dominic chu. here's what's ahead. you've seen the warnings from hollywood, "terminator," artificial intelligence, ai will disturb society. one firm is out with a terrifying warning, there's a 50/50 chance ai will wipe out, wipe out, all of humanity. will the benefits outweigh the risks? >> if we survive, must watch tv. elon musk making headlines today, stepping down as twitter's ceo, raising prices on tesla and recalling vehicles in china. first, a quick check on the markets. the major averages down about -- session lows down 183 for the dow. >> at the top of the exchange,

1:00 eastern time, we were down about 28, 29 points. i'll call this the low of the session. >> the s&p also down around 4100. we begin with the debate around artificial intelligence the hype is exploding. some experts are starting to raise concerns bca research out with a pretty stark headline saying the safety risks are huge and there's a more than 50/50 chance ai will wipe out humanity -- i'm trying not to laugh and it's not funny -- by the middle of the century. they're clear, there will be a serious impact here to discuss is the strategist behind this note. peter, i don't see a tinfoil hat. you look like a normal guy sitting in a normal office talk about this call >> i think the mistake that people are making is that

they're thinking linearly when they should be thinking exponentially. we made the same mistake at the start of the pandemic. people didn't take the spread of the virus seriously enough because they were just seeing a few cases, then those cases became a few more cases and then you had a massive pandemic that was ravaging the globe it's the same with ai. people are thinking lyinearline. we've been on this curve with ai for many years, probably decades. it's only now we're reaching the point where ai can do a lot of the things that people can do. that process will continue because we're on that exponential curve, it will probably happen quicker than people realize the upside is huge i talk in the report that ai could have the same benefit to growth as prior technological

r revol revolutions. the agricultural revolution, the technical revolution, all saw exponential growth >> let me just jump in on the downside, the transmission mechanism, is this basically saying ai wipes out humanity because the code writes code what's the mechanism you're concerned about knowing we're speculating about a future we can't foresee? what's the direct cause and effect you're concerned about? >> what i'm concerned about is that all the safety protocols that people have warned about are being completely blown through. for many years ai safety experts said don't make ai -- don't give ai the ability to use the internet don't give ai the ability to write its own code

what have we done? we've gone right through that. the risk is that chatgpt 6 won't be written by humans it will be written by chatgpt 5.5 and 6.5 will be written by chatgpt 6 and so on. it becomes this exponential growth in intelligence it's going to be unlike anything we've ever seen before humans are used to being the top species on the planet. we may not be if machine intelligence arrives >> i feel like we're at the beginning of a disaster films where they show the news clips "the last of us" started off with that discussion how the fungus is the big thing. >> peter, i have a question for you. especially for microsoft and google, the two leaders here and open ai, we hear the word responsible, responsible,

responsible. we'll do this responsibly. seems like you're not buying that what do you think? >> those companies are responsible to their share shareholders, not necessarily to humanity i think they have been rather complacent about some of these risks. i think those risks are there. it doesn't have to be a "terminator" scenario. if you have an advanced enough ai and say, okay, we have this problem called global warming. implement a solution that alleviates global warming. if you don't say anything more than that, it's possible ai will say nuclear war would reduce the temperature of the planet. we're seeing this over and over with complicated systems they can be very unpredictable you give them a set of goals and they have to adopt subgoals to achieve those end goals. those subgoals could be not the

thing we want them to do. >> peter, it's dom is the solution to this as simple as throttling back on ai? i mean there are ai purists who say true artificial intelligence is the code writing code aspect of it. we don't want to replicate the "war games" movie where we're turning over nuclear launch codes. why don't we say ai is only for these uses and how quickly do regulators have to get on board? >> i think we have to move quickly on this. sec secondly, a temporary slow down in ai, not necessarily ai research, but the implementation of ai research would help. will it be enough? i don't know the problems we face is that we live in a world where it's much easier to destroy than to

create the title of report is chatgpt and the curse of the second law. that second law is the law of thermo dynamics. so in the wrong hands, ai can be a devastating tool and so, yeah, we should regulate ai in the way we regulate transportation and many other domains of life. >> which is something that lena khan talked about. peter, sam lesson has proposed some fixes or resets to the issue of taking other people's c content. you could cause all ai to reset themselves there's different things you can do do you think they should be forced back to the sidelines and not make these tools available for people that ship looks like it's sailed i'm not sure what else we can do i don't mean to diminish the possibility that degenerative ai

