good friday morning. i'm sara eisen with mike santoli live from the floor of the new york stock exchange. setting the agenda, a.i. leaders meeting at the white house, committing to the safe development of wall street's favorite new technology. u.s. commerce secretary gina raimondo joins us.

a barbenheimer double feature, barbie is with us. >> as well as peter oppenheimer on opportunities abroad. >> perfect markets, meanwhile, holding onto small gains and also for the week, the s&p 500 up close to 1%. we've made a new month high in the s&p 500. the nasdaq has been giving back a little outperformance. on a two-year basis, we're tracking with very modest gains over two years, if you think about it we were going up in 2021 to the peak and a bad year last year. we're sort of in lockstep making up that ground. >> a lot of people looking at defensives i mentioned earlier the groups that led yesterday in the big selloff. also starting to catch a bid today and wondering whether it means that this sort of rally we've seen going on ten days for the dow, the longest win streak

since 2017, is coming to an end or taking a pause. tom lee, of course, who's very bullish and who's been right, at least so far this year, he still sees the reason to be constructive he looks at the fed meeting next week, he's looking at cpi coming in early august, the pce end of next week as potential catalysts if we see those calm down. >> and the market has absorbed the first run of earnings report pretty well. the market is broadening out and some of that is the laggards defensive area starting to perform. a.i. a top story as artificial intelligence ramps up in popularity, so do the calls and need if for regulation the white house today agreeing with seven a.i. companies, amazon, microsoft and openai pledging safe and responsible development of the technology. here to discuss in a first on cnbc interview is u.s. commerce secretary gina raimondo. madam secretary, welcome back. good to see you. >> good morning. >> what do you have planned for today with the leaders of the tech industry focused on a.i.?

>> so they'll all be here at the white house, making very significant commitments around how they're developing a.i., how will will protect data, privacy, cyber security, how they -- they are promising to test the new a.i. models before they're released to the public so, really, sara, what this is, it's a bridge to regulation. we know it will take some time before congress can pass a law to regulate a.i., but the president to his great credit, also knows we don't have time. a.i. is moving so fast faster than any technology we've ever seen. and so, about a month and a half ago the president brought these ceos into the white house. we had an intense working session with them. we said to them, commit to us that you're going to protect us. they've responded to the leadership with these

commitments. >> what is the most significant pledge that you are getting from these companies that would make you or anyone feel a little better about the way this is going. we just showed a survey, all-american survey, showing how much anxiety there really is about this technology. >> yes we have that anxiety, too. the thing with a.i., there's incredible potential and also very, very serious concerns. so, what we have said to these companies and what they've pledged is transparency. let us see how you're developing the models test the models and let us see those results before you release them to the public another key thing is they're going to make it so we know which images are generated by a.i. versus which are real human bei beings once again, i want to be clear, this is tremendous and significant and i applaud the president for his leadership, but it really is a first step and a bridge to regulation we're going to work with our

allies this week, in fact. i've been talking to the europeans, the indian tech minister, japanese this is a global effort. we need to work with congress. you asked for the single most important regulation the truth of it is, we have to be constantly vigilant, the technology evolves and we will evolve. >> as you note, it's a pledge. there aren't any enforcement mechanisms or actions. how do you hold these companies accountable? >> ultimately, congress will pass a law which will have teeth and penalties and enforcement. and that, of course, will take some time. and so that's why we're saying, let's do this as a first step. i will tell you this, so much of this is transparency these companies are committing to real transparency, working with third parties to test the models, working with the united states government to test the models and share information

don't underestimate the power of that transparency and the fact that they know we are watching and their customers are watching to hold them to account. >> secretary raimondo, certainly transparency in terms of how the models are built and what other images and work product of the a.i. models are marked as such seems to be a pretty big step. i wonder if your attention is also turned towards making sure that the source material of these a.i. models, of the output, whether it's images or writing or any other work product that is protected by copyright or anything like that, there's compensation for it. it would seem the commerce department at some point might have some interest in making sure that there are some safeguards around that as well >> absolutely. and if you look at the details of these commitments, we are starting down that path to protect the most important and

most proprietary information but we will continue the commerce department has a very big role to play here because we set all of the standards, the technology standards as what is safe, what is good watermarking, what is a good test to make us feel comfortable. we're going to keep the standards high i do want to say, and i want to thank industry, they're stepping up here. the president asked them to step up and they are stepping up. we have a good collaboration it's in no one's interest for this to fail the american people need to trust a.i. if it's going to work we're committed to that and i think these companies are as well >> i wonder how much you worry and if there's a discussion and whether it will factor in today about the election next year and the risk that a.i. poses to that, the infrastructure, the false information. a lot of people are warning that, including some intelligence officials

