Night because i cant forget welcome to squawk alley for a wednesday morning im Carl Quintanilla with jon fortt, Julia Boorstin joins us for the hour for which were appreciative interview with intel ceo bob swan later this hour later exclusive with nfl commissioner Roger Goodell a lot to get to. Well start with the s p and nasdaq notching another record intraday high. Got 12k on the comp. Former ceo of twitter now general parter in of owen advisers Dick Costello is with us great to kick off the morning with you. Great to hear you all i dont see you. Julia and i did our first live tv interview together back in 2009 when i joined twitter so to julia. Great to hear you. Thats worth celebrating, dick wow. Takes us all back. Youve had some i always tease you about Capital Management and you had some great tips in recent months that the mongo dbs of the world and theyve worked how long do you think theyre going to continue to work . Yeah. Its a great question. I got to tell you, when i was on in april i was buying i think what other people were selling and said i was buying. I mentioned those stocks when i was back on early this summer. Im a little less excited right now. Things are crazily priced. Zoom is a great company, but at 125 billion, you know, you have to raise an eyebrow. And you know, i think the market is really underpricing the risk around this election theres a lot of unknowns that are right on the horizon here. Its not clear that either party is going to accept the Election Night results. I just think theres i think its a good time to be a little more cautious. So, im still long things like audi and Payments Companies that have lots and lots of room to run. But i would be taken this opportunity to buy Residential Real Estate with a little bit of my holdings if i were folks. Interesting lets try to distill, though, the concerns you just laid out absent any election risk, right, if we were in some kind of normal political season, what would your view on a company like zoom then be . Because we are seeing obviously huge moves in fundamentals that the bulls argue back up the valuation . Yeah. But, you know, look, lets all recall end of 2000, early 2001 when there were lots of reasons you can talk to my good friend henry about lots of reasons to call amazon 400. But it was trading at 8 a few months later so i just think that the bull cases are pricing in every possible positive scenario is priced into the bull case. And were ignoring the bear cases around market risk, macro risk, what ends up happening with china seems to be sort of emerging lowgrade possibility of real violence and strife in the background in the u. S. Around the election so i just worry that were in one of those were in one of those, you know, when everyone is what could possibly go wrong and diving in, thats when its time to sort of, you know, think twice. Yeah. Hey, dick. Its jon good to see you. Hey, jon. Im thinking of the market in a slightly different way this morning because my 12yearold was asking me about it yesterday because one of his friends is investing in microsoft i said you cant do that because im a business reporter. Cant invest in the individual stock. We talked about how it works im looking at some stocks like twilio, which you mentioned,come is up 170 year to date. Shopify is up 175. Etsy is up 174 or so i mean, these are platform stocks i guess the question is how many different platforms could there be because on the one hand, yes, a lot of stocks are getting really expense valuation wise on the other, if theres an emerging platform, the potential for that is outsized arent there some still glimmers of possibility here . Yeah. 100 look, im not saying im a pessimist and abandon ship im just saying be a little more careful. There will be a lot more platform stocks. There are opportunities for the twilio of apps to emerge opportunities for collaboration platforms for remote work that go well beyond slack and zoom. Think about platforms that allow you to collaborate in a Video Conference setting and every multiple people drawing on the same white board if you will i think there are a bunch of platforms in the private markets in the sort of series a and series b private markets that are emerging, becoming very, very popular and will expand beyond the early tech adopters so, there will be more of these. They will all succeed. But again, you just mentioned the returns on some of these platform stocks year to date its crazy i just think its reminiscent of late 2000, 2001, early 2001 to me dick, its julia. Thanks for reminding me how long ive been covering twitter and social media stocks. I thought that might be a sore subject twitter and facebook, those stocks also doing quite well this year. You know, both of them way up double digits. Its been interesting we recently have seen facebook really struggle with the question of hate speech, incendiary violent comments on the platform this is something you were working at with twitter for many, many years its a consistent problem both for twitter and for facebook as we go into this election season. How do you think about the risks of election manipulation, voter manipulation as well as hate speech and what these social platforms should do about it whats your advice to them yeah. I continue to think and i said this on here before so im going to start