that farmer jim >> abvie, they have done all the right things, and making key acquisitions >> steve weiss >> digital realty trust. they reported a great quarter with bookings. >> that stock up nicely. all right, everybody have a great weekend see you on "closing bell." "the exchange" is now. ♪ ♪ thanks, scott. welcome to "the exchange." i'm john ford in for kelly evans. here's what's ahead. from his net worth to his network. elon musk just became the world's richest man, again but the report he might have been talking to one of the world's most dangerous men is what many are talking about. the latest and the potential fallout. plus, two names that will benefit from the ai rollout. the analyst joins us with the names and upside from here, and we are checking back in with the ceo of this company, up more than 30% this year

we begin with today's markets and dom chu's got the numbers. dom? >> i'm not going to bury the lead we have a record high in an index that hasn't seen one this summer the nasdaq composite, 18,639 is where we're at currently up 224 points. the new high water mark on an intraday basis is 18,690, so 40, 50 points above where we are right now. that is the record high in today's session. the s&p 500 up about one half of 1%, 27 points. 2837 is your last trade there. even at the lows of the session, up about 17 points and 53 at the highs. so that's your trading range today. the dow industrials are the laggard, down about 0.2 of 1%, 42 u 297 is the last trade that's the bigger picture market check out these names. one in particular, and that's

tesla, up about 3% right now a banner week for this electric vehicle giant. it's been over the near term the stock that's done a lot to compel the nasdaq with record high sessions. up strongly again. been a big week for earnings so tesla shares, keep an eye on those. and another thing to watch is the market cap dynamic between apple and nvidia currently, the market caps, slightly in favor of apple, $3.35 trillion at one point, we saw an overtaking briefly by nvidia, which has a $3.515 trillion market cap so apple, a big catalyst next week and we'll end on another tech related play, that's digital realty up about 11%, one of the biggest gainers in the s&p 500 they manage data centers and lease them out this is the way a lot of folks have been playing the cloud

computing and ai trade watch digital realty better than expected earnings report back over to you >> did you say artificial intelligence we've never said that before >> ai, and not allen iverson >> mcdomnald's, big drag on the dow. we begin with the countdown to election day, a little over ten days left for the candidates to make their case to the american people both candidates campaigning in texas today before former president trump heads to the battleground state of michigan for a rally later in the day, and as the final push continues, we have got team coverage. steve liesman with the latest results from the cnbc all-america survey, and the final election media blitz brian sullivan on how that's playing out in wisconsin and eamon on the latest with elon musk and a report he may have been talking to russian

president vladamir putin we begin with steve liesman. >> thanks, john. while economists have condemned tariffs, the american voter a little more mixed here that represent an important change in public opinion we asked 1,000 americans across the country, are tariffs good or bad? 38% saying they're good, because of the protection. 27% saying they're bad because of the price increases a big chunk don't know so that's up for grabs here in terms of the majority here we just don't know they say they're unsure. now, support comes substantially from republicans they're plus 52% on this issue democrats, minus 29% high school or less, plus 19%. post grad, minus 9%. there's not very strong opinions on this except for the republican group when we asked this question in 2019, there was substantially more opposition than now, so

things have changed. on a separate question, we tried to find out which campaign has been more effective at reaching voters, and there's a big disparity here take a look. now, 13% say they've seen more ads for trump, but 3-1 here, 32% say they've seen more ads for kamala harris. 43 about the same. a little different in the battleground states, a little less for trump, a little more for both so that's where a lot of this targeting is going on. you'll hear that from brian in a second what about the people that matter seeing these ads? this is where it gets interesting. our so-called persuadable voters, they might change their mind or haven't made up their mind, they're seeing far more ads for harris same with independents another group up for grabs they're not seeing a lot for trump but a whole lot more for harris what about this issue that's been out there is harris doing enough television interviews, doing enough town halls? people don't really think so

