welcome to "power lunch." alongside kelly evans, i'm tyler mathisen. coming up, the apple of my ire. china's government reportedly banning agencies from using iphones. what would further bans in china

mean for the big apple? more on that shortly. plus, hotel, motel, ev plug-in. tesla to install charging stations at 2,000 hilton hotels. details on that deal further ahead on the program. but first, let's get a check on the markets. the dow outperforming again today, up 84 points, driven by strength in health care and intel, interestingly enough. broadly speaking, chip names are weak, the s&p 500 is down .25%, and the nasdaq is off the lows but still down almost 1% today. on the media front, disney and paramount both hitting new 52-week lows. there's walt disney shares that dipped below $80 earlier in the session. fubo tv also up about 10%. warner brothers discovery down 4% after their ceo said strike costs have prompted them to lower earnings expectations and fubo is charting after they have pushed subscribers to sign up. and in the a.i. space, c3 is

down 14% after forecasting a larger than expected operating loss for the second quarter and nvidia also down after warning of an 18-month lag in supply. this follows warnings about supply constraints on a.i. chips and finally as we mentioned, the focal point for investors today is apple. down more than 3%, and down almost 7% this week on china's apparent iphone ban. on that note, let's turn to steve kovac for more on the story. >> we have another report out of bloomberg this time saying the ban on government employees ewing iphones that the journal reported yesterday, that's going to extend to agencies in state-backed companies. we haven't been able to confirm that report or yesterday's report, but it's still rattling investors. apple was down over 3.5% yesterday. down another 3% so far today. no comment from apple on this, by the way. now, these reports are causing confusion about what's really going on. china mobile, that's the largest carrier in the country, knocked

down some rumors it would not sell the new iphones that are going to be announced next week. investor fears are valid. china made up almost 19% of apple's total sales in 2022. on top of that, apple has benefits from the demise of china's huawei over the last few years. huawei couldn't make 5g phones due to some u.s. restrictions on supplies, so men a of those customers switched to apple. huawei has a new phone that it's calling 5g, adding to fears customers will go back to the home-grown brand. and all this happening of course before we hear about the next iphone lineup in five days' time. speculating apple will raise prices on the pro line despite weak demand for phones. >> can you see this in any other way than retaliation for the troubles we have caused huawei, the troubles we have caused tiktok? >> if you work for the federal government, you can't put tiktok on your phone. we're seeing it banned even in

public universities. this very much seems like a tit for tat. what i'm curious when it comes to apple, how far are they willing to go? apple provides so many jobs for chinese in that country. so they can't push them too far and the china mobile commentary here kind of knocking down reports, no, we're still going to sell to normal consumers. i think the huawei thing is super interesting, a real test, was their brand loyalty for this home-grown chinese brand? they make good android phones. a lot of people switched to iphone, or is there this pride? >> you say it is sort of a 5g phone? >> without getting too technical, they're claiming it can do 5g, but maybe not necessarily the definition, the industry standard definition of 5g, necessarily, but it has aspects, it can kind of mimic it. >> and either way, is this about apple or about something more? let's turn to michael farr.

will any company doing business with china potentially be at risk? we talk about stocks like starbucks. we talk about nike. these are a couple of underperformers lately. what would you say is the significance of this news, if any, for your average investor? >> yeah, so we saw that, right? we have seen china make a lot of these companies political. young brands started yum brands china. chris campbell was the cfo, general counsel, whose idea it was to set up a separate chinese version with chinese board members of yum brands to try to avoid some of these political ping-pong games back and forth. you know, apple's under pressure. other companies could be under pressure. we put huawei under pressure. and tiktok under pressure. so we're becoming political with some of these investment companies. when you back out and take a look at apple, we have seen these sort of hiccups over the years. 2018 and 2019, we saw apple pull back from july to july, a full

