intel ceo pat gelsinger going to join us in a couple minutes for more on the quarter, carl.his is such an interesting moment because the stock has lost all of its gains for the year i think it's trading about where it was january 1 before gelsinger was in place he's been very clear about his vision for the company i think in a way the conditions since then are lining up exactly with what he says intel needs to do but there's really high doubt about anybody's ability to execute on all of these things that he says intel will do over the next couple years. >> that's true you're right about the shares. back to january levels it's not as if the street is taking the message from intel, julia, and extrapolating it to the sector at large. amd in the green today the street is looking at -- after a nice run over the past month or so, the street is looking at this as a share issue, competitive issue, than a sector issue >> absolutely. and i think it's so interesting just to reflect on what jon said, the idea that intel has its very crowded road map. they're doubling down on the foundry

they're doing it now >> great stuff, jon, as always really interesting stuff with pat gelsinger.time, a related topic, apap does report tonight, josh lipton generally gets to talk to tim cook has more on what to watch with the stock and its suppliers. hey, josh. >> carl, today that investors have marked on their calendars apple set to report earnings results. now heading into this print, this stock is up 15% so far this year it's only about 3% now from its all-time high here investors, of course, will want to know about that iphone franchise. what is demand like for the new iphone 13 models and what about supply? how is apple navigating the on going chip crunch. ipads and macs will be in focus too. big winners during the pandemic as we learned and worked from home but how do those businesses fare as students return to school and employees to work and what is demand like for the newest mac book pro with apple's custom design chips services front and center as well remember, apple execs did caution on that last earnings call that the services growth rate would return to what they d

you will not want to miss pat gelsinger in a first on cnbc interv

even if they execute perfectly, stacey says it will be a long slog for gelsinger and his team. back to you. >> josh, thank you very much our josh lipton. >>> intel not the only company predicting prolonged chip shortages. amd saying it could extend through 2022 that said amd and marvel shares up 30% and 40% respectively. intel is negative on the year, down half a point. i'm joined by global semiconductor industry lead at accenture. it is great to have you here normally if it were a chip shortage holding intel back it would be a bullish thing but it doesn't seem that's the whole story here >> yes thank you, kelly, for having me. the intel result highlights the importance of the chip shortage around the whole chip set solution it is not just the main processor. you need the rest of the chip in your solution to be able to deliver the products to the end consumer the shortage could be impacted based on multiple factors including the consumers have already bought a lot of pcs earlier during the pandemic so there may be a slowness in demand also that could be impacting the overall si

that stock at about 48 and change right now jon, you're speaking to gelsinger later today.t's been a critical juncture for intel for many, many years now and if not gelsinger, it's an ambitious plan. >> it's one of the most ambitious turn around plans that i've ever seen in technology part of what's unusual about it is gelsinger is laying the whole thing out and saying here is what we're going to do and here is what we have to do. it usually rolls out in secret and people gradually believe but this is like oceans 11 what are the chances of them pulling off that heist in the movie they do. can he do it in the semiconductor market here we have a lot of analysts betting against him. >> skeptical. >> because it's -- who has ever done this before especially carl, when it comes to that annual growth rate of 10 to 12% which intel has never hit in the past, but if they pull off this plan, maybe they can. >> yeah. it's going to take some time and that's certainly why the market has sent intel shares now negative for the year. in the meantime, over 90% of analystings covering microso

president biden, the treasury secretary janet yellen met with business leaders, including intel ceo pat gelsinger. the topic was the urgent need for congress to address the nation's debt limit. analysts predict a government default would likely trigger a recession, 6 million jobs lost, higher interest rates, a stop in social security and military pay next checks, stockton turmoil and $15 trillion lost in household wealth. >>> san jose mayor met with state and local leaders today to talk about our historic drought and the city's water conservation efforts. it focused on saving water now and figuring it out for the future. the mayor announced he is going to sign a resolution to restrict watering to outdoors twice a week. >> the most cost effective way to find more water is to save the water we've got. conservation is our path in the near term. we will continue to look for ways to invest with our partners at the water district and others to find ways that we can boost and expand water recycling in our city. >> the mayor says he is also pushing to ban lawns and new developments in favor of drought-ta

