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tv   Power Lunch  CNBC  October 28, 2021 2:00pm-3:00pm EDT

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a couplee■ of weeks? >>w■ we think there will be certainlyxd■increasing demand io the united states of america u.s. travelxd■has been doingc■ a phenomenal job promoting e1that. i think one of the things we are us have been on the phoneñi■with congressmen. last week weh■çrecon with senator rosen, and senator gore we need visa applications to be picked up.i■ we need emergency funding for visas. influx, increasó■in bothok le york, cities like san francisco in the weeks and months ahead, which is great news for thew3■ travel çó■ndustry. >> jeff bill ottie thank you for the granularp■■■look into your operations there as we again note the rebound your shares have had and the travel demand experienced moreo■ broadly everybody. "power lunch" is belated
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it starts right now.e■ >> all right,i] kelly.ç■ welcome to "power lunch. i'mi] dominic chu in for tyler mathisen this afternoon. 3u.■'s what's ahead on the show. we have a spending bill framework. president biden calls it r historic, a big investment in the uni■g■ states. but the what the stock and bondo y■sarkets are saying about what might happen next. facebook's future. mark zuckerberg outlines his vision forç■ the metaverse> dow isxd■off zpn■points, up l a percent. s&p stronger than l■that nasdaq the strongest, up 1.2%,
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hitting an intraday record high. theyt■ raised their profit forecastj■ saying their could bring in higher sales next year. ford also higher, lifting its profit forecast and raising its dividend.e nearly a 9% rise for ford. and apple is higher, up 2.5% now. we will havex¿ moree1 details on that in just a few minutes. let's begin in washington, where the president has unveiled a $1775 trillion spending p4a■9■ now the scramblira turn thec!á■u■u■ into a bill, a bill that can get enough votes to okpass. kayla tausche has more from washington this $2 trillionx■ in new or extended social and climate programs is something that had been under discussion force months today the white house tookf■ the
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wraps off of it and is haling it ase■ historic even if it represents a significantly trimmed down plom of the■nú■ president's agenda in this framework, half a trillion dollars in climate and environmental.o■ $400j■ billion for pre-k and $150 billion apiece fore1 affordable housing and w3■n-home care to pay for those a minimum tax on u.s. companies and their profits overseas, añis your tax on stock buybacks and on the topo■ .02% of americans, closing añr■(■loophole that excs á■ e medicare tax and simply 9■ añr■d■sourc=tñ tells me this ó[r represents what the white house agreed with senators sinema and manchin senators who have been key to the negotiations but that the fine print of this package is still under negotiations and we could still see things added in at the 11th hour.
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while the framework excludes some of the critical campaign priorities of president biden today speaking to the american people he said it delivers on two key campaign promises, notably not raising taxes ont■ those making less than e1$400,0, >> no one got everything they but that's what compromise is. that's consensus and that's what i ran on i have long said compromise and consensus are the only way to get big things done in a democracy. >> here the president was forced to broker a deal not across the aisle bute1 within his own party this morning he told house democrats their ability to pass this in you are and a bipartisan infrastructure deal who determine not only his legacy but their ability to keep power in congress. guyslti■to you. >> i am wondering, if we takefá look at this, just how far away are we away from this getting
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done is itlp days possibly weeks or months or implementation we are hearing all kinds of ■■of speculation with regard to whate■ the time line looks like assuming they can each get things done in the next few hours, days or so. >> it depends on who youq■ ask optimism run;■ the gamut here. earlier today nancyqpelosi said she wants the house toc■ vote oa bipartisan infrastructure deal that has already been passed by the senate and fullye■ written she wants that passedr time president biden lands in rome time but progressives are saying, hold up, we are not going to vote on that until we actually see the text for this framework deal and exactly what is ) u$ere are some key senators w are saying the same thing. days if not thee1 better part of the next week to get that text we'll see what speaker pelosi can deliver, if anything today. >>e■ kayla thank you very much. what does the president's