>> absolutely. of course, we worry about it it's a consequential election here and in many other countries. we've seen already the problems with disinformation, misinformation, and a.i. puts all of that on steroids. i will say that's why we're focused on, quote, unquote, watermarking so you can know is this content a real human being or created by a model. it's at the very top of our list, sara, and we just have to stay on top of it. >> as you say, a lot rests on congratulations here to pass regulation i get there's an urgency but it feels like we've been here before we still have no regulations or protections for user privacy on social media companies, for instance that's been debated. there's been urgent need from congress in the last decade for that i just wonder how hard it's going to be to actually have that happen. >> yes you know, it's ---ist a shame we

don't have privacy legislation at the federal level most other countries do. i would say we can't afford to wait on this one a.i. is different. like the power of a.i., the potential of a.i. to the upside and downside is like nothing we've ever seen before so -- and you've heard leader schumer come out already, putting a group together to work on it. we're going to do everything we can to work with congress, move congress at an appropriate pace. >> you mentioned that you're trying to coordinate with other countried on things like this. of course, these companies you're meeting with are very global companies to what degree is there this risk that other a.i. models developed elsewhere, outside the purview of whatever agreements you come to, china and elsewhere, become essentially out of the grasp of whatever you do here? in other words, if the activity essentially can get to citizens everywhere no matter where it

comes from >> it's a risk and it's a risk we cannot afford, which is why we are reaching out to our allies constantly. the best way to do this would be to work with our like-minded allies who share our democratic values and our protection of privacy and free speech to come up with a global code of conduct, you know, a global set of safeguards. i will tell you right now the united states clearly leads the world in artificial intelligence our technology is ahead of the rest of the world. that's why it's incumbent upon us to step up and lead it is also incumbent upon us and we will work hand in glove with our allies today is step one. it's a bridge to regulation coming out of congress it's a bridge to a global agreement with our allies. and we really have to -- it technology is moving fast and we

have to move fast. >> speaking of china and technology, there's word today that china successfully was able to hack the u.s. ambassador's emails, reports in the last few weeks that you were a part of high-ranking official emails hacked by china. i wonder if you can confirm this and how you're approaching this issue and whether you're still planning to go there this month. >> yeah. i'm not in a position to confirm that my own personal email was hacked, but obviously there's been a hack at the department of commerce, which is very significant, very complex. the fbi, department of justice and homeland security are actively investigating this, so i'm not going to comment further since we're in the middle of an active investigation except to say we take itincredibly seriously. you know, i do plan to travel later this year. we're plan, the trip now, which

doesn't mean that we excuse any kind of hacking or infringement on our security. what it means is that we need to be ferocious in the way we protect american national security, but also de-escalate tension where we can and look for ways that we can work together >> what are you hoping to accomplish on a trip >> well, it will be the first time a commerce secretary has gone to the region in years. we need to put before them our really serious concerns about the way they're targeting u.s. tech companies, about the way they don't respect intellectual property but also try to find lanes of commerce where we can do commerce, which creates jobs in america. >> commerce secretary gina raimondo, thank you for the time today. we'll be watching that a.i. meeting very closely from the white house.

interesting comments there in china as well, confirming she's still planning to go even with the recent hacks the return of the box office and barbenheimer we have the ceo of mattel with us that stock rallying 20%. >> and goldman sachs chief global strategist, peter oppenheimer. has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term bashen himer bashen heemer. you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. - i got the cabin for three days. it's gonna be sweet!

