mark me down as the first person talking about this because people are going to say how can these rich people get these drugs, get skinny and live longer and i don't get my piece of the action? apparently, senator johan chin not going to -- joe manchin not going to run for re-election. he has talked about a no-labels candidate, someone in the middle wean the far right and the far left, we'll see. there's several organizations out there, no labels is just one of them. certainly, it feels like there's a giant void there, and certainly we know this country is being torn apart. the question is, who is the right person to bring with us back together. all right, liz claman, that 30-year bond auction wasn't too good, and that kind of took the air off the this market. liz: that and fed chair jay powell making news in the last hour, charles. powell in the q&a hot seat at the international monetary fund research conference. stocks began falling, listen, they were already flirting with

the bears during the session, but with you can see in the intraday pictures right where his opening remarks hit the tape, and that was 2 p.m. eastern. the headlines began moving with the fed chief reminding the world his mission is to douse the flames of inflation, and that while inflation has come down, he said it still remains well above the 2% target. so you have the dow down 233, the s&p down 37. and then the nasdaq down 135. perhaps the one line that gave the markets the biggest jump scare was this, powell said, quote, if it becomes appropriate to the tighten policy further -- meaning hike rates -- we will not hesitate. well, the 10-year yield almost immediately began extending its gains after closing at 4.50 yesterday. right now look at this, up 13 basis points to 4.632 the 8. 4.628. and we've seen socks retreat, advance and retreat again --

stocks. from 30,000 feet, the trend favors the bulls lately. the s&p is looking to maybe make its streak eight in a row. not right now, as i said, down about 38 points. the nasdaq was aiming for ten up days in a row, it's still down at the moment. we might not see that. dow jones industrials is the biggest loser at the moment but not as far as percentages is concerned. the dow is right now down about let's call it two-thirds of a percent or 232 points after its fall yesterday which snapped the blue chips' longest winning streak since july. but the dow story of the day, disney. shares are at the top of the dow heat map right now. powering higher by 6.5%. the entertainment giant posted better hand expected profit, a rise in revenue year-over-year and expanded cost-cutting plan, growth at espn+ and strong performance at the theme parks. the stunner though was the huge gain in disney+ subscribership.

the streaming business still not yet profitable, but merely 7 million subs -- nearly 7 million subs globally piled in leading to the a much skinnier lost of $387 million compared with the division's year-ago loss of $1.47 billion. remember how ugly that was? disney shares are now up 12% this quarter. and maybe this'll help disney and its rival streamers ramp up fresh content, the actors' strike is over. after 118 days on the picket lines, their guild, sag-aftra, has now reached a tentative 3-year agreement with the studios. key may have been the studio newbies. less than 24 hours after negotiators from amazon, paramount and netflix joined the major studios, a solid deal began coming together. what's in the deal? we'll get a live report from los angeles on the fine print in just a couple of minutes. we've got action in chip land and, yes, apple belongs in this tranche because it's now making

its own semiconductors. nvidia up about half a percent, they're all pretty much if off the highs of the session here. micron up 2%. qualcomm gaining a fraction, intel and apple lower. all of them have one thing in common, they build hair chips on arm processing units. arm ceo renee has is going to join us -- renee has is going to to the join us on how he plans to translate arm's pole position into stock gains. all right, you could argue jay powell's the big story here, but let's bring in our traders, scott bauer and teddy weisberg. scott, charles referenced it, kind of an anemic 30-year bond auction, and then to pile it on you had jay powell making these pretty hawkish comments again. >> yeah, absolutely, liz. and, you know, after his dissertation, let's call it, after the fed meeting, you know, a week and a half or whenever it

was ago where he really came off being pretty dovish and the market loved it, i think he kind of reflected on that honestly, and he had to pull the reins in a little bit. and certainly, the market has reacted to that. at the same time, we got that 30-year bond auction which, no good. it was not any good. so is you had that double whammy. and what this goes to show you and this is how the market has traded over the last several months at least and will continue to to trade, in my opinion, is that the equity market is being led by interest rates and being led by the bond market. that is the hot button right now. we're almost through, you know, the bulk of earnings season, so what else is left on the table here with the exception of maybe some economic reports. we've got cpi, ppi. the next fed meeting is a month away, so the focus is squarely on the bond market and interest rates. and you can, you know, over the next few weeks at least, at least this equity market is