takes on a life of its own that's what it's designed to do. >> they need to integrate various safety protocols there's a lot of work on this. they need to integrate the safety procedures into the models they create we have to get away from this rat race where everyone is trying to come up with the better model as i said, the upside of super intelligence is huge as long as we can harness it in a way that is to the advantage of us and not necessarily to the advantage of a few companies that might be pushing an agenda that is more a about making money than necessarily doing something with the safety features. >> we're looking at this in a vacuum and talking about what we would do there's a competitive element.

we're not the only ones developing ai. we've been in a super computer race with china for decades and we keep one upping each other. if we're going to have regulations, we need universal accommodations being made so china, the u.s., france, the uk, russia, everybody says we're going to take a break from ai. >> to some extent china has an incentive to slow things down. for one thing, they're behind. second of all, they also want to maintain stability in their society. if you have ai that is coming unpredictable, that's not what the chinese government wants i think there is -- there is a pathway to do this safely. whether we actually end up taking this pathway, i don't know the report says there's a more significant chance that all of this will end very, very badly

i can't say i'm optimistic, even though an avenue exists in a way to do this that benefits humanity. >> peter, thank you for joining us today >> steve stick around. ai's impact on the market is becoming more and more apparent. the s&p would be down 2% if not for the growing ai bullishness around that concept. tech is on a tear out right. the big names up more than 30% for the year with meta up a whopping 93% it's almost doubled in price alphabet, microsoft, meta, apple, all less than 5% away from their fresh 52-week highs here to discuss is michael bailey, director of research at fdb capital partners he's been a long bull here on

some of the big tech trade, but says he's taking the foot off the gas. steve kovach sticks with us for this conversation. mike, i don't know if you heard our last segment there, but there's a lot of fear and anticipation about ai. has it been really the pure driver behind the tech trade in 2023 >> it's been a big driver for sure if you look at invidia, that's been a big driver. i think it's really got some excitement into the big tech names. go down the list, microsoft is involved you have ownership there of chatgpt. that's feeding into a little bit of the sentiment recovery there. in general, you're not quite seeing as much excitement outside of that. perhaps, google and alphabet it's a theme that's been driving

sentiment. there's other things and regular old earnings are driving recovery. >> steve, you've been covering all these companies. we counted the number of times artificial intelligence has come up in earnings conference calls. what has been the big driver in your mind of the tech outperformance to this point right now? has it been ai >> it depends on the company apple, probably not. we were talking to mr. cook about that he said no, china sales were great. he didn't even mention ai. at microsoft, obviously it's the hype around ai microsoft has a monetization plan that's more advanced than google google did this week show we have some of these products in the works. not saying when they'll be available. microsoft is in early stages of selling these products, but

they're being used by customers right now. >> mike, with that in mind, there are certain trades that have been real stellar performers we talk about the almost doubling of meta platform shares is there a momentum trade to be had for technology and is ai the driver of it or is now the time to feel a little more like, hey, we had our run, let's rotate into other stuff or if a recession does come into play, if, do these big cap names become that safety train they have been? >> great question. starting with ai it's been a big driver this year in general these things tend to burn out after a while we're several months into it if there are significant news flow, you could see that continuing to drive momentum here alternatively i would fall back on what drove growth for all these companies before january it was a lot of multi-year

growth drivers cloud computing, e-commerce. we have to ask what's driving sales and earnings it's one of those themes cloud computing is still growing. it's faded a little bit, but is growing nicely e-commerce faded a little bit, but still growing. just go down the list. apple smartphones a little b bumpy, but still growing recession, big question there. a lot of companies will take a hit if we hit a recession. something to watch out for the one thing that's generally favorable for some of these names -- going back to sentiment. crazy multiples, they came crashing back down last year no one wanted to touch it. if there is a recession and business slows down for big

tech, you're hedged somewhat sentiment is in the middle could be a slowdown, but a better place to be now than a couple years ago >> mike, you are a stock picker. we got a couple seconds left here the next 6 to 12 months, what's your favorite place to be? >> visa, great company got moved to financials. great place to be. a lot of growth there. valuations have come way down. we like it couple other areas, health care, something more that's safer, defensive staples area a lot of interesting ideas out there, even if we hit a slowdown >> no big tech there to be found. mike, thank you for your time.

