good morning it is 8:00 a.m. at microsoft's headquarters and it's 11:00 a.m. on wall street and "squawk alley" is live. happy tuesday. welcome to "squawk alley." ahead this hour, an exclusive with c3s ceo how clubhouse is ushering in a

new era but we'll start with growth and zoom shares surging after strong results easing off a bit but still higher julia? >> that's right. zoom shares popped this morning. now they're up about 1% after beating expectations by a wide margin >> good morning. the ceo's message to investors last night was this. as the world emerges from the pandemic, their work has only just begun he backed that up with a stronger outlook than the street was expecting for the current full year the company expects revenue to grow more than 40% at the mid point of guidance and that comes on top of the more than 300% growth for the past year over a two-year period, that's a 505% gain. the point being here that he hasn't just created a work from home darling

zoom is pioneering a work from anywhere spirit. those hybrid offerings, zoom phone, zoom room is getting traction but videoconferencing continues to add enterprise customers at a rapid pace. remember, these are customers more likely to stick around post-pandemic and pay for additional services. over the last few months though investors have become nervous about zoom's prospects as people get vaccinate d and look to an increase in the economy. this outlook seems to have eased worries and proved that zoom may just be a pandemic darling that could actually outlast the pandemic back over to you >> that's my question. how much uncertainty is there still as people return to work

and where as this year is about hybrid situations, looking past this year are there questions about people going to be more permanently back in the office how far ahead could they really look >> that's a really good point. we know this year will be some kind of hybrid it won't open up at the same time they're getting ready for that but positioning themselves with products like zoom phone and zoom room for a world that opens up more and people spending more time in the office i think also the thought is that some of these habits will stick that people are going to, sort of, work from home and work from the office for many years going forward. these are tough comps. 42% growth at the mid point is lower than the last year but investors are willing to accept that and think of it perhaps over a two-year, five-year, ten-year period because you see shares coming off those biggest gains after the results and

that's because at the end of the day this is still an expensive stock. >> it's a great way to get into our next conversation about tech thank you. let's bring in jeff richards this morning and sarah who is a former bumble senior adviser good to see you. thanks for joining us. sarah, i don't know if you can address zoom in particular but as a proxy for stay-at-home tech and the way people believe or don't believe it's going to go away when we start leaving the house again, how important is that notion right now to tech valuations >> i think it's driving a huge part of it what you see right now is the fact that people aren't going to movie theaters, they're not going to concerts, they're not doing live entertainment but they are on their devices, apple devices, samsung devices all day every day. they're on zoom using social media and that's really become

how we've stayed connected and even as things slowly open up, there's not a huge resurgence to go back to the office even with a vaccine rollout. the share prices are high but the confidence is high because it's been what's held us together this past year. >> that's a great way to put it. jeff, as one example, piper upgrade zoom today and their larger backdrop is last year we were, sort of, managing this in a crisis, grabbing vendors however we could especially on the enterprise side and this will be a year where we aggregate or consolidate those vendors and that will lead to a new round of growth. do you buy that? >> 100%, carl. i think that a lot of folks lose when we focus on last year pandemic unnatural growth in categories like video and

telemedicine but the long-term trends in categories are massive. if you look at the average tech company going public in 2020, the averaging trailing revenue was growth at 49%. these are not startups that experienced a tailwind you have companies like snowflake and others and a crop of companies that are coming up, whether it's data bricks, companies that have unbelievable growth transforming injuries it's not just tech look at the big fortune 500 companies that are betting on tech to rebuild their companies whether nike, walmart, you were talking about disney this morning. the entire surge in those stocks is built around tech we don't believe these are just short-term pandemic trends these are long-term trends that are very big >> jeff, certainly we've seen that technology is underlying so many trends outside of that tech

sector itself. sarah, why don't you reflect on what jeff just said. what are sectors and areas that you're most interested in for this next leg of growth? where are you looking next >> what we're seeing right now is just incredibly interesting nfts best thought of as digital works of art that you can sell, about $6 million was made the other day by selling a handful of collector's items digital art and that is not a one off. you see a lot of celebrities get into this space and the market has been there for the past couple years but the market over the past few weeks is massively responding to it you see that bit coin is still the king pricing dipped from its peak but a ramp up over the last year and over the last five years, seven years, it's been a whirlwind