to sound like a broken record, but i continue to think that the platforms across the board underreact and that the appropriate way to deal with these things is to overreact. Meaning, youre going to go if you go the issue is, of course, if you go above and beyond then you end up taking out or suspending some accounts you shouldnt have suspended and people will be up in arms about that people are up in arms about it any way. I think you need to go above and beyond people are really getting sick and tired of it. And the warning labels need to be bigger, not just a small warning label under the thing that people might not notice the ability to create deep fakes and doctored videos will get more and more impressive, if you will and harder to discern. And the platforms just need they just need to go above and beyond right now and be overzealous about it look, some things are going to get suspended that shouldnt have been suspended and people are going to have to deal with that because the underreacting isnt working. Yeah. Certainly better to overreact but raeeally interesting how th ability to create the deep fakes increased exponentially since you were running twitter. Right. The other video platform you are thinking about which is of course tiktok. What do you think about all these deal talks which buyer do you think would be the best fit and how do you think this is all going to play out . I think microsoft is im just so impressed with the way sachay has run that company. Hes a great human being hes a great leader. Look at what hes done since taking over microsoft. Really smart about the acquisitions theyve made. I think hes almost an ideal buyer. Boy, it would just fit in so well with so many Different Things that microsoft is doing i think the news about china saying that youre not allowed to sell Artificial Intelligence algorithms and thats complicating the sale a bit. That will be interesting to see what happens there because ostensibly its pretty easy to create the initial algorithm, especially because the algorithm in question is for new users that havent followed anything yet, so what do you show them . So, you could rewrite that. Its pretty fairly easy to do that the issue is theyve probably trained that model on tons and tons of users, new users and videos, millions and millions since its been written. And the question is whether you can transfer some of that data along with the sale or not so, i mean, if the letter of the law was they cant take the algorithm, you could rewrite that you certainly want to ship some of the data along with it. Finally, dick, to your point about deep fakes and the platforms needing to be overzealous, im reminded of two things one was a memo that you wrote years ago about safety which looks incredibly impression at this point but you were consistent in arguing that the platforms should not remove, for example, the president s account because Public Officials in your word needed to be held to account. Yep. Have those views changed or evolved in any way no. You cant delete the president s account. I understand why some people say that hes the president of the United States and you know, youre going to get what about bolsonaros account in brazil because he lied about x, y, z or he said he pointed at somebody or docks somebody you cant do it. What you can do is what the platforms are starting to do and highlight this is a doctored video. This is not true this is misinformation about covid. I think they just need to be more aggressive about that, not tiptoe into it dick, more time next time, i hope and well see how your Investment Strategy continues to evolve we love kicking off the hour with you thanks so much. All right great to talk to you all talk to you soon. Dick costolo. After the break, intel ceo bob swan ahead of that companys big chip event today making a case for why they are still very much in the competition race. Later, an exclusive with nfl commissioner Roger Goodell big show still ahead dont go away. Welcome back theres something unusual in the trees near amazon delivery stations in chicago. There are phones in them according to a report from bloomberg, drivers are dangling smart phones from trees to get a jump on getting deliveries versus other competing drivers synching their phones, waiting nearby for an order pickup amazons systems are able to tell within 20 feet who is the closest. People with direct knowledge of amazons operations say that could offer them, guys, a split second advantage in theory its a way, i guess, of tricking not just gps but wireless base stations that approximate how close a driver is that should give an indication of how quickly theyll be able to complete a narrow time window delivery but i guess these are the hacks you get when you get people competing for a job. Yeah. Jon, talk about unintended consequences of technology all of a sudden you have phones hanging from trees but one thing is for sure, now that this has all been reported amazon is sure to change the system so this no longer works dont you think . I think theyll try this reminds me of the tricks i tried in high school to get more time on the phone, you know, because my parents would try to monitor how long i talked. Back when the phones were wired to the wall. Kids today dont know anything about that but there are always people who are trying