businesses we serve as well. ♪ good wednesday morning welcome to "squawk alley." i'm jon fortt with carl quintanilla and deirdre. we are awaiting the opening of doordash latest indications on doordash,

by the way, $145 to $150 we're also expecting the latest company from billionaire and systems co-founder tom seible. airbnb expected tomorrow deirdre, where doordash is indicating, we're getting toward the $50 billion market cap range, which i've got to admit i've been hard on softbank lately and the thesis, but they bet pretty big on this name and that, combined with a reversal in uber's fortunes, means soft bar bank is looking okay for 2020. >> we know they've had a number of flops, jon. it's interesting because at softbank, the biggest investor only invested in 2018, so a late-stage growth round set to reap billions. i spoke to tony xu earlier today and he said that you can't give all the credit to softbank, they were growing before.

there's a question we have, especially when it comes to these gig economy companies, can capital be used asa weapon i think what we're learning with doordash, especially after seeing the s-1 is that in the right hands, perhaps not a weapon, but a really important tool i know we were looking through the s-1 again and its cash position the company has raised about $3 billion in total in its history as a private company, and as of september 30th, it still had, i believe, about $1.6 billion in cash so it hadn't even burned through half of that that makes it so different from some of the other players in this space i'm pointing to uber eats in particular, which burned through more than $5 billion total, uber as a whole this year and that's perhaps why we are seeing this indicated range of $145 to $150 and nearly $50 billion market cap, when it was last valued, carl, at $16 billion in the private market just a few months ago.

>> indeed, and that $3.5 billion raise is going to be the highest of the year. and, jon, as we look at some of these headlines on airbnb, also looking to price above the range, it just puts into perspective the money raised this year, $70 plus billion. you've got to go back to 2014 to see a number anywhere close to it >> that's right. and, carl, let's get to our next guest on this, because he was an early investor in doordash and airbnb and he holds a seat on the board for each company alfred lin joins us live thanks for being with us. >> good morning. thanks for having me on the show. >> i should say this week is a very big week for you to see doordash go public today and airbnb tomorrow. first, you know, you were approached to invest in doordash's seed round. you passed when they came around again for

the series a, you said okay, now is the time. so what changed, i wonder? what did you see in tony xu and the company in that second time that you didn't necessarily see when they were raising their seed round >> i got to know tony over a long period of time between the seed and the series a. we met almost every three months or so and i just learned his maniacal focus on serving the merchants. he was going to focus on the restaurant, providing services for them, and he believed that where everybody else was focused on the cities, he was going to go after the suburbs and focusing on the suburbs where there was high demand, but not a lot of supply. and he was maniacal about focusing on the economics and customer retention, and those were sort of -- those set him apart from the other competitors that we actually all sort of saw

their pitches earlier on and it's really a testament to tony and the team that they came from behind. we had seen grubhub, we had seen postmates and caviar come through our offices and we waited until we found the right founder with a strategic mind to think differently than others and execute on a very maniacal pace and now you see the results today. >> we were talking a little bit about this earlier, but back in 2018 when, you know, they got that big injection from softbank, they were actually far behind grubhub and uber in terms of market share and i'm told by one source they were a few months away of running out of money. how much of a difference did that investment make was that really an inflection point in 2018 when softbank stepped in with a huge check >> we partnered with softbank and a variety of companies and we have good working relationships with them and doordash, at gardens and i think

it's an end, and capital is fuel for businesses and you need fuel you need sufficient fuel you want enough fuel to fight a ground war if you have one you need to be aware of the competitive environment. but at the end of the day, the real weapon is your business model and having superior business economics, having a differentiated strategy and that's what doordash had from the start. i'm proud to have been an early shareholder and investor, but an early partner with tony and the rest of the doordash team on helping shape the strategy and shape the sort of focus on the inputs, rather than focus on the outputs. tony loves talking about the live from bill walsh that the squirrel will take care of itself and he was always maniacally focused on the outputs. >> i want you to give us some insight into how doordash is different.

