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well, happy friday welcome to "squawk alley." i am jon fortt with carl quintanilla and deirdre bosa, a week that saw a new biden administration get started in washington and change elsewhere surging in tech and in markets we're going to have a fintech player, content moderation on the show, but we're going to start with what's not changing yet, the direction of revenue at ibm and the strategy for manufacturing at intel as we look at those two stocks post earnings ibm down considerably this morning. intel, too there is a bit of an asterisk with intel that report came out before the bell yesterday afternoon so the stock popped and now it's coming back down so it's not far off where it was before the earnings came out carl, i just really think that when it comes to these two

companies investors need to zero in and think fundamentally what these companies are and perhaps what they should be. >> yeah, jon, i'm looking at a report this morning that is a boutique research firm that reiterates 55 for intel. we're worried about being behind in process technology, they say. turns intel into ibm i know you know pat gellsinger well why is the focus so importantly on 2023? >> i don't think it should be, carl i think when you look at process technology, and that's the making of the chips, we have these different terms that are based on the space in the chips, we're talking about the difference between seven nanometer, five nanometer. every chip manufacturer names their process a little bit differently. seven nanometer at intel isn't

the same at tsmc so the degree to which intel is behind is not necessarily as clear as it looks on paper we really have to hear from pat gelsinger who was at intel before he left and went in to lead software companies elsewhere. need to hear his assessment there before we get a full sense of what intel strategy will be also, process technology manufacturing isn't everything here there's a big move throughout tech in infrastructure toward customization. customers want to do like what aws is, designing their own chips for their mega scale cloud configured is intel going to be able to play in the market look at what apple is doing, building its own chips for macs, seen as a negative for intel, and right nowit is but what if intel through its

design and manufacturing process is able to get business from companies like apple that want to do their own custom thing i'm curious what pat gelsinger will say about those possibilities. >> and we did hear from him. he popped on the earnings call yesterday, jon, and a lot of excitement about him coming back but he is a veteran. the first cto of the company i was covering ibm earnings, i was on the earnings call yesterday. there was no pop, it was straight down once the results came out bernstein analyst cut through a lot of the noise of the quarter and asked point blank if ibm despite all of its talk now about being a cloud, a hybrid cloud company, he asked if perhaps they were actually missing the cloud. have a listen to his question.

>> i guess the question is and the elephant in the room is how do you know that there isn't something more sinister afoot here, that there's an accelerated migration to the cloud that you are not -- ibm is not participating in >> i mean, that was such a telling question because the new ceo is putting all of the chips on hybrid cloud and ai capabilities he really didn't give us a good answer to that question. instead he spokes about getting to mid revenue growth which has proved elusive for the company ibm has seen it decline on an annual basis and we didn't hear a great case on how they get back to growth this year also, their forecasts, we haven't had a forecast, any guidance from ibm since april.

they were giving it but it was a vague revenue growth number. >> go ahead, jon >> i think that's part of the question, deirdre, what you said about arvind putting the chips on hybrid cloud. the emphasis is on hybrid cloud, but they're talking about quantum, hybrid, and as this cloud migration happens what is the strategy so that the share of the business ibm is getting actually shows up in revenue increases and profit expansion right now that hybrid cloud stuff is buried under so much else in a report like this one you can't see it >> yes and, jon, i'm so glad you bring that up. they talked about watson remember i covered the company and kept asking them break out watson if it's so important to the company. they never did

now watson has sort of gone away they used to mention it so many times on the earnings call and now it's the ai capability and the shift to cloud when are they going to break that out, when are we going to get a clear indication of how it's doing, carl >> still a big piece of their marketing for sure let's talk about this with our next guest including one who writes that the president has a big to-do list when itcomes to tech policy. happy friday good to see you both >> thank you >> before we get to tech policy i want to get your thoughts on intel. i know you say it says something for a company this large and famous they have to entertain questions about what they continue to do in house. >> yes, it's the conversation you were having a minute ago about this discussion which is

shocking should they outsource their computer chip manufacturing to others. that is a really telling statement about one of america's leading technology companies that was on the vanguard of chip manufacturing and now has kind of fallen doo. >> steve, are yo-- do you go that far and if you do, does it say something about the old familiar question we've been asking for years and that is can you run an engineering company with a person whose background is in finance? >> yes, well, intel, as shira mentioned, is domestically manufactured set of products for them to adapt this way, they're known recently now for being slow to be fast they're going to have to outsource that manufacturing where a lot of the time is spent. it's not a choice, it's a