going to follow in an inverse relationship to what happens to the bonds. liz: well, that's surely what's happening now. rates are up. i mean, you saw the 30-year up 17 basis points right now. stocks moving lower. ed eddy -- teddy, do you agree with scott that the fed still holds the reins of the market? >> absolutely, liz. it's all about the rates. but i think the fed is in a very, very difficult place at the moment because, number one, the economy is slowing. number two, they have about a trillion dollars that need to be refinanced, is so they can't keep raising rates because, obviously, it's a self-defeating issue for hem in terms of cost. i don't know if today's rhetoric was anything unusual. he has to say what he says. i think the economy's moving in the right direction as far as they're concerned, it is slowing down. i think what's needed is maybe a little less spending from washington -- liz: yeah. >> -- and that's the ingredient that we're not dealing with. are. liz: keep dreaming or smoking

with till lei -- tilray has to offer. [laughter] go ahead, scott. >> teddy's right, we should get them in congress with these people over there. you're right, spending does need to come down. look at the budget report that came out this morning. you know, it's a matter of spending. yes, we're the taking in a little less, but we're spending way too much. liz: yeah. let me get to stocks, because aye got -- >> [inaudible] liz: yeah. and we're not going to solve that here, unfortunately. put us and charles payne in charge, the four of us, and we could make that happen. right now you're looking at the nasdaq, and the nasdaq laggards. and that ice kind of what's interesting here possibly, tesla, lucid, amgen's in there. teddy, you look at some of hose names, they've been momentum, but they're also very volatile. you have some names that are real plain if vanilla at point. i mean, chub, canadian pacific. is that where the opportunity lies right now? >> well, i think the opportunity lies in general with large cap.

we're in a difficult environment, liz. october was a very squirrely month. it's the end of the first quality -- fiscal year for a lot of institutions so there's a lot of window dressing. weak stocks tend to get weaker. that's now behind us. we've got a couple of months left to the end of the year and now we're going into the individual tax selling period, but i think it's it's still a time to stay on the sidelines. the best trade continues to be the short-term treasuries. if you twist my arm and want to put money to work, it's chub. insurance companies benefit from the current interest rate cycle. canadian pacific stands by itself for their merger with ksu, and there are a few other names, but these are not plain jane names, these are good, solid companies with good long-term growth records and solid balance sheets. and when you don't know what to do, sometimes best thing to do is, number one, either opt for safety or simply do nothing, and that takes you right back to treasuries. liz: and, scott, don't just do

something, stand there. but i know you, you're a trader. you don't want to just stand there. you've made some money lately. what have been your best trades in the last month, and what do you look for going forward? >> yeah. my best trades have been selling volatility, liz. when we got back to the 02, 21 -- 20, 21 handle. whether you look at selling it in the vix just flat out, selling it mt. xs or even some n the qs or even some individual sock thes. 4340-ish is so slow in the s&p because that's the 50-day the moving average. i'd love to see that hold. if we can hold and the rates don't start moving and creeping back higher here, i love some of the big banks that have been beaten up, a jpmorgan, a goldman sachs. that is where i am looking if we can hold those levels. i am looking to allocate some cash into them by the end of this month. if i miss a little bit on the

upside from now until then, that's fine. i would love to be in those ahead of the next fed meeting where i firmly believe and the market is pricing in 90% right now of no hike. we're not going to get a hike, and we do have the chance, a very high probability, in my opinion, that we're going to go back to the a dovish stance by powell by next fed meeting. liz: here is what i don't understand, teddy, look at the screen. aren't the financials supposed to be the ones that do well in a rising rate environment? and here powell said today, the hey, you know what? if we get it, we decide meeting by meeting, but if it becomes appropriate to tighten policy, we will not hesitate. why aren't they up? >> i think the banks have other issues. i would generally agree with you the banks are where you want to be in a rising interest rate environment, but i think they have other systemic problems just in running their businesses. a lot of competition. electronic banking, etc., which they've the never had before. some of the big brokerage firms

like schwab, you know, a lot of the old big brokerage firms have morphed into almost banking-like institutions now. i own the banks. i'm not sure that's where i would go. look at all the big pharma stocks, they're all trading at their lows. there are plenty of sectors that offer a good value, but are they value traps? i mean, that remains to be seen. i would rather go with stocks with a more growth-type profile and insurance companies in particular because they can benefit, they really benefit from these higher interest rates. liz: yeah. and let's not forget, they always make the money. [laughter] they use us all as a atm machines. >> math works. liz: you guys who know -- know what i'm talking about. >> yeah, that's right. liz: tinseltown sparkling once again on news the actors and movie studios have reached an agreement to put down the pickets and end the 118-day strike. what brought the standoff to the standing ovation?

