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good morning it is 8:00 a.m. at netflix headquarters in los gatos, california it's 11:00 a.m. on wall street and "squawk alley" is live ♪ ♪ ♪ ♪ happy friday welcome to "squawk alley." i'm jon fortt with carl quintanilla and deirdre bosa this hour ted sarandos of netflix, airbnb is up, doordash is down. we make sense of the quarters and adam jonas explains his sleeper ev pick. gamestop continues to rally.

tech tries to bounce back. deirdre? >> yeah, gamestop up from the low $40 range at the start of the week they're trying to recover from what has been an ugly week for them remember, these names led a big 2020 fuel by the pandemic. take a look at this week they are deeply in the red and so far this year the qqq has struggled to stay positive that's where we'll start with managing partner, good morning to you >> good morning. thanks for having me >> so we are nearly two months into 2021. how are you reading the market action tech in particular is a sell-off a chance to buy the dip or do you think ridesing yield will continue to fall on valuations >> the macros are going to

continue to weigh, but long term we remain bullish. we look at this as a buying opportunity. >> okay. and i mentioned gamestop at the top. over $120. what a remarkable week it's been what are you reading into this, if anything? we've been talking about it all week can you read anything into it? some thought the last time we saw this surge and then a fall perhaps retail behavior, the behavior of the reddit crowd would change but this week shows us that doesn't appear to be the case >> no, it doesn't appear to be the case and the thing i have learned i'm not trying to read anything into wall street. the spotlight is there it's interesting just to think about what this really means long term with the retail investor and their rise. i think it's showing there's a lot of sophistication, the

access to information has trained these folks to be able to do their own analysis and compete and i definitely would not count these folks out. >> lo, i'm skeptical at this point of who is actually doing the moving of this stock i mean everybody from the professionals on down knows the gamestop story now and lots of people with incentive for it to move one way or the other. all of this, does it come down to risk? i look at tesla and square buying bitcoin with stretched valuations, maybe for good reason, buying an asset that's got a really arguably stretched performance. and we have this reaction that we saw this week to the ten year there's a lot playing off of risk, isn't there? >> yeah, without question especially when we look at all of these rises, everyone is

searching for the ability to drive returns. we've had some indicators that tell us we need to watch the fed, see how they might work with the treasury and will we be in this environment where dollars will continue to flow. we'll have to see. i think right now it's time to just take a pause and long term i think there is an opportunity to buy if we see the pressure kind of keeps prices a little lower right now. >> lo, i wonder as you try to gauge game stop but amc and blackberry and so forth, this notion that somehow you were able to withstand losses better than the next guy that you're proud almost you ticked a name on a certain day of trading. do you think that sentiment is actually genuine and, if so, what does it say about the retail investor's tolerance for risk right now

>> i think the retail investor has a very high tolerance for risk and, yes, there is that burrow have a dough i think that permeates throughout within those communities on reddit in particular there is something to be said about going out and the badge of honor for the wins and for the losses great learning experience when those losses happen. there is that leader board mentality. we talked about the gamification and everyone recognizes that i think that is one component. i look at it as more of a positive component because there is something to be said about being proud about making money in the stock market. people will go and tell their friends. i like the return of the retail investor in that sense especially looking at mil millennials and gen-z. being able to tell those stories gets more people excited about wanting to understand the stock market you see gamestop, everyone knows

the gamestop story whether or not they've even invested. i think that's a good thing for the market >> as we see these ups and downs perhaps that's the education happening in real time meantime, lo, let's talk about the first public results for debut that is would be airbnb and doordash airbnb higher and an embrace of local travel by its users. results dampened by the warning of a significant slowdown. lo, you talked about short-term pressure but the long-term story, is that the case for a name like doordash that is going to be facing some really tough comps this year. do you think that long-term story is intact, habits will change for good, when the economy reopens? >> yeah, look, we saw a lot of tail winds that were starting

