welcome to "power lunch," everybody. coming up, india's prime minister visiting the white house today and we'll also sit down with some of the biggest names if technology, are those companies ready to diversify their manufacturing out of china and into india the investment opportunities there. plus, sports, absolutely crucial for media companies because you need to watch them live, but can sports also be a.i. proof we'll talk to an analysts who's bullish about sports. but first a check on the markets. shares of boeing are dragging down the dow which is 23 points in the red and the nasdaq is

up.63% boeing as i mentioned down because of a potential strike at spirit aersystems. they had to close which could impact boeing. check out shares of ocado, soaring as amazon could make a bid for the company. amazon up 3.5% for its part. they're also making some a.i.-related announcements today. we'll have more details coming up in tech check we begin now with india's prime minister modi visiting washington, a significant meeting as well as rare state dinner being held by the white house tonight. but business is on the menu as the ceos of apple and google are expected to attend the dinner as well tech business roundtable in washington on friday seema mody is live at the white house. >> reporter: president biden and

prime might be ster modi speaking in the east room. biden himself saying the relationship between the united states and indy ya has never been stronger, both leaders also touting the significant deals in the sptech space modi talking about the significant investments from micron announced they'll be investing in new chip factories in india specifically in the home state of modi. a clear sign or reflection of how these executives are doing what they can to appease the leader as they look to diversify away from china. at the same time we do have that state dinner tonight, where it's the who's who of corporate ceos. i'm told then many of these leaders will join modi tomorrow

at the tech roundtable they'll discuss the opportunity but the challenges they're facing in expanding into the country that will increase government oversight something that these tech companies don't want or make it an uphill battle for them to expand into the country. another ceo in attendance tonight is fedex ceo, he tells c cnbc we look forward to helping bring prime minister modi's vision to life as much as tech and defense is on the agenda, guys, we know logistics and infrastructure clearly an area of opportunity as well. >> we saw a live look in at that news conference under way at the white house. as you look at modi standing side byside with the president he doesn't do a lot of press

conferences as the leader of india. how far out of his comfort zone do you think modi is on this trip to attract some of these big business leaders at the white house if. >> the fact that both leaders may be far out of their comfort zone by taking these questions tells you just how important the relationship is, they know they need to communicate this message in a clear way to reporters here in the united states but also the massive number of indian reporters who are in town as well to tell the story clearly to indians back home in india as well they're taking those questions and we'll be sure to get those announcements now. let's talk more about the investment opportunities here and potential risks of investing in india let's bring gqg partners, he's

bearish on china you're an investor and you're watching this spectacle at the white house, and you like this vibe, how do you invest that where do you put your money? >> i think as you know some of these events get a lot of press, i think this clearly shows that there's a big drive on the part of this administration both modi and biden administration to shift supply chains away from china. to invest in some of those areas from a foreign investment persp perspective. >> one of the things i wonder as i watch this big push by india to capitalize on some of the frustration of what's going on in china, you can call it authoritarian investment risk in china with xi jinping. the moves that an authoritarian

leader can make to push investment out of the country. given that modi has been accused of cracking down on his opposition, some level of a authoritarian investment risk in india and how should investors think about that problem >> yes, we actually don't believe those two are comparable lots of checks and balances, plenty of history of companies going against the government or suing the government if they intervene. so i think those are two different animals, in china a long history of government intervening in both republic as well as private. that hasn't been the case in india. >> this government, new delhi has put significant amount of money toward infrastructure across india, you saw that train

crash that took place a few weeks ago killing hundreds of indians, you got to wonder what kind of opportunity could there be to invest in infrastructure in the coming years? >> so, think that was obviously tragic it shows the need for infrastructure we feel that infrastructure is probably the best part of the story. so, obviously, we have significant investment there there are other companies involved in that space which are either on the construction activity, cement and so forth, which we're quite upbeat on. the pace of growth is quite significant.

