welcome to "power lunch" alongside kelly evans, i'm tyler mathisen. markets lower on pace to snap long winning streaks. we are connecting the dots from lower oil prices to falling bond yields to rising stocks. >> you've got all that. the nasdaq is lower now. it's on pace to snap an eight-session win streak. up 8% during that time. oil falling 10% and now just above 75% a barrel. bond yields also falling to near

5% on the ten-year to just about 4.5% right now. >> for more on the market set up and interconnectedness of it all, let's bring in mike s santoli. lots of talk about how rising bond yields were an after ma to rising stocks. >> that raelationship really broke down about a year ago. stronger balance sheets, perceived insulation from macro forces, predictability of earnings. but in the last eight sessions or so, last week and a half, it started to become more plausible that we perhaps had reached peak fed, peak oil, and therefore, the imminent hard landing scenario that had become partiallypriced into stocks. this anxiety that built up over three months of losses, partially reversed. here you see that this week,

most of the market has been settling back and digesting the gains. the s&p had managed to stay ahead of the game and the nasdaq as well, but that's mostly again because of the select number megacap stocks. the last few days have done nothing to cool the alarm, i think excessive alarm, over the concentration of market performance this year. >> do you, what are your sources telling you? what does your spidey sense tell you about whether yields have hit their high point for this cycle? >> i don't think there's a ton of conviction in making that declaration. i think it's about looking at that chart and saying yeah, that's a plausible peak at least for now. even if we're not going to go down very far. we can talk all about what is implied for the fed doing into next year, but right now, i think people feel as if 5% felt as if there was a lot of value in ten year bonds but you just didn't want to be steam rolled by this run away train because

of supply concerns or something else. once it calmed down, you had real money. >> thanks. appreciate it. will the recent rally in the nasdaq continue or will yields go up and end the rally? our next quest says think of the tech sector as similar to a long-term bond. tech will fleuctuate with the market's thoughts of interest rates. j joining us is kevin with washington cross advisers. let me ask you a question similar to the one i asked mike santoli. that is what is the relationship between yields and tech shares or yields and the nasdaq? we've seen the nasdaq go up as yields went up. now it has they come down. >> what we're saying there is when you look at technology, it's trading at a much bigger premium, bigger multiple, than the average company at this point. what that means is that the value of those technologies,

that technology sector, the share price if you will, it's tied up in earnings that are going to happen years and years from now. so those earnings are going to be hurt if you raise the interest rate and discount those back. they're going to behave sensitive to higher interest rate. there's a big but here. it's not the only thing that affects technology. for example, there are also going to be big beneficiaries of receding fears about recession. that's what happened this carca year. if you look at tech earnings, they've ratcheted up about 14% this cayear and you can't say tt for the rest of the s&p. ultimately, yes, they're still since sensitive to interest rates. that's still a headwind if interest rates climb from here, but they're going to benefit from they thinks like a stronger economy, higher earnings like they did this year and that was the overriding factor for tech this year. >> so, in short, other intervening factors have

overwhelmed the normal state of affair, which would be that rising rates are not good news for tech stocks because it reduces the value of future earnings. >> there's just a lot of moving parts here. it's not just a one way thing about interest rates. there are several factors that come into play and growth is a big one as it relates to technology and growth is clearclearly gotten better this year. we've spent much of the last decade poo pooing the value of a 60/40 portfolio blend. is it back now? >> the whole idea was that if you ended up with a situation where stocks fell and bonds fell as they did last year, then diversification wasn't your fr friend and you didn't have much of a yield to start with. but that's different now. it's above the rate of inflation. you have a real yield.

