really well, as we said. just one of those sectors that's been close to or at an all-time high rco, that's joe t. >> royal caribbean, that's on the china reflation trade. >> all right, up 1 2/3%. i'll see you in a couple of hours. "the exchange" begins right now. ♪ ♪ thank you very much, scott welcome to "the exchange." i'm kelly evans, and here's what's ahead some big headlines, he says the u.s. will have to take a page from japan's playbook and inflate its way out of the debt. in other words, he says the fed should let it rip and keep cutting rates. is he right and what are the investing implications we'll debate nvidia hitting fresh record highs. we'll talk to one of the biggest players in the ai space about the buildout, the partnerships and their potential road to an ipo. databricks ceo is back with us

and why the changes to disney's board has made one of our guests more bullish on nike, with shares fractionally higher but down 24% year-to-date. let's start with the markets dom, can't really seem to keep it down today. >> right now, it's red but still session highs right now. for the dow, it's down about one quarter of a point right now, so flat on the session. again, tilting almost towards positive territory here. the broader s&p 500 is at 5844, that's down nine points, about 0.2 of 1%. this is, again, the highs of the session right now. we were down as many as 32 points on the s&p at the lows. the nasdaq composite, just about flat on the session, trying to find some green, like the dow just did in the last couple of seconds. the come pposite index is over 18,000 another place we are seeing record highs is in the precious metals come plix gold futures again, they are a

record high right now for gold futures, up on the session by the way, we're seeing some nice moves higher insilver, that catchup trade it's already up 49% over the last year. you can see that orange line outperformance in just the last couple of weeks or so. 12-year highs for silver, so keep an eye on not just gold but silver, as well. one big loser, laggard in the s&p 500 today. it is the biggest drop by far in the entire intex, we're talking genuine parts, down 19, 20%, on pace for their worst day on record as a public company this is because the parent company of napa auto parts has reported worse than expected earnings and cut their full-year forecast, due to weakness in europe but not having a good day, down 20%. back over to you >> dom, thank you very much. interest rates are moving higher yet again -- or i should say treasury yields. the fourth day in a row that the

ten-year surpassed the previous high it's got the ten-year sitting just above 4.2%, around the highest level since late july. and all of this as paul tutor jones' attention here's what he told "squawkbox" this morning >> i am clearly not going to own any fixed income, and i'm going to be short the back end of fixed income, because it's just completely the wrong prize >> he went on to advocate for more rate cuts, saying all roads lead to inflation. and despite the attacks on consumers, it's the best way to reduce america's staggering deficit. which has him bullish on gold and other commodities, bitcoin and the nasdaq joining us to discuss are my two guests it's great to have you both here joe, let me start with you, because i know you share some of these concerns and looking to

see rates moving higher on the short end, the long end, pretty much everywhere, right >> yes, and the short term, the bias is for higher yields. when the fed cut 50, as we thought they would, the market sells off, because the market discounts faster growth and stronger numbers about 70% of the move we have seen in yields from where we were when the fed cut to now has been in higher real yields that is partly a function of better numbers, which we could talk about why we're gaining better numbers with respect to mr. jones, i do not subscribe to the view you have to sell anything and the fixed income market suspect as where you're supposed to if you look at europe, you see yields lower than the u.s. >> right, but so what is your argument that you would own parts of the u.s. -- >> absolutely, for sure. i think we can make -- we could,

depending on who is in office and what the policies look like, we could get rates moving back towards 5% i don't think we meaningfully go above there. interest rate differentials would be much too wide as yields moved up 4%, 5%, investment grade corporates would provide a very attractive, compelling return versus equities would move up to 6%, the equity market would correct and we would undo any policies sustaining us towards 5% >> i think spreads are tighter at this point than in the past 20 years, and maybe this spread with europe is deserving because germany is in recession. >> we're talking on the ten-year >> right, right. >> i'm saying that doesn't make any sense if u.s. yields are moving 5, 6% say, say like in por portugal, italy, where the dollar would massively rally

