(avo) ask your doctor about once-weekly mounjaro. this is your moment. critics declare oppenheimer is magnificent. the new york times calls it staggering. it's utterly enthralling and one of the best movies of the century. good friday morning. i'm melissa lee with david faber at the new york stock exchange barclay's chief economist is here on a defiant gdp print. >> renaissance macro founder jeff de graaf also with us on the tech side of this historic melt-up in the dow. later, the ceo of first solar, that popped big, now in negativity territory right now. let's give you a check on markets an hour and a half into this summer friday you can see we are up across the

board. the nasdaq posting significant gains, 1.6%. melissa, not to go back to yesterday but it is somewhat reminiscent of what was a strong rally and stalled out on the move from bank of japan and move up in rates. perhaps today will be sustained and many of the biggest are getting bigger today, including meta, up 3.6% after that earnings print on wednesday after the close did get a positive response in the marketplace yesterday. >> as we were talking to bob about the fragility of the markets in reaction to a 4% ten-year yield, it's amazing it felt algorithmic, and then we see the selloff and today's resumption of the trend. we go back to what worked in the past and that is go into what i don't like to call the magnificent seven. >> i know you don't like - >> the seven biggest tech stocks out there. that seems to be the play investors want to take now. >> it is true across the board

with standouts being amazon up 3%, meta up 3.6%, nvidia up 1.8% you get the picture. it is powering the nasdaq to the significant gains we are seeing so far this morning. a key inflation rate falling further today. core personal consumption expenditures was up 4.1% that was below street estimates. in fact, the lowest level in two years. despite inflation falling, our next guest is among those who expected at least one more 25-basis-point hike, that would be in november the central bank, the fed expected to hold rates up through july of 2024 joining us now,barclay's chief u.s. economist mark giannone i laid it out, why do you expect, in many ways you're in the higher for longer camp, would that be fair to say? >> that would be fair to say good morning thank you for having me. absolutely we got great news on the inflation front, no doubt about

that we learned that with the cpi a couple of weeks ago. we saw confirmation of that in the pce number this morning. i think the fed expected that number to be pretty weak as well on the pce number, but we cannot take that as a signal of the future trend or inflation. in particular, i think the fed is going to be pretty concerned about the chance of inflation remaining low, when it sees the labor market remains hot, when it sees consumption remains really, really strong and continuing to power the economy. so, i think we remain really strong we've seen some slowing over time we've seen some gradual moderation in the labor market but i think the labor market imbalances are still there chair powell has high llighted those upgrades. >> when do you think we'll see impacts on the consumer? i think the piece of the puzzle so many have underestimated is the notion of the lock-in

effect much of consumer debt, much of household debt is tied to rates that don't move. they are fixed i think 11% of household debt is tied to variable rates what point do you expect to see that hit the consumer and, therefore, we'll see that slowdown in consumer spending we need to see? >> that's right. we saw a very strong first quarter where consumption grew over 4% quarter-on-quarter annualized it slowed down in the second quarter. we expect it to slow down in the third quarter and in the fourth quarter to actually flatten out. part of that, i think, is going to be the resumption of the payment on student loans and both the amortization and the interest payment on student loans that are going to start kicking in in the fourth quarter and probably subtract like 0.8% to growth in that quarter. so, that could actually slow down consumption there we expect that to continue overall in the first quarter of

next year as well. we expect a slight downturn taking place. >> are you surprised at the strength of the consumer thus far? >> of course we've been surprised consistently with the strength of the labor market and the strength of the consumer i think there's a very strong feedback loop that's happening they are creating job, bringing in employment, generating income and fueling consumption. that consumption is households turn towards services, which is labor-intensive, maintains the labor market tight. >> what about the spending by the government itself. we have the c.h.i.p.s. act, the inflation reduction act, the infrastructure bill. a lot of money going into various projects around the country. does that have an impact >> it does, certainly. so, we -- it's not only a lot of money from the government, but also provides incentive to the private sector we saw a lot of investment in infrastructure, in particular, in the second quarter as well. and construction spending for infrastructure projects is really, really booming at this