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we're just living in it. the highly anticipated movie hitting the theaters with projections it could make $140 million. it's already brought in $22 million in thursday previews that's a year-to-date high for the box office joining us at post 9 with his expectations, mattel ceo, ynon kreiz, also executive producer on the movie >> great to be here. >> it's good to have you you and i have been talking about the barbie movie for the last five years, since right when you became the ceo of mattel first of all, what took so long? >> well, the way we look at it, it actually took 64 years to bring it to today.

it's been -- it's a great -- it's an important moment for barbie it's a milestone moment for mattel it's an historical moment for cinema in bringing together for the first time to the big screen one of the most iconic brands in modern culture >> what about the early projections here i mentioned the prebox office sales. how has it lived up to your expectations >> well, from the beginning we set out to create a cultural event. this is more than making a movie. barbie is a pop culture icon that is both timeless and timely we always believe that this will be something very special, not conventional, that will create a real societal event. >> for investors, how should they think about it. is it about selling more barbie dolls in stores, is it about potential licensing opportunities you're going to do, deals out of this, which we've already started to see. >> it really speaks to the

cultural resonance of our brand, our ability to attract and collaborate with top creative talent and leverage our franchise management capabilities it speaks to the potential of mattel films and the success, the progress, the significant progress of our strategy to capture full value over our intellectual property. >> how do you think about the replicaability of something like this you mention barbie, brand attachment to it, and you hit big with greta, everything lined up, margo margot robbie, what en your portfolio can mimic that? >> this didn't happen by accident it was highly curated with the intention to create an event the opportunity for us is to think of it as a template, how

we intend to leverage our other brands in collaboration with top talent, living creative talent to do more movies and continue to expand our business. >> but can hot wheels get the kind of buzz barbie can get? >> we're not saying every movie will achieve this phenomenal impact on culture, but we absolutely believe our brands have very strong cultural resonance. we think of people who buy our product not just as consumers, but as fans. once you realize you have an audience, opportunities open up. and this is exactly what you're seeing here. we believe we have the potential and opportunity to do a lot more with our other brands. >> years ago i spoke to one of your predecessors as ceo, maybe 15 years ago one of the things he was saying in response to people saying, well, kids are into nontoy entertainment, whether it's screens or something like that he said, around the world research shows young kids play

in a very similar fashion. and the toys that you have seem like they have life left in them is it still the case that you're seeing play patterns conform to what we are used to in history >> we absolutely believe physical play is here to stay. it's an important part of children's development, parents support it the toy industry is a growth industry what is unique about the form factor is it's tactile kids touch toys, hug it, hug toys, go to bed with toys. there's an emotional relationship between our product and our fans and the opportunity is not just within the toy category, but as the owner of the online rights, we can develop our business outside of the toy aisle >> you clearly have big visions for the company to leverage its ip like this very strong ip into much bigger things movies, licensing deals, toys. do you think investors are giving you credit for this >> well, we continue to

executes we focus on execution. we're very proud of the progress we made both on the toy side of the company and also in continuing to capture full value of our ip. the barbie movie is a prime example of that. >> i guess what i'm asking is, are you a media company or a toy manufacturing company. >> well, we evolve from being a toy manufacturing company that was making item to become an ip company that is managing franchises and we continue to execute the numbers are the numbers. >> the stock has outperformed hasbro in the last month, along with the barbie stuff. the question right now, at one point you would want to be a media company because you were valued more highly, whereas now the media companies that don't have the ip under control are in some trouble. >> our strategy is to continue to grow our ip-driven toy business and expand our entertainment offering what we do on the entertainment side is not instead of our toy

business, it's on top of it. but a strong toy business is very important foundation to take that relationship, the fact that you have an audience, and participate in highly accretive business verticals that are in some cases bigger than the toy business as the owner of the rights of such a portfolio, we are very excited about the opportunities we have in front of us. >> have the writers/actors strike hurt you in the rollout of this film it came at an awkward time. >> in the case of barbie, by the time the strike had happened, we completed most of the marketing and activation and much of the activity around the movie was organic, was fan-based, fan-driven, social. people all over the world really joining the party, the barbie party, which has been exciting to see. >> i don't want to spoil too much, but mattel is a -- is very

