grants over $1 billion last year, so guys, a lot of these guys are down but they have taken some money off the table >> yeah, got to wonder, though, in terms of the amazon moves, all that selling by bezos, has that impacted that stock as well thank you. that's going to do it for us here, and "tech check" starts right now. good wednesday morning coming up this hour we are going to decipher the tech selloff, the slices of tech that are performing and the ones that are not, and how to position for yourself for a balance coming up next and then breaking records. we'll look at the return of soft bank and the golden goose this

hour and coin base, number one on the app store and making another corporate change we'll discuss, john. >> yeah, and the nasdaq swinging negative again so far this morning after what we saw yesterday, and we saw it end in the green after a steep drop early. we'll look at how to take advantage of the srvolatility i tech this hour >> and fubo, easily the biggest earner of the morning, and up 13% right now. and unity, both ceos will join us this hour well, let's dig into the tech selloff and get more specific on which parts of tech are being hit the hardest. we have been talking about the sepl semi selloff.

the losses are dwarfed by some of the stocks, and it's a bigger divergence if you look at it versus the dow here's the year to date chart of the dow. the nasdaq still up 4%, but the wisdom tree down 13% john, i know we have been talking about some of the hottest names that have run, you know, very high flying over the last year or so and they are really taking it in the sell off, like zoom, and snowflake. discrepancies here as well, and snowflake still sitting under 100, and it reinforces the facts there could be opportunities in the selloff. >> yeah, i think investors have

to slice these stocks all kinds of different ways. we talk about cloud overall, and you have adobe and workday in there, and those are two different stocks adobe is 12% off of its 52-week high, and workday is closer to 20 to 17% off, and i think you have to look at who's leading in their particular area, and not just all the cloud names together, and cloud is like tech, and once it has been around for a while it ceases to have meaning of its own, and you have to see strategically what these companies can pull off >> yeah, we use a word to describe an entire basket, and by the way, we should mention, too, the idea that the enterprise is going to be spending more on cloud, that notion has not changed at all, and it's valuation and the degree to which other competing

types of assets are going to alter the equation for who wants to invest. >> yeah, that's absolutely right. that thesis has not changed, it's just that these valuations and the macro environment, if you see them with the rates, and perhaps coming down-to-earth was expected, and like john likes to say, it was not all that surprising but the question now is where is an attractive entry point. >> and let's bring in our guest about his basket of software in cloud stocks and manages the ticker em cloud, and it's off 22% in the last couple of months good to have that you that >> always good to be back. thank you. >> this is not a surprise, right? this whole environment we are entering into, and maybe rising

inflation and tax reform later on, and higher rates we knew was coming and how should viewers think about it if you are invested in this space >> people have been talking about the hot multiples for a while. what we were looking for what a bit more of a moderate selldown where you have would this effect over three quarters, and and we're basically now back to flat and the sector was the top performing sector in tech all of last year, almost up 100%, and so meaningful the sector still up and the fundamental performance here has been quite strong >> what do you think reverses sentiment going forward from here is it about some realization that either the feds got this macro picture under control or some of the inflationary wins

are intransitory >> i think people have the narrative wrong about asking is the cloud fad over, and this is a replatforming of the industry and it's a mack ro trend, and ts is a profit taking and multiple question if you believe in this medium term or long term, then you can see this is a buying opportunity and the world is now 25% off and at some point re-entering the stocks at these levels could make sense, and in the short term trade dynamics, there's likely to be volatility going through the summer as people are trying to find fair value in their personal bottom. >> one of the things i like about your mt. saas grouping, you are not looking at some aur tr arbitrary group, and when you

are looking at tech that has the potential to go higher, you have to look at who has a platform and who has the heft, and i don't mean just money but representation, and who has the power to reshape this landscape by moving into adjacent markets, right? that's going to make a difference in who can really grow from here >> we believe fully, this mt. saas bucket is the future of this group when you look at the mobile and internet trends, they are at a mature point, and the baton has been handed over to the cloud basket, and these are the premier names in the race, and they are growing at a high rate despite the scale, and can you debate plus or minus what the clearing multiple is, but i don't think you can debate they will be the flag bearers for the tech ahead, and if you believe in the name you should hold these trends