point. >> basically you're saying -- i'm sorry to go back to this, but it was interesting the way you're talking about student loan that's going to slow down the consumer that's the biggest impact. so, there's really no, in your view, transmission mechanism from the fed raising rates to the consumer immediately it sounds like it's all going to come from the problem that consumers will have in terms of paying back their student loans. >> so, i do think that the interest rate effect will have time -- will have an impact on consumption over time. so, as rates go up, the incentive to save are also a little higher. and as people also deplete their savings they got during the post-pandemic period, they are going to feel a little less wealthy over time and are going to slow down their pace of consumption. i think this is all part of the traditional transmission mechanism of monetary policy where over time, as rates remain elevated, it starts biting the consumer more and more over time. >> so, a year from now we're sitting here and rates are

where? >> so we expect rates to remain -- to go up one more -- once more 25 basis points to go to 5.5, 5.75% and stay there until june of next - >> so we'll be around 5, 5.75? >> that's what we expect only by july we'll start seeing declines in rates. i think chair powell give a strong signal in his press conference alluding to the fact they might talk about rate cuts only in the full year from now, which i thought was pretty significant. >> marc, thank you appreciate you taking your time. barclay's chief u.s. economist. let's turn to the surprise move of the day, intel a return to profitability with shares riding higher jon fortt spoke with pat gelsinger. >> intel stock enjoying a nice bump, up 5.5%, 6% after the company reported solid q2

revenue and a profit in the challenging environment. moments after he wrapped up the call, pat gelsinger said they shouldn't count intel out of the a2 chip. aws is using it. the big test comes with gaugi 3, which customers could anticipate later this year. >> obviously, we had a good quarter on gaudi 2, the ml-perf results, the benchmark the industry looks at. that was very good that was gaudi 2 i'm happy to tell you we now have the first gaudi 3 wafers in hand and they're looking good so far. so, we'll be turning those into products and sampling those rapidly. as we said, gaudi 3 is a '24 product for us clearly, that's going to raise we sort of say it doubles the capacity that we have today on gaudi 2 on multiple die mmensios

gaudi 2, 3, falcon shores, so we're executing on a simplified, focused road map >> hope to be with you in september because that's when intel innovation is. are we going to have customers talking about experience with gaudi 3 at that point? >> we'll see what we have to talk about to innovation, jon, but i'm sure i'll have a few surprises to talk about with you then as i say, we're seeing first wafers on it now it takes a while any of these advanced, high-performance data center and now a.i. accelerators, they use a lot of advanced package techniques which takes longer to turn them into sampleable products as i say, first wafers are in hand they're looking good and we're going to have a lot more to talk about around gaudi 3 and overall road map in the innovation time frame in september. i do look forward to seeing you there. >> now, guys, intel did beat the

expected number for data center. they were expected to do $3.76 billion. they did 4 billion in data center it's a rough market. going to be in the current quarter as well. nvidia is cleaning up in the a.i. accelerator category. getting gaudi 3 right is very important for this turn-around. >> they also talked about how corporate spend is going to a.i., to the detriment of intel. does gaudi 2 or 3 solve that problem in terms of getting that dollar back in the near term or long term? >> gaudi 2 doesn't solve it. definitely not solving it. exactly as i was just talking about, gaudi 3, they're saying in 2024, that's another $1 billion for them if that works as expected. that's just another step along the way. clearly, nvidia's business is much bigger than that. nvidia's stock price reflects that what we're seeing today in intel

stock price is people who just thought this turn-around probably isn't going to happen now with this quarter, this is another notch where, well, maybe it will. and then you've got to figure, well, what if intel can actually show that gaudi -- it's not just wafers they can sample and customers are saying this gauid 3 chip looks to work, then how do you value intel it's a whole different conversation we could be having in a few months. the question is whether we will. >> on that point then, jon, when gelsinger says to you, quote, this is when intel gets good, what does that mean to you >> i think it means we're going to start seeing the putting and if the proof is in the pudding they've got the wafers but now they have to show they can produce chips based on these way offers in volume customers have to say, boy, these a.i. results from gaudi 3 we really like then it's a price performance argument nvidia might have the performance lead, and they're

charging a lot for it, that's why the stock went way up. but then the likes of amazon, i talk to andy jassy, he said we have a.i. chips that are homegrown and we believe the value of those is going to be. might not perform on par with nvidia and horsepower always, but we think price, you know, for the money, what we can deliver is good. intel is going to try to make a similar argument, but they have to be able to deliver the chips in volume and they have to work. we'll see sooner than some investors might think. >> jon, thank you. jon fortt. after the break, we'll trade the technicals with jeff de graaf. a look at what the charts are tell ing us about the recent bul rally and one sector to avoid. we'll keep an eye on the auto sector, particularly ford, which had good earnings, upbeat guidance but the stock is lower because of concerns of slower than expected ev adoption. elsewhere chinese ev maker xpeng jumping and an upgrade on jeffries