that's ramping up. like china early 2000s. >> you've been adding to your positions in india is it because of modi's economic agenda or is it more because china's a no-touch investment for you right now. >> no, actually to do with china but more to do with india. this modi administration in my opinion, the modi administration doesn't get a fair shake, too much focus on what happened 20 years ago, it's relevant but not relevant to what's happening here and now. the delivery on the economic agenda is the most powerful we've seen since the independence >> i wonder if you look at this in terms of the timing, so many years to build up manufacturing capacity in china and the u.s. investment in that country, you

wonder with the recent spike in tensions as companies look to move some of their manufacturing out of china, how quickly can that happen? these are enormous investments, large manufacturing facilities, a lot of supply chain constraints around that, how soon will we know if india is able to capitalize on this moment of sort of western anxiety about what's going on in china? >> so, i mean, having lived through the chinese growth story in the '90s and the early 2000s. one predicted what happened in china. we're in early stages of that snowballing in india for example, i don't think people would have predicted apple would have had a big manufacturing facility within three years, they do now, that's sort of helps the whole

ecosystem and without that eco system it's hard to have that snowballing effect we're in the early stages. i think direction is good. the pace will -- >> direction is good but early stages thank you so much for your insight. seemamody nice to see you at the white house. the housing market still stuck in the mud, not home owners, as mentioned those builders are up significantly for the year plus alphabet and microsoft are the front-runners in the a.i. az n gng amonowoi on the offensive, stock is popping nicely as a result basically all of the major caps are. we got details in "tech check. stay with us one for you, one for you. oh, you're a messy one.

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welcome back to "power lunch. a slow spring market for housing broadly speaking the national association of realtors say home sales inched higher inflation, tight supply all impacting the market kb home reporting second-quarter earnings that beat expectations. our next guest rising his price

target on kb from 48 to 65 it's really great to have you here and your phone must be ringing off the look with people going, how did i miss this trade? >> it's been busy for sure if you went back a few months ago and asked what 7% interest rates would we expect this the answer for most people would say absolutely not. >> the most inflationary things that rate hikes has done is keeping people from selling their homes. they want to pay for a new mortgage the home builders are off to the races. how much further can it go >> it's a great time to be a public home builder. zero existing home supply, three months to be exact the private builders, 60% of the market on the new home sales, can't get land, labor or

materials. so all of a sudden the demand that's out there, by the way, is imp improving. they're paying 6% or 5.5%. they're grabbing the market share while existing home owners are sitting tight looking at mortgage rates and saying, i can't afford to take a new mortgage on. i'm at 3% now my question is, how does that change do we have to wait until rates come down, or is this psychological thing, where existing home owners have to come term with it and realize if they want to move they'll have to pay a higher rate >> that's a great question you think i hit you on the latter portion on it it's an adjustment rates went to 7% and everyone stepped back

that will happen on the existing -- >> how long will that take >> for the public home builders we hope it takes a little bit of time but i think, you know the amount of time -- it's hard to say -- we vent seen kind of sharp moves and rates in a very long time. give it some time. give it six months maybe and i think folks will get a little bit more accustomed to the higher interest rate environment. >> do we at some point talking about gluts on the new home side catching up with the underbuilding from the past decade will that have an impact overall on housing market sf. >> more units coming on the multifamily side on the single-family side, they can't be overbuilding. the capacity isn't out there to

do that. >> zoning -- >> it's making tougher >> getting a piece of land ready to build upon is just a very tedious process which has gotten worse and worse. >> what about labor? jobs report every month, labor market is doing great if you're a worker maybe not if you're not a home builder looking to hire one. >> skilled labor is hard to come by public home builders have the about to attract and retain this labor. >> is that because they're not doing project to project, they keep people on staff over a long period of time and they don't have to staff down for a project -- >> exactly right contractors can come in and build 200 homes. >> my first job in high school was light construction, we would catch on to each project i was 14 years old and they had

me knocking down drywall >> let me ask you, whoanyone fuy valued -- >> we like the group at large still, lot of room for the stocks largest builder by volume, margin of 20%. focus on what we think is the right part of the market really kind of need-based buyer, driven by life events, marriage, child-rearing, things of that nature things that necessitate space. >> anyone on the flip side who doesn't rise to the same level of excitement? >> right now, we like the group at large honestly, you know, i'd say there's some differentiation >> quick final question, there's

been some outperformers in that group, some underperformers. explain the dynamics there >> we cover a bunch of the other product names. our top name is masco, the behr brand of paint smaller ticket, r&r focused jobs are best positioned regardless of what the economy does if we see the consumer pull back a bit in the second half that project still gets done. >> fascinating >> john, thanks so much. coming up, the big business of sports, only getting bigger the global industry creating around 355 billion in 2021 and that number is expected to be over 700 billion by 2026, that's according to stat visa and that revenue s hathe potential to

