emily: nfts have been in a bust cycle but since the merge, we have seen nft's gaining momentum throughs this the rebound of the market or is this going to be short-lived? >> one of the things i think is important to note about the merge and this is one of the success points. this is the fact that you have the shift representing the amount of energy and the size of the country of finland. that production in the amount of global energy consumption that is required is a major change. the art world in particular has been one of the most negative against the proof of worker consensus model because that is what has required to use and transact in these nft marketplaces. now we see the shift and the market, we are going to see a lot more activity in the market because the negative sentiment is gone at this point. most nft's are transacted on the state changes after last week. emily: i'm curious given your former life at snapchat where you were a product manager what you think about the future of monetizing the metaverse. we were doing a story earlier about how meta stock has plunged. mark zuc

we are talking to our guest about the future of nft's. i went to get a look at markets and tech driving a strong end to the week in equity stocks, also a big pop for bitcoin. care to break it all down, ed ludlow. >> happy friday, real risk on sentiment to end the week, you look at the nasdaq having its best take a month up 2%. one of the riskier corners of the market, meme stocks, tech, a coin buying into that as well, a big jump from around $19,000 to $21,000 in a single session. that is the what. the why is harder to understand. we notched our first weekly gain in the nasdaq hundred and four out of three straight weeks of declines, best weekly gain since july. at the same time we see the dollar pulling back, the first weekly decline for the dollar. you see the gain in equities correlating closely, that is potentially the why. the market very focused on the fed and the outlook for higher rates. two stock specific stories i am looking at, docusign having its best day since may following strong earnings and performance in the most recent q

. >> you need the nft. >> do i need the -- >> you need the nft of that. >> or i could just get it on google free. >> for nothing. >> either/or >> talking about crypto, maybe other things, let's talk about what's going on with sam bankman-fried. he is now worth an estimated $11 billion. he could have bought that jordan jersey if he wanted to the exchange is worth $32 billion. it brought in about $1 billion revenue last year. cnbc's kate rooney has more on the ceo's rise in the crypto industry they call him the jpmorgan of crypto. >> reporter: the michael jordan of crypto.

coming up, is it a wrap for nfts in hollywood?raze is dwindling despite a bit of a rebound. and why executives are still not giving up. this is bloomberg. ♪ emily: the nft craze was sweeping hollywood but with crypto sinking, the enthusiasm seems to be dwindling. joining us now, bloomberg's lucas shaw appeared post -- lucas shaw. post ethereum merge the prices have ticked up a bit how is hollywood thinking. -- have ticked up a bit. how is hollywood thinking? >> some has to have an idea and they have to sell it. and they have to actually make it. hollywood got very excited about the potential and web three late last year and early this year. there were a lot of different projects either using nfts as a fan engagement tool or as origin intellectual property or character upon which a property can be based. some of those are still going but as one person told me, most of the projects dried up overnight earlier this year. emily: who were the biggest celebrities who were rarely in on this and does it seem like they are not into it anymo

ryan: we are specifically focused on nft based games. collect their cards, you come in and everyone registers and you get a free set of cards. with those cards you play the game. your management of cards, so like a fantasy draft, on the set of espn, where i spent time this weekend doing my fantasy draft, here the player has the agency to pick and manage his or her roster. as you do that, you collect cards as rewards. that is different. i have admiration for topshop, and i am a user of other platforms but in our case -- space, we are the leader and these relationships, this is the laying we are exclusively focused on and we think we have demonstrated real leadership in. emily: you have launched soccer and baseball products previously. every judge in charlie otani -- aaron judge and shohei ohtani are the most used codes. ryan: soccer is very successful, a large community. it is a global game. the user based on our side, when i say geographically diverse, it is in all segments of the world. we still believe we are in the early days. we clos

