i have a trade updade from al. he's still in the name. i wanted to get that out there. 3:00, "closing bell." bill miller with me, kristen bitterly. the perplexity ai ceo as well. this company has really big ambitions in generative ai and search. all right. "final trades," jimmy. >> disney. >> ashtead group. >> jen? >> health care. >> thank you. downtown josh brown? >> new all-time high, ttd. trade desk. >> see you on "the exchange" -- i mean, see you on "closing bell." i won't see you on "the exchange," kell. >> welcome to "the exchange." i'm kelly evans. here's what's coming up this hour.

we have the chips leading the gains with nvidia hitting another record high. the ai story seems in tact. how do you trade it? on the margin, says our guest, and he's singling out one name. no one will guess it. plus, trimming ai to having ai i should say turn text into podcast. we tried it, many of you have, as well. it's exciting and a little freaky. we'll talk to the man behind this technology, some new details and how they plan to make money. three more names getting ready to report, and concerns about this stock are overblown. we have two mystery charts. he calls this one a buy. we'll reveal it. let's start with the market action and dom chu with the numbers. sounding like a broken record. >> another day, another record high for the stock market. right now, we're green across the board. the dow industrials, the s&p, and the nasdaq composite each up

roughly one half of 1%. so fractional gains. the dow hit record high, the s&p 500 also a star there. record intraday levels. for the dow industrials that sit at 43,272, up 195 points. the s&p 500 is at 5862 right now, up roughly 19 points, and again, at the highs of the session, we were up 36 points and up one point at the lows. so we are just right in the middle of that trading range so far, but an intraday trading high. the nasdaq composite at 18,460, up 93 points, one half of 1% gains there. there's a little bit to that tech outperformance coming up from the semiconductor stocks. taiwan semiconductor with a better than expected earnings report, buoyed by more ai demand, up 11%. that's carrying the rest of that semiconductor tide up. nvidia shares up 2.5%, again, record high levels for nvidia. broadcom, micron, you can see

all these up roughly 3% or so. so the chipmakers bouncing back, and record highs for nvidia. another element here is on the downside. that's health insure. anthem, blue cross down 12%. a mixed earnings report there. some earnings disappointment. they cut their full-year forecast. all these all among some of the names catching a little bit of that ripple effect downwards. so health insurers to the downside, chip stocks making a bounceback. back over to you, kelly. >> just a very tough trade for them. dom, thank you very much. the market broadly is hitting new highs, those, after economic data showed consumers are still spending and the labor market is holding up. retail sales were up 0.4 in september. auto sales jumped up half a point. the number -- is that really true, steve?

>> core, that's the one. >> building materials, regardless, the numbers were strong. jobless claims, 241,000 versus 260,000 expected. and the philly fed, mired in contraction, jumped to a plus ten rating in october, blowing past forecasts and the second consecutive month of gains. our next guest is optimistic about the macro sentiment and has been during this whole better than expected cycle. he says spending remains robust and will likely lift real gdp growth in q3. does see a series of 25s each meeting until june. joining us now is dean mackie, the chief economist at point 72 asset management. and steve liesman is here with me, as well. dean, i'll start with you. steve mentioned the point earlier, almost thought it would be a bigger market reaction to the data from this morning. we're talking in the sense of how many more fed cuts to really expect here.

>> you know, i mean it really was strong data with the 0.7 rise in core retail sales, and looking again like we'll have a 3% growth on real gdp in the third quarter. we had that in the second quarter and averaged that over the past year. so there's a theme emerging there. consumers are ex-pending, it looks like a 3% growth quarter for consumer spending, so it is very strong data. >> does the fed need to be cutting at all in this kind of environment? >> i think the economy would grow fine if the fed was not cutting. the fed is primed to reduce any risks by cutting at this point and trying to get closer to neutral, but if the fed was not cutting i would not be concerned about the growth outlook. >> are we saying the neutral rate is 4.8%? >> i don't know what the long-term neutral rate is, which is really what the fed is thinking about, you know, several years out what would be the neutral rate. i do think what we're seeing is that growth has been 3% with the fed funds rate at 5.25% to 5.5%.