ride you see companies like coin base getting ready to go public even robin hood is getting into crypto currencies. things like defy which is decentralized finance companies is a space where there is a lot of push from a bunch of differ levers that say interest in crypto currency is growing for retail investors and big banks and digital art collectors >> jeff, i know you're not a market analyst or a stock analyst but in a way that makes it more interesting. you've been in the game a long time i'm looking at the post-earnings response to zoom and c3ai. zoom, strong quarter, hardly doing anything this morning. c3ai, billings are rocky as you might expect in a smaller business doing larger deals and it's getting hit hard.

do you think that might illustrate that the market is feeling uncomfortable with how expensive stocks have gotten at this point >> well, i think what you see is the companies experiencing expediential growth like zoom and c3di which is fine but not going to blow you away if you look at 2020 growing at north of 40% year over year, you're going to see a bifarcation between the companies. a company that's thgrown over te last several years like square not all post-ipo companies are created equal. what you see are companies trading at high multiples and don't deliver on expediential

growth, they get punished. those that are experiencing growth beating their numbers and for the last three years almost every ipo class has beaten its forecast the following year. you see them get rewarded in the market >> it's a fascinating market, scott. high expectations in general it's a fascinating time to rethink what tech means at least on valuations. guys, great discussion look forward to the next one thanks, sarah. thanks, jeff >> thanks. >> shares of c3ai getting slammed. tom siebel will join us next stay with us >> all of the way to the right okay this is better i'm still toddler height at the table. okay unlock that's why td ameritrade designed

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c3ai shares under pressure this morning tom siebel joins us now. tom, good to see you quite a response here. you beat on revenue. the loss was less than expected but it's the billings, the deals that investors are focused on here tell us about that cadence >> good morning. we had great quarter this is a ref new game

it's revenue growth game ref revenue surpassed everyone's expectations i think the company is in a position to accelerate growth so it was a great quarter it's a volatile market you know, my job is to grow the business and establish a market leading position in ai that's what we're focused on i think the stock price will take care of itself. >> i know ceos often hate talking about the stock. let's talk about the stock what is the impact of that volatility that you just mentioned when you're running a company that's just come public. you've not only got employees who have been in this for a while, but you're trying to hire new ones how do you navigate that environment? >> i would say there's almost no impact we have about a billion dollars cash in the bank and we are in a

position to invest in market growth globally. if you look at glass door, for example, our employee enthusiasm levels are among the highest of any company in the world we have 17,000 job applicants last quarter for 0 positions that we hired. morale is high customer satisfaction is high. we're in a position to continue to accelerate the growth of the business >> so where do you go for ai sales? where is the momentum right now at this period geographically and perhaps industry-wise? >> that's a good question. we're seeing acceleration across all markets. asia, europe, north america, aerospace, telecommunications, financial services, defense intelligence, manufacturing, energy, oil and gas, utilities this is a very rapidly growing market we're looking at a market that

analysts predict to be a quarter of a trillion dollar addressable software market. we're establishing a market leadership position in that market if we succeed at doing that, the stock will take care of itself >> tom, tell me how important your new business is in terms of this new focus, this growing focus on low code, no code services what role will that play in your future >> this is critically important. this is a gaining factor on the adoption of ai every company cannot hire 20 ph.d. data scientists at a quarter of a million dollars a piece. we're doing this at two levels one, the mothership we released

that is integrated which is a low code, no code development suite. and then for the analysts community, the citizen data scientists, we released a product that i encourage viewers to look it up on the web and give it a trial. it enables people who used to do analysis with spreadsheets or pivot tables to do very sophisticated ai on very large data sets with this basically very low cost entirely web native product that's available today to just click on it and you'll be live in 15 minutes >> tom, on the call you talked a lot about industry diversification and how the company is really reaching so many different industries right now. how much is about the low code and no code options. will that allow you to diversify

farther? >> we began in energy and we were focused on clean energy and sustainability and that's a market that's now back in spades a global scale with many companies like shell and airlines and bp and others announcing that they are going to it. and microsoft that they will attain a zero carbon footprint we have the current administration investing $2 trillion in energy and climate security so i think our focus on energy products is going to be a very rapidly growing business. i think to succeed in ai a global scale you need to meet both the needs of the -- you need to meet the needs of many we have thousands of people at these organizations like shell, like general motors, like the