that nft was struggling to find any buyers, even a couple of thousands of dollars a year later wouldt kind of wealth destruction in that asset class, how do you say it's a reliable pitch when you face the real probability of losing all of your capital >> i mean i think we have to take a perspective here. buying jack dorsey's tweet is one of a singular event. if you thought that was valuable, that's no different than buying someone'spe famous piece of artwork if you look at it broadly, actually the value that was jen rated there was real and substantial for the people who got into the space they've made good returns. more importantly again, nonfungible tokens don't represent a purely representative property. it's a digital property. it's what it means to our identity if you think of all the assets you buy, the house you live in, the car you buy, or the clothes or luxury items you choose to wear, these are more than an investment product, they say something about us they are our identity. ask your children for instance what they want for christmas they want a digital item, something vi

instead of what -- buying that player you by the players nft.citing because it mixes things our customers are interested in which is the game and the idea and being able to pick your favorite team or the team he thing is going to be able to win. our customers have shown in blockchain and collectibles. it's really a new way of looking at fantasy sports. we think it is the future of fantasy sports and we are excited about some of the early traction we are seeing. there are sales going off for big dollars on the marketplace now. emily: they seem to have pulled ahead of the industry in terms of market share. what is your play to counter that. >> it is seasonal, we do better in the nfl season where we have a big was to customers. if you look at the gaming side we are ahead of them a little bit. we're going to keep trying out the best products, for us. we think football is what will ultimately win the customers over. we think the more customers we get to show when we launch this nfl season, the more excited they will be able to -- about keeping their

instead of drafting the player, you buy that player's nft. really exciting because it mixes things that customers are really interested in which is the game and the idea of being able to pick your favorite team. with also a strong interest our customers have shown in blockchain and collectibles. i think it is really a new way of looking at fantasy sports. we think it is the future of fantasy sports and we are really excited by some of the early traction we have seen. >> vandal seems to have pulled ahead of the industry in terms of market share. what is the play to counter that? >> it is definitely seasonal. we typically do better in the nfl season where we have a big boost of customers. if you look at the icam side, we are a little bit ahead of them. we think products that will win the customers over -- we think the more people we get to show some of the new things we launch this nfl season, the more they will be excited about keeping a player. we will keep focusing on products and customer experience. which entails having the best product an

we are talking about how nfts could change the game when it comes to textbooks.ake a dive into that with andy bird, ceo of pearson, one of the world's largest textbook publishers. i remember buying a lot of very heavy, expensive textbooks. explain to me how and fts to change the industry. >> thanks for having me on your show. i remember those days as well. the heavy textbook. at pearson, we are leaning into digital technology as a way forward. now if you subscribe to pearson plus, you get those textbooks for just nine dollars 99 months. it is one example of how we are looking at technology to move the whole industry, the whole sector forward. the pandemic acted as an accelerator in terms of transforming the world of education in the world of learning. i would be interested in how technology and how pearson can utilize technology both in terms of and fts and blockchain. the notion of having a transparent ledger, the impact that would have on authors is very interesting. it also allows us to deconstruct the textbook. once the textbook is in digital form, you can lo

nft's change that. we are spending a lot of time in a structural era.hnology, scalability, we think of that as like the plumbing, think of it as a fiber-optic cables. you could not have had youtube and netflix with dial-up. the same is true of crypto use cases. there will be a lot of new use cases unlocked when it is more efficient, more user-friendly. emily: president biden issued a crypto executive order, there are a number of reports coming due. what do you want to see from the administration when it comes to regulation, and are you optimistic we will get there? katie: we were delighted to see that executive order. why we were is because it was a recognition that this is the u.s. government saying this field is not going anywhere. it is growing so much we will direct every single agency in the federal government to come up with a plan. we take a step forward, but we are a big government, a big system, we have states, local entities. we take some steps with the eeo and take some steps back. they are thinking i can go to this jurisdiction with single r

david: you can go gamble in vegas or atlantic city and -- susan: you're just a nonbeliever in nfts anddavid: yes. lauren: there was a viewing party at 3:00 a.m. for the merge. about 40,000 people watched it live on youtube. i was up while it was happening but i didn't watch. not my cup of tea. susan: 24 hours into international. stu: 20 seconds to tell me about coin base rating politicians. cryptocentral. susan: talk to me about privacy issues as well because if i was a politician, i don't know if i want to be rated on the actual app itself in the right hand corner in terms of how friendly i am to the cryptouniverse. serious is that what they're doing? susan: yeah, some say it's bullish once you get parameters and rules and regulations around cryptocurrency. stu: okay. stu: got it. this is important. tennis star roger fedderrer announced he's retiring from tennis. he said "the labor cup next week in london will be my final atp event. i will play more tennis in the future but not in grand slams or on tour. to the game of tennis, i love you and will never leave you". he is 41 years old a