prior to the pandemic and those were accelerated i think doordash will face pressure both from players like uber because of their infrastructure and uber eats and then consumers are fickle. i think consumers make more on a geographic basis with familiarity. in los angeles, doordash strong in san francisco grubhub strong in new york because they acquired seamless people want to get the brand they're familiar with. thinking about the regulators looking at the prospect of a consumer paying $30 for a cup of coffee regulators have stepped in in berkeley, san francisco, even new york are trying to cap some of these costs it also really puts pressure on these small businesses trying to use these services

they were pretty much forced to be able to use the delivery services to get the food to their customers since they couldn't dine in until things started to open back up. they will put pressure on doordash you have regulatory pressure, a lot of the larger players that partner with the delivery companies are negotiating a lower price. these are going to be tough comps and it's not clear how much of these behaviors we've started to see will persist long term it's already doubled within the past year. >> you brought up questions not just for door dash but for the industry at-large, the gig economy. door dash gives an adjusted

forecast of zero at the low end. does that make you question whether this model even works? you mentioned the commission caps, regulation to me that still seems very unpron and uncertain just when you look at those unit economics. >> the unit economics are tough. we in the private markets have been pushing because of companies that were driven to grow at all costs. there is more attention paid to the unit economics obviously within the public markets but even within the private markets. long term everyone wants to be able to focus on their lives, and if we can eliminate the time that it takes to be able to go to the store, prepare food, have those things delivered to us as consumers we're going to do it the question is what's the most efficient way. we know long term this is a massive opportunity. there are a few markets that are as massive as the opportunity to be able to deliver food on a

global basis >> yeah, lo, it's not -- what's fascinating to me about doordash it's not just food they're moving into convenience and grocery delivery, as they talk about the investments they're making it's a bold move to this early in their public life saying we're going to invest and that's going to have an impact on the bottom line. watching their investment in the suburbs when others are focused on urban areas the able they were able to beat uber with fewer resources. i think it will be instructive for investors to pay attention to the differences in strategy and where these companies are investing because if you don't look deemly enough that economics may not be what they appear to be >> no doubt about that a great point because what we're looking at is the ability to be

able to leverage brand and the logistics infrastructure to moving out to adjacent markets door dash did a great job as well being able to target some of those suburbs that had that appetite, the same insatiable appetite that we see in the urban markets. long term, i'm a bull. we have new technologies on the horizon i think will also help there will be near-term pressure, tough to lap these comps. we need to understand what this regulatory pressure means for a company like door dash and trying to cap those fees and have those long-term partnerships and moves into adjacent markets will play out >> lo, as always, thank you for your insights. lo toney, plexo capital. >> thanks for having me. twitter gets an upgrade at goldman today. they take their price target at least to a high 112. a long-standing buy. been a good call as the company is now aiming for 315 million

monthly users by the end of 2023 gh a-te ot far from anllim hi more "squawk alley" straight ahead. ♪♪ ♪♪ some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch.

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gm to $80 a share. our next guest remains bullish on the two stocks. with us now adam jonas, morgan stanley's head and mobility

research happy friday so i want to first go to tesla and gm can both of these go higher? it seems to me if you're believing in tesla if you're not believing as much in wind and the wind comes out of sales given the strong surge and you're feeling risk averse maybe you do go into gm. >> in climate and digitization but very different parts of the ratio, the risk/reward tesla we think is a change the world kind of company that touches arguably the largest in the world. there's at least 8, 10 or 12 incubating spacs inside the company we think with a little bit of separation and

independence could make themselves available to a tech investor without that it's not going to be a great story but we think the management team gets it and we expect some action behind their announcements and intentions over the next, well, frankly, immediately, like at any moment kind of a thing, or they don't tesla, you're making a -- you need them to be bigger in cars to justify the risk. >> cars and batteries, those things are the business. what should you take away from tesla spending $1.5 billion be a counting on bitcoin? you're buying a tesla or not buying a tesla, a power wall or not, either way whether it's with bitcoin or with cash. this generated a lot of attention. is this a marketing move, part of the story that really doesn't

have to do with the fundamental nuts and bolts >> all of the above, jon let's get perspective. $1.5 billion is a lot of money to someone like you and me or an average investor, an average company, even. it's 0.2% of tesla's market cap. imagine if you, jon, invested 0.2 of your net worth in bitcoin. it's something, right? i think a bit of marketing in there and long-term risk management paradoxically you may see well healed companies wade in to the universe does that make sense >> in aggregate supply chains and input cost

what do you tell investors who are looking at the industry as a whole and ask where, for example, are all of these batteries going to come from >> that's our number one question, carl a lot of questions on chip shortage we're not going to be talking chip shortage later this year. there are aspects the united states needs to think about from a national security perspective about a range of things. the big elephant in the room, the blind spot is the battery cell shortage. asking our management teams about it still a lot of work to do. it's hold your breath territory. not an issue yet not just batteries categorically but renewable.

