the ceo. they have so much more to do here. the stock goes a lot higher. >> did the ceo say hi back? was it a very nice conversation? hold your thought. i'm glad. thank you for sharing. jason, your final? >> pfizer. >> good stuff. thanks, weiss. see you on "closing bell." ♪ ♪ thank you very much, scott. and welcome to "the exchange." i'm kelly evans, and here's what's ahead. the nasdaq just hit another record high, after hiring blue wave past expectations last week. pending home sales surged, and gdp largely in line, and consumers are the most confident they've been in years. but one of our guests is not sharing that optimism, and this chart is the reason why. he's here with the name, and why it's telling a different story today. oh, there's no number on it, so we'll see if you can guess. meta, meanwhile, shares up today

after alphabet blew past expectations last night. and speaking of evenings, coinbase and robinhood are about to report. coin is still 25% below its all-time high. we have the story and the trades ahead in earnings exchange. over to dom chu for the market numbers. >> let's start off with the record high. the nasdaq composite, we are currently right now just about flat on the session, but we did, again, hit a record intraday level for the nasdaq, driven by that big tech trade. the s&p 500, again, marginal upside, though. not yet at records but trying to creep back towards those levels. 5837 is the trade, up about four points. the dow now green today, so up about 0.2 of 1%, 42,307, up 74 points, again, a record high for the nasdaq composite, all of that mix of data and results that kelly mentioned driving at least one key part of the market

with the nasdaq towards those record levels. big technology, a big focus today. alphabet, done and dusted. very positive move, up 4.5%. advanced micro, down 9%. both companies reported general beats, positive nenews. microsoft, amazon and meta platforms, meta on deck after the bell. we're talking about plus or minus 6.5, 7% in terms of the options implied move for meta platform shares, so keep an eye on those. the interest rate picture, very interesting, because we continue to creep higher, just marginally lower today, still 4.26% on the ten-year. it was closer to 3.6 at just the trough down here. it's been a sharp move higher, but as we talk about the general economic data, are we in this scenario where it's a growth story, maybe a growth story

that's driving things? it's upfor debate right now, kelly. back over to you guys. >> dom, thank you very much. we've got a fresh batch of data on the economy this morning, speaking of which, steve liesman is here to run us through numbers, and which ones have the most import? >> that's a good question, kelly. neither hurricanes or strike, adding jobs doing so with declining inflation. here are the numbers. 2.8 on gdp. not much of a miss, because everybody downgraded yesterday because of the trade numbers. so that really was in line with the most contemporary forecast that was out there. final sales, real final sales, 3.5, accelerating from the second quarter. pce inflation declining. and that pce number, a 0.6% decline. and there's that strong adp number, 233,000. all of this is dramatically different from the expectexpect,

they saw anemic growth, and waning job growth. now the question is, the job market is strengthening instead of weakening. this is well above the consensus on the government and private sector. but adp still counts striking workers and workers affected by hurricanes because they're on the payrolls. if they were on the payrolls, it only counts on the bls if they received a paycheck. so the adp seeing the job market is just fine, even if it may not look like it on friday. some forecasters love adp, others hate it. but the relative miss are only plus or minus 29,000. pretty good for government work. >> our next guest has a little different opinion of what's going on. >> that's why we have the next guest. >> let's drill down, as they say, on the data and message here. does the economy remain resilient?

our next guest is shifting from the mega caps to small caps. we're also joined by peter bookmar. welcome to both of you. stacey, so you'll feeling pretty upbeat about things? >> that's correct. where we sit today, small caps have been an area of underperformance in the marketplace. the russell 2,000 averaging the last return over the last three years has been under 2%. historically, very low. and you're looking at a russell 2,000 index overall that's still sitting below its november 2021 peak. >> and you love it. >> and we think valuations, because of that, have gotten extraordinarily attractive. it doesn't matter how you look at it, relative to the russell 1,000 or to the s&p, we're looking at double digit discounts, historical relative valuations, trailing pe, price to book, price to cash flow. >> peter, that might be a good place to bring you in. for back of a better term, the optimists might say this is a great entry point. but hey, there's a reason we're