necessity if they want to be best in terms of pat gelsinger and what he brings, he was a long time engineering lead er in vmware if you were to use the early stage startup play bobbing for how to revive intel from its slumber and having to compete with the amds and nvidias of the world it makes sense to bring back the prodigal son and have them, with a deep knowledge of how the products are built, also the organization as well, and the history and legacy of intel, i think that's the right move. i don't know that it's enough. i think this is -- they've created the best outcome by making all these moves but i don't know that it's enough because i think in today it's all about being fast and i think the other two competitors in the u.s. have proven that. >> yeah, prodigal son indeed

shira, we've been talking a lot this week about the new administration and what it means for tech particularly regulation how are you viewing it we have seen a comeback over the last week or so in big tech share prices, perhaps this thinking regulation still seems very far off i've been arguing it's not going anywhere what do you think the biden administration -- what approach will it take and what gets looked at first in terms of regulation >> yeah, look, i agree with you and, for me, once the pandemic is under control the tech policy priorities for the biden administration are not that different from the trump administration, which is what, if anything, to do about the power of big technology companies including facebook and google, how to counter the growing influence of chinese technology around the world. and what are the best approaches to bring more americans online the pandemic has made stark that

gap between people who can't afford and access the access and those who can. >> steve, i wonder, obviously it will be a topic for us in the coming months and years but given the amount of challenges that the administration has with the pandemic, with the recession, with russia, i just wonder whether or not you think tech can breathe easy even for a little while because they're slated fourth on this runway right now. >> watch this from the inside i have to say we have to change the framing on how we're looking at technology. technology has been the driver of growth for this country for decades. it's also been a great driver of jobs if we look at the country, all the companies we assess every day this country is going through a digital transformation whether we like it or not.

and one of the things the biden administration can do on a federal level but promote at the state level is job growth. education, training, retraining, digital transformation for people that need to be part of this economy and one of the things there's a couple measures, one is promote education and training at the local level. number two is promote reopening immigrant activity and entrepreneurship by using h1bs in a balanced way. if you look at the stats half of the fortune 500 companies today were started by immigrants or children of immigrants if you look at small to medium sized businesses 5 million jobs created by recent immigrants i think about growing the economy bottom up using technology as a sector that can drive that and constantly painting it as the enemy or

counter positional to economic growth and balance is not the right way. growth has always been the key driver of success whether we'vee within the country that is still a question that needs to be worked on. our country has been about entrepreneurship and growth. to turn our backs towards that would be a big mistake >> well said, steve. certainly something we'll be chewing on for the coming weeks. we appreciate you helping us start out the hour shira, steve, thanks >> carl, we'll take a look at shares of gamestop remember that ridiculous surge last week that everyone was talking about. that has not slowed down a double digit gain this morning and up more than 150% since the start of the year. that is over just a dozen trading sessions stila t resqwkll" l lomo "ua aey ahead. omer and i want your best new smartphone deal.

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and thank you for your continued interest in marqueta >> it's a household name in fintech. you issue digital credit cards so instead of getting that piece of plastic in the mail, your partners, square, uber, coin base, goldman, they can get digital credit cards to someone right away so they can start spending on their phone. quantify some of that growth that you've seen for us and demand in digital cards this year >> marqueta is an open platform for building payment card products, visa and mastercard, credit, debit or prepaid, similar to the cards you probably have in your wallet or purses today for example, door dash uses us for their drivers use our cards. doordash cards powered by marqueta when they drive to pick up your order at a restaurant our technology allows them to do a

number of data points to make sure they're picking up the right order at the right time for the right amount at the right location making sure that driver is on shift a big part of what we've done since 2016 is the digitization of cards, the ability to take a card and drop it into apple pay or google pay. >> and you work with a firm that's amajor partner for you. they went public just a couple weeks ago. you worked with after pay. the ceo levchin was on talking about disrupting the credit card industry and changing the way revolving credit works what are you seeing in the buy now, pay later and should companies be worried >> so companies like affirm, we enable companies through a

