multiples we saw in the tech sector, especially given the ai push, has been a repricing of some of these shares from lower earnings expectations to much higher expectations on the back of the ai growth. >> we'll leave it there.

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let's get the results of our twitter question after today's announcement would you buy apple's stock as it hits a new high the majority said no, we would not, 55% by the way, boy, we have a big show tomorrow on "closing bell." it's all about ai. we'll talk about the investing landscape, the opportunities, the risks.

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mike santoli here to break down the crucial moments of the trading day, plus christina parts nef las. phil lebeau looking at movers in the market space red across the board maybe $3,500 too much for the market to bear. >> that element certainly didn't help we were also set up in apple and the nasdaq to have this little crescendo moment with the release, not just because of the price point and the specifics of the rollout, but more because the nasdaq 100 was overbought since the november 2021 peak, threatening the 4,300 area and the high for the day was 4299.28. clearly a lot of things pulling together saying maybe we're not just going to have an easy path to the upside, specifically with

the profile of leadership we had. definitely had a little bit of an aggressive chase in the call options the last few days. builtup the market >> okay. kristina partsinevelos, tell me more about the sec's lawsuit and binance? >> 13 charges against the largest crypto exchange in the world and binance co-founder cz as he's known. they're alleging they operated binance.us as an illegal exchange and commingled billions in user funds and sent them to another trading company controlled by cz, the co-founder binance assured customers assets are safe and secure and, quote, because binance is not a u.s. exchange, the sec's actions are limited in reach that's according to them the sec has been cracking down on crypto-related platforms.

coinbase down 9%, bitcoin down about 5.5% microstrategy which owns a lot of bitcoin down. riot also down the list continue, scott. >> for certain kristina, thanks mike santoli, tough for anything crypto related so much for the crypto winter ending any time soon >> yeah. this sec has been pretty critical of this they've operated under it's better to ask for forgiveness than permission. it's probably pretty expansive definition, the companies are going to fight it. it does call into question just exactly what all the intermediaries were up to and whether they're just going to have to play defense for a while. i do think bitcoin and ether prices probably surprised in terms of resiliency after ftx

did bottom out well above prior lows we'll see how this one plays out. >> phil lebeau, tell me more what's happening with ford and tesla today. >> let's start first off with ford this is all about positive comments coming from citi, upgrading ford to a buy rating from a hold rating three things that citi likes about ford eats shares at this level, or at least at the level just unber $13, first they're talking about the fact that these guys have strong truck and commercial franchises. that's well known. the other two are highlighted capital markets, software and ai as well as ev opportunities. speaking of evs, the other part of the citi note, raising the price target for tesla shares from 1.75 to 2.15. not surprising that am lifts are giving a positive commentary given where tesla is that market, 215, already below the current price at 217

scott. >> seriously as we see those shares mike santoli gain on the day. what do you make of the story? >> it's entering, 215, that price target is right at the threshold everybody has been watching for a while it's been an area that hasn't been able to get above since late last year you know, in terms of the overall is story, i get the general bullishness toward longer-term appetite, not just for evs but vehicles in general. citi talking about how the number of cars per household looks like it's going to hold up or be a little stronger than anticipated right now. i think opportunistically on ford, the stock, you can call it cheap all the way down, but it absolutely has continued to look that way if you don't really believe there's going to be a bad downturn in overall vehicle sales later this year. >> phil lebeau, thank you very much for that report mike, as we approach the two-minute warning here, i guess you have to wonder as to whether

that broadening of the move in the market that we saw late last week was just a one-day phenomenon, two-day phenomenon, a bit of a head fake again >> sure. you never expect it to persist at that rate last friday you had small banks, energy up 3% each on the day clearly that's going to have to go in amore sawtooth pattern from here. i think that's the hope you get a little bit of a re-rotation out of a few big winners and into the rest of the market. you have more new 52-week highs than lows today. not a huge number, like 50 new highs, but still outpacing the lows i think repair takes a while you've built up a cushion in the indexes, maybe you'll need to see more confirmation that we have that combination of the economy holding up okay plus the fed seems very clearly going to

be pausing in a couple weeks again, i don't think -- the baton doesn't always get passed without getting dropped from one leadership group to the next >> yeah. watching the dow fall by near 200 points today, apple hitting the all-time high and then falling back let's end where we began, and that's here at apple park in cupertino, mike. this idea -- can you put into perspective really what apple has meant to this move in the market it's better than 40% higher on the year as the biggest stock within the market. it's hard to overstate that importance and wondering what happens now, if it falters a bit. >> exactly we're talking about 7.5% of the s&p 500 just about right now, almost no mutual funds can buy their rules own enough of it to mimic the index holding in that area i feel like apple for a while has kind of done its job in the index. it's the ultimate perceived

safety play, reinforced the idea they have confidence about the ecosystem. i think a very long-term approach i don't see anything that went on today as a fresh catalyst to why you'd want to be paying up at this level. [ bell ringing ]. >> good stuff, mike. i'll see you tomorrow. dow going out with a near 200-point loss, s&p and nasdaq also in the red. i'll see you tomorrow. jon fortt is now the major indices, welcome to closing bell overtime i'm jon fortt. morgan brennan is off today. coming up, we'll talk to matt ball, the founder of the metaverse etf about apple's pricing pro headset and what that means for other companies in the ar and vr roles crypto pulling back hard after sec sued binance