broadcom and xp. >> yeah. broadcom's been a laggard. it's up 9% and trades at 18 times and gives you a 3% dividend yield cloud capex is running 31% yore o year over year >> ai has 10% penetrated in the cloud and it's an apple play, right? content, so i like broadcom very much, and i've been adding to it, and xpi is an auto play, right? the auto shutdowns means you will see massive fiscal demands and the stock is off 15% off its highs and trades at 18 times forward and auto is 40% of total revenues and they have 11% market share oh, by the way, they're also buying back 2 billion worth in stock and i wouldn't be surprised if they do more of that, too. i see storyis and see opportunities and i am underweight tech and into my weakness i want to add to my favorite areas >> are we at that point, where we have seen enough selling that it's time to buy stocks like stephanie link is, and i'll get to them in just a minute let's just say the nasdaq, right? >> 70% of the nasdaq 100 those names are down double digits from their high 70%, and i've go

broadcom, in an industry where people are nervous, and maybe i am, sorry, brod adcom h a little moreity for a variety of reasons we could get into and then a valuable software business, lower volatility, they're going to inflate cash, either buy is something or you a buyback, i'll take one or the other. it's got a great dividend. the dividend is going to grow next year. it's got the highest in the country by a country mile. it's the cheapest thing in the coverage what's not to like >> well, that explanation, it may be shares are only down 0.41% on the news. stacy, thank you for your time >> my pleasure >>> still ahead, could the irs be spying on your bank accounts? we'll parse through the proposal from the white house and tell you what's actually on the table. >>> plus, delta air lines on pace its worst day for the year after posting a profit on the quarter and rrwoies about rising fuel costs we'll hear from the ceo about all of that, ahead in 2016, i was working at the amazon warehouse when my brother passed away. and a couple of years later, my mother passed away. after taking care

broadcom and texas instruments in order to produce those units. what this indicates is apple is having a shortage of these new iphones where they cannot produce as many as anticipated. if that means they are going to have enough to sell to everyone, that remains to be seen. emily: apple just announced its having another event coming up. what do we know about that? will it affect other apple products? mark: next monday, apple will hold an event called the unleashed event. this will be another virtual affair given the ongoing impact of covid. they will announce the first revamp to the macbook pro in five years. i can't tell you how many people have asked questions about this. when the new macbook pro is going to come. if i was given a penny for every question i've gotten about the new mac pro, i could get when it -- get one at no charge. people want this, they are anticipating it and it's the first high-performance mac with an in-house apple-designed processor. emily: talk to us about what apple has coming up this year. every holiday season is a big

broadcom on broadcom over at goldman, this is saying that the company has a lot of pricing power in the and semiconductor space. the same analysts downgraded western digital saying that there is issues in the digital space. virgin galactic is down almost 20%. this is your biggest decline pushing back the potential launch of its commercial spaceflight to the fourth quarter of 2022. tom: i will have to call my broker and de-risk. jonathan: i will take more risks when i get older. aren't you planning to do that? the older you get the more cigars i will smoke him more i will drink. -- will smoke, the more i will drink. there is a fantastic football player born in the south of italy. he said when he retired the only thing that he wanted to do was to get really, really fat. i think he did that. i think that the older you get the more risks you should take. you get to 85, 90, you do your thing. how close are you? tom: i feel better already. jonathan: this was a pep talk. feel better. tom: maybe ian will save us. lisa: i think he dropped out. tom: he is not de-risking. i loved your note and i w

component shortages from broadcom and texas instruments forced the target to be cut. average price of chips rose for a ninth straight month in september. tesla's china made car notched up another delivery in shipments for september as general auto sales declined. shipments for the month were up 27%. that follows a near 50% jump in august. at last week's shareholder meeting, elon musk said shanghai factories out producing the fremont, california plant. the -- shin jen targeting a listing that could be the world's largest this year. 20 haidi: we are just getting consumer confidence numbers out of australia -- consumer confidence falling to 104.6, falling 1.5% month on month. this coming as we have just started to see city -- sydney emerging from the strictest levels of lockdown but other parts of australia, including victoria state and melbourne remaining under lockdown. we continue to see that impact on consumer confidence and we will watch that going into the key holiday season. let's get you to sophie with a look at the markets. sophie: the australian consumer lookin