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welcome back let's take a look at palantir. stock is up by 5.5%. wedbush with a $25 price target calling it the mess ty of a.i., saying it has built-in a.i. fortress that is unmatched.

>> classic dan ives, right >> always looking for something, yes. time for the technical take. our next guest has been in the bullish camp isn't the end of last year. now his charts are telling him there's opportunity in one sector joining us, renaissance chairman jeff de graaf. the nasdaq leading year-to-date and also in today's session. what are you seeing? >> the trends are still positive we're going into a tough patch seasonally it's something to be cognizant of we've had a little shift in terms of sentiment i don't think sentiment is a problem but certainly the easy money phase, if there ever is such a thing, is probably behind us i think we consolidate it's something in the 3% to 5% kind of tapping the beat here and we move higher overall still very constructive. >> so, do we continue to see the broadening out of the markets we have been seeing of late

>> i think so. the one thing that would change that would be an increase in triple beat spreads. if we start to see credit conditions deteriorate, which we haven't seen i think it's been the one area the bears missed the entire year, which is the credit conditions actually, even though the yield curve was inverted, the credit conditions were supportive and they will continue to be so. as long as those spreads continue to narrow or at least be stable, the high probability event is we get a broadening out of this marketplace. so, we continue to like cyclicality. we continue to like areas of tech, albeit we think they consolidate but they still look very, very good to us. >> and yet you are bearish when it comes to the regional banks that's a group that's seen a monster run in the past month or two. >> they've had a big bounce, a big rally. we thought they would rally back in the spring and we were way too early on that. they've now come up in just about the 200-day moving oorchlg a lot of the indices we look at.

they look vulnerable to us they're below these large top formations in downtrends they're overbought in a downtrend. we call those optimal exits in our work a lot of them are right there. i think they're going to be a struggle i know they're cheap i know there's likely to be consolidation there but there's a big overhang that will probably prevent those from being leaders as we go forward. >> is your call different from the larger banks, the jpmorgan morgan, morgan stanleys of the world? >> jpmorgan is an island unto themselves owning jpmorgan, visa, mastercard is about all you have to do to have leadership in that sector the bank of americas don't look as good, the goldmans don't look as good, jpmorgan is really a leader unto itself so, i would say the major players, the sifi players are not as bearish as regionals but they're not as compelling to us. >> the ten-year yield, we saw

that yesterday in the session when the ten-year went up and pullback in stocks do you think it will be a challenge for stocks >> over 4% it gets into our yield impact model and starts to affect equities adversely. it's one of the reasons we think consolidation is more likely because of where we are on yields i think one of the things not being talked about much is the end. if we see a stronger yen, which is the global liquidity measure, if we see a stronger yen i think that's bearish for equities. right now it's okay. but i think that's an important thing that people aren't watching that really needs to be tuned into a change in the global liquidity measures out of the yen would be really, really important so that would be reflected in the ten-year yield again, we'll watch bbb spreads to see if those are add investigatorly effected. right now not a problem, but absolutely those are the focus for us in terms of keeping our

eyes on the ball and making sure we don't whistle past the graveyard, if you will >> you did bring a pick you are bullish on and it's a stock we don't often talk about adco >> it's obscure. it's in a group that's starting to come alive here the ag equipment names and heavy machinery names. it's a big base. it's on the verge of breaking out. it's got good -- good pegs or a place to growth ratios we like it we think it breaks out that base supports a substantially higher target. something 20%, 30% above where we are today. >> the longer the base, the higher in space, as the great amotto would say good to see you. jeff de graaf. >> thank you. shares of first solar reversing what had been early gains, this on response to its earnings results we'll get into the reasons behind that sort of up and down move you see right there we'll have an exclusive with the

company's ceo. plus, we are watching roku, another big mover to the upside, reporting a smaller than expected loss. shares are up by 25% we'll be right back. good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. we planned well for 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