>> byron, when you consider there's big investors making private deals in markets, like tiger global and others that we will talk about later? >> we have not yet the multiples in the private side tend to lag, but demand is extremely high and that's reflected in the ipo markets, and a few weeks ago there was a blockbuster ipo, and pro core is on the virtual road this week for their ipo. the demand is high the wall street buyers continue to be thirsty, and there's crossovers because they are so thirsty for owning more of the names at their unicorn stpatus, and there will be a little lag perhaps there's a pullback in multiples as it comes through,

but the demand in the velocity will stay high in the coming quarters >> what would happen for that to happen, the selloff in the public markets and the cloud names? would it have to last longer last year we saw some of the software names go public and have not seen much of that later and does that have partly to do with market -- >> we have over 100 cloud companies over a billion, and for the first time ever every name on the list will be over $1 billion in market cap. we have never seen that in the history of cloud or in software. it's the highest quality basket in the entire history of our industry, and we have seen a lot of them waiting for their q4 financials and a little bit will impact pricing but i don't see any slowdown in overall demand

for the sector i think the ipos will roll through and i absolutely believe the public investors that are thirsty to hold the names they are crossing over in private markets in unusual ways will be eager buyers in public, and even potential spats where we have not seen on the cloud side but could before the year end. >> we continue to bring up, at least on this show, the intersection between the demand for the cloud and the degree to which there's going to be savings in the billions of dollars on real estate as office space as we imagined, and giants like google say clearly that one-fifth of their workers are not coming back to the same office i wonder what kind of clues you will be looking for that will be a tail demand? >> i think the majority of workers will be back in some physical office but collaboration tools and productivity tools and remote

access is now a permanent fixture of our work world, so it goes back to underscore one of the opening highlights, this is the trend to stay, better software and better experience and a unique collaboration that feeds into this, and we think it will be something that holds and overall we will see the shift ripple through all clouds of software >> buckle up, everybody. thank you. >> so good to be here. >> bye-bye big hour of "tech check" is just getting started

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by 1 one quarter percentage. the ceo will join us in a minute well is it time for the bottom fishers -- you talked about how far they have come down is it enough >> it's a good question. the dramatic tech stocks, the tech sectors that were red hot in 2020, and i mean clean energy and the 3d printing stocks and cloud computing and online retail, they all turned cold in 2021, and some are down close from 25 to 40% here. and there's damage from some of the popular name, clean energy, and electric vehicle companies,

and sunpower down 50, 60 and 70%. cloud stocks like jfrog and snowflake, they rose almost 200% from the 2020 bottom, and these stocks were hit hard in mid february and never really recovered. same thing, arc innovation fund, a concentrated portfolio, and half of it was in ten names. you see anywhere from 25 to 50%. the question now is how much is enough the problem is that all these stocks had huge runoffs on speculative bets they would be profitable far in the future, but when rates started moving up in mid february and inflation concerns hit the stocks they got hit hard and have not recovered. the momentum crowd buying them could not sell them to momentum crowd buyers anymore, and the question is is a 50% hair cut

enough the problem is inflation, of course, and it makes it more difficult here look at the mega-cap stocks, they faired better in the downturn, and they had not abandoned stocks because they are not outrageously priced. guys, inflation, remember, makes it more expensive to borrow money, and that hurts stocks but just generically when inflation starts hitting investors and stocks demand a higher premium to compensate for the higher premium, and that puts pressure on these that are marginally profitable or don't generate a lot of revenues. a problem for this guy >> i love how you are highlighting the difference between different groups in tech, like the bigger folks. i guess what the momentum folks need is for the coin holders --

>> yeah, a lot of money is going into that. speculative money in those stocks and in doj coins as well. and then a game developer beat estimates with a 41% jump in revenue raising the 2021 outlook to $1 billion and steve also takes the stock to a buy upgrade, and joining us now, the ceo. good to have you i want to take a step back and ask, because mobile is an important market particularly for your customers what is the impact of apple's ios change and might it in the long term drive customers to want to own their ecosystem and build their platform more which would lead them into the arms of unity? >> i think the impact of the changes around apple's 14.5