>> you're not as concerned about what's going on with the financial system overall you see a lot of positive things, so you could buy stocks here what is your kind of formula >> yeah, one thing the treasury market that's important to note is that also to buy a treasury bond that has 4% yield versus maybe one with a 2%. there is some protection that you are getting a 4% coupon versus when it was 2%. there's a little more protection when it goes up higher from where it is now. when it comes to stocks, my view is just because we're all-time highs doesn't mean that you sell off, right especially if your time horizon is five, ten years out there's a fair amount to be optimistic about why the market is going up high one, it's earnings earnings are delivering. the other one that often gets talked about is the fed is cutting, the economy is not in a recession, and doesn't seem to be heading into a recession. that's a pretty good recipe for the markets to continue to move

up higher. >> even though valuations, this was the argument, we should only expect 3% returns over the next decade >> valuations start to become a good indicator of what to do when they're at extremes yes, they're above historical averages, but maybe not in that red mark where this is a time to consider valuation i this i that note also implied that it was still going to go up for 12 months but then go down for some of us looking to invest five, ten years out, rebalancing would take care of that itself >> it sounds like both of you think there could be a good entry point for the ten-year with yields where they are so you would be comfortable owning it roughly at this level? >> i would say that i understand why there shall concerns that the upward pressure to yields is a question is that upward pressure more than the 4% you're getting from the coupon. from that perspective, i'm not

as concerned as i was before >> joe, do we need better indications from a new administration on what they're going to do with the deficit and the debt, would that contain the rise in long-end yields? >> it's possible, kelly. and also, i'm probably a little less sanguine on the economy than others, even though growth is better than expected. at some point, the incremental dollar the government is spending is going to dissipate so i think the economy will governmenten, and it should take down inflation and bring ten-year yields back down. if yields moved up from here, it would be a buying opportunity. >> what about gold and bitcoin, which have been outperforming and you heard the case again this morning >> yeah, one, that does indicate part of the reason the yields are rising is not just economic

growth being resilient, there is concern about inflation and gold is a good proxy for that gold is a momentum play, so it's one of those that from where i sit, i don't know how to evaluate that. it's been doing really well, and i don't want to get in front of that, but i wouldn't have a very strong opinion about it. >> joe, a parting word on that, what do you think is behind the rise of both of these lately >> inflation expectations are pretty anchored. you have a diversification of central banks away from dollars and increasing their gold holdings, and that's been a primary factor pushing gold higher >> that's been going on for quite some time, though. >> yeah, yeah. i think also too, the thing is the situation in the de-dollarization within the brics and central banks wanting to diversify away from dollars, i don't know if that's as much a as an inflation story as a geopolitical story, but that's

certainly a reason gold can rally, i think, and real interest rates sometimes can fall they don't have to move together i don't think it's necessarily an inflation story >> gentlemen, thanks by the way, don't miss thursday's virtual your money event. what do they think about gold and bitcoin? to register, scan that qr code big tech earnings are about to kick off with amazon and meta reporting next week. my next guest is singling out meta today, raising his price target to $675 the stock is up 60% this year. presen >> meta, you think this story

continues, this is akin to other outperformers, like gold and bitcoin. >> yeah, meta is in a great spot they continue to take market share. they're in the right position with ai. zuckerberg has been lifting weights and wearing cool tfx shirts with the necklaces and staying out of the way, and i think advertisers have appreciated his workout routine, which is helping the overall business and we continue to think that consisting mid-teen growth, you're on a pathway to give to $30 of earnings power. if you look at other leaders in ai, microsoft, nvidia, others, they're all trading at 30 times earnings, if you get to $30 of earnings power in a year or two, and you merely put a mid 20 multiple on it, you're going to get a much higher stock. so we think, again, that the