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welcome back to "power lunch. bond yields higher today

reversing a move lore this morning after the jobless claims came out rick santelli joins us from chicago to explain rick, what's going on out there? >> lot of moving parts let's start at the beginning a 2-year note yields at 8:30 eastern what you referenced the highest levels since 2021 on initial claims we saw rates go down but it was short lived as a matter of fact a 2-year note chart bigger chart now we're on pace for the highest yield close since march. a couple of days before that, was the high for this cycle move which was 5.07%. we have to pay attention the yield curve, a three-day chart, going all the way back to 1981 there's only been three closes of minus 100 or more inverted today we're on pace potentially for the fourth, we want to watch this chart

finally, one of the main reasons for the reversal as i was calling all around was that nervousness about the uk, the uk raised rates again 50 basis points, they're aggressive and this whole conversation about the similarities of global inflation coming under review. let me weigh in here, here's a chart of uk inflation. their last number, couple of sessions ago, cpi for may, year over year was 7.1% the highest in 31 years. what was ours when it came out last week? it was 5.3%. it's peak was september at 6.6%. where was uk inflation in september, it was 6.5% some similarities. maybe this gives us a reason to think we have different speeds in economies and we certainly have different speeds on inflation. kelly, back to you. >> different speeds everywhere rick, thank you. where does that leave oil.

today down 5% today. >> it's been the sticking point, it's oscillating below and above that moves of central banks is going to lead to this. brewing bottle neck down at the panama canal, an unprecedented drought and their driest year in decade that's impacting the panama canal which so many goods are shipped. depth restrictions lng, it's not having all that much of an impact on prices yet and that's partially because part of american cargo is going to europe.

europe needs our lng much more so than in prior years not having an impact quite yet panama is in its rainy season now so if they don't get enough rain this could be the suez canal 2.0. >> down at panama canal you get this physical sense of the blockage that could happen there. the canal is so small. you feel like you can jump across it. huge bottleneck for all commerce >> increasingly so as well, even as you reported in energy we're sending more to europe lot of the goods coming into those west coast ports have lost share to the east coast parts >> they're well aware. they spend billions and billions of dollars in order to expand.

day can't battle what's happening with climate change. the port operators said these anomaly years are now once every three years. >> people go down -- cape fear, what's the southern tip -- >> you can go but it's much more expensive and so, you know -- >> it's rough. it is rough. >> you can go the suez canal that's an option to re-route, it adds time and money. but, you know, adds on goods supply chain let's get the cnbc news update first responders are searching through the rubble for a missing person following a large explosion yesterday afternoon in central paris,

local officials said the blast injured nearly 40 people including four who are in critical condition today the explosion ripped through the city's section which is home to paris american design school the state of florida is suing the biden administration and the u.s. department of education over a federal akre dags law, it requires schools and colleges to submit to private accerditors. the fda sent a warning to nearly 20 retailers to stop candy flavored e-cigarettes. the fda hasn't authorized any of these products which the agency appeals to teenagers with

flavors like cotton candy and strawberry kiwi. ahead on "power lunch," amazon betting on a.i. investing $100 million in a program to help cloud customers enter the a.i. space on their own. that's in "tech check" coming up next here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. this is the all new, all electric lucid air. a car that goes as far as it does fast.

