number on your screen, or visit coventrydirect.com. good afternoon, everybody, and welcome to "power lunch. literally alongside kelly evans. i am alongside kelly evans i'm tyler mathisen we're glad you could join us today. two huge stories to talk about the fed's big meeting at jackson hole, which seems to be weighing on the markets right now, or at least that's one interpretation. let's start with nvidia's blow-out quarter the stock higher today, though off its best levels of the session and down from where it was after hours late yesterday afternoon. for more on that let's bring in kristina partsinevelos christina? if you're a cnbc viewer you know nvidia's numbers blew past expectations you have two reasons for that.

first, roughly a 2% jump in the last three months, opened at a record high this morning those who wanted in got in as goldman sachs points out, there has been limited institutional demand after hours yesterday and today. last quarter you had all the big hedge funds scrambling to add exposure those who wanted in got in firms are racing to increase price targets and estimates which helps with the forward p/e ratio, a great barometer on nvidia's future growth it's around 56 times right now and is still lower than the 80 times we saw in may. hence the narrative i see milling about but out of all of the data research, analysts have spoken to, i've narrowed it down to three themes. ai is bringing in the money, and nvidia's guidance. ceo and cfo say they have supply

visibility calming fears about constraints. lastly, china still contributing roughly 20% to 25% of data revenue centers with u.s. export restrictions and a more watered down ai chip this shows there's no signs of stopping >> kristina, thank you very much nvidia is dominating the ai chip race. is there enough demand for any other companies to enter the race cnbc's jon fortt and steve kovach and managing partner with deep water asset management. steve kovach, the stock is off the high, it's been on this incredible run, is all the good news that it could possibly achieve from now on finally priced in? >> at least for the next year or so we'll see this run coming on

through calendar '24, even beyond but then the question is does it run out? the other big tech earnings, microsoft getting punished because they failed to show any real meaningful revenue from all this ai stuff. it's microsoft, it's meta, it's google nvidia is the only game in town they're turning to build all these applications, ai applications we keep talking about. i think that's the next question as you look at nvidia. >> does nvidia have all the capacity to meet the demands it needs? >> it's not clear what the nature of demand is. remember toilet paper during the pandemic we all do. there was a run, people were buying more of it than they needed for a couple of weeks

that's what's happening with ai chips. i spoke with frank slootman, the ceo of snowflake they also reported after the bell, data driven software company. he's stockpiling ai chips, buying more than he needs because of that shortage and i asked him about the nature of the demand and the business models behind ai here is what he said >> ai is not going to be cheap somebody is paying for these wonderful nvidia results it needs to be a business model that's associated with the technology one of the things about search when it showed up not only that search was great technology but had the business model otherwise it's fun and games and is an expensive hobby that will not last all of these things will have to get sorted and we are going to be super confident that we will. >> i think that last part is

key, we'll have more, by the way, from frank slootman in "overtime. my conversation with him it doesn't necessarily mean that this buying of excess chips right now is going to result in a supply overhang. maybe demand into 2024 will continue so strong that that will get eaten up and then continue, but there are some real questions about the nature and durability of this demand and the size of the opportunity for chip players not named nvidia >> gene, let's bring you into the conversation and maybe answer the question both steve and jon have posed, which is could nvidia's shortages, let's call them, today become gluts tomorrow, or is there enough demand in the pipeline to justify these multiples and market cap for some time now >> i guess you have this catch 22 whenever you hear about supply constraints, how much demand is being pulled forward

this is a theme that nvidia has been talking about for years i believe this is true, cpus to gpus cpus do one thing exceptionally well they need parallel computing that does smaller computations side-by-side that's what gpus do well nvidia talked 20% of the data centers. they are now gpu enabled that doesn't include cloud providers or the big other hyper scalers like azure and google cloud and aws. what we saw is two quarters of exceptional fundamentals i've been invested in tech for over 30 years and what i've seen is unlike anything i've ever

