reminder? no, no no, i'm good. uh, yes please. oh. ho ho ho, yeah! need worker's comp insurance? get a quote in 3 minutes at easyaspie.com. good morning it's 11:00 p.m. in beijing and 11:00 a.m. on wall street and "squawk alley" is live. ♪ ♪

good tuesday morning welcome to "squawk alley." i'm carl quintanilla along with decreed dhra. coming up, china creating its own digit's currency, what that could mean for crypto and a driverless future. discussing the latest were you a company going public on the nasdaq via spac. first the nasdaq rallying a bit alongside the s&p and dow. did get an s&p record high earlier this morning mark mahaney, managing director at evercore joins us longtime friend of the program and congratulations on the new gig. great to see you back. >> good to see you, too, carl. >> tell me how your mission changes? i know you've got an inaugural note taking a fresh look at the

landscape now. >> wanting to step back a little bit. think we've seen structural winners from the covid crisis. that sounds crude, but it is true had a permanent pull forward of demand for leading internet platforms and benefitted from nice scale benefits. a lot of that's priced into the stocks dramatic up year last year, 2020, for the internet stocks and year-to-date cyear consolid and scarcely valued group we think comes back when we do that we want people to focus on structural winners at reasonable valuation, facebook, amazon the cyclical recovery names like uber a few outlying ideas, spotify and stitch fix we think investors should hunt for as dislocated, high-quality stocks. we've come back to the sector post-covid a little and tried to see what's changed. >> so for viewers who are

watching, and they get the first part they understand when a name has a correction and why that might mean opportunity, but it's happened to a bunch of names how did you distilling which are actually worth getting into with fresh legs >> yeah. so we want to make sure there's a reasonable dislocation in the stocks something like a 20% to 30% sell-off frankly, most stocks, close to peak multiples in this group the highest, highest quality names, faang names, no dislocation. maybe later in the year. comps getting tougher, netflix and amazons, but no re -- much more selective few names are truly dislocated and high quality only two one at the top of our list here is spotify a nice run-up last year. traded off a fair amount this year and i think set up for an inflection point in fundamentals how we do it look for the dhq opportunities had facebook in '18, netflix in

'19. ooper in '20 that stock this year i think is spotify. >> good morning. deirdre. great to see you back. as i look at your picks and you talk about dislocation, i'm not seeing any legacy names. ciscos, ibms, oracles. didn't take part in the momentum rally and seeing resurgence this year how do you feel about them jthts g >> good to see you, deidre legacy tech, value tech held up well year to date. not terribly surprised high-growth, high-quality consolidation base and expect it to continue in the next months as we switch and look at '22, that growth scarcity that you wanted out of the internet groups, companies that can sustain 20% plus revenue growth not for a year or two but for five years, because of these secular growth drivers, the market's coming back to those

and that creates the opportunity for real out performance in names like facebook, google, amazon as people focus beyond covid and look into '22, then a switch back from value tech, if you will, to growth tech. >> right to newer names facebook and amazon. talking a lot about regulatory scrutiny going to continue to talk about it today that's still not a worry for you when it comes to a name like face facebook and what could happen with 230 >> right if we're wrong on amazon, facebook and google probably because of regulatory risk making a bet, spent a lot of time analyzing different types of potential legislation out there. different actions that could be taken. sorry. a lot of regulatory action these companies faced. dealing with gdpr, cca, attempts already made and i think at some levels ironically the regulation

has strengthinaled hand of some of these platforms because of so much first user data as advertising platforms. i don't think we'll have a piece of legislation or regulation that dramatically changes the company the fundamentals change the pe but not the e nap will create the opportunity for investors to get in on the stocks it's possible that we're not fully factoring in enough of that regulatory risk think we have been, but that's the black swan that could affect the group. if we're wrong, it's because of that. >> hmm >> a lot of tea leaves here i don't expect you to read at this early stage, but the president has had a couple of instances which he specifically called out amazon one was about the union vote although he didn't name them by name then the other day on corporate taxes. i wonder if, is there something there? there will be shsort of showdown, whether with congress or not >> so just on amazon, yeah i think it faces less rag laer to risk than google and

