Transcripts For CNBC Squawk Alley 20240712

Good Tuesday Morning welcome to squawk alley. Im Carl Quintanilla with jon fortt and we had losses at the open but were close to session lows. Dow is down. 3 . S p 500 below 3400 the name of the game, jon, q3 earnings really no stimulus headlines to speak of were watching covid19 levels mega cap, m a in the chip space. You know what im talking about. Absolutely. We telegraphed it here it s were going to begin with amd and that 35 billion planned acquisition of xilinx. Its the boldest bet in a remarkable run by amds chief executive officer dr. Lisa su taking over almost exactly six years ago in october 2014. Sue has taken shares of amd from 3 to, what, 79 as of this morning. More than 2,000 rise. Todays deal is another challenge to intel its a push for market share in data centers and just the latest move by sue to turn amd from an also ran into a leader. Hopefully you have got to know me a little bit im all about focus and execution. You know, what we set out the plans for amd over the last five or six years and it was about, you know, building a leadership road map across our chosen market segments. And so thats not going to change i mean, im always going to be focused on execution the way we look at it is, you know, we want to ensure that were playing the long game. When i look going forward, i say were in the early innings when i think about the things that we prioritize first, were all about growth, growth, and more growth. We have gained 5 or 6 points of market share over last five or six quarters im more excited about what we see in the second half of 2019 and 2020 i think the quality of revenue is very strong indicative of where were going. Its been an incredible couple of years for us. I think the most important thing in technology is really to have, you know, a long term road map over multiple generations. We also offer an opportunity to do something very, very special in the marketplace its really nice to see how many people are watching us how many people care about the performance that we can bring to the table. You know, its a very, very competitive market about it what is really important to us is putting out great products thats whats really exciting. And as the products come out, know, i cant tell you how proud we are to be able to bring this kind of performance in if the stock does well, thats gravy on top and this will be a massive expansion beyond that road map a different strategic direction. Well see if she can pull it off. Thats a few of the many times that lisa su has been on cnbc, guys you look at amd this morning, the size of this acquisition its about a third, xilinx is, of amds market cap. And when you look at it, amd was the size of this acquisition at many times last year yeah. In many ways its really been the underdog for a longer time than that you cant help but compare it to intel, right we spoke to bob swann last week after their earnings you couldnt have two more different pictures from two chip makers of course, intel sort of this picture of a bit of a decline, thinking about outsourcing the manufacturing and amd has been firing on all cylinders. I know cramer is talking about this this morning. He made the distinction between someone leading the company like bob swann versus an engineer like lisa su who has been executing and executing over the last few years and, you know, when she spoke you to this morning, she really talked about how shes earned this deal. I know david asked her if this is going to be a distraction she said, listen, ive been executing all this time. The results are in what i have shown new terms of performance over the last few years. Yeah. Its true. And, jim, you know, john has been very forward in saying he was skeptical of the deal. Weve had guests on in the last week or two saying that this particular matchup might not have been the one you would have create philadelph created if you chose the two players. To your point about market cap and the past year, lisa su made a habit out of repeatedly proving people wrong so streets got an open mind. Yeah. And the street should have an open mind. I think investors should be skeptical. That should be your job if youre looking at things like this especially the big acquisitions which very often do not work out as planned so lets stick with this deal and bring in bernsteinanalyst and pat moore head good morning, stacy, the risk here is that by going into this entirely new area, lisa su and amd take the eye off the ball right as theyre really beating intel. Right . Yeah. That would be the worry is that its not like it doesnt fit. Right . You can certainly make the argument as they did that it definitely strengthens the Data Center Offerings and builds the other capabilities its not like it doesnt fit but they do have this very nice sort of like organic story that theyve been developing that it looks like its on fire right now, especially with the numbers that we saw today. So that would be the worries does it distract them from that or is there something wrong with that story that they need this deal to fill so that will be the questions. On top of that, we have seen this in the space as well. We had intel purchase altera a few years ago. That didnt go all that well the question will be like, what are they doing differently with this to make sure that intel