20%, rallied back up to even so it was about dead money for the year. but since 2018, apple's up 200 some odd percent. 2018, 2019. so this is a company that would be hard for me to bet against. i have owned it a long time. 2.76 trillion dollars in market cap with a new product release coming out. 8% of the s&p 500. portfolio managers have to bet against the whole company if they're going to go blank in apple. dan miles is a much more courageous guy than i am. >> so let me turn back to you, steve, if i might. you say that apple's revenue total is 19%, 18% from china. >> depending on the year and the quarter, yeah, roughly. >> what percentage of that is represented by these government phones or state-owned enterprise phones that may now be banned? >> that's tough to really pick out. toni sacconaghi had a note out a

couple hours ago. >> a third, a quarter? >> it's guesswork at this point. and you know, people are making estimates all over the place. no one really knows. that's the bottom line. >> michael, you're inclined to hold the stock you have. would you buy more here as the price dips a little bit after a nice run up so far this year? >> i might, tyler. i buy things on a pullback, of course, but if you think about the stock up 200% or even up 36% year to date, you sell that stock, you've got to pay capital gains. you're going to lose 10% of your gains already this year, and then you have to find a company better than apple for the long term. you have to find a better ceo than tim cook. i mean, apple is ultimately the world's most valuable gate keeper for its most affluent users of iphones. and i think for the longer term, for me, i'm going to have a position here. i wouldn't sell it. and yes, on weakness, i would certainly add to it. >> i would also note that again,

referring back to the note, after an iphone event, typically, shares go a little down. buy the rumor, sell the news. that's something else to watch for. >> michael, let me put this in context. apple is probably the biggest stock in the whole market, so it does feel like a bellwether. it feels like a bellwether for the s&p, which has been overrepresented in terms of the gains this year by the magnificent seven. it's a bellwether in terms of the relationship between the u.s. and china, i think. >> i think that's an excellent point. it's a bellwether for our techs and certainly for our relationships with china. so it could come under fire. and i'd go back to that 2018 trading year from july to july, where the stock went down 20% and came back 20%. i don't think you wanted to sell it. if you're dan niles and you can short it and get back in it and you're not having it in your retirement, part of your long

term retirement strategy, that's a different way to invest. i think as a long term investor when something is 8% of the s&p 500 that has the execution history that apple has in place, the numbers, the cash on the balance sheet, it's very difficult to say you're not going to be an owner of this stock. >> michael farr, thank you very much. steve kovac, thank you as well. and michael, you have set it up perfectly for us. so how are investors responding to all this? deirdre bosa joins us now along with the aforementioned dan miles who says apple is his single largest short. >> his name mentioned a few times in the last segment. dan, we have you now on the line, thanks for being with us. you outlined a number of reasons why you're short including the latest reports from china, and quote, no a.i. play. in your view, what is the biggest risk to apple at the moment? >> well, it's the one thing that hasn't come up in the last segment, which is what's the risk you're taking on owning it?

and one way to measure that is what's your pe ratio? and what's the growth you're getting? so if you look at it from that standpoint, you're paying 28 times pe for apple. revenues grew 2% last year. they grew 1% this year. and you can buy the s&p at 21 times. so the multiple, if you look at it, it's actually expanded about 7% from two years ago, while the revenues are dead flat. and the eps is down. now, by the way, if you think that's an aberration, if you go back to before covid, apple's revenues were down in fiscal '19. covid just supercharged that revenue growth. by the way, the four years prior to covid, smart phone sales were down every single year, year over year for the industry at large. so apple really has benefitted tremendously from this covid and everybody having to buy an iphone or a pc. and if you compare it to the other mega cap stocks that are

comparable, so google, microsoft, meta, their revenues are up between 10% to 22% or so over that same two-year time period, and their multiples have gone down about 7%, 8% or so as has the multiple for the s&p 500. so the risk is something i know nobody cares about risk anymore with the belief the fed is going to bail you out every time the stock market goes down or you're going to get stimulus checks, but that's the thing you need to think about, which a lot of people aren't. >> that's wi we have you on, to highlight some of those for us. i think what. you're saying is over covid, consumers were purchasing goods over services. you're saying that's going back. what do you make of the argument around apple that it's no longer reliant on iphone sales but it now relies on its install base of over 2 billion devices? so its thesis going forward is actually about that service side of things which has been growing. >> you have to remember, they had a big install base in 2019

