good morning it is 8:00 a.m. at roku headquarters in california, it's 11:00 a.m. on wall street and "squawk alley" is live ♪ ♪ guess who's back ♪ check me out happy wednesday. welcome to "squawk alley."

i'm jon fortt with carl quintanilla and julia boorstin this hour is a morning of reversals thus far tech stocks were taking a hit at the beginning but the nasdaq rebounding strongly to about break-even in the last hour and the new york stock exchange switching and saying it's going to delist three chinese telcos afterall the s&p reaching record highs as carl mentioned just moments ago. that's where we'll start with our first guest this hour of stifle you just upgraded jd i noticed that chinese internet stocks seem to be removing in response to the delist or not delist is that just short-term noise or do investors need to be concerned about china policy going into a biden administration >> i think that certainly there should be concern relating just generally to regulatory, whether that's in china or as it relates, you know, to the u.s.

given the change in administration, i'm not overly concerned in terms of what's happening in the u.s. at this moment, and particularly the companies that you mentioned all have china in the name they're all specifically government-owned companies and so the more traditional internet names that we follow, we don't think fall into that bucket and seems to be changing on a daily basis anyway. but fundamentally what we like about jd, which is the one that we just upgraded, is e-commerce in china has normalized because they're further along in the pandemic than we are here in the states and the company has steady 20 plus percent growth and it's going through a monetization of three businesses that it owns so it ooks like it's mispriced for the growth rate, given those monetization

events that are in the process >> okay. so i think investors in general, much probably like the political world right now, are trying to figure out where things are going to shake out, whether you're talking about who has control of congress or what's going to happen with some of these stocks that have seen either a benefit from attention to tech during the pandemic or no what do you do as an investors with e-commerce here we just talked to dan schulman of paypal at the beginning of this week about his outlook for the year we talked to an investor in big commerce and wish just yesterday. how do you especially treat these kind of second-tier names, your etsy, shop-a-fy and big wishes during this period? >> so there were two questions, i think, in that one was, first, kind of regulatory environment, the changing kind of landscape

relating to what's happening politically in the u.s. and the second is around the improvement and growth rates because of the pandemic relating to smaller cap internet first on the regulatory, my view is pretty simple, which is that it's coming, it's been coming, i'm somewhat indifferent in terms of what administration you can't do a test in terms of whether it's republicans or democrats. the point is, there will be regulation these are large companies. it's time for it and kind of end of story it will be a headwind for many years to come. i think the concern more that investors have in terms of what happened overnight is actually the possibility that you get more government spending, possibly inflation and higher interest rates these are long-duration assets, and because of that you have the potential for multiple compression in the group and the investors that we talked to, that's a much greater concern than this kind of generic conversation around regulatory, which has been out there for many years as it relates to the small cap, smaller cap companies are where the bigger inflection has been

because of the pandemic. every company will be different in terms of return to normal as you've probably heard from these executives, there is a view that digital transformation, acceleration, has been pulled forward and it will never go away i'm somewhere in between there will be a return to some level of normal, it won't be exactly like it was, but there are some cases in the companies that i cover where i think valuations have gone too far, without getting into specific names, you have certain examples where theoretically growth has gone from 30% to 130% and the revenue multiple has doubled and you have to ask yourself are we going back to 30 or are we going to be something significantly less, and will these companies that have had doublings of their multiples be able to hold through that. that's going to be the conversation of 2021 for what i say small and mid-cap

internet. >> it seems like certainly there's a question of which are the companies that have benefitted from covid will return to normal, but there's also the category of companies for which covid was an inflection point tell us about your thesis on grocery and auto in particular and how much covid is going to fundamentally transform those going forward. >> i'll start with auto where we're probably more constructive on the sustainability, which is that in a purchase cycle for an average used automobile, it's about five years in nature in terms of the duration that one holds a vehicle. so the ability to be introduced to a new way of purchasing, it takes time when the pandemic comes along, there were definitely impacts on demand for a period of time, auto sales this year will be lower than last year but you're also introduced to something that in our view is a better way of purchasing a used vehicle. that sticks and the category online is only 1% penetrated

