buy a call going into earnings, and i also like google good value play. >> interesting weak ahead. we've got the fed, a lot of earnings as we have been talking about and a lot of action and "options action" will be back next week at this very same time that does it for welcome to a special friday addition of tech check. today, tech has cooled off and just out of the mega cap earnings you have google, a soft , meta. the magic bullet may be artificial intelligence but since we've mentioned ai a few times on your earnings call,

it's not going to cut it. we are now in a new show me the money era. you might remember monster surged showing investors that ai in this here and going to book a lot of revenue this year. microsoft announcing earlier this week that it would be charging for its ai tools and shares promptly hit an all-time high, the shares $30 per user per month. very different than the era of tech when products like gmail were given away for free. one analyst asked if they could generate some $14 billion in new revenue per year from microsoft. it is important that investors see that investment. here is why. the seven companies, you may know them as the magnificent seven markarian most of the market right now.

three of them report next weekend because expectations are so high, even a wobble from anyone of them could shake the entire market. let's discuss this. welcome to the show. eli, i'm going to start with you. you can do what nvidia did and that is book actual billions in revenue on this ai shift. >> the real interesting thing about it is how much risk they took, building up capacity before the ai boom, so i think you're really seeing the upside of that risk payoff. the question for all of these companies now is that it is experimental pricing. i don't know if it's worth $30. the market has to decide so we are seeing competition pricing. much can we charge in an era where there is this much competition?

>> i mean $30 per user per month at the high end, $14 billion potentially but how certain is that? they're not going to be booking this with a report next week. >> no, they are not and they don't even have a date on when this is going to be broadly available. right now they are only testing that copilot we were talking about with the microsoft 365 suite. only a very small group of the current enterprise customers and they're not even talking about selling to the schools yet for the obvious chat gpt cheating reason. as we go into microsoft earnings next quarter, it is not just about selling these copilots or other ai tools. it is also a cloud play because microsoft, the same day they announced that pricing plan, they announce the deal with facebook. microsoft is also

saying our cloud is here for other ai development. amazon is trying that as well. google is trying that, as well, but microsoft is playing it on both sides. >> right, so more opportunity to book some revenue. by the way, thank you for being with me. give me the counterpoint. you operate in a world of venture capital so you are investing many times before there is even any revenue. you want to get the stock once they've already booked the money because then the upside is gone. >> it depends on where you are investing. i think what nvidia is going through is different than everyone else. no one else is going to record a 40% increase in q1 revenue because of ai. nvidia is a monopoly provider of the core ingredient that makes ai work. the chip that makes it happen. they are in a wonderful business. will they be a wonderful business for 30 more years to

justify this stock price? i don't have a clue. microsoft is probably in the next best position. they're not going to sell 40% more. they might get a few people trying this office product in the next couple of quarters. it's not going to move the needle. all right, there is nvidia. if there is nvidia, there is maybe microsoft, amazon, google. maybe they are further behind but let's say they are closer to booking this revenue that some of the next level down tech companies, so how does the shape out? >> i think the point about nvidia being a monopoly provider is really smart. at the end of the day, nvidia took the big risks early and now they are it. there what you get. we have heard many stories about companies essentially trying to buy their way into position. how durable and profitable those monopolies are remains to be seen. nvidia knows it in the big difference between ai and

[indiscernible] as everyone knows it is useful. you can charge for this at rates that make sense to consumers, that makes sense to businesses, because the productivity gains are there. i think that piece of the puzzle is still undervalued in the market. >> how they're going to get that money this quarter eventually they will. they're going to charge you asking why are people going to charge for his first book, because you can charge. it's delivering value. it's replacing labor. it saves money. and then the second thing is, it costs money to do this. all these guys are leveraging up the expensive nvidia chips. chat gpt is not free for anyone other than the casual user. all of these ai products are

very computation intensive to deliver. the magic under the hood can be quite expensive and we are definitely seeing that, even at the early stages. it costs a lot of money to build these companies and the pressure was there to monetize that and get paid. >> steve, everyone is excited about generative ai. but we recently got a report that apple is looking at its own large language model. how do we know this is not eventually commoditized like a lot of the other bubbles we have talked about. we are so excited about enterprise software in 2021 going public and running up to these huge valuations. how do we know that generative aspects are going to become commoditized and microsoft can't charge. >> i would argue to a degree it's already commoditized. just like my inbox, go in the app store and type in chat gpt