where are they going to get their battery from and people might ask is it a blood battery? a dirty little secret batteries is a really dirty business in a traditional form in terms of water, co2, mining, labor practices. and that all has to be redone. we can imagine for the type of battery that will be in a renewably sourced check the box type of battery. does that make sense this is not going away >> okay. i also want to ask you about your sleeper ev pick which is fisker what do you make of that announcement yesterday that announced a partnership with foxcon, light on details and tell us why you like the stock which is more than $6 billion in market cap on projected 2022 sales of about $450 million.

>> right so, again, fisker we think is from a risk/reward basis a lot more attractive than meets the eye. it's no secret that a magna, the largest traditional auto contract manufacturer in the world and foxcon, the largest manufacturer of things, period, are kind of in play to maybe make an apple car or that kind of thing no secret there. so the fact that both those companies independently amongst a range, a growing range of ev startups, picked fisker and his team to trust the resources and investment and the co-developments, the bandwidth says a lot there's validation all over this thing. and i think that our clients might be underestimating how important fisker, that fisker project is for both the foxcon and magnet to get it right they might be one of the very

few ev startups that actually launches on time watch it >> right and talking to jim cramer last night saying they're not just going after tesla. they're going after the 80 million people who buy a car every year it's still unproven, but what did you make of those comments and that runway? >> if you step back, and i think your program does a great job discussing this. if you step back -- i have a prop for you here. sorry, there might be some food on it. i don't know if you can see this thing. the two biggest drivers of any asset price we think in the world over the next 5, 10, 10, 20 years will be digitization and climate change and you have to ask yourself in your portfolio how are your companies -- i don't know if you have a picture of that, you want to take a snap of that, does

your company advantage from digitization and climate change or disadvantaged most companies it's a little bit of both at the same time so what fisker and tesla is tapping into and others is that digitization and it's upsetting everything the whole structure of car ownership is going from something i used to have my arm out the window listening to bruce springsteen. don't ask when i started driving. in the future transportation is a marginal cost of zero offered as a service with values in the network. that's a pretty big change considering the current state of affairs of the ecosystem >> since you drew a picture i will draw one, too this is what tesla stock has done so far this

year you can't see it >> i'm looking at myself >> isn't that the point? >> it went up and now it's back where it was at the end of last year for long-term holders that doesn't matter it's been an amazing pick. i wonder do you have picks for a risk off scenario because so many of these companies have stretch valuations especially given the ten year i wonder if that continues to happen throughout this year what do equity investors do with their money? >> first, jon, isn't it refreshing to have some upside to tesla finally i mean, it's healthy things get overbought. it's infenfectious. in the long term this is a blip but it's nice to see it back up and get some renters of the

stock out. on the ev side gm, fisker, quantum scape and others it's something you need to own because my clients say i want ev but not tesla. not only the company that can make the others obsolete for hedging in this environment, look, we're underweight a range of companies 9 out of 25 stocks when we initiated on the spacs we're underweight romeo, they're interesting companies. we just don't think they present the same upside and i think ford motor company i think they have a real shot. i don't want to bet against them pulling out of this.

risk adjusted right now i'm not sure where ford is getting the darned batteries i think the next couple of years the ev winners and losers may be determined on who is closest to the battery bread truck. elon musk owns the bakery and then ford's management team challenges, where do they get those batteries? we have a range of picks less interesting in this environment. >> i know you can't see this but the executive producer got me a marker so now everybody else can see it that's my bad drawing of what tesla has done 680 down here >> maybe we'll turn it into a thing, we can draw some pictures >> stock market pictionary >> try it. >> it was great to have you. have a great weekend i'm going to work on my marker skills adam jonas >> thanks for having me.