the offline market, fragmentation, definitely lends itself to internet penetration the largest 100 offline used automobile dealers only make up 8% of the market the other 92% is made up by 42,000 dealers so we see significant concentration opportunity over time that definitely favors the larger offline companies or traditional dealers, and the two online companies, carvana and vroom. we're 1% penetration headed to 10% or more over the next decade we really love that category it is a cyclical category, so higher interest rates and economy could have impacts on demand from time to time, but nonetheless, from a multi-year standpoint, we see 10%, 15% points of market share gains as it relates to grocery, this gets into more of the use case scenario of consumers are introduced to something they weren't doing before some of that will hold and then other consumers prefer

to go back to the store and squeeze the orange, you know, if you will and so i think they'll be give-back in categories like grocery and delivery potentially significantly that offset at least a good portion of the gains that were had during the pandemic >> finally, scott, whether it's those structural tailwinds you're talking about or marginally stronger regulatory execute knee, does m&a adjust at all, the calculus of whether or not you grow organically within these companies, or through acquisitions >> so for the larger companies, you know, again, this is indifferent to political party and control, attempting an acquisition right now in internet is very difficult given the scrutiny it's continued to be easier in software land where there's less regulatory scrutiny around those companies and you've had recent

consolidation with the salesforce announcement of slack. but in internet it has to be something that's outside of, you know, the core business such that it's not going to get scrutiny and that makes the list much shorter and the likelihood of transactions being much lower. so any type of m&a that historically has been in smaller cap internet i think, you know, slowly gets removed, whereas that in the software industry continues to be the case given the history and what we think the future will hold in terms of those two industries >> okay, scott, thank you. >> thank you now let's turn to one of those high-flying tech stocks, roku rising more than 130% last year as streamers led the way in the at-home trade and this morning announcing 50 million accounts joining us now in the cnbc exclusive is roku ceo anthony

wood thank you for joining us in your first interview since february. >> thanks. great to be here >> so, anthony, just this morning you announced the addition of 14 million new accounts in 2020, an increase in 55% in streaming hours in the fourth quarter the big question with the stock gain is really can you sustain this kind of growth or is it really just due to the pandemic? >> no, i mean, i think streaming is definitely here to stay, there's no doubt about that. we've always believed that all tv is moving to streaming and we're well into that transition. but there's still a long way to go 50 million active accounts is a great milestone for us we're super excited about that but there's 1 billion broadband households around the world and they're all going to get their television through streaming so there's a lot of room to keep growing in the streaming business >> you also reported this morning survey results have said

that you believe one-third of households have cut the cord you think that number will increase to a half of households by 2024. how does that impact your guidance for how big you believe the addressable market is for roku and how do you take into consideration the fact that there's still a lot of competition in this space from google, apple, amazon, et cetera >> yeah, so in terms of the cord-cutting, that's obviously a big phenomena in the united states we're seeing a lot of consumers cutting the cord and i think that's just going to keep continuing obviously we believe all tv is going to be streamed, eventually no one is going to watch tv the way they have traditionally watched it it will all be streaming so i think the numbers we're seeing show that's happening and it's going to continue to keep happening. that's in united states. in other countries around the world, paid tv is not as big and streaming is a new phenomena for them in terms of competition, we've

been competing with big companies since we started roku, you know, and we've been competing very successfully and i think there's a few reasons for that one is that we're just incredibly focused on streaming. it's all we do every day we come in and we work on building the best streaming platform for our consumers and tv partners and it's a big focus for us we also have built the only purpose built platform for tv. our competitors all use software that they've imported and we've built something from the beginning just for tv and that has lots of advantages, including things like better cost structure for manufacturers and advertising built in intrinsically and a better experience for customers we take our competition very seriously. obviously they're big companies. but i think the results show that we're competing very successfully and posting very strong growth. >> some of those rivals, apple and amazon in particular,

