good morning it is 8:00 a.m. at microsoft headquarters in redmond, washington it's 11:00 a.m. on wall street "squawk alley" is live ♪ ♪ ♪ ♪ ♪ ♪ happy monday welcome to "squawk alley." i'm jon fortt with carl quintanilla and julia boorstin this hour exchange agent the

latest on the hack affecting microsoft's exchange software, greek peek, why one nba highlight sold for $137,000, kind of, and tesla apps were shares of tesla are down so much this year. but we're going to begin with more declines for tech as yields continue to put pressure on the biggest names. joining us is joe lonsdale founding partner and co-founder. and joe oscar health just went public last week there's been a lot of action in your world but let's talk about the affect the yields the movement in the ten year higher on perhaps investors' appetite for risk, at least what's happening to tech stocks. what is the significance of that overall? >> the multiples have gone up a huge amount.

it's partially the long bond yield. so it makes sense you're going to see a little money a probably bit overheated >> what does patience and smarts look like at a time like this? the long view is nothing new to you. what are the principles you're keeping in mind and to the extent you are a public market investor what are the things you say are valued or perhaps more than that. >> the multiples are so high the principles are still similar privately in tech, what places are solving, where is innovation going to matter, what places are still attracting top market. are they still getting the best people out of the best schools

and still want to work if they keep it five or six years, the multiples start to look small >> are there certain categories within tech or categories adjacent to tech or tech driven you're making bets on now? >> we're doing a lot in health care i like oscar oscar got caught by the bond market last week this is a company with some of the most thoughtful people in health care. there's all sorts of other payers, i'm partnering with them they need help because they can do things no one else can do in innovation and patient experience if you look at where health care is going, so many big broken things i love areas that are broken because there's a lot to solve that's an area we like a lot right now. >> we see those shares of oscar

health up about 4% you've been tweeting a lot about texas and how bullish you are on texas. tell us about that and what your perspective is on the physical landscape, whether you're more likely to be investing in companies outside of silicon value and if you expect more to leave silicon valley >> probably half our investing has been outside of silicon valley and all over the country. our network is more in the u.s even companies we built and invested in the valley the last decade open offices outside of it there's talent everywhere now. coming out of all sorts of places around here you don't need to be in silicon valley the same way until they get the paossibility and the state attracts more and more

people you're seeing that with texas. i have friends who are entrepreneur who is have moved here, some names people know and some names they don't. this is a fun place for us to build. >> yeah, joe, a lot of people, especially in finance, have already discovered areas like austin although given the problems with the grid over the winter and overall friction, where are you going to live, how much will it cost you, how much construction is there on the roads, i wonder how much of that you think will slow down what is already a structural move to a state like texas >> there's a lot of land around texas unlike the san francisco bay area which is limited. there's a lot of room to expand. you're right one of my favorite goals here for the next couple of years, we have to work to build some tunnels. elon musk is here. if we can get competent local officials to partner and get rid of traffic traffic will be a big issue anywhere that's hot. it's still a lot cheaper and a

better lifestyle here. i have friends who used to be in the valley are now living in idaho and wyoming, florida, and colorado >> i wonder what your perspective is on the next phase in cloud the question i keep asking and pushing on as i talk to people is where's the real profit growth going to be going forward? we talk a lot about scale and amazon, aws' lead in infrastructure as we've seen in previous movements in enterprise tech where the scale is doesn't necessarily point to where the long-term profitability and value is where do you think the value is going to be whether it's dev-ops or whether it is data management and who is doing a great job managing that? >> the real question is what's the conceptual infrastructure that will benefit from the growth we've been invested in ten of these companies using data in

big industries and in much more intensive ways a lot are going public and are exciting that means you need new data infrastructure, new ways of managing this, managing apis and micro services and databases so we have all sorts of up-and-coming companies that come out of open source standards, whether it's -- there's all sorts of small people coming out of big companies that maybe solve this for google and helping everyone else who needs the scale to solve it i think solchving the database problems in new ways with everyone having to talk to each other will be a lot of big companies there. >> joe, can you give us your perspective on spacs you've had a number of companies go you're also investing in this platform and allowing people to invest in private companies.

