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the commerce department has not made any final decisions about this yet, but allocation

or money to intel should not come as a surprise to investors given what the press are around the promise to build on american soil. the fact that the ceo is very optimistic each time he talks about it. the public visit from the president at the plant that i was out maybe about a year ago. that was also seen from companies that could indicate that maybe these companies are so optimistic because they received positive signals from the commerce department. may be behind closed doors. is considered priced into the stocks. today's bump has a lot to do with this visit to taiwan. he said in an innovation day over there most will move to test production by q1 of next year. this is important because it's important to them as they plan

to make these not only for intel but also outside customers. intel has signed on three customers but as i tried to ask to get the names they are very hush-hush on them because those same customers most likely use competitors and they do not want conflict of interest. the goal is to catch up as a manufacturer, but recalled just last month the founder told the chinese paper that intel is not a threat and will remain in their shadow. thebusiness is a part of the turnaround plan starting q1 of next year. they will even start reporting it as a completely separate

unit with its own profits and losses. to come full circle the biggest beneficiary is going to be that foundry business because they are building american ships on american soil. >> i am surprised this was not already. >> you saw the reaction. you saw it come down early this morning before 9:30. you could see the headlines with more details about the advanced ships, and i added a little more positivity i could say to this rise that we are seeing in the price today. for the actual funding we are still waiting to find out when they are going to make this announcement on who is going to be the first company to get some money. >> thank you so much. we appreciate it. let's move tochina.

trade exports falling over six purse for over a year. more than expected. china's imports rose by 3% versus the period a year ago. this comes as china's president is expected to meet with president biden and san francisco next week. here with more on that and the state of china's economy is demanding during director -- joining us from china. always good to see you. i want to get to the numbers in a minute. i want to go broader. you think the economy is going to beat expectations in 2024 with a 5% or greater growth rate in china going to beat this year 5.34 -- you also say that wealthy consumer confidence is dying and real estate is collapsing. if those are true how can you be confident that the economy is going to grow at the rate you say it is? >> great to be here. sort of a mixed bag in china right now economically. investors need to be cautious. the economy is still bad. that since we spoke last june. not as bad as people think.

what we are starting to see is multinationals are starting to invest in china again. i just met with an iconic german brand and they told me 2023 we did not invest in china be reinvested in india. 2024 is the name of china. the reason is because we do not think we are going to be able to see the growth anywhere that we can get into china. i am cautiously optimistic for 2024 because in the last 4-6 weeks i am seeing more companies planning to invest in china 2024. defying a lot of market expectations. that is off a really bad year where they already dropped 8% this year. that is why i am cautiously optimistic. >> i am curious if they are off this year and my notes reported that you say they are scared of

china worrying about getting arrested or complaining about difficult to getting visas how do you think multinationals are going to be a comeback story in 2024? >> what has happened is when i talked with multinationals over the last two months a lot are scared to come to china. i was supposed to kick off a meeting with one of my clients in december who canceled coming into china because they are scared about being arrested or they are scared about being able to secure a visa. i think there is a lot of sensationalism. they misreported foreign executives are being arbitrarily detained. china is really sick. it is safer to walk the street of beijing or shanghai at night then it is new york city or san francisco. fears of people coming our sensationalize, but they are still there more from the american side. when you talk to the others they are planning to make a big come back into 2024. it is the american companies that are shying, which is

getting worse and worse as we have talked about the chinese feel that biden is looking to contain china's economic growth seen in the last two or three weeks. biden has implemented more sanctions and more limits on american investment into china's technology sector and venture capital and is preventing technology companies like intel from selling the top ones in the market be kind of a mixed bag. multinationals are coming back into china, but on the other hand there is a lot of fear. that is why real estate is bad and why wealthy consumer income is dropping. i expect in the next couple of weeks that sales -- the companies are selling to china as well the are going to hit a wall. investors need to be very cautious about that. not easy to forecast what is happening right now. >> there were some japanese nationals detained. some people who worked in wpp. seems as though it is not just a made-up story by the wall street journal but there are people who are generally concerned about being for

nationals doing business in china. a >> it is made up. i am glad you brought up wpp. they have not even protected their employees. a large part of that has nothing to aspire national security but. corruption. it is well known in advertising business is here that if a company pays $100 million to them they should be allocating that advertising budget to where they get the best return on investment for advertising. what happens is a lot of the executives would get a kickback. if you get 100 million they would get a one or two million- dollar kickback, so they were not actually putting the advertising in the most effective means. they were getting wherever they could get a big commission. don't you think if they are breaking the law and misusing client money that they should be investigated and go to jail if they are found guilty?