present in the movie there is a mattel ceo played by will ferrell in the movie. was that your request? >> well, the movie has die ment. it's a big, bold comedy about self-discovery, humor, fashion, music and many iconic cultural moments. we embrace self-depurecation and trusted greta, how she interpreted barbie and her world. the result is going to be very exciting. >> still pretty cool to be played by will ferrell he's nothing like you, by the way, in the movie. thank you very much. really appreciate you coming by. ynon kreiz, the ceo of mattel. >> thank you >> and it is a blast i laughed so hard. >> looking forward to it. still to come, a brief intermission before the second leg of barbenheimer, goldman

sachs chief global strategist peter oppenheimer is with us. >> just how much price elasticity the travel sector has left in other words, how much more consumers are willing to pay these high prices.

shares of american express are lower but they're off the morning lows they had record revenue and results. braces for possible default as customer spending hit another all-time high. yes, they set aside more provisions for bad credit, mike, and the beat many -- some analysts are saying is low quality because it comes from tax. the commentary from the ceo and cfo on restaurant spending in particular, on the consumer holding up, on the travel spending, all seems pretty bullish. they're not talking about a slowdown. >> all the macro commentary was pretty strong. of course, they're not particularly concerned about credit trends. all that fine, maybe a little softness on the revenue line. >> again, it was down 5%

earlier. >> stepping back just a little bit. yeah, exactly. speaking of spending, travel will be in focus when ge and other industrials report seema mody is with us at post 9 with some of those numbers. >> we looking at airlines week to date, holding onto gains from upbeat coming from general electric earnings next tuesday, which drives 40% of sales from aviation a key driver of shares, ge up 70% in 2023, on track for its best year on report. this quarter research analyst expect the company's aviation sales to grow 21% year over year in the second quarter versus 25% growth in the first. a slight deceleration quarter over quarter, one factor is china, as the economic growth story fizzles. china's travel story hasn't played out as expected the resumption of international flights as a whole have stag natured. currently just 40% of pre-pandemic levels. flights from beijing to l.a.x.,

shanghai to sfo down about 80% from 2019 levels analysts will say partly due to fewer flights available. check out tokyo to l.a.x., this summer demand up 25%, according to sdr back here in the u.s., yes, average daily rates as we've been discussing this morning have fallen for hotels the type of property consumers are booking is starting to fluctuate as well. in june we saw a slight uptick in demand for idscale and limited service hotel versus the luxury resorts truist analysts say that could bode well for operators like wyndham which reports next week, intercontinental as well as -- wyndham, choice and intercontinental, those are the things that benefit. we'll are to see how that plays into the commentary next week. >> still traveling but maybe - >> seema, thanks. time for a news update kate rooney has that for us. >> hi, mike. russia says it's practicing seizing ships in the black sea

just days after withdrawing from the wartime deal that ensured their safe passage moscow also pounded ukrainian food export facilities for a fourth straight day. ukrainian officials say the latest strikes destroyed 100 tons of peas and 20 tons of barley russia claims the attacks are in retaliation to a strike on a russian-built bridge to crimea. tens of thousands of children's cups have been recalled because they contain unacceptable levels of lead, according to the consumer product safety commission. the cupkin stainless steel children's cup were sold in pairs on amazon and the cupkin website. the recall affects 346,000 cups in a variety of colors the cdc says lead exposure can lead to brain and nervous system damage in children and cause growth and developmental problems it turns out thelion on th loose in germany probably wasn't a lion at all. berlin officials called off the

search today after using drones, helicopters and armed hunters to find the big cat they now think the animal was actually a wild boar all along mistaken identity there, sara, back over to you. >> that's a weird one. kate, thanks kate rooney. after the break, ubs and baird trying to help investors find their footing we'll get calls on deckers and crocs. we continue to watch the regional banks the kre is on pace for best week since january of 2021. up almost 8% after giving back st wh od ayitus r retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on