risk is the stocks had a big run, many things i'm talking about are knowing they have had a great trajectory do they have to raise cap x higher we think that there's a risk, do some of the advertising data points start to soften as we get outside the election cycle there's a handful of concerns that we have, that we do believe, again, in this durable 25 to $30 earnings power whe you think about, you don't have to put a big multiple on it to get a higher price, even while the stock has had a big run. >> can we turn to microsoft yields, which i believe you also cover. that one has been underperforming, even the s&p this year as more people are wondering how impactful co-pilot will be. incredible to watch it go out first from the gate, showered with praise with everything it was doing on the ai front, now seems to be playing catchup. >> yeah. i think everyone was overweight, microsoft, and they're basically

just selling the stock they're going to other names, going energy, outside tech, going to financials, they're going other places so microsoft has had great fundamentals, it's one of the best management teams. you effectively right now are seeing a broadening trade. there is no ai software yet. software is up low teens, and it's underperformed everything there is no material monetizable revenue in a big way microsoft is monetizing it better than anyone, but it's still a low percent of their total revenue. >> it's not in there yet, where some say it's killing a whole sector, and you're more arguing that its transformation has yet to begin and could pay off just to get inside baseball for

a second, on the salesforce piece, given the change there is the past couple of years, bennyhoff was kritcriticizing microsoft. which implies salesforce cease itself in a bit more of a better position than it might have been a few months ago do you agree with that >> this is nonsense. i'm a huge fan of mark, but that's nonsense. microsoft's revenue is so much higher in ai than salesforce salesforce is in a good place with agent force, but that's marketing. and mark's really good at marketing, so we think microsoft, again, is the furthest out they started this revolution, they partnered with the bestt m

rename it co-pilot, agent,whate chunk of revenue at microsoft than at salesforce at this point, okay? so that's just the facts so mark's good at marketing, but that tweet or x link is marketing. >> so heading into the thick of earnings season, and with some of the conversation you made about software and the rest of it, are there other areas investors can get ahead of now, places we might see upside beats, where there are a few of these names that have been left behind that you think are going to catch up? >> yeah, i think software is going to play catchup. again, all the software companies are buying ai infrastructure, so this has to work and if we get this ai rolled out in '25, '26, software will play catchup. software is a category, the igv

is the index you buy the igv. we think other companies like snowflake, who is one 06 the worst performers, that can be a catchup trade for '25 as the new ceo comes in, putting in development, that could be a catchup trade for '25. we think the hyper scalers are still the best ways to play this microsof microsoft, amazon and google our ai trade is microsoft and amazon, for consumer we really like meta and google those are kind of the four big names that will benefit the most >> obviously those are more cons consensus. but i'm curious to see if you're right about snowflake. thank you for your time. >> thanks. coming up, disney shaking up its board of directors with nike's executive chairman stepping down. but morgan stanley says that

could be a win-win for both companies. they'll join us next to make their case amazon web services doubling down on its generative ai partnership with databrics as investors look ahead to that potential ipo. "the exchange" is back after this >> this is "the exchange" on cnbc (♪♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪♪) surprise!!! the future isn't scary. not investing in it is. car, were you in on this? nothing gets by you james. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com

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welcome back disney announced yesterday that james gorman will replace mark parker as chirm chairman of the effective in january parker also sevens as the executive chairman of nike so should the shakeup be a win-win for both companies it's been an inflection year for disney with 15% year upside. and the parker news is a positive for the nike stock. ben, let's start this conversation asking why you think this will pay off for disney from here instead of just being another period of turmoil? >> well, i think the important thing, kelly, and thank you for having me on, is that the process is robust, and also that there is a clear timeline. it's certainly been a big focus, particularly in hollywood. the town is focused on changes at the disney company.

