good morning it is 8:00 a.m. at twitter head 3 quarters in california 11:00 a.m. on wall street, and "squawk alley" is live. ♪ ♪ good thursday morning and welcome to "squawk alley." i'm deirdre bosa with carl

quintanilla and julia boorstin, jon fortt has the day off. competition between uber and lyft and a driver shortage apple versus epic. the companies lay out arguments ahead of an antitrust trial next month. and starting with facebook and alphabet notching new highs. julia, searing the nasdaq catch up up 7% year to date the story this year, one of underperformance underperforming not just the zp zand dow jones industrial but the russell 2000, up to nasdaq's 7% >> absolutely. look at how the pandemic has really driven a sea change in the way consumers behave, at least at the anticipation, look at amazon succeeding on heels of

ecommerce and advertising to help facebook and google remember, there was a huge ad pullback beginning of the pandemic now we're starting to lap those numbers and see growth in advertising, carl, in terms of travel advertising, a huge driver for google in particular, and then also film advertising as movies start to come back, and then as facebook really embraces ecommerce that could help them as well, carl. >> yeah. i see warner's got comments about the theatrical window on the tape this morning. maybe squeeze that into the hour later on start with twitter clubhouse report bring in cnbc contributor and platform eder casey newton and earl snapchat, yosh patel. great to see you, josh, nice to you have, yosh. >> thank you. >> we sort of know in x

expansionary mind-set with regard to twitter, how much faith do you put in the reports and whether it makes sense >> look i think this is real twitter. has shown they like to go out and buy networks when on the come-up. whether buying the early video app or periscope, live streaming app and still stinging from the fact they tried to buy instagram and let it go to facebook. i absolutely believe they wanted to get clubhouse while still hot. >> do you agree? >> i totally agree twit hear a history of failed m & a attempts as we talk about with periscope and instagram the issue, we haven't seen a start-up backed by these put at $100 million in the last round that actually at best had an emotional vesting in this, beyond the capital put in. senior partners, ben horowitz and mark andreeson, on the flat

form, calling up physicians, athletes and others to get on this platform. think about twitter early days that's how it kind of grew when you think about the breakdown of these costs of $4 billion, i don't really think clubhouse is that serious. they want to create a fully blown, independent company in sort of this audio world that they're kind of going after. you know, the other thing that is interesting is -- it could be a fishing expedition by twitter, right? we see a lot of copycats out here in big tech we say spaces, and new sort of -- platforms and you know, this is something that is a trend that continues to kind of affect those all around. as an earlier investor in -- we saw -- >> yeah. impressive to see the -- yosh, impressive to see the big push andreeson is putting into

clubhouse. i want to ask you, casey, with that in mind, do you think twitter's version of clubhouse has a chance to succeed or do you think that we'll see facebook be able to successfully copy it, or is clubhouse reall a different kind of start-up because it has that andreeson/horowitz heft behind it >> i think about it this way everybody who's famous on clubhouse now was famous on twitter before right? clubhouse got its early heat because people were going on twitter tweeting, highway, join my clubhouse speaks to the fact to the extent clubhouse will be successful, twitter could, too it's a design challenge, a product challenge for them how do you build a new audio network into the timeline we're all used to? a real challenge, but, look, if you look at download numbers for clubhouse, over the past month, way down from the month previously a question about how viable clubhouse would be as an independent company over the long term. >> right

yosh, 1vc ironically on twitter suggested not just a problem for twitter but could see unbundling of the platform at large saying substack is coming for long-form twitter. mirror coming for crypto twitter, signal and whatsapp for private twitter. do you see that as the case? are sort of all of these start-ups eating into twitter's different businesses or uses is that a substantial threat >> absolutely. seeing unbundling in this case audio. in particular seen talk show radio hosts and the value and interest that consumers have there, but what clubhouse does differently, tapping into a whole idea creator the idea anyone like myself were get on clubhouse and listen to conversations and also be a creator themselves right? i don't have -- i'm not a big user of instagram or twitter but

i love the audio and sort of the spoken word. that is sort of a different sort of demographic they're going after in a much bigger way and that can be something that, you know, clubhouse scening an example on the monetization side can be really sustainable. seeing modernization really being adopted from areas such as gaming and clubhouse, i expect, to follow in a strong manner. >> yeah. i mean, as a longtime twitter champion, i would just hate for it to get absorbed and suffer the fate of vine or periscope. i always wonder whether or not you agree? twi twitter, they lose interest over time it's weird. >> you're 100% right, carl i want to believe it's a

