the joe t etf is long nvidia personally i had amd and nvidia. i was incurring too much of a loss and i made a decision to get out of nvidia because they hadn't reported earnings just yet. amd did, we were past that moment there are challenges for nvidia as it relates to gaming itself, but i think it's a very critical earnings report that we're going to get here after the bell i think it's really going to dictate a lot of the market's ability, in particular the nasdaq, to kind of have this bottoming process and maybe begin to recapture some losses or not so i hope pete's right but it is absolutely without question one of the most critical earnings reports that we have gotten for the nasdaq in the last several weeks. >> gutsy, gutsy, gutsy move by pete can't overstate that just given the environment, carrie, that we are in and a stock that's been nearly cut in half still has a $400 billion market cap and it does trade at around 40 or 42 times earnings forward. so it's come down a lot. some might suggest that it's still expensive. carrie, it does r

that will hurt nvidia. i don't think the market is clear yet in terms of what sort of deceleration we are going to see, but clearly data centers was very strong, and the cloud continues to be a big driver for all of the semi guys. they're making all of these data centers for migrating the workloads, and i think that is going to last for at least three or four years, so we are not going to see a slowdown on that front. guy: i know they are exposed to gaming and the chips are often interchangeable in some ways between gaming and crypto. what is happening in those two separate markets right now? mandeep: we know crypto is really going through a testing period and there's a lot of volatility, and there has been demand destruction on the crypto side. you can see that in the open market. some of the nvidia chips have come down. but gaming long-term, i think a company like facebook spending $30 billion in capex, a lot of that is geared towards building the metaverse. that is a long-term driver on the gaming side a

for me, at some point, nvidia, yes. a cornerstone portfolio. there is no risky i can see ov the next three or four years with the data center business. this is the right valuation because this is what games contribution to the earnings side will look like. i'm just not there yet comfort level this is the bottom of gaming. >> matt, if nvidia is neutral, what is your favorite pick in semis? >> probably my favorite pick right now is amd they face all of the same headwinds you talk about with china and russia the difference in my mind is that because they are a share gainer in almost all their portfolio, what the entirety of the market is doing versus how much share they are a little bit disconnected in that way whereas nvidia doesn't get that benefit because of the gaming business. >> matt bryson with his call amd. we appreciate it >>> no matter where you live in the country, inflation is hitting all the finances of all americans in some way, shape or form along the mississippi river in the heart the country, the prices spikes are impacting tryin

nvidia was down, and it was down under 153. the stock now, 178, josh maybe these are the baby steps you need to take to be able to declare either you're forming a bottom or bottomed, not making a call obviously that we have, but you have to hang your hat on something at some point. >> i think it is very positive that nvidia was able to give some would say weaker guidance i would probably refer to it as realistic guidance and the stock was able to erase a 12% selloff in the after hours last night and go green today i'm not going to be on at 4:00 tonight. we'll see what it closes i agree with what mr. cooperman had to say i think the same can be said, by the way, with nvidia, they're talking $15 billion share buy back, additional, by end of next year 2.1 billion on buy backs in the first quarter. >> dick sporting goods i mean, i don't know what they got down to, but now it is up almost 7%. so there are stories you can try to get behind. >> yeah. so i see this in a few names in my portfolio one of them is dutch bros. stock opened

nvidia here. i'm scratching my head up in the day and given that back $8.1 billion i think consensus $4.3 billion i'm surprised at the stock in the after hours. i don't think it was that bad as to have this move. the move is not commiserate with the guide. just my opinion. >> the conference call is also just underway. kristina partsinevelos is following it. >> and that section or sector grew 83% surpassing the core gaming business selling graphic cards for games and crypto mining the auto business down 10% on a year over year basis despite the strength in categories the company is cautious guidance coming in lighter at $8.1 billion including a hit relating to russia and china covid lockdowns. keep in mind forward looking the chip maker did con firm to slow the pace of hiring joining the other tech firms being cautious. you see shares down now almost 7% i'll hopefully get more info to why we see the massive drop despite guidance coming in not as bad as maybe justified by the drop. >> thank you keep

kenny, you mentioned nvidia earlier. let's talk about that. nvidia, splunk, some others got hammered after they reported last night. of course they reversed higher. risk/reward die namings changed in technology. have they changed enough to start loading up or start to build a position? >> i think you have to start to build. nvidia is one of those names, it's a big name, a big money generator, the biggest generator in all of taiwan. they have fingers in everything. everything you touch has something from nvidia i think it has got to the point it is over that. i think the reaction was ridiculous. took the stock down 11 1/2% in the after-hours market. look what has done today, not only taken all that back but up 7 or 8%. i think it is getting to the point where people have to take notice. i own it. it has been painful on the way down. but it feels like it is starting to build a base. i will jump in to accumulate a little more. bring my average price down but i think the future is bright for nvidia. charles: the good news you're still very young.