mike bailey. steve, stick with us >> i'm glued to my seat. let's get to another headline ea elon musk is stepping down as ceo. julia, anyone who doesn't love this move by musk, taking an advertising expert and moving her to a platform that's ad challenged what do you know >> reporter: you have to remember that twitter's revenue is almost entirely advertising based right now. she's leaving her role as nbc universal chairman to lead twitter. musk says he's looking forward to working with linda. comcast president mike cavanaugh announced her departure saying he's grateful for her leadership

and the innovative team she's built, saying linda has made countl countless contributions to the company. just a month ago musk worked to appeal to advertisers and he and linda were at a conference earlier this week. this comes ahead of nbc universal's ad presentation in new york on monday a lot of change before a very important time for nbc universal and its ad negotiations. >> steve, you made the obvious observation here when musk made twitter he made comments about how advertising wasn't going to be the best business model he tried to do subscriptions and twitter blue and it was a nightmare. is this an indication that twitter has to be ad driven?

>> this has been the problem since musk took over the push and pull with advertisers seeing what's happening on the platform. if musk maintains the cto role, he'll be dictating a lot of what happens on the platform that advertisers are worried about. linda has her work cut out for her tying to leverage those relationships she already has and convince her that's it's okay right now the product itself doesn't show that to be true on the subscription front, he's talked about adding more benefit t benefits to this blue subscription front again, the subscriber base is so tiny it's nowhere near what twitter was generating in its hay day. >> our colleagues at nbc news,

with regard to things happening at twitter, certain people when they have the auto fill have seen things that are unsavory in terms of videos, perhaps depicting animal cruelty and it was an algorithm to be bumped up and twitter didn't pay attention to those what kind of job does linda have going forward to ensure and guarantee to advertisers that their money is being spent safely on a platform that's there not perhaps putting out that content and amplifying it within their process >> i also have to make sure we reiterate that nbc universal is cnbc's parent company. of course linda until this morning was our colleague. she's moved on i wanted to do that nbc

disclosure when she was at nbc, her key appeal to advertisers was that she was placing their ads next to the most premium content. that was essential this idea of premium content, safe content, different from the kind of user-generated content you might find on a social platform now her job is to make sure her partner, elon musk, understands the importance of trust and safety when it comes to working with advertisers, understands how to navigate that balance of free speech, which linda says she supports, but navigating the balance between free speech and the trust and safety necessary for their ad partners. i think that's going to be the balance she's going to have to negotiate. when she was running the ad business for nbc universal, she had to deal with cmos of the biggest companies in the world and she had to talk about the importance of that premium content. she understands how to deal with those big personalities and how

to negotiate now she'll be negotiating with elon musk as she walks that line. >> julia boorstin with the thank you very much for thation also to steve kovach, thanks for everything >> i'll leave at the commercial break. >> i don't know. i think you should stay maybe. weigh in on tesla. >> i like it >> i got nothing to do. coming up, more on musk's big decision at twitter. will this mean he has more time to focus on tesla? many might argue musk will find a way to find a shiny new toy. tesla is down 50% since disclosing the acquisition of twitter. let's do a quick power check. one of our favorites first solar on pace for its best day since 2013, up 23%

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exchange." let's check on shares of tesla which turned red after a positive start several headlines surrounding

the company. we talked about twitter. they're raising prices for all vehicles except the model 3. in china they're ordering a recall of 1.1 million cars over brake risks. this comes as elon musk says he's resigning as ceo of twitter. the shares have lost half their value since his twitter involvement. colin rush is here to talk with us colin, you surprised the stock isn't holding its gains? >> not really. the truth of the matter is that tesla continues to have an important technology lead in the ev space as we look at elon's attention span and the depth of management at tesla, this isn't a huge change to see him resigning from the ceo position at twitter. the team at tesla is very talented team and it's very focussed