witnessed and that means something bigger is going on and ultimately i think that when i boil this all the way down to the pressure point, this comes down to what is nvidia's growth in calendar year '25, what the market is thinking about today thinking it will be 20%. i think it will be over that 40% plus growth. >> gene, for all intents and purposes, is nvidia the only game in town and if it is true, what is their moat and how long can they hang on to that >> it is the only game in town how old can they hold on one of the reasons they have a modeling language that goes along with the chips think about what apple and tesla have done so well, this isn't just a chips company, there's a coding language around it. that is one of the reasons why developers want to develop on nvidia gpus. they're great and they know how to develop on them

how sustainable is this? as far as what the disruption is, we think there could be some disruption if we think three, five years out, deep water is invested in rain.ai, a handful of companies that are building next generation chips that help to create what we think is 100 to 1,000x cost savings of energy with this. will have to make that shift to more efficient shifts because the current pricing environment isn't sustainable down the road. >> steve, you were nodding the competitive advantage which is their own programming knowledge. >> to further gene's point, that software isn't transferrable we know amd, they've talked about it, they'll have their own rival chips. better potentially

the language everyone is using to code everything can't transfer over to amd if you want to go out a couple more years -- >> it's a wall garden. >> just like apple what other competitors can come in apple, microsoft is working on their own chips but it will take a while to play out. the biggest customers, it's not the startups raising tons of cash and then putting that cash into nvidia chips, it's facebook and meta, google, apple. they are buying chips. we're going to spend a ton of money on capex >> let's put a point in terms of chinese demand how much stockpiling there is there of the chips they can get access to if there were ad

additional further clampdowns and the company trying to say there wasn't chinese revenue out of proportion with history and they would have this pipeline sufficient even without chinese demand going forward >> i think in a way because the chinese issue, geopolitical issue, reared its head as it was having its surge, there doesn't need to be a bunch of recalibration. nvidia may lock this up in the ai market but it doesn't have it all locked up yet. i will disagree with steve on that point that's the work jensen and his team are doing, trying to do their version of this integration that makes them the premium name in ai despite amd, amazon, intel coming on with their own ai product it will be a while if they can maintain margins at 71%, high

60s while continuing to grow enormous revenue they're on their way to perhaps doing that i do not think it's a foregone conclusion >> fascinating nvidia shares were over 500, just an impressive -- >> they certainly were, 513, 514. >> the whole nasdaq has turned around thank you all. jon fortt, steve kovach and gene munster. >> for more on the competition emerging, let's bring in deirdre bosa for today's "tech check." hi, dee. >> guys, great conversation. i want to follow on to it. gene said nvidia the only game in town for now. let's dive further into what is at least starting to emerge on the competition front even if that is some years off on the software level, you spoke about this a little bit, let me break it down. a number of startups are working on tools they say reduce the cost of training and running

machine learning models within nvidia products. others are targeting software that would work outside of the nvidia system thus bringing developers to use different chips. now one such startup is modular that received $100 million in new funding from general catalyst, google ventures. i spoke to the ceo yesterday he said there's thousands of companies that want to use their product. remember, it's not that easy to get hold of these nvidia chips, but he couldn't name one or see if anyone is paying for it yet this is a sign, perhaps, of optimism in the space. we need different solutions but, also, how far there still is to go how big that moat is that nvidia has on the hardware front, high costs, technical that gives them their moat many startups have tried and failed it will be the big tech companies like amd, google and amazon making the biggest inroads. a shift in the cycle as well could help out such competitors. generative ai going from training to inference. training is building a model

like chatgpt and feeding it data, training it. developers need huge compute power. inference is the next phase, when the model starts thinking for itself and is able to answer your questions, that can be developed, built using other chips. nvidia is working on this part, but it doesn't already have that huge lead that it has had in training, and it's already facing competition from those well capitalized rivals. this is really key, guys, developing their own ai ecosystems what nvidia has that others don't is not just the physical hardware, the chip itself, but a whole ecosystem you were talking about that relies on the computing and software, et cetera, et cetera. >> all right, deirdre, thank you very much. deirdre bosa reporting for us. and, folks, coming up, investors looking for insights into jay powell's process are being well fed this week with jackson hole under way

though maybe not for the better. the fed chair's comments today sending stocks lower and a shein-y new deal details further ahead. reunlle ckit" wi bba wh mo ps after this from big cities, to small towns, and on main streets across the us, you'll find pnc bank. helping businesses both large and small, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots, and where together, we work to help move everyone's financial goals forward. pnc bank.