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european markets fairly flat heading into the close as they prepare for their earnings season to kick off next week we'll hear from the major banks, including ubs, for the first time since closing on credit suisse merger. consumer and pharmaceuticals but we look at the macro for our story abroad uk retail sales smashed expectations for june but amid 8% inflation, consumer confidence fell in july for the first time since january our next guest sees global purchasing managers indices as a risk to earnings, especially as inflation starts to cool joining us, goldman sachs chief global strategist, peter oppenheimer. it's great to see you. >> thank you >> it's interesting that here in

the u.s., markets have been migrating to this view that we maybe can rely on something of a soft economic landing. we've been working through a period of weak pmis, manufacturing in a downturn. how does that play against what you're expecting in the rest of the world for the rest of the year >> well, very similar, really. our view for a long time is all global economies, main ones, would avoid a recession, we'd have a soft landing. that's still our view in europe as well. we've had a slight modest technical recession in germany, but we expect that to be very short lived. there has been significant weakness in manufacturing. that's obviously hit parts of europe quite hard because some of the countries are heavily tilted toward manufacturing and exports. overall, it's a relatively similar story to the u.s very strong labor markets, plenty of pent-up savings.

consumer spending and services have held up well. we continue to expect that to be the case the difference in europe, elsewhere and the u.s., is inflation is still not coming down as quickly. we expect it to do so. of course, we're still seeing rate rises overall, the picture and, indeed, the performance of the market is relatively similar. >> it seems, i guess, slight differences in timing in terms of when these things are happening as you mention with inflation. what does the weakness in china mean for the rest of the global picture? that's been a real absent piece of the case for a much stronger global economy >> absolutely. china, in a sense, is in a very different situation to the rest of the world it's facing deflation, producer price is actually falling. unemployment is high rather than low as we're seeing across europe and u.s and, of course, growth is weak

at the moment. there are hopes of more stimulus, which has been reflected in the market just recently but generally speaking, it's had a negative effect on overall global manufacturing and, indeed, cycle which is weakening. but, of course, in other parts of the world where you've got strong consumer demand and labor markets, that's really been what's holding up both the economies and, indeed, earnings in the stock market. and i expect that really to continue we have seen some parts of europe, of course, which are very exposed to consumer sales in china, like luxury goods doing well, but the manufacturing story and the services story has really been very distinctly different year to date. >> globally, peter, when you look at the economic story and the market story, where do you think the mismatch is, if at

all? you've just given a good overview do you think investors, for instance, are too excited about the end of the hiking cycles in some of the markets, even though we're still seeing inflation >> yeah. our view is that we'll get a soft landing and that, we think, is supportive for equities a albeit in an environment where profits are pretty flat this year, in u.s. and europe we expect modest profit growth next year. we do think inflation has peaked and we're very close to peak in rates in the u.s., lagging behind in europe and other -- some other places. but we think the market is probably too optimistic about the pace and speed of rate cuts. so, the balance for us, really, particularly when you consider the moves we've seen up in equities year to date is we got a relatively flatter picture from here. we got a neutral in equities in

our asset allocation we don't think the picture is negative but we think index returns will broaden out a little bit, bearing in mind that most of the gains we've had year to date have been concentrated in specific areas of the market. >> yeah, to that point, peter, non-u.s. equity markets have been outperforming the s&p 500 for a good, long stretch coming into the last few months that seems to be when the sort of a.i. boom kicked in and the nasdaq in particular in the u.s. became the engine of a lot of upside that seems familiar to a lot of folks of previous cycles when the u.s. sort of near monopoly on a mega cap growth tech, you know, made the entire argument for relative performance >> yeah, it's been an extremely important driver in the u.s., of course the market is up, the s&p close to 20% the equally weighted index is around half of that in the median stock is up around 6% or

7% year to date in the u.s it's really been very concentrated in those large mega cap tech companies and they've been doing well despite rising rates very different from last year when rising rates generally forced those stocks to derate. i think the explanation, as you said, is growing optimism about their future earnings path the concentration in technology in other markets is much smaller, particularly in europe. nonetheless, we have seen defensive consumer staples doing very well there. and actually some of the more cyclical value parts of the market things like autos, travel and leisure have been amongst the best performing parts of the european markets that's helped them to broadly keep in line pretty much with the returns we've seen in the u.s., despite the lack of exposure to technology >> absolutely. yeah, europe is certainly kept up peter oppenheimer, appreciate the time today.