i actually met tony back in 2018 around the time of that round and was struck by his focus on data, his discipline and it just looks like the reputation there is that they're better for merchants, but they're burning through less cash and they've caught up and surpassed a public company. none of that should be possible. so how has he done it? >> well, we have a line that says anything is possible. we wouldn't be in the venture capital business if we thought that dominant players will always be dominant and so we always look for daring founders and love partnering with them from the start, and in certain cases a few people and an idea in their garage, and very focused on being both better and different than what already exists and i think doordash has always said that they're going to be

different from a variety of dimensions, back to we're going to be merchant first and provide services for merchants that they couldn't get elsewhere and in a variety of situations, they bring them online faster than ever before, and they're providing services that they didn't have and access to customers that they didn't have before they're focused on the customer from the standpoint of providing them more selection than anyone else, and they had a differentiated strategy on focussing on the suburbs, where everybody was focused on the cities. >> alfred, for investors who might not see this beyond the consumer perspective of, well, there's an uber eats app and a grubhub app and doordash app, they don't see the differentiation. explain where you see the growth po tenc potential, whether it's beyond just basic restaurant food or whether it's international possibilities?

how do you expect doordash to approach that and how does that affect growth and profitability? >> sure. in terms of, like, where growth will come from in the future, act one is still food delivery they might be the dominant market share leader, 50%, that's all great. but the amounts that they sort of consolidated into food delivery is a small fraction of how much is spent in restaurants. so there's still more room to grow just in food delivery and then if you read the s-1 and tony's founder letter, it's very, very clear that he has aspirations of pairing local economies, not just restaurants. so you see these moves into doordash drive, into convenience, into other categories, because as he said in the founder's letter, if we build a delivery network that can deliver ice cream before it melts or pizza before it gets cold, we should be able to deliver almost anything within a

period of time that is good for the customer >> indication now, $150, $155, alfred, as we continue to see the number go higher i'm not sure how constructive it is, but i wonder, had the pandemic not happened at all, how would our conversation regarding dash be any different today? would we be talking about going public today >> well, i think -- i don't want to speculate on what could or could not have happened in we don't live in alternate realities, we live in our reality and we're in this reality. i would say that great companies always have the ability to go public doordash, airbnb, snowflake, summa logic, unity, all of these companies had plans to go public in 2020. and so the public markets are always open for great companies. it might have slowed things down during march or april where they had to be hypervigilant and

hyper focused on how the world has changed and what they're going to do to navigate through that but if you're maniacally focused on that and get out of that situation and you have a great business, what we're seeing today and what we've seen in the past, and what i believe we'll see in the future, is that capital cruise to great companies and to the winners >> that's one of the beauties of our system so you see this as much more, and i don't mean to belabor the pandemic point, but you see it as more than a pull-forward, which does explain a lot of shifts in consumer activity this year but you think the picture is larger than that >> i do think so i think the pandemic has obviously pulled certain things forward. in terms of we love the line that at sequia, that it has pulled forward the future that silicon valley is trying to build. and we spend a lot of time

online i don't think we'll go back to the way we were before we're not going to stay, as much as we love zoom, and i love the efficiency of doing business and having these interviews over zoom, i like to go see my family and hug my friends i think we'll go back to a more hybrid world and this kind of behavior is sticky people are finding new restaurants they love on doordash restaurants are finding that this element of being online is powerful for their business model, and i don't think we're going to go back to the way everything was before. i think the world will change and will change permanently. >> alfred, before we let you go, we have to ask you about airbnb as well. and we're seeing headlines that it's expected to price above its range, giving it an initial market cap of more than $40 billion, but it's been affected by the pandemic in a very different way. gross bookings declined, though they have proved very resilient. it's been in a very different

