3 yesterday so it is the year to date momentum names in technology and large cap growth that are taking things there cloud stocks, the Broad Software group, ecommerce, all those baskets are up 2 or so today, so you know, at a time when people are unsure about the fiscal package getting through and maybe what the pacing is of the domestic economy, kind of the old reliable move is whats working for now but as you say, the Broader Market is kind of on the softer side for the start. Julia, a bunch of Technology Names that have dipped their toe or maybe a couple of legs into media also higher this morning looking at amazon, up 1. 5 , alphabet up a little bit more than that. Netflix itself, which is all in on media, of course, up better than 1 . That trend continues and of course, we have to point at tesla, those shares up about 5 and just look at tesla, up 290 year to date, john, just really striking in the context of Everything Else today. Yeah. Needhams chris wrestler is going to join us in a moment Stuart George joining us now good morning good morning, john. Thanks for having me on. Great to have you so, weve got a number of the stocks that have been driving the overall market higher. They seem to be a continuing to perform at least so far this morning. How do you feel about the action thus far what if anythi what if any moves are you making were not making any particular moves right now but i feel pretty good about where were headed and whats been happening since the actual covid19 pandemic has been taking place a lot of the cloud names are the names i focus on look at Companies Like the googles and microsofts and amazons of the world, those are sort of the leading companies in the cloud space, and while theyre already leading prior to the covid pandemic, a lot of that demand for their services has been brought forward so not only are they great covid cloud plays, they also have individual businesses that also make those Companies Continue to be available such as microsoft teams, googles youtube, and obviously amazons Package Delivery business. Chris from needham also joining us chris, from your perspective, are you looking below those big names that have led the market higher thus far, putting more attention to certain themes here, or not much change based on where we are in the overall indexes right now . We spend a lot of time as a small cap manager looking at those areas of the supply chain, and we think that theres still a lot of value in that area. The themes that were seeing where people are continuing to build out, 5g continues to be just a monster theme we see Going Forward for multiple years on a global basis. Infrastructure, building out, the work from anywhere, you know, were also seeing, as education is trying to manage and navigate through, how theyre going to reopen. We continue to see investments in those areas to make the schools functional and technologys a really big part of making that a success Going Forward. So, that is where were finding investments at this point in time you know, all the dollars have flowed to many of these much larger mega Cap Companies, but for investors that want to do Due Diligence as active managers, were finding some real fertile investments out there. Sir, what are some examples of names where you still see a huge amount of opportunity either to benefit from 5g, as you mentioned, or other sort of stayathome trends, especially considering theres so many stocks that have seen so much growth so far this year, especially in that stayathome sector yeah, thats a great question while you look at Companies Like i mentioned, the googles, amazons and microsofts of the world, while theyre rather large companies, if you think back, 5, 10 years ago, those companies were at that point in time as well but thing they have in their favor is that they are Leaders Within a particular sector that is drawing a bunch of growth forward and demand forward so, i think these companies will continue to grow and are the places that you want to focus from a large mega cap standpoint but another area that i like is Artificial Intelligence. Thats also another area that has drawn a lot of demand forward and one of the companies that i think about there is nvidia theyre the leader in gpus, graphic processing units, for video games and also a lot of automakers use their Artificial Intelligence chips in their car and they recently signed an exclusive deal with mercedes to help develop a specific line of cars for mercedes that focuses using their Artificial IntelligenceComputer Technology chris, its been a while, probably, since scisco was a Broad Technology bellwether. The stock is down today, hesitancy among customers to do some buying for its gear, its equipment. What is the read through there, if anything . Given the fact that the very strong areas of technology, like cloud software, like ecommerce, like semis, are up a lot already, is there any way to be concerned about capex trends that affect other areas . I think that companies do have a little bit of difficulty. If you need to be on prem or for installs, you know, some of the larger sales have been more difficult, but i think what we have seen is things where, like, software and deployment and security software, where theyre not nice to have, theyre musthaves, especially with the distributed workforces and all of the components on the edge that need to get into the system, you know, areas of software security, i think, are probably better placed to be and i think even cisco mentioned that they might be looking to do some m a and that might be an area that they would be looking. But you