for tuesday, kayla tausche and myself at post 9, and joining us is the founder and editor at the information jessica, and new york times tech reporter isaac wilson, and we will get to you in a moment, guys. but, there a report that nikkei says that it will take up to a year for apple upgrades, and it was expected to have a huge one this fall, but now minor ones like a new camera. apple sold 230 million foep phones in 2013, and so jessica, what kind of reports are these from the nikkei reports are to be believed? >> well, it is hard to believe, because they are based on the data from the suppliers, and for years now, apple has been using many more suppliers so that any one supplier does not have the full picture, and that is why we are seeing the rumors in the hit or miss rate going up quite a bit. so it is hard to tell, and the definition of what a major

upgrade is, it is changing as the phones do. i find it impossible to believe that apple is not going to continue to evolve form factor s to stay competitive with everybody else, so it is saying and acknowledging what we already know which is the cycle of the big changes in the phone platform is coming to a close. >> mike. you know, we had steve mi melonovich said not to the expect a big upgrate for the 7, but more on the 8, and so you need to refine what you mean by big upgrade. >> yes, in the steve jobs' era, they said they would not move from the different sizes of the phone, but they did that, so it is hard to imagine so many improvements on the cell phone, and i have had it for two years, and i don't think that i will

get a new one, and the big thing that everybody wants a lot of times is the battery, and the better battery life, and this is sort of the bound by the laws of physics, so unless apple can make those breakthroughs, we won't see anything that big. and it is like, what else do i need at that point? maybe they will find things that i didn't know that i need, but i don't know right now. >> and certainly, that is the apple way, isn't it, mike? nikkei is going on the talk about the new luminescent display that i am trying to get my arms around, and it is hard to believe that some features have not occurred to us yet. >> i mean, apple does this thing where they had the 3d touch feature that came out in one of the last upgrade cycles, and pu pushed that heavily, but i don't have that and i'm not missing out, and i don't think that there is a super great amount of apps that take advantage of that in the big way. so i'm trying to think of a compelling software upgrade that would make me go out the buy a

new $1,000 phone, and like you said, i'm not ruling out them thinking of some great thing that i had no idea that i would want, but right now, i have no idea what i would want. >> and jessica, any ideas what would you want for $1,000? >> $1,000 is a lot. and bendable displays are com g coming. we know that samsung, and everybody is investing in them, and so i think that the display will change. also, don't forget that vr, and a place where apple is notably absent right now, but there is a path for the phones to evolve as we have seen with the samsung and the gear, and again, i don't know if that is a $11,000 phone, but there is innovation left on the hardware side, but the problem is that everybody else is going to have it, too, so that the advantage of any one thing is greatly diminished. >> yes. rig right. >> and we know what to not buy mike for christmas nor sure. moving on, viacom's independent director is vowing action in an

attempt to oust them from the board. it is saying that redstone is not acting competently, and their stock is up over the weekend, and we wondered if the late night and holiday weekend news, but still waiting, and what do we think will happen? >> i could not predict. this is the saga that keeps getting more dramatic, more in-fighting, and more personalities, and safe tos a qume it is going to continue. i am feeling like this is the not the hugest company in the world. it is 17 billion, and it seem likes a lot of draw marks and not that it is not a great company, but i am frankly a little surprised that we are all paying attention to this, and still in the news, and i think that it is going to be in the news for a long time, and everybody is going to dig in the heels, and you strong personalities here. >> well, $18 billion is not zero, and it is a sizable media company, and lot of the household brand names in the portfolio, but mike, what is funny to me is that the board is writing the letters to the

shareholders to talk about how, yes, the votinging control is laying with the trust, and the equity is held by the investors, and the investors have been buying the stockton headlines that the board is going to be remove and the stock goes up when talk of a new ceo or the new board comes in. what do you think happens? >> well, they are down, you know, viacom is down 40% year over year, and there is obviously some significant changes here. hbo would do well to develop it into the next developmental series, because it is like a "game of thrones" thing, where it is just continuing. there has to be a board change, because the boaorboard, the shareholders are not going to be made to suffer losses because hbo and showtime are doing great with the original series, and you have not seen that from mtv or nickelodeon or a lot of the