broadcom had pared the losses 2.1 percent.is interesting what we are seeing across wall street is revisions and earning expectations. the s&p 500 is on the final board and it is saying even though yields and rates have increased higher, we have revised expectations for the third quarter and the i.t. sector up .3%. expectations overall are revised downwards across the s&p 500 by four -- .4%. those industries are the most sensitive. supply chain constraints are worried by the marketplace about rising costs. emily: all right. thank you for holding down the fort. we will be back later in the show. coming up, we will talk about pandemic investing. the future of transportation and facebook with greylock partners partner reid hoffman, an early investor in facebook, commenting on facebook's current controversies. that is up next. this is bloomberg. ♪ welcome back. this is bloomberg technology from the goldman sachs innovators summit in the heart of wine country in sonoma. my next guest is somebody i love speaking to and it is great to

that's the average for certain chips, particularly broadcom.utomakers now expect to lose out on sales of about $210 billion just this year because they can't get enough components. what you are seeing is that the crunch is even worse than we expected. it will probably spill over next euros well. anna: thanks very much for joining us. that's through the latest apple headlines. let's linger on this subject for a moment. for little while, we've been asking, is there any respite insight for the supply chain issues for chip shortages? they're just doesn't seem to be any. you don't get a sense from the companies we hear from that things are becoming particularly easier. mark: definitely not. this persisted longer than we expected. this feeds into the idea that inflation is lasting longer than we expected. that doesn't make it permanent. they can still be considered transitory. on the supply chain issues, i wonder whether we are reaching peak supply chain panic. jonathan ferro suggested this yesterday. the idea that everyone is now focusing on this, e

we own taiwan semi, texas instruments, broadcom, lam research, also qualcomm. put them away. because their capital allocation plans are also quite favorable to investors with very strong dividend growth policies, broadcom and texas instruments in particular. charles: cloud, cybersecurity and chips, the three cs. nancy, thank you so much. folks we'll be right back. >> thank you. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. ♪ ♪ there are beautiful ideas that remain in the dark. but with our new multi-cloud experience, you have the flexibility you need to unveil them to the world. ♪ black rock silver is bringing new life to a historic silver district, the second largest in the silver state of nevada with multiple recent high grade discoveries, black rock is well underway on the largest silver exploration program in america. black rock, silver. charles: breaking news from the fed, which is announcing a new se

i like the whole space broadcom, lamb research and i can't remember the last name >> hooegs concernedt of the space, but look at the market. it's still very much acting like the shortage and long-term structural demand stories. >> i was with you for that interview, we were sitting onset next to each other over there. when it comes to chips, the reason why people look at texas instruments so much in that situation is because it really is the bellwether for the entire chip and sectors their chips go in everything washing machines, cruise missiles but when it comes to these, there's a di lynnuation that's happening versus some of the other specialty devices. there's a big focus at least from a lot of traders i talk to on names like nvidia, advanced micro devices. so that could be something where it's not just about adi, but it could be others out there and even some of the biggest players like nvidia. it's the biggest one out there >> if you think about what will require more and more power, the answer is virtually everything that's why we think ti is well positioned there's going to be

that's what goldman wants you to own, but they like broadcom now.re all high-performance computers. i have amazon web services on tonight, and marvell has specialized chips. >> we're going to get some earnings next week, evercore today names netflix a tactical outperform best net stock relative to the estimates going into the print. >> they spent a billion developing korean programming. rarely have i seen one movie move a stock, one program move a stock like this has. it has gripped america i find when we're talking about the eagles, they want to know who is watching this program it's gripped america, david. >> actually, the world yeah, which goes to the power of the netflix program. this was a program proud not in this country, in south korea, and obviously has great currency around the world maybe not north korea. they don't seem to like it too much, but i don't know that they have a lot of netflix viewers. >> but north korea has soldiesoldiers sleeping on beds of naval. i know someone who has been to north korea. >> to the end -- >> he looked at

