that drew the attention of cathie wood as well as elon musk. sk wrote yesterday, i don't know about long-term, but short-term we are seeing strong inflationary pressure. wood answered partly by saying, new technologies are going to help bend the curve on inflation despite recent supply chain bottlenecks related to covid-19 and oil supply constraints. she pointed out she is doubling down on her deflationary outlook and it was a really interesting conversation to follow. maybe that is one of the big benefits of tesla -- twitter, sorry. tesla as well. coming up senator joe manchin of west virginia says taxes need to be fair and all options have to be kept on the table as congress looks to agree to a spending deal. you will hear from him next. this is bloomberg. ♪ ♪ matt: this is bloomberg markets. i matt miller. after months of trying to get the info structure bill passed senator joe manchin remains skeptical on many parts of bided's economic agenda. earlier today he sat down with david rubenstein, cofounder of the carlyle group, at the economic cl

and investing star cathie wood tries to predict the future with her etfs. now she is trying to predict inflation. he h -- she thinks twitter ceo jack dorsey is dead wrong about his recent call. we'll discuss. ♪ 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 ♪ say it's all right ♪ ♪ say it's all right, it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ now listen to the beat ♪ ♪ kinda pat your feet ♪ ♪ it's all right ♪ ♪ have a good time 'cause it's all right ♪ ♪ oh, it's all right ♪ (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. this halloween, xfinity rewards is offering up some spooky-good perks. (crowd cheering) - bito, bito, bito, bito! like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members,

let's get back to carol massar speaking with cathie wood woods of park invest. hat were institutional investors saying to you in the early days? cathie: too volatile. that was the response. we could not possibly do that. here we are. we are a volatile strategy. our response was, well, volatility on the upside is not a bad thing. last year was a good example of that. but the other thing we said at the time, and we took our cues from a value investor who said to us "i would never buy one stock in your portfolio, but i like your research and you might be right, so i will just put 5% as a hedge." as did our first institutional investor, which is value-oriented, and kind of thought we were behaving like a value manager. long-term time horizon and looking for extreme values. well, value investors are using price-to-book and dividend yield and that sort of thing. we are using growth. we are using spectacular growth rates that no one is expecting. tesla was our first proof of concept, a very visible one, where people are saying, what are they talking about? all we had do

that's good news for the cathie woods contingency.oing forward, we need more stories like ups and fewer stories like 3m. let's go to lenny in virginia. >> booyah, jim >> what's going on >> i have a few comments and a question about gap gap is excellent in the second quarter in august. rates down for the remainder of the second year. potential halo effect of overall sales. it was noted on the q-2 conference call that concerns are factored in their rate guidance the stock is down 62% from the 52-week high >> i am going to say yes these are doing well are they doing unbelievably well like costco? no i think you are buying gap at a good price i think you are doing high-quality work. let's go to phil in new jersey >> hi, cramer, booyah. how are you? >> i am gloood, how are you >> my question for you is pertaining to blackrock. so i bought blackrock prior to pitch earnings and i know, you know, i had a nice run from earning. i am trying to figure out is this a good stock? >> listen to me, phil, i am going to vote for it next thursday this t

cathie wood is joining the slate of wall street players hoping u.s.ll track bitcoin futures. they plan to invest -- according to intelligence, nine bitcoin future etf applications were considered by regulators at the beginning of this month. that is your bloomberg business flash. tom: thank you very much. we have some lines on the terminal from the chinese premier, saying he is confident china will meet its full year targets. others have said they are likely to meet it despite challenges around real estate and the energy crunch. he is pointing out the supply chain challenges remain acute. anna: and speaking confidently they will ensure electricity demand is met. we will return to that story. coming up, truth or trade war, the eu and u.k. brace for new negotiations over northern ireland. that story is next. this is bloomberg. ♪ tom: welcome back to the open, 22 minutes into the european trading day. the stoxx 600 gaining 0.6%. similar picture for the cac quarante and in germany as well. top of the list for sectors, higher energy prices, technology gain

i would say the person who is cathie wood. -- most prescient is cathie wood.she's opinion out and everyone hates her. why? >> she is data-driven in one of things she comes back to is just on which knowledge tesla has about people who own its cars and drive its cars. that is a huge advantage compared to all of the competitors. you can see that in the sales of sessions -- tesla's in a time when you would've thought in the united states that tesla would be under pressure. is exactly the opposite. the outlook is far she is concern is that it is as bright as it ever has been. lisa: you challenge conventional wisedome -- wisdom at a time when we need to feed into the narrative that southern california has lost everyone and people are fleeing. it is an economic wasteland. tom: is falling into the pacific ocean. lisa: what you wrote contradicts that. why do you see such optimism? what people forget is that california is the most diverse state in -- and the united -- largest state. as the fifth largest economy if it were country in the world. one of the strengths of ca