so the economy is able to grow with rates at that level. >> yeah. steve, it's remarkable. who would have thought we would have been here? >> i think there are reasons to cut, and i'm interested in what dean thinks about this. there are people out on the economy that are paying very onerous interest rates right now. you look at the recent survey, small businesses paying interest rates above 10%. home credit cards, that sort of thing. i worry a little bit, just because the marathon runner is still doing his or her, what sit, six or seven-minute mile in a marathon, maybe it's five minutes for these days, with 100 pounds on the back, it doesn't mean it's the optimal amount of weight this marathon runner should be carrying. >> the only thing, and i take your point, if it is the optimal thing to be doing right now and you start cutting and stocks are at record highs and services

inflation starts looking a little sticky, do you have a problem on your hands? >> i think you do, but again, i mentioned to dean's point. whati think fed chair powell and the fed has told us to focus on, whether or not it's right i don't know, is that gdp in and of itself, and the labor market in and of itself, are not the sources of inflation. that we have still some of these supply side things to work through and other issues that are out there, and he's less concerned about either gdp or jobs as the source of inflation. definitely the labor side, and maybe less so the gdp side. i think the u.s. economy is dynamic. finds a way to get by, but that doesn't mean we're at the optimal amount of weight it should be carrying. >> dean, what would you say? >> i won't object to a gradual interest rate cutting program by the fed, but i would get worried if the fed kept moving to what

they perceive as neutral. if they're going 25 per meeting, i don't think the risk is that high. the main risk is we don't get inflation down. inflation right now is 2.7% on the core pce and could get stuck there in that range. it's not a disaster, but it's not what the fed's trying to achieve. >> did you hear the gentlemen from block rock on this morning, and they stand astride the housing market, they say their housing increases are 2%. and we have inflation in the cpi at 5%. >> for housing inflation. >> so that's going to come down. people ask me why is europe doing better than the u.s. on inflation? one reason is they don't include housing in their inflation numbers. so they use this thing, which we talked about, of consumer prices, the hicp -- >> as the ecb keeps cutting.

>> dean, we're kind of in line with them. so the ecb has cut twice and we have a fed that will cut again. >> it's a philosophical argument whether we should have housing in there. the fed would have a real problem if they stripped housing costs from inflation. so i do think they're supposed to be in there, and the fed has defined our inflation target to include those costs. so i think that's where we're at. >> but dean, i hate this phrase, but i think it's a good one. the data is not a suicide pact, in the sense that just because it's in there doesn't mean we can't look through it and say you know what? you want to be consistent, but in the idea that if it's in there and we have other data showing -- better data showing it's down -- >> what is the super core showing these days? >> the super core was -- i have to look it up again. >> are we still north of three on super core, dean? >> i would hesitate not to

include the housing data there, because, you know, once we start stripping out this amount, it gets into a dangerous game where the fed says inflation -- [ inaudible ] so my opinion could be we do need to have those housing costs in there. >> there are trying to be some kind of proxy for rents. >> 3.3 on the super core in august. >> that's up there. 50% higher than target. is that is is true. but if all the private sector data tells you that the housing inflation is a thing of the past, and you're trying to make forward looking policy because there are lags in the policy, then you don't want to necessarily be wedded to old data. i appreciate dean's point of you, because you have a bias. if you think rates ought to come down, you have a bias looking at the inflation in the index. >> it's on loop, because that's

not running at 0.5. >> it typically runs higher. it typically runs, let's see, you know, 2.5, 2.6. it tends to run a little bit higher. >> and then they kind of end up at target. quick final question, dean. we're looking for china for maybe a bailout here. maybe they can help keep goods and balance some of this. how should we be thinking about those pressures one way or the other? >> yeah, i mean, i think if china were to stimulate and get their economy growing more sharply, that could actually be push goods inflation higher globally. so that would not be productive for the fed in getting inflation down to their target. >> you think china's going to succeed? >> i think that they'll achieve their growth target. i don't think what they're talking about is likely to push growth above that. so it may lead to more of a stabilization and modest

