tom giles joining us on qualcomm. this is also a sign that and industry that was on the front lines of supply-chain headaches is working through some of those issues that the last couple of years took away a lot of their attention. taylor: do you think about supply chains, those who get the technology, those who have the customers are continuing to plow ahead. qualcomm is one of those. we go to the general markets, soft index up to .7%. that narrative continues. s&p 500 trying to hold onto gains. yields are rising as well. this is bloomberg. this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. mark: keeping you up to date, here is the first word. the u.s. government is making plans to end payments for covid-19 shots and treatments. a spokesperson for the hhs says officials will meet august 30 with representatives

sold the smh last week, i sold qualcomm mostly on friday, some before.s the trade qualcomm i thought was safe to trade because it was a cheap stock, still a cheap stock you can't ignore the news coming out around the world on cell phones and while qualcomm is not just a kwp c cell phone company, that is a big part of their business they came out in the quarter, the quarter was good, but the guidance was poor, and jim feels he can ignore that here's what i'd say. cell phones are down 25% apple's holding up, samsung's holding up, but overall they're down, and people when they're forced with a choice of do i buy groceries, do i fill my car with gas to get to work or do i buy a new cell phone that by the way, only has a slightly better camera maybe, i think they're going to choose sustenance over luxury >> i was going to have jim respond to you it's amazing that you guys missed what just happened in this -- i think there's a storm outside, all the lights went out, and now they've come -- as you were talking the lights went out. i don't know if it's you or th

qualcomm seems to want to decrease its reliance on smartphones. are they so focused on the server market? >> i think diversification is a good thing especially in the semiconductor market. if you look at the revenue exposure, it is roughly 82% smartphone exposed. the ceo has been talking about moving into automotive and iot business. the server business is a natural foray for expansion into new market opportunity for them as well as diversifying away from smartphones. >> they were in the market before and got out. what has changed? >> the first time around, i don't think they were ready. also the server market wasn't ready for an arm chip. what qualcomm did in 2021 was acquire a new business and they were laser focused on the server business back then. it seems as if qualcomm is ready to come out with a server chip for the cloud companies now. >> we have a lot more ahead on daybreak. it is a very busy start to the earnings day here in australia. we have had a number of top companies reporting. their numbers were quite positive when it comes to the

qualcomm had to know that this would be an issue.hey are going to move forward aggressively in this space. i expect they anticipated it. and that it is just going to play out in the courts. similar to qualcomm's battle with apple. >> we saw nvidia declining after these new rules of its business should have a pretty big impact on sales and growth. what is the assessment of what is going to happen there? paula? >> i'm sorry. could you repeat the question? >> we are wondering about nvidia. >> the outlook for nvidia. the stock also trickle slide. there are these new rules that could impact business in china, therefore sales and the outlook. >> this is actually a big deal for nvidia. there gaming segment has been sliding. slowing because of the crypto market and whatnot. slowing consumer demand. they have been looking to the server business to offset those declines. now we are getting the government coming in, saying you need to get licensed to sell these high computer chips to china. that is going to pressure their margins, pressure thei

knows i like qualcomm.t's 11 times earnings and 15% growth rate. that's where i want to be. that's where the market is telling me i'm paying the right price for the earnings per share growth rate because i can even get the multiple expansion, which is part of my investment thesis in qualcomm by the way, what i just said extends beyond technology to the true cyclicals whether it's frills, financials, and materials, which i think will benefit from the economic expansion due after this slowdown. >> a big day for tech. nasdaq up 2.5%, led by microsoft having the biggest positive impact on the tech-heavy index. >>> kari is making a lot of moves in her portfolio ba tm.m d en theanth detehe my finances were all over the place. and my banking relationship was getting...well, complicated. hahaha! so, i broke up with messy accounts and moved my money to sofi. now i earn higher interest on my checking and savings, and bank, borrow, and invest—all in one app. feels nice being in control. break up with bad banking. get

qualcomm is one of the largest buyers of chips.hese companies see what i do as the future of the chip industry is going to be made in america. folks at home, there is a broader supply chain that makes these semiconductors that connects countless others. this funds the entire semiconductor supply chain for research and development like poly silicon manufactured by a factory in new york. imagine, more of these cans of factories across the country. this level make that a reality. there is analysis that says investment in chips and science act will create one million, more than one million construction jobs alone over the next six years building factories in america. america then if it's of been mentioned already and this brings it back home. it is in our economic interest and our national security interest to do so. early this year, i went down to a factory in alabama where they make the javelin missiles that we are supplying ukraine to soak -- defined itself with against putin's war. it is crystal clear we need these semi-conductors

