that's robert frank. >>> inted reportedly in talks to m.vest in chips ar the implications for softbank >>> intel ramping up after there could be the busiest time this year. >> this could get messier. closer to the blockbuster arms idea. one state continues to be on fire this year. intel as a personal anger investor. they plan on being a strategic investor. they could go to other investors and say, the rival investor is not a success. after a decade of decline, after seeing delays in next generation chips, part of the big turnaround plan is building a business. out of the actual manufacturing of chips. not the design. it can struggle to develop its own processors. it will help to manufacture those chips that they are developing in-house with the help of cutting edge design. in a convoluted way, they can continue to work ith the most important tech companies making the participation in the anchor investments interesting. the key question is how would the investors feel about this? inspected to raise almost $10,000. more than the total amount raised in all of the ipo market this year. tha

>>> and the latest with robert frank standing by with the stat on the massive cash on the ultra rich.ou are watching "worldwide exchange" here on cnbc i'm frank holland. >>> thanks for waking up with us let's start with the check of the stock futures where we are seeing movement in the futures right now, green across the board. we have seen them moving all three up higher. this after a mixed may for the index with the dow shedding 3.5% and the s&p with a slight gain dow is down in the white and nasdaq on the orange line. nasdaq jumping 5.8%. according to dow jones data, the difference between the dow and nasdaq last month was the widest margin since october of 2001 the bulk of the gains last month can be tied to ahandful of stocks alphabet, apple, nvidia and meta 25% of the s&p 500 market cap and 50% of the nasdaq month to date gains in may. >>> for a check on the top stories, silvana henao is back with those good morning, silvana. >> frank, jamie dimon claims that other executives within the bank could have removed jeffrey epstein before the move was made this is after the recent jam

robert frank is here with more at what's at stake, and it's really about a lot of money, rohnert. >> it is a lot of money. a huge amount of stake with this possible ruling especially as it relates to taxes the case is called moore versus the united states. it's about the trump taxes that were cut the ruling can be a much bigger question what counts as income when it comes to taxes specifically can an unrealized gain, an unrealized value of an investment that's not sold be taxable. if the court's rule in the 16th amend realizes that, that could kill the democratic hopes for any kind of wealth tax or biden's proposed billionaire's tax. it would be a huge windfall for american multi-nationals those are the companies that paid the tax on their offshore profits in 2017 and 2018, they would get hundreds of billions of dollars in refunds. a clear ruling against the plaintiffs could change the way markets and financial markets are currently taxed. the u.s. chamber of commerce and other groups have filed briefs in support of it their tax bill in this case was $14,700. so, dom, it's about the

. >> robert frank will be on later and talking about the cash with rich people. i don't know she's a non-voting member. do they send her out to say that to throw us out? was she wrong about saying that and they sent these guys out >> i'm sure they are responding to what everybody else is saying they're on the schedule. these are the comments they are choosing to make it is weird to me. the market is giving credit de free -- credence to the ones who are significant. waller is seeing the influential market. >> this is hard for me. >> waller is seen as the leading indicator for the fed. he didn't go in the skip camp. >> skip will become a word like pivot >> for a time. >>> the bill to raise the debt ceiling passed 314-117 president biden thanked speaker mccarthy and urged the senate to pass quickly leaders on both sides said they wanted it passed in 48 hours. >> mulvaney was out in the lobby. i complained to him about the way business is done there 79 said no oh, they're so brave they're so principled. if any of those guys had been the vote to take us to default, th

robert franks has all the details. and robert, when we say cash, we mean cash or cash equivalents?, you got it right. wealthy investors still very much in wealth protection mode the w t they have 34% of their portfolios in cash, or those cash equivalents that's up from 24% a year ago. and it marks a new record high going back more than 20 years, that's all according to a new study from cap gemini out today. holdings of stocks are at their lowest level in more than 30 years, with stocks makes up 23% of their total portfolios. alternatives, private equities, that's holding steady at 13% more than two-thirds of these investors say their number one priority right now is wealth preservation you look at family offices, that's investors with $100 million or more, they are also keeping a lot of money on the sidelines. they're planning to add a little bit more fixed income, going from 12% to 15% and going to trim their equity exposures a little bit to 24%, that's according to a new survey from ubs. as one family office told ubs, quote, we are not making big bets on anything right now so, me