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welcome back to "power lunch. shares of amazon are up about 3.35%. they announced they're investing $100 million for a.i some are describing a big catch-up play here >> amazon going on the offensive. they're lagging behind if generative a.i. race they've incorporated across many of their businesses. what this focuses on is bringing generative a.i. tools, models, et cetera, to their cloud customers. i sat down with the aws ceo

yesterday, is this meant to catch you up where is amazon in its generative a.i. strategy have a listen. >> amazon has been working on artificial intelligence as we mentioned earlier for longer than any of these companies and we have long accumulated experience, we have many, many experts, thousands of practitioners inside the company. many of those experts are now working specifically on generative a.i no one else has the full stack of capabilities we're putting together the chips we talked about, designing our own really price-per formant chips. we have a managed service to manage the most successful models in the world.

a whole slate of really important models that others have developed on top of that we're going to build some really exciting applications and solutions. >> you don't think that's something that microsoft and google are working on? >> honestly we focus on customers -- >> you said -- >> to my knowledge nobody including those companies are working on that suite. >> is it that microsoft and google have sort of this product that has captured the main stream, taken the consumer by storm, does amazon need something like that? >> there's an expression at amazon, pioneers have to be willing to misunderstood for a long period of time. we're going focus on customers

and have a belief in that we're going to work with customers and if people want to perceive us in a certain way or misunderstood that's okay. what we're doing is trying to stay laser focus on what customers need in this space i think chat applications are amazing. but it's only one of many, many things that the world needs in generative a.i we need gen-a.i. to discover drugs better, monitor industrial equipment better we need it for -- to make medium entertainment better we need it for every sector of the economy. >> the key here is that aws is giving their customers options it's not just that chatgpt that

catches on in the main stream. when we look at this a.i. race this year, remember the narrative earlier that microsoft is going to eat google's lunch, but stocks were in pretty in tandem and now amazon is starting to catch up they're poised to be a winner in space. >> such an interesting moment in a.i. the big companies out there we've been doing a lot on this for years. it's all secret but we're the best and we're eventually going to roll it out as an investors, how do you sort through these claims >> one word, monetizat monetizan what nvidia showed us a couple of weeks ago we're monetizing this right now.

that will show through aws revenue. >> ignore the big words focus on the profits. makes sense. as we head to break, june is pride month, cnbc celebrating all month long sharing stories of corporate leaders the next generation of lgbtq-plus talent is looking to us to provide leadership when i had my very first child i remember realizing how important it was for me to be a role model for her. i never wanted my daughter to ever see me not feel that i wasn't proud and confident so, being that role model to your children, to your employees, to your colleagues, and showing up for them, each and every day i think is essential as a leader.

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welcome back sarepta therapeutics getting approval for its gene therapy for duchenne muscular dysthropy. time for today three-stock lunch. so many different names to get through. let's start with kb home after reporting upbeat reports for the second quarter david, great to have you here today. the home builders have been on an incredible run, taking p profits -- >> with kb we still have a lot of upside. profits will permanently decline by 50% and we all know the tailwinds for the housing industry are really strong i think people are overreacting

to the interest rate thing you know back in the '80s people were buying homes at 7% and 8% mortgage rate. the rise we've seen to the longer history is really not that bad and these businesses, a lot of these home builders are still super cheap. >> next up, is shares of bud after deutsche bank, do you think bud is going to melt up pre-controversy or some lasting damage in this stock in. >> i do think that this is damage is going to prove to be somewhat short lived listen, it was all self-inflicted so, i think they'll get past this unforced error the business is still strong attractive rating in our model you can't argue with the distribution prowess and the

barriers to entry in the budweiser business globally. it's an impressive machine, look as long as people still like to drink they'll do fine. >> i don't mean to interrupt, bullish on two for two so far. let's go to expedia and maybe we'll break the streak buy rating ahead of the summer travel season. what would you do with this name. >> we're going break the streak here, kelly. we don't like this, it's an unattractive rating. it's too expensive all of the good news around the summer travel boom, the return to travel i think most of that growth has peaked. we're looking at a business that doesn't have a lot of incremental growth opportunity and it's become a commodity. these online travel services, you know, they're a dime a dozen these days and they're all competing on price there's relatively little