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spending plan mean for clean energy stocks and cyclical l s■eju how do you find value in a mark that's already at neare■ e1okhis a■1çó■portfolio manager joins u■ serat, you heard the report. is there any optimism among j■tl will propel the next leg higher possibly, hypothetically in the markets? >> i think ptp)■ that was proposed today doesn't have any directe■ effect on the equity markets because the clean energy is going to go intoñi■very different buckets that's not going to accept -- it is not going to help any specific, i think sector the infrastructure play is going to be interesting, becauseñ!q■ ist■ going to help the askingca, the materials. you hav heen a little bit of a bounce today in those. discounted money gets allocate asked specifically what sectors really do get the cash. >> i am curious, when we talk about the types of picks you are
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making in this environment, oftentimes in the past we have talked about things like instruction ñ■aggregate, gravel companies, metals companies. the deal >> so, i mean,q■ separate from there, i think one of ther that we like today and we just had the ceo of wyndham on is american express if you look at american express and you looke■ at the future of this company in terms-9■ of spending today we are still at e■50% of corporatelp expenditures global expenditures. that is going to increase rapidly in the next couple of quarters if you also look at b 2 b spend of american express it is only it is trading belowxd■18 times$■á■p &hc% 9-■ coming that we have already had is going to help a stock like american express. >> all about the consumer there■ anything else with regard to the infrastructure plan that could be good for say technology,
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broadband access, we have talked a lot about thist■ motion that infrastructure doesn't necessarily mean roads,qbridges and tunnels. that directly correlates to that,e1 qualcomm the platform, the ip for 5g. this is a stock that in the past hadxd■a lot of issues withl■ loyalty. that's all been taken care of with ñr■hina the stock today trades at 14 times earnings double digit growth, dividendjf yield, a solid balance sheet.w why is this company importanqi i infrastructure because when you start building it is going to be other areas that want to be connected to 5g■ it could be your car it could be your wnk■■aptop. it could bexd■your tv. it is going to be any device in the home that i think is going to start talking to each other at a muchi] faster pace. a compb■!■like qualcomm that a compb■!■like qualcomm that owns thee■q ip, hasxúqlatform, and you are seeing that they can't keep up with demand. the chip sector has highe■ o
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margins, north of 60%. if you want to playe1 infrastructure, here's a company that i think has been left back. it is down 12ú >> speaking of xd■hat, worldk■■f the futures facebook event is n■ing on right now the company dealing with a ton of challenges, the stockó■■■down over theo■ past couple of months do you pay attention to this would you be ao■ buyer of facebk here where do you t(■hink they sort stand■3■as we stack up the big tech companies including the other two peel hear from after the bell >> i am aw3■buyer of facebook. i was'c■ a buyer before the earnings and i think from what i heard, my v[eu on facebook is keepçó■ aside people's kind of personal views on what's going on the sum of the parts of f■ the sum of the parts of f■ facebook,urq' you break them up and look at what's app, and you look at instagram, at instagram as a potential huge source of commerce, it's worth a lot more than the company. what they have also said isñ7■ are going to spend the billions of dollars one1 the metaverse.q■ that is kind of their play for
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the next leg of growth here's a company with a ton of cas■l■ i think it has an overhang on it it trades at a market multiple that's whatñr■the s&p trades at, sq rate if you are a efficient investor -- and you are going to have some rocky issues coming ahead, whether it is from congress, whether it is for some of the things that are coming out in the press, i think on a pure dcf cash flow business in the nextq■ three to five years u willr company like facebook. but it is going to be noisy and rocky over the next few■á years. >> pushing higher right now. >> you pushed it to session thank you. coming up,f■ the ceo of valy national bank onq■ slowing grow rates, sliding rates, persisten■ inflation, and housing he will give us a ground floor view of the economy and we will talk aboute■ theire@s■arnings. plus the semit(■stocks
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are there under the radar trading nation has that and ìá■% stick around charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities.