operating system, i think for a lot of people it's pretty murky and too early to call, and for us we feel more contfident the benefit is we also have data just in aoios 14.5 now, and we feel comfortable in raising our guidance by 50 billion for the year, and i think others will be fine, too, and some folks will be jarred by this. it might be their only data sources and if they are dependent on that and blind on that side it's going to be more challenging. >> i guess that's what i was getting at, does that provide

opportunities for platform creators and growers like unity. you talk about how you have all of your data yourself, and you are getting a signal and you feel confident we have apple reported earnings, and lots of newer players working on building a gaming ecosystem and tools. to what degree does that become more strategically important as some of the more traditional services might not be there? >> 100% right. with unity, 71% of games are built, and that's an enormous presence, and their monetizing those games, and i am sure they are fine we have a fundamental competitor that will bring to the table for our customers, our tools to

create content and that gives them a big advantage in mobile which is why 71% of the time they choose unity over building their own back-end technologies or operation technologies or use one of our competitors >> john, i spoke to singha's ceo last week and made an acquisition to bring more about advertising data in house, and do you need to do something? are you looking at deals, or do you have enough data in your existing model >> well, i mean, i am not sure there's all that to do in this exact space. there's a couple players, most diversified into publishing, and they look more like zenga, and i am not sure we will see a whole lot of rollup, and i think they are trying to enhance their net

take on that f frank is a smart guy and runs a business there now, we're by far the leading platform dedicated to this arena and we have been gaining share for some years now and we are optimistic about the future. >> i have a controversial question for you, because i think you might be the best person -- one on the best on the planet because of your history, and is your business model fundamentally unfair, the 30% take, or businesses like unity that are providing ways to monetize that are creative and different and separated from that making that whole argument we see playing out right now in apple versus epic obsolete >> first off, let me just say, i know this is hard to reconcile, but we are really friendly with

apple and tech, and a step back from the perspective of the app stores, that 30% shake, pretty much i think it's interesting to note that game companies retain somewhere between 70 and 80% of consumer revenue, and film industry, music, they don't retain anything close to that so the ecosystem today is better than any form of media, and i get why people want to make it better remember the two principle mobile app stores reach billions of consumers that's a phenomenon new to this -- i guess the last decade, and it was never imagined before i remember when we thought selling a million units of a

game was huge. on the university platform, we use 3 billion users a month. these numbers are staggering there's a lot of platform benefit in that. is it worth 30%, i think it's what the market will set the price and we'll see where it ends up. >> well said i can read between the lines there. we will see if the court ends up doing it instead of the market john, thank you. >> thank you still to come this morning, stocks that the street loves that investors don't we'll look at the tech names still on the table for buyers. meanwhile it's the chip stocks providing the most pain for the nasdaq today, making up five of the top ten losers, and 4% losses adding to the decline on the week "tech ec iba ithe chk"s ckn re minutes. whether it's a technology first,

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what the cheney vote means for the party's future growing frustration.

welcome back tech is back at the bottom of the index. sector down more than 2%, and apple and tesla along with the lower complex, and some of the smaller 2020 winners down four to five as the nasdaq has not gotten down below yesterday's low. >> good morning, everybody liz cheney not backing down. that's after her removal from her gop house leadership position, and she's continuing the position >> i will do everything i can to ensure that the former president never again gets anywhere near the oval office. we have seen the danger that he continues to provoke with his

language we have seen his lack of commitment and dedication to the constitution, and i think it's very important that we make sure whomever we elect is somebody that will be faithful to the constitution >> your representative, elise stefanik officially launched her campaign to replace cheney has the conference chair she said the party needs to come together to defeat what she calls the democratic socialists agenda, and some republicans think stefanik is not a true conservative, but trump is a fan. and then trying to find alternate routes to replace the supply due to the cyber attack they are asking people not to panic buy fuel, and saying there's gasoline, it just needs to get to the right places back to you. >> thanks for that meantime, take a look at

kathy woods arkk funds. this is kind of the problem, right, the fund balloon from less than $2 billion to over $24 billion in just over a year, and it's difficult to generate at that scale >> when you are trying to take positions in some of the -- maybe some large cap names and certainly smaller and mid-cap ones, it does become more difficult to put that kind of money to work in size in some those types of names, but still they have done well with it. it's the performance chasing aspect that has some investors worried and calling attention to where people are putting their money. according to the data from the folks over at y charts, and they

