you can keep across all developments, all their san r t dot com follows on twitter and facebook as well. you'll get 247 updates that i'm going to be here to update you again in around half an hour off the boom bust from washington. the ah, the the families that mark i took marking your function, you would like to go to somebody else who was it you know they do. john got that. i've got that limit and i wanted them off. you're gonna

be like that. you don't know what about the less about me? well, america is crazy frat party in afghanistan is over 20 years, leaving behind quite a man the this is boom bus, the one business show you can't afford to mit on branch of or, and i'm rachel blevins in washington coming up. most of our critical infrastructure owned and operated his own operated by the private sector in the federal government can't meet this challenge alone. in the wake of

a white house meeting to discuss the issues of cybersecurity leaders, of some of the tech sectors top players have promise, major investments and protection. but will it be enough to stop future attacks? was the largest ship makers in the world. largest ship maker in the world has an out plan to raise prices to keep up with the ongoing supply shortage. we'll take a look at how the move stands to impact the industry. along with consumers. and markets are on the edges. the federal reserve kicks off in jackson hole symposium, where the central bank will discuss their coming moves later on. we'll discuss the future of policy with the facts today. so let's go the we leave the program with the united states,

reportedly approving license applications, worth hundreds of millions of dollars per y way to buy ships for automotive components business. now as we have talked about on this show over and over again, why ways business has been hurt by trade restrictions from both the trump and bite and administration, which limit sales of chips used in telecom equipment. now, according to reuters, the license approval comes as while way has been transitioning its business towards items that would be less exposed to trade issues. meanwhile, the world's largest chip maker, taiwan semiconductor manufacturing company is reportedly planning to increase its prices by as much as 20 percent. as the world continues to face a semi conductor shortage. people familiar with the matter. a t s m c will increase the prices of advanced chips used in devices like smartphones by roughly 10 percent and less advanced chips by up to 20 percent. now these less advanced semi are commonly used in auto industry part,

which has based supply issues amid the shortage with many major brands, including toyota and general motors being forced slow production. and this increase in production costs is raising a lot of questions as to whether or not consumers will have to pay more for their electron. let's, let's bring in boot, but co host chris the i to discuss. now chris, the, i want to start with the basics here. why is mc raising prices? and are these concerns about rising prices of consumer electronics actually warranted why the sample is literally because of supply and demand. if there is more demand than can be supply than prices will obviously go up and vice versa. and t s. c and other taiwanese semiconductor companies. they've already raised prices by more than 10 percent between last fall and spring, but demand continued to outreach supply. and it's not all just because he has some say, wants to make more and prioritize higher paying customers and increased profit margin . they're actually increased cost tied to ramping up production, running

a foundry 247. and while at the same time investing huge amounts and infrastructure in order to expand production capabilities. so t s m c said that it will make a 100000000000 dollar investment over the next 3 years in order to boost its expansion. now we know that t s m c is a really big player here, and just last week they overtook, tends to become ages most valuable company. so how much of that has to do with the increased reliance on sundays and the ongoing shortage? a big part because when you say most valuable company, it has to come with some context and a point in time because if there was an j shortage, then oil and coal would quick very quickly become the most valuable companies. because we need energy. there was a famine then food produces and farmers will be the most valuable companies. and then in the last decade when tech was growing, the age of social media, tick tock with the most valuable company, as it represented the fastest growing social media app that could threaten facebook . and now because of this chip shortage. and because our lives have now become so

integrated and dependent with tech and smart devices, that means are now the most valuable companies. literally every electronic that we touch in our daily life has some sort of chip data center, smart vehicles, computer everything, our reliance on these trips are huge. like i for one cannot drive a car without sensors in a rear camera anymore, cuz we've just gone so used to this convenience. so as long as continue to upgrade and our gadgets become increasingly smart, all of that will require advanced chip technology. so t s m c stand to benefit big time here. and i want to go back to that 1st story we did about why way. what do we know about these licenses? and it is the embattled telecom giant, really changing their business to avoid us trade restrictions. i mean, guess in recent weeks, the u. s. has now granted these licenses authorizing suppliers just fell chips to hallway for vehicles, video screens, and sensors specifically. and this comes as follow a pivot, the business towards items that are less susceptible to these trade bands and trade