> i think those two are so important because nvidia has been around for a long time. it's one of those established stocks that have been such a grower over the last few years as they push into not only data center, but metaverse and all of that stuff it's down a lot. so how will investors react? then you've got snowflake, the biggest software ipo ever. it's been doubling year over year i've got to mention intuit because it wasn't too many years ago that people thought of this company as just about tax. if you ignore three of the four quarters and pay attention to this one, how turbo tax did, tax actually underperformed this quarter and look at the stock, because of credit karma, because of quickbooks and other stuff they're working on perhaps a signal into transformation that's happening in small business and even individuals. >> the health is certainly going to be important heading into a slowdown key question for the ones that report tonight what are they going to tell us about the state of enterprise spending i know sarah tried to talk to marc benioff about that. h

nasdaq futures rushing up amid the concerns around nvidia and apple. u.s. markets ended higher yesterday on the back of those fed minutes. plenty more coming up. stay with us. this is bloomberg. ♪ what's it like having xfinity internet? it's beyond gig-speed fast. so gaming with your niece, has never felt more intense. hey what does this button do? no, don't! we're talking supersonic wi-fi. three times the bandwidth and the power to connect hundreds of devices at once. that's powerful. couldn't said it better myself. you just did. unbeatable internet from xfinity. made to do anything so you can do anything. whoa.

nvidia kind of standard-bearer for new tech what's your thought on that one? >> we like it. we think -- we have exposure to nvidia and we like the stock the concern is obviously going to be the crypto mining and the game, as was mentioned i think the ai is where the future is for this company it's where we're really going to be looking to see how they report and what that part of their business looks like going forward so we continue to hold it in our portfolio. >> and in terms of your thoughts on the market, we do see the nasdaq bouncing a little more today than the rest of the market obviously it's in a deeper hole. a lot of times the former leaders are not the ones that lead you out of a downturn what do you think makes sense in terms of the growth versus value or growth versus cyclical trade right now? >> value had been leading for a while starting at the beginning of the year and we've seen that differential really start to come together a little bit we've taken some of our value names off. we've added a little bit within the growth space we're still pretty balanced bet

you are seeing nvidia do the same. is this going to be the start of a new trend when i come to chipmakers trying to become more insulated from the boom and bust cycle? >> thank you for having me on. i think broadcom is unique in the sense that they embarked on this software diversification journey in 2018 as it relates to the acquisition, the semantic enterprise acquisition. now with the vmware deal, and even a 50-50 split from a trip to a software dynamic, if you look at the other software acquisitions the chipmakers have made, it is more of an add on functionality on chips and it is going to be following these longer, broader trends from a jamaican perspective whether it is ai software or machine learning software. from a chipmakers standpoint, someone like nvidia is going to be a chipmaking -- follow h a making cycle. kriti: i'm glad you brought up and video. we brought up the china piece of the retail equation. i have to ask about the china piece of the tech equation. nvidia says it has record demand, it just canno

this wasn't perfect from nvidia in the sense the macro environment was tough gaming in russia and china snow flake, at the same time, it's a consumption is done if it's down in april, then perhaps you don't need as many chips. snow flake still had a number of big customers that they added during the quarter but this high grower affected by the macro environment. >> you could tell analysts trying to get the root of where con sujs the slowing there's one that came out and said specifically who is it. is it meta, netflix, snap, walmart, thaarget that are slowing. snow flake ceo said it's none of them this is latest group of tech warnings to give below their guidance we spent the last few weeks focused on consumer tech and retailers be now we're looking at semis and networking with cisco. they are kind of take it in stride the nasdaq got more than 2% right now. >> we always look at the customer olympics, high end, low end, what kind of consumer goes there. that feeds your view of whether or not the future is good or bad. that's increasingly happening in enterprise software especially whn yo

gaming is slowing down, that's obvious with nvidia, you're going to hear that from them, relative to 2021 they're losing pricing power for investors we're talking about within markets the opportunity for a tradeable bounce but we're not going out and accept ing excessive leverage, thinking we're finding some form of a bottom, you know jim mentioned can pit last before it's going to have to come down from the fellow reserve to brynn's point, not only do they talk more aggressive their actions -- >> i don't think talk any more aggressive than they have. >> okay, what they need to say is that there's no ceiling on a monthly interest rate hike, it would be 50, it would be 75 pay sis points in it needs to be in responding to capitulation >> they said what they want to do and they don't want to surprise anything. the question i have to joe, as a representative of the overall market that's looking for a bottom, aren't we surprised that we haven't had capitulation, we've been looking for capitulation for weeks, when you start looking for it it comes sooner than that >> markets are -- go ahea

fsd pharma >> welcome back, everybody nvidia has been one of the hottest stocks in the market the past few years until recently. it's still up 350% in three years despite losing nearly half its value over the past six months kristina partsinevelos ahead of this morning and one surprising contributor to the recent weakness we know nvidia's stock has been the victim of a growth sell-off. the job looks even bigger when you compare it to the s&p 500 and the semietf which is exemplified by the white line on the screen the boom and bust has put pressure nvidia. it is known for its gaming graphic processing units and gpus which could for 75% of its revenue and prices are dropping and they're sold to crypto miners who use it to perform complex calculations and so much so that the sec charged nvidia $5.5 million for hiding and how many gpus were sold to crypto miners, but the mining process for ethereum, for example is changing and will render some of these computer parts almost useless for those mining ethereum specifically and consumer electronics company asos recently pointed out that the de