seeing things trading for these discounts. >> i agree, if you're looking for value in the market, that's the place to get it. but you're right, and when you have a higher interest rate environment that we're in, at least most exposed to it in terms of balance sheet and interest expense and floating rate debt, it's those types of companies. but it can separate the strong from the weak. if you can get through this economic environment in terms of your financing cost and so on, you can get through anything. particularly relative to your customer. so we particularly like some of the bigger -- some of the smaller companies that can consolidate a fragmented industry, where the mom and pops don't do so well, but the stronger companies can take advantage. >> i.t. was a mist try chart where you said don't overlook this one. what is it and why are you focused on it? >> cdw has a tell on tech spending in the aggregate to me is a very important company to watch every quarter when they report earnings.

they have 250,000 customers. they have $20 billion of revenue. touching everything from the pc to the smartphone to hardware, software and so on and so on, and the stock is down 10%. i have to go through the earnings transcript that went through the release, talking about sluggish trends and elongated decision making. maybe that's really because of the election, whatever. the point is, everything around ai is doing great. anything that feeds into that spending ecosystem is doing great. however, everything around that, whether it's pcs, smartphones or other things, is much softer. and when you look at capital spending in the aggregate, it's sort of flattish, because that capital spending pie is not spending, the ai spend is just taking from existing slices. >> stacey, what would you add to that? >> i agree with peter, we've been in inventory correction in the semiconductor marketplace for the better part of 24 months.

all of those areas that he has addressed, we've been correcting the excesses from an inventory perspective. so i think where the capital budgets sid today and how corporates are looking at forward expenditures, the one thing we're seeing is we were expecting a pc upgrade cycle to start about now into 2025. it seems as if the window's security patch may have enabled some of those corporates to ex-pend that cycle a little bit. >> we keep hearing about how the apple pc is not selling the way we thought it would. there seems to be weakness in this category. >> that's absolutely true. so we're seeing a delayed upgrade cycle. we've seen positive signs from a replacement perspective. but as they try to map out, not only what they're doing from a top down corporate budget perspective, but how that fits into their ai strategy and how they look at the rest of their budget. >> the point here, steve, it's

like a -- i don't know how we would describe it. we've talked about kind of the -- is it a two-speed economy, is it the industrial recession but not a consumer one? i mean, it makes it more difficult to try to figure out what's going on right now. >> for sure. i would wonder why anybody would need a new pc when all the apps are on the web and you get everything you need. but my other question, my concern here is about small business, and i'll spin this tale here real quick. the fed doesn't lower rates as much as was expected, because the economy is growing faster than expected, because there's fears of fervor inflation and stronger job market. that leaves small business with higher rates. >> right, very high rates. >> the market has already priced in a future funds rate for the big companies. you look at what's happening in the corporate bond market, some

of these smaller businesses, the difference between big business and small business among them is big business has the investors coming to their door and saying i'll give you money. small business crawls on their knees to the banks for money. the latee nfib report says they're borrowing at a rate of 10%. so i think a piece of the small-cap story is the fed lowering rates. soy guess i wonder a little bit about the small-cap story if they don't get the rate cuts that we're expecting. >> stacey, how do you answer that? >> that's an interesting question, right? what's interesting the marketplace from my perspective is that the credit concerns really haven't manifested up to this point. when we've seen such a substantial increase in rates. high-yield spreads are close to their narrows. so we believe -- >> that's right. >> so we believe that the small-cap companies have actually navigated this climate much better than what was expected.