they say aws is one of the biggest server chip buyers and has agreed to take a look at what qualcomm to offer. china is lashing out at a 52 billion dollar program to expand american manufacturing of semi conductors. an industry association says it contains elements that violate fair market principles. the legislation prohibits companies that receive funding in china. it is the biggest annual television deal ever for a college sports conference. . the big ten has reached an agreement for a seven year contract with fox, cbs and nbc. is worth seven at half billion dollars. the price of college football broadcast rights has soared and no one has cashed in more than the big ten and the southeastern conference, both of which are expanding to 16 teams. coming up, big names like netflix, microsoft and disney were during recessions. how do you find the next world changing startup when the r word is looming? plus, the state of the nursing shortage post-pandemic and what edible health is doing to increase -- to decrease the gap. this is bloomberg. ♪ (announcer) enough with the calorie counting,

i like qualcomm and some of the semis here, you know, and then apple and microsoft are names that havemainstays in our portfolio, but that's our read on the tech sector as it stands right here. >> it always seems to be apple and microsoft and alphabet and maybe to a certain degrees meta though it's had some problems. jim lebenthal, if that's the trade, do you sort of go with the same names in technology, or do you say maybe it's more chip-focussed this time around versus just say apple and microsoft or alphabet? >> well, first off, i want to thank jason for bringing up qualcomm he knows that's one of my favorites as well, but i'm answering your question, you know what i'm doing with tech first off i'm slightly underweight to the market weighting as per the s&p 500 what that means though is i'm still about 23% in tech, so it's a meaningful portion of my portfolio. i'm in the what i consider the value-oriented portion so that's qualcomm, that's cisco systems and then i have some faang names well underweight the market weight i've got microsoft, alphabet and apple, but my overall underwei

. -- is suing qualcomm for trademark infringements after qualcomm bought a new video which uses licensest can't be transferred without permission. armor created much of the underlying technology for mobile networks. coming up, why not even joe rogan may be able to save mark zuckerberg's metaverse. this is bloomberg. ♪ ♪ >> you won't be able to have this experience in the future where you are sitting in meeting and your wife texts you, it pops up in the corner of her classes and you want to respond but don't want to pull out your phone. that would be rude. so you kind of twitch your wrist a little bit, some super discrete motion that no one even knows you are doing and you just sent a message. >> that seems like a massive distraction. people are already distracted by their phones. people get a text message and they're like, hang on a second. you're like ok. watching someone not talking to you anymore. now they are going to be looking at these classes and thinking text messages. emily: just some of mark zuckerberg's lengthy conversation on joe rogan's podcast. three hours the interview. an

. ♪ emily: qualcomm is taking another run at the market for server chips in an effort to decrease itsnce on smartphones. the company seeking customers for a product stemming from last years purchase of another product, according to bloomberg sources. they say aws is one of the biggest server chip buyers and has agreed to take a look at what qualcomm has to offer. china is lashing out at a 52 billion dollar program to expand american manufacturing of semiconductors. an industry association says it contains elements that violate fair market principles. ed targets china's own efforts to build the chipmaking industry. the legislation prohibits companies that receive funding from expanding production of advance chips in china. and it is the biggest annual television deal ever for a college sports conference. the big ten has reached an agreement for a seven year contract with fox, cbs and nbc. it is worth about $7.5 billion. the price of college football broadcast rights has soared and no one has cashed in more than the big ten and the southeastern conference, both of which are expanding to

so they obviously are the leading supplier like qualcomm, amd, nvidia, so they are the leaders in the space this put a big overhang for that supply chain it also underscores the need of the chips act, right? having on-shore, you know, supply for all these data centers for the computing side it underscores the time-sensitive nature of having on-shore manufacturing for supplies. >> there you have the president and congress, you know, now it looks like nancy pelosi putting the mouth of where the congress was, supporting some anticompetitive efforts in the united states. this all comes at a side when we're hoping to see china reopens in the wake of these covid lockdowns. that would be, what, another tailwind for the chips sector if we end up seeing china reopening in spite of the tension with the u.s. >> i think it's funny. economics is obviously a two-way street it's a big market for semico semiconductors, but the flip side also mean they're getting -- you can see, you know, export restrictions being put on the semi cap. but the flip side you have the opening in china helping other chip