apple supposedly is really dealing with the supply chain issue, from its suppliers, broadcom and texas instruments. the leading semiconductor manufactures also dipped following the news as the tech crunch is apparently getting worse broadcom is down a third of a percent texas instruments down two-thirds of a percent, sky works is part of the apple infrastructure and the sort of overhang that the halo effect, if you will, sky works down 2.5% but could help be on the way, as we mentioned president biden speaking right now, and has apparently made a series of commit ams to strengthen the supply chain. he's speaking in the east room at the moment after meeting with leaders from major west coast ports and national retailers along with shippers to shift hours of operation to 24/7 around the clock edward lawrence has been working the story breaking all kinds of news he's got the details, edward? reporter: liz, the president just said this could be a game changer, related to going to that full 24/7 in the whole supply chain from up to down, you know the president announced that the port of los

it was for doug celebrities. layla to see she sung in erica, she daveille, fletcher, broadcom generated pin really 0 to audio. the french army knew it could behave, however, it light because it would be supported by the french authorities. regardless, the number of ethylene attacks decreased and its leadership was gradually eliminated. among the arrests was the milk bard bomber. zer, address is a tell they p bullshit. the if from behaviors he p asia feel super high. these are the paulette paul de la. dr. early for deal. okay. any tilden it is a premier and english more soberly book a very good me call no as quick so cook up on it. the other thing, if elliot prompted the 20th to let dr. palm, now caesar maxima, basketball, marcia talkative, tis the shashi to clear class if i see a door. yes, earlier he were mon pu, all normally left. but the crack down in algiers also triggered a french crisis of conscience. intellectuals like false why maria openly expressed their outrage despite media censorship. the french people could no longer close their eyes, torture would damage frances reputatio

apple seems to be the big story, sky works and broadcom have paired the initial games -- gains that were down after apple was also missing on the total revenue with iphone and mac revenue. what did well was the ipad revenue. do you start to see them come back up going into the holiday season? regionally china seemed to be the outperformer with the rest of the world, not so much. emily: julie, what is your take away? with mac and iphone sales missing, it's kind of a big deal, right? julie: i think missing is like missing expectations but apple doesn't move in double-digit growth here, year in and year out. i don't think anyone is stressed about apple. most of their sales still come from hardware, yes. smart phone or computer, there's still a lot of upside on the hardware side. the target audience, price-sensitive, confidence going through the holiday season . it's one of the biggest seasons of the year. apple doing well to bring consumers into their ecosystem to sell services. the marketing is sophisticated and i think certainly if we look at, according to forrester, 20% of consumers are

so that's why i think the stock was up today and broadcom.is known in terms of the iphone 13. i don't see it as a super cycle. i think we know about services don't know about the auto and exposure there that's years away. i feel like everybody owns this stock so i'm underweight and 100 basis points and still 5% total in my portfolio because it is such a big weighting i'm there and not as enthused. much more enthusiastic about broadcom. >> tiffany, round it off for us with the broad markets do you feel like the bottom is for the rest of the year or don't have the confidence on that yet >> yeah. that i definitely can't call but seeing increased volatility going forward and much of the reasons we saw earlier definitely supply chain issues and labor costs. work changed i don't think it's a matter of getting back to work people have exited the labor force and account for that and not baked in yet definitely growth in china just talking about semis 9 2% of chips are made in china and slowdowns in production so i think that's going to weigh into thi

companies like broadcom or cisco, there's an upgrade cycle in the cloud computing space and those companies are going to continue to do well and probably be able to raise their dividends as fast, probably more so than the rate of inflation. that's an unusual way to build some hedging into your portfolio against inflation. haidi: we are seeing inflation because of the supply chain disruption and that includes chip shortages. will that impact the 5g rollout and will that have implications for some of the tech companies you are mentioning? joanne: that's a good question to think about and it's going to depend on which devices they are supplying to. suppliers to some of the higher end smartphones, we think they and their production is going to get priority among some of the foundries because you want to make sure you serve apple and get those products out the door. there are some that i think our top-tier customers that are going to do just fine. so you have to really pick and choose and no which some conductor suppliers are supplying for which kind of devices to really understand whether they