18% say they've seen too few from trump, but 32% saying they're seeing too few of these things for harris. but take a look by party, it's interesting, not true for democrats necessarily. more true for the gop, but importantly for harris, 38% of independents, john, say they have not seen enough of her when it comes to interviews and she's doing a lot more of this now, a lot more by the way since we did this poll last week. but it does point to a potential weakness of the harris campaign. >> well, we're always pro interview. >> it's in our blood, my friend. >> you always learn more from good interviews. i want to go back to the beginning on tariffs it seems like maybe people are believing the candidate that they're inclined toward on tariffs now, whereas perhaps in the past, it was more of an inclination to think that tariffs were bad >> you have to go back even further. republicans were more the party of free trade than the democrats

ever were, right so to see this change in the republican party is quite remarkable, that they now are like -- there's a debate here. you have to be careful, because there's this idea of tariffs just to protect, and this idea of tariffs to get other countries to open up their borders to us and reduce their tariffs. so there's that idea but, but, it has been a big change independents are kind of in the middle i do think -- i focus in on the most is that most are not sure it means the debate has not really -- it's a really hard debate to have, but there's still the possibility that a majority could be formed either way. the trouble is, you're not going to get anybody right now in this environment to step up and say, yeah, free trade, good >> i wonder at this point, who is persuadable who doesn't have their mind made up about these choices at this point, and how much of it has to

do with -- >> we're going to do a full story on monday, but i'll give you a summary. there are plenty of people who don't care, and they haven't made up their mind how, and here's the perplexing thing, they may nod have made up their mind, and that's why they don't care so it kind of goes either way. but you and i are engaged in this every day some people have other things to do, they haven't made up their mind and may not make up their mind, which is why, by the way, a little thing from monday, they're a low intensity voter. it's like trying to get a little blood from a stone when the margins are this close, if they can bring out one or two points in this or that, that is make the difference. they're trying to get after these persuadables harris looks like she's doing a better job, but it's unclear if they get out to vote >> more ads but fewer

interviews like trying to get a teenager trying to tell you how their day was. that's where i am with it. steve, thanks. we are wrapping up the 2024 your money, your vote road trip in kenosha, wisconsin, where polls show a dead heat between both candidates in that battleground state. brian sullivan is there with a look with what impact, if any, the ads are aving. brian? >> reporter: i feel like we're on the election driving range, because steve's excellent report just teed it up on so many things number one, tariffs. you talk about tariffs, you talk to a steelmaker here outside of the city limits, he makes steel roofs. he cares about tariffs he told us which way he's going to vote. i don't want to say it, but he's worried about tariffs. i'm giving you a hint, he would like to see those tariffs go off, but he needs more clarity from kamala harris, what is her tariff policy?

biden continuing the trump policy he would like to see those rolled off number two, media spend. okay, 3.5 times more spending last quarter for kamala harris than donald trump. she raised a billion dollars in the third quarter. i can tell you on the ground, in our hotel, every single commercial break, some kind of political ad you get text messages. people talk about stuff in their mailbox. of course, all the billboards that we eyeball from grand rapids to kenosha in michigan, every single billboard seemed to be a billboard all for harris. is that a sign of strength or a sign of not weakness, but certainly getting out the vote at the last minute type stuff or a combination? i guess we'll find out after election day as we wrap up our road trip here in kenosha, i want to talk about something not a lot of people are talking about from a business perspective is the election itself impacting

business both big and small? yesterday, we went to bnl office furniture, scott carpenter, the owner. great dguy. he used to be downtown they had the protests in 2020, he had to move his building out to the outskirts of town in kenosha. he talked about just how the election itself, not causing a division, but certainly is either on everybody's mind and impacting things listen >> you can feel it, where people they don't agree or they disagree with you, but just to get past the election and to move forward and to something normal again, at least get this off our plate and look at something different. >> reporter: and here's what's even more crazy, guys. maybe steve wants to throw this in the next fed survey, maybe the kenosha survey, which is

