approach to this there is a 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. ouou >> abca10 sponsored by jpmorgan asset management. >> welcome to "barron's roundtable" where we get behind the headlines. the white house morning the semiconductor chip shortage will last through next year. i am asking cristiano amon about the impact to rebound faster than the competition in the future of chip technology,

cars in the better versed. should government be looking to cut gas taxes to combat soaring prices at the pump? daniel jargon on what the us and the world could be doing right now. we begin with the most important things investors ought to be thinking about right now. investors wrestled with mixed signals about the economy and tech stocks face challenges, looking at where to invest and what to avoid. wall street on recession watch after dire comments from jamie dimon that an economic hurricane is coming. not just wall street, elon musk is buried too. game stop gaming the market, disappointing earnings not enough to take down the stock but beware of a new warning from the sec. ben levisohn, carleton english and jack hough. a lot of interesting conflicting signals out of the economy. a strong jobs report, strong

manufacturing week, services, all this complicated by the fact that the fed is trying to calm things down. good news isn't necessarily good news, break it down for us. ben: hard to know what to make of this. the market finished down one% on all 3 indexes and because of the things you mentioned we had strong jobs, wage growth wasn't as strong as expected. that's the good news but strong manufacturing set by weaker services. all these forces coming together and makes it hard to know how much the fed has to tighten monetary policy. it could be they do their 50 basis point rate hikes and able to stop but we don't know. we are getting mixed signals from corporate america where companies like tesla announced they are going to be cutting jobs by 10% and microsoft reduced its outlook but companies like ford and walmart saying they need to hire people

so it is hard to gauge where things are going right now. jack: there are 4 more job openings than people looking for jobs. despite these mixed signals, you and the smart investors have a clear investment thesis. can you explain that? ben: we are in a bear market even if we haven't hit the 20% mark of the s&p 500 and bear markets usually occur when something is changing in the economy, the changes obvious, going from an economy of low-inflation, long-term you liquidity, the fed pumping and money to keep things going, now we are shifting away, less liquidity, the fed is trying to pull money out of the economy, raising rates, inflation is high. what works over the last decade, amazon, facebook, are not going to do as well over the next 10 years as they did the last 10 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 or the spider portfolio s&p 500 high dividend etf and the i shares usa quality factory etf, these should hold up better in this environment over the long-term. jack: buying the dips in tech works for years and years but may not work anymore. if this investment piece from been is correct to than that would align with the economic outlook we are hearing from jamie dimon and elon musk. carleton: this week wall street got a doozy where jamie dimon says there's an economic hurricane coming. what is striking about this, we could go jpmorgan's investor day he talked about storm clouds could dissipate and if he was worried about hurricane he would tell you. wall street is wondering what happened in the last week. we've not gotten much new data that wasn't already being

worried about in the market and 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 had bank of america's ceo brian moynahan and president john waldron acknowledging the unprecedented risks in the economy as the fed is trying to pull down inflation but they were not as gloomy. jack: there are some layoffs we've seen recently. carleton: a number of companies that benefited during the pandemic announced layoffs. coin base, tesla, peloton, major pandemic plays. jack: jack, you've been watching meme stocks through the pandemic, game stop in particular announced earnings, the stock popped 10%. jack: i tried not to watch them but can't help it sometimes. the earnings were bad, stock

was up, videogame sales are beside the point, the company is getting into crypto and nfts in time for crypto winter. it has a plan for making money from trading of mfts from video games in case the company that makes games and consoles, handing it over to a mall store chain. the company has not answered questions from analysts in more than a year and meme traders jump on stock once in a while but don't worry, the sec is out with a new cautionary video for young investors. let's take a look. >> welcome back. your investment. >> i will take meme stocks. jack: the message is none too soon, too -- two years too late. i commend the sec for the use of fake jeopardy board and the whimsical pie in the face. nothing connects with red

raiders like a 38-year-old game show and a laurel and hardy gag. if they do a follow-up, go for the exploding golf ball, give them at redat rascal bill, monkey shines. jack: that is the first time the pie in the face has been shown on color television. last time it was used we were all black-and-white. moving into the meta verse, i'm asking the head of one of the world's largest chipmakers about new developer's in virtual reality and automated technology, the company trying to rebound from massive global to rebound from massive global chip shortage. this is koli. my foster fail (laughs).

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jack: the white house sounding the alarm on the semiconductor chip shortage. it's not going away anytime

soon, affecting production in several just use including automakers, smart phones and equipment. the head of one of the largest chipmakers in the world, ben: -- cristiano amon. likely the last into next year and even longer. is there anything you think the us should do to address the shortage? thanks for being here. cristiano: one thing we learned his chips are important and they are part of our economic growth. it's going to be in everything and the reality is we need to build the geographically diversified resilient supply chain. the united states took the lead with the us chips act but if it doesn't get approved soon, the senate and the house, capacity will get built elsewhere. there is a sense of urgency, with the commerce secretary. we need to move that into

legislation. alongside the european chips act so we can build a lot of capacity. the industry will have to double the total semiconductor throughput within the next decade. great opportunity to build on the right places. jack: are you optimistic that can happen? cristiano: i'm worried about it but hopeful. jack: we had a jump in demand and crimp and supply. which problem is bigger? cristiano: the majority of what we saw is demand driven. the pace of digital transformation is happening very fast, accelerated by the pandemic. the way to think about it is if this was semiconductor consumption this is what we are talking about. the car model you by today has semiconductor, one is coming, we need more.