the hacker attempted to steal $180 nft from the wallet and e raerat indicated from a -- eradicated byartner of bill murray. bitcoin is down and ethereum at 1,776 and litecoin down 9% and xrt two and a third percent. the long merger was supposed to begin this week with doubt swirling around the digital tokens. the largest operator of crypto atms bitcoin depot is forging ahead and planning to make public debut on the nasdaq in $885 million deal. joining me now in a fox business exclusive, bitcoin depot founder and ceo brandon mintz. these are the kind of headlines that any nascent stage technology will have trouble. this scares people. what do you hear say when you hr things like this and even bill murray that had really great advice on setting these things up got hacked. >> first off, thanks for having me on the show, liz. there's a phrase that we like to say in crypto, not your keys, not your coins. what that means is you really want to maintain your own custody of your own cryptocurrency. therefore you have access to your own private keys. a lot of online exchange options don't allow

request related to the best addition requirement for copyright deposits and the ip issues related to nft's in collaboration with patent and trademark office. two other ongoing projects related technical measures for identifying or protecting copyrighted work online. have ee rulemaking. in addition to those setting up, as of early 2021, the office had issued all the regulations needed to implement the music modernization act. we continue to act as an oversight function directed by congress while conducting numerous outreach activity. last october we completed the eighth annual triannual section rulemaking. the office also is prioritizing data with our new achievement plan. we recently issued a report on women's participation in the copyright sector. finding a gender gap in women authors share of registration but one that has been shaking -- one that has been shrinking. we have applied for the research to other underserved groups. this will further the goal of broadening participation in the copyright system. on the operational side, the office registered over 400,000 claims to copyright for

>> i think people need to be careful when they look at each nft project.ast majority of them are community-based things that are fun and build communities and brands around an idea of a shared profile. i think those are pretty far from what most people would consider security but you still need to be careful. >> i have to ask you about the ethereal block chain that just went through this big major upgrade. i am curious what your thoughts are on it. and if you think that it makes the solana block chain more attractive and how you imagine them staying competitive in a changed world? >> when you look at the number of transactions that they handle from applications from users, that is more than not just a theory and but all of the a-based block chains combined. i think that a your rim has a long way to go on scalability. >> do they have any plans for an upgrade down the line or how are you thinking about that? >> it is a community project. there are four teams working on the core already and every release the network gets cheaper, faster and more reliable. it

one more thing nfts, non-fungible tokens but now something i can't say on tv that it stands for, they need to disappear. with anyone who buys them becoming clothesless emperors. unlike a lot of people who run nfts, that dunce mean anything at the same time we need help wanted signs to come down. they're still everywhere we have to see many more lease signs instead. i know these are not nice things i'm saying nobody wants a bad economy i don't want you to get laid off. you don't want me to get laid off. but the fed is going to make sure we have many, many, many more layoffs until they think inflation's under control. eventually people stop paying attention to the portfolios at all. sort of like the five stages of grief. he with still have too much hope he with saw that yesterday we need that stamped out to appease mester and her compadres. finally the fed wants to see homes sitting on the market a long time, not best and final bidding wars the fed wants your house to go down in price. we have nothing like that, nothing at all rates have to go up substantially to make that happen these

there was an nft nonfungible token conference, he was playing guitar to raise awareness for holographicws the fed funds rate going about 4.5% next year. the average fund rate since 1954, 4.6%. 30 mortgage rates spiked up 6. 3% of the average 30 year mortgage rate since 1971, seven. 8%, we spent a decade talking about how 0 rates made asset prices cruelly, stocks have come down, bonds too and if you make money, 60-40 portfolio with 0 locations, don't know if the underpants cowboy is singing about that but it is good news. jack: free money was the weird thing and that is over. let's go to actual ideas. carleton: going to apache, people of getting it in, the trading action, energy stocks selloff sharply, our colleague likes it. transit discount appears, can definitely make that up and has solid earnings growth protected as well. jack: maybe gas prices come down this weekend as well. what is your idea? ben: the stock looks to have doubled, supporting 50. may be some support around 45 if it breaks that going to 40, earnings guidance is weighted to the fourth quarter this year and if recessio