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shares of valley national bank have been soaring the past years. the stock up 80% today they reported a strong quarter. the residential business ist(■ running 60% ahead of expectations and 30% higher than last year. buying two rival banks to expand into other markets ira robbins joins us
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what is going on with mortgage demand any signs of a slowdown? >> not atqall. activity continues to be very, very strong. year over year, our activity is up about 30%, but the purchase market continues to be strong. about 50% of our originations today are within the purchase market compared to 40% a year ago. now that has implications fore1 not just the purchase market for the residential rental space as well when you think about thet(■ afford nlt impact of it so the multifamily lennerse1 that we provide funding to, those seem to be strong as well. >> how important is this business segment to valley overall. how do you balanceo■ allocating capital here and ine1 veryo■ competitive page is which i can imagine it is, with other verticals you are also involved in >> there is a lot of opportunity today ine■ the marketplace today the interest rate environment as well as demand is driving a lot2 that said, fintech and all the changes happening inñ■ thee■ mao environment there ise■ tremendo
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opportunity when we thinkw3■abo delivery channels from the customer experience as well as an employeecdeliverance approach as a result, we seem to be getting into many new industries as we just announced yesterday,■ a bally pay forfá a cannabis >> eye ration it's dom i think when we cover many of these st industry or otherwise, weçó■talk about personal recoveries and demands and business recovery and demand are you seeing the same kind ofv thing on the business side of things with regard to construction +'■ns or to business loans, the commercial side of things versus the retail banking and mortgage lending side >> i think the demand's definitely come back across the sector today specifically about the manufacture he is, their ability to provide price increases isfá something they hadn't had befor■ when it comes to the pricing power. as a result the margins they ar■ making today are greater than what they have been in a very longc■ time. >> ira, i am also curious if you
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could talk a little bit about the acquisition and the trends that you believe expose you more to the venture capital worlde■ ■ how you said your banksxd■needso be more than a zipl■ code driven business >> i think that's true we need to think oflp ourselvess a national organization providing a service to our customers not just÷■ based on where they live, but how they think about doing business one of thet■ acquisitions was an approach to get into a different segment of business we aren't in today, from a technology perspective. what we did with the valley pay within thee■ cannabis banking space, there is an opportunity, you look at a cash driven business and there is no bank that serves that segment how do we have the ability to come in, provide a digital ìá■p% perspective to allow for payments that are predominantly■ focused on cash today. organizations likeç■ us have
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tremendous opportunity today we are not too large we are not too small. >> there is a lot ofñ■ stuff happening right now in theñ■ interest market, some historical and uniqueñ■ in long term bonds and their yields versus shorter maturity e1bonds is there anything about the current interest rate environment that gives you pause or makese■ you feel more cautio about your business in the coming months and years. >> the interest rate environment is definitely something we focus on a lot here. i guess i am a little bit more concerned about what happens, especially with regard ■ whether governor powell getsç■ reelected ore■ not that said,e■ when we think about the interest rate environment and ther a real problem for us.q■ components of it may definitely be transitory. but when you look at whatxd■is happening from a wage perspective, from a supply side per thee bill you talked about, spending ñ■ll inflationary pressures that are notok going to tiai9 al valley our wages increqk■"■
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11% since thew3■beginning of the year this is not transitory do you think it is going to continue into next year mpg i think it is absolutely going to continue our customers aret(■beginning to spend on climateé■ju)■'■ly manufacturingi] processes, our customers are beginning to recognize they that they need a deal with the changes happening in the technology space. the'c■ inflationary'c■ pressure■ some may be transitory, there are absolutely underlying factors that are goin■á■o drive higher inflation this this country. >> are you having problems hiring people,o■ getting staff r your branches for banginge1 operations despite the fact that you are raising wages by 11% on a i don't remember to date basis? >> it is a challenging environment. within the technology space is banks aren't the only people looking to hire. that pus pressure across uzra industry. >> ira robbins at valley