and altera issues dont duplicate . Those are the questions that investors have right now. Pat, when you and i first met many years ago, you were working for amd. I know you know this company well you talked to lisa su yourself over the past few hours. The justification for this tieup, for this acquisition is very similar to the justification for breakoffs. And spinouts the business doesnt overlap that much. There are Technology Synergies you could find but you could see three years from now somebody saying well because of focus, were going to make the two separate companies. What do lisa and amd have to do to make this work . First off this is a very different amd. Ive been in and around amd for close to 30 years. This is a very Different Company in the way it executes, the way it looks at execution and even the way that it manufactures its own parts. What i think makes this a little bit different here is the situation theyre in and take this from an area of strength which they still have organic growth and evaluation to do a deal like that when it comes to technology and ive been reviewing a lot of this over the last week, they do share a lot of Similar Technology whether it is leading edge at tsmc, advanced packaging techniques, high speed memory that is used to do this. Sow as it relates to the High Performance computing element of this, there is, i believe, a lot of synergies here. Stacy, i want to zoom out a little bit and ask you very broadly, semis are important industry weve seen them be caught right in the middle of rising chinau. S. Tensions. So broadly, what are the implications for National Security, for manufacturing of intels decline and amds rise particularly when amd has outsourced the manufacturing, you know, some time ago. And intel is now considering outsourcing that what are the National Security implications youre right. By the way this is one reason you love covering this space it is a ground zero for everything both from a technology standpoint and all the geosplil stuff goipoliticaln chips are the new oil. Intel is a potential decision to maybe start outsourcing has serious considerations i mean, a many d when theyre outsourcing, theyre relatively small they were never really on the leading edge of that anyway. Untell intel do wind up outsourcing that to taiwan, you know, it sort of makes taiwan at that point potentially strategically the most important country in the world and its 150 miles off the shore from china they kind of think they own the ground that it sits on anyway. So there are broad implications on this. I dont know if its so much the differential between intel and amd. Amd has already gone there the issue is that intel has not been able to keep up and now were going to have to question there may be broader consequences to these and certainly to the country like if they cant actually get their act together on this yeah. And that leads us to a whole other discussion about arm sales and Defense Systems to taiwan. We got more today. Patrick, one fundamental question is does this particular deal, amzxilinx, result in a flurry of deals to match or at least a big players trying to respond with bolt ones of their own. Yes funny, i thought when the qualcomm potential acquisition of nxp went south, i thought all the deals are going to go away well, thats absolutely not the case obviously, we have arm and nvidia and nvidia sorry, amd and xilinx i think there will be some Competitive Pressure for other High Performance sill con makers in this space to potentially be looking at other moves i also think there could be some more action in the fpga space on the lower power version. If you look at Companies Like lattice. They are just pretty much blowing away the competition for low power fpgas. I think this puts a focus on fpgas as a compute unit. And by the way, if i can follow up on stacys comment on manufacturing. Xilinx does most of their manufacturing in taiwan already. I dont see any change by this deal going through stacy, just want to ask one final question about valuation amd is doing this deal entirely with a stock currency. Its performed a lot better over the past year or two than xilinx has. How much risk is there in this for amd investors if intel and altera and others in the space with xilinx is start to perform pretty well . Well, you know, inthey will a number of years to try to push the performance of altera. If anything, i would say xilinxs performance over the period that intel owned that asset only got stronger. Im not terribly worried about that in terms of doing this in stock, i mean, makes total sense. There may be a certain degree of opportunity here the stock a few years ago is 50. Its now 80 or wherever it was so i mewas. So if theyre going to do the deal, especially do it in stock this is now probably the time. Theyve already set the issuance anyway in terms of the conversion ratio. If the stock comes down from there, it doesnt affect their ability to get the deal done the risk for amd share hold shos how theyre going to execute i think theyll give lease yacht benefit lisa the benefit of the doubt. Safe to say she earned the benefit of the doubt the stock hit 80 once again. What to expect from Mark Zuckerberg and jack dorsey tomorrow as they section on section 230 in fropt of the senate 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. Its