>> jon, i thought your blank page worked okay as well it hasn't done anything this year i love the props coming up on the show still the co-ceo of netflix ted sara ndos tasha, did you know geico could save you hundreds on car insurance and a whole lot more? hmm. so what are you waiting for? hip hop group tag team to help you plan dessert? ♪ french vanilla! rocky road! ♪ ♪ chocolate, peanut butter, cookie dough! ♪ ♪ scoop! there it is! ♪ ♪ scoop! there it is! ♪ ♪ scoop! there it is! ♪ ♪ scoop! there it is! scoop! ♪ ♪ shaka-laka! shaka-laka! ♪ ♪ shaka-laka! shaka! scoop!. ♪ ♪ choco-laka! choco-laka!...♪ geico. switch today and see all the ways you could save. ♪ sprinkles! ♪

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welcome back i'm rahel solomon and here is your cnbc news update this hour. in los angeles a huge column of smoke can be seen for miles as a fire there consumes dozens of buses in a commercial area and staying in l.a. tiger woods has been moved to a different hospital to, of course, continue recovering from his dramatic car crash. cedars-sinai medical center.

victims of bernie madoff's ponzi scheme are getting another payment, more than $231 million will be distributed to former madoff account holders bringing total payouts to more than $14.1 billion. and the head of canada's largest pension fund has been forced to resign the ceo of the canada pension plan came under fire for traveling to the iran emirates to receive the vaccine government officials had urged canadians to avoid all nonessential travel. and you are upo tdate "squawk alley" will be back after a quick break.

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netflix announce a massive study on the diversity of its content creators our julia boorstin has a very special guest. hi, julia. >> hi. and ted sarandos, thank you for joining us, co-ceo of netflix and netflix's chief content off officer. we appreciate you joining thus morning. your first interview since becoming co-ceo but releasing this comprehensive two-year study of the diversity of netflix's content. what did you learn about where there are gaps in your diversity and where you want to do better? >> good morning. good to see you at least virtually. we commissioned the study because we wanted to figure out how we were doing in our mission

to make sure the content was representative of the communities we serve and we did it externally because we wanted to be held to a very rigorous study. and we wanted to be very public about it and transparent that's why we put it out so publicly and we plan to every couple of years to see how we're doing and improving. what we saw in the data we have massive improvement in putting women behind the camera, women of color in director roles and creator roles which is incredibly helpful because it increases the employment of women and women of color through every discipline of tv and film making we have a ton of work to did

particularly in latinx, people with disabilities and we're committed to doing that work >> and, ted, you as part of today's announcement revealed that you were going to launch a $100 million fund for creative diversity. tell us how you will be employing that the next five years. >> the fund will be used in a bunch of different ways. one will be supporting organizations that do incredible work already like the ghetto film school or by helping them financially to expand their reach and creating a few programs inside of netflix to help us meet filmmakers and story tellers we don't normally see, help to cultivate their talent bring them into a mentorship and apprenticeship programs and do things in a much larger scale

than historically. so sometimes it's taking advantage of -- go ahead >> beyond this fund, you have all these initiatives but beyond the fund in terms of the day-to-day way you run the company, the types of content you're going to want to invest in, how are the processes and selection of content and how you hire people going to change based on what you've learned today? >> the important part is that the folks who commissioned the content, who meet the creators, who green light projects, are not just inclusive but are also empowered so that when they have the ability to come to netflix, meet the story tellers and green light their projects we wrought on a vice president of inclusion strategy who has been hugely helpful for us to take an inclusive lens into all

the decision making. you look at a project you love, whose voices are not heard in the story? who is missing >> you talk about the progress, you're talking about the progress between 2018 and 2019 your study does not include 2020 when you had this massive hit "bridgerton" from shonda rhimes. do you think of diversity as a competitive advantage? >> i do. think i it's posh the content reflects the people who are watching it. the way people connect with content, a great movie or series they see something that is relatable or reflects a life experience, it's important that it's something people really love thank you for bringing up

