world in which you can have a hybrid schedule you spent some days in the office you spent some days working at home you have a real true intentional work life balance but that is the workplace we should all be striving for. james: okay sounds good but thanks guys that's it for this week. we'll be back next week with more in-depth interviews right here on the wall street journal at large. thank you >> "barron's roundtable" sponsored by jpmorgan asset management. jack: welcome to "barron's roundtable" where we get behind the headlines and prepare you for the week ahead. the white house warning the semiconductor chip shortage will last through next year. i'm asking christianoh ramon about the impact and the future of chip technology of cars in

the meta verse. should government be looking to cut gas taxes to combat storing prices at the pump. daniel jurgen on what the us and the world could be doing right now. we begin with what we think are the three most important things investors should be thinking about right now. investors wrestled with mixed signals about the economy as tech stocks face challenges. we are looking at where to invest and where to avoid. wall street on recession watch after dyer comments from jamie dimon that an economic hurricane is coming. elon musk is worried too. game stop gaming the market, disappointing earnings not enough to take down the stock but beware revenue warning from the sec. ben levisohn, carleton glitch and jack hough. interesting conflicting signals out of the economy. fairly strong jobs report,

strong manufacturing, week services at all was complicated by the fact the fed is trying to pull things down so good news isn't necessarily good news. break it down for us. ben: the market finished the week down 1% for all three indexes and we had strong jobs, wage growth wasn't a strong as expected. that was good news but strong manufacturing offset by services so all these folks coming together making it hard to know how much the fed will have to tighten monetary policy. it could be a 50 basis point rate hike and able to stop but we are getting mixed signals from corporate america where companies like tesla announced they will be cutting jobs by 10% and microsoft reduced its outlook but a company like ford and walmart saying they need to

hire people. hard to gauge where things are going. jack: more job openings than people looking for jobs. despite these mixed signals you and a lot of smart investors have a clear investment thesis. can you explain? >> we are in a bear market even if we haven't hit the 20% mark in the s&p 500. bear markets usually occur when something is changing and the economy. the change is obvious, from an economy that had low inflation, lots of liquidity, the fed was pumping money in to get things going, now we are shifting away, having less liquidity, the fed is trying to pull money out of the economy, raising rates, inflation is high. over the last decade those tech stocks and tech like stocks are not going to do as well over the next we 10 years as they did over the past ten years and we have to look elsewhere. i'm looking at companies that

are stable and returning cash to shareholders and i am looking for things like the spider s&p dividend etf or spider portfolio s&p 500 high dividend etf and the i shares factory etf. these should hold up better in this kind of environment over the long-term. jack: investors need to avoid buyouts were buying in tech worked for years but may not work anymore. carleton, if this investment thesis is correct, then that would align well with the economic outlook we are hearing from jamie dimon and elon musk. carleton: jamie dimon said he sees in economic hurricane coming. what was most striking is a week ago at jpmorgan investor day jamie dimon talked about the storm clouds could dissipate which he was worried about hurricane he would tell you. wall street is wondering what happened in the last week? there has not been much new

data that wasn't worried about in the market. that you have elon musk saying he has a bad feeling about the economy but if you want to go on a rosier note for this week we did have bank of america ceo brian moynihan and john waldron it acknowledging the risks in the market as the fed is trying to cool down inflation but they were not as gloomy. jack: there were some layoffs we have seen recently. carleton: a number of companies that benefited during the pandemic announced layoffs some have been coin-based, tesla and telethon. those major pandemic plays. jack: you have been watching meme stocks throughout the pandemic, game stop in particular just announced earnings and the stock popped 10%. jack: i try not to watch them but you can't help it sometimes. earnings for bad stock goes back up. videogames are beside it point.

the company is getting into crypto and nfts in time for crypto winter. it has a plan for making money inside videogames, a case for the company that makes the games and the consoles taking it to a mall store chain, the company has not answered questions from analysts in more than a year and meme traders jump on the stock once in a while but the sec is out with a new cautionary video for young investors. >> welcome back, it is your investments. >> i will take meme stocks. jack: the message is none too soon, two years too late. i want to commend the fcc for the fake jeopardy board and whimsical pie in the face,

nothing connects like a 38-year-old game show and a laurel and hardy gag. if they do a follow-up over the exploding golf ball and give those redit -- a monkey shine for their hijinks. jack: first time a pie in the face has been shown on color television. last time it was used we were all black and white. moving to the meta verse, asking one of the world's largest chipmakers about developed in virtual reality and automotive technology. the company trying to rebound from a massive global chip shortage. qualcomm's ceo christianoh ramon is next. there's a different way to treat hiv.

it's every-other-month, injectable cabenuva. for adults who are undetectable, cabenuva is the only complete hiv treatment you can get every other month. cabenuva helps keep me undetectable. it's two injections, given by a healthcare provider every other month. it's one less thing to think about while traveling. hiv pills aren't on my mind. a quick change in my plans is no big deal. don't receive cabenuva if you're allergic to its ingredients or taking certain medicines, which may interact with cabenuva. serious side effects include allergic reactions, post-injection reactions, liver problems, and depression. if you have a rash and other allergic reaction symptoms, stop cabenuva and get medical help right away. tell your doctor if you have liver problems or mental health concerns, and if you are pregnant, breastfeeding, or considering pregnancy. some of the most common side effects include injection-site reactions, fever, and tiredness. if you switch to cabenuva, attend all treatment appointments. every other month and i'm good to go. ask your doctor about every-other-month cabenuva.

