>> amazon is on the cusp of an all-time high. i'm surprised we're not talking about it. >> we just did. weiss? >> yes, thank you. alphabet. look, it's come back nicely. i still think it's got a long way to go. >> jenny? >> pfizer, 6.3% dividend yield. >> see you on "closing bell." "the exchange" is now. welcome to "the exchange." i'm deidre bosa in for kelly evans. here's what is ahead. another strong jobs report. our guest will tell us what she expects from the get going forward. one retail stock well p positioned for gains. we have the name and how much updied. and higher for longer. that is not an issue for the ultrarich. they are scooping up properties in one market in particular. we'll tell you where.

we have one of the power brokers behind some of those big deals. but we begin with the markets and dom chu with the numbers. good news and good news. markets could still likely notch a likely loss. >> so deidre, to your point, it's strong green across the board right now. so strong that we have now put yesterday's downside volatility squarely in the rear-view mirror. by that, i mean, the s&p 500 is currently trading at 5221. we closed on wednesday's session before the selloff on thursday at 5211. so we have now gotten back every single nickel that we lost during yesterday's market selloff with today's rally. the s&p is up 1.5%, 73 points, a session high right now. even tat lows, up ten points. the s&p 500, a fee focal point, the dow up north of 1%, 420-point gain. the nasdaq 16,320, up 271

points. that tech heavier trade up nearly 1.75%. a big part of that story has been with regard to interest rates, especially in light of today's jobs number, hotter than expected. we did see a tick higher in yields. the two-year benchmark, currently 4.17%. this has been weighing on markets, but stocks shrugging it off. rate cut prospects in focus. what has happened earlier today as well, after snapping a seven-day winning streak, our prices of gold hit another record high, trading at $2346, up north of 1.5%. and that parabolic move in gold prices continues to go higher. we'll see whether or not there's a cooling oh of that gold trade down the line in the future on the short-term base necessary the least. a stock to keep a close eye on is what's happening with tesla shares, not participating in that broader rally we've seeing

on the nasdaq, down 1.5%, a lot of that coming earlier today on reports from roiters citing sources that the company is abandoning its plans for an entry level model for cars and will focus on other parts to have business. shares reacting negatively. so deidre, lots going on. but a very big up-day for the markets, trying to shake off yesterday's selloff. >> dom, thank you. we startwith today's stronger than expected jobs report and the fact that the market doesn't care if stronger for longer could mean higher for longer. it's green aboard the board. red or green this morning, i chose red. the markets are higher. >> i'm not going to sit here and comment publicly on your outfit. it looks fine to me. it looks great. keep going. >> is it that the markets don't care about jobs data or they don't care as much as -- about cpi for example? >> i don't know. i think they had to undo what they did yesterday. yesterday's selloffs with a little overdone.

if it was on the -- there was issuing about iran, issues about the fed. i do also think that the fed has telegraphed that the number -- the headline payroll is not as important as the inflationary end kay fors inside the numbers like wages. i do want to talk about fed governor bowman who said her outlook is for lower inflation and rate cuts. but she does see a lot of risks. still not appropriate to lower the policy rate because of uncertainties and the concern about upside inflation. she says, it's unclear if supply side will continue being the bulk of the reasonwhy inflation has come down in her view. the productivity boost we have had could be temporary. geopolitical developments and additional fiscal stimulus, along with a concern about housing inflation. just go to the charts, guys. we'll show you what -- what word

would you like, bouncing, whooping, what's the best name to call this? $300,000 in the face of a $200,000 estimate, up from 275 in the prior month. we had a tickdown in the unemployment rate. average earnings fell to the lowest level since i think it was 2021, ibelieve. participation rate also went up by 0.2%. that's all good news with jobs in health care and education. we had jobs in leisure and hospitality and government jobs, as well. >> the chart yesterday was higher than that, so blowout sounds fine. >> a lot of interesting words. >> stay there, steve. our next guest says that she's changing her forecast from two rate cuts -- from three to two this year, following the stronger than expected jobs report. let's bring in diana swan. was it this morning's job report, or has this been trickling through your head as we get more comments from fed

