we just had asml, i think they're going to return to pre-pandemic demand.se are stormy numbers at the high end. third quarter fiscal sales rose 53%, retail online. can the explosion -- >> it's an enormous amount of money still on the sidelines. the average consumer gained a lot of wealth, what a lot of stimulus came in. so people add money to spend. corporate have been able to perform at a very low rate. it will probably continue and that will ultimately end up in corporate p&l accounts. so we think stability can continue to be strong for some time. and the inflation were seeing right now, you look at companies like richmond and a lot of large-cap cyclical companies expect to maintain the margins. i think expectations will be the same for a number of upcoming quarters. dani: i do wonder if there's any concern about wage pressure. i know you have specific views on banks but we did see from the big banks that that is a concern. we can get into that sector in just a minute specifically but as a whole, are you expecting wages to be a problem for more sectors wi

emily: asml ramped up hiring last year. coming up, let's not waste this crisis.ntel seo urges government aid to chipmakers. our conversation from him. this is bloomberg. ♪ emily: intel ceo patrick gelsinger is optimistic there will be new legislation to support chip manufacturing. he spoke to our bloomberg editor in chief at the conference. take deliverance -- take a listen. patrick: may be in the second half, there will be a chip act. this has created a law of energy. we believe that u.s. companies but also asia companies should be participants in building out and accelerating this capacity on american soil. personally, i have been very involved in lobbying for getting the bill done. we are hopeful that before the resolution ends in february, all the legislators will line up to get across the line. there is a similar timeline in europe as well. we are optimistic and think it is a great start. if we can go from 37 to 12. there is an objective for the u.s. gets back to -- and europe gets back to 20%. i think that is an incredibly positive way to leave this decade,

they are having some operational issues, asml. asml is down by around 3%. story out of europe, stocks have recovered since then, electricity day france, down -- electricite de france, down 14.63%. what is happening with the cost of living squeeze and the energy crisis. you need to put the politics on top of this. the idea is that edf is having problems and is going to end up subsidizing the power sector across france a little bit more. providing 100 terawatts of power at discounted prices. that will be increased by another 20. that will cost circa $7 billion. shareholders will be paying some of the pain that we are seeing with these higher energy prices in europe. kriti: pain in france and spain as well. soaring energy crisis in spain, causing a lot of concerns. the spanish economy minister joined bloomberg tv in an exclusive interview earlier. take a listen. >> i am more concerned about energy prices because of the geopolitical factors driving them up and creating uncertainty. that is why i think we have been pressing the european union to ensure we have a

asml down 6.2%. that is having a major impact.one israel heavyweight, helping out -- vodafone is a real heavyweight. the reason for that is talk of consolidation in europe. talk about maybe consolidating the italian assets. maybe u.k. consolidation as well. that is driving that stock to the upside. unilever is also having a major impact today. up 7.31%. on such a big down date that is a huge move. the stock has been incredibly turbulent as a result of the now apparently failed bid for the gsk consumer health unit but also some of the concerns about what is happening with the company and we have concerns of a stake in the business. he has history with this kind of business. what impact could he have? at the moment a stock up three point -- up 7.31%. alix: let's have more on unilever and bring in an analyst at jefferies who has a buy rating on the stock. what does nelson pal advocate for? >> he has had a recurring playbook. he tends to push for splits of businesses and he tends to push for organizational change and improve performan

done it last year but the company lacked the infrastructure to handle customer demand number 11 is asmlthe 12th best performer is at lassian, tt-e-a-m. 120k up 6 -- stock up 62%. i was struck by the simplicity and beauty of it not to mention the low cost now again there too many businesses in collaborative software that's putting enormous pressure i like the company, customer base the product seems indispensable. it's totally out of style. if you want to stick with it, get used to pain i don't like or solicit pain, not that there's anything wrong with it. number 13, zscale, how can i help you i like this the same way i like okta they're both about zero trust for identification to keep out hackers. right now there's zero trust for the stock. this is another one that's out of style that needs to smash the earnings estimates i'm calling zscaler even on a bounce untouchable and i like the company. finally there's amd run by lisa suh. my charitable trust, stock climbed 57%. every year it gives you a few great buying opportunities i bet you get the next moment that closes and it will make the