cash has been rising, you know, they've been able to term out the debt, and they're managing through those higher interest rates. >> let me give you an example. a company that says, i'm borrowing at plus 500, and i'll do that deal today, because i think sofer next year is going to be 200 lower. that deal they made today doesn't make as much sense, if the replacement doesn't come in. peter, is that right? >> yeah, i think that's a major factor. we own some stocks whose companies, the interest expense doubled when the fed funds was going up. >> wow. >> some can handle that, some can't. and it also depends on who you're selling into. if you're a small business selling into the existing home market, whether you're selling paint or carpet or flooring, business is tough. if you're selling it to the industrial manufacturing space, business is tough. but if you own some restaurants that is catering to higher end

consumers, maybe you can handle higher cost of capital. so i think it's fragmented in terms of what your financing costs are, and what part of the economy that you're selling into, because i see a very mixed and uneven economy, not with standing the headline 2.8% print that we saw today. >> let's give people a couple of names so we can put rubber to the road here. stacey, what do you feel most confident about? >> so as we sit here today, we're really optimistic about what's going on in tech specifically ai. we think the trend is broadening beyond the mega caps and we see a lot of opportunity within the area of connectivity, credo technology solutions is one of the largest positions in our portfolio as we hit sere today. they are a provider of activity solutions, which is what -- what that basically does is enabling connectivity within the data centers. so they're providing cables, replacing copper cables.

so lower power, higher speed, and better signal integrity. data centers are just at the nascent stages of adopt thing technology. >> what about wavelength? >> wavelength scientists, another area we're optimistic about and where we focus largely inside the small cap universe has been on the innovators. so we've been focused on the health sector and particularly biotechnology. within that area, one thing that's real question been interesting in that even though we've seen an inverse performance correlation because of rising rates, innovation has really continued unabated. they are a -- currently developing drugs based on rna therapies. they have a wide variety of therapies currently under development. the most recent of which, they

introduced phase one proof of concept study for rna editing. so that's enabling them to alter gene expression. this is revolutionary in nature. first one, first in human trials, proof of concept. we think there will be more beyond that. so we're excited about the opportunities that we're seeing within health care and biotech. >> peter, highest conviction things can be stocks, commodities or precious metals. >> i'm still in that commodity space, ummyuranium, precious me and agriculture, too. >> steve, a stock pick? >> me, i don't do stocks. i'm the janitor at cnbc. everybody else does stocks. >> and you help keep the whole thing running. thank you all. the economy is front and sent they are election cycle, and cnbc will be live all night with tuesday with the results as they come in.

we'll have reaction from the biggest names in business starting at 7:00 p.m. eastern from the new york stock exchange and continuing overnight with more results and the overseas market action. "squawkbox" begins an hour earlier at 5:00 a.m. eastern. stay with cnbc all night long. the 30-year mortgage rate is just above 7% but dipped in september, getting home buyer as many as what off the sidelines. let's turn to diana olick for more. >> well, kelly, pending home sales in september jumped more than expected. 7.4% higher compared with august, according to the realtors. it's the highest level sense march. sales up 2.6% from september of last year. these are pendings, which are based on signed contracts. so people out shopping and making their decision in september. take a look at mortgage rates. the 30-year fixed was coming down through all august and touched a low of 6.11% the second week in september. it stayed right around there for the rest of the month before, of course, shooting higher in october. so this is really a reaction to

that dropping rates and much more inventory on the market for sale. fast forward to today, and you see the 30-year fixed at 7.02%, almost a full percentage higher than that september low. and that's why we have seen refinance demand take a hit, down 6% last week. there was a memini refi boom in september, that's gone away. demand for buyers was up 10% higher than a year ago. a year ago, rates were 8% on the 30-year fixed. so some pent up demand does come out when there is more supply, and you have to wonder if folks think rates might get higher and that's why they're jumping in now. >> where do we stand right now? >> 7.02% on the 30-year fixed. >> where we were before the rate cut? >> 6.11 was that low. september 11 was that low. almost a full percentage point. and then we expected rates to

come down more but they went the other direction. >> diana, thanks. coming up, eli lilly is down 8% after missing earnings estimates and slashing profit guidance for the year. up next, we'll hear what the ceo had to say about the quarter and speak with the head of another big player in the weight loss drug space. and the busiest week of earnings season rolls on with the nasdaq hitting a new high today. meta and microsoft are on deck after the bell and alphabet blew everybody away. we'll tell you what to watch for ahead of those reports. "the exchange" is back after this. >> this is "the exchange" on cnbc.