mode this year, not investment, but cost cutting how does that position them going forward when the economy does recover and perhaps people do want to go back to hotels and travel by planes >> i think with airbnb, if you are a travel company that can survive the pandemic and show that your business is both resilient and can turn on a dime, i think the future of travel can be very, very different than what we imagined in the past. i think we now know that we can work from anywhere, we can study from anywhere. i think airbnb is more relevant today than ever before its use case is more relevant than ever before so i'll just leave it at that. >> and last question on airbnb relates to its china business. as a public company, it's going to be under more scrutiny, particularly from esg investors,

and they've already been over some heat over the china strategy how does the company navigate that as a public one >> i think just like in every situation, they have to focus on both working with regulators and understanding what their customers want and they've always done right by all of their stakeholders they have stakeholders among the guests, their hosts, their employees, their communities, as well as their shareholders and they've been very, very good at balancing all of those >> alfred, thank you for being with us today. we appreciate it alfred lin. >> thank you for your time. >> carl, over to you as we said, the latest indications that we're getting, take a look at the post where we would normally in a normal world be right next to $155 to $160, awaiting the opening trade don't go anywhere. every year, we set out to do one thing

help the world believe in holiday magic. and this year was harder than ever. and yet, somehow, you all found a way to pull it off. it's not about the toys or the ornaments but about coming together. santa, santa, you're on mute! just wanted to say thanks. thanks for believing.

♪ let my love open the door ♪ to your heart you are looking at indications here for doordash priced at $102 a share, indications to open between $155 and $160 wow, talk about delivery we'll be right back.

got some big stock debuts happening today, including at the new york stock exchange, c3 ai, which was nearly doubled, the company backed by the likes of microsoft and coke industries, run by tom siebel, who is no stranger to followers of technology. tom, good morning. indications now, i believe, are between $78 and $81 a share, priced at $42. i see the stock certificates, i believe, on the wall behind you. you've been at oracle, you sold seibel six years ago for just shy of $6 billion. if it opens at these levels, the market company will be around $8 billion. talk about the significance of all of this. >> well, you know, the markets are -- the markets will do what

the market will do i think this is a financing event for c dp3 to enable us to meet the needs of rapidly expanding demand for what we do. it's good that the markets are open again and we're very pleased to be able to participate. i think this is a great testament to the work that the employees of c3 have done in the last decade and now we're ready to expand the business to global scale. >> we were talking on "squawk alley" toward the beginning of the pandemic about the challenge that it presented to silicon valley and innovation. did you think at that time that there was any way that you would be doing an ipo this year, and what have you seen from your peers and investors in silicon valley that allows this to come to pass? >> yeah, jon, i remember the conversation very well, and no way, no how, did we look back at

february, march, april, i thought the capital markets would be closed for a long time, like the recessions we saw in 1980, 1990, 2008, i thought this was something that would last for years. nobody could have anticipated the extent of fiscal and monetary stimulus that turned this around, and the ppp program that turned this around. and so we get into june, july, august and everything is just blowing and going and markets are open, particularly as it relates to technology stocks, distance work, digital transformation, artificial intelligence, and that just happens to be our neighborhood >> tom, as long as we're comparing eras, i mean, this has been talked about for a while now, how is this different from late '90s, early 2000s are there any warning flags or signals that you're at least -- that you at least are thinking

about thinking about >> well, i think there's no similarity, really if you think about oracle, oracle went public in 1986 off of trailing revenues of $12 million. siebel went public in 1996 off of trailing revenues of i think $8 million today we see companies where trailing revenues are an order of magnitude larger than that. it's an entirely different game and these companies are generating cash. these are companies like c3 ai that i believe is a structurally profitable business, and we didn't have -- we didn't have the activity of, you know, monetary policy like we do today that clearly changes everything. >> hey, tom. it's deirdre i just want to note that the indicated range now is $81 to $84 per share. as you talk about the differences, something else that we spent a lot of time talking

about this year that has been different is sort of the role of the younger retail so-called robinhood investors that are very interested in next generation technologies like artificial intelligence. how do you see them playing into the value proposition, sort of the share price going forward? >> you know, it's a phenomenon that i don't understand this new kind of covid retail market. i hope these people are being careful and i hope they're being cautious and i hope they don't get hurt but it's not something that i understand i'm just not an expert at it. >> tom, finally, differentiation. lots of people are talking about ai you've got it in your name, i visited you at your office, we've talked through the technology i know that you guys are serious about ai and delivering real differentiation. you've got military-level