.. jack: the white house sounding the alarm on the global semiconductor chip shortage. isn't going away anytime soon

affecting production in several industries including automakers, smartphones and medical equipment. the head a one of the largest chip manufacturers in the world, qualcomm ceo cristiano ramon but a charmer secretary said the chip shortage is likely to last or next year and longer. is there anything you think the us should do to address the shortage? thanks for being here. cristiano: happy to be here. one thing we learned during the current chip shortage is chips are important. they are part of our economic growth, supposed to be in everything. the reality is we need to build a geographically diversified resilient supply chain. the united states leading with the us chips act but if it doesn't get approved soon, in the senate and the house, capacity will get built elsewhere. i think there's a sense of urgency. i agree with the commerce

secretary. we need to move that into legislation. working alongside the european chips act to build a lot of capacity, the industry has to double the total sum conductor throughput within the next decade. great opportunity to build on the right places. jack: are you optimistic that can happen? cristiano: i am a little worried about it but i am hopeful. jack: we had a huge jump in demand and a crimp in supply. which of those problems is bigger? cristiano: what we size demand driven. the pace of digital transformation is happening very fast, accelerated by the pandemic, impacting all industries. if this was semiconductor consumption, think about cars, the car you buy today has more than the prior model. one is coming. we need more semiconductors. jack: the commerce secretary

out of the 2024th before we straighten out. you are doing better at qualcomm. 11 months on the job as ceo and this might be solved by 2023. what are you doing different? cristiano: we are to early, very very early in the process into the supply chain crisis. we took a lot of staffs, co-invested with manufacturing partners to build more capacity, we designed our products to make use of every capacity available out there. having said that i have more demand than supply for my chips. jack: give us a look into the future with automotive. though in car experience has gotten better thanks to chips but in the future cars will be talking to each other, the stoplight, the parking space. what are the cool things down the road? cristiano: it is a great opportunity not only to make transportation more efficient but also make it more safe. there is this technology we

develop called 5g cv 2 x. you sell more connectivity in every car, the v 2 x means the car connects to another car or pedestrians or infrastructure. the last piece, the traffic light means tell the car adjust your speed to get to green. this happens at the intersection. or you can populate the world with signs or parking spaces, and incredibly exciting future with this technology and soon it will get deployed. jack: another place for technologies glasses, conference room, what is the cool stuff in new york? cristiano: we connected physical and digital spaces. you have the meta verse for social, the meta-verse for the enterprise.

you can see digital coins of everything and augmented reality glasses, devices. they are already material today but we are just at the beginning of that and i believe glasses when you have devices that look like this it is going to be the next computing platform and is because phones. jack: it would be nice not to wear the head site. jack: cristiano: communication between two people. we used to talk on our phones like this, then we are texting, now holding the phone like this. in the future render somebody in front of your eyes like you and i talking now. very exciting future for augmented reality in the meta verse will get scale. jack: i want to pivot with your stock. your most recent earnings report you blue out of the water, 40% revenue growth, 69% earnings growth and wall street

valuing us ten times those earnings, what is the street missing? cristiano: the company has been misunderstood. there is a new qualcomm. it is a mistake to say this is a comms company for the mobile industry. it is true. always the company setting the pace of innovation and mobile but the reality is technology finding demand and a lot of new growth markets and really qualcomm is not just for mobile. we are connected, processor company for this future connected edge and if you look at the company right now, we have growth in automotive, iot for consumer, internet networking, the edge networking and industrial which is the conversation of digital transformation it surprises. i think the company has an incredible opportunity, and

investors are really not getting it. jack: cristiano amon, thank you for coming by the studio. what will it take to get gas prices back to where they were before the pandemic you get the latest with russia and saudi arabia, i'm asking daniel jurgen next. only two things are forever: love and liberty mutual customizing your car insurance, so you only pay for what you need. if anyone objects to this marriage... (emu squawks) kevin, no! not today. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ it■s hard eating healthy. unless you happen to be a dog. at adp, we understand business today looks nothing like it did yesterday.

