much now let's talk more about nvidia which is getting crushed after the new warning and kristina partsinevelosthis weakness. >> the negative preannouncement shouldn't it be a major surprise given the data points? we've seen gpu prices and those are the graphics chips used in gaming and they've been following for quite some time and shortages have disappeared and the supply chain gluts and problems and gaming and crypto mining that has also weakened. so demand has weakened and these are all negatives for gpos and those are the chips specifically used for graphics and ai and gaming plunging 44% quarter over quarter and it's not just about gpus and data center also is expected to increase 1% quarter over quarter so that was lighter than what a lot of people were expecting and that was because of supply chain issues and luckily that's not because of demand and amd suggested something similar. fortunately, data centers are still expected to be up 60% year over year. wall street sees this news not necessarily as unexpected and as a sign that nvidia is telling investors to shift your focus away towar

>> kristina partsinevelos. big bond sale there by the company formerly known as facebook it will always be known as facebook. >>> to a serious developing story on friday morning. the latest on the tensions surrounding taiwan china continuing the military drills in response to house speaker nancy pelosi's visit to the island this week beijing carrying out precision missile strikes yesterday on the waters off taiwan's coast. japan calling on china to end the exercises after five of the missiles fired by beijing landed in waters near its own borders a short time ago, china announcing sanctions all on nancy pelosi speaking in japan overnight, pelosi said the u.s. would not allow tie aiwan to be isolated d not prevent american officials from traveling there >>> it is jobs friday. the first friday of every month. non-farm payroll out at 8:30 a.m. job growth expected to slow a bit as the fed hikes rates in the effort to reduce inflation however, it is unclear if the labor market will slow enough to tip the economy int

. >> still after the break, kristina partsinevelos sitting down with the ceo of arm holdings they'llt the struggles that have been facing the semispace this year and what if the chips act will help to ease shortages and underpin a new bull market. we're back in a moment yeah, let's redo the basement. hello home movie theater. (laughs) spare bedroom. why not both? use the u.s. bank mobile app to apply for a home improvement loan. it's easy! .wonderful alex! hey, that's what u.s. bank is for. anything else? how about a loan for a bigger car? our family is growing. awe. yeah, my brother's moving in with his five dogs. oh... heyo! and we're expecting. ahh! (dog sound) expecting wh? help for today, planning for tomorrow. u.s. bank. we'll get there together. >>> welcome back to "power lunch. the nasdaq worst performing so far, chip stocks are the reason why the mshatf down, you can see the losses of 3% or more there on those stocks including micron, texas, microchip and analog kristina partsinevelos joins us now with a look at what she's been hearing. >> that's right. i had to come here to

kristina partsinevelos joins us. why should this announcement come as a surprise to investors?se gpu units have been dropping in price for quite some time. there's been a lot of warnings around weakness in gaming, around weakness in pcs so yes, the street was expecting some type of reset it's the magnitude of this reset we're seeing with nvidia that's concerning the fact that gaming fell 44% quarter over quarter you mentioned data center revenue. it climbed 1%. it's pretty strong but a little weaker than anticipated. luckily the problem had to do with supply and not demand there's two key points going forward. one, what we're seeing across a lot of chip makers is they're shifting your attention away from their units that are exposed to weakness, like pc handsets, gaming falls into that mix as well and shifting your focus toward data centric segments that are expected to grow that would be ai, auto and data centers fall into that mix as well so we're seeing that shift quite a bit. the second major point too with a lot of these companies is has the stock dropped enough where the