members? >> we've been sitting on the fence at two, three, four about two weeks now. so this just tipped us over the fence. i agree with steve that the cpi numbers are more important than the jobs numbers, because chair powell himself said he welcomes strong employment numbers. but embedded inthose employment numbers are a tick up in hours worked, that's great, more earnings. but that keeps the underlying demand very strong in the economy. again, the numbers in the service sector are so strong. 2/3 of the gains in those big three, leisure and hospitality, health care, and state and local governments. that's something we have seen for a long time. the good news is, it's not quite as concentrated as it was in 2023, which means some of the gains are spreading out a little more. we saw some strong gains in construction, as well. and retail still holding up in there. i think that's important to see more dispersed gains, because we're not as susceptible to negative shocks. that gets to the risk steve laid

out earlier, that there could be some upside risk for inflation going forward, given the strength in the economy. and the persistence particularly in the service sector. >> steve, we've been talking this week about that upside risk, whether you look at commodity prices or wage growth, a lot of folks are focusing on that and the jobs report. does that tell us that the fed has more room, what the next catalysts are, are we hearing from more speak sners >> thankfully, i don't think so. >> you've been busy this week. >> we have 15 speakers. >> we could all use a break. >> i was about to crawl up in the fetal position in the last one. it was 18 pages. but we do it so you don't have to. listen, i think that the wage numbers are better -- are okay, as long as -- here's the formula -- the wage growth is not greater than the inflation number plus productivity. that is not inflationary wage

growth. i believe we're there. i do not believe, and diana will always correct me if i'm wrong, i don't believe fed officials have talked about wages pushing up inflation. i believe they talked about the threat of wages pushing up inflation. so that does not appear to be part of their construct of the dynamic right now. >> okay. >> one more point. diane, real quick. on the construction thing, i looked that up. very interesting, non-residential specialty trade contractors, who are those? the people doing the government projects. so we might be seeing some of the infrastructure bill showing up in the jobs report. that's maybe -- i've got to look back and see, but that's where those folks are, 39,000. >> diane, go ahead. >> yep. and that number was up from 19,000 over the last 12 months. so 39,000 is a big number. in a month, we expect construction to pick up, because

it's march. and that's when spring usually comes most places, althoughin chicago, it seems to be lacking. i think that number was important too. but more broadly, we're also have a lot of dry tinder in the housing market. it's been interesting to see the fed officials talk about the persistence of inflation in the shelter sector. that's been interesting coming out of austan goolsbee's mouth this week. we've heard enough from fed officials, but it's been moving down their number of rate cuts rather than moving up. >> steve, break down this idea of immigration and how this is keeping the job market strong and also relating to some of those housing and remitting prices. >> i'll preface this by saying the fed wants to stay away from inflation like it's -- or immigration like the plague. it does not want to weigh in on the politics of it. what they're doing is taking the cards dealt to them, the cards that have been dealt to them is much higher immigration.

i believe that the cbo just upgraded by like 4 million the number of immigrants in this country, documented i guess and undocumented, as well. those folks are showing up in the payroll report. they seem to be bodies that we are able to put to work. and what the wages are at those levels, i'm a little unclear how much of that is on the books. i believe they seem to be mostly ending up in some counted way on the books, on the tax rolls in that respect. so that's an interesting question we need to get to the bottom of. but immigration numbers are fueling job growth. job growth is fueling growth. we appear to have a very large demand for labor in this country, and going back to the source of this whole thing, i don't think -- i'm getting some hate mail on this -- but i don't think people are leaving their homes thousands of miles away and walking here because they don't believe they have a prospect of getting a job. they appear to have the prospect

of getting a job. and this economy appears to need them to put them to work. >> right. there's openings. >> the two number one reasons people move here is to work and to buy a home. and they're trying to buy into the american dream. that's really important. we also know in the data, inthe last two months, foreign born workers did pick up quite dramatically and were dramatically absorbed in those that are employed. i know that's helped to balance out supply and demand in the labor market. that supply of having those workers out there to be able to work and they are paying taxes and showing up on the books that. is important, as well. a lot of political issues here, steve. they stress local community. it's really hard. this is not a perfect situation. we need someimmigration reform. but congress hasn't decided on that. even though they seem to have agreed. i don't know what's going on. i'm not going to try to handicap