scott believes that the election is hurting his sales, not because of one winner or the other winner, but because his customers seem to have kind of gotten paralysis by analysis on making buying decisions, maybe waiting for this whole thing just to be over. listen again >> totally you can feel it even my sales rep just came in, sales are down, but we can track and see they're picking up as he tells me that, it picks up and then we hit a brick wall >> reporter: so john, i wonder if that is true, not just with him but others, and we met people who suggested the same, could we see a post election pop in business, big and small, as companies, regardless of the outcome, just want an outcome and then get back to business? again, we'll have to wait and see. that's kind of our take, five

days, three swing counties, on the road, patrick, jerry, my awesome folks here, my crew spending time with me in the minivan. hopefully some good on the ground stuff for people like scott who tell it like it is >> i wonder if that's a battle ground state thing with all the ads that they're getting, it's got to be hard to think about buying anything else meantime, elon musk has reportedly been in regular contact with russian president vladamir putin for the last two years. aeamon has those details >> reporter: the kremlin press secretary is denying the report this morning, calling the story fake and insisting that vladamir putin has only had one contact with musk, and it was before 2022 "the wall street journal" this morning citing several current and former u.s., european and russian officials in its reporting. cnbc has not been able to independently verify the details here, but "the journal" says musk has been in regular contact

with vladamir putin since late 2022 they reportedly discussed personal topics, business, and geopolitical tensions. and it says putin asked musk not to activate star link over taiwan as a favor to chinese president xi jinping i've been talking to u.s. intelligence sources about all this they say, one, it's unclear as of this hour if musk disclosed those putin contacts to the u.s. government that would be required of him as a holder oh of a top secret u.s. security clearance failure to report could be grounds of suspension of a security clearance, and in extreme cases, the deliberate failure to report can result in criminal charges maybe the case that he did report all that appropriately, we don't know as of right now. musk has been very active on social media over the past 12 hours, but no comment directly on this story. one thing he will have to consider is that it is at least possible that u.s. intelligence knows more about the contents of these conversations than is

indicated in "the wall street journal" piece if they're technically able to obtain putin's communication, the nsa would be allowed to record conversations with musk, even though musk is a u.s. person as long as the intended target of the surveillance in the first place was vladamir putin then they can gather that information. they have to refer to him in any internal reporting as u.s. person one and ceo of u.s. company one, two, and three. but they would be able to gather the contents of that conversation if they have the capacity to intercept it >> doesn't seem like a high bar, i guess. but this comes after the report from bob woodward that former president trump had also been in contact with vladamir putin. putin seems to be trying to swat down both of these reports, as i suppose we expect he would >> reporter: yeah, you would expect this from the kremlin and what we're seeing today. look, the question is, what was elon musk's intent in having these conversations with

vladamir putin what did he think he was accomplishing here was this for the good of the nation was this for the good of his company or personal good was it for a political agenda? we just have no idea because we haven't heard from musk yet on this there's people who look at this and say, here's a big ceo, he has got global businesses, he has to talk to global people even in difficult places as long as he did it by the book, no problem with this there are other people who look at this in the u.s. intelligence community and say that raises a lot of questions this is an adversary of the united states who is engaged in bloody butchery in europe right now. and, you know, we need to know more about what exactly he's saying when he's on the phone or texting with vladamir putin. >> he certainly is in a tricky position if he says the conversation has happened, he's contradicting putin. if he comes out and says that they didn't happen and they did, that would be an issue >> reporter: and the u.s. government, john, they are in a

difficult position they are dependant on spacex to get satellites into orbit and on elon musk to lead the charge in electric vehicles in the united states economy and dependent on elon musk in so many ways. it's very, very tricky for the u.s. government to figure out how to respond here. >> all right thank you. joining me now for more is michael mcfall, former u.s. ambassador to russia, and vicker to -- victoria cotes, foreign policy vice president at the heritage foundation. michael, what do you think of these reports? i'm going to bundle this latest report on elon musk with the one from bob woodward on president trump and communications with putin. you think it's likely he's having those conversations >> yes, i do i mean, i know the reporters that worked on this story for "the wall street journal." they're very careful it's obvious that they have