and intel suggested that and moving forward just looking, weaker outlooks, qualcomm, micron, amd and western digital across the board for a lot of chipmakers driving some of the chipmakers today lower. those with exposure to gaming like amd is turning lower and marvel, some of the weakest players on the nasdaq today, jon. >> christina, thank you. >>> now let's get to cnbc's commentator mike santoli joining us mike, the growth stocks, some tech stocks, nasdaq continuing to perform pretty well i mean you look at what's happened in the past month or three months, i mean, does this seem to have legs? >> honestly, jon, probably had more legs than most expected which i think tells you why it continues to have legs because there was a lot of folks positioned against this type of move and, you know, this reaction so far taking this nvidia warning in stride really does seem consistent with how the market's behavior. the micron downward guidance for revenue was june 30th. the nasdaq 100 is up a lot like 14% from there in the very short term it seems like we've tagged a couple of targets, the n

qualcomm -- [ applause ] is one of the largest buyers of chips to increase the chip production up to future of the chip industry is going to be made in america. [ applause ] for folks at home there's a broader supply chain that makes the semiconductors that connect countless other small business and manufacturers. this law funds the entire semiconductor supply chain for research and development to key inputs like silicon in new york. nearly one third of all the chips in the world use the poly silicon made in hemlock. this law will make that a reality. there's analysis that says investment in the chips and science act will create 1 million construction jobs alone over 6 years building semiconductor in america. this law brings it back home. it's in our economic interest and it's in our national security sbris to do so. this year i went down to lockheed's factory in alabama where they're making the javelin missiles that we supply ukraine where they defend themselves against putin's unprovoked war. we need the semiconductors it's crystal lear we need them not only for javelin missiles bu

qualcomm up 6%. amazon up -- alphabet is up. you are blot buying them now? >> let's put this in perspective. first of all, i have a lot of cash. didn't see the move coming, but got involved with the move. i can't have any ego, as most good investors don't. as a matter of fact, every good investor has no ego. i've got no institutional memory that's going to dictate what i'm going to buy a stock or not. if i think the market is going to make a move and the best way to express that move is in the stocks that you mentioned, i'm going to do it without concern about people commenting, do i have running shoes on? stocks up 20% or whatever. look, the best traders i know don't have running shoes. they have private planes. that's steve cohen. those people who have worked with and worked for and amassed money for and that's where they go, scott. so, yeah. >> i hear you. i guess, part of my point was, you can't tell me that you bought these stocks today and then tell me tomorrow that you are negative on the market. this is somewhat of a signal to me that you think there

you look at qualcomm and that name constantly comes under pressure even when's delivering and it sitsa 10 to 12 multiple depending on the day. and this is a company that has leadership in an area like 5g, which the demand for hand sets, the mobile, the way we -- >> qualcomm specifically, why do you think that is? i've always looked at that at a u multiple basis what do you think it should be trading at and why do you think it doesn't get that credit then >> qualcomm is a love to be hated name at times. some of the long-term regulatory issues it's faced with pretty much every regulator in the world. the battle it as faced with apple, all those things weighed on the company in some ways, but if you look at how important it is from a national security level. you look at the role that its chips play in everything pretty much every smartphone device, even apple can't get away from qualcomm and the ceo has taken it in some new areas, like iot, and it's had a number of wins in automotive, and you have to look at that and say it's pretty attractive >> you like alphabet and some look at it and

qualcomm and global foundries are announcing a new partnership, including 42 -- 4.2 billion in chips and manufacturing. it will increase chip manufacturing in the u.s. we will have more specifics on when we will see a direct effect. >> i understand, the independence of the justice department. politically and in terms of the optics of this, are you concerned about how it looks for the justice department to be investigating and raiding the home of the former president who may very well be the current president's rival in 2024. karine: we're not going to comment on any ongoing investigations from here. >> karine: i will say this. the president and the white house learned about this fbi search from public reports. we learn just like the american public did yesterday. we did not have advanced notice of this activity. president biden has been clear from before he was elected president and throughout his time in office that the justice department conducts its investigation independently. he believes in the rule of law and we are a nation of law. again, we differ any -- differ any -- defer t