united states air force participating and delivering these ai solutions >> where are we in that enterprise cycle that we tend to see of there's an explosion around a certain type of new technology, some companies scale. some focus on industries and then there's consolidation are we in an ai industry focus phase now? has more consolidation and m & a started to happen? are you looking at acquisitions? >> we're at early stages of the market it's the first half of the first inning this is going to be a very, very rapidly growing market we see a situation where the cost of capital is almost free so we see many, many, many companies being financed so we're going to see 1,000 points of light out there we're in this rapid expansion phase of the market where almost any company can be financed and appear to be viable. there will be a lot of

interesting solutions to develop there. and then one of these days the market will turn i know it's hard to believe because since 2008 it seems like the market only goes up and to the right but we know that markets do turn. when they do turn, there will be a few companies that will be cash positive. the companies that have the greatest market share will be the only companies that generate cash and they will be the companies that survive i believe c3.ai will be one of those companies. the other points of light will create innovation will either go out of business or acquired by those that survive >> what's the key intellectual property that will determine the value of those companies that are maybe on the bubble when that tide goes out and we see who is wearing a suit? >> i think we'll have niches in telecom and healthcare and oil and gas and manufacturing where

people will develop ai models or utilities that do something important that will add value to products like c3 but at c3 the key is capturing this geni in the bottle this technology has been patented and this is a core, core -- it's at the core of our competitive advantage enabling us to design, develop, provision operate these massive scale commercial enterprise and government ai applications quite quickly. >> we're talking long t-term an volatility going out with stock down 13% a good look at the future and the overall strategy thank you. >> thanks. we're keeping an eye on shares of disney today pretty much flat but the ceo gave

insight into disney's growth drivers yesterday afternoon saying over half of disney plus subvscriber base do not have kid and consumers will want to watch movies at home even as theaters reopen this comes as disney prepares to launch a film on friday both in theaters and on disney plus for aitnafee. aitnafee. we're back in two minutes. weas far from our goals as it may appear. ♪ because things are coming back. ♪ making now, the time to move forward. ♪ at u.s. bank, our goal is getting you to where you really want to be. ♪ because side by side, there's no telling how far you'll go. ♪ u.s. bank. we'll get there together. ♪ ♪ ♪

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welcome back here is your cnbc news update at this hour. the biden administration announced sanctions against russian officials and businesses related to the poisoning and jailing of opposition leader navalny. one of new york's congresswoman has joined the called for andrew cuomo to resign after a third woman accused him of sexual

harassment in nigeria, 279 school girls abducted last week have been released the government said that 317 girls had been kidnapped it's not exactly clear if the higher number was an error or if some girls are still missing and some canals in venice are running dry. in recent years the city has seen heavy flooding damage and now venice is experiencing the lowest water levels since 2018 you are now up to date "squawk alley" will be back right after this because when it's decision time, you need decision tech. only from fidelity.

with the popularity of platforms such as clubhouse and twitter working to launch super follows, are we entering a new era of social media. our next guest thinks so with a shift into high volume low attention relationships. author of "the new era of social media isn't about feeds" we have will joining us now. explain your thesis to us. what are we moving towards in this social media world? >> so for the past five years social media has been about feeds. they are curated they are ranked and designed for you to skcroll through. when i open facebook or twitter or pinterest, my index finger is poised for scrolling i am ready to sift through and each individual post to be

mostly ignored i'll give it a second of attention. once in a while i will stop and read something i think what we're seeing now is the rise of a new model where people decide in advance that they want to hear everything that one person has to say they want to hear from particular people again and again rather than counting on the algorithm. you see that with clubhouse. when you join a clubhouse room, you commit to listening to what people have to say for a while you give them full attention or part of your attention there are certain people you follow that you don't want to just count on algorithm to show you tweets once in a while you want to be a member of a community with them where you count on them to deliver stuff that you're interested in r rel reliably >> i think it's worth noting here that you mentioned the community on clubhouse but really this is about content