and you'll get a gazillion different results but look, when you talk about those magnifico seven, one thing we have to look at going into this earnings season starting next week are four p/e ratios and how expensive the starts of gotten. you set this up really nicely, how we are going into this earnings season where they have to show the money. well, also, if they don't show the money we can easily see those stocks come down because of how expensive they have gotten over this ai hype. so have they been commoditized? maybe a little bit but only a few names are going to actually show. to your point about apple, it sounds like more of a developer to appear in i don't think they're going to have some supercharged gpt. i think that is more of a demonstration. obviously we know apple is going to want to do it in a more private way on the device, which also means less capability because if we are doing it on the phone, you cannot use those nvidia chips that are more capable about

mobile profits. >> this is one of those times when you see a simple sentence and answer was two sentences and it's totally wrong. >> isn't this the quarter that changes? that was the case until nvidia said no, it's here. >> i addressed it very specifically. what you have to understand is the value change, how long it takes before and business companies customers pay money. nvidia is going first because they make the chip that allows people to make the model. open a i have made the chat gpt model. everyone is furiously trying to take effort to catch up. maybe it gets commoditized. the reason nvidia is doing so

well, all of those companies including microsoft and facebook are spending hundreds of millions of dollars in a catch-up game, but there is no revenue and then one level further down, even after you have built a model that someone is got to rapid indecent software to sell it to individual businesses and that is one or two years away so going back to my point. i don't know anything about this quarter's earnings season, but it's nothing to do with ai. >> spoken like a true venture capitalist. investors may be thinking about this in a different way. they may think that this is no longer secular. this is no longer way off in the future and that is what i worry about, that nvidia brought this right in front of them and said if we can book billions of dollars in revenue, why can't you? >> i agree. nvidia is the tip of the spear here. you've got to buy the hardware to run the models. you know what company is not profitable? open ai, at the heart of this entire boom. they have not figured out a

sustainable multiple business model that makes all of this work so nvidia is the start of it, so they can sell you hardware. open ai is selling the model. they're selling a lot of this outbound capability. it's a long way to go. >> you said the magic word, unprofitable. that is something i've been talking about a lot lately so let's talk about it, the return, let's call it, of speculative tech. some of the pandemic darlings in 2022 were left for dead by investors but they are back. investors are feeling bold again pillar and delaware court rejecting amcs deal to send shares surging after hours for oasis syncing. it feels all very 2021 again. i have been looking at the

fundamentals of companies like carvalho. not much has changed. it still unprofitable. revenue is declining. does this and like it did in 2022? you've seen this at the earliest stages. >> i think it is super hard to opine on some of these public stocks in 2023 and i saw a really nice tweet that you show the two year trajectory of most of these stocks. it is the value of accident goes down to 1/10 accident may go to to 10 . it's just way down from the high. so basically it is in the margin of error like the world is awesome or it's going to end on friday oh, it turns out it's not going to end until a week next friday. let's double the stock. i think there's a lot of noise in the system on some of these companies. they were overlooked, under left and people are trying to figure out where they should be. >> yes, and where are they now? should investors be worried that

a lot of these names i just mentioned are still nowhere close to where they were in 2021? >> my personal theory is that the soldiers tracks with inflation. inflation is down so mean stocks are up and maybe it's just that. i think there are a lot of investors out there who like playing these games. they are not looking at the fundamentals and barbenheimer weekend it seems like a good place to park some money. >> a good point. we have two big releases. it feels like 2021. how did we end up here?

big tech, is it going to carry the season? i guess that is what it comes back to because they are the ones that make up this market. as you like to say often, as apple goes, so goes the market. >> that's right. but again, i am looking at microsoft and meta. meta is going to give us a good read on the ad market. microsoft is going to give us a good read on the cloud in their i.t. spend. also, i would add it does track inflation. it also tracks the dollar getting a little bit weaker, so these are big, multinational companies so the dollar getting weaker really benefits apple. remember last year, they had to raise prices on the iphone and some of their markets because of the dollar exchange rate. so any kind of commentary we get from apple and the rest of no foreign exchange is easing up for them is going to be really interesting, too. >> i'm glad you bring that up. we will be talking about that later. for now, guys, thank you so much for being here with me. coming up, whatever happened to the ride-sharing wars?

these days it is feeling more like the ride-sharing duopoly. we have an exclusive with lyft's new ceo. we are just getting started on the cnbc special taking stock. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf

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it's happening. get started wih fast spees and advanced security for $49.99a month for 12 monts plus ask how to get up to a $750 prepaid card with qualifying internet. back in the day ride sharing competition was fierce. it was seen as some of the most

innovative and disruptive companies in america. lyft positioned itself as more of the nice guy with uber taken the brunt of regulatory crises. if you remember left gaining market share and founder travis stepping down. since then, the gap has only widened with uber polling clearly away with its food delivery business. now lyft is worth less than the $7.3 billion it has raised over its lifetime. lift cofounder handed over the job to david risher who spent most of his career running a nonprofit. since then, he has cut prices and announced layoffs. i sat down with him to discuss what comes next. >> what is telling you writers are back? >> a couple things. first of all the numbers and we have third-party data out there.

it's a little zero-sum when you start talking about it that way. more interestingly from what we can tell the whole market is growing, which is better. >> why are they coming back? >> part of it is we have better pricing than we have for a while and everyone loves a deal. one of the nice things better pricing does is you get picked up a little faster. the better prices you have, the more writers you have and the more writers you have, the more drivers you have and everybody likes that. then we have a product called weight and save. it allows you to save a little bit of money and everyone likes a deal and about 30% of our rides are weight and save rights which means people are liking having a little choice in being able

to save some money. >> you have been more aggressive on pricing. that's one of the things you told me when we set here a few months ago and you are just starting. going back a few percentage points in terms of market share, what do you do now? can you get more aggressive in pricing? >> our strategy is not really to compete on price. we want price to be off the table. >> but it has been most effective so far. >> it's definitely a good starting point. >> the way i think about it is, i really think it is in everyone's best interest to have uber and lyft on their phone but there are going to be times one of us might let you down. i hope it is never us but i really hope you have choice because people like that and i think if you start thinking of it that way then you will understand how we are thinking about our kind of almost reintroduction to the world. >> what you want to accomplish in the next 100 days? >> that's a personal. so, the real focus is on

execution, just doing better and better so wait times go down and prices stay good and on what you are going to start to see are more differentiated services and what i mean by that is, you know, we both, 1019 and lyft, have a basic product that picks you up and take sure you want to go. we are trying to be more clever about it, innovation. for example and some airports now, when you touchdown on the tarmac you can actually open the lyft app and we will start to get a ride coming for you so that by the time you get to the edge of the airport, past baggage claim and to the curb, the car is waiting. the differentiation allows us to say you know what? you really do need both apps on your phone because sometimes one is going to do a better

job. >> so, is your aim to increase your market share? >> it's funny. i don't think the market share is an end goal. it just is an indicator we are doing well for writers and drivers. i'm just as excited and the whole team is, and growing the whole marketing getting more people using ride-share more than the once and twice a week that most people do it. >> when you say you want people to have both apps on your phone, are you still in competition with uber or are you now happy to be the number two player? >> we are for sure in competition with uber. but being number two is not necessarily a bad thing. pepsi is a great business. you can have a great business and be number two but that is not the goal. the goal is to get better every single day for writers and drivers and the better we do it -- >> wall street has seen share prices diverge. a lot of that came before you're in this position but even now, uber is the number one company.

>> i think this market wants to be -- for drivers and writers they want two strong ride-share apps. it helps business and it helps drivers and riders. i think both companies are going to try to differentiate in different ways beside just basic price and that is how i think you are really going to see this play out. >> when you go back over a lifetime do you think the focus on what product rides and what market in retrospect was that the wrong strategy? >> i think focus is generally a good thing. i think when a pandemic hits you have got to look at yourself to say, do we have the right tools and i think that was a very difficult time for lyft because we really only had one thing, which was transportation, and nobody

wanted to go anywhere. after that, you say gosh, we could have done something different, but where we are right now, i love it. i think there is so much innovation left. >> so the founders, logan greene and john zimmer, they still maintain control through their voting shares. are they engaged in the daily business? >> met with e daily business but with the board members and they have been very gracious at this point about saying look, our big value add at this point is to turn it over. i was talking to logan this morning and i'm talking to john tomorrow. they are super communicative. >> how do you think your leadership style differs from theirs? >> i am both blessed and cursed with an ability or inclination to make decisions quickly. it can be a curse because sometimes you get heavier stuff but i would say on balance, in a fast-moving industry like

ours, making quick decisions is a strength and that is something i bring to the table. i also would say i am a very customer obsessed person. i spent many years at amazon. i sort of learned at the altar and i feel that is something that really matters, making sure whatever we do is customer first. i would say those are some of my strengths. >> are they slow? is that why the gap widens so much over the last year? >> i don't know that they were slow, but it was their own company, so they needed to be thoughtful. in a way, i get a little bit of a pass. i'm building on what you built and i can move things forward in a way that is a little different. >> is lyft still innovative? what are some of the innovations you are thinking about? >> i think there is a lot of innovation to be done about older americans. their kids to want them to drive as much so i think there are some things to be done there.