micron, western digital, qualcomm all lowering their outlooks and expectations. little more time for that reset, sara. >> bottom line, though, kristina, it is cyclical, though, right? it is a cyclically sensitive sector. >> 100% although many ceos and executives will likely argue with me and say that's not the case. >> got it. well, the transports have been outperforming them as mike santoli noted earlier. another name deep in the red today is palantir. revenue beat estimates but earnings were slightly below wall street forecasts. guidance was also weak the cfo blaming that on lumpiness of government work frank holland here with more frank, what's the reason the stock is hit so hard, down 14, 15%? >> well, sara, it's really not that complicated it's that soft guidance. that lumpiness comment was confirming the fears of many investors according to analysts. there's a lot of concerns about the inconsistency of government work and the fact that it's kinda sometimes hard to forecast it can always be hard to forecast a lot of people may have forgotten about this, but

amazon has agreed to take a look at qualcomm's offerings. wrapping up efforts, after disappointing earnings the ceo says shipments of new energy vehicles will account for 30% of vehicles this year. profits fell 35% from a year earlier with deliveries hit by covid lockdowns and supply chain snarls. coming up, fed officials are sending diverging signals this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. >> i think they will continue to raise rates. >> if they get lucky they can get it right, but it is very difficult to know exactly where you are because the data others, and with a lag and there can be a lot of shocks. so i am sure they are not going to get it exactly right. that is what they are trying to do. i think if they make a mistake, it will be on tightening a little bit too much because, they really want to make sure they bring i

sarat, i'm coming to you, you own nvidia and qualcomm.tiple correction and another 10% by eps cut, quote, unquote, from jim cramer, i think the citi piece is going to be proven as too negative but he admits tough to get in the way of that today. >> yeah. look in the short term, this could be right, but longer term, companies we're talking about like nvidia, qualcomm, some of the higher margin businesses you don't have enough supply out there and the question is, when that does meet demand you're going to get the product cycle out there and it's dependent on the apples of the world and other things a lot has been discounted. maybe you get more pain, but longer term these are the companies you want to own and maybe some of the super growth investors get out of the semis but funnedamentally you want to own for three to five years. they're spending a lot of money on r&d that's what you have to look at who is going to be reinvesting in the cycle, so i want to own these companies even if there's short-term pain. short-term payne they're all dow

qualcomm is one of the world's largest buyers of chips, is planning to increase its chip production uprs. these companies see what i see. that the future of the chip industry is going to be made in america. for folks at home there was a broader supply chain that makes these semiconductors connect countless other small businesses and manufacturers. this law funds the entire semiconductor supply chain for research and development to key inputs like polished silicon manufactured by a factory in hemlock, new york, nearly one-third of all the chips in the world use polysilicon made in hemlock. imagine if you had more of these kinds of factories across the country. this law will make that a reality. there's an analysis that says investment in the chips and science act will create 1 million -- more than 1 million construction jobs alone over the next six years building semiconductor factories in america. this law brings it back home. it's in our economic interests and it's in our national security interests to do so. early this year, i went down to lockheed's factory in alabama where they're

qualcomm, barely -- qualcomm has held up really well but that's 5g >> it sounds like you would avoid a basket of logitech, best buy, hp. >> what a great question because logitech did say they saw a bottom in gaming hardware. you know what, i have to tell you, i think that best buy -- that dividend is safe. they did think that the game wasn't going to end until next year they were wrong on that. 4.72% with very good management supply chain by cory barry i would buy best buy >> all right all right. moving to -- >> hp. >> moving to some restaurants, starbucks quite a quarter as we get 84 beating 76. concept three. it was a little light but china's down 40, what are you going to do? >> i went back and forth with howard last night. howard's, i don't know -- i'm not going to say since he was born we were going back and forth about things that happened in new york in the '60s and '70s. this was an amazing quarter. first of all, he's reconfiguring the stores he recognizes that cold brew is what's really important. second, these numbers ex china were extraordinary he's doing his listening tou

contract manufacturer is manufacturing on behalf of its it's making the chips for big companies like qualcomm, for example. and so what the us wants to do now, given this strategic rivalry with china, given the sensitivity of global supply chains, because of the pandemic and so forth, is it wants to bring that manufacturing back to the united states. and that's what the chips act is all about. i see that the companies that would benefit from this bill there then actually not allowed to increase their production, particularly advanced chips in china. just how attractive is that for the big cases? well, this has been the game that the semiconductor companies have been playing in china a so called in china for china strategy. and that is, continue to sell mature older generation technology in china, in the chinese market, make a lot of money, use that money. and while that back into innovation and research, but don't sell because of export controls. and sanctions, for example, don't sell leading edge technology to the chinese. now what's going to probably happen in the coming months and years is