differentiation. that's a good sign lot of risk in the stock we recommend people sell it. >> david, often, you've been cautious on the markets. what is your current view given the kind of top loaded run that we've had so far this year if. >> i definitely think the markets are too high, overheated, there's been just, you know, it seems like there's one fad or one hype cycle after another, they keep stacking on each other the market seems so driven by narrative and very little attention being paid to underlying fundamentals and we think that's a dangerous place to be. that said, as we just tacked about here today, there's a lot of still really good stocks out there and we think that's going to be part of the function of the rotation out of the sex ya

fad-driven sectors like technology back into things like -- the things that make the country work the world work. we forget about those things a lot of risk but there's still plenty of opportunities. >> david, thank you. after the break, we know the sports business brings huge revenues to leagues and owners, which stock will benefit the most from this industry? the full rundown is next this is ge aerospace, advancing flight for future generations. ♪

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welcome back to "power lunch. from the legalization of sports betting to the rise of streaming and the growth of social media, the sports landscape is changing our next guest sees a compelling case for investing in sports assets right now, offering the most attractive value across his entertainment coverage he lays out the key reasons why in moneyball ben, i'm a huge soccer guy, way

tonight ask you a question about lionel messi coming to the united states, obviously the major league soccer is fourth or fifth biggest sports league in the country. >> tenth. >> tenth -- you're anti-soccer, aren't you >> the number one star on the planet arguably coming to your league, how transformational will that be and your thoughts on the packet from apple. >> well, thanks for having me. of course, normally i love to agree with kelly on everything, but i would say she's underestimating the value of soccer, one of the things we point out in the report is that if you look at the most popular teams in the united states on instagram the warriors are number one at 30 million followers. real madrid 120 million each we're talking order of

magnitude, more popularity what it tells you about apple they have real ambitions in sports that go beyond mls and one of the things that we focus on in>> -- a real fork in the road in the future of streaming and really where cool wind in sports is going to be one of the mos fascinating things to watc over the next couple of years. i don't think mls is the end o travels ambitions in sports. >> yeah, no, i think that they have this huge bonus wit massive landing in their lap but to me, i watch that appl coverage like i said, big soccer guy, i watch that all the time. i watch that apple coverage an it looks like sort of a petr dish or a lab or they are kind of experimenting with what fit on apple will be in the future you can just see them settling on a formula and then rollin out after the nfl, rolling out after the nba, going for som of the big leagues >> yeah, absolutely. i mean, one of the things we

point out again in this piec that you mentioned is by 2029, every major u.s. sport wil have its - come back to market, as we'v seen the nfl opt out a littl bit early, which is probably not a crazy expectation. and the big focus we have toda is really on the nba you know, the nba is the onl major u.s. sport coming up soon -- in a couple years, but our expectation is that thos discussions are happening righ now and the thing that makes apple and the nba really interesting is that the nba, w believe, has the ability t sell their rights globally, th way mls did and apple, o course, i think, loves the ide of a global offering, give their massive global installed base so, i would not be surprised a all if we saw apple come awa with part of the nba packages, as we look ahead to 25, 26 for the nba. >> because i'm a big bandwagon jumper, there's no one, yo know, do i follow the warriors absolutely will i follow messy? sure, if i can figure it out and so, i said actually to m

husband, how would i watch these games? he's like, i don't know, and he's a sports guy. so, it's on apple, what produc am i paying to access? do i have access to? it gets to the heart of th question of who is bes positioned, job wise, over the next couple of years as result of sports and apple, all these big tec companies, they have a lot o other things going on as well. >> sure, yeah. we spent a lot of time, kelly, in this report looking at tw things one, why is sports different why are these unique parts o the media ecosystem that w think will continue to gro with consumers, with fans, and in value but also, what's the future of sports on tv and on streaming? and look, there is no question that we are -- cutting the legacy broadcasters, espn, fox, cbs they, in our view, really need to figure out how to mov sports out of the bundle, whic is really shrinking, int something else and we take a stab at that something else in our report thinking about sort of a