drivers want to earn more. we know that. imagine you get a personalized report as a driver saying here are some things that if we did we would earn 10% more. instead of driving on a tuesday, drive on a wednesday. or if you see a shift a little bit toward evenings you probably earn 10% more. that is the sort of thing i think ai can do to help our drivers to be better drivers. >> door dash and again, the economy is testing a new hourly wage option. is that something you're looking at? >> we are looking at options. that something they are doing so i don't want to comment on that. >> but it's giving an option to drivers. >> let me say it in a different way. we are thinking of options we can give to drivers that give them a guarantee of wages.

here in california, proposition 22 basically mandates enema wages effectively and we are thinking of how we can take earnings from that. >> your competitor recently turned bullish. i asked him why and he cited list demise. how do you respond to that? >> i think he's wrong. i understand people look at data points. the data points for us, 26 shares, 28 shares, 30 shares -- i think it's laughable. just think about this. every time we recruit a new driver to the platform it is always the case uber does better because they have more drivers they can ask the vape. -- activate. >> the last question -- it's an interesting moment. it has been about job cuts and companies trying to get more

efficient. do you have the right size team now? do you think that you are operating efficiently, or is there more to go? >> we've got a good team. one never says never but that's not the focus now. the focus is on taking what we've got and building from it. great for writers, great for drivers. i think we have a great team doing it. >> of course, uber is not without its own share of struggles. it is now it just $47 per share. our big thanks to david risher for that in-depth conversation. tax earnings next week. coming up on the show, could there be another economic tale? we will discuss. stay with us.

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welcome back. signs that the wall of worry that hit tech stocks in 2022 may be coming down. the federal reserve is thought to be near the end of its rate hike cycle and stopping inflation. in many cases, stock companies are narrowing losses. that is a positive for companies that generate more than 50% of their revenue from the highest chair -- share of the s&p 500 sectors. when the dollar weakens, sales or with morris, so in 2022, billions were wiped off quarterly earnings of u.s. companies, will the weaker dollar not be a boon this season or what do you think?

jeremy, does the dollar matter the same way it did back in 2022? we spent the first part of the show talking about the huge secular shift in artificial intelligence. >> i will explain the impact but you did a beautiful job there explaining exactly what is going on and you know, i do think last quarter was perhaps the peak of what the tech companies were taking from the dollar. you go back last year the dollar was at 15%. i think as you get later this year it turns into a tailwind instead of a headwind. i think this quarter will see modest tailwinds perhaps but later in the year as you get

through it, lower dollar figures averaged into their sales and the profit i think will have a much bigger boost to their earnings. >> we saw some dollar strikes this week coming off of a low base but nasdaq underperformed. do you think that's coordinated? >> the very short-term move is very tough. i do think -- i have said the dollar has been one of the better hedges to things like the s&p 500 because so much more of our earnings are coming abroad. so you know, i do think the dollar serves the interesting role [indiscernible] i think the dollar is a better diversify her because of the inverse correlation between earnings and the dollar but in this very short-term, it's hard to say any single factor. >> talk a little bit more broadly. the question we are constantly asking is are we back in bubble you talk about the.com bubble

and have values became so inflated. we did our own research on this and i'm sure most of the things you look at -- bigger cash piles, more profitability, but you think we are only halfway to those multiples. why? >> you pick that up on my twitter thread. >> i was watching. >> if you go to the forward p/e ratio, back in 2000, the forward piece of the tech sector which is now 40% of the market, this includes amazon and meta-, communication services. they were in the 60s back in 2000. today it's 30 and so when people say that is relative performance, yes, some of the performance of the nasdaq and others look like [indiscernible] but these companies are weight making more money.