while it's more unpredictable, its possibilities are endless. from paying your people from anywhere to supporting your talent everywhere, we use data driven insights to design hr solutions and services to help businesses of all size work smarter today. so, they can have more success tomorrow. ♪ one thing leads to another ♪ ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

jack: energy prices on the rise in supplies are limited as summer driving season kicks off. what will it take to get record high gas prices back to pre-pandemic levels? joining is s&p global vice chairman is author of the new map, energy, climate and the clash of nations, daniel jurgen. data track reported gas consumption actually slowed a little bit over the past 7 weeks. are high prices starting to

change consumer behavior? if not, how high do they have to go before consumption falls enough to push prices down again? >> the united states is part of a global market. when consumption goes down chinese consumption is going up so i think this summer you should expect gasoline prices to be 10% to 20% higher than they are but as the prices go up people drive less or find alternatives. the response. people have to prepare for inexpensive summer on the road. jack: speaking of china, a lot of news recently, the year but he did saying it will stop almost all russian imports twee 8 months from now. the possibility that president biden might go to saudi arabia, we had an opec deal that will increase slightly, break down the global situation and what it means. >> all the factors you talk

about are affecting, shaping, driving up oil prices. the ban on russian oil imparts into the you but he did combined with declining russian production in chinese demand coming up, the opec plus has said they would increase production. it is not very much and the thing that is overlooked is a thin amount of extra capacity in saudi arabia and united arab emirates to call upon. and it is not likely there will be in uranian nuclear deal, all of these things add to upward pressure. jack: what about us oil companies? is it just capital discipline keeping them from pumping more oil? regulation? something else? >> both of those things, certainly investors made a new social contract with investors which is return money, you are

not seeing that. may maybe it is rational exuberance of people stepping it up. that's part of it. the other is the same supply chain problems you've been talking about that affect other parts of the economy. i wanting two of them. what his pipes and the other people, truck drivers. these are in short supply. that's a hindrance as well. ben: my state of new york cut the tax gas at the end of the rent should the federal government do something similar? >> the gas tax pays for -- don't know about new york but the federal gas tax goes to roads. you are taking away money that would go to roads. what is important about this, it will reduce prices a little bit but it is tied to the fact november is election time. carleton: what would happen to get gasoline prices to the pre-pandemic levels and have a used to get enough electric

cars on the road to lower gas prices? >> lower in the united states than elsewhere. i am seeing more electric cars on the road where i live but it is 5% of new car sales in the us, 20% in china and europe, big difference there. by 2027, about 15% of gasoline demand would be reduced by the growth of electric cars. it's not something that will have a big effect this summer and even next summer but over time it will. jack: a lot of moving parts to this story. good to have someone with your knowledge filling it in for us. target say funds. are they a smooth path to retirement or do they miss the mark? roundtable numbers give their ideas for investment for the coming weeks. stay right there. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.

visit indeed.com/hire ♪ ♪ ♪♪ voltaren. the joy of movement. ♪♪ (vo) singing, or speaking. reason, voltaren. the joy of movement. or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything.

jack: it was a big deal when the law changed to allow companies to give the default optional target date funds in their 401(k) but you look at a site that says that wasn't a great idea. jack: they have underperformed on risk and returns over there three decade history. if you are not failure with the fund think of the old rotisserie commercials where the crowd shouted forgive it, put your money in, pick a fund with your proposed retirement date and the investment committee changes the mix over time. they are not as good as they should be at turning money into more money which is important. too much money in non-us stocks, too much reliance on treasury as a hedge and rigid

rebalancing rules. i don't set it and forget it with either target date funds or rotisserie ovens. i am a stand over the grill and smoke it guy. jack: that sounds like a jack i know. there's a lot of variation among different companies. tyro and capital group, so it depends on who you got. let's move on to actionable ideas. carleton, you have a different target. carleton: i want to highlight this cover by sabrina escobar looking at the phenomenon where you might be getting invited to a lot of weddings but not a lot of baby showers. fertility rates are going down but have stock picks reflecting long-term trends, hope creation and family creation, target is one of them. they are outfitting homes and right now you are getting it at a steep discount considering the last few weeks. jack: that is the cover story in barron this week. ben: i'm looking at t-mobile, it is the near the highest

level of the year. you can't say that about many stocks in this market. the stock outperformed this we, strict mergers doing better than expected. the stock looks interesting. jack: used to be a punchline, now it is a pre-good company. to read more checkout this week's addition of barrons.com and twitter,@barrons online, see you next week on "barron's roundtable". watching. >> from the fox studios in new york city this is maria bartiromo's wall street. spate happy wing until thanks for joining us welcome to the program that analyzes the week that wasn't helps helps position you for the week ahead. i am maria bartiromo. titans of american industry with dire warnings about the economy. i will be asking famed oregano economist art laffer what he is seeing ahead. plus a pivoting on his campaign promise to alienate saudi arabia. court reports now the bite administration and