seed of demand remain strong in the enterprise segment where it's seen trip revenue growth kristina partsinevelos and jeff mills is a contributor. kristina, you first. >> amd did update their numbers, but the consumer client business, we saw weakness with several other chip makers, too the second point, like you mentioned, enterprise. data centers across the board will -- with intel you saw drop 16% year over year they said it had to do with equipment manufacturers, higher inventory levels, mentioned lower pricing. the third point was competition, and who is intel's biggest comp competitor amd, and then the third point is just gp units, graphic processing units that are used in gaming. yes, prices have gone down, so from a gamer's perspective, that's good news, maybe not good news for margins, but on the enterprise level, you buy it as a mixed package, so it may have less of an impact. wall street is relatively bullish on this company, no doubt. >> kristina, makes sense jeff, how high are the expectations for amd, particularly when it comes to the guide, as we're heading closer to q4. >> listen,

some warning we're only seeing the beginning of more pain kristina partsinevelos is live from one of their facilities with more on the slowdown. >> reporter: chip sectors are facing a crossroad you have a slowdown in demand but at the same time chip companies across the board are making promises to spend billions of dollars on u.s. soil to build factories that's why i came to onsemi here in new hampshire they have a ribbon-cutting ceremony later this afternoon. across the board chip makers are warning and giving weaker outlooks companies like western digital as well as qualcomm, their stock is dropping at least 4% since those weaker outlooks. you mentioned the smh which is on pace for its worst year since 2008 no doubt companies are facing tough times. the slowdown is sharper than expected they have to build up capacity here in the united states. you have companies across the board that are promising to spend billions of dollars here in the u.s., and unfortunately the subsidies, the c.h.i.p.s. act subsidies are only supposed to cover 30% of the founding recosts which are between $10

kristina partsinevelos joining me it's great to have you onset. >> great to be sitting next to you. let's talk about big players they're dumping the chips. the latest 13f filings that show popular semiconductor names are falling out of favor with micron taking most of that hit. david tepers hedge fund dropped its position by 73%. david einhorn's green light completely dissolved its stake in intel intel stock is down about 2% today, and one of the only stocks right now, the tech stocks on the nasdaq 100 that hasn't jumped higher since the june bottom. code two slashed nvidia by 92% recall nvidia as well as qualcomm issued weaker forecasts going forward. not everybody is saying goodbye. viking global picked um over a million shares in micron. >> the june bottom is remarkable, what we've seen since then andrew, this has been one of the largest and sharpest semi corrections we've seen in over a decade these 13fs, they're backwards looking, but aulsz the question where do the semis go now? >> i want to see the 13fs next quarter. they may be different than what we're looking at right now

of a slowdown in the third quarter in its results yesterday will expedia also be caution kristina partsineveloshe story here and we have the trades today also a cnbc contributor. >> let's start with the three positives setting the tone you had google that said the travel that contributed the most you had bookings that posted earnings that beat estimates and airbnb that had record bookings. however, there are three negatives. a recession, fears of a slowdown the second point, too, is the foreign exchange impact on free cash flow, which we saw previous quarter for expedia. they did take a hit. the second one, which is small, but still a problem. all those flights at the end of q2 could have an impact on their sales. one of the two big points or numbers i'll be looking at is gross bookings that's expected to be around $28 million. the stock was down about 40% underperforming the s&p 500 and we can see airbnb doing better shares are down about 2% right now. >> thanks. you don't like it. >> no, jon thanks for having me i think there's some downside risk a lot of demand was pulled forward because we

. >>> good morning kristina partsinevelos, here's what's happening this hour jihad group is threateningact revenge. seven dead 40 wounded. israel estimates around 15 people were killed the attack comes amid rising tensions in the area, raising fears of a larger military conflict. >>> two of the people injured last night by a lightning strike near the white house have died they are identified as a man and a woman in their 70s from wisconsin. two others remain in critical condition. the white house says it is saddened by the deaths and praying for those still fighting for their lives. >>> president biden is celebrating this morning's report that payrolls grew by 528,000 and the unemployment rate foley 3.5% last month in a statement he says it shows his economic plan to rebuild the middle class is working. while acknowledging there is more work to do. >>> just minutes ago the white house announced on monday biden and the first lady will go to eastern kentucky, which has been hit by massive flooding. >>> guys, back to you. jon? >> kristina, thank you. >>> and one name surging, carbona. the