nvidia sale -- settled the case, they did not admit wrongdoing, they pay that i $.5 million fine. we -- $5.5 million fine. we think about a theory him it is moving away from proof of stake, it will no longer require graphics cards, much less intensive, already in december nvidia warned it seed -- saw revenues drop by over 35% from crypto mining compared to previous quarters. it theory him has not moved to this proof of stake mining process yet. already nvidia under pressure, the conversation yesterday at how the movements in the crypto market affects the equity of stocks and the companies involved in the broadly crypto sphere. emily: what we be watching when markets open next week? crypto traits of the weekend. >> -- it trades through the weekend. >> bitcoin is the largest crypto currency out there, the most liquid, the haven, ether is giving a run for its money. there is an upside and a downside. emily: thank you for wrapping all that up for us. coming up, jeff joins us next we will talk about earnings and how all of this market volatility could impact his company and his views o

listen, we mentioned at the top, carl did snowflake and nvidia. we'll get into that but raising those same questions that may have been raised by snap, maybe less so, be on snowflake's call talking about the consumer facing cloud customers, still growing, but impacted by economic headwinds, their consumption will be impacted, snowflake, we're talking about, consumption patterns that may fluctuate quarter to quarter, raising that question of overall demand and whether things are slowing. >> and supply chain issues, as well, which seems to be particular difficult for tech. retail this morning, though, seems to be weathering supply chain challenges, saying they're able to control and manage them and those stocks have done much better than analysts were expecting. >> the way it's playing out in retail is the low end apparently working as some kconsumers looking to trade down. dollar tree and dollar general are examples of that nordstrom, constructive comments from chanel this week, the middle ground of the walmarts and targets and kohl's, have where t

is nvidia there? golly, maybe it was 16 months ago, if somebody had asked my, hey, what stocks should i buy if i was in the business of advising people, i might have said nvidia. >> i think if you bought nvidia 16 months you would still be doing pretty well after the sell-off there are a few stocks that we had started to see some panic and you mentioned qualcomm that's a good one and anything that's been touch happening the smartphone recently has been death. we've seen weakness and we've had weakness in china, and qualcomm got caught up in that and they just had earnings last week they seemed to be powering through without a problem. they're less exposed with the areas that are weak and they picked up new things like samsung and qualcomm is back down to trading at ten times earnings and it's cheaper today than it was not that long ago when people thought large chunks of their business was going to zero and they were with apple and it is much cheaper today than it was then there are some areas of the

>> well, i came in with nvidia and i saw the report last night. i thought it was pretty good. i mean, even with the lowered expectations looking for growth of 27% something like that, so i took more last night around 1.55 i tried to buy more that 1.49 but the stock bottomed around 1.52 so i don't buy that second tranche but yeah, more nvidia which is fine because the stock is the stock of tomorrow. it's a little pricey compared to other stocks even though the semiconductor stocks right now but i think it's the one you want to be in. it is the elite of artificial intelligence, of gaming, of the data center, of everything that every other industry relies upon. liz: yeah, and by the way, i do want to ask you this , because look at nvidia right now, so the low of the year, annual low was 154, is that correct? and are you only buying on down days, sarge? >> yes, i typically, over my career, have only bought stock when it's down and sold stock when they're up. there are times while i try to be a momentum trader but that's really not my game. liz: that's just a recipe for disaster so

maybe auto wasn't the case for nvidia yesterday. >> mike, just to hone in on nvidia, in the after hours sessions kristina had mentioned that the stock's reaction was to the guidance, which was a little bit light. at one point in the after hours it was down 10% or so and here we are, a good day for nvidia being helped by the overall tape. >> it absolutely is. even by this morning, it was only down a few percent before the market opened so it seemed as if folks were able to sort of absorb the actual message from nvidia and willing to make the bet -- there's a lot of people out here probably who remember wishing they owned it back when it was twice yesterday's value and so maybe there's a bit of a muscle memory at work right there. a lot of sell side analysts have $400 price targets on this thing. i'm not saying they're right but it shows you why there's a willingness that a stock went from 60 times earnings down to 30 times earnings finds a little buying interest when it's able to say these are extraordinary factors responsible for our revenue guidance to the downside. >> i'll be looking

i own nvidia and own a little snowflake. unfortunately, n n nvidia if they announce bad news stocks goes up. it is a great buy. i have no plans to sell nvidia. i would plan to add to it. charles: would buy buy before te close? >> i don't love buying before earnings. charles: it is earnings season. >> even good times. not my dna. i don't mind paying higher. i don't want to walk into a situation where the stock down 10% i bought it an hour earlier. charles: it is tough, really tough. we're long dix. we're down a lot. i saw it down 13%. looking at your notes, why didn't i sell this thing? what the hell i was thinking about. i looked up. it is up. we're brilliant! >> i said a lot why didn't i sell earlier. charles: paul, gary, thanks a lot guys, talk to you soon. these unpredictable times for the market and economy this is what i really invite you all to read my daily market commentary. i put a lot of work into it. i'm proud of it. you will love it, it's free. wstreet.com. please go check it out. oh, all right, by the way, we're