increase. >> you think the fed ought to keep things here where they are? >> i find myself looking at it and going we're running a $2 trillion deficit with a stock market at all-time highs, and that the household wealth from the market -- i mean, i'm just looking, it's like if there were some great things the other day, you go there's theory, and there's just what are the data telling us? and is it ai, are we in some kind of late 1990s moment where we don't see the fact that policy, if anything, is neutral or maybe even accommodative. >> what if i told you, kelly, i'm working ohhen a story tomorrow about loosening financial conditions broadly in the economy. there's new data out about the gap between the real funds rate and financial conditions. >> he's so good, dean. >> i'm not fast enough. i should have had it for today. i'll have it for today. >> thank you both.

the chips are rallying today with nvidia climbing to a fresh record high. my next guest says if you want to be in the trade, you have to go with the names trading at a discount to the other ai peers with. a 25 forward pe, adobe is one of those names. nvidia is at 41 now. let's bring in bill stone. adobe has lost a lot of fans lately, bill, in the market i mean. >> yeah. people weren't happy with their guidance when they reported earnings last, but i do think it is kind of a little bit of a back-to-work play into ai, because really when you think about it, they have a lot of different products, but the thing most people know is photo shop and acrobat, and they spend a lot of money building out a ifx -- ai tools there. we think there's some real attractive growth coming up and attractive profitability.

while it doesn't look cheap on the surface, with their growth profile and relative to where it normally trades, i do think it's an interesting one to look at, and with the stock market pushing on all-time highs here, all the time lately, looking for something out of the, you know, realm seems a little more interesting. >> yeah. do you -- i mean, the nvidia debate is so interesting, because just hasn't seemed as though -- you have stanley drukenmiller saying i look for an entree point to get back in. >> we own a lot of nvidia here, but we've been trimming it along the way, and every time it hits a new high, you think i trimmed it too early, obviously. but it is hard to, you know, want to be -- i don't want to be too greedy. >> let's talk about the season in general. it's my understanding we're looking for a single digit performance right now, for the

quarter that just ended. but the market is anticipating double digits earnings growth. is there any reason to think that's not achievable? >> well, certainly. if the economic growth continues, it sure looks like we can do it. that's really what has been kind of amazing. you hit on it earlier, with the retail sales coming in better than expected, you have the atlanta fed estimating third quarter gdp growth at 3.4%. that is -- that is robust growth. so certainly if you get robust growth, and as long as margins and all that holds in just fine, you certainly have it as the ability to get there. you know, the other part is the market just continues to reward the more economically sensitive stocks relative to the defenses or the less economic sensitive. again, that makes sense, right, with the data we've been seeing playing out as. >> and you're looking at csx for a related play there. >> yeah, and, again, trying to

findsomething that hasn't, you know, run up a ton. it's got what we would argue some short-term problems in terms of just great levels, which the economy should solve over time. then they got the double whammy of a couple hurricanes in a row that will hurt -- well, they hurt in the third quarter earnings that just came out. they'll hurt again in the fourth quarter, but take a more intermediate view. so i think that was an interesting one to get on the pullback. >> the final name that i just wanted to call out is dollar general. hugely controversial stock right now. but i like what you're saying, which is if you're looking for places to generate output, the market has done so well that it's hard to find places that are still undervalued and may still be able to catch up and outperform and that you can confidentably buy here. and to you, dollar general might be worth the risk. >> i think it is. it's probably one of my most hated ones when i talk about it. it's hard to love, right?