stuff that viacom is famous for. >> and i took a twitter poll, and i asked what is the biggest drama, valeant or, the -- thero viacom, and it was that way. >> and we can argue what snowden did what he did, but he performed a public service by raising the debate that we have engage and the changes that we made. and i would say that doing what he did in the way he did it is in inappropriate and illegal. >> and performed a public service, and how is that resonating in the valley to the degree it is being talked about? >> well, it surprised me and a lot of other people. the debate that snowden raised

in the valley and the relationship with the government and security is intense. there is an incredible amount of distrust and the animosity of the big tech companies here and the governments, and we see that continuing with the apple encryption debate and the legal battle, and the tensions over the issues in the valley are as high as ever. >> and certainly, mike, not lost on snowden, himself, and the comments, and the sentiments in turn incomplete, and i want to show you that snowden looked at the sentiment from 2013, treason, maybe, 2014, it is still treason, but it was reckless. and 2015, still, technically it was unawful, and 2016, it was a public service but and how about 2017? >> well, that is pithy comments, and jessica says, it is tension out here, and if you come out

here, there is a libertarian point of view on the role of government, and even less sort of the warmth towards this sort of the encroachment, and the spying, but at the same time a lot of the tech companies profit off of the informationf of, you know, hundreds of millions of people, and like facebook would be hard pressed to say that the government is spying and try not to be hypocritical in the amount of information they mine from everybody. so there is a tension, but the notion that this libertarian point of view out here sort of of wants to rally behind snowden is definitely real and pop yula >> and yes, that between that and peter theil and gawker, the ed a d adaptations of free speech in the valley are some that we have not seen in a long time. thank you, jessica, and mike. >> thanks for having us. despite a large rally in

asia overnight, a slew of economic data, and it is the last trading day in may, and we will wait for the jobs numb bergs and the dow and the s&p are both negative, and the dow is the only major average currently in positive is the nasdaq composite. and now, shares on the news from carl icahn are bringing his shares up. and the all-time high of amazon is coming down slightly, but still, carl, it is a level to watch at 237. -- at 722.04. and a top v.c. is going to join with us answers. and the vice chairman of

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win view is an app that lets its viewers bet on sports. and the executives are with us n now. and tom rogers, and hank ratner as well, the vice chair and former ceo of madison square

gua garden. and for those who are not aware, explain it, tom. >> well shgs s, it is the om ocombination of live television sports with mobile and gaming. so while you are watching fo football, basketball, baseball or any sport on television, you can play through the app for fr free, and this not betting, but nonetheless, the ability to win cash and prizes and create a competition for natural view in behavior when anybody is watching sports, and we have a tangible way for it to be expressed in a way that nobody is doing it today. >> you say it is not betting, but hank, you can win cash and prizes, hank? how does it work? >> you are not wagering, it is for free. yu go to download the app for free, and pay for prizes and then you will have a great play, and on top of it, the prizes are going to be available, and cash and merchandise and services. >> who provides it? >> well, sponsors for one, and

when we go on to put together at a tracktive price package to apply to the consumers. >> so this is advertiser supported and taking the key elements of the broadcast sports ecosystem as it exists, and giving it an outlet for the advertisers to reach all sports enthusiasts including the millennials who are particularly hard to reach through television advertisin advertising, and you can reach them through the ad support which fuels the entire enterprise. the whole notion of syncing live sports to a play along game is huge business in europe. this is an enormous business in europe that does not exist in the united states. hard to think of anything that is not a huge media sports event that is non-existent here, and that is what makes this opportunity in part so exciting. >> and you two, the things that cross your desk and you have the pick of the litter, and why

this? >> well, the return potential here, and we know that there is nothing more popular on television than professional sports today, and if you go to the concept, and you can play along with the professional sports in a realtime way, and no game that takes place while the games are in process today. so what we are doing is to take the things from before the game, to throughout the entire game, and the concept is proven that people watch sports, and the people like to game, and so we look at the huge, huge potentiala and small, small risk. >> well, 57 million fantasy players out there, and once the game starts, they are frozen out in terms of being able play and compete, and yet they are watching enormous amounts of live sport, and for millennials much of the live el television they watch is only live sports, and that i have gone the streaming service, and others for tv, and this is an audience that can't compete in the game itself that provides a hell of an opportunity, but beyond what hank said, there are 26 patents