as well. and their revenues when you include the services growing really fast, was still down that year. soyou can say services all you want, but here's the thing. where is their growth coming from? it's coming from emerging markets. if you look at china where they're xpanding into, the gdp per person is much lower. they're not buying as much service. they're buying more of the lower end of that lineup. and so you have to put it all in context. you can say services a lot, but what is it actually doing for revenues and earnings? as i said earlier, their revenues and earnings are exactly where they were two years ago. the other magnificent seven, you can buy at lower pe, google or facebook -- google and facebook in particular at 23, 24 times, the s&p is at about 21 times, and you're getting between 8 pest to 13% revenue growth from both of them. we don't own microsoft for the reason that it's at a 32 pe.

but its revenues are growing at least 9%. you have to balance all that. by the way, we own google, meta, intel is our largest position. we own amazon. so we like big cap tech. we just don't like apple. we have a note on our website that goes into all the details around it. if you think about the fourth quarter coming up which is a retail quarter, you also have 40 million student loan repayments starting on october 1st and the price of the iphone is probably going to go up. so that's not a good mix in my mind when you look at it, and you put in the pe and the growth rate. >> it's kelly here. just want to jump in with two quig questions. one, what is your dating relationship with apple in terms of shorting it or being long or track record, and the second is i don't hear much of this conversation focused on china. i hear you talking about valu valuation, and maybe that's going back to historical u.s.

student loan. is china as a risk something entering your investment world or not? >> absolutely. if you look at our latest tweets, i was mentioning valuation because it wasn't brought up in the bull case because you can't bring it up because there's 93 defense. if you look at china, that's a big issue. huawei was 19% of the global smartphone market at its peak in i think the third or fourth quarter of 2019. then the sanctions came in and the market share literally went to just collapsed. now, they have their first new flagship phone since 2019. i don't think it's a coincidence that the chinese government at the same time the flagship phone is coming out is talking about trying to restriction government employees and state-owned entities from having iphones at work. and so you put that together and apple being 19% or so of -- sorry, 19% of apple sales coming from china, this is a huge deal. that's why in the post we put

out yesterday, we said huawei has this new phone coming out. we're selling our long. we're planning to get short. as we thought about it more during the day, you know, given the valuation differentials and what we own in big cap tech anyway, we're like this is a perfect short against the longs that we have. and so that's why we put it on. so the catalyst is really china. nobody cares about a valuation until the stock starts going down. then people have to do some homework. and so that gives you the downside risk in the name. >> all right. we'll leave it there, and we really appreciate it, dan and deirdre. thank you both for joining us on a pretty impactful day for apple and the market as a whole. dan niles and deirdre bosa. all right, coming up, nfl kickoff is upon us, and there's a lot of green on the field, and no, we're not talking about the grass, the turf, or whatever else. the big money in the league as

well as on the gambling front. that's what we're talking about. and to do it, we'll be joined by our friend, the best in the business, mike tirico. plus, a power player in the crypto space, coinbase up a whopping 120% this year. we'll speak to the ceo ahead of the show. as we break for a moment, here's a quick power check on the negative side of the s&p. the medical device firm down 9% following concerns of strong demand for diabetes drugs could hit sales of its insulin pumps. on the positive side, west rock, the packaging company in merger talks to create a company with a combined value o$2f 0 billion. a lot of packaging. we'll be right back. one prawn. very good. did i say chicken wrong? tired of people not listening to what you want? it's truffle season! ah that's okay... never enough truffles. how much are they? it's a lot. oh okay - i'm good, that - it's like a priceless piece of art. enjoy. or when they sell you what they want?