bond investors are coming into it today with a very different set up and the historic tendency, although not all times, for bonds to be off set to a worsening economy, that could still very much be on the table. so the potential for diversification and better starting yield means that absolutely the 60/40 traditional stock bond mix is very much alive and well today. >> now that's the most contrarian thing. david einhorn said basically he's betting the opposite. >> take the other side of that. there's things don't say static in markets. the starting yields today are much better than they were in the past. and ultimately, if you're starting with a higher yield all else being equal, then the expected returns on bonds today

would be better than where they were a couple of years ago so i would take the other side of that trend. >> what do the stock picks have in common? >> so, we were looking for companies that in the event that we had say a more difficult 2024, we're looking for companies that we thought would be durable and flexible and predictable. that didn't have the big premium multiple that some areas of the market have garnered this year where we could still earn a fair return. maybe even see some income visa vee a dividend. all three of these stocks, accenture, a very interesting, solid company with a tie into technology and transformation of businesses as it relates to ait. cummins, very strong business. lot of demand today and well into the future. then clorox is a bit of a turnaround. they've had some issues but ultimately, the stock has pulled in and it's probably a good, a good entry point for an investor who's looking for value in a

quality company that's willing to wait as the company turns itself around. >> s&p 500 has just turned positive i'm told. does the market finish the year higher than it is today? >> i think we've had, if it finishes out where it is today, i think we will have had a good year because 65% of forecasters at the start of this year were looking for a recession and the fact that we didn't have that recession. we had a reasonable lift in the markets this year and we had stability after an awful 2022. i would chalk that up as a win, so if the market were to close where it is, i'd be mahappy wit that. there have been some positive dynamics. maybe we get more of a push higher out of that. ooe even if you closed it today and ended here, 2023 would be a win. >> let's take the rest of the year off. thanks, man. appreciate it. >> thank you. >> let's get to the big drop in oil if if it holds, could be

defl deflationary for the world economy. >> brent now below 80%. they see demand falling by 300 barrels. an increase of 100,000 barrels per day. in terms of what this means for consumers, we are seeing a drop in oil reflected. prices at the bump with down over the last month. first on the supply side, inventory for gasoline is about 2% above the five-year average while inventory is below the five-year average. refiners are still making money off of the higher margin product so they're still running at high utilization rates and they can't really shift their product mix more than 5 to 10%. gasoline is still being produced as a by-product which is why we

have all the supply as demand is falling. >> demand is falling why? >> okay, so the eia pegs it to consumers not commuting, more fuel efficient vehicles and more evs on the road and they actually think next year, we're going to see the lowest gasoline consumption per capita in two decades. we'll see. i mean, it's very hard to predict consumer patterns but for the time being, prices are down so good ahead of the holiday season. >> that's gasoline. on the underlying commodity, consumption is going down because why? heating season is not predicted to be as intense? >> that's right. in europe, their storage is full and 40% of their heating is from heating oil and we are forecasted for warmer temperatures. also, if you have a slowing global economy, that's going to hit how much diesel you need as well. but there are a lot of questions and these are hard to predict.

>> thank you so much. everything's hard to predict. >> yeah. >> for more on oil's big slide and what's next as energy remains under pressure, let's bring in john kilde. good to see you. do you think these declines will persist in terms of the price level and potentially demand as well? >> i think there is probably more downward pressure on the prices here in coming weeks. december, i believe that it's going to be a warmer month so that's going to help the heating situation in the united states and also abroad in europe. >> the question i have is this e-mail is not going to be as mild but we have a new weather pattern in the south pacific that should generate decent sized snowstorms, clips of a severe cold weather and a cold,

wet spring so we'll have to see. but certainly for now, this is downward pressure because of a lack of political jitters. and the inability of opec to do much more than they're already trying to do to try to stabilize the price particularly when they have a tlhorn in their side wit the united states in terms of massive exports now. >> love the forecast. wet, cold, spring after a wet, cold, snowy winter. taking that into account as we look at the benchmark crude prices now down below $80 a barrel, what do you think the range of those prices is between now and the spring? >> a down cycle would be hard to get much below 62 but to the upside as we've been seeing