facebook less in the middle of the political, political fight, and there's month privacy issues related to am somme near the market issues, clear dominance google has in certain advertising verticals. other issues for amazon. never a rue unionization and now has one. that could change the cost structure of the business. i don't think it changes investment pieces but could ding margins 100 bits or something like that over time. a potential one. some of the other issues on the name and whether forced to spin off the first-person retail from third-party retail end of day, ask, is this a monopoly on online retail. sorry. amazon accounts for 30%to 40% of total online retail sales therefore accounts for mid-single percent of total retail sales hard to make the argument monopolistic market share. >> when it comes to those labor issues you mentioned, you said you don't think it's going to

affect margins in the short term what about the long term how closely are you watching this union vote? talk about it in the sense it could threaten that incredible efficiency that amazon is known for. how do you judge the handling of the recent few weeks, these labor issues, by amazon? feels like they're antagonizing lawmakers, their own warehouse workers and delivery drivers is this something that you, an investor, should could to watch play out and will it have any significant business ramifications? >> we'd be -- well beyond the alabama facility to think there's really a sea change in working conditions, and the cost structure at amazon. i think it's highly unlikely to happen anytime soon. it's possible that it happens over time. we are, i don't know, two years away from amazon being the largest employer, private employer, in the u.s.? you know, they are, they have got facilities just about in every state and building out

those logistics, that logistics network more and more aggressively than anybody else increasingly the largest employer in the country. with that comes a lot more scrutiny i think in the broad scope of what amazon has done for consumers and employers in terms of raising how much they pay employees up tos $15 during the pandemic and extra $11 billion spent on kocovid costs last yea, far as i can tell, as good a corporate citizen as we've seen across the tech space. >> hmm finally, speaking of binary outcomes regarding court structure. curious about your uber thought. why not lyft and about jer what's special about uber? how are you thinking about the way in which rides offset eats or vice versa coming out of this >> as we've talked with clients and investors yesterday and today one of the biggest points of debate is which to go with.

lyft or uber lyft, a much better performer than uber year to date a pure play on the rides recovery in the u.s. market. the right thesis, trading thesis on lyft first half of the year if we think longer term, you want companies with global presence you just do. from faang excelled 50% reserve flue from outside the u.s. ride sharing delivery is a positive more scale with uber companies, stocks traded relatively similar multiple yet uber has 2x. i don't think long-ter investors will swallow that. more willing to give premium to uber up side more with uber, six to nine moss, willing to look into 2022 that's why it's one of our top picks and not lyft. >> you were missed nice to have you back in the mix. g. to be back. thank you, carl. >> talk to you soon. mark mahaney.

>> sure we'll see lots more of him. meantime, carl, china creating its own digital currency first major economy to do so this move bringing increased oversight to beijing giving power to track spending in realtime and new money, carl that is not linked to the dollar denominated global financial system it's a big move and sort of the perfect storm in china for a digital currency i mean, the financial infrastructure over there is built for this isn'n a way infrastructure here isn't. already using digital wallets over there so many years already. moving to a digital currency isn't as big a step for the population there doesn't have the same privacy implications because of a different comfort level over there as well. get this, carl in recent months through tests more than 100,000 have downloaded a mobile phone app from the central bank. that's perhaps a glimpse how

quickly this could take off, and perhaps present a threat to america's place in the financial system >> you know, d., funny someone sent me a headline from the "new york times. 12 years ago, actually about this time. china, headline was, "china aims to become a global leader in evs. look what's happened 12 years later. you get their kind of commitment and fire power because of the structure of their government, they can make a lot of things happen it's one reason why today, drc people say to themselves, is fed chair powell, treasury secretary yellen, are they acting too slowly in taking this issue seriously, but studying it at perhaps a more academic pace than the chinese clearly are >> right of course, they have to do they have to do all of this due diligence. even if they did decide to go full speed ahead with digital currency works it really take off here in the way that it

