anurag: they are moving money where they can in acquisitions.he regulators are not going to make them by large companies. microsoft is in the process of acquiring activision. we will see how that plays out. the other companies, it will be tough for them to deploy that capital to buy larger companies. the most logical way they can spend money is going to be through buybacks. kriti: thank you as always. always a wealth of information on the tech space. let's stick with earnings and go to mcdonald's. reported sales topped estimates as consumers continue to eat out. joining us is michael hale. thank you as always for joining us. it looks like higher costs worked for mcdonald's and i would argue coca-cola. that is not the dynamic of walmart earnings. what is walmart doing right? michael: mcdonald's is doing a few things right. really the sales were driven by price increases. they had not seen an increase in foot traffic at all. what they are doing better than others is they have scale. they can offer a value menu and price points their smaller compet

anurag: it is unusual. they normally do not do that. i do not think it is a brand issue or an issue with the quality of what apple sells. it is a problem with the supply chain as well as travel restrictions or opening up top -- shop restrictions in china. jon: as we watch what happens in china and in the quarter for apple, is there a law that all of corporate america can take away? or are they in their own boat? this is a company that has proven its ability to keep prices high. this is a rare for them to make a change on prices. even the supply chain, apple is good at navigating it. kriti: that is a -- anurag: that is a different equation for apple, but two things to remember and that is the strong dollar. the estimates are not down as much as we would have liked them and to be just on the dollar strength. that is a, not the real economics of the business but the strong dollar is going to have an impact, not just for the next quarter but guidance going into the corridor after that. the second thing is because of restrictions in china, w