know, generally, we still think that theres a lot of investment to go into the system as companies and institutions need to improve their systems. So, not a surprise that there may be some blip in their business, you know, clearly global trade is also something that plays into it as their geopolitical factors are weighing, but in smaller Cap Companies where you can get behind some of these stories, we think, again, are great places to be. And then finally, Stuart George, i wonder what you think about product launches microsoft is launching surface duo. We expect to see that coming up september 10th or so, i believe. Apple launched a new mac, plans to launch an iphone before the holiday, a little bit later than some might have expected but theyve committed to doing that. Three months ago or so, we werent sure how and whether these products were going to come out do you take that as a sign of optimism, and is there a specific investing opportunity around that . Yeah, im not sure about the specific Investment Opportunity around there but i do think its a sign of the recovering health of the market and the economy as a whole. So, certainly, having products that were delayed or not announced to be announced recently, its a huge process line from where the market is headed but one area that i think is really a focus area to think about Going Forward, not only from the taking advantage of covid pandemic but also from a generational standpoint is sort of the Cashless Payments area. Im a big fan of paypal and square, i mean, i think about the millennials and gen x. A lot of them are underbanked and looking to invest in markets and paypal and square offer that ability. Squares cash app allows people to buy stocks on a fractional basis and even invest in bitcoin along with their seller ecosystem and their peer to peer payment so those kind of spaces that again are thematic plays, theyre a play on the growth of the future and theyre also bringing that growth forward due to the covid pandemic or the faces that i would focus most. Youre not the only one with your eye on fin tech chris, stuart, thank you thank you very much getting some headlines from the president. Elon is with us now. Reporter President Trump announcing a new Peace Agreement between israel and the United Arab Emirates. He is speaking to reporters in the oval office right now. The uae is only the third arab country to recognize israels existence. President trump said that hes already discussing with other nations the possibility of additional cooperation he says that the two nations will exchange embassies and ambassadors and begin cooperation across the board in the room is jared kushner, someone who the president had tasked with the middle east portfolio, achieving some measure of peace there this could be seen as a major Foreign Policy win for the president as he heads into the election, but again, right now, he is speaking to reporters from the oval office. A new Peace Agreement between israel and the United Arab Emirates we will bring you more as we have it, guys. Back over to you thank you so much really appreciate it now, john, we also have to talk about apple apple shares up over 2 today. That Company Reportedly working on a series of bundles that will combine several of the Digital Services for one lower monthly cost were talking about apple tv plus, music, et cetera now, bloomberg says the bundles could launch as early as october, maybe alongside the new iphone to me, this totally makes sense. Weve seen this coming for a while. What do you think . Yeah, i mean, i wonder why they havent done it sooner. Josh lipton and i have been talking about this i know hes asked tim cook about it if you have one bucket for apple music and apple tv and icloud and youre big on services, why not offer people a little discount for dipping into multiple Different Services . We cant forget arcade, other things theyre trying to upsell people into. Now, apple doesnt like giving discounts for anything, so maybe they wanted to argue for the stand alone value of these services, but come on. I mean, mike, you can take a page from the cable industry, triple play, you know, maybe quadruple play theres so Many Services out these days, it seems inevitable. I think its interesting, if you were to break it down and figure out exactly what the sum of those services is worth and then what the price point might be if you remember, cable, they basically just passed through roughly speaking the price of the actual networks. They were really kind of selling you the connections, so i do wonder what apple as a service, if thats what it would roughly be, might be priced at, because im not sure what music plus apple tv plus and the rest of it, you know, what the real current dollar value of that is. So much of it is a sunk cost. Isnt it i mean, when you think about how much youre paying per month for apple tv plus versus music, the cloud storage, which theyve got tons of and have invested vigorously in. The value for them is really keeping you inside their ecosystem so you buy a lot, so you buy a new phone, right yeah. Its all about keeping it in the ecosystem and john, i think its also going to be interesting to see not just how they bundle these Different Services with each other but how they continue to bundle the services with the hardware so we saw that with apple tv plus, if you bought a new apple device, you got a year of apple tv plus, then, of course, they are going to want to convert all of these people to paying subscribers but they also have that news product, theres so many Different Reasons why they could use this or how they could use this