and welcome to "power lunch" alongside kitty corner from kelly evans, i'm brian sullivan. good news. stocks are rebounding after yesterday and by the way, nvidia, the most important stock in the world, is slightly higher. not a lot. but coming off the worst day any stock has ever had in terms of market cap lost.

279 billion wiped out yesterday. knocking nvidia's market cap down to a measly $2.6 trillion. we'll take the half point gain, but there are real concerns for investors because the stock, now down 20% from a recent high. you know what that means? >> in a bear market? we'll talk to santoli about this in a moment. what's really a bear market. what matters here. on the economic side, this is interesting. twos and tens have disinverted. they've returned to norm also to speak. that seccurve getting right sidp after a sharp drop in jobs openings. that was ahead of friday's jobs report. the beige book is also out. steve liesman digging through those details and we'll have them shortly. >>before the beige book, let's bring in mike santoli to make sense of nvidia and jolt. so mike, we're asking you to do something nearly impossible but we know you're the man for this

job. which is to combine nvidia, the ai stock, with the job opening and labor turnover survey report. but i know you can do it. >> well, i think those are alongside or catty corner to each other as opposed to intertwined, but i do think they are separate parallel sources of unease for this market. so we have this extreme sensitive to any sign that the economy is stalling and not just slowing. at the same time, the market has been trying to wean itself off of a reliance on the big megacap growth stocks. nvidia being the prime mover there. because those stocks are no longer quite dominating earnings growth, but this rotation into other types of stocks has been complicated by the fact that economic numbers look like they're dicier, at least they're consistent with the idea that some fear we might be slowing a little more than hoped. that's the jolts data. perhaps feeds into that i think in general, this is what a soft landing or the path to a potential soft landing looks

like, which is constant doubt that the soft landing is going to happen and you have to test the premise against every incoming piece of data. we got back above 21 times earnings last week. didn't quite take out the july highs. rotation is quite defensive. if you look at consumer discretionary versus staples, staples have had this big run against them. dividend stocks against semis. you've seen those dividend stocks make a move. does that mean the economy is in trouble or just trying to stay on balanced footing in case the fed's rate cuts are need to have rather than nice to have. i think that's the debate we're in right now. >> what do you think the main debate is just amongst macro market investors? the fed? the economy? where ai and nvidia goes? >> i think it's essentially. almost all these things we talk about with the treasury yield curve means or doesn't mean. whether the fed would be better to go 25 or 50. any of that stuff really comes

down to is the economy going to keep growing or recession. all those, that's kind of like starts and ends every argument so that's still the debate. i think we still have to kind of monitor that. i think we have cushion. credit markets seem fine right now. the fed has room to cut. wages growing faster than inflation at the moment. so i don't think it's a critical moment, but again, the market was priced for some pretty good stuff and you have to see if it comes through. >> most importantly, we're trying to hang on to some kind of a rebound. got a cowuple of hours to go an the beige book. brian could not be more excited. steve? >> hey, kelly. yeah, the fed's beige book collection of economic from the federal reserve banking district say economic activity grew slightly in just three districts. flat to the climbing in nine districts. overall, there's a dark tone to the beige book tonight. point levels were steady. there were some reports of reduced hours and shifts.

lower employment through attrition. however, reports of layoffs remain rare the beige book says. wage growth was modest for the fed's inflation fighting. nonlabor input costs show slight to moderate gains. again, good inflation news but consumer spending ticked down in most districts. haven't seen that in a while. auto sales varied but there were some declines reported due specifically to higher interest rates that come with auto loans these days. manufacturing activity declined in most districts. that's consumer spending and manufacturing. most districts did report softer home sales. the economy however was expected to remain stable or improve in the coming months. first we're feeling less pressure to increase wages. greater availability of workers and you saw some of that in this morning's jolts report. prices rose modestly. there were increases in freight and insurance costs. we have the economy running, i don't know what you want to call it.