different twitter in 2021 than the twitter that killed off vine end of the day, you're right they have a lot of issues they need to work on just within the core app trying to bring over this entire other network and integrate it would be a real challenge for them the same time, any good, social network is always looking for the next big thing always have to re-invent themselves and hard to name a bigger trend over the past year than these audio experiences. >> yeah. that's a great point. moving on to our next topic, guys bitcoin. nearly doubles in q1 single best performing asset of any kind in the first three months of the year, but now cold water getting thrown on it take a listen. >> sort of a pro-crypto, pro-bitcoin maximal person i wonder at this point whether bitcoin should also be thought in part as a chinese financial weapon against the u.s., where

it is, it threat'ses fiat money but especially the u.s. dollar, and china wants to do things to weaken it. >> peter thiel talking about the chinese and bitcoin earlier in the week our friend art cashin says the chinese, in fact, he agrees, are concerned all international currency settlement winds up under western control. in some form or another. whether that's in belgium or what have you. that this is the one play they're putting on the table what do you think? >> look, you know, we will look at disruption and innovation and invest in that all the time. whether it's artificial intelligence self-driving cars. bitcoin or cryptocurrency not exception to that, and what, when they with about disruption, there's always disruptions in new technologies to a certain extend pete hear a one-sided view of this disruption that's happening with

bitcoin and sort of cryptocurrency cryptocurrency out there what we've seen in china, a lot of trends around the move to the cloud and adoption of models by a lot of local enterprises even more interesting, in china a lot of innovation around consumer behaviors adopted with sort of western start-ups. think about the messaging brace ecosystems out there and think about wechat, think about the fact anybody can kind of conduct commerce through a conversation or through a messaging app out there, that sort of, platform, that's expectation of ours, that's happening in a much bigger way just an example of sort of disruption that we see all around the world globally. sort of a global investment plot. >> curious, casey, do you agree? does peter thiel have a point? >> i think there is a long-standing view that anything that weakens the dollar is to

some extent a national security issue, and so i think it's fair to raise that question about bitcoin. but if you want to talk about china, talk about the cryptocurrency that china is building a national currency. the digital yuan it is maybe a threat but not just that. >> i couldn't agree with you more not necessarily about bitcoin but a digital currency in that announcement from china yesterday is a big deal. u.s. lawmakers and administrators talked about a dli digital dollar but we haven't seen reaction. do you think the u.s. as whole is moving too slow on cryptocurrency >> i do. the u.s. is moving too slow in many technologies. i'd love a strategy around digital payments

seen others invest heavily creating their own cryptocurrencies and still seems the u.s. isn't sure what it wants to do. time to get a strategy together. >> yeah. definitely adds one more layer -- yosh, go ahead, sorry. >> just also add sort of the current point basis upcoming direct listing there's real mainstream adoption happening in the crypto universe just like robinhood democratized investing in crypto. coinbase will do it in a bigger way. an issue forced upon u.s. regula regulators they have to think about it in a bigger way also i would add thinking about bitcoin, i'd probably be more worried about the fact bitcoin kind of has a large carbon footprint. requires a lot of power. i think when peter's talking about china, there's just multiple risks involved here and it's good to take everything in sort of a, a holistic measured

way. >> yeah. i was going to say we're fortunate, the u.s. is fortunate to the have some big players on its side, but it does add another layer to the geopolitical friction between us and china. yosh, great to have you. thanks casey, see you both soon thanks. >> thank you. still to come, apple and epic games getting ready to face-off in court. we discuss their cases with dhh later this hour. a lot more "squawk alley" still ahead. don't go away.

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facebook and alphabet trading at all-time heiss. broader names leading big tech showing strong performance this week joining us, a senior analyst, two senior analysts. nice to see you both seeing a comeback. of course, difficult to repeat last year out performance. many of the same headwinds from antitrust scrutiny this, year, though, key to underperformance, rising interest rates what is going to be most important for this group of mega cap tech names this year >> typically all about work. right? came out of q4 honestly with all guns blazing

a very, very strong period true part of it was driven by covid. our checks so far indicate that the strength we saw in q4 continued into q1. a number of these companies have already given some insight into what their 2021 would look like, and interestingly enough, i don't think they necessarily baked in stronger than expected q1 we're looking at a group -- talking just about mega caps right? google, alphabet, facebook and amazon, companies we expect to grow north of 20%. when you look at their valuatio relative to the smids, they've underperformed feel going going into the positive and feeling still very positive with their expected performance so far into 2020.