wars. so although chips, they are not generally considered sophisticated, which lowers the bar for approval so far away and now that they are positioning themselves as a new component provider for smart vehicles. and their aim is to help car. oh e m build better vehicles. they argue that stand alone, that business, the car business shouldn't be a huge national security risk for the u. s. and now, after receiving these licenses, authorizing the sale, why, why has requested values of up to $2000000000.00 worth of chips already? and this move is, in part like you said, trying to avoid us trade restriction. but on the other hand, it's actually just a really smart move alone. huawei is now investing in the 5 trillion dollar auto market that has large growth potential, both inside and outside china and cars. as we said before, they're basically computers and cameras on wheels. so while it's shifting a strategy to become a big player in this area, when they've already become dominant players in the area arena of cameras, sensors,

mobile computing, bluetooth. now when it comes to this chip shortage, we know this is something we've been talking about since really the beginning of former president trump trade war. so does the wall way situation play into it? and ultimately, are there any signs that we may be nearing the end? the shortage anytime soon? part of the hallway has to do with part of it, because up until last year it was one of the industries biggest chip buyers in anticipation of being put on the us trade blacklist. it began stockpiling chips for 2019, which contributed to tight capacity over at t s. m. c. and then afterwards, the cobit pandemic then, further exacerbated situation as demand increase for consumer electronic items such as laptops, video, game console, smartphones. people had to entertain themselves at home, but then the car industry, they previously canceled their chip orders due to covert as they forecasted lower demand for the rest of the year. but that proved to be very incorrect as a bounce back was stronger than expected. and now they had no chips,

and thus they can't about anymore new cars. their allocation has been reassigned to companies making laptop which were experiencing a search and demand home appliances. also that saw a huge spike in sales, as people were spending more time at home. and need to upgrade their appliances due to the pandemic. so these chip factories, they couldn't respond fast enough when car sales bounce back, given the long b times needed to schedule orders. and it's interesting because, you know, we've talked about this also on this program that eventually they're starting to ramp up production facilities throughout the world. many of these companies, even here are the united states, are starting that. but that's going to take several years to actually come to fruition. boom bus, christie, i thank you so. so let me assure and say thank you. present. invited met with the heads of some of the biggest tech companies in the country at the white house on wednesday, where he demanded their help to tackle cyber security threat. the summit included officials from google, amazon, apple, microsoft, ibm, and a v p. and the week of

a slew of cyber hacks over the last year bite and called on the companies to play a role in putting a stop to future attacks. but the reality is most of our critical infrastructure own and operate is owned and operated by the private sector in the federal government can't meet this challenge alone. so i've invited you all here today because you have the power, the capacity and the responsibility, i believe, to raise the bar on cyber security. and so ultimately got a lot of work to do. so what exactly does that work consist up? well, joining us now to go further in depth on a co host, an investigative journalist swan now ben, this meeting was meant to pull together leaders not only from big tech, but also from the financial sector. so what is the overall goal here? yeah, it's actually kind of amongst long goal it's been going on for several months for the by the administration has been trying to put together key players in as you

mentioned, the cybersecurity space, but also in the big tech space as well as the financial space. say we need to bring all these players together and we need to create essentially a standard if you will for how a lot of these incidents are reported. the president mentioned there that a lot of the critical, critical infrastructure in the country is privately held in controlled government does not necessarily control it. so how do you deal with, you know, hacking or ransomware attacks? and obviously a lot of this plays back into a couple of things. it goes back to the colonial pipeline attack that triggered a lot of this in the 1st place as well, with a number of other incidents including the solar winds incident last year. here's the thing though, is that there is a conflation taking place here, i believe, between hacking and ransomware. those are 2 very different issues they're being treated like. they're basically all the same, right. cybersecurity at all equals the same thing. there's a bill that's going before congress right now that marco rubio was a part of and, and some of these other senators. and essentially what they're asking for is that within 24 hours of any kind of hacking or cyber security breach that d h s. and