could in china this also, right a key part of this story is that this actually allows beijing to have a greater control, a greater view over the population's finances. right? this solves the problem that bitcoin has that i'm sure beijing would not want to embrace. that is user anonymity beijing can keep droll an even greater sense here, and that is something probably an american population may be a little more skeptical of especially, carl, when you think about what we talk about here almost every day sort of privacy considerations that we see from our technology companies versus the chinese ones. >> eah one more signal, d., how the showdown between their economy and ours, whether with social media, crypto, technology, trade, it's all what probably is the most important global business story of our time. >> yeah. one we will continue to discuss

here. meanwhile, after the break, could the ship shortage last through 2022 another china theme there. talking to the man, largest in the u.s. in this area. he seems to think so. and later, joining "squawk alley" to talk remote work, diversity and more. "squawaly"k le will be right back stay with us. serve to work witm as invested in your future as you are. learn more at massmutual.com

our next guest accept accept

e conductor could lag behind demand until 2022 or later pap problem he says was brewing more than a decade. ceo of global foundries, largest chip foundry in the united states and joins us this morning. tom, great to see you. thanks for the time today. >> pleasure to be here, carl i'm actually broad casting from my office in the capital region of new york. one of our fastings we've put over $15 billion in the ground to create semimanufacturing in the u.s. >> your comments echo what was said the other day could easily go one to two years because demand is so strong. we have to fight our way through it because demand is so strong or taking long to spool up fresh capacity >> always a bit more on the demand side. take a step back and think about the advent of the smartphone some 15 years ago, created an industry focused on compute

centric deployment of semiconductors to evasive point semiconductors think about smartphones. cameras. battery manage chips the display chips, secure transaction -- these features not only in the 1.5 billion handsets a year sold worldwide in almost every electronic device look at your studio and your home all electronic devices have a broad range of semiconductor products in there. by the way, most have a gf chip in there demand started with a big inflection point 15 years ago. then 2020 happened unfortunately, covid-19's pandemic i tend to think of it in terms we had a decade in a year, a decade of technology adoption or acceleration in one year that created the real imbalance whereas the semiconductor industries to get caught up in investments. we fell behind it takes about a year from the time we decide to add capacity

to actually getting the output from the factory you to order tools, install tools and that's a year or more cycle. >> when you look at the dollars that are being committed, at least announced in the past couple of months, out of intel, out of samsung, out of taiwan semi, the working groups at the white house. do you think we have sufficiently gotten religion or do people still need a kick in the pants taking this seriously? >> no. i think this has become a national issue i think supply chain security, national security, economic security semiconductors are at the core of the 95 trillion dollar world economy. everybody recognized importance of it. the most important thing about the public/private policy you're seeing now is to make manufacturing globally competitive in the u.s., you need have co-investments with business those investments are economically sound, for

companies, and this is what the chips act is all about to create a globally competitive landscape so manufacturing in the u.s. can return. look, the u.s. headquartered companies share in that half a trillion dollar industry, semiconductor industry at 50% market share that's great however, only 12% of semiconductors and manufacturing in the u.s this is what the u.s. policy is trying to address. >> right but can policy alone address that, thomas i know intel has big plans manufacturing plants here, but some throw cold water on that idea saying that ceo pat gelsinger needs factory people if plan is going to work. of course, they're starting at a slower point than the likes of tmsc what chance shifting that balance given the u.s. market share more than 12% of that global manufacturing share >> well, first, you know, semiconductor manufacturing is not just on the tightness

transistors that go fastest for the digital compute segment. it's much more pervasive than that more importantly, intel joining the foundry business is a validation how important semiconductor manufacturing is to create foundry businesses, you're right, decades in the making a key part of being a manufacturing foundry is having manufacturing. so the other part of your question was, are enough dollars deployed the kind of money in funding the chips bill in neighborhood of $50 billion. a great start on a journey creating the co-investments that create manufacturing in the u.s. >> $50 billion, yes, thomas. look at samsung and taiwan semis planned investment that goes over $100 billion. again, the question just comes back to, how can u.s. manufacturers like intel compete with that? also i wonder another theme sort of that's come up among the chip