sonali: nft's are under the eye of regulators, what type of regulatory risk is there for both of thesects tied to ecosystems? anatoly: folks have to be careful. the vast majority are community-based things that are fun and brands around an idea of a shared profile. those are pretty far from what most would consider a security. you need to be careful. emily: i have to ask you about ethereum. i'm curious what your thoughts are and if you think it makes the solana blockchain most competitive. anatoly: it does not really improved scalability of the network. if you look at the number of transactions solana handles on a daily basis, that's more than not just ethereum but all blockchain's combined. it has a long way to go with scalability. emily: does solana have plans for an upgrade down the line? anatoly: it's a community driven project. there are four teams working already. every release gets cheaper, faster and more reliable. it has a roadmap, make the next release better than the current one. emily: thank you so much for joining us. the cofounder of solana labs. coming up, how crypto and

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have that right now for crypto, so it's kind of boring, and it's going to stay boring with defis and nftss collectibles and other little things. >> nothing interests you. >> no, i'm very interested in investing, but it's still mackee there. what's going on there? >> it unlocks a lot of potential for ethereum why it's important, it's the backbone firefighter defi. they don't feel like there's been a lot of innovation in that space, not a lot of exciting things happening in defi right now. of course, defi has promised to be this bastian of cutting out the middle man, financial services where you don't need a barracker or a lawyer. a lot of functionality will ultimately be possible we're talking about greater speed, we're talking about greater scaleability, lower fees, and so that's what -- i don't know that i necessarily agree. i think we're going to see big changes in that space. >> mackenzie, thank you. appreciate it. >> thanks. >>> as we head to break, a reminder, be sure to sign up for the most powerful investment event of this year cnbc's deliver i alpha use the code on your screen or

digital wallet earlier this year allows transactions it is building for gamers and others to trade nftsazon said the company has embraced remote and hybrid work. amazon's policy is evolving. jassy said most employees have returned to offices. the position differs from the tech peers with google and apple looking to get employees back in the office at least three days a week >>> elon musk facing criticism from the judge overseeing his legal fight with twitter over the failed takeover bid. the judge ruling there were glaring deficiencies in how musk and his lawyers responded to the request for text messages he and a top aide sent about the proposed deal in the effort to abandon it she ordered that phone records about the techs be turned over the twists in the case are something. >> pippa, thank you. >>> now to apple and its big event yesterday. the tech giant revealing upgrades to several of the products including the iphone launch and airpods. one take away outside of the bells and whistles on the products is prices unchanged from last year drawing attention to shares of apple which are

it's interesting that they do have an nft element to it.ch this out to nike, nike stock is, you know, just taking the elementary basis of this. nike stock is at the february 2020 level under armor is at the pandemic low. so the reward in the sneaker industry that is trading like retail community and stockx is catering to the investment community. so to his point, there will always be investors in certain elements of it they'll spend more for fewer things or less on a bunch of things and try to make kalg. >> scott made an interesting point in terms of companies using this to spark excitement and continued interest i know you're smiling. i don't know what this company does i would never buy anything on line >> guy doesn't even know anything about that. >> you know what's funny i'm just actually looking around trb, the reform broker, bought me a pair of what he called at the time fly 7s for my 50th birthday 26 years ago. i have to tell you, the suckers are still in the box, man. i have to get myself a stocks account and go nuts. you might not