investing a lot in original content and that's an area that you're moving into as well i have heard a no comment from roku on the multiple reports that roku is interesting in buying the rights to quibi's content. can you give us a sense of how quibi or other content like it might make sense in roku's trajectory as you push more into the original content space >> we've never said that we're moving into original content you know, we have the roku channel, which has been performing extremely well for us last year, for example, usage of the roku channel doubled we saw that it reached over 60 million people last year in q4 so super strong growth on the roku channel and the roku channel is something that we're always working on adding more content, keeping the content fresh. so we're always in discussions with studios and content publishers and owners about

accessing their content in the roku channel that's something that we continue to do >> anthony, good to see you. it's jon forte if i remember correctly, last year you were talking about the disney plus effect driving some interest and some momentum to further roku adoption. am i remembering that correctly and are you also seeing any effect from the likes of discovery plus, peacock, some of these other names as well? is that trending consumer attention and dollars toward roku >> well, i think those are all examples of mainstream media companies getting very serious about streaming and going all in on streaming, which has been a while coming and, you know, that's just driving more interest in streaming, it's driving this cycle of consumers finding more content on streaming and moving more viewing to streaming. and roku is the number one

streaming platform in the united states, so we're a big distribution platform, probably the biggest for those services, and so it's great for them to access our customers and it's great for us because that's what drives our business. obviously we're focused on keeping our viewers super happy and building a great experience for them, but the way we make money is through advertising, con ti content distribution deals and promotions and that sort of thing. so we have business relationships withall of those companies and it's a great business for us. >> speaking of advertising, anthony, the price target on roku went to a street high yesterday, citing specifically the opportunity in the ad supported streaming services, such as peacock. how important is the avod business, as it's called, to your growth and how important is it that those services can grow their viewer hours to really drive roku's revenue growth? >> so advertising is a big part of our platform, what we call

our platform segment or platform business, which is the way we monetize our platform. if you think about the fact that all tv is moving to streaming, that means all tv advertising is moving to streaming and that means that the way advertising is bought and sold for television is completely changing it's no longer -- i mean it is the case, of course lots of ads are still bought on traditional tv, linear tv, but in the streaming world, which is where the viewers are moving to, the advertisers are also following the viewers and moving to streaming. in the streaming world it's more like a digital ad platform with targeting data being very important, the technology being important, the customer base being important, the data available, all of those things that's something that we've put a lot of effort into over the last ten years and continue to put a lot of effort into and we are a leading streaming ad platform. it's a big part of our business. >> finally, anthony, i want to ask you about what the future of your workplace looks like

post-covid this is our first time talking to you on cnbc here since the pandemic began i'm curious how much you believe that your office will be fundamentally transformed by the pandemic and whether when you do return to work you anticipate requiring your employees to take a vaccine. >> well, you know, so i'm not sure when we're going to return to the office. your guess is as good as mine. but we will return to the office we will primarily operate, i think, the way we always have, just primarily in offices around the world. hopefully that will happen in the second half of the year when the vaccine starts to roll out en masse i'm sure some people will work from home, but i think getting back to the office is what a lot of people want to do and will help productivity. so i'm looking forward to that.

>> i hope you'll come back and talk to us again soon. thank you so much for joining us after announcing the big growth numbers this morning. >> thank you it is a big recovery for tech's biggest names names like apple near a flat chne te is the one sector that just can't quite get back into the green. "squawk alley" continues in a moment don't go anywhere. mom! at&t has the deal for new and existing customers! i will. so what'd she say? wrong person. guy named carl. but he's very excited and on his way. word-of-mouth advertising. it's what they did before commercials. it's not complicated. everyone gets our best deal, like the amazing iphone 12 mini on us.