he's going to have his hands full on the technology side of twitter for sure the real issue for tesla is around demand. the thing that may happen with the twitter change is the repair of the tesla brand. >> that's a fascinating point. people have talked about how much tesla has fallen as a result of everything musk has done on twitter and his comments there. do you think he's reacting to that bringing in someone who's extremely professional and moving it towards an ad-friendly place? do you think that's what this is about? if that's all that's going on, you think tesla would stay positive for a session >> it's probably part of what's going on here. i think the big issue for twitter is revenue we're not covering that company as a private company the cash flow is the real concern for tesla investors as they look at elon selling more of his stake potentially which doesn't appear to be a need at

this time. for us with tesla it's a larger picture in the competitive landscape, but the larger macro involvement. with what we've seen today, it's been pretty positive for tesla they've had healthy numbers in terms of sell through. we've seen their competitors falter the setup for tesla is good. the question is around what the margin profile looks like. that's very much in flux they have enough data to change prices on a regular basis by geog geography. >> colin, that's the question i will ask in the couple minutes we have left here, can you take us through as an analyst how influential tesla is with regard to setting prices in the auto market, not just for evs, but possibly the auto industry at large? >> yeah.

i think it's critical from a functionality perspective. we're watching this next rollout of the self-driving technology to look at how they position that, how the technology works and what the pricing model looks like the message they put out in the last quarter is they were looking for users. they were out getting customers to buy the vehicles that they could upgrade through services and other revenue streams. we're watching to see how that plays out here we see them with a cost advantage in a number of geographies where they're generating cash and what this looks like from a margin perspective at the vehicle level and add on level is critical it's tbd to be honest. that's what we're watching over the next several months. >> colin, thank you. have a nice weekend. >> thank you further ahead on the show,

ham-tons of property get it brokers say they are choking on all the rental inventory we'll look at what's csiaung the big chill at the beach coming up big chill at the beach coming up after this welcome to a new era of flight.

asking the right question big chill at the beach coming up after this can greatly impact your future. - are, are you qualified to do this? - what? - especially when it comes to your finances. - are you a certified financial planner™? - i'm a cfp® professional. - cfp® professionals are committed to acting in your best interest. that's why it's gotta be a cfp®.

welcome back to "power lunch. let's head to chicago where rick santelli is. rick, rates are ticking higher. >> reporter: absolutely. the selling pressure ramped up when you saw the data point, that was the qualitative, but important five to ten-year inflation outlook. most are saying highest inflation since 2011, and that's true you have to go back to 2008 to find a higher level. that's the comp. the university of michigan was weak when you look at twos and tens together. you can see how they popped at 10:00 eastern, rather aggressively and if you extend that, you can clearly see that

since the fall, twos and tens have been moving together even though there's yield curve issues there after all that, twos are still under 4%, tens are under 3.5%. finally the dollar index having a stellar issues because of banking issues many are asking why is inflation so sticky? i'll give you three reasons. forget politics. forget republicans, independents and republicans and think about it this way. american rescue plan in 2021, inflation reduction act in 2022. put dots on a chart and look at the inflation numbers how sticky they get when we keep spending money we don't have. kelly, back to you. >> rick, thank you have a great weekend. over to courtney reagan for the cnbc news update. >> reporter: here is your cnbc news update.

an unaccompanied migrant child in the custody of the department of health and services has died. this as u.s. agencies work to handle the influx of migrants following the expiration of title 42 russia is rejecting claims after a ukrainian break through in the battle for bakhmut. russia appeared to concede they've lost ground, but say it's under control they claim a ukrainian counteroffensive has begin. the entire population of a small town in switzerland is being evacuated due to an impending rock slide the 100 odd residents have been

told to leave as a huge chunk of a mountain could collapse as soon as next week. hopefully everyone heeds those warnings kelly, back to you. >> i would not stick around. >> how do you know how much to pack where do you go? >> just get a go back at this point. get out of there and wait a couple days. >> i guess courtney, thank you. still to come on "power lunch," trading the consumer big retail names expected to report next week 'll ade those names in a fresh three stock lunch. we're back with the dow down 158. ♪ imagine, a car that goes as far as it does fast. as sleek as it is spacious. as smart as it is beautiful. introducing lucid air. experience the best. ♪

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welcome back to "power lunch. time for three stock lunch on today's menu a barometer for the consumer big retail names are set to report in the following week home depot reports before the bell on tuesday. it missed revenue estimates for the first time in 2019 in february citing a consumer pivot from goods to services it's down about 9% as you can see this year. here with our trades today is gina sanchez

she's a cnbc contributor she's one of the half of the fly-namic duo competing in cnbc's stock draft gina, how would you trade home depot? >> home depot is a long story for us because right now you have consumer demand being supported by stabilizing existing home prices people are feeling comfortable about making investments in home improvements which supports the demand they got hit with investments they're making into their human capital, employee/consumer experience and that service has shifted. we think that will pay off in the long term. as we go through the slowdown there will still be demand >> all right maybe if markets get better, although just elaborate on that.