apple telling its manufacturing partners that chip suppliers like broadcom, texas instruments are behind in getting key components to those apple handsets. it's interesting because if you look at some of the laggards on tuesday, the supply theme is commonplace. micron and western digital both down by more than three point 5% after a report that forecast its memory chips will fall in price going into the fourth quarter and we will see a slowdown at the same time, we got data overnight about the pc market. hp down more than 4%. the wide component shortages and chip shortages, it's not just the iphone handsets still feeling the heat from the chip's shortage, but it is widespread throughout electronics. emily: moving on to dig into some of that apple news. the company battling a potentially major production challenge. bloomberg has learned apple is poised to cut its projected iphone 13 production by as many as 10 million units. this is largely due to the ongoing chip shortage. what exactly is happening here? mark: this is a story with my colleague, reporting apple has told suppliers it's red

david: in the mutual fund i comanage, i am overweight tech, but it is companies like broadcom or accentureo systems to go with apple. they are not priced for sainthood. they are priced for reasonable cash flow and revenue growth. i think you can still own technology, even though we have seen some weakness here. it is just what evaluation you are paying for believable cash flow. tom: what do people on the left and right coast not get about manufacturing service sector growth in middle america? david: there has been a manufacturing renaissance for five years now and the midwest. it is in detroit. i have hardly ever wanted to own an auto stock, but i own gm today. tom: is it all the ev stuff, or something different? lisa: it is part -- david: it is part ev. they are betty allocators of capital -- they are better allocators of capital in the used to be. general motors institute, that is her heritage. tom: lisa, it is the chicago law of engineering. lisa: i love how you just troll all of us every day. thank you so much, tom keene. we were talking about the industrial stocks in the united states

. ♪♪ ♪ >>> inindividual dia, amd, marvel, broadcom which semi is the one to own kramer's got the ideae insights into the market go to cnbc.com or scan the qr code on the screen "tech check" is back in a minute and whatever the size. that's why we set out to help make it easier for everyone to move forward financially. with small business, personal banking, wealth, and corporate solutions that help you reach your goals and plan for the future... it's a girl! ...we're doing everything we can to help you get where you want to be. because sometimes a little help is all you need. see how we can make a difference for you at pnc bank. you have the best pizza in town and the worst wait times. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire - [narrator] introducing the grubhub guarantee: our promise to deliver the food you love on time, and give you the lowest price, or you'll get $5 off your next order. protect your pet this flea and tick season with chewy. find everything from flea

apple seems to be the big story, sky works and broadcom have pared those initial gains.lso missing on revenue. what did well was there ipad revenue. do you start to see them come back up going into the holiday season? it doesn't look like regionally. china seemed to be a performer, but the rest of the world, not so much. emily: let's bring in our next guest. what is your take away? all retailers are dealing with a lot. supply chain issues. but with mac and iphone sales missing, that is kind of a big deal, right? >> i don't think it is a big deal. but apple still grew at double-digit growth. they continue to deliver double-digit growth year in and year out. i don't think anyone is stressed about apple. most of their sales still come from hardware, yes. smart phone or computer, there's still a lot of upside on the hardware side. certainly, apple's target audience seems to be affluent. they are less price sensitive. they still have a lot of confidence when we are about to go to the holiday season which is one of the biggest seasons of the year. apple is doing well to bring

on pace for its third month decline and worst since march 2020, as well as broadcom.t is up 10% this year just slightly underperforming and down about 5% this year. back to you. >>> let's stick with apple apple watch reviews are out this morning. we also got the news that apple will be holding another event entitled unleashed on monday new macbook models are expected to be the star of the show let's bring in john of the daring fireball tech blog. john, thanks for joining us. before we talk about the new watch or what to expect next week, first tell us what you expect in terms of these supply chain issues how much do you think apple is prepared for them and how much do you think they're really going to be impacted >> i think they're prepared, but i just did a spot check before this morning after publishing and the new series 7 watches if you order the aluminum models now the delivery date is already out and the titanium model which is $800, november 29th to december 6th already so, that's going to make it tight for the holiday quarter. i mean, for people who are lookin

for a company like this so exacting, when you're waiting on parts from texas instruments and broadcom be -- neil: iphone orders denied other delayed? susan: delayed. neil: whatever sales don't materialize in the present or next quarter would be reflected after that. so it is not after if there is mass cancellations frustrated people saying that's it. susan: right. only 10 million units. they expect it to sell 90 million of iphone 13s. as long as you get the phones before christmas, that is when you big sales happens for the new iphones by the way in case you want to reward me -- neil: you even made it. susan: got it early. it was great. fantastic screen. rhett any display. neil: a little defensive when i raised that. like dan geltrude. you -- susan: i'm willing to spend. i can open my wallet to spend on electronics. i'm willing to do that. neil: dan still working on the iphone 2. have to get him up to speed. you're the best. thank you very, very much, susan li on all of those developments and dan is coming back later to tell us exactly how someone who really watches what he spend was