that the company already has that covers the area of syncing live sports to a second screen, and synchronized in real time for competition, which is an enormous underpinning for what hank pointed to is the upside here. >> and would you be doing this, hank, if not the tough lessons of fan dual? >> well, it is very different than fan dual, because fan duel and draft kings are fantasy, and this is a far, far broader c category, and anybody who is watching the games, and it is fathers and daughters and sisters and brothers, and it is old college roommates and everybody getting together, because you can compete with whomever you want, and you can start your own game group, and to us, it is the broad appeal, and add the patent, and it is special. >> the patents are the mote around the business to keep fan duel or draft kings to say, this

is a bet er way to go about it with the captive audience that we have. >> well, the founder, and the entrepreneur has put this together is formidable, but the idea of having second screen behavior so natural as the people are watching the main screen, and particularly with with the live sports, and nothing by way of a and the yibl way to express it, when sips for 50 years the people have been playing along with live sports with their heads, and the bud dirks and what is going to happen next and i was right and you are wrong, and finally, a way to compete and win the prizes and do it in a way that supports the media ecosystem, and leagues and advertisers, and in so doing here, hank and i said, enormous upside. >> on the related topic, do you think that twitter nfl will work? >> i think that the idea of interacting with the live sports is is going to be inkreetsingly popular. i don't think that there is any

way more popular thank a chaully competing to win the prizes and the twitter implementation is yet to be seen. >> and the fact that you guys are interested, it gets our attention. >> thank you. >> appreciate it. and is trouble brewing for disney at the box office? we will have more on the other side of the break.

a rough holiday weekend for disney with the latest film falling short of expectations. cnn's julia boorstin is going to join us from los angeles with a look at what happened. julia? >> well, "alice through the looking glass" with a big bet of the $170 million budget is falling short of the 2010 massive hit "alice in wonderland." and the gross over the long holiday weekend brought $25 million short of projections on the negative reviews and the audiences choosing to see the film in 2d rather than the

high-er priced 3d, and this is jarringers because of disney's massive year with the record-breaking "captain america" and breakout hits "jungle book" and "zootopia." disney has sold nearly one-third of all tickets this year, and far ahead of fox in the two position with 18%. now, this is coming as page 6 published a report that disney execs are panicked over to the first spin off of "star wars" with reshoots in july planned. but reshoots are quite common, and i have heard that the film is very good, and the trailer got rave reviews and the film is a 99% want to see it on rotten tomatoes. as for the disappoint iing memorial day box office, disney was not alone. the "x-men apocalypse" opened less than the "x-men" two years

ago. that is interesting, julia, thank you very much. >> and today, we will talk to ernest moiz for a first on cnbc interview with donald trump. we needed 30 new hires for our call center.

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we take you to trump tower in new york where donald trump is holding a news conference. >> and about raising the money, the press is reflecting what the opposition is saying about you, and not just us throwing questions from you, because it is from some of them. >> and i don't mind it coming

from the opposition, carl, but what i do mind is when we raised all of the millions, and when we started out nobody thought it was $5 million -- >> and you are just answering the questions back then. >> and here is the story -- >> is the question is -- >> and i have been dealing with the press for a long time, and i think that the political press is among the most dishonest people that i have ever met, and of course, you are excluded, carl. >> what about -- >> well, in the middle. and i think that the political press and i see the stories and the way they are couched. for instance, i went down this weekend to do rolling thunder, and i was invited and i didn't have anything to do wit. and we had a tremendous gathering of people, and i don't know how many but thousands and i said, oh, i joked from the jefferson memorial to the lincoln, and they said, donald trump was disappoint ed, and everybody knew that i was sar