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national, i am sorry we have to cut you short. breaking news here right now on facebook we have the new name julia boorstin hasn&o■ the story julia? >> dom, the new name is meta, mark zuckerberg just announcing seconds ago that they are calling the new company, they are rebranding facebook ase■ me. it is going to encompass facebook and his family of apps including what's app,fá instagr and mess i think injuryeq■p'd he that in one division and thene1 havet■ their basic reality loun that will be part of the metaverswó in the future including hardware devices he just said moments ago thate1■ metawill better reflect what the company's intentionsl■ are and s commit to thee1 metaverse. and he says that recently it has become clear that thwó company's brand is not -- has been xd■a" o facebook, but that is not what the company is focused on right now and they want to havet(■the brand more accurately reflect what they arelp focused on
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dom? >> it's so meta. >> we'll talk about this in a second but i think it is much they are not changing the structure a la alphabet, are they how will this change the way that their sharee■ class is or is it literally the organization stays totally the same, we just call it meta t so on monday when facebook h■ announced that for the first time they are going to have a separate division within their reporting structurgv■ before they justñ■ reported revenues for the whole company as of monday they announced they will have one division that's called facebook realityqlab that e!i they develop such as horil/h as the new meta verse division. that's all going to be within facebook reality labs. that's going to be reported separately in large part because that divisionzc■ is going to be losing money going forward the other division, the secçó■ division is everything you that you think o■gz as facebook
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that's the flagship app, facebook, instagram, what's app, and those are separated out but the whole companyçó■qk5ñ being called metasin set of facebook zuckerberg saying because the brand right now has been so tightly linked to one product and itñ■ doesn't w3■nckcompx■ - encompass everything we are doing today.u■ >> i can't stop thinking aboutx■ metta world peace right now. i ct faang. twov evolved, google into alphabet, facebook into meta.e i'm just said it is not horizon. that's the organic milk company. i didn't like it. >> confusion. >> i might be the onlyf■ personn thet(■planet who thinks metawor. apple is reporting results after the closing bell the iphone maker facing axd■swa
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ofq■ issues, computer chip and supply chain strugglesowdow should wall street be worried ouapple? it has underperformed this year.
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welcome back.t i'm rahel solomon. here's your cnbc news update at this hour. president joe biden is on hise1 way to it lee for this weekend's g20 summit he boarded airw■ force one this afternoon evenç■ though there is no clear agreement among democrats on his build back better xl■1agenda. pope francis abruptly canceled a live broadcast of their get together. the ceo ofe■ american airlis diverted a flight to california after a flight was diverted to denver because a man allegedly assaulted a flight attendant in
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an attack the ceo titled vicious. >> we wille■ not tolerate violee of any time toward our crew members or team. this type of behavior has to ox■ stop. fighters and supporters gathered outside gracie mancz to protest mayorr mandate for first responders tony is the deadline to get at least one shot city reportedly making contingency plans fori] staffing shortages for staff perhaps not willing to get the shot. tha morex■ó■■■news out of facebk which just announced its name change it will now on known as meta it will have a newç■■so■ ticker the vs, reflecting metaverse. >> iç■ like it because both you and i were talking about the fact that twitter's ceo jack
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dorsey tweeted out si■qáhing funny,r division, referring to its self self referentipñ >> it is fun watching them throw shade. >> facebook shares are at session highs this pretty much concludes their@■■ developer's conference a lot of newse1 to digest. another bigñr■one coming up here shares of applm■1 rising ahead the reporting after the bell today. they warned the quarter would not be as strong as the last one.e■ applew3■is up around 15% this year, helping maintain its market cap dominanceq■ in tech we have an analyst with ever i]outperform, the equivalent of a buye1 rating on apple. thank you for joining us this afternoon. let's talk about whether or not