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welcome back to "power lunch," everybody. as we count down to nfl kickoff, the season returns tonight with the super bowl champier kansas city chiefs hosting the detroit lions on nbc. it's not just a championship on the line this season but some big money too. >> a new survey shows that a record 73.5 million people plan to bet on football, pro football, this game. that's up from an estimated 46 million people who bet last year. joining us now is mike tirico, who will call tonight's game. i assume you're calling sunday night's game as well, mike. it's great to see you. >> hey, there, tyler. busy week, but this is what we look forward to. great way to start the season with thursday night kansas city. >> there's no one more

enthusiastic about their job than mike tirico. and your fans all follow it. my son, who is 17, and thinking of going to your alma mater, syracuse, is so excited about tonight. he wants to know what you're looking for in tonight's game, kansas city and detroit? a lot of hot money, and we'll get to hot money, is on detroit this year. >> first off, he's a well rated young man if he wants to go to syracuse. this is an interesting game on a couple fronts. kansas city, the defending champs. always get the champs opening at home. for the chiefs, this is an interesting week. chris jones is their best defensive player. he's holding out for more money. travis kelce is their star tight end. patrick mahomes, batman and robin combo, but kelce injured his knee on tuesday in practice. they're going to check him out before the game to see if he goes. a huge part of the kansas city

success. it doesn't mean the chiefs can't win. they have one of the best coaches the league has ever seen in andy reid. but without mahomes and without chris jones detroit has more of an opportunity to come in here and ruin the party for the celebration on the opening night of the season. >> let's talk about legal wagering on pro football games. the league has already had to take disciplinary action against a couple of players. and so i want to get your thoughts on whether as a broadcaster and journalist who covers the league as well as presents the games, whether you think the gambling is helping the game, hurting the game, a neutral, that's number one. and does it influence in any way how you call the game? in other words, will you be saying, for example, if you had tariq hill and five receptions in your prop bet, you're in.

you just made it. how does it change what you do? >> so we don't go into the specifics. in general, there's a very clear rule for us broadcasting the game within the body of the game not to discuss point spreads or any of the prop bets you talk about. certainly, we carry an awareness into the booth of what the interesting numbers are related to the game, because you would like to know who your audience is at the end of the night, because if they're out there, you like to speak directly to your audience. with a wink and a nod, you kind of understand what's going on but you can't come out and say hey, this touchdown could be for the cover in this game. now, to the specifics of gambling and the league, the pregame shows can now put point spreads and totals on the bottom line of their screen or discuss it in conversation before the game in certain ways. the league has multiple gambling sponsors. and it's a little bit of a slippery slope because it's part

of the league's business right now, yet within the body of the game, we can't talk about it. there's no mistaking that legalized gambling in so many states and the fact folks can pick up their phone and wager, the fact you have legalized betting places within some stadiums in the national football league now has changed the conversation a lot. but the one place tyler the league has been very clear, and multiple teams have seen this, with players suspended. there is no gray area in terms of players betting on football or betting when they are on the work site in general. if you're in the building of let's say the detroit lions, and you're in their practice facility, you can't take out your phone and make a bet while you're there. the league has been very clear. players have been suspended going into the season and they know the rules and the education has been ramped up in that regard. >> it's fascinating for viewers to know what you just said. there are strict rules that govern what you can and cannot refer to with respect to point spreads, prop bets, and so forth

during the body of a game. i had no idea of that. i learned something every day, and i'm actually glad to hear that because i would, as a fan, not want to see my broadcast turn into a gambling show. i want to watch the ball game. let's pivot forward because my son insists to talk about the giants and the dallas game that you will have on sunday night. i will be there with him. we will be rooting for the giants. what do you see from those two teams on sunday night? and for the year? that nfc east last year had three playoff teams, one went to the super bowl. >> exactly. in the philadelphia eagles. i think they may be the best team in the east again, if not in the entirety of the nfc. i think san francisco has a roster that's right there, so, too, do the dallas cowboys. dallas has won as many games the last two years as anyone in the league, except the team we're going to see tonight in kansas

city. dallas has it all there. they have run into san francisco the last two years and the 49ers have knocked them out of the playoffs. but dallas has had the giants' number. especially in these openers. but the giants get the chance at home to come up and try to knock off dallas and make a statement. the giants found their quarterback in daniel jones, brought back saquon barkley, and maybe support for the giants, they found a head coach in brian daboll who i think they feel good about building their offense around. a good tight end from the raiders in darren waller. i think overall, this giants team has incrementally taken a step forward. we'll see how they do on the defensive side. if you want a headline to watch the cowboys this season. mike mccarthy who was the packers head coach, came to dallas, he's now calling the plays. that's a little bit of a change for them. their play caller now is with the chargers. we'll see if it's an offense that makes fewer mistakes.