ras tick, and said that donald trump was disappointed that it d didn't go from jefferson to lincoln. you know, millions off people. i was joking. i said, oh, i'm used to watching it, and i was joking. so they put it down as serious, and they knew i was joking. another example, we had a certain, and the same event, and it was roped off where you could only get so many people there, and there were a lot of people, and 10,000, and maybe 15,000 or maybe 25,000, and i don't know, because a lot of people and people were breaking the seams all of the way along, and gene washington, a man i like, wrote a article like there were 5,000 people, and there were many times that, and you were not allowed to have anymore people, and all of the people were with their motorcycles in parking lots all of the way, and waving to me going by, and wait a minute, the law enforcement, and these people did not allow you to have anymore people, and i think that the press knew that and i had a tremendous crowd, but it is the biggest you could have had, because it was cordoned off and they were not allowed to have anymore people

than that, and so instead of say saying that trump made a speech in front of a packed crowd they said that trump was disappointed because e people weret not from washington to jefferson, and it is just dishonest reporting. go ahead. >> ow are the veterans -- >> well, the veterans, and believe me, and let me tell you why the veterans believe, and i have one group who was here, and is al is here, and maybe this is a group that you want to say, i gave money to, and i asked all of the group, and they showed up, and i just saw him, and i could have asked them to come here, but i don't want to do that. i am not looking for credit, but what i don't want is when i raise millions of dollars to say, like this sleazy guy over here from abc and a sleaze in my book.

>> why am i a sleaze. >> because you know the facts and you know them well. >> and answer the questions. >> thank you sh, mr. trump, andr the record, guys, i'm a state representative for ten years on the veteran affairs committee, and 22 years in the marine corps retired first sergeant, and what i want to clarify here first of all, i never ever would put my name on a candidate that did not from his heart look me in the eye and tell me that he is concerned about veterans. that is donald trump taking questions from the media ostensibly about his donations to the veterans, and you can see it is more of a debate with him and the debate of how he is covered and jor harwood is covering this, and we may go back to this in a moment, but your thoughts? >> well, it is aggressive by donald trump in going after the media, and this is more of the point. he did get some air time to list all of the donations that he had made, $5.6 million in total of the $6 million he had been talking about and he indicated that the press had been unfair in the way we had covered this story. he just now a moment ago

referred to one of our colleagues from abc as a sleaze. he said that the political press is extremely dishonest, and when he of course says thing likes that, he is playing to a significant vein of skepticism and disdain that a lot of americans do in fact have for the press. so don't know what the political effect of this will be, but it is certainly seemed to be a satisfying and urging donald trump, and who knows what the political consequence will be. >> and he went toe-to-toe with carl cameron there with fox news asking the question, and is the question an attack. and take a quick listen here to what else mr. trump says. >> i did not ask al, and i have gotten to know him primarily through new hampshire, where we had great victories, but he showed up this morning, because he was upset, and many of the other groups are upset, because they received $100,000 in the

mail, and they didn't know what it was for, and it was from me, and other groups received $100, and $250,000, and they didn't know what it was for and i have again upstairs, i have received phone calls with people crying, and i have receivedt letters and heartfelt letters, and you know, it is -- it really, the bad part about the dishonesty of the media is that people like me will be inclined not the do it anymore, because why should you raise $5.6 million, and i think that i will go over $6 easily, but nobody said that we started it off as a small little project of less than $1 million, because it was mushrooming and building and building, but nobody talks about that, and so we raised $5.6 million and we have so many happy groups, and so many happy veteran, and then i see these hillary clinton people outside and of course, they don't know the extent, and they figured that based on the reading the press that trump didn't make, you know, didn't raise this kind

of money. but we are raising a lot, and i will be raising more and we will send it to more people as we get along. >> with the verification process and how you want to make sure that the groups who they are, and how -- >> it is a complicated process, yes. >> is that process involved -- >> that is a live picture there essentially of not just mr. trump, but the press trying to establish some industry norms on how to question the candidates this election cycle on the days when the "times" at least writing about cable news working out how to balance out the coverage of mr. trump and some of the other candidates. and over to sue her rera at hk. >> thank you, carl. this is the news update at this hour. the u.s. military confirming and condemning a failed north korean attempt to launch an intermediary missile launch. it is the latest in and a string of missile failures. and now, a watchdog group is