you also like broadcom, digital turbine, that's a name. >> exactly, exactly.ch is not important. tech is critical and what you highlighted are two of actually least expensive, highest profit margins money in the entire industry. so tech is great. tech is important but you know, cheryl, for a lot of years now too many or i should say too many people own too few companies and you don't make a lot of money investing in the favorite stock of the day. cheryl: i saw ebay up there. you're giving love to ebay. charles schwab, there is an interesting pick for you. a lot of people walked away from schwab when they went down to zero trading fees. this is definitely a mix of names. >> you know what it is? they have one thing in common, or several things in common. it is called a magnet score, combination of growth at a discount, revenue growth, margin growth, cheryl they're going up in price. they have institutional support. an excuse for a company is not doing well is not what i like to do. i love great companies and strong balance sheets. cheryl: i love it. jordan kimme

but you are seeing weakness in those companies that are most dependent on apple, broadcom, qorvo.omm, as a contrast, they are buying back $10 billion of stock. they laid that out late yesterday, adding there might -- adding that much to their current repurchase program. that would explain why qualcomm is going more with the pack in chipmakers and less with the apple suppliers. alix: appreciate it. something else we are also watching right now is blue origin. it is scheduled to launch from vanhorn, texas. we are a little delayed now, but should be maybe within the next 15 minutes. the countdown clock looks paused for the time being. it is going to carry four individuals, two paying guests and two that will fly for free, one of them being william shatner. there's literally no better pr trick then getting the guy up in space. he's 90. guy: he's a nonagenarian. he will be the oldest person ever to go into space. this is a sub-orbital trip, but nevertheless, he will pass the crucial line and therefore become the oldest person ever to make that journey. as we were talking about earlier

best week for broadcom since august and they do downgrade to neutral on cyclical headwinds.arl, back to you. >> thanks so much. >>> we have been tracking the supply chain crunch after hitting shows the company might cut production target by up by 10 million units and how the supply crunch might impact their most important quarter here to discuss winners and losers you have interesting ideas about what it means to be vertically integrated and how you can really count on your third parties. >> i mean, when we're talking about a supply chain disruption apal and a company run by tim cooke clearly you don't want to bet against and the number cut around 10 million first let's look at it in context. last year apple produced 75 million units of the iphone 12 even with this 12 million cut being reported, still produce 80 million units of the new iphone 13 we're still seeing a year on year increase for what's essentially an incremental upgrade of a phone but even more important whether we have to look at we all know that monday the big event where they're going to be releasing a new l

it's become nearly impossible for even the biggest chip companies intel and broadcom-amd to do it all advanced tech >> that full piece in-depth more than 15 minutes is on cnbc.com and dee, tsmc is the pace setter you've got intel, trying to ramp up this foundry strategy under pat gellsinger hear from him on "techcheck." you have to chase down tmsc to do it. they have great technology that lot of people are using. >> and lot of experience and sam sunk the major players are asian players and we talked about this a lot, guys. as a national security issue we want more american companies to be manufacturing chips as jon said, carl, intel is trying to do that. but they don't have the kind of experience these days that tsmc does lots of questions as to whether he can execute that strategy >> yeah. that's a great piece in the a.p. today, guys with the commerce secretary. it's a national security problem that we don't make any leading edge semis in america, that we don't make enough solar panels in america that we don't make batteries in america it's hard to imagine that this ramp up in produc

liz: mike nvidia, broadcom events, micro devices. kenny thinks, scott, that big tech is overbought here. do you or are there names here, and then the lesser-known names then too. >> well you can't generalize the whole space as being over bought, and kenny i love you and all buffets book right now just pulled in 16% off the high, people are scared about facebook numbers, they had problems the past few weeks with congress , now with snap earnings everyone is talking about lower advertising spending, because of the supply constraints so that's the interesting part of the story that everyone thought oh, chip shortage or apple can't get the iphones out no one thought that spending was lower and advertising because why would people advertise if you can't buy goods so people are trying to figure out what does that mean for amazon on thursday if they aren't advertising, because people can't buy and sell goods what does amazon do since they deliver goods bought so people are a little worried about amazon earnings that's why its come down the