contracts as well. what should investors know about the difference between talking about ai and having fundamental technology that matters? >> there are many successful companies in this space that play in ai, companies like data stacks and snowflake, and h2o and what have you. if you take the union of the capability that is offered by all of these companies, palintir would be one, this is what we've done in 1,000 years of software engineering in the c3 ai suite so the union of the functionality in one cohesive software suite that is an end-to-end solution that enables companies to rapidly design, lever, and deploy exceptionally high value enterprise ai

applications to substantial social and economic benefit. so it is the only pure play, enterprise ai play in the market today, c3 ai. >> all right tom siebel, we are awaiting the first trade in c3. a lot of people probably don't know this, but at your desk, behind your desk, there's a picture of an elephant some years back you were trampled by an elephant, almost killed he's turning his camera off. he was so tom siebel knows a comeback you're still there >> i just pointed the camera at the elephant. >> you showed us the elephant, yes. you were trampled within literally an inch of your life, told you would never walk again. you are walking, you're running a company that's about to go public, worth billions of dollars on the stock exchange. don't count tom siebel out tom, thank you

>> jon, that's an incredible story. some very good character stories behind today's ipos. latest indications on dash $160 to $165, after pricing at $102 the opening trade now $165 to $170, excuse me. opening adtre is just moments away do stay with us. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

i'm sue herera here is your cnbc news update. youtube announcing it will now take down all content that alleges widespread fraud changed the outcome of the presidential election youtube says it made the decision following a key election deadline and a sufficient number of states certifying their results in west virginia, an explosion at a chemical plant injured four people and rattled homes for miles. authorities briefly imposed a shelter-in-place order before giving the all clear signal this morning. in singapore, a cruise to nowhere was cut short after a passenger tested positive for covid-19 roughly 28 passengers and crew were onboard that ship and in kenya, flood waters trapped jgiraffes, putting them in danger of drowning.

rescuers used a custom barge to move them to safety, four miles away to an animal sanctuary. that's the news update this hour carl, i'll send it back to you. >> there's nothing better than an animal rescue thank you, sue herera. we continue to watch for the latest indications on doordash joining us with more on the debut and ahead of airbnb going public welcome back good to see you. >> good to see you, carl. >> there's an old cliche that people in the cities, the big cities, end up saying about a business model, how is it going to play in peoria, and your general point about dash is they kind of started in peoria, not literally but figuratively. >> they started in palo alto at a hummus shot. and one of the pieces of genius about the strategy is everybody thought you needed high-density

locations to build a marketplace of their type and they said what if a high-density location is a suburb and they've been able to do that in the bay area, new york, los angeles, and obviously all over the united states. it's been amazing to watch. >> we just talked about the element with sequoia a few moments ago. in general, you think investors are still not understanding the model as it's being put forth today? >> yeah, absolutely. so the thing about marketplaces, especially a three-sided marketplace, which is what doordash is because it has merchants and drivers and customers. you need to generate liquidity, the supply has to drive demand, which has to drive supply and you have to tweak those. what doordash did brilliantly, if you look at their cohorts, they started by subsidizing the marketplace to get to liquidity, but as the cohorts aged they became profitable. when you look at doordash it's important to understand the

cohorts and age the base as you age the base, you start to see it's a contribution profitable business on the oldest cohorts if you look forward in time, that's actually really bullish for the company. >> i love that you started this interview mentioning the warren's hummus. let me ask you about the business model the three-sided platform has come under a lot of scrutiny, especially in public markets some investors think that it simply doesn't work, it leads to a race to the bottom so how do you think doordash going public at this market cap, the indicative range, $165 to $175, it just keeps climbing this morning, how might that change their minds, or might not? >> well, there's a couple of features that are important to understand about three-sided markets, but particularly food delivery people forget but dominos has seen 50x growth over the last ten years and delivery is one of the cornerstones of that