to beat the system, carl you know, here we have them in this logistics and delivery age. Well now we know where your boy gets his mischief, jon, because you grew up with it yourself but i think maybe the broader story, at least for the week, is the increasingly competitive race between amazon prime and now walmart plus, which at least we are getting a greater sense that its not going to get delayed fudela ed further well see the matchup of which features and benefits of each program convince consumers to go for either one or both thats a big part of the story, too. Yeah. Big questions there on whether theyll be able to deliver as quickly as they are promising. Speaking of delivering, intel is promising to deliver when it comes to chips something its customers have been demanding and hungry for well talk to intel ceo bob swan coming up. Well be right back. I had saved up some money and then found the home of my dreams. But my home of my dreams needed some work sofi was the first lender that even offered a personal loan. I didnt even know that was an option. The personal loan let us renovate our Single Family house into a multiunit home. And i get to live in this Beautiful House with this beautiful kitchen and its all thanks to sofi. And i get to live in this Beautiful House music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. Intel is unveiling new processors later today that are expected to deliver especially benefits to thin and light laptops. Joining us first on cnbc ahead of that launch event, intel ceo bob swan bob, good morning. Jon, how are you today . Im doing pretty well good to see you. As you know, ive been spending a bit more time these days thinking about chips, spending time with some of your people, also some industry analysts. Tell me first, what are your hopes for this launch, for these chips as they get into the market over the next year and address some of the needs that youre seeing in pcs yeah. Thanks, jon. Well, look, as you know today the pc is a more, more essential ingredient of our everyday lives, whether youre studying from home, working from home, trying to stay connected from home its just more and more important. So the tiger lake product that were launching today in essence addresses those activities that were doing, whether its content creation, whether its inherent productivity or connectivity, it addresses those key things that are becoming more and more relevant in terms of how we engage with our pc and how we engage with each other. So were very excited about this new Product Launch and it addresses a lot of the things that you and i and all the listeners are using more and more each day. Now, august 13th, just a few days ago, you guys had an intel architecture event one of the points you made was that your 10 nan meter process is just about as good as rival tsmcs 7 nano meeter process i thought really come on. Youre behind in the process of course youre going to say that i talked to analyst. Its true. When it comes to different foundry processes doesnt mean what it used to. So, do you have to change the way you as intel talk about this stuff . In the past it was intel who was talking about process technology and that advantage and the megahertz wars now youre talking about performance differently . At the end of the day Product Performance is what matters most to our customers and whats always mattered most under that umbrella theres multiple things that have evolved over time. Process continues to be very important. Packaging becomes more relevant as we pull different technologies together. Software plays an increasingly Important Role so the technologies required to build a computer today are much different than they used to be an example with tiger lake, its not just about the cpu or the micro processer, but its about the wifi. Connectivity is so important upgrading wifi. Upgrading graphics capabilities. The nature of the pc today and how its evolved, incorporates much more technology where process continues to be important. But not relatively as important as it once was in terms of the naming convention, i think that the naming convention over time has lost its relevance because its become less of a technical articulation of capabilities and a little more of a marketing articulation so, our 10 nanometer process that the tiger lake will run on today is a step function improvement from the 10 nanometer process we launched just last year where its process will deliver 15 to 20 more performance in the products that were launching. So, its a very exciting time, not just because of the tiger lake product, the cpu, but how we coupled together with other technologies to address the most top of mind experiences with advanced Processing Technology that we referred to as super fin. Yeah. I want to talk to you about another element inside this tiger lake product, which is xc graphics, xclp integrated graphics my sense is that consumers have a different use case for the pc now than they did a year ago in a sense that, you know, it was more chrome books and i just need to surf the web at home before but now when zoom Video Conferencing or other platforms are integral part of what kids are doing to be in school, and they need to be able to do that from home or from anywhere graphics capability and that kind of horsepower is of core importance, isnt