that. but the more important issue is, they are both helping the labor market come into more balance. one of those supply side issues on the good side. but they add to demand. >> and they create issues for local government services, as well. i am pretty sure there's no way, deidre, for an unskilled worker to come into this country in a documented way unless they're from a refugee -- a known place where refugees are accepted from. so there is no legal route or documented route in for an unskilled worker. but we seem to have a huge demand. >> we're going leave it there, guys. >> -- the food services industry. >> i just want to add the one last thing, a record number of people out taking care of people in the month, as well. >> thank you very much for kicking us off there. my next guest says we're in the sweet spot for the economy, inflation, and the markets. for more on how to position

against this backdrop, i'm joined by silas myers. silas, thanks for being with us. are we paying too much attention to rate cuts, what may or may not be on the table when you have a strong economy and we are heading into earnings next week? >> yeah. we had a very strong jobs report today, which shows the underlying strength of the economy. we've been spending a lot of time in the market focused on what the fed is going to do. we moved to three cuts, and then we have reports like today that complicates the fed decision, which is we've got the underlying economy doing fairly well, and inflation is at bay. in fact, has been declining. so ultimately, in our opinion, the fed may cut less than three times this year. and a lot of that has been

priced in, but ultimately, we think that it is okay for the economy. so we wouldn't be surprised if they didn't cut at all. >> you've seen markets stay resilient. how are you positioning for the rest of the year? we saw the quarter rally, it's not just been the magnificent seven, but other sectors focused on commodities. how are you positions yourself going into the rest to have year? >> yeah, we believe that after the strong first quarter we had this year, it bodes well for the rest to have year. we're seeing strength in the types of companies we like to own at our firm that are focused on extraordinary opportunity to create shareholder value through investments into the business, as well as m&a. and with really strong capital

allocators, so we're positioned with some leverage some in technology. >> i want to ask you about gold. we're seeing fresh record highs. what is that telling us here, maybe the markets are being more driven by geopolitics than fed speak and the number of rate cuts that may or may not be on the table? >> yeah. i mean, i think that geopolitics is more of an exogenous event, and typically we'll have those market rebounds quickly. so it's hard to manage an investment process around a geopolitical risk. we think more longer term ultimately, with an average of a five-year holding period. short-term events aren't as important as you giving the management teams the investment opportunity to execute on business strategies and grow shareholder value.

so i think there's some impact, obviously, from the risk of geopolitics, particularly with oil prices, increasing oil prices, despite production increasing. but ultimately, thinking three, five, eight years down the line, a lot of businesses we have owned and have in our universe, we think we'll do extremely well. >> i want to go micro, as well, and ask you about tesla. tesla is tesla, trades on its own. however, could it be seen as perhaps a canary in the coal mine as we head into earnings season? we saw that on the back of disappointing deliveries and today's report might not be producing its low-end model after all. could that be an indication if we see companies miss even slightly over the next few weeks going into earnings, we could see the market punish them more than they maybe have over the last year? >> tesla really is, i think a lot of the issues are id

idiosyncratic. they've had to cut prices in order to compete and channels with production. but most important to us, the company's ability to outperform expectations. in many of our companies, particularly in the aerospace and industrial gas industry, we're seeing the second half looking fairly solid with a good recovery from last year. in fact, many teams are telling me they see the second half of 2024 looking stronger than the first half. >> those expectations, not just for the mag seven, but more broadening. silas myers, thank you for being with us. we did hear from elon musk, who denied that reuters report. by the way, do not miss the interview with treasury secretary janet yellen.

that's live in beijing on monday. coming up, finding value in vice city. the world's richest person buying another mansion in miami. but there's a long list of millionaires scooping up real estate. we have a look at the ultimate luxury market ahead. but here's a look at our mystery chart of the day. our next guest says a retailer could rally 30% from here, despite the uncertainty. we'll tell you why it stands out. that's next. "the exchange" is back after this. the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future where you grew a dream into a reality. the all new godaddy airo. put your business online in minutes with the power of ai. ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms.