keep a close eye on here among that list of 50 stocks are shares of some of these big semiconductors nvidia, especially you can see over the course of the last several months with nvidia, steep declines but estimates that are still roughly 16 to 19% better than they were a few weeks back if you talk about that improving fundamental side, where everybody expects those earnings to improve but putting your anayour an let c hat on, one of the things that they talk about in that strategy note is the complex compression that we've seen. that's going is to the valuation side of the argument the reason why you've seen some of that air come out of the balloon or tire so to speak is because of that compression in the multiples and a lot of that is due to the interest rate picture. when you have a situation where you can get risk-free money backed by the full faith and credit of the u.s. government and that level keeps going higher, it does make some of these more aggressive tech growth valuations less attractive if you take a look at some of the names like disney, twitter, or even the mega cap tech n

nvidia notably week today. staples and defensive sectors doing better but still down. downside leaders, you look and you can see the energy stocks down big, big moves up for them recently nvidia is down, 11 on month low, not quite a 52-week low but nvidia has to be close mosaic has been down free point mcmoran down 20% from its highst is anything getting better on the fundamental front? i wish i could say they were, but i don't see that number one, the hope for inflation peaking. i know everybody is saying that. we saw this on friday, used car prices down a little bit we had some reports on that. people are hanging their hat on that in hopes that the cpi is going to top but i think it is going to be close to 8%. i think we are months away from declaring some imminent down trend. powell already said we want clear signs of annin imminent down trend that's not going to happen in the next couple of weeks the fundamentals aren't strong here people are looking at the technicals here you still don't see a lot of improvement look at the s&p 500, we are close to 10% below the 2

we're going to get nvidia, box, splunk they upgrade snowflake to buy from 325 to 255. overall, bullish on the stock and like the momentum from the enterprise digital transformation they expect in line or better quarter. the key question for investors, is this another snap with weak demand or another zoom with a beat with low expectations shares down some 66% since november they say, jon, healthy i.t. spending and shifting of work loads to the cloud, they expect to update. operating margins flat around one year over year a lot of structural stories we talked about for a couple of years potentially remain intact. >> snowflake is weird. it has been doubling year over year it has been a growth monster so given that, shows how much the market is just being a market back to the ipo day, he was shrugging what happened valuation wise, saying he was focused on the business. can't entirely ignore the stock, employees tend to be compensated with it. there are things that need to happen with that but even if the outlook calls for lessor significantly less than double year over yea

just when that happened, suddenly nvidia is worth 15 more points it's nuts. but it's how much the market cares about rates versus facts and it's hard to believe because it's just so stupid. one thing that's sure, by 9:30 tomorrow we will forget what powell said about the next meeting and focusing instead on some other thing that is equally as irrelevant. why? simple because people are unsure what a 50 basis points rate hike will do to the economy. starting tomorrow we'll once again prepare for the worst and expect the worst and people talk about how people will buy fewer homes or cars, whatever, that's what people do as long as money managers are unsure, which they are, they'll keep selling things they shouldn't. today's late afternoon rally notwithstanding, wall street's bias remains negative. i've seen this moment many times in my career, so i know what's going on through the head. i am going to give you a deep dive into their cranial structure and tell you not how stupid they are but how they think. if you think they're stupid, good like first, first there

nvidia, obviously apple, nvidia is exposed to that. pierre: yeah, so, it is a good point. the next few months or the next couple of quarters could be slightly challenging for these players, but i do not think you have any like incremental negative news flow coming through on that front, so we are in the deep of the supply constraint, and supply is now coming back and it will take time to get supply back, but it is already on the way. i think the situation in china, as much as it is a dramatic disruption for a lot of these businesses, it is well understood, mike apple talked about it on the earnings call, and investors are putting their heads around that situation so i tend to observe that and think, these names with this great outlook and have been taken, have pulled back so much, and that is where i see the opportunities. but of course you have to look to the next couple of quarters, maybe. emily: thanks for helping us try to make sense of it all. always good to have you. thank you. meantime, twitter making changes , as it awaits elon musk's 44 billion dollar takeover, in

i look at nvidia and they at the same -- i do not know what that says. i don't know if all three of those are too extensive, but clorox, adobe, nvidia have the same right now. caroline: are there any technical lines, any assets he are looking at? it was interesting, we saw commodities get caught up in the selling, bonds becoming behaving trade. what are you looking for in catching up where it goes? >> >> i was watching the 5-year note when i woke up, it would be proxy for the terminal rate comes up to 310 and the yield started plummeting, i like that. maybe that is a little bit of a flight to safety. the oil traders down, maybe people are starting to sell things are doing well this year. that is important, capitulate toward to me, that 5-year note, i want to know that the rates are three or less, i need that stabilize. i look at -- i equal wait them to take out amazon and tesla, that is what my friend calls when the best treasuries in the world. risk on, risk off. it has not yet, discretionary over staples equal wait is a good proxy for risk. i need that