so putting a timeline of early '26 out there gives investors, the press and employees some clarity and hopefully some comfort about the robust process in a timeline to make the next appointment. >> i thought it was important to learn that james gorman sees him s self-as a ceo whisperer. the first time around when iger was so vaunted and the stock was doing so well, stratransition se like a big deal. this time around i'm less clear what they're searching for >> well, look, i think the walt disney company has a lot of different businesses, and media is an area of tremendous disr disruption, innovation and change we talked about that on your shows many times over the years, and so this is a very important goal, not just in shaping the

future of disney but of the entire entertainment industry. i think there's multiple things that are important number one, creativity understanding the creative elements that go into creating great contempt and monetizing and building brands and franchises around the world. secondly, you know, the biggest business at disney, which is the focus of our report today in many ways, is the experiential side 60% of earnings comes from their experience business. that is the primary way which the disney company monetizes their great brand is contempt. that is a massive business, $30 billion a year, cruise ships,

hotels, parks. so understanding how that business works operationally, and where the investments need to be over the long-term is equally as important as the creative side. so that's a rare combination but it's a rare role, obviously. >> so it makes it an interesting stock multiple to contemplate. it was one thing when espn was the juggernaut in sporting and you could assign a multiple that wasn't deserved to that, but now we're talking about a parks business, other publicly traded stocks in that realm but is that a thrilling way to kind of have a high multiple and make money over a long period of time >> look, there's not a lot of businesses that i looked at that are doing over $30 billion in revenue and have a 20-year history with earnings in the high single digits think about the walt disney parks business

they're enormous you have to have the brands, the content, the superheroes and princesses to make it work that is a high multiple business, and it's not just parks. if the forecasts are right, the contribution from parks, streaming, we know that netflix is a 30 pe multiple, and their studio will go from 60 to 80% over the next several years as the traditional linear television business shrinks and other businesses grow. of course, we'll have to see where they go with espn over the next couple of years i think the multiple you would assign to disney's earnings is going to expand over time as we see these higher return, better positioned businesses grow in earnings contribution. >> i think they have a moat. >> literally and figuratively. >> ben, thank you very much for your time. now to what the disney board shakeup means for nike remember, mark parker was ceo at

nike for 14 years, stepping down in 2020 and shares climbed more than 850% during his tenure. siemian siegel is here now if he's leaving disney, could that mean he's refocused on nike >> i'm still stuck with you've never been to disney >> maybe once when i was a 12. >> so soon-to-be great to see you, kelly. what was so interesting is, in the press release, and i'm not a lawyer, but it was very clear as they were walking mark out that they flagged he's the executive chair of nike, followed by he's leaving to focus on his other areas. if we believe mark is taking a bigger hand in the business as elliott steps in, that's great what's really interesting, what i'm learning is it's all a small world, because there was ars reminding us that tim cook is on the board, as well >> yes >> so it feels like there's a

nice team that may be stepping in to help someone who has been at nike his entire life, engendering a tremendous amount of excitement but has never been ceo yet. now maybe he has this team like, we have your back. >> but six months from now, if the stock isn't doing well, people are going to say, he's got these other guys looking over his shoulder and tapping him on the back. is it a team from a position from strength and weakness >> that's why people like us so much, we're already planning his six-month demise what they are doing is they're giving him enough opportunity to succeed. you want to know that you have someone, we talked about this, that will be very focused on rehashing, focusing on the relationship with wholesale partners, and then focus on the consumer so he's going to allow a lot of people enterally, this is going to be about a whole team, so he's going to empower them to

come up with the best product and marketing. to now if he has this team above him with clear experience, that's compelling. what's interesting listening to ben, i don't think -- i think the opportunity for nike today, from a stock perspective, is more on its multiple than earnings we're still going through an earnings reset period. they pulled earnings and guidance we need to figure out when to get the right product in those are real questions butt if we look at this market, something like starbucks, which has gotten gains from management change, i think the idea is if you can believe that nike will now position itself, you can see that path to saying listen, if we think it's six months, it's going to be a debacle, walk away but if not, then that should help the multiple. >> the multiple is already 28, whereas disney was 19. but it lags behind the upstart in the space if we wrote the positive story