congress will meet not too long from now to officially count the electors amid the backdrop of protests >> take a live look at the scene where we expect to hear from the president any time now president trump is expected to head over and talk to the crowd which has gathered these are the hard-core trump supporters who believe the election was stolen. they are angry and frustrated. the president is expected to talk to them and rally them. to what end is unclear because the election is over and will be finalized in the house of representatives today. the key here, though, is to watch what the president says about mike pence, because pence is the guy who is going to be in the hot seat today he's going to preside over this joint session of congress that starts at 1:00 p.m. this afternoon in washington. it's the house and senate meeting in the house chamber they are going to meet together to count those electoral college

votes state by state in alphabetical order if there are any objections in writing that are made by a member of the house and a senator, then they're going to have to dissolve the joint session and break back up into the house and senate and debate for up to two hours on the objection and then majority vote wins you have to win both chambers in order to have the objection be sustained and that means that this isn't going anywhere. we expect about a dozen senators to participate in this, a lot more sort of trump loyalists in the house side participating in it we don't know exactly how many objections at the end of the day, though, they're not going to win over the senate where mitch mcconnell, the republican leader opposes this effort and they're not going to win over the house of representatives where nancy pelosi, the democratic speaker of the house clearly opposes this so they're not going to succeed, but they can make it awkward and lengthy today in terms of how long this takes with two hours for each objection we don't know how long and whether they're going to be able to do this today or it's going to bleed into tomorrow

but the result is a foregone conclusion, joe biden will be formally declared the winner of the election, kamala harris, the vice president of the united states on we go to election day the question is what the president says to this crowd, how they behave and what we see from some of the objectors up on capitol hill, carl >> all right >> i heard you say awkward and lengthy, which could be a description for a lot of the election action this cycle eamon javers keeping an eye on that meanwhile, morgan stanley taking tesla's price target up to a street high of $810, after better than expected fourth quarter deliveries you see it up about 4.5% don't go anywhere. we're back in a moment he risk he risk and potential profit and loss. could've used that before i hired my interior decorator. voila!

maybe a couple throw pillows would help. get a strategy gut check from our trade desk. ♪

shares of amc entertainment are on the move this hour. that stock up over 6%. the operators are in talks for a

financing deal that would leverage its european assets and allow the uk unit to borrow more than $400 million, according to dow jones. ceo adam aaron told c bonbc yesterday that the company needs to raise money to make i rough the pandemic we'll keep an eye on that story. there's more "squawk alley" coming up after the break. stay with us competition beat us, again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. got to do something. workday!

i think i got something. work... hey, rob, you're on mute. hello. [all] hey... there he is. workday, the finance, hr, and planning system for a changing world. ♪ch-ch-changes to listen, is to hear more than what's being said... and offer the answers that make someone feel truly heard. i understand, let's get started call a dell technologies advisor today.

welcome back, everybody. i'm sue herera here is what's happening at this hour wikileaks founder julian assange has been denied bail and will remain in a british prison the ruling comes days after the same judge found that he could not be extradited to the u.s. to face espionage charges police in hong kong have arrested more than 50 pro-democracy activists accused of violating the national security law it is the largest crackdown by beijing since imposing the new measure in join, which is aimed at bringing the territory more in line with mainland china. four suspects are in police custody after trying to break into the home of dr. dre the attempted burglary happened just hours after he was admitted to the hospital suffering with a brain aneurysm and there was a bench-clearing of a good kind at last night's world junior hockey

championship team usa beat canada 2-0 and they took home the gold. you are up to date that's the news update this hour carl, back to you. >> sue, thank you very much. we're watching the nasdaq closely this morning of course it has reversed all of its earlier losses we did see it in the red as investors worried a bit about potential regulatory pressure. former twitter ceo and managing partner dick koslow is back with us happy new year. >> happy new year. great to hear you. >> it's good to see you. let me ask you to put on your old tech ceo hat and ask you whether or not you would be worried about heightened regulatory scrutiny on a day like today >> 100%. it's not just potential democratic control of the

senate you've been hearing the same sort of things with regard to the gop, not just with tech regulation, but section 230 of the communications act which has a lot of impact on how tech spends their time editing or nod editing content on the platforms. i think there will be a lot going on and they'll be come at from multiple angles the challenge is companies don't really do a good job of teaming up as an industry and going in with one voice to government and saying this is how you should think about it they tend to go into these closed-door sessions and say, hey, senator, if you think we're bad, look what these guys over here are doing and giving ammunition of how to go after their competitors. so i think that's not going to serve them well and will result in probably multiple regulatory measures against many of the companies. >> which have what kind of results? >> i think it could have a lot of different results there's obviously conversation