since the ukraine war began, jitters abound and certainly, not just from the protagonists, the countries, the leaders of supply, analysts compare it to telling scary stories around the fire pit in summertime gets the price juiced. so i mean, given, if things were to go south in the middle east and things were to get by the size of everything even more, there's a problem in russia, certainly gets us back to the $90 mark. getting above 100 though would be tough but we would need beyond that, central banks to ease, china to really step up and try to juice their economy. these are big inputs i don't see on the horizon. 90 to 100 is certainly the upward bound and hard to break

out of. >> what about to the downside? >> yeah, i just don't see us being able to get much below $60 a barrel. again, i can't discount them completely as much i'd like to and despite what the united states is doing in terms of crude oil exports and refined project exports, the saudis still and always will matter. so to the extent they get con center nated here with this price, they may try to go for the jugular and really squeeze us. for now, it's status quo and there's a downward pressure here until we get some real bouts of cold weather, which for december, december ends up being a bust in terms of heating demand, it's going to be game over for that as well. >> john kilde, again, capital. appreciate it. john, thanks. now to the bond market where yields have fallen sharply recently since the ten-year hit 5% ten days or so again.

rick santelli joins us from chicago. a half point in less than two weeks. >> it is large by any metrics, tyler, and there are good reasons for rates to be moving lower although there's an asterisk. if the fed is done, that's good news. it's largely responsible for the big rally in equities with multisections in the green. but do keep in mind the fed can control only a portion of the yield curve. short rates. they can do qe but not they're not. they're doing qt, the opposite. so the market can do whatever it wants on the longer maturity b maybe the story's about mixed signals. look at a two-year. just today. yesterday, today's range is inside yesterday's. but it's not true as you move down the yield curve. it will be the same for 20 years

and 30 years. we've taken out yesterday's lower yields. that means we're inverting more. if you look at tens and 30s specifically, they're on pace for the lowest yield close in seven weeks. basically seven weeks. the 22nd of september. what we really want to pay attention to is the aftermath. the ten-year note auction, we could all debate whether the actual numbers were good or bad. i've looked at a lot of auctions in 43 years. the numbers weren't stellar. it tailed hedge funds and insurance companies didn't show up in force, but consider it more of a mogul. if you have the mindset to buy and the auction comes and goes and there's nothing earth shattering, you can't your strategy. that seems to be the case. you want to watch where your close in context of 4.5%. more importantly for the end of the week. back to you. >> thank you very much. rick santelli on bonds. coming up, microsoft raking in the benefit of the ai boom closing at an all-time high

yesterday. up 10% in a month. while microsoft has enjoyed a successful head start, the apple merely lying in wait ready to jump in once the technology is perfected? ai that is, and that is next. plus, disney has its hands full. not in a good way. bob iger is dealing with a stock that's stuck in the mud. media landscape and looming activist fight. we will scdiuss all of that and more disney when "power lunch" returns.

shares of microsoft hitting a high today. just about $140 billion. what's 140 billion among friends? for a deeper look, let's bring in steve kovach. >> there's a simple why microsoft is closing that market cap fwap with apple. it just ignited a promising growth engine. apple is coming off the year of declining sales and projected little to no growth for the current holiday quarter and there's no clear growth catalyst

on the horizon. microsoft showed up when it reported earnings just last month that all that ai activity is helping boost growth for its azure cloud unit. just started selling its co-pilot to business customers last year. apple is now working on its generative ai products that could launch as soon as next year, but for now, it has nothing to offer. now, there's been this tit for tat between these two companies over the year. remember the zune? the windows phone failed against the iphone. wasn't until 2014 that microsoft stopped chasing apple and focused on services and the cloud, all laying the groundwork for the ai boom. >> this says to me that microsoft does well when it sticks to its basic foundational

knitting. >> cloud. >> that is software, cloud services, things like that. >> don't try to buy nokia. >> don't be a device company. >> that's what nadella came in and did. he said from day one, i'm going to come in, we're going to be a cloud first company. at the time, that sounded kind of boring and not as exciting but boy, has it paid off nine years later. here we are talking an the most exciting technology in the world. it's coming out of microsoft. >> so can apple then compete as a non device company and become more of a software or a, i lmea to say it's not a services company is to miscalculate and misappreciate apple. but can it, you -- he said we're investing a lot of technology and wouldn't be the first time apple has come in but right now,