about elliott in 6 or 12 months' time, what would we be writing >> he's already got morale on his side he will repair relationships that the company walked away from, and if in six months the numbers are improving, we have a compelling product out so in six moments, we're cheering not just the stock but the performance of the business, it's because all of a sudden we have compelling product, and that's what nike does so well. when they have the product that they can support the store yip telling behind, that's when that $50 billion denominator helps a lot. >> i'll be curious, but, again, that's maybe the scene for the next innovation wave $92 is the price target. thank you for your time. coming up, a quarter of the dow and a fifth of the s&p report this week

we're tackling three bellwethers, boeing, coca cola and hilton that's coming up in earnings exchange stay with us

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welcome back to "the exchange," everybody i'm tyler mathisen with your cnbc news update taxpayer also get bigger deductions to account for inflation for 2025 the standard deduction will rise to $15,000, that's up $400 from 2024 and a couple filing jointly will get a deduction of $30,000, an $800 jump. while the deductions are higher, the boost is smaller than in recent years, as inflation cooled tupperware brands canceling its plans to auction off asset the food storage company agreed in a court hearing to sell to a group of lendors for $23.3 million in cash, letting lendors buy the company's brand name and key operations and soccer and music mega stars lionel messi and bad bunny are launching a new shoe

collection the collaboration includes a $180 version and a $300 version f-50 cleat adidas says the shoes have gold hughes inspired by messi's many trophies the shoes go on sale saturday, kell >> we were just talking about nike's need for inknownovainnovn aren't they doing some partnership with mahomes, adidas >> snoop dogg, i'm sure they all are. coming up, it's arguably the next generation of generative ai, evolving from chat bots to so-called ai agents. today, anthropic is unveiling its newest tool that can take over your computernd c aomplete your tasks for you we have those details, next.

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welcome back the ai boom has the likes of amazon and nvidia building out massive infrastructure to support that tech. but they're not going it alone, partnering with companies like datas the brics, working with

amazon, nvidia and more than 600 others to provide ai services, which in some cases might save companies that ai could make obsolete here to discuss the aws, welcome. this didn't even exist 18 months ago for many of us >> yeah, fair point. generative ai is the newest word we use we've had a cheap ai for five, six years. so just an evolution of the field in general >> can we take a little example of shutter's stock this was trading at $110 back during the heights of the pandemic it's less than $30 now we were just speaking about how software has in many ways been left behind in the ai trade. what might your work with them tell us about how it could end up in some ways being an enhancement to the business? >> yeah, these companies are all rethinking their business

models this happens when a new technology revolution occurs sometimes old business models don't translate to the new world. other stocks are a wonderful partner of ours. i think this enables enterprises to be able to utilize that data in new ways expressing the values through a model being able to generate images that are clean from a legal perspective. what is are some other ways that you can tell us that you think this technology is making other companies and what kinds of other companies outside of tech more productive? >> well, we're seeing it across the entire enterprise. being able to automate work flows and drive new experiences, reduce friction for customers and internal users these are the things we're seeing today we'll still a few years away from what i call truly transformative changes, like being able to change the entire way you design a product or how you, you know, change the way you do engineering these things will happen in the

next three to four years is my guess. but right now, we're seeing a lot of uptick in reducing friction on the operational side >> in the chips space, should we assume that companies like nvidia chips are required to support these efforts in the years coming >> yeah, nvidia has really killed it on this one. they executed extremely well their software stack is the most mature for any hardware out there. so they have done an extremely good job at fuel thing transition there are a lot of competitors, and there's other folks who are trying to carve out different niche parts of the market. so, nvidia is a huge partner of ours, even abling their next gen platform we want to, you know, deliver more value with less money over time, and we see new hardware as being one component of it, how we can reduce costs year on year so aws has been a huge partner