about breaking up facebook and removing instagram and whatsapp. i think mark and the team there have been saying for years we're going to inlt grategrate the bad of all of these services, which that will make it virtually impossible to pull them apart. and then on the other side you've got folks like apple who are charging a 30% fee, i'm sure we wouldn't appreciate the term, but a 30% charge on all subscriptions and on anything you buy on ios, which it's hard to argue that's not a monopoly so i think they're going to be coming at them from lots of different angles and i think they should be rightly concerned. >> will it though, dick? i wonder, even though, yeah, there is a likelihood at this stage of democratic control of the senate, we've also seen in recent years that when a party gains some amount of control or

power, we start to see the factions within that party start to make demands and it seems like it will be a lobbyist's dream to turn those factions against each other and prevent certain things from getting done. >> yeah, i don't disagree with you at all i think it will be europe where this happens first and one of the reasons i don't really think that, you know -- i guess one of the talking points here in the u.s. is that democratic control of the senate is going to turn us into stalinists by tuesday. that's not going to happen i would be more concerned if i were the tech companies about the eu, which seems to have a much more unified front in the way they think about leverage and monopolies and to be fair, more sophisticated thinking in the way they're talking about coming after some of these companies. so the companies are probably thinking about we're going to have to defend ourselves in the eu first and that will be a preview of what might happen down the road in the u.s >> dick, i want to ask you to take off the tech ceo hat and

put on your investor hat i'm curious how that outlook on potential regulatory overhang and also your perspective on the end of the pandemic whenever that might be impacts your investing thesis as you look at making investments on startups >> yeah, in the private market i think you've seen most of the work-from-home kinds of companies, you could categorize those broadly, are fully priced. i think that the up and coming private markets, early-stage private company side, there's a lot of energy and velocity behind what i'll call broadly collaboration companies. companies that make it easy for workers to collaborate jointly on documents, project work plans, status, et cetera, from wherever they are, whether that is a more productive inhouse collaboration tool while

everyone is in the office or whether they're working remotely so companies like air table, which are a personal investment end that, hey, if you know excel and you know pivot tables and all these sort of sql queries and programming, you can interrogate our company's database and find out these interesting things but if you're a salesperson in the marketing department,you have to go ask someone with these no-code tools like air table, there are a number of them that make it easier for everybody to collaborate on projects and get results without having to go ask the one smart guy who understands the database configuration. so companies like air table, companies like notion, robotic process automation companies, i mean, these are all pre-public companies, but there's a lot of energy behind them and a ton of momentum and you're seeing most of the big smart private market investors trying to get into them i think these will be names

you'll hear about in the public markets in three, four years. >> you're good at bringing us some of those names early, dick. and it does sound like the well understood stories like work from home, you think they're pretty fairly priced here. >> yeah, i do. and i think post-pandemic it's not -- i think there's this maybe over-shift to thinking well, this is the future, it's always going to be like this i don't think that's going to be the case i think post-pandemic, where i would be looking to invest post-pandemic is, gosh, everybody i talk to can't wait to get back on the road and travel i've been -- you know, no matter how much you love your family or your dogs and cats, the ninth month you wake up in the morning and the dog is sitting across the bed from you whining to go out and you're like, i've got to get out of here. so i just think that the hospitality market and travel in general, and there's just this overwhelming sense of, man, i've been cooped up for ten months and i can't wait to get back out

there and see the world. i think companies that are in that space and serve that space and have been depressed obviously for the last nine months or so with some exceptions like airbnb, i think those companies are going to be great places to invest and have just tremendous demand maybe more than we saw pre-pandemic i do think there's a possibility of having sort of a roaring 20s where the world comes back to life and everyone wants to get out there and do more. >> dick, we look forward to getting through this year and some of the changes that are headed our way with your help. thanks again good to see you, as always >> thanks for having me. appreciate it. next time we see him, i want to ask him about chorus, the fitness app. meanwhile, some momentum from ons citi double upgrades the stock to a buy from a sell we're going to have the analyst behind that call join us next. stay with us