business grubhub was able to prove that it could actually be a profitable company producing net income so to suggest that a food delivery business isn't a good business model, defies the history of it. and what a lot of people are thinking, well, in a city if you think about a courier, you have to imagine that there's so little margin it's hard to build a business on top of that, but there is net income, but you have to be operationally disciplined, which is what tony and the team have proved over the last couple of years. >> if my math is right, this priced around $102 and it's now indicated between $165 and $170, talking about doordash here. that puts the market cap potentially at around $65 billion. other techs that are around that level, spotify, vm ware, and uber is at $95 is that justified? and if so, does the uber

investor, does uber the company, need to worry because the level of discipline that doordash has shown in its operations and the skill of its local ambition would seem to be running right into uber. >> you'll note that uber this year had one of the first sort of important moments where uber eats eclipsed uber rides so you think about the $95 billion for uber and then realize the fact that eats has been competing with rides, if not bigger, and that doordash is the market leader, the math doesn't stretch the imagination that far, first of all second of all, it's really important to look at the growth of the food delivery business over the last four years, and especially outside of the non-tier one cities where the growth has been 100% on an order year over year, including, and especially in 2020 so there's an amazing amount of growth in the sector there's an amazing amount of learning that's happening from all the players and there's a fair amount of consolidation

that started with caviar and doordash, grubhub, uber and postmates, who were in the prior kinred portfolio i think you'll see a maturation of space as the next companies get into the market. >> i want to mention the indication has just gone up again while you were talking, $170 to $175 now for investors who want to maintain some kind of discipline, jim cramer said don't buy this oithing over 100 bucks. if you're an investor who is looking at what needs to happen for this valuation to be justified, do you prioritize seeing them do international expansion, do you prioritize engagements like they had with walgreens where they're delivering more than just things about restaurants? are you looking at cash flow what >> well, as alfred actually mentioned earlier in the segment and as the s-1 says, act one is

food and there are multiple acts and the truth is, and uber was able to prove this, once you build a delivery network, you can start to apply it to transactable freight so i believe that these delivery networks that are powered by couriers are going to deliver more and more valuable goods in real time with convenience to the end consumer if you think about it that way, the food delivery market, which is still on the order of $400 billion, is just the first act of the market that we're looking at so there is a bullish case for the broader market itself if you think about the technology and what it is going to enable for consumer behavior. >> doordash and airbnb have had very different pandemic stories, but it feels like similar measures of hype and anticipation for their listings, seeing headlines that airbnb reportedly raised its price range for its listing tomorrow when you're talking about next act, what do you see as airbnb's

next act is it experiences, real estate what is going to get investors excited tomorrow >> my favorite thing about airbnb, a lot of people think of it as a vacation rental business, which is a $90 billion market, and i actually think it's actually not. i actually think that airbnb is actually a cultural marker for what's happening in our economy more broadly and covid actually is pulling that forward. and where it's pulling it forward is on three major factors. first is, the rise of the rental of a home. more and more people are renting than buying. there's all sorts of inputs as to why, but the asset-like mode of engaging with homes is on the rise two, work, a global and massive trend and the genie is not going back in the bottle on remote work and the third is it probably has the largest and most valuable supply pool of any marketplace in the history of the internet, which is the world's home. that's a $9 trillion market.

