ofome ownership a reality. ♪ ...and driving the world forward to a greener energy future. [applause] sometimes the only thing standing between you and opportunity is someone who can make the connection. at ice, we connect people to opportunity. good afternoon, everyone welcome to "power lunch" alongside kelly evans i'm tyler mathson. coming up the next big thing ai is everywhere right now apple breathing new life into virtual reality and the metaverse and a crypto crackdown so which is a fad and which owns the future, kelly? >> we'll ask that. thank you. we'll get a view on the economy with the ceo of boot barn.

will people buy boots and hats if the economy is in a recession? dow is down 115, which i believe is fresh session lows about a third of a percent decline the s&p down 3 at 4270 a check out shares of getlab, reporting strong earnings in guidance but a move this big can only mean one thing, ai. you can see the boost has put the shares back into the green for the year and mollson coors higher for the year they've gained market share following the boycott of bud lite today the s.e.c. is suing coin base for operating as an unregistered user.

crypto was once the next big thing and over the past few years we've seen a few of those. in 2021 veryr was the next big thing. mark zuckerberg so sure of that he changed facebook's name and obviously most recently it's all about a.i. with nearly every company jumping on the trend and their stocks benefitting as a result if you have a.i. associated with it which of these three are fads maybe and which own the future here to discuss gene munster, steve covax of cnbc also joining us i'm going to depart from our intro and say i think all of these have parts and places to -- pieces to play in the

future but herb let me start with you if you had to pick one, between a.i., virtual reality, and crypto/block chain, which would it be as an investment opportunity and why? and are there companies you would aim to >> as a speculative investment opportunity i'd probably say bitcoin, bitcoin as a speculative investment opportunity, as an investment opportunity something that's meaningful i would say a.i. without question because it is through it all it's used through it all, especially through v.r. when you ask about companies it's too soon to say which company it would be we have so much and we have some fits and starts here look at nvidia say it's the a.i. play but we don't know who's coming up through the channels so that's my observation right now. we know it's all going to change. >> interesting one to draw the

disti distinction. please stay put, gentlemen we have breaking news on boeing's dream liner. we go to phil lebeau. >> look at shares of boeing which are moving after the company announced it will add inspections for 787 dream liners that are built but not yet delivered. those dream liners in inventory essentially. there may be an issue for the fitting for the horizontal stabilizer that is not in conformance with all safety regulations so they'll be doing additional inspections, boeing out a few minutes ago saying the company will be doing the inspections of 787 dream liners in part because they want to make sure before the aircraft are delivered they're in compliance with all safety regulations and if they are not in compliance, it may take a couple weeks per plane once they do those inspections to make the

correction on the fitting. then they can ticket those aircraft and deliver those aircraft so for boeing, this is yet another case where it's not a flight safety issue. this is not a case they are grounding aircraft or completely halting deliveries, they're not even pausing deliveries. but they are saying they have found an issue with a part from a supplier in a horizontal stabilizer, a fitting not in conformance so they'll add extra inspections. there are 90 in inventory built but not delivered. this is not changing the guidance in terms of expectations for delivery of dream liners none the less, that's the pressure we're seeing from boeing as they're adding the inspections from dream liners before they're delivered. >> why would they only be inspecting those they have in inventory, basically sitting on the lot and not inspecting aircraft that have already been

delivered? isn't it possible those aircraft have the same part >> remember what i said, this is not a flight safety issue. they've been working with the faa on this. whenever an issue comes up they work with the faa and the determination is made whether or not it's a flight safety issue if it's not a flight safety issue, what normally happens they work on a schedule for a plane comes in to do an inspection that's how works if if it's not a safety issue when they ticket an aircraft and turn it to delivery they are saying it's 100% in compliance if they have found a part that's not in compliance you can't ticket it, deliver it. that's why they're doing the inspections before an aircraft is delivered >> interesting thanks very much news on boeing there back to our panel.