more than it is about social networks facebook was established to keep up with your network of friends. even instagram people may follow companies they don't know but there's an idea you get to keep up with friends across the country. what you're talking about now is much more about content and people willing to pay to have a direct relationship with content creators rather than actually about a social network of people that may or may not know each other in real life, right? >> absolutely. i'm glad you brought that up for a long time we counted on social networks to be our source for digital content. i think we're seeing a little bit of a separation between those two where you have platforms like substack and then you have it within the social network as well like twitter super follows and twitter spaces, youtube premium where you pay to subscribe to somebody we see a new way of connecting with the people who produce the

content you want to see rather than just getting that from your friends on a social network. i think one of the reasons for that is we learned over time that the content that facebook and twitter and algorithms surface for us is devivisive. it gets exhausting when every post you see in your feed is the post chosen from thousands of possible posts to be the most engaging, most likely to make people click or like or share, it's just tiring. i think we're looking at a little bit of a pullback where people want to trust a few certain sources with information again and again rather than just getting the post that has the most likes every time they refresh their feed >> will, it kind of reminds me of the transition that we saw in news from just linear news to newsletter based subscriptions

i do wonder, are you a firm believer we'll find as this new model evolves misinformation and harassment in general? >> i think there will be upsides and downsides. look at clubhouse. we've seen how it can be used for harassment there are rooms formed on clubhouse to target a certain person that people don't like that they can get together and plot ways to harass that person on social media. the moderation in those rooms have not been good on clubhouse's part at the same time, on clubhouse you are choosing to go into a room based on who the speakers are usually. so at least there's that initial decision that's intentional on the part of a user that i want to see information from this person i want to be part of this room that's different than social media feeds that will make a given post from someone you never heard of and put that at the top of your feed

the amplification problem is less worrisome we don't have to worry as much about russian interference on clubhouse because you choose the relationship with the people whose room you want to be in as far as misinformation, there's tons of misinformation on clubhouse and just like there is misinformation when people talk in real life around the water cooler it's hard to track and hard to stamp out. it's not as permanent as maybe the effects are not as great when you don't have an algorithm showing misinformation to millions of people >> as we mentioned before, we talked about medium substack this is related to more media companies leaning on highly profitable events that have a smaller number of people but are high engagement and even learning platforms that are charging a pretty high premium

for a content experience, one that's targeted and deep, right? >> yeah. and i'm glad you mentioned that because also good to see you it's been a while. i'm glad you mentioned it. there are all these different platforms where people can connect with people who are creating content that they're interested in and they pay a premium. it can be a premium in terms of money where you pay to subscribe. clubhouse talks about running ticketed events where you pay to get in a certain room. it's a premium in terms of your attention. you give this person your full attention and then the ads they show you like on a podcast free podcast but ads are ones you will pay attention to. one of the things that stand out is there are many of these platforms. i'm hopeful there's room in this high attention low volume creator economy type of platform for diversity of companies to compete here unlike the previous model where only the largest could survive.

we saw so many companies try to become the next facebook and they couldn't do it because scale is central to what facebook is. having everyone on facebook is essential to facebook's success. you don't have to have everybody on a platform like substack to that platform to have value so the network effects are less strong there and we could greater competition for that reason >> will, i'm sure we'll be talking about that competition for some time but a question about the payment piece of this. because everyone is using clubhouse without paying we've heard about what twitter is working on. twitter haven't given the option of paying. how much do you think people will want to pay on platforms that they're used to getting for free >> i think a certain group -- there's a subset of people that will not mind paying at all and they sign up for multiple substack newsletters without hesitation and taking another 15, 20, 30 out of their monthly paycheck that is a significant segment of society.

i think those people with disposable income which has gone up during the pandemic in addition to everybody's amount of time they spend on computers is going up so there's new room for models to arise. i think there's a lot of money there in terms of the minority of the population have that disposable income. they have growth ahead of them not everybody is in a position to do that i think the majority of people in the united states and certainly in the world are not going to be shelling out for everyone they want to follow people can't afford that i think it's a niche product but niche product with plenty of growth to go >> we appreciate you signi joins for this insight thanks, will >> thanks. very cool discussion getting some fresh funding news out of instacart