we will talk about what cathie wood is up to.e going to pick a look at what she has been doing at flagship art etf, suffering its first orderly outflow ever. that story next. this is bloomberg. ♪ ♪ alix: live from new york, i'm alix steel, with guy johnson in london. this is "bloomberg markets." time now for etf friday. bloomberg's ritika gupta is looking at some of this week's flows. ritika: it has been a really intense week, so let's see how that transcends into some of those etf flows. i am looking at the biggest weekly outflows, and you can see, no surprise, it is coming out of equities. spy,, $2.9 billion. tech bearing the brunt. you got your qqq, $7 billion about flows. tlt also getting hit on a week where we have both selloffs in equities and bonds. let's talk about another theme, investors turning their backs on some of those tech names. we can see that by looking at cathie wood's flagship arc fund, which had its first quarterly outflow ever. this is as investors are nervous about higher inflation, higher interest rates,

goldman sachs' ceo is worried, too, but cathie wood says tech will help solve the problem. and drew brees will join us. will there be one broadcast for kelly and a different one for me depending on my point spread kelly. >> i don't want the points, but i love drew brees. another record day in the markets. the nasdaq just 150 points off the high nvidia, tesla, amazon are some of the big names we're watching. tesla has turned around today. now down half a percent kind of along with the broader markets nvidia, up 7.5%. amazon up. and consumer discretionary is the best sector. hasbro up 3% consumer staples with the weakest with walgreens and costco down slightly >> we start with the big tech earnings and key earnings. today, alphabet, microsoft, and twitter report after the bell. on thursday, it is apple and amazon so what are the important metrics to watch and how should you invest in technology jaso jason, good to see you why don't we start with a stock i know you like. walk us through alphabet/google. >> good to be with you guys. this is probably pound for pound the best tec

it was interesting to hear cathie wood talk about contango's and backwardation.is obviously that as you roll forward, you have to pay a higher price, and ultimately that is going to eat into returns. is this something that is going to end up with a fairly limited audience because people will realize they are having to give some of their returns away, and therefore returned to the physical market? or is this going to become something that a wide specter of people ultimately use and suck up that cost? katie: that was the expectation, that you would not see people rushing for the tf because it is futures base. this is something we deal with all the time when we talk about commodity etf's, we'll etf's in particular, the have to do with those contango costs. that eats into returns. but just looking at the trading in the past 24 hours, that doesn't seem to be a concern for some of the investors going into this fund. we know that is a concern for the issuers. we also know that invesco in particular dropped their pursuit of the futures bitcoin etf. they did not say why,

carol massar is on stage with ark investment ceo cathie wood.when you did come on, i don't think you had your funds launched yet. let's go back. how did you get here? my gut from just talking to you was there was no plan to be a celebrity fund manager, someone that we print out a story every day about your comings and goings. what was your plan? cathie: well, my plan was -- yes, i have been in the financial industry. after the tech and telecom bust and even more so after 2008, 2009, i began to see just incredible risk aversion. career risk, business risk. everyone was worshiping the almighty index benchmarks. that was not consistent with what we were doing, so we were becoming -- i described it as an odder and odder duck. i felt this was very bad behavior. i felt like investing in tried and true is not wrong, but investing only in the past i do believe is wrong. there is so much in the way of innovation evolving, and i did not feel like it could be funded appropriately in the public markets. the private markets were screaming, so valuations were

. >>> and then, why cathie wood is trading in her metro card for a pair of shades and maybe a tom 'ltey jersey wel ll you about that big move and it has nothing to do with stocks. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. and there you have it- woah. wireless on the most reliable network nationwide. wow. -big deal! ...we get unlimited for just 30 bucks. sweet, i get that too and mine has 5g included. that's cool, but ours save us serious clam-aroonies. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. >>> welcome back it is a big d

this is bloomberg. ♪ shery: taking a look at live pictures of cathie wood, the ceo of arc investment speech. having a conversation, this as cathie wood has been talking up the crypto space, ark strategy, dtf planning to invest and wood joining other wall street players helping u.s. regulators would soon green light that etf tracking bitcoin futures. wood earlier letter name that would directly track the world largest cryptocurrency as measured by the s&p bitcoin index. wood speaking at an investment conference. we have seen significant upside when it comes to bitcoin, above $57,000. it fell a little bit in the new york session but is now flirting with our run towards its all-time high, it has jumped more than 90% since the july low. some chart watchers are seeing $85,000 as a potential goal in the next few months. crypto assets worth $2.3 trillion, about 200% more than at the start of the year. haidi: an iron ore giant is making a green push. the billionaire founder is planning a hydrogen equipment factory. it comes as the world's fourth largest iron ore player is eyeing zero emissio