talked to senior u.s. government officials about this, reading between the lines. as your reporter just importantly underscored, any conversation that vladamir putin has with anybody around the world is a high target we are very interested in that and i think many americans don't realize that, of course, we're trying to know about this conversation so i think they happen, and i don't like it. i don't like it. it is normal for former presidents and ceos to talk to presidents and prime ministers around the world during normal times. but there are two things about this that are disturbing one, putin is leading a war in europe, in ukraine, against -- and threatening american allies. it's like talking to hitler during world war ii. so we should know what the content is and two, and we don't know the details, but in normal times, former presidents and ceos, at least when i worked in the government, would come to the u.s. government and talk about

what they talked about to make sure that they were not doing anything that was adversely affecting u.s. national security interests. and we're talking about star link and the war in ukraine that we have real national security interests here they're in the hands oh of a private individual i would hope that he would be coordinating those conversations, not trying to have them secretly >> victoria, it seems that there's an argument out there that certain powerful, capable individuals, and there are only a few of them, could be assuming capabilities more like nation states now, able to complete space launches, able to have satellites in outer space, and perhaps conducting their own diplomacy. do you see it differently? >> john, good to be with you i agree with ambassador mcfall you know, certainly the notion of contacts between any american citizen and vladamir putin raise concerns, legitimate concerns

amongst the american people. but going back to the report, yes, indeed, we do depend on spacex for a lot of things, including our coordination with the international space station, which of course, russia is a participant. i could see a logical scenario here in which obviously the u.s. government wouldn't want to be coordinating with the russian government, but that elon musk, having responsibilities to both countries because of the icc, or the space station, that he would need to have contacts with russians and, again, to the point about his security clearance, yes, that should and is, i'm sure, regularly readjudicated. these have to be reported. both the content and the nature of the contact, whether it is ongoing, whether it is social, whether it is professional and yes, we could have collected on that, all of which elon musk would know so in terms of the significance of this, i think we do have to

wait to get more details but that i'm sure, in the government, that security clearance has gotten a lot of scrutiny since his endorsement of former president trump. so i would be surprised if much more shakes out here that hasn't already been revealed. >> michael, underline all of this i would argue is this issue of eroding confidence in institutions, including government, and perhaps a balance shifting towards trusting individuals who are perhaps wealthy or innovative or brilliant? >> well, i don't trust him i want to be clear about that. i don't like the privatization of our national security assets, particularly star link in ukraine. and remember, a couple years ago, it was widely reported mr. musk decided that he was going to turn off star link because he, in his own assessment, decided that attacking crimea,

the ukrainians attacking crimea, might lead to world war iii and the use of nuclear eapons. i want the national security council and the president of the united states making those kinds of decisions the second thing here, i want -- let's not normalize contact with vladamir putin that's what mr. trump has done, elon musk supports trump they're very close he's one of his most important surrogates right now this is a guy who invaded a democracy, and autocracy that invaded a democracy. he then annexed territory. we haven't had that since world war ii we fought world war ii to stop annexation he's now slaughtering ukrainians with missiles from iran. he is kidnapping children, ukrainian children, and bringing them to russia we cannot normalize contact with an individual like that. >> victoria, you feel strongly

about this, and for some reason, this doesn't seem to be the kind of issue that's bubbling to the top during this intense election cycle. >> well, like i said, in terms of normalizing contact with vladamir putin, in my previous answer, of course the american people would be concerned about any contact with vladamir putin. and i agree with the ambassador that should not be normalized. but under these circumstances with a security clearance in place like this, i do think we would get more explanation of this, and that the united states government probably was aware. so i think, as i said, we need to get more information before we jump to conclusions and also to the ambassador's point, the ability of the united states' government to beam internet access with the star link -- the star link model, that's something we haven't done enough work on we wanted to use such a capacity in 2019 to get internet into