>> for that reason, we call companies like apple, nationstates and the mega caps are being treated like defense stocks. do you think that's accurate? do you think investors should be treating them as such? >> they do have these pristine balance sheets. we launched a quality growth index with the seven stocks you see maybe we are looking at profitability, low balance sheet leverage, low debt. they are very cash-rich, as you said, so there are a lot of reasons to say these are very good borrowers. when they are borrowing, they can pay back their debt. so people thought during the crisis you want to be with tech companies more so than governments and there is something to that but i do think these are very high quality companies. >> thank you. we will see what happens next week. thank you for being with us, jeremy schwartz. as we go to break, check out shares of sirius xm, looks like they are starting to come down in price after shooting up earlier that next week.

34% of shares are held short. don't go anywhere. more from techcheck. one market in san francisco is coming up. coming up, china on the attack is the u.s. government is targeted in another cyber attack. the latest battlefront in the cyber war. plus, forget the cowboys. how texas is taking over the chip sector in silicon valley on drugs. how ketamine, lsd and mushrooms are taking over corporate culture when text check returns.

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welcome back. the good news is that ship companies are delaying their manufacturing hubs. one state is standing out as having more chipmaking facilities than any other. that is taxes. >> we have well over 400 acres here and we are in ballroom number one. there will be three other factories. one to the north and two of them that are to the west of us. >>there is a boom happening in texas and we are not talking about oil. america's second-biggest state has become the hub for manufacturing the country's tiniest microchips. >> because we have ports, access to materials, because of our low cost vistas we are well- positioned to lead chip manufacture. >> reporter: silicon valley and california have long had the title for advancing technology on silicon. but as the cost of making transistors has skyrocketed, so has the size of the machines

and the amount of land needed to do it. >> texas is spacious. it is huge and it has great support for ease of business. >> reporter: now, manufacturing chips on u.s. soil is a growing priority amid mounting geopolitical tensions between china and taiwan. the chips act set aside more than 52 billion for ensuring production. chip giants have ramped up operations in the lone star state. apple and amazon chose texas for designing their custom chips, too. >> for that full story and the impact on the u.s. economy, had to cnbc.com. our team does a great job on these long pieces, well worth the watch. coming up, 90% of attacks begin with email. take a look at the nasdaq 100. what investigates looking at

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i'm not in a position to confirm that my own personal email was hacked but obviously there has 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 are in the middle of an active investigation except to say, we take it incredibly seriously. >> that was commerce secretary janet armando this morning on squawk on the street. news of the breach coming as nbc news has confirmed hackers also accessed the email account of the u.s. ambassador to china nicholas burns. both attacked in conjunction with an intelligence gathering campaign. how did this happen on our cyber attacks too sophisticated for our internet security companies to manage? walk us through how you think this happened, where the proper precautions were not in place. >> hi, thank you for having me. absolutely. government, in general, represents right now the highest number of ransomware attacks. what we saw last quarter alone is that one in 25 organizations was attacked, and 90% of attacks are starting with

phishing email. why is that? think about email. email is the most vulnerable. it is the easiest way to get into your system. you have access to email everywhere in your life, not just on your personal computer, but also on a mobile device and even on a wearable device, so it is just so pervasive and vulnerable to attack. >> why is government so vulnerable? you said it is the highest number of ransomware attacks? is the awareness perhaps not up to par as it is in the private world? >> i think it is two fold. if you think about governments around the world, they have access to broad citizen data. they are absolutely a target, and the biggest one there is, so the attacks are actually going after where the broadest citizen data exists. on top of that, governments are under increasing scrutiny and pressure to protect those environments.

that can be a confusing space, where you are going to invest to be able to keep citizen data protected. >> right, so email attacks, that is usually someone opening something up and clicking on a link and what you are saying is human error, something technology cannot necessarily account for, so what is the solution? >> right. when we think of cybersecurity, we think about people first, then process, then technology, but the key is really people. it is important for people to be aware and keep themselves secure through training, understanding, education. processes come about to keep people secure and so following the process and then where technology comes in is to actually secure the processes to ensure security of the people, so you really have to think about cybersecurity in

that order. people, process, then technology. >> while we have you, the last question for you is what are you seeing in terms of the spending environment when the macro backdrop got a little soft, some companies pull back. are they leading and now, or where are you seeing it at your level? >> i see organizations continue to lean in, even though, in this uncertain economy, there is questionable investment overall and technology. one place where we continue to see very steady investment and in many cases, increased investment, is in cybersecurity is the threat landscape gets much broader, and as bad actors continue to get more sophisticated, but so does development and investment in r&d to keep those investments secure. >> thank you so much for being with us. have a great weekend. >> thank you. >> coming up, silicon valley on drugs. how psychedelics have moved from and after hours event squarely into corporate culture. you don't want to miss that

one. we will talk about it when we return. i was told my small business wouldn't qualify for an erc tax refund. you should get a second opinion from innovation refunds at no upfront cost. sometimes you need a second opinion. [coughs] good to go. yeah, i think i'll get a second opinion. all these walls gotta go! ah ah ah! i'd love a second opinion. no. i'm going to get a second opinion. with innovation refunds, there's no upfront cost to find out. so why not check like i did for my small business? take the first step to see if your small business qualifies for the erc.