system are contacted and made aware of it. well, which one is it? it's hacking. is that ransomware? because these are very different issue in to that point. but i mean, can you lay out for our viewers? what is the difference between hacking and ransomware and why is that distinction not being made? the assumption, they're big, of course, that congressional members and the people making the policy don't really understand . yeah, i think there's a couple of reasons so, so a hacking is very different from ransomware, in that when we talk about ransomware, so colonial piper pipeline. in that case you had hackers with actually gain access to the billing system, a colonial pipeline. it was not the critical infrastructure part. they got to control of the billing system. and they said, hey, either pay us, you know, i think it was $40000000.00 in big coin or else we're not going to get you back into your billing system and colonial pipeline shut down the pipeline and said, we don't know what to do. we paid some ransom, it was a big mess. here's the thing that ransomware is something that

a lot of different people face on a regular basis. hackers are attempting to either embarrass you or cause problems locking up your system so that you pay them a ransom. that's different than the hacking from something like solar winds, where you have a foreign government that's gaining access into your critical infrastructure monitoring that controlling it or even with the ability to shut it down. and in the solar winds case, for instance, you know, that microsoft vulnerabilities were really hacked into, with the solar winds case. and the reason that's important guys is because the u. s . government doesn't want to make a distinction because the u. s. government is involved in hacking on a regular basis the in a say in the c, a are heavily involved in trying to find insecurities in system of life. for instance, for microsoft system in order to utilize it to get hacked into and gain access into other governments. so the u. s. doesn't as much as any other government does. it. what the u. s. doesn't do with the government is ransomware attacks. so if you complete everything to look like it's the same problem, then you can say, oh,

it makes sense that we shut it all down, but you're not, shouldn't evolve down because the u. s. is an active player in hacking. technology is more of a say do as we say, not as we do kind of situation. now, after this meeting, amazon said it would make it cyber security training available to the public for free. and it would give multi factor authentication devices to some cloud computing customers. starting in october, what kind of a difference can this make? well, you can make a huge difference. i only laugh at it because amazon a w. s is probably the largest cloud computing contractor in the entire world, right? google and ibm and, and amazon really control almost all of this cloud space. why don't you, why do you not already have as just a standard operating procedure, multi factor authentication? why is that not already built into the system? here's what seems so stupid to me guys. why are we having

a meeting with the president of the united states to talk about how do we sure of cybersecurity when this is basic stuff? if you have a crypto law, and i know i've said this before, if you have a crypto, a wallet with any crypto exchange, pretty much on the planet, you have to factor authentication at the minimum. why do you not have that? if you are a customer of a ws, it's not expensive to do with are difficult to do. and why would would 8 of us only offer this to certain select customers? why not make it just standard operating procedure? it would make an enormous difference to have multi factor authentication. it seems ridiculous to me that this is like an all of branch that's being extended. it should be just just the standard. all right, another one of those cases where the government is trying to catch up to where the crypto industry already wasn't. who knows, maybe with all of the big tech fee is there. they taught bite and a thing or 2. during that meeting, boom has been fine. thank you for your time and for bringing us up to speed on this one. you got the things go and sign up for a quick break, but when we come back,

the latest job data showed unemployment claims fall into a new pandemic low. but does the fed think it's enough to pull back as easy monetary policy will discuss? it's going to break the numbers of close the the problem driven by drainage shaped by bankers and those with the

in the me there's thing we dare to ask in ah, still large enough to satisfy the ambitions of jeff bezos. you know, it's that it's technical in so many aspects of the economy. there's nothing that amazon isn't trying to get into to step by step. the amazon empire has extended its grip on the world that was like a duck quacked, like a dog. so amazon looks like monopoly trays like a monopoly makes money like monopoly behaves like monopoly. amazon essentially

controlled the marketplace. it's not really a market as a private arena where a single company controls the distribution of daily products and the infrastructure of our economy in the world. according to amazon, the welcome back. latest data shows weekly jobless claims in the u. s. have fall into a new pandemic. lo, over the past month with unemployment claims rising slightly to 353000 and last week, which brought the 4 week moving average to around 366000. it's adding to hope that the country is getting back to normal despite concern over rise and koby cases. but you may not come to that conclusion by watching the federal reserve. as officials opt for a virtual jackson hole summit for the 2nd year in a row. all eyes are on chairman powell,