iran, and we didn't have the ability to do it at that time. i agree, i am concerned that we might privatize some things that we should have in the public sector but right now, we don't have the ability to do it and so we have to rely on musk i agree, i would like to build that up. >> yep, that's going to take investment, i suppose. thank you both coming up, two software names, and the space that they dominate ahead but first, the nasdaq is at record highs that's one reason our market guest is looking outside the u.s. for stronger growth the countries he's targeting, next "the exchange" will be right back >> this is "the exchange" on cnbc

it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided to stay local. oh excellent! oh that's great! why would i ever leave this? -aw! we will do anything to get him gaming again. you and kevin need to fix this internet situation. heard my name! i swear to god, kevin! -we told you to wait in the car. everyone in my old squad has xfinity. less lag, better gaming! i'm gonna need to charge you for three people.

welcome back to "the exchange." the nasdaq rallying today and is higher for the week. but the dow and s&p on track for losses my next guest says a reacceleration of inflation will keep the fed on the sidelines for much of 2025 joining me now, michael landsburg. michael, happy friday. so japan and india, what >> i athink we've got, i think

india and the gdp and the growth there is two or three x what we're getting here we like that more than we like china for example, simply because they use the u.s. rule of law, it's a capitalist country, so it's very high tech there, but a lot of growth japan has been kind of dead for a while and we're seeing a little reacceleration. we are a little antsy about the election, but we do want to see some opportunities we like a position that is short in the yen we think that gives investors diversification. investors have kind of gotten into a couple of sectors that are very, very heavy we need some diversification to smooth the right out >> if i'm looking at the ewj, the msci and the inda, the india etf, two different issues. india, that etf is about 55, it had gotten knocking on the door

of 60. but it's been really running high, arguable that it's expensive. japan really hasn't broken above the level where it is now, that etf for years and years and years. so why should we trust that there's upward room from here with all this global uncertainty overall? >> i think the story in india is the growth obviously, we think there continues to be good gdp growth there. a lot of those names are hitting all-time highs it's pulled back a little bit. i think japan is a different story. we look at dxj, the ticker that's actually japan but short the yen. that's had a much different performance than the ewj, because i would agree with you entirely, owning stocks -- we wanted something with diversification. it's the area we think has some value. the problem right now is, in the united states, valuations were extended so we look for places, whether it's in asia or south africa,

the uk, to give us some diversification that isn't priced to perfection, which is a lot of the u.s. market is. >> closer to home, three shocks you like, let's start with adobe, because i like tech there are questions about when ai really starts to translate into measurable growth where do you see adobe that process >> i think adobe's unfairly been penalized for not having an ai monetization strategy right away when others don't either they just announced their firefly, ai video program. but i look at the stock and think they have done well for a long period of time. the stock's down this year and a good entry point to come in. they're a more conservative company typically. i think their ai will be a good hit with corporate, because they're going to look at data images so i think it's a good story

it's just taking a little bit of time to get going. what i like about it is it's an attractive entry point they've got a consistent other software programs, and this ai is a new thing that they have gotten pem nalized because it's not making money today >> we're at late 2020 levels on adobe. michael landsburg, thank you >> my pleasure coming up, alphabet looking to expand its robo taxi service. we'll te ll you who's investing teth "the exchangeisac " bk " bk afr is (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic.

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i'm just here for the internets. at&t, it's super-fast! you locked us out?! and when thrown a curveball... arrggghh! ahhhh! [crashing sounds] we had everything we needed. is the internet out? don't worry, we have at&t internet back-up. the next level network for small business. ♪♪ i sold a pillow! welcome back to "the exchange," everybody tyler mathisen here with your cnbc news update moments from now, joe biden expected to make a formal apology for the country's role in running boarding schools for 150 years in an effort to strip t native american children of their culture. the apology will be the first for a u.s. president a new mexico judge upheld her decision to dismiss the charge against actor alec baldwin in the fatal shooting of