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european markets closing in just a few minutes mixed session with mining stocks the biggest laggard. the story abroad this morning is taking place in bank of japan, loosening its yield curve control. that hawkish sentiment boosting the yen. this could be the start of a significant tightening cycle meantime in china, a rally in the opposite approach, chinese equities closing in on best week in several months on signs of easing a report indicating broader

leeway on tech innovation could be coming after repeated promises from authorities to revitalize china's private sector wow. china up by 5% almost. >> still so many questions about the economy there. >> also, there had been so many sort of hopes that there would be some sort of stimulus program from beijing the latest was maybe they would do something for the property sector but nothing that people thought. the question is, are they just holding back a little bit? a sign they might be promoting certain companies, tencent, they have looked at the ministry of finance is going to actually promote these companies abroad in terms of foreign investment. >> which would be a change in general, the tone has obviously been for the last three years, really, quite a negative one when it comes to big tech, which we talked about. the question has also been the response of those who run the

company in terms of their willingness to invest, how they're using it, allocating capital, investing for growth. >> right but recently with alibaba, and financial, the reversal we saw in that, that was seen as a big, big sign it could be, at least for now, green light to invest in china the biggest fear in terms of government's intervention is gone. >> right has receded a bit. again, with all things china, it's not completely clear. >> right let's get a news update. for that we'll go to contessa brewer. houston police closed the investigation into the deadly 2021 astro world festival. the more than 1200-page report details what unfolded during the travis scott performance that led to a crowd crush that killed ten people and injured thousands more the report came out the same day as the rapper released his latest album "utopia." last month a grand jury

determined scott would not be criminally charged in the deaths. prosecutors are pushing for bryan kohberer's defense team to release the identify of his alleged alibi. the defense team for kohberer, charged in the murder of four idaho college students last fall, claimed earlier this week he was somewhere else during the killings, but they didn't say where he was, which is what prosecutors are now pushing for them to release in this latest court filing. who helped form the eagles in the '70s died yesterday the bassist who contributed to the high harmonies and hits like "take it to the limit" and "the best of my love" was 77 years old. >> contessa, thanks. oppenheimer says to buy uber ahead of results tuesday we'll take a look at the numbers with the analyst behind the call don't go anywhere. (upbeat music) - [narrator] what if there was a hearing aid that could keep up with you? (notification dings) this is jabra enhance select. it's a smart hearing solution that makes hearing aids more convenient and less expensive.

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boston beer, massive gainer. the maker of sam adams with upbeat guidance. you can see it's volatile, but today it's a winner, up 17%. let's now go post to post with bob pisani with a look at what else is moving this morning. bob? >> you see the s&p 500, we're up 50 points right now, so we're knocking onthe door of 4600. we could even close at a my high today. we've been talking about this broadening out story we see the big winners this

month. banks stocks are going to keep talking about them but u.s. bank corp, another one up again today. almost 2%. it's up almost 20% this month. as i said before, most of these big super regional banks have regained about 60% of the losses they had since march when the banking crisis started let's talk about oil stocks because this is one of the best months i have seen in years for oil. slb, schlumberger, producers, refiners are up 12%, 13%, 15%. eog, marathon, conoco, halliburton. all of them are all up at the same time. oil's been trying -- it's been moving up all month. it's trying to break through $80. it's the highest level since april. so, there's two big winners. there's the broadening out story for you. but it's not everything. consumer staples names have been

struggling all month there's kimberly clark it's down 5% hershey's,conagra, general mills, they're all down. the broadening out story is not extending through the entire stock market a lot of these consumer names are having some trouble trying to raise prices after several years of doing that. i think the big story in the second half of the year is going to be some push back on the high prices that's going to mean, of course, potential cost cutting for some of these companies who aren't able to do that anymore. melissa, back to you. >> bob, thanks. a call from oppenheimer grabbing our attention reiterating top stock picks for uber ahead of earnings on tuesday. they see the so-called super app growing as the return-to-work push continues and expect the company to be into the s&p 500 during the december meeting. joining us, oppenheimer's jason.