>> tom, let me ask you specifically about amazon. of course, we are all awaiting results from that union vote in alabama. there's an interesting article this morning suggesting that a successful unionization could, even though a small very tiny percentage of amazon's workforce tshs could shift the balance from capital to labor and eventually lead to wage inflation. however, the numerous amazon notes i looked through, i rarely see this labor battle mentioned. do you think investors are complacent on this front, or do you think that we're over-hyping it perhaps it won't, even if a win at the unionization fight happens, it won't affect the long-term story? >> well, all ight. i definitely think unionization is an existential threat nfor amazon and we knew it coming into 2021 with president biden who wanted to be the most

pro-union president ever a small labor force in germany is already unionized look at company in general and their ability to generate incremental profits from third-party selling instead of first-party selling, advertising or big profit engine being aws, if anything unionization betweens amazon needs to have more employees to sustain their level of productivity, but i think they certainly have vehicles or mechanisms to offset the potential price inflation in labor. >> now, you said -- i know amazon also is one of your top picks but also you have along there with amazon facebook and google tell me a little how you anticipate apple's operating system change and the ability that consumers will have to opt out as well as some of these changes around cookies making it harder for google to track people around the web? how do you anticipate that impacting both facebook and google this year >> right so that has been obviously a

topic that's been much, much discussed over the last, really, 12 months. that's not new i think to a certain degree the valuation for the group for these mega caps already reflects a fair amount of conservatism around there clearly, very, very little impact to amazon to none and google, over 80%, zeroing pacts on that, on majority of their revenues, clearly due to their ad network and et cetera, will have an inpmimpact facebook, the most impact. in terms of pricing, ultimately what you're driving to because of fewer data points to target on and, therefore, your ad efficiency may decline a little bit. we think there is a low to mid single-digit percentage of headwind to revenue growth and pretty precarious scenarios

for facebook step back and think these are world gardenses. as world gardens, the platforms with the most party data of any other platforms out there. so advertising is a relative term or a relative game. to the extent just doing slightly better than the alternative i think they win that's why short term, it's a headwind clearly. i think we have accounted for to as much as, accounted as much as we can for it but uncertainty still around it. over time we give it long term e w we do not this will have material impact on this company. >> tom, i'm not sure how much of this goes into your universe, but it seems like every upgrade on certain names especially on internet comes with better monetization trend, better revenue trend. if you were giving award for most improved player in your universe over past year, who

gets it? >> overstock, far and way. the larger cap names, wayfair. overstock basically was able to leverage the pandemic-led spending in the home category as was wayfair, and what makes overstock so interesting now is that it has a portfolio of 19 investments in blockchain. incredibly well positioned with the coin-based direct listing comes out. and for wayfair, they were able to prove they could achieve profitability and now sustain profitability. i would put overstock and wayfair in the most improved category in the internet, ecommerce space. >> wow >> okay. thank you both very much for your takes. see you again soon >> thank you as we head to break, take a look at shares of box, sliding

down over 9% the company announcing a $500 million investment from funds run in a appreciaty equity fund receiving convertible preferred stock. box will use those to repurchase up to $500 million of its common stock. we'll be right back. stay with us.

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take look at shares of uber and liveyft this year. there's a driver shortage. both turning out cash incentive to appeal to drivers reminiscent of the good old days when competition was fierce and billions in venture capital money essentially subsidized the industry of course, now public companies constantly talking about paths to profitability you wonder, does renewed competition, increased

incentives does that push that timeline further out will investors be patient here and does uber have advantage because, of course, building up their food delivery side of the business, and is that making it easier for drivers to switch over to ride share >> yeah. the question is, are those food delivery drivers now able to maybe get other jobs maybe more full-time jobs or is this a gig economy? something here to stay carl, it's interesting to zthin about these businesses supply constrained more than anything else. >> it's true strikes me interesting, a lot of discussion about shortage of labor, de points out in most businesses you can work around that to a degree using technology when it comes to drivers, that technology solution is a little more in the future as we all well know. about hear to deal with tougher questions in the near term speaking of uber, joining us on

monday as we kick off a new program here on cnbc monday at 11:00 a.m. eastern it is premiere of "tech check" with me, de, jon fortt and julia, of course hope you'll join us. we're back in a minute. in the romo household we take things to the max oh yeah! honey, you still in bed? yep! bye!