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lunch. time for the other big story of the day, the fed summit in jackson hole first let's hear from rick santelli as bond yields are back on the rise today, rick. >> reporter: yes, but some significant differences in long maturities let's look at the charts starting on tuesday. we had extremes, 5.05 on a tuesday. what's notable here is thatthe high yield close for the entire move in early march of 5.07 we have not been able to close above it that makes traders nervous, the long end did trade above theirs. look at their spike high at 4.36 that, indeed, took out that 4.25 high yield close and to where

we're trading we've lost more than the short end it's a game of chicken jackson hole becomes the news of the day and they're monitoring how far the 10s go between the 10 and bunds what's going on in europe is not at all like what's going on in the u.s. economy and the dollar index is telling us no matter what the fed does the europeans will probably take their foot off the raising rate pedal pretty quick here and all of this feeds into the dollar index in a positive way. by the way, the markets are lining up, it seems to me many are expecting more hawkishness than dovishness.

stocks are sliding throughout the day and near the lows of the session as you can see there. hear with more on what to expect and the impact is seth carpenter, global chief economist at morgan stanley. welcome. it seems to me jackson hole is to economists what the cannes film festival is to filmmakers and stars. a wonderful event for geeks like you. >> i would love to be able to deny that. >> you're very gracious. so chair powell has a history of making news, sometimes intentionally, sometimes inadvertently. what do you think he'll do tomorrow and should we stand by for news or something less than that >> the history of jackson hole there have been times the fed

chair at the time made big news, recharting the path for monetary policy everyone had to pay attention to that is not always the case, and i think right now if we think about where the fed is, where the internal debates are going, they are trying to sort out just how far they have to go. now you can hear the debate shifting from the peak to how long they will hold rates at the peak that says to me powell, if he thinks about risk/reward, he has to keep markets believing that if things turn out worse than they expect, they'll hike some more. boy, it's not really clear, especially the last year and a half, how many times they've said things and had to reverse course, that he wants to be overly explicit about the policy choices. i think it's about tone that

we'll keep at this job until it's done. i don't know he will want to lay down the next level of detail, i.e., here is what we're going to do at the next one or two meetings >> if i'm recalling correctly, last year's remarks were perceived to be quite hawkish. we are not going to quit until we're done maybe tomorrow there's a kind of different toneality in the remarks here what is the worry about recession going into this meeting? or is there much >> i think there -- when i spent 15 years of my life at the fed and had a boss who referred to 19 people who don't agree on the color of an orange, a huge amount of disagreement

we have said from the beginning of this hiking cycle we did not expect a recession i think that view is becoming more common across markets, probably is getting more traction within the committee. it is probably not top of mind right now. the retail sales report was strong i think they are having a fierce internal debate. have we done enough? are we seeing real slowing if you look at payroll, but, boy, some of the spending data still hanging in there, if you strip out aircraft, that's where we are right now they have to take things on a meeting by meeting basis >> anything that would surprise you, seth? >> specificity, if he said we're going to be debating whether we need to do one or two more

hikes, anything that precise would seem to me, a real stunner that markets should pay attention to and then similarly in markets, there's a lot of discussion, debate, narrative about is our star, the equilibrium rate, gone up he might allude to debate, if he took a stand that would surprise me >> very interesting. we'll be watching along with you tomorrow i didn't know you spent that much time at the fed what did you do and where were you. >> by the time i left i was deputy director of monetary affairs and i did exactly what we're talking about. i did strategy for monetary policy i did the nuts and bolts of monetary policy and everything in between >> that's fascinating. we'll have you back again soon thank you. and coming up, a look at hard hit names that could use a little technical spouprt "power lunch" will be right back

welcome back to "power lunch. utilities are the worst performing sector of the s&p so

far. it kind of makes sense with rates up, but could sentiment be turning around for these names pippa stevens is looking at the setup for us >> it's been pretty bleak here, the utility sector is the cheapest it's been in more than three years. and this year's is due to interest rates sensitivity utilities have quite a bit of debt given how capital intensive the industry is. when rates go up their costs rise the sector is viewed as a bond proxy or a safe place for investors to park their money. when rates go up, those dividends look less attractive relative to treasuries now this comes at a time of change for our electric grid as more renewables are added to the system extreme weather events fueled by climate change are wreaking havoc on data infrastructure more than 70% of transformers are 25 years old and only about