it has gotten hammered but, you know, to me, super interesting. part of the problem -- a big part of the problem is the low-end consumer continues to be under pressure. inflation slowed down, as you talked about earlier, but we still had all that inflation pile up. that has really impacted the lower end consumer. that is their main target audience. so if you get the economy continuing to pick up steam, that should help out that end. the other kind of interesting play with it is if the economy actually slows down, you usually get a trade down effect of people starting to shop there that wouldn't normally. so if they get any pickup, that is as cheap as far back as i can go, as cheap as it's ever been. so i'm not sure it will be a fast turn around, but i sure think it's worth looking at. >> you're supposed to get in when everyone else is getting out, basically. this could be one of those

times. thank you for your time today. appreciate it. coming up, x teedexpedia sh are getting a bump as uber makes an offer to take over the company. plus, google unveiling new features for its experimental ai model. it creates an ai generated podcast based on the source you provide. so we asked for one and here's what we got. >> first thing's first. as of august 2019, evans has a following of 45,000. for an anchor who mainly covers business news -- >> that's more than some politicians. >> so clearly she's doing something right. >> that was five years ago. we'll speak with the person leading the team behind this tech. "the exchange" is back after this. >> this is "the exchange" on cnbc.

growing your business is easy once you know the moves. with godaddy websites plus marketing, you can quickly create a website, and ai will customize it for you. get your business out there and get more customers in here. no sweat... for you anyway. create a beautiful website in minutes with godaddy.

when i step on campus, i know that i have a job to do. there's purpose for me being there. in contra costa college's spirit program, my job is to work side by side with the individual and let them focus on how resilient they are. whether they're struggling with hardship, mental health and substance abuse, i give them tools that they can use to achieve greatness in their lives. i get to go through these doors and i get to be great. and you can too. at contra costa college, we all can. welcome back. we've got a news alert on google. deidre bosa has the story. deidre? >> hey, kelly. this is another reorganization at google. this time involving its ai team. the gemini app team, that's the

chat bot, is going to move to a team under dennis who is over google deep mine. this is an effort to streamline all of those different organizations. theco takeaway, though, is more consolidation aununder hasabis. this also puts consumer products and tools under his per view. the memo that the ceo sent to employees earlier today says, ai moves faster than any technology before it. to keep increasing the pace of progress, we've been making shifts to simplify our structures along the way. part of this memo as well says that another big name executive at google, who has run search and ads for the company, is becoming the chief technologist. kelly, shares fell on this, and i'm not entirely clear why.

the memo was long and a little bit confusing. we had to search through it. it made it sound for a moment that he was maybe leaving, but he's just taking on a different role, so shares recovered a little bit, but still down on this news. >> deidre, thank you. while you're here, a lot of other stories to talk about. uber and expedia are on the move following reports that uber explored a takeover bid for expedia. such a juicy story. so maybe he knows something investors don't. >> i hate to disappoint you, but what i'm hearing is this is far from a reality. expedia shares have been pairing gains, because there are no active discussions between them and uber. a source familiar with the matter says a third party broached the idea and the initial exploration was at the earliest same s initial exploration was at the earliest satages. uber shares are up 80% over the last 12 months. it's cash flow positive and has

b been inking deals. for expedia, they're losing market share, and uber partnership could be helpful in reviving shares, which even the idea of that today. the ceo made the move over to uber, so he already knows this business very well. but kelly, maybe the bigger question surrounding uber is longer term, whether robo taxis would hurt or help its main business. so expanding further into travel could help maybe hedge for that future. it's not necessarily that robo taxis are going to displace uber but maybe taking market share. >> has uber said it wants to be a super app? you hear about this, it goes away, are those the company's ambitions? >> yeah, so, they have long talked about being a super app. that looks different at different times. so we have ride sharing and

delivery together. so there's also the failed project, like uber money in the past. so he's tried to do this with some starts and stops. if you bring in expedia, that's like a travel super app and it could make a lot of sense. >> that would be interesting. do you get on uber to book a flight for florida and do they offer you a car? >> exactly. >> deidre, for now, appreciate your reporting on that. deidre bosa in the house. coming up, democrats are looking to flip north carolina for the first time since obama was elected. megan has more for us. >> reporter: hey, kelly, that's right, we are here in liberty north carolina at one of the sites of the largest battery making plants in north carolina. we'll tell you why they're investing rite here in leribty, when we come back right after this. ot all multi-millionaires built their wealth the same way, you have... the fearless investor. the type a cpa. the bootstrapper.