platform, disrupters to disrupt like affirm. we've seen through our own research that 70% of consumers have used affirm for the first time since covid and we've seen that they're going to continue to use these types of technologies so our technology connects companies like affirm, like after pay to the point of sale online it allows them to find a shorter time to get specific merchants up and running and we've seen where these digitization of technologies have gone by the speed of light since covid we've also seen a massive reduction in cash. and we've seen how consumers are used to using this technology whether it's paying with a phone at the point of sale or affirm's buy now/pay later solution >> jason, it's deirdre good to see you and good morning. jamie dimon said a few things

about fintech on the last earnings call. one of them was that jpmorgan has to be prepared to build wit label products for faangs but build whatever service they want you talk a lot about being partners, enablers to banks and others but can you say that you won't be a competitor in the future as well >> we power two of the largest banks in america, goldman sachs and jpmorgan chase we enable disruptors to disrupt and we've seen where large banks like jpmorgan chase markets can do that. >> you mentioned that, jason, but will you be a competitor is my question? can you build product on top of what you are doing to eventually become a competitor? >> we're not we're a core infrastructure. we are the intel inside. our goal is to power whether it's commerce disruptors, large merchants and large issuers.

they have seen what we've done with square cash and after pay and door dash so they're coming to marqueta and leveraging our platform to do that. >> give us a sense -- good morning. it's jon fortt give us a sense of the longer term vision of the types of transactions that you can accelerate, that you can enable, the friction that you can take out of the system by doing both exactly what you're doing now and different extended versions of what you're doing now to enable new commerce. >> the platform leverages visa and mastercard they have interconnected every merchant in the world. digital banks and it's not just an american or european phenomenon, it really happens around the world

so as we see companies and entrepreneurs building in their specific country to service these constituencies, we're seeing new business models or existing business models being grown around the world and marqueta really looks to service that disruptor with our infrastructure and our technology so i think we're scratching the surface in regards to the new business models that we're beginning to see as we're connecting to the point of sale. >> jason, it's kate again. i want to ask you about coinbase, a big partnership you announced last year and that bitcoin could become that everyday mainstream payment method what are you seeing in terms of usage there, using by the coin to pay for things, and are people willing to spend bitcoin when it's as volatile as it has been this week >> so bitcoin when it hit $30,000 people want to begin to spend that at the point of sale and you can't just spend cryptocurrencies at the point of

sale in our partnership with coinbase they're let in time technology to really connect cryptocurrency to the point of sale and instantly con ferc convert that and they can decline transactions based on the coin base's user -- coinbase user's cryptocurrency balance. in a way it creates a pressure valve that's releasing as we see the cost of bitcoin rise these consumers can spend at point of sale >> got it, jason we'll leave it there thanks so much for being here. deirdre, back to you >> thank you for having me >> to jason as well. marqueta is a former disruptor 50 company which is timely cnbc is accepting nominations for its disruptor 50 list. julia boorstin has more as she leads the project and it's

always an exciting time particularly in the bay area i have lots of companies asking me how to be a part of that. >> thank you, deirdre, it is an exciting time and now new companies to make it on the list is bigger than ever because we've seen a record number of companies graduate from the list in the past seven months there have been eight ipos, more than in any other year after the list was published. it includes many companies in the consumer space -- airbnb, doordash, consumer financing firm affirm. root insurance and lemonade. the ipos include c3.ai and cloud services company snowflake another software company filed a confidential one to go public and two more spac mergers among last year's disruptor 50

the index is an equal waiting of companies from past lists is up about 145% in the past 12 months compared to the nasdaq gain over the same time period and the next round of ipos is increa increasingly likely to come fire more than half of the disrustor 50, 33 companies, based outside silicon valley and that trend seems likely to continue pitch book predicts in 2021 silicon valley's share of funding is expected to drop below 20% in terms of the number of deals now it has fallen every year since 2006 >> i think we lost julia some fascinating figures there and not surprising given the trends we've seen in venture capital. julia, thank you very much for