2 to 3% in the surveys but this doesn't sound like a 2 to 3% running economy. kelly? >> and steve, we often talk about how if anything, it's a lagging indicator but this time around, i don't want to call it leading but it seems at odd with the broader macro discussion. >> i'm not on board with the beige book being a lagging indicator. i first learned about supply disruptions from the beige book. it was right on the cutting edge. there are things that happen in the economy that work their way up through this anecdotal process that really can help tell you what's going on. sometimes it is lagging. but there's a lot of stuff in here if you read it carefully and go through the anecdotes. there's some leading stuff in there that doesn't rise to the level yet into the data but helps with trend. so what we're seeing here, this consumer taking down in all districts. manufacturing being weak in all districts. not really in the data. >> one more question. is this, and is the discussion broadly you think a

stagflationary one or of disinflation? i'm curious of what you picked up on. >> i don't think see the stag yet. i still need to be convinced there isn't growth going on. i'm not quite sure how and why this differs quite so markedly with some of the other consumer spending data. i need to watch that carefully. and the flation part is going away. this speaks of weaker growth and this is the problem we've had all along. when stuff slows down to the area where it is the soft landing you were looking for, comes down from here to here or goes up from here to here depending on what indicator you're looking at, how do you know that's where it stops and that's where we level out? that's really the problem. today, for example, we got a one to one ratio on the job vacancies to the unemployed. that's a good number. it's come down from two, which

was way too hot a job market but we don't know if it settles down or goes lower. i suggest more weakness in the job market. >> yeah. >> we still got michael santoli. i feel like the beige book is like a friday pop quiz you get in midterm and it doesn't really mean that much but kind of is an indicator of where the find test may be. if this was the clue, a hint for the federal reserve, what would it be? >> well, i think it just reenforces the idea that most people in the economy and most investors have moved beyond the inflation question earlier than the fed has been willing to confess that it has and is very much on slowdown watch and trying to gauge how deep that goes. so i think it more just feeds into the same mode we've been in. probably will remain for some time. look, we get growth scares along the way. most don't really manifest as recessions but eventually, one

will. >> i think that's exactly. let's bring in jimtyranny to talk about this. the cio of alliance growth. what do you think about the market? >> i completely agree with some of the trends we're seeing in terms of the consumer is weaker. when you go through second quarter earnings reports on the consumer side, yes, walmart killed it but walmart was taking share of high income consumers. i'm not sure that's a robust statement about what's going on. tjx, great numbers. but again, consumers looking for value. you look at the negative side of reports, there were a whole bunch of them. my favorite is land weston sold fewer french fries. people are boycotting french fries. they can't go out. mcdonald's had negative comps. ulta beauty is seeing a lot of competition. all of it is painting a similar picture where the consumer is holding on, not prospering. i think the slowdown is real. >> jim, i'm going to quote my

good friend and colleague, steve liesman, and say i got to push back on that a little bit because for every retailer that is down and your points are well noted. dollar tree, dollar general. 75 cent tree. savings in general. i can point to you one that's doing great. best buy stock. multiyear nearly all-time highs. i can't figure out the consumer or the consumer stock market because for every clothing store that's doing terribly, abercrombie & fitch is doing great. this has got to be one of the more confusing consumer economies i have ever seen. >> i'm glad you mentioned that because when i look at a target, a best buy, when i look at a dick's, what i'm seeing is huge cost beats, not revenue beats. so that is companies that are executing. yeah, they're doing great, but not because of the consumer is buying more stuff from them. it has to do with margin gains.