so, again, i'm thinking about whether or not there's a case to be bullish, those three factors playing into a market leader like airbnb, and this is really important to note, airbnb is an organic company in terms of its acquisition for the most part. airbnb is not something that you click by instagram, you say i want to book an airbnb and you go find one. and that's been an 80% plus of their demand in this first act so i think this first act, frankly, has so much more leg on it >> yeah, i love both of those takes. that's fascinating and finally, you started out talking about hummus and axios said that doordash originally wanted to ring the bell from there, their first restaurant partner, but had to scrap it due to the pandemic. it reminds you that all of these things are being done in the midst of this pandemic and that says something in and of itself. >> yeah, somebody said in the venture capital business that 2020 might be looked back on as

the first year of the 21st century and i can't help but feel that some of the digitization that we've all been watching and walking into in sort of fits and starts is actually just now coming full bore we're going to go back to seeing our families and back to restaurants and bars and in-person life, what we're certainly not going to do is leave behind the incredible digitization that's happened, and that includes ipos >> thank you great to see you >> always a pleasure thank you. as we head to break, check out the latest indications on dash $170 to $175 that opening trade is just moments away stay with us we're backn o. itw much it will c ost? - [doctor] i recommend goodrx. you get free coupons to save on your prescriptions. - goodrx, smart. - [announcer] stop paying too much for your prescriptions. - thanks. - download the free app today.

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keeping your oysters busihas you swamped.w. you need to hire. i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base claim your seventy-five-dollar credit when you post your first job at indeed.com/promo the means to get me a tutor to learn english, but i learned english by doing two things. i played a lot of basketball and that was one way to learn english. and the other way was just by watching tv. that's how i came up with my name i watched a lot of tony danza, "who's the boss" growing up. when i found out that nobody could pronounce my name, it was fairly difficult for a lot of my classmates to pronounce at the time, i went to the immigration

office to change my name the tony. >> that's doordash co-founder tony xu with me back in march of 2018 who's the boss of the ipo market today? it looks like it's going to be doordash indications now between $170 and $175 a share, carl, it priced at $102 that was a fun conversation. i learned about him, his mom's work in the restaurant business as she built up resources to go back and do the traditional medicine she was trained in and the what it took to bring this business from palo alto delivery, which he and some friends at stanford set up on a saturday in 45 minutes, to doordash today, which is getting ready to go public with a market cap that looks like it could be well north of $60 billion. $175 to $180 now we're getting into the $70

billion range, i believe, carl. >> it's amazing, jon one of the great things about any ipo day is being able to take stock of the origins of the business his story is incredible. and sort of celebrate whether the stock is going to go up or down, celebrate the capital being raised on something that began as a notion or an idea there's a look at the indications. $175 to $180 the opening trade is moments away stay with us

our next guest's company shares have more than doubled since thebeginning of the year up nearly 800%, and up for than 5% this morning. dave, good morning multi-cloud is playing a big role in what's fueling your growth here, right >> yes, what we heard from senior level i.t. decisionmakers is that multi-cloud is a strategic imperative today there was a report that came out that said about 85% of enterprises are using different services for cloud providers and they expect the number to go to 98% in three years what we offer, what we announced a few weeks ago, has been groundbreaking typically people run one app on one cloud and another app on another cloud. now you can run the same application across different cloud providers. why is that important? one is resiliency. you may have seen or noticed that there was some pretty high

profile cloud outages right before thanksgiving. when you run the app across different cloud providers, you have better resiliency you can leverage different services from different cloud providers as they compete and you get true platform independence data is hardest to move between clouds and we make that easy to customers have the choice to run their tapp and they can move from one provider to another provider easily so they never feel like they're locked in. >> tell me what this means for the competitive landscape for you. when i think of mongodb, i think of also company says like snowflake that work across clouds, but also have to compete with some of the same mega scale platforms they operate on, like amazon amazon's got some database offerings that compete with you as well. how does that multi-cloud shift affect both your individual fortunes and your fortunes

relative to somebody like an amazon that's also competing with you >> well, one of the things that's interesting is amazon -- for the first time we talked with a multi-cloud world, which is the first time they acknowledged people have a choice multi-cloud is here to stay. when we went public in 2017, there were some real questions about our ability to offer a viable cloud service competing with amazon and microsoft and even google. three years later, it's our biggest business, growing 30% year over year, close to $30 million run rate we can compete and be successful against large cloud providers. snowflake and we are going after big markets, and you offer a compelling solution, you can win. so, we feel really good about our positioning. given the fact that customers compare multi-cloud and use different cloud providers, i