asml, this is the photography company. this is a company that makes the kit used to make chips. it is warning of a vicious cycle. it is warning it is struggling to make the -- struggling to get the chips it needs to make the kids to make chips. you can see that had a negative quickly. we have associated british foods, the stop is down around 4%. a few weeks ago they were something positive at abf. this is also in the agricultural sector and the food sector as well. a number of parts of this business as the title would suggest. the outlook not as positive today and the stock off over 4%. retail sales data out of the u.k. tomorrow. alix: to focus on prime aunt, ab foods is talking about trying to raise grocery prices to offset higher cost. this works in the u.k.. resolution -- this hurts in the u.k.. i think tank says the typical use of -- u.k. household will pay more, we want to bring in more -- bloomberg and pinyon columnist andrea felsted. in stark contrast procter & gamble said they had no problem -- can the u.k. do that? can higher prices be something the u.k. consumer can ta

on the other hand you have a key european industry, asml. there is still shaking out going on.e the kit the chipmakers used to make the chips. therefore, can we see, this is the question everyone is asking, can we see a lifting of capacity, can we see, they are already sold out for the year. is there anything else they can do to bring more demand? >> these industries have such long lag times before they are able to put it more production. i'm not sure what extent st micro will be able to build out its capacity. in general across the industry everyone is realizing the greater reliance on semiconductors is part of our life and everyone is looking for new ways to attack that. alix: if i go a little bit macro for a second. i mentioned nvidia, amd got really hit. what kind of repositioning shakeout are we seeing within the tech sector? semis versus the growthier names? what have you noticed? ivan: it does seem like maybe it is a better time for semis. it has been a stress time for some of the big tech companies. inflation -- there is more pressure on the growth companies, whereas se

there's some risk there geopolitically especially as various governments try to lock out china and asmlm dealing with them, but maybe talk about the equipment makers and some of those other arm suppliers as a play within this environment of what tsmc is calling stable demand and the degree to which that's priced into those names now, are there some names that perhaps are being underestimated >> it's a great question so, we did a podcast on this issue in december, which if your viewers would like the long version of it it's available online, but in short what we believe is happening at the semiconductor industry is nothing less than a multi-year, perhaps multi-decade super cycle akin to what happened in the energy cycle against that backdrop, one of the favorites of investing is the ecosystem. industry they address this issue of morris law stress increasing tran sister. these businesses have been some of the most deeply discounted businesses in the sector and to address one of your questions do we believe there's still upside, absolutely this is an industry that we believe can go through

lot are good companies >> asml reported last night, the chinese were aloud to have any, if we were blockingrough. some said they missed their numbers. how do you miss your numbers you are a soldout company. i think that lam research has far more business than it can hand him the issue if are you the secretary of commerce is how do you get lam research to work 25 hours a day? so these companies, suddenly there are no chip shortage these are made-up things the stories how everybody is fighting over bankers, that's completely untrue story. you know if are you goldman sachs, you are turning down people that want to work there left and right so there is a lot of untrue narratives going on solely because of the ten year and the reason why we're making why we'- i did a lot of work on goldman yesterday. i used to help figure out compensation goldman is pretty much in charge of compensation. the idea they're somehow paying people more, i think makes sense. bank of america will maybe -- you can't have it both wears the bears are saying if they raise it four times it's bad for bank of america, if they

with asml and euv, that's solved a major newark texture ribbon fat, power delivery into the chip ander now proven in our labs and our development, we believe we have have moore's law true the highest chip we will be producing this year is 100 been tran sifters we will hit the billion tran sifter chip by 2030. moore's law is alive and we. we take great pride of being the stew ards for decades to come. >> there are changes and disadvantages. you knee to get better yields. that helps margins some say it's also helped other competitors that couldn't catch up before like amd it's given them a little time to catch up maybe there is room for everybody. >> well, i do think this is a big market today semi conductor is half a trillion dollar industry i'm not slowing down we believe that's the right thing for our company and our nation and the right thing for the industry we are well on our way to putting it back in the leadership position that it's always had in the honor of gordon moore, bob noyes, the invent or grove. these are the founders that's a part of the reason i am who i am today. i