as it turns out, pat gelsinger, who i have covered for many years now, so i know him well, decided to get very aggressive. not only that, he wants to catch up a lot faster on nodes, but it is still going to take three years. they took their gross margin guidance down to 51% from 53%, well below what the market was expecting, up to 57%, so this was lower a lot longer, and there's just no way around it other than to spend money, and investors generally do not like that approach. for the obvious reasons you don't really know what is going to happen. david: have a great friday ahead for yourself, and if we don't see you -- we probably will not see you, of course, before the weekend -- have a great weekend. we have some trade numbers out of vietnam. october trade balance, $1.1 billion in the estimate was sort of 700 million dollars. that is a trade surplus. yvonne: we are continuing to watch coal futures in china as well. we are seeing another down day, not as bad as what we saw on thursday, a 10% drop, but there is a line crossing at the end erc, talking about how china is saying coal pri

. >> how much stock, pardon the pun do you put in pat gelsinger who is going to be on the network in the next 24 hours, i believe? i ask you the question because when we are talking about this i think back to, say, ge for example. had all sorts of problems. obviously a different business but they get the right person, theoretically n the chair in the corner office and finally the story seems to be better if your time horizon is long enough, can't this story have a similar outkcome >> i think that's the case if you look at what they were doing under the previous administration they were cutting expenses when they struggled and in turn that was leading to better earnings, better cash flow for investors n. doing that, you necessarily disadvantage yourself from a technology perspective, right? it's hard when you are struggling and then you cut back your investments to catch up now they have got someone in the seat who really believes in the importance of investing, believes in the importance of manufacturing, and he's done right things in terms of reinvesting in the business to put them

for the quarters gelsinger has been in charge -- i think he's going to use the call as a base of confidenceld operate off its 10 times multiple. >> don't you give me a trade >> give it time. disney the u.s. lifted travel restrictions and that's going to be beneficial to disney. >> crkraemer said the same thin as well. >> j.b. hunt reported earnings, be they were incredible. freight brokerage and freight i think will do right well excellent management okay jason? >> crm i like the momentum. i think it pushes 300 in the run. >> dr. j. >> riot block chain. >> we'll take you out with a look at the dow. it is a good friday for stocks thus far "the exchange" begins now. >>> thank you very much, scott hi, everybody. i'm kelly evans. ahead of the exchange, consumers may be furious about higher prices, but their spending was much stronger than expected last month. strong retail sales, strong earnings have the market rallying we'll look at whether these gains are sustainable. oil is dumping -- and a different commodity could that i can take the reigns from here. the stocks wall street says are going

earnings are coming after the bell tonight and we've got ceo pat gelsinger tomorrow right here on "techeport because there's that pressure between the present which isn't so kind for intel right now. their products and their process technology hasn't been right he's trying to fix that. he's got margin pressure from competition and then their future and they have their innovation event next week and i'll be covering that, as well can they focus investors on that >> yeah. i think a big focus on what their guidance is for the first half of next year and also they have a big analyst day coming up and i wondered how much news they'll be holding back for that analyst day. >> and lots of earnings on deck, as well. julia, i know you'll be watching snap later tonight and we'll be huge in terms of the big tech players. nasdaq, the only major index in the black right now up a quarter of 1%. that will do it for tech check, let's get over to the half ♪ ♪ >>> thanks so much welcome to "the halftime report." i'm scott wapner front and center this hour, the one question that matters most for your money

ceo pat gelsinger showed us a $10 billion semiconductor factory outside phoenix that chips can take monthst area on earth. >> the company broke ground on two more areas like this one and it would need u.s.-built chips to create a supply for everything from military aircraft to minivans to microwaves. >> you are a for-profit company and why should americans trust you to drive a national security issue. >> clearly, this is an industry move and intel is uniquely positioned in the u.s. semiconductor industry. we should have been putting more capacity in the ground and we're making up for that as fast as possible. >> now a new bill, the chips act could put $50 billion into the american chip industry to compete with taiwan whose government has funded the semiconductors since the 1990s. it's to level the playing field for what's been established for the last 30 years. in asia, i don't expect it to be resolved until 23. it just takes that long to build new factories and to create new capacity. >> until then, the u.s. will have to rely on others for what it needs. jake ward, nbc news, phoenix, ariz