kelly o'grady live outside the netflix headquarters with what the studios gave up and the key players who made it happen. and is the nasdaq's winning streak going to come to an end at nine, or will it turn around in the final minutes of trade? we're 49 minutes away from that. keep it right here to find out. "the claman countdown"s is coming right back. ♪ ♪ kevin, where are you?! kevin?!?!?.... hey, what's going on? i'm right here! i was busy cashbacking for the holidays with chase freedom unlimited. you know i can't believe you lost another kevin. it's a holiday tradition! earn big time with chase freedom unlimited. how do you cashback? chase. make more of what's yours. you can't buy great conversations or moments that matter,

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liz: fox business alert, light, camera and now, finally, action. sag-aftra has potentially reached a new 3-year deal with the alliance of motion picture and television producers to end the 118-day-long strike. we take it live to kelly o'grady who's standing outside netflix

in los angeles. kelly, how crucial were the netflixs and the amazons in breaking this near 4-month log jam between the two sides? >> reporter: well, liz, they were really important. and, of course, throughout the whole process you had the big four studio heads at the negotiating table. we are hearing though reportedly over the past week the likes of other streaming heads like apple, amazon, they got involved. i can confirm through a source that yesterday the studios came to the sag union and they said, l we need to know if there's going to be a deal here. hay gave a deadline of 5 p.m. and then, boom, all of a sudden we had a deal. now, that is good news because that means tinseltown, we are ready to get back to work, liz. and i can confirm there were a number of californias that did get text -- casts that did get text messages saying production was ramping up. so we are looking to see things coming together here really soon. that's good news for all the delayed shows and movies because

studios have pushed many major releases like the next mission impossible movie, and this agreement allows for system of those broadcast tv seasons as well as the 2024 film slate to be saved. and that means actors can begin promoting those big holiday releases. they weren't able to do that up to this point. the milliken institute is the projected we were close to 6 billion lost since the strikes began. we won't know the deal's specifics until tomorrow, but studios shared that it did give actors key points he were looking for. i want to share this quote quote with you, quote: this is the biggest contract on contract gains in the history of the unii don't think soar a brand new residual for streaming programs and extensive consent and compensation protections in the use of artificial as well as. now, we are learning that the deal is valued at over a billion dollars, that's three times the last agreement, but it is raising questions on how studios will absorb those costs. disney yesterday getting a nice boost in their stock off of the

earnings call last night. they've already shared that they've lost $374 million in their streaming unit. they're looking to cut another $2 billion in costs going forward. so the fact that they're going to have to pay streaming residuals, that a's likely going to hurt the bottom line unless companies raise subscription services yet again or cut staff, right? thousand, the last thing that i'll share with you, liz, this is a big moment for a.i., the fact that the actors really fought for these protections could send shock waves through other industries as they begin to grapple with what the technology means for them. back to you. liz: kelly, thank you very much. kelly o'grady. up, up and away. vir virgin galactic stock touching the stratosphere, what's fire ifing up investors about the space tourism company. and we've got two major ceos waiting in the wings. coming up we'll talk to lyft ceo david rich arer about lyft's new holiday season promise to customers. you'll want to hear this, because it may mean money for

you. and arm's ceo, rene haas, on the silicon sprint and the race to develop the next a.i. chip. they're straight ahead. closing bell about 50 minutes -- 40 -- this show is moving way too fast. 41 minutes left to the trade. [laughter] the dow losing about 206 points, off the lows of the session. s&p down 32, the nasdaq down # 19 as investors retreat -- 119, as investors retreat from jay powell's comments just about anm hour and aus half ago. ♪ ♪ ♪ ♪ be ready for any market with a liquid etf. get in and out with dia.