gene, let me turn to you you were at the applean event yesterday, so were you steve i gather you've seen the vr headset, had a chance to try it on if you had to, as a long term investor, herb made the distinction between speculative and longer term investing. if you had to choose between a a.i. vvr, which would you choose to put money. >> my choice, a.i. the metaverse is a b, it was a c last week, a nice bump up there. but still the concept around a.i. and to add another vector to it, this is going to be in every product where the metaverse and spatial computing won't be as far as companies sometimes the obvious ones are where the best returns are

we've seen it with nvidia i think nvidia has gone too far at this point but companies like pallen'rtier meta, they're great to ride the wave. >> the a.i. wave. >> yes. >> let me turn to you steve, i won't ask you to give an investment recommendation but i will ask you to follow gene's comment there, that a.i. is going to be a part of practically every company out there or every product in some sense. >> gene is right and herb is too. yesterday a lot of people have been asking me, why didn't apple make an a.i. chatgpt announcement, they did they don't interact the same way with the chat box. the headset, the vision pro announced yesterday, there's a lot of a.i. and machine learning going on in there. i tried the headset yesterday

when you put it on, a lot of computer vision is happening to read the room around you, analyze what it's seeing and how to place those digital images around tiktok is another example. facebook is another example. those a.i. algorithms showing you the tent you want to see so everyone is right a.i. is not a fad. it's the future but the future has been here for several years. we've been experiencing a.i. all along. >> let me ask about crypto, gene you're more constructive on it than i expected. you're not an expert you said but creating rules and regulations leaves an overhang were you a skeptic or enthusiast >> i was skeptic i was talking about long term speculative not short term i'm not -- i'm like everybody else i think on this panel, not a crypto expert. just important not to conflate

crypto with block chain. >> what i'm asking is, if the question is fad or future, where is crypto now relty to where we thought it might have been a year or two ago? >> it's not where the bulls thought it would be. with the coin base news you would see them saying this is giving them what they want, because now they know the rules going forward and this is going to get rid of the garbage and that's better for say bitcoin. but it didn't hit the prices people thought it would hit by now, the bulls i look at the bull's i know, people i like and respect who happen to know a lot about it. they're still talking hundreds of thousands of dollars down the road if they're right, the speculative long term bet wins. >> what did you think of the headset you tried on yesterday >> i wanted to ask steve, i didn't get a chance to see how he felt about it too it was stunning. i went in being skeptical and i was blown away this is something that kicks spatial computing into the

forefront and it's going to be one of those things until you experience it, you don't understand it. the killer feature is going to be spatial video it's going to change how people create memories. >> that's interesting. the killer feature is going to be the $3,500 price tag for me. >>ing it's going to kill your back account. >> that's exactly right. herb thank you very much we appreciate your time. steve, please stick around gene, thank you as well. >> thank you. also on the tech front, a.i., news rooms across the country are preparing for potential a.i. driven misinformation in the lead up to the 2024 election. alex sherman joins us to discuss that the timing of this as major social platforms have decided to allow more -- what do we say what youtube and the others have done, the timing is curious, explain what's going on here >> over the past february to now, a.i. in terms of how

newsroom executives have been talking about it has gone from a very sparse topic to the most urgent topic that many of these executives are talking about they're talking about it every day, talking to their trade organization, digital content next about it. they're starting to have preliminary conversations with the big tech florms platforms, with themselves. while there's this enthusiasm long term about what a.i. could mean for the news business, creating content, working alongside human beings in the short term there's a giant fear of chaos around two things one how do we get paid for this, because there's a lot of memories in the digital media world, to, you know, seven, nine, ten years ago when many of these companies became department on the big tech companies and then realized they were stealing their ad revenue. >> buzz feed. >> vice with facebook, google. number two, this fear of rampant