shortage, if we get all the investment now does it eventually lead it a supply glut down the road? you said a decade in a year of demand some double booking. right? >> i think there's a little bit of that. mostly a structural shift in demand and more pervasive deployment of semiconductors this is an industry growing 5% heading into covid a good 9% of the next five years going out. $50 billion isn't to carry all the investment, to be a partnership investment 30% of the total need? not just the government that needs to put the money forward businesses like gf have to invest their part and other doss their part it's not one dimensional $50 billion in u.s. investment to start this journey is better than they were were a year ago when it was, u.s. companies that wanted to manufacture in the u.s. didn't have any partnership

investment opportunity. >> remarkable how quickly, tom, we've gotten used to scarcity. really teaching us a powerful lesson now hope you'll come back and talk more about it as we try to get through this appreciate it very much. >> thank you for having me. driverless cars may be driverless cars may be closer than you thin ♪k if your money is working toward the sam lydars, companying going public. think ceo joins us we'll be back in three. for your finances- designed to work better together. spend with sofi and get cash back rewards that automatically go toward your goals. like investing in stocks, etfs, and crypto. that's better together. or pay down your sofi debt sooner. that's better together. and that's how sofi is helping millions get their money right. ♪ ♪

lydar company include harmon and others goin trade after closing a spac merger with collective growth and co-founder joining us now good morning to you. now, i got to start with tesla famously does not use i dlidar.

throughout with its own driving feature. does that hurt the case for lidar as standard for autonomous vehicles >> absolutely not and thank you for asking me this actually the tesla cars are not fully autonomous meaning it's driver is still asked to engage if anything goes wrong and look on the road and hold the wheel to really get that confidence you need to add another type of sensor that can give redundancy to the camera. cameras become blurred by drop of water and could be blinded by the sun. you definitely need to have another sensor that the computer of the car can maked decision and not blid bnded by single pot of failure five years ago there was no lidar they could have adopted to bring it to the market that reality has changed today lidar and innoviz, it's a

fraction of the size and price and performance is -- really, this is the highest-end technology today that is available. such as bmw adopted this. >> yes. >> and that's-of allows operati in a safe way. >> i agree technology has come a long way costs have come down for lidar elon musk still isn't using it and stands by his system of cameras. what's stopping other automakers from seeing what tesla's doing by the way, charging what is it? $10,000 for its fsd system and not doing the same cameras have issues, but sort of ready now, not fully autonomous, but some level of self-driving feels like fully self-autonomous driving vehicles on the lidar system is still years away >> i mean, how do we define

self-driving it's only relevant when it's safe right? it's only relevant when we all are taking a drive where the car is taking control and we feel comfortable enough to really disengage. that's not the situation today that's not, never going to be the situation unless you provide sufficient technology that can really meet up with all of the failures that might occur in the car. i mean, as you said. cameras fail, and do we want to be in a situation where the computer of the car doesn't know how to make a decision because the camera is blinded? that's not something that any training of any software can actually solve if the camera can't see anything what would you do? do you want to be in that situation? so you know, yes, lid ars were nor available up until now talking about having a car that drives itself without lidar is basically not relevant i have 100% confident at some point tesla has to include lidar

to reach the next level. already carmakers are doing so if you really want to reach level three or higher you need to have a lidar. >> all right i wonder, you know what your thoughts are on the way in which infrastructure spending by the government is being framed right now? a lot of it incorporateses evs and to some degree changes in mobility is it your sense that what's been proposed is going to be what's needed to sort of push this over the hill to get the costs down enough to where profit-seeking earns prize corporates can come in and make a business out of it >> the infrastructure is not -- they are not enablers that will launch autonomous driving. for a car to be fully autonomous it has to having autonomousy, cannot rely on anything on the infrastructure maybe 40 years from now roads

would look very different than they look today. more technology on infrastructure to offload capabilities to the infrastructure, but that's really long, a long time from today. today, every car on the road would need to have their own decision and understanding of the sim, which means they would have to use sufficient sensors that will give them enough confidence to make decisions which means the skill you would have to have a lidar in the next 50 years and i think lidars as they adopt and actually become cheaper and better it will get it will take a much more primary position in the perception of the car. >> right finding other industrial use cases as well as we're seeing, omer, thank you for beings with. co-founder of innoviz.