take the first step to see if your small business - today, 9 million kids in america are considered food insecure, meaning there may not be a lot of dinner at the dinner table. help change a kid's life. support your local food bank. the more you know. welcome back. psychedelics have been one of the biggest topic in tech from the entrepreneurs who take them at work, micro dosing, to starts trying to get approval for medical reasons.

what's going on here? >> if you think about psychedelics, you might think about the 60s, but these drugs are entering the medical mainstream as companies just medical fda approval and entrepreneurs use them to gain an edge. the active ingredient is being tested for treatment of mental illness. researchers at harvard and mass general are among those studying the compounds and despite a stigma around some of these drugs, they say there is proven [indiscernible]. >> for those it does help, it seems to have a tremendous impact because these are folks who have tried other medications that have not worked for them and this provides them the first relief they've known in a long time. >> this spaces attracting traditional biotech investors. a flood of money poured back in and 2020. it has fallen off in recent quarters. the publicly traded names,

though, are benefiting from a recent recovery in biotech, one founder telling me they lack the broader sector because they might still be two -- too controversial. >> if you look at biotech investing at the moment it is looking for those companies who will soon hopefully be taken out by farmers so the fact that pharma is hesitant to move into second -- psychedelics takes that catalyst away. >> he says some investors have been skeptical about some of the hype around these stocks. while the success of these companies very much relies on fda approval, some entrepreneurs are not waiting. luxury retreats in jamaica can run you anywhere from $7000- $20,000 per week. they go there to treat depression or use psilocybin to find deeper meaning. >> beyond the pure, therapeutic approach, those people that

need to perhaps step back a bit from life and take a broad view, be at the business they run or be at their life in general, these big therapeutic doses of psilocybin can certainly help create that perspective and lead to more creative flow of ideas. >> doctors and experts we spoke to expect fda approval within the next five years or so. the fda also granted breakthrough therapy status to psilocybin and mdma. >> that's a fascinating report. talk to me a little bit more about this recreational side. you know, you hear about these things, founders, especially here in the bay area, taking it at work and daily. is that micro dosing? >> i think you call that micro dosing. it seems to have become very much so crucially socially acceptable here. people are comfortably talking about this now at dinner

parties or cocktail parties. the talk about how they have used this to treat depression and found benefit from this. they say it is very different from just taking their normal, prescribed drugs to say i actually did this and you can go to this retreat or go to someone in the u.s. it is very much done here in the u.s. with therapist underground. >> right, but we live here in california and we communicate a lot so it almost feels normal to us to hear about this but in other parts of the country, i cannot imagine. >> i'm sure some people's eyes are popping at this and it does start to feel very normal although it has been happening for decades. you think of steve jobs, one of the forefathers of tech out here, he was very open about his use of psychedelics and attributed some of his creativity to those drugs. >> a lot of folks will write that off. the tech guy, entrepreneur is

doing this. is there a parallel to cannabis use? a decade ago you're seeing it. >> some of them really want to draw the line between cannabis and say we are doing this for treatment, not recreation. it actually can be quite dangerous if you take too much. they tried to draw the line but where there is a big analogy and some strong parallels is the regulatory environment. it is the state-by-state approach we are seeing some of these drugs been improved in oregon and colorado, more likely we will see it approved at the state level. >> one of the charts you showed us in that piece looked like it dropped off a cliff. these are the people using it, talking about all of its positive effects, looking for approval. why has that fallen so much? >> seems like the hype cycle.

a couple of years ago it was similar to what we saw with ai, companies slapping psychedelics on their name because they want to get in on that. that has dried up. this is a quite speculative area. biotech. you have seen it in public markets. risk is drying up and you are seeing that in venture capital. it has been a right now, on "last call," bob liger was not kidding. one of the hottest measures in the market, psychedelics. a.i. arrives that one of the rolled's top automakers. we will show you how. and a river of ice near milan, italy in july, this morning. what is