what i like about cathie wood this is where you drafted this this is daily fantasy.pped whoever you had. maybe somebody ent ir and pick this guy up on the wavers. they do security met balance. they are basically a streaming content company. what i worry about with gamification is people don't know what they own if let's say you went to the horses and bet the farm on main stay two weeks ago which was a 6:1 shot it's a philly riding for the first time on turf the people know more about a horse race than cloudflare and i don't like that! >> we saw a similar move and then a double downgrade. >> too hot it seemed like it was made for the gamers probably that guy is 60 points last week. no trade that guy for someone i'm not kidding, carl. fantasy is more significant than gamification you couldn't gamble. nothing to be on it was like just wasn't a season now we have a season they move over to playing the bar stools. >> yes. >> it is like michigan/michigan state. >> you don't think they learned a lesson >> they have learned that there's better games you know here's what they

considering that cathie wood has been lightening up her position is this a name you're looking at righta little bit but let's be clear her flagship fund owns 11%, the second highest is 5.5% so it's more about positioning very interesting chart, charles through august, end of august stocks unchanged then until about 10% relative strength against this weak market really, it's doing pretty well. now get this though on friday, stock options third friday as we know is stock expiration, right? so, as it turns out half of those options were tesla, are going to expire, so i think there's a little magnet short-term, charles towards the 800 mark where they expire but after that i hope it continues to follow the trend and at this point has great relative strength so we like the name charles. charles: is this breaking out for you now, michelle? >> actually today it's having what they call an inside day, they know it has a hirami, which is a pause, a great opportunity if you want to trade it more actively, to buy it if it breaks out of yesterday's range, and that high was 812.32 and you can have a p

i just want to point out, throw to the sound bite from cathy woods recently take a listen. >> a lot ofe are concerned about the gamification that the robinhoods of the world represent. but i'm not worried at all about that i think what happened during the -- after the tech and tell come bust and the '08 and '09 meltdown, the fear and risk aversion that permeated the markets took the joy out of the markets and took the creativity and the imagination. now it's coming back and i really think it's starting with the millennials. they are excited >> now gensler talked about this and he said are they as in trading platforms, the robinhoods using behavior prompts to trade more or move more or trading on margin. but he has given us a clear answer on whether he thinks that needs to be changed, what the s.e.c. can actually do to help the public or if they need help? >> his body language clearly indicates he does want a change to be made i think he's on to something all due respect to cathy woods, i think he's -- directionally correct. it does likely encourage more trading. what he needs to be abl

the outperformance of gm now coming back closer to tesla in the last month or so finally, cathie woodow she's a tesla investor she tweeted over the weekend, they sold -- one interesting thing to note. while evs require more chips than standard internal combustion vehicles, there are a lot of thingsthat go into the chip supply. but wall street has taken notice that tesla has tdone a heck of a job managing its chip simply and that was certainly shown in the third quarter with deliveries exceeding expectations >> still interesting about watching her tweeting about her top holding. i'm curious how you're processing the blend of varying headlines regarding the chip shortage both gm and bmw had hopeful commentary about supply or at least margins versus say audi and honda today. >> right and i think it partially comes down to where are you getting your chips and how are you prioritizing those as you are getting them not all chips are the same for all automobiles and the relationships are different. adam jonas from morgan stanley was talking about this question. why did tesla outperform other

cathie wood speaking to --. art would -- he has been at the forefront of a lot of economic trends.nd also widely panned. especially by the left. it's fascinating that he is still involved in finance. a stronghold digital mining, a trading debut today. there's an actual ipo. so unusual for crypto. we will speak to the ceo. this minute we are going to talk to him. greg, thank you for joining us. why did you choose a traditional ipo when all of your friends are going spat -- spacs. >> we did have a lot of interest from spacs. i think it's part pride, we wanted to be the first bitcoin miner to go through the regular process and go through the front door. and it's part economics. we did not want to give up any of our company to the spacs if we didn't have to. we think we have a great business model being verbally -- vertically integrated. that led us to the decision to go through that process. matt: what is your business model? i don't know if it's a coincidence, but it's great timing for you to go public on a day when bitcoin it's an all-time high. what makes stronghold digital differe

cathie wood. netflix is reporting third-quarter earnings. a lot of people are keen to see if they can justify the more than 90% gain in the shares. everyone is going to talk about squid game and whether they should stop their children from watching it at night. jonathan: thank you. nord stream 2. a gas pipeline from russia to europe across the baltic sea. the politics is fascinating. a headline dropped -- russia has signaled that europe will get no extra gas without nord stream 2. you want to weigh in? tom: is it every year we do this based on the calendar? jonathan: it seems to matter more this time. tom: from america, we are distant to this. basically, europe freezes unless they play nice with russia over hydrocarbon. jonathan: the american administration, this one and the last one, is a mess as well. i am happy with the germans about the arrangement. tom: i seems to meet like itt is a calendar item. you think the russians are serious this time? lisa: the idea that there could be a shortage, the people are paying twice as much for their ga

caroline: let's talk about cathie wood. hoping that u.s.egulators will soon greenlight and etf tracking crypto futures. etf issuers have been rushing to submit applications. coming up, it was more than just captain kirk on the blue origin flight. how much seat cost? that's coming up next. this is bloomberg. ♪ caroline: william shatner may have stolen the headlines when he became the oldest person to go to space. the blue origin also had two paying customers. >> in my case, i know a lot of the blue origin team. every time i see them, unlike when you guys flying. they were like will let you know. then they said jeff is going to fly, would you like to fly next? i was like hell yes. >> one question everyone wants to know. how much does a seat cost on a blue origin capsule? >> i'm confident the ticket prices come down. it's expensive but it's worth it because someone has to try it out. >> what are we talking? hundreds of thousands of dollars? tens of millions? best since the scale. -- give us a sense of the scale. >> it is worth it and it's a pr