our robert frank is in bay harbor islands, florida, with the story. : good morning, sara. well, this house listed for just under $20 million. would normally be marketed a lot to overseas buyers, but a new law would make it illegal to sell to buyers from certain countries. now chinese buyers would not be allowed to buy any real estate in the entire state of florida under the law. buyers from russia, china, and many other countries, five of them to be exact, couldn't buy property within what's called ten miles of critical infrastructure that's airports, seaports, water treatment plans, electrical facilities -- basically drama map and it excludes all of miami, many parts of the florida coast. governor desantis said this is geared to preventing the influence of the chinese communist party on florida what's interesting and annoying to many brokers here is that it also includes venezuela. venezuelans have been a huge part of miami's broet. growth the city of dorell near the airport there is a huge venezuelan population there and because it is near the airpor

against this, how the investors are going to feel about it >>> i want to bring in my colleague robert frankover a lot of sporting events where there are sponsorships i'm curious what your reaction is to this what do you anticipate you're going to see >> it's so early, contessa golf has a very high clientele, well educated clientele, well educated clientele at the end of the day, contessa, as you know, sports is an entertainment business with emphasis on business, and commercially this looks like it's going to be a growing leyig a -- league and a growing business. >> there have been accusations that their efforts to get into the premier league and to sort of own soccer/a ball anywhere else in the world, to clean up their image or what's known as sports-washing what do you make of that >> that is the tune we have certainly been listening to and hearing people sing in the last 12 months in the golf world. it's attacked other worlds too it has gone through the boxing world, the f1 world. this is nothing new to pro sports but it's certainly something golf has been dealing with that is an answer

robert frank. >>> when we come back, the ad business top of mind for those thatan t chis week we'll takeou see untapped possibilities and relentlessly work with you to make them real. ♪ >>> advertising a marketing festival in full swing and julia boorstin is live on the scene. julia, what are your takeaways >> reporter: i just sat down with kevin hart along with ty randolph, the ceo of his media company, hartbeat entertainment. they raised $100 million for expansion of the company with all of the buzz about ai here at the cannes lion, hart tells me he sees ai as a tool and not a threat >> a new technology that presents itself, you have to embrace the space of new at all times. you know, i think seeing it through the test of time, we all will learn more about it, discover its durability and possible longevity for us, it's about finding the proper ways to align ourselves with it. if it fits the need or the want for us as a brand, then we'll embark on the space and place when it presents itself. right now it's just looking for the right discovery and placement for that to happen >> reporter

so presumably people are more comfortable to earn that i also, though, i know robert frank said this,ney to get that 5% in case, what are they doing with the coupon are they spending it all probably not rolling it to t bills or putting it in stocks as well because you'll have some kind of balance. >> the stock argument is interesting. thank you. >>> goldman sachs out with a fresh call on a.i. in the market today saying it could drive anywhere from 5 to 14% of gains on the s&p thanks to profit boost and productivity gains with that said, what does a.i. mean for the fed and the broader economy? steve liesman is looking at that angle. steve? >> it's interesting, sara. net netscape, remember the internet explorer program that launched a few months after the fed had completed cranking up interest rates by 300 basis points. they hit a level north of 5% right around where they are today. that raises the question what impact higher rates could have on new investment in in a.i. and is this a tech bubble reduction that the fed should be thinking about leaning against. the trurkt of the economy

robert frank. >>> fresh hardware news out of meta the company betting big on vr.t take for that to pay off we'll get one analyst take after the break with the dow down 50 ahhh! icy hot pro starts working instantly. with two max-strength pain relievers, so you can rise from pain like a pro. icy hot pro. (torstein vo) when you really philosophize about it, there's only one thing you don't have enough of. time is the only truly scarce commodity. when you come to that realization, i think it's very important that you spend your time wisely. and what better way of spending time than traveling, continuing to educate ourselves and broaden our minds? (woman vo) viking. exploring the world in comfort. 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 >>> welcome back i'm frank holland. your cnbc news update at this hour attorneys for donald trump asking the judge in the criminal case to step aside trum

we'll see you in a bit. >> thank you. >> robert frank.ssion highs here as we're back in the hunt or the bulls are for 4450 don't go away. opportunity is using data to create a competitive advantage. ♪ it's raising capital to help companies change the world. ♪ opportunity is making the dream of home ownership a reality. ♪ ...and driving the world forward to a greener energy future. [applause] sometimes the only thing standing between you and opportunity is someone who can make the connection. at ice, we connect people to opportunity. >>> good friday morning. welcome to another hour of "squawk on the street. i'm sara eisen with carl quintanilla and david faber live as always from post nine of the new york stock exchange. we are awaiting a decision from the supreme court this hour on president biden's student debt relief plan. big economic implications for this one we'll break down the news. take a look at stocks this morning, final day of the month, quarter and half year and looks like we're going to end up 1% right now on the s&p 500 the n