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we did have a lot of inventory going into the quarter. we had a lot less going out in the channel. so, i think this is not a function of supply, though, it's are function of these wholesalers and retailers having capacity and wanting to stock every dose, which they often don't. so yeah, we're just balancing all these parts, and the -- there is an excess supply, but we haven't been stimulating demand the way we had planned. so we're pausing that a bit. we did pause that, but we're restarting here. >> that was eli lilly's ceo on

"squawkbox," addressing the capacity issue. it was enough to lower full-year guidance after it hiked revenue by $3 billion on that glp-1 optimism lily went down as much as 13%, but it's pared losses after reassuring that the company is navigating those choppy supply chatters and expects demand to accelerate. my next guest, his company makes a weight loss drug that's been on the market for a decade. joining me now is george hampton. welcome. how does the drug work? >> we are an anti-obesity drug. >> how does it work? >> centrally. so where the glp-1s work in the gut, this works on the brain, control a person's desire to

have -- desire to eat and a craving. >> what has been the sort of result of people who used it before and after? what typically happens with people on the drug? >> in order to receive the indication, you have to help a person drop weight by more than 5%, so it has that indication. but we have patients that are dropping significantly more than that, depending on the individual patient. >> this has been around for a decade. yet the weight loss drug has -- craze has kicked off in the last couple of years. what do you attribute that to? >> i think the new products are exciting. they're going to change the scope. plus they're being brought to market by two incredible companies. two of the largest in the world. when eli lilly comes to market, they come with everything necessary to develop the market. yes, we are benefitting from that significantly. >> in other words, do you think these drugs are a step beyond what was previously achievable

by medications on the market, or are people going to realize maybe yours or maybe there's others out there that have some benefits as well that are working and this isn't the weight loss drug pill or craze of decades past. >> this is the latter, right? so in every chronic disease that we've ever controlled as a society, we have had multiple medications in the class. right now with anti-obesity, we have llp-1s, i my product and others. so we need five or six medications to get control of this disease. it's 100 plus million adults. >> can it treat things like other addictive behaviors and problems like we're finding with some of the glps? >> we have a phase three ready program we're negotiating with the fda right now to take a version of it into clinical

trials. >> if you stop taking it, does obesity come back? >> it's a chronic disease, and if you stop the medication, it will come back, whether it's hypertension, hi cholesterol or weight. >> other than that, are there difficult side effects of using these medications or is the issue you have to keep taking it? >> we have to keep taking the medication. not everyone tolerates it the same. while the glps are exciting, one size does not fit all, so you need these other medications to help patients navigate their own individual disease journey. but you need to take it for your entire life. >> does there need to be more scrutiny of big food, so to speak? a lot of the processed foods and restaurant foods, fast foods that are contributing to these outcomes in society? >> it's so far outside of anything i think about on a daily basis. i think that food companies would want to comment on how

that works and what's there. i know that's a new hot topic. >> people are saying once it gets to the point it's so widespread, do we need to look at root causes? >> the root causes that we have not paid for obesity, you think of every other chronic disease as a society, we have intervened. we have paid for hypertension medications and type ii diabetes medications. obesity, we have not paid for. it's carved out of medicare. right now, there's a bill that could be voted on called the reduce obesity act which would allow cms to cover obesity meds. we see the result of not intervening in a chronic disease. we went from 10% a few decades ago obese to over 40% obese, and it's not going to stop unless we intervene. >> speaking of the pay for, if we cover this, it will be very expensive, upwards of $1,000, depending on how the math works out. i don't know how much yours is. that's a big price tag, even if it helps to bend the cost curve

in the long-term. >> there is a big price tag up front. the cbo released their estimate, and it was much lower. there is an offset, because when you treat obesity, you're offsetting heart disease, diabetes, et cetera. so there's an opportunity to offset some of these costs. we have introduced what lily has introduced is a direct program so patients can receive $99 shipped right to their home. we can't, as a country, justify waiting any longer. so lily has done the same thing. >> i think pfizer and some others have an oral they're working on. so this space is about to get very crowded. >> there's of 70 programs. >> wow, okay. is the outcome of the election next week a swing factor one way or the other? is there a set of policy proposals that you think more favor your company and the adoption and enshrinement of weight loss drugs as part of the modern culture or no?