they have nothing. there's no sign of what could be improved or what they could do better. if anything, it would be more of a kind of lock in to the iphone that just keeps you buying iphones. that's what they do. it's why the services business is so important to them. maybe that's part of it. but it's really hard to see right now what could be done to kind of counteract this. not only just the revenue opportunity, again, microsoft is selling stuff. open ai. open ai had their developers conference this week and nadella was on stage with them and talked a lot about this partnership and how anything that benefits open ai, the more customers ai gets, the better that is for microsoft. so they've really got this interes interesting relationship going. >> i find myself using the hey, siri. i shouldn't have said that. >> there she goes. >> i'll say -- >> he, or whatever. >> hey, siri, what time.jets

pla play the raiders. i find myself using that functionality for maybe the most basic things. it's some kind of answer. even though microsoft seems to have the more lucrative model. >> and that is and maybe if they do kind of crack this code and figure out a better way to do generative ai or at least on parody from what we've seen with microsoft and others, that's great. a supercharged siri sounds often. if you don't want to be in a certain ecosystem and you like the apple ecosystem, that's good. again, we don't know what they're working on. it could happen next year, maybe later. with siri, they don't like it giving you the wrong answer. that's embarrassing. for such an imagefocused company, they want to make sure it's perfect. >> alexa gives me the wrong answer. >> they're going to supercharge

alexa next year and you can pay amazon for a chatgpt, it's not chatgpt, it's a different technology. >> sometimes i stump chatgpt. it says i can't help you with that. frustrating. >> i don't know if you've stumped it, maybe not want to give me the answer. >> do you ever chatgpt yourself? >> no. that seems so -- >> got me better than google does. >> it gets you better than google. >> more accurate. >> i don't know if i want to know that. okay. >> i'll do it when i -- i'll let you know. >> see if i pass. >> thank you. fighting a successful reit is no small feat. we'll speak with the c oeof reality income. we'll be right back on "power lunch."

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time for a quick power check. take two interactive climbing in anticipation of the highly akuwaited grand sheft auto six. warner brothers discovery

plummeting 17% after ad revenue fell for the media company and the ceo states we are undergoing a generational disruption with a streaming service that's losing billions of dollars. that's your power check. >> all right. ahead on "power lunch," more stocks in the news. disney earnings, streaming company as well, due out after the bell. we'll talk to an analyst about what to watch for and eli lilly shares moving higher as they get approval for a drug to treat obesity. "power lunch" will be right back.

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welcome back to "power lunch." i'm diedra bosa and here's your cnbc news update. house republicans issued a subpoena this afternoon to president biden's brother, james, and his son, hunter. the subpoena focuses on the biden family business dealings and escalation in the impeachment inquiry on the president. the rafah border crossing between gaza and egypt closed today for an unspecificed security circumstance. crossing is the only entry point for aid to gaza and it is

serving as an evacuation point for seriously injured civilians and foreign nationals. it also closed over the weekend after an israeli strike on an ambulance headed to rafah. it was a difficult start to the year for air travel. at least judging by the number of complaints sent to the transportation department. new data shows the number of consumer complaints in the department received in the first three months of the year was nearly double the amount during the same period in 2022. they have stayed high for april and may. tyler, back over to you. >> thank you very much. shares of disney flat ahead of its fourth quarter and full year 2023 results in just a few hours. the first time earnings after reorganizing its business into entertainment, parks and sports. of key interest whether espn will launch its service after disney plus and hulu raised prices for a second time this year.