it, in way that it wasnt before . Relative importance of graphics and the role that it plays not just in gaming but just in communications today is so much higher thats why with this Product Launch the enhanced capabilities of our graphics, our integrated graphics as we position for discreet graphics product in the future, its a real big bump in overall performance, but its also increasingly Relevant Technology and capability in todays pc so, in essence the use of the pc and what the Graphics Technology that we built into this product does is just rising, kind of rising the role that the pc will play more and more as an essential ingredient in our everyday lives. So how confident are you, bob, in the yields that youre going to get out of 10 nanometers super fin as we talked about, customers have been asking for you for more and more and you havent been able to deliver the volumes for quite a while that customers have wanted of these chips is this going to intensify that pressure on you to deliver in a way that you wont be able to . Or are you confident that this is a new stage in your ability to deliver well, were very confident. I think over the last several years weve added 20 billion in revenue to the size of the company. So, from our pc, from our internet of things from our communications, from our cloud businesses, weve experienced fairly dramatic growth and it was critical for us to keep pace in ensuring we have the capacity and the supply to deal with that growth. And weve made tremendous progress at the end of last year and through the First Six Months of this year getting that capacity in place for both 14 nanometer which today is the lions share of the products were shipping but increasingly were adding significant demand for the new product that we announced today but also the new products we have coming in the second half of this year, particularly in the server zion chip we are putting the capacity in place to ensure that were there for the increased demand that were expecting for our products bob, about five weeks ago you announced changes to the way your Technology Organization is led. Tell me what you hope those changes accomplish i mean, in essence, faster pace we have such an exciting lineup of products over the course of the next several years and we thought it was important not just to have one engineer at the seat of the leadership table in terms of when were making decisions, but the intent was to bring for a tech company to bring five of our best engineers to a seat around the table so we could drive a much faster pace to meet the growing demands for our customers and increasingly intense, competitive environment. Its all about pace. That pace is about bringing an annual cadence of leadership products for our customers across our broader and broader portfolio. Sometimes when i hear companies talk about pace and speeding up, its when theyre bringing that focus down to one person to make a decision in the organization but now it seems that person is you because youve got these engineers reporting up to you. What sort of new pressure or challenge does that present for you as the leader of intel if theres disagreement among these five technical leaders to decide exactly what to do well, i dont know if theres increased pressure i think theres already quite a bit, yeah the reality is we got brilliant engineers. I believe the smartest engineers in the world and the more we can tap into their competencies, their capabilities and have healthy, constructive dialogue around the table in terms of our decision making, im very confident that this team, this collective team that we have both at the executive level but at the 110,000 people that love to create world changing technologies that enrich the lives of every person on earth, im confident that we have the right structure and the right people to accomplish our growing, growing dreams just to play a bigger life in our customers success. Well, bob, i dont remember when we have seen competition quite like this in the chip space and attention like this on the pc its maybe been 20 years so we will, of course, continue to watch you and intels progress and thank you so much for being with us. Thanks, jon stay safe. You, too. Carl meantime, s p, jon, is coming off of intraday highs. Lets get to sue herrera and get a news update. Good morning, carl. Good morning, everyone here is whats happening at this hour russian Opposition Leader alexi was poisoned with a soviet nerve agent according to the German Government germany will share with nato and the eu and consider, quote, an appropriate joint response, end quote. Take a look at this video, this is a Daring Rescue from a building burning in new york city this firefighter repels down to a woman who is clinging outside a 16th floor window. The woman is okay. She was taken to a hospital for smoke inhalation and later released a judge has ruled the university of california may not use s. A. T. Or a. C. T. Scores as part of its admission policy effective immediately. The uc system already stopped requiring the test but the new ruling stops voluntarily submitted test results from being considered plaintiffs argued privileged and nondisabled students had an unfair advantage because of better access to taking the test, specially during the pandemic old navy will pay its employees to be poll workers on election day because many states face severe shortages of volunteers busy news day. Youre up to date, carl. Ill send it back to you sue, thank you very much. Were seeing a pullback. Tesla is down 10 , zoom 7 and apple 3 were getting news on United Airlines lets get to phil lebeau. Carl, lets look at shares of united pulling back a little bit as the company is announcing it will be furloughing, laying off 16,370 employees starting on october 1st. This is not a surprise we knew that the job guarantees, they end on september 30th and this is an airline that has to become smaller. It doesnt have the business to sustain all these jobs here is how it breaks down were not going through all the categories of employees. Flight attendants, 6,920 will be fur loued. 