>> going back to 2020. they weren't citizens of arbitrary detention in china due to what they said was arbitrary enforcement of local laws other than maintaining law and order.>> yeah. i am american. i love the united states. i have talked that maybe i will run for senate one day, but i do not trust anything under the state department. they put a lot of thing saying china is scary. it is 3:00 a.m. where i am right now and i am happy to go outside and livestream with you to show you how safe it is. >> we are not really talking about street-level threats. we are talking about something of a different quality and magnitude. since you mentioned the secretary and sadie do not believe anything that comes out of the state department you must have extremely low expectations for next week's meeting between joe biden and the president? >> i have very low expectations. i think it is great they will

meet. i am a big believer in discussion. the united states and nato should be talking with them. there should be talks with israel. it is important that people talk. you are never going to be able to solve problems or ease tension if you are just yelling at each other or launching sanctions or war. it is a good signal if they can actually meet. it could lower the temperature, but i do not expect anything meaningful to come from this. he is still quite angry at the united states. joe biden added more restrictions on venture capital investment in private equity investment into china from the united states in the last couple of weeks. that is what will the consumers are so depressed because they are the ones who are dealing with international trade. i do not expect any great revelations or a talk coming

from this meeting next week. >> always great to hear from you. we appreciate your perspective. the import export data also impacted oil markets today as accrued drops of 4% to about a two-month low. a big move today. >> we have to look at the import and export data on an individual basis. starting with china.

it is not just that but also the factors impacting the rest of the market. the comments on whether or not -- differencing an impact in more than reversing any gains we saw after the israel and gaza war began. >> what are your sources telling you about whether this decline in oil prices is an enduring one? that there is a new equilibrium price or whether it is a temporary decline. >> i think what we have seen since russia's invasion there is there is a lot of knee-jerk reaction to the oil market. every time -- we see this knee- jerk reaction. so far those have yet to

materialize. it went up after russia's invasion of ukraine but has since come down. exports are still strong. that narrative has not really played out. i think increasingly people are saying it is market participants who are not looking at oil fundamentals or maybe not as much in the know who are the ones that are driving these reactions particularly given money has been on the sidelines for a long time. i think what we have seen know is we get these knee-jerk reactions but the fundamental levels are probably in the 75- 80 region. >> and resting. thank you. coming up. the tech list. plus. surge pricing for uber. open ai opening a store. when we return.

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just a stunning rise and

fall that was really indicative of venture capital throughout the 2010s and the policy of zero interest rates. when everyone just clambered to get in they were willing to sustain billions and billions of dollars of losses while it reach that peak. it crashed onto be worth less than $3 billion and what i think is just as stunning is it was able to go public. the losses but over not just to the institutional investors but to the ordinary investors who will be wiped out in the bankruptcy. as for what happens next it is interesting because and go back to the early days. i covered the company closely. they had a sense of community and were doing something different. at all got out of hand.

if you strip it away and do not try to say this is a technology company and try to operate it like a great real estate company you use the bankruptcy to renegotiate end leases. that could be an interesting proposition and one that he himself may be thinking about. he relays what he said with the right strategy and team. they will enable it to emerge successfully. i do not know. maybe another chapter. >> look at that. nobody seems to know by now. where does this money go? does it go to money heaven? >> a lot of it. some of the debt will be rolled over into equity. there will be a frenzy as to what happens to it now. it won't be anywhere close to the more than $16 billion that has been put into this over the

years. >> did i see a comment about all of that where he said it is hard to watch from the sidelines? >> yeah.>> almost sounded like where of only the right person were back at the helm of. we have seen it before. >> think of the time that he was sort of thrown out. that is when and lot of them -- but they wanted an adult in the room. they wanted the operators. turns out that they were not very good at managing this either. that statement was pretty telling. say maybe with the right strategy and team that could emerge is 640. >> let's move on to uber which has a story all its own.