>> steve, let me quote dean mackie. he's been correctly more optimistic about the economy for some time. so i try to follow it closely. he says despite worries about the health of the consumer, real consumer spending continues to grow robustly. 2.92. fastest pace since march of 2023. he says some people are worried the saving rate is falling but household net worth is at a higher level now than at any point in the 70 years prior to covid. so he would underpin brian's point. s >> that's what i was talking about when i said the description of the consumer doesn't comport with the data. i'll side with my colleague from i think it's michigan. i think ultimately we say where brian is ultimately from. that when he says that it's a very confusing time to predict or understand the consumer in the sense that the consumer has been down for the count. you know, more times than an

opponent of mike tyson. in the first round. so, and they keep getting back up. when you have employment levels like this with income now rising faster than inflation, the question you have is this. does it take a shock or some mistake on the policy front to keep the american economy from at least potential growth in the 2% range? i think it does. but the caveat perhaps being the mistake has already been made with the fed stays too tight for too long. if that is not the case, i think we can maintain decent growth with the consumer continuing to spend maybe not as much as investors hope and maybe some of that has to come with prices coming down and margins coming in, but that's an investment equity story. not necessarily a macro economic one. >> mike santoli, what would you layer into this? >> i do agree there are buffers.

household indebtedness is not where you typically see it when you have real stress in the household sector. the other thing from the stock market's point of view is direct consumer spending is surprisingly small part of what feeds through to aggregate earnings. it's kind of a business to business in a capex and technology driven index. so you can kind of get by with a muddle through type slowish growth environment. i still think we have buffers that maybe we'll have to take advantage of. but it's not necessarily you know, the wolf at the door. >> right. >> i do like, jim, that you're coming at us with a couple of names that are not the name. there's nvidia. we talk about these names once in a while. i don't think we've ever talked about anfenol. at least not recently. cooper companies. these are names that don't get any love or attention because they're not named nvidia. why do you like them? >> big tech companies sucked all

the oxygen out of the room the last 15 months. part of it was the spectacular earnings growth, but now the market is starting to broaden out. we're starting to see really robust earnings growth from a broader section. cooper is great. they sell contact lenses. they're taking market share from their competitors. people are moving to dailies as opposed to monthlies and that helps their business. and what had been an inefficiency in terms of manufacturing because they were running at full capacity, they're starting to get manufacturing gains. so we're seeing margin gains there. so a real under the radar story. if the economy's weaker, i don't care. people are still going wear their contacts if they need to. amphenol is a sensor and connecter company. fears yesterday that they were losing content. even if that happens, way more than a data center story or an nvidia story. diversified business. more intelligence. more content. more centers.

more connecters in everything we're buying and will buy for the next 20 years. so a great story there that i think the market overreacted to one piece of data and it presents an attractive opportunity right here. >> i love the new names. mike santoli and steve, it's across the lake. more of i've been migrating slowly towards wisconsin. where the musky are biting. come and fish with us anytime. we'd love to have you anytime in the north woods. after the break, citigroup out warning that oil could fall to 60 bucks a barrel next year. good news for gas, but maybe opec has something to say about this.

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welcome back. let's talk oil, energy, and geo politics because there are really two different scenarios happening in the world right now. first, global risk is rising. let's lay it out. you've got israel and gaza still raging, if not heating up. you've got ukraine punching putin back, good, but they're striking oil targets inside ru russia, what the u.s. asked them not to do. china continues unprecedented military build up and saber rattling around taiwan. you might have seen the video. the other day, one of its naval ships intentionally ramming a filipino coast guard ship. iran close to enriching enough uranium to complete a nuclear

weapon and in turkey, servicemen were violently assaulted by a gang in the middle of the day. in other words, the world is heating up, but oil is cooling off. right now, it's down 1.5%. it's $69.34. now negative nfor the year and f you're wondering, oil's fall is really for a variety of reasons that include disappointing recovery in china's economy. record u.s. production. overproduction from opec at least for now. the member iraq. we're looking at you. and a big, bearish position from oil traders betting that oil prices will fall even more. and that is not even the entire story because now we have some newheadlines around opec suggesting the group could pause on its plan to add more barrels into the market. so let's dig more into oil and energy with our friend, dan pickering, founder and cio of pickering energy partners. we had this all laid out yesterday. you wake up to these headlines on opec. respectfully to my colleagues in the media, i'm not sure opec's