the bootmaker. yeehaw [narrator] but many do have something in common. we all trust schwab with our wealth. [narrator] thanks to our award-winning service, low costs and transparent advice. every day, over a million multi-millionares trust schwab with more than two trillion dollars of their wealth.

custom ink helps us motivate our students with custom gear. we love how custom ink takes care of everything we need so we can focus on the kids. we make it easy to wow all your groups with high quality custom apparel, accessories, and promo products, all backed by our guarantee at customink.com.

welcome back to "the exchange." the statement to dozens of form ministers worldwide, the israeli

foreign minister said the hamas leader sinwar was killed by the israeli military. they said they conducted an operation in gaza that killed three militants. sinwar has been accused of being the architect of the october 7th attack in israel. hamas has not given an official comment. lawyers for former president donald trump has asked the judge overseeing his federal election interference case to again delay unsealing evidence filed by jack smith on presidential immunity until after the election. in a motion, trump asked for the stay of november 14th, when is when the reply brief is also due. a rare copy of the u.s. constitution will be auctionton of $1 million. the copy is one of 100 printed in 1876 by the secretary of the continental congress after the proposed government framework was first drafted. only eight copies are still known to exist. the other seven are publicly owned. back over to you. >> thank you very much, julia.

tens of billions of dollars from the "inflation reduction act" are boosting the economy in north carolina. that's where we find megan following the money trail. it's important on the outcome next month. megan? >> reporter: hey, kelly, that's right. no state has seen more in private investment in clean energy since the ira was passed in north carolina. this is a $14 billion battery manufacturing plant from toyota. it's the single largest investment in company history. this is a four-square mile site with 14 production lines and will deliver more than 5,000 jobs and a big boost to the local economy. >> we know that every one at our organization has started small and grown to something great in about a 10 to 20-year span. we feel like this north carolina area will be the same. too early to tell the economic impact, but we are confident that's going to be pretty significant.

>> reporter: now, this area of north carolina, this was a hub for furniture and text tile manufacturing, but it got hollowed out when those industries moved joef seas in the early 2000s. trade affected counties like this one have been receiving a disproportionate amount of that ira money. toyota have partnered with a local community college which they hire and pay students to take advanced manufacturing classes and work as apprentices at toyota while they're still in school. >> i do think it's keeping people, particularly in the engineering fields and the manufacturing areas here, because we are seeing a renaissance that's happening in this area. this has been a core manufacturing area for a long time. >> reporter: now, the backdrop for all of this, kelly, is the presidential election. we are in a battleground state

where early voting started tooth. for north carolina, projects like this one should be a big win for the biden administration. this is what they wanted to see or hoping for when they passed the ira two years ago. but when i tried to talk to folks down here about the politics, nobody seemed to be making that connection between the biden stimulus money and this boost to the local economy. kelly? >> who chose where the money went, was it a competitive process by the recipients or decided top down? >> reporter: it's a competitive process. they're applying, promising what they would do, what are they doing for the economy. so a lot is sort of shrouded in secrecy. we don't know the dollar figure that went into this plant right here, and so much of it is local in addition to the federal incentives. what we know for this plant, this is going to be a $1 billion investment and they were excited about that. then the ira was passed, then it was $5 billion, now a $14 billion one. so clearly having some impact here.

>> megan, thank you very much. while our next guest didn't receive any ira money directly, he's still seeing it put to use across the industry. his company provides chargers for fleets of ev trucks and buses. for more, we're joined by the chief operating officer and co-founder of in charge energy. terry, great to see you. it sounds like even though there's been some moderation in demand for personal evs, that the fleet usage and the school bus usage is growing. >> it definitely is. it's largely due to the federal policy that you've been describing. so we're serving school bus fleets across the country now, and seeing meaningful investments from some of the customers we work with, like the ones we mentioned. >> do you see these funds continuing to be distributed, or what percentage of this whole distribution would you say is already completed? >> well, a lot is already