"rust" cinematographer helena hutchens in 2021 the judge ruled the prosecutors failed to raise any factual arguments. for the first time in 36 years, the jeff bezos owned washington post announced today it will not make a presidential endorsement in the election. in an opinion piece, the publisher will lewis said the paper is returning to its roots by not endorsing a candidate a former executive editor marty baron called it cowardis and a moment of darkness "the new york times" owner and his refusal led to several resignations interesting story there, john. >> tyler, thank you. well, robo taxi service

waymo topping out at more than $5 billion it's an interesting next move, right? >> for a number of reasons so waymo, of course, is the clear leader in robo taxis, with 100,000 trips a week now and expanding to new markets it will now let them further accelerate, a competition from the likes of amazon, crews, and tesla all comes on line, some sooner than others what is interesting for google investors is how they're going about it they're raising outside money from several people, that will let waymo continue to build without being a drag on alphabet's balance sheet and make it easier to eventually spinoff. waymo is still unprofitable. a bank of america an less from june estimates 2024 revenue up to $75 million, losses at $1.5

billion. waymo is starting to pay off in terms of adoption. an executive says they're already making improvements on cost redestruction the unit, though, still needs significant investment at a time when the core advertising and search business may be under threat and facing a mountain of legal challenges robo taxi investment may be less compelling to google shareholders, and less so to venture investors. it's her job now to figure out where the company should invest and where to look for outside investment >> indeed. this reminds me of two things -- one, what elon musk has been doing with some of his efforts around ai and to tap and even twitter, to get outside investment and this whole issue of technology, transfer from reach

into development, it seems like big companies are trying to be more nimble by building upstartups, even in their capital structure within >> right and google has always done this, right? it calls it the moon shot factor and has projects that sometimes don't make it to alphabet proper but the whole point of this moon shot factor is to let their employees try different things, new technologies that are high-risk, high reward and usually expensive. that's what waymo grew out of. by funding it sprayly separateln interesting way ofgrowing it, but the losses are in the billions of dollars. so it's an interesting way of keeping it inside the alphabet umbrella it could be a blueprint for other companies as they try to diversify and come up with new businesses within their core >> yeah, if regulators won't let you buy a startup, maybe you have to build them coming up, two software

names mizuho says are part of the key to unlocking the $100 trillion ai treasure we'll reveal them and how far they can run when "the exchange" is back after this glp-1 drugs used in weight loss treatments are a global blockbuster, even with disliked and inconvenient injections. study results are arriving monthly from lexarias patented oral delivery technology trials.

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welcome back the nasdaq hitting a fresh record high, the first since july, ahead of next week's big tech earnings. nvidia, amd, broadcom and qualcomm all climbing today. two names also in the green that aren't on the list but are involved in the ai infrastructure buildout, cadence and synopsis two electronic design companies. my next guest recently initiated both with outperform ratings, with 0% upside ahead joining me now is the managing director at mizuho, covering the software stocks. so synopsis, we were talking with the ceo a couple weeks ago about the acquisition, the idea

that you're going to end up with these virtual digital testing labs not only to figure out how things should work but what kinds of chips you need to design to make them work better in the future. there's a lot of growth there, you think? >> that's right, john. you think about all the innovation that's come in, in the ai space it all comes from the gpus that you have to build. it has to be embedded into that. and keys to that kingdom is the edf software company you can have the ideas, but to make it use, synopsis and cadence designs that that is what we are excited about. >> does cadence have to step up its m&a pace, as well? >> cadence, remember they already had the simulation part of it, and synopsis -- both

companies are now well prepared to expand from electric, like the design to simulation to the analytic part. >> i have to ask about a couple of names not on your buy list. auto desk and pro-core auto desk, arguably also used for some of this kind of design work and pro-core dealing in the d dijization and cloud migration construction management. why not potential there? >> john, i think you said it right. th like you said, they are mostly the design factor for construction industry, like cadence and si thynsynopsis in the market, you see on the semi side we have seen a lot of