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welcome back, everybody. i'm sue herera here's your cnbc news update this hour. the second impeachment trial of former president trump is set to start next week, a bit earlier than many had expected senate majority leader chuck schumer removing all doubt that the case will go forward >> make no mistakes a trial will be held in the united states senate and there will be a vote on whether to convict the president. i've spoken to speaker pelosi who informed me that the articles will be delivered to

the senate on monday >> in washington national guard members will not have to sleep in garages again hundreds were forced out of the capitol building by capitol police they returned after outrage from many including senators and an apology from the police. hank aaron has died. the legendary slugger hit 755 home runs including his iconic 715th which put him ahead of babe ruth. hank aaron was 86 years old. that is the news update. "squawk alley" will be right back em 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

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welcome back our next guest's stock was one of the biggest winners of 2020 up more than 350 mers in the last year. now this morning announcing it wants to help distribute vaccines in fair shot. joining us is cloudflare ceo matthew prince matthew, good to see you tell us about project where people can see where they are in the queue for vaccine distribution and why you think this is an important addition. >> around the world we're going through what is one of the most difficult logistical challenges in all of human and i think what our employees were struggling with and a lot of our viewers

are struggling with is getting their parents or themselves registered for the vaccine as it's coming out. we've seen time and time again websites set up to administer those appointments crashing under load while we couldn't help with cold shipment or help with administering the vaccine cl cloudflare could help people get a fair shot at getting their vaccine. this morning we're announcing that if you're a government municipality, a hospital, a clinic, a pharmacy, that is charged with scheduling these appointments that we'll provide our technology and technology expertise to make sure can you keep up with the demand and make sure the people eligible for vaccines can get them. >> you raise such an important point about logistics because the speed at which so many of

these vaccines spoil because they need to be refrigerated, they need to be used it is staggering and we're hearing these stories about janitors at one place getting access tine while people with pre-existing conditions, age ovn vaccinated what is it we can learn about what we're seeing so far in vaccine distribution and how technology needs to be brought to bear throughout society >> i think we all as technology leaders have a duty to help humanity in this time where we're all suffering. and we all are rooting to get past this disease as quickly as possible what we realized was while we can't roll the trucks, the refrigerated trucks and give the shots, you, if you're eligible for a shot when you go to

register the site holds up and works and that's what we're good at, making sure the internet works the way it should and we're proud of the roll we've played when the world has needed the internet even more than before >> i want to talk about something else that's been in the news which is this deplatforming or whether it's aws saying to parler, your standards aren't up to the terms of service we set forth. apple, twitter, which is somewhat different taking the president, at the time, donald trump, off its platform. you have dealt with similar issues with others what standard ought technology companies use to take offending

customers off a platform while being transparent, consistent and fair >> we've been writing about and consisting on for the last five years. the reality is it's an incredibly difficult issue shopify is a customer of ours and chose to kick some of their customers off. had we chose tone do that before they did, we would have undercut their ability. depending on where you are in the stack, you might make different policy decisions ultimately the line of individual starts with the individual users, the platform and then the host and finally as the final backstop the network provider my advice would be you need to be transparent in your process, think about due process and you need to own the decisions that you make it's your company and you can

pick who is and who is not your customer that has long-term implications of trust not only for the customers that we might all cheer when they get kicked off you make arbitrary effective decisions. >> along those lines, matthew, and i'm glad you made this distinction, different levels, that twitter, facebook, youtube have handled these content moderation issues over the last weeks, months and years. are they different issues because their social media platforms are at a different place in the stack, do you think they were transparent along the way? >> again, the responsibility is different. i think that platforms that act much more like editors if they are actually promoting content if they are moving -- >> is that a greater

responsibility >> i think absolutely in the same way a newspaper would have a greater responsibility that sits behind it a complicated set of decisions be as transparent as possible and expose the processes that you go through that's something that we have done as we have thought through these issues and i think it's helped us as we have to think about them going forward >> thank you for that candid answer it can be sometimes difficult to get from tech ceos matthew, i want to go back to vaccine distribution and it feels like here tech can have a really key role in that distribution cloudflare with the digital waiting room amazon offering to help the biden administration with last mile

are you talking to other tech ceos about ways in which they can help >> first of all, it's important for everyone to look at the platforms that they have and ask is there a role that we can play in helping humanity get through what is one of the worst crises of our lifetimes and that's what we do at cloudflare is ask are there things we can be doing others have expertise and logistics stepping up. we're not asking to cut the line we want to wait our place. we're not asking for our employees to be first. we want to make sure the people the most vulnerable are the ones that get the vaccine first and foremost if we can provide the technology it's imperative to be doing that at every company i would hope the leaders are asking themselves what can we do.