that's the problem dak prescott had last year, too many interceptions. those are the big story lines on saturday night. >> with apologies, i may be one of the wonkier members of the audience who is more interested in the off the field drama around where and how to watch the games than in the games themselves. if we don't have a resolution between disney and charter, monday night football might not be available for a bunch of people. just, i'm curious on your take on the changing media landscape as we navigate through this, and what you're hearing from the audience. is there kind of trying to remember where to find these games and how to watch them and whether this is a great viewing experience for them. >> well, as a ten-year voice of monday night football, i'm glad i'm on sunday night at the moment where we'll be seen on nbc, none of those issues at that point. i wish them the best on the monday night broadcast. it's an interesting time in all of sports. as the cable bundle continues to

evolve and not in a growth direction at all, and the streaming is becoming more significant, fans are having to get used to new habits. for example, i broadcast a game on saturday that's the start of our nbc big ten relationship. and the game was on peacock exclusively. it was the university of michigan. and there was an awareness of how to get to peacock and find the game. that doesn't mean there won't be games on nbc, the big ten on nbc every saturday night all season, but there are about eight or nine games exclusive on peacock. there will be more come basketball season in the big ten. this is just happening with the different streaming services. while fans may be frustrated and you understand the frustration when you get calls from your relatives and my mom says, hey, i'm trying to town load peacock and watch your broadcast, and she did, by the way, moms are the best. it's a reality of where we're evolving in the media space, and more games are on than ever before. they're on in more places than

ever before. y used to be you just found it, click from one to another. now you have to go from service to service. it's a change in habits for viewers and it's going to be fascinating to watch how it plays out over the next years in this space. >> we have to run, but what is your sleeper team pick for the year? >> sleeper? i don't know if they're a sleeper necessarily. i'm going to give you one because i think there's a group of six or seven teams that can get to the super bowl. cincinnati, buffalo, and obviously kansas city, who we'll see tonight, and philadelphia, san francisco, dallas. i think atlanta is going to win the nfc south. that's the one division i think there's little surprise in. and keep your eye on jacksonville. they won a playoff game last year and that's a team that's building positive momentum and the last one is if the lions somehow win tonight, the momentum that has built the last offseason in michigan plus a win in kansas city will be huge behind a team that hasn't won a playoff game in 31 years.

a couple teams on the fringe. >> your mention of atlanta is going to make my friend dave, their offensive coordinator, so happy. we'll be watching. thanks, my friend. >> good to see you. thanks. >> you can catch the chiefs take on those lions tonight on nbc and peacock. >> i love how he said i'm glad i'm not on monday night football now. >> up next, a new money survey finds most americans live paycheck to paycheck and feel financially stressed. we'll talk about strategies to build your savings amid those worries. plus, going from red to green, maine fishermen are ditching lobsters in exchange for seaweed farming. we'll explain why when "power lunch" returns.

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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. welcome back. how nervous are americans about their savings? a new survey reveals most are living paycheck to paycheck. sharon epperson is here with more. not much savings to mention. >> that's a big issue for a lot of people. if you're financially stressed you're not alone. a new cnbc your money survey finds 74% of americans are stressed about their personal finances. that's up from 70% in our april

report conducted by survey monkey. and 37% of respondents say they're very stressed. among the top stressors are inflation, rising interest rates, and a lack of savings. and of the survey respondents who are infulled, 41% do not contribute to a 401(k) or company based savings account. although the majority, 57%, do. and here's how they're funding that retirement plan. 46% of contributing as much as they can afford. 24% are putting away as much as their emplower will match. 11% are saving up to this year's employee contribution limit, and 8% say the automatic default amount set by their employer's plan. in 2023, you can save up to $22,500 in a 401(k), and if you're 50 or older, you can put away an extra $7500 for a total of $30,000. some plans will let you save even more through after tax