>> i founded a company a decade ago, an exchange people use, one of the leading public exchanges to trade shares. that's obviously a private market i think 750 companies being traded on it i think every day now there's a new billionaire i haven't heard from in three years who wants to catch up who has a spac. and it's kind of fun because it's bringing a lot of people into our space and learning about it who didn't before when you have a lot of outsiders coming in at the same time you're going to have a few things that don't end well it's great to be more public there are rates to bet on high returns in venture capital and spacs will take companies and put them out there will they do reasonable valuations i think some of them are a little aggressive right now. >> to say the least. >> great way to start off the

week, joe lonsdale, apc. >> thank you we have been waiting for some guidelines from the cdc about what vaccinated people can now do in the country and we're getting them to meg some highly anticipated guidance coming from cdc for the fully vaccinated got to have the lead here for grandparents the cdc saying they can see their healthy children and grandchildren even if they're not vaccinated without wearing masks and physical distancing. you can visit indoors without masks or distancing and in the example for grandparents visit with low-risk unvaccinated people from a single household also without masks or distancing they also say you don't have to quarantine or get tested after exposure if you're fully vaccinated now they are still saying that based on rates of spread right

now and the vaccination rates they are still asking people to wear masks and distance when with people from multiple households, to avoid large gatherings and if you are experiencing symptoms even if you've been vaccinated you should still get tested and isolate -- get tested if appropriate. what does it mean to be fully vaccinated they say two weeks after a lot of grandparents will be excited about these guidelines we'll see what other debates come about today which there are sure to be many of carl >> i would love to get your take on supply. we did 2.9 million on saturday, averaging 2.2 a day. the president will meet with the ceos at the white house on wednesday. that ball seems to be

snowballing, too >> it sure does although we know the j&j supply is spotty this month. not expecting more this week but up to 20 million total by the end of march and then we know enough for every american adult by the end of may and so we are really going to start seeing this picture change over the coming months but, carl, it's not the same around the world and so one thing we've been looking at today is this issue of vaccine nationalism and with the variants spreading the risk is still going to be out there until everybody really is protected better >> meg, i want to ask you about the rollout of the vaccine and perhaps the need for national standards of technology platforms. i don't expect you to get into all of that, but i keep on hearing about so many different experiences depending on the state, depending on the local area, how various platforms are performing is there any movement on a federal level to help even these

things out >> one thing we've been hearing internationally is it would help manufacturers to have the same guidelines worldwide having to fulfill different guidelines in europe versus the united states. i was listening to a podcast on this and the biggest vaccine maker in the world said it would alleviate months or even years off some requirements. that is something that is being discussed but it doesn't sound like the hurdles will be eliminated anytime soon. >> i have to wonder if this new guidance could encourage more people to get vaccinated before they were saying you should get vaccinated but you can't really change your behavior now this indicates can you change your behavior do you think that could change the numbers around people willing to get vaccinated? >> yeah, that's an important point. a lot of critics of the pace in issuing the guidances were

saying you need to give people a carrot for getting vaccinated, to show it makes a difference in their lives. i think a lot of people will see that as a good sign but there could be criticism perhaps it's not going far enough the former health commissioner wrote in "the washington post" last week she expected to see the cdc saying people should travel after getting vaccinated. the cdc says it is not updating travel guidelines now. some say this may not go far enough. >> i saw vaccine acceptance getting into the high 60s, which is an improvement. meg, thanks jeffires, 80 citi, 75 morgan stanley, 56 currently 62 and change. currently 62 and change. the dow up 400

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mobile game developer zynga, well, we'll get to that in a moment let's check the markets first. higher by 1 1/3 led by disney and cisco. the s&p up about half a percent. the nasdaq the laggard now mobile game developer zynga, former social game developer zynga is now cross platform game developer zynga. it is breaking into pc and console markets acquiring extra

games, a studio whose development team helped create the best-selling diablo franchises zynga ceo frank cabo joins us now. frank, you were building up a war chest to do something like this you've been doing a lot of acquisitions now you've done this one this one, to me, is kind of paradigm shifting. you're bringing on mark schaefer who has a track record in gaming how should we think of what zynga is trying to do compared to the other game developer studios that are also trying to own a platform, make sure the games work across different dev de devices. is your approach going to be different? >> the direction we're heading here, the biggest franchises in the world are now games that are playable on mobile devices, consoles like playstation and