>> now worth 39 billion after a new funding round making it the second most valuable u.s. unicorn behind space-x it's the third deal in just one year with this latest round, instacart has raised money from traditional investors and institutional investors. now, we spoke with the founder and ceo earlier this year and he said he expects demand to continue to be strong even as the economy reopens. have a listen. >> a big habit change that has happened for customers and there are going to be a lot of activities that we'll want to do after the pandemic is over, after everyone is vaccinated but

a lot of customers realize this is a chore in their life they rather be able to do with a couple taps on their smartphone. >> now, we talked about zoom earlier and how it is showing investors that it can keep growing in a post-pandemic hybrid world in a similar way, instacart is trying to show that by diversifying and expanding beyond grocery delivery. it is expected to ipo this year. we'll see if that story line resonates with public market investors and if it can convince them it has a rich post-pandemic life also. >> you know, even as you're talking, there's a story crossing the wires about uber spinning off a robotic unit as they have commitments to get to profitability. i wonder how you think the profitability picture and

thought process is changing at all with these companies that are in delivery. >> it's a good question. what we're seeing within that economy are different results. i mean, uber is still so unprofitable they are aiming for profitability this year but doordash shas shown us something closer to that it will be interesting to see what we get from instacart more like uber with billions in losses or closer to that profitability metric i think one thing investors will have to keep an eye on is that enterprise and advertising business which are higher margin when you think of groceries, very low margin. that's not what instacart is doing. delivery, that threesided marketplace can be unprofitable but those enterprise businesses can be profitable. clearly private market investors are seeing something that they

like because $39 billion valuation. it feels like not long ago i talked about this company out of below $10 billion valuation. >> it's going to come down how good is instacart's software and how good is their data thank you. i take a seat at microsoft's mixed reality table. maybe a kids' seat we'll explain next stay with us >> i'm still under the table and dreaming here. it's like way up okay unlock i'm not able --. t-mobile is the leader in 5g.

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squares in-house bank is officially open for business kate has details >> square has been working on launching this bank for more than four years and this week it is finally up and running. square financial services is an fdic insured bank chartered in utah it got regulatory approval for this about a year ago but the effort first started back in 2017 there are no bank branches and for now it's only on the merchant side. think ofsmall businesses and coffee shops versus consumer

banking. it will offer deposit accounts and some loans for small businesses through its lending arm called square capital and before this square capital loans were issued through celtic bank but by bringing this in-house, square says they can plug into the pipes of the financial system to be more nimble as the cfo puts it. square says they don't expect this to have much of an impact on near term financial results it plans to sell these loans to third-party investors to minimize the balance sheet risk. this is similar to how cash app started. at the time it was seen as a quieter side project and now makes up half of the company's gross profit analysts tell me the bank could extend over to the consumer side and that would align with jack dorsey's vision for how systems could interact more than they do now. it sets the stage for others who might want to cut out the middle man in banking and get their own

charter. square decided to go with an industrial loan charter or ilc that has seen pushback from the banking industry walmart back in 2007 careritics st seen it as a way for companies to get around keep banking and commerce separate. >> i was going to say, jack continues to operate both square and twitter shares near all-time highs. we'll take a break watch trip adviser the new offering is a thesis changer and target goes from 29 to 62. more "squawk aeyin mutll" aine. e to improve today. at emerson, our digital twin software makes power plants smarter, helping facilities optimize operations and increase worker safety.

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get started today. welcome back microsoft's annual unite conference is going on right now featuring the creator behind the augmented reality hallow lens. they are bridging virtual reality and augmented reality and offering tools for business with a new platform called mesh. i sat down with alex ahead of ignite to learn more >> we launched microsoft mesh. it's a new collaboration platform designed specifically

for mixed reality. out of the gate we get all of the ai compute capabilities and it really promises us to take us to new fronteiers in mixed the freedom to do three things it allows us to experience mixed reality together meaning everybody sharing in every hologram all at the same time in the same room. the next thing it allows us to do is have that same experience even when we're not in the same room so that we can essentially experience agency in mixed reality. we can be there either as an avatar or as a holopretation so it feels us like we are there even if we're not there. it allows us to have a collaborative experience from the device