>> thank you very much exciting time for us allow us to grow beyond our imagination. thank you very much. >> appreciate that. >> we'll be watching. a news update tern to leslie picker. >> carl, thank you so much the navy says one of its medics is suspected shooter who critically wounded two people noor a navy base suspect shot dead after opening fire. the capitol hill police officer killed on duty last friday will lie in honor on the capitol hill rotunda. major league baseball moving its all-star game to denver coor originally scheduled to be held in georgia moved after georgia passed a new voting law. and reading alexei navalny detained outside the prison colony where he is held.

suffering leg and back pains and three of the 15 people in his room have been diagnosed with tuberculosis back over to you. >> thank you very much. going to break, look at amazon move over, google and facebook new data shows amazon's share of the digital ad market grew to more than 10% in 2020 with ad revenue up more than 50% compared to 2010 we'll continue to watch that story. of course, facebook/google behemoths in that space. after the break, a ceo joining us on "squawk alley. so stay with us.

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a recent study shows covid-19 has increased workplace harassment in harmon tech. julia boorstin has a special guest. over to you. >> thank you, deirdre. joined now by ellen pao, former partner and vc perkins former ceo of reddit and now ceo of project include doing very important work ellen, thank you for joining us. tell us what your project include study found about how workplace harassment has persisted even as employees have gone remote. >> thank you for having me, julia. found interesting data looked at how people were being harmed at work and saw that harassment increased for a significant number of people almost one of four people seeing

more harassment than before covid and a lot of hostility a lot of work pressuring anxiety. 64% of people are working longer hours. also seeing a lot of anxiety people are feeling anxious with i think everybody can feel it themselves 8a pe 85% of people who resonded feeling more anxiety harassment, hostility, work pressure and anxiety building on top of each other making the workplace problems that have been here before covid even worse. we see racism, we see sexism, we see. >> translator: -- transphobia and playing out even more than before before we go back to normal work we need to address these problems and solve them. >> ellen, obviously, all very

discouraging, dispiriting. to me what's most upsetting an idea that harassment instead of going away when people are separate from each other actually gets worse on these digital platforms. with all of that in mind, what's your advice to companies both to manage it as employees work from home and also as they transition back to offices and into more hybrid environments? >> it's not an easy solution i think a lot of people just want to think that everything is fine and we're all going back and it's going to be even better than before. people really need to think about changing these problems at their root a big part of it is, we need to talk about racism. we need to talk about sexism we need to talk about all of the biases that are in our workplace and need to hire people who are from these backgrounds for the very top levels of your company. need to think about including more people from different backgrounds on your board. we need to think about mental health this anxietisyiyiyisy is a partf

causing harassment and hostility as people feel out of control and act out. thinking about how do we allow people to come to work in different ways but also to get the time that they need to manage anxiety additional work hours, pressure to be online outside of work, feeling that managers want people to be available 24/7 is creating an intensive anxiety for people and that anxiety is having, causing damage to your brains we need time for our brains to heal we need breaks we need real breaks, and we need to feel like we are not under constant need to be working. that is something that companies need to really focus on. how do we make sure that our employees feel like they are able to do their best work and it's not about being available. it's about the dleliverables you're actually responsible for. not activity showing up, being