moving day. And are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. It only takes about a minute. Wait, a minute . But what have you been doing for the last two hours . Delegating . Oh, good one. Move your Xfinity Services without breaking a sweat. Now thats simple, easy, awesome. Xfinity makes moving easy. Go online to transfer your services in about a minute. Get started today. Youtuba announcie announcin deal with post election aftermath. Amid concerns that the social platforms could spread misinformation and spark civil unrest, the social giants are making changes to get ahead of these potential political issues this morning youtube announcing they will stream authoritative sources for queries placing an Information Panel to topple results, warning that results of the election may not be final. And the recommendation systems will limit the spread of misinformation and boarder line content on youtube twitter announcing a new approach to fighting election misinformation they will place psas at the top of users time lines and preemptively debufrpg or prebunk inaccuracies about voting and Election Results users start to see warnings including Election Results which may be delayed which will link to more details. Twitter flagging a trump tweet about mail in ballots. And facebook is banning all post election political ads and not allowing any new political ad purchases in the week leading up to the election and also preparing to limit the spread of misinformation and the content that delegitimatizes Election Outcomes facebook also announcing that it registered 4. 4 Million People to vote showing it can be a force for good in elections. But facebook is sure to face criticism from both sides about the content decisions. Well hear some of that criticism tomorrow when zuckerberg along with twitters jack dorsey and googles ceo testify in the Senate Hearing on the Liability Protections for the content that they host on their platforms. Julia, yeah, were looking forward to that Senate Hearing on section 230 tomorrow. Mark zuckerberg and jack dorsey all expected to testify. Twitters former head of news joins us now currently the ceo of the National Academy of television, arts and sciences. Adam, good morning to you. Thank you for being with us. You just heard julia outline all of the measures that at which time eastern facebook and youtube have taken does it make you feel confident heading into the election just a week away that these platforms have the tool to limit misinformation or disinformation it makes me feel a little more comfortable i dont know if i call it confidence foreign actors are going to the platforms because thats where the influence is and ultimately, america has a controversy addiction. We are all clicking and retweeting and liking and sharing this content and these foreign actors are happy to provide a steady stream of that. And so one of the challenges that these platforms are now facing is how do you separate the zi namic thatdynamics of din from the dynamic thats are the core existence of the platform i can stop someone from stealing my car by slashing my tires but its no the useful as a car anymore. I think you will see slow down and some engagement and other activities but netnet, every effort is a good step ahead of the election. Adam, you just said america has a controversial addiction. But i just wonder some might argue that the platforms are encouraging that addiction there is a recent study suggesting that facebook actually encourages this polarization and chaos more so than other platforms like readit well, certainly these platforms are built on engagement the core driver is what gets you to click that like button, to click that share button . And for years the algorithms of all the platforms are optimized for exactly that and that optimization is what the disinformation are counting on but as i said before, its impossible to enforce the dynamics we can say i want to make sure that all the dynamics are there so that positive content can spread and go viral and you can have an black lives matter, all the movements that are beautiful on the platforms but i want to make sure that content that i might not approve of immediately stops dead in its tracks that is the delicate needle that the companies are trying to thread adam, from an advertisers point of view, i mean, there was a period long ago where people shopping for cars, you know, werent that interested in whether or not it had seat belts. But eventually people came to value that and would pay more for a car with seat belts. I wonder, does an advertiser feel good if engagement is maybe a little more limited but the content is considered, i guess, marginally more safe yeah. They certainly care about the brand safety and reputation. Basically, the neighborhood they occupy i think is one reason why each of these Tech Companies has in recent years started taking this stuff more seriously one reason why there was perhaps less concern about it in the past was that engagement was strong the ad business was strong they didnt want to mess with that and sort of the hypocratic oath of running a tech company. But as conversations started to turn to abuse on the platforms, growth of white supremacy, misinformation and so on and the advertisers started voicing their concerns of, wait, i dont know if i want my brand adjacent to this kind