disinformation which may come along with a.i. generated art and scraping information from journalistic sites that are out there. and then twisting them into forms that are not accurate and the potential destruction of brand that goes along with that. and from a societal standpoint the chaos that could happen. we've seen it in bits and pieces of say how a fake image of a bombing at the pentagon can drop the stock market, send the world into chaos the feeling is in the short term, things could get worse before they get better before standards are put in place. >> you have youtube confirming they're revisiting election integrity -- why is it at this moment we're seeing companies walk away from some of the more aggressive enforcement rules they had. >> they're looking for the government to put in place rules

because they don't want to be the ones held accountable. we're back to where we were in 2016 in many ways where you have the big tech platforms saying we don't want to be the arbiter of truth and untruth we want someone else to do it for us the problem is the a.i. technology in particular is so rapidly advancing that you're up against this evolving technology and regulation from the government standpoint. and then standards that are put in place by news organizations and tech organizations, and how are they going to partner up to agree. there's so many cooks in the kitchen on this one it leads to this chaos stew that i fear is coming in the next months. >> so steve, alex mentioned the idea that media companies are concerned about -- if i remember what you said correctly -- concerned about how they're going to get paid. how they are going to get rewarded for content that a.i.

picks up from them, "the washington post," axios, whatever who's going to do the paying where is the money going to come from to pay for this content or the inat the lek chul property and is now informing the responses that the chat bots and a.i. driven models are delivering to consumers? where's the money coming from? >> correct me if i'm wrong, but it sounds lieb the companies want the tech companies building these a.i. products to pay the same we saw with web 2.0 and social media hoping facebook would be a cable carrier almost. this goes back to regulation, guys because one of the things being kicked around as regulation works through is the models that these chat bots are trained on doesn't include copyrighted

material or intellectual property, it's music, arts, there are already people in those professions that are concerned that they won't get paid on. and it's up to google and a.i. to say here's how we're are training, what we're training on, including possibly the copyrighted material but ideally the money has to come from the companies. good luck. >> how do you determine what the price is for the content being appropriated by somebody else? is it by volume, exclusivity shaquille o'neal has a lot of elvis' rights and marilyn monroe's rights. i guarantee you, lawyers will get rich on this. >> lawyers always win.

>> not with a.i. didn't we talk about that the other day. >> they'll replace lawyers. >> the a.i. lawyers will get rich. >> there will be a lot of lawsuits. >> thank you both we appreciate it. ahead on "power lunch" we will hear from three ceos from three key industries, retail, real estate and tech first phoenix halting construction due to water shortages there. howard hughes weighing in. plus consumers tightening spending as the economy shows signs of slowing but what is still working in retail? western fashion apparently benefitting, boot barn up 16% this year. the ceo is here in studio. the ceo is here in studio. an sfx: [police sirens] due at targed finall copy that. make a hard left down the alley. here eching]

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lunch," everybody. while tech has driven stocks higher this year, other sectors have lagged including the s&p real estate sector flat for the year and now the industry is facing a problem many warned about, that would be distressed properties diana olick is talking to the ceos gathered at the conference in new york city hi, di >> park hotels is the latest landlords to stop payments on

two of their loans in san francisco. they said it's the best interest to reduce exposure to the san francisco market i spoke to david o'reilly, ceo of a large national developer he said this is the tip of the iceber iceberg. >> we'll see borrowers hand back the keys and lenders today are much less willing to blend and ex extend, they're moving quickly towards foreclosure, short sales and getting the loans off their books. >> and he admitted those sales would be for less than half of their values from three or four years ago. that distress in the market and bank failures are hurting his ability to develop in areas still thriving. >> i think the capital markets right now are starting to strangle real estate a little bit. we're in the market and constantly developing new assets as you know. trying to do some new