are looking at the returns over certain time periods can you see over a one-month time period where it's neglativ. as you can see, the flows overall have been big over the last five years when you count them all in focus, but it's here over the last six months to a year's span where that fund really surged in terms of performance and that brought a lot of people into the fold and the funds reflect that this blue line is like that move where the percentage gains here hit the peak over the last year, and that's the majority of fund flows have come into place we mentioned it before this is very much a momentum trade for many investors right now, and many of the stocks have been characterized of momentum-type stocks as well, but when you deal with momentum-type investing like this it becomes one where you are chasing performance, and a

lot of concern here, john, is whether or not folks are chasing performance late in the game, and that's going to be the big deal and something a lot of financial advisers are warning their clients against right now likely >> judge, and can arkk keep the same strategy from a year ago? this was a fund that was $2 billion assets under management, and they could take that, and you can't really do that with a funds with tens of billions of dollars, right you move the market too much >> glad you brought that up, and as a former trader i can tell you there's an art and science trying to get into and out of positions at the sometimes hundreds of millions of dollars or billion-dollar type levels. if you sell wholesale or buy

wholesale, it could move the market a lot, and it's something traders track. when it comes down to, arkk needs to have a skilled team of traders and brokers that execute those strategies the bigger they get they will get into asset concerns and that's going to be one of the chief issues that will probably face the arkk funds the bigger they get, and the likes of fidelity and others have faced that in their career, so it's a trend, guys, to watch. meanwhile, don, people are trying to calculate what percentage of lifetime flows in the fund are now underwater given that so many of them, as you correctly pointed out, have come in since november >> look at the chart the last six months, maybe a little more than half of the total funds have come into the particular etf have come in after the time period of five to six months, and maybe even a little longer.

most of the people who have kind of gotten into this, if they have not been risk managing around those positions, right? other people take a more periodic approach to this, and they may have been lagging in over time, and if you have those types of positions you might be able to better gauge performance aspects on your own, but if you look at the wholesale flow picture, yes, it does appear as if a lot of the money has come into the fund just over the course of the last five or six months or so >> yeah, reminds me of the overall market thanks the biggest earnings mover of the morning, fubotv, the ceo joins us right after the break a mixed quarter, the financial outlook and fiscal 2021 earnings, and results could be negatively impacted by the extension of the federal tax

filing deadline, but doing great for a software stock and it's in the green this morning up almost half a percentage and five for the year we're back in a moment wealth is your first big investment. worth is a partner to help share the load. wealth is saving a little extra. worth is knowing it's never too late to start - or too early. ♪ ♪ wealth helps you retire. worth is knowing why. ♪ ♪ principal. for all it's worth.

seeing a big pop this morning, well off the highs and still off11% julia has the ceo. julia? >> thank you, john i am joined by the ceo of fubotv thank you for joining us this morning. >> thanks for having me, julia >> so david, looking at the trends, higher advertising revenue, and user engagement, and as economies open up how much do you think these growth trends are sustainable, as people have more options and reasons to leave their account >> it's a great question last year we started to feel the impacts of covid around march 15th, so based on the data we have in coming in from march 15th to april 15th, the numbers

look strong. if you recall, precovid, people watched a lot of television, and nielsen put up 300 hours per household watching traditional cable television, and we watched 129 hours of viewership, and we don't think that will be impacted in the second quarter >> but in terms of people shifting over from pay tv bundles, you say you benefit a lot from cord cutting. how much of that was a p potentially one-time bump rather than a growth trend? >> it's quite the opposite we have seen an increase increase in viewership and advertising revenue since the start of q1, and it raised guidances you know to 520 to 530

million for the year, which is a very aggressive number we are comfortable with the data coming in and we are excited about the opportunity. we are also getting into the wagering community, and so lots for us to look forward to and lots for our customers to gain value from service? >> yeah, so, look, i think what you are seeing from us is that we are looking to create new category of interactive television, and wagering is sort of the first component of it you know, we did acquire a company earlier this year, we have a fully functioning sports book we are now going through the regulatory process, but we're taking a very differentiated approach our goal is to reduce the cost of entry into wagering, which we think we can do that given our video product, and we're also looking to create very