>> i think both parties are equally hard on pharma in their own ways across the board. what i think is missing here, and i'm not a political strategist by any stretch, if you have 43% of the population that's overweight, and you have a bill that's right now ready to be voted on and passed, and it doesn't matter whether you're a democrat or republican or what your demographic is, you can get behind passing that bill, it seems like you would be pulling along 43% of the u.s. population saying we're going to do what should have been done, that's cover obesity as a disease. >> we'll be watching that legislation closely. george, thank you for joining us today. coming up, shares of the trucking firm xpo are hitting an all-time high today and having their best day since february. we'll hear from the ceo on trade and tariffs ahead of the election. and ceasar's is going the opposite way and having its worst day in two years. "t ehae"s ckitmohexcng iba wh re after this.

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welcome back to "the exchange." i'm tyler mathisen with your news update. former president donald trump's campaign is suing a pennsylvania

county in a bid to extend by one day the deadline to apply for mail-in ballots. the suit filed today alleges that bucks county in the philadelphia area, those officials there violated election law when they turned away people who arrived to apply for and receive a mail-in ballot before the 5:00 p.m. deadline. the state department received nearly 500 reports that allege israel used weapons supplied by the u.s. that harmed gazaen civilians. the incidents have been recorded since the start of the war in gaza and collected from media reports and civil society groups. a bankruptcy judge approved the sale of tupperware brands. the food storage company will sell its business to a group of lendors for $23.5 million in question, and $63 million in debt relief. that's a lot of food containers. and let the lendors buy the brand name and operations in key

market sale -- not stale -- the sale is still subject to closing conditions, kelly, back to you. >> we've all moved on. tyler, thanks. transportation firm xpo hitting an all-time high on quarterly results, despite weakness in the overall market, frank holland spoke with the ceo. this was interesting, not just because it's up 13%, but freight has been so weak. we would love to see this be an inflection point. >> one of the things i talked with about the ceo about the fact that we're in a freight recession, a and the company was able to post these numbers. so you can see the shares are up double digits right now. they could also be an election trade here. analysts have flagged that xpo and other players could be potential big winner it is former president trump is re-elected and if tariffs are expanded.

a potential tailwind of tariffs is something i spoke about. >> the current administration has maintained the tariffs from the trump era, and the more you have industrial companies moving the manufacturing plants here to the u.s. or mexico, there is a higher likelihood they're going to move that freight on a truckload carrier, and that leads to more demand in our industry. so medium to long-term, that movement of having more and more companies build their product here in the u.s. or somewhere in north america is going to be helpful for our industry. >> he says the softness in the freight market that you were just talking about, butsays overall, he saw increased demand for most ltls that come from manufacturing and industrial sectors. i asked him about the impact of the east and gulf port strike. he said there wasn't a material

impact to his business. xpo does not have union workers but says it's not something that's on his radar. but he is very focused on fed rate cuts. >> the bigger impact on our business is actually what happens with the interest rates. so as interest rates come down, what you see is the industrials or companies spending more capital, which would stimulate the next industrial cycle. we think lower interest rates leads to the consumer having more confidence. >> an xpo, its best day in about a year. also, the potential of a tail wind from tariffs. he says if tariffs are expanded, there is a potential tailwind. >> that's an interesting stock to watch election night. thank you very much, frank holland. coming up, alphabet having its best day since april after stronger than expected results, thanks in large part to cloud revenue climbing 35% from a year

ago. the shares are up 4%. we'll dig into the quarter and look ahead to the next names on deck.