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i'm rahel solomon. here's your cnbc news update at this hour. a former nfl player in south carolina killed six people then took his own life. and traveling alone across the border with mexico most ever in a single month. for the sixth year in a roer forecasters expect an above average of number of hurricanes in the atlantic. colorado state predicting 17 named storms 8 hurricanes 4 major hurricanes this year. and this cute video is making the rounds. this disabled baby alpaca got help moving around from a woman who set up the animal with a wheelchair she lost the use of her hind legs during birth but is now clearly happily rolling around her barn always need a dose of cutenesses you know >> we always love the cute animal videos, rahel, thank you.

meantime, the battle between apple and epic games is heating up the dtwo companies releasing legal filings detail what's they think are key facts and issues in their upcoming antitrust trial next month let's discuss with david highminor-hansen, co-founder and chief technology officer at basecamp and a longtime apple critic what do you make of apple's defense? >> i think apple's defense is unfortunately just a repeat of the defense that monopolists usually trod out you should look at the scope of alternatives as broadly as possible, defining themselves as one of many options. google did exactly the same thing when trying to defend their search monopoly in front of the house antitrust subcommittee claiming all sorts of other things like kayak, for example, searching for travel. part of the options consumers had and therefore, going it not have a montmonopoly

it's a shuffling of the cards tricks i hope it doesn't work on the judge in this case and certainly shouldn't work on consumers and people watching this apple has clearly a monopoly and dominant market position with their iphone for them to define this iphone as simply a gaming device make nos sense at all this is a general purpose computer, and apple is not just about games. >> well, but that's the thing, david. they are focusing on the app store. interesting that apple is honing in here on the roll of the video games and the fact when it comes to video games and transactions within games they actually do face quite a bit of competition. what do you think about that move to focus on the gaming market in particular >> i think it is a sleight of hand apple doesn't maim a game device but a general all-purpose computer that can also be used

for game look at monopoly and the dominant position they have in these computers where it's basically them and then to some extent google as well. in the u.s. apple has by far the most dominant position in these general purpose pocket computers particularly around the amount of money spent on them the problem here is that the fight apple is taking on, is it not just a fight on behalf of game developers but on behalf of all app developers one of the reasons i'm so enthusiastic about the fact that epic is taking this on also they're fighting for people like me. who is making email services these issues are clearly broader than just games. for ap toll try to reduce this just to be about games of virtual sorts is the kind of distraction we need to get past. >> look at one of those broader arguments, then, david by the way, it's deirdre good morning if apple goes to great lengths

getting users locked into its ecosystem as epic argues couldn't you argue nintendo and xbox do the same even epic. of course it wants to keep people locked into the "fortnite" universe? >> until it's a monopoly right? all businesses are trying to create sticky products something consumers wouldn't want to leave. there's a threshold by which you cross into a different territory. this is why there's a whole different, separate part of law that deals with monopolies once you've achieved a certain dominance in an industry, different rules apply. it was the same thing when the department of justice took on microsoft back inin 2000s they had a crushing monopoly on browsers and operating systems these general things all businesses are trying to do, make compelling products, make

people keep buying their products, that's all good and fine and we all try to do that, but once you cross the threshold where you become a ma nom pli anpli -- monopoly apple crushed that long ago. a report declared over and over again how apple has a monopoly and are abusing it, different rules apply. can't just look at it. isn't this what epic and anyone d nintendo, it's different once you become a monopolist. >> thinking world dynamics and look at history of am, the record's kind of good. kind of like the new england patriots i wonder if that sort of is in the back of your mind? you might be right in your own view and in the view of many, in fact, but that their legal prowess may be too strong? >> i think it's less about their legal prowess and more about the

prowess of the treasury. a $2 trillion company, yes, you can out-spend anyone one those arguments pulled up against epic just billion dollar companies duking it out. yeah because you need to have the near billion dollars to take on apple. apple will absolutely drag this out over a decade through multiple rounds of appeals and you'll spend millions and millions of dollars. when we were in our dispute with ap the we got advice we had a great case, if we took it on, it could consumea decade of our lives and we'd have to spend $25 million to $40 million pursuing ta sas it's only company that reach the size of epic that has any chance of taking on apple eastern still odds are very poorly in their favor when it comes to simply an exhaustive match of who has the better treasury and who were drag out cases the longest? >> david, look, epic also has support of spotify and other