qualcomm and apple are doing well. other apple suppliers are doing well.cond quarter, gaming is very strong. sports betting rose 59% in the second quarter. new york city had gains -- new york city led to gains in the second order. here are the bay -- big gaming companies benefiting. guy: thank you very much. what is on the radar for next week? alix: for me is in four minutes time, the world agricultural estimate report. the reason we care so much is the drought we are seeing. it will be critical to the kind of yields we will get in corn. we will get a look at what is happening in europe. i am excited about that. guy: we are going to talk to firmer on the cable. alix: we should do that in four minutes time. guy: we are going to be doing weather and crops and all kinds of things. walmart, home depot, tjx, target , lowe's, a big week for retail. ♪ >> former president trump is exactly that, if former president. he is a citizen and has to turn that over. >> to the world of business -- >> i am concerned of premature spiking of the football here. >> this is "bala

this is with qualcomm expanding in the united states. there will be a multiplier effect.ll be many times that. you have an estimate about it piggy thinking on the public? >> four or five times the amount, if not more. our goal is to maximize it. is the amount that we hope is enough and that is the way we will administer the program. >> consider modifying the tariffs may be perhaps the best. i think we are wondering why it takes a long to figure out what to do with those tariffs? >> it is a big decision. the comp -- the situation with china is complicated, particularly after the visit to taiwan. biden is very cautious and does not want to do anything that would hurt american labor and workers. i know he is looking at it. we talked about it recently and i expect people be making a decision by tomorrow. behind this -- >> behind the scenes, i know we talked about it but are there is some back channel discussions going on that could lead to something down the road? >> i would say yes, but they are limited at this point in time mainly because china has not been that interested

in the semiconductor space, call come -- qualcomm looking to -- you see it showing up across assets, we will talk about that later. the dollar at a one-month high and yields on the way down. we are still trying to figure out what the fed is telling us, mixed signals from them. >> yet you have one saying 75 for september, another more cautious about the pace of where we go now that we have done a lot. the vibe and pace of the fed officials adding more can fit -- confusions to the market as well. mark, are we in a holding pattern until they get to next week's jackson hole? >> not according to the foreign-exchange board. they seem to be pretty keen on the u.s. dollar today. in the terms of the bond markets and other markets, holding no. we will see short-term volatility, at this stage it is not clear when jerome powell will address at jackson hole, survey has a plan to be very aggressive on inflation if he wants to or if he wants to give hints the fed is ready to pause he has an opportunity to do so. there is a lot of ambiguity about what jerome powell will have to say in a very importa

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 and $20 billion. where is the rest of the money coming from? you may think they ought to 50 and focus on auto and industrials and cloud, but even those segments are showing cracks we heard from micron's cfo saying within those three segments, there is an inventory correction you also had from cloud companies like snowflake saying there's weaker cloud spending and himax saying they are reducing orders because of a sudden halt in demand. nonetheless, there is the disconnect between

american companies -- i'll take another sip of water two other companies, global fine foundries and qualcommroduced a partnership to produce chips in the u.s. that would have gone overseas qualcomm is one of the largest supplier of chips, plan to go increase production up to 50% over the next five years these companies see what i see, that the future of the chip industry is going to be made in america. [ applause ] for folks at home, there's a broader supply chain that makes these semiconductors this law funds the entire semiconductor supply chain for research and development, to key inputs like polysilicon manufactured by a fact tore in hemlock, new york. imagine if we had more of these factories across the country this law will make that a reality. there's analysis that says investment in the chips and science act will create more than 1 million construction jobs alone over the next six years, building semiconductor factories in america america invented the semiconductor, and this law brings it back home. it's in our economic interest and national security interest to do so earlier this ye