401(k) contributions. but the majority of respodants, 56%, admit they're not on track with their yearly 401(k) savings in order to retire comfortably. >> very interesting. i think the key stressor is inflation. >> yeah. >> because when you look at, and i fault the government, frankly, for this idea of core inflation that takes out core expenses like food and fuel. i think that's -- not fair, let's say that. >> you're not alone. this is what the survey is showing. we have been doing this survey every year since november of '22, asking the question about inflation, and it continues to be the stressor that is the top risk factor for their investments and savings and also the top financial stressor. this time, though, it went up about three points or so from april to now. so 61% of people are saying inflation, that's the biggest reason that is causing my

financial stress. >> eggs, bread, milk, the whole thing. $17 a bottom of clorox my wife found the other day. >> there's a lot more on cnbc.com/yourmoney if you want more. >> lots of economic data. initial jobless claims, 216,000. productivity, 3.5%, highest level since third quarter, 2020. so why are people, rick santelli, why are people not feeling good about the economy? i think we just talked about it, inflation. >> well, not only that. you think there are stresses in people's personal lives, think about the stresses of those who monitor the debt of the country. the budget deficit is going to be double what it was last year. $2 trillion. you want to talk about stress. that's one of the reasons the bond vigilantes have gotten fresh horses, tyler. that's something to pay attention to. as far as jobless claims today, they were well behaved. notice how they popped interest

rates. look at an intrady of two and ten. but also notice basically on the low yields of the day and there's important information, probably the labor day holiday most likely skewed those initial and continuing claims a bit lower. and in terms of productivity, that was indeed good news but we have a minus first quarter and this quarter is the first positive quarter in five. now, if you look at a ten-year chart going back a bit, our current high yield close is 4.34 from the 21st. we potentially were aiming for that. i don't think we're going to get there. remember, high frequency area on tens is 4.25. it's reflecting all this nervousness and its impact on rates, impact on central banks and what they need to do because the dollar versus the chinese currency is at 16-year highs. and the dollar index, on pace for a six-month high close. kelly, tyler, back to you. >> all right, rick, thank you

very much. rick santelli. over to bertha coombs for the cnbc news update. >> former president trump's legal team gave formal notice today that he may try to move his georgia election case to federal court. the maneuver could help him secure a more politically diverse jury pool or allow him to argue he is immune from prosecution for actions he took as part of his official duties as president. trump is accused of conspiring to overturn his 2020 presidential election loss. he pleaded not guilty. >> google is cracking down on the use of artificial intelligence in political ads. the tech giant will require a disclosure for ads that use a.i. to alter images or sound. there are some exceptions, for example, it may be or will be okay if the ad uses a.i. for editing techniques like color correction or image resizing. and former finnish prime minister sanya marin, who was

once the world's youngest premier, is quitting politics. the 37-year-old says she will join the tony blair institute for global change in london. she took office in 2019 and led her country through the covid-19 pandemic. and saw finland become the 31st member of nato. quite a resume to retire from already. >> i remember she was a pretty good dancer too in some videos, right? >> really? >> i think that's true. i think she got some criticism for that, for the dancing. >> got to have a life. >> i'm all for it. >> ahead on "power lunch," coinbase up more than 120% this year, all despite potential risks to the stock from regulators. we'll speak to the company's ceo about the future of the crypto indust nexryt.

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here's why you should switch fo to duckduckgo on all your devie duckduckgo comes with a built-n engine like google, but it's pi and doesn't spy on your searchs and duckduckgo lets you browse like chrome, but it blocks cooi and creepy ads that follow youa from google and other companie. and there's no catch. it's fre. we make money from ads, but they don't follow you aroud join the millions of people taking back their privacy by downloading duckduckgo on all your devices today. welcome back, everybody. coinbase is getting into crypto lending, pushing deeper into a corner of the market hard hit by industry turmoil. even against a backdrop as volatile as that and a battle with the s.e.c. over alleged unregistered securities, the stock has more than doubled,