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welcome back to "the exchange." shares of alphabet are better today, cloud revenues 6% above estimates and 35% year on year, the first big tech name report thing week, so is it a bellwether? we'll hear from the others today and tomorrow. here with more is the senior internet analyst from wells farg ore and onset is deidre bosa. is thankses for having me, and it is relevant. google with its size and scale is certainly a bellwether for this group, in the advertising space and on the cloud side. what we saw, like you highlighted in the gcp google cloud business, really accelerated. and most importantly, it saw a real inflection in margins there. overall, we just saw some -- i

would say the core advertising performance was relatively in line, but there was some really nice cost control in the quarter, which allowed them to beat earnings expectations. >> deidre, what's the reaction? >> i would agree, totally a bellwether, and margin improvement was the story. why the margin improvement is where things get interesting. on the earnings call last night, the ceo told investors that more than 25%, a quarter offal new code is generated by a ii. i think that unlocks sufficiency, and they have the new cfo saying she wants to do further cost controls. when you have that kind of efficiency and you're able to generate, you know, coding, which is the backbone of everything at google, i think that can really improve. and that also raises the stakes for the other hyperscalers. microsoft and amazon, maybe pushes those investors how much

they're super charging margins. >> i think it's certainly very relevant. these are not the internet companies of the mega cap internet companies of yesteryear. it was adding more employees and more developers. really, if you take -- i was looking at this, google, at the end of '22, versus what we expect by the end of '25, employees will be basically flat over that period of time. yet, you're going to have cap ex up 100%, $30 billion in additional cap ex by our estimates and revenues up 35%. so you can see why this efficiency narrative and why these ai tools are so important. >> if i had to translate, deidre, for the headlines, i would write, you know, trillion dollar tech companies doing even better because they can hire fewer workers and have ai write

more code. >> that's what they are, and they have their hands in so many different businesses. it's no longer just advertising for google. so what was interesting last night was waymo got a mention, i don't know if i ever heard it mentioned on the earnings call before, because they're delivering 150,000 rides a week. you're seeing strength in cloud, a and that raises the stakes for some of the other ones coming down the pike. but when we talk about efficiency, who created the efficiency was mark zuckerberg and meta. and now that's turned into years of efficiency. so ken, tell me if you agree or not, but meta might be the most exciting this earnings season. >> it's certainly an investor favorite and the best performer year-to-date, for sure. there's two pieces of that. that's the continued efficiency, and we're a couple of years, you're right, into this year of efficiency where year three into efficiency, and it looks by all

signs it looks like it will continue. after that, meta has really been viewed as an ai winner, right? in a market that's looking for return on investment for ai, meta has been that case, right? where you see material acceleration in advertising, you've seen outperformance. we calculate meta growing close to 18, 19% on the top line in an industry that's growing 12% to 13%. they're already, by our accounts, a third of the industry. >> correct he if i'm wrong, can you have a hold on google? do you change that to a buy after today? you also have a hold on amazon and put it in that position from a buy. >> yes, that's right. so first i'll take google. our position there is, and i think what they can control, they did an amazing job in this quarter. both on the margin side and gcp

is performing very well. our concerns on google are about the longer term position of the search business, and we see three headwinds. one is regulatory. there's been a lot of commentary about that. two, that's about ai transition, a move to more of an answers based approach, and three is more kind of maturity and share losses -- >> ken, that earnings call didn't ease those concerns. i know that's the biggest question is this innovators dilemma, can it transition to an ai chat bot world, but you heard the ceo say ai overviews are leaning to more engagement. >> i think they're great. >> no, i agree. and look, that's been the key question in the debate in the market since the print last night. so my take would be this -- yes, they're performing well and doing what they can, but the fact is that searches are

decelerating. we saw it in the filethis morning, the pay was only 4%. 4%. that's the lowest growth they've had since covid. matches the lowest quarter. we expect search to decelerate, search revenue growth to decelerate by the first quarter of next year. i think it's going to be tough for this ai winner and search narrative to take hold. >> that might be why the shares are giving back some of their earlier gains. ken, deidre, thanks. appreciate it. coming up, super microshares are on pass for their worst day in six years, down 33% after disclosing its auditor resigned after disagreements over the chipmaker's governance and board independence, writing it was unwilling to be associated with the financial statements prepared by management. they face being d-listed from the nasdaq unless it can gain