recently launched a digital wallet where gamers will be able to buy and sell non-fudgeable tokens or nft that's giving them a pop right now. american eagle outfitters falling to a two-year low. that's earlier and slightly off the lows at the clothing retailer reported lower than expected earnings per share and the company runs the american eagle and aerie brands blames lower consumer spending for the week of earnings and pittsburgh-based company would pause the quarterly dividends program. that's never positive for the stock and investors like dividends and love them in fact. aeo down about 8.5% on that news. investors are snapping up shares of snapchat after a leaked memo in the growth plan and ceo evan speigel outlined his plan. that's enough for nine and a third pop on the stock at the moment and analysts at bank of america see the targets as a stretch. but they're encouraged by the am missions of the company. ambitions of the company. regeneron at the top of the s&p 500 watch announcing promising results from the trials of the eye drug ileya and it's used to treat eye disease related

no onements to quiz him on nft's? i stated my opinion on that. [laughter] very good. brian, thank you very much. not seeing hands raised >> you are welcome. >> any public comment? >> does appear we have a member wish to comment not sure if it it is for item 6 or if they are preempting for 7. i will finds out. >> thank you. hi. this in orders to the recommended rebranding of the portal idea. i'm alex weber the editor in chief of organized labor the san francisco building and construction trade council monthly newspaper. identify myself so i'm connected to them. so -- i have been hard to process. reviewing and sort of seeing what is going on with the idea here and i think we continuing is a simple and appealing way to engage with and inform the public and orient them to the revolutionary inter~ modal rail transit opportunity created. and -- to full them in to bring them in, it is you know kinds of a difficult to have the name like transbay joint powers and engage with the public on this level, obviously, it is a bureaucratic right sounding the portal is a simple way to

christmas collection features six ornaments each one engraved with her signature and comes with an nftwell. the patriotic decorations are out now through october 2. a portion of the proceeds will go to melania has the best initiative which provides scholarships to kids in foster care. it's fostering the future. >> of foster care love that support. >> i don't it's a way to amplify i think the ability to own or have access to that but i think you stick with the ornaments for they are really nice ornaments. >> a real thing you could hold. >> put it on your tree and a portion of the money goes to good cause. quick sound like a great way to give gifts to people that love america. >> check it out. coming up a threatening all alliance. we took vladimir putin since the first time russian invade ukraine paid breakdown of the unfriendly duo means for the u.s. rachael: were getting into the spirit of national dance daily salsa dancing on fox square plate look at that. ♪ your spirit is stronger than your highs and lows. your creativity can outshine any bad day. because you are greater than your bi

it's going to allow them to earn and purchase nfts to unlook new benefits and immersive coffee experiences quarter, the company has more than 27 million rewards members in the u.s. which gives it a large pool to test this out. also incentivizes people to sign up and gain access other restaurant brands have also launched in the metaverse while some others are laying the groundwork to do the same in the future like mcdonald's and panera more to come tomorrow at the meeting on what this future looks like the new ceo was announced earlier this month who will be training under howard schultz. until next spring, the two working together this is the first of many announcements to come under howard's new vision. >> you mentioned other brands who have tried effectively this. how has it been working out? >> i think chipotle has had the biggest success. there was a burrito rolling game and there were some in-person things that you could redeem getting that burrito to eat in real life. it's connecting the metaverse with things you can do in real life it worked with younger consumers and we know all of

. >> i would say i'm becoming more cautious now on like which coins i invest in and even what nft' investment months i've seen this downwardcn crypto but i've still held the amount that i have. stuart: thanks very much for joining us and being thoroughly honest about your money. great thing to have on the show. >> thank you. stuart: nikki bessetti. see you again soon, thank you very much. more on crypto. california's governor newsom vetoed a major crypto bill. lauren: uh-huh. stuart: what would this bill have done? lauren: it would have gotten customers the best price when a crypto broker was executing a trade for them. it would have banned stablecoins which are pegged to the dollar and the california legislator green-lighted the bill and then the governor vetoed it and said it be stifeling for the industry and move the crypto players out of california. when has he cared about that before, with any other industry, and might have something to do with florida. miami is positioning itself as the crypto capitol of the u.s. , of the world, and he's competing with desantis. stuart: he is indeed. co