[applause] >> cathie wood speaking to carol massar in los angeles. we like to welcome our viewers to "daybreak australia." we are seeing u.s. futures muted at the open since we saw the s&p 500 gain from consecutive sessions. solid corporate results taking u.s. stocks half of 1% away from an all-time high. we see the china index at a five week high. the 10-year yield, gaining ground. wti gaining ground. a little bit of volatility given that russia signaling it may not give europe more gas without approval for the controversial pipeline. it was a big day for the crypto industry. we saw it finish that session at that level. bitcoin, close to that all-time high from back in april. we are $700 away or so from the high. it seems inflation concerns has drawn investors' attention. with the focus on earnings, we are shifting away from those concerns. we are seeing the shift from financial results to consumers, staples, bellwethers with sentiment in the market. in the market. shery:shery: we will start with you and the earnings call. as haidi mentioned, it mig

cathie wood in a debate over that issue watching tesla's evaluation over the $1 trillion mark we'll beack in a moment. [coins clinking in jar] ♪ you can get it if you really want it, by jimmy cliff ♪ [suitcase closing] [gusts of wind] [ding] ever wonder how san francisco became the greenest big city in america? [gusts of wind] just ask the employee owners of recology. we built the recycling system from the ground up, helping san francisco become the first city in the country to have a universal recycling and composting program for residents and businesses. but it all starts with you. let's keep making a differene together. >>> watching a bunch of big industrial and transportation names. u.p.s. is a beat revenue ahead up 9.2 they raised their margin to 13 from 12.7 and their capex guide. if they help the transports get a record, that would confirm the industrial records and you would have some people say this is for real. >> i think that you're exactly right. i think the transports are in great confirmation mode. we have to remember that u.p.s. went down after fedex. fedex didn't do tha

andre swanson will be joining us, along with cathie wood. conversations you don't want to miss.y chang in san francisco. this is bloomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. haidi: welcome to "daybreak us cholla." sophie: we are counting down to asia's major market opens. shery: the top stories this hour -- u.k. premise or come up or as johnson, issuing a rallying cry for action on climate change in an exclusive interview head of cop 26. he calls on world

guy: cathie wood speaking yesterday. tesla gearing up to release quarterly results today. preview is our auto reporter. that has a punchy target to get to $3000. what does tesla have that is going to continue the momentum it has now? what are we going to hear later? >> tesla is on a tear now. they announced third quarter sales a few weeks ago and it was a huge upside surprise, a quarter million vehicles in the third quarter worldwide. that was up from a year ago. more than anyone expected. they have two factories coming online, one in texas, another in berlin. they should be able to build 1.5 million vehicles by the end of this year. they are on a growth search. the company will sell 20 million vehicles by the end of the decade, which would be twice what toyota sells now. alix: in terms of numbers today, it is my understanding the elon musk will not be on the call. are there any fireworks we can expect or will this being -- be a pretty boring hour or so? keith: tesla is never boring. i do not think we can count elon out. he may not be on, but he has a lot to crow about. in

dani: not to hit a lightning rod, but last month you had a pretty public debate with cathie wood. fun to watch. we continue to see these inflows into art etf. should investors really be running for the hills instead of running into these types of funds? rob: i'm going to be cautious here because bubbles can last longer and go further than anyone can possibly imagine. i would say that if you are thinking of buying tech, some of these frothy growth names, ask yourself, what is my exit strategy? if you don't have an exit strategy, don't go in. you will write it up and all the way back down. i liken it to picking up nichols in front of a steamroller. it is very, very dangerous. rob: i like to play in the middle of big, fast, moving roads. we had a guest before you, martin, we ended up talking about chile. he expects the bank of england to raise rates in the next meeting. the intricacies of that i don't want to dwell on with you. he called for a drop in the pound, a rising of rates more aggressively than the market perhaps presumes in the united kingdom. would you buy in the u.k.? rob:

coming up cathie wood is making headlines this morning news of her big move in the next one.sa. she's a posh virtual receptionist. when you're busy, she'll answer your calls and assist your clients. you can't be in two places at once, let posh answer. posh virtual receptionists. 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. you could fret about that email you just sent. ...with a typo. aaaand most of the info is totally outdated. orrrr... you could use slack. and edit your message after it's sent. [sigh of relief.] slack. where the future works. >>> welcome back it's time for today's executive edge du jour ark investment management, cathie wood is leaving new york city cathie wood said the new york headquarters will be permanently closed at the end of the month with them moving to st. petersburg, florida. they'll also accommodate employees who prefer to work remotely florida is nice. >> it is especially as you get toward