robert frank back at post 9 with new numbers. >> we look around the world.lobal sales of homes priced $10 million or more increasing 11% in the first quarter the top luxury markets over 400 sales over $10 million mark. dubai was the leader with 88 sales. an amazing amount of money going into dubai right now new york, l.a., singapore and london like everything else, a lot of mixed signals in high-end real estate april sales in manhattan falling for the first time in three months contracts also down in palm beach and miami. l.a. taking a big hit in april thanks to the new mansion tax. only two homes sold for more than $5 million in april that compares to 126 back in march. you look at may, we could see some improvement sales contracts of properties priced at $4 million plus in manhattan. that's the very high end of the market that was up 20% in may compared to april so this is a very week by week, almost day by day market, like everything else. a lot of crosscurrents. >> good numbers to start with, robert let's dive deeper into that report and talk about the h

>> robert frank, thank you.s today is on martha stewart laying in on work from home. the whole debate thing america will go down the drain if people don't return to the office. she was comparing it to france and saying well they take off the month of august and all that stuff and we don't want our country to go down the drain like france. >> we don't want to lose our edge. i guess she figures home is for gardening and cooking. at one point she did run a publicly traded media company so it's just not that she speaking out of nowhere. >> i think a lot of people are amen to that and one of her other points is its impossible to get all her stuff done from home. as for the market, the dow is hanging in there. s&p is negative but we are marching in place around these numbers. with that we will send it over to scott lochner and the halftime report. >> thank you very much sarah. i'm scott wapner. the s&p 500 flirting with 4300 and nasdaq has its longest winning streak since 2019. we discuss and debate where your money g

pleased to be joined by katherine clark, and also robert frank to discuss spill, people want to hear to know which building is which. >> there's a map in the book, so hopefully that will help you >> you need that map now you have a good map. >> now i'll know which one should we start with >> let's start with 220. it's the one that has defied all the odds despite the market turmoil, it just keeps posting report sales no matter what >> this is the vornado property? >> yeah, it's a limestone tower, the smallest of the bunch. sort of designed to replicate 15 central park west which was one of the most popular buildings. ken griffin bought there for $250 million, lots of major names. >> how many of these people stay i feel like everybody buys these towers they live in them for a day or don't even go there, and i don't know what happens. robert, fill us in >> that's the thing about 220 that's so unusual. new york always has it building, the building that everyone who is a billionaire has to live in. now it's 220 and it's interesting you had these five towers. three of them i think are actu

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robert frank tells us what's happening here, what's driving the shares of the italian carmaker higherponsored by truist wealth, where we focus on person to person connections so you can focus on what matters most since i was very young. dad played here. grandpa played here and then there was me. (camera shutter clicks) playing for camden high was a huge thing for me. it wasn't just high school basketball to me. it was way bigger than that. you're playing for the city. it's like in a way, the city is winning. (♪♪) (crowd cheering swells) (basketball swish) (♪♪) we moved out of the city so our little sophie could appreciate nature. (basketball swish) but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton o

robert frank joins us now with more on what's at stake for democrats pushing a wealth tax could it triefbrt >> it could. this case is called moore versus united states. it involves the trump tax that imposed a one-time tax on profits including paper profits. this could answer the most important question in today's tax policy debate, and that is what counts as income. specifically can an unrealized gain that's increased in value that's not sold actually be taxable. if the court rules the 16th amend only allows taxes on income realized, this would kill democratic hopes for any kind of wealth tax and kill biden's billionaire tax. a ruling for the plaintiffs would also be a huge win for american multi-nationals those are the companies that paid the tax on the offshore profits and would get hundreds of billions in refunds the ruling against the moores could change the way certain bonds, commodity futures and other financial markets are currently taxed. cato and other groups have filed a suit against them. joe, it's not about the money. it's about the money. >> yes >> it's a basic question how

about maybe the four seasons midtown and the plaza reopening, would be great for midtown i know robert frankhis morning pointed out, i think, second best june ever for luxury apartment sales, $4 million and up so, the -- it is -- i mean, there was a period during covid where you thought because price collapse in the city would make it more egalitarian, easier for young people to move into, it has not happened >> that lasted for like a minute prices were down for a little bit. rents have soared, i can tell you, as someone who just signed a new rental office is all doom and gloom sl green is down 50% over the last year. we were talking to a reet analyst from bmo saying, you might want to get into that stock. it's been punished enough. but i know anecdotally, david, people trying to get smaller scale office, commercial real estate deals done aren't getting any financing from regional banks. >> it can be very hard that's another important part of it that we have talked about, of course, the regional and community banks that typically would be the financiers are not willing to -- certainly not at