to introduce people to get another one of their services oh, youre interested in games try arcade youre getting it basically for free because youre already paying for tv plus so it seems like theres huge potential for upside here. Remember a la carte we dont hear so much about a la carte anymore. Ever since i mean, disney wasnt first but we got that bundle with disney plus and espn and hulu its like these giants have become the new bundlers and theyve shifted their messaging, i think, away from, hey, look, you can buy one song from 99 cents to, hey, pay me every month and look at all the value that youre going to get but youre not paying for as much stuff as you didnt use before so before the problem with the big cable bundles, you were paying for hundreds of channels you might never look at here its a more focused bundle and oftentimes a more customized bundle and i think thats why its going to be more appealing. Also, perhaps, less costly than the full cable bundle. No more paying for hundreds of channels you might never look at now youre paying for thousands of shows on the cloud you might never look at. As we head to break, shares of revolve are up more than 30 in just the last week the cofounders and coceos are going to join us this hour stay with us senses. The audi a6. Get exceptional offers at your local audi dealer. You say the customers maklets talk data. S. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g, everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad. Your wireless. Your rules. Only with Xfinity Mobile. Now thats simple, easy, awesome. Switch and save up to 400 a year on your wireless bill. Plus, get 400 off when you preorder the new Samsung Galaxy note20 ultra 5g. Lets take a look at shares of cisco, down about 11 this morning despite a beat on the top and bottom lines a drop in revenue year over year i mean, orders were down 10 , which is the worst performance since the financial crisis, but really, that guide on the top and bottom was soft. The street was hoping for a lot more there you can see that stock, again, down about 11 dont go anywhere. Squawk alley is back in two. Our next guest just partnered with microsoft to invest 25 million in Small Businesses, including minority and women owned. Christopher williams, schenck chairman joins us now on that announcement good morning so this clear vision impact fund, 25 million seed investment from microsoft. Youre targeting a size ten times that at 250 million what do you think you can accomplish and how soon . Well, the key is to, as we look at the distressed economy and the impact that its had, particularly on Small Businesses and in fact many of the businesses in the Minority Community but in other distressed and underserved markets, the key is to have an impact, and the impact were defining as an impact on increased employment, increased employment of diverse talent, training of that talent, and then more broadly, actually having an impact on the community so also impacting the Educational Opportunities for whether its looking at students in school, and many of them willing leveraging technology as we know in order to create an enhanced educational experience and in many of these communities, they dont have the same technology that they do in more prosperous communities. So, the impact will be one that is to increase the Economic Prosperity but also the quality of life. So, its multiple facets that are being addressed here do you have the strategy sketched out yet because the description i see is that this is investing growth and operating capital in small and mediumsized businesses, so is this more newer businesses that need capital really get going or is it maybe existing businesses that have a track record already and are just struggling in this economic environment, youre going to help them keep going well, its more the latter. Many of the business that were focused on are businesses and weve already seen a lot of inbound requests for financial support. Solid businesses that have actually had a track record of operating but have been adversely impacted by what weve seen as a result of covid and the economic downturn associated with it. So, well be providing both debt and, in some cases, equity support when too much debt cannot be borne by a specific company. And that will enable them to not only grow their business, hopefully invest in Additional Resources within their business, so that they can be a stronger partners with many of their customers. Bear in mind, many of the smaller businesses that are out there, theyre often customers of and suppliers to many of the Large Businesses, so in a way, the fact that our natural relationships include small and Large Businesses and many of our biggest clients are the household name institutions that will be hopefully supporting this fund and microsoft being one of them. But the key is, when you have those relationships, theres often an opportunity to marry that with certain businesses who can invest in themselves through the money that we provide, become a more vital and valuable supplier to the companies that they work with, and therefore become just a Stronger Organization from an economic perspective. Christopher, julia here i know that women and minority owned businesses have traditionally had far less access both to debt and funding and im wondering how much do you see that as a financial opportunity. These are businesses that were underserved by financial services, traditionally. Is that a huge opportunity to give them the resources they need to be able to accelerate their growth, and how are you making that part of the narrative