of conversation you started seeing user growth stall on the policeman forms and focus groups saying that the fear that id be wading into a cesspool of hate or whatever was a main driver for users to hang back that is what then created that economic incentive for the companies to really tackle the issues and try to dig in much deeper that and, of course, fear of regulation and so certainly that pressure from advertisers to create a more brand safe environment is a critical part to driving these companies to make changes. Adam, seems to me that we are witnessing a fundamental shift in what these platforms do i wondered for years why the platforms dont have a tier for verify news and information. That is allowed to spread more freely and then a tier that is a free for all people arent necessarily supposed to believe what theyre seeing what they seem to have created instead is when it comes to election news during a time like this, were going to be extra careful w other certain subjects, well be extra careful. Otherwise, its a free for all. It seems like that is going to have to change. Well, there were two sort of articles of faith that companies took number one, there is a faith that there are verified sources and that verified sources are trustworthy. And that, therefore, if they went through and twitter with the check and facebook with a similar model for verifying accounts they could add least identify that the account is who they say they are, then the electorate and the audience would be able to trust that. Certainly some of the information coming from the president in this election has shown the fallacy in that faith. The second big thing was a confidence that audience actually cared about that information being accurate facebook did a study about two years ago where they started putting big buttons on content that had been challenged by Fact Checkers saying this is reported as fake news and so on and in that study, click throughs went up when you mark something as fake news, more people wanted to read it the reason why amsterdam has red lights in red light district is not to tell you not to go there, its to tell that you there are naked women behind the doors we started seeing the same effect on the platforms. Adam, thank you for bringing your insights with us today. As we go, we should note that twitter today hitting the highest level since april 2015 we talk about fear of regulations and, you know, advertisers and a little more choosey these stocks are still moving higher. Adam, thank you for being with us carl thank you for having me all right great to hear from adam. A behemoth is coming our way this afternoon microsoft earnings well talk about what to expect with shares up better than 1 . Ngoway. With this seal, this restaurant is committing to higher levels of cleanliness. The expertise that helps keep hospitals clean, is helping keep businesses clean too. Look for the ecolab science certified seal. A quick look at the state of the food Delivery Market new data shows over the last year doordash gained market share while the other Major Players have lost ground and this comes despite uber pivoting away from ride sharing to food delivery burning through hundreds of millions of dollars. Uber share basically flat. The post mates acquisition will give it more of the market but a Smaller Player according to the data went from 10 a year ago to 7 currently. Doordash now has nearly half the food Delivery Market uber reports Third Quarter results on november 5th. Shares lower in todays session by nearly 3. 5 stay with us were right back online wouldn. But we went to work. Building an experience that lets you shop over 17,000 cars from home. Creating a coast to Coast Network to deliver your car as soon as tomorrow. Recruiting an army of customer advocates to make your experience incredible. And putting you in control of the whole thing with powerful technology. Thats why weve become the nations Fastest Growing retailer. Because our customers love it. See for yourself, at carvana. Com. Welcome back, everybody. Im sue herrera. Here is your cnbc news update at this hour. Hurricane warnings have been issued for new orleans and part of the louisiana and mississippi coasts if zeta makes land fall in louisiana, it will be the fifth named storm to hit that state this year. A new survey finds the elections are a significant source of stress for more than twothirds of americans. If the American Psychological Association Says election stress is up significantly from 2016 and it is affecting democrats, republicans, and independents. In boston, burned and damaged election ballots have been found for a second time since sunday u. S. Postal crews removed a mail box with some charred ballots. Nearby a ballot box was set on fire although officials dont think that was a specific attack on the election process. And in multiple countries across the middle east, thousands are protesting against france and calling for boycotts of french goods in response to macron saying chasaricatures of mohammed is allowed under free speech laws if france. Youre up to date. I send it back to you. All right sue, thank you very much meantime, the tiffany lvmh coming is into sharper focus thanks to david faber. Yeah. As you know, of course, we roerted on this in the first hour of squawk on the street this morning the fact that the two