its phone production because the goals, okay, the goals, because it can't get enough chips from broadcom and texas instruments. now there's real semantic issues at stake they aren't slashing production. they are slashing their goals because they can't meet demand oh, wow are these two different things we figure this will force apple to cut its forecast and that always causes a stock to go down, always, okay but is cutting your forecast because there's a component shortage the same as cutting your forecast because of a loss of demand? i bet apple's perspective customers will wait a little longer rather than switching to a competitor not a competitor for people who own apple already. the stock still got hit when the story got out and i bet that won't be the last time that it gets down on the same piece of news what are we doing for the trust? we're not selling? why? trading in and out of aal has been a time dab honored way to lose money should i stay or should i go as i always tell members of the club, it's almost impossible to tell when to get back in, and that's where the big money is ma

to the previous all-time high if you expected that to come soon i think this is more really about broadcom, more about texas instruments which both of those names are so critical, whether it's the wireless component contribution or the oled display contribution from each of these names. the second derivative trade is impacted here. i don't know if steve has skyworks on, but that certainly is going to be impacted here so i think it's the derivative of apple by the way, scott. i don't think this news is surprising to anyone i mean, we clearly have a very critical challenge here for the entire country and the world as it relates to the supply chain disruption to these semis and they are so integral in everything that we're doing. so i'm not going to sell out of apple from this. i understand that this is certainly going to create a little bit of a pause element. >> it's having a pretty good dd day. it's up 60 points. these mega-caps, apple included, are correction territory i mean, they're 10%. most of them off of their 52-week highs whether it is apple at 10% which is down 5.5% in one month a

eyes on apple suppliers like qualcomm, more than 20% off its high here down more than 10% in 2021 broadcom% this year and trading right around its all-time high. skyworks still about -- up about 10% this year but about 20% off its late april high. back to you all. >> josh, thanks for that. >>> we'll bring in b of a who is worried about continued strength carrying into this quarter but still says investors can expect strong demand for products benefitting tonight's results. demand, yes, but that isn't the problem. it's supply. what are we expecting on that front? >> yeah, deirdre thanks for having e. look, i think that that's right. i mean, you do get a strong quarter in the september quarter and that's really gated a little bit but the fact that apple only had two selling days of the new product in this september quarter. so some of that strength and it is a selling quarter for apple gets pushed over into december now, that said, we have seen what the lead times are doing across the board and you know, the iphone 13 many in the iphone 13 are coming much more to the supply/demand balance at

hitting a new all-time high, in fact now up about 90% in 2021 it's not just nvidia, though amd and broadcomitting new all time highs this morning as well. amd, ok, reporting results after the bell on the downside, look at logitech back to you all. >> thanks, josh. meanwhile look at facebook again it is falling after an initial earnings like snap the company is warning of head winds lowering its outlook reflecting, quote, the significant uncertainty from apple's new ad privacy changes. apple faces own scrutiny the information reporting that the company will indeed likely face an anti-trust lawsuit from the doj. while the financial times has been reporting that apple's in-house ad business has become a giant business overnight joining us now for more on this is former facebook vp sam lessen good to have you i know that you pointed out that chart as well, just the growth of apple's ad business in light of these changes which have benefitted the company but apple is giving users the option and users are choosing. they don't want to be tracked all over the web anymore on their phones >> have you

it's up around 90% other semiconductor stocks outperforming amd and broadcom all of which notched all-timeer the earning bell today "squawk on the street" will be right back don't go away. when traders tell us how to make thinkorswim even better, we listen. like jack. he wanted a streamlined version he could access anywhere, no download necessary. and kim. she wanted to execute a pre-set trade strategy in seconds. so we gave 'em thinkorswim web. because platforms this innovative, aren't just made for traders - they're made by them. thinkorswim trading. from td ameritrade. you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >>> as the wealth tax proposal continues to gain momentum, our robert frank is taking a look at how some billionaires could game the new rules. they're already trying to figure out how to get around it, huh? >> yep, david. they're already at work on that. now, we don't have the details on