>> thank you >> barbenheimer, which i'm sure he was fully aware >> i was wondering if it's really a phenomenon where he is in london, i assume. >> yeah. i don't know $32.8 million in the box office this weekend is the phenomenon here so far. up next, deckers outdoor is up 75% in the past 12 months and ubs has another 33% to go, to run. quk t see cn that call whe "sawonhetrt"omes right back has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

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let's get to some notes catching our attention this morning. ubs upping its price target on deckers to $715, which is about 30% higher from where we are right now. the firm doesn't see deckers upcoming earnings report as a big catalyst, but it does remain bullish over the long term, noting robust hoka momentum. this is from the ubs lab that looks at qualitative data and quantitative around hokas. google analysis shows first quarter searches rose 64% on a two-year average and 68% year over year in june. >> it's kind of -- ubs's big data quaunt model. that price target, equivalent to

23 times fiscal 2026 earnings. what they're implicitly saying is deckers deserves one of the elite valuation premiums in footwear that's not too far short of where nike trades on a distant forecast like that what's fascinating to me is how hoka has exploded as a brand almost out of nowhere. the company, deckers, has owned it for a decade. in the last few years it's been everywhere i guess the question is, you know, is that sustainable, but they think so. >> because we've seen these trends come and go, especially with other footwear brands on is also having a big moment and that stock went public staying in the shoe space, baird calling crocs a fresh pick ahead of earnings, maintaining outperform, $185 price target. the firm sees a beat and raise for the second quarter expecting the report to show continued strength for crocs, reassured growth prospects for hey dude and confirm the start of share repurchases

this one also has gone up and down as a trendy shoe company. i see them i see them on the street. >> for over 20 years it's been a boom/bust story in the stock it had an amazing run, it's got side ways but earnings have surged should i know what hey dude is or not >> hey dude is the sort of western brand of boots they buy. >> oh, okay. >> it's not that big and it's not that popular on the east coast, i don't think. >> but boots would seem to diversify you against like rubber stuff and sandals. >> exactly the resin wear. >> i got to throw one in, just a quickie. did you see the oppenheimer initiation of live nation, the concert company? >> yes, because it was taylor swift. >> karma is my boyfriend. >> which was the best part of the note the rest of the note was -- it was not -- >> pretty routine concerts are pretty popular, turns out. >> exactly i thought they were going to say taylor swift, buy the stock. >> they also don't think regulatory risk around

ticketmaster is a big deal. >> they just like the inventory position of live nation. karma is one of the better songs on midnight, i would say do you agree >> i -- i have heard it. after the break, lyft ceo david riersh and how he plans to take on uber that is next

for today's "techcheck," deirdre bosa sat down with lyft ceo david richter as we assess his first 100 days in the role >> i got to san francisco in 2016 when the ride-sharing companies were seen as the most disruptive and certainly in the case of uber combative companies in america so it is fascinating to see where we are now those ride sharing wars they look more like a like sharing duopoly, both companies shared both greater ambitions autonomous driving uber has pulled away and scoring a food delivery business. lyft's co-founders handed over the ceo job to david risher. he has run nonprofit and held positions in amazon and microsoft. one of the first things he did was to become more competitive on pricing i asked him if that would continue leading to a new price war. the thing we used to see in the earlier days of ride sharing have a listen.

>> our strategy is not really to compete on price, honestly we want price to be off the table. in fact -- >> that's been the most effective so far. >> it is a great starting point. if you price high people tend not to use you the way i think about it is i think it is in everyone's best interest to have uber and lyft on their phone and i really do think that look, there are going to be times, you know, a holiday, fourth of july, crazy event, whatever it is, one of us might let you down, i hope it's never ever us, but i really hope you have choice because guess what, people like that i think if you start thinking of it that way, then you will understand how we're starting to think about our kind of almost reintroduction to the world. we deserve a place on that phone. >> so lower or better pricing has actually helped lyft win back a few percentage points in terms of market share but doesn't sound like further price wars are on the table. uber and lyft are likely to continue to focus on better profitability, regulatory battles. risher also told me being number