to work with them to help them with their efforts in crypto you know, they released their own nft marketplacetions in cryptocurrency or other digital assets it's an interesting strategic partnership for us. >> we'll follow it thank you for coming by. it's good to catch up with you brett harrison from ftx. >>> 40 minutes left of trading we have a nice rally, four days in a row dow is up200 points. s&p 500 up a percentage. every sector is green right now. energy and technology are the leaders. that's why the nasdaq is climbing more than 1%. >>> still to come, we'll talk to billionaire venture capitalist vinod khosla who has invested in a long list. he'll tell us the private and public companies he's most excited about. >>> check out the top searched tickers. ten-year yield gets the most interest, as always, sellingof today. we have a little firmer yields back above the 3.3 level on the ten-year tesla, apple having a nearly 4% surge. we'll talk about that later. and the s&p 500 and crude oil, which is bouncing back today up 1.4%. still below 90 bucks a barrel. so, you're 45. that's the perfect a

robinhood and canebase have been trying to diversify whether that be fin tech or nfts.et so the street remains bearish on both >> when we started off the show i was reflecting on the business of underlying companies and their stock which is driven by sentiment. to what extent some of these company's underlying business is sentiment, right how much are people willing to trade crypto and that becomes the business how long does that continue? part of the reason why he was bailing out these companies is that he doesn't want the whole crypto market to collapse. well, this is going to be an interesting three months for sure >> indeed and have been a pretty tight range here the two-year almost to 413 today. let's get to the judge >>> welcome everybody to the halftime report. your post-planning meeting with the investment committee and now expectations even more in the months ahead joining me for the hour today. let's check the markets. just past 12:00 noon in the east we're lower across the board dow is down a little more than 100, nasdaq down 3%. the two-year was at 412 earli

at this point you can't imagine that every company, every nft company that we've seen or project is goingmake it out here, and i think it's still very early, not to mention consumers are a little bit more worried and a lot of them are under water just on bitcoin prices, seen as the least risky in this asset class. you've got to wait for on super demand and excitement to come back to justify the valuations. >> kate, thank you kate rooney. we're going to have a lot more on the move you're seeing in bitcoin, and ether tonight, make sure to tune in to superman's least favorite program but it's great, the cnbc special crypto night in america, that starts at 6:00 p.m. eastern, we'll be right back at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. bubbles bubbles bubbles bubbles there are bubbles everywhere! as an expedia member you earn points on top of your airline miles. so you can go see even more of all the world's bubble

this year especially the skeptics are starting to write off cryptos and nfts, saying the movement is and more easy -- it's becoming more and more easier to get into crypto. there's a lot of crypto wallets that that i'm a part of, one of them is actually conservative crypto wallet, it's called freedom, jobs and business app, and it's a really easy way for people to to get into crypto. and the amount of users of people that are in their 80s figuring out crypto for the first time, they're getting into it. back when i got into crypto back in 2011, i was pretty young, i mean, it was one of of the most complicated processes you could imagine. you know, it's full of, you know, full of, you know, weird libertarians like i was back then. not so weird as it ended up turning outta that people were into it. but now it's easier than ever. there's ups and downs with the market and if there weren't, it would be a bubble. so i think this is a great time for crypto, and i just love that it's become so much easier for people. charles: let me ask you about that project i saw you doing some work in ghan

by 2026 they are developing new product lines and expanding into accessories, games and, of course, nftsbuy rating on the company. they are saying funko is not being valued as a growth stock despite multiple growth lovers up 2% in a down market moderna is also a winner today after the ceo said the company is open to supplying covid vaccines to china, and our next guest says that could be a big catalyst for the entire market he's here to explain why when "closing bell" runcheturns the dow down 130 as we head into the final trading half hour. we'll be right back. this is redefining storytelling, at the speed of now. this is tracking and publishing your content in real time. this is the system you built, captivating a global audience. this is how. airtable. your record label is taking off. but so is your sound engineer. 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 this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hun