kristina partsinevelos joins us now and she has the ceo of onsemi at the company's new silicon facilityshire for more on this story. kristina >> thank you, kelly. you set it up really nicely because that's exactly how i want to start the conversation with hassan. we hear about the slowdown across the board, but companies like yours nxp semi say it doesn't affect us because our bread and butter are autos are you seeing cracks in that now? >> the auto segment is 67% of the revenue. it's solid we have a lot of long term supply agreements that have signed up with the customers that give us the visibility and the confidence for us to invest in facilities like where i am today. we have talked in the last call about softness in other markets and we've been proactive about that it's nothing to hike from. >> what do you mean by proactive? >> we started on the manufacturing side we reduced a little bit on the manufacturing intensity that goes into those markets and we shifted to the extent we can into the auto and industrial which we see strength. >> you mentioned the long term agreements and the

i'm kristina partsinevelos at the nasdaq shares of amc plunging over 38% after the country's largestheater chain issued new preferred equity units it is hitting by words that cineworld is filing for bankruptcy after ryan cohen sold his shares of bed, bath & beyond questioning confidence in said companies and the sell-off prompted by rate concern, but what's going on. every amc shareholder as of end of day last friday was issued new share for every amc share they owned amc shareholders technically are worse off. on the screen you're seeing $11 plus $6.40 less than friday's close of 18.02 and amc has warned that they could issue more ape shares even though shareholders voted against the issuance of the new equity at their last shareholder meeting >> interesting so much for listening to what the shareholders want on that one. >> macy's gap and nordstrom are going small and getting away from the malls macy's is accelerating its plans of opening smaller stores after market by macy's after a change following the pandemic, so are these retailers able to reinvent themselves and is it the end

after the sharp pullback in yesterday's sell-off it now shifts to data center gaming too kristina partsineveloscenter is so important. >> hi. i guess the quick answer is consumer electronics across the board weakening, smartphones weakening and some even argue about saturation data center sales, big organizations can not only bring in the hardware stream of revenue but the software side as well soon enough a lot of these servers will need to be even stronger to handle artificial intelligence there's a lot of potential for intel, though, the highly profitable data center business actually underperformed quite a lot in the last quarter. the stock just yesterday hit a five-year low. today it's trading a little higher but we might learn a little more about its hold on its market share later on this week that's because nvidia is out with earnings tomorrow the company preannounced weaker revenue stating like you mentioned, carl, the gaming chips face a crypto hangover and challenging market conditions, they're expecting it to continue into q3. but that also means there's going to be much more emphasi

and now the news keeps on coming, earnings from nvidia and a deal for intel, let's get to kristina partsinevelosgot it all for us. >> let's actually start with that cash injection for intel. think of it like a joint venture between intel and brookfield asset management they're going to invest $30 billion in two fabs in arizona. intel will pay the majority at 51% of total costs and retain control of the fabs, and then you've got 49% for brookfield. the cfo said this could potentially be something we see in the future, more partnerships like this in the chip space. intel expects to fund these from cash flows from operations and government incentives, which means it's still reliant on things like the chips act, which would help bump its cash flow by $15 billion according to the company. the company, though, is pretty good at raising capital, right what about that execution, this stock yesterday did hit a five-year low. it's trending higher at $34 a share, but down on the year. on a yearly basis, though, 12-month chart, think of that, nvidia is the stock that has fallen the most from its 52-week hig

for more i'm joined by beth tindig, io fund lead tech analyst, along with our own kri kri kristina partsinevelos >> amc's new preferred equity unit, also the acronym is known as apes, could provide much-needed capital to the largest movie chainin the country. that would be amc. but today it's off to i arocky start. every amc shareholder as of end of day last friday were issued the new ape shares they were supposed to be appearing in their brokerage accounts today instead of a stock split, where amc would be split into two shares, instead shareholders should now hold one ape share for every amc share they own both of which, though, are trading in the red today amc shares plunging, down 38% for several reasons. the first one is the ape issuance drag on amc as would be the case in a stock split. then you've also got concerns about cineworld possibly going bankrupt even the retailers disagree. retail traders disagree with that statement and overall meme stock sell-off that you are other seeing across the board. this after ryan cohen sold his shares of bed bath & beyond questioning confidence in said