streaming sports bundle. we think disney's espn is best positioned to put that togethe and that doesn't mean it's going to happen. if it does not happen, i think what we're looking at three an four years from now is the major sports networks in the future will be apple, amazon youtube, et cetera and for the consumer, my tooth says, i'm sort of with her husband on this. i would love to see it bundl where only pay one service, get all the sports, and i don' have to spend 20 minutes every night trying to figure out where the yankees game is. >> yeah, 100%. i know if espn has talked abou wanting to maybe to be tha portal, but yes. if you had to just quickly pic one topic you think is mos underpriced, relative to the value you see in sports, and any of, it from any part o your piece, what would it be >> sure, yeah, really like endeavor - because they own the ufc, whic is one of the most profitable, highest return on capita businesses that we cover and certainly in the sport business, the global business. they are about to merge with w w e and create a new company

with the ticker name tko later this year. they also have a talent agency business, where they are exposed to sports that are representing athletes. and one of the things we reall found is that social media has turned athletes and teams into brands with real value and so, they get the benefit from sort of the sports trends and number of differen businesses >> yeah, no, i'm familiar with it ben biggs, very much, it's great to see you >> thanks so much. >> ben sandberg with morga stanley. cnbc and boardroom are meanwhile teaming up on game plan, bringing togethe influential leaders across the sports landscape, from athletes, to owners, and investors, talk about sports and business. kevin durant, travis scott among big names. july 25th in los angeles is th event. you can get your tickets a cnbc events.com slash game plan >> and coming up, is - a swiftly? a swift lover? we will discuss that and other key stories in closing time. we will discuss that and other key stories in closing time. power e*trade's award-winning

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$2 million >> only? >> as we partner - meanwhile can make 3 million bucks or more. >> what about reporters? what are they going to b zooming to the top of the list i'm waiting for that >> getting close >> next up, paul krugman collar columnist, economic expert with an op-ed, krugma says ticket sales for taylor swift concerts are expected to be 11 million to $12 million that is a couple of lawyer worth. crewmen wonders why she is not making even more, after all, swift is filling stadiums that hold 50,000 people and shoul be able to charge what she wants. how many lawyers is taylor swift worth? >> and if she ever got a big media deal with the likes of netflix, to kind of film tha tour, just imagine >> - box office, absolutely >> the u.s. population i getting older. the country median age is no almost 39 years old. the highest it has ever been according to census. the median age in 2000 was 35. in 1980, it was 30, the birt rate, population growth, hot

topics of conversation older populations need younger workers. we can see more labor shortages, inflation, strikes, unrest, mean, look what's happenin with - >> demographics our destiny, right? it really affects the whol structure of the economy, th whole structure of politics. i don't think you should tak your eye off that story. i'm joking about 38 being supe old. it's much older than me, o course >> look at - the governments have already the best thing we can do is tr to lower that age as much as possible >> yeah and you need energ power in your economy, right you need young people coming into the workforce you're talking housing, right? >> new ideas, for ne companies. >> family formations - exactly. you want to sell your home for more later on? have to have someone to sell i to >> and diamond prices down 18% from their all-time high speaking of family formation their all-time high this february, 2022, and are lowe 6.5% year to date, according t one global rough diamond price index. king diamond one potential reason increasing - turning to lab grown diamonds.

i didn't even know that was thing. >> - aj on our team, well, i don' want to say anything anyway, you know what? i'm not going to say anything, but they are beautiful, i've seen them. >> you know that diamond rings as engagements presents were not a thing until, like, the 1930s? it was a dubious advertising campaign >> also, diamonds don't really have value >> diamonds are not -- >> thanks for watching power lunch, everybody >> that's right, closing bel starts right now >> all right - thank so much, welcome t closing bell i'm scott liner. this make-or-break hour begins with a risk, reward for stocks and whether it's gotten better or worse as the second half of the year approaches, jpmorgan's - legos will be here in just a minute with his answer because his new noted wall stree talking today. in the meantime, here's th scorecard with 60 minutes to g in regulation. boeing and ibm are a drag toda on the dow, which was lower fo much of the day, but as we start this final hour, the dow is green, albeit, barely more bro