trading over $81 a share right now, and joining us from the tech conference in san francisco right now, our own kate rooney, who is joined by the ceo of coinbase, brian armstrong. kate. >> hey, kelly. thanks, brian, for being here. great to see you in person. >> thanks for having me. >> you guys are publishing this blog post about international expansion. i feel like it's something you have talked about a good amount. is there any tipping point or breaking point at which you say all of these g-20 countries have some regulatory framework, the u.s. does. we're going to pick up and live? would you ever say it's not worth it to operate in the u.s.? >> we're not there yet, but it's good to see 83% of g-20 countries now have crypto legislation in place or they started the process, it's in progress. that's where we're investing our resources, around international expansion. we launched in canada last month, we launched our international derivatives exchange, so it's true the u.s.

is a bit of a laggard here and that's not good for america. i'm american, we started the company in america. america is going to get this right. there's some really important bills going through the house right now that just got bipartisan support in the house committees. we're going to make sure america gets it right, but it's disappointing to see it lagging behind the rest of the g' 20. >> what do you think is holding the s.e.c. back, especially? do you think they have it out for crypto? why hasn't gary gensler come around to thus? >> it doesn't represent the will of the people, and the democracy of the government should be helping the people with their own goals. now, 56 million americans or roughly 56 million americans have used crypto now. that's about 1 in 5 americans. just to give you a sense of scale, about fivex as many americans have used crypto as have an electric vehicle. it's not some minority thing. it's a main sstream thing in american society. we need clear rules that recognize the innovation and also protect consumers from harm. in the absence of that, we have

seen terrible things happen. we have seen it move offshores, exchanges blow up, a weakening of america's dominance as a financial hub, as a technology leader. the u.s. dollar as a reserve currency, you can be enabled by making things like stable coins. it's unfortunately been an addication of responsibility. congress realizes they have to step in and create these clear rules in the u.s. >> they have regulated through the court system or enforcement action versus putting out a framework or legislation. we did get that court decision about grayscale. that seems like it's getting the industry one step closer to a bitcoin etf. how should investors weigh what an etf would mean for your business? there might be more competition, you could get exposure through a brokerage account, but you're also a partner. i wonder how investors should think about the impact for coinbase. >> to tart with the first part, i have been really happy to see the judicial branch of the government, one of the beautiful things about america is we have

different branches of government. the judicial branch has been great at upholding rule of law here. even if we have seen some actions which were negative from the regulator, the courts have upheld the underlying assets themselves are not securities. we saw in this grayscale announcement from a judge or ruling by a judge that the s.e.c.'s action was unlawful and it was arbitrary and capricious. so we need to insure everybody has equal treatment under the law. crypto should not be penalized. it should be treated on a level playing field with traditional financial services. that give meez a lot of confidence. you mentioned these etfs which have been an important development. coinbase has an important role to play. we have been named as the custodian in many etf applications. it's going to bring new sources of capital into to ecosystem. it will be good for crypto and also coinbase. >> what about the revenue side? if there's more competition, how

do you think about what more competition would mean for coinbase? >> we haven't seen margin compression yet, and our general view is we want to grow the size of the pie. we want crypto integrated into every financial service firm, every fintech out there, every new type of lawless web3 that's coming on the scene, so i don't view it as competitive. coinbase has really incredible infrastructure that we're going to be able to power a lot of these things to have a piece of the pie, but we have to grow the size of the pie. >> thanks for your time. going to send it back to you. thanks again. >> thank you both very much for that. and coming up, an electrifying partnership teaming up with tesla to install charge at oundrsthsas of its hotels. we'll get the details when "power lunch" returns.