sides were engaged in new conversations, designed to get to a new deal ending, of course, what has been a very contentious fight between the two. Lvmh saying there is a material adverse change in tiffanys business they didnt want to buy it for the price which was 135. What we can tell you no you in building of our story is the talks are moving quickly they are hoping to get to a new deal in the very near future doesnt mean that there may not still be a couple stumbling blocks it does appear theyre poised to announce a new transaction that would be somewhere between the price of 130 and 133 so very slight, as we said earlier and reported early, slight reduction in the overall price 135. Of course, aedding the certainty of a court fight that is scheduled to begin in delaware with the new year on roughly january 6th. And allowing them to close the deal right around that time. Earlier i speculated on the possibility of them offering a ternd offer which would have the effect of minimizing any time in terms of close that does not appear to be what the two sides are discussing right now. These are, of course, fluid conversations. But this he would look to close as soon as possible f they receive, as you know, all of the necessary approvals having received the eu go ahead just yesterday. So we can tell people building on earlier story from this morning that two sides are in significant conversations to get a deal done as soon as possible. Somewhere between 130 and 133. Back to you, jon all right david, thank you and now the sky high valuations in tech, are they starting to worry you . Our next guest says that Retail Investors are at least in part to blame they know how to buy but not when to sell so expect a correction before the Institutional Investors buy back in. With us now on that and a lot more is mule soft founder and partner ross mason ross, give me your serns of tnse broader landscape now. We have m a ripping in chips and software if valuations are unreasonable, doesnt that mean that stocks with high valuations like a many d should amd should be buying stuff good morning. Yeah, its an interesting market theres two things happening. One is, you know, tech has been on a run last five years there is loads of room for Tech Companies. Wall street helps that and i think with the down turn of the beginning of the year because of covid19, there sles places to put your money having a diverse portfolio is more difficult and tech actually returns better than anything else right now you have Retail Investors that can buy in now they can buy without any fees associated with that purchase. He takes from the poor and gives to the rich by offering, you know, trading at zero cost basis for the buy. The challenge is people are buying things that sound great theyre buying things like Warren Buffett but if you look at the valuation of snowflake, it assumes about 60, 70 bill market cap this they have about 50 of the market share which doesnt make any sense. So if you are one of these companies, right, doesnt it make sense for you to try to grow as aggressively as reasonable under these circumstances whether that means m a, whether that means getting the absolute best sales force . As you say, these valuations have to be justified base odden what is going to happen three to five years from now. The Companies Need to make sure theyre a lot bigger three to five years from now, right yes, exactly. Were going to see a lot of that m a action happening to buy both customers and talent and to buy into new adjacen adjacent m. Were going to see that a lot. Salesforce is doing. That ive been living through that with mulesoft, my company and its the right strategy. There is enough opportunity out there to make it make sense. But the valuations are, you know, unless youre really looking 10 to 12 years out, the valuations are exaggerated right now. I think there will have to be a correction before Institutional Investors really start buying back in the same numbers they did premarch or prefebruary. Ross, but why do you blame Retail Investors for the sky y high valuations. They know how to buy but no idea how to sell. It is more volatile and problematic if they acted like day traders . Yeah. It would by the way, i put myself into the retail category. Obviously, im an individual investor as well we buy things based on brand and marketing and awareness. And then we buy based on, you know, media darlings versus, you know, things that get slammed in the press. So, you know, obviously what really happened say lot more people are at home with a bit more exposure. That doesnt give them a lot of credit, ross. Say again you are saying that doesnt give them a lot of credit if you say things like theyre buying on what they read and media reports. I mean, how can you classify this huge group of Retail Investors as such . Im classing some of the new people investing for the first time not all Retail Investors, apologize. Theres a lot more new investors that buy on ones and twos in the companies that really wont buy stocks a year ago. And theyre buying it for the reasons that we, you know, people are home and spending less money on vacations, sports, movies, restaurants, and Interest Rate is zero. The only place they can go is t the market tech seems to be one of best places to go its the right reaction. It has just driven the value of the companies