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apple can say anythinge■ today that can kind of get it going, catalyzed to the upside. it has been underperforming the >> hopefully it does not include a name change from apple's perspective righte1 now.i■ no listen, from a number of things, i think the biggest debate is it has somewhat underperformed for the year has been this discussion around cane1 apple tú line and iphone unions grow next so they can give fiscal points that q1 is going to have positivex■ growth. thee1 supply chain constraint ia probleme1 here but if they could have increased unit and topt■ line growth that would be good@#■r apple. but we have seen companies coming out with issues with --
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is any of that translating into positivity for apple itself and oto apple's side. >> how difficultly has it been for an analystt■ like yourself c predictr wantel's results are going to look like, given things like the supply chain challenges, disruptions around the world, disruptions around the world, qupply chain concerns is it hard theq■ forecast? ñ■he >> i think our forecasting teals we have are thejf same the levers behind it are shifting so the conviction of some of these things is less than it used to be we used to track lead time and delivery time for iphones. that's a goodr demand and revenues could look ñ like those have been strong for iphone thexd■challenge has become is ts really good because demand is reallyñ■n■+■ good or ise1 sploo■
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issues affecting them. things like that have made iti] more difficult to predict. >> apple results are coming up, on deck. thank you for joining us. still ahead on "power lunch," facebook's faceless, the company changing its maim to meta changing itsx■ ticker to e1e1mv controversy on multiple fronts there is its noe1 logo the kind of infinity sign there. if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions,
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welcome back, q■o■t■everybo. 90 minutes left in the trading day. let's get caught up on the markets, stocks, bonds, ■■fd mark zuckerberg under pressure even if he tries to pivot the company to the meta verse with a new name and a new ticker. mike santoli is down at the cme. >>f■e■ returning to formx■ to se degree yesterday is looking like a little bit of a odd shakeout.e yesterday's nasdaq gaine1 came with the greatest number of stocks going down versus going up today it is more in sync nasdaq is the leadership group stocks like amazon andó■1 applee in what will be characterized as
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catch-up moves both reportingq■ after the close it seems with microsoft and alphabet reporting stellarç■ quarters and the stocks reacting properly for stocks of those sides people want to get out of the way and get a little bit of for the big stocks all month growth stocks have been reviving even thoughe1 the economy seemsxd■to ber reacceleration phase the numbers seem to be good enough to make 2022 forecasts pla■5h%ápj they stand.e■ considering these numbers were u.s. gdp was growing at 2%, slower than it had been earlier in the year. >> mike santoli thank you. let's move to the bond w market we had a seven-year auction0h8 the past hour. internals were pretty strong but pricing was e■weak rick santelli here rick, what do you make of it >> yeah, 183 billion supply out the door 62 billion seven years cv táone
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app.j■ you are exactly right. when issues it was trading 144, 144.5 and we priced it at 1.461. higher yield, lower price. i tailed and it was messy. all the other internals, especially the indirect and: direct bidders, dealers taking a small amount was very strong probably there is a mixed bag because there is mixed feelings about where interest rates can look at the+ two day of t■tens yesterday was 1.55%, now hovering at 1.56 up a couple of basis points. 30 year minus five year yields, it is hoveringñ■ at 76 basisl■ points that's virtually the high capstone to going back to precovid, february +2020, eveno■ though it is tene■ basisu■■■poi■ so after its worst levels. t■ft what was said by the ecb and christine lagarde and you follow thet(■guidance, the market
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they did that's important ma1[hat's why all of these curves are lpflattening. the euro currency moved to a witnesá hotter inflation in germany and the notion that no matter what christine lagarde says=. or any central banks say,x■ many investors believe they are going to have to be morex■ aggressiven raising interest rates in a tighter time line than they are currently discussing >> thank you, rick xd■antelli. oil falling to a two week low as we go to the close for that market.l■ pippa stevens. >> oil is in the red again traders are pointing to thatñ■ jump in u.s. invento.■÷■and the iran nuclear talks as weighing on prices here wti had been as low as $80.58 earlier in the session so almost testing out that $80 level right now it is just about flat at $82.64 brent crude is down half a percent at $84.17. although analystsqat blue liv■t■