attractive economics as you know, people come to fubo for the sports and stay for the entertainment. based on the data we are collecting, it looks like oo good portion of our users would love to play, you know, bet real money on our platform. in fact, we over index for people looking to bet on fubo on its platform versus the number of people that are betting and watching fubotv today. >> yeah, interesting we recently had jimmy pittar, the ceo of espn, talking about the potential in gaming for that company as well. as you look at these other players in the streaming sports space, espn plus, we even heard from paramount plus how important live sports are for that product how do you see the competitive landscape and how you're going to be competing not just for sports rights but also for subscribers? >> yes so, as you know, we continue to gain market share of the virtual mepd space in 2019 we had roughly about a 3% market share of virtual mepd

and, you know, today we're roughly around i would say north of 5%. so we continue to take share you know, our growth rate is over 100% versus the virtual mepd market which is running about 25% per year i think we're uniquely positioned i mean we have a sports service and we're getting regulated. we have three licenses i think the key differentiators are our ability to merge the data from our video platform with a betting platform. those two combined would allow us to create bespoke markets, leverage our data to really create, you know, unique and discrete types of betting opportunities for customers based on, you know, the content that they watch, the teams that they like. to be able to sort of, you know, leverage what people are watching on screen to update what is on your app, on your betting app such as bet slips, i think that will be a game-changing opportunity, one where we are clearly ahead of the pack

>> now, looking at the competitive landscape though separate from the betting opportunity, do you think you are going to be needing to make major investments in more sports rights as you go up against the likes of espn plus and some of these other players? >> yeah, a good question, julia. as you noted, you know, we are a cable tv replacement service we like to say, you know, fubo is come for the sports, stay for the entertainment. we have over 50,000 sporting events we continue to expand the number of regional sports networks on the platform last quarter, you know, we added both at&t sports network out in pittsburgh and most recently marquee which is in chicago. we have ample amount of sports people come to us for the sports and i think the big differentiator is we are aggregating all of sports in one effective, efficient app that is customized and personalized for a phenomenal experience. that's something very difficult to do when you don't have access to all sports. so we think that while the s

spot space is going to grow, we believe people will look to aggregated services as they have in the past. amazon is an aggregated service, netflix isn ago getted service, spotify also. we are well positioned and we have used our data in ways that allows us to really drive revenue growth and improve, you know, viewership on the platform, all of which have led to, you know, eight quarters of sequential churn improvement so, again, we are excited about q1 we are excited about 2021 as well >> well, david, we hope you will come back and keep us posted on all of these different growth areas including the data and, of course, the gambling your stock now up nearly 12% david gambler, ceo of fubo thank you for joining us. >> thank you, julia. thank you. >> allya', thanks. coming up, a record-breaking quarter and where he is laying his golden eggs, that is coming

up next. tomorrow it is being called the summer of love what will it mean for dating stocks julia has the ceo of bum nl, whitney wolfe herd after "techcheck." stay with us

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upgrade today on the strong growth number. look for more tonight with jim on "mad money" at 6:00 p.m well, carl, the masa winning streak continues for now smashing record profits, raking in almost $46 billion, the biggest for a japanese company his latest golden goose egg, as he calls them, that would be korean ecommerce company coupang that turned soft bank's $2.7 billion investment into a $24 billion stake after it went public, but he is keeping the lessons of 2019 close referring to his regrets during that earnings presentation overnight. he referred to failed investments like we work and green cell and one web soft bank has moved into the public marketplace over the last year and that proved tricky, too. $5.6 billion in total derivative

losses you have to wonder where it stands in current market volatility, but it is remarkable how, what, about five years ago soft bank was known primarily as a telecom company. now it is a sprawling investment conglomerate jon, it is still early days. i listed some of the wins but there's also some very large companies and potential returns in the pipeline like bytedance and dd that are expected to go public in the next little bit. >> dee, this is one of the stories that i'm tucking away to humble myself because i was one of the people months ago, carl, who was talking about the failure of the softbank thesis, focusing on we work and some of the other things that were suffering as the market turned down but he pulled it out, right? the thesis actually holds. so, you know, as we look at arkk now, i think it should cause us to be a little careful about how we judge the performance of some of these, you know, innovation stocks, at least in the near term yeah, they might be highly