that is a big win. >> yes it is. i harp a lot and have for years on the different measures of profitability. it was first unit economics and then adjusted . this is a quarter which really relied on the fundamental business operations. it was profitable on a net income gap basis. credit where credit is due. that is a very interesting thing and could actually pave the way to be included in the s&p 500. >> all right. let's move on to the fascinating chapter. speaking of fresh beginnings. open ai is launching custom versions of chatgpt. what do we know about this? >> i think you summed it up very well. that has -- that is what has made apple's ios and google's interest so successful. into these ecosystems. that is essentially what they tried to do yesterday at the event that some say reminded

them of the old apple iphone events. the new technology that is available right now. what it looks like is where you can find different gpt's as they are calling it, and these are third-party basically smaller models that companies put into an app that people can use right away. you see all of these examples of people experimenting with them and showing what they can do. in this way it gives us more applications. potentially puts them in more competition with the ai bot platforms. >> there we have it. any other questions? >> thank you very much. we appreciate it. further ahead. cracks forming in the consumer ahead of this holiday season. whether it is fears around

spending or hiring we will discuss that. plus a lot of people adopted pets during covid, but as inflation climbs they are costing them an arm and a leg in some cases. that story when we return. coach saban, this goat done took over our office. and he's using it to send out medical bills. good hands! hospital bill for prime?! gaaaaap! did you just say gap?! he's talking about expenses health insurance doesn't cover. good thing coach prime knows about...say it one time! aflac! because aflac gets you money to help close that gap! now how do we get this goat outta here? (whistles) aflac! meet one of my new homies! gaaaaap! get help with expenses health insurance doesn't cover at aflac.com. elephant would've been scarier.

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to get a read on what some voters are thinking we released a poll today called money and youth in the usa measuring the opinions of 18-34-year-old on the economy and the results

show widespread anxiety about their future well-being. have surveyed said inflation is having a very negative impact on their finances. mortgage prices and healthcare costs are also weighing on young voters. what does this tell us about the next election and the policy that will emerge going into that? there is a professor at the university of virginia. great to see you. thank you for joining us. it is maybe early and maybe it is not. how far away are we from this? >> is a year away essentially. the economy should improve, and if it does democratic chances will improve. if it doesn't republican chances will be pretty good. that would probably depend on who is the republican nominee. >> the perceptions of the economy and reality of the economy do not seem to be aligning. there is very strong gdp growth right now. inflation has fallen a lot. and yet the perception is that

the economy is stalled. that inflation is still higher than the fed would like. it is still a nagging concern here. >> that is all true, but the studies on how voters interpret the economy has stressed for many years that inflation is usually the number one concern. not the only concern, but the average person does not relate to the gdp. the average person has a job. most people in their family have a job. the unemployment rate is less important than the particulars that you all have focused on like mortgage rates and the cost of healthcare and what they see in the price of goods and services when they go to the store or get their car repaired is where the economy is failing younger people and middle-class people who do not have a lot of extra cash. >> they certainly expressed that , as one might expect. they were just beginning their careers and may not have the

cushions. i want to turn to a study that you put together. some of the findings in it absolutely floored me. among them that a staggering majority of both biden and trump supporters believe electing officials from the opposite party would result in lasting harm to the united states. about two in five trump supporters and one in three biden supporters expressed the idea that succeeding from the u.s. was a reasonable approach to take and that democracy well they favored it a third of trump supporters and a quarter of biden supporters somewhat agreed democracy is no longer viable. >> yeah. it upset us too i can guarantee you.

violence of any sort in our system while we have always had some and it is true we have that point in american history like the civil war when it took over the system. by and large our disagreements have been peaceful. we are seeing the two sides going to the end of the spectrum and drifting apart and willing to consider these horrible alternatives. it is a warning to us to lower our voices. to do something about our rhetoric. use a mild word and set of a stronger word. a lot of this is up o the candidates. they have to lead the way. if you have a candidate who is using extreme language and is heating people opt rather than cooling people down we have an even bigger problem ahead. >> always interesting to see the partisan divide and know that a lot of obama voters voted for trump who then voted for biden. we still get these swing voters

in every election. we will see it this time around as well. thinking through the investment implications here. i think the bond market has thrust itself onto the main stage. no one is going to run on a campaign of cutting entitlements. what shape will that narrative or discussion take in maybe the five years to come? >> you hope it is on the table for discussion. whatever it is. parties tended to use it simply to score political points instead of to deal with the problem. that is one problem that never seems to get solid. immigration is another. because the parties would rather have it as an issue than to solve it and take it off the table. my hope is that a second term president would decide to devote the term to long-term problems and will bring other people on board. at least a portion of the other party. still waiting but still hoping. i am in my 70s so they have to hurry up.