cathie wood's etf's other biggest ever quarter outflows in the third quarter.f you use that as a proxy protect it is down .4%. energy higher 1.4%. natural gas futures off 4%. as you pointed out, that story not over. large calls coming out of bank of america. prices could be $120. you could see brent at $100 if it gets bad. 10 year yield at 1.48%. as you get heavy on tech you're getting buying in the bond market. guy: let's talk about the inflation number. inflation in the euro area jumping to 3.4%. what does this mean for the next quarter, let's bring in bloomberg siena brando -- i keep hearing the ecb tell me the price hikes will be temporary. does today's data confirm or deny that idea? >> it certainly confirms it. it shows energy was very strong in september. price pressures are expected to pick up further until the end of the year. that is expected. the risk policymakers have started to identify is the persistent supply pressures will mean inflation itself might be stronger than expected. the wages will increase as a result. it is much too early to draw any

that's cathie wood. and they are going to florida. they are cutting bait and running.they are not the first. you could argue they are not particularly innovative in this idea, are they? there was a piece on the terminal couple of days back about how this move south is stoking tension locally, and both florida and particularly in texas. i think there are going to be downsides to this move. we will see exactly how it works out, but many people have already trod this path. alix: real estate in new york, everyone says it always comes back. these are some big behemoths that are moving with some large money, and a lot of people. guy: wall street is now an idea rather than a place. that certainly seems to be the narrative i'm hearing. alix: that was really deep. guy: european markets are about to close. this is bloomberg. ♪ jonathan: wrapping up the winds -- guy wrapping up: the wednesday session in europe. we are down hard across the main markets. a silver lining, we are off our lows, largely driven by what we are seeing stateside. we are now moving a little bit more positiv

i think it will be interesting to hear what cathie wood has to say, but also howard marks and steven mnuchin. tom, after the market, we get netflix third quarter earnings. the expectation is for it to be great. it better be, since the shares have gone up basically 100% year-to-date. people will be looking at what is next after we just saw their blockbuster that has gotten all of our children very interested. jonathan: not just all our children, is it? lisa: have you watched it? jonathan: i will not watch any of that. tom: they are watching "surveillance." jonathan: should we do that shout out now? tom: this is lovely, folks. this is why we do this. ring in the child. the offspring. jonathan: here's the tweet. "got to start them off young. also won't know how to provide proper condolences to a top supporter." thank you, sir. congratulations to your first child, sir. tom: for maternity advice, why don't you bring in our next guest? [laughter] jonathan: maybe don't come to me or tom or any -- tom on anything. gina joins us now, chief equity strategist at bloomberg intelligence. i want t

at the same time you have cathie woods going to st.orida out of new york city, we are talking about the financial drain and how they are leaving and how to get them back, what we need to happen to do that. guy: london is facing a number problems, one of which is pandemic related, the other is brexit related. a number of people who used to work here that had eu passports, it is much harder. the opportunities and the pay is going up in places like paris, making the move for staying at home much more easy. it feels like it is true in so many industries. i do not see why finance should be an exception. london as a financial center will not disappear. a huge demand for jobs. guy: -- alix: for you guys it is covid and brexit, for us it is taxes, the state and local tax reduction which brings us back to the infrastructure bill and if that will be a part of it. if you bring that back or raise the cap, then you can deduct more state and local taxes on property. does that make a difference and can you get more people to stay? it might be too lat

ark etf application that is lending of cathie woods' name.lpha, i think alpha architects are involved as well, i want to show you the froth in the crypto craze. that is good alliteration. this might be the get off my lawn moment from you. we have to talk about nfts, non-fungible toke. you know what they are, right? neil: a absolutely i do. susan: digital art or verifiable pieces. look at the artwork sold for 1 1/2 million dollars this morning, called, boring apes. what do you think of this? it was back in march $3,000. 1 1/2 million dollars sold today. >> really? susan: might tell you, you know what ether rocks are don't you? this sold for two million dollars. the rarity of nfts. there is only 100 of the ether rocks made, goes back to 2016 when nfts started. crypto punks, worth millions of dollars now. this is booming business in nfts. 10 million-dollar business in the third quarter, in the summertime. can you believe that. neil: that is -- susan: largest crypto exchange starting their nft sign-ups. you have to email in to sign up for an acco