we have hol oleno i lens, and tc and mobile phones. what is the leading edge use case for virtual and augmented reality now? because i think we've seen some areas with limited success, but not like a mainstream momentum we saw pokemon go, but we didn't see a series of games the way that we've seen a series of, you know, first-person action games or role playing games and things like that. how is this going to take off across multiple different cases including gaming, workplace productivity, general communication? >> that's a great question i think mixed reality today is really focussed in more the enterprise and productivity settings that's where we're finding great success with mixed reality today where, for example, 50% of

fortune 500 companies have already purchased hololens 2 and toyota has deployed at scale mixed reality deployment and we're finding great momentum and success in enterprise and in workloads that have to do with productivity, communication, learning, teaching and things of that nature. >> i was able to make an avatar in the vr environment, move it into a.r., collaborate with alex, but my question for him was you start talking about enterprise what are the long-term prospects of this technology because remember google glass? i asked kipman about that comparison >> let's talk about google glass for a minute it's the same equation they got to the potentially acceptable without immersion it takes a lot of value before

you're willing to put something on your face so we do need to think about that value, immersion and comfort as the three avariables. now to the phone conversation. the phone started in the '80s in primarily a business setting they progressed in the '90s where they became smart primarily in an enterprise space, as well you are correct in the 2000s with the advent of the iphone things became consumer and hockey stick, but in a sense that journey also took a bit of time before it got there, and i think the same thing you're going see here, when i see the signal we're finding in enterprise and the momentum we're finding in enterprise and i know where we are pushing the technology in term was immersion and comfort and value, i feel very good that you are looking at, you know, more glass as form factors that are socially acceptable and immersive in the next couple of years >> julia, i did eventually figure out how to get above the

table and collaborate with alex. you can just grab -- you can grab things with your hands. it doesn't even take a controller so you see us there. i'm here in inglewood cliffs he's on the other side of the country, but it felt like we were collaborating together. >> i mean, john, that's pretty impressive i have to say i know both you and i have tried different versions of these augmented reality and virtual reality headsets over time and to me what's clear during this pandemic is there's massive potential in the enterprise space, right this is something we talked about with peggy johnson, the ceo of magic leap which is obviously in this space. my question for you, john, is this, how long can you be wearing this thing is this something you can put it on for 30 seconds of collaboration or 30 minutes of collaboration or something that you can wear it for hours at a time >> i can do it for an hour, maybe two and when i took it off it was disorienting because it

felt like i traveled from one dimension to another i'm not sure how the world is going to react to stuff like this as the month goes forward, carl, because i was telling alex right now it seems like the biggest innovation will be face to face intimate gatherings where we're eating food around a camp fire, like caveman style, social interaction feels like inon advising at this point. >> getting a drink will be the edge, but john, i am curious talk about really quick, just potential use cases either in the consumer or the enterprise side. >> one of the cases that they've talked about for a while is doing training and being able to virtually using augmented reality look inside machines, for example, and see how to fix something and you can imagine doing design mock-ups with teams around the world that kind of thing having to do

less explanation and having common visualization in three dimensions being able to rotate and that's the potential of this thing particularly when it comes to scientific and drafting-type applications >> yeah. fascinating engineering and maybe medicine, guys that's a great look, john, as this environment continues to evolve we'll take a quick break here. watch micron today evercore goes from 125 to 135 and they say there's more room to run after a more anth 25% gain since start of the year don't go away.

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as we close out the hour, take a look at shares of rocket companies blasting off today in what some are calling another reddit rally that stock now up over 21% the company soared overnight into the top five stocks mentioned on reddit. so, john, what do you think here are there fundamentals at play or is this more about momentum and reddit traders >> julia, i think in a bull market everybody is a genius losses hardly matter and nobody needs a strategy, carl i think the real test of this, you know, social thing that we're seeing happening is what happens when the market turns

down as it inevitably will >> yep cramer tried to make the point it's largely a tech company as opposed to a straight mortgage company. >> overall, guys, retailers continue to see performance and target, we'll get new names, ross stores just a couple of e examples let's get to the judge. >> several stocks trying to stage a comeback from apple to zoom and the investment committee debating where that goes from here jim lebenthal, jon najarian josh, i go to you because i want to talk about zoom, and i want to try to figure out, what if