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welcome back to "the exchange." the dow fighting to stay positive today. of course, this morning it was pushed in negative territory after caterpillar sold off, but the nasdaq touched a record high as well, before pulling back. the small caps are still outperforming and are the best of the day. all the major averages are the highest, and some of the other movers this hour include garmin, hitting an all-time high, leading the s&p with its 24% gain nearly, after reporting strong earnings driven by its

wearable segment, all those runners and hikers. the company is raising its full-year outlook, showing consumer confidence. this is the best day for the share since 2009. and chipotle is having its worse day in about a year after missing revenue estimates. the chain reiteratesing its outlook that those sale also grow going forward. but taking a breather with some disappointment for investors today. coming up, microsoft has only missed on the bottom line once in 20 quarters, that's five years. but coinbase has disappointed on five of the last 14. and short term options in robinhood. d 'll have the action, the story anthe trade on all three, coming up next.

han is 22 years old. he's not just a pet, he really is a part of our family. knowing that he's getting good nutrition, that's a huge relief for me and my dad. (sings) old bean piglet head yes that is your name. if you saw his piglet head you would say the same. toot toot.

♪ welcome back. the season's busiest week of earnings with cloud, crypto and more after the bell. here with our trades is jeff

kilburg, a cnbc contributor and etf sponsor, i guess we should say? >> manager. >> there we go. microsoft is up 29% this year, and on pace for its fourth straight week of gains. -- investor are watching with continued investments, and what might mean for profit margins. that was all buzz doing a lot with ai, not using the huge element as much. should we expect the same? >> it's a mixed bag. amd had a disappointing day, but google had some optimism. i'm an owner here of microsoft. what's fascinating to me is we haven't are any clarity on what co-pilot has done. will we get clarity? of course we want to say or

revenue in azure, but this is the only mag 7 -- by the way, this is the second worth rove performing mag 7, just above tesla, this is the laggard, if you will, what i think we're interesting to say is microsoft, the old adage, it's not what you make, about but what you keep. and that is the only companies that have their toe held to the line of what it costs. that's going to be the fas fascinating takeaway if we see a pull back, i want to buy more. i think it makes a ton of sense to add here on any pullback. >> my guess, you know, if they can come out and say something about -- i don't in the hospital about adoption if that's flown the coop, or something to that effect. end demand enhanced by ai, is strong, and investors are waiting. >> on the flip sigh, co-pilot, i continue to get advertisements,

i haven't jumped on board. that may minder cap ex, but it's all about the cap ex. it seems like microsoft is the only one with their feet held to the fire on the cap ex. that's true. from robinhood, though shares have tripled in the past year, a boost from international expansion plans this week and launch of the presidential election market could benefit from market volume toilet and he resurgence of crypto. >> it's a parabolic move in robinhood as well as coin, the next stock we'll talk about. the trader in me, kelly, wants to take profit. if you look right now on all of the analysts, they have an average of before $25, about so% lower. remember, this stock was in the single digits. a lot of it has been the tip of the speer. steve is not evolving the

platform, i think it's called legend, more acclimated versus just mobile trading on crypto. i think you have a an opportunity to buy it lower, but this is a high parabolic, do not short it, you saw that move. it was amazing to see that voc rocket ship take off aier. that brings us to coinbase. it's still well off its all-time highs back in 2021, we're look looking for trading volume to be the big metrics. they're waiting for the updates on the legal ballots with the sei s.e.c. >> it also feels overdone. it's a different animal that

robinhood in my opinion. coinbase i think it's fascinating to see, yes, it's been correlated to the currency, but this is you a volatile stock. remember the ipo, kelly, it surged 72% up to the $429, and settled back at 331. still off its all-time high. i want to take profits if you own it. be very careful on buying on a pullback, whatever wins the presidency, it seems positive for cryptocurrency. that's where the inertia, the catalyst in all these stocks, maybe outside of super micro, but the fact of the matter is there would be more momentum, but it will be a wild ride. >> asking for a friend, could it ever go back to 400? >> why can't it? it's just a different animal. robinhood had a billion dollar

buyback. i haven't heard anything positive from coin. so to be determined. >> thank you, jeff kilburg. tyler is getting ready for "power lunch." i'll join him on the other side of this break. (man) look at this silly little sailboat... these men of means with their silver spoons, eating up the financial favors of the 1%. what would become of them when they discover

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