"bridgerton" which is not in the study. we looked at 2018 and 2019, two full years of programming so we could look at the progress against one another. it takes a long time they sit and watch all of this programming. i'm sure they had a good time doing it i think the content is really great. and we will do the same for '20 and '21. we have strong indicators those numbers will look nice when you see hits like "bridgerton. this study doesn't reflect volume so not only is it incredibly inclusive show but it's our largest series launch we've ever done. >> well, your study does not include international so does not include 2020 or international which is where you've been deploying a huge amount of investment in original content, local language content.

just huge numbers here how does this study and what you've learned the impact how you're studying or does it and what can we expect in terms of your international focus >> what's an incredible dynamic last year the viewing in the united states of non-english content grew by 50%. these investments around the world have an impact on domestic audience as well the relatability so at the same time that we're individual and different some of the things make us feel the same. great story telling for

everywhere in the world is the new thing we're up to. all forms of distribution today. >> diverse audiences with diverse content. it's not just about diverse u.s.-based content but content from everywhere. how is your approach to investing in content going to change in the next couple of years? >> as you can imagine we have more new original programming in 2021 than we had in 2020 even with the interruption and that programming is increasingly coming from around the world we just announced an aggressive film slate from spain and we have original programming, it's resonating with the world but with the mandate of that team in

a specific country, that programming is relevant in the country. it's done really well. it will travel the goal is not to make kind of a watered down version of korean programming for the world. it's to make programming that's authentically korean, so much so that it's popular around the world. we saw this year besides "bridgerton" a show in france that was our largest non-english language launch of the year. and it's traveling around the world and people love it and it's incredibly french >> i am a fan of that show as well >> since you started the study in 2018 it's not just that you increased the diversity of content creators or the quantity, which is also true, the landscape has changed dramatically so many new streaming rivals have entered the space from

disney plus to hbo max how is your content strategy going to change? are there areas you want to lean away from because there are players in that space. do you feel you need to double down to keep up with the new options? >> a little surprising it took so long. we always anticipated that it would be such a thing as a disney direct-to-consumer pro product, warner or hbo, a paramount product, and those folks would not want to make for netflix too long that's why we got into this from the beginning. we knew that people's tastes were wildly diverse and if we were to reach the scales and we have reached to date we have to be able to be equally pleasing to the fan of prestige drama

romance novels and the different ways people love story telling and that's why we've been investing so aggressively not just in english and all over the world. >> you sort of just referenced this now but the reality is you've lost a number of the big shows that some of these rival content streamers used to license to you now "the office" no longer on the platform completing that shift away from reliance on other studios to being self-sustaining. >> these shows have been on the air and have lots of episodes. relationships with viewers but there's a thing we've been doing, the cadence in which we

are bringing new story telling to the market and the way that people are falling in love with new series -- remember this time last year you and i probably weren't talking about "bridgerton. and it's now one of the biggest shows in the world so it's a cadence of being able to do that over and over again not just a couple times a year and that's the thing we've been getting better and better at doing not just with series but feature films and documentaries and all of the different things people fall in love with it's the content you really can't live without, that's the goal and that's different for everybody. so, yes, there is some comfort watching and from a familiar show that they've had long, long relationships with network television and we will, too, over time. >> you mentioned the fact that you've been making a lot of movies you are dramatically increasing the number of films you're putting on the service, over one film a week this year, and we

see that reflected in the fact the golden globes, which are this sunday, are dominated by netflix. you have more nominations than any other studio, 42 across both film and tv. how do you think about the role of these awards in measuring your success >> it's a measurement with specific audiences with the voters of the hollywood foreign press, in other cases with large bodies of peers that vote these things. a certain kind of excellence and it feels great and definitely feels great for our talent to be represented, to be nominated across so many categories not just the golden globes but the screen actor's guild coming up, the critics choice awards coming up it's been really gratifying to see so much netflix talent represented in the nominations

>> so your movie "mank" was the most nominated at the golden globes now we're seeing the other studios follow suit to netflix and experiment with these shorter windows. we're seeing some of the studios stream films like hbo max stream films the same day they're offering them in theaters. [ no audio ] >> we lost julia there due to technical difficulties ted, thank you so much for that wide-ranging conversation. we learned a lot and hope to talk to you again soon ted sarandos >> thank you for having me >> "squawk alley" is bk teacafr just a quick break so do stay with us. keeping your oysters business growing has you swamped.