on nvidia, i take exception with you on that one. the problem with the state home stocks people over extrapolate just how far they can grow. unfortunately they placed the multiple on that that does not make any sense. with the fed raising rates, you have that working against you, you have the economy lurching back toward normal, it will not be good for the nvidias of the world. tom: stephen auth, you can take exception with lisa anytime you want to. lisa: [laughter] tom: i just got an email from al from new jersey who said why are you looking at your cell phone? we go to camera, we go to wide to see the hills. lisa is sitting here being lisa, an adult, i am just checking on the red sox. lisa: i thought you were scheduling a haircut. tom: i also note the yankees are playing .705 ball. i am not coming home until the yankees play some .600 . lisa: i am with you being a mets fan. [laughter] tom: coming up, much watch, listen, 115 a barrel oil. this is bloomberg. ritika: keeping you up-to-date with news from around the world. i am ritika

liz: and for people thinking well nvidia is a competitor, intel, no, no, you build the platform, the architecture upon which a lot of other chip companies build and customize for that and then obviously, there's the licensing business. i need to talk about what's happening in washington d.c. because today, as lawmakers are working on negotiations on a measure that would fund $52 billion in the semiconductor industry, we're still not seeing that actually come to fruition. how important is that, because these fab plants, these fabrication plants, are so expensive, take forever to build , and it's really what would give us that edge over china when it comes to the semiconductor industry coming back to the united states. how important, if you had president biden's ear, and congress' ear, would you tell them this is. >> you know, i think generally speaking, because the fabs, which are really the heart of the semiconductor industry relative to building products, having a geographic diversity is a good thing. just like the large cloud vendor s don't have their data centers in one geography,

all right let's take a look at nvidia, the world's largest chip maker if we can. well, they're down 3%, they reported yesterday. what went wrong? >> guidance was weak here, so actual earnings in the first quarter were actually pretty good and strong, but sales this spring, according to nvidia , will only be around a billion dollars or so because russia is going to cost them half a billion dollars in sales, and that maybe explains part of the shortfall but also global growth and higher interest rates so as a result nvidia says they are going to slow down on hiring and adding headcount, cutting down on expenses, and i counted at least 11 price target cuts by analysts this morning. they are all going down to around $200 or so but you still have the outliers there's a bull ish outlier calling for 315 like citi this morning. ashley: interesting let's take a look at snowflake, big loss. are they below their ipo price now, susan? >> well i think it's close to it. i don't think it's below the ipo price but pretty much similar to what happened to nvidia so they had a great

though some of the luster has come off it, nvidia. >> yeah. this one is down year to date and it hasn't really gotten real cheap yet, but i do think the quarter is going to be just fine data center. we know enterprise spending on a.i. and high-performance computing and asps within the segment have been very strong. i expect that to continue. they talked about auto and about an $11 billion backlog billed into the next six years. they've got a lot of runway in terms of gaming. this, too, you want to watch for gross margins and supply chain issues and gross margins are expected to be 67% >> let's wrap p, where i like to get my makeup, by the way, steph, and that's ulta beauty. >> i'm not kidding >> ulta is a great store it's a great company i do, too. i like it, as well and this is why i wanted to highlight it we have been getting encouraging data from sales trends and traffic trends it was up 31% in the month of april. so we've seen a comeback and they'll do 12% comp and the gross margin question is also another one for these guys and 38.9%, and

nv nvidia earnings are lower. by the way an etf that tracks the semis is on pace for the longest monthly losing streak since 2011 and already 28% off the year to date and 30% off the high much like technology in general. you have persistent worries and that's hitting chinese tech firms with covid lock ddowns adding further pressure. and alibaba and 10 cent. jd.com and pinduoduo among some of the biggest drags and almost 8% lower. >> thank you >>> my next guest says there are opportunities in tech right now, even though we may not be at a bottom joining me is founder and ceo of destination wealth management. what are the picks to you that jump out as really good opportunities here >> well, i think viewers are asking themselves are they still going to be ordering amazon packages, with even though amazon announced cautious earnings are they still owning amazon packages in a year, two year, three years? the answer is yes. a lot of people that come on air talk about what it's going to look like for the next quarter,b t

the business model for nvidia and the qualcomms, these are names that are long term holds for me i'm not in and out of these names. i know they have a cyclical tilt, that plays into some volatility as well, but for me i'm not going to do anything with nvidia, and some of the other chips i own. i can understand the points and i think they're well taken. >> joe, wrap it up with amd because you own it as steph said, i don't know how you could come away from that quarter with any better feeling what's happening with amd and the job lisa su is doing there. the market votes, and the market will do what it is going to do what are you doing with the stock? >> i am holding amd. i own it personally. love the valuation, the growth and market share and computer processors i think overall, i like jason's comments, thinking about semiconductors active management is coming back semiconductor industry is the place where you have to be active you have to be tactical. we sold micron out of joe t the other day. there are semiconductor names that i don't think you wan to own here, intel after listening