xbox as well as pcs all interconnected with one player profile with a shared economy and shared player base and games like fortnite and mine craft are billion dollar franchises that are able to give that kind of experience to players on a massive scale and millions of players are gravitating towards it it's incorporating what's great about mobile and all the other platforms and bringing it into kind of a new entertainment platform and what's great about it is the tools that are necessary to build this using unreal engine from epic or the unity engine from the unity technologies company makes this easier than it's ever been before in the 30 years in the industry. it's cheaper the tools are very good. you have aws as a back end device and then you also have 5g infrastructure growing very fast which is making the mobile gains against the high performance consoles and pcs so it's been a rare time that you've ever seen so many technologies come together to

create such a market opportunity. we saw the opportunity to take some of our brands like star wars and some of the games we make inside our portfolios and bring it together and that's really the strategy. >> frank, what is going to happen with distribution that, to me, has been one of the most confounding things that's evolved the past 10 to 15 years. zynga got its start distributing through facebook but the rug go pulled out there apple arcade out there i can't tell how it's doing. google and amazon have cloud platforms they're trying to put forward. epic is battling with apple over distribution and control and profits. what's going to be your approach, which ones you distribute on and where you invest >> frankly, it's never been a better time to be a software

developer because of so many viable platforms you need to be platform agnostic you need to be able to go anywhere you need to find audience and make great gains and be able to execute there are so many platforms, google, sony, microsoft, the epic and unreal steam running some great stores. the first place is across multiple platforms at once we want them to be global games and start to invest in design and technology for those customers the great thing is that now on mobile we're creating games very high fidelity. very high resolution assets.

those cars are resolution models so from our perspective our content can move around because of the technology. the technical innovation coming from the platform companies is really creating so many new opportunities for software companies to get their games into folks hands >> jon laid out the different platforms and players and when it comes toconsole game makers what advantage do you think you bring to the table being a company that is going from creating mobile games to console games? because usually it's been the other way around >> yeah, most of the stories are the activision come into mobile. i'm arguing the door swings both ways in the new category of cross platform play these games are

live services, free to play generally if not in all cases. and they incorporate a lot of player versus player and social dynamics it's really more about building a world where lots of people can come together and socialize, compete and cooperate in a free to play iron and runs 365 around the clock. we are playing our games in free to play environments and there are certain key elements in this kind of success formula in cross platform that we're really good at the availability of the tools, the right intellectual properties like star wars and the fact we have a lot of talented people joining who have

this capability and inside our studios folks who have worked where we understand this ground and we think it's an appealing and fun place to build games and we don't have to go into the same kind of cost issue and are more focused on the fun player versus player in social modes. >> we've seen so many moving into social and mobile now for the first time the social mobile players like zynga are moving into the other spaces cross platform look forward to having you back as we see how that evolves frank, thank you >> thank you very much analysts are asking roku, is it aol or netflix? say that go to keep its

competitive advantage the company needs to evolve from being a gateway business like aol into a multimedia company with its own ogirinal content. "squawk alley" will be right back with sofi, i was able to condense all of my loans under one account. i was able to lower my monthly payments and feel like i'm well on my way to becoming debt free.

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welcome back and good morning. here's your cnbc news update tensions are high in minneapolis as the trial for the murder of george floyd begins. the form earp police officer charged with killing floyd, derek chauvin, is now facing the possible addition of a third-degree murder charge on this international women's day president joe biden will sign two gender equality focused executive orders the orders will establish the white house gender policy council and also review trump-era title nine policies which could cause a shift in how colleges respond to reports of sexual violence. new york governor andrew cuomo is answering calls from several state democratic leaders after two more lead, accused him of

inappropriate behavior five former aides have made accusations against him. cuomo says there's no way he'll resign and oprah winfrey putting to rest speculation following that bombshell interview with prince harry and meghan markle. oprah is saying that telling gayle king this morning queen elizabeth and prince philip were not the ones raising concerns about how dark the couple's son archie's skin would be you are now up to date julia, back to you >> rahel, fascinating interview there, and that oprah interview drew 17.1 million viewers for cbs. pretty amazing meanwhile, the dow is nearing an interday high and the markets are becoming a battleground between old and new tech deirdre bosa has that for us last year was all about that trade and next generation tech like cloud, ai and fintech snowflake, zoom, lemonaid and