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we are watching some of the key players in the alternative energy space, ranging from solar and hydrogen power to electric vehicle charging are rallying today after a rough week despite today's moves most are still on pace for weekly and monthly declines for plug power iwi bt lle first monthly drop since june. more "squawk alley" just ahead stay with us

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we're getting some headlines out of the solar wind hearing in washington eamon javers has that for us this morning what are you hearing >> deidre, that hearing is ongoing right now. what you get the sense is we've seen these people testifying today. we have the ceo of the company that was hacked, and the former ceo who stepped down just days after this hack was announced last year. both testifying side by side lawmakers a little bit more skeptical here than we saw earlier in the week. you clearly get the sense that they are looking for someone to blame, whether that's solar winds or microsoft the russians are allegedly who took part in the hacking attack, but lawmakers expressing

frustration and there was an interesting exchange the members of this oversight committee have obtained a 2017 document from inside solarwinds in which one solarwinds employee is suggesting that the company needs to do more to secure its systems. lawmakers have been really hammering home on whether or not solarwinds took that advice to heart back in 2017 and whether or not they did enough to secure their systems. we've also seen senator ron widen this week express some skepticism now about microsoft, suggesting that microsoft may not have told everything it knew about certain hacking techniques to the u.s. government widen suggesting this week that the u.s. government spends billions of dollars with microsoft and maybe it shouldn't do that not microsoft gives the u.s. government everything it knows about these various hacking techniques a more skeptical tone here later in the week than earlier in the week including lawmakers frustrated with the fact that a, this hack happened in the first place and b, we don't have a resolution to it

lawmakers are asking security experts and these software company executives whether or not they can guarantee that the russians are out of these systems and the answer is basically, no. we can't guarantee that the russians are done with this hack just yet, guys back over to you >> wow eamon, the relationship between big tech and the hill getting more and more layered with every story. thank you. that's our eamon javers. >> keep an eye on hp gets an upgrade on j.p. morgan and they go to overweight talking about the strong print, good guide, the buyback, the dividend and the price rgtaet is 35 we're back in a moment

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netflix trying to hold 550 here julia boorstin, that was a great chat with ted sarandos and it comes after big news from the disney, the via com, the discoveries and more. >> yeah, look, it really shows that this is a company that transitioned from being entirely reliant on licensing content from the traditional media companies and now they have their own self-sustaining ecosystem and one that they really want to reflect the diversity of their audiences, and the result of this study shows something that they were already pushing toward which is

this idea that if they want to reach the most people possible, the broadest audience, what that takes is having content that reflects the audience. so i think we'll see the company continue to push forward into local language programming as well as having more diverse content here in the u.s., guys. >> great to see the success on the back of diverse content. julia, great interview thanks for that. as we close out our show i just want to highlight shares of gamestop guess what they are down. they were as high as $125 earlier this morning, john, volatility, name of the game what can we say? >> it's still early and it could end up at 142. before we go, guys, i want to highlight some original reporting from producer gomez, spotlighting black creators like pokemon are trying to bring in more diverse coders and creators into the space >> the game industry has been predominantly white for the last 20 years and although we're moving out of that and we're

really creating more balanced and equitable studios and spaces, that's still tough when you're trying to enter into a culture that you really don't know about >> go check out brandon's full report on cnbc.com, and now that's the end of "squawk alley. let's get to the judge and the half all right, guys. thanks so much welcome to "the halftime report." i'm scott wapner the tough week for tech and the nasdaq down 4.5% and raising all sorts of questions about the growth trade, as you know. rising interest rates and our investment committee with me today as always to debate what happens from here. joining me for the hour, jon najarian, brad tarkenton, and carrie firestone from arias asset management and the manager of the chevy chase trust well come, everybody, good to see all of you and let's take a look at the wall the nasdaq is suffering through its worst week sct