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noting despite the recente1ñr■ below the pregamed five-year range which points to a bullish longer term trend and think it will bring opportunity in the wti is on track to snap !a■nine week winning streak. >> a bull run. let's get to facebook now, holding a developer's event today. mark zuckerberg explaining é company's push towards the metaverse. in fact they justñi■renamed the company. the new name is meta the new ticker, mvrs and new information fromj■ç■ mark zum. joining e■us,xd■the verge senior reporter aleks heath what can you telle1 c■us i talked to mark zuckerberg this red important distinctions this is the parent ko■company. instagram,o■hat's app.e■ oculus it's nowe■ ó[■meta there have beenfá rumors about m
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the company. he is ceo and chairman, the controllingmy■ shareholder he poeld me5a■ he has no intentn of changing his i■position i even asked him in five year's time do you still see yourself being chair and ceo? he said probably. >> that's not a definitive yes did you pick anything else up in kind of the way that discussion went >> he said part of this was -- heó■■■used the word awkward tryg to getj■e■ away from the awkxdns thatr facebook name above instagram i■ g identities i would say most people don't knowç■ that facebook owns what's app. really this metaverse is what he is spending his time on, ■ they are spending their money on we heard in earnings they are going to bep,■ spending $10 bilo on this stuff this year alone. this really for him wase1 more about he told me solidifying the direction they are goingx■in lot of -- orñ2e
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yourself from the brand baggage that exists with facebook today? he said, no, he said i was introspective about it and if i felt like in my heart that i was kind of running away from something versus running towards something, i wouldn't do this. >> alex, it's dom. in yourfá conversations, what sense didçó■you get from ua■-■ zuckerberg about what hisnn■■--■ life would be like running facebook in the coming years do you feel as though this is a■ crossroads, a transition stage for him with this kind of o■ metarebranding if so, what doest■ it look liken theok coming years is zuckerberg still thee1 guy at metaverse? >> for the foreseeable future, he told me he's very excited about this stuff i know it's where he spends most of his time. alreadye1 going to be analogies■ 2015 when google created the alphabet company and the
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founders stepped aside that's notx■ happening here. mark is like ie■ said deeply involved in this futuristic vr and ar stuff.o0i(t&há■p &hc% if anything, i think this signals he is really turning his attention away from the core product that makes facebook the company it is today. he is a long term thinker. he thinks in decades,xd■he thin in añ■ó■■■t■decade, this metavel be what faceboojk is known for. >> you asked him also about who this is intended forkl what his audience would be. we look at this and go, this looks likec■ a productñ■ teenage boys will e■love who is this made for >> they are also grappling with this existentialt■ crisis losing people roblox, for the knight are popular with0■[■eens, preteens,s part of this trying tox■ stay relevant and cool for young people he saidthat's not the main reason but it's certainly i think in his mine going to help. he is telling all highs product
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teams throughoutu■■■the company that focus exclusively on young ñ■n appsu■■■we know today. >> thank you for b2■ft)jt■us the highlights of the discussion you had.o■ and trying to more fully explaid somef■ of the motivating factors here we appreciate it. ipayr■ coming up on "power lunc we will talk about facebook's revamp with5a■ metaverse vice pz■j■dent shaw. ra to buy our tradingt(■nation team will discuss that topic coming up next (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. so, should all our it move to the cloud? the cloud would give us more flexibility, but we lose control. ♪ ♪
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but ultimately, this is a company that fab ri kates sum conductors huge order flow should bexd■comg down the pike as people ramp up their semiconductors. >> excelis upñ■x■14% today. quinn and nancy thank you. for more trading nationfá head our website and follow us on twitter.l%55y■ñ■seema mody, tha. coming up, facebook's new reality. the company officially announcing its name change as i■ sp met ar verse lab, the guy who is head ofxd■e■it that's after this. >> announcer: and now the lates■ frome■ trading d a word from our sponsor.