two isn't is terrible thing. guys, i go back to the early days, lyft raised more than $7 billion from investors, both private markets, folks like vcs and through it's ipo through retail invest e, it's market cap today stands at about $4.3 billion. just kund of astounds me what this industry has gone through hasn't lived up to the hype in the early days muddling along, you see uber at nearly $100 billion market cap who knows where that tops out. >> it has consumed a tremendous amount of capital, consumers have been the net beneficiaries as opposed to shareholders it's telling it would seem that david risher believes that we should all have both apps on our phone. i wonder if uber also believes that in other words, that's what you would say if you were kind of, you know, the distant number two. >> so back in the early days, no, uber would probably say something aggressive like we want to sink lyft but these days this isn't a war, this is a

comfortable duopoly. uber needs lyft just as much as lyft needs uber. there has to be some competition otherwise maybe the regulators get nervous, maybe there's other competitors that come up that aren't comfortable being a number two this is the way it ends maybe not with a bang but with a whimper. >> in new york we have a third option which are taxis. >> although -- >> by the way, i remember in the way distant past people used to say that about amd intel needs them around because otherwiseintel would be a pc monopoly. >> don't get too comfortable is the point. >> that's the upside scenario. thanks very much a lot of buzz about messi in miami. his debut tonight, what it means for companies like adidas next we're back in two minutes.

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make his highly anticipated debut tonight for mls club inter miami arguably the biggest name to ever join the league. consumers are piling in to buy his apparel at never before seen levels we caught up with a dias north america president rupert campbell for a look at the trends he's watching. >> we've had unprecedented demand for the jerseys, i mean unprecedented demand our objective always remains to ensure that we can get the product into all of the fans around north america and i have to say the teams in north america and globally have been working tremendously hard to ensure that we can meet the demand, the unprecedented demand that we've had. >> it's exciting to see the ripple effect this will have for soccer in the u.s. from ticket prices to attendance to viewership and you can count a dias thanks to our sports producer for getting that interview as one of the potential winners at a time where he actually need it

because they've fallen -- talk about a distant number two -- to nike lately in the eyes of the market and the trend setters. >> it is amazing what a push that the world cup is every single time it comes around. men's and women's. to the athletic apparel brands. your boys, are they soccer heads or formula 1 and baseball? they're soccer heads, that's how they learn about countries and their flags which is educational. the women's world cup one of the players is sponsored by may roe hey dude, it's not a boots company, they have sneakers and these comfy low officers as well that's owned by crocs. i mistakenly called it a boots company. you can watch full coverage of the women's world cup on telemundo and peacock. the u.s. taking on vietnam tonight. so my boys can watch. >> ex present. >> as far as the overall market, mike, residence is the name of the game for consumers for the economy and for stocks and the dow is going for, what, ten positive closes. best run since 2017.

>> and 2017 is an interesting year to look back on because what really the market demonstrated was this relentless slow grind hire. i don't think we are quite in that up, up and away mode where you put it on autopilot but it is telling when you get long streaks of daily gains they only tend to happen in the context of a relatively sturdy trend. we will see if that continues. there is an options expiration today, monthly expiration, they don't always matter that much directionally, but in combination with this rebalance we've been talking about in the nasdaq 100 it's the kind of thing that maybe is keeping the market kind of, you know, on the rails here in this tight trend and we will see if that gives way next week when there is going to be a lot to talk about. >> i was going to say it will be a few major catalysts for the rally, more than 160 s&p earnings reports next week a fed decision on wednesday, that's baked in to be a hike, but questions around how hawkish powell will be as far as the september outlook goes there's, what, 30% chance now in the swaps market that he hikes

in september so it's not really priced in. >> and there is a long time because they have jackson hole in august, we have memories of last summer when he decided to talk down the markets. >> and a pce number on inflation on friday. a huge week. market continues its rally and adding to gains for the week we will send it over to scott at post 9 for halftime. >> welcome to the "halftime report." i'm scott wapner the most critical week as earnings and the fed take center stage in the days ahead. joining me for the hour shannon, jason and joe, we are all at post 9 good to see everybody. let's check the markets today. there you go well, the dow is going for ten in a row ten in a row up nearly triple digits right now s&p 500 good for one-third of 1%, nasdaq trying to bounce back after the worst day in a while yesterday. shannon, we have the busiest week of earnings next week, 30% of the s&p, 12 dow components, the fd decision,