companies of meaningful size since you are such a critic of apple, put on the other hat a second and tell us, is there any area you think apple's defense has a point? the fact that, say, 30% fees are standard in the industry and other app stores as well is there one element of apple's argument that is fair to you >> not in terms of the app store and the fees they charge this idea that other stores charge 30% as well just -- how does that make anything any bet jer apple's weakest point is the fact they have another computing ecosystem called the map where they are actually doing the fair thing. if apple simply went with the mac approach we have an app store. you want to be in the app store, here are the rules you can also not be in the app store and install software on your mac computer that does not go through the app store as we do with our products we choose not to be in the app store. just sell directly works out fine apple can have their own store problem with the iphone, they're

playing an exclusive toll-keeping role. saying you cannot get software on to these computers unless you go through us. so if apple simply steps back said, you know what? we believe we have such a good deal in the app store. 30%, 15% lots of developers would be happy to pay that. great. let developers happy to pay that, pay that and reap the benefits let's all be developers, epic, us, spotify, install software direct lir as we're allowed to do on the mac ecosystem. this is really the counterexample that shoots down all of apple's dystopian fantasies this is horrible for security and just let fraud run rampant. plenty of people have mac computers, fraud is not running rampant. in fact, it's been one of the issues they've been having with the app store lately fraud is quite ramp the on the app store and gets to run rampant under the guise that

apple actually protects people when people find out, oh, just got scammed off an app off the app store. how is this happening? not supposed to happen but it happens nonetheless. >> david, i wish we were more time to talk about this but i know it's a topic you have tweeted about a lot. i look forward to having you back on to talk more about this. a fascinating legal battle we appreciate you coming on to talk about it. >> thank you so much anytime. as we go to break, keep your eyes on gamestop company announcing it will elect chewy y founder as chairman and pay an equity. share down as of late. we're back in a minute.

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bust or breather spent a lot of time talking about them here but nft sales have fallen dramatically from their february peak. our robert frank joins us with more robert, was tom brady the peak here did everything fall apart after that >> well, at least for now they kind of did, de. nft prices falling by more nan 70% from the recent highs and a big drop in the number of people who are buying and selling average nft prices down from 3,900 to about 1,400 between february and the end of march. that's according to non-fundable dotcom and nfts falling by almost half from an average of 80,000 a week

to just over 40,000. artist mike winkleman known at beeple and well known in this show sold that $69 million nft as christie's earlier this month says the nfts are probably a bubble, and that some could "go to zero" before they ultimately do become an enduring asset class. there are two big drivers of this most recent decline first is crypto punks and second is top shop. crypto punks, computer generated characters that help launch the whole nft craze. they were actually selling for up to $7 million back in february they have since totally crashed. weekly sales of top shops, nba highlights videos reached a high february 21st, then fell by almost 90% to just $50 million by end of march. total sales of top shots have topped out nearly at around $500 million, but weekly users have

fallen by 70% at the end of march, and that also is in keeping with rising complaints from customers of dapper labs, where top shop, traded complaints about account ax and making withdrawals non-fundable dotcom with a positive spin volume and values tripled since the start of the year depends what your time frame is. clearly from that crazy peak we saw in mid-february, we have seen a big decline, and now, of course, the question, guys, is, where do we go and how we go from here. >> yeah. perhaps not surprising we've seen bit of a shakeout doesn't necessarily mean it's over robert, seen many more come out with their nft offerings i mentioned brady. the manning brothers paris hilton on the network. the pace doesn't seem to have slowed right? the offerings we're getting. is this a shakeout of some of

the less valuable nfts and could we continue to see the likes of beeple sell his artworks at very high prices? >> you're absolutely right, de the pace of supply has just dramatically increased over the past month after we saw that beeple sale we just saw a flood of everyone we have news recently that philips asotheby's following up with christie's auction and seems every now is doing nfts. average prices culling down by virtue of less expensive things on the market. troubling about this report, all of these numbers, the total number of buyers and sellers in the market especially at top shots, that down 70% it shows fewer people are even in the market as opposed to just average prices maybe just because people are

out and about again and spending less time at home on computers trading nfts >> thanks so much. fascinating story. can't get enough of that nft angle. as we head to break, keeping our eyes on shares of salesforce one of the top performers in the dow today. that stock up over 1.6%. this after bank of america named it a top pick. that stock has been a relative laggard in recent months down 20% from its september all-time high. we'll be right back. stay with us.