good to have you with us the third-party data you're looking at, really interesting in terms of time spent on the app and also driver downloads of the app. what are you seeing? >> if you looked at time spent, uber was up 5% year over year on the quarter, and doordash was down 5%. i think the magnitude is interesting. i think it highlights the fact be the super app mobility, food, you can just drive more consumer attention in the app we also saw their share of new driver downloads was up 250 basis points versus first quarter. we thought both were quite positive for the business. >> what do you want to hear going forward. when they report you want to see the beat because you're expecting upside to estimates when they actually report, but what do you want to hear from the company in terms of what they're paying drivers and some of the labor issues you're

seeing in various cities across the country. >> that does show up in the tape rate, right? you can see the actual financial impact we do think take rate will continue to gradually improve the way they've been dealing with that is up-front pricing as they roll that out in more countries. that allows them to basically get drivers to accept more rides that they wouldn't kind of average out what the drivers get paid and what they keep we want to hear what they have to say about west coast return to work. we're still about eight points below kind of where we were in march of 2020. so, with tech companies kind of requiring people to go back to work in september, we think that will be helpful. there's a question with the consumer we think uber is more explosive and upscale consumer we all know the consumer is still doing okay but there's a lot of questions about that. then also exposed to the services side, airlines and hotels are still forecast to grow mid-teens revenue this

year, which is more than retail sales or overall consumer spending and lastly on food margins food margins are what we call delivery margins have come in much better the last few quarters and they've kind of continued to try to keep expectations low for next year i just think those will continue to creep up. that plays into the whole improving profitability and inclusion story. >> in the note you call uber the super app and it jumped out at me because elon musk is rebranding twitter as x in hopes of making that a super app are there other services you think uber could get into that could make it more super than it currently is in terms of services offered >> look, they're trying to get into a little more kind of travel planning services a lot of these are with third-parties. they're not doing it, they're partnering but the idea of, you know, you can develop online travel and

those type of services, car rental, they're adding you know, it's funny, historically to be a super app, you had a financial application like -- that allowed consumers to move money and do some forms of kind of banking i don't really see them doing that but the idea is the more you can keep the consumer in your app and, you know, we think about amazon, right, our go-to shopping app you know, effectively you just drive more behavior. again, as they're the only app offering mobility and delivery and we think about delivery, by the way, spanning just beyond restaurants. over time, retailers tapping these companies to do deliveries, groceries, and then we think about advertising advertising plays into restaurants, retail, grocery we just think it can continue to get broader as they push out the capabilities. >> jason, thanks good to see you. >> thank you after the break, why this week's earnings commentary seems

to bullish for nvidia. that will be coming up on "techcheck." and we'll have a look at the nasdaq for you right now because we are -- well, there's nvidia we're at session highs one trading day left in july the nasdaq up about 4% for the month.

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theme in tech earnings this week the heavyweights all talking up their investments in a.i and that ends up pointing to one company as a clear beneficiary that is the focus of today's "techcheck" with deirdre bosa. >> so, david, a.i. mentions on earnings call very last quarter. this quarter, if you really want to know who is spending to take advantage of the boom, look for mentions of capex. between the three mega caps that reported this week with a collective market cap of $5 trillion, capex was mentioned 37 times. and so the biggest earnings winner of the week arguably a company that didn't even report but was referenced by every tech giant that did that is, of course, nvidia capex or capital expenditures, those are the big moneys the company uses to position itself for the future in the age of a.i., generative a.i., that is less traditional server chips, more advanced gpus that inindividuals yeah makes.

that shift was crystal clear this quarter microsoft said we expect capex to increase sequentially on a dollar basis driven by investments in our a.i. infrastructure google, we expect elevated levels of investment in our tech infrastructure increasing. the primary driver to support our opportunities we see in a.i. meta, a major budget point we're working through is what the right level of a.i. capex is to support our road map on the losing side of that shift, and there always is a losing side, that would be intel. a chip company stuck in the traditional world of server processors they write, in our view, this most negatively impacts amd over time as a.i. server cpu demand lessens. pat gelsinger is working to change that but the pressure is on and the tech giants are making their spending plans right now as we saw over the last week. >> you know, deirdre, i think elon musk on tesla's call also