multifamily projects in the woodlands. and i can't find a loan. went out to 48 lenders, i came back with two quotes that is shockingly unusual >> now he said he sees san francisco as the biggest office risk because of long commute times and the high crime rate. i spoke with the ceo of digital reality this morning, they are moving headquarters from san francisco to austin. kelly, tyler >> those quotes. first of all obviously what's happening in san francisco is remarkable but so is what he said about trying to get a real estate loan at all right now they're also a big developer of arizona housing as we talked about that the issues there with water supply constraining new development. what are his thoughts on that? >> he said they got in under the wire they were able to get the permitting in on 100,000 homes just outside of the phoenix area before the governor came down

with the ruling. he said it makes developers think more about energy savings, water savings specifically and how to make sustainable developments going forward. >> thank you for bringing that to us today. we appreciate it as we head to break merck is suing the biden administration over drug price negotiations merck shares are down 3% today we'll have more on that after the break. if you have this... and you get this... you could end up with this... unexpected out-of-pocket costs. so if you're on medicare, or soon to be, consider this. an aarp medicare supplement insurance plan

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welcome back to "power lunch," let's get a check on the bond market with rick santelli tracking the action in chicago 370 on the ten year? >> fg yes. 370 on the ten year virtually unchanged and if we look at the rest of the curve, short dated curves are moving more aggressively, a two day of twos. lower than yesterday's highs but that's where the action is if you look at ten year it's not too dissimilar from the charts that traders have been using since nonfarm. good resistance around three and three quarters area. spreads for investments barclays

dropped about 10 points in the month. yesterday we had about 20 billion investmental grade hit the streets. why? less bank nervousness and a lot of people think the fed may be close to done. and what we're seeing is maybe 80 billion for the entire month. it's green lighted and the markets seem to be cooperating and do it before ppi, cpi and the fed meeting next week back to you. >> thank you let's get to bertha coombs for the cnbc news update. >> united nations security council is holding an emergency meeting this afternoon to brief diplomats on the destruction of a major dam in southern ukraine. thousands of residents have been forced out of their homes under the threat of flooding and there are concerns about the impact that the breach will have on water, energy and wildlife the white house said it's too early to know conclusively what

happened. america's largest lgbtq advocacy group has declared a state of emergency over a wave of discriminatory laws in the united states. they said there's been more than 525 bills that target the community introduced this year, 70 signed into law the emergency declaration is the first in the group's 40 year history. and a lawyer for harlan crow has agreed to speak with the senate committee investigating the relationship with supreme court justice clarence thomas. last month his legal team refused to give democrats information about the trips and gifts to thomas paid for by crow tyler, back to you >> bertha, thank you very much after a quick break, the boots, cr climbing this year as western wear takes off and it was actually a pick in

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lunch," everybody. look at shares of the western ware retailer boot box stocks up about 15% this year even though they missed estimates in the latest earning report but the stocks and attire caught the eye of the students in rutgers this year >> we like boot barn >> wow. >> boot barn. >> into the cowboy boots the. >> we think there's a resurgence of interest in the western culture and boot box that sells everything western is going to have a strong year moving t forward. it's growing like a weed, it has everything and it's cheap. >> let's bring in ceo jim conroy with us. is the growth coming from women or men or both >> it's both it's across the board. we've -- most of the product we

sill is functional in nature we say our core customer feeds america, builds america, and protects america that's a lot of people across the u.s. they come in, buy boots, jeans, jackets. >> is it mostly working attire, boots, as opposed to to the fashionable boots you're wearing? >> it's both what keeps the lights on is the functional nature of the product. so the replacement cycle is roughly twice a year this pair of boots i'm wearing will last ten years. most of our customers will last six months or 12 months or 18 months but they wear through them and come back and get another pair. >> it's like running shoes do you know what your typical household demographic income is? >> about $75,000 >> i was trying to figure out where from dollar general to costco you fall.

so $75,000, how old you say your typical consumer is doing? >> our consumer is still pretty solid, i would say the single thing that impacts our customer would be blue collar employment. it's still pretty strong when you hear about the layoffs in high-tech firms that doesn't impact us nearly as much we are ensuring we're bringing a value oriented product to our customers as well. but by and large our customers, pretty strong. >> where geographically are you expanding number one and what kinds of malls, shopping centers -- where would i find your stores >> we have 356 stores in 44 states much of our growth now is the mid atlantic and northeast we put stores in pennsylvania, ohio, virginia, new york, new jersey, connecticut.