shaking his hands like i'm crazy but nobody wants to own intel and i don't think anyone wants to own qualcomm. any names worth owning in this group? >> i think plenty names are worth owning but i know it's super cliche but a company like a&e, we talked earnings relative to intel and it became clear that a&e is taking share. if you can kind of wait in the weeds a little bit and stands in volatility, i think of the stock you may want to earn but i have a question cyclically that the business is exposed to and the economy starts to slow down and you continue to have earnings and that the stock that i like a lot if you're talking about a one, two or three year time horizon. >> when you do longer-term there's a huge area of the industry and looking at something like nvidia, 20 billion on the cash balance sheet and it puts them in a good position to whether the downturns. is a longer-term investor you want to look at community and is long-term -- >> it will be data centers and always has been, the data centers will save everybody . >> your automakers and there's a lot of sectors that are going into

qualcomm set tuesday as a travel day. only is it going to be streamed online, but they will have aaron in person portion for a bit of a hands-on. we are probably two weeks away from this event being announced. in all likelihood, the center of the event will be the iphone team line along with the apple watch series eight. looking forward to those products and what is in store. emily: when will the product be available? mark: you would see an initial launch on a friday nine days after the announcement, probably for the iphone 14 line. you will see entry-level versions of the 14, and pro models. the many is going -- -- mini is going away. instead there will be a max, a 6.7 inch version of the non-pro phone. it will be pricier than normal, but i think it will be especially popular because of that enhanced screen size. emily: we have talked about inflation, consumers under pressure, difficult market dynamics. it is now the right time for apple to be updating its flagship product? mark: absolutely. apple updates its iphone ever

on the earnings season and you're seeing intel, seagate and microsoft that missed on earnings and qualcommstern digital that put forward wac forward weaker outlooks and when you draw prices and that eats into margin so nvidia's adjusted gross margin is a 21% drop compared to the prior estimate that the management put out. >> so the shift is happening the thirt toward data and auto and maybe possibly focus on companies that have that focus and are exposed to auto like nxp semiconductors and nvidia is out on the 24th of this month. >> kristina partsinevelos. >>> today's clean start, one company trying to reduce the environmental impact of fast furniture. we'll explore that in just a moment >> you have probably heard of fast fashion, excuse me, cheap clothing made quickly to take advantage of new trends and often associated with pollution and waste because the garments are often thrown away so quickly from season to season, not good for the planet and the same is true for what's known as fast furniture. diana olick looking at one company trying to build a better model for that as part of her

without the taiwan semiconductor manufacturing company, that mean companies like apple, qualcomm andy others could not function. that's a lot of the american economy. last year taiwan semiconductor manufacturing accounted for more than half of the total foundry revenue in the world. may be showing up in taiwan is a pretext to invade taiwan the world's largest semiconductor foundry and that puts us in the beta position to an even greater extent to put it mildly. is that the goal of this trip? could it be tony blinken and barack obama and the rest of the people actually running the five administration without the knowledge of joe biden can't remember anything at this point -- could it be all these people know perfectly well how reckless this is, no perfectly well what the effects could be and they are doing it not just in spite of those effects but because of those effects because actually at least on some cut level they want to hasten the end of american hegemony which is to say the end of the u.s. as we know it. that would explain why i sent kamala harris of all people to avert a war

white house says the immediate impacts of the bill include us chipmakers, micron, qualcomm and globalfoundriesuncing this week that they will all invest over $40 billion in computer chip production projects. well, a tax credit of up to 75. could be used. to defray the costs. an electric vehicle. under the. now moved towards. approval in congress. if i for the credit and electric vehicle must contain a battery built in north america with minerals mined or recycled on the continent, and those rules become more stringent, overt, too. the point. in a few ye it's possible. no v e s would qualify. for tax. credit. s police make the thefts continue. coming up tonight. the undercover operation, police say busted a legitimate business that was selling those stolen parts and not ready for college . how the covid pandemic has created issues for a lot of incoming college freshmen, and we have an update tonight the search. for that. cal teen who was at a campground thanks to chase, angie's not sweating this text since there's zero overdraft fees if she overdraws by $50 or less. and, kyle, well, he's keepin

qualcomm, broad come, texas instruments and intel looking very good. oil: phil, you predicted that oil will go back up to $100 a barrel by, when? october? which names are going to benefit and what's going to get us there? it looks like the trajectory is going in the opposite direction here. >> it is. we're in the dog days of winter and interestingly enough, when you get to the second half of summer, or summer, winter, get into the second half of august, prices will come back down. one of the things, you know, if we look at why oil price haves tanked over the past couple weeks, it's because number one, we're afraid, oh my goodness, we're in a recession and demand is going to fall off the map. the other thing was inflation is just going to go in one direction and the fed's going to raise interest rates to unbelievably high levels and that's driving down the prices. you throw all that out and look at supply and demand. demand is not as bad as people said and if you look at oil inventories, they're below normal in every category whether talking gasoline, d