>> these efforts lead to a vaccine being distributed more smoothly and as equitably as possible matthew prince, ceo of cloudflare, thank you. >> thank you instacart cutting about a fifth of its grocery store workers. nearly 2,000 jobs thursday as the company shifts from in store operations to more of an emphasis on curbside pickup. all ten of the workers who voted to unionize were let go as part of the announcement. instacart ceo told us just a few weeks ago that the company is planning to grow head count by 50% over the next six months read more on this story and instacart's upcoming ipo on cnbc.com

asana lower today, just barely the facebook co-founded company is up about 35% since the start of the year. that would make it one of the top performing s&p names of 2021 so far what's behind the surge? go to cnbc.com for some answers. we're back in two minutes. award-winning customer satisfaction... insanely great value. choose. all. three. ready when you are. keeping your oysters business growing has you swamped. 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

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our next guest writes that bumble's bet on women ahead of its ipo may not pay off. "the wall street journal's" laura foreman joins us now, tech columnist for "heard on the street." good morning it is great to have you. the idea your column lays out is that it is great, it is empowering to have women make the first move on a dating app, but that might actually be market limiting. how so >> hi, deirdre, thanks for having me. the future, of course, is female bumble tells such an empowering story. the bottom line is the vast majority of dating app users are men. and that fact alone makes a platform like bumble which is very female focused inherently market limiting. >> right and in a year, actually the past

year, in another year starting where we're seeing these really anticipated ipo names go just gangbusters when they reach the public markets you look at a bumble and what seems like strong revenue growth of around 70% in 2019, we have seen doordash and airbnb and others surge on slower rates of growth than that but your column also argues that that isn't as good when you look at some of its peers >> right, exactly. i'll admit when i saw that 70% number and revenue growth in 2019 that was eye popping for me but then when i compared it to tinder, for example, which is more popular with men, that company grew 138%. so nearly double when you look at it in that time period >> okay. so, laura, great to have you it's jon fortt this is going to be fun because i fundamentally disagree with your premise here, and here is the beginning. >> great, bring it on.

>> android has more users than ios, but apple is the most valuable company in the world. apple made choice that is are inherently market limiting, but they serve value and they have a premium. i think there's the potential, at least, for bumble to do exactly that if they super serve women because, i mean, you say women don't want to be on the platform where the best women are, they want to be on the platform where the best men are? i disagree with that because if the best men are also on the platform with the worst men i don't think women want to be there. >> okay, thanks, jon first, that's your opinion look at it this way. women want to be on the platform where the most men are i don't want to say men are totally not going to want to use bumble there's some percentage of men for which this could be a fantasy, right upload a picture, put a suave note, send it out to the world sit back wait for women to contact you. some will like that. i think the vast majority of men, it's going to be a tough

sell, ask them to literally pay, hopefully, so the company can make money, to go on a platform to get judged by women and conceivably get approached >> i don't know. we're being gender normative in our language which isn't great let me put that out there. you say most i've got some single friends who are women. i think they would love to be on the platform with just a hundred men if they were all great and there were no jerks, right and they would pay a premium for that experience. isn't that possible? >> what percentage of men out there aren't jerk, right you are assuming that the men that go on to bumble were all wonderful men and that would be great if that were the case and if you had millions of women on bumble going after a hundred men that means millions of women aren't going to find a decent man on bumble. >> it's fascinating. we have seen issues come to market that are heavily skewed

one way or another demographically. pinterest was famously e overwhelmingly female and now they're at all-time highs. i do wonder, it raises the issue of cost per customer, right? just how much marketing they'll have to do to get more men involved in the site >> pinterest has done better lately part of it is because of e-commerce which has nothing to do with this, but i think it's because they've broadened their horizons and they're doing more things that are targeting men and that's great for them. for bumble and one of the things they don't talk about much in their prospectus which i find fascinating and bumble bff and bumble biz i think it would be a shining opportunity for that company i'm reading it essentially as a linkedin for women women making professional connections for women and the genius is it doesn't require men's buy-in at all. >> yeah. i agree, laura that bumble biz could be the