kristina partsinevelos has a preview of that name. >> amd updated their annual guidance in mid-june so making expectations just a little bit more accurate and possibly easier to beat but there are three points i want to focus on we've got to talk about weakness in pc sales that has plagued several chip makers, intel being the latest the second point is data center strength, especially after intel reported a 16% year-over-year unexpected drop. so the big question is will amd have the same trajectory or show market share increase. wells fargo analysts expect amd server cpu business to double in the second quarter that's a big move. lastly, that third point, graphic chips. the prices have been dropping. nvidia saw its high-end gpus dropping so the question is what will that mean for amd and gross margins. amd stock still underperforming the s&p 500. but if you look at amd versus intel the last three months, look at the difference you've got amd 10% higher in the past three months versus intel you may get 19%. we'll have amd's earnings in less than 15 minutes. >> and we will look to you th

. >>> time for a news update let's get to kristina partsinevelos. >>> sales of newly built homes fell 12.6% in july from june levels, the slowest pace since early 2016 the slowdown affects the -- new home sales 30% below where they were a year ago. >>> pfizer and partner biontech say their covid-19 vaccine was 73.2% effective in a study of children under the age of 5, below earlier analysis which suggested an efficacy rate of just above 80% experts have said the number could fall due to a low number of symptomatic cases in earlier studies. >>> consumers have been cutting back on dining out, but not on their morning coffee financial services company rabo josh bank says spending fell 3.1% in june but rose 1.9% at coffee shops and bakery cafes, consumers are embracing indulgences, even as their being more careful with budgets. jon, back to you. >>> intel striking a $30 billion partnership with brookfield asset management to finance its fab expansion plan, breaking down the news and more with intel's chief financial officer david zinzer, up next. (vo) hi. we're visible. a different kind o

kristina partsinevelos has the story. >> tyler, shares of sun run have popped since the announcementmocrats' inflation reduction act. we saw it a few weeks ago, it includes the most ambitious climate spending package in u.s. history, $370 million, but when we are talking about sun run there's three major points i want to focus on, the sustaining customer growth segment, so can this happen, guggenheim noticed slower web traffic on residential solar developer websites, maybe that's a sign that weakness is coming, there could be nervousness about the outlook for new customers. there are some positives, sun run does have an installation backlog, about one to two quarters or so and then it also recently announce add partnership with ford so that should help the second issue is supply chain problems is this going to start to ease because sun run deals with so many suppliers, there's also been a battery supply bottleneck, we will be checking to see what higher material costs, too, will mean for margins. and then lastly this is not an impact on earnings but more of a conversation that will p

amc shareholders are feeling the heat to some degree as they debut their ape class of stock kristina partsinevelos the details. to sort of think about how to assess the impact of this new share class. >> yeah. it's a little complicated. we'll get into it because amc's new preferred equity unit is known as ape it's also a special dividend and could provide much-needed capital to the largest movie chain in the country which is amc. so every amc shareholder as of last friday were issued new ape shares instead of a stock split where you'd have amc split into two shares, instead they now hold one ape share for every one amc share they own both of which are trading in the red. amc shares plunging, down even more down 42% there's several reasons. you've got the ape issuance dragging and then concerns about cine world bankruptcy, and lastly the general sell-off in tech prompted by rate concerns but amc is also having its worst or third worst day, i should say, in history. you can see down 40% very close to the second worst day at 41% and if you were an amc shareholder on friday and are still holding on to