2850 pilots let go Airport Operation 2260 will be leaving the company and another 2010 in maintenance will also be leaving United Airlines. I mentioned that this has to become a Smaller Company look at the passenger levels theyre not going up were still in that range of being down 70 to 75 compared to the same time last year. All together, julia, you look at all of these numbers, youre looking at united, american, the pilots at ta, at least 37,000 employees furloughed starting october 1st. Wow, phil just massive numbers thank you so much for joining us with that update you bet. Coming up, nfl commissioner Roger Goodell will be joining us after the break. Were ba itwmiteckn o nus. A lot goes through your mind. How long will this last . Am i prepared for this . Are we prepared for this . With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations, with access to taxsmart Investment Strategies designed to help you keep more of what youve earned so youll know youre doing what you can for your family and your future. Thats the clarity you get with fidelity wealth management. For your family and your future. I keep working my way back to you, babe with a burning love inside yeah im working my way back to you, babe and the happiness that died i let it get away servicenow. The smarter way to workflow. Were just a week away from the start of a new season for the nfl. But like other sports leagues, its facing new challenges due to the pandemic. Joining us exclusively is the commissioner of the nfl Roger Goodell. Commissioner, thank you so much for joining us today good morning, julia its great to be with you. And its great to hear you say the season is only a week away thats great news. Well, assuming the season, everything starts as planned the big question is how Different Things will look both for your players and for fans this year. Well, i think its safe to say, julia, everything is different in 2020 for us the off season has been different from the draft all the way through our off season planning, off season training, to this Training Camps themselves obviously were having to put a lot of focus on health and safety that is number one priority for us of our players, of our coaches, of all our personnel, our fans and so, all that planning has been, you know, extraordinary amount of work and frankly has gone incredibly well through at least our Training Camp and put us in this position now where the week to go before our season where we are confident well be able to play not just the start of our season but through the remainder of our season to the super bowl but tell me why you decided not to do a bubble when that approach had such Great Success for the nba, where as the mlb taking the other approach, having their teams travel, did cause a number of delays due to positive covid tests well, because we have a fivemonth season. We dont think the bubble is practical for a fivemonth season and we have what we call a bubble at each club. So theres a bubble around our training facilities. Those have gone through extensive protocols and a bubble around our stadiums. Thats an extensive protocol that are separate. And so, it was for a fivemonth period you need to be able to have that kind of environment. The other thing that were doing, which is different than any other league, is were testing much more frequently and also more rapidly. So, we get the results back quickly within 24 hours and were able to identify anybody who may be showing symptoms of that or early stages and be able to isolate those individuals and then be able to control that and knock on wood, that has been our experience so far. Our medical teams have done an extraordinary job. We have the best in the business i think its showing through on that now, you mentioned bubble around stadiums. What is the latest tell us what is the latest about having fans in stadiums. And tell us whether youre feeling political pressure from the president to have those stadiums be full no. We feel our own pressure, the pressure of our fans we want our fans to be able to experience the games and so thats always been our intent is to open up for our fans but Public Health and safety is number one for us. So, if local officials are not comfortable from a medical standpoint, were obviously going to heed that were going to obey that and were going to be do the appropriate thing. And were going to have two or three stadiums next week which will have significant fans in them i believe that will continue to grow as the season goes on i think people want to get comfortable. Not only