jack: the commerce secretary said it would be 2024, maybe 11 months into the job as ceo and you might have this problem solved by 2023. what are you doing? cristiano: we acted early in the process. early in the supply chain crisis. we co-invested with manufacturing partners and build more capacity, redesign our products to make use of every capacity. having said that i have more demand than supply for the chips today. jack: give us some looks at the future with automotive, the in car experiences got better because of chips but in the future cars will be talking to each other, to the stoplight, finding a parking space. what are the cool things down the road? cristiano: a great opportunity not only to make transportation more efficient but more safe so there is this technology we

developed with 5g called 5g cv 2 x. you sell connectivity in every car, the car connects to the other car through the pedestrian, the bicycles and the infrastructure so the traffic light will tell the car adjust your speed to get a green. this is happening at the intersection or you can populate the road with signs or parking spaces and the car will be better detected. and encrypt exciting future with this technology and soon it will get deployed. jack: another place is in my glasses, in the conference room and you are real and there is a hologram. what are you working on? cristiano: we are company that invested early in fundamental research to connect physical and digital spaces, you have the meta-verse for the

enterprise, you can see digital on everything, augmented reality glasses, they are ready but just at the beginning of that, i believe glasses, when you have devices that look like this it will be the next computing platform could be as big as phones. jack: you could wear the head set. cristiano: a simple thing is communication between two people. we used to talk on our phones like this and now texting, holding the phone like this. in the future just render somebody in front of your eyes like you and i do. this is very exciting for future, augmented reality and the meta-verse will get scale. jack: to your stock, you blue it out of the water, 41% revenue growth, 60% earnings growth, wall street earnings 10

times those earnings. what is this street missing? cristiano: the company has been misunderstood. it is a mistake to look at qualcomm and say this is a comms company for the mobile industry. it is true. the company setting the pace of innovation and mobile but the realities are technology finding demand and a lot of new growth markets and qualcomm is not just a comms company for mobile, we processed the company for future connected edge. if you look at the company, we have incredible growth in automotive. the edge networking and industrial which is the whole conversation of digital transformation enterprises. i think the company has an incredible opportunity, the best years of qualcomm are ahead.

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change consumer behavior? 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. our concessions goes down little bit, consumption is going up. you should expect gasoline prices to be 10% to 20% higher than they are but as prices go up people drive less or find alternatives so that is the response. people have to prepare for an expensive summer on the road. jack: a lot of news recently that the year but he did. almost all russian imports twee 8 months from now, the rumor of a possibility president biden might go to saudi arabia lodz we have an opec deal. >> all the factors you talk

about are affecting and shaping and driving up oil prices. the ban on russian oil imports into the eu combined with declining russian production and chinese demand, opec plus has said they will increase production. it is not very much and the thing that is overlooked is of thin amount of extra capacity in saudi arabia and the united arab emirates to call upon. by the way it is not likely there will be an iranian nuclear deal which will bring oil on the market. all those things add up to upward pressure on oil prices. ben: you talk about saudi arabia but what about us oil companies kick you was it just capital discipline keeping them pumping more oil? regulation? something else? >> both of those things. investors, there is a new social contract with investors

which is return money, you are not seeing, maybe it is rational burns of people stepping it up. that is part of it. the other, the supposed same supply chain problems you have been talking about affecting the oil and gas industry. truck drivers, these are in short supply and that is a hindrance as well. >> my state of new york just temporarily cut its gas tax to the end of the year. is that a good idea? should the federal government do something similar? >> the gas tax, don't know about new york but the federal gas tax goes to roads. you are taking away money that would go to roads but what is important about this. reduced prices a little bit, the other thing is it is tied to the fact that election time. carleton: what will take for

electric cars to lower gas prices? >> it is slower in the united states than elsewhere. i see more electric cars where i live, new-car sales in the us, 20% in china and europe. we think by 2027, 15% of gasoline demand would be reduced by the growth of electric cars, it is not something that will have a big effect this summer or next summer but over time it will. jack: a lot of knowledge, appreciate your time. target date funds, are they a smooth pass for retirement or smooth pass for retirement or do they miss t t bogey's on your six, limu. they need customized car insurance from liberty mutual so they only pay for what they need. woooooooooooooo... we are not getting you a helicopter. only pay for what you need.

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asset management. to any challenge you face, let's solve it. jack: it was a big deal to allow companies to give the default option of target date funds. maybe that wasn't such a great thing. >> target date funds underperformed in risk and returns over 3 decades history. it was -- set that and forget it and this is where works come put your money in and pick a fund with proposed retirement date and an investment committee changes the mix over time. the only thing is those don't seem to be as good as they should be at turning money into more money which is important. there are three things, too much money in non-us stocks, too much reliance on treasuries as a hedge and rebalancing

rules. i don't set it and forget it with either the funds or rotisserie ovens. i must and over the grill and spoke it and smoke it guy. jack: that sounds like the jack i know. there's a lot of variation among different companies, tea rowand capital group have the same funds. it depends on who you got. let's move on to action ideas. carleton has a different target. carleton: i do. i want to highlight this cover by serena escobar booking as a phenomenon where you might get invited to a lot of weddings but don't expect be invited to a lot of baby showers, fertility rates are going down but they have stock picks that reflect long-term trends in home creation and family creation. target is one of them because people will still be buying homes and outfitting them at right now you're getting it at serious trading in the last few weeks. jack: that's the cover story in barron. what is your actionable idea? ben: the stock is at the

highest level of the year, you can't say that about many stocks. most research has the stock outperforming this week. sprint mergers doing better than expected, stock looks interesting. jack: great ideas, thanks very much. beth macdonald. but does it for us have a great weekend and thanks for 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