and hopefully you remember yesterday on our floor show, sarge told you he's been a huge fan of nvidia but only on down days. well, ark investor ceo cathie wood dove back into the nvidia pool purchasing nearly 250,000 shares of the chipmaker which she then spread across three of her etfs. ark approximately paid about $43.7 million for that chunk. wood and her team have previously held shares of nvidia but then liquidated all positions in november of last year. since then that stock has fallen roughly 40%. but even after buying a round yesterday, she's still in the money at this hour because shares are topping $188. >>> the china threat, secretary of state antony blinken laying out america's defense in a major speech. cybersecurity and protecting american business assets from theft chief among his priorities. the ceo of cloud security firm z-scaler is here with how bad the threat could get. closing bell 48 minutes away, and stay where you are because we're also about to take you live to a new york city theater showing "top gun: maverick." we're going to check in on the clouds returning

bought nvidia, like it down here. with our purchases we're willing, frankly just ready to buy lower and to average down but we may not get a chance. we may see this market bounce. i don't think it has got legs to bounce but wells fargo is another one. looking forward to buy on the dip down here. we did own that before. i took a very nice profit out of that. some plays worked before i think are going to bounce. we're getting back into those. charles: gary you're probably skeptical. 24 hour turn around, 24 hour market turn around. what will it take for to you start nibbling? >> a lot more than that a couple things. number one, if you want to know when the market will really get going, you need to have the risk appetite indices leading the way and they're not right now. the nasdaq seems to be being led on a leash by, for a change financials are strong today. got good news out of jpmorgan. i'm just not there yet. i have, keep in mind what happened on friday is pretty simplistic. the dow dropped 2,000 points in less than t

i don't see nvidia should be joining those others now. charles: bitcoin, wall street hates it, reluctantly taking advantage in some ways but there are some people out there, around the world by the way, who see it as economic freedom. should they still brief in that? >> yes. we started to buy bitcoin again for the first time in a very long time. it is starting to get to price targets where we think it's a good buy. charles: roku? >> roku has operating leverage and the company has stated they will spend their cash to grow their audience. as long as they do that which they did this last quarter the company has quite a bit of growth ahead of it. a couple reasons why i like roku, first party story due to apple, and roku is sitting on a lot of first party data. free tv could perform quite well if consumers are worried about inflation. charles: beth, i want to circle back to something. you jarred my memory on this. i have only got 30 seconds but it seems to be a big problem with these companies. they have these great ideas but very poor managem

you without tsm, the likes of amd, nvidia, apple -- the world revolves around at the high end tsm. we think it is one of the most powerful underowned tech stocks in the space >> david, on apple, you know, a lot of people talked about it, trying to defend 150, then defend 140 i think here this morning at 137 is roughly the 100-week moving average which i know b of a was some critical support because the 200-week moving average is $127 how much cheaper does it have to get before you get interested? >> you have seen it time and time again over the past weeks, if a company reports earnings that are even questionable, it's sell and ask questions later all stocks are in the penalty box right now, given the environment. the stock has been hit pretty hard this year over the last year it has hung in there pretty well it has always been a very large holding for us i would like for it to get hit i hope i have a chance to buy more stock at lower levels so this is a time that -- we have owned apple continuously since 2005 we like to road root for lower prices so we can increase our weightings w

i thought it was interesting you kcan make an argument that nvidia trades 12 times sales now trading at the same forward multiple as clorox i think is interesting and speaks to what tom is talking about which i think is buy quality growth stocks in this environment i think what he believes is that you are going to see a peak in inflation over the next couple of months. the market will start to re-rate what they think the fed is going to do, and then people are going to start to open their eyes to relative value plays like that whether it's next week, wlits next month, and whether these stocks have more downside to go, like i said, no one's going to ring a bell, but it's worth taking a look at some of these quality growth names that have earnings, that have real cash flow because ultimately i think that's where investors will huddle moving into the second half of the year. >> you think there is more downside than some of the higher valuation tech names i am thinking of the ark names you were active in some of the ark names today. >> yeah, mel, for the last week they have been buying t

>> so, nvidia is in the semiconductor industry and supporting trends like cloud trends that are not going away and they're getting quite cheap, and just on an absolute basis, invid you is chief relative to the outlook and regardless of whathappens with the fed and demand, the underpinning for almost all demand going forward seems to be in the digital space and that is reliant on the cloud that's reliant on semiconductors and nvidia is easily the top player in the market we think you want to own quality. this is a kind of name that will make it through the rapids that they're paddling through >> and one of the names leading the nasdaq higher today as the whole sector tries to mount a turn around. let's get to the name you're bailing on and it's a bitcoin why are you bailing on bitcoin here and have you ever been a bull on bit coin curious about the back story here >> i've never been a bull on bitcoin. i understand we will endure, at sp point, a transition to the digital economy and that's going to be composed of other ways of transacting. the problem i see with bitcoin is it was so highly