>> whoever wins will be a second term president. one of them will have the opportunity. >> if they both get there and get the nominations, which i am not certain is going to happen i will tell you that. >> i am not either. >> what is really important is that a week ago my son sent in his application to the university of virginia. we have known each other 50 years, so i can tell you that. >> send it to me. i have a magic way. they always listen to me. >> i want to ask intimate selections is there any one or two that we should be looking for? i know that in kentucky the gubernatorial race he is well- liked, but kentucky is not going to vote democrat next year.>> that is for sure. it is good to have elections like that. you do not everything want to be partisan and predictable. the problem is simply that

donald trump carried it. if he does win the second term it is at least a small miracle. he has been leading, but we know how accurate polling is these days. if you win the second term it does suggest people in at least one state are willing to consider the individuals in the characters and issues rather than putting everything in a national context. >> good to see you, as always. >> thank you. be sure to tune in tomorrow night for the next republican presidential debate. nbc news will be moderating beginning at 8:00 eastern. coming up. new data flashing warning signals about this holiday shopping season. we will drill down the details when we continue.

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fedex is encouraging people to take jobs at regional passenger carriers for the holidays because there is not enough shipping demand to fill everyone's schedules. frank is here with more details, so how bad is it? >> it is terrible. at least compared to the pandemic. you have to remember we were all locked down.

just an unbelievable surge in demand for goods. people wanted to buy things. that has obviously changed pretty dramatically. you have to remember there was a fresh read on the market. i spoke to the fedex ceo and he said basically when it comes to the industrial market it is soft right now. even when it comes to consumer goods it is pretty soft even as we head into the holiday season. we want to come back to that offer. i'm going to show the numbers right now, but really eye- popping. >> has this ever happened before? >> i do not know, but i also want to amend something. they are actually advising them to take jobs permanently. >> does this mean they are laying them off or trying to say to take side gigs? >> leave the fedex. psa is a wholly-owned subsidiary of american airlines. they have a close relationship. i want to show the graphic right now of the offer. fully owned by american airlines. you get a $250,000 signing

bonus be one of $75,000 paid in your first paycheck. this is the general offer. 12 days off per month. longevity credit for vacation and retirement. >> almost have $1 million for walking in the door? why is this gift sitting out there for the offering? >> at fedex the told us over a year ago that they are cutting flights and worker hours. you may remember famously them saying he saw a global economic slowdown. since then they have been pretty dramatically cutting their flights and worker hours, so none of this is a surprise. also ups post taking early retirements. almost 200 of them. taking those early retirement offers. they are getting a similar offer from psa airlines, so there are two sides to this story. i also want to show you the

statement from the pilots union very quickly. they say we do not consider this an acceptable offer and they reacted accordingly saying if they are comfortable with pilots leaving they should instruct them to make puzzles to entice pilots who are otherwise waiting to retire. similar to ups. full circle. when it comes to goods. >> why isn't the union happy? if the pilots leave the fedex to go to a regional airline think it half $1 million right off the bat almost. are they saying they would get more if they stayed at fedex and reached full retirement? >> these are jobs ith great compensation and benefits. fedex is a top-notch company to work for. this is a commuter airline. just a different lifestyle. they have a main hub in charlotte i believe and also in philadelphia and a couple of other cities around the country. >> are the pilots represented by the same union?>> i do not

believe they are. >> that might be why. >> amazing sign of the times. leave the package carrier and go to the domestic airline. >> it is not just a regional carrier. it is a part of the american airlines family, which is a big company. we have some numbers out of china about imports. they were actually up 3%, but when you look at the u.s. it was down almost 4%. basically things going in and out of the u.s. the u.s. is still there core market. just a general slowdown. it is off extreme highs due to a global event that disrupted everything. >> amazing. thank you for the reporting.