of ours, as well we have thousands of customers in common. we drive over a billion dollars of revenue so they're the oldest cloud we worked with. so very deep partnership, and we're continuing that. >> what about intel? is there a role for them to play in this? are they better off focusing on markets where they might better serve the end user >> well, i think compute in general has changed. the purpose of a computer now is potentially to fuel ai i do see intel coming back and doing something very meaningful in this space. they do still build, you know, a good amount of market share in the microprocessor cpu space so adapting that to be more friendly to ai is a huge opportunity for them but they're also manufacturing backbone for the u.s. for semiconductors, so rewe need to root for their success >> what's next for generative ai

google has nicely integrated it into its fundamental search business now we have podcast efforts coming from google with lots of image and video, things happening. where do you think this technology will be in another 18 months' time >> we believe this will be expressed -- most of the economic value will be expressed through the enterprise that will come through a concept called data intelligence, where we can take the spoke data that's unique to a company and allow them to build something that's a true competitive advantage. this comes through a lot of tools that are been the databrics platform, but it's about making it do things that are specialized, just like we train humans we train humans to be specialized in different tasks we see the same thing with companies. they can custom > how about that ipo, naveen, let's make the public investor a winner and able to participate i know that's up to you.

but thank you for your time today. thanks for joining us. so do you trust ai, by the way, to take over your computer and do some tasks for you? anthropic hopes so they just unveiled a new feature which claude moves the cursor or types to help complete tasks, the latest in a battle for these ai powered agents. deidre bosa has more deidre >> reporter: so agents, they are the next frontier in generative ai this is more evidence that everyone is moving very fast anthropics computer lets users use ai to, as you said, control actions on a computer. like clicking buttons and typing to browse the internet or make calendar appointments or fill in forms. the company says this can carry out actions on the users' behalve, without their consent, acting like a human

collaborator we haven't seen much of it in action yet, but over the next few weeks and months that will change we'll see more agent powered ai tools in the wild. you have microsoft that just announced its even agent tool and on the consumer side, the first wave of apple intelligence, that starts shipping next week anthropic says that the model that powers its computer use, it's stronger and more rebous, but also the technology is ex-er themental and at times error prone. so be first to release this, that could give us a snapshot of what to expect more broadly from the next phase and gen ai as it rolls out. now, the timing of computer use, that is good for amazon, because salesforce and microsoft are locked in this new race to go beyond co-pie rot products and provide tools for their

enterprise customers amazon, of course, is a major investor and lie censer of anthropic models so it will be interesting to see the rollout if it works the way it's supposed to >> i'm a big fan of claude >> would you let it take over your computer? >> i would like to let them try and give him a chance. >> be careful what you have up on your screen >> i'm not worried, it's just endless doctor's appointments for somebody and right back to an email now to a news alert with dom chu. >> of course, schein is a futur possible ipo this is a report coming from the information talking about the people familiar saying shein's updated financials show their

revenue -- or profits declined more than 70% to more than $400 million in the first half of this year, according to sources familiar with the financials revenue growth decelerated to 23% from 40% over the same time last year. according to this report, revenue in the first half of the year was $18 billion the first half profit margins dropped to 2% from 8% in the prior comparable period. of course, all of this in context around some of the chinese companies and others in asia that have competing business models like temu and whether or not this will affect valuations going forward so this report general rating quite a bit of buzz. >> it's supposed to go only way if you're and up and coming growth story and this is not the way. coming up, general motors hitting an all-time high after blowout earnings and a guidance raise.

it hit 10% market share in evs last quarter and this october, cnbc is honoring national disability and awareness month. here is david neeleman sharing his story. ♪ ♪ >> as a child, i struggled in school and told i was stupid, and because it was really difficult for me to learn how to read and do other things so being able to share that story that there is a special talent that comes with these children dr. halowell, who wrote "adhd 2.0" says the prisons and board rooms full of kids with adhd so trehe's two paths to go to be successful or have a tough life.