shopify. they're looking pricey and risker as bond yields move higher last year's darlings getting hammered in the current tech route and over the last month those stocks, along with others down between 15% and 40% what's more, what is old is new again. investors are taking another look at the legacy tech names that sat out last year's rally e shares up about 25% this year. dell, 16%. oracle, 10%. even ibm, which has seen years of declining revenue, has fared better than the overall sector not only are valuations more reasonable but they are expected to benefit as i.t. spending picks up this year some analysts, though, say chips are more trading opportunities not secular long-term growers. so the sweet spot may be the faangs, facebook, apple, amazon.

they trade at more reasonable multiples and also hit on jex generation technologies like cloud and ai carl, back over to you. >> what a story if after six months, relative underperformance they became relative stars again we will see. deirdre bosa, thanks speaking of legacy tech, microsoft is at the center of this breach of email service that could affect tens of thousands of users more on that >> reporter: carl, that's right. the u.s. government warning companies to check their systems to see if they've been impacted by this that affects microsoft exchange servers so companies that use that system will have to be very careful about what the impact has been. here is what we know so far. we know that microsoft warned this was a problem and said this hack allegedly comes from china. the hack was stealthy but became

noisy and aggressive that shocked some cyber security experts who were surprised to see the attacker go on the offense. others have piled into the same weaknesses using four apparent zero day vulnerabilities inside the system that allowed other hackers now to exploit the same problems and magnify the scale of the impact here that's the situation the biden administration is confronting in terms of choin and this alleged hack the past week or so the biden administration is responding to the wind hack allegedly from russia exposed for the first time back in december "the new york times" said the biden white house is considering covert counter strikes on russian networks i talked to an administration official last night who clarified that this official saying that cyber strikes was "the new york

times'" characterization, not ours we don't know what the article is specifically referring to interesting back and forth between the administration and "the new york times" over what exactly it is now that the administration is doing to respond to russia for that series of hacks we call the solar winds attack whether they will respond c covertly, overtly, with sanctions or otherwise if you're going to do a covert attack, carl, you may not want that in "the new york times" before you do it that seems to be the problem for the biden administration there >> well said, eamon. that's where we'll start with our next guest, co-founder and columnist kara swisher joins us. great to see you >> hi, how are you doing >> i'm good. >> these stories are start to go pile up. >> talking about solar winds i did a lot of interviews with a person who works for "the new york times" and others about

what was happening here and a lot is this idea we are just open to -- our defenses are down completely -- not completely but we're very vulnerability whether it be for espionage or ra ransomware, that back and forth between "the times" and the administration was we have to begin to hone our defenses because there are so many vulnerabilities >> do you think this is something we can and should do on our own i know the president's f.t. says he's going to put together a meeting of japan, australia, india and the u.s. to confront china, for example, at large or at least to keep them in check is that something we should be doing on tech? >> we have done it multinationally and on iran we did that with israel, or allegedly. we should be working with many

countries. the question is what are they attacking for, espionage or is it for fraud or for malevolent purposes just to damage or cause discord or whatever? this whole giant -- i hate to say it's a war front, but it is from china or russia or other states is something that the administration really needs to address. i had written a column talking whether we should have a cyber defense czar or cyber czar to be able to deal with this because they're dealt with depending on who is being attacked and what's being attacked as in the case of solar winds by a very qualified person in ann new berger these will pop up all over the place as they begin to find out what's happening it has to be a private/public partnerships with companies who are reticent to talk about these attacks. microsoft has been very open about a lot of the things

including the solar winds attack it certainly needs to be reformed in some way of how this is reported and what the coordination is but between public and private >> kara, i'm trying to find out what's fundamentally different here because for a long time now nation states and actors on their behalf have been doing these attacks, target things like microsoft exchange because they're so common and there are patches and reminders to protect yourself it seems like what's different in this environment is an erosion in trust between businesses and the government, between traditional governmental allies themselves. is that the underlying issue sum among a response is now harder because there's more questioning of that social compact between allied governments and between governments and the companies and organizationing that exist within them? >> i'm not so sure about that