it's kind of a 1 percenter day where everything is down, broad com, sky works, qualcomm, micro-devices. when looking at the stocks, the stocks has gained 19% this quarter but down 23% this year. last week citi warned semis are in for the worst downturn in a decade with growing weakness and the automotive and computing and end markets and mean less demand for the chips they require. but here is what i started to say at the top of the show. what's swirling underneath the overall market. the dow's upside move right now reflecting strength coming from the very name that warned just weeks ago the dark clouds were heavy with rain overhead and that of course would be wal-mart. wal-mart is at the very top of the dow jones industrials. on track for the biggest percentage gain in 2.5 years after second quarter beats on the top and bottom line and the game standing at 5.5% and it was exactly three weeks ago that wal-mart warned its customers we're suddenly showing signs what we call wallet freeze. no more spending on apparel, toys, and shoes. they were reserving their cash for necessities like gr

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 we'll see. >>> meantime we should tell everybody that deutsche bank pressing pause they say the stocks range bound with a few positive catalysts ahead. at least in the near term. more market action after the break. don't go anywhere. so, for me and the hundreds of drivers in my fleet, staying connected, cutting downtime, and delivering on time depends on t-mobile 5g. and with coverage of over 96% of interstate highway miles, they've got us covered. (vo) unconventional thinking delivers four times the 5g coverage of verizon. and it's ready right now. t-mo

that was reflected in qualcomm's results, also in apple's results. when you look at amd and the pc business, are they they playing more in the mid to high range where over time they'll be less affected are chromebooks and the likes of those still at the low end how might that play out? >> i think they play across the spectrum again, it's a story of share gain it's not just amd gaining share against intel. it's also apple doing their own processor. that's gaining share against intel. that's part of this move to heterogenous compute it's difficult to say specifically when people will need a new pc. i, myself, got a new one last year probably won't need one for a couple years over time that's a smaller part of the total compute pie 20 years ago all we obsessed about was the taiwan supply chain and what's going on with pcs. it's not as critical when you look at the entire semiconductor market today as it was a long time ago that's because we're seeing more and more use cases for technology across every industry. >> speaking of which, on that, three big n

punished more than they should have in this environment and we like advanced microdevices, amd or qualcomm who have other secular aspects of the story whether it's share games or product road maps or anything like that that are helping to offset quite nicely. >> you mentioned that companies don't have visibility and i can't think of anyone who has less than taiwan semiconductor not only do they not know about the markets. they don't know about the state of the financial and political u independence talk to me about taiwan. >> i'm not going to talk about the stock and i'll let him tell that story, but taiwan in general, that's sort of at the heart of everything that's going on the chips act and everything else the chips act is not going to massively increase the amount of capacity that is installed and demand will determine that, not politicians. what the chips act is trying to do is to get some of the projects started here rather than other places like taiwan because the world is very dependent on taiwan. most of the world's leading semiconductors come from there and it's 100 miles offshor

let's take your attention to shares of qualcomm hitting session highs in the last few minutes as the company reportedly plans to return to the server market with a new chip bloomberg is reporting that amazon is considering buying the new chip we've reached out to the company. we'll let you know when we have more that's a 2% pop in shares of qcom kohl's is slashing forecast, expecting revenues to fall year on year instead of growing slightly they are cutting earnings guidance by more than half shares are down 6% where does the retailer go from here the ceo, michelle gass of kohl's, joins us with our own courtney reagan. welcome and kick things off. >> thank you for joining us today on "the exchange." i guess we'll start with the consumer you serve so many questions as to the health of the american consumer and we know not every consumer is the same. the high income would not be as affected by inflation as middle income consumer. what's going on here >> well, courtney, you are absolutely right where we are seeing the biggest pressure in our business is that middle income customer and w

today qualcomm has announced another $40 billion. this is about seizing the future.nergy security. our national security. it is about lowering costs because we're going to increase supply and it is about making things in america with jobs that are really well paid. so this is a win, win, win. it is in fact a big win for the united states. as the president said for history. >> it has been a big summer for democrats, for the president. you got the chips plus act which you signed today. the pact act. sweden and finland accession into nato. the president was just speaking about that. gun control legislation. the inflation reduction act which will probably get voted on and passed by the house today and then go to the presses's desk. how do you feel about the mid-terms? tell me why past is not precedent and why democrats won't get shellacked in november as we normally see in these mid-term elections? or maybe you don't feel that way. >> in my past life i was a politician. right now i'm not. i won't prognosticate about the mid-terms. i will talk about how incredibly active