and there's still plenty of room for additional growth. >> are these in large malls, strip malls, where >> mostly super power centers so a co-tenant would be a home depot or dick's sporting goods. >> what about the show paramount. we joke about how the culture -- >> yellowstone. >> i'm sorry what did i say >> paramount >> it's on paramount >> did that drive interest in western wear >> it has driven some interest our business the last three years has grown 100% in top line revenue. if you look at the other publically traded companies in our space they've grown about 15%. i would give 15% of our credit to a show like yellow stone and 85% of the credit to the 10,000 people across the stores in the country. >> where are the boots made? >> some in the u.s., some in

mexico and some in china >> and do you sell lots of different brands all the different brands i would know >> tony llama, yes we are absolutely a house of brands so we have a wide array of national brands, we also have our own brands, ten exclue receive brands and the exclue sieve part of our business is now about 34% of sales so it's brands we've developed the last ten years or so. >> are you ready for things go in fashion and out of fashion. after doubling revenue in three years, which is incredible and having yellow stone and the rest of it. if people sour on western ware is there a sense evolve the company beyond that? >> yeah, sure. we used to be western and work and we extended to a more casual country lifestyle. we believe we're just getting started going after customers

that might be fishing, hunting, camping, just being outside in general. so as we continue to expand within that market, if there is a fashion trend that works against us we think there's more customers to be had in the adjacent segment. >> it's not just footwear you sell but boot is in your name after all. it's interesting to me what you're wearing these are heavy gear on the other hand, you see people wearing sneakers to work. wearing sneakers in dress settings so you have the lightest shoe on one hand and a heavier piece of footwear on the other. >> that's right. i think it's more of a urban dynamic. we joke if you fly from new york to los angeles and look down for five hours of that five and a half hour flights -- >> lots of jokes about this be careful. >> you're looking at our customers wearing cowboy hats to

keep the sun of their face or boots because they're working with horses. >> it's safe. >> yes >> they pinch me toes. >> we can get you another pair. >> in a wide size or a wider toe box. >> boots are so comfortable when you break them in. >> i didn't know you were such a western wear -- >> i have several pairs, yes, i do. >> thank you, jim. appreciate it. >> we have a store in new jersey >> we'll talk later. june is pride month and cnbc is celebrating all month long. here is amy merritt, madison ceo and founder. >> diversity is the key to having a culture that is robust and allows people to access their genius when you can't bring your whole self to work, you're not your whole self and people integrated between their personal life and work life is something i believe

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welcome back to "power lunch," everybody. let's check on markets with the dow lower after the boeing downward move the top of the hour, down 43 about a tenth of a percent. s&p is up. boeing shares off the worse of the day only down less than a percent. slowing delivery of the 787 dream liners after discovery of a flaw this is not a safety issue according to phil lebeau and watching merck suing the federal government saying negotiating drug prices are unconstitutional. don't miss a new cnbc documentary on the life of ryan

khan the entrepreneur turned activist and invest. "the making of the meme king" tonight at 8:00 p.m. coming up we'll talk to chuck robins from cisco about the push into a.i. tires screech] sfx: [police sirens wailing] network's got you covered. please confirm requesting back-up. changing route. go. roadblock ahead. ...back up, back up... reverse! reverse! sfx: [police sirens] next level moments. we're 30 seconds out. need the next level network. north corridor, hurry! coming through! or 3, let's go. the network more businesses choose. transplant received. at&t business. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

welcome back to "power lunch" everybody as more tech companies get in on the a.i. frenzy. cisco is holding a conference in las vegas to discuss new technologies across the networking and security applications cisco shares lower today but up slightly over the year let's go to frank holland who joins us from the conference with the ceo chuck robbins. >> great to see you and chuck robbins thank you. 21,000 people here today let's jump right into it you made announcements today, a number of them, more than you usually make one was about cisco networking cloud you're the global leader in networking, 43% of market share what does this announcement mean for your core business. >> thank you for coming and seeing everything going on here. it's a lot of fun this week.