20% of wires are underground maybe good news from the investment standpoint. >> pippa, what do you think of nvidia >> is there a utility play in these data centers >> it's not as cool, it's not as sexy, but the utility sector is incredibly important >> i absolutely agree. more important to me than nvidia, i'll tell you. my power depends on it i have to use it does the utility sector need interest rates to come down in order to flourish? >> that is helpful regulators stipulate 50% is in debt and then, also, speaking of nvidia, other areas draw more excitement and can be seen as

snoozy >> but you didn't let it be snoody you did not. >> we need lights and power. >> pippa, thanks very much to bertha coombs for a cnbc news update tyler, here is what's happening this hour. fulton county d.a. fani willis asked in a court filing today for an okay trial date for donald trump and his other 18 co-defendants. willis initially asked for a march 2024 trial but that changed after a request from one of the co-defendants, kenneth chesebro, filed a request for a speedy trial correspondent evan gershkovich will be in a russian jail for another three months. he was arrested during a reporting trip in march and charged with espionage

the u.s. government declared him wrongfully detained. and manhattan is the most expensive place to live in the united states with living costs 122% higher than average according to new data that says honolulu rounds out the top big three cities one of the reasons, housing, costs almost five times the national average >> you can say that again. ahead on "power lunch" three key headlines. shein's shiny new deal a wide gap for gap's new ceo and nike's kicks getting kicked around a retail rundown next.

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it has been a busy week for retail let's bring in courtney reagan retailer shein joining forces with forever 21. what's the story >> shein would probably shudder when we call them a chinese fashion retailer yes, they were started there but

have no revenue in that area pre shein, though, is partnering, as tyler said, with forever 21 owner sparc group, the joint venture between authentic group and simon property group this partnership ties up e-commerce and branding. there's benefit for all three partners shein gets expertise in physical stores selling fast fashion in the united states. it potentially looks to ipo. forever 21 gets shein's expertise and faster fashionability on responding to trends in an on-demand small batch way. something they don't do quite now. and sparc hopes to expand business shein gets a third of the interest in sparc group. rumored to be exploring an ipo any expertise is helpful >> is shein a retailer or manufacturer or both

>> only an e-commerce retailer and they do manufacture so it's their own goods, they also have expanded into some marketplace goods as well. >> it's amazing. we all were talking about how this was the end of globalization and then here comes shein selling $4 through an app statement we're cracking down on tiktok and now it will be in forever 21 in the shopping malls. >> there's more to come so stay tuned. >> let's talk about gap. a new ceo. listen, our heart goes out to him or her what are the details >> a very challenged business. richard dixon has been on the board of gaap since november he was the chief operator of mattel and of the blockbuster "barbie" movie he had to see that through

before leaving if you notice, his name is in the credits. a source tells me he's an influencer he isn't fearful but has a healthy risk curve he has great financial literacy. dickson doesn't hide in an office he's empathetic and surrounds himself with great people, is competitive, loves playing tennis, and i'm told dickson was one of the first to combine multiple brands under one retailer while online at estee lauder he was brought in to jones group to liven it up and dickson was at bloomingdale's during what many refer to as the glory days. he did put "barbie" on the runway and led rebranding with the new body shapes and abilities in 2016. >> he sounds like exactly what the gap needs. >> i think that's what they're hoping >> exactly what the gap needs. >> we'll see hopefully the board gives him space to do that to kelly's point, they have been struggling a while sometimes things get worse before they get better

i hope for the sake of seeing a vision through he gets the runway to do that. >> it will probably take a couple years to figure out is nike down for an 11 straight session, a longer losing streak than the yankees had. dragged down by reports we heard this week from foot locker, dick's sporting goods among other things >> nike shares have been under pressure they've had worries about growth in china slowing even retailers reporting in recent days. dick's sporting goods and kohl's called out its nike product as among the strongest in the seller just under two-thirds of foot locker sales are nike-branded goods. strong sales of nike are thought to have helped sales outperform foot locker's other brands in the quarter, though generally

yes, a very disappointing quarter. the nike part of the business was really strong. jpmorgan says nike clarified the whole sale partnerships remain immaterial to nike's top line assumeses and is focused on the direct-to-consumer business. >> they're coming back. >> why are people down on nike >> i think this 11-day stretch is more about worries if nike can overcome the slowing growth in china -- because that's a really important market for nike, and there have been worries about innovation at nike do they still have cool stuff? shares started to fall, to be fair, before the retailers reported and they also called out that nike was really strong for their business but nike says that's great but is relatively immaterial