think that positions us well for the future. >> what do you have to do to continue to scale your growth, your customer acquisition. talk to me about the sales motion that's necessary to continue to go up against these mega scale providers in the likes of amazon, microsoft, google in some cases, that have these huge organizations already stacked with salespeople. >> sure. we're competing with very large organizations, but we've been doing so since day one of the company's journey. obviously, our name, our brand, has only gotten better and stronger over the last few years. what i will tell you is mongodb's vision is to be the platform of choice for modern applications we believe we have all the ingredients in place we have the best database with the best technology to make our customers the most productive. we are the most popular modern database in the world.

third, we offer platform independence as we talked about, resonates with every enterprise. so, given those ingredients, we feel like we're really well positioned with regards to cloud providers, we partner and we compete. we have great and a healthy relationship with aws, same with microsoft and same with google we're working very closely with them we just made a joint announcement with amazon yesterday where our ceo was noted in their press release it's a healthy relationship. there are times we partner and times we compete. >> interpret for me what's happening in the cloud market. last week we saw salesforce intends to purchase slack for north of $20 billion are we entering into a period of maturity and consolidation if so, does that mean that you've got to think more about m&a? >> well, what i will tell you is this, every customer i talk to knows very clearly their future is tied to their ability to innovate and innovate using software and data, which is why

we're increasingly having more and more senior level conversations with customers because if they don't know how to innovate, their future will be in question so, this has become a very profound agenda point for senior level executives mongodb is viewed as a platform that's a seamless migration from on prem to the cloud we serve some of the most demanding customers around the world. they use us in almost every conceivable use case and we feel good about our future given how we've executed today. >> are you looking to buy stuff and bulk up? >> we obviously are always looking for acquisitions our acquisition history has typically been more surgical where we looked across small companies who have some compelling technology or allows us to expand our footprint more quickly. i don't think you'll see us make any mega acquisitions any time soon. >> on the heels of earning, that

stock up about 5%. thanks for being with us. >> thanks. nice to be here. let's get the latest indications on dash. it keeps rising this morning 185 to 190 the opening trade is just moments away before we go, take a look at shares of uber and grub, the enthusiasm around doordash certainly helping them uber shares up more than 5.5%. grub shares up nearly 9% this morning. ayitusig bk. st wh see yourself. welcome back to

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well, we were just talking to co-founder tom siebel cjai is up more than 130%. at this point i expect a tweet any moment about venture capitalist bill gurley about the money left on the table. any way you look at it, this is a successful debut based on where this was expected to go. speaking of success, deidre, the indications on doordash keep moving higher. this is a big order. it's taken a long time to deliver but it's looking like it's going to be hot when it opens. >> yeah, latest indicated range,

190 to 195 remember, carl, it priced at $102 so if bill gurley is going to tweet about money left on the table, he has two targets today. going into this ipo, one of the biggest questions, carl, was this question of sustainability. can this growth rate continue into next year when people start to go back to restaurants and, perhaps, don't deliver as much, but that seems to be in the rearview mirror. markets are just bidding this thing up we can see it go public at a market cap not too far behind uber, which is pretty remarkable because uber has more businesses and in far more markets than doordash >> cramer has been pretty clear, he was this morning and on twitter about not chasing but clearly the chase is on. you have to remember the range was as low as 75 just about a week ago it's a remarkable price discovery. to jon's point, there may be a

discussion of how inefficient that discovery may have been given the way the pricing has changed. meantime, disney, all-time high, morgan stanley went to 175, wells upgraded to overweight 182, got investor day tomorrow the leap into hyper space. let's get to the judge >> carl, thanks. welcome to "the halftime report." i'm scott wapner the big call of the biggest winners. joining me for the hour today, joe, jim, liz young, b&y director of strategy i'll show you where stocks are trading. we hit intraday highs. s&p and nasdaq now in the red. russell still hanging onto the green. want to show you you the doordash wait as well. we are paying aattention to that ip