our fans but also the local officials. And we support that. We want to take a cautious approach, a responsible approach, and make sure were doing this in the right way for our fans but also to make sure were doing it for our communities and make sure were doing it in a way that well all be proud it seems like those teams, which do have fans or will have fans in the stands will have a huge competitive advantage so what will you do for the ones that cant because of the local rules . Are you going to be piping in noise, doing some of the virtual fan things we have seen other leagues do julia, i would probably take issue with the fact that its a huge competitive advantage as you know, you know, our stadium sizes are different across the league. The attendance is different on a normal season. And we do not see and our clubs do not see a competitive advantage at all of whether fans are in one stadium or another. We obviously are going to try to make sure that the experience in the stadium as well as through our Television Partners reflects the same kind of enthusiasm. The fans are a big part of our game so the crowd noise and when it happens. And interesting we have been curating crowd noise through the last four years through our nfl films. They really have, i think, what is a unique way with our broadcast partners of making sure its not artificial its really authentic. Obviously the fans arent in the stadium, but its really their noise. Its really their sound. And their enthusiasm i think the way were mixing this, weve learned from a lot of experience from other leagues and from other opportunities i think this is going to be a great experience for our fans also roger, its carl. I wonder if you would agree that your own stance as it pertains to social justice has evolved since kaepernick first took that knee certainly your recent interviews suggest that i think some of our viewers want to know whether players will be on the field for the anthem and whether or not you, as a league and the ownership, are willing to with stand any pushback if, in fact, we do see players take knees . Well, carl, i would tell you that all of us hopefully are evolving and learning. We should be and we all should realize that we have to do more im proud of what our league has done i said it several months ago that we should have listened to our players earlier and been able to understand the things that were going on in our communities. Were seeing that play out on Television Sets across the country. They have been happening in our communities for years, decades and we have to end it. And so, our clubs over the last couple years and our players have worked really closely together to try to make that difference in the community, to make the change, to make sure that the work were doing is actually leading to change and thats the important thing for our players. When you see the frustration, the sadness, the anger, we all feel that because were not reaching the change that we all want and so, thats what our commitment is. And weve been talking with our Players Association over the last several months. I expect that well have some announcements further on that level also of more steps that were going to take because we all have to do more. And so when, as julia says, you get pressure from the president or tweets that argue that your ratings are not what they could have been absent any signs of protest or expression of belief, are you prepared for ratings to be different in either direction as a result of all of this . Carl, you know, our ratings have really been the envy of every entertainment and sports property you know, we have the broadest audience we have the best partners in all of television and media. And we feel that, you know, ratings always go up and down for a variety of reasons were supporting our players we recognize the issues going on in our communities thats a platform that we want to use to make change. And were going to do that and were going to stand behind our players. But i do believe that from our standpoint, from a ratings, youve seen, you know, tremendous increase while we have bucked that tradition or that basically the trend that nobody else is getting ratings increases. And were in a position where were broadening our audience and broadening on different platforms. I think you have a difficulty just looking at the ratings number we look behind the ratings number we always have we dont look at it as a straight line, up and down we look at this as an opportunity to grow our audience with different segments of the population to make sure were reaching more people on more platforms. Great to have you with us so the nba and major leagu baseball had a few lost games over the past month after what began happening in kenosha so, since the nfl plays so many fewer games over all, it seems to me that it could at least afford to miss games that way. I wonder, what do you do if player Something Else happens, god forbid, and players for one team refuse to come out of the locker room well, listen, we respect our players. And they have done a great job of bringing attention to these issues our focus now is how do we support them in making the changes. And thats where were focussing. There are a lot of things that were planning for this season that creates uncertainty were prepared to make the best