with us now, brett feldman who covers telecommunications, cable and media at goldman sachs. let's talk about their streaming business. how does disney plus and hulu, which they've now taken full charge of or will soon, how do they fit together and what is the pricing sweet spot because as disney plus has raised prices, they have lost viewers. >> yeah. great question. and you're right. in the coming months, the disney will take full ownership of hulu. they own two-thirds of it now but comcast has told them they can exercise their right to sell their stakes and they're hashing out what that value is going to be. they're going to own hulu very soon. the question question we have is how is it going to make disney plus a better product? if you can go to disney plus and access broader content including your hul uu content, that's the kind of thing that can stay more

engaged. the key theme we have seen from disney and all the media companies is to focus less on adding subscribers and more on driving profitability. we'll be looking for evidence as to whether this pricing strategy is helping the bottom line without scaring customers away. >> just in the last hour, to sum up what he said, i think, maybe kelly, you can correct me. is the idea that maybe disney has lost its content magic or at least its content primacy among younger people? agree, disagree? >> well, i think disney would agree that they haven't done as well recently with their major films. you go look maybe the last 15 films that have come out, particularly those associated with major franchises, they've generally done 20 to 80% less

revenue at the box office. and bob iger, he returned to disney about a year ago, made it clear that improving the creative output is of overwhelming importance. the kchallenge is you can't do t quickly. in two to three years to get a movie from an idea into the theatres, we've had a prolonged actors and writers strike. the writers are back to work. actors aren't. so i think that's going to be a key focus area for investors is how much visibility can we get from management, when they're going to get back to the theatres and what gives them confidence that their quality of creativity is going to be back to disney standard. >> i think that's exactly the question. and to what extent they're still able to capitalize on kind of their existing library. to what extend that represented an area of needed investment going forward. >> there's been some debate around whether movie franchises, things we've had multiple installments of over the years, can still resonate with audiences. i don't think it's a question of whether people are still

interested in franchises. i think what people are interested in is great entertainment. we have so many options now you don't have to go to a theatre to see a high quality movie anymore. you think about the last two years, two of the biggest blockbusters have been one, top gun, which is part of a franchise. and two, barbie, which is a new narrative around a familiar character. disney has more familiar characters in their content library than any media company in the world. so the ingredients are there. they should be able to do this. the question is how long is it going to take. >> what about the theme parks and compare the domestic parks and the overseas ones. >> so, there's been a lot of concern around the parks mainly because they've just done so well. we all know coming out of covid, people had a lot of savings and eager to get out of their home. we almost immediately started to see record profitability in disney's u.s. parks as soon as we could get out of the house. it's taken longer to get people back in the international markets but it seems like

they're finally getting to cruising altitude there as well. there were some stories over the summer that maybe people weren't going to disney world as much they had. it was unclear if that was just post covid fatigue. one of their biggest competitors, universal, reported a record quarter of revenue and profitability through the earnings season. so i think what we can see is that the parks business is still doing great. it goes through a degree of cyclicality. in fact, they are so confident in the outlook for their parks business that just a few weeks ago, they gathered all the analysts and many investors at disney world to see if they're going to invest billions in their franchise. >> how high is your confidence and how high is the street's confidence in bob iger? >> listen, if he has a track record unlike almost any executive over the last 20 years. i think he came back with a lot of credibility.

i think he's been remarkably honest with investors about the challenges disney faces. i think he's been very clear that they're willing to do things that in the past, people thought they wouldn't do. so i think investors feel like we've got the right person there focused on it, but it's a tall pass. >> thanks very much. appreciate it. tune in for julia boorstin's exclusive interview with bob iger this afternoon after results at 4:05. and coming up, eli lilly getting key fda approval for its new obesity drug. that paves a way for even wider use of the blockbuster medication. we'll get the key details when we return with the shares up 2%.