authorized. not all has been appropriated. so the appropriations are still moved through, some of them go to states now, states and cities are beginning to release some of the funds to private actors to set up charging infrastructure, and so it's moving through these various stages. we're seeing it finally reach communities and customers that need it. >> do the kind of continued distribution of these funds depend at all on who becomes president next month? >> well, much of it, again, is already authorized and a lot of it is already appropriated. i think it's hard to have a new administration come in and tell a school district you were going to get these school buses paid for by the federal government, now you're not. so much of that funding is going to continue. importantly, state and local incentives are also drive thing industry forward. a lot of those regulations are continuing to push out investment and to put electrification in the hands oh of consumers. and many of the companies like the ones we mentioned, pepsi,

fedex, walmart, they're telling us they have multiyear investment strategies to electrify. that's not just because of the federal incentives, but because they save money and they pass that on to customers. and they get performance enhancements. >> so i was always told, or at least in the early days of evs, it was said that bigger trucks would be difficult to power. the batteries have to be huge, the recharging has to happen frequently. but you say these charging stations need to be distributed every 20 miles in major cities. how fully are fleets able to transition from gasoline power to electric? >> fleets are very diverse, right? a lot of them come to the same place every night or every day and charge. so what in charge does is work at those depot facilities. the in the field charging stations they may rely on when they need them, and perhaps in

an energy or something, that is being built now of time. but they can rely on that daily charge at their home facility, and that works for most of these delivery companies. it works for school buses. it works for even ride share have now set up ride share sites where some of the drivers plug in. >> how long does it take to charge one of these big trucks, and how does the cost compare with traditional gasoline? >> yeah, it can take -- when you say a big truck, like a semi truck that would say go out every night and fill up a restaurant with all their supplies that they need, that might take as much as four to six hours to charge on high powered chargers today. we might put -- if we have a facility where we put in, in southern california, 40 of those chargers on a single property. so they fill the truck during the day, and they charge during the day and drive out at night a

and deliver. so it does depend on how much power you have available on the site and how far you're going to drive and how heavy your load is. so there's a lot of factors the completes are considering and we try to make that easy with engineering and soft player design. >> i think it's an important reminder where it's not just ai where we see the electric demand from. is it true with the bus drivers that it's easier to hear students now and maybe break up somal fights? >> i thought i knew everything about this. i went to one of the customers, a fleet manager for a school district. i asked him what's the first routes that are going to get these new electric buss? to my surprise, he said the special needs kids, because they get overstimulated with sensory inputs like sound, and where a bus driver could hear what's going on, say a seizure or bullying that might be happening in the cabin and they could intervene. so the benefits are still yet to

be found with evs, even after all of these years. >> terry, thanks for joining me today. appreciate your time. >> thank you. coming up, google is unveiling new features for its experimental ai model, notebook lm. we have another example of what would be the next wave of content, where the host never sleeps and the opinions are ai generated. back after this.

so you've probably seen the headlines lately, the stock market has been jumpy to say the least. then whispers of a recession, plus, bond yields, are they good, bad, who even knows? >> yeah, it's a lot to keep up with, that's for sure. that's why we're breaking down some recent analysis from cnbc's kelly evans. she has her finger on the pulse and we'll try to make sense of it. >> no jargon, just the stuff that matters, right? >> absolutely. one of the big things we can look at is jobless claims.m paue looking at jobless claims in isolation. this time there are a record number of people in the

workforce, so neimaybe those rig claims aren't the whole story. >> that was the ai generated podcast that you be subscribe to. deidre bosa brings us an interview with the google labs vice president josh woodward. josh, let's just start out, my dear husband was messing around with this, and had so much fun with it and played all sorts of things. what are you announcing today to build upon the success as this thing has gone viral that you have already had? >> yeah, we're announcing two new things today. one is you can customize those audio overviews. so you can think of it almost like passing the host before they go on the air. they can change what they focus on or maybe their expertise level, how they explain the concept. that's the first thing. the second thing is we're introducing notebook lm business, where we've had of 80,000 organizations sign up.