mentioned nvidia in a positive way. >> good point. >> you know, the question i guess is, how long can this dominance in such an important one component, basically, of creating generative a.i., how long can it continue >> and how much is already priced in? we've seen nvidia more than triple, become a $1 trillion company. i was reading one wall street note that says right now it has about 90% of the market. if it can keep 75% of the market, things will okay but we know the mega caps, tesla as well, they're working on their own a.i. chips they would design them themselves and manufacture them. who knows, maybe intel would be the one to manufacture them because it's working on its foundry or manufacturing business but right now, david, as we know, as you well know, you talk about it every morning, cramer talks about it multiple times every morning, nvidia is a clear winner if you want to look to the future, it's still nvidia as we saw this week because you can't get these gpus anywhere else maybe a few years out, there may

be other players pat gelsinger, they hope they can provide something. >> amazon also we talked about this with jon, plans to design its own gpu chip to power its a.i. ambitions. >> they're all working on it there's amazon, meta, there's microsoft as well. these plans are not very far away but we saw apple, m1, all of a sudden is seemed like a moonshot and it was there replacing the intel chips they had used for so long. >> great point deirdre, thank you deirdre bosa first solar is one of the top gainers in the s&p premarket after eps surpassed analyst estimates but those gains are apatg. weavan he exclusive with the ceo on deck. ♪♪ at morgan stanley,

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a sharp contrast in the second quarter for two of the bigger names in providing solar power on one hand you've got shares of inphase plunging after posting a miss on revenue and guidance it's possibly indicative of wider or weaker residential demand stock down 10% take a look at shares of first solar. that company reported a beat across the board and announced plans as well to invest up to

$1.1 billion in a new factory here in the u.s. joining us in a cnbc exclusive for more on that expansion plan, is first solar ceo mark widmar why the decision to invest $1.1 billion to build, at least yet determined where, a manufacturing facility >> yeah, david, it's very simple it's really driven by the strength of the market demand and backlog we're seeing as we reported in our call yesterday, our backlog now is almost 80 gigawatts. and the underlying demand says we're sold out through 2026. so, in order to better serve the needs of our customers, we need incremental supply and that's exactly what the factory will do it will bring on another 3.5 gigawatts of supply to better serve the needs of the market. >> what is the conversation like with your customers right now in terms of their need, your ability to fulfill them, their ability to stay in the u.s., obviously, for the key components they need to power

their solar arrays >> yeah, so right now the way the inflation reduction act is provided, which is the inventive and the cry tia determined, guidance provided uniquely positions first solar in terms of our technology and manufacturing process. we're vertically integrated. we've been manufacturing in the u.s. for over 20 years we have established a supply chain here in the u.s. across that journey and uniquely positioned us for capturing best and enabling our customers to customize their returns. strong interactions with our customers are robust not just here in the u.s. but also in markets of manufacturing. >> we've got some data points showing weaker demand. inphase, we were highlighting that last week sun power indicating

much weaker than expected demand these aren't in parts of the market you are playing in, which is utilities at the same time, what indicators will you be looking at to indicate to you that demand could, in fact, be weakening maybe because of the macro issues in the economy? >> there are certain things you clearly have to look to. one is cost of capital again, we do not participate in the residential market we have never done that since the inception of the company our focus on -- one of the things around solar power plant is cost of capital is important. so -- in terms of what happens with the cost. the other thing because of the u.s. in particular, the tax attributes or the investment tax, reduction tax credit has to be monetized there's a need for tax equity in the marketplace. but there's other entries into the market like insurance companies and large technology companies that have significant tax capacity we do stay close to both of

those as the leading indicator of indication of demand. the other thing we're looking at is evolution beyond just solar pv obviously, there's a move towards green hydrogen that's another demand inflection point we think we'll start to see more and mor we'll see more and more demand, that it will provide the industry >> when you hear opposition by politicians in certain states, texas comes to mind, general use of renewables or at least expansion. texas is the biggest state, i think, in the country for wind what's your reaction is there a concern of there being negative views of solar in certain states >> i do find those views of politicians ebb and flow at times. it's interesting, david, you mentioned texas. one of ourcompetitors made a