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busy week for miccron, city gave an upgad. they go from 35 to 100 we'll get earnings this week as well joining us is the analyst behind the call christopher, great to see you. thanks for the time. >> thanks. happy new year and thanks for giving me an excuse to wear a collared shirt >> it's a great read, an entertaining read, but you know how the street often takes an upgrade, especially a double upgrade, with the stock at new highs. why now? >> yeah, great question.

the stock is up about 40% in the last couple of months, so we freely admit that we're a little bit late here. the last time i upgraded it in 2016 i was a little bit late, too. really what we're seeing is the beginning of an upturn in d-ram. micron is up about 70% and that's the memory in your cell phones and servers the average upturn lasts about two years. the last two have lasted two years. and the stock is up 40%, but it's only been going up for the last two months. so for two months into a roughly two-year upturn, we feel fine about the timing it's not ideal again, the last time we upgraded i think it was about four and a half years ago, the stock was also up about 50% off the bottom so we would rather get these d-ram cycles right because the space is so vl till, especially given last year we had a bit of a double bit memory pricing went up over the summer and then it crashed out again in september

micron had a pretty bad quarter. so we don't want to run into one of those issues. we wanted to make sure we were on the path to a sustainable upturn. >> so it's really the sustainability of the upturn, which you think could last at least a year and maybe two >> exactly so we looked at the last two upturns. both of them lasted literally within a month of two years each so if you look at d-ram pricing, it looks like it's going to go up this month or this quarter and we think that it's the best supply/demand imbalance, ie, not a lot of supply and a lot of demand, the best imbalance we've had in three years we really think we're at the beginning of a strong upturn that could last at least a year, if not two years again, the last two upturns have lasted two years. >> christopher, it's jon fortt forgive me the wednesday morning quarterbacking, but you had a $35 price target on this

that's around where it was at the march 2020 lows pandemic-induced there and now you're doing a double upgrade, which is gutsy. what faked you out about micron and the d-ram action in 2020 and what can we learn from it? >> sure. so really the stock was, i think, the third-worst performing semiconductor name last year and this is despite the 40% increase they had during the last couple of months. so it really wasn't a great year if you look at the entire year for micron i'll admit that i'm a little late, but like i said before, this is an extremely volatile space. micron was making $4 a quarter in the last upturn and it looks like they're going to make about 58 cents this corner so a very volatile space we wanted to make sure once we upgraded we had a bit of a sustainable upturn to be honest, i did not anticipate the investors discounting this upturn so

quickly. now, given the valuations in the market they seem to be discounting about everything but, again, if we're two months into a two-year upturn, we think that it could go for two years, if we're two months into it, i'm okay with that again, the last time we upgraded back in 2016, the stock had had a nice bounce off the bottom we just wanted to make sure we were in a sustainable upturn >> christopher, we just had a board with some of micron's rivals up there as well. as we hear from micron in the earning report tomorrow afternoon, what are the key metrics you're watching to understand where it fits into the competitive landscape? >> sure. so, again, we don't get too concerned with the competitive landscape because there are essentially three companies out there. there is definitely a sense of -- in fact, our samsung

analyst that i talk to probably more than my wife these days, the samsung analyst cut the capex companies roughly three or four days ago. the spending has been low for the last couple of years the call on micron is more of the d-ram cycle. if you look at them versus a samsung, they're roughly a year behind samsung but, again, it's all about the cycle and the d-ram or memory cycle. once the cycle is going, all of the companies could do very, very well. that's what we're mostly concerned about, is the cycle. >> christopher, appreciate it. it's great to fill out the note with some of your comments and we'll see what the company says about the road ahead thanks very much >> happy new year. pot stocks are on fire