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welcome back to "the exchange." consumers have been feeling the impact of higher rates and gas prices. the national average up over 20 cements from this time last month. the xrt is on pace is down nearly 6% sense monday. my next guest says there's one stock in that bunch that is well positioned from here, and benefits from a depressed housing market, high gas prices and high interest rates, that's ollie's bargain outlet, the history chart we showed you. joining me now is a senior analyst. th anthony, you see a 26% upside for the stock and this says where the consumer is right now. down market, looking for deals and discounts. >> that's correct.

>> the macro economic environment is still uncertain. we're seeing strong indicators like that jobs numbers today. but as you said, the housing market is still pretty depressed. interest rates are high. gas prices are creeping back up. there's a lot of uncertainty. so we think that plays into ollie's hands. we think that consumers will look to trade down from higher priced alternatives. they know they can save when they go to ollie's bargain outlet. >> elsewhere, when you look at dollar general versus family dollar, they've been moving in different directions, closing down stores in the case of family dollar. why is that? where does ollie's bargain fit? >> yeah. so look, we cover dollar tree, which owns family dollar as well as dollar general. those models are a little different. they're 75% consumer, 25% discretionary. they're essentially small supermarkets. there's a lot of optimism at

dollar general, because their ceo has recently rejoined the company, and there's expectations he will turn the business around. the early results have been encouraging. family dollar can't get out of their own way, but they're in a different position. theoretically, they should benefit there that trade down, as well. both are having operational issues. right now, ollie's has no operational issues like dollar general and family dollar do. >> anthony, i've spent a lot of time over the last year or so covering the rise of these chinese e-commerce companies. temu is essentially an online dollar store with almost unbeatable prices. does it present competition to an ollie's bargain? >> i don't think so. remember, ollie's bargain outlet is a treasure hunt environment. you have to go to the store to see what's in the store. and you just -- it's very difficult, if not impossible to

replicate that experience online. so i really don't see a temu as a significant competitive threat to ollie's. >> okay. just on the broader retail space, it's been a very rough week. xrt on pace for the worst year in a year. is this a broader consumer slowing, is it competitive issues, both? >> so we have got an couple of, you know, tough data points this week, so you had pvh, you know, they had their miss. now a lot of that seems like it had to do with europe. but then on top of that, you had ulta beauty with a slowdown and that freaked people out, as well. obviously, if you're talking about going from three rate cuts to two cuts to maybe no rate cuts, that's not necessarily seen as something positive for the retail industry. but a lot of this, you know, when i look at the macro economic tea leaves, they're

overall, even though they're somewhat mixed, there are a lot more positive than negative ones. generally, if a consumer is working, we saw unemployment tick down and making more money, we have seen wage growth to be quite strong ahead of inflation, we're going to continue to spend. >> resilient economy and consumer. morgan stanley says the u.s. consumer is healthy but slowing around the edges. they say hold on, because 2025 should be the start of the next cycle. do you agree with that? >> i think so. but quite frankly, i'm not sure if we need to wait until 2025. things are pretty strong right now in 2024. if we do get the rate cuts, that will just be additional firepower. >> right. anthony, thanks for coming on. coming up, the rise of the robots becoming big tech's newest ai battleground with apple going all in after shutting down its long-running car project. we'll look at amazon with the

stock trading at its highest level since november of 20216789 and here is a look at the fors performers in the s&p since monday, including lamb weston, intel, walgreens, all down double digits, having their worst week since 2020. it's also mbla weston's worst week on record. back after this. policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned we could sell all of our policy, or keep part of it with no future payments. who knew? we sold our policy. now we can relax and enjoy our retirement as we had planned. if you have $100,000 or