. >> crypto-bismol, now available as an nft. >> jimmy: yeah, that's interesting, yeah. [ cheers and applauses see this? today, after more than two years, new york lifted its mask mandate for the subway >> steve: ooh. >> jimmy: new yorkers are like - [ cheers and applause new yorkers are like, "yeah, i'm so happy they lifted the mandate that i stopped following a year ago." [ laughter ] now, the only thing covering your face in the subway will be the armpit of the guy standing next to you. [ laughter ] "how you doing you getting on this? yep, you'll be able to see everyone's faces as they follow the single snapple bottle that's been rolling under the seat since 1995. [ laughter ] i hope that's iced tea [ rim shot ] >> steve: apple juice. [ laughter ] >> jimmy: guys, listen to this new york city public schools just announced that from now on, snow days will be remote learning days. [ audience ohs ] during the announcement, both kids and parents were like, "wait, what? now -- what? >> jimmy: finally, i heard that in an effort to reduce waste caused by plastic espresso capsules, a swiss retailer

nfts were happening. spacs happening.e stock mania happening there was bitcoin at $50,000 happening. all of these things that the fed and out of the corner of their eye could see asset inflation. maybe 1.7 still and they like to get to 2 we can keep going. we want employment as strong as we can get it. that's our mandate that should have been -- they could have noticed that in the market at the all-time high during the pandemic. we had an exercise bicycle machine or company, the market cap as boeing. how -- $50 billion boeing is $80 billion. it was staggering. >> everything is easier to look back in hindsight. plenty of people like stan calling this at the time saying raise rates when it was good so you have the powder at good times and prevent the inflation and issues we're dealing with right now. stan was sobering. i stood in the back and watched. >> horrible. >> i was on next i was listening to the comments. it is hard to walk away. >> i'll get great investing ideas. you may make no money for the next ten years >> the

$0.42 a share, sales $1.27 billion, and unless you're looking at cash burn and any update on their nfted a marketplace for nft's a digital wallet because their traditional business, which is selling video games, that's stalled, so again, it's a meme stock but whatever they say might not matter. stuart: it's a meme stock. to me gambling chip, i said it before and i'll say it again. let's move to target. now, they did have until recently, they got a policy that the chief executives got to retire by 65 but i think they just scrapped that. lauren: they did, because they want their ceo, brian cornell, to stay on and lead the retailer for another three years, which means he be older than 65 years old. look, times are tough for target they have high inflation, they have overstocked shelves, so this is a bid for stability, cornell has been with them as ceo since 2014. stuart: imagine having to go out at 65. i'm 74. lauren: you still have the fire in you. well, boeing just increased retirement age for david calhoun , their ceo, to 70. so look at that. you beat him too, but you know? [laughter]

it becomes a more attractive platform for developers that care about electricity usage for nfts there'sesting things going on. >> kristen smith thank you. we'll watch possibly the biggest merger that we'll have a lot time. >>> "squawk box" coming right back with two big hours ahead. >> announcer: squawk coin is sponsored by bitwise the world's leader in crypto index funds. >> it keeps a lot of energy to keep the blockchain running smoothly there's good news on the horizon, in september, ethereum, the world's second large block chain, will go through an upgrade that cut its carbon consumption. it's one thing to know about crypto flexshares etfs are built with advanced modeling. to fill portfolio gaps and target specific goals. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. ♪ >>> good morning futures are higher this morning ahead of key inflation data coming later this week we've got a look at what you need to watch ahead o

. >> you need the nft. >> do i need the -- >> you need the nft of that. >> or i could just get it onpto, maybe other things, let's talk about what's going on with sam bankman-fried. he is now worth an estimated $11 billion. he could have bought that jordan jersey if he wanted to the exchange is worth $32 billion. it brought in about $1 billion revenue last year. cnbc's kate rooney has more on the ceo's rise in the crypto industry they call him the jpmorgan of crypto. >> reporter: the michael jordan of crypto. sam bankman-fried has played a big role in the crypto industry. just the role this year, andrew, he spent hundreds of millions of dollars to bail out struggling companies facing bankruptcy, liquidity, you name it he's got a relatively understated life he drives a toyota carolla he lives with ten roommates. sometimes sleeps under his desk on a bean bag chair as well. i sat down with bankman-fried to talk about his role as lender of last resort. >> we only had a few days to make these decisions what we came to believe was the following, the first was that if possible it would be e