to a point where the fundamentals doan line up with the valuations. Everything is echoed from a letter from green light capital. They report to valuations, high concentration in single sectors and small basket of names. And the general thesis is that the top, as they put it, was on september 2nd. Anticipate that were in the process of moving from greed to complaisancy do you think that top whenever its coming is in the past or is the music still playing . I dont think were at the top of it strafrngely enough as i mentioned before, part of this is can some of the Companies Use the extra capital to further their position in the market right . Its an amazing opportunity if youre a company with this extra capital to go and acquire buying to adjacent markets and continue to execute in a way that maybe theyre not doing. I do think there is nervousness. If you look at the market yesterday, there is a bit of a dip. A couple of stocks, especially sap tanked a bit people are nervous its a skiddish market right now. People are waiting for it to fall it doesnt feel balanced as it has in the past. We dont really know when thats going to end and when it ends, how far it falls it may only be a small fall and not a dramatic fall. I havent done the research that maybe others have but i still think there is room to grow. Im investing cautiously and looking at fundamentals over a five to ten year period. Im not sure the last time the market felt balanced maybe a few hours back in 2019 ross mason, thank you. Thank you former mgm ceo has a report on covid19. Thats up next oodrx in 2011 because too many people in the United States cant easily get to a doctor or afford the treatment they need. Thats why goodrx has built a leading consumerfocused Digital Healthcare platform. We wanted to make shopping for healthcare as easy as it is to shop for travel or electronics. As a public company, we hope to provide even more services that help people get the healthcare they need at a price they can afford. Our next guest is no stranger to this network he is the former ceo of mgm for a decade, head of nevadas covid19 task force, today announcing the new spec. Jim joins us to day. Great to have you. Good morning thank you for having me congratulations on this focused on you call it experience entertainment live events, family entertainment, destination hospitality. It sounds like an area where can you probably find a few bargains right now. Well, we have a great team with us. The founders that are part of this spac with us have been expert in the fields we have an incredible board of directors that have been literally shaping their industries in sports and theater, Live Entertainment and in Digital Entertainment we feel like were uniquely positioned we know most every company in this field whether its Digital Entertainment or Live Entertainment and were excited about the ones where we can partner with the existing management work with them to grow their business and see them propel on the other side of covid19 is it too simplistic to call it a play on reopening our therapeutics or vaccines because of the live element . I noticed you mentioned digital a couple times do you talk about mobile experiences too. Many of our friends are in that business. And so we will be sitting down with those type of companies to see how do we help them get from here to the other side of covid19 we will be interested in companies if they are in Live Entertainment if we believe we can add digital experiences to their business some of these folks just didnt get to a Digital Strategy by the time 2019 rolled around. And so we think we can help in that regard. On the digital side, some companies are actually been beneficiaries of the lockdown that weve had here in the United States and around the world. In those cases, were looking at companies that we can marry some of their experiences to the Live Entertainment space. So there is a con flew esweet st were a small spac we did so so that we could be seller friendly. Partner with management, help that management grow their business and particularly accelerate coming out of covid19 jim, good morning its jon fortt ratings is estimating that the v vegas strip wont recover until 2024 and vegas is a town remaking itself every decade physically, tearing down buildings, putting up new ones. Do you have any specific predictions about whether there is a physical remake during this period and if so, what facilities will be different as a result of this time . So i think the recovery will be far sooner than that. Were learning how to safely open up Live Entertainment events for employees and guests. I think that will be a series of Health Safety measures we cannot wait for the vaccine to be fully distributed. I doeve i dont think it will be until 2022 where we see a morrow bust recovery i think well see it that year i think that because im starting to see incredible amount of pent up demand for either conventions or Live Entertainment events and so i think once there is an all clear from a vaccine perspective, i think youll see big snap back in las vegas theyre diverting cap ex into new theaters and new Convention Spaces and putting it into c conventional capex in keyless entry, ewallet. All that is going to change the way people consume entertainment here in las vegas. That will stimulate gradual demand and then