dark horse in all of that. i wonder if investors recognize this or do you think that rate now it's a footnote in the ipo and on that note, how do you think that the street will respond to bumble? you've sort of laid out the argument of why it might be growth limiting, but as we spoke about, it seems that new issuances and investors just can't get enough of them >> yeah. absolutely it was a footnote, honestly and i've asked the company about it and they promised to talk to me about it later, and i think it's definitely something to be aware of because it could be the shining star i think the idea will do great the reason i wrote the article, though, is to get people, yes, it's a story yes. it's an admirable mission, but when you think about match, for example when it went public it had twice the monthly average users. it had more revenue and it had more profit and it only went out at a valuation of $3 billion, so get real

this is a company that is growing quickly, yes, but relative to tippeder, it's just never going to overtake it >> i guess what you are saying is it isn't only a dating app. another way that it is growth limiting this is for heterosexual couples and it doesn't capture the gay audience which makes up a large part of the dating ecosystem >> great point, deidre it is a great point. females looking for females and that's a swath of the market that bumble will capture and men looking for men. look at grinder who got 600 million last year and i asked match about this yesterday and they told me that tinder in the u.s. alone of just the male users more than 6% fit in the gay or bisexual bracket. so that's a lot of users that bumble is literally never going to be able to access

>> laura, thank you for bringing us this column and bringing us some good debate john, by the way, to your point i just looked in the ask one and what's interesting here is the bumble app is twice of that of the badoo app, and i guess that means that perhaps women users are more valuable customers. >> on the other hand. >> great roll the graphic. >> there you go. >> that was a good discussion, guys keep an eye on expedia and they say there is an opportunity for vrbo based on what it's been able to do we'd be positive on the dow, if not for ibm and intel. don't go away. t-mobile knows the new year brings big news! get an iphone 12 with 5g on us on every single plan. and save 20% on your bill every month versus the other guys. that's right. the iphone 12 on us. only at t-mobile.

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hello. [all] hey... there he is. workday, the finance, hr, and planning system for a changing world. ♪ch-ch-changes♪ we were surprised by the allegations. we don't build debit cards debit cards were not on our road map and the focus debit from that side was surprising to me the decision to end the transaction was mutual and it was a mutual termination that we filed and as we look at our market and as we look at our company we couldn't be more excited for the growth that's occurred over the past 12 months and the sea change in consumer

behavior means that thintech and digital finance is primed for another few years of growth which is exciting to us, but as to what the valuation would be to things like that we're seeing a hands down focus on building a business >> that was plaid ceo last week after visa blocked the $3 billion acquisition of the thintech start-up over antitrust concerns and maybe not the worst outcome in the world for plaid the valuation has since tripled and they're fielding offers from outside investors valuing plaid at around $15 billion. john, i love how he says that it was mutual, but you , for some reason i am doubting that visa had a chance and kelly has said in the past a few years ago that they've been a little slow on the thintech thing nape lost out on a $5 billion company that's now valued at $15

billion. >> yeah. we were just talking about bumble it's like they broke up with a high-profile boyfriend and then you got lots of famous people sliding into their dms and they're still very, very much eligible we'll see which direction they take, carl, but we were just talking to another thintech player earlier on this hour. we talk a lot about bitcoin lately more than we had been because of the price surges, but underneath just that, there's so much action going on in that space. >> yeah. i like it. the olivia wilde of tech stocks, john pretty fascinating >> wow you guys are up-to-date on your pop culture. >> who's watching stitch fix >> that surprised me, carl >> if you know carl, you know carl's on it especially on twitter. i'm watching stitch fix because this is a stock that for so long investors didn't seem to believe in that much look at it, 85 bucks a share

now. it has been surging up 270% over the past 12 months >> yeah. it was sort of late to that stay at home stock play, but it turns out people still want to order good clothing and other female-led companies speak of bumble i'm still looking at thintech. paypal is up another 7.5% this year increasing its gain and more than doubled over the last year, carl >> yeah. 107 s&p names post-earnings next week have a good weekend. let's get to the judge hi, carl thanks so much welcome to the halftime report i'm scott wapner whether your check will get a reality check. jim lebenthal is with us, steve weiss, jenning harrington and portfolio manager, and decatur capital management and shannon sekoesha, chief investment officer. let's go to the wall and show you wh