phil, a final word on where we are with the auto market more broadly speaking the argument that cathie woodmaking is that this is more than just a production issue, there is a structural shift away from gas-powered cars sales have fallen 30% from their april peak already and you wonder if there is going to be a hangover once everyone has gone out and bought a car. like she says, the inventory is now sitting in garages and driveways. i am curious, is the reason why tesla continues to grow, because it also expresses this conference for their cars versus the other models that are out there? >> look, there is no doubt that the world is going towards electric vehicles. the question is, how quickly will that happen right now we are at about 3% of the total market being electric vehicles it's likely to get maybe to 10% by 2025. that's if things grow quickly. then how quickly does it get there, let's say by 2030, 2035 we are not going to see the end of internal up combustion vehicles that's not going to happen there are 275 million vehicles out on the road. those people -- they drive those cars for

they're looking at financial incentives that visa gave square, strip and paypal and cathie wood's organizationts ticker, sark back in a moment time for your big money movers first up, ebay, third quarter results beating forecasts but the number of active buyers and merchandise volume fell. they're also projecting fourth quarter revenue below estimates. the sign that the online shopping boom during the pandemic is easing shares down almost 6%. don't miss the ceo on squawk on the street today and a first on cnbc interview at 10:30 a.m. eastern time >>> stock two teladoc, stocks are falling even after better than expected third quarter results. the stock down 30% this year after surging more than 130% in 2020 shares down almost 4% this morning. >>> finally twillio, beating forecasts but shares are tumbling as fourth quarter guidance is below analysts shares down almost 12% before the bell >>> on deck, potential fireworks on capitol hill today as several big oil executives go before lawmakers facing questions in their company's roles in disinformation brian sullivan will preview that hearing for u

. >>> well, twitter does have one big name believer this quarter cathie wood buy more than 1 million shares in the company after those numbers along with more than 625,000 shares of robinhood. plus, the quarterly results are in breaking down the winners and losers in the semi conductor space amd, texas instruments and more report. "techcheck" is back after this leaving you lost. 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 hi, my name is tony cooper, and i'm going to tell you about exciting medicare advantage plans that can provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you are covered for hospital stays and doctor office visits but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's look at a medicare supplement plan. as you can see, they cover the same things as original medicare, and they also no prescription drug coverage. now, let's take a l

a vote of confidence in that strength there's plenty people concern now -- i think this is the cathy woodars have been purchased it's going to be tough were carmakers to deal with the aftermath. >> as well as the what about the infrastructure for evs we know gm is pushing forward by 2030 to have more of their car just being ev based and they announced today they're going to be spending $750 million on ev infrastructure so if we're talking about the future of the auto industry i think that's going to be fascinating to see the stations, the retailers that can benefit, because you have to sit and wait 10, 15 minutes for your car to charge up. i'm going switch for just a second, because in that note they did speak about air travel, and i think it's fascinating, too, that with air travel it seems like many of us are not as concerned when it cops to the environment and that possibly going forward we could see the death of first class as more and more leash travel picks up you can see people paying for comfort plus but not first class. >> cold play i think is under pressure because they've got a

cathie wood believes in cryptocurrencies, blockchain technologies as a key game changer to financials. this is up about 3% on the year. if you invested in the physical itself, you would be up higher than the derivative plays, which leads you to wonder, what is the purpose of them? alix: that is such a good point. great stuff. you are sticking with us. invesco's new crypto etf in the landscape more broadly, we are going to break that down with john hoffman, the firm's head of america's etf and indexed strategies. let's pick up where sonali left off. if you can outperform with straight up bitcoin, why do we need all these derivative rots? what is the thinking behind it -- derivative products? what is the thinking behind it? john: there continues to be more funds launching to provide different exposure. if you take a step, blockchain is a relatively mary -- is a revolutionary technology. if you could flashback to the late 1990's and think about the internet back then, i remember dialing up on a modem, and now i can swipe my phone and have a package arrived at my door 25 years later. we

woods. she had some comments on the inflation debate and technology. yesterday was jack dorsey, today it's elon musk cathynew technologies will keep prices in check in the short term at least. woods funds have underperformed year to date the ark innovation fund is still negative and worth noting too in the third quarter all six of her funds underperformed and she puts it in terms -- she look at next generation technologies like artificial intelligence and saying that these will ultimately be deflationary sources and after the bell today we're going to get two very important indicators of this microsoft and google apartment alphabet. last time you spoke to satya nadella with comments on inflation and cloud forces at work. >> i was asking him about how microsoft is raising prices on microsoft 365, on office in the coming year. and i think around march the prices are supposed to go up and while those prices are going up at the same time he was arguing that what they're working on is deflationary in the sense that you're going to be able as a business to get work done and spend less money doing it so there ar

it's been the main on-ramp for investors like cathie wood, for example, to get exposure to crypto grayscalens to convert that fund to a spot etf eventually and ceo michael telling "squawk box" this morning that he expects competitive pressure going forward in they stand ready to reduce fees. one other thing analysts are watching, the grayscale discount it used to be a premium. it's been trading at a discount, 15% discount to the price of bitcoin since earlier this year. that's blamed on a six-month lockup period of initial investments in that fund holders aren't able to redeem shares and react to bitcoin's market price in real time. the traders in some cases are buying grayscale, betting the spread would collapse in it is approved as an etf and they are using it as sort of a way to buy bitcoin at a discount. mentalis a. >> thank you. >>> karen, we actually have talked about this in the past, that tis count i wonder what your thoughts are. seems like it would have to trade if it's going to be an etf reflective of the price. >> right this is the kind of thing we talk about, actually the disco