when we get into 2022, a much more robust snap back i wish we had time to talk about las vegas sands. Time is a little tight today, jim. We know youll come back congratulations. Always good to see you thank you for having me and as always, we love to be here thanks. Carl, as we head to break, want to mention that airbnb decided to list on the nasdaq for the upcoming ipo that debut could come as soon as december this is, of course, one of the most anticipated ipos of the year and would come at the end of an extremely turbulent one for the company and for travel and tourism. Were right back when i was in high school, this was the theater i came to quite often. The support weve had over the last few months has been amazing. I have a soft spot for local places. Its not just a work environment. Everyone here is family. Gonna go ahead and support him, get my hair cut, leave a big tip. If we focus on our local communities, we can find a way to get through this together. Thank you. If you are ready to open your heart and your home, check us out. Get out and about and support our local community. We thought for sure that we were done. And this town said not today. Some things are good to know. 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Our jane wells talks about that this morning with a very session guest. Hey, jane. Hi, carl. Good morning from dodgers stadium, which is number one in attendance, but they havent within fabable to sell any ticks and theyve had to protect the team in this bubble. Joining me is stan kasten. Can you give us an idea of the loss this year of the dodgers as a franchise financially . I cant pin it down for you its clearly north of 100 million. You know, as much as any team or more because we have so many fans and we take in so much revenue in an ordinary year, most of that we didnt receive this year. So its extraordinary. Its certainly not anything that anyone could plan for. Its going to take years to catch up, but we managed we came through it so far. Hopefully, you know, the end of this will be found before we have to start next season. Its been an exciting series, but the ratings have not, especially against sunday night football why do you think that is i cant tell you. I do know that the games have been fantastic, both during the regular and postseason have been fantastic. I think fan support, as evidenced by the thousand car we have every night in l. A. And local rating have been extraordinary, our ratings this your were double what theyve been in the past so local ratings continue to be strong the support continues to be strong but all of us are suffering in our own way through this pandemic. The payroll differential again is staggering. You brought the team to the world series three times in the last four years. The last two times you lost, though the astros cheated. What is the biggest lesson in spending money, youve learned it obviously isnt just about money. Its about your entire organization we take that very seriously. We also have, i think, of all the playoff teams the most home grown players in our organization, which enables us to go after the big ticket items when we feel thats important, when we feel that thats a missing piece, we were able to do that this year in the off season but your organization, your scouting, your player development, any team that has had success in baseball, particularly sustained success, has done on the foundation play. Both teams in the world series of emblematic of that approach i have to ask you your thoughts on the end of game four, which was insane yeah, i was not in favor of it i would have preferred a different ending but im awfully happy to be in the world series up three games to two. Its a home game tonight, jane alas, youre the only one at our home so were in texas i would republican be in l. A. , im just happy to be in the world series and up 32 and looking forward to one more great game tonight apparently l. A. Has moved to texas as well. Finally, stan, what changes are being made here at dodgers stadium to bring fans back is that even going to happen whats it going to look like it will happen by next year i think we may be among the later jurisdictions. As you know, california is very strict on allowing any Mass Gatherings so far in the state of california you cant have any players at any sporting event. Before we kick up again, were going to have the rest of the football season, were going to have an nhl season, nba season, all of whom will be going through that and i assume well be learning how to accommodate fans little by little so well have a much better idea by opening day. Im certainly hoping well have our fans back. I know our fans miss us and are looking forward to return persian gulf. Returning. I would wish you luck but break a bat. Jane, thanks so much. And by the way, dont miss stan november 10 when he joins our own Julia Boorstin head over to cnbc. Com events to Register Microsoft tonight, its time for the judge. Appreciate it, carl. Im scott wapner front and center this hour, a big warning from a famed Hedge Fund Manager who says were now in the midst of an enormous tech bubble that coming just hours before microsofts critical Earnings Report joining me for the hour are stephanie lake, josh brown, Pete Najarian and check the markets, its mixed right now the dow is lower by 50, s p higher by less tha