excitement because of ai we are seeing a slowdown, we have been seeing that, but we have not seen the discovery yet. we have yet to see the light at the end of the tunnel. >> would it be fair to say that your expectation is on the chip design side, that's where the ai demand is going to hit sooner but remains to be seen how quickly that flows through into some of those, you know, bricks and mortar, boots on the street sorts of industry? >> you know, you are right in terms of ai, which is -- it will benefit in two different ways one is the external demand you are seeing, this chip design

that is extending. they are building their own custom chips, and now expanding to other areas, as well. and even openai and other companies are going to start making their chips on the internal side also, they're leveraging ai in the first phase. which is they're able to offer higher values to their customer. and then you see the gain, ai will come in as well and extend the value that they can offer to the customer so right now, we can csee synopsis with the benefit on that >> we'll be watching very closely here at cnbc to see how that ai demand unfolds siti, thank you. coming up, 75 people have

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welcome back what do the glp1 drugs have to do with demand for ketchup, and they all have in common in. >> aptargroup makes drugs and

consumers products and it was also our mystery chart shares hitting all-time highs in the back of an earnings beef, but the company missed on the top line and the q4 guidance came in a lit light. joining me is the president and ceo of aptargroup. good to see you again. i actually want to start on a broad question, more policy-related, having to do with tariffs because we got manufacturing in lots of places around the world if we see more tariffs in the next administration across the board, is that on balance good or bad for aptargroup? >> great to be back, john. i would say for us it's really neutral, but we are very much having a philosophy of serving the region from within the region, and of course, what higher tariffs do, is they further region by supply chains and create friction to chip across, which for some low-cost competitors would create a bigger issue

on the other hand, they're inflationary, so they will ultimately end up with the consumer, so for us, it's neutral. >> what's the impact of the slowdown that we have seen in the cosmetics business reflected multiple places recently >> part of this is really a supply chain effect coming out of covid, our customers launched like crazy growth rates of 20% and more in fragrance. now the sale through rate for the retail was not at those levels, more like 5%, 6% part of what you see in our numbers is an adjustment consumers is still there, and when you talk about china, it's not the consumer, but the growth isn't there that everybody expected vigorous rebound after covid has not happened and our clients still hopeful the chinese consumer will be more vigorous on the other hand, chinese brands are bringing in the market in china and supplying those as well. asia is not too bad for us

>> the thing that blows my mind about this company and your product is everything from, like, soap dispensers and ketchup squeezies to pharmaceutical dispensing which is wild, but in a sense, does that create an innovation chain where certain technologies flow through to others, and what's your attitude now about investing in that given the cost of capital >> yeah. look i know it sounds like a very broad portfolio, but i invite you to visit any of our factories. they all do the same thing they're a high-speed assembly, can lug the assembly that elon uses with his batteries. we have been doing this for decades so the technology we can leverage across and all customers together in innovation workshops, they want to look at everything they can have this pharma device over here and in beauty, what we came up with here, and in food,

in the dermal cosmetic space we create a consumer experience and create drug delivery our capital is relatively reasonable, and we continue to invest heavily in innovation and our added capacity, and yeah we had a strong quarter, and we'll have another growth year, and we're quite bullish for the future. >> i'm quite curious whether a.i. is going to help you in some of that design. hope to have you back at some point. stephan tanda, thank you for joining us before we two, don't miss my interview with former apple executive, tony fadell, the father of the ipod 00at's coming up on "overtime," 4: eastern that's going to do it for "the exchange" with the major averages pretty mixed. "power lunch" is coming up after this quick break

(♪♪) in life, i'm reminded that it's not about the destination. it is truly about the journey. (cheering)

(♪♪) (♪♪) (♪♪) (♪♪) (♪♪) ♪ hi, everybody. welcome to "power lunch. i'm tyler mathsen. the dow on pace for its fifth straight losing day since the beginning of september that's about the last time it rained here in new york, but the nasdaq hitting a new record high today ahead of reports from the magnificent seven next week. chip stocks seem helping to lead the way. >> and share