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liz: we've got some breaking news here. we want to ache you just a few blocks south of the fox studios to bryant park, new york. this is a live picture from the shut it down for palestine rally in bryant park. students and teachers from more than 100 new york city public schools are participating in this rally, and we've already heard anti-israel chants that call israel a, quote, terror state even though it was israel who was just attacked over a month ago by hamas terrorists who slaughtered 1300 israeli and foreign civilians including women and children. new york city chancellor david banks has warned teachers that out of school political activity could violate city rules on political speech. we are watching this protest, and we'll keep our eyes on the rally, and we will bring any new

developments to you as they become available is. let's get back to the markets here, 35 minutes left to the trade, and we have red on the screen still. the dow, low of the session is a loss of 248ing, we're down 228 right now. you can see preponderance's down'-quarters of a percent, nasdaq lower by just under 1%. some names that are moving higher, affirm is soaring 13 president right now, up a jaw-dropping chunk here, on track for its highest close since august of last year. the buy now, pay later company beat on revenue and reported a narrower loss year-over-year, also receiving love from analysts who raised hair price targets on the company. price now, $24.60. and we have liftoff, virgin galactic's stock is airborne, up 18% right now. still $. # 11.84 -- 1.84 stock, but they reported better than reported sales. it's lightening the load, cutting the work force by 18%.

looks like traders are taking their instacart shock and checking out of it. -- stock and checking out of it. the company even topped third quarter revenue estimates, but the stock is down 2.8 -- 9.8 better. investors are concerned because intracart is expecting advertising rates to slow down in the here to future. lyft making a new promise to its customers ahead of the very busy holiday travel season. is ceo david risher here to explain that promise and tell us why his ride-hailing service is making a new guarantee that could mean money for those who pay lyft drivers. and it's the movie the late, great kobe bryant credited for inspiring him to reach for the heights he attained during his stellar basketball career. i'm talking about rudy. the iconic film became an instant classic and emblematic of how an a underdog can win it's the true story of the too

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liz: well, if you look at the lyft pattern here of the stock chart, kind of looks like it's navigating new york city traffic today. actually, now it looks like boss with on the the traffic, but a lot of stops and starts. right now it's down about 6.33%, but so far november has been one to remember. shares have gained 10.7%. and today the ride-hailing service blasted out a new offer for the holidays. it's going to comp customers who are not picked up on time for scheduled rides to airports. passengers are get money back in lyft credits depending on the delay. we want details on that and also on the quarterly report lyft just posted. ceo david risher is here to give it all to us. hi, david. thank you for being here. >> hey, liz. good to the see you again. liz: e we'll get to the report card, but tell us about the airport incentive, you're calling it the on-time pick-up promise? >> yeah. so the holidays are stressful, and they shouldn't be. it's all about getting together with the family and trends and

unwrapping gifts. but, of course, the stress begins the moment you start to think, oh, i've got to get my family to the airport we said, look, how can we headache holiday less stressful. the answer is the on-time pick-up guarantee, and we're so confident that our driver will get there a little bit ahead of time, but if they're more than 10 minutes late, we'll pay you automatically up to $50, and if you end up having to take uber to the airport, we'll even pay for that. liz: oh, interesting. so who's going to front that? and you've got to be careful or, don't you? could that dig into your revenues? certainly maybe the margins? are you worried about that? >> i mean, i'm not worried because we've got a great product, right? you only do this if you're really confident you can deliver. we know one time in a hunker one time in two hundred the driver's going to be a little bit later, going to get caught in traffic; and we want to recognize, you know, that comes at a real cost. and if our promise is to reduce stress, we want to do everything

we can to get you there on time. liz: yeah. i've come right on time but then stopped in traffic within one mile of jfk traffic, and i missed a flight. [laughter] so it's not getting you to the airport on time, it's the pick-up. let's be with very clear about that. >> unfortunately or, we can't solve that problem, and i'll tell you, that happened to me at jfk recently, it's very frustrating. that's out of our control, but at least we can show up on time. liz: indeed. well, as you're so confident about the product, what is the issue here? and, by the way, i haven't looked at your q3 numbers. we're less about rearview mirror stuff, but i thought it was interesting because the loss you reported, the net loss, $12 million, a year ago that loss was $422 million. so to me, you're going in the right direction. [laughter] but the stock is not. whey do you think that is? -- why that isesome. >> you know, stock markets do what they do, and short term they kind of bounce around a