you can join the pilot program today. >> so it makes it easier. one of the things that is interesting, you can upload a youtube video, upload a dot com article. i love this feature of -- you're saying you can actually interact with the output a little easier and make edits? that's one thing we struggled with. >> that's right. the top request over the last three weeks has been, can i give the host some instructions or sort of guide them on what to focus on and talk about? so before you generate your podcast, you can go in and type in something like, focus more on this source, or explain it to me like i'm a ph.d. student, or explain it to me like i'm an 8th grader. that's the new feature that was just launched. >> exciting. >> kelly, for the record, i still want to hear your voice on your podcast, so don't make the jump just yet. josh, good to see you. when i first started playing around with this, and for people i talked to, it's sort of like

this eureka moment, we're looking for all of these killer use cases of generative ai, and this felt like one of the most exciting things since chatgpt. how do you make sure google capitalizes on this viral moment? >> yeah, well, we've been delighted with the response. i think one of the big insights, as content is infinitely remixable, this product is built on gemini's model, and the ability to take a youtube video or a website or pdf and transform it, and i think that is really what we're pursuing. what's been surprising to us is how many ways people are using it, whether in the classroom or small business or a large enterprise. >> right. but how do you make sure that this isn't a gimmick? what are the broader implications? when chatgpt came out, you thought this was a cool tool.

but then we saw all the implications oh of that. do you think notebook lm can be like that, are there implications beyond podcasts? >> what a lot of people tell us when they use it, and there's now millions using it, it's a tool for understanding. i think you can see with our notebook lm business announcement today, we sere clear opportunity to put this in the hands, like i said, of enterprises, large and small. the stories we are hearing from universities, the students and professors who are using it to create study guides, for us, that's one of the reasons we started the project, how do we allow you to focus ai on materials and sources that you care about? and that's really what is at the heart of notebook lm. ises that's a great way to explain it. it's not just a podcast, we generated study guides based on -- you know, i'm going to put a quiz at the end of the

newsletter next time and will be generated in that way. i thought for my kids, if i wanted to teach them something, could i upload a nature study and say okay, generate this? again, having more options to edit and remix would be great. and so too would be the ability to use my own voice for that podcast product. how long until something like that might be possible? >> that's interesting. right now, the top request is can the host speak other languages beyond english? so we're working on that. we're not doing any work on bringing your own voice to it, but that's a good idea. >> maybe more podcast hosts. you could replicate different, you know, a team of podcasters. but let me ask you, we just got this note about the restructuring at google. notebook lm was mentioned at the very top of the memo. what does this mean, consolidating the ai teams under dennis hasabis, what does that mean for the broader ambitions and mon teization of products like yours? >> the ai industry is moving

fast. there's a whole blog post that your viewers can read if they want more details. but we're looking at how to make sure the team and the structure can also move fast. and i think one of the things, not just that's happening inside google labs, but across google, is just the pace of shipping. i joined google 15 years ago as an intern, and i've got to say this is the most exciting time to be here. i've had a really exciting time throughout my time here, but for notebook lm, the vision is clear. we're going to keep building it as a product for consumers. you'll see more about this notebook lm business product and some of the features we're hearing. so full speed ahead. >> i think they should have uploaded the blog post. maybe a study guide of what google -- there's a lot of opportunities here to showcase this technology. josh, thank you for bringing it to us. we're excited to hear more about more options in the future.

>> thanks for having me and thanks for using it. >> deidre bosa, thank you, as well. affirm is on pace for its second loss in three sessions and the worst day in nearly three months. this follows an announcement from their competitor that payment option is available on apple pay. affirm has been available on apple pay since last mthon, and we'll have more names on the move after this.