but a biden administration doesn't know what to trust with solar winds alone. they don't know what has been attacked and are trying to figure it out. microsoft exchange has been a target many times this is a massive attack and shows how vulnerable we are as a country especially united states where all the great information is we're the most open to attack because we're the most open in terms of how people use things and everything is interoperable and things like that there has to be a much tighter relationship between private companies who get attacked, who deal with this and the federal government and at the same time we have to sort of think about our cyber attacks which the united states is vep good at whether they're covert or overt. we're very good at those, too. and figure out what the right response is. although the idea of attacks back and forth seems quite devastating to everybody

involved >> yeah, not ideal >> as jack dorsey auctions off that tweet from years ago on twitter. latest bid $2.5 million. have you settled on an easy way to explain what this is to the lay person and why someone would want to pay so much? >> i am working on it this week. things are worth what they're worth. i thought there was a good seth gogan piece. what's the mona lisa worth owning it is one thing everyone can look at it. everyone can look at this tweet, so why is it worth anything? what is anything worth this is something i've said on this show a lot. i know i sound like a crazy person but why shouldn't it be worth anything in digital? why is gold worth what it's worth? we don't really carry it around for money anymore. why is money worth anything. i know i sound like a crazy person but how do you get for

what you're having the leap people have to make what do you get for what you have is it a collectible? why are baseball cards worth anything because there are so few of them, right? they're just pieces of cardboard essentially. what's happening here is just leaping from the physical to the digital is all that's happening. >> kara, i don't think you sound like a crazy person. i think the whole nft market is fascinating but my question is these things are worth something if you can resell them presumably for more and there's been so much interest in the space recently 250 million of the 300 million in trading happened in the past month or so. is this just a fad >> i think collectibles, are they a fad there's fraudish parts and parts that get overheated in some

areas. i thought the stuff the kings of leon were doing was interesting in thames of their tokens are worth certain things that you get. is prime like that a lot of these subscriptions like this that we get things for what we buy or hold tokens is slightly different i would imagine owning jack dorsey's tweet, which is worth something and probably will sell some day, right, even though it's not a physical thing you can hold in your hands is worth something and depends on what people will pay for it i've stopped pretending digital is not worth anything because it's not a physical manifestation of something >> i totally agree it's fascinating it is unique, the met a data it will be interesting how scarce people think it is. great seeing you >> just so you know. you don't know what's going to

be worth something, right? i don't know yet i just like to watch this play out for a while and there will be a lot of fraud for sure, but so what? >> we'll see you soon. >> thank you >> if i don't get royalties -- >> by the way, later this hour -- really quick, jon, the clip just sold for more than $137,000 we'll talk to the company behind that auction in a little bit >> yeah, nice. if i don't get royalties or ad revenues when somebody looks at it or listens to it, i don't know how much it's worth tesla getting slammed, shared were in the green today but now down more than 30% in two months since the interday high of $900.40 tesla lost more than the current size of 483 companies in the s&p. that sell-off hitting the viral

etf, ark invest's cathie wood will join "closing bell" to discuss.

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the sports trading card market has officially gone digital. the nba has partnered with dapper labs to create nonfungible tokens based on block chain technology with highlight clips called moments that collectors and traders can buy and sell this weekend golden auctions sold a rare rookie moment from nba all-star giannis antetokounmpo for over $130,000

this is new territory for golden auctions, the leading auction house for traditional sports memorabilia. ken golding, the found earp of the company, joins us now. ken, thanks so much for joining us after your big auction this weekend. tell us about the opportunity you see in expanding from traditional into digital collectibles sure, i mean, this is an exciting time for us and we just completed a record option this weekend, $45.2 million which is by far a record for our industry and it included our first ever venture into nfts with the honest shot and we're happy with $136,000 and we also noticed as part of the auction that we had our largest increase in new users, our largest increase by 25% of participating users in the overall option, so we think this is an exciting opportunity for us and looking forward to