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reporting before the bell tomorrow and here with our trades is steve grasso, cnbc contributor good to see you, steve we'll start with shares of boeing up 9% or so since preannouncing on the 11th. expecting a loss of nearly $12 a share as delayed deliveries of new 777 long range airplane until 2026 it stopped production of 767 all together by 2027 they announced layoff plays amid the machinist strike but that could end with tomorrow's union vote the machinist vote said on our air that the vote could be tight, but if it does pass we might see that $10 billion capital raise reported last week and the company's fourth quarter cash burn could be a bit more limited with all of that said, what do you do with the stock here >> reminds me of that joke, other than that, mrs. lincoln, how was the play kelly, when you look at the stock, they've got to convince

people that they can make a safe and efficient shareholders and people a safe and efficient plane. they haven't done that so when you look at the chart -- other than the fact that 54% of their revenue comes from governments. 47% directly from the u.s. government, there's not a reason why this stock should even be where it is. it should be probably half of the value that it is but at this point, i'm saying a hesitant buy you've had a lot of the baby out with the bath water. a lot of the bath water out of the tub. everything is gone out of this company. so realistically maybe they can bounce so it's a hesitant buy on my part. >> we'll call it a buy nonetheless. but i take your point. quick programming note, the ceo kelly ortberg will be on tomorrow at 9:00 a.m. eastern time on "squawk on the street. now to coca-cola, outpaced pepsi by nearly 15%. facing consumer head winds

internationally and here at home b of a is positive on pricing power. what do you do with the shares here >> yeah. this one is a buy as well. you look at the charts, smooth ascending chart. it's better chart, better looking than pepsi you just stated its outperformance on year to date over pepsi what's interesting, kelly, you go back five years, they're both up about 30% so this is sort of -- you know, all kind of meshed into one. the more diversified play is pepsi. but with pepsi you get the snacks with the snacks you get the glp1 sort of head wind to it. so i think that's why it's underperformed coke when you talk about pepsi that's why i would stick with the straight beverage company coke itself. >> all right we've also got that ceo on tomorrow, james quincy will join "squawk on the street" around 10:00 a.m. it will be a busy programming time for them. and we'll move along to hilton,

which is up 31% this year. goldman called it best in class for runway growth, but raised concerns about revenue per available room and slower than expected unit growth this recent storms they had to deal with. geopolitical tensions could be risks. is this a buy for you also >> yeah. well, this one i'm going to flip the boeing call around this one is a hesitant sell for me you know, the chart is almost impeccable, kelly. and when you look at the year to date performance, it's up dramatically it's beating all of its competitors. and when you compare it to the s&p, it's demolished that as well but, the company has also lowered its outlook. so if the company is lowering its outlook, and they're worried about demand and all the things that you just said, maybe it's time to take a little bit of chips off the table. but, without question, when you look at the stock above all of its moving a.j.s, it's really performed.

it's a tough one for me to say sell, but i would be a hesitant seller. >> steve, final question you can pick a, gold, b, bitcoin, c, stocks, d, rates or e, all of the above. what do you do >> i go bitcoin. and the only reason why i go bitcoin is because i think the market needs to pull back. kelly, if you compare bitcoin to gold, from i believearound 201 until now, bitcoin is up 680%. gold is up about 06% i don't know if you're going to get anything else with that risk/reward ability. and obviously you have to have a real, real thick, thick stomach or steel stomach as they say for it >> well, high risk, high reward is how it's supposed to work we'll see. steve, thanks so much for your time today steve grsoas we appreciate it. that's it for "the exchange.

tyler is getting ready for "power lunch." i'll join him on the other side.

♪ hello. welcome to "power lunch," everybody. alongside kelly evans, i'm tyler mathisen glad you could be with us. stocks are turned higher this afternoon with all three averages evidencing small gains, i do mean small there. .06 in the s&p 500 yields continue to rise. prices falling after last month's fed cut. and it