would add there are still challenges in terms of how different digital goods are defined, the rise in nft's. there is a lot of certainty on how they should be classified. having a broadening of definitions on what is considered a digital good. secondly, the sourcing is a big issue. time working with the client where one of the challenges is your selling digital goods you do not have to capture a physical address. how do we define where that is sourced? particularly with things that are utilized on a multiple employee bases, so if i sell things to a business, where are those employees who are using it? how much is the buyer required to provide to the seller. those are just a couple of the challenges. >> i would just say we previously introduced a bill which would add this issue and i would say that this hearing as it reviews the wayfair decision, we shall look forward to decision is to see that businesses are able to compete in today's marketplace. we still have some work to do there, but your highlighting the challenges created by these state laws is something that will be useful and guide

the rise in nfts, that are becoming prevalent now, varies i think a lot uncertainty in terms of how thosehould be classified. so, certainly having some further work in broadening of definitions in terms of what is considered a digital good. secondly, the sourcing is a big issue. i'm working with a client right now that one of the challenges that we have is when you're selling digital goods, you don't have to capture -- an address. how do we define where that is sourced. and particularly, with things that are utilized on a multi-pole employee bases, if i sell things to a business. i sell 10,000 licensed descriptions, where are those 10,000 employees who are using. at how much does the seller know, how much is the viral choir to provide. information to the seller about that, and who has that ultimate responsibility. those are a couple of the challenges that businesses that work in this digital space are facing every single day. >> i would just say, the chairman and i have introduced a bill called the digital goods and services tax fairness act. it would get at this issue. it was established

. >> a different approach from a year ago when players were jumping into nfts and crypto, wouldn't youyeah, a lot more industrial interesting partnership. he's obviously well studied. he had a lot to say on it and being a denver native, he'll enjoy the mountain air. >> we are grateful for the ownership shifts and the deep pockets you need to secure a quarterback like russell willsent. >> that was a real m&a story. >>> meantime, keeping our eyes on cathie wood's ark funds, on pace for the third negative week in a row about a month after selling nvidia, she picks it back up after hitting a 52-week low. >>> when we come back, shares of pager duty are surging today the ceo will join us on "techcheck." we are at session highs, or awfully close. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq power e*trade's award-winning trading app makes trading easie

partnership with ftx to allow shoppers to buy -- i'm laughing and you buy a gift card in a gamestop for nftstheir revenue streams. it's unlikely to yield meaningful sales or profit but it sounds good. stocks up 2.5% but, yeah, the news was bad. sales fell, the loss widened and have less cash on hand, excess inventory, but the stock's up. stu: it's a meme stock. we have to get used to that, i guess. i want to talk about netflix. put them on the screen, please. they're down 2%. they've got to cut costs. lauren: everybody does. stu: how are they going to cut costs? lauren: they're closing salt lake city, utah, office and shrinking la and los gatos offices and hiring cheaper and junior staff and when you look at netflix, you have unlimited swag allowance. you can buy as many baby onesies and hoodies and coffee cups you want. brian: they have branded stuff like onesies. lauren: unlimited allowance for the swag. now it's $300 a year. stu: you're right, i don't see people walking around with netflix hoody or anything else. lauren: if i had unlimited swag allowance, everybody would get that for chri

how are the nfts and all of this crazy stuff, and you think a 2 point interest rate rise suddenly getshould be you were around for 7 and 8% >> don't forget what the globe looks like today you have europe going into a recession. china is falling we're all going down really, energy prices are everyone not just the gasoline pump, it's the cost of taking your food from the farm to the processing mill back to the farm so the gas and energy when that reflects, a lot of components. it's bemusing. i talked to the ceo of one of the cereal companies why is your costs going up 20% it's all the shipping costs and labor costs. one more thing, joe, which absolutely have to talk about, the labor force. what's going on with wages for everyone, wages are going up. >> that's not coming down. >> listen to this one, andrew, you love this because you'll love our administration. there's 1.8 worker million visas that haven't been filled 1.8 million people that's up almost 800,000. >> immigration again >> no, it's actually working worker permits immigration is down a couple million people we need to get back