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raising another $15 million million placing a valuation with the ramp ceo and paribas founder and plus the investor and founder keith van boyd, and eric, let's start with you, and tell us what makes ramp different from all of the other corporate card providers and what are you doing with this investment money >> of course. thank you so much for having me. so what makes ramp different is that we are the first corporate card designed to help businesses to spend less. it sounds like an obvious thing, but most of the credit cards are designed with points and incentive programs to spend more money and earn more point, but

we believe that the business owners want to be profit motivated and so we have designed it with that, and so we are the fastest billion dollar company and we have done it the fastest and we are using funding to grow the employees out and doubling in size we intend over the next six to eight months and developing software designed to help companies to spend less. >> so keith, what drew you to this company, and why the companies spending less through ramp won't hinder ramp's ability to generate profits itself >> we were interested in this opportunity, because we have diagnosis that the world is in misalignment, and the companies that fix that misalignment from square to paypal and zoom back

to that space, and ramp had an interesting theory to fix this misalignment to get paid to spend less, so it resonated with me in my background of financial service, and most of the banks profit on poor behavior by u.s. consumers and the modern replacement banks like the firm fixed that. so ramp was right in middle for the stuff that i have been looking for 20 years to get involved in. and secondly, the companies that we are involved in the technology sector and all of the companies across the industries rely upon sass software to run the businesses and ramp is taking the data and valuable and integrating it into the plumbing that all of the modern cfos are using to run the businesses and allow it to be actionable in realtime to enable the cfo and the corporate executives to do their jobs better and eventually

they will want to compensate us with that with software revenues. >> keith, it is deirdre, and i wanted to know what you made of jamie dimon's comments yesterday on the fintech threat in the annual letter calling for more regulation in the space, and in the past, he has questioned the privacy questions of the finteches like plaid, and does he have a point here or is he sounding threatened? >> well, he should be threatened. if you are looking are at the market cap of the fintech company from coin base and square, they are larger than his market cap very soon, so he should be paying attention and be less dismissive and fundamentally the privacy practices are going to vary, but the class is to protect themselves from competition and you can see it in europe which is why nobody has really created interesting european startups for almost 40 years and handful of companies that have broken through, because europe is so focused on protecting the

commerce that they won't allow for innovation, and hopefully we won't do that in the u.s. >> eric, i have to ask you about the corporate spending in general given the wild swings in corporate card and on travel and leisure over the past year, and a sense or the consensus as to when or if corporate travel spend gets back to the high wate watermark? >> yeah, it is a great question. >> eric, go ahead. >> so one, we are starting to see a return to travel and entertainment spend from the businesses already it is a far cry from where it was, and just a year and a half ago, but it is increasing, and it starts to map, too, to the cities and the states that have had earlier reopenings. faster rates of vaccination, and all that, so the jury is still out as to who the business travel will return to old levels, but we are seeing this playing out in the corporate spend data already.

>> keith, it looked like you wanted to jump in there and i wanted to give you the last word on this, and curious how you see it fitting into the new hybrid world we are moving into, and how you are seeing the companies investing differently as they are making choices about what kind of service they want? >> well, nobody knowing the answers, and they are running the social experiment at large of what practices work and the tradeoffs, because there is trade offs kconcentrated offices and someone has to make conscious tradeoffs, but we have to figure out what the tradeoffs are over the next 12 months and people will copy and emulate the companies with the most success. >> certainly going to be a fascinating time. eric and keith, thank you both so much for joining ounce the news of ramp's new funding raise and valuation. >> thank you. >> pleasure. >> as we go to break, speaking of the space, visa is dropping

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before we close out the show, let's get a check on amazon and that vote count in be b bessimer, alabama, with a turnout of 38% of eligible vovote voters at that fulfillment center, and so there are hundreds of challenged ball lots, and so if this is close, it could be the deciding factor, and we are of course, expecting the appeal from either side regardless of the outcome, but we certainly continue to discuss the major ramifications this could have. >> major ramification, and ramifications outside of just amazon. there has been this decline over the past several decades in terms of the number of unionized workers, so carl, it is going to be interesting to see what this means for techgiants and

-- and unions in general. >> yes, the ryf is out with statement of being pro union is not always pro worker. and besides bull on the fed tape says that policies should not ease until the end of the pandemic comes. we will get to that going into the half. >> thank you, carl. i'm scott wapner, and is this as good as it gets or in a sweet spot for the money it is a big question and one well known bull is getting worried about the markets. we will talk about that and debate it with the investment committee. tiffany mcgee is the cio at pivotal advisers and jon najarian is with us, and so is pete. and we will get right to the headliner