stay with us >>> welcome bulk i'm kristina partsinevelos former president donald trump has filed a motion in florida seeking the appointment of a special master to review materials seized by the justice department from his mar-a-lago estate. the motion seeks an injunction that would bar the government from any further view view under the appointment of a special master >>> a former louisville detective is expected to plead guilty to helping falsify a search warrant that led to the killing of breonna taylor. the former office is expected to appear before a judge. she was charged with conspiring with another detective to falsify the warrant. >>> two democratic titans are facing off in a new york primary today. jerry nadler has been pitted against carolyn maloney. both candidates are in their 70s. leslie, back over to you >> kristina, thank you very much. >>> a quick check on cre crypto stabilizing after a sell-off you also ask crypto-exposed names like coinbase getting a decent bounds. this is a very rare interview. >> he says running a crypto company during a downturn can be what he called

. >> twitter shares reacting nicely times for a cnbc news update with kristina partsinevelos. >> hi,eryone former president donald trump says he hassic reason his fifth amendment right against self-incrimination, refusing to answer questions before the new york attorney general letitia james. in a statement, trump said he had no choice, because he and his family are the targets of what he called an unfounded, politically motivated witch-hunt. >>> president biden is about to sign legislation to expand healthcare veterfor veterans exd to burn pits >>> and the beluga whale stranded for days in france's seine river, died today. he was successfully lifted out of the river, but the dangerously thin whale began struggling to breathe during the rescue efforts, leading authorities to decide that euthanasia was the most humane option back to you, sara. >>> the dow is up 500 points following the morning's cpi print. the ten-year 2.725%. every sector in the s&p is higher except for energy, and materials leading the charge, up almost 3%. we'll be right back. ♪ ♪ wow, we're crunching tons of polyg

. >>> time now for a news update comp kristina partsinevelos has that. >> senator sinema says she willrward her support means democrats will likely have 50 votes to push it through the senate before it moves to the house next week for final approval. >>> at least 13 people were killed at a fire broke out in thailand in a nightclub. >>> and three more ships with grain have left ukrainian ports, headed to turkey for inspection. they're loaded with over 50,000 tons of corn ukraine is one of the world's main breadbaskets, and the trapped shipments were causing rising prices. carl, back over to you. >>> up next, jan hatzius is with us, and a check on the dow for the week, negative for the week to date so far, though for the month, a 5% gain the nasdaq is still 1up2. "squawk on the street" is back in a moment. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq

things come into question >> we'll get to the guy necessary ex to me first let's get over to kristina partsinevelostalk about this bill and what it meanssh. >> signing this act seems ever more pressing, as you guys talked about, chip makers have fallen across the board on weaker outlooks. they also have the over-reliance on countries like china and taiwan china imports more chips per year than crude oil. this year that is going to be siphon today is to subsidize chips manufacturing, over $10 billion is solely for research, as well as tax credits for chip plants the u.s. commerce department will determine which companies get the money, but a large chunk is expected to several companies that already have announced plans to build micron, the latest company as well, and you know this because you spoke about an hour ago, today committed $40 billion in what is called the largest memory manufacturing in u.s. history, which they believe will create 40,000 new jobs listen in. >> it's going to double from today to the 2030 time frame that requires us to build new fab for d-ram and it is production will be co

we are also watching those today as amc launches its special ape preferred shares kristina partsinevelosolving story. >> well, your shares will not be diluted. that's what the ceo is promising shareholders so what happens is every current amc shareholder as of last friday got one amc preferred equity unit, which stands for ape. that is now trading on the new york stock exchange just below 9 bucks, but many have not received their shares just yet it's actually been halted over six times. it's trading over $8 at the moment, but the ape issuance comes after shareholders voted against the issue of new equity at the last meeting, so some people are calling in this a work around. they will be convertible into common shares when it's in amc's best interest. ape shareholders get preferred status so if they go bankrupt, they get paid first. but if management, and this is the important part, needs extra cash to make acquisitions to pay down debt in q2, they can issue more ape shares. roughly 483 million more and that's when delusion becomes a major concern. >> this is just like a shell game you mi