going to do anything before the in-person december 1st meeting. how do you read the state of the oil market right now, dan? >> nice to see you. the oil market's telling us we've got too much supply and it's much more worried about the near term risks to demand than it is about the potential risks to supply. you laid out very well the geopolitical tension. those things might result in a lack of supply. i think the market's telling us with this move below 70 that it's much more worried about the demand side and the risks of opec bringing back supply than it is all these geopolitical tensions. so i think the market's going to be fine. but it tests us every three to six months and we're having a test right now. >> it's interesting you say that, dan. we were talking about leading and lagging indicators with the beige book and in a way, oil has

almost been a leading indicator even though we've been getting excited all summer long. oil demand has not been. like brian said, yes, china is a piece of that story. do we know what u.s. demand has been like? i filled up for 3.13 a gallon in new jersey. if that cracks $2, imagine the psychological benefit's that's going to have on consumers. >> u.s. demand has been mediocre. so has china demand. remember that china was 800,000 barrels a day per year for a decade. they're half that right now. the u.s. flattish from 2019. so prices go lower, demand will go up in response to that. but you know, i think the psychological impact of oil in the 60s is likely to keep opec off the market. i don't think you're going to get your $2 and change fill up kelly, unfortunately.

>> come on. i'm counting on it turning into the winter blend. the prices come down. let me ask you this. it was said a while ago, and we know from the ism readings we're in basically an industrial recession, but the consumer has been chugging along and their tsa numbers show they're traveling, so they're using jet fuel and car fuel. what is the percentage of u.s. oil demand that comes from big industry versus the consumer? when you say that demand is weak, is it because we're in a post pandemic industrial reset as opposed to a problem that is a broader economic one? >> the split between consumption, i was told there would be no math, but here it is. roughly 50-50 between industrial and consumer. >> wow. >> and so they both matter. i think that the consumer is much more price sensitive in the near term. you know, $20 for a fill up goes a long way.

in other places and so my expectation is that demand will be okay but not great. for the next couple of years. if we have an economic problem, oil's going to have a problem as well. my expectation as we muddle along and supply and demand for oil muddles along and price stays in this kind of 70 to $80 band for the next couple of years which is going to be fine for the companies. but opec is the big challenge. >> listen. we had some political headlines out today. the atlantic saying that vice president harris, presidential nominee harris, is not going to endorse an ev mandate. that may be new news. it's alex thompson's twitter account. good guy at the atlantic. we're seeing these ev mandates get pulled back because it pertains to gasoline demand. if it remains high, oil production will remain high. dan, you're in houston.

i'll be there in a week and a half, look forward to seeing you. will u.s. oil producers, all the shale producers out there, will they cut back on drilling at $69 versus 74 or does that $5 marginal difference not mean, inning the technical term is squat? >> $5 won't make a difference. high 60s versus low 70s. it's the same number as it relates to upstream company spending. take oil to the low 60s. behavior's going to change. take it into the 50s, behavior changes a lot. this industry's focused on generating free cash flow. they will cut their spending to do that. i think that this is normal volatility. unless we go lower. if we go lower, the industry will react. >> i remain somewhat skeptical that they, whose industry. you think opec's really going to react by taking barrels off? >> they're supposed to add

barrels back on over the next year. the whole headline is will they now pause that plan to add more barrels. again, if they do, i don't believe it will be before the december 1st in person meeting because all decisions have to be unanimous for opec unless this is a saudi one off on their own, which they by the way, could and very well may do. >> get into the market share ceo. >> war price versus market share. kelly's got like six vans to tote her family around so she needs to price. >> just one very heavy one. we have big money coming out of big tech. where's it all going though? atuetaleavigator will ck th qstion, next.