broadening out our customer base as well as well as collectors' interest >> you also had a record sale of card selling for over $1.8 mil million. i'm curious if you think there are certain driving in collectibles and nfts at the same time right now? >> it was great. it was one of two for approximately $1.8 million and we notice that some of the trends, obviously, you've got traditional buyers, investors, collectors, now we've got mutual funds and hedge funds, alta investment funds that are buying trading parts to put away, but what we notice is a crossover between the crypto crowd, sports betting crowd, some of the trading cards and obviously, the nft so for us to be able to have a collectible nft offering

broadens our audience and gives us a unique crossover and we definitely saw a major crossover with people bidding on the top shot as well as bidding on a selection of trading parts throughout the auction it's not like, we definitely got new people that were joining us just to bid on the nft but had traditional customers that they were bidding on a kobe card or a lebron james card or mickey mantle card and threw the hat on to the nft >> are you able to tell at this point where you're drawing interest away from are these people who would have ordinarily put that money into stocks, or is it just excess savings and this is their first investment of any kind >> i do not think it's their first investment you know, it's obviously not taking away from the traditional market because we had a 40% increase over our greatest sale in history in the industry

greatest sale. i think the interest is from people who definitely have excess cash and a lot of people who like fast-paced action and crypto traders and it could be people who, a similar type of people who are like the kind of reddit stock buyers as well. >> ken, i'm trying to get my head wrapped around this and it seems to me that nfts are paperwork. there still has to be a unique item of value behind it and in my mind, at least, an item of value is more valuable if i get royalties from it or bragging about it because it's sitting in a frame in my house and i can walk people by it and say, look at this highlight. maybe it's a digital frame i don't know how do you think about how these things might hold on to value or not based on their uniqueness, the digital stuff? >> what we have to realize is

that people collect what they like right now, the first inning of nfts obviously, i believe there's going to be more that come into the marketplace and people going to have to be selective. if people, i'm following and listening to her as well, an expert in space and if people put a value on something, you can't determine for them what it's worth i look at some of this stuff, it amazes me the price it goes for. if it cannot be duplicated and like to show their phone or ipad or computer and say, hey, i own this i can trade it as long as they're able to sell that asset in a smooth transaction, no, i don't think it's our place to speculate whether it is something that you agree with. i personally am a physical asset guy. i can certainly respect the

digital asset and can't deny the sales that are taking place. >> it's interesting listening to you as we show this clip over and over, and this idea that the value is in owning something that other people can see, but that only, there's a limited amount that people can physically own it's such a paradoxical thing, and i'm wondering in the sports world in particular, if the investments people are making on top shot are about a bet on the athlete. the idea that this is an athlete who's going to be successful in the future and therefore, i think this is going to be like a mickey mantle card down the line. >> that's what happened with sports cards people look at a top draft pick and they buy their cards you're seeing a lot of spe speculating in future growth of an athlete whether it's a giannis or zion williamson or one day michael jordan people are collecting an athlete and you will probably see the lesser known athletes or athletes do poorly, you're probably going to see the top

shot go down if somebody is injured, not to pick on somebody but let's say trey young goes out and gets hurt, out for six months there is zero doubt you'll see a dramatic decrease in the value of all of his top shots. >> well, ken, this is such a fascinating area and such an opportunity. these new alternative assets for your business. thank you so much for joining us. >> thank you for having me >> speaking of speculation, gamestop shares soaring higher again today. up 31%, 32%. the board formed a new committee spearheaded by ryan cohen to focus on accelerating the transformation efforts shares, as i mentioned, up 42 or so bucks a share stay with us

at shares of disney. top gainer of the dow up more than 4.5%. benefitting from the news that disneyland, the disneyland resorts here in southern california are getting ready to reopen at limited capacity on april 1st and then john, there's also the box office for "raya and the dragon," doing okay in

theatres not in the pre-pandemic levels but grossing under $9 million domestically but certainly, john, hope for things ahead both in the theatrical and the theme parks division >> i love that movie carl, i'm watching wayfair >> and coke back let's get to the half. >> all right, carl, thank you so much welcome to the "halftime report." big call from legendary hedge fund manager david steteper. the bullish signs. with me for the hour on this international women's day, stephanie. hightower, harry firestone, ceo of asset management. president of luke capital markets, requisite capital management, jenny harrington at gilman