but will he give any insight into the timeline for tapering asset purchases over the next year? joining us now. our children smith, c o, a transformative research, and octavio morales, the ceo of open this. i'll see. it's great to have you both on the show today tobin i want to start with you. we know that there was a lot of fear over the spread of the delta variant. and whether it would cause the us to go into another round of locked down. but that hasn't been the case, so has the u. s. just gotten to the point where it knows how to weather the storm or was there some fear that people in businesses wouldn't comply? well, there are 3 major things have happened. number one, obviously that now we're not an emergency vaccine, but it's fully approved about 15 percent of people who didn't get vaccinated. we're waiting for that and number line. so number 2, the net crates, the whole waterfall of mandates bike companies, bike county governments, state government, hospitals, colleges, whatever. so that's another 20 percent. but the big thing people are, are missing,

get out is this can be the natural immunity. the idea that when you do get infected and you have your a symptomatic, you know, you had it and all of a sudden in other countries like u. k and netherlands, it had a very spite. those variant spikes ran out relatively quickly. and, and the only math that makes sense is because about 30 percent to 25 percent of the people in the u. k. in other words, they were already infected and they had the anti bodies. so i think if you do all the math, it looks like, you know, if this was a stock market, but the worst is priced in and our numbers are epidemiologist say september 15, december 20 is where we get a peak and we start coming down again and that's what i think the market is saying, i think that's what the science is saying. and now are savvy because of the spread of the delta varying and it did discourage some consumers from travelling and prompted them to pull back a little bit from thinking we were in that full recovery we, we tend to think we were in, is there an argument that inspired

a healthy fear that helped cool the economy off just a bit. well, i don't know about a healthy fear. i mean, certainly i didn't have positive that i economy the things we couldn't get and you could obviously call them, i think like it's overheating. i think it's a direct consequence of the fed, susan terms. i mean, it certainly wasn't a pullback because possibly a couple weeks in terms of spending on certain travel types, but certainly cruise lines and toilet again ms. williams and maybe the movie theaters as well. but who wrote consumer spending spending using their credit cards, the paint things fine. so it's pretty encouraging. the overall seems to be the right direction. but there was a bit of a slow down in airlines and some areas of entertainment and intrusive drug looks like some exciting, i think. and our tobin when, when it comes to the jackson hole summit, as we set up there, many are seeing the choice to make it virtual as a sign that the fed see the current climate and,

and the need to continue current policy. what do you make of that? do you think that they're going to continue on, or are we going to start hearing a little bit about the tape or? well, well i bet that conference many times. here's how it works. if you're a voting member, you keep your mouth shut. if you're not voting member, those are the guys that come out and women and men who say, well, you know, we're really worried about inflation or were, you know, they found very hawkish. but they don't have any power, they don't make any boats. the governors vote, but the chairman approves. so it's all about the chairman, number one, part number to remember inflation is always measured on a year over year basis. so last year, low this year high. so the delta, the spread is bit next year, which is really what we're talking about is what does the paper start in late $222.00. but we're other places going to be much, much lower. remember those round car prices? i just rented a car for $300.00. it was 900 bucks, 3 months ago. lumber prices are down for with all of those things that were affected by pandemic are coming down. the one thing that's going to stay is wages.

and we've got 6 to 7000000 more jobs to get back to 2018. the message he's going to say novice so many words, but by the body language that's always great to be out there to fit is why rock maybe why? right? we got 67 more 1000000 jobs to go. you know, other, you remember the market guys like be, are worried that they're going to raise to late and inflation out of the bag? well, we haven't had inflation for 30 years guys. there's a reason for that. all the things that to completion away out of our system, productivity, e commerce, and phaedra are all there. i got to tell you right now that your own power has never been as cool if toby was right there. now october, i wanted to ask you a follow up to what tobin just mentioned there because he said, you know, inflation is going to kind of level off in 2022. and i know we've had both of you on talking about this quite a bit. and i don't think you believe that what do you make that comment? what i level in terms of what the doesn't right now and then now i think j powell