we probably made more announcements this week and we'll finish tomorrow, we have more tomorrow, than we've ever made at the event. there's so much happening in technology that the transitions we're helping our customers go through is amazing the networking cloud is a capability to bring cloud based management and monitoring with the ability to see what's happening across the infrastructure from your campus to your data to internet to have management cloud based assets as well as on prem assets so the steams are excited about it, something we've been working on for a while and customers are excited about it. >> one thing we have to ask you about is a.i. seems to be dominating the conversation when it comes to tech you only, it's a relative only, a.i. 14 times on mad money on cnbc you talk about it being a tailwind for the business, not only the networking but the

cyber security business? >> it's a great question i said let's talk about iechlt when we have something tangible to deliver everyone is talking about a.i. randomly it's important to talk about it as it relates to something you're doing specifically today. otherwise it's just noise. so one big opportunity for us, which is the infrastructure underneath these gpu networks first built by the major hyper scalers and we talked about we're the infrastructure layer for a few of those being brought up, probably move to financial services after that. so building new technology, new innovation coming, that does a lot of work around sort of the reliability of the traffic flows and things like that but today in security we also announced significant announcements in security that customers are super excited about. one area we talk about is how we're using generative a.i. to create a policy assistant. security policy can be very

complicated. giving our kcustomers the abilit to use a human interface and translate that to the technical configuration and allow them to review it, we also announced security operation center assistance, which helps you diagnose problems going on in your infrastructure and engage with you and get to the right outcome of what's happening and how to remediate >> tyler mathson here, chuck good to see you. with the new applications and data flowing through the pipes of the internet, how can you be certain that your networking gear is going to be able to handle and process all of the or the torrents of new data flooding over the networks in the next decade, two decades how do you stay ahead as of the data demands that this is going

to throw at new. >> thank you from the question great to be on the show. we've been doing this for 35 years. when video started dominating the internet, it did the same thing. we design our own semiconductors and a lot of people don't know that is at the heart of the systems that we're selling to the carriers who are running their big backbone networks around the world in the heart of some of the big hyperscaler networks, and the cloud infrastructure if you think about what's happening there, those are some of the heaviest load networks in the world, and the great news is a team just continues to innovate on higher performance silicon and lower energy consumption because obviously with sustainability, it's a very big deal as well we had a recent telecom provider in europe that put in cisco 8,000s with silicon 1 across their infrastructure and they told us they lowered their power consumption by 90% this is very significant when

you get that level of performance and that level of energy saving. >> all right, chuck. thank you very much. we have to leave it there. chuck robbins of cisco frank holland, thank you very much for your reporting. i appreciate you. still ahead, if you can't beat them, join them liv golf to merge with the pga tour we've got l e althdetails and david faber when "power lunch" returns. ng instantly. with two max-strength pain relievers, so you can rise from pain like a pro. icy hot pro.

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welcome back big story today of unlikely playing partners, the pga tour agreeing to merge with rival liv golf, which is backed by the saudi investment fund. our david faber sat down with jay monahan, and the governor of the saudi investment fund, and today an absolute bombshell of a development. as the day goes on, there seem to be more questions, wouldn't you say? is there any chance this deal doesn't get done >> you know, they would say no, kelly, that they are on a -- on a straight line to having a definitive agreement, but that said, they don't have a definitive agreement, and it is interesting, of course they chose for a number of reasons, i think, to announce this deal as a memorandum of understanding, in part, because it probably would have leaked once they went out to the players. they do need to line up to some extent although they have the full support of the pga board, but your question is an important one, and, you know, there are any number of at least