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welcome back to "the exchange." you're looking at markets. the dow high was 443. we're sitting close to that, up about a percent. the s&p 500 up about 1.1%. but the nasdaq is leading the way, up 1.5%. the ten-year yield holding below 4.4%. the major indexes, heading for a losing week, but the dow the biggest laggard, on pace for a loss of more than 2%. the nasdaq, not too bad, maybe down half a percent. energy has been a lot of the story this week. it's been the best performing sector, with oil touching its highest levels since october. wti crude is showing a bullish pattern where the 50-day moving pattern crosses above and ascending 200 day average. if this holds, it will be the

first time it closes above the 200 since december. that is pushing a number of energy stocks toward new all-time highs, including exxonmobil, velero and phillips 66. you noeover to tyler mathisen. joe biden just arrived in baltimore to visit the site of that deadly collapse of the key bridge. the white house said today that the army corps of engineers expects to restore the port to normal capacity by the end of may. federal authorities investigating new york mayor eric adams' campaign fund-raising are reportedly looking into valuable flight upgrades he received from turkish airlines, according to "the new york times." the lawyer for the mayor says there's nothing improper and he did nothing in exchange for the upgrades. richard branson's virgin

voyage's cruise line launched an excursion aimed at remote workers. it will take two people through southern europe for just under $10 that. that includes a room, wi-fi and access to work spaces. the company says that more than 2,000 people expressed interest in the voyage within the first 24 hours. back to you. >> tyler, thanks. coming up, we have a deeper dive into this morning's stronger than expected jobs report, including a fed factor impacting the broader economy. and there's still time to register for the inaugural cnbc changemaker's event in new york city may 18th. we'll hear from women transforming business. scan the qr code on the screen or go to cnbc.com.

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exchange." the march jobs report stronger than expected with the broader unemployment rate dropping to 3.8%. diving deeper into the data, the jobless rate for asians and hispanics spell to 2.4%, but for blacks, the rate surged to 6.4%, the highest level since august of 2022. joining me now to discuss this desisparity in jobs and the impt on the economy is president and ceo of national urban league and the former mayor of new orleans. thank you for being with us. talk about why do we have this disparity, and what can we do about it? >> it's not easily explainable, but it must have something to do with discrimination in hiring practices. how else could you explain this sort of aberration where the joblessness rate for every other

ethnic group has gone down with the exception of african americans? so i was surprised to see it, because this is otherwise a hot jobs report with significant job creation, 300,000 plus. 276,000 jobs average per month over the last year or so. 26 straight months of job creation above 200,000. so what we should look for is whether this is an an ration, meaning a one-time occurrence, and what the job report looks like for african americans next year. if we see a trend, there's something happening out there that needs to be aggressively addressed. >> if it is a trend, mark, what tools are out there to basically fix it or do something about this? >> well, i think we should wait and see. it would be easy for me to react very quickly to this, but i like

to see if it's a trend. but what we have unfortunately is still this last hire, first fired, if you will, phenomenon. and it may have something to do with these aggressive attacks on dei that are taking place. the impact of it being to drive up the black unemployment rate. in fact, if so, then we're seeing a retreat from many commitments that were made post george floyd in this nation for a most equitable and just future. i'm going to urge this is a sign of concern, but i want to see, because from time to time we see in the jobs report that are aberrational to the trend. let's wait and see, but trust me, we're going to keep a close, close eye on this. >> and important to highlight. what's the impact of higher rates? does that have a disproportionate rate on this part of the population as well, when you have things like higher

credit card debt and mortgage rates? >> look, when people are not working, they can't meet the basic necessities of life. so the higher the unemployment rate for any community it makes it harder for them to meet the necessity of taking care of themselves and their loved ones. and that is simply a fact. in an economy, with this type of growth rate, and with these type of unemployment rates, we shou what we see, is very, very strong in the american economy today. >> right. mark, i want to comment on where do you think interest rates are going this year, and how many are on the table? do you think the economy is looking very strong by those topline numbers, of course? do you think there's more risk for the fed waiting or cutting too soon? >> the fed should stick to its

plan to cut three times on the timetable they have outlined. what's important for fed policy is for people to trust their plan, and for us to be able to understand what the expectations are. in my view, we like to see the cuts take place sooner rather than later. why? what's driving some of the lingering inflation are housing costs, which represent 1/3 of the consumer price index. so by addressing driving down interest rates and making housing more affordable, making home ownership a little bit more affordable, it could have a positive impact on not only economic growth, but also on the inflation. >> mark, thank you very much for being with us today. >> thanks, deidre. thank you. by the way, mark your calendar for cnbc's second annual game day summit on seventh 10 in los angeles. the event brings together

industry leaders from the sports of entertainment worlds. to learn more, scan that qr code on your screen or go to cnbcevents.com. coming up, we'll look at big tech's new battleground and who is pulling ahead of the competition. "the exchange" is back in two minutes.