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service datadog, soaring 145% over the past year as demand from customers like peloton, whole foods and twillio jumped what's in store for 2021 ceo olivia joins us. cloud monitoring, cloud security is so much of what you do, i want to ask you about the solar wind we've been talking about over the past couple of weeks. what is it about your monitoring, your technology that fits into the story line is this something you could have detected or that you're building any kind of resources to monitor against in the future? >> well, hi. so, the solar wind hack is a big one, especially for hacks like this one, but a -- we can be

clear if it's more of an arms race, it's not surprising companies are transforming, they're having more and more of their activities happening online, software so there's much more that can be done with that software what's interesting here about the solar winds hack in particular is that, you know, it's what's called supply chain attack, meaning the attack was made on the goods shipped to the solar wind customer. and there's this new notion called shifting left by left it means closer to the developer, to the developing process. and i think there's something interesting there as to us by bringing security early into the developing process and tie it more into the operations and development of the application there's something we're investing in and something we

think is going to be an investment in the future >> so, let's talk about your growth, some of the areas where you have seen growth, where your customers have experienced strong demand, streaming, online education. what do you expect to continue to have momentum in '21? >> well, i think, pretty much all of the above will continue to have momentum this year we have seen fairly brutal changes in patterns of utilization to cloud streaming, as you mentioned, video conferencing, online gaming, all of that will spike quickly. even if you think of the domains that we're impacted by covid past travel, when all of a sudden everybody had to cancel activity, it meant more online

activity where we see that is it's a big win for the cloud engine because companies could change their minds. they could decide to scale up, ship to have them at different scales instead of having to spend six months, we do it to the data centers, they can do that quickly in the cloud that's a big win for the cloud next year we see -- we still see some scaling from those customers. we see some of the industries that were negatively impacted coming back online and scaling back up. across the board we see more and more, i would say, renewed urgency around digital transformation, precisely because the cloud made possible for the companies to react >> interesting you don't think about the fact that airbnb needed more access when people are canceling their reservations i'm curious as you look to next

year, how much of your growth will be about getting each of your customers to use more of your products? now 71% of your customers use two or more products what is your goal or your expectation? do you want your average customer to be using four of your products? what is that number? >> the number is going to grow over time. obviously when you talk about two more products, the goal is 100% we come from 50% a year ago to 70% this year. the growth is to add but what we see is if you zoom out a little bit, there's a very large space that we can solve for our customers. when you look at their -- our customers move into the cloud, transforming into software, creating complexity and they need help. that help starts with monitoring, which is where we come from but spans many other things

user security, as we mentioned and there's many other things we can do for those customers the way we see the market. it's super early, there's a lot more we can do and we'll be building a lot more for those customers. >> you at datadog are one of the few kind of pure multibillion dollar software companies clint headquartered in new york, so i'm interested in your work styleout look for 2021 do you continue to remain working from home? do you expect to remain doing that if you return to offices as a workforce, will you be expecting/requiring employees to get vaccinated >> so, nobody is going back. we're just going forward i think there's going to be normal, new normal we're not quite sure yet what it's going to be one thing that we said in 2020, and probably the most -- in 2020

is that humans are very, very adaptable. if you look back at march to when everything started coming down, nobody could imagine that a year from now we would all be working from home and not setting in an office but yet it worked everybody did it the world kept running actually, we were very successful adapting to new settings for our customers and adding new products. everything worked. i think what we'll see in three months, six months, hopefully not too late this year, is we'll see humans adapt to a new normal we don't know what it will be yet. but i think it's hard to say exactly. >> of course, yes. ceo of datadog, thank you. i was referring to datadog's market cap, approaching $30 billion. quite the valuation they have there, too >> yeah, good interview snoop. s

as we take a look at washington, president about to speak. we have heard from some congressional leaders like steny hoyer, mitt romney chuck schumer a few moments ago said he's confident of the democrats seizing control of the senate and says $2,000 checks will be one of the first items on the agenda that he and mcconnell have a lot to talk about. we will monitor that let's get to the judge >> appreciate it, thank you. i'm scott wapner democrats move closer to taking control, what are the implications for your money? stocks already moving on the results. we discuss, debate, and we'll do that, about what lies ahead with our investment committee joining me for the hour, john, liz young. let's check the markets. s&p and dow hitting ne