rot. people are seeing we're delivering on what we said we were going to do. we said we were going to cut costs, we've cut costs. we said we were going to grow volume, and if you look quarter over quarter, it was 10% up year on year, then it was 17%, now it's 20% year on year and, you know, in the fourth quarter we hope to be even higher. that's what we're aiming for. so we're doing all the right things. our customers are responding. they're launching products like the airport pick-up guarantee, and, you know, other time the stock market figures these things out. liz: yeah. and a calm guy at the top, certainly that's you. [laughter] i wanted our viewers to see this. bookings at lyft are up 15% year-over-year to 3.5 billion. that was actually lower than expected, fourth quarter bookingsfy dance also -- bookings guidance also fell short. rival uber showed gross bookings criming 31% year-over-year. how do you catch up here?

and, again, they have other businesses which you don't. your pure play, ride hailing. >> yeah. liz: so is you don't have uber eats or lyft eats, does that tell you maybe you have to get into something else as well? >> it doesn't. you know, and i understand the question, of course, but really what's going on is there are a couple thingses. if first, we haven't done a great job in the past at giving wall street and our analyst community easy ways to track our business. and so something else we did this quarter that we just launched yesterday are we set a new set of metrics that are, you know, help people really track our business from the same way we do. and already we've actually gotten thank you notes from the analyst community. how often does that happen? liz: well, share that with our viewers, what do you mean you've given them a clearer way to view metrics? >> yeah. if you look at the way we've reported on our business with in the past, it's the honestly been a little bit hard to tell what's going on. so we haven't given analysts,

for example, guidance on bookings, so they were coming up with estimates all over the map. now that we're giving them guidance and and clarity into how much we're doing in bookings, that's going to to produce a lot easier road map for people to follow as they follow along with our journey and our success. so, and that's, you know, you can look if you're into -- you can look on our web site and see these new metrics and compares them to what we used to show and kind of allows people to tie them the all together. so that's a great thing for our investors. liz: well, i have both your apps and, i'll tell you, i always use you in las vegas when i'm there covering consumer technician association, ces, which is so crowded. you're very reliable, almost more so than some of the others because so many cancellations that i fine people are telling my they're getting from uber. what are you doing to make sure that people don't sit there waiting for a driver and suddenly the driver the cancels?

>> so much. so much. and it's actually a great example of the type of operational excellence we're really driving internally here. when i started, i noticed the same thing. we have cut our driver cancellation rate in half, and our goal is to cut it in half again by the end of next year. and you know what? it's not one thing, it's a whole bunch of just consistently great execution, you know, kind of elementses. but west the incredibly -- we know it's incredibly frustrating for riders. we are a customer-obsessed organization, so our focus should be the best possible ride you can get. liz: david, thank you very much. and i love to show viewers a shrinking net loss, so next time i want you back, and we'll see if that shrinks even more. [laughter] thank you very much. >> you and i have aligned on that. i look forward to it next time already. laugh of. liz: appreciated. oh, for a second it looked like we were going to make a new session low for the dow jones

industrials. we are right there, down 248 points. a second ago, that's been since the top of the hour, right now -- well, we just blasted blue it. my spidey sense told me. now we're down 250 points. arm shares under pressure after some analysts question its valuation after a weak forecast. even many light of a very strony strong earnings report. ceo rene haas is armed and ready to take on the doubters. he is here live next. checking softbank which counts arm as its single largest investment, the stock of softbank down 5.75% due to ongoing losses in its vision fund ventures and, of course, the big, bad history page with wework. that was a softbank special, can and wework filing for bankruptcy just a few days ago. ♪ ♪ - everyday products, designed smarter. like a smart coffee grinder, that orders fresh beans for you.

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powell, normally cool as a cucumber, well, kind of lost his composure after being interrupted by climate protesters. listen. >> thank you. >> [inaudible] >> just close the [bleep] door. liz: all right. fed chiefs, they're just like us. [laughter] just close the door. powell then picked his speech right back up with a, where was i? oh, inflation coming down, and i think he got some chuckles from that. while powell tries to bring with inflation down, bitcoin has been rallying, and now look where it stands at the moment. it is the $36,258. it was earlier just above $37,000. the holidays just around the corner, could santa clause deliver what crypto investors want the most, a spot bitcoin etf winning the sec stamp of approval? to the charlie gasparino. >> i just tweeted this out, so keep an eye on the minute by minute, this might move bitcoin