questions at this point, and i think a number of those questions even came up with the answers that were given by jay monahan as well during the course of our interview. one thing though they did seem fairly clear on is simply why they chose to do this deal take a listen. >> we've recognized that together we can have a far greater impact on this game than we can working apart, and i give yasir so much credit for coming to the table and discussions with an open heart and open mind, and the game of golf is better for what we've done here today. >> the idea is to keep everything independent, but strategically they're all aligned. so the idea that we have instead of competing, we're going to be complementing, and to look for additional enues, and that's where the pif investments, capital investments will come in, and kick in.

so we'll be either creating, acquiring, doing some new things to grow the game of golf >> and when i asked him, will that be billions of dollars? he indicated, yes, kelly, it would. let's get down to the deal itself it also includes the dp world tour, and they're going to basically all get together to create what is now going to be a for-profit entity. the pga has been not for profit, but they're basically going to spin off their commercial enterprises, anything that's money-making essentially into this new entity, and the pif will be making substantial investments, perhaps at outset they'll even things out, and over time, most capital investments, you heard referred to, and of course, all litigation and hostility between these two ends as well one will be chairman and the other will be ceo. this is the majority of the pga, but plenty of people saying, but

yeah won't saudi control an economic point? that may be well the case. >> yeah, you know, david, forgive me for being skeptical here, but when i hear mr. monahan say, we're doing this because we're going to be able to have a greater impact on the game of golf the game of golf is better please this is about money, right i mean, this is -- this means that we're all going to get richer by merging than we would have by staying separate and having competing marketing, competition for players, litigation risk, a war in the form of dueling events on overlapping weekends and so forth. this is about making money it has to be. >> it certainly is from the point of view of the pif i mean, they're making an investment here with an expected rate of return >> yeah. >> i'm not sure what that will be, but that's what it's about for them, and that's what it's been about all along by the way, and launching to a certain

extent, the liv golf i mean, you know, they did it as well there now they've invested a lot without a lot of return, but you're right it's certainly about making money and now for the pga, profit is going to be apart of their mantra, right? that's the key here. plenty of other things that could get in the way of that, you wou you would imagine, you know, for example, players instead of taking the money, they will have to be compensated for having done the right thing >> the scottie schefflers and guy who stuck with the ga. you know, mickelson and dustin johnson and cam smith, they all got that money or got some of it at least i don't know how the contracts were structured, and now it would seen m an awful lot of th pga players would feel like chumps because now the moral outrage of being in the business with the saudis has now somehow

magically disappeared. >> they call it sports washing yeah, again, i did obviously ask about that during the interview. people can view it for themselves on cnbc.com, and they said, listen we bought a club, you know, the new castle club in the uk and people were complaining at first but when we started winning, they stopped complaining. >> is it too early to say who won here, and who didn't win or do they both win >> i think they would like to say they both won, and i think it's a little early at this point to determine winners versus losers. i think, you know, monahan is the one perhaps more on the line, right, wouldn't you agree in the sense of making this decision after putting up such significant criticism of liv for so long? >> i will say this, david. when there are big stories, somehow, you are always at the center of them congratulations. >> thanks. >> it's amazing. >> always. always >> amazing >> great stuff. >> i just get lucky sometimes. >> no. >> we're lucky

thanks, man. >> hosting "jeopardy!" what else doesn't he do? >> it's good to be favored, man. that's what we're saying here. interesting development there. >> and like you said earlier, if they're not done, you do wonder where they might be looking next in terms of pro sports. >> thanks for watching "power lunch," everybody. >> "closing bell" starts right now. thank you so much. welcome to "closing bell." i'm scott wapner live today from one market in san francisco. this special hour begins with the mania around ai, the risks, rewards, and runaway success of the stocks set to benefit from this transformational technology we have several special guests joining us today we have the founder and chairman and ceo of altimeter we also have the co-founder of deepmind, sold to