>> good to see you. i wl >>ilbe back here tomorrow morning. still ahead. with the cost of everything from their food to medicine now surging are some pet owners starting to get buyers remorse? we will ask an industry insider when we return. (adventurous music) ♪ ♪ ♪ be ready for any market with a liquid etf. get in and out with dia.

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thank you for having me. this is the largest market for pet services. we are generally a transaction model. people will go to rover and find an animal lover in their neighborhood here we have

offerings that almost function as a subscription but were mostly transactional. >> you are international. i was amazed that it is not just a u.s. company. name some of the countries. >> france, uk, spain, italy. we are in eight countries in western europe. >> what does it cost if i have a dog or let's say i have two dogs and i need.walking twice a day for five days, and i wanted to spend a little time with my dog because i'm going to be away. what does it cost? >> for dog walking 20 or $25 per walk is typical. drop-in visits might be a little less. for overnight services $35 or $40 may be more the norm. is >> how do you that the providers who you hire to do the services in pet care?

>> in north america all of them go through a background check. they have to fill out a profile. they go through a human and technical review before they are approved on the website. that process includes references. in europe we actually do have a verification through a similar process as well. mostly pet lovers. people do rover in addition to their primary income. we attract people who love animals and would love to spend time with animals. for most people it is not primary income.>> we have talked about how much prices have gone up and how much more they can go up at this point. especially when a lot of pet owners faced some budget pressures with those student loan payments restarting in the service we have been talking about on cnbc all day long. are you sensing any tension out there about how much more people can pay for their pets? >> we are actually seeing record customer economics. for the customers we acquired this year they are performing at the best levels we have ever

seen on top of last year's record which was on top of the prayers years record. we are just seeing and up and up trajectory in terms of the spending and customer economics. in the broader pet industry we have seen some people talk about people being a little more frugal, but we are actually seeing record levels of spending. >> there is also not just one marketplace where you can find a dog sitting. there has been others, and it is fairly easy i would imagine to try to come in on that turf. how do you maintain your market share and grow it in a time like this? especially in an area of higher interest rates making it more difficult to expand. >> we are fortunate in the sense we are self-funded. we are also producing a good amount of cash. we had a change in our profitability, so when we look to expand we are not depending upon loans or new funding coming in. if that makes it easy our business has powerful network effects for the last 12 1/2

years. we have been doing a marketplace that makes extensive use of data science. as we have more bookings come in we get more deity and we can do a better job of matching you with a perfect sitter. as we match with someone better you are more likely to use rover and were likely to come back and recommend it to a friend. those powerful network effects are pretty defensible and create the competitive advantage for us. >> thank you for joining us today.>> thank you. coming up. a tasty investment. pelivery startup wonder getting a ek cash infusion from a global food giant. we will bring you the details up next. power e*trade's award-winning trading app makes trading easier. with its customizable options chain, easy-to-use tools and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. e*trade from morgan stanley. power e*trade's easy-to-use tools

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your individual firmness and comfort. but the ones who matter most to me. your sleep number setting. and actively cools and warms up to 13 degrees on either side. and now, save 40% on the sleep number special edition smart bed. ends monday. shop for a limited time. only at sleep number. welcome back. is this still a food delivery company? melissa is here with more. some of us were fortunate enough to see them back before they shut down that line of business. >> exactly. now they have pivoted to a different strategy. they have brick-and-mortar locations by the end of the year they will have 10 of them still doing delivery rather than trucks. the other piece is where they

are getting the money from nestli. the investment will go towards this push. think it really fancy ovens and there are going to be selling those to hospitals and hotels and even cruise lines or colleges. they will help them come from the manufacturing side making those prepared ingredients that it will sell as a part of that package deal.>> wonder has already announced it started a deal with apron. that is a separate piece of it where it is trying to basically get more parts of meals. on the one hand you can order delivery, and you can also soon if the deal closes get a meal kit. i spoke to the ceo and founder and he was saying the idea is

they want to become the super app of mealtime. offer different options and people can do whatever fits within their budget or flavor palette. they are miniaturizing all of these different restaurants into one tiny kitchen and simplifying the process and they also see some opportunity because of a labor shortage. what they heard is that a lot of these hotels and airports do not have people to cook in the kitchen. if you can simplify things into one of in and make it possible with the push of a button there is potentially something there. >> equipment and meals that they will be providing. we have to leave it there. thank you for watching, everybody.