valued, but there might be something there. >> yeah. i like the humble pie, jon the other thing, guys, is the discussion of bitcoin. you know, dee, we're in an environment where you are either totally on board with crypto or a firm bear. masa's case they're still talking about it, right? they haven't figuredout which way to go but he does say you can't reject it outright >> you know, it was the number one thing that i wanted to hear from him last night. i think a lot of folks were waiting for masa to take a stance on cryptocurrencies and he didn't. he said he's still thinking about it that was kind of surprising for an investor take takes big bets, who talks all the time about a 300-year vision, importance of next generation technologies i guess we have to wait longer for him to make up his mind there. >> indeed. indeed, we will. now coinbase just did something it hasn't since 2017 we will tell you what next

meantime, amazon, streak of court wins continues this time a court rejecting the eu's contention the company had received unfairly favorable tax treatment. the second straight loss on that front after apple. more on that online at cnbc.com. mihe" ckn feba ia w nutes. energy and change came to every part of our universe. seismic or small, it continues. change is all around us. shaped by technology and human ingenuity, we can make it work for you and your business. new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database.

claim your seventy five dollar credit, when you post your first job at indeed.com/home. - [narrator] grubhub perks give you deals on all the food that makes you boogie. (upbeat music) get the food you love with perks from- - [crowd] grubhub. so it's another day. - grub what you love. yeah- that's what most people think. but in business it's never just another day. every day is the day.

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apple's app store? it is coinbase just edging out tiktok and youtube. a ranking the crypto exchange has not seen since 2017. also announcing a change to its hiring policy, telling candidates they no longer will be able to negotiate their salary take it or leaf it this is a company now known for some of its workplace culture policies, all remote workforce, and the ceo, of course, banning political discussions at work, dee. fascinating how we're beginning to get a real view into some of these workplaces and how they differ from employer to employer. >> yeah, and, you know, it is good to keep in mind these policies, they create a lot of noise from commentators, but you see coinbase continuing to, you know, push forward, at least i see they're being clear about this you take it or leave it, and in the case of basecamp, jon, many employees decided to leave it. so i suppose that's a risk you do take. >> on this coinbase policy, at least on the face of it i think it is great. they lay it out. they say that they're paying in

the 75th percentile of stock and equity, and the idea is to make it fair coming in so not just certain cohorts of people who tend to be in traditional demographics end up negotiating the best pay but the pressure goes on their performance management system, right? because then people get different pay as they go forward at the company based on performance, how well they do. coinbase saying we want the higher performers to make more money. so is the date you they're collecting on performance really that great are they going to be able to measure that that's what it comes down to but, hey, if they can, that's fantastic. at least that's what i think it is an effort at mayor etoetoc meritocracy which doesn't always turn out the way they want it to. >> yes, good tension but at least it is clear. meanwhile, bird going public via spac it is up next.

plus, keeping our eye on the tech critic khan, taking one step closer to joining the biden administration her nomination advanced out of committee, four republicans voting "no." "techcheck" is back in just two.

one more thing before we go. bird, the e-scooter company, going public in a spac deal valuing it at $2.3 billion i caught up with founder and ceo travis vanderzanden about the latest wave of spac and why he chose this method. >> we've really entered spac 3.0 which is you will see real companies with real business models and real revenue starting to spac. i think the pipe investors are demanding that, so we're excited to be part of the new wave of spac 3.0. >> be sure to check out that full interview online. carl and jon, we will see about spac 3.0 the projection made in this investor deck, they were ambitious, from millions in losses to millions in profits over the next few years. we will see, but we've seen with other spacs that those projections can quite easily be pulled back and disappoint investors who thought they were buying into one thing only to

learn another. >> yeah. we know how toward the first couple of the months were in terms of issuance of volume. quieted down in a hurry on the sec guidelines we will see if there's an act two in the first half of 2021. we will get bumble tonight let's get to the judge who is back on "the half. >> thanks so much. welcome to "the halftime report." i'm scott wapner the great tech sell-off and whether it is nearing the bottom we debate with the committee joining us today a great group jason snipe, kari firestone, ceo. jim lebenthal, joe terranova, good to see everybody. let's go to the wall once again, stocks selling off tech is where our focus is it is the worst week for s&p 500 since january. the tech sell-off continues. i thought a tweet from our friend liz young pretty much summed up everything i want to put it on the screen because it will be the focal point where we jump off.