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-coming through! -or 3, let's go. the network more businesses choose. transplant received. at&t business. welcome back to "the exchange." robots are emerging as the latest battle ground in big tech, with apple reportedly jumping into the space, scrapping its ev plans to go in on home robots, instead. kate rooney has more. cars, robots, they're kind of the same. >> that's a lot of overlap there. apple is the latest example into this move in robotics, but you have self-other companies

competing. amazon has been about this about a decade as the largest producer of industrial robots in its fulfillment centers. the play is to reduce cost and increase speed with more than 750,000 bots at this point, assisting with about 75% of orders for amazon. but apple's reported entrance means more competition for amazon, and at least those at-home robots has its astro model, still a wait list for that. but the largest battle ground appears to be in something called humanoid robots. they walk and sometimes talk like people. it could be a $38 billion market there. nvidia's ceo showcased a pleat of these during their recent conference out here. he announced nvidia's own project. elon musk has been a big backer of these robots. tesla's optimist has been a key priority for the company. musk said it has the potential to be more significant than the

vehicle business at some point. the private market is also booming. the biggest year for funding was 2021 as covid underlined the need for automation. worth noting some challenges in the m&a market. amazon's effort to buy i-report was blocked by regulators. many are turning to these partnerships. amazon invested in one called aj agi agility. >> kate, it's interesting, because the companies you mentioned have very different reasons for building this, and amazon has seemed obvious because they're in the logistics business with all these warehouses. i thought it was coming a lot sooner than a robot in the house. amazon has one, but is it like real, are they trying to sell it? i think it's like $1,500. any indication of how those have done? >> they're called astro. it's a great point. the logistics and fulfillment

centers, you can justify spending big on robotics. amazon may have an advantage is if they're able to transfer some of that knowledge over to the consumer side. i would say with amazon, it's still unproven. this is an expensive item. apple customers are used to paying that premium, both have been talking to venture investors. amazon's case is not as obvious, because they're not looking for that premium customer. people go on amazon looking for a discount. are they going to be willing to pay $1,000 for an amazon robot, whereas with apple, maybe. they've proven people will may more for an apple product. so that is a competition here, but it will be interesting to see when that's more fully rolled out how it does and what it gets to. >> a robot to wash your windows, i think i saw a company doing that. the humanoid robots, when i

think about them and robot dogs, i think about boston dynamics. they were sort of doing this early on. now that mega cap is getting into the space, where does that leave them? >> it's interesting. they were one of the first movers with -- you remember spot. it didn't have the dexterity. it looked like a dog. the artificial intelligence advancements have helped companies like boston dynamics. they were an early mover. ai is a part of this where they have said that they have been able to take some of those leaps and move forward and get things like that human dexterity that wasn't a possibility when boston dynamics launched and became that first mover. you could see this as a threat with big tech coming in. they have deep pockets, and some of the machine learning advantages here, they've got the computer vision advantages. so they are these new entrants and more competition with more funding. so could be seen as a risk. but boston dynamics has been so

far ahead of this with all of these government contracts. >> you have these wow moments, like a robot doing a back flip and tesla's robot holding an egg. >> i remember you mentioned around gtc that somebody said, this is a strong anecdote, instead of typing on a computer, you'll interact with it. yo you are seeing that with robots. coming up, billionaires are buying up properties in south florida. robert? >> the billionaires are taking their talent to miami. a string of deals for over $100 million is taking prices to a whole new level. we'll look at the most exclusive islands in miami, who's buying omanonnuher the miami luxury bo c ctie. "the exchange" is back after this. is personalized based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work.