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zbljtsds hush we've been in the red since about 1:00 p.m. only slightly. wouldn't be too hard to flip back, but we've been continuing this trend in september to see these declines. the s&p tech sector, 11% from the july highs. chip sector, about 20% below. where is all that money going? cnbc contributor, carter werth,

is with us to answer if it's coming out of tech, it's going where exactly? >> well, i suppose it can always just not go anywhere. it can stay in cash. that certainly happens whenever profit is taken, it's not always immediately redeployed. the thought was a lot of large cap money going into small and mid cap. to some extent, that's the case. the more pronounced move is into defensive areas of the market. ewe we can look at the current circumstance of money flow, where it is going, in two particular old fashioned consumer staples, kelly. philip morris and altria. these are year-to-date charts. that's a very straightforward, you know, the colors, the lines with straightforward. approachable. those two big stocks up 35%. and one could say that's the

sector overall, but they're double the performance of the sector. the sector is costco, proctor, walmart, coke. so those two big ones are doubling year-to-date the performance of their own brethren. >> do you, you know, they have so many issues to discuss from traditional tobacco products to some of the more innovative ones that are under regulatory scrutiny. what does it tell you about the continued performance of tobacco names? >> those are very high dividend stocks relative to certainly walmart or costco or proctor or coke. as recently as 6 and 7% yields. so i think you're looking at the face of fear. it's money saying well, i don't want to be here. or i'm concerned about perhaps my tech holdings but i cannot come out. i'm in it to be fully invested. so it's finding a place to go. but is that a really bullish thing or a fear based behavior. here's a comparative chart to show those two relevant to tech.

and tech is up only what, 9%. they've tripled the performance of tech here which is to say look, i don't think anyone's sitting around, at least i can't imagine, saying this is the way to win the game over the next two to three years, being long tobacco. it's not growth businesses. they're basically bonds. so it's when maybe just say one's out of ideas or one wants to be really defensive, let's just park it here. >> basically bonds is my big takeaway as we watch the performance of that asset class. people say social media is the new cigarettes. carter, appreciate it. we'll check back in soon. carter worth. coming up, a direct dispute with espn and disney going dark for millions of directv customers. we'll speak with the chief content officer about this whole drama, next.

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welcome back to "power

lunch." let's hit the latest on the big fight between disney and directv because 11 million or so of you subscribers have lost access to espn, abc, and more since sunday. this after the two could not reach a deal on pricing. as the blackout enters its fourth day, disney has claimed directv continues to quote misrepresent the facts around ongoing ganegotiations. so we heard from espn yesterday. let's get the directv side of the story directly. with the chief content officer with directv working directly on the discussion with disney. julia boorstin with us. she will kick it off. >> thanks so much, brian. rob, thanks so much for joining us amid these negotiations and this standoff. just yesterday, espn chair told me that disney is offering flexibility including the option for a sports specific skinnier bundle. how do you respond to that? >> yeah, well, we've seen this before with disney's messaging and it's a half truth.

they have offered us skinny sports package to what jimmy shared yesterday with a broadcast attachment. however, what they fail to mention is that they lace that and tie that, those rights, so minimum penetration requirements, which are basically contractual terms that force us to carry the rest of their portfolio to certain levels and with those requirements, those limit the scope and the reach of the product that we're trying to put forth in the marketplace. ironically, that was not what they gave themselves in venue and that came through pretty clearly in judge garnet's ruling in the fubo case. >> it sounds like you're very much interested in getting the same rights that disney offered for the streaming sports service venue that was shutdown and is now under appeal. but it also sounds like disney's willing to offer you those rights. so you're saying they're mandating a minimum penetration. big picture here though.