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shares of eli lilly rising after the fda approved its new drug. joining us on the phone is sheamus. he has a buy rating and $66 price target. is it a different version or dirnt drug in this field right now? >> thanks for having me. it's the same formulation of eli lilly's manjaro. what is unique here is the different name that you have of the product and that basically allows for the company to track the product much better. when it's used for the treatment of obesity and it's helpful in terms of payer negotiation. >> is this likely to be the biggest selling drug of all time? >> we think it has a very, very

strong shot of being the biggest drug of all time. obviously competing closely with nova's ozempic. we think this category for sure will be the largest pharmaceutical market of all time. >> who's going pay for it and how? because the list price is 1,000 a month. some insurers are going to cover it. i assume. but most are probably not going to want to. >> correct. yeah. i think this is probably the main challenge is gaining reimbursement for the obesity opportunity over time. that being said, we do have some really important data coming this weekend from nova called the slelect study and that coul really prove out that the benefits of this product for patients who have high

cardiovascular risk. it may become more of a cardiovascular drug at the end of the day. it's also used broadly in the diabetes setting as well and there's a very compelling argument for both managing weight and blood sugar as driving material benefits in a patient population diagnosed with diabetes. these products have been moving forward in the treatment regiment amongst physicians in the last decade, honestly. now that they've got potent drugs like this, they're looking forward to using them earlier and earlier in the treatment paradigm. so it always makes sense to pay for diabetes drugs for sure. it always makes sense to treat patients with high cardiovascular risk then more broadly, it's just a weight loss drug, you know, for patients who are trying to lose a little bit of weight or don't want to go to the gym as much. i think that's a different dialogue. >> forward pe is 78.

just put that out there. one of the for few super growth opportunities left this this market. are there still problems with availability and the supply chain and what's driving those and will this exacerbate them or ameliorate them? >> i would argue that the supply chain challenges are going to run for probably quite some time. even on a recent conference call, you heard them say from the differential between the demand and supply situation, demand is so strong that nova sees at least four years ahead of sort of a supply constrained market and i think lily would argue largely the same. so the demand is quite extraordinary. certainly nothing that i've seen in my 20-year career. and you know, definitely a very unusual situation and one that

has to be managed carefully by both companies to maintain their strong reputation. >> all right. thanks for joining us today. appreciate it. >> my pleasure. >> still ahead, the read on owits. "per lunch" is back in two. by a, unlocking the power of thinkorswim, the award-winning trading platforms. bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies. tailor the platforms to your unique needs with nearly endless customization. and track market trends with up-to-the-minute news and insights. trade brilliantly with schwab. i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ finally we can eat.

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welcome back. shares of realty income are up since monday. they earnings after the bell monday. they beat on the top and bottom lines and they raised their ffo guidance and had 4% since the big merger last week buying spirit realty valued at $9.3 billion. it has over 2,000 properties that will be added to realty's portfolio of over 13,000 buildings. the deal positions it for solid growth while diversifying assets and joining us in an exclusive interview is sumit roy -- just realty income. it's good to have you, welcome. >> thank you. thank you for having me. >> a lot of familiar names in your portfolio starting with your company. you've got a lot of dollar trees and is it the bellagio, as well? that runs the gamut.

>> it does. we are primarily a retail-based business, but we do have a couple of investments in the gaming sector one of which is the bellagio transaction and it's a partial interest circa 21% that we entered into it earlier this year. >> so with the spirit acquisition, you say it's highly complimentary. what kinds of names are in that portfolio and why do this as an all-stock deal and it seems somewhat dilutive? >> well, the reason why we wanted to do an all-stock deal is twofold. one, we did not want to rely on the public market especially given the volatility that we're all experiencing with the high interest rate environment, and the second piece on the capital side is the fact that we can assume all of the debt and be able to generate north of 2.5% accretion on the ffo. with the backdrop that we are experiencing that was very

critical to be able to construct this transaction in a way where there is zero reliance in the public market to effectuate this growth and the reason why we believe that the portfolio itself is complimentary, i would say 70% of the, you know, exposure that they have to operators, we have it in our portfolio, as well, and the enhanced diversification benefits that we get, the 18 of the top 20 clients basically, we have a reduced exposure to them post this transaction closing as well as if you look at nine out of the top ten industries that we are exposed to, we also get diversification benefits there. on multiple fronts this particular transaction, actually check the box for us and it took, you know, a lot of the growth pressure off the table for us in a year when we are going to be incredibly selective given that the cost of capital has moved as much as it has, but