decisions on behalf of the nfl and on behalf of our players and on behalf of our fans and our partners so were looking at this season with nothing but optimism. We obviously know the challenges that all our communities are going through. The importance of this and the frustrations that our players and others in the black and brown communities are feeling as well as us that were going to be able to be supportive of the work that they want to do and the changes they want to make. I also want to ask you about Colin Kaepernick specifically. What i hear you and the nfl saying now and what hes saying now, i dont know that ive ever seen the two parties closer together so do you think trust can be built between you and kaepernick to the point where you can have regular conversations, maybe even some diplomacy of some sort and given the way hes become symbolic in this process, do you think thats important listen, we respect what colin did and a number of other players have done over the years to bring this attention to light. We have invited colin in from day one to have the conversations to be part of this process. We have players in and out of this office as well as other locations to have that conversation frankly, to get started on the work and i think the work were doing is extraordinary we always welcome colin into that conversation or the work. And i think our players would also so, from that standpoint, we think that were better off communicating with one another, coming together and doing the kind of things that our players really want us to do in our communities. Really remarkable seeing how that relationship has evolved over the past few years. Now i want to make sure to ask about your media rates negotiations i know those are happening right now. I know on a typical schedule we would probably be hearing something at least by early next year about the state of your media rights and which broadcasters are going to be securing them for the next multiyear deal. Where does that all stand now . And how is covid impacting those talks . Well, julia, we actually have two or three more years on our media contracts right now. So we actually have quite a ways before the end of our contracts. As you know, weve had a lot of discussions including with extension of our collective Bargaining Agreement for another record ten years the idea of expanding our season to 17 games, expanding our post season which we think is great for our fans and great for our partners. So we want to sit down we want to talk about how we can continue to evolve our media relationships. We have nothing but the best partners in the business were proud of that. But we also want to try to reach new platforms where our fans are. And weve got to reach new partners in the context of that. So, i see this negotiation as working with our current partners to continue that relationship as well as bringing new partners in that are going to help us reach those additional partners, whether that happens in the next few months or the next two years, thats not as important to us as getting it right and making sure we use this platform in the best possible way to reach our fans you mentioned new platforms i assume youre talking about the digital distributors such as amazon who, of course, you have a deal with. How important will those digital platforms and the concept of digital distribution for maybe even some of your Mainstream Media rights rather than going to a broadcaster, how much will that play into things Going Forward . I think it will be a big play in large part because digital really has two advantages. The first is many times theres an interactive element to that that we cant replicate on a Standard Network feed or linear feed so i think thats a really positive thing to providing a better experience for our fans in addition, we all know that these new platforms are reaching different fans, particularly younger fans, in a different way. So we want to engage all our fans, and we want to use these platforms to do that so i see a combination of both of those that will help us reach more fans, engage them in different ways and continue to grow our game. Can you give us the scoop on your nfl sunday ticket deal . I know that one is going to be expiring and in play a lot sooner than the overall rates deals. No. Were out two years with that, too. I would tell you that sunday ticket is one of the most attractive media properties. The package itself is already getting interest from others weve had a lot of our partners and potential partners who want to come in and would love to have a piece of sunday ticket. You know, its right now available on linear. We have discussed with at t and weve discussed with others about the idea of expanding that to digital platforms again, thats where our fans are. They want to experience it on the digital platforms. I see that in the next round of agreements that we would have the digital distribution and i think thats something that will be really great for our fans well, certainly a different type of season and perhaps some different types of content consumption as well. We really appreciate you taking the time to join us. I know this must be a busy time ahead of the start of the season thank you, nfl commissioner Roger Goodell. Thanks, julia thanks, carl appreciate it. As we head to break, take a look