prices. what we understand is, as you know, there's a number of players looking to get a bitcoin etf approved by the sec. blackrock is one of them. we've had larry fink on this show who kind of dodges the question because it's before the commission, he doesn't want to, you know, say anything that gets him cross with gary gensler on this. and it would be, for gary gensler, it would be a big thing if he approved it. he's been mostly anti-crypto in the sec chair. here's what we know from people close to the blackrock, they believe that -- they are growing, i guess the best way to put this is they're growing increasingly confident that their arguments are starting to resonate with the sec for approval. and they think, they think there's a better than even chance they're going to get this thing approved. liz: wow. >> and i'll tell you why. what they're basically arguing is this: you, gary gensler, you're worried about lack of transparency in the crypto the market, you're worried about the sam bankman-fried dudes running around a, you're worried about

people, entities that are kind of unsavory controlling this market. if you approve this etf, blackrock, a highly regulated entity, will be at the center of bitcoin and the trading of crypto. average people, yes, they will be able to buy an etf through blackrock or through a broker via blackrock, but, you know, if something goes wrong, you can, you know where to reach us. we're right down at hudson yards, you can come and scream at us and fine us. it's a lot different if there's a subsidiary located in the cayman islands that is trading the stuff. so that's the argument they're making. and they think, they think there's a very good chance it's going to happen. so they are increasingly confident. can't say definite. i will give can you, i'll give you some of the counterargument here. gary gensler's very close with elizabeth warren. elizabeth warren has never been

a big with fan of larry pink and blackrock. she -- larry fink and blackrock. she doesn't like wall street making money off of this business, so he could be influenced not another this by elizabeth warren. but the other argument is, like, listen, it's t not really going away. right? liz: not really. it's not going away. >> it's not going away. you might as -- this is one way to get, it's one way to sort of control it, via us. and if you can look, it popped a little bit. liz: yep. >> but that's where we stand right now. they think they got it, and hay think by january. liz: how about powell dropping the f-bomb? >> i don't blame him. liz: i don't either. [laughter] i mean, for those of you who just missed it, can we play that again? >> you never dropped the f-bomb before? liz: oh, that's what i'm saying, fed chair, or they're just like us. >> they curse. they go to the bathroom. [laughter] right? liz: yeah. >> right in. liz: well, i mean, it's

frustration. what does he are to do with climate change? that's the issue. they're acting like the federal reserve -- >> okay, so these lefties think everything is, you know, there's a one world -- i mean, it's interesting, the populace on the left and right kind of converge on this this issue that the federal reserve is at the center of an evil ca cabal to destroy manhind. liz: for those of you who missed it, here it is. >> thank you. just close the [bleep] door. >> love it. liz: just like us. all right. thank you, charlie. >> i would have probably said m- [laughter] liz: stay classy, san diego. all right, we've got ten minutes to go before the closing bell rings and stocks conning their downward turn the after chair powell's hawkish sentiment about interest rates, basically saying if it looks like inflation is still moving higher or not moving down slowly enough, he said we will not hesitate to to

raise rates once again because we are nowhere near the 2 target rate. we're at 3.7% for inflation. all right, if it continues, we look to close down about 220 points, the s&p looks to snap an 8-day win streak, and the nasdaq a 9-day winning streak. can we looked at a arm for a minute here? it is off session lows but still down more than 5%. the chip architecture company beaten on top and bottom rhine results but posted a weaker than expected fiscal third quarter sales outlook in its first earnings report since the company went public in september. you've got to understand this is the company that all the chip headachiers use -- makers use, and they build their chips and customize them on arm technology. and here's the company's ceo, rene haas. all right, your first quarter as a publicly-traded company, rene, what do you think investors have wrong about the report? >> hi, liz, good to see you again. our door is closed here, soing nothing to worry about here.