the cap rate environment -- >> i thought i heard two things almost at once there. one is that you have some overlap in the operators with whom you work, but that you don't have a lot. untangle that for me. >> i would say 70% of the portfolio we do have exposure to the same clients and 30% we don't, but given the level of exposure they had, the pro forma company for us, it allows us to diversify even further. and so -- >> even though 70% of your clients are the same? >> yes. it is. they have much more bite-sized exposure to them so pro forma our exposure to someone like a 7-eleven, they were our top three, top four client that might be number 20 for them and so it allows us to diversify for the post. >> so i assume your answer when i ask this question is that you will have a highly diversified

client base, but when i look at companies that have had recent stumbles like walgreens and even closing stores and so forth, when one of your portfolio lessees stumbles how does it affect your business? >> well, let's talk about walgreens. we are in a very long-term base wiss walgreens and the assets that they tend to close are assets that they control or assets that have a lease expiring. walgreens is going through a transformation, and obviously through this crisis they have the opioid crisis that they have to deal with, et cetera. they have new management that's coming in so that's created a little bit of volatility in their business, but having said that it is a healthy business generating 600 based on the last quarter that they reported and 600 million of free cash flow. so, you know, the risk that we're seeing at walgreens is not

going to translate to the inability to pay rent to companies like ours. they're going through a transformation that hopefully over time will stabilize. >> a very interesting conversation, we hope to have you back soon. sumit roy, we appreciate it. >> thank you. >> thank you. >> coming up, back to school. a congressman taking a page out of the rodney dangerfield playbook enrolling in a.i. courses to better understand the technology. luh"wh "wethe story enpor nc returns.♪) at national, you can skip the counter... and choose any car in the aisle... even manage your rental right from the app. so you can give some quality time to a quality cause. swing by to see one more customer... [audience cheering] and really get down to business. go national. go like a pro.

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welcome back, everybody. congress is notorious for lacking knowledge on emerging technologies, but one lawmaker is bucking that trend, going back to school to get a better understanding of ai. our own emily wilkins is in wash wish with the story. interesting approach. emily? >> hi, tyler. 73 years old. don by ier is not the typical college student and he's i top lawmaker on ai policy. byer's curiosity led him to take classes at george mason university. he said the classes have helped him better understand both how some of the technology works and how risky it can be. >> and i think with every additional course i take i think i have a better understanding of how the actual coding works, what it means to have big data sets. what means to look for these

linkages and also perhaps what it means to have unintended consequences. >> beyer is with the working group which is digging into how ai and social media companies are prepared to handle deep think images and videos around the 2024 election. he said it was important for congress to try to get ahead of the potential worst-case scenarios. >> what we are trying to do is not replicate our failures on social media where for 20-plus years we've not regulated at all. >> social media organizations are working on how to handle ai-generated images and video. they have to have political advertisers if they used ai software to depict people or events and tyler, we'll have to see how much of a role this does play in the upcoming election. >> it almost feels as though a

seminar or course auto to be required for lawmakers in congress. >> a lot of them are bringing in expert, but beyer is going the extra mile going to class. >> or for yours truly. i think he's the owner of a bunch of volvo dealerships. >> is he your congressman? >> he would not be. thanks for watching everybody. "closing bell" starts right now. kelly, thanks so much. i'm scott wapner here at post 9 here at the new york stock exchange. in just a bit we will be joined by jan hatzius who will reveal his outlook for 2024 here on our set today, and he will tell us where he thinks stocks will rate in the year ahead. in the meantime this make or break hour will begin with a reluctant bear no more. a top cio changing his tune on stocks and he'll tell us why in just a moment. here's your scorecard with 60 minutes to go in regulation and they're trying to extend their winning streak in two years and ca