>> my son, that's what he wants. >> the number one brand for teens, women and men >> there are lots of other sneakers out there now, hoka and skechers and on. >> on has really come on >> i have on >> you're hip. they still are the big dog. >> and brand power is really important. piper jaffery, let's say a decade or more running, nike has been number one, the top apparel and top brand. they still love nike >> anytime you get a run like this, never 10 down days and now

it's 11, you sit up and notice >> i wonder what carter worth would say about this >> we should ask him >> i feel he might have an answer >> good to see you up next some technical support. carter worth is checking the charts on some hard-hit stocks that could be due to break out wl k enon his list? weilaswh "power lunch" returns. pano ai chooses t-mobile for business for 5g solutions... ...because t-mobile helps pano ai innovate, so they can stop the spread of wildfires. now's the time to see what america's largest 5g network can do for your business. somebody would ask her something and she would just walk right past them. she didn't know they were talking to her. i just could not hear. i was hesitant to get the hearing aids because of my short hair.

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welcome back to "power lunch. we called in the geek squad because it's time for technical support, and we're looking at extreme stock sell-offs that could present opportunity. here to chart the names is carter worth of worth charting a pleasure, carter, first of all. thank you for joining us we're going to start perhaps unexpected place with hershey. >> we have three stocks. they're all staples but let's look at them and figure out the way forward. you'll see the annotations on the chart. hershey is down 22% from its high, and at this point, yes, we have something that is -- just because you're at a 52-week low doesn't mean you have to bounce, but a counsellor trend we're down 22% from the high, and what i'm thinking here is that we get some kind of bounce and we move above this down trend line and up get an arrow

about like that. so we shall see but 22% of unrelenting down trend to a well-defined level -- >> and i'm interested in the fact all of these are kind of consumer staples and try to think through what the market might be doing in the background the next is one that's gotten front and center lately, estee lauder what's going on here >> it's a mess look at hermes and other very premium brands, always expensive. that reference point is the covid low. so you're talking about a stock that has lost 60% of its value and is down to an epic low in terms of markets, and also, if you look at all sequencing, dropping 60% without much of a bounce, if you can see here, we get a bounce, you're due for some sort of counter trend just a trade but that's a better place to be day-to-day >> is it fair to say for hershey, estee lauder, the counter trend move could be something less than 10%, 10% to 20%? >> it sounds a lot

but, again, something that is not only absolute, but is a relative performer >> fair enough it looks more attractive so that brings us to general mills down 25% from its highs >> also a staple the covid low to single out but it's a well-defined up trend mathematical parallel lines. you'll get some sort of sequential bounce. this is trading at a market multiple the nature are such one can play for a counter trend move, all in down trends. >> three possible counter trend ideas, does minike, 11-day losi

streak, here is a chart. doesn't have your lines on it, but what do you think? >> yes, the thing about a number of days down in a row, it's data mining it's a factoid it could be 13 it is a lot and, yes, you can break the trend by having an up day. it's not the same setup as the others not a consumer staple but it's been weak and its group is out of pfeiffer. adidas and others are in trouble, foot locker is a seller of sneakers. this is weakness to stay away from >> you don't do this kind of pontificating but people are not wearing ath-leisure and are going with fancier types of clothing options >> i see people in suits like

this and they're wearing sneakers hard to know >> dom chu have you met dom >> hokas and everything else thank you for coming in today. >> makes it simple every time. swimming into third place, erica sullivan climbing up on our stock draft rankings thanks to her picks of amazon and general electric, up 18% overall so far in the competition. we will check in with erica when "power lunch" returns.