monitored and surveilled at work to show you're on work but what's the quality of the product you're creating? what's the quality of your work? >> we've seen some companies actually implement non-zoom days to at least get away from the camera and go for a walk ellen, i spoke recently to the chief people's officer of a major bay area tech company. she told me she was actually seeing the opposite. less harassment. more freedom to sort of talk about important social issues. i wonder, how could she be so at odds and there are any areas you're seeing improvement due to remote work? >> interesting started the survey looking at overall numbers, they looked like they were getting better there is a segment of a workforce for heim harassment has gone down. not being in-person has reduced harassment but when you look tat from an intersectional approach, when you look at subgroups of people, you'll see that there's actually

been an increase for non-binary people and women 40% of non-binary people and women are experiencing more harassment 42% of transgender people. you can look at the overall average number and that may seem like it's getting better, but when you start looking at subgroups of people you see for certain groupsit's actually much, actually increased so what we did with our report was instead of looking at overall averages, where groups kind of get erased, we looked at subgroups and really analyzed and sliced and diced the numbers to see what's happening to different groups of people, and we could also see that race-based hostility had increased. while there was a 10% increase overall, 43% of black women and non-binary people were experiencing more race-based hostility. look at overall numbers you lose some of message. look at what's happening to

smaller groups, from different backgrounds, you see that actually for certain groups much worse and those are the problems we really need to focus on. >> ellen, i know when you were at reddit as int tripp ceo you made changes there anything you learneds there or things that changed on not changed since you left reddit you would take as lessons how people should behave now and how companies should set new standards now in a world where communication feels more like reddit, maybe, than it used to >> such an important insight, julia. i think we've left the platforms on this path of promoting prespeech, allowing different perspectives even when the perspectives of very hateful and even when these, when these hosts create harassment in real life. and now we're seeing it bleed

into the workplace people are sitting at the same computers in the same place at their homes to participate in social media, and also to do their work you see a lot of harassment and hostility, the racist jokes and sexist memes are coming into workplace chat there's a huge problem that, you know, we need to address within the workplace. workplace shouldn't allow this type of -- not inclusive interaction, and they need to be a little bit more assertive in creating rules i think we didn't find a lot of companies, that they had actually changed anything that they had told their employees about how to interact when they moved to remote workplaces people need to understand that the behavior happening on social media platforms isn't the same behavior that's allowed at work. right? workplaces you need to be more professional need to be inclusive you can't say things that are

discriminatory or biased those ares things we're seeing still happening and moved from social media into workplace tools and we need to clamp down, let people know what's expected. share better practices, just move things forward. >> certainly very interesting times, and one in which we talk the way people are communicating seen reddit rise and become more powerful as were el. thanks very much dyed deirdre, back to you. still to come on the show, crypto partner revolutionizing the trading game we'll talk to their ceo about their latest endeavor. ayitus up next st wh .

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block chain platform paxos announcing this morning they completed same-day settlements of stock for instanet. it paved the way for other settlements and allowed brokerages to have less money sitting in clearing houses

good morning, chad it is nice to see you again. we have talked a lot about instant settlement this year robin hood and others argued that it would protect customers better, lead to a more open system, but there's also a contingent, too, that wouldn't necessarily make t plus zero a priority because of some expensive upgrades required. you know, there's billions still in revenue from securities financing. so what needs to happen for real-time settlement to become the norm and how far away are we >> yeah, good morning. great to be here i think this is a big day for us, a big day for the industry this is the first time trades have been settled outside of the nsec legacy infrastructure on a block chain. so there's been a lot of talk because of game stop around all of the capital that is tied up in settlement. it is very archaic, very outdated, and it is actually adding a lot of costs for everybody in the capital

markets. so clearly people are not going to be able to get there immediately. you have to go on a journey and it is a product journey. we have a great way of getting people there where it is flexible we are not saying you have to settle in t0 if you want to. if you want to settle in t1, that's fine. you have to have a path where you can have flexible technology and create a flexible way for people to upgrade themselves to what could be a much better way to run their businesses, and that's what we've done today with credit suisse and instalnet. >> i think it is definitely a milestone that you have proven it is possible on block technology, but does it become the norm there could be different settling, some settling t plus one. t plus adds costs as you say but adds revenues to some such as the lenders. >> yes i think what everything now realizes is that t two is just not the way you will be able to