>> home depot has a brand mode people understand it a big part of what the experience is there is the customer/employee experience the investments being made there will continue to build that value. that's really kind of where i'm going. >> what about walmart? they're before the bell next thursday discretionary spending is slowing. since then, things may be turning in their direction shares are up 8% on the year what do you do >> walmart is making investments, but they have investments paying back. during the pandemic they got their e-commerce game in order that's representing a larger hunk of their portfolio. they're making inroads here and unveiled plans to do an e-charging network

they've made investments they're paying off they made new investments. they're continuing to innovate in the supply chain experience >> we saw their retail presence and in employment. gina, foot locker reports next friday before the bell it announced it was closing about 400 underperforming mall store locations and replacing them with 300 new format storing calling 2023 a reset year for the brand. shares are up about 3% for the year so far. is foot locker a good story to get into >> this was a challenge. you got weaker outlooks because they're making investments into their promotions at the end of the day the moat here is pretty weak. you know, you're did hepending traffic into foot locker that's not how the game is played anymore they need to get with the program. >> gina, before you go let's check on the latest stock

draft standings friday in the lead tori dunlap. what happened to tom bergeron? we had a lead change where do we stand here there they are financial feminists, mountain goats, ryan reynolds in second place right now, scarlet knights minus 2% gina, you're in the back of the pack paypal and alphabet, you should be doing okay. >> we're at the back of the pack nine months is a long time we're going to be seeing -- we're going to be looking past the slowdown and the recession into a recovery. paypal is making investments that should be hitting about that time. we have the number two stock, google, and the number 19 stock, which is paypal. we think that paypal is going to benefit toward the end of the year, which is right when you'll be announcing your winners

let's see how we do. >> let's see we have a long time to go. gina, we appreciate your time. gina sanchez. we're two weeks away from memorial weekend and the start of summer vacation season. robert frank is saying it's not quite business as usual this year. >> bargains on the beach in the hamptons as an oversupply has home owners cutting rental prices at the top, prices are still sky high we'll take you inside this 12,000-square otcefrt ta a tell you how much it rents for for just two weeks that's coming up after the break.

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sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. welcome back the hamptons are one of the it summer destinations for northeast elite. some of the rental homes fetching for millions for a few weeks of time. economic uncertainty is leading to less demand we have an oversupply of inventory. robert frank is investigating the situation. robert >> reporter: kelly, those troubles on wall street starting to be felt in the hamptons there's too many summer rentals

and not enough rentals there are 5,700 summer rentals available. that's about twice the normal levels renters have dropped their prices 10 to 20%, but that's probably not enough. the problem is all the people that bought homes in the hamptons during the pandemic are trying to rent them. there are fewer renters because of the lower stock market and job cuts and lower bonuses on wall street. >> when you feel good about life and your situation and the things around you, you go out and make the expenditure on a rental this year people may not be feeling quite as good. >> reporter: kelly, there is one bright spot. that is the very, very top end, these oceanfront estates, this 12,000-square foot home, ten bedrooms, 12 bathrooms, big pool the ocean is right in front of me the rental price for this,

$600,000 for two weeks >> i wouldave to get like 1,000 of my closest friends. >> by the way, this is the whole -- robert, i don't know if you can hear us. we heard tillman say high-end consumers are doing worse. is that true out there >> reporter: the affluent as opposed to the very wealthy who are suffering. this sort of white collar highly paid people. that's why we're seeing fewer rentals. the super rich, the 100 million plus group paying $2 million to rent for a month, which someone just did in the hamptons, that group is almost always unaf unaffected the high level managers, that's the group that rented here and that's not happening.