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welcome back to "power lunch," everybody. nvidia helping charlotte flare's team take a commanding lead. that stock up nearly 80% since the draft back on april 27th there's still several months to go in the competition. you don't know how things are going to shake out we're roughly halfway through. currently sitting in third place is u.s. olympic swimmer, erica sullivan her team is sully's superstars, up almost 18 % thanks to amazon and general electric she joins us now you're in third place.

that's within striking distance for sure >> yeah, can't complain. i did come in and felt i didn't know what i was doing and picking random stocks, so third place is good. i'll take it >> yeah, neither of us know what we're doing. that's okay. we're all in the same boat here. the life of a swimmer as you get ready for the pan american games. how many hours a day do you spend in the pool? >> yeah, i affect around four hours a day and then three times a week i'm in the weight room for around an hour and a half. in a couple hours actually i'm about to go to my practice, and i usually don't leave campus, so i get here in the morning, i lift -- >> you're texas, austin, as i understand it. what time do you get up to work out? >> early mornings, probably around 6:00 a.m., sleep-in

mornings 7:00. >> that's not as bad as i thought. still plenty early i'm not up with you there at 6:00 a.m. most days myself pan am games, where are they when do they start what are they like you must be pointing to paris 2024, which will have been, i guess, almost over by this time a year from now. >> yeah, we're less than a year away, so i'll be going to the pan american games in santiago, chile, in mid-october. i'll leave on the 16th and i'll be gone for two weeks. and i think it's just another opportunity to wear the american flag on your cap and represent the united nations >> maybe can you explain "barbie" to ty >> oh, man, i love "barbie." i am a film major here studying right now. it's a great movie this is the director's third feature film, and i do think it's good -- not as good as

"lady bird." it's about camaraderie, a coming of age great movie. go check it out. >> i had trouble following the plot for some reason, i'm embarrassed to say i'm not kidding. >> i was going to ask if you had to make some stock picks we did this in april before "barbie's" smashing success -- >> mattel. >> they had a ton of retail partners they did a 360 on this one >> it's funny you say that i bought mattel stock in april and i was ahead of the trend there. it's been fun to see that stock doing well >> i forget what draft order you had. was there a stock -- you were second were you happy with the stocks

you picked or did you want one that got away from you first >> i am happy with my amazon pick i did want meta but it was taken pretty early i think i would switch general electric for meta. >> good answer >> maybe you can tell us, is nike as cool as it once was? we're trying to find out what's plaguing it. >> we love nike. texas is a nike school i think there's more trendy ath/leisure now. my little sister works at a fashion line that she loves. aloe is on the up-and-coming, lululemon. >> the biore stuff is really good let me ask you one personal question do you or other athletes on the

swim team have n.i.l.s >> i have an agent that helped me work out this gig the texas longhorns lead in athletics. we have classes to build our brand, learn how to pay taxes and invest >> i heard about boston college lacrosse players >> one person got a sponsor from a lamborghini. >> she's driving around in a lamborghini? >> oh, yeah. they get it for a year and then give it back >> it's a different world. we're not judging. it's a different world good luck to you in the pan

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welcome back with about 90 seconds, a couple

more stories you need to know about today. wasting no time to tell you if you're working today, you may have noticed fewer co-workers in the office today, august 24, happy birthday, mom, the date americans call out sick the most second sickest day of the year is february 13th valentine's day and the super bowl >> if you had to ask me, i would have guessed the super bowl. >> it seems random >> there are a lot of people out today. >> there are i agree. a short line at the cafe if you feel you're nickel and dimed things that used fob free come at a cost a lot of chains are charging for the privilege to stay an extra hour >> if you get there early and the room is available i don't think you should have to pay a

fee if you get there at 2:00 and the check-in time is 4:00. why should you have to pay a fee. extending past an 11:00 a.m. check-out, i get >> it takes a while to clean the rooms but is still a pain. >> thanks for watching "power lunch. have a great rest of the day is this friday no, thursday "closing bell" starts right now. kelly, thanks so much. i'm scott wapner live from post 9 here at the new york stock exchange this make-or-break hour, despite the nvidia blowout and what that might mean ahead of tomorrow's key speech from jay powell rates up today ahead of the comments investors on edge about what he might say and what all of it might mean in the months ahead take a look. the dow weighed by big moves in disney and boeing and walgreens and intel.