run this industry on a go-forward basis in fact, everyone wants to figure out how they can release capital, how can they lower their costs. i don't know if anyone wants to go to instantaneous settlement that can be difficult to operationalize, but you can imagine clearly that just being at a t zeer ow0 end of day creas operational lift but huge benefits not everyone can get there immediately. that's okay. you can do it in a way that it creates multiple speeds for parent participants depending on what they're doing. they are trying to figure out ways they can change their business around, so clearly they believe it will help there are a number of others who are either in the pilot with us or looking to join the pilot that are operating under the no action letter with the sec i think it is clear that the industry wants to move, but not everyone can do it in the exact

same way. >> chad, i wonder if you think it is a bit like 3d chess. you have big buckets of innovation and regulation in block chain, the same thing going on in settlement, and i wonder if you think regulators can steer both ships at the same time it sounds a little complicated. >> yes i mean, you know, on the one hand it has been a little bit easier in the past because there's onlyaway one way you ae doing things on the other hand, having competition helps to create new understanding, new ways of thinking about things, new possibilities. that's what we're proposing here, is let's have a different way of approaching problems because we have new technology we have a new solution set the way we were doing things worked, it worked 50 years ago, it worked 40 years ago, but the reality is what happened with game stop should be eye-opener because the fact is there was no financial crisis it is not like lehman brothers

failed and now we have a settlement problem there's nothing going on right now, yet there are huge problems going on in the infrastructure if we don't solve it now, then the next crisis will come along and we could be in potentially the same position. using new technology to do things in a new way is something we do in every industry. we should do it here, too. >> yes, that's a good point, chad a lot of the game stop saga would have been avoided if you had turks plus zero. thanks for coming on we will talk about the cryptocurrency market topping 2 trillion monday. thanks for being with us, chad. >> thanks for having me. after the break, a supreme court justice is facing off with twitter. details in jt montusa me connected to more comfortable homes. emerson's energy star™ certified sensi™ smart thermostat uses geofencing to simplify how homeowners manage comfort and costs. emerson. consider it solved. we started with computers. we didn't stop at computers.

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as we told you on monday, the supreme court brought an end to the fight between president trump and twitter yesterday, but perhaps under the radar new broadside attack on big tech from justice clarence thomas in a separate opinion, thomas took aim at section 230 which protects tech companies from lawsuits he writes, we will soon have no choice but to address how our legal doctrines apply to highly concentrated, privately owned

information structure such as digital platforms. he went on to write in assessing whether a company exercises substantial market power, what matters is whether the alternatives are comparable for many of today's digital platforms, nothing is. that got a lot of attention yesterday. >> it did, carl. but, you know, i'm skeptical that his words, his attack could actually lead to any real change of section 230 it is such a thorny, complicated issue. you know, his concurrence was the only one submitted alongside the action it didn't include an explanation from the majority, so it could suggest that his colleagues don't share his reasoning. on top of that, carl, remember we started the show with mark mahaney, his top picks in big tick facebook and amazon they're been dealing with regulatory scrutiny for years and their stocks have just gone higher it is clear that investors, and you could argue their users, consumers, just haven't paid a lot of attention to sort of

antitrust or regulatory scrutiny they continue to use these platforms. investors continue to buy the stocks >> yes, definitely something we will be grappling with for quarters or years to come perhaps, depending on how regulation fills out finally, the narrowest trading range for the s&p for 2021 so far, barely .4 of a percent. let's get to the judge carl, thanks so much welcome to the halftime report why a star analyst caught apple's price target what it means if you own the stock and some of the other faangs joining me, stephanie link, is a iraq seteh the s&p hitting a new record high today, dow a little negative the nasdaq is up 70. rates are a bit lower. 166 is the yield on the ten-year note i'm focused on the note because it is from the new number one