>> my wife would be in new jersey instead of the hamptons robert frank, thank you. get home safely from the hamptons. as we head to break, cnbc is celebrating aapi month throughout may sharing stories of business leaders in the community here is mina, the founder and ceo of ketos. >> as a woman in the tech sector, recognition is minimal what you have is your power to believe in yourself and do not lose your vision or your mission because that's what makes you who you are and help yourself achieve all those goals by remaining as steady as you can and never quitting ♪

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names like lockheed martin, general ny dammicynamics are dog in general this is amid all of this d.c. decision-making uncertainty. by far it's the biggest category of discretionary spending, roughly more than $800 billion in 2023 is what's expected to be spent, if a default were realized, government contractors would feel it swiftly and deeply, but feven if that doesnt happen, and many believe it won't, the fear is broader cuts. you see the military getting cuts and that means a resolution which inflates program costs and production increases it's disruptive to military modern modernization, and to the companies from awarded contracts. this is why you're seeing these names under pressure right now >> all the defense primes. morgan brennan, thank you very much. still ahead, some news on a

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... and emissions. yup. that's a big one. now you've built something better for everyone. that's the sustainability solution ibm and a global real estate company created. what will you create? ibm. let's create. asking the right question can greatly impact your future. - are, are you qualified to do this? - what? - especially when it comes to your finances. - are you a certified financial planner™? - i'm a cfp® professional. - cfp® professionals are committed to acting in your best interest. that's why it's gotta be a cfp®. welcome back, everybody. 3 1/2 minutes left in the show and a ton more stories you need to know before the weekend, so let's not waste any time now we've talked a lot about ai

today and all year really, but google is test a new search feature that would show users ai-generated chunks of text at the top of the page. publishers are worried it could limit traffic to their websites. the information would be compiled on google and they're trying to add transparency about sourcing at least. >> just to give you an idea it might not give you a better preview or make you feel like you're clicking on an ad. >> they're in the business of giving answers. netflix is reportedly planning to cut spending by 300 million bucks in 2023. the company apparently doing so after the plans to crack down on password sharing were pushed back on after the first and second quarter overall this is a strategic decision you can't just make a call on this after one quarter or a couple of weeks. >> and disney is pulling -- their major rivals are pulling back and can't match them, they have some room to cut that and put a floor under things. while jack dorsey's old social media company is getting

a new leader, his new one is getting an old one bluesky is still in invite-only mode. what's curious about this one right now is whether or not the ability to generate buzz is there when you limit the availability >> right >> i think there's an -- the invite aspect, i get it. it's beta testing and everything else, but you have to open it up. >> it's buzzy, but twitter is buzz ji y right now too. shares of estee lauder are down the owner worried about the slow pace of recovery in china specifically, and retail in asia which the company cited when they cut guidance last week. the stock is falling sharply then and continuing to head lower today. >> that's the story. >> this is very much about whether or not there are legs to some of these reopening type stories and whether or not, by the way, china is trying to become a consumer. >> someone just said it will cut gdp in half, growth.

they also have tapestry doing well, but estee lauder hitting a miss on that, big deal. and a huge video game dropping "legend of zelda: tears of the kingdom" could be an opportunity to expand on video games. >> people think breath of the wild which is the 2017 one they didn't think it could get better >> they had a new switch and there's no new console this time. >> this is very much a cult video game tom brady announced his retirement, but he isn't done with the nfl just yesterday. espn is in deep discussions to become a minority owner of the las vegas raiders. he can't get out. >> you know my husband is a huge raiders fan. >> yes >> you were northern or southern >> northern. >> this is amazing he's, like, suit up. i don't want him to own the team we need him on the field. >> they got garoppolo. don't worry. >> i guess i don't know the wall street highlighting

if they want to do this, they have to compete. they have to figure it out >> i'm just a stop and shot kind of guy. >> amazon should buy stop and shop. >> seven stories in 3 1/2 minutes. >> have a nice weekend thank you very much. welcome to "closing bell" on this friday. i'm scott wapner this make or break moment is a moment of truth and whether naming a new twitter ceo is just the thing to jump start tesla shares short circuiting lately, and the road ahead for tech overall. here's your scorecard with 60 minutes to go in regulation. the dow down in the past nine days, pacing its second week in a row. the worst of this week's banks have been a drag nearly every day. take a look at the nasdaq. it's been up for the past five