asking for the cincinnati zoo to be held responsible for the death of a gor ril a la -- gorilla that dragged a boy through the water. stop exploit animals now said the zoo should be fined for all allowing the lilt boy to get inside of the zoo. and also, there is tips of a plumber who used the tips to get and make money. the man was charged with fraud after the disclosure to the plumber. and a program is being tested at more thank 100 stores around the country for curbside grocery pickup. that is the news, and backdowntown to you, carl. >> and now, over to simon. europe is taking a jolt to the downside, and now, tomorrow, the european bank starts to buy the corporate debt as part of

qe, and thursday, likely to take greek debt as collateral which is why athens is slightly higher, but everybody else is lower and led by the italian and the other weaker banks around europe. because the bank of italy g governor has essentially repeated a warning that he has been making for some time, but in a speech in itly he has made it clear that new rules of bailing in people, and to wipe out the equity, and bonds in a banning recovery as he puts it basically or virtually eliminating the use of public money even in extraordinary situations, and here is the quote. a danger that not only the national and the european thaw authorities will adequately deal with the major shocks, but they will have difficulty avoiding the contagion. and you will see all of the problems there to capitalize, and you can see the spannic banks around europe are lower. into the mix, we have the latest

publications of the uk of a new brexit poll. it is only one as the "guardian" points out, but it is move ing to the side that people didn't expect, and in other words, there is on both methods online and telephone, both of to polling methods are confirming that the majorative to voters in the uk are now in favor of leavinging. when we get that june 23rd referendum on whether the uk should remain in the european union, and back to you. >> thank you, simon hobbs at the european close. and meanwhile, donald trump laying out some of the energy plan, promising to scale back some of president obama's environmental regulations, and stop funding any international efforts to address global war g warning. our next guest is a member of the obama administration, and the person who is behind many of the policies and happens to be in the san francisco area for talks on climate change, and

ernest moiz is our secretary of energy, and it is a pleasure to have you on "squawk alley" today. >> it is great to be here. >> great to have you. and tell us what you have scheduled for this week talking with the companies about their own energy usage as well as energy ministers from the other foreign administrations for discussing six months in. >> and the paris agreement was a major first step towards addressing the economic needs and the environmental needs and of course, the energy and the energy needs, and so what we are doing here is to taking off from that meeting where clean energy and ovation is established as a critical way to address all of those needs, and so we have two meetings going on in san francisco, and one is the clean energy ministerial is focused to get the clean energy technologies deployed in the near term to meet the goals, and secondly, a mission innovation ministerial meet swig ing which

initiative focused on developing the new technologies that we need further down the road to transforming the energy system. >> there are few countries, though, dr. moniz who have actually adopted and then signed and then actually put into effect the agreement that was agreed back in december, so what are the roadblocks, and what needs to happen? >> well, actually, i the think that we are making rapid progress. 195 countries there in paris, but now about 170, more than 170 signing on, on earth day in new york, and now comes the issue of countries including ours going through the processes of joining the agreement. the united states and many others have committed to doing that this year, and i feel c confident that we will reach the threshold numbers required for the paris agreement to go into effect. >> when you hear people like

donald trump say that they would just outright cancel thing agreement, how feasible would something like that be were he to win the white house in november, and what would some of the complications be? >> well, first of all, i don't want to comment on any candidates' statements, but i will reiterate our position. couple of points of relevance. one is that when president obama issued the climate action plan in 2013, this was based on exercising administrative aut r authorities using well established rule-making processes. those are in effect and are will remain in effect without a very e l elaborate process to address them again, and this is the first point. but the second point, look, every country in the world is committed to considerably increasing its deployment of the clean energy technology over the next 10, 15, 20 years ash and

that means that we are going to have multi trillion dollar markets developing, and we want to be at the head of the line in terms of continuing the edge in innovation, and being able to not only meet our own domestic needs, but to capture a big part of the global market, and our view is that it is foolish to not be a part of the clean energy transformation that is really well under way and will accelerate in the next years. >> and just to get a little bit more granularity on what you said, mr. secretary. you are a stone's throw from the valley where you sit, and when you are looking at the e solar, wind, battery innovation, and where are you thinking that silicon valley is putting the tip of the spear on that innovatio innovation? >> well, first of all, as you say, silicon valley is a well known home to innovation, and that one reason that we chose this venue for the meeting. now, what we have seen from