is petrified of increasing interest rates. because bear in mind, we took over the phone back in 2018. you had a bit of an off to tough with the, with the markets that they tried to raise them straight. the market didn't corporate very nicely. and i think you petrified of doing that again. so i think j, how can i jump on any excuse not have to raise interest rates in the foreseeable future, and an increase in delta infections? so come for that. so at the end of the jacks from home, i expect to say nothing intelligible. i expect you to waffle and say, we're going to stay the course and we're going to be very vigilant. necessary. but nothing concrete in terms of the raising or increasing moving side. that is not anything given the way. so i think that's what's going to come up. absolutely nothing. now, what about you? what do you expect to come out of a? do you think that is over hyped a little bit, or would say you on that one? i don't know. you're in the news business. good. i mean you've got to have something to talk about, right. so here we go. and we're going to play and power lottery, you know, $50.00,

hard on the, on the blue. but there's no reason for them to rise because they absolutely as your other guest said, members, 2013 was you know, one of the paper, 10 times 2018. he said to where we're going on auto pilot. the market cave. 16 percent from that. you know, we have pill economies, i'd say it's one, it's making a lot of money and is wealthy and 70 percent of the people who are not with the spending from those top 25 percent come down. we got to recession again, and that's the last thing they want. yeah, that'll certainly be interesting to see what comes out of that meaning and out of power speech on friday morning. tillman smith and octavia moran. the thank you both so much for your time. pleasure. and finally, virgin hyper loop has released a new concept video showing a future that will allow passengers to travel at speeds up to 670 miles per hour.

now the video features a series of battery powered pods in a near vacuum tube, which will eliminate nearly all aerodynamic drive. now the cars, if you were to call them that are not physically connected and can split off to different destination. similar to the way cars travel on the interstate. virgin says it's hyper loop will quote, set the standard for 21st century travel and will be able to move quote, tens of thousands of passengers per hour per direction. virgin completed its 1st occupied test of the technology last november, but the pot only reached 100 miles per hour due to the length of the track. okay, so that video looks incredible. this technology sounds awesome, but i'm guessing of probably going to be a few years before. oh for sure. and it felt like there was a period of time where we heard a lot about mosques, boring company working on their hyper loop. and we haven't heard. and in fact, a lot of the projects had been cancelled, they're still kind of working out that technology. but again,

we were always very specific to point out the fact that it is a concept video. they're showing what it is capable of. but we have heard over the years, the idea of high speed train specifically in the united states. obviously they have sophisticated railway systems in europe and the rest of the world really they get people around. but here's the guided state. we do a lot of flying back and forth when we get places. so if you think about us living in washington dc and be able to get to somewhere in new, you'd like new york in less than an hour on an easy hyperlink. that would be amazing. one can only hope they get on it. maybe one of these is it's always billionaires working on it. it feels like, of course, and that's it for the time. you can get a buzz on demand on the portable tv app, which is available on smartphones and android devices through google play and the blob, whereby surgeon fordable tv tv can also be downloaded on newer model samsung smart tv roku devices, or simply go to portable dot tv, we'll see you next time. me

. i, i the the, what we've got to do is identify the threats that we have. it's crazy foundation, let it be an arms race is on, often very dramatic development. only personally, i'm going to resist. i don't see how that strategy will be successful at the very political time, time to sit down and talk. well, america is crazy frat party in afghanistan is over 20 years,

leaving behind quite a military mission again, stay will conclude on august 31st. one sounds good to us, all the quote unquote young girls who will be on the roof for me. are you going to be subtle dot companies such as the cut the cut over the what are the most okay that i'm on the 7th. i'm not sure if this was the right weapon against the right and nobody came from, but it was filled out to reveal the, the signing of the us to all about agreement. and i laid the groundwork for the road ahead toward a lasting peace in afghanistan. and

i know we still need that mcdonald and he the the ah, the growing number of dead from a double terror attack. a cobble add port is now known that more than a 100 have died at least a $150.00 injured during evacuation efforts. 13 us military personnel or among the dead. a correspondent that says with several more blas, the taliban claims its american forces destroying their own ammunition and islamic state affiliate in afghanistan, known as i said, the case says it carried out the bombing that the taliban condemns. the attack.