earlier this summer intel was in talks to buy this chip maker for $30 billion as part of pat gelsinger'some a chip manufacturer for others that didn't come together and gfs hits the public markets. now to rahel solomon >>> here's what's happening at this hour. oklahoma is asking the supreme court to vacate a stay of execution for death row inmate john granti an appeals court approved th stay hours before he was to be executed they had an agreement with oklahoma's attorney general that executions would be delayed until atrial took place over the legality over the state's new method of execution. >>> just one in three americans approve of how president biden and democrats are handling their key spending bill. but republicans are doing even worse. fewer than one in five americans approve of how the gop is handling negotiations. >>> and on the news tonight, what will it take to convince democratic lawmakers to support the social spending investments? that's tonight at 7:00 eastern. >>> isn't southern mexico, a migrant caravan is growing as it slowly moves toward the u.s. border leaders of th

wow it's even dropped more okay so when you looked at their guidance it was terrible i love pat gelsingerink he does a great job and a lot of what they're doing is spending, spending, spending and the problem is they're killing the margins and that's going to be something working against them, i think, for the next year or so, so i have to re-evaluate this one, scott. i'm not pleased about what i'm seeing here. even when looking at the data group up 10% and that felt a little bit light so when you're looking at the earnings that you have and you look at the projections going forward, foundry is way off into the future and it's different right now. >> joinge ni mis luke capital ceo reynolds when we come back an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advantage. what the world needs now... is people. people who see things... just a little bit differently. who go out of their way to find a new perspective and a new way forward. because seeing a smarter, healthier, cleaner world isn't something that's far in the future. it's somet

haidi: intel ceo pat gelsinger there. let's get you to su keenan with the first word headlines.with janet yellen, rejecting criticism that the u.s. risks losing whole of inflation. speaking of cnn's state of the union program, the treasury secretary says the current situation reflects "temporary pain." she says it's expected to ease in the second half and tightly were market ease. >> we are going through a period of inflation that higher than americans have seen ina lon -- in a long time. and it's something that's obviously a concern and worrying them. but we haven't lost control. and as we make further progress on the pandemic, i expect these bottlenecks to subside. americans will return to the labor force as conditions improve. su: a chinese health official says new covid infections are expected to release in the coming days. the wave of infections has spread to 11 provinces, and most of the infections in cross region travel industries. the current outbreak is caused by the delta variant. and switching to cryptocurrencies, the digital coin shiba inu has soared to record highs

foundries going public the ceo will join us speaking of chips, we'll also check in with intel's pat gelsinger to the highs we saw on tuesday back in a moment. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ as someone who resembles someone else, i appreciate that liberty mutual knows everyone's unique. that's why they customize your car insurance, so you only pay for what you need. oh, yeah. that's the spot. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ >>> we continue to watch developments of the infrastructure bill. we have breaking news. ylan mui. >> house speaker nancy pelosi says she wants to hold a vote on the bipartisan infrastructure bill today she says that democrats need to give the president a win as he heads off to the g20 and climate summit, but it's unclear if progressives are on board yet. the head of the progressive caucus representative pramila jayapal says her readies aren't ready to take the vote and the president is taking a leap of faith in believing that all 50 senators are on board with his broader spending plans so carl, we could potentially see a showdown if this infrastructure

. >> the last story i want to get you on is from intel ceo pat gelsinger talking to axios about how inr chips over at intel if they're going to compete with apple how do you think of apple not as a phone company or media company, but as a chip company that happens to use its own stuff? >> i think of apple selectively looking for opportunities to be more vertically integrated for chips. it's given them an opportunity to improve the performance of a lot of their devices and gives them a wonderful opportunity to market those benefits and marketing is serge one of their core competencies. >> yeah. it's going to get a lot more tom. good to see you as always. >>> if you want more on the product event this afternoon, do not miss "the wall street journal's" joanna stern with expectations of her own, including about new ear pods congp tmi uinhe next hour on "techcheck." ♪ so, should all our it move to the cloud? the cloud would give us more flexibility, but we lose control. ♪ ♪ ♪ should i stay or should i go? ♪ and we need insights across our data silos, but how? ♪ if i go there will be trouble