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all right. the big news this afternoon. a short time ago, mark zuckerberg announcing facebook, that company, will change its name to meta its ticker will move to mvrs, and perhaps most importantly it's focused on metaverse itself we're speaking with vishal shah. it's the talk of the town. over to you, julie. >> that's right. thank you so much for talking to us on the heels of facebook's big announcement zuckerberg just unvamed the new name meta, and on monday the company announced it was going to spend $10 million on metaverse costs just this year alone. my first question to you is when do you think the investments in metaverse are going to start paying off at what point do you see it starting to yield revenue and profits? >> first, thanks for having me
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it's important to note these are very much long-term investments. over the next couple of years, we're making some fundamental investments and the metaverse vision for us is a five-, ten-, 15-year journey. the return from a business perspective may still be a few years out, but it's important for us to get started on them now. >> so a few years out. i mean zuckerberg said that you're going to be selling the v.r. headsets at cost. are we talking about continuing to invest in tens of billions of dollars in the next ten years or is there a path to profit itability in the next decade can you give us a timeline >> one of the reasons we felt it important to call this out, for some of time facebook, now meta, has been more than just a facebook app and people were confused about that name because
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the company name and product name were the same we've had this in our family for quite some time. to have the ability to invest, it's important to call out our core business continues to be very important. i used to work on instagram. it's important that we continue while we build the platform for the future. >> and i want to get to your background and what you're bringing to that later first, how do you explain the business model of what this metaverse is going to be >> we teased a little bit at connect today. it's still early right now how we're going about it, in the next decade we hope a billion people will be able to use the metaverse and be able to transact digital commerce. we can create digital objects and services, the ability to make those services known to
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others will be powerful in and of itself. early in we're having the conversation broadly, and it's important to note facebook, now meta, will not be building the metaverse alone. we're going to be partnering with other companies, talking more broadly with the ecosystem because it's too big for any one company. >> vishal, it's dom here i wonder the transformation is very much in the initial stages. this could be a five-, ten-, 15-year transition what do you think the employee base, both you, yourself, and your colleagues feel about it in the coming years given some of the things that have been happening in washington, d.c., and elsewhere. is it going to change far and
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distant from what we know as facebook today >> i think it's important to know we're very much taking our hay taj with us into the future. the simple things like the logo has the facebook blue. we aren't running from our past. we're heading toward our future. the facebook product, instagram, whatsapp, messenger, remain very important parts to the overall offering to our consumers. we're more than a social media company. we have been for time. we're just making it that much more explicit now. so we're taking the lessons we've learned into the future, building on it, talking about it now. important that we're not running from it. we're exciting about building it. >> but, vishal, there's no denying that these announcements are coming at a very unique time, mark zuckerberg even acknowledging this my question is how much is it about shifting away from
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facebook that the core flagship app has had to deal with after the revelations from the whistle-blower. >> it's very much around the name change. the product has been many months in the making. it's not shying away from the challenges we have today we are a company that builds, builds new products, technologies, specifically to connect people that's been the forefront of facebook in the beginning and will be an important part of metaverse tomorrow. >> vishal, as you work to connect people in this new metaverse, how do you make sure that the same problems that plagued facebook or instagram, how do you make sure that making teams feel bad about themselves do not come into this new metaverse? >> sometimes they have a habit
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of coming quickly and others are prepared one of the reasons we're talking about it as early as we are and bringing our learnings with us, bringing them forward into building the metaverse again, we aren't going to build this alone it's not what us as a company does it alone, but how we have the conversation more broadly. i actually am quite excited that we can learn and take everything we brought to this new future, but do it and take our time to get it right because this is five, ten, 15 years into the future we have the opportunity to get it right from the beginning. >> well, vishal, we hope you'll come back and tell us more about all you're building. thanks for joining us today to talk about the big announcements. > thanks for having me. >>there's more "power lunch" after this quick break don't go anywhere.
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