. welcome back, everybody. tesla is announcing plans to bring 20,000 universal wall connectors to thousands of hilton hotels across the united states, canada, and mexico. seema modi has more. this is a kind of game changer, isn't it? >> it a game changer. for hilton, they see it as imperative to driving bookings, adding these electric charging stations to their properties

will also come in the face of the hotel industry really facing growing customer frustration. in total an additional 20,000 wall connectors will be installed across 2,000 hotels. they can be used by any u.s. made electric vehicle, and hilton says these stations will drive or play a role in driving sales as sales at electric car adoption is set to increase steadily over the coming year. >> no doubt it was a limiting factor to not have charging capabilities, so we think this will essentially surmount that limitation and allow any traveler, business or leisure, to take advantage of this charging capability now. the more ubiquitous we can have the charging capability, the more inclined travelers will be to stay with us. >> ev charging is a top search inquiry on hilton.com, often playing a role in converting search to stays and the rollout comes as business travel season kicks of this month amid a flurry of conferences from the

apec summit to dream force. and hotel occupancy and pricing have weakened in recent months. so many people are going to europe that that put pressure on the u.s. retail market. this month will be huge for the industry. >> fascinating who is paying? >> tesla is. hilton will identify the properties, but it is tesla that sees this as an opportunity so they're fronting the bill. >> who's paying up now? >> seema, thanks. more to come on the show on "power lunch." don't go anywhere. tech check sponsored by comcast business, powering possibilities. i'm a retired school librarian. i'm also a library board trustee, a mother of two, and a grandmother of two. basically, i thought that my memory wasn't as good as it had been. i needed all the help i could get. i saw the commercials for prevagen. i started taking it. and it helped! i noticed my memory was better.

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you can't visit the state of maine without enjoying some fresh lobster. it is not recommended. the state's lobster economy could be in jeopardy as warming waters force the crustacean population north. so lobstermen are pivoting to a potentially bigger business, seaweed. diana olick has the story from portland, maine. diana? >> reporter: steve train has been a maine lobster men for 40 years, but those years may be numbered. the waters are heating faster than every other ocean in the world, forcing lobsters north to colder waters and leaving lobstermen in a pinch. >> if we have something like kelp to harvest on top of all of the other benefits of the health and the benefits of the carbon, to significantly help our

income, that's huge. >> reporter: they're doing it with the held of a maine startup, atlantic sea farms, which has grown the local industry from just 30,000 pounds of line grown seaweed five years ago to a million pounds last year. >> we're growing it without any inputs, no pesticides, no fresh water, no inputs. mother nature is the kelp farmer. and what we are doing is we're providing seeds to our partner farmers. >> reporter: 90% of seaweed is grown overseas now, but the u.s. market is expected to grow from $2 million a year to over $5 billion over the next ten years. warner sees a massive opportunity for both maine and the planet. >> depending on if you're in a kroger or whole foods, there is 16 aisles. 15 3/4 has no seaweed. it is helping fishermen diversify. we need to tackle that other 15 it is 3/4 aisles. >> reporter: maine is

responsible for 80% of u.s. seaweed production and it doesn't just go into food. they're using it for cosmetics, clothing and most especially for bioplastics. and that's why big companies like toyota and procter & gamble are here in portland, maine, today at an international seaweed conference. i can't make this up. >> there are so many shocking parts of this story. >> that's fascinating. >> yeah. we need to get tyler on the seaweed bandwagon. >> diana, thank you very much. diana olick reporting from maine. >> i will say, you know, seaweed is becoming popular as a crunchy snack. obviously japanese restaurants. >> i love the seaweed salad i get. that doesn't look like that, but it is very, very good. all right. >> a wide variety of applications. >> we can do another story if we wanted to or sit here and talk. >> we could mention my favorite one, which is keep an eye on this one today, walmart reportedly the pay for new hires is about 5% less than what it was just a few months ago.

>> they're cutting wages. >> they are not raising them. >> -- okay, not raising them. lower than it was. interesting. the labor push is maybe abating just a little bit. >> indeed. >> well, we pretty much filled that time there, didn't we? >> enjoy the game tonight. >> you too. >> first, "closing bell" starts right now. >> kelly, thank you very much. welcome to "closing bell." i'm scott wapner from post nine at the new york stock exchange. this hour begins with the reeling nasdaq on pace now for is fourth straight losing day. by now you know about apple's continued weakness. that stock suffering its worst two-day trade in nearly three years. raises so many questions about the winning tech trade itself. and then the markets as a whole. we'll get you some answers on both fronts from liz ann sounders. first, your score card with 60 minutes to go in regulation, the dow has been green mostly throughout the day today. it weakened