for intel to simultaneously compete with the best of the designers, which are the amd and nvidia, qualcomm, at the same time, i think it's an unsustainably tough problem. i think it's going to take a while for this to turn around >> okay. sounds like your answer is you don't think it's possible. but we'll see. we'll see when we get that call one way or another as well vivek, thank you >>> coming up, egregious differences, that's how twitter's former security chief describes the company's defense against hackers and now he's filing a whistleblower complaint with regulators. this is sending the stock lower, fueling the fire in elon musk's lawsuit against the company trying not to buy it those details are next >>> plus two key corners of consumer spending. housing and retail we will get you ready for toll brothers, urban outfitters and nordstrom results on earnings exchange we're back in two. >>> this is "the exchange" on cnbc. another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fu

investments in research and development, and already, if you look, a couple companies, micron and qualcomme said we're going to jump in and create new american jobs. this is high-tech, good paying jobs. bipartisan achievement. win for the president. >> it's a big deal. you know, as biden would say, he might throw another word in there, but it is a very big deal. and look, this is a president who has had a lot of problems over these past few weeks and we have gotten in here and talked about how inflation is bad and this is bad and that is bad. now he's getting some wins. you have to give the man credit. he is getting some wins. >> let's not soefrb overstate i. biden has had a recent string of congress getting stuff done. he's not on the ballot, they are, members of congress. they do feel better when you talk to them, they feel significantly better actually now compared to even three or four weeks ago. >> they think they have a lot of momentum headed into the august recess where they're going home to talk to voters. gary peters told me that, yeah, there has been a momentum shift, especially

overnight but the fact that you've already seen micron, intel, this week making these announcements, qualcomm and global foundries. they have been waiting for chips to get over the finish line, and this is just a great day for america because they are saying we believe in america, we're making investments here, and i think the next decade or more you'll see an explosion in manufacturing and research and development and innovation in the united states. >> but before you leave us, one final question the news today, of course, of former president donald trump's fbi search of his mar-a-lago home, is that overshadowing some recent administrative w-- legislative wins for the administration, including this bill being signed into law today? >> i don't think so. this c.h.i.p.s. and science act is a sputnik moment. i think next week there will be a similar bill signing with the climate act and the inflation act, so, you know, the department of justice can answer your questions as it relates to former president trump i'm not -- that's not my lane. but i think these are huge, huge, huge investments and i

air, automotive and industrial, i find so sb interesting, because i'm hearing about it also from qualcomm and marvel, as an area of some pretty rapid transformation, including the layering in of 5g, increase in efficiency in terms of years, how long do you see that transition taking place, and how long do you see having key ip that gives you an advantage there? >> look, i think when we talk about our ip, there's a lot of investments that we are doing, and our road map today is what we are winning on. you know, i've always talked about competitive advantage when it comes to ip specifically and for us on the power side, the ip is not just on the semiconductor itself or on the device, the ip is also on the packaging, but also the end-to-end manufacturing that we at onsemi are able to provide to our customers from an insurance perspective. that's all part of our competitive advantage mode that we are providing and that's come out and paid dividends this year, through a lot of the constraints where we've been able to push the boundary of manufacturing and extend the supply that we need for our

us chipmakers micron qualcomm and globalfoundries announced this week that they plan to invest about $40 billion in computer chip production projects. the white house is taking credit for that investment, saying the chips bill will spur more private investment in technology. new at noon. healthcare workers at six providence hospitals in northern california say they've been short changed thousands of dollars in pay workers at santa rosa memorial hospital, petaluma valley queen of the valley medical center in napa say that since the beginning of july, they either did not get their paychecks or received multiple paychecks, missing hundreds or even thousands of dollars. i've calculated in. obviously i couldn't do everybody who sent me their paychecks and their corona sheets, but i have calculated anywhere from hundreds of dollars of thousands of dollars that are missing on paychecks you depending on what the category of the nurse was. the national union of healthcare workers has filed class action grievances on behalf of the workers. a spokesperson for providence hospital says most of th