taking a step back, you're dealing in a world where we're seeing cord cutting and disney's dealing with a world where they're seeing sports rights increase in terms of pricing. how do you see a compromise going forward? what kind of compromise could come out of this? >> well, look. i think where we agree is that there's a vast market in between what's available to customers today with a direct consumer subscription package construct and the tv construct we live with today. we think there's a big market for us to participate in, but we need the rights and the rights to not held by these rights. so we think there is a great market between us. they just have to give us more flexibility in the rights they've given us and they don't reflect what they were planning to give themselves. >> i was curious if you could

confirm that people are getting a $20 rebate for this issue as it goes on? >> as customers call in, we are giving them a $20 rebate. so we're trying to give customers value back that they're losing with directv currently being off with walt disney company's contact. we want to try to solve this as fast as possible, but both sides are at lagger heads over this packaging dispute. counter to what they've said, they've said we're fighting over the value and the rates. we're not fighting over the rates. we're agreed to on the rates. what we're not agreed to is the flexibility and the number of package we're trying to put in the marketplace. >> well, disney espn along with dana walden, the statement today saying they are being flexible. they have offered multiple packages beyond just a sports package and i have to wonder given there's somany other

alternatives out there, yes, you're offering your customers $20, but they can switch not just to another paid tv provider, a traditional paid tv provider, but to a streaming service like hulu with live tv or youtube tv where those prices may be lower. are you concerned about having a meaningful loss of subscribers right now? >> look, yeah, we're not going into this thinking we're not going to lose subscribers. i would say based on your comment, that was complete pinocchio. as of right now, they've put two packages on the table and both are limited by these minimum penetration requirements. they are practicing a behavior that they are cornering the market for themselves. they're not wanting us to participate. and we saw that kind of behavior front and center in the fubo case. if you don't believe that, they put a mandate in a deal at the 11th hour that i've never seen before that required us to first

have a clean slate where there was no reach back and liability for any claims against the walt disney company. two to change the venue of law from new york which has been the venue for our contracts for decades, we believe. then third, a provision where we couldn't bring any claims against them legally. >> but so you're saying they're cornering the market for themselves. are you saying that because they want to be able to distribute or were hoping to distribute a skinnier sports bundle via venue and they have this espn package in the works? the reality is that you can find disney and espn and all these channels on every single pay tv distributor there is. there's no doubt these are incredibly widely distributed. so cornering the market for themselves is a little bit confusing to me. the question i have though is if you're looking for the flexibility around these bundles and the clock is ticking given

that you have monday night football on espn on monday night, how are you planning to get to a compromise here? >> yeah, what i'm talking about in cornering the market by the way, in these skinnier bundle, they were going to afford only themselves really any runway on the sports and broadcast package. and they gave us a flavor of entertainment laced with these minimum penetration requirements which ironically is not what that gave to charter, which they told us firsthand. and they're not letting us participate in the kids and family package we put on the table to them because they want to keep that for themselves. that's kind of the behavior i'm talking about. but of course, i'm concerned about this. we want to bring this issue to a head. we just need the walt disney company to let go of their singular, you know, control over the marketplace in some of these packages and we want to participate. more broadly than being governed by these penetration requirements. >> and we did a new kind of deal that disney struck with charter about a year ago. we'll have to see if that

becomes a model. unfortunately, we're out of time, but thanks so much. rob thun, chief content officer for joining us. >> thank you, we hope we get it resolved soon. >> thank you for bringing that to us. now over to pippa stevens for a cnbc news update. >> an update on the mass shooting at a high school in northern georgia. police now say four people are dead and nine injured as a result of the shooting at the high school today. authorities are confirmed a suspect is in custody. meanwhile, police are stepping up patrols at atlanta area schools in response to the violence and the white house says president biden has been briefed. the u.s. government announced criminal charges this afternoon arising from a russian effort to influence the 2024 election. attorney general garland also detailed sanctions and visa restrictions against the leaders of rt, the russian state sponsored english speaking media

channel. and a victory in court today for elon musk. the company won an appeal to partially block the california law to require social media sites to content their content media policies for moderating hate speech and extremism. x has argued it forces free speech the state finds objectable. zwl the biden administration is reportedly ready to block nippon steel's takeover of u.s. steel. that has shares of u.s. steel down 21% today. we'll get a live report from d.c. when we return. (♪♪) i'm getting vaccinated with pfizer's pneumococcal pneumonia vaccine.