i just want to point out that the lows here essentially for advanced micro and nvidia. so big-cap semiconductors are weak and apple and microsoft are at their lowest levels since june of last year and they're not 52-week lows and apple's 25, 26% off of its high. so if you by that 20% rule those are bear markets for two of the big-cap tech stocks that you're looking at i told people to watch the two sectors that are holding up well those are energy and big pharma. so again today, energy's outperforming, although most of these names are negative exxon was at a 52-week high and halliburton, marathon and the old apache apa, schlumberger these are oil service names for the most part, continuing to hold up well and outperform the market and the energy sector is basically flat for the week and remember, we are down quite a bit on the s&p the other sector that's holding up is big-cap pharma i don'tmean biotech. i mean old school pharmaceuticals, merck, johnson & johnson. these are two dow components and bristol and lily the bears will tell you when those tw sectors start fallin

that includes nvidia. the rally appears to be continuing here. nvidia up 2% but we were talking about this a lot yesterday on the close about aggregate volume was a little higher. some of the single cell volume was anemic. meaningfully higher 3% to 5% on the day. keep your eyes on that deeper into the day and week. a peak of the inflation data in one hours time. really starting to weigh on sentiment with oil-based shares down. platform growth not there. trading volume in terms of actual dollar value is not there. this is a company that lives and dies off of trading and if more people are not on the platform, that is a problem. they talked about trying to diversify but that looks like a longer-term project. that cracked you up, doesn't it? tom: come on. i am doing the percent change here. i am sure you got it memorized. down to 78% as well forget what is next with this disaster? romaine: what the company says is next is expansion into india and more importantly trying to diversify. tom: but seriously, this is blowing up this morning. how do these

supply is flattening out a little bit so this could weigh heavily on nvidia as well as amd. nvidia is the second largest drag on the nasdaq last but not least, some major chinese phone makers are reducing their outlooks. the apple se2 in china this is a concern about demand in china going forward for those with exposure to cell phones. >> kristina partsinevelos, thanks for running us through that dan, the quote from management, demand for applied materials supplies and services never has been stronger but we are constrained by supply chain issues what do you do with these stocks >> so demand, demand, demand we keep hearing this, right? you just said about some of these retailers in that last segment that these companies should have been able to forecast better or might have warned earlier if we know that they have this lack of visibility and we keep hearing the only positive thing they can say is that demand is really strong, what do you think the likelihood is in the current environment that we're in, where large parts of china are locked down and europe is likely to be in

nvidia expected to report their quarterly reports may 25 but as you can see , nvidia in particular that stock is down about 6.6% right now. let's take a look at zoom. boy, what a story and how its changed. shares of this video conferencing platform, this is video communication, as you can see down 6.5%. ubs cut the price target on the stock to 100 from 130. the ubs says zoom did benefit from work-from-home and growth may just slowdown, now that people are returning to the office. zoom reports their first quarter earnings may 23. now let's go from work-from-home to work out from home. ubs also cut peloton price target to $13 a share from 30 citing lower quarterly sales and weaker than expected profitability. ouch, peloton right now it was down a little bit it was down more earlier down 6.8% now but over the last year, peloton is down about 84% they also had some issues with the tread and that's kind of plagued them with safety problems. all right, well let's talk about something a little bit different here. love it or list it? what is the right decision as home prices hit records, and mo

it's not it's not expensive nvidia, okay, nvidia is 23 times net shares i'm used to 70 times net shares. metaverse, omniverse, by the way, he's working. i don't think people understand. he's working and getting the best engineers john rick attello from unity, what is happening at omniverse is very powerful and if you listen to wall street, these guys are a bunch of clowns who lost their minds and it's time to throw everything in with sam bankma bankman-fried. no, i'm not throwing my hands -- no, i'm not going into -- i took my ethereum and sold almost all of it because my banker wouldn't take it. i was willing to pay jpmorgan to take my ethereum so i could have peace of mind. no, instead i bought this nice farm my buddies and i are going to this weekend. >> we'll talk crypto in a bit. we want to get to twitter in the a-block. down sharply in the premarket, off the lows, just hours ago, elon musk tweets the $44 billion deal is, quote, temporarily on hold pending details supporting calculation that spam and fake accounts do indeed represent less than 5% of its users. musk linked a reuters

meta and nvidia are down 43%. the other five stocks have dropped between 23% and 36%. what did you think of that? caller: i think it proves the point about these large businesses. there are a few big players in the stock market. their decision to buy or sell can result in a 20% shift in what goes on in the economy. can you imagine these guys talking to each other, the level of control they have over what we do and what happens in the lives of the average american? if we had real competition, there should not be that kind of power that is generated by any one company or person in terms of their decision-making. it should be millions of americans. that is what makes us stronger. i always say we have the walmartization of the economy. i would rather have 200 or 300 small businesses in my community where i go to buy my car, that money stays in the community. i go to buy furniture, that stays in the community. when we have these big companies coming in, they are just sucking money out of the local economy, they become filthy rich, and then they tell us that they will forgiv