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there are only 41 homes on miami oes lavish indian creek island, also known as millionaire's bunker.

and jeff bezos now owns three of them. that is one of many recent eight and nine-figure deals in south florida. here to discuss is our very own robert franks. robert, is this part of a larger luxury migration to miami? but i feel like it's been going on. >> it's been going on, but this week, this past week has just brought this to a whole new level. look at jeff bezos paying $90 million for that property. he now spent $250 million just on land before he builds the new house. you have that waterfront compound in north miami beach that sold for well over 1$100 million. two sold for $150 million. this all follows kevin griffin taking his talents to miami. plus, 7 properties totals more than $170 million. he's also building a new home there. dina, i know all these

billionaires are your clients. what are you hearing in the market right now? and what does it feel like? >> well, robert, thank you so much for having me today. they're not all my clients but about half of them are. you know, the market is extremely hot. it is such an exciting time to do luxury real estate in miami, because we have never seen this level of action before. >> and, you know, we know bezos is moving there from seattle, and that followed that tax increase in seattle. there was the mass migration during the pandemic. has it slowed down, or is there something else driving this latest leg of the market? >> it hasn't slowed down. it's just found a new wave of activity. a lot of the players are already here and are just adding to their real estate portfolio or acquiring their neighbor to complete their compound. they have already redomiciled and are already re-planting roots. >> we know prices don't go to

the sky. you go to miami right now and that picture behind you, you see all the sky cranes. there are a lot of projects going up and a lot of expensive product coming on the market. when does supply catch up and we start to see a moderation or maybe not a bus but miami is famous for these hyper cycles. >> they are. miami has always been known for shorter boom cycles. we would be up two and a half years. we would be down two and a half years. but what this cycle is showing us is that we have entered a very healthy period of growth for the real estate market of miami and miami beach. i see us on a 10-year trajectory in the same way that los angeles or new york or boston have typically performed. but we are just smooth sailing and a couple percentage points up every year without the intense boom and bust cycles that miami was previously known for. >> are there new ways of extending that cycle? we have social media. we have netflix series. it seems like there is so much

mainstream interest in high-end real estate. when are we going to get the selling billionaire's bunker? >> we can start calling it that. >> so are there tools? can that keep the cycle going? >> i think those tools are incredible for marketing. i certainly rely quite heavily on my social media. on instagram i'm @goldendina. i have so many eyes on my top listing. but the reality, what the state of florida is doing to attract ultra high net worth individuals with their policies is probably the most important thing for keeping this market prolonged. >> and, dina, it feels almost at this point like the competition between at least these two billionaires. ken griffin came down there and he clearly wanted to be the king of miami real estate, spending more than $250 million just on real estate. he doesn't even have a house yet he's going to build.

jeff bezos comes down there. $90 million on indian creek. which is better, star island, which is the ken griffin, or indian creek? and do you feel like it is a competition between these two guys right now? >> that's such a good question. griffin is still very much the mvp of the marketplace. but bezos is the new quarterback in town and is giving him a run for his money. >> quarterback, you mentioned quarterback. tom brady is also building, maybe finished his place on indian creek. is jeff bezos going to build a new house? is this $90 million house he just built, is that a teardown or a guest house on that property? >> his new $90 million acquisition is just two doors down from brady's house. i think he's going to live in it for about five years while he builds the compound he's created a little further down the island. perhaps this lovely house becomes his $90 million guest house. >> i can just see the series

taking shape as you are talking. quick one, we only have less than a minute left. what about the role of foreign buyers here? >> the role of foreign buyers are not the primary consumer of miami beach right now. if they find their way back into the marketplace, it will keep our market booming even longer. >> the new yorkers are the new brazilians when it comes to miami because they have replaced them at the top. it is amazing. >> and the canadians, the snow birds. >> thank you. that does it for "the exchange." coming up on power lunch, we will have don peebles. i'll join tyler on the other side of this quick break.

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♪ good afternoon and welcome to "power lunch," everybody. i'm tyler mathisen. stocks rebounding from yesterday's late day selloff, following a stronger-than-expected jobs report. why are the markets liking a report that seems to give the feds cover to stay higher longer? we'll discuss. >> plus, we will be joined onset by don peebles. while many are worried about the commercial real estate market, he thinks that now is a great time to buy. first let's get a check of the markets. they are