decision to put manufacturing assembly in texas and the politicians all lined up and praised it the governor did senator cruz did everyone was excited for and quickly pivoted to the all in energy approach. we know we have continued to work through the head winds from the chatter but we're creating u.s. manufacturing, u.s. jobs, our r&d is done in the u.s. as well creating jobs and creating a supply chain in the u.s. as well >> the chinese continues the market share around the world. i think another complaint in terms of dumping

where does it stand with the department of commerce doing something around that? >> there are different did i mennings trying to make sure there's a level playing field in the u.s. india and the u.s. have both put in trade and industrial policies to make sure there's a level playing field and we compete on our own merits trying not to get into the geopolitical issues but at the same time if there are others that are not participating under the wto rules and if there are subsidies provided to create unfair advantages in international markets there has to be some enforcement we believe if both free and fair trade. it has to be fair. there's a lot moving in that direction. it largely hasn't happened once the chinese decided to

dominate over a decade ago, one of the few companies that's been able to stand the test of time our semiconductor we used in our models are different than anyone else in the world. we don't have a dependency on the china supply chain >> finally, where are you going to decide to put that new plant -- when are you going to decide where it's going to be? >> we would like to make that within the next 30 days. we want to move forward and make that final decision as quickly as possible. >> mark widmar, thank you. >> thank you very much wall street is buzzing about unboxing fanatics live

good night! hey corporate types. would you stop calling each other rock stars? you're a rock star. you are a rock star. no more calling co-workers rock stars.

look, it's great that you use workday to transform your business. but it still doesn't make you a rock star. so unless you work with an actual rock star. hi, i'm ozwald. hello ozwald. pam, you are a rock- i wasn't going to say it. ♪♪ let's take a look at the buzz this morning and that's the all new fanatics live platform a new live stream e-commerce experience allowing customers to engage with creators auctioning off limited edition memorabilia

and buy those collectibles in real time. joining us now ceo nick bell great to have you with us. i thought of home shopping network except on a digital platform is that what it is >> we're excited it's a new business. it's, frankly, just fun. we've seen digital behaviors grow erratically and we think there's a huge opportunity to allow fans to buy directly from the stream this is like a radical ev evolvement of the shopping channels >> is it largely a lot of players selling their own autographed baseballs? what kind of diversity of product am i getting on this

thing? >> we're starting with the collectible space and what we've seen over the past few years is online selling of collectibles, particularly trading cards is getting massive popularity the trading cart market is huge, about $44 billion last year. and that's expected to grow to $98 billion by 2027. we're bringing together our partnerships across the league, our relationships with athletes to create compelling programming where fans can come in and interact with each other, other fans and with the host and have a fun experience and buy product. >> how will you gauge success? what are the metrics, nick >> we launched earlier this week what we're seeing is very high engagement, double digit and viewing times for users coming into streams, very strong engagement with the chat and interactive features for our sellers, all of the

products we sold have sold out in the streams >> nick, thank you keep us posted on how it's doing. >> thanks for having me. >> nick bell, fanatics live ceo. >> still looking for my box of baseball cards from the '70s it's somewhere i just can't find it >> and then can you go on fanatics live and talk about it and engage with the potential customer >> i can't wait if i ever do find that shoe box there are some good ones in there. i know it. speaking of good ones this morning, we still have obviously the magnificent -- i hate to say it i'm afraid to say it around you now. >> i'm not going to hurt you i just don't like the phrase >> magnificent seven >> i think it imparts -- we're making a judgment about this group of stocks. >> but right now the market is making a judgment. >> it's true >> which says -- >> it's magnificent. >> we like them. we like them a lot we haven't heard from amazon we have heard from meta. we've heard from alphabet. we've heard from microsoft which wasn't as well received.

these are all up and up sharply. >> a lot of them up 3% plus. so getting back to the old playbook of big tech is where you want to be no matter what the uncertainties are when the fed is in the last mile of inflation fighting a pleasure, david. >> melissa, always over to "the halftime report" with scott wapner. all right, mel, thanks so much welcome to the "the halftime report." i'm scott wapner reading the rally whether it is about to enter its next phase and how much those apple and amazon earnings next week could be the deciding factor in that we'll discuss with the investment committee joining me bryn talkington, shannon sacoccia, bill baruch. the dow going for three-week winning streaks. the nasdaq is the outperformer today, 10 of 1