amazon google, microsoft, i like semi conductors, md and nvidia. -- amd and nvidia. these are at the cross-section of every technology, electric vehicles, eating to optimize factories for lack of workers, artificial intelligence, 5g, machine learning, cloud computing, these are real, tangible propositions that these companies are taking place. you look at names like amazon, consumers remain strong, though catch some wins find their sale -- winds behind their sales. investors will miss out on opportunities on these names. >> taking a look at just how much yield is higher at the moment, we have a situation where the dollar is so strong, the real rate is screaming so much higher, you are getting the liquidity effect. i am wondering how much stronger earnings is going to have to overcompensate to overcome the fear, the changing conditions will create further obstruction for this market. >> a great question also a great point. when you think about inflation getting about that hikes, the market has gotten a little bit ahead of it in terms of pricing in rate hikes. that the

i can't remember when nvidia was trading at 60 or 70 times. forget it doesn't exist anymore. >> that was the tone behind the iac letter last night. that valuation shthe framework will last not for months but years. as a result we'll have the chance to buy controlling stakes in growing companies once again. >> remember april 17, 2000, that was the move into coca-cola. of course, everything ultimately did go down. but there was a trade out of -- i was recommending serious stocks and someone was attacking me on twitter. which i love, by the way, it makes me so happy. this trade bottomed in 1999 take them to march 15th but that was a greatest run and then, david, do you remember there was a hedge fund that had to cover at the top and that was it i don't know if you remember that the nasdaq leave it out, sorry -- >> i think i do. what was it? will you remind me >> there was some tiger -- >> here we are again with a different tiger, chase coleman's tiger down 44-plus percent probably even though than that from my understanding, raising some new mone

now there are stocks like salesforce and nvidia. if you buy today, and the market drops, two or three years from now, you would be happy. i would not be buying today. >> that means you are in the down side to come camp >> i think there is more pain to come until the trend changes and the trend is clearly down, the buy line is negative we wait until it turns back up and gives a signal the buyers are coming back. they are not there this morning. you go to bed every night the past six months and you are afraid to wake up to what you will see >> yeah. don't joke i ran into i psychologist at the grocery store yesterday. she is seeing more patients because of inflation and now economics. if we have not had enough the last two and a half years, unbelievable markets go up over time. i understand there is a lot of new investors who came into the market whether it is stimulus checks or out of boredom great. fed dropping money from the sky. everything went up a new generation who haven't felt this pain you have seen it i have seen it give us w

i do have to touch on nvidia. they just had their earnings out . they missed analyst asked him it's. -- analyst estimates. the year on a -- the stock on a year-to-date basis down. we were talking about it closer to a $1 trillion market cap valuation, but this is a story broader in the chip space. last year we saw chips surging after the chip shortage, but what we are seeing this year is that momentum has started to wane. nvidia mentioned the key issue was about supply chain issues on those covid china lockdowns, but also about valuations because investors have been shunning some of these stocks we have in the tech space, particularly in chipmakers. caroline: i do want to get to these annual general meetings all happening today, many of them in tech. twitter, amazon and meta. what were your key takeaways? >> we will start off with twitter. that one closely watched because of the trauma surrounding the elon musk takeover. that is set to happen at a later date. we got news that founder jack dorsey is stepping off the board. a key director also failing

sometimes we will say to bottom fish, buy companies at a low price, i was looking at in video, and -- nvidia, and it is trading cheaper than clorox , so i think not all tech is the same. i am certainly not suggesting to go into tech but you have to be selective. alix: currently, the top forming socks -- stocks, occidental, that is how you are going to position somewhat in terms of inflation. do you want to be investing in those or do you need to be buying the beaten up apple and google, they are not going to lose their revenue like her vona , but have been beaten up quite a bit. -- like carvana, but have been beaten up quite a bit. elizabeth: you have a long-term high-rise in these like nvidia and some trading at 14 times, google asbestos alphabet trading at 18 times. there is availability but overall i continue to think large value outperforms. guy: in terms of the multiples you have been naming, clearly not all tech is the same, but ultimately tech has benefited from higher multiples because rates have been superlow and been there for a long time. we talked to a guest who was suggesting th

to a phenomenal degree, might be partially a fluke, but down 52% from its high, nvidia it's now kind of back in the zone of relatively normal growth stock valuations, right. you had forever retain this super premium when it was in that hypergrowth phase now, you know, if the numbers are going to hold in terms of forward estimates, it's under 30 times earnings so it's different type of investor that looks at that. it's not like you need break-neck fundamental momentum necessarily to make that work, but very interesting to hear what they have to say. they're kind of a category of their own within semis in a way, so that's why it's not something we read the clues from micron or something else >> right >> of course a much broader story would be apple, which is just south of 140. some argue a critical level. the nikkei headline again today, iphone production could be at risk of distribution delays in china because of lockdowns then this report yesterday that maybe they move air pod production to vietnam, which i was once told would be very difficult. this is several years ago. >> you visi