silicon valley, and the entrepreneurs across the country, we have seen through the combination of the technology, and through increasing deployment, and aligned policies like some tax incentives we have seen the costs of those technologies that you mentioned, solar, wind, batteries, l.e.d. lighting drop from between 40 to 90% over a mere six or seven years which is the kind of innovation that we want to keep pushing. i should say as well that the commitment to innovation as part of the solution to climate, to economic growth to access to energy for the world's poor, to energy security, that is launchfed by commitments from 20 major economies, and however, in parallel, a major investor group organized by bill gates called the breakthrough energy coalition has committed to putting their money on the table. >> and but, of course, stingily

the price of oil and gas remain low because of the glut, and we have an opec meeting at the end of the week, and mr. secretary, do you expect to see any coordinated action from the p producers to help stem the decline of oil prices which has stabilize somewhat, but still very closely watched. >> well, the price of oil as you have said has gone up from $30 to $50 and the opec producers as you say will decide in erps of how they want to address the market share, but i want to make a really important point. the price of oil is a global price. it is obviously much lower than it was just a year, a year and a half ago, but it has not in any way stopped the dramatic growth in solar deployment, in wind deployment, and the drop in battery prices, and you can see it now going into the grid. so i you think that we expect

especially with the long-term view, and this not a one-year or the two-year issue, but it is a decadal-i decadal-issue, and we expect the drive toward the clean energy deployments to be robust. >> energy secretary ernest moiz, we appreciate your time this morning are from san francisco. >> thank you. and meanwhile, the e k economists are updating their forecast s wis with the latest data. >> yes, right off of the spread sheets with the consumer spending up a full percentage point, and more than expected causing the second-quarter tracking estimates of the gdp to rise, and just 0.10, but it is the third straight increase we have had as the notion of the stronger second quarter rebound from that week of 0.8% in the first quarter is gaining traction. you can see the biggest mates we have gotten for the big changes here when you are looking at the

biggest mates, and action ecomonic leading the pack, and moody's is up and bar clay, and we have just gotten the atlanta gdp, and they are unchanged. carl, i thought that it would crack 3.0, but we will have to wait an additional day to see for certain if it is on track with this quarter rebound. kayla? >> thank you, steve liesman. and now, what is a memorable and not cheap appearance in the bay area last night. squawk alley is back in a moment.

coming up on the "halftime report," will june bring a swoon? and we will talk about allergan, and is a popular e, the f about to become much more risky? that is coming up at noon. >> thank you. and now we go over to the rick santelli. >> thank you, kayla. looking at the 10-year chart of yields, i was impressed with the before the day the conversations that i had with the traders was spot-on, and after the the $80 billion of supply in front of the three-day weekend, everybody wound down the trading especially after the minutes of

the last previous week incited many to boost positions in a direction to profit if the feds' normalization process was closer than farther, but boom! look at the chart, gave it right back at or lower than we were in terms of the yield, and higher in terms of the price, and right around the time that the most buying occurred late thursday, early friday. so what is going on? listen, i know they have already had a guest that talked about the chicago purchasing managers survey, but i can't stress enough how important this is, and not because it comes out every month, but about the inventories and the special question of 68.7% of the respondents, the purchasing managers are not planning to increase business investment in the next six months. now, this is huge, because these men and women understand logist logistics, and where the product

needs to be, and how the read and gauge d mand moving up or down, and how the put it right where they need to b and this is a crucial time of the year, and you know, for us, it is the beginning of summer, and for these folks, they have to start thinking of what you are going to be buying at christmas, and make shure it is there when the holidays start, but what happened? you know, they are not planning ob hiringing, some of the fascinating reasons. i don't mean to make fun of the process, the election, and china, india, and most of the reasons which i am calling excuses are chronologically driven. what is on the horizon, election, and that must be it. but in order for the election to be it, we would have to see things that substantially change s the status quo from where it, is but i don't see that. and what is really the reason is embedded in the report, and quite simple, a mismatch of the sales and the operational planning. what does that mean in english?

they can't read what is the demand in the future, and what the sales are going to be in the future, and why might that be? for all of the old reasons that we don't need a chronological chain of events for, ov overregulation, unknowns, accounting, and the reason that we stress it is because even the fed continues to not realize, but embedded in this is a good thing, because maybe some subtle changes will give business a clarity in front of them that would cause more business and investing which is a jump in the producti productivity and growth. carl, back to you. >> good stuff, rick. our own rick santelli. when we come back, the tech sector is in the recovery mode, but is it helping the valuations of private companies? early snapchat investor is going to answer that in a moment.