we go live to that state this morning to robert frank. >> this is a listing in bay harbor islands, justyers from certain countries. citizens of china would be prevented from buying any real estate in the state of florida buyers from russia and venezuela would be prevented from buying within ten miles of critical infrastructure basically you draw that map and it blocks out all of miami governor desantis says this is to protect the state of florida from the influence of the chance communist party. brokers say it an attack on the all-important real estate industry in the state of florida. florida is the top state in the country for foreign buyers and china is the top source of those buyers were $6 billion of sales last year. >> it's a signal it sends to international buyers all over the world saying you're not welcome here, your investment is not welcome here and a very concerning item. >> now, to enforce this law, if you sell a house to any of these nationals, you could face prison time or fine a group of citizens in florida have filed a lawsuit to block the new law. unless there is an in

. >>> the latest millionaire survey robert frank has a look at how the wealthy are responding to higher inflation is going to stick around for at least another two years. the cnbc millionaire survey, we poll people with $1 million or in investable assets say they're not going to fault that fed target for at least two years. about a third say it's going to take at least a year they also say interest rates are going to be higher for longer. nearly half say interest rates are headed higher by the end of the year only 18% expecting the fed to cut rates by the end of 2023 inflation end rates starting to take a bite out of their spending more than a third of millionaires surveyed cut back on restaurants due to inflation. 18% have delayed the purchase of a car. one in four has given less to charity due to inflation that was surprising to me. and if inflation persists, a growing number will cancel vacations. they're also borrowing a lot less nearly a third say they plan to borrow less this year due to higher rates when we asked them about the threats to their wealth, inflation ranked second beh

let's talk about taxes this morning, one of our favorite topics with one of our favorite reporters robert frank a bill making its way through the house right now. what's going on? >> it's like elective surgery, elective taxes. >> exactly no one does it. >> there's a line at the bottom. i've never seen anyone say, let me pay more. >> it's making its way it cuts taxes for businesses by about $220 billion ore three years. it would reduce limits on production for r & d, bonuses, and interest expense those are big. companies have been working hard on that as limits and debt payments rise. it would reduce revenue by $220 billion through 2025 so to help pay for it, the package would cut tax incentives for green energy and evs, including ev limits. it would raise remember knew to offset the cuts. republicans also hoping to do away with new rules on payment service reporting. that's the 600 rule that requires 1099 k forms for anyone who earns more than $600 a year through payment apps like venmo and paypal democrats unlikely to support the whole plan that, of course, is a big negotiation. there are piec

all of that short-term struggle message is work through. >> robert teeter, thank you. >> thank you, frank>>> coming up on "worldwide exchange," potential trouble ahead for boeing a supplier is forced to stop opatns aaderiohe of the worker strike the full story when "worldwide exchange" returns. what do you get from the morgan stanley client experience? listening more than talking, and a personalized plan ♪ to guide you through a changing world. ♪ ahhh! icy hot pro starts working instantly. with two max-strength pain relievers, so you can rise from pain like a pro. icy hot pro. >>> welcome back to "worldwide exchange." microsoft getting its day in court arguing the deal with blizzard we have steve kovach with more on the story >> good morning, frank microsoft and ftc will meet for the beginning of the five-day hearing that will determine the fate of the $69 billion deal to buy activision here in the united states. the ftc is seeking a preliminary injunction in san francisco alleging microsoft intends to close the deal before the july 18th deadline. no matter what regulators say. the ftc wo

douglas, frank murphy the next year, robert jackson and james burns the next year, and those eight roosevelt a appointees are just, you know, one after another in the wings starting in the summer of '37. >> and there were so many opportunities for him to compromise, and they came to him -- not so much cummings he was a true believer, his attorney general, but others came to him repeatedly with -- [inaudible] wheeler from montana, with offers to compromise, and he just wouldn't have it. i mean, he was dead set on moving ahead. you wouldn't even recognize the reality -- he wouldn't even recognize the reality of what was happening. his own allies were coming to him with stories of what was going on out there and how he was losing, you know, support in his constituencies. but he was very bullheaded in that, and it is extraordinary, again, with his sense of timing we created him with and his exquisite sensitivity to political winds, he just was dead set on this. >> there's a little kernel in in that i think is maybe an explanation of this. homer cummings, the attorney general, was really the draf