i know our friend cathie wood is also a believer in this name when you look do at those other na names this one is going to be moving as fast or faster than any of the fast growth ones, and those fast growth names are not jp morgan, wells fargo, and bank of america. it's the ones more on the cutting edge and if you want to, we could even put robinhood and so forth, but they've got some regulatory hair on them that these guys do not have so i like sofi a lot i don't know if it gets to 25 by the end of next year, which is more or less my target i think it's a little soon to think that it's going to make this surge over 20 and just blow through to 25. i think it takes it more or less a full year to get there, but lots of good things ahead for this company >> joe, are you sticking with this one >> oh,a hundred percent. i mentioned previously when i initiated the position was about waiting for positive momentum. you have that the stock will now break out towards $20. there's been a lot of strong activity in the debt market where debt investors have been able to take advantage of student loa

. >> i'm going with arkk g, one of cathie woods but i'm on the negative side.ow, buying puts in that. that's interesting joe, quick with a name and then weiss. >> netflix, staying long >> volkswagen, staying long. great opportunity here >> good stuff. thanks, everybody. "the exchange" starts now. ♪ ♪ >>> thank you very much, scott hi, everybody. i'm kelley evans here is what is ahead on "the exchange." stocks can't seem to string together a rally here. energy concerns and slowing growth signs sending the dow lower. energy is leading the declines bit coin is bouncing, up to 55k. we will look at why all of this is taking place. >>> vladimir putin swoops in to say he will save europe from the energy crisis. that has nat gas plummeting 8% after a huge spike earlier on, why energy is now underperforming but is

in bitcoin it is considered a major step toward legitimizing trading in crypto just last week cathie wood's supported. there is bitcoin, 63,466 just about $100 or $1,000 shy of its all-time high. earlier on "squawk on the street" explained gary gentzler explained why he endorsed it >> i think we in the sector should be technology neutral but not policy neutral what we're trying to do is ensure to the best we can within our authorities to bring projects into the investor protection perimeter >> joining me now with more on the impact across the financial sector and for investors, kaitlyn long is chairman of a crypto friendly bank kaitlyn, great to have you today. >> thank you >> do you think it is the retail investor interested in the product or more for institutions who really can't deal with straight bitcoin >> certainly a lot of institutions like 401(k) plans and some iras need the product rather than bitcoin itself, but there's certainly a lot of retail interest in this. what everyone should be aware of though, as you have correctly said in the intro, is that this is not bitcoin it is not

if you notice, cathy woods is not starting a xrp, you know -- [laughter] etf or whatever she's thinkingeverybody knows, and we reported this fest on your show, i believe, at fox business on your show or cavuto's, that he personally lobbied jay clayton back in 2018 -- liz: so how must he feel about coinbase's move? >> well, keep bitcoin as a currency and not a security under sec rules. my guess is he hates it. one of the things about gary gensler if you go back and look at his regulatory history, he's a guy that likes to control stuff. the reason why, i think, the main reason why he wants to change market structure, force everything on to the exchanges, he believes it's more transparency. he doesn't buy the fact that it might raise costs because if you have competing exchanges and dark pools, guess what? lower prices. so he likes the fact that everything is centralizedded he's a progressive, you know, that's his business. he follows elizabeth warren school of economics. so he will go against this. the problem i think he's going to have is if the republicans take the house and the senate,

will be back to a normalized level again the other school of thought, which you could call it the cathy wood point of view, but she is saying the surplus inventory is now in driveways and garages, neil. there was historic demand for autos that is not going to come back right away. that, if anything, now that entire physical goods sector has experienced possibly a glut that could cause a hangover and put downward pressure on prices and demand for the next couple of demand >> well, i think that you had the used car market take off because nobody could get a new car. very difficult if you look at what the dealers are getting for their cars now, they're not just getting invoice or less than invoice, they're getting above invoice if you want to pay that kind of money the bottom line here is people like to buy new. they do not like to buy used first. so essentially once this supply chain goes away, all of these cars and trucks that are being made that are sitting there, and once they get the chips in them, are going to go quickly. people want to spend their money. they've been house bound for two

so, you know, cathie wood's take on all of this is that five 9 is going to wish that -- i don't wants into her mouth, but they might come back at this one and think it was a missed opportunity >> well, look, there are a number of analysts that upgraded five 9 shares on this, thinking there is more upside and that five 9 could have gotten a higher premium to me, kelly, the really interesting angle here is zoom what does it say about what zoom needs for its next leg of growth the fact it needs to focus on the enterprise customer, and that's speaking of hybrid work is where their business is going down the line. >> nancy >> i think the sell-off in the zoom price obviously was the reason this deal was scrapped and now they're both up on this news if it were me, we don't know either, but i would probably be dipping my toe into zoom here simply because this is a company that's got arnings, the industry leader. they can figure it out if it is not this acquisition it will be another. >> i see derek nodding in agreement. let's move along, talk about the superhero settlement in a case that roc