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is a very important part of what pg&e does. we can pass those savings on to the environment, the business, and the community. pg&e really is an expert in saving energy, and that partnership is extremely exciting. together, we're building a better california. after a rocky start to the year, the tech stocks are turning around, but the optimism for public tech companies is not rubbing off on all of the private companies, an investors are a cautious show me the money concept without the last year's fear of missing out. that is according to ravi who is joining us from pal loe o alto, what are you chalking this up to? >> well, i would say that with the really rocky start to the financial markets in 2016, we have seen investors take a much more cautionary approach, and

particul particularly in the private markets and while the public market indices have recovered, i the they investors, there was a wakeup call, and really the investors are taking a much more deliberate look at the underlying growth and revenues profits, and a show me approach before making investments. >> and so for companies making uprounds from investors such as snapchat who got and a wailvation of $18 billion, and those are the companies that have shown the investors the mon money? >> yeah. i would say that with the market as we see it today, those are for the very best companies, there is still a healthy business cycle, and to the grow the revenues, and the underlying mechanics of the businesses are looking good, and those companies are raising money, and the valuations are lower than they would have seen in 2015.

but the market for the capital flowing from investors to companies is still in working order. that being said, for the companies that have, you know, weaker underlying business models, the mindset of the investors has shifted, and it used to be fear of missing out, and now, generally, the fear of jumping intoo quick ly for a class of companies not in the top echelon of their sectors. >> trying to think of what the acronym for that is not fomo, but fear of missing in too quick ly. >> foji, fear of jumping in. >> and the companies that control the earth, and thinking of uber in this instance, and they continue to be patient, and anything that warming up of the window is going to change that mindset overall? >> i think that the uber and other market leaders are

considering the public markets as next logical step. time will tell, and right now, while the public market indices have recovered, the ipo window is still not generally open for companies to go out. we have seen, you know, relatively few ipos for the technology companies in 2016. if the ipo market gets more receptive, we le start to see more of the very best companies in the market with the leaders taking advantage of it in the fall time frame. >> there are some companies in the meantime having to take out loan loans, and nutanic is one waiting for that view from the market. we will wait for that, and thank you for your perspective, ravi. >> sure. >> and now, the re-code conference kicks off tomorrow, and what to watch for tomorrow and later in the week. i was working in the yard, my chest started hurting

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jeff bezos and ceo of ford mark fields will be at the code conference kicking off including jack dorsey and so many more. we will be there tomorrow and

wednesday and make sure that you tune in, because it is one of the conferences that real news is made just about every year, and not surprising giving the guest list. >> it is hard to find another event that every single year it is more and more stacked with guests. >> this conference environment is going into the latest product offering from a company, but privacy and looking for nick den ton to show, and i think that they will be looking to get theil, but having that voice spoken to some of these executives in particular is going to be fascinating. >> especially as the debate evolves. safe travels. >> yes, fortt is on the way, and speaking of tumbles, the intraday on the pound is tumbling, and the chicago cpi and we were above 2,100 for the first time since april 20th, and now setting back down, and the cash is resistant, and the

trading is fierce. >> and i have beige book tomorrow, and 80p, and of course, jobs friday. >> yes, sales. a lot packed into a short week. that is going to do it for us from "squawk alley" and we will see you tomorrow from the code conferen conference. let's go to "wapner and the half." ♪ >> thank you, guys, so much. welcome to the "halftime report" i'm scott wapner, and now, will it be a june jump or june swoon for stocks? with us is joe ter nova, and stephanie and jon najarian, and steve with us. and now, we will be