that moment you walk in the office and people are wearing the same gear, you feel a sense of connectedness and belonging right away. and our shirts from custom ink help bring us together. we make it easy to wow all your groups with high quality custom apparel and promo products, all backed by our guarantee at customink.com. when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare supplement should have". it's your free, just for calling the number on your screen. and when you call, a knowledgeable, licensed agent-producer can answer any questions you have and help you choose the plan that's right for you. the call is free. and there's no obligation. you see, medicare covers only about 80% of your part b medical expenses. the rest is up to you. that's why so many people purchase medicare supplement insurance plans like those offered by

humana. they're designed to help you save money and pay some of the costs medicare doesn't. depending on the medicare supplement plan you select, you could have no deductibles or copayments for doctor visits, hospital stays, emergency care and more. you can keep the doctors you have now, ones you know and trust, with no referrals needed. plus, you can get medical care anywhere in the country, even when you're traveling! with humana, you get a competitive monthly premium, and personalized service, from a healthcare partner working to make healthcare simpler and easier for you. you can choose from a wide range of standardized plans. each one is designed to work seamlessly with medicare and help save you money! so how do you find the plan that's right for you. one that fits your needs and your budget? call humana now at the number on your screen for this free guide. it's just one of the ways that humana is making healthcare simpler. and when you call, a knowledgeable, licensed agent-producer can answer any questions you have and

help you choose the plan that's right for you. the call is free. and there's no obligation. you know medicare won't cover all your medical costs. so, call now and see why a medicare supplement plan from a company like humana just might be the answer. ♪rk. ♪ are likely to recommend us. ameriprise financial. advice worth talking about.

(intercom) t minus 10... ameriprise financial. (janet) so much space! that open kitchen! (tanya) ...definitely the one! (ethan) but how can you sell your house when we're stuck on a space station for months???!!! (brian) opendoor gives you the flexibility to sell and buy on your timeline. (janet) nice! (intercom) flightdeck, see you at the house warming. ♪(voya)♪

there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. so you can feel confident in your financial choices voya, well planned, well invested, well protected.

♪ welcome back. earnings continue with streaming, swiping and staples all coming up. netflix, american express and procter & gamble in this edition of exchange.

lee, great to see you. some people claim there's a -- the higher your hair is, the mo buggish you are. >> oh, yeah. >> let's start with netflix. it's been down five straight days since pricing and the ad tier are in focus. loop capital expects a price hike ahead of to the christmas day and its own broadcast, which are expected to be subscriber catalyst, that will give netflix free to all dish subscribers, lee, do you stick with the stock? >> i think you should. it's a pricey stock, nobody cares about the valuations. the real store is not so much the password crackdown, not so much the ad supported, the dish deal doesn't mean a thing to me. certainly the question is how they price in tyson fight.

i thinkwhat you have to think about is the cost of content. i live in albuquerque, and netflix just killed the multi-billion cgi things. my live is loving "love is blind." that's where the money is, content. >> that's a sign that maybe it has some discipline as it looks to engage in what's driving business. about 42% this year, so you kind of like it. amex is our second mystery chart. hitting fresh all-time highs. btig just recently put a sell on it, warning that delinquencies with lies and income will decline. what do you do with this one, lee? >> we have a no landing scenario. i don't care about default rates for the rich. this is the great way to play

surge no credit costs, but not have to play china. there's bomo for the high-end consumer. louis vuitton is having problems in china. they have all that luxury stuff. they have the china slowdown. we don't have the same drag with american express. how am i supposed to go to the beautiful l.a.x. delta-like business-class purple card. this is all about the high-end consumer with a u.s. play. i think it continues. tell rich people to stop buying stuff, i'll give you a valuations that looks like discover card. >> and it's like you said, if we're in a no landing, where is the concern? protector and gamble, it's off september all-time highs. we're watching the consumer heats in private label demand, but b of a is hopeful. would you be an owner of this

one? >> no, i would rather buy a large-cap high value etf. it lost 50 percent of the value, took four years to get back. it does trade on valuation. why am i paying so much for -- with 2% organic growth. it's so diversified. move on. and the market h baseen treating them poorly as of well. lee, thanks for your time. that's it for "the exchange." i'll see you next hour with tyler for "power lunch."

(traffic noises) (♪♪) the road to opportunity. is often the road overlooked. (♪♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to move forward. the further we'll all go.