quite successful in doing that amidst the digital transformation but a good way to play this too as cathy woodsrk etf, these are some of the major holdings and this reversal, carl, you mentioned we have seen this morning, investors taking another look, many of the names underperformers year to date but the last few weeks, have caught a bid and they are doing a lot better you think that that growth trait is going to pick up again the ark etf could be where to go. >> it's not happening in a vacuum obviously the whole market is paying attention to yields at the front end. we see hawkish moves on central banks around the world jp morgan is out this morning that says that earnings, jon, continue to surprise to the upside guidance remains constructive. and as supply chain issues subside, we expect top line growth to further reaccelerate, investors should be buying the dip and cyclical assetings and position for yields to resume moving higher as further into the curve. so, it's a lot of -- it is really fascinating mix today of macro and micro. >> we got a look at i think a big retail innovator in shop

space etf's also getting a halo effect on the rocket lab news, cathie wood's space fund seeing biggest up, where is it charlie, the last one, jumped 1.5%. charlie: you're asking an old man like me, i can't see. lauren: and denim, if you're old you probably call jeans denim, levi's certainly not seeing in the blues take a lack at shares up 9% as post-lockdown shopping sprees helped the company to beat on both profit and revenue estimates in the latest quarter. charlie: we were too poor to wear denim. we wore tough skins. lauren: you're really showing your age. charlie: we didn't have enough money for levi's. lauren: square, anything but boring this hour, after jefferies upgraded the payment all-star to a buy calling fintech a must-own stock. the firm's new price target of $300 predicts a 25% upside for shares on high hopes for squares new cash app, stocks up 4.5% that is a lot of with the exception of levi's that's a lot of tech news. charlie: now we're going into bitcoin. lauren: let's keep it going indeed. the price of bitcoin on the verge of a massive spike, it did hit 55,000, charli

i want to show you ui path which is cathie wood favorite. stuart: never heard of it.onths or so they are striking a deal with crowdstrike for robot path processes and a software-maker. there is one of the heavyweights for cathie wood and arc invest fund. stuart: news on ralph lauren. used to work for them. susan: really? what did she do there? stuart: yes, in new york city. susan: ralph lausch ren has one the cleanest balance sheets. along with nike, under armour. look at the rally we're seeing there. compelling risk/reward. nike is worth 170 bucks. ralph lauren, 137. under armour 26 bucks. stuart: take it all. susan: cotton made, cotton has the highest price in many years. stuart: fun when the dow is up 400 points. susan: makes you feel better compared to yesterday. stuart: you can smile a bit more. susan, thank you very much. >>> dave portnoy is the founder of barstool sports, got that. he says he is being shadow-banned on social media. that his posts are getting buried. the man himself, dave portnoy joins you now. what do you think is their problem with you? >> who

cathie woods but i'm on the negative side. puts at the 71.50 strike in october. >> wow, buying puts in that. that's interesting joe, quick with a name and then weiss. >> netflix, staying long >> volkswagen, staying long. great opportunity here >> good stuff. thanks, everybody. "the exchange" starts now. ♪ ♪ >>> thank you very much, scott hi, everybody. i'm kelley evans here is what is ahead on "the exchange." stocks can't seem to string together a rally here. energy concerns and slowing growth signs sending the dow lower. energy is leading the declines bit coin is bouncing, up to 55k. we will look at why all of this is taking place. >>> vladimir putin swoops in to say he will save europe from the energy crisis. that has nat gas plummeting 8% after a huge spike earlier on, why energy is now underperforming but is the worst open in rapid fire we will cover everything from airlines, retail, restaurants and tech, the names to buy and avoid dom chu is here with the numbers. >> i miss rapid fire so much but i get the pleasure of joi

it's happening cathie wood responded. in 2008-09 when the fed started easing, i thought that inflation would take off, i was wrong. velocity still is falling. wood went on to predict once the holiday season passes companies would face excess supplies and prices would at that point unwind >> you know, joe, when i spoke to her at that salt conference a couple weeks ago -- >> >> it's a gnat. >> yeah. >> i think it's a tsitsi fly i saw it friday when i was there >> this was a gnat sorry, andrew. >> what i was going to mention when i was at salt with her, she actually made the case over the next five years there's going to be enormous deflation. but her argument was it was a function of technology she thinks there's going to be massive deflation, then the question begs if you believe that we're in a deflationary environment which seems at odds with where we are right now, then can you still be a bitcoin bull, which, of course, she is arguing that it could be worth something on the order of $500,000 a coin over the next five yea