at shares of draftkings they are moving a bit higher on news that Michael Jordan is joining the company as a special adviser to the board, taking an equity stake in draftkings well, the man knows betting, the kns sports well be back. Stay with us a lot of eyes on tesla this morning. Were staying basically in several months, got this lowers 405, early yet, but people have been waiting to see if and when uturn would come. Well keep our eyes on it. Were back in a moment welcome back were getting some headlines here on tiktok reuters reporting that bite dance and tiktok suitors, as well as a group led by oracle are discussing four options to discuss how to advance those stalled deal talks this comes after on friday the Chinese Government said it would impose new rules, new restrictions on the export of Chinese Technology the four options include selling tiktok assets without its algorithm. The second would be a transition period to use the algorithm for up to a year while the new one developed. Another is to seek permission to pals the algorithm to a u. S. Buyer. Fourth would you say licensing the algorithm. This is all sources reported by reuters, but i would say the tiktok algorithm is the heart of the value of that company. So, carl, it will be interesting to see how this progresses and how the value could be diminished if its not part of the sale carl certainly the golden egg at the center of that content julia, well watch those headlines out of reuters in the meantime the pandemic has turned more americans into savers, thats according to a new survey by cnbc and acorn acorns ceo joins us this morning. Good morning, noah. Good to be here, thank you. So its basically that were in a place where 60 of people are calling themselves savers. Thats versus 54 in 2019, which is a really good trend, right . I mean, you saw when you went from march to april, you saw the savings rate grow to 30 , which is unprecedented its come back down to around 17 , 18 in july obviously we know when people are saving, investing for the future, have a more balanced relationship, people will have a better life. Theyve to dip in or wipe out their Emergency Savings, too. Thats right. Thats right the statistics are pretty staggering around Emergency Savings rates, hovering around 70 of americans dont have 1,000 emergency fund. When you get into situations this, you see the impacts of that type of challenge so one of the things about acorns, you know, we really encourage people to save and invest for the longterm thing and contribute really regularly so you are in a better position during times like this so i think that brings this more into focus noah, i weve mentioned and should mention against comcast Nbc Universal is an investor in acorns robin hood is kind of like hamburgers and acorns in a way is like health food. People tend to focus on what they like to eat as you were saying, over time kind of consistent investment makes sense, have you seen any kind of significant surge over the course of this year in user interest, User Behavior as the market has gone through what its gone through . We have i mean, as soon as the pandemic started to really take effect, we saw a nice surge in growth and then maintain. Youve also seen a surge in trading behavior you look at the statistics around that, individuals trading has doubled since 2010 to me thats concerning, because that indicates people looking for fast money as we know, the house always wins im encouraged to see people doubling down on saving and investing, committing to it. Obvious lip, you know, when people are living day to day and paycheck to paycheck, even if its really small amounts, a couple bucks a day, thats really what people to be fog cowsed on. Our portfolios are always diversified. Etfs, blackrock is one of the major ones so you can weather storms and theres less risk. Inch i wonder what youre doing right now to position growth of your safer, more diversified option as a counter to robin hood at a time when that may seem more appealing, is that potential to grow and steal over the platform for the rest of the year yeah. Thanks we really just focus on the message of saving and investing for the long term and diversification and having your eggs in multiple baskets its a better way to maximize longterm returns. Again, were in a moment where people are very focused on the present, the day to day, so theyre looking for a fast way to make fast money fast money is not really managed i was just talking to a good friend of mine he lost all of his savings betting on the market last week, which is obviously really disturbing. Were just doubling down, tripling down on that message, and theres a lot of Financial Literacy content, produced in partnership with cnbc and we produce inhouse that encourages people to engage in this kind of behavior one of the things when people see the market go down, people tend to panic. We try to remind people every downturn in history has ended in an upturn. I think that hopes it sets another tone on you parent Nbc Universal and Comcast Ventures are both investors in acorns. Noah, thanks, appreciate it. Thank you. Lets get to Tyler Mathisen and the half. Welcome to halftime report. I am Tyler Mathisen, this rally is rolling on yet again, but are stocks heres the question are stocks getting too frothy and are investors getting