[laughter] liz: touche. [laughter] >> we had a great quarter. record revenue, our licensing business in particular was extremely strong, so we are very thrilled about the quarter that we had, and we're very positive about the year outlook. we actually upped our guidance for the year, so we feel very good about pote quarter and the direction -- can both the quarter and the direction of the company in the upcoming year. liz so investors, wall street, they're kind of blind to some of that right now. listen, they're all about what have you done for me lately, and it's hard for them to look thereafter down. that's why we have you, because we have a longer-term investor audience at the moment, and we want to see exactly what you see when it comes to the kinds of chips that people are making and demanding. and a lot of this surrounds a.i. tell us about your positioning right now in the a.i. space. >> yeah. so 70% of the world's population

uses arm many some way, shape or form, and that's data center, your ev, your smartphone, your security camera. and when you think about 70% of the world's population using arm, that means a.i. has -- in one way, shape or form: and we are seeing an increased command, obviously, for all things a.i. whether it's large language models or endpoints like phones and cameras. so for us, we are seeing, i think, an increased investment in people trying to build products for that. our licensing business which is really around new designs and investments, it's why it was up so much last quarter. we're seeing an increase in investment around all things a.i. because a.i. requires a lot of compute capability, and right now there isn't enough compute capacity to if enhance all these algorithms. is broadly speaking, this increase in a.i. everywhere is

really good for liz: we were talking to some analysts. there is a little bit of confusion they would love to see squared up. specifically around your customer cycle and what it looks like. how do you define the customer cycle. how is it playing at the moment? >> we sell into every single market. our customers are really involved in smartphones. they're involved in pcs, data center. so we see cycles but we see cycles relative to the macro industries we play into. smartphones had inventory issue. we're at i think at the bottom of that now. we're coming out of it. i see strong growth in pcs. automotive for us, cloud in particular, we were up 20% year on year in both businesses. while we're not immune to cyclicality the fact we diversified our business puts us in a strong position going

forward. liz: qualcomm and christiana ramon, came out and talked about energy chips that are energy sippers and don't use as much energy. they have capable qualities. the pc platform called snap dragon x. you guys had a lawsuit. how is this working? >> well first off we are really excited by the growth in all the to arm. i think that is fairly well-known. liz: right. >> in a very broadway. we think there is fantastic opportunity for the windows ecosystem to grow as well. that much i can say about litigation, liz. we're slated to go to trial sometime next year. not of other comment i can say about it. i will say broadly we're excited about the growth of windows and arm and the apple oes.

liz: can't we all just get along? let's talk about how you are getting along with apple. what what do you foresee of this relationship? >> they are a long-term operations partner of ours. people that don't know the history of arm, apple was one of the few partners for the device newton, for people that remember that. liz: oh, yeah. >> we have a long, long history with them. we extend adlong-term agreement. they are a fantastic partner and hope for that in years and decades to come. liz: let's talk about the royalties and how you're able to get more muscular royalties from higher margin chips such as the a.i. chips. how, when do you really start to secret call mass in that region? >> we're starting to see that now. our version nine of the architecture which we introduced a number of years ago is now starting to ship into volume, into phones, into pcs. we're also now seeing that into the cloud and automotive.

we're starting to see the increases now in terms of the rates associated with our version nine. additionally, liz, what we're seeing is more and more processors added into chips with the a.i. opportunity. when someone is building a chip into their system and trying to take advantage of their a.i. capability, they need to put more computer because they don't know exactly how much software to run. we benefit from that. the more processors that go into a chip is benefit forearm and more complex for arm and the world's windows is much better. liz: you worked with nvidia. you wanted to merge with nvidia. they wanted to merge with you. that did not work out with the regulatory relationship. they are very much at least psychologically and as far as production is concerned in the

lead at the moment for a.i. chips and they have been firing on all cylinders. can you give us some granular comment on that? >> yeah. nvidia is is a phenomenal partner of ours. we worked with them many, many years. as folks know i worked for them in the day and i was a customer of arm's when they worked with nvidia. with a.i. training and large language models, their most advanced trip, a.i. training a product called grace hopper, takes the hopper gpu from nvidia, combines it with a 144 arm cpus that go into the gray super chip. the reason they did that? pewer efficiency. when you're putting these big gpus in a data center they draw lots of power. you also need a cpu for every gpu you put in a data center. the arm cpu is low power, very efficient and runs all the

complex software in addition to the nvidia gpu. strategically a great partner and i think they sort of blazed the trail if you will with arm data center and grace hopper chip. >> a footprint arm has in the entire chip world. we love to follow the story, rene, thanks so much. >> thank you so much, liz. liz: rene haas thank you. >> new, liz. liz: i did not make up the term grand law terry. [closing bell rings] shout out to former u.s. army combat reservists brad hurst, on the claman county downteam. all good things must come to an end -- larry: welcome to "kudlow," i'm

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