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welcome back. shares of u.s. steel are plummeting 21% today as new reports emerge that president biden may be preparing to block the deal with nippon steel.

the company's ceo is warning of plant closures an job losses if the companies don't merge. that reflects the share move. eamon javers has more. what do you know? >> "the washington post" is reporting that president biden is set to block this merger soon. i reached out to a white house official this hour to confirm that and the official will only say the committee on foreign investment in the united states hasn't transmitted a recommendation to biden yet and that is the next step in the process. notice that the white house official did not deny the "the washington post" report so it may be that presidential action is coming but they're not ready to say that in public. meanwhile, u.s. steel ceo told "the wall street journal" today that the company may have to close plants if the u.s. government blocks a proposed takeover by nippon steel. the threat to close a plant in pennsylvania opens another political front in what is already a highly politicized

takeover effort. the deal is opposed by donald trump and kamala harris in an effort to reassure american politics though. nippon steel said u.s. citizens will make up the majority of the members of the board of directors of the company. united steel workers union today denounced the kpcomments callin the leadership quote, greedily and reckless. they said the deal may enrich shareholders and management but spells out the future for retirees and communities and jeopardizes the ability to produce the melted steel products we need for our national defense and critical supply chain. so you can see there the battle for the unions in this national election is what's reflected here in the battle over this takeover deal. >> right, and the interesting twist on all of it is you don't have the u.s. ceo saying block this, i want to save my company. he's saying to save my company, this deal has to go through. >> right. yeah, he's saying they're going to bring $3 billion in new investment into the company.

he doesn't have the cash to do that and without that, it's going to hurt the workers. the union doesn't believe that. the union believes that the ceo, his view is colored by whatever payout he might get as a result of the deal. they think ultimately it's better for this company to remain american owned and payout he may get. they think ultimately it's better for this company to remain american owned and independent. politics-wise, though this is pennsylvania, a huge battleground state. we'll see if we get the block saying this is this deal is a nonstarter for national security reasons. >> the timing becomes -- it's making is a massive issue. in a different year and season, it might be a done deal. who knows. eamon javers, thanks. meantime, back to nvidia. losing a single-day record, $279 billion in market cap in one day

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james dimmer is here with us for "three stock lunch." a little company, james, calling nvidia. stock is down a bit today, but yesterday, $29 billion wipeout. what's your take on a stock that some may be aware of? >> this is a stock that investors have another chance to buy. in the ai arms race, you know for various -- they're early in the -- they're hyper scalers are still spending money like crazy.

and growing at 40-plus percent, with a new product cycle coming in 2025. the recent decline, which happened six weeks ago, that recovery was too fast. stocks, you know, go through two things in correction. one is a decline, and also they have to go through time. we're not surprised that stock's been choppy. down here again, this is where you said to add to the position if you don't own it. >> second person in the last couple hours who wants to pick up on the dip. they're down 25% dollars tree. they're blaming increasing pressure on middle and higher income customers. i don't know, as brian said earlier, there's been some shares moving, what do you do with this stock? >> i think everyone is eating their lunch. they have missed here big on the earnings and revenue. what's really bearish to us is they lowered guidance at the same time.

we would stay away. i don't think this is appealing. >> all right. finally iron mountain, not only a wonderful town in upper peninsula, but it's also record management company, the best performers, james. >> go michigan! this is a consistent grower. consistent earnings, they beat on the top and the bottom again,

the only worry i have here is valuation. people are win to pay a. >> james, thank you. >> is that why the company is named iron mountain? >> i have no idea, but it's a cool town. >> thames you, james. thank you for watching "power lunch." "closing bell" starts right now. this